FREE COMMODITY TIPS AND COMMODITY TRADING LEVELS FOR 10TH JULY 2012

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COPPER (AUG): Recent weak data out of major economies is expected to keep investors cautious, but also raises hopes for more stimulus measures by various governments. Three-month copper on the London Metal Exchange edged up just $1 to $7,561 per metric ton (1.1023 tons) by 9.29 p.m. EDT on Monday, after rising 0.4 percent on Monday.. Expected resistance and support level for today trade are as follows.

TREND CONSOLIDATE

SUPPORT 1: 427.7

SUPPORT 2: 420.5

RESISTANCE 1: 428.1

RESISTANCE 2: 431.3

CRUDE OIL (JUL) : Crude futures have climbed to new session highs on worries of a potential shutdown of Norwegian production .Brent August crude jumped $2.13 to settle at $100.32 a barrel, having reached $101.06.U.S. August crude rose $1.54 to settle at $85.99 a barrel, after trading from $84 to $86.48Total crude trading volume for Brent was only 2.2 percent above the 30-day average, but outpaced U.S. crude dealings by more than 2000,000 lots traded. Expected resistance and support levels for the crude JUN contract are:

TREND BULLISH

SUPPORT1: 4692

SUP2: 4651

RESISTANCE1: 4794

RESISTANCE2: 4855

GOLD (AUG): Spot gold was down 0.1 per cent on the day at $1,580.90 an ounce by 0931 GMT, having lost nearly 1 per cent so far in July. Most active COMEX gold futures for August delivery were up 0.2 per cent at $1,581.50.High prices of gold in India, which went above the Rs 30,000 per 10 grams level last month to an all-time peak, prompted some smart investors to book profit in gold exchange traded funds (ETFs). During June, total outflow from gold ETFs was about Rs 230 crore, the highest ever in the category, with assets under management (AUM) in gold ETFs down by 2.2% on a monthly basis to Rs 10,100 crore as of June end Resistance and support levels for the today’s session for Gold AUG contract 2012 are:

TREND CONSOLIDATE  

SUP1: 29514,

SUP2: 29408,

RESIST1: 29763,

RESIST2: 29906,

                                   

SILVER (SEP): The metal lost Rs 950 in the previous two sessions. In Singapore, silver gained 0.4 per cent to $ 27.21 an ounce. Silver weekly-based delivery rose by Rs 105 to Rs 53,230 per kg after losing Rs 965 in last two trading sessions. 
Silver coins spurted by Rs 1,000 to Rs 62,000 for buying and Rs 63,000 for selling of 100 pieces.  Silver prices recovered by Rs 350 to Rs 53,200 per kg in the bullion market here today on buying by stockiest amid strong global cues, while gold prices ended flat at Rs 30,030 per 10 grams on sluggish demand. Silver is Expected resistance and support levels for today trade are as follows:

TREND CONSOLIDATE

SUPPORT1: 52837

SUPPORT2: 52508

RESISTANCE1: 53619

RESISTANCE2: 54072

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Today’s opening is likely to be muted due to mixed global cues. The Asian indices are holding steady after Alcoa’s results beat estimates and EU finance ministers agreed to agreed to give Spain €30bn by the end of this month. Oil declined after Norway ended a strike by energy workers. In addition, China’s trade surplus widened in June as exports jumped and imports fell. US and European markets finished lower on Monday. 

Notwithstanding with high inflation and elevated fiscal deficit, bankers and India Inc. are now pleading with the RBI for a fresh dose of monetary easing to revive the so-called “animal spirits”. However, the RBI Governor is unlikely to oblige when it meets on July 31. IIP and inflation data will have some bearing on the central bank’s stance, and so will the Rupee and global commodity prices.

The IT space will be in focus in the run up to the results of Infosys and TCS on Thursday.
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