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COPPER (JUN): London copper dropped on Wednesday, snapping two straight days of gains, as investors shied away from riskier assets on growing conviction a European summit this week will fail to resolve the region's intractable debt crisis. But signs top copper buyer China may be slowly restocking with prices near 2012 lows are likely to check losses. Three-month copper on the London Metal Exchange fell 0.3 percent to $7,335.50 a ton by 0126 GMT. The most-active October copper contract on the Shanghai Futures Exchange fell 0.1 percent to 53,580 yuan($8,400) a tone, stretching losses to a fourth session..Expected resistance and support level for today trade are as follows.
TREND CONSOLIDATE
SUPPORT 1: 414.20
SUPPORT 2: 411.30
RESISTANCE 1: 418.80
RESISTANCE 2: 420.50
CRUDE OIL (JUL) Oil traded below $80 a barrel for a fifth day in New York as rising U.S. crude stockpiles stoked speculation demand will falter, countering signs that output from Iran and Norway will be disrupted. Oil delivery was at $79.45 a barrel, up 9 cents, in electronic trading on the New York Mercantile Exchange at 2:14 p.m. Sydney time. The contract yesterday rose 15 cents, or 0.2 percent, to $79.36, the highest close since June 22. Prices have fallen 23 percent this quarter, the biggest drop since the final three months of 2008.Expected resistance and support levels for the crude JUN contract are:
TREND CONSOLIDATE
SUPPORT1: 4478
SUPPORT2: 4429
RESISTANCE1: 4585
RESISTANCE2: 4643
GOLD (AUG) Gold prices held steady above $1,580 an ounce in Europe on Tuesday ahead of this week’s European summit, with investors awaiting more clarity on how euro zone leaders will tackle the bloc's simmering debt crisis. Spot Gold was little changed at $1,584.50 an ounce at 1022 GMT against $1,584.08 late on Monday, while U.S. gold futures for August delivery were down $3.40 an ounce at $1,585.00. Resistance and support levels for the today’s session for Gold AUG contract 2012 are:
TREND CONSOLIDATE
SUPPORT1: 29807
SUPPORT2: 29534
RESISTANCE1: 30266
RESISTANCE2: 30452
SILVER (JUL) – Silver futures remain under pressure as signs of slower global growth point to lower industrial demand for the metal. More than half of the world's annual silver output is used in applications like glassmaking, chemicals production and electronics. silver for July delivery, the most actively traded contract, fell 48.2 cents, or 1.8%, to settle at $27.037 a troy ounce on the Comex.Silver is Expected resistance and support levels for today trade are as follows:
TREND CONSOLIDATE
SUPPORT1: 54002
SUPPORT2: 53031
RESISTANCE1: 55557
RESISTANCE2: 56141
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Free Commodity Market Overview
The start is likely to be positive following overnight gains on Wall Street. Asian markets are indecisive and mixed.
Pranab Mukherjee leaves behind a faltering economy badly in need of some boost up, as he signed off as finance minister to become the Congress party's President-designate.
The Prime Minister now is expected to oversee the financial part amid the persistent gloom. Let’s hope a change of guard at the North Block brings some good news for the Indian economy.
FREE COMMODITY TIPS
Free Commodity Market Overview
Pranab Mukherjee leaves behind a faltering economy badly in need of some boost up, as he signed off as finance minister to become the Congress party's President-designate.
The Prime Minister now is expected to oversee the financial part amid the persistent gloom. Let’s hope a change of guard at the North Block brings some good news for the Indian economy.
FREE COMMODITY TIPS
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