FREE COMMODITY TIPS AND COMMODITY TRADING LEVELS FOR 16TH JULY 2012

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COPPER (AUG) : Copper traders are the most bearish in six weeks on concern demand will slow in China, Europe and the US at a time when hedge funds are betting on lower prices. Copper fell 0.3% to $7,577 a tonne this year on the London Metal Exchange after slumping 21% last year. The MSCI World Index of equities gained 2% since the start of January and the S&P GSCI gauge of 24 commodities slid 4.6%. Resistance and support levels for the today’s session for Copper AUG contract 2012 are:

TREND CONSOLIDATE

SUPPORT1: 419.70

SUPPORT2:414.30

RESISTANCE1: 435.00

RESISTANCE2: 438.00

CRUDE OIL (JUL) – Oil rallied for a third day on Friday after China's economy expanded in line with expectations, easing concerns a slowdown in Europe was hurting a lot more than expected. Even though China's growth slowed for the sixth successive quarter, Asian shares and the euro extended their rally on Monday on signs steps Beijing had taken so far were underpinning the economy. Expected resistance and support levels for the crude JUL contract are:

TREND CONSOLIDATE

SUPPORT1: 4703

SUPPORT2: 4565

RESISTANCE1: 4820

RESISTANCE2: 4900

GOLD (AUG) – Spot gold traded nearly flat at $1,590.59 an ounce by 0023 GMT, after rallying 1 percent on Friday. US gold futures contract for August was also little changed from Friday's close, standing at $1,590.50.  Resistance and support levels for the today’s session for Gold AUG contract 2012 are:

TREND CONSOLIDATE  

SUPPORT1: 29105

SUPPORT2: 28760

RESISTANCE1: 30180

RESISTANCE2: 30345

                                   

SILVER (SEP) – Silver for July delivery was little changed at $28.925 an ounce. Silver is Expected resistance and support levels for today trade are as follows:

TREND CONSOLIDATE

SUPPORT1: 52060

SUPPORT2: 51485

RESISTANCE1: 53000

RESISTANCE2: 53580

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STOCK MARKET LATEST UPDATES

Sensex to be cautious at start...Inflation, earnings in focus.The period after the presidential polls is likely to be an important one amid growing expectations on the reforms front.

Indian stock indices appeared to have crossed its limit in the near term after snapping a five-week winning streak last week. Meanwhile, US President Barack Obama says there appears to be a growing consensus in India that the time may be right for another wave of economic reforms to make India more competitive in the global economy.

In terms of data, the Government will release wholesale (WPI) inflation today and retail (CPI) inflation later this week.

Main Results Today: Castrol India, Exide, Reliance Industrial Infrastructure, South Indian Bank, Supreme Infra and Tata Coffee.

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GLOBAL EVENTS TO WATCH:  UK Rightmove housing price index, Italy's trade balance, Eurozone CPI, Eurozone trade balance, NY Empire State manufacturing index, US retail sales and US business inventories. 

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BASE METAL WRAP: Copper traders are the most bearish in six weeks on concern demand will slow in China, Europe and the US at a time when hedge funds are betting on lower prices. Copper fell 0.3% to $7,577 a tonne this year on the London Metal Exchange after slumping 21% last year. The MSCI World Index of equities gained 2% since the start of January and the S&P GSCI gauge of 24 commodities slid 4.6%.


ENERGY WRAP:  Oil rallied for a third day on Friday after China's economy expanded in line with expectations, easing concerns a slowdown in Europe was hurting a lot more than expected. Even though China's growth slowed for the sixth successive quarter, Asian shares and the euro extended their rally on Monday on signs steps Beijing had taken so far were underpinning the economy A nosedive in natural gas spot prices in Asia over the last month marks the end of bullish Japanese buying following the Fukushima disaster and the likely start of higher supply and lower prices for gas shipped to Europe. 

