GOLD AND COPPER NEWS UPDATE
At India’s Multi
Commodity Exchange, Gold futures are likely to trade in range with mixed bias. Stronger
local currency rupee can cap the upside of bullions on domestic bourses.
Gold edged down 0.2 per cent to $1,587.19 an
ounce by 0325 GMT, after rallying 1 per cent on Friday. Today Gold's bounce
from contracting range lows points to near term upside potential, which we
think should be sold into. Risks remain for a retest of the larger range lows
at 1525/26 before looking for signs of a base. Resistance: 1620, 1595 Support:
1565, 1550.
Gold 29,206.00(0.21%) as On Jul 16, 2012 at 12:00 AM
Unit GRMS Close
Price (`) 29,268.00
High Price (`) 29,249.00 Low
Price (`) 29,180.00
Day Open (`) 29,230.00 Open Interest (`) 16,215.00
Buy Price (`) 29,203.00 Sell Price (`) 29,205.00
Volume 6,170.0 Value
(`) 18,02,76,25,000.00
Copper to rise in
second half of 2012, decline in 2013 Copper prices to strengthen in the second
half of this year but decline in 2013 as the market starts to shift to a supply
surplus.
