Daily Commodity Market Update as on Friday, May 13, 2011

PRECIOUS METALS COMPLEX

NAME OPEN HIGH LOW CLOSE % CNG

MCX
GOLD 21940 22090 21710 22057 0.62 Gold and silver prices pared losses as a dollar drop
SILVER 54000 54637 49751 54013 0.26 sparked a sharp reversal, while uncertainty related to
SPOT $ U.S. Federal Reserve's monetary policy and worries about
GOLD 1505.9 1506.6 1501.2 1504.7 -0.08 global demand kept prices from rising further.
SILVER 34.65 35.01 34.43 34.82 0.49
PLATINUM 1757.5 1771.5 1757.5 1765.25 0.18

ENERGY COMPLEX

NAME OPEN HIGH LOW CLOSE % CNG

MCX Crude ended higher in volatile trading as the dollar's
CRUDE 4458 4497 4292 4471 0.45 weakness helped offset concerns about demand as oil
rebounded following a drop in the previous session.
N.GAS 188.4 191.4 185.6 188.7 -0.42
Natural gas ended down but recovered some of its losses
as a weekly inventory build came in well below average,
SPOT $ easing some of the pressure on the well supplied U.S.
CRUDE 98.59 100.49 95.25 98.97 0.385435 market.

BASEMETAL COMPLEX

NAME OPEN HIGH LOW CLOSE % CNG

MCX
Base metals ended higher as a weak dollar helped prices
COPPER 391.8 399.9 386.8 399.15 2.02
spurn the negative tone set by other commodities and
ZINC 95 97.5 93.65 97.15 1.54
settle higher despite further credit-tightening measures in
NICKEL 1095 1116.9 1073.5 1113.5 1.87 China.
LEAD 102.45 104.75 100.5 104.55 1.77
ALUMINIUM 115.65 118.1 115 117.95 1.78

LME LME STOCK

COPPER 8760.25 8785 8711 8778.5 -0.14 COPPER -625 467725
ZINC 2165 2165 2145 2154 -0.69 ZINC -450 829050
NICKEL 24600 2630 24400 24550 -0.61 NICKEL -216 114732
LEAD 2310 2323.75 2300 2317 -0.13 LEAD 2500 315825
ALUMINIUM 2625 2323.75 2616 2618 -0.46 ALUMINIUM -1250 4590750

GLOBAL MARKETS UPDATE

SENSEX NIFTY NASDAQ S&P NYSE DOW JON NIKKEI SHICOM KOREA HKFE $ INDEX
18294.25 5475.1 2407.89 1348.65 8456.18 12695.92 9599.65 2845.71 2103.53 22972.79 75.38
-0.23 -0.2 0.62 0.49 0.33 0.52 -1.2 0.06 -0.9 -0.44 0.17

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 OPEN
21940
HIGH
22090
MCX GOLD FUTURE

LOW
21710
CLOSE
22057
% CNG
0.62
VOLUME
43094
OI
11710
RE CNG
136

INTRADAY LEVELS
Gold futures rose, erasing an earlier loss, as higher energy costs and a weaker dollar boosted
demand for the precious metal as an alternative asset, intially we have seen gold edged lower as
P.P. 21952
worries about economic growth and the end of easy monetary policy crushed early gains, extending
losses from the previous session.But expectations of rising rates in the euro zone even as the SUP 1 RES 1
Federal Reserve remains committed to keeping borrowing costs near zero have pushed the euro up 21815 22195
near $1.50. But the currency has pulled back lately after the European Central Bank dented hopes of SUP 2 RES 2
a rate hike next month created pressure on dollar resulting bounce in gold. Now technically market
21572 22332
is trading in the range as RSI for 18days is currently indicating 55.07, where as 50DMA is at 21557
and gold is trading above the same and getting support at 21815 and below could see a test of SUP 3 RES 3
21572 level, And resistance is now likely to be seen at 22195, a move above could see prices testing 21435 22575

OPEN
54000
MCX SILVER FUTURE

HIGH
54637
LOW
49751
CLOSE
54