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Commodity News and Insights for Traders and Investors

COPPER (AUG): Three-month copper on the London Metal Exchange edged up 0.3 percent to $7,714.75 per metric ton (1.1023 tons) by 9.05 p.m. EDT on Thursday, on track to post a second consecutive week of gains this week. The most-active October copper contract on the Shanghai Futures Exchange edged up 0.1 percent to 56,030 Yuan ($8,800) per metric ton, on track to post a 1.9 percent rise on the week. Expected resistance and support level for today trade are as follows.

TREND CONSOLIDATE

SUPPORT 1: 425.80

SUPPORT 2: 422.25

RESISTANCE 1: 430.55

RESISTANCE 2: 433.55

CRUDE OIL (JUL) : Oil futures eased Thursday, as a stronger U.S. dollar and shrinking hopes for aggressive U.S. stimulus measures overshadowed an unexpectedly large decline in U.S. crude inventories. Light, sweet crude for August delivery fell 44 cents, or 0.5%, to settle at $87.22 a barrel on the New York Mercantile Exchange. Statoil said the shortfall in its production will be around 1.2 million barrels of oil equivalent a day..Expected resistance and support levels for the crude JUN contract are:

TREND BULLISH

SUPPORT1: 4752

SUPPORT2: 4728

RESISTANCE1: 4792

RESISTANCE2: 4808

GOLD (AUG): Gold remained on track for second straight week of gains on Friday, though it was little changed from the day before as investors waited for more U.S.jobs data to help gauge the health of the world's top economy and provide trading cues. Spot gold was little changed at $1,605.19 an ounce by0313 GMT on Friday, on course for a weekly rise of 0.4 percent. The U.S. gold futures contract for August delivery edged down 0.2 percent to $1,605.90.Technical analysis suggested that spot gold could fall to$1,586 an ounce during the day, said Reuters market analyst WangTao. Resistance and support levels for the today's session for Gold AUG contract 2012 are:

TREND CONSOLIDATE

SUPPORT1: 29610

SUPPORT2: 29470

RESISTANCE1: 29850

RESISTANCE2: 29970

SILVER (SEP): Silver futures for September delivery slid 2.1 percent to $27.672 an ounce. Silver, the poor man's gold, to average $38 an ounce in the fourth quarter this year and to average $42/oz in 2013, said Deutsche Bank, the largest bank in Germany, in a quarterly commodities research note.Silver is Expected resistance and support levels for today trade are as follows.

TREND CONSOLIDATE

SUPPORT1: 53627

SUPPORT2: 53523

RESISTANCE1: 53833

RESISTANCE2: 53935

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India's main indices will be cautious at start, tracking the weak global cues.The Rupee is still under pressure as overseas investors are not convinced about ongoing attempts to shore up growth. Foreign investors are perhaps waiting for more certain action, which is unlikely this month due to the Presidential election.

Sometimes markets behave in a confusing way. The reaction of world equity markets to monetary easing by three top central banks falls is the good example of this trait. Major global stock indices have lost ground despite the monetary stimulus unleashed by central banks in China, Europe and the UK to contain the global economic mess.

As always, the month-end RBI policy meeting will be important after the fresh policy easing done by other central banks. Before that, we will have to face with data on industrial production and WPI inflation. Progress of monsoon and corporate earnings are among the other key variables.

Friday's monthly jobs data out of the US will be closely tracked to gauge the state of the world's largest economy.

Commodity News and Insights for Traders and Investors

COPPER (AUG): While metal prices are likely be pressured by traders cutting long positions given an uncertain global demand outlook. Three-month copper on the London Metal Exchange edged down 0.1 percent to $7,719.25 per metric ton (1.1023 tons) by 9.15 p.m. EDT on Wednesday, after falling 1.2 percent in the prior session..Expected resistance and support level for today trade are as follows.

TREND CONSOLIDATE

SUPPORT 1: 424.20

SUPPORT 2: 422.00

RESISTANCE 1: 430.60

RESISTANCE 2: 434.70

CRUDE OIL (JUL) : One day after surging more than 3 percent amid one of the biggest commodity-sector rallies ever, August Brent crude fell 91 cents to settle at $99.77 a barrel. NYMEX crude dipped 60 cents to $87.06 a barrel by 1745 GMT, with volumes thinned by the U.S. Independence Day holiday. Crude inventories tumbled by 3 million barrels in the week to June 29, well above the 1.9-million-barrel drawdown forecast by analysts, with Gulf Coast stocks off nearly 4.3 million barrels..Expected resistance and support levels for the crude JUN contract are:

