Commodities Market Summary
Gold is set to
advance, extending gains for a sixth week and headed for its best quarter since
2010 on speculation that governments will increase stimulus to spur global
economic growth. Spot gold was little changed at $1,779.10 an ounce at 9:58
a.m. in Singapore. Prices were poised to rise 0.3 percent this week for the
best winning run since August 2011. The metal is up 11 percent this quarter,
the biggest such gain since June 30, 2010. The advance this year is 14
percent. Oil climbed for a second day in
New York and headed for the biggest quarterly gain this year before a report
forecast to show personal spending rose in the U.S., signaling an economic
recovery that may boost fuel demand. Futures advanced as much as 0.6 percent
after increasing 2.1 percent yesterday, the most in eight weeks. U.S. household
purchases probably climbed 0.5 percent last month, up from 0.4 percent in July,
according to a Bloomberg survey before Commerce Department data today. Oil has
rebounded since closing below $90 a barrel for the first time in almost two
months on Sept. 26, and surged yesterday as Spain pledged to cut its deficit to
ease Europe’s debt crisis. Copper bulls retreated for a third consecutive week
on mounting concern that weaker manufacturing from Europe to China will curb
demand even as central banks pledge more stimulus to boost economies. Copper
reached a four-month high Sept. 19 after the Federal Reserve and European
Central Bank said they would buy more debt and China, the biggest copper user,
approved a $158 billion subways-to-roads construction plan. Data since then
signaled contracting factory output in Europe and China and a weaker U.S.
economy. International Monetary Fund Managing Director Christine Lagarde said
Sept. 24 that global growth may be “a bit weaker” than the Washington-based
group forecast in July.
Levels for the Day
Name
|
RES2
|
RES1
|
S/R
|
SUP1
|
SUP2
|
RECOMMENDATION
|
ALUMINIUM (31OCT12)
|
111.2
|
111.1
|
110.9
|
110.8
|
110.6
|
|
COPPER
(30NOV12)
|
442.4
|
441.7
|
441.1
|
440.4
|
439.7
|
Sell at 437/438 SL 441 tgt 432/430
|
CRUDEOIL (19OCT12)
|
4898
|
4893
|
4887
|
4882
|
4876
|
|
GOLD
(05OCT12)
|
31319
|
31260
|
31208
|
31149
|
31097
|
|
SILVER
(05DEC12)
|
62871
|
62825
|
62774
|
62728
|
62677
|
|
LEAD
(31OCT12)
|
120.2
|
120.1
|
119.9
|
119.8
|
119.6
|
|
NATURALGAS (26OCT12)
|
177.0
|
176.5
|
176.1
|
175.6
|
175.2
|
|
NICKEL
(31OCT12)
|
981.6
|
980.1
|
977.6
|
976.1
|
973.6
|
Sell at 970 SL 976 TGT 960/958
|
ZINC
(31OCT12)
|
110.7
|
110.6
|
110.4
|
110.3
|
110.1
|
|
Important Events for the Day
1st Oct 2012 (Time – IST)
USD
ISM Manufacturing (SEP) at 19:30
|