PRECIOUS METAL WRAP: Spot gold traded nearly flat at $1,590.59 an ounce by 0023 GMT, after rallying 1 percent on Friday. US gold futures contract for August was also little changed from Friday's close, standing at $1,590.50.  

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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. 

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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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COPPER (AUG): The European debt crisis and disappointing growth in the United States and China are worrisome, but the U.S. economy is still some way from needing more asset-buying stimulus, a U.S.Federal Reserve policymaker said on Tuesday. Three-month copper on the London Metal Exchange had inched up just 0.3 percent to $7,511.75 per ton by 0109GMT, after losing 0.9 percent on Tuesday. Expected resistance and support level for today trade are as follows:

TREND CONSOLIDATE

SUPPORT 1: 423.80

SUPPORT 2: 422.30

RESISTANCE 1: 426.60

RESISTANCE 2: 427.90

CRUDE OIL (JUL) : U.S. crude futures rose on Wednesday to trade above $84, regaining a little ground after falling more than 2 percent a day earlier on the back of an averted oil workers' strike in Norway and weak China crude import data. NYMEX crude for August delivery was up 29 cents at $84.20 barrel by 2331 GMT, after settling down $2.08 at $83.91 on Tuesday. Expected resistance and support levels for the crude JUN contract are:

TREND BULLISH

SUPPORT1: 4752

SUPPORT2: 4700

RESISTANCE1: 4834

RESISTANCE2: 4864

GOLD (AUG): Spot gold firmed on Wednesday, after posting its biggest one-day decline since late June as a meeting of euro zone finance ministers disappointed some investors looking for more progress on resolving the region's debt crisis. Spot gold gained 0.4 percent to $1,574.50 an ounce by 10.49 p.m. EDT On Tuesday, after losing 1.4 percent on Tuesday. The U.S. gold futures contract for August delivery edged down 0.3 percent to $1,574.80.Resistance and support levels for the today’s session for Gold AUG contract 2012 are:

TREND CONSOLIDATE  

SUPPORT1: 29591

SUPPORT2: 29525

RESISTANCE1: 29701

RESISTANCE2: 29745

                                   

SILVER (SEP): Silver futures for September delivery fell 2 percent to $26.882 an ounce in New York. SILVER prices on MCX were trading lower. At 16:02 hrs MCX SILVER September contract was trading at Rs 53270.00 down Rs 274.00, or 0.51%. The SILVER rate touched an intraday high of Rs 53551.00 and an intraday low of Rs 53075.00. So far 18356 contracts have been traded. SILVER prices have moved down Rs 7130.00 or 11.80% in the September series so far. Silver is Expected resistance and support levels for today trade are as follows:

TREND CONSOLIDATE

SUPPORT1: 53285

SUPPORT2: 53026

RESISTANCE1: 53691

RESISTANCE2: 53838

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COMMODITY      

    

Oil rebounded from the lowest close in more than a week on speculation declines may have been excessive amid shrinking stockpiles in the U.S., the world’s biggest crude consumer. Copper edged up on Short-covering on Wednesday as investors closed positions and stuck to short-term trading strategies ahead of this week’s China GDP data, which may shed more light on the health of the world’s second largest economy. Festering worries over the global economy are also keeping market participants cautious.

Spot gold firmed on Wednesday, after posting its biggest one-day decline since late June as a meeting of euro zone finance ministers disappointed some investors looking for more progress on resolving the Region’s debt crisis. Hotter summer weather supports natural-gas prices by forcing utilities to burn more of the fuel to meet higher demand from air conditioners. Private weather forecasters previously predicted warmer temperatures coming to much of the Northeast and Midwest next week, but their projections released Tuesday for the following week delivered a mixed message.

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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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COPPER (AUG): London copper gained slightly on Monday, after dropping more than 2 percent in the prior session, as data showing China's inflation cooled further in June helped counter a bleak U.S. jobs report.    Three-month copper on the London Metal Exchange edged up 0.3 percent to $7,550.25 per ton by 0158 GMT,snapping three sessions of losses. Expected resistance and support level for today trade are as follows.

