’

Daily Commodity Market Update as on Friday, December 24, 2010

PRECIOUS METALS COMPLEX

NAME OPEN HIGH LOW CLOSE % CNG

MCX
GOLD 20469 20494 20436 20458 0.10 Bullion eased yesterday before fund selling after mixed
SILVER 44375 44435 44354 44380 -0.11 economic data took the metal low as investors look to
SPOT $ end a record breaking year by taking some profits off the
GOLD 1379.35 1385.40 1375.60 1382.80 0.21 table before the holidays.
SILVER 29.26 29.39 29.21 29.34 0.17
PLATINUM 1711.00 1729.50 1710.00 1712.00 0.06

ENERGY COMPLEX

NAME OPEN HIGH LOW CLOSE % CNG

MCX
Crude oil surged above USD 91 a barrel to its highest
CRUDE 4145 4163 4145 4158 0.36 price in more than two years, as OPEC member Libya's
N.GAS 184.10 184.10 183.00 183.70 -0.54 apparent lack of concern over prices prompted, Ultra-cold
weather stoking demand and depleting US stockpiles also
SPOT $ supported prices. Also Natural Gas traded in the range of
182-188 despite of colder weather.
CRUDE 89.99 90.80 89.85 90.48 0.54

BASEMETAL COMPLEX

NAME OPEN HIGH LOW CLOSE % CNG

MCX
COPPER 425 90
425.90 428 10
428.10 425 75
425.75 427 35
427.35 0 41
0.41 Base metals counter yesterday ended weak as large
ZINC 103.75 104.40 103.55 104.05 0.48 number of long positions liquidate in the market after
NICKEL 1077.90 1086.60 1077.90 1081.00 0.38 profit-taking, and market sentiment was depressed.
LEAD 110.50 111.20 110.15 110.75 0.50
ALUMINIUM 110.1 110.95 110 110.35 0.46

LME LME STOCK

COPPER 9350.00 9371.00 9205.00 9351.00 0.43 COPPER 3000 370725
ZINC 2325.00 2330.50 2275.00 2314.00 1.00 ZINC -200 698625
NICKEL 24200.00 2463.75 23650.00 23900.00 0.25 NICKEL 570 136878
LEAD 2431.00 2470.00 2395.00 2450.00 0.82 LEAD -25 207850
ALUMINIUM 2460.00 2470.00 2425.25 2450.00 0.53 ALUMINIUM -6225 4275275

GLOBAL MARKETS UPDATE

SENSEX NIFTY NASDAQ S&P NYSE DOW JON NIKKEI SHICOM KOREA HKFE $ INDEX
20073.66 6011.6 2230.27 1256.77 7921.92 11573.49 10279.19 2835.16 2029.6 22833.8 80.45
0.45 0.53 -0.25 -0.16 -0.12 0.12 -0.65 -0.7 -0.39 -0.3 -0.34

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 ACTION BUY GOLD FEB @ 20410-435 SL 20370 TGT 20460-20490.MCX

OPEN
20469
HIGH
D FUTURE
E

20494
LOW
20436
CLOSE
20458
% CNG
0.10
VOLUME
CX GOLD

3545
OI
18305
RE CNG
21

INTRADAY LEVELS
Gold yesterday traded as per expectation with the bearish tone as investors look to end a
MC

record breaking year by taking some profits off the table before the holidays.
holidays Gold eased after PP
P.P. 20463
opening at 20505, before fund selling after mixed economic data took the metal to an intraday SUP 1 RES 1
low of 20382. Sporadic physical interest took us back to opening levels but volumes soon
20431 20489
faded and range trading commenced. Quiet trade for the remainder of the session took us to
a close of 20438. now technically market is trading in the range as RSI for 18days is currently SUP 2 RES 2
indicating 50.97, where as 50DMA is at 20395.26 and gold is trading above the same and 20405 20521
getting support at 20376 and below could see a test of 20316 level, And resistance is now SUP 3 RES 3
likely to be seen at 20503, a move above could see prices testing 20373 20547

