U.S. crude oil prices rose to their highest level since September 2008 as fighting in Libya intensified. Gold and silver prices also increased, with gold rising above $1,430 per ounce and silver surging 3% to 31-year highs, as investors sought safe havens. Copper prices declined as escalating violence in North Africa offset positive U.S. employment data. The newsletter provides technical analysis and support and resistance levels for various commodities, including gold, silver, copper, crude oil, natural gas, and others.
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MARKET WRAP
U.S. crude prices jump to highest since September 2008 near 105$
Aluminum stocks climbed 7,250 tonne
Copper ends down as geopolitical tensions persist
copper in LME warehouses last rose 1,250 tonnes
Gold rose above $1,430 an ounce on Friday
silver surged 3 percent to 31-year highs
Natural Gas trading near lows
Gold rose above $1,430 an ounce on Friday, while silver surged 3 percent to 31-year
highs, as soaring oil prices fueled by widening clashes in Libya prompted investors to
pile into safe havens. U.S. oil hit its highest since September 2008 on Friday, as fighting
in Libya intensified and threatened the country's oil sector. Copper backed away from a
near three-week high to end down on Friday as rising oil prices and escalating violence
in North Africa eclipsed initial euphoria from upbeat employment data in the United
States.
ECONOMIC CALENDAR
Date Time Currency Economic Data Forecast Previous
Mon 10:30am JPY Leading Indicators 102.4% 101.4%
Mar 7
3:00pm EUR Sentix Investor Confidence 16.8 16.7
5:30pm EUR ECB President Trichet Speaks
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ALUMINIUM(MAR)
Trend • Consolidate
Strategy • Buy on dips
•R2 - 120.5
Resistance
•R1 - 117.8
•S1 - 115.2
support
•S2 - 113.6
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