Commodity News and Insights for Traders and Investors
COPPER (AUG): London copper edged down on Thursday as investors closed positions on caution ahead of data on China's second-quarter growth that markets fear could be its slowest in more than three years. The data is due around 2200 EDT. Three-month copper on the London Metal Exchange inched down 0.3 percent to $7,535 per metric ton (1.1023 tons) by 2101 EDT, after rising 0.2 percent on Thursday, on track to end the week up 0.2 percent. Expected resistance and support level for today trade are as follows.
SUPPORT 1: 419.77
SUPPORT 2: 415.63
RESISTANCE 1: 425.20
RESISTANCE 2: 427.90
CRUDE OIL (JUL): Oil rose after the U.S. announced more sanctions on Iran, the second-biggest crude-producing member of the Organization of Petroleum Exporting Countries. Crude oil for August delivery increased 27 cents to settle at $86.08 a barrel on the New York Mercantile Exchange. Prices have decreased 13 percent this year. The Brent market is focused on the nearby maintenance that will hurt production.Expected resistance and support levels for the crude JUN contract are:
GOLD (NYSEMKT:AUG): Gold edged slightly higher right after China released its second-quarter growth data, which showed the world's second-largest economy grew at the slowest pace since early 2009 but may have stabilized. Gold could fall to $1,480 an ounce if it breaks the immediate support level at $1,520, he added. Spot gold was little changed at $1,570.14 an ounce by 0333 GMT, heading for a weekly decline of 0.8 percent. The U.S. gold futures contract for August delivery edged up 0.3 percent to $1,570.10.Résistance and support levels for the today's session for Gold AUG contract 2012 are:
SILVER (NYSE:SEP): Silver recovered on the bullion market today on fresh local buying at existing lower levels amid a better trend in overseas markets. silver ready rebounded by Rs 100 to Rs 52,300 per kg and weekly-based delivery by Rs 50 to Rs 52,585 per kg. The white metal had lost Rs 1000 in the previous two trading sessions. Meanwhile, silver coins continued to be asked around previous level of Rs 61,000 for buying and Rs 62,000 for selling of 100 pieces.Silver is Expected resistance and support levels for today trade are as follows:
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