30th May, 2012

COMMODITY MARKET OUTLOOK [DAILY REPORT]

DAILY REPORT

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REVIEW & OUTLOOK ON PRECIOUS, BASE METALS & ENERGY

MCX Gold June `28859.00

Gold opened the session with smart gains and registered a high of `29135 levels. But, as mentioned in our previous note fresh supply pressure at the higher end of the current trading range(`28800--`29150) saw gold give up all its intraday gains. We reiterate that a close above or below the current range will decide the major trend for gold.

MCX Silver Jul `53964.00

As seen in gold, silver too gave up its intraday gains as the session drew to a close. Despite 4 attempts over the past 3-4 session’s silver hasn’t been able to break above the `54750--`54900 levels. This clearly shows that this price range has now developed as the immediate resistance for silver and any new upside rally can be seen only when silver breaks above this resistance zone. Levels of `53300 can be tested by silver over the upcoming session.

DAILY REPORT

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MCX Copper Jun `428.85

Copper closed the session with a gain of close to 0.50% yesterday. A continuation of the current rally can be seen only if copper closes above the recent swing high of `430.70 levels. A break above the `430.70 levels will open up upside targets of `433 / `437 levels in copper. On the other hand, a re-test of the `425 levels could be seen if copper sustains below `430 levels.

MCX Crude Oil Jun `5097.00

Crude traded with impressive gains throughout the day’s trade and registered a high of `5132 levels, but couldn’t hold on to the gains till the session closed. A break below `5065 levels will be a bearish development for crude and long positions if any should be squared off at these levels. An increase in the supply pressure can be seen once crude starts trading below the `5065 levels and this breakdown could even take crude below its recent swing lows of `5041 levels.

DAILY REPORT

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KEY TECHNICAL LEVLES – for MCX & NCDEX Commodities

Commodity Exchg Contract Sup-2 Sup-1 Close Res-1 Res-2

Gold MCX JUN 28621.67 28740.33 28859.00 29056.33 29253.67

Silver MCX JUL 53118.00 53541.00 53964.00 54636.00 55308.00

Copper MCX JUN 424.05 426.45 428.85 431.05 433.25

Zinc MCX MAY 104.93 105.77 106.60 107.07 107.53

Lead MCX MAY 107.05 107.70 108.35 108.75 109.15

Aluminium MCX MAY 109.98 110.42 110.85 111.17 111.48

Nickel MCX MAY 908.33 918.47 928.60 942.27 955.93

Crude oil MCX JUN 5044.33 5070.67 5097.00 5127.67 5158.33

AGRI-COMMODITIES

Jeera NCDEX JUN 12430.00 12605.00 12780.00 12890.00 13000.00

Pepper NCDEX JUN 38453.33 39156.67 39860.00 40611.67 41363.33

Turmeric NCDEX JUN 3664.67 3705.33 3746.00 3783.33 3820.67

Mustard Seed NCDEX JUN 3735.33 3786.67 3838.00 3868.67 3899.33

Ref Soya Oil NCDEX JUN 731.05 734.05 737.05 739.60 742.15

Chana NCDEX JUN 4231.33 4255.67 4280.00 4313.67 4347.33

Menthaoil MCX MAY 1188.27 1192.43 1196.60 1204.93 1213.27

Disclaimer

This document has been prepared by Mitesh Thacker. This document does not constitute an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction and is only an expression of technical views. The information contained herein is from publicly available data or other sources believed to be reliable, but we do not represent that it is accurate or complete and it should not be relied on as such. Kindly note that we shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. This document is provided for assistance only and is not intended to be and must not alone be taken as the basis for an investment decision. The user assumes the entire risk of any use made of this information. Each recipient of this document should make such investigation as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this document (including the merits and risks involved), and should consult his own advisors to determine the merits and risks of such investment. The investment discussed or views expressed may not be suitable for all market participants. We and our affiliates, may: (a) from time to time, have long or short positions in, and buy or sell the securities thereof, of company (ies) mentioned herein or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as advisor or lender/borrower to such company (ies) or have other potential conflict of interest with respect to any recommendation and related information and opinions. This information is strictly confidential and is being furnished to you solely for your information. This information should not be reproduced or redistributed or passed on directly or indirectly in any form to any other person or published, copied, in whole or in part, for any purpose. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject us to any registration or licensing requirements within such jurisdiction. The distribution of this document in certain jurisdictions may be restricted by law, and persons in whose possession this document comes, should inform themselves about and observe, any such restrictions. The information given in this document is as of the date of this report and there can be no assurance that future results or events will be consistent with this information. This information is subject to change without any prior notice. We reserve the right to make modifications and alterations to this statement as may be required from time to time and are under no obligation to update or keep the information current. Nevertheless, we are committed to providing independent and transparent recommendation to our clients and would be happy to provide any information in response to specific client queries. Neither we nor any of our affiliates shall be liable for any damages whether direct, indirect, special or consequential including lost revenue or lost profits that may arise from or in connection with the use of the information. Past performance is not necessarily a guide to future performance. The disclosures of interest statements incorporated in this document are provided solely to enhance the transparency and should not be treated as endorsement of the views expressed in the report.