Daily Newsletter Newsletter-Commodity 31/12/2010
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MARKET WRAP Copper hits record on dollar Zinc stockpiles reach new six-yr peak Copper stocks rise to highest since end-Sept Gold cuts gains after dollar recovery Crude stocks off 1.26 million barrels
Copper rose to a record on Thursday and was on track to finish 2010 nearly one third higher as a weaker dollar and widening market deficit seen for next year burnished the metal's allure for investors. Gold eased on Thursday, under pressure from a rise in the dollar against the yen after U.S. data offered some reassurance on the economic outlook, though bullion was still just 1.5 percent below record highs. U.S. crude oil inventories fell less than expected last week as refinery utilization rose, according to a weekly report from the Energy Information Administration on Thursday. Oil prices slipped under $90 in thin trading volumes on Thursday ahead of the release of the latest weekly U.S. oil inventory data, expected to show a drawdown in crude stocks for the fourth consecutive week.
ECONOMIC CALENDAR Date
Time
Currency
Economic Data
Fri Dec 31
All Day
JPY
Bank Holiday
All Day
EUR
German Bank Holiday
12:30pm
GBP
Nationwide HPI m/m
Forecast Previous
-0.2%
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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 -20790
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
• Consolidate • Buy on dips
Resistance
• R2 - 447 • R1 - 439
Resistance
• R2 - 4170 • R1 - 4080
support
• S1 - 428 • S2 - 421
support
• S1 - 4020 • S2 - 3950
NATURALGAS(JAN) Trend Strategy
• Consolidate • Sell on high
LEAD(DEC)) Trend Strategy
• Consolidate • Buy on dips
Resistance
•R2 - 205 •R1 - 198
Resistance
• R2 - 118.3 • R1 - 115.9
support
•S1 - 189 •S2 - 181
support
• S1 - 113.5 •S2 - 110.5
ZINC(DEC) Trend Strategy
• Consolidate • Buy on dips
NICKEL(DEC) NICKEL(DEC Trend Strategy
• Consolidate • Sell on high
Resistance
•R2 - 112.7 •R1 - 109.5
Resistance
•R2 - 1118 •R1 - 1097
support
•S1 - 106.8 •S2 - 103.5
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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