Daily Report
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Oil dropped for a second day amid speculation
fuel demand will falter as China’s economy slows and Europe struggles to
control its debt crisis. Futures slid as much as 1.5 percent after a
Chinese central bank adviser said the nation’s economy may cool further.
International creditors meet in Athens tomorrow amid concern Greece may not
meet its bailout targets, and after an aid package for Spain failed to
prevent the euro dropping to its lowest level in more than two years
against the dollar. Iraq resumed oil exports to Turkey after an explosion
shut a pipeline that carries as much as 350,000 barrels a day, Sumaria News
reported July 21, citing an unidentified Iraqi official. Oil for September
delivery fell as much as $1.36 to $90.47 a barrel in electronic trading on
the New York Mercantile Exchange and was at $90.54 at 1:29 p.m. Sydney
time. The contract slid 1.2 percent to $91.83 on July 20. Prices are 8.4
percent lower this year. Brent crude for September settlement declined
$1.36, or 1.3 percent, to $105.47 a barrel on the London-based ICE Futures
Europe exchange. The European benchmark’s premium to West Texas
Intermediate was at $14.93, from $15 on July 20.
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Levels for the Day
Name
|
RES2
|
RES1
|
S/R
|
SUP1
|
SUP2
|
RECOMMENDATION
|
ALUMINIUM (31JUL12)
|
105.5
|
105.1
|
104.6
|
104.2
|
103.7
|
|
COPPER
(31AUG12)
|
428.15
|
426.95
|
425.05
|
423.85
|
421.95
|
Sell at 420 SL 423 TGT 416/414
|
CRUDEOIL (20AUG12)
|
5034
|
5001
|
4946
|
4913
|
4858
|
|
GOLD
(04AUG12)
|
29347
|
29253
|
29197
|
29103
|
29047
|
|
SILVER
(05SEP12)
|
53104
|
52905
|
52720
|
52521
|
52336
|
|
LEAD
(31JULN12)
|
105.75
|
105.4
|
104.85
|
104.5
|
103.95
|
|
NATURALGAS (26JUL12)
|
172.05
|
168.05
|
160.95
|
156.95
|
149.85
|
|
NICKEL
(31JUL12)
|
901
|
897.4
|
893.8
|
890.2
|
886.6
|
|
ZINC
(31JUL12)
|
104.05
|
103.8
|
103.5
|
103.25
|
102.95
|
23rd
July 2012 (Time – IST)
Chicago Fed National
Activity Index at 18:00
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|
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