Daily Report for 15th October 2012

Commodities Market Summary

Gold declined to the lowest level in more than two weeks on speculation that China may not need additional stimulus after exports grew more than estimated in September. Silver fell to a one-month low. Gold for immediate delivery fell as much as 0.7 percent to $1,741.75 an ounce, the lowest price since Sept. 26, before trading at $1,744.10 at 10:07 a.m. in Singapore. Bullion for December delivery dropped as much as 1 percent to $1,742.60 on the Comex in New York, also the lowest since Sept. 26. Oil fell for a second day in New York after Iran reiterated an offer to suspend domestic production of medium-enriched uranium before European officials meet to discuss tighter sanctions on the Persian Gulf country. Futures slid as much as 1.1 percent to the lowest level in almost a week. Iran is ready to enter talks about its nuclear program in exchange for guaranteed supplies of 20 percent- enriched uranium for its Tehran Research Reactor, said Ramin Mehmanparast, a Foreign Ministry spokesman, according to a Press TV report yesterday. The European Union has reached a preliminary agreement to intensify sanctions to increase pressure on OPEC’s third-largest oil exporter to curb its nuclear program, EU diplomats with knowledge of the matter said.

Levels for the Day

Name	RES2	RES1	S/R	SUP1	SUP2	RECOMMENDATION
ALUMINIUM (31OCT12)	104.9	104.9	104.8	104.7	104.6
COPPER (30NOV12)	435.5	435.2	434.7	434.4	433.8	Sell at 433/34 SL 437 TGT 428/425
CRUDEOIL (19OCT12)	4872	4867	4861	4856	4850
GOLD (05DEC12)	31319	31301	31272	31254	31225
SILVER (05DEC12)	61322	61260	61185	61123	61048
LEAD (31OCT12)	113.7	113.6	113.4	113.3	113.2
NATURALGAS (26OCT12)	191.4	191.2	190.8	190.6	190.2
NICKEL (31OCT12)	913.5	911.5	909.7	907.7	905.9
ZINC (31OCT12)	101.6	101.5	101.4	101.3	101.1

     Important Events for the Day

15^th Oct 2012 (Time – IST)

USD Advance Retail Sales (SEP) at 18:00