TREND BULLISH

SUPPORT1: 4640

SUPPORT2: 4523

RESISTANCE1: 4838

RESISTANCE2: 4919

GOLD (AUG): Gold held steady around USD 1,615 an ounce on Thursday, as the anticipation of a rate cut by the European Central Bank offset the impact of a stronger dollar. Spot gold was little changed at USD 1,614.79 an ounce by 0020 GMT.US gold futures contract for August delivery edged down 0.4% to USD 1,615.60.Resistance and support levels for the today's session for Gold AUG contract 2012 are:

TREND CONSOLIDATE

SUPPORT1: 29399

SUPPORT2: 29325

RESISTANCE1: 29592

RESISTANCE2: 29711

SILVER (SEP) : Silver for immediate delivery declined 0.5 percent to $28.125 an ounce..Some sees relative strength in silver as compared to gold. They advocates buying silver on dips at Rs 53,700 per kilogram with a stop loss of Rs 53,500 per kilogram for a target of 54,000-54,100 per kilogram on intraday basis.. Silver is Expected resistance and support levels for today trade are as follows:

TREND CONSOLIDATE

SUPPORT1: 53465

SUPPORT2: 53225

RESISTANCE1: 53922

RESISTANCE2: 54139

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Be ready for a quiet start as investors await the outcome of monetary policy meetings in Europe and the UK. Market participants will also examine US data on weekly jobless claims, ADP private sector employment and ISM service sector PMI before Friday's crucial monthly payroll report.

This time when the so-called 'God particle' appears to have been found, the markets around the globe are expecting for visible and invisible forces to bring a big bang.

US markets were shut on Wednesday for the Independence Day holiday. European markets finished lower.

This month Q1 FY13 results, besides data on IIP and inflation will be the events to keep an eye on. The RBI's month-end policy meeting is also likely to be crucial for the Indian markets.

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COPPER (AUG): The copper market, according to the International Copper Study Group (ICSG), is still suffering from supply deficit to the tune of an estimated 2, 73,000 ton in the first quarter of this year. There are plenty of statistical pitfalls in this sort of assessment. The benchmark cash-to-three-months period closed Thursday valued at $6.75 per ton backwardation. Expected resistance and support level for today trade are as follows.

TREND CONSOLIDATE

SUPPORT 1: 424.50

SUPPORT 2: 4219.50

RESISTANCE 1: 433.10

RESISTANCE 2: 436.70

CRUDE OIL (JUL): International crude oil prices fell unexpectedly on Monday despite the start of European Union's sanctions against purchase of Iranian crude, as the potential drop in supplies was outweighed by concerns of falling global demand due to the economic uncertainty in Europe and the US. Brent crude fell about $2 a barrel to a little below $96 a barrel, while US crude dropped $1.4 to $83.5. Oil prices retreated after Brent's sharp rise of $6 a barrel on Friday, in anticipation of EU sanctions. Expected resistance and support levels for the crude JUN contract are:

TREND BULLISH

SUPPORT1: 4380

SUPPORT2: 4537

RESISTANCE1: 4782

RESISTANCE2: 4870

GOLD (AUG): Gold prices held steady on Tuesday, as hopes of more easing from central banks after astringe of bleak global macroeconomic data from Europe to the United States supported bullion's appeal Spot gold was little changed at $1,595.79 an ounce by 0032 GMT. U.S. gold futures contract for August delivery traded nearly flat at $1,596.50.Resistance and support levels for the today's session for Gold AUG contract 2012 are:

TREND CONSOLIDATE

SUPPORT1: 29481

SUPPORT2: 29298

RESISTANCE1: 29824

RESISTANCE2: 29984

SILVER (JUL) - Silver prices, which slumped for four straight months, may rebound 25 percent after hitting a "double bottom," according to technical analysis by Steel Vine Investments LLC.Silver futures for September delivery may climb to $34.50 an ounce this quarter after falling to $26.33 on Sept. 26 and $26.105 on June 28, this year's low, said Spencer Patton, the Chicago-based chief investment officer for Steel Vine. Prices jumped 5 percent on June 29, the most since Jan. 3.Silver is Expected resistance and support levels for today trade are as follows:

TREND CONSOLIDATE

SUPPORT1: 52842

SUPPORT2: 52391

RESISTANCE1: 53992

RESISTANCE2: 54691

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July is supposed to be a crucial month for various summer crops (kharif). A normal southwest monsoon also helps in the winter farming season (rabi) as it builds up the reservoirs across the nation. monsoon is likely to be the biggest headache in the near term, be it for the Government, farmers, consumers or companies.

The Nifty broke the 5080-5200 trading range after three weeks. The breakout point of 5200 could turn into a strong support. Data on IIP, inflation, corporate earnings and the RBI's month-end policy meeting will drive the sentiment all through July.

For the day, Indian markets will look out for data on merchandise exports.

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