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24 Sep 2012

Crude Drops Fifth Time in Six Days on European Debt Concern

Oil dropped for the fifth time in six days as discord among European leaders on when to introduce a banking union renewed concern that the region’s debt crisis will reduce oil demand. Prices fell as much as 1.8 percent after German Chancellor Angela Merkel and French President Francois Hollande disagreed over closer integration of Europe’s banking system at the weekend. The euro dropped against the dollar as German business confidence unexpectedly fell to the lowest level in more than two years in September. “The news out of Europe is not good and the dollar is stronger, and the combination is putting pressure on oil demand expectations,” said Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts. “It’s making people thinking that even $90 for oil is a little too high.”

Gold futures drop as U.S. dollar firms against euro

Gold futures declined during U.S. morning hours on Monday, holding on to earlier losses as renewed concerns over the euro zone’s debt crisis and uncertainty over whether Spain will need a full-scale bailout boosted demand for the U.S. dollar. On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at USD1,767.15 a troy ounce during U.S. morning trade, shedding 0.6%. Earlier in the session prices fell by as much as 1% to trade at a session low of USD1,757.95 a troy ounce. Gold futures rose to a high of USD1,787.55 a troy ounce on September 21, the strongest level since February 29.

Copper futures drop more than 1% as growth jitters weigh

Copper futures tumbled to the lowest level in more than a week during European morning hours on Monday, as appetite for growth-linked assets weakened amid mounting concerns over global growth prospects, while uncertainty over whether Spain will request a full scale sovereign bailout also weighed. On the Comex division of the New York Mercantile Exchange, copper futures for December delivery traded at USD3.736 a pound during European morning trade, tumbling 1.4%. Earlier in the day, prices fell by as much as 1.6% to trade at a session low of USD3.731 a pound, the weakest level since September 13. Futures rallied to a four-month high of USD3.838 on September 19.

Gold slides as fresh European concerns spark profit taking

Gold prices fell in Asian trading on Monday as talk that France and Germany are at odds as to when the currency zone should centralize banking supervision sent the precious metal falling amid profit taking. Gold last week rose to a few dollars shy of 2012's record-high price of USD1,792.15 hit on Feb. 29 on talk of a Spanish bailout as well on the coattails of central bank decisions around the world to stimulate their economies with monetary easing measures. On the Comex division of the New York Mercantile Exchange, gold futures for December delivery were down 0.53% at USD1,768.65 a troy ounce, up from a session low of USD1,768.25 and down from a high of USD1,772.55 a troy ounce early during the session.

Crude dips as Europe concerns spark profit taking

Crude oil futures dipped in Asian trading early Monday as investors sold for profits on reports France and Germany may be at odds concerning a timetable to centralize eurozone banking supervision. The commodity rose in recent sessions on Federal Reserve monetary easing measures and on reports Spain may seek a bailout, though the commodity fell amid profit-taking Monday. On the New York Mercantile Exchange, light, sweet crude futures for delivery in November traded at USD92.79 a barrel on Monday, down 0.11%, off from a session high of USD92.89 and up from an earlier session low of USD92.75.

Today Market View (INTRADAY LEVELS)


24-SEP-2012 RESISTANCE LEVELS SUPPORT LEVELS
COMMODITY RES-1 RES-2 RES-3 SUP-1 SUP-2 SUP-3
GOLD 31816 32089 32240 31392 31241 30968
SILVER 64276 65181 65764 62788 62206 61300
COPPER 452.30 458.15 461.35 443.35 440.20 434.35
NICKEL 970.70 979.80 985.10 956.30 951.00 941.90
ZINC 112.85 114.10 114.85 110.85 110.15 108.85
LEAD 122.30 123.45 124.25 120.35 119.55 118.40
ALUMINIUM 112.85 114.00 114.70 111.00 110.30 109.15
CRUDEOIL 5027 5092 5131 4923 4884 4819
NATURAL GAS 155.20 157.80 160.80 149.40 146.40 143.70