TREND CONSOLIDATE

SUPPORT 1: 424.35

SUPPORT 2: 423.85

RESISTANCE 1: 425.35

RESISTANCE 2: 425.55

CRUDE OIL (JUL) : Crude oil rose above $100 again following tension in Iran and a workers strike in Norway. Agri commodities continued their winning streak with corn, wheat and soybean leading the rally. Brent crude for August gained 62 cents, or 0.6 percent, to $98.81 a barrel on the London-based ICE Futures Europe exchange. The European benchmark’s premium to WTI was at $13.91, from $13.74 on July 6.Expected resistance and support levels for the crude JUN contract are:

TREND BULLISH

SUPPORT1: 4720

SUP2: 4706

RESISTANCE1: 4744

RESISTANCE2: 4755

GOLD (AUG): Gold inched down on Monday, extending losses to a third session, on a lack of conviction the U.S. Federal Reserve would take measures to stimulate the economy anytime soon even after a disappointing jobs report.. Spot gold dropped to its lowest in almost two weeks of $1,575.89 an ounce, before recovering slightly to $1,580.09 an ounce by 0346 GMT.However, Reuter’s market analyst Wang Tao expects spot gold to fall to $1,540 an ounce during the day.U.S. Gold futures contract for August delivery was up 0.2 percent to $1,581.20. Resistance and support levels for the today’s session for Gold AUG contract 2012 are:

TREND CONSOLIDATE

  

SUP1: 29602

SUP2: 29587

RESISTANCE1: 29630

RESISTANCE2: 29645

                                   

SILVER (SEP): Silver prices displayed marked volatility over the past week before recording a notable surge on Tuesday on the back of stronger equity prices. Silver’s flexibility as an industrial and precious metal has proven to be a double-edged sword and has contributed to a steep drop in the metal’s price over the second quarter. Last week’s closing price of $27.02 per ounce (oz) marked the metal’s largest quarterly loss in almost four years – down 19 percent for the period in comparison to a 7.2 percent decline in gold futures over the same period

Silver is Expected resistance and support levels for today trade are as follows:

TREND CONSOLIDATE

SUPPORT1: 53090

SUPPORT2: 53015

RESISTANCE1: 53230

RESISTANCE2: 53287

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A fall is given at start  due to depressed global cues. US stocks tumbled on Friday following a disappointing monthly jobs report.  High unemployment is one of the major headwinds confronting the developed world. It is likely to stay elevated as growth continues to be anemic. European markets too slumped on Friday with Spanish bond yields back near 7%. Asian markets are mostly in the red this morning. 

Markets around the world are unlikely to find any respite from selling pressure in the near term amid mounting worries over slowing growth. While the Indian market has held up quite well lately, the resilience will be tested in the coming days as companies start reporting Q1 FY13 results.

Investors will keenly track data on industrial production and inflation in the run up to the month-end RBI policy review. Thursday will be a big day for the Indian markets, as apart from the latest IIP data, investors will react to earnings from IT titans Infosys and TCS.

HDFC siblings are also due to announce their results this week along with few other companies. The results season will see a pick up from next week. 

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COPPER (AUG): Three-month copper on the London Metal Exchange edged up 0.3 percent to $7,714.75 per metric ton (1.1023 tons) by 9.05 p.m. EDT on Thursday, on track to post a second consecutive week of gains this week. The most-active October copper contract on the Shanghai Futures Exchange edged up 0.1 percent to 56,030 Yuan ($8,800) per metric ton, on track to post a 1.9 percent rise on the week. Expected resistance and support level for today trade are as follows.

