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Copper gave back a bit of its gains to trade at 2.341 as traders were a bit disappointed that China did not announce additional stimulus plans today. Copper jumped yesterday after New York opened, as growing expectations of loose monetary policy in the United States prevailing for longer than expected convinced some consumers to hedge their needs and persuaded funds to cover shorts. Copper plunged by 1.2 percent and dropped to 6-year low on Monday as data showed earnings by industrial companies in China.

ENERGY NEWS

Crude oil futures rose further in thin Asian trade on Wednesday after breaking out of a month-long trading range on a forecast suggesting a global glut in supply may be easing. Global oil demand is expected to increase by the most in six years as supply from non-OPEC countries stalls, the U.S. Energy Information Administration said in its Short Term Energy Outlook on Tuesday. OPEC Secretary General Abdullah al-Badri told an industry conference in London on Tuesday that the market is improving, suggesting the grouping is unlikely to change its strategy of defending market share.

CS GOLD (DECEMBER) OVERVIEW:

TREND : BULLISH
RESIST 2: 27020
RESIST 1: 26840
SUP 1: 26600
SUP 2: 26390
STRATEGY: BUY ON DIPS

CS SILVER (DECEMBER) OVERVIEW:

TREND : BULLISH
RESIST 2:38020
RESIST 1:37700
SUP1:37070
SUP2:36500
STRATEGY : BUY ON DIPS