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COPPER (JUN): Copper slipped on Monday, as the euro came under pressure on renewed worries about Spain's debt troubles and contagion to other euro zone countries, but falls for base metals were limited by signs of some spot buying from top consumer China. Benchmark copper on the London Metal Exchange fell to $7,296.75 tone at 1017 EDT, down 0.2 percent from Friday's close of $7,310 a tonne.Expected resistance and support level for today trade are as follows.
TREND CONSOLIDATE
SUPPORT 1: 413.70
SUPPORT 2: 410.10
RESISTANCE 1: 419.40
RESISTANCE 2: 421.50
CRUDE OIL (JUL) – Oil fell for a second day in New York amid speculation a meeting of European leaders this week will fail to halt a debt crisis that threatens to slow the economy and curb fuel demand. Oil delivery fell as much as 27 cents to $78.94 a barrel in electronic trading on the New York Mercantile Exchange and was at $78.97 at 1 p.m. Tokyo time. The contract yesterday slipped 55 cents to $79.21, the lowest close since June 21. Prices have fallen 23 percent this quarter, the biggest drop since the final three months of 2008.Expected resistance and support levels for the crude JUN contract are:
TREND CONSOLIDATE
SUPPORT1: 4515
SUPPORT2: 4427
RESISTANCE1: 4653
RESISTANCE2: 4703
GOLD (AUG) International gold was quoting US $ 1920 per ounce one year back, which has now fallen to around US $ 1620 per ounce. At a time, when assets under management (AUMs) of gold exchange-traded funds (ETFs) have touched a new high of Rs 10,300 crore during May 2012, the investments for gold ETFs have almost dried amid record high gold prices, which has crossed Rs 30,000 per 10 Gms. Resistance and support levels for the today’s session for Gold AUG contract 2012 are:
TREND CONSOLIDATE
SUPPORT1: 29791
SUPPORT2: 29609
RESISTANCE1: 30125
RESISTANCE2: 30277
SILVER (JUL) – Monday is just another day at the flea market for silver bulls, who are stepping up in force to purchase the shiny metal. iShares Silver Trust ETF (NYSE: SLV) is trading higher by 2 percent as the spot prices is climbing off last week’s lows near $26.50; the fund is now trading around $26.74..
The move in silver is significant for two reasons, traders say. First, technical support at $26 is keeping a bottom on silver prices. Second, the dollar index is also moving higher Monday, creating a headwind for precious metals. Silver is Expected resistance and support levels for today trade are as follows:
The move in silver is significant for two reasons, traders say. First, technical support at $26 is keeping a bottom on silver prices. Second, the dollar index is also moving higher Monday, creating a headwind for precious metals. Silver is Expected resistance and support levels for today trade are as follows:
TREND CONSOLIDATE
SUPPORT1: 52700
SUPPORT2: 52263
RESISTANCE1: 54540
RESISTANCE2: 55023
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Free Commodity Market Overview
The start today is likely to be sedate in the wake of a steep selloff in ‘western’ markets.
It was assumed that something big lay in store as the FM himself had indicated. However, the RBI’s package to shore up the battered rupee failed to impress the markets. Top government officials are talking of more economic measures in the days to come. .
Who takes charge of this crucial ministry can have a bearing on the sentiment temporarily.
European markets plunged, with peripheral indices pacing the slump, as optimism about the EU summit faded. Also, Moody’s has downgraded 28 Spanish banks while Cyprus has become the latest eurozone member to request a bailout. Greek finance minister Vassilis Rapanos has resigned for health reasons.
US stocks closed sharply lower as well, with Wall Street pessimism growing on prospects of concrete results from a meeting of European leaders later in the week.
Gold and silver gained in New York trading while crude oil declined.
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Free Commodity Market Overview
The start today is likely to be sedate in the wake of a steep selloff in ‘western’ markets.
Who takes charge of this crucial ministry can have a bearing on the sentiment temporarily.
European markets plunged, with peripheral indices pacing the slump, as optimism about the EU summit faded. Also, Moody’s has downgraded 28 Spanish banks while Cyprus has become the latest eurozone member to request a bailout. Greek finance minister Vassilis Rapanos has resigned for health reasons.
US stocks closed sharply lower as well, with Wall Street pessimism growing on prospects of concrete results from a meeting of European leaders later in the week.
Gold and silver gained in New York trading while crude oil declined.
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News Updates
Rupee weakness denting Indian Gold demand: HSBC
How low Oil prices can go this year?
LME Copper declines to $7319/ tonne
FREE COMMODITY TIPS
Indian physical gold demand continues to be lackluster as the Indian rupee hit a record low value against the U.S. dollar, with the cross rate around 57.16, said HSBC Holdings plc (HSBC), a British multinational bank, in a commodities research note.
Silver
After a sharp sell-off this week on concerns the global economy is slowing and disinflation may be taking hold, market watchers said they’re keeping an eye on events in Europe and whether gold and silver can hold above the lower-end of recent trading ranges.
Crude Oil
How low Oil prices can go this year?
Oil has fallen by over $35 from the highs this year and it seems like it has yet to bottom out.
Copper
LME Copper declines to $7319/ tonne
London Metal Exchange (LME) copper hovered near six-month lows on Friday as a firm dollar, weak German and U.S. data and a downgrade to some of the world's leading banks deepened concerns about the global economy and demand for raw materials.
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