COMMODITY MARKET OPENING BELL !!!
DATE : 23.02.2012
Goldman Sachs cuts forecast on commodity returns; sees gains for crude oil and gold
Goldman Sachs cut its 12- month prediction for commodity returns, while forecasting gains for crude oil and gold and keeping an "overweight" allocation in raw materials.
The bank reduced its estimate for returns to 12% from 15% after prices rallied this year, analysts led by Jeffrey Currie said in a report on Wednesday. They kept their predictions for Brent and gold at $127.50 a barrel and $1,940 an ounce compared with $121.23 and $1,755.30 on Wednesday.
MCX Commodities advanced 8.5% this year to the highest level in six months as measured by the Standard & Poor's GSCI index of 24 raw materials. Prices climbed as the US economy strengthened and the Chinese central bank cut reserve requirements. While Morgan Stanley is also bullish on gold, it expects oil prices to decline in the first half as supply recovers and demand slows, it said in a report February 20.
"With much of the 'value' opportunities behind us, we look to fundamental drivers for further expected gains in 2012, which we believe will be centered in the oil complex," said Goldman. Oil climbed to a nine-month high in New York on Tuesday after Greece won a second bailout. Gold advanced 12% this year.
The bank is bullish on oil because the price is vulnerable to supply disruptions from Iran and elsewhere and Opec spare capacity is "at a trough" just as the world economic recovery is gaining momentum, it said.
ALUMINIUM FEB - 23
| RESISTANCE LEVEL 1 | RESISTANCE LEVEL 2 | RESISTANCE LEVEL 3 |
| 111.03 | 111.72 | 112.83 |
| SUPPORT LEVEL 1 | SUPPORT LEVEL 2 | SUPPORT LEVEL 3 |
| 109.23 | 108.12 | 107.43 |
COPPER FEB - 23
| RESISTANCE LEVEL 1 | RESISTANCE LEVEL 2 | RESISTANCE LEVEL 3 |
| 419.3 | 421.4 | 424.4 |
| SUPPORT LEVEL 1 | SUPPORT LEVEL 2 | SUPPORT LEVEL 3 |
| 414.2 | 411.2 | 409.1 |
CRUDE OIL FEB - 23
| RESISTANCE LEVEL 1 | RESISTANCE LEVEL 2 | RESISTANCE LEVEL 3 |
| 5,269.33 | 5,295.67 | 5,317.33 |
| SUPPORT LEVEL 1 | SUPPORT LEVEL 2 | SUPPORT LEVEL 3 |
| 5,221.33 | 5,199.67 | 5,173.33 |
GOLD FEB - 23
| RESISTANCE LEVEL 1 | RESISTANCE LEVEL 2 | RESISTANCE LEVEL 3 |
| 28,772.67 | 28,899.33 | 29,070.67 |
| SUPPORT LEVEL 1 | SUPPORT LEVEL 2 | SUPPORT LEVEL 3 |
| 28,474.67 | 28,303.33 | 28,176.67 |
LEAD FEB - 23
| RESISTANCE LEVEL 1 | RESISTANCE LEVEL 2 | RESISTANCE LEVEL 3 |
| 105.63 | 106.72 | 108.63 |
| SUPPORT LEVEL 1 | SUPPORT LEVEL 2 | SUPPORT LEVEL 3 |
| 102.63 | 100.72 | 99.63 |
NATURAL GAS FEB - 23
| RESISTANCE LEVEL 1 | RESISTANCE LEVEL 2 | RESISTANCE LEVEL 3 |
| 130.1 | 132.0 | 134.0 |
| SUPPORT LEVEL 1 | SUPPORT LEVEL 2 | SUPPORT LEVEL 3 |
| 126.2 | 124.2 | 122.3 |
NICKEL FEB - 23
| RESISTANCE LEVEL 1 | RESISTANCE LEVEL 2 | RESISTANCE LEVEL 3 |
| 1,005.5 | 1,017.2 | 1,025.4 |
| SUPPORT LEVEL 1 | SUPPORT LEVEL 2 | SUPPORT LEVEL 3 |
| 985.6 | 977.4 | 965.7 |
SILVER FEB - 23
| RESISTANCE LEVEL 1 | RESISTANCE LEVEL 2 | RESISTANCE LEVEL 3 |
| 57,518.0 | 57,779.0 | 58,110.0 |
| SUPPORT LEVEL 1 | SUPPORT LEVEL 2 | SUPPORT LEVEL 3 |
| 56,926.0 | 56,595.0 | 56,334.0 |
http://www.goldennifty.com/
ZINC FEB - 23
| RESISTANCE LEVEL 1 | RESISTANCE LEVEL 2 | RESISTANCE LEVEL 3 |
| 101.68 | 102.52 | 103.93 |
| SUPPORT LEVEL 1 | SUPPORT LEVEL 2 | SUPPORT LEVEL 3 |
| 99.43 | 98.02 | 97.18 |
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