Commodities Market
Summary
Gold traders are the
most bullish in nine months after investors’ bullion holdings expanded to a
record on mounting speculation that central banks will do more to bolster
economic growth. Yesterday, Gold advanced to the highest in more than four
months amid speculation that the U.S. will take additional steps to spur
economic growth, boosting the appeal of bullion as an inflation hedge. Platinum
extended a rally. Gold rose 6.2 percent to $1,661.35 an ounce in London this
year, reaching a 16-week high yesterday and extending 11 consecutive annual
gains. The Standard & Poor’s GSCI gauge of 24 commodities advanced 5.4
percent and the MSCI All-Country World Index of equities added 8.8 percent.
Treasuries returned 1.8 percent, a Bank of America Corp. index shows. Gold
futures for December delivery climbed 2 percent to settle at $1,672.80 an ounce
at 1:38 p.m. on the Comex in New York after earlier jumping to $1,677.50, the
highest for a most- active contract since April 13. Oil fell for a second day
amid concern European leaders aren’t making progress on resolving the region’s
debt crisis and as reports signaled a weaker economy in the U.S., the world’s
biggest crude user. Oil for October delivery dropped as much as 61 cents to
$95.66 a barrel in electronic trading on the New York Mercantile Exchange and
was at $95.77 at 12:58 p.m. Sydney time. The contract yesterday fell 1 percent
to $96.27, the lowest close since Aug. 20. Prices are down 0.3 percent this
week and 3.1 percent this year. Brent oil for October settlement slid 42 cents,
or 0.4 percent, to $114.59 a barrel on the London-based ICE Futures Europe
exchange. The European benchmark grade’s premium to West Texas Intermediate was
at $18.82, from $18.74 yesterday.
Levels for the Day
Name
|
RES2
|
RES1
|
S/R
|
SUP1
|
SUP2
|
RECOMMENDATION
|
ALUMINIUM (31AUG12)
|
104.7
|
104.0
|
103.2
|
102.5
|
101.6
|
|
COPPER
(31AUG12)
|
428.65
|
426.05
|
424.2
|
421.6
|
419.75
|
Sell at 422/422.50 SL 425 TGT
418/416
|
CRUDEOIL (20AUG12)
|
5467
|
5392
|
5349
|
5274
|
5231
|
|
GOLD
(04SEP12)
|
31141
|
30972
|
30671
|
30502
|
30201
|
|
SILVER
(05SEP12)
|
58216
|
57497
|
56461
|
55742
|
54706
|
|
LEAD
(31AUG12)
|
108.0
|
107.4
|
106.7
|
106.1
|
105.4
|
|
NATURALGAS (28AUG12)
|
162.0
|
157.1
|
153.2
|
148.3
|
144.4
|
|
NICKEL
(31AUG12)
|
917.4
|
908.3
|
896.8
|
887.7
|
876.2
|
|
ZINC
(31AUG12)
|
102.6
|
102.0
|
101.3
|
100.6
|
99.9
|
|
|
24th AUG 2012 (Time – IST)
GBP Gross Domestic Product (QoQ) (2Q P) at 14:00
GBP Gross Domestic Product (YoY) (2Q P) at 14:00
USD Durable Goods Orders (JUL) at 18:00
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