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| Free Commodity Tips |
COPPER (JUN) : Expected resistance and support level for today trade are as follows.
TREND CONSOLIDATE
SUPPORT 1: 402.50
SUPPORT 2: 394.60
RESISTANCE 1: 417.90
RESISTANCE 2: 423.70
CRUDE OIL (JUN) – U.S. and Europe indicated they may take steps to boost their economies and Iran signaled it will take a hard line in nuclear talks. Expected resistance and support levels for the crude JUN contract are:
TREND CONSOLIDATE
SUPPORT 1: 4611
SUPPORT 2: 4522
RESISTANCE 1: 4730
RESISTANCE 2: 4820
GOLD (AUG) –The U.S. Federal Reserve, after data showed a surprisingly weak job market. Resistance and support levels for the today’s session for Gold AUG contract 2012 are:
TREND CONSOLIDATE
SUPPORT 1: 28840
SUPPORT 2: 28265
RESISTANCE 1: 30380
RESISTANCE 2: 30555
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: 53320
SUPPORT 2: 52813
RESISTANCE 1: 55535
RESISTANCE 2: 56530
Free Commodity Market Overview
We expect a lower opening as other Asian indices are in the red
Well, by now it shouldn’t be surprising to see how things change so rapidly in capital markets. A few minutes are enough to alter the sentiment – from optimism to pessimism and vice versa. S&P’s warning to India that it could well become the first fallen angel in BRIC revived fears of a possible downgrade to junk.
We expect a lower opening as other Asian indices are in the red. Markets across Europe and the US finished lower, as the initial election over the Spanish bank rescue gave way to skepticism. Who will foot the bill for the Spain bank bailout? That is the question uppermost on minds of Spanish bondholders.
In addition, there is the looming threat from the upcoming Greek elections (June 17) The IIP reading for April is likely to be dismal after March’s contraction. However, much of the deterioration in IIP data may have been discounted already.
Technically: The NSE Nifty failed to sustain above 200 DMA on Monday as a late sell off led to formation of ‘dark cloud cover’ on candlestick chart. However, as long as the Nifty trades above 5000 levels the mood may remain positive. On the other hand, a break below 5000 would lead to major unwinding of long positions.
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News Updates
Gold :
Gold prices have been pulled and pushed on the back of expectations of further quantitative easing. Gold once again attempted to re-establish its safe-haven status following weaker-than-expected US payrolls data, prompting a flight to safety amid concerns heightening over Spain and Greece while risky assets sold off.
Silver:
When it comes to silver paper derivatives like futures and options, at least a real and visibly traded physical commodity underlies and determines the value of the paper trading vehicles.
Crude oil :
Baghdad's control over the national pipeline system has proven to be its ultimate advantage in its long-running dispute with Erbil over energy policy. Baghdad maintains that the 48 production sharing contracts (PSC) that the KRG signed with international oil companies are illegal and that only the central government has the authority to sign extraction agreements.
Copper:
London Metal Exchange (LME) three-month copper was up nearly 2% at $7,436.75 a tonne by 07: 52 GMT, its biggest single-day gain since April 12.
Free Commodity Live Updates
Gold - The fall in silver, crude oil fell 1%
Gold in the international market - has seen a decline in silver light. Slight decline with gold at $ 1,594, while the silver with 0.11 per cent per ounce is around 28 dollars. 0.69 percent on Monday with strength in the domestic market gold closed at Rs 29 747. The silver with 0.78 per cent from 54 633 to Rs.
Naimaks nearly 1 per cent of the crude oil is traded. Once the price dropped to $ 81 here. Half per cent on Monday in the domestic market with crude oil closed at Rs 4653.
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