Commodity Tips & Major Indices – 08 Jan’2013

Commodity Tips

Commodity Daily OutlookGOLD:

Gold trading projected high range for the day is 30959-31071

Gold trading projected low range for the day is 31046-30934

Gold prices slipped as stock markets retreated before this week’s start of earnings season

Fed officials are increasingly concerned about the potential risks of the U.S. central bank’s asset purchases on financial markets.

SPDR gold trust holdings dropped by 1.35 tonnes to 1340.74 tonnes

Gold is trading below 50DMA, which is at 31468.

Major Resistance on upside at 31000-31140-31281

Trend Deciding Level at 30917

Major Support on downside at 30777-30694-30554

SILVER:

Silver trading projected high range for the day is 58225-58553

Silver trading projected low range for the day is 58295-57967

Silver settles flat as modest U.S. nonfarm payroll dampened speculation that FED may end its QE program before the end of the year.

Fed officials thought central bank would be able to slow or stop its quantitative easing program well before December 2013.

Meanwhile, focus remained on how U.S. lawmakers will deal with the upcoming debt ceiling debate.

Silver is trading below 50DMA, which is at 61430.

Major Resistance on upside at 58376-58728-59080

Trend Deciding Level at 58072

Major Support on downside at 57720-57416-57064

CRUDE:

Crude trading projected high range for the day is 5153-5177

Crude trading projected low range for the day is 5135-5110

Crude oil ended with gains on optimism that the world’s biggest economies were on a steady recovery path.

Supply from outside the OPEC will rise by 890,000 barrels per day in 2013 – IEA

OPEC oil output fell in December, surveys showed, partly due to curbs by top exporter Saudi Arabia in response to lower demand.

Major Resistance on upside at 5167-5186-5205

Trend Deciding Level at 5137

Major Support on downside at 5118-5088-5069

COPPER:

Copper trading projected high range for the day is 452-454.3

Copper trading projected low range for the day is 451.3-449

Copper declined as focus remained on U.S. economic outlook and how U.S. lawmakers will deal with upcoming debt ceiling debate

Chile marked its largest monthly trade surplus in December since April 2011, boosted by sales of top export copper.

Overnight macroeconomic news and data was quiet, and investors still concerned the US Federal Reserve will stop buying assets.

Warehouse stock for Copper at LME was at 319400mt that is down by -825mt.

Major Resistance on upside at 453-455-457

Trend Deciding Level at 450.80

Major Support on downside at 448-446-444

MENTHA OIL:

Mentha Oil trading projected high range for the day is 1431-1457

Mentha Oil trading projected low range for the day is 1429-1403

Mentha oil spot is at 1595 Spot market is up by Rs.8.

Mentha oil ended with gains tracking a firm trend in spot market on higher demand and winter season demand.

Tight supplies also influenced mentha oil prices. Arrival stood at 300-325 drums in different spot markets.

Steady prices of mentha oil at major mandies might also lead to strong sowing acreage of mentha crop.

Major Resistance on upside at 1445-1470-1495

Trend Deciding Level at 11418

Major Support on downside at 1393-1366-1341

Today Major Global Events:

Date & Time

Region

Event

Period

Survey

Prior

01/08/2013 12:30 GE                            Trade Balance Nov 15.8B 15.8B
01/08/2013 12:30 GE                Current Account (EURO) Nov 16.0B 13.6B
01/08/2013 12:30 GE                      Imports SA (MoM) Nov 0.50% 2.50%
01/08/2013 12:30 GE                     Exports SA (MoM) Nov -0.30% 0.30%
01/08/2013 15:30 EC     Euro-Zone Consumer Confidence Dec F -26.6 -26.6
01/08/2013 15:30 EC     Euro-Zone Retail Sales (MoM) Nov 0.30% -1.20%
01/08/2013 15:30 EC     Euro-Zone Unemployment Rate Nov 11.80% 11.70%
01/08/2013 15:30 EC     Euro-Zone Economic Confidence Dec 86.3 85.7
01/08/2013 15:30 EC     Euro-Zone Indust. Confidence Dec -14.5 -15.1
01/08/2013 15:30 EC     Euro-zone Services Confidence Dec -11.5 -11.9
01/08/2013 16:30 GE     Factory Orders MoM (sa) Nov -1.40% 3.90%
01/08/2013 18:00 US     NFIB Small Business Optimism Dec 87.2 87.5
01/08/2013 12:30 GE     Trade Balance Nov 15.8B 15.8B
01/08/2013 12:30 GE     Current Account (EURO) Nov 16.0B 13.6B
01/08/2013 12:30 GE     Imports SA (MoM) Nov 0.50% 2.50%
01/08/2013 12:30 GE     Exports SA (MoM) Nov -0.30% 0.30%
01/08/2013 15:30 EC     Euro-Zone Consumer Confidence Dec F -26.6 -26.6
01/08/2013 15:30 EC     Euro-Zone Retail Sales (MoM) Nov 0.30% -1.20%
01/08/2013 15:30 EC     Euro-Zone Unemployment Rate Nov 11.80% 11.70%
01/08/2013 15:30 EC     Euro-Zone Economic Confidence Dec 86.3 85.7
01/08/2013 15:30 EC     Euro-Zone Indust. Confidence Dec -14.5 -15.1
01/08/2013 15:30 EC     Euro-zone Services Confidence Dec -11.5 -11.9
01/08/2013 16:30 GE     Factory Orders MoM (sa) Nov -1.40% 3.90%
01/08/2013 18:00 US     NFIB Small Business Optimism Dec 87.2 87.5