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COPPER (JUN): All base metals were down over the week (except zinc) with copper recording $7,317 ton cash on Friday. The demand side continues to look weak with the ongoing European crisis exacerbated by less-than-satisfactory Chinese trade data pulling prices down. Expected resistance and support level for today trade are as follows.
TREND BULLISH
SUPPORT 1: 412.10
SUPPORT 2: 409.5
RESISTANCE 1: 419.30
RESISTANCE 2: 424.00
CRUDE OIL (JUL) – Prices for Brent crude, the European benchmark, have already fallen from $US120 to under $US90 a barrel in less than two months as the euro zone crisis deepens and concern about the global economy mounts. The collapse will offer some much needed respite to motorists and energy bill-payers. Expected resistance and support levels for the crude JUN contract are:
TREND CONSOLIDATE
SUPPORT1: 4469
SUPPORT2: 4422
RESISTANCE1: 4597
RESISTANCE2: 4678
GOLD (AUG) - Prices fell below the psychological $1,600/oz last week following Greek elections and FOMC meeting. Week-on-week, all precious metals, except silver, were down in London with gold losing 4.8 per cent, platinum 3.9 per cent and palladium 3.8 per cent. Bucking the trend, silver was up by a healthy 6.5 per cent.
In London on Friday, gold PM Fix was at $1,566/oz, down from the previous day’s $1,582/oz. Silver too followed suit with Friday AM Fix at $26.81/oz, down from $ 27.88/oz of the previous day. Resistance and support levels for the today’s session for Gold AUG contract 2012 are:
TREND BULLISH
SUPPORT1: 29685
SUPPORT 2: 29528
RESISTANCE1: 30130
RESISTANCE2: 30148
SILVER (JUL) – After a sharp sell-off this week on concerns the global economy is slowing and disinflation may be taking hold, market watchers said they’re keeping an eye on events in Europe. Silver will likely fall through support at the $26 level, dragged down by fears of slowing economic growth. The $26.50-$26.70 area has offered support, but there’s not much reason to expect that area to hold. Silver is Expected resistance and support levels for today trade are as follows:
TREND CONSOLIDATE
SUPPORT1: 52325
SUPPORT2: 51753
RESISTANCE1: 53960
RESISANCET2: 55023
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Free Commodity Market Overview
We expect a cautious start as most Asian markets are trading with a negative bias. US markets managed to close higher on Friday while their European counterparts closed in the red.
So, it remains to be seen what new measures the Government and/or the RBI announce this week to check the freefall in the rupee. Markets will also be keen to know as to who would take charge of the Finance Ministry once Pranab Mukherjee moves to Rashtrapati Bhavan.
Another area of concern for the Indian policymakers is the unsatisfactory start to the southwest monsoon. Volatility could gradually increase in light of the F&O expiry on Thursday.
FREE COMMODITY TIPS
Get free commodity tips, silver price,Gold price,crude oil, commodity market tips,commodities, best commodity tips,crude oil prices.
Free Commodity Market Overview
We expect a cautious start as most Asian markets are trading with a negative bias. US markets managed to close higher on Friday while their European counterparts closed in the red.
So, it remains to be seen what new measures the Government and/or the RBI announce this week to check the freefall in the rupee. Markets will also be keen to know as to who would take charge of the Finance Ministry once Pranab Mukherjee moves to Rashtrapati Bhavan.
Another area of concern for the Indian policymakers is the unsatisfactory start to the southwest monsoon. Volatility could gradually increase in light of the F&O expiry on Thursday.
FREE COMMODITY TIPS
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