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COPPER (APR) – Expected resistance and support level for today trade are as follows:
SUPPORT 1: 410.35
SUPPORT 2: 406.85
RESISTANCE 1: 418.75
RESISTANCE 2: 422.15
CRUDE OIL (APR) – Crude Oil prices have been rising for several months amid an EU states' boycott of oil supplies from Iran. Oil traders are also concerned about the possibility of a future war with Iran as well as wider political instability in the Middle East, including the crisis in Syria. Expected resistance and support levels for the crude APR contract with expiry date of 19 APRIL 2012 are:
SUPPORT 1: 5235
SUPPORT 2: 5095
RESISTANCE 1: 5415
RESISTANCE 2: 5515
GOLD (JUNE) - Gold’s ability to edge higher at the start of the week is impressive considering the lack of retail jewelry demand in India due to a protest by jewelers. Resistance and support levels for the today’s session for Gold JUNE contract which will expire on JUNE 2012 are:
SUPPORT 1: 28325
SUPPORT 2: 28210
RESISTANCE 1: 28585
RESISTANCE 2: 28690
SILVER (MAY) – On domestic front Silver’s Expected resistance and support levels for today trade are as follows:
SUPPORT 1: 55925
SUPPORT 2: 55810
RESISTANCE 1: 56125
RESISTANCE 2: 56235
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Daily Commodity News Updates
Base metal prices are expected to trade lower today on account of a stronger dollar and choppy sentiments in global markets.
Crude oil is often subsidized by local governments. With economic growth gradually more problematic, many governments are less willing or able to continue prices artificially low. This is resulting in an additional lift in cost pressure for many consumers of energy.
Fortuna Silver Mines Inc. (NYSE: FSM)(TSX: FVI)(BVL: FVI) says that the company reached record silver and gold first-quarter production from its San Jose Mine in Mexico and its Caylloma Mine in Peru.
MCX gold and silver contracts are trading positive on Wednesday after a successful Spanish bond auction eased investor fears of an imminent Eurozone risk.
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