Daily Newsletter Newsletter-Commodity 04/01/2011
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MARKET WRAP Oil climbs above $92 US copper hits record high, extends 2010 rally Gold touches 1-month high Silver reach multi-year highs Euro fell 0.5 percent against the dollar early in the day
Oil climbed above $92 on Monday to its highest since October 2008, spurred on by expectations economic recovery will boost energy demand and as market bulls set their sights on $100 a barrel. U.S. copper futures rallied 1 percent on the first day of trade of the New Year to a record 449.25 cent/lb ($9,904 a tonne), extending 2010's 33 percent gains on expectations of sustainable growth in top metal consumer China. Gold rose to its highest in nearly a month in Europe on Monday, within $10 of its record high, and silver hit multi-year peaks, driven by pent-up demand on the first trading day of 2011.
ECONOMIC CALENDAR Date
Time
Currency
Economic Data
Forecast Previous
Tue 2:25pm Jan 4 3:30pm
EUR
German Unemployment Change
-12K
-9K
EUR
CPI Flash Estimate y/y
2.0%
1.9%
3:30pm
EUR
Italian Prelim CPI m/m
0.2%
0.0%
8:30pm
USD
Factory Orders m/m
-0.1%
-0.9%
All Day
USD
Total Vehicle Sales
12.3M
12.3M
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TECHNICAL VIEW GOLD(FEB) Trend Strategy
• Consolidate • Buy on dips
SILVER(MAR MAR) Trend Strategy
• Bullish • Buy on dips
Resistance
• R2 -21080 • R1 -20840
Resistance
• R2 - 47800 • R1 - 46900
support
• S1 -20650 • S2 -20430
support
• S1 - 45850 • S2 - 44850
COPPER(FEB) Trend Strategy
• Bullish • Buy on dips
CRUDE(JAN)) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 456 • R1 - 447
Resistance
• R2 - 4250 • R1 - 4170
support
• S1 - 438 • S2 - 431
support
• S1 - 4080 • S2 - 4010
NATURALGAS(JAN) Trend Strategy
• Consolidate • Sell on high
LEAD(JAN) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 217 •R1 - 208
Resistance
• R2 - 120.3 • R1 - 117.9
support
•S1 - 197 •S2 - 189
support
• S1 - 114.5 •S2 - 111.8
ZINC(JAN) Trend Strategy
• Consolidate • Buy on dips
NICKEL(JAN) NICKEL(JAN Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 114.7 •R1 - 111.8
Resistance
•R2 - 1175 •R1 - 1147
support
•S1 - 108.8 •S2 - 104.5
support
•S1 - 1119 •S2 - 1085
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ALUMINIUM(JAN) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 113.8 •R1 - 111.9
support
•S1 - 108.9 •S2 - 106.7
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