Daily Report
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Oil fell from a nine-week high in New York, paring a second weekly
advance, on speculation gains may have been excessive amid
worse-than-expected economic data and signs seasonal crude demand is
weakening. Futures slipped as much as 0.8 percent, snapping the longest run
of gains since February. Oil may fall next week on signs of slowing
economic growth, according to a Bloomberg News survey. Sales of existing
U.S. homes unexpectedly dropped in June and manufacturing in the
Philadelphia region contracted for a third month in July, reports showed
yesterday. OPEC will cut shipments this month as the seasonal demand for
driving fuel fades, according to Oil Movements, a tanker tracker.Crude for
August delivery, which expires today, slid as much as 72 cents to $91.94 a
barrel in electronic trading on the New York Mercantile Exchange and was at
$92.06 at 1:13 p.m. Sydney time. It climbed 3.1 percent yesterday to
$92.66, the highest close since May 16. The more-active September future
decreased 53 cents to $92.44. Front-month prices are 5.7 percent higher
this week and down 6.9 percent this year. Brent crude for September
settlement was at $107.36 a barrel, down 44 cents, on the London-based ICE
Futures Europe exchange. The European benchmark contract was at a premium to
West Texas Intermediate of $14.92, from $14.83 yesterday. Gold prices
extended gains on Thursday, lifted by a weak dollar which hit a two-week
low against a basket of currencies, with gaining equity markets and a
pick-up in appetite for risky assets helping to boost higher yielding
currencies. Spot gold rose 1 per cent to hit a session high at $1,588.01 an
ounce, as the dollar remained soft. A weak dollar makes commodities priced
in the US unit cheaper for holders of other currencies.
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Levels for the Day
Name
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RES2
|
RES1
|
S/R
|
SUP1
|
SUP2
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RECOMMENDATION
|
ALUMINIUM (31JUL12)
|
106.9
|
106.5
|
105.6
|
105.2
|
104.3
|
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COPPER
(31AUG12)
|
435.2
|
433.1
|
429.5
|
427.3
|
423.7
|
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CRUDEOIL (20AUG12)
|
5260
|
5193
|
5083
|
5016
|
4906
|
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GOLD
(04AUG12)
|
29322
|
29240
|
29186
|
29104
|
29050
|
|
SILVER
(05SEP12)
|
53281
|
52975
|
52792
|
52486
|
52303
|
|
LEAD
(31JULN12)
|
106.7
|
106.35
|
105.75
|
105.4
|
104.8
|
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NATURALGAS (26JUL12)
|
170.85
|
167.95
|
164.05
|
161.15
|
157.25
|
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NICKEL
(31JUL12)
|
905.65
|
899.25
|
894.65
|
888.25
|
883.65
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Buy at 893 SL 889 TGT 902/905
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ZINC
(31JUL12)
|
104.5
|
104.2
|
103.8
|
103.6
|
103.2
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20th
July 2012 (Time – IST)
EUR German Producer Prices (YoY) (JUN) at 11:30 (Survey 1.8%,
Previous 2.1%)
CAD Bank Canada Consumer Price Index Core (YoY) (JUN) at
18:00 (Survey 2.3%, Previous 1.8%)
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