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COPPER (JUN) – Copper rose again, benefitting from a weaker dollar as investors looked to the European Central Bank for a possible solution to the euro zone debt crisis which has hurt raw material demand. The ECB meeting comes a day after finance ministers from the world's seven major economies discussed financial and fiscal union in Europe and agreed to work together to deal with the problems in Spain and Greece, but took no joint action. Expected resistance and support level for today trade are as follows:
TREND CONSOLIDATE
SUPPORT 1: 402.50
SUPPORT 2: 394.60
RESISTANCE 1: 417.90
RESISTANCE 2: 423.70
CRUDE OIL (JUN) – Oil advanced for a fourth day in New York as policy makers in the U.S. and Europe indicated they may take steps to boost their economies and Iran signaled it will take a hard line in nuclear talks.. Expected resistance and support levels for the crude JUN contract are:
TREND BULLISH
RESISTANCE 1: 417.90
RESISTANCE 2: 423.70
CRUDE OIL (JUN) – Oil advanced for a fourth day in New York as policy makers in the U.S. and Europe indicated they may take steps to boost their economies and Iran signaled it will take a hard line in nuclear talks.. Expected resistance and support levels for the crude JUN contract are:
TREND BULLISH
SUPPORT 1: 4626
SUPPORT 2: 4422
RESISTANCE 1: 4880
RESISTANCE 2: 4920
GOLD (AUG) – The ECB is expected to indicate a readiness to cut interest rates as soon as next month but hold back from policy moves, after a Group of Seven emergency conference call on Tuesday failed to produce any concrete solution. Gold has held steady above $1,600 an ounce since it rallied 4.3 percent last Friday, as investors expect further monetary easing from the central banks, especially the U.S. Federal Reserve, after data showed a surprisingly weak job market. Resistance and support levels for the today’s session for Gold JUN contract which will expire IN JUNE 2012 are:
TREND BULLISH
SUPPORT 1: 29880
SUPPORT 2: 29635
RESISTANCE 1: 30380
RESISTANCE 2: 30555
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 BULLISH
SUPPORT 1: 53320
SUPPORT 2: 52813
RESISTANCE 1: 56535
RESISTANCE 2: 57530
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Suddenly, the world seems to be a better place for embarrassed investors. Hopefully, the current relief rally may still have some steam left in it. So, convert this opportunity into profit before fresh bad news drags things back. The opening is likely to be positive again. Use every rise to make profit , as we seem to be facing just a technical swing upward . The mammoth of problems that the markets are confronting is yet to be addressed .No doubt, headlines telling about action on various areas by the Centre but by now we of course have learnt to wait and watch for some real outcome.
The eurozone remains at the core of the current mess. Doubts are also being raised about the strength of the US and Chinese economies. Market players are hoping for emergency intervention by central banks but the same may not come thorough. The ECB’s move to refrain from cutting rates or committing to more LTRO is case in point.Investors will tune into Fed chief Ben Bernanke’s testimony to Congress today to see if he drops any hints on QE3. Also watch out for an important Spanish debt auction.
SURE SHOT FREE COMMODITY TIPS/FREE COMMODITY PROFITABLE CALLS
SELL CRUDE JUNE BELOW 4660 TG 4642,4622,4600 SL 4687.15
Get free commodity tips, silver price,Gold price,crude oil, commodity market tips,commodities, best commodity tips,crude oil prices.
FREE COMMODITY TIPS
Free Commodity Market Overview
Suddenly, the world seems to be a better place for embarrassed investors. Hopefully, the current relief rally may still have some steam left in it. So, convert this opportunity into profit before fresh bad news drags things back. The opening is likely to be positive again. Use every rise to make profit , as we seem to be facing just a technical swing upward . The mammoth of problems that the markets are confronting is yet to be addressed .No doubt, headlines telling about action on various areas by the Centre but by now we of course have learnt to wait and watch for some real outcome.
The eurozone remains at the core of the current mess. Doubts are also being raised about the strength of the US and Chinese economies. Market players are hoping for emergency intervention by central banks but the same may not come thorough. The ECB’s move to refrain from cutting rates or committing to more LTRO is case in point.Investors will tune into Fed chief Ben Bernanke’s testimony to Congress today to see if he drops any hints on QE3. Also watch out for an important Spanish debt auction.
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News Updates
Gold
Indian demand continues to be weak on higher prices in spot and futures market, analysts said. India’s jewellery demand is set to drop on seasonal weakness as wedding season demand has ended. Markets have to wait for mid-August to resume increased sales of gold and silver jewellery.
Silver Price
Like gold, silver holds a position in the center of Exter’s pyramid as a commodity, as well as at the narrow bottom of the pyramid as a hard currency to which safe haven funds flow in financially troubled times.
Crude oil
Crude oil inventories are expected to build up faster than expected with OECD commercial inventories at 2730 mn bbl by 4Q 2012 implying 60 days of forward demand coverage. Demand destruction for crude oil is seen across Europe, US and emerging markets
Copper
Despite the negative sentiments prevailing about China economy, there are several positive indicators that could support growth in base metals prices, according to deliberations at the Barclays Commodities Seminar held last week at Hangzhou.
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Copper Prices Reverse Previous Day’s Gains :
Reversing its previous day’s gains, copper prices fell on Thursday as investors were worried over the demand outlook for the industrial metal as German industrial orders declined more than expected in April 2012, their highest fall since November 2011 in turn adding to signs of a slowdown in Europe's biggest economy.
At the MCX, copper futures for June 2012 contract were trading at Rs. 410.60 per 1 kg, down by 0.32 per cent, after opening at Rs. 4113.75 against the previous closing price of Rs. 411.90. It touched the intra-day low of Rs. 410.30 till the trading. (At 11.20 AM today). Sentiment weakened further as a result of a surge in the copper stockpiles at the London Metal Exchange (LME) on account of the weak demand for the commodity.
LME copper stocks rose by 325 metric tonnes to 2,31,200 metric tonnes. At COMEX, copper futures for July 2012 contract traded at US$3.3705 per pound, down by 0.25 per cent. It opened at US$3.3735 against the previous closing price of US$3.3650. It touched the intra-day low of US$3.3650 till the electronic trading. (At 10.52 pm IST).
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