COPPER (AUG): The fall in copper futures prices was due to a weakening trend in overseas markets. Meanwhile, for three-month copper dropped as much as 2.2 per cent to USD 7,434 a ton at the London Metal Exchange. Copper futures prices today fell by 0.20 per cent to Rs 418.80 per kg as traders reduced their positions, taking weak cues from global markets. Expected resistance and support level for today trade are as follows.
TREND BEARISH
SUPPORT 1: 410.70
SUPPORT 2: 405.20
RESIST 1: 419.70
RESIST 2: 424.68
CRUDE OIL (AUG): Crude oil futures prices declined by 0.37 per cent to Rs 5,130 per barrel today largely in tandem with a weak trend in Asian trade on profit-booking. The fall in crude oil futures prices was mostly in line with a weakening trend in Asian trade on profit-booking after last week rally ahead of the release of Chinese trade data later this week. Meanwhile, crude oil for delivery in September fell 12 cents to USD 91.28 a barrel on the New York Mercantile Exchange. Expected resistance and support levels for the crude AUG contract are:
TREND CONSOLIDATE
SUP1: 4960
SUP2: 4850
RESIST1: 5187
RESIST2: 5264
GOLD (OCT): Spot gold inched up 60 cents to USD 1,610.99 an ounce by 0038 GMT, after two sessions of consecutive gains.US gold futures contract for December delivery edged down 0.1% to USD 1,613.90. Gold traded steady on Tuesday, striving to extend gains into a third straight session as investors expect the European Central Bank to take actions to contain the region's debt crisis. Resistance and support levels for the today’s session for Gold OCT contract 2012 are:
TREND CONSOLIDATE
SUP1: 29820
SUP2: 29730
RESIST1: 30070
RESIST2: 30210
SILVER (SEP): Holdings of the shares Silver Trust, the world's largest silver-backed exchange-traded fund, inched down to 9,742.43 tons on August 3, from 9,759.01 tones hit last week -- the highest since late June. Spot silver lost 0.1% to USD 27.83.Silver is Expected resistance and support levels for today trade are as follows.
TREND CONSOLIDATE
SUP1: 53010
SUP2: 52730
RESIST1: 53610
RESIST2: 53990
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