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Commodity News and Insights for Traders and Investors
COPPER (AUG): While metal prices are likely be pressured by traders cutting long positions given an uncertain global demand outlook. Three-month copper on the London Metal Exchange edged down 0.1 percent to $7,719.25 per metric ton (1.1023 tons) by 9.15 p.m. EDT on Wednesday, after falling 1.2 percent in the prior session..Expected resistance and support level for today trade are as follows.
COPPER (AUG): While metal prices are likely be pressured by traders cutting long positions given an uncertain global demand outlook. Three-month copper on the London Metal Exchange edged down 0.1 percent to $7,719.25 per metric ton (1.1023 tons) by 9.15 p.m. EDT on Wednesday, after falling 1.2 percent in the prior session..Expected resistance and support level for today trade are as follows.
TREND CONSOLIDATE
SUPPORT 1: 424.20
SUPPORT 2: 422.00
RESISTANCE 1: 430.60
RESISTANCE 2: 434.70
CRUDE OIL (JUL) : One day after surging more than 3 percent amid one of the biggest commodity-sector rallies ever, August Brent crude fell 91 cents to settle at $99.77 a barrel. NYMEX crude dipped 60 cents to $87.06 a barrel by 1745 GMT, with volumes thinned by the U.S. Independence Day holiday. Crude inventories tumbled by 3 million barrels in the week to June 29, well above the 1.9-million-barrel drawdown forecast by analysts, with Gulf Coast stocks off nearly 4.3 million barrels..Expected resistance and support levels for the crude JUN contract are:
TREND BULLISH
SUPPORT1: 4640
SUPPORT2: 4523
RESISTANCE1: 4838
RESISTANCE2: 4919
GOLD (AUG): Gold held steady around USD 1,615 an ounce on Thursday, as the anticipation of a rate cut by the European Central Bank offset the impact of a stronger dollar. Spot gold was little changed at USD 1,614.79 an ounce by 0020 GMT.US gold futures contract for August delivery edged down 0.4% to USD 1,615.60.Resistance and support levels for the today’s session for Gold AUG contract 2012 are:
TREND CONSOLIDATE
SUPPORT1: 29399
SUPPORT2: 29325
RESISTANCE1: 29592
RESISTANCE2: 29711
SILVER (SEP) : Silver for immediate delivery declined 0.5 percent to $28.125 an ounce..Some sees relative strength in silver as compared to gold. They advocates buying silver on dips at Rs 53,700 per kilogram with a stop loss of Rs 53,500 per kilogram for a target of 54,000-54,100 per kilogram on intraday basis.. Silver is Expected resistance and support levels for today trade are as follows:
TREND CONSOLIDATE
SUPPORT1: 53465
SUPPORT2: 53225
RESISTANCE1: 53922
RESISTANCE2: 54139
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Free Commodity Market Overview
Be ready for a quiet start as investors await the outcome of monetary policy meetings in Europe and the UK. Market participants will also examine US data on weekly jobless claims, ADP private sector employment and ISM service sector PMI before Friday’s crucial monthly payroll report.
This time when the so-called 'God particle' appears to have been found, the markets around the globe are expecting for visible and invisible forces to bring a big bang.
US markets were shut on Wednesday for the Independence Day holiday. European markets finished lower.
This month Q1 FY13 results, besides data on IIP and inflation will be the events to keep an eye on. The RBI's month-end policy meeting is also likely to be crucial for the Indian markets.
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Lake Shore Gold reports strong Q2 production
Pan American Silver appoints Neil de Gelder to its Board of Directors
Boom seen in Energy ETFs in 2H 2012
FREE COMMODITY TIPS
Free Commodity Market Overview
Be ready for a quiet start as investors await the outcome of monetary policy meetings in Europe and the UK. Market participants will also examine US data on weekly jobless claims, ADP private sector employment and ISM service sector PMI before Friday’s crucial monthly payroll report.
This time when the so-called 'God particle' appears to have been found, the markets around the globe are expecting for visible and invisible forces to bring a big bang.
US markets were shut on Wednesday for the Independence Day holiday. European markets finished lower.
This month Q1 FY13 results, besides data on IIP and inflation will be the events to keep an eye on. The RBI's month-end policy meeting is also likely to be crucial for the Indian markets.
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News Updates
Lake Shore Gold reports strong Q2 production
Lake Shore Gold (TSX: LSG.TO)(AMEX: LSG) announced strong second quarter results Wednesday with a total of 24,426 ounces of processed gold near the top of the Company's target range of 20,000 to 25,000 ounces.
Pan American Silver appoints Neil de Gelder to its Board of Directors
Pan American Silver Corp (PAAS: NASDAQ; PAA:TSX), world's leading primary silver mining company, has appointed Neil de Gelder to the company's Board of Directors.
Chile Copper production stabilizes but global market remains bearish
There are signs of copper output stabilizing in Chile, the world’s biggest producer, although challenges remain elsewhere, said Commerzbank, the second-largest bank in Germany, after Deutsche Bank.
Boom seen in Energy ETFs in 2H 2012
The first half of 2012 is history and investors may be tempted to look back at the past performance of ETF winners and losers to help guide future decisions. However, buying low and selling high is the name of the game. Bottom fishers may want to take a look at ETFs tracking energy and international stocks.
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