Commodities Trading for 25 Sep’2012 – Gold, Silver, Crude & Copper

GOLD:

Gold trading range for the day is 31150-31685.

Gold eased as dollar rose and assets seen as higher risk, like stocks, euro and other commodities like Crude Oil, retreated. Demand in India picked up, as a drop in local gold prices to a three-week low prompted a wave of buying.

SPDR Gold Trust said its holdings hit a record high of 1,327.00 tonnes by Sep’ 24.

Resistance is at 31562-31685-31808

Trend Deciding Point at 31415

Support at 31293-311148-31025

SILVER:

Silver trading range for the day is 61440-63610.

Silver ended lower tracking weakness in base metals and crude prices as weak German data weighed on prices. Moody’s ratings agency should wrap up a ratings review on Spain later this week. Holdings at i-shares silver trust gained by 75.35 tonnes to 10016 tonnes. Silver is trading above 50DMA, which is at 59255.

Resistance is at 63032-63620-64208

Trend Deciding Point at 62533

Support at 61945-61446-60858

CRUDE:

Crude trading range for the day is 4850-4990.

Crude oil prices fell after disappointing German economic data heightened concern about the global economy. Nigeria is to due selling around 2.12 million barrels per day (bpd) of crude oil in November. Escalating tension in the Middle East continued to limit oil’s price erosion

Resistance is at 4947-4988-5029

Trend Deciding Point at 4919

Support at 4878-4850-4809

COPPER:

Copper trading range for the day is 439-446.

Copper ended lower as a rally driven by infrastructure plans in China and policy easing by ECB and US Fed ran out of steam. The global refined copper market was nevertheless facing a deepening production deficit this year. ICSG said the market stood in a 473,000 tonne deficit in the first half of this year.

Warehouse stock for Copper at LME was at 219951 mt that is up by 475mt.

Resistance is at 444.7-446.95-449.2

Trend Deciding Point at 442.75

Support at 436.3-438.55-440.5

Today Commodity Advises:

  • BUY CRUDE MCX OCT ABOVE 4915 SL 4890 TGT 4945-4985-5020.
  • BUY MENTHA OIL MCX SEPT ABOV 1200 SL 1192 TGT 1208-1216.