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COPPER (AUG): London copper edged down on Thursday as investors closed positions on caution ahead of data on China's second-quarter growth that markets fear could be its slowest in more than three years. The data is due around 2200 EDT. Three-month copper on the London Metal Exchange inched down 0.3 percent to $7,535 per metric ton (1.1023 tons) by 2101 EDT, after rising 0.2 percent on Thursday, on track to end the week up 0.2 percent. Expected resistance and support level for today trade are as follows.
TREND CONSOLIDATE
SUPPORT 1: 419.77
SUPPORT 2: 415.63
RESISTANCE 1: 425.20
RESISTANCE 2: 427.90
CRUDE OIL (JUL): Oil rose after the U.S. announced more sanctions on Iran, the second-biggest crude-producing member of the Organization of Petroleum Exporting Countries. Crude oil for August delivery increased 27 cents to settle at $86.08 a barrel on the New York Mercantile Exchange. Prices have decreased 13 percent this year. The Brent market is focused on the nearby maintenance that will hurt production. Expected resistance and support levels for the crude JUN contract are:
TREND CONSOLIDATE
SUPPORT1: 4700
SUPPORT2: 4605
RESISTANCE1: 4850
RESISTANCE2: 4930
GOLD (AUG): Gold edged slightly higher right after China released its second-quarter growth data, which showed the world's second-largest economy grew at the slowest pace since early 2009 but may have stabilized. Gold could fall to $1,480 an ounce if it breaks the immediate support level at $1,520, he added. Spot gold was little changed at $1,570.14 an ounce by 0333 GMT, heading for a weekly decline of 0.8 percent. The U.S. gold futures contract for August delivery edged up 0.3 percent to $1,570.10.Résistance and support levels for the today’s session for Gold AUG contract 2012 are:
TREND BEARISH
SUPPORT1: 29110
SUPPORT2: 29030
RESISTANCE1: 29333
RESISTANCE2: 29501
SILVER (SEP): Silver recovered on the bullion market today on fresh local buying at existing lower levels amid a better trend in overseas markets. silver ready rebounded by Rs 100 to Rs 52,300 per kg and weekly-based delivery by Rs 50 to Rs 52,585 per kg. The white metal had lost Rs 1000 in the previous two trading sessions. Meanwhile, silver coins continued to be asked around previous level of Rs 61,000 for buying and Rs 62,000 for selling of 100 pieces.Silver is Expected resistance and support levels for today trade are as follows:
TREND CONSOLIDATE
SUPPORT1: 52479
SUPPORT2: 51990
RESISTANCE1: 53489
RESISTANCE2: 53967
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BASE METAL WRAP: Copper fell for the second time in three days as signs of a global slowdown mounted and the Federal Reserve damped speculation of further stimulus by the central bank, eroding the outlook for demand. Copper futures for September delivery slumped 0.9 percent to settle at $3.415 a pound on the Comex. The metal has fallen 2.3 percent this month. Aluminum, zinc, lead and tin also retreated in London.
ENERGY WRAP: Oil fell for the first time in three days, paring a weekly gain, on speculation demand will falter after China’s economy slowed and Europe’s debt crisis worsened. Brent crude for August settlement fell 31 cents, or 0.3 percent, to $100.76 a barrel on the London-based ICE Futures Europe exchange.
Natural gas futures rose for a second day in New York as forecasts for hotter-than-normal weather in the Northeast next week signaled higher demand for power-plant fuel.
PRECIOUS METAL WRAP: Gold traded nearly flat on Friday, but remained on course for a second consecutive week of losses as worries about the euro zone debt crisis and the absence of stimulus measures in the United States buoyed the dollar and its safe haven appeal.
Gold edged slightly higher right after China released its second-quarter growth data, which showed the world's second-largest economy, grew at the slowest pace since early 2009 but may have stabilized. Silver bullion also gave back the last of July's rally to date, trading down to $27.75 per ounce.
ENERGY WRAP: Oil fell for the first time in three days, paring a weekly gain, on speculation demand will falter after China’s economy slowed and Europe’s debt crisis worsened. Brent crude for August settlement fell 31 cents, or 0.3 percent, to $100.76 a barrel on the London-based ICE Futures Europe exchange.
Natural gas futures rose for a second day in New York as forecasts for hotter-than-normal weather in the Northeast next week signaled higher demand for power-plant fuel.
PRECIOUS METAL WRAP: Gold traded nearly flat on Friday, but remained on course for a second consecutive week of losses as worries about the euro zone debt crisis and the absence of stimulus measures in the United States buoyed the dollar and its safe haven appeal.
Gold edged slightly higher right after China released its second-quarter growth data, which showed the world's second-largest economy, grew at the slowest pace since early 2009 but may have stabilized. Silver bullion also gave back the last of July's rally to date, trading down to $27.75 per ounce.
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