Commodities Market Summary
Gold traders are the
most bullish in three weeks as investors’ bullion holdings expanded to a record
after central banks pledged to do more to spur economic growth. Gold climbed 14
percent to $1,787.25 an ounce in London this year, reaching a 10-month high
yesterday. It is heading for a 12th consecutive annual gain. The Standard &
Poor’s GSCI gauge of 24 commodities added 1.7 percent and the MSCI All-Country
World Index of equities rose 12 percent. Treasuries returned 2.4 percent, a
Bank of America Corp. index shows. Oil fell in New York and headed for a third
weekly decline on speculation the biggest gain in two months yesterday was
exaggerated amid rising supplies. Futures slid as much as 0.4 percent after
surging 4.1 percent yesterday on concern tension between Turkey and Syria will
disrupt Middle East output. Saudi Arabia, OPEC’s biggest crude producer, sees
no difficulty in meeting demand, according to Oil Minister Ali al-Naimi. Iraq’s
exports from its Kurdish northern region will increase to 200,000 barrels a day
from 170,000 “within days,” Oil Minister Abdul Kareem al-Luaibi said. Prices
may drop next week as U.S. production rises.
Levels for the Day
|
Name
|
RES2
|
RES1
|
S/R
|
SUP1
|
SUP2
|
RECOMMENDATION
|
|
ALUMINIUM (31OCT12)
|
109.8
|
109.2
|
108.8
|
108.1
|
107.7
|
|
|
COPPER
(30NOV12)
|
441.2
|
437.2
|
434.9
|
430.9
|
428.6
|
|
|
CRUDEOIL (19OCT12)
|
4821
|
4771
|
4687
|
4637
|
4553
|
|
|
GOLD
(05DEC12)
|
31087
|
30904
|
30788
|
30605
|
30489
|
|
|
SILVER
(05DEC12)
|
62988
|
62546
|
62219
|
61777
|
61450
|
|
|
LEAD
(31OCT12)
|
121.2
|
119.4
|
118.4
|
116.6
|
115.6
|
|
|
NATURALGAS (26OCT12)
|
183.4
|
180.3
|
177
|
173.9
|
170.6
|
|
|
NICKEL
(31OCT12)
|
983.0
|
974.2
|
968.3
|
959.5
|
953.6
|
Sell BELOW 966 SL 971 TGT
958/956
|
|
ZINC
(31OCT12)
|
108.95
|
107.55
|
106.8
|
105.4
|
104.65
|
|
Important Events for the Day
5th Oct 2012 (Time – IST)
JPY BOJ
Governor Shirakawa Briefing at 12:00
CAD Net
Change in Employment (SEP) at 18:00
CAD
Unemployment Rate (SEP) at 18:00
USD
Change in Nonfarm Payrolls (SEP) at 18:00
USD
Unemployment Rate (SEP) at 18:00
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