Daily Report for 11th October 2012

Commodities Market Summary

Gold traded close to the lowest price in more than a week as a stronger dollar curbed demand for bullion as an alternative investment. Bullion declined as European stocks fell and the euro weakened as much as 0.4 percent against the greenback to the lowest level in more than a week. The International Monetary Fund said European banks may need to sell as much as $4.5 trillion in assets through 2013 if policy makers fall short of pledges to stem the fiscal crisis. Spain’s Prime Minister Mariano Rajoy is struggling to contain the country’s deficit as he meets with French President Francois Hollande in Paris today. Gold for December delivery was little changed at $1,764.50 an ounce by 6:42 a.m. on the Comex in New York after falling as much as 0.2 percent. The metal dropped to $1,762 yesterday, the lowest level since Sept. 27. Gold for immediate delivery was 0.1 percent lower at $1,762.82 an ounce in London. Oil swung between gains and losses in New York before a report that may show stockpiles increased for the first time in three weeks in the U.S., the world’s biggest crude consumer. Futures fluctuated after slipping a third day in four yesterday. Supplies climbed by 1.6 million barrels, the industry-funded American Petroleum Institute said. The Energy Department lowered its 2012 estimates for U.S. gasoline demand and the price of West Texas Intermediate oil. Brent oil’s premium to WTI climbed to the widest in almost a year. Crude for November delivery rose 23 cents to $91.48 a barrel in electronic trading on the New York Mercantile Exchange at 10:51 a.m. Singapore time. The contract yesterday declined 1.2 percent to $91.25, the lowest close since Oct. 8. Prices are down 7.4 percent this year.

Important Events for the Day

11^th Oct 2012 (Time – IST)

11:30       EUR German Consumer Price Index - EU Harmonised (YoY) (SEP F)  

11:30       EUR German Consumer Price Index (YoY) (SEP F)               

12:15       EUR French CPI - EU Harmonised (MoM) (SEP)   

12:15       EUR French CPI - EU Harmonised (YoY) (SEP)      

12:15       EUR French CPI Ex Tobacco Index (SEP)      

12:15       EUR French Consumer Price Index (MoM) (SEP)  

12:15       EUR French Consumer Price Index (YoY) (SEP)     

13:30       EUR ECB Publishes Oct. Monthly Report

Name	RES2	RES1	S/R	SUP1	SUP2	RECOMMENDATION
ALUMINIUM (31OCT12)	108.4	107.2	106.5	105.3	104.5
COPPER (30NOV12)	440.2	438.9	436.6	435.3	433	Sell at 438 SL 442 TGT 431/429
CRUDEOIL (19OCT12)	5006	4944	4905	4843	4804
GOLD (05DEC12)	31406	31355	31278	31227	31150
SILVER (05DEC12)	62671	62423	61993	61745	61315
LEAD (31OCT12)	119.0	117.7	116.9	115.7	114.9
NATURALGAS (26OCT12)	189.4	187.7	185.2	183.5	181
NICKEL (31OCT12)	956.9	947.9	943	934	929.1
ZINC (31OCT12)	105.9	104.9	104.3	103.3	102.8