Commodities Market Summary
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Oil rose from the
highest close in three months after U.S. stockpiles dropped to the lowest in
four months amid rising demand and as China signaled it may take more steps to
boost growth in the world’s second-biggest economy. Futures rose as much as 0.3
percent after climbing 1 percent yesterday. Inventories dropped 3.7 million
barrels and total oil use reached the highest level in nine months last week,
the Department of Energy said in a report. Slowing inflation gives China more
room to adjust monetary policy, Chinese Premier Wen Jiabao said, according to
state radio. Oil also gained after Israel’s ambassador to the U.S. said his
country would be willing to strike Iran’s nuclear facilities. Copper gained
after Chinese Premier Wen Jiabao said easing inflation provides room to adjust
monetary policy, boosting optimism that the government will take more steps to
stimulate the world’s second-largest economy. Copper for delivery in three
months rose as much as 0.8 percent to $7,443.75 a metric ton on the London Metal
Exchange, before trading at $7,426.75 at 11:04 a.m. Shanghai time.
December-delivery copper gained 0.5 percent to $3.3765 per pound on the Comex
in New York. Gold advanced after a U.S. report showing stagnant consumer prices
bolstered prospects that the Federal Reserve will take further steps to spur
growth, reviving inflation and demand for the metal as a hedge. Gold futures
for December delivery advanced 0.3 percent to settle at $1,606.60 an ounce at
1:39 p.m. on the Comex in New York. Prices have risen 2.5 percent this year.
Levels for the Day
Name
|
RES2
|
RES1
|
S/R
|
SUP1
|
SUP2
|
RECOMMENDATION
|
ALUMINIUM (31AUG12)
|
103.2
|
102.9
|
102.55
|
102.25
|
101.9
|
|
COPPER
(31AUG12)
|
418.8
|
416.75
|
413.7
|
411.65
|
408.6
|
Buy at 415/415.50 SL 412.50 TGT 419/422
|
CRUDEOIL (20AUG12)
|
5286
|
5249
|
5200
|
5163
|
5114
|
|
GOLD
(04SEP12)
|
30235
|
30120
|
30035
|
29920
|
29835
|
|
SILVER
(05SEP12)
|
53737
|
53585
|
53447
|
53295
|
53157
|
|
LEAD
(31AUG12)
|
105.2
|
104.6
|
104.1
|
103.6
|
103.1
|
|
NATURALGAS (28AUG12)
|
164.1
|
161.6
|
157.0
|
154.5
|
149.9
|
|
NICKEL
(31AUG12)
|
881.1
|
874.2
|
866.4
|
859.5
|
851.7
|
|
ZINC
(31AUG12)
|
102.4
|
102
|
101.6
|
101.2
|
100.8
|
|
|
16th AUG 2012 (Time – IST)
EUR Euro-Zone Consumer Price Index - Core (YoY) (JUL) at 14:30
EUR Euro-Zone Consumer Price Index (YoY) (JUL) at 14:30
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