Commodities Market Summary
Gold
held near the highest in more than four months on Wednesday as investors await
U.S. Federal Reserve Chairman Ben Bernanke's speech later this week for any
hints of further stimulus measures. The Fed, which has kept rates near zero
since December 2008, has promised to keep them there until at least late 2014
to nurture a weak recovery, but previous rounds of asset purchases weakened the
dollar, boosted global stock markets and burnished gold's safe-haven appeal.
Gold was steady at $1,667.40 per ounce by 0249 GMT, within sight of a 4-1/2
month high of $1,676.45 hit on Monday. A report showing U.S. consumer
confidence deteriorated in August to the lowest in nine months boosted gold.
Natural-gas prices fell for a fifth day as Hurricane Isaac made landfall,
potentially curbing demand and bringing colder weather. Gas fell as much as 0.7
percent after Hurricane Isaac came ashore in southeastern Louisiana at 6:45
p.m. local time yesterday. The storm may decrease industrial consumption for
natural gas by 1.5 billion cubic feet a day, Goldman Sachs Group Inc. (GS) said
in a report e-mailed today. Oil fell from the highest closing price in a week
in New York after Hurricane Isaac made landfall and a report showed inventories
rose the most since May in the U.S., the world’s biggest crude consumer.
Futures slipped as much as 0.6 percent after Isaac struck the coast of
southeastern Louisiana. Refinery shutdowns because of the storm have curbed
crude demand, according to Goldman Sachs Group Inc. Stockpiles gained 5.5
million barrels last week, data from the American Petroleum Institute showed
yesterday.
Levels for the Day
|
Name
|
RES2
|
RES1
|
S/R
|
SUP1
|
SUP2
|
RECOMMENDATION
|
|
ALUMINIUM (31AUG12)
|
105.9
|
105.4
|
104.8
|
104.4
|
103.8
|
|
|
COPPER
(31AUG12)
|
427.9
|
426.5
|
424.9
|
423.4
|
421.8
|
|
|
CRUDEOIL (19SEP12)
|
5420
|
5391
|
5346
|
5317
|
5272
|
Buy at 5345/5350 SL 5320 TGT 5400/5410
|
|
GOLD
(04SEP12)
|
31139
|
31043
|
30950
|
30854
|
30761
|
|
|
SILVER
(05SEP12)
|
58494
|
58052
|
57701
|
57259
|
56908
|
|
|
LEAD
(31AUG12)
|
110.5
|
110.0
|
109.1
|
108.6
|
107.7
|
|
|
NATURALGAS (28AUG12)
|
151.0
|
148.7
|
147.1
|
144.8
|
143.2
|
|
|
NICKEL
(31AUG12)
|
919.7
|
911.8
|
906
|
898.1
|
892.3
|
|
|
ZINC
(31AUG12)
|
103.8
|
103.4
|
102.8
|
102.4
|
101.8
|
|
|
29th AUG 2012 (Time – IST)
EUR German Consumer Price Index (YoY) (AUG P) at17:30
USD Gross Domestic Product Price Index (2Q S) at 18:00
USD Fed Releases Beige Book Economic Survey at 23:30
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