Daily Newsletter Newsletter-Commodity 30/12/2010
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MARKET WRAP Copper hits record on 2011 demand view Zinc, lead, aluminium track copper to six-week tops Gold edges above $1,400/oz Oil steadies around $91 Spot silver at three-week highs
Oil steadied near a two-year high around $91 a barrel on Wednesday ahead of U.S. inventory data expected to show a drawdown in crude and distillate stocks in the world's largest oil user. copper hit a record high on Wednesday, playing catch up with U.S. prices on prospects of recovering 2011 demand, while a rate rise in top consumer China at the weekend failed to quell the metal's record run. Gold notched up a second straight day of increases to near two-week highs on Wednesday, closing in on a tenth consecutive yearly gain as doubt reemerged over the U.S. economic outlook and weakened the dollar.
ECONOMIC CALENDAR Date
Time
Currency
Economic Data
Forecast Previous
Thu 7:00pm Dec 30 8:15pm
USD
Unemployment Claims
416K
420K
USD
Chicago PMI
61.2
62.5
8:30pm
USD
Pending Home Sales m/m
1.8%
10.4%
9:00pm
USD
Natural Gas Storage
-171B
-184B
9:30pm
USD
Crude Oil Inventories
-2.8M
-5.3M
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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 -20890
Resistance
• R2 - 47300 • R1 - 46550
support
• S1 -20650 • S2 -20430
support
• S1 - 45650 • S2 - 44850
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 - 4090 • S2 - 4010
NATURALGAS(JAN) Trend Strategy
• Consolidate • Sell on high
LEAD(DEC)) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 205 •R1 - 198
Resistance
• R2 - 117.3 • R1 - 114.9
support
•S1 - 189 •S2 - 181
support
• S1 - 111.5 •S2 - 108.5
ZINC(DEC) Trend Strategy
• Consolidate • Buy on dips
NICKEL(DEC) NICKEL(DEC Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 110.5 •R1 - 108.3
Resistance
•R2 - 1118 •R1 - 1097
support
•S1 - 105.8 •S2 - 102.5
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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