Daily Report for 26th July 2012

Daily Report

      Commodities Market Summary

Gold gained the most in more than three weeks on speculation that European leaders may take further steps to tame the debt crisis. Gold futures for December delivery rose 2 percent to settle at $1,612.70 an ounce at 1:43 p.m. on the Comex in New York, the biggest gain for a most-active contract since June 29. Silver futures for September delivery jumped 2.4 percent to $27.466 an ounce on the Comex, the biggest gain since July 3. On the New York Mercantile Exchange, platinum futures for October delivery climbed 0.9 percent to $1,399.40 an ounce. Palladium futures for September delivery increased 0.6 percent to $565.25 an ounce. Oil dropped for the first time in three days in New York on concern rising stockpiles in the U.S., the world’s biggest crude consumer, signal faltering demand. Oil for September delivery slid as much as 46 cents to $88.51 a barrel in electronic trading on the New York Mercantile Exchange and was at $88.52 at 2:01 p.m. Sydney time. The contract yesterday climbed 47 cents to $88.97, the highest close since July 20. Prices are 10 percent lower this year. Brent crude for September settlement slid 42 cents, or 0.4 percent, to $103.96 a barrel on the London-based ICE Futures Europe exchange. The European benchmark’s premium to West Texas Intermediate was at $15.44, from $15.41 yesterday.

             Levels for the Day

Name	RES2	RES1	S/R	SUP1	SUP2	RECOMMENDATION
ALUMINIUM (31JUL12)	105.15	104.55	104.15	103.55	103.15
COPPER (31AUG12)	424.4	422.55	420.05	418.25	415.75	Buy above 421 SL 418.50 tgt 426/428
CRUDEOIL (20AUG12)	5063	5004	4950	4891	4837
GOLD (04AUG12)	30034	29934	29767	29667	29500
SILVER (05SEP12)	53935	53694	53277	53036	52619	Buy above 53270 SL 53050 tgt 53450/53480
LEAD (31JULN12)	105.05	104.6	104.15	103.7	103.25
NATURALGAS (28AUG12)	182.3	177	174.1	168.8	165.9
NICKEL (31JUL12)	904.3	898.3	887.7	881.7	871.1	Buy above 892 SL 885 tgt 902/905
ZINC (31JUL12)	102.3	101.8	101.5	101.05	100.7

     Important Events for the Day

26th July 2012 (Time – IST) USD Durable Goods Orders (JUN) at 18:00 (Survey 0.3%, Previous 1.3%) USD Pending Home Sales (YoY) (JUN) at 19:30 (Survey 12.1%, Previous 15.3%)

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