ACTION SILVER WILL TRADE IN THE RANGE 44000-44600 RANGE WAIT FOR FRESH ENTRY.MCX

OPEN
44375
TURE

HIGH
44435
LOW
44354
LVER FUT

CLOSE
44380
% CNG
-0.11
VOLUME
3905
OI
16700
MCX SIL

RE CNG
-50

INTRADAY LEVELS
Silver slipped from the opening session from 44401 and eventually trading down to a low of
44011 holding support at 44000 marks. The metal later climbed reaching an intraday high of P.P. 44390
44450 breaking the morning high on short covering. Range trading for the remainder of the SUP 1 RES 1
session took us to a close of 44439. Silver technical support and resistance points lie at 44000
44344 44425
and 44670. The Gold and silver ratio looks poised to drop to the 2006 low of 44.08. now
SUP 2 RES 2
technically market is trading in the range as RSI for 18days is currently indicating 63.9,
63 9 where
as 50DMA is at 41552.56 and silver is trading above the same and getting support at 44144 44309 44471
and below could see a test of 43858 level, And resistance is now likely to be seen at 44583, a SUP 3 RES 3
move above could see prices testing 44736 44263 44506

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 ACTION CRUDE OVERRANNED WILL WAIT FOR FRESH ENTRY IMP SUPPORT IS AT 4115.MCX

OPEN
4145
RE
HIGH
4163
E FUTUR

LOW
4145
CLOSE
4158
% CNG
0.36
VOLUME
CX CRUDE

13146
OI
22039
RE CNG
15

INTRADAY LEVELS

Crude oil yesterday jumped by almost 1% and above that above USD 91 a barrel to its PP
P.P. 4155
MC

highest price in more than two years, as OPEC member Libya's apparent lack of concern over SUP 1 RES 1
prices prompted, Ultra-cold weather stoking demand and depleting US stockpiles also
4148 4166
supported prices. Now technically market is trading in the range as RSI for 18days is currently
indicating 69.41, where as 50DMA is at 3946.28 and crude is trading above the same and SUP 2 RES 2
getting support at 4107 and below could see a test of 4072 level, And resistance is now likely 4137 4173
to be seen at 4167, a move above could see prices testing 4192. SUP 3 RES 3
4130 4184

ACTION BUY COPPER FEB @ 423.50 SL 421 TGT 424.80-426.50.MCX

OPEN
425.90
TURE

HIGH
428.10
LOW
425.75
PPER FUT

CLOSE
427.35
% CNG
0.41
VOLUME
19283
OI
38040
MCX COP

RE CNG
1.75

INTRADAY LEVELS
Copper prices slipped back to 425.60 after having surged to record highs during the course of
the week as a weaker dollar and supply worries helped to drive the price of the red metal P.P. 427.1
upwards. Copper, used in power and construction, hit a high of 428.95 on Tuesday and is now
SUP 1 RES 1
up by 25% over the course of this year. Supply problems have played a part in recent price
426.0 428.4
surges, and these were brought back into focus on Wednesday by news that the troubled
Collahuasi mine was having to look for new routes for its output after the Patache port SUP 2 RES 2
terminal, which supplies the mine, was shut down due to an accident. In yesterday's trading 424.7 429.4
session copper has touched the low of 422.3 after opening at 426.25, and finally settled at SUP 3 RES 3
425.6. For today's session market is looking to take support at 423.2, a break below could see 423.7 430.7
f 420 8 d h i i lik l b 427 1 b ld

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 ACTION BUY ZINC DEC @ 103.50 SL 102.60 TGT 104-104.80.MCX

