Commodities Market Summary
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Gold held near the
highest in more than four months on Wednesday as investors await U.S. Federal
Reserve Chairman Ben Bernanke's speech later this week for any hints of further
stimulus measures. The Fed, which has kept rates near zero since December 2008,
has promised to keep them there until at least late 2014 to nurture a weak
recovery, but previous rounds of asset Gold today declined as investors weighed
whether Federal Reserve Chairman Ben S Bernanke will hint at fresh stimulus
measures in a speech later this week. The precious metal fell 0.22 per cent to
$ 1,663 an ounce. Prices reached $ 1,676.90 on August 27, the highest since
April 13. Silver fell 0.2 per cent to $ 30.82 an ounce. Bullion reached a
four-month high on August 27 as investors speculated that the US central bank
will embark on a third round of quantitative easing. Bernanke will deliver a
speech about monetary policy at the central bank's symposium at Jackson Hole,
Wyoming, on August 31. Holdings in gold-backed
exchange- traded products are at a record. Oil dropped for a second day
in New York as stockpiles unexpectedly rose and Hurricane Isaac weakened after
making landfall, reducing the threat to offshore platforms and rigs in the Gulf
of Mexico. Futures slipped as much as 0.6 percent after falling 0.9 percent
yesterday. Crude inventories increased 3.8 million barrels last week, data from
the Energy Department showed.Oil for October delivery slid as much as 58 cents
to $94.91 a barrel in electronic trading on the New York Mercantile Exchange
and was at $95.02 at 12:12 p.m. Singapore time. The contract yesterday dropped
84 cents to $95.49, the lowest close since Aug. 27. Prices are 7.9 percent
higher this month, headed for a second monthly gain, and 3.9 percent lower this
year.weakened the dollar, boosted global stock markets and burnished gold's
safe-haven appeal. Gold was steady at $1,667.40 per ounce by 0249 GMT, within
sight of a 4-1/2 month high of $1,676.45 hit on Monday. A report showing U.S.
consumer confidence deteriorated in August to the lowest in nine months boosted
gold. Natural-gas prices fell for a fifth day as Hurricane Isaac made landfall,
potentially curbing demand and bringing colder weather. Gas fell as much as 0.7
percent after Hurricane Isaac came ashore in southeastern Louisiana at 6:45
p.m. local time yesterday. The storm may decrease industrial consumption for
natural gas by 1.5 billion cubic feet a day, Goldman Sachs Group Inc. (GS) said
in a report e-mailed today. Oil fell from the highest closing price in a week
in New York after Hurricane Isaac made landfall and a report showed inventories
rose the most since May in the U.S., the world’s biggest crude consumer.
Futures slipped as much as 0.6 percent after Isaac struck the coast of
southeastern Louisiana. Refinery shutdowns because of the storm have curbed
crude demand, according to Goldman Sachs Group Inc. Stockpiles gained 5.5
million barrels last week, data from the American Petroleum Institute showed
yesterday.
|
30th AUG 2012 (Time – IST)
EUR German Unemployment Change (AUG) at 13:25
USD Personal Consumption Expenditure Core (YoY) (JUL) at
18:00
Levels for the Day
Name
|
RES2
|
RES1
|
S/R
|
SUP1
|
SUP2
|
RECOMMENDATION
|
ALUMINIUM (31AUG12)
|
105.5
|
104.8
|
104.4
|
103.8
|
103.4
|
|
COPPER
(31AUG12)
|
425.95
|
424.3
|
422.75
|
421.1
|
419.55
|
|
CRUDEOIL (19SEP12)
|
5397
|
5356
|
5324
|
5283
|
5251
|
|
GOLD
(04SEP12)
|
31136
|
30991
|
30863
|
30718
|
30590
|
|
SILVER
(05SEP12)
|
58228
|
57893
|
57527
|
57192
|
56826
|
|
LEAD
(31AUG12)
|
110.35
|
109.8
|
109.35
|
108.8
|
108.35
|
|
NATURALGAS (25SEP12)
|
153.7
|
152.0
|
149.4
|
147.7
|
145.1
|
|
NICKEL
(31AUG12)
|
917
|
910.6
|
903.9
|
897.5
|
890.8
|
Sell at 902/904 SL 909 TGT 886/881
|
ZINC
(31AUG12)
|
103.1
|
102.6
|
102.3
|
101.8
|
101.5
|
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