Daily Newsletter Newsletter-Commodity 29/12/2010
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MARKET WRAP U.S. copper hits record high on dlr, supply fears Dollar tumbles versus basket of currencies U.S. gold pierces $1,400, surging over 1 percent Oil prices climb above $91/bbl Silver up almost 1.75% after consolidation
U.S. crude prices rose above $91 a barrel, hovering just below a 26-month top hit in the previous session, supported by a weaker dollar and hopes that a major snow storm on the U.S. East Coast would stoke demand for heating oil. U.S. copper futures rumbled to a new record top in thin dealings on Tuesday, propped up by sharp falls in the dollar, a strong Chinese currency and threats of supply disruptions. U.S. gold futures vaulted over 1 percent to a session top of $1,400.60 an ounce on Tuesday, spurred by a weaker dollar and buying interest out of Asia. The dollar came under broad selling pressure, hitting an all-time low against the Swiss franc as the euro recovered against the greenback.
ECONOMIC CALENDAR Date
Time
Currency
Economic Data
Forecast Previous
Wed Dec 29
All Day
EUR
German Prelim CPI m/m
0.8%
0.1%
2:30pm
EUR
M3 Money Supply y/y
1.6%
1.0%
2:30pm
EUR
Private Loans y/y
1.7%
1.4%
3:00pm
GBP
Housing Equity Withdrawal q/q
-5.5B
-6.2B
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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 -20950 • R1 -20790
Resistance
• R2 - 46500 • R1 - 45750
support
• S1 -20510 • S2 -20250
support
• S1 - 44450 • S2 - 43550
COPPER(FEB) Trend Strategy
• Bullish • Buy on dips
CRUDE(JAN)) Trend Strategy
• Bullish • Buy on dips
Resistance
• R2 - 442 • R1 - 433
Resistance
• R2 - 4250 • R1 - 4170
support
• S1 - 423 • S2 - 414
support
• S1 - 4110 • S2 - 4030
NATURALGAS(JAN) Trend Strategy
• Consolidate • Sell on high
LEAD(DEC)) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 201 •R1 - 193
Resistance
• R2 - 114.3 • R1 - 111.9
support
•S1 - 183 •S2 - 175
support
• S1 - 109.3 •S2 - 106.5
ZINC(DEC) Trend Strategy
• Consolidate • Sell on high
NICKEL(DEC) NICKEL(DEC Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 107.5 •R1 - 105.1
Resistance
•R2 - 1118 •R1 - 1097
support
•S1 - 102.8 •S2 - 98.5
support
•S1 - 1068 •S2 - 1045
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ALUMINIUM(DEC) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 113.8 •R1 - 110.9
support
•S1 - 108.9 •S2 - 106.7
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