Daily Newsletter Newsletter-Commodity 10/12/2010
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MARKET WRAP Oil falls for third day on dollar Gold builds on gains as dollar weakens Initial weekly jobless claims fell last week by more than expected Copper hits record high, supplies in focus Dollar strengthens, euro hit by Irish uncertainty
Copper fell from an earlier record high on Thursday as investors worried about demand in China ahead of key trade data from the top metals consumer, offsetting bullish signs of market tightness. Gold edged up on Thursday after an upbeat report on the U.S. jobs market encouraged some investor risk appetite, which in turn knocked the dollar in favour of higher-yielding currencies and commodities. U.S. crude oil futures prices turned negative on Thursday, erasing previous gains of as much as $1 after the dollar strengthened and data from Europe showed a build up in oil stocks despite cold weather.
ECONOMIC CALENDAR Date
Time
Currency
Economic Data
Forecast Previous
Fri 12:30pm Dec 10 1:15pm
EUR
German WPI m/m
0.5%
-0.3%
EUR
0.4%
0.1%
2:30pm
EUR
French Industrial Production m/m Italian Industrial Production m/m
0.8%
-2.1%
7:00pm
USD
Trade Balance
-43.5B
-44.0B
7:00pm
USD
Import Prices m/m
0.9%
0.9%
8:25pm
USD
72.4
71.6
8:25pm
USD
Prelim UoM Consumer Sentiment Prelim UoM Inflation Expectations
3.0%
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TECHNICAL VIEW GOLD(FEB) Trend Strategy
• Consolidate • Buy on dips
SILVER(MAR MAR) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 -20890 • R1 -20680
Resistance
• R2 - 45350 • R1 - 44150
support
• S1 -20420 • S2 -20150
support
• S1 - 42850 • S2 - 41850
COPPER(FEB) Trend Strategy
• Bullish • Buy on dips
CRUDE(DEC)) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 423 • R1 - 416
Resistance
• R2 - 4110 • R1 - 4040
support
• S1 - 405 • S2 - 397
support
• S1 - 3960 • S2 - 3880
NATURALGAS(DEC) Trend Strategy
• Consolidate • Sell on high
LEAD(DEC)) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 219 •R1 - 211
Resistance
• R2 - 114.5 • R1 - 110.8
support
•S1 - 202 •S2 - 195
support
• S1 - 106.8 •S2 - 104.5
ZINC(DEC) Trend Strategy
• Consolidate • Buy on dips
NICKEL(DEC) NICKEL(DEC Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 108.5 •R1 - 105.7
Resistance
•R2 - 1145 •R1 - 1105
support
•S1 - 102.8 •S2 - 99.5
support
•S1 - 1065 •S2 - 1033
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ALUMINIUM(DEC) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 110.5 •R1 - 107.3
support
•S1 - 105.2 •S2 - 102.7
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