COPPER (AUG): Copper futures for September delivery climbed 1.5 percent to settle at $3.4475 a pound on the Comex. Prices have fallen 1.4 percent this month on concern that slowing global economic growth will undercut demand. On the London Mercantile Exchange, copper for delivery in three months rose 0.7 percent to $7,540 a ton ($3.42 a pound). Copper rose for the second time in three days in New York after Chinese Premier Wan Jiabao signaled the government may increase spending to counter a slowdown. Expected resistance and support level for today trade are as follows:
TREND CONSOLIDATE
SUPPORT 1: 418.05
SUPPORT 2: 414.20
RESISTANCE 1: 425.15
RESISTANCE 2: 428.45
CRUDE OIL (JUL) : Futures climbed 2.3 percent as inventories fell 4.7 million barrels to 378.2 million last week, more than three times the decline forecast in a Bloomberg survey of analysts. Refineries operated at 92.7 percent of capacity, the highest rate since July 2007.Oil for August delivery advanced $1.90 to settle at $85.81 a barrel on the Nymex. Prices are down 13 percent this year.Expected resistance and support levels for the crude JUN contract are:
TREND CONSOLIDATE
SUPPORT1: 4700
SUPPORT2: 4620
RESISTANCE1: 4825
RESISTANCE2: 4920
GOLD (AUG): Gold futures declined for a second day as the Federal Reserve failed to provide signals on plans for additional monetary stimulus to bolster the U.S. economy. Silver, platinum and palladium gained. Gold futures for August delivery fell 0.5 percent to $1,572.50 an ounce in electronic trading at 2:53 p.m. on the Comex in New York. The price settled earlier at $1,575.70, down 0.3 percent. Résistance and support levels for the today’s session for Gold AUG contract 2012 are:
TREND BEARISH
SUPPORT1: 29180
SUPPORT2: 29115
RESISTANCE1: 29368
RESISTANCE2: 29491
SILVER (SEP): Silver futures for September delivery advanced 0.5 percent to close at $27.023 an ounce on the Comex. Globally, silver fell by 1.94% to USD 26.91 an ounce in New York yesterday.
Market analysts said apart from sluggish demand in the spot market, weakness in overseas markets also put pressure on the silver futures prices. Silver is Expected resistance and support levels for today trade are as follows:
TREND CONSOLIDATE
SUPPORT1: 52390
SUPPORT2: 51910
RESISTANCE1: 53110
RESISTANCE2: 53546
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The opening will be little lower due to the weak global cues. Asian markets are down, on tbe back of losses on Wall Street.
The market is ready to view the results of the performance of technology giants– TCS and Infosys. Markets will also have to contend with IIP data for May.
Infosys is likely to scale back its dollar revenue guidance for FY13 while upgrading rupee EPS due to currency fluctuations.
TCS is expected to announce its numbers after the close of trade. TCS’ margins could drop by 50-60 bps due to salary hikes.
On the other hand, IIP has been quite volatile, raising doubts about its accuracy. However, it still is an important indicator for the markets. May IIP is expected at 1.7% while WPI inflation, which is due on July 16, is estimated at 7.5%. All these things, RBI will take this into account when it takes up a review of its monetary policy on July 31.
Main Results Today: Bilcare, Geojit BNP, Gruh Finance, Infosys and TCS.
GLOBAL EVENTS TO WATCH TODAY:
Bank of Japan (BOJ) Interest Rate Decision, Reserve Bank of Australia (RBA) Deputy Governor Lowe Speaks, Australia's Unemployment Rate s.a. (June), Australia's Consumer Inflation Expectation (July), France Consumer Price Index (EU norm) final (YoY) (June), Germany Wholesale Price Index (MoM) (June), ECB Monthly Report, UK 10-year Bond Auction, Eurozone Industrial Production (YoY) (May), Greece Unemployment Rate (MoM) (April), US import price index, US export price index, US weekly initial jobless claims, ECB President Draghi's Speech, US 30-Year Bond Auction, FOMC Member Williams speech, and US Monthly Budget Statement (June).
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