Daily Report 8th October 2012

Commodities Market Summary

Gold dropped to a one-week low as commodities fell on speculation the euro-zone debt crisis will continue to damp demand for raw materials. Silver tumbled to the cheapest since Sept. 26. Spot gold fell as much as 0.7 percent to $1,768.50 an ounce, the lowest intraday level since Oct. 1, and traded at $1,771.90 as of 12:17 p.m. Singapore time. Silver slumped as much as 2.2 percent to $33.775 an ounce and traded at $34.055. Platinum and palladium also declined. Oil fell for a second day before a meeting of European officials amid speculation the region’s debt crisis and a slowdown in China will curb fuel demand. Futures slid as much as 0.7 percent after capping a third weekly decline on Oct. 5, the longest run of losses since June. European finance ministers meet in Luxembourg today to discuss Spain’s overhaul effort and closer banking cooperation. Speculators cut bullish bets on oil in the week ended Oct. 2, a report showed. Economic growth in developing East Asia, including China, will be the slowest since 2001 this year, the World Bank said in a report. Crude for November delivery slipped as much as 58 cents to $89.30 a barrel in electronic trading on the New York Mercantile Exchange and was at $89.44 at 1:31 p.m. Sydney time. The contract dropped 2 percent to $89.88 on Oct. 5, the lowest close since Oct. 3. Prices slid 2.5 percent last week and are 9.5 percent lower this year.

Levels for the Day

Name	RES2	RES1	S/R	SUP1	SUP2	RECOMMENDATION
ALUMINIUM (31OCT12)	109.3	109.1	109.0	108.8	108.7
COPPER (30NOV12)	434.4	434.1	433.7	433.4	433.0
CRUDEOIL (19OCT12)	4697	4688	4679	4670	4661
GOLD (05DEC12)	31208	31187	31158	31137	31108
SILVER (05DEC12)	61922	61861	61788	61727	61654
LEAD (31OCT12)	119.05	118.75	118.35	118.05	117.65
NATURALGAS (26OCT12)	178.4	177.6	176.3	175.5	174.2
NICKEL (31OCT12)	957.2	955.9	953.8	952.5	950.4	Sell BELOW 954 SL 960 TGT 944/941
ZINC (31OCT12)	107.7	107.5	107.2	107.0	106.6