TREND CONSOLIDATE

SUPPORT 1: 425.80

SUPPORT 2: 422.25

RESISTANCE 1: 430.55

RESISTANCE 2: 433.55

CRUDE OIL (JUL) : Oil futures eased Thursday, as a stronger U.S. dollar and shrinking hopes for aggressive U.S. stimulus measures overshadowed an unexpectedly large decline in U.S. crude inventories. Light, sweet crude for August delivery fell 44 cents, or 0.5%, to settle at $87.22 a barrel on the New York Mercantile Exchange. Statoil said the shortfall in its production will be around 1.2 million barrels of oil equivalent a day..Expected resistance and support levels for the crude JUN contract are:

TREND BULLISH

SUPPORT1: 4752

SUPPORT2: 4728

RESISTANCE1: 4792

RESISTANCE2: 4808

GOLD (AUG): Gold remained on track for second straight week of gains on Friday, though it was little changed from the day before as investors waited for more U.S.jobs data to help gauge the health of the world's top economy and provide trading cues. Spot gold was little changed at $1,605.19 an ounce by0313 GMT on Friday, on course for a weekly rise of 0.4 percent. The U.S. gold futures contract for August delivery edged down 0.2 percent to $1,605.90.Technical analysis suggested that spot gold could fall to$1,586 an ounce during the day, said Reuters market analyst WangTao. Resistance and support levels for the today’s session for Gold AUG contract 2012 are:

TREND CONSOLIDATE  

SUPPORT1: 29610

SUPPORT2: 29470

RESISTANCE1: 29850

RESISTANCE2: 29970

                                   

SILVER (SEP): Silver futures for September delivery slid 2.1 percent to $27.672 an ounce. Silver, the poor man’s gold, to average $38 an ounce in the fourth quarter this year and to average $42/oz in 2013, said Deutsche Bank, the largest bank in Germany, in a quarterly commodities research note.Silver is Expected resistance and support levels for today trade are as follows.

TREND CONSOLIDATE

SUPPORT1: 53627

SUPPORT2: 53523

RESISTANCE1: 53833

RESISTANCE2: 53935

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India’s main indices will be cautious at start, tracking the weak global cues.The Rupee is still under pressure as overseas investors are not convinced about ongoing attempts to shore up growth. Foreign investors are perhaps waiting for more certain action, which is unlikely this month due to the Presidential election.

Sometimes markets behave in a confusing way. The reaction of world equity markets to monetary easing by three top central banks falls is the good example of this trait. Major global stock indices have lost ground despite the monetary stimulus unleashed by central banks in China, Europe and the UK to contain the global economic mess.

As always, the month-end RBI policy meeting will be important after the fresh policy easing done by other central banks. Before that, we will have to face with data on industrial production and WPI inflation. Progress of monsoon and corporate earnings are among the other key variables.

Friday’s monthly jobs data out of the US will be closely tracked to gauge the state of the world’s largest economy. 

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News Updates

China Gold output rises 6.59% y-o-y in Jan-May

World's largest gold producer, China, gold out put recorded growth of 6.59% y-o-y, reaching to 140.7 tonnes during the first five months(January- May) of this year, according to the official data released by Ministry of Industry and Information Technology.

Silver to average $38/oz in Q4 2012, $42 in 2013; Gold at $2,000 in 2013: Deutsche Bank

Silver, the poor man’s gold, to average $38 an ounce in the fourth quarter this year and to average $42/oz in 2013, said Deutsche Bank, the largest bank in Germany, in a quarterly commodities research note.

Crude Oil prices set for gains despite weak maco-environment

On technical charts, the mid-range close on Wednesday suggest a steady opening in US markets for Thursday night session, HY Markets said.

Indian Copper production up by 8.1% in Jan-May 2012

India's cumulative copper production during the period of January-May 2012 had reported a significant growth of 8.1%, reaching to 2378000 tonnes, according to the National Bureau of Statistics. The rise in copper concentrate import may help to boost refined copper production from current levels, observes SMC research team

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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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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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