-- Posted Tuesday, 19 June 2007 | Digg This Article

GOLD	SILVER
COMEX GOLD AUGUST FUTURE -- $660.40	COMEX SILVER JULY FUTURE -- $1325.50
EXPECTED TRADING RANGE
GOLD AUGUST  -- $654.00 -- $665.20	SILVER  JULY  -- $1308.0 - $1354.00
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER JULY   -- $332.10.00 - $351.90	NYMEX CRUDE OIL  JUNE    - $67.30 - $69.72
GENERAL MARKET CONDITIONS
Copper fell on profit taking ahead of the looming mine worker strike in Peru over the next few days. Copper prices are being supported by continuous mine workers strikes. Copper is still up 40% from this year's lows in February as China's aggressive stocking of the metal coincided with a sharp drop in London Metal Exchange inventories. Supply concerns caused by disputes at mines helped LME copper near last year's record of $8,800 a tonne in May. But with Chinese copper imports down 28% in May compared with April, speculation is growing that the China’s summer demand will not be better, leaving labor unrest and production constraints the only hopes for higher copper prices. In May, Peruvian miners staged a nationwide strike which drew lukewarm support but helped LME three-months copper scale a 10-month peak of $8,320 a tonne. Comex July copper futures contract hit a lifetime high of $3.8070 per lb. If mine workers strike this week then the duration of the strike will be important which if it continues for a long time will result in firm copper prices else a expect further correction.  LME copper inventories are not very high as compared to global demand. Copper is expected to be volatile driven by mine worker news over the next two months.   Meanwhile gold and silver are trading in a range on lack of major market moving news. A combination of currency markets movement, energy prices and copper prices will affect the intra day movement and add to volatility.
GOLD -- AUGUST FUTURE
Gold needs to break $664.70 for $672.80 ad $678.10. On the lower side $654.30 is initial support with $647.40 as the key weekly support.
SILVER -- JULY  FUTURE
Silver needs to break $1354 for $1389 and $1404. On the lower side $13120.50 and $1300 are the key intra day support.
Happy Profitable Trading
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-- Posted Tuesday, 19 June 2007 | Digg This Article

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