Thursday, 23 August 2012

Daily Report for 24th August 2012


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




 
     Important Events for the Day
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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