Thursday 16 August 2012

Daily Report for 17th Aug 2012


Commodities Market Summary.
 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
102.4
101.5
100.8
99.9

COPPER
(31AUG12)
417.2
416.1
414.6
413.4
411.9
Buy at 415/415.50 SL 412.50 TGT 419/422
CRUDEOIL (20AUG12)
5360
5328
5274
5242
5188

GOLD
(04SEP12)
30222
30163
30093
30034
29964

SILVER
(05SEP12)
54053
53902
53643
53492
53233

LEAD
(31AUG12)
104.6
103.8
103.1
102.2
101.5

NATURALGAS (28AUG12)
161.9
157.8
154
149.9
146.1

NICKEL
(31AUG12)
874.8
870.9
864.1
860.2
853.4
Buy above 870 SL 864 tgt 880/885
ZINC
(31AUG12)
102.4
101.0
100.0
98.6
97.6















 
     Important Events for the Day
17th AUG 2012 (Time – IST)
UR German Producer Prices (YoY) (JUL) at 11:30 (survey 1.2%, Previous 1.5%)
CAD Consumer Price Index (YoY) (JUL) at 18:00 (survey 1.5%, Previous 1.5%)
CAD Bank Canada Consumer Price Index Core (YoY) (JUL) at 18:00 (survey 2.0%, Previous 2.0%)
USD U. of Michigan Confidence (AUG P) (AUG P) at 19:25 (survey 72.3, Previous 72.3)

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