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
|
|
||||
|
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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