Commodities Market Summary
Oil fluctuated after falling for the first time in
four days in New York yesterday as speculation that China will take more steps
to boost its economy countered signs of weakening demand in the U.S., the
biggest crude user. Futures were down as much as 0.1 percent and up 0.3 percent
in today’s trading. U.S. petroleum consumption fell 1.1 percent last week, the
first decrease in four weeks, according to a report from the Energy Department
yesterday. China’s inflation cooled for a fourth straight month in July,
providing more room for policies to stimulate growth in the world’s
second-biggest oil consumer. Oil for September delivery was at $93.53 a barrel,
up 18 cents, or 0.2 percent, in electronic trading on the New York Mercantile
Exchange at 12:33 p.m. Sydney time. It decreased 32 cents yesterday to $93.35,
the lowest settlement since Aug. 6. The contract has rebounded 20 percent from
its lowest close this year of $77.69 on June 28. Prices are 5.3 percent lower
since the start of the year. Brent crude for September settlement gained 5
cents to $112.19 a barrel on the London-based ICE Futures Europe exchange. The
European benchmark’s premium to West Texas Intermediate was at $18.64 from
$18.79 yesterday. Gold advanced for the third time in four sessions on
speculation that central banks will take steps to bolster their economies,
increasing the appeal of the precious metal as a store of value. Gold futures
for December delivery gained 0.2 percent to settle at $1,616 an ounce at 1:37
p.m. on the Comex in New York. The price has climbed 1.6 percent since Aug. 2.
On the New York Mercantile Exchange, platinum futures for October delivery fell
20 cents to $1,410.20 an ounce. Palladium futures for September delivery
slipped 0.3 percent to $586.50 an ounce.
Levels for the Day
Name
|
RES2
|
RES1
|
S/R
|
SUP1
|
SUP2
|
RECOMMENDATION
|
ALUMINIUM (31AUG12)
|
105.7
|
105.1
|
104.3
|
103.7
|
102.9
|
|
COPPER
(31AUG12)
|
420.2
|
418.7
|
417.4
|
415.9
|
414.6
|
Buy above 417 SL 414 Tgt 421/422
|
CRUDEOIL (20AUG12)
|
5269
|
5219
|
5175
|
5125
|
5081
|
|
GOLD
(04SEP12)
|
30002
|
29949
|
29866
|
29813
|
29730
|
|
SILVER
(05SEP12)
|
53905
|
53657
|
53372
|
53124
|
52839
|
|
LEAD
(31AUG12)
|
106.9
|
106.1
|
105.4
|
104.7
|
104.0
|
|
NATURALGAS (28AUG12)
|
167.8
|
164.7
|
162.8
|
159.7
|
157.8
|
|
NICKEL
(31AUG12)
|
877.3
|
874.1
|
871.3
|
868.1
|
865.3
|
Buy at 875/876 SL 869 TGT 887/890
|
ZINC
(31AUG12)
|
103.35
|
103.05
|
102.7
|
102.4
|
102.05
|
|
9th AUG 2012 (Time – IST)
EUR ECB Publishes Aug. Monthly Report at 13:30
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