Daily Report for 30th July 2012

Daily Report Commodities Market Summary  Gold futures rose to a five-week high on speculation that central banks in the U.S. and Europe will add to stimulus programs in an effort to spur faltering economies. Gold futures for December delivery rose 0.2 percent to settle at $1,622.70 an ounce at 1:40 p.m. on the Comex in New York. Earlier, the price reached $1,633.30, the highest for a most-active contract since June 19. This week, the metal rose 2.5 percent, the most since June 1. Fed Chairman Ben S. Bernanke said last week that U.S. policy makers are “looking for ways to address the weakness in the economy should more action be needed to promote a sustained recovery in the labor market.” Bullion surged 70 percent from the end of December 2008 to June 2011 as the Fed kept borrowing costs at a record low and bought $2.3 trillion of debt in two rounds of so-called quantitative easing. Silver futures for September delivery rose 0.2 percent to $27.498 an ounce. Oil climbed to the highest level in a week in New York on speculation that U.S. and European policy makers will act to boost growth and concern that unrest in the Middle East may spread and disrupt supplies. Oil for September delivery gained as much as 82 cents, or 0.9 percent, to $90.95 a barrel in electronic trading on the New York Mercantile Exchange. It was at $90.75 at 1:40 p.m. Sydney time. The contract climbed 0.8 percent to $90.13 on July 27 for a fourth day of gains and the highest close since July 20. Prices are up 6.8 percent this month. Brent crude for September settlement was at $106.84 a barrel, up 37 cents, on the London-based ICE Futures Europe exchange. The European benchmark’s premium to West Texas Intermediate was at $16.09. It closed at $16.34 on July 27, the widest gap in more than two months.

              

             Levels for the Day

Name	RES2	RES1	S/R	SUP1	SUP2	RECOMMENDATION
ALUMINIUM (31JUL12)	104.2	103.8	103.4	103.05	102.7
COPPER (31AUG12)	423.25	421.95	420.35	419.05	417.45	Buy above 422 SL 418.50 TGT 428/429
CRUDEOIL (20AUG12)	5041	5022	4997	4978	4953
GOLD (04AUG12)	29944	29870	29810	29736	29676
SILVER (05SEP12)	53698	53449	53225	52976	52752
LEAD (31JULN12)	107.75	107	105.65	104.9	103.55
NATURALGAS (28AUG12)	174.9	171.3	169	165.4	163.1
NICKEL (31JUL12)	892.2	887.1	882.7	877.6	873.2
ZINC (31JUL12)	103.45	102.9	102.05	101.5	100.65

     Important Events for the Day

30th July 2012 (Time – IST) GBP Net Consumer Credit (JUN) at 14:00 GBP Mortgage Approvals (JUN) at 14:00

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