COMMODITY NEWS AND TRADING LEVELS FOR 20TH APRIL 2012

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COPPER (APR) – Expected resistance and support level for today trade are as follows:

SUPPORT 1: 415.35
SUPPORT 2: 411.85

RESISTANCE 1: 420.75
RESISTANCE 2: 423.15

CRUDE OIL (MAY) – 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 19TH MAY 2012 are:

SUPPORT 1: 5235
SUPPORT 2: 5105

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: 28525
SUPPORT 2: 28410

RESISTANCE 1: 28720
RESISTANCE 2: 28820

SILVER (MAY) On domestic front Silver’s Expected resistance and support levels for today trade are as follows:

SUPPORT 1: 56425
SUPPORT 2: 56310

RESISTANCE 1: 56625
RESISTANCE 2: 56735

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Daily Commodity News Bulletin

Domestic oil production in the US and Canada has continued on a strong growth path. Despite various glitches at Canadian up graders through Q1, with almost 0.5 mb/d of unplanned outage at one time, flows on Canadian pipelines to the US have remained very high.

Copper declined around 0.5 percent on the LME on Wednesday, as mounting worries over Euro Zone debt crisis weakened demand outlook for the copper. 

Additionally, a stronger dollar and weak market sentiments also acted as a negative factor for the red metal prices yesterday. Copper touched an intra-day low of $ 7986/tonne and ended its trading session at $ 8019.25/tonne on Wednesday. 

Nymex crude oil prices declined by 1.5 percent yesterday on the back of more than predictable rise in US crude oil inventories which rose twice than the forecast coupled with a stronger dollar index. 

Oil prices touched an intra-day low of $ 102.19/bbl and closed at $ 102.67/bbl on Wednesday. On the MCX, crude oil prices declined by 0.8 percent and closed at Rs.5,324/bbl after touching an intra-day low of Rs.5,311 yesterday.

Industrial fabrication in the first three quarters of 2011 was particularly strong; however, the Euro zone crisis during the fourth quarter had a notable collision on industrial demand, resulting in the slight decline in the full year total. Even so, China posted a 5 percent gain in industrial fabrication led by strong household purchases, strong automobile demand and healthy infrastructure spending.


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