Sunday 26 August 2012

Daily Report for 27th Aug 2012


Commodities Market Summary


 

Gold prices galloped to climb another lifetime high at the domestic bullion bourses today on the back of frantic speculative and stockist-driven buying spree ignited by highly bullish global sentiment.  Silver also shot up to regain its five-month high led by heavy speculative build-up, coupled with strong industrial demand. Standard gold (99.5 purity) surged by Rs 110 to finish at Rs 30,870 per 10 gm from overnight closing level of Rs 30,760. Pure gold (99.9 purity) rallied by a similar margin to end at Rs 31,010 per 10 gm from Rs 30,900. Silver ready (.999 fineness) jumped by Rs 800 per kg to conclude at Rs 58,710 over its Friday's close of Rs 57,910. On the global front, gold ended almost flat after surging to a four-month high fuelled by expectations that the US Federal Reserve will stimulate the economy by monetary easing measures. Gold for December delivery advanced to $ 1,672.90 an ounce on the Comex division of the NYMEX late yesterday. Silver for the September contract strengthened by 16.5 cents to $ 30.62 an ounce. Oil rose the most in a week and gasoline climbed to the highest level in four months as Tropical Storm Isaac reduced output in the Gulf of Mexico and a fire in Venezuela shut part of the world’s second-biggest refinery. Oil for October delivery increased as much as $1.57 to $97.72 a barrel in electronic trading on the New York Mercantile Exchange and was at $97.44 at 12:13 p.m. Sydney time. Front- month prices slid 12 cents to $96.15 on Aug. 24 and rose 0.2 percent last week. Futures are down 1.4 percent this year. Brent oil for October settlement rose $1.23, or 1.1 percent, to $114.82 a barrel on the London-based ICE Futures Europe exchange. The European benchmark grade’s premium to WTI was at $17.38, from $17.44 on Aug. 24.
             Levels for the Day
Name
RES2
RES1
       S/R
      SUP1
      SUP2
RECOMMENDATION
ALUMINIUM (31AUG12)
106.05
105.4
104.2
103.55
102.35

COPPER
(31AUG12)
428.35
427
424.6
423.25
420.85

CRUDEOIL (19SEP12)
5423
5385
5338
5300
5253
Buy at 5340/5350 SL 5310 tgt 5390/5400
GOLD
(04SEP12)
31004
30941
30835
30772
30666

SILVER
(05SEP12)
57422
57186
56787
56551
56152

LEAD
(31AUG12)
110.2
109.4
108.0
107.2
105.7

NATURALGAS (28AUG12)
160.8
156.3
153.6
149.1
146.4

NICKEL
(31AUG12)
925.0
918.1
906.4
899.5
887.8

ZINC
(31AUG12)
105.3
104.1
102.4
101.2
99.6


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