OPEN
103.75
HIGH
CX ZINC FUTURE
E

104.40
LOW
103.55
CLOSE
104.05
% CNG
0.48
VOLUME
4702
OI
7983
RE CNG
0.5

INTRADAY LEVELS
MC

Zinc yesterday
y y we have seen that market has moved -1.26%,, zinc p prices dipped
pp as large
g
number of long positions liquidate in the market after profit-taking, and market sentiment was PP
P.P. 104
104.0
0
depressed. LME zinc prices overnight down USD 2/mt and closed at USD 2,302/mt since SUP 1 RES 1
investors left the market after profit-taking as Christmas holiday nears. Market has opened at 103.6 104.5
104.3 & made a low of 102.95 versus the day high of 104.5. The total volume for the day was SUP 2 RES 2
at 16839 lots and the open interest was at 8285.Now support for the zinc is seen at 102.8 and 103.2 104.9
below could see a test of 102.1. Resistance is now likely to be seen at 104.4, a move above
SUP 3 RES 3
could see prices testing 105.2.
102.8 105.3

ACTION SELL NICKEL DEC @ 1090-1095 SL ABV 1105 TGT 1082-1070-1062.MCX

OPEN
1077.90
TURE

HIGH
1086.60
LOW
1077.90
CKEL FUT

CLOSE
1081.00
% CNG
0.38
VOLUME
10621
OI
10892
MCX NIC

RE CNG
4.1

INTRADAY LEVELS
Nickel yesterday traded with the negative node and settled -1.37% down at 1076.9, LME
nickel prices fell to test USD 23,700/mt Trading volumes were thin before the Charismas eve, P.P. 1081.8
and nickel fundamentals were poor at present. China’s imports of nickel ore hit new high, up SUP 1 RES 1
by 81.84% YoY and up by 13.86% MoM, indicating increased capacity of NPI. In addition,
1077.1 1085.8
exports of China’s stainless steel are also increasing, weighing on nickel prices. Funds may
SUP 2 RES 2
flow into other market but avoid entering nickel market during the pre-holiday or post-holiday
period. In yesterday's trading session nickel has touched the low of 1070.5 after opening at 1073.1 1090.5
1087.5, and finally settled at 1076.9. For today's session market is looking to take support at SUP 3 RES 3
1069, a break below could see a test of 1061 and where as resist is at 1095. 1068.4 1094.5

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 ACTION BUY ALUMINIUM DEC @ 109-109.50 SL 108 TGT 110.50-111.50.MCX
URE
OPEN
110.1
IUM FUTU
HIGH
110.95
LOW
110
CLOSE
110.35
% CNG
0.46
VOLUME
ALUMINI

2248
OI
2505
RE CNG
0.5

INTRADAY LEVELS
MCX A

Aluminum y yesterdayy traded with the negative

g node and settled -0.82% down at 109.85.
Some pressure had been seen from the LME stock also which came up by 5775mt, the total PP
P.P. 110
110.4
4
stock at LME is now at 4281500mt. Spot aluminum market sentiment was neutral, and spot SUP 1 RES 1
aluminum prices in east China failed to keep pace with future aluminum prices, Some 109.9 110.9
suppliers were still moving goods for cash at the end of year, but buyers only made purchases SUP 2 RES 2
moderately, keeping trading sentiment sluggish. For today's session market is looking to take 109.5 111.4
support at 109.3, a break below could see a test of 108.8 and where as resistance is now
SUP 3 RES 3
likely to be seen at 110.6, a move above could see prices testing 111.4.
109.0 111.8
L FUTURE
E

