Daily Report
Commodities Market Summary
Gold was locked in a tight range on Wednesday,
as investors watched the U.S. Federal Reserve and the European Central
Bank, whose monetary policy decisions could determine the direction of
markets. If the Fed decided to launch another round of quantitative easing,
it would bolster gold's appeal as an inflation hedge, since rampant cash
printing could ultimately drive up prices. Although the latest data showed
U.S. home prices rose for the fourth month in a row in May, suggesting the
recovery in the housing market continued to gain traction. Spot gold was
little changed at $1,613.96 an ounce by 0340 GMT, after finishing July up
nearly 1 percent -- its second straight month of gains. U.S. gold futures
contract for December delivery edged up 0.4 percent to $1,617.40. Spot
silver rose to $28.37 in the previous session, its highest in nearly four
weeks. The metal with both precious and industrial properties inched up 0.1
percent to $27.95. Oil fell for a third day in New York, the longest losing
streak in almost two months, as concern that central banks won’t act to
stimulate a slowing global economy outweighed signs of shrinking supplies.
Futures slid as much as 0.6 percent after measures of manufacturing in
China and Australia weakened. Oil for September delivery decreased as much
as 55 cents to $87.51 a barrel in electronic trading on the New York
Mercantile Exchange and was at $87.85 at 1:25 p.m. Sydney time. The
contract yesterday dropped $1.72 to $88.06, the lowest close since July 13.
Prices gained 3.7 percent last month and are 11 percent lower this year.
Brent crude for September settlement was at $104.70 a barrel, down 22
cents, on the London-based ICE Futures Europe exchange. The European
benchmark’s premium to West Texas Intermediate was at $16.85. It closed at
$16.86 yesterday, the widest gap since May.
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Levels for the Day
Name
|
RES2
|
RES1
|
S/R
|
SUP1
|
SUP2
|
RECOMMENDATION
|
ALUMINIUM (31AUG12)
|
105.15
|
104.55
|
103.9
|
103.3
|
102.65
|
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COPPER
(31AUG12)
|
426.78
|
424.67
|
422.58
|
420.47
|
418.38
|
Buy at 421 SL 418 TGT 425/427
|
CRUDEOIL (20AUG12)
|
5069
|
4995
|
4951
|
4877
|
4833
|
|
GOLD
(04AUG12)
|
30009
|
29879
|
29800
|
29670
|
29591
|
Buy above 29750 SL 29550 TGT 30050/30150
|
SILVER
(05SEP12)
|
54470
|
54222
|
54071
|
53823
|
53672
|
|
LEAD
(31AUG12)
|
109.95
|
109.25
|
108.25
|
107.55
|
106.55
|
|
NATURALGAS (28AUG12)
|
185.65
|
182.05
|
179.45
|
175.85
|
173.25
|
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NICKEL
(31JUL12)
|
905.35
|
899.05
|
893.45
|
887.15
|
881.55
|
|
ZINC
(31JUL12)
|
104.4
|
103.8
|
103.15
|
102.55
|
101.9
|
1st
AUG 2012 (Time – IST)
USD ISM Manufacturing (JUL) at 19:30
USD Federal Open Market Committee Rate Decision
(AUG 1) at 23:45
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