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Commodity News and Insights for Traders and Investors
COPPER (JUN) – Expected resistance and support level for today trade are as follows:
TREND BEARISH
SUPPORT 1: 413.65
SUPPORT 2: 408.90
RESISTANCE 1: 431.15
RESISTANCE 2: 432.00
CRUDE OIL (JUN) – Oil rose for a third day in New York as speculation that U.S. economic growth will boost fuel demand in the world’s biggest crude consumer countered concern Europe’s debt crisis will worsen..Expected resistance and support levels for the crude JUN contract are:
TREND BEARISH
SUPPORT 1: 4880
SUPPORT 2: 4745
RESISTANCE 1: 5132
RESISTANCE 2: 5270
GOLD (JUN) –Gold had plummeted following a massive surge in the US dollar on worries of exit- Greece being ousted from Eurozone and returning to its old currency. Resistance and support levels for the today’s session for Gold JUN contract which will expire IN JUNE 2012 are:
TREND CONSOLIDATE
SUPPORT 1: 28830
SUPPORT 2: 28745
RESISTANCE 1: 29305
RESISTANCE 2: 29565
SILVER (JUL) – Strengthening dollar is actually suppressing the white precious metal since last few sessions. Silver is Expected resistance and support levels for today trade are as follows:
TREND CONSOLIDATE
SUPPORT 1: 53870
SUPPORT 2: 53650
RESISTANCE 1: 54870
RESISTANCE 2: 55120
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Market Overview
Looks like investors took the old adage ‘Sell in May and go away’ quite seriously. There was no dearth of misery in May, as eurozone debt problems resurfaced in the form of Greek politics and Spain’s banking troubles. The of the largest growth engines of the world - the US and China – are also losing steam.
India is not immune to the global headwinds but the fact of the matter is that much of the problems are home grown. That GDP growth in Q4 was the slowest in nine years shows how big a setback we have suffered. UPA II’s stint has been a disaster so far. While growth has decelerated, inflation remains sticky and deficits are soaring. The rupee’s slide underscores the deterioration in economic fundamentals.
The big question is have we seen the worst? The fear is things could deteriorate further, especially if there are more shocks out of the eurozone. We may see more red ticks this morning due to global selloff and GDP shocker. Watch out for data on auto sales, exports and manufacturing PMI. Globally too, the markets will keenly track data on manufacturing sector PMIs, auto sales and US monthly job additions.
The Nifty opened lower on Thursday but managed to recoup some loses despite weaker than expected Q4 GDP data. It finally closed below 4,950. This move has negated the weekly breakout and the Nifty is back in the trading range of 4,800-4,950. We maintain our cautious outlook for the near term on the back of strength in the USD.
Commodity tips
Daily Free Commodity Tips and Free Commodity News updates
Silver Price:
There is a lot of speculation that silver will rebound from lower levels in the coming months. The speculation comes as analysts predict that manufacturing will expand in key economies like China and USA which will likely boost the demand for the metal.
Gold Price:
Gold remains within its range of $1,525 to $1,600 an ounce from the last three weeks, although it is heading for its biggest loss for the month of May in 30 years, traders say.
Crude oil price:
The complete decontrol of petroleum and petroleum product prices looks inevitable even as there is stiff opposition everytime oil marketing companies raise petrol prices in India.
Copper:
London Metal Exchange (LME) base metal prices showed a mixed trend on Thursday.
SURE SHOT FREE COMMODITY TIPS/FREE COMMODITY PROFITABLE CALLS
SELL NATURAL GAS JUNE AROUND 133 TG 132,130.75,129.5 SL 134.65.
SELL NATURAL GAS JUNE AROUND 133 TG 132,130.75,129.5 SL 134.65.
SELL NICKEL JUNE BELOW 915 TG 910,904,896 SL 922.15.
SELL CRUDE JUNE BELOW 4825 TG 4810,4790,4765 SL 4846.15
SELL SILVER JULY BELOW 53320 TG 53250,53170,53070 SL 53460.5
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