COMMODITY NEWS AND TRADING LEVELS FOR 29TH MAY 2012

Commodity Trading Levels

COPPER (JUN) – Base metals were accentuating on Monday, 28th May as the signs that voters in Greece may back austerity measures needed for a European Union bailout coupled with the speculation that major metal consumer China may subsidizes vehicle purchases in rural areas in order to stimulate the sluggish growth within the economy weighing on the sentiment. But, the focus on Spain's rising bond yields following the announcement of bailout plans for troubled lender Bankia was curbing huge gains in the metal space:

Expected resistance and support level for today trade are as follows.

TREND CONSOLIDATE

SUPPORT 1: 422.40

SUPPORT 2: 417.25

RESISTANCE 1: 430.70

RESISTANCE 2: 432.00

CRUDE OIL (JUN) – Oil rose for a third day in New York as speculation that U.S. economic growth will boost fuel demand in the world’s biggest crude consumer countered concern Europe’s debt crisis will worsen..Expected resistance and support levels for the crude JUN contract are:

TREND CONSOLIDATE

SUPPORT 1: 4930

SUPPORT 2: 4880

RESISTANCE 1: 5170

RESISTANCE 2: 5270

GOLD (JUN) – MCX Gold surged above Rs. 29000 per 10 grams following gains in global prices as the metal continued to carve out an impressive recovery. The metal had rebounded from nearly four and half month lows of $1520 per ounce in the last week as safe haven buying finally came to the rescue of the commodity that has witnessed a free fall earlier. Gold had plummeted following a massive surge in the US dollar on worries of Grexit- Greece being ousted from Eurozone and returning to its old currency.  Resistance and support levels for the today’s session for Gold JUN contract which will expire IN JUNE 2012 are:

TREND CONSOLIDATE

SUPPORT 1: 28745

SUPPORT 2: 28440

RESISTANCE 1: 29190

RESISTANCE 2: 29305

SILVER (JUL) – Strengthening dollar is actually suppressing the white precious metal since last few sessions. Silver is Expected resistance and support levels for today trade are as follows:

TREND CONSOLIDATE

SUPPORT 1: 53170

SUPPORT 2: 52820

RESISTANCE 1: 55119

RESISTANCE 2: 55505

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Market Overview

The slight drizzle seems to remind one that monsoons are getting closer and hopefully will be normal. In fact, we’ve had a rather pleasant start to the week, with the main indices spurting on a mild recovery in the global risk appetite. The Rupee too gained from a global bounce. The euro rose after Greece's pro-austerity party topped polls ahead of June elections, raising hopes that the debt-strapped nation will stick to budget cuts and stay in the euro bloc.

However, the European markets erased all the gains amid growing concern about Spain’s shaky banking sector. Shares of Bankia sank 28% in Madrid after news that the Spanish government will inject €19bn into the troubled lender.

Markets in the US were closed for the Memorial Day holiday. All eyes will be on the latest US monthly jobs report on Friday. Final PMI data for the Chinese manufacturing sector will also be on investors’ radar.

For India, the driving force will be earnings from some of the big names, besides data on Q4 GDP, manufacturing PMI, exports and monthly auto sales. 


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