ACTION BUY NAT.GAS JAN ABV 190.50 SL 188.50 TGT 192.50-195-198.MCX

OPEN
184.10
HIGH
184.10
LOW
183.00
CLOSE
CX NATURA GASL

183.70
% CNG
-0.54
VOLUME
2531
OI
16389
RE CNG
-1

INTRADAY LEVELS
Natural Gas yesterday we have seen that market has moved -0.38% dipped after a
government report showed that U.S. stockpiles fell more than expected last week. Gas P.P. 183.6
inventories declined by 184 billion cubic feet in the week ended Dec. 17 to 3.368 trillion cubic SUP 1 RES 1
feet, the Energy Department. Temperatures in the northern Midwest may average below- 183.1 184.2
normal in January,y, February y and March,, according g to the National Weather Service. Gas SUP 2 RES 2
MC

inventories have been declining since Nov. 19 as cold weather sparks demand for the heating 182.5 184.7
fuel.Now support for the Natural Gas is seen at 182 and below could see a test of 179.3.
SUP 3 RES 3
Resistance is now likely to be seen at 187.7, a move above could see prices testing 190.7.
182.0 185.3

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 ACTIVE SPREAD UPDATE

DAILY SPREAD IN GOLD - MCX DAILY SPREAD IN SILVER - MCX

MONTH RATE FEB APRIL JUNE MONTH RATE MARCH MAY JULY
FEB 20458 187 365 MARCH 44380 180 332
APRIL 20645 178 MAY 44560 152
JUNE 20823 JULY 44712
Spread between Gold FEB & APR contracts yesterday Spread between Silver MAR & MAY contracts yesterday
ended at 187, we have seen yesterday that the gold ended at 180, we have seen yesterday that the silver
market had traded with a positive node and settled 0.1% market had traded with a negative node and settled -
up. Spread yesterday traded in the range of 165 - 190. 0.11% down. Spread yesterday traded in the range of
180 - 194.

DAILY SPREAD IN CRUDE - MCX DAILY SPREAD IN COPPER - MCX

MONTH RATE JAN FEB MARCH MONTH RATE FEB APRIL
JAN 4158 56 102 FEB 427.35 2.15
FEB 4214 46 APRIL 429.50
MARCH 4260
Spread between crude JAN & FEB contracts yesterday Spread between copper FEB & APR contracts yesterday
ended at 56, we have seen yesterday that the crude ended at 2.15, we have seen yesterday that the copper
SPREAD MARKET
T

market had traded with a positive node and settled 0.36% market had traded with a positive node and settled
up. Spread yesterday traded in the range of 53 - 60. 0.41% up. Spread yesterday traded in the range of 2.1 -
2.6.

DAILY SPREAD IN ZINC - MCX DAILY SPREAD IN NICKEL - MCX

MONTH RATE DEC JAN MONTH RATE DEC JAN
DEC 104.05 1.25 DEC 1081 10.60
JAN 105 30
105.30 JAN 1092

Spread between zinc DEC & JAN contracts yesterday
ended at 1.25, we have seen yesterday that the zinc
market had traded with a positive node and settled 0.48%
up. Spread yesterday traded in the range of 1 - 1.3.
Spread between nickel DEC & JAN contracts yesterday
ended at 10.60, we have seen yesterday that the nickel
market had traded with a positive node and settled
0.38% up. Spread yesterday traded in the range of 10.20
- 12.1.

DAILY SPREAD IN NAT. GAS - MCX DAILY SPREAD IN MENTHOL - MCX

MONTH RATE DEC JAN MONTH RATE DEC JAN
DEC 183.70 5.20 DEC 1124.00 14.00
JAN 188.90 JAN 1138.00

Spread between natural gas DEC & JAN contracts
yesterday ended at 5.20, we have seen yesterday that the
natural gas market had traded with a negative node and
settled -0.54% down. Spread yesterday traded in the
range of 4.3 - 5.2.
Spread between menthol oil DEC & JAN contracts
yesterday ended at 14.00, we have seen yesterday that
the menthol oil market had traded with a positive node
and settled 0.42% up. Spread yesterday traded in the
range of 14 to 17.4.

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 ECONOMICAL DATA
CAL
DAY TIME CURRENCY DATA Forecast Previous

All Day EUR German Bank Holiday 0 0

CONOMIC

All Day EUR Italian Bank Holiday 0 0

DATA

All Day USD Bank Holiday 0 0

0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
Fri 0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
EC

0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0

Gold prices are likely to hit $1850 an ounce by the end of next year on strong demand from emerging economies and
supply side constraints, Paul Horsnell, managing director of Barclays Capital said in a media briefing. Gold will first
slide to $1,310-1,325 early next year on profit booking. But, the precious metal will get good buying support from
central banks in Asia and West Asia regions, who are looking for opportunities to increase their gold portfolio. Any
aim to pick up gold in good volume will raise prices steadily to $1,450 by mid-next year and then the targeted $1,850
towards the end, Horsnell said Gold surged over 34 per cent since October 1, 2009 and 23 per cent so far this year.
Today, spot gold in London was at $1,337.17 an ounce at 1242 GMT, down from $1,343.50 the day before and down
from a session high of $1,349.05 as the dollar clawed back gains against the euro. Talking about India’s central bank,
the Reserve Bank of India (RBI), Paul said, “RBI picked up 200 tonnes of gold at the right time last year and is now
scouting for opportunities to buy more. The current official gold holding at 557.7 tonnes is just 7.5 per cent of RBI’s
asset allocations with nearly nine per cent of growth in the GDP.” China being the world’s largest gold producer holds
SE

1,054 tonnes equivalent to a paltry 1.6 per cent of the central bank’s total asset portfolios. The country is
U CAN US

understandably in the process of raising gold portfolio amicably looking at a double digit growth in the country’s
economy.

NCDEX seeks to upgrade APMC markets: Commodity exchange NCDEX on Wednesday said it is in talks with various
state governments for upgrading agricultural produce marketing committee (APMC) markets on a build-operate-
transfer basis. "We have submitted a proposal for upgrading APMC markets in Rajasthan, Karnataka, Maharashtra
EWS YOU

and MP on a build-operate-transfer basis,

basis," NCDEX Spot Exchange executive vice-president Rajesh Sinha said. He said
the company has earmarked a budget of Rs. 1 crore for upgrading each one of these markets. "We would equip them
with an electronic exchange and these would also be linked with others in different parts of the country, thereby
creating a nationwide data bank for agri-produce in the country," Sinha said. The company will undertake these
upgrade projects through its subsidiary, NCDEX Spot Exchange (NSPOT). NSPOT will operate the market for 10
years, following which it will be handed over to the mandi. NSPOT will work on continuous improvement of operations
and integrate these markets with continuous online electronic markets before handing them over, he said.:
NE

U.S. jobless claims dip, consumer spending rises: New U.S. claims for jobless benefits dipped last week and
consumer spending increased in November for a fifth straight month, reinforcing views of a solid economic growth
pace in the fourth quarter. Initial claims fell 3,000 to a seasonally adjusted 420,000, the Labor Department said on
Thursday, matching economists' expectations. A separate report from the Commerce Department showed spending
rose 0.4 percent after increasing by an upwardly revised 0.7 percent in October. Economists polled by Reuters had
expected spending, which accounts for about 70 percent of U.S. economic activity, to rise 0.5 percent last month
after a previously reported 0.4 percent gain in October. "It hasn't been such a bad year for the economy -- we think
it will grow around 2.5 percent this year and 3.5 percent next year. Unfortunately, it's been a jobless recovery," said
Michael Woolfolk, a senior currency strategist at BNY Mellon in New York. U.S. Treasury prices fell slightly after the
data, while stock index futures edged lower. The dollar held losses against the yen, but maintained gains versus the
euro. In another report, the Commerce Department said orders for long-lasting manufactured goods excluding
transportation increased 2.4 percent, the largest increase since March, after a 1.9 percent drop in October. Overall
orders dropped by a larger-than-expected 1.3 percent last month, dragged down by a plunge in bookings for civilian
aircraft and motor vehicles.

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