Commodity News and Insights for Traders and Investors
COPPER (JUN) - Expected resistance and support level for today trade are as follows:
SUPPORT 1: 402.50
SUPPORT 2: 394.60
RESISTANCE 1: 417.90
RESISTANCE 2: 423.70
CRUDE OIL (JUN) - Oil rose for a third day in New York as speculation that U.S. economic growth will boost fuel demand in the world's biggest crude consumer countered concern Europe's debt crisis will worsen..Expected resistance and support levels for the crude JUN contract are:
SUPPORT 1: 4480
SUPPORT 2: 4345
RESISTANCE 1: 4732
RESISTANCE 2: 4870
GOLD (JUN) -Gold had plummeted following a massive surge in the US dollar on worries of exit- Greece being ousted from Eurozone and returning to its old currency. Resistance and support levels for the today's session for Gold JUN contract which will expire IN JUNE 2012 are:
SUPPORT 1: 28830
SUPPORT 2: 28745
RESISTANCE 1: 29695
RESISTANCE 2: 29929
SILVER (JUL) - Strengthening dollar is actually suppressing the white precious metal since last few sessions. Silver is Expected resistance and support levels for today trade are as follows:
SUPPORT 1: 53320
SUPPORT 2: 52813
RESISTANCE 1: 54535
RESISTANCE 2: 55120
Get free commodity tips, silver price,Gold price,crude oil, commodity market tips,commodities, best commodity tips,crude oil prices.
Free Commodity Market Overview
It is World Environment Day and the trading screens will also see more green than red, at least at start. It's a fight for survival out there in the market and thankfully 'Green' seems to be the flavour of the day.Asian markets are trading with a positive bias. US markets closed flat. Barring Germany, most big European indices finished higher.
RBI's deputy governor, Subir Gokarn has hinted at a possibility of a rate cut on June 18 citing dismal GDP data and softening crude prices. Meanwhile, the PM and the FM see the current slowdown as just a blip and continue to believe in India's long-term potential. The PM has called a meeting of infrastructure ministries while the FM is said to review FDI in Pharma space.
Globally, things continue to be uncertain. The eurozone is the epicenter of rising global anxiety. Within the euro area, Spain and Greece are the trouble spots. A few important events are lined up this month that could have a bearing on global markets. Greek election on June 17 is the biggest event of them all.
The Union Commerce Ministry is expected to announce some incentives for the struggling labour intensive export sectors such as textiles when it unveils the annual supplement of the Foreign Trade Policy (FTP) today.