Daily Newsletter Newsletter-Commodity 14/12/2010
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MARKET WRAP U.S., Europe cold weather lifts oil demand Silver up more than 2.5% Gold gains from dollar weakness Copper hits record highs on China
Copper hit successive record highs on Monday, boosted by economic prospects for top consumer China, and supply concerns that could propel prices even higher. Oil rose on Monday as strong Chinese economic data lifted commodities even as the country's soaring inflation did not lead to an interest rate hike to cool the economy. Gold extended gains above $1,390 an ounce in Europe on Monday as the dollar surrendered early gains against the euro, and as last week's price dip of more than 2 percent brought physical buyers back to the market.
ECONOMIC CALENDAR Date
Time
Currency
Economic Data
Forecast Previous
Tue Dec 14
12:00am
EUR
ECB President Trichet Speaks
3:30pm
EUR
Industrial Production m/m
1.4%
-0.7%
3:30pm
EUR
ZEW Economic Sentiment
10.3
13.8
7:00pm
USD
Core Retail Sales m/m
0.7%
0.4%
7:00pm
USD
PPI m/m
0.6%
0.4%
7:00pm
USD
Retail Sales m/m
0.6%
1.2%
7:00pm
USD
Core PPI m/m
0.2%
-0.6%
8:30pm
USD
Business Inventories m/m
0.9%
0.9%
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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 -20650
Resistance
• R2 - 45750 • R1 - 44850
support
• S1 -20420 • S2 -20150
support
• S1 - 43850 • S2 - 42950
COPPER(FEB) Trend Strategy
• Bullish • Buy on dips
CRUDE(DEC)) Trend Strategy
• Consolidate • Buy on dips
Resistance
• R2 - 433 • R1 - 424
Resistance
• R2 - 4120 • R1 - 4040
support
• S1 - 416 • S2 - 405
support
• S1 - 3940 • S2 - 3850
NATURALGAS(DEC) Trend Strategy
• Consolidate • Sell on high
LEAD(DEC)) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 213 •R1 - 206
Resistance
• R2 - 114.5 • R1 - 110.8
support
•S1 - 195 •S2 - 186
support
• S1 - 107.8 •S2 - 105.5
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 - 1157 •R1 - 1123
support
•S1 - 103.8 •S2 - 100.5
support
•S1 - 1087 •S2 - 1054
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ALUMINIUM(DEC) Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 107.5 •R1 - 105.8
support
•S1 - 103.2 •S2 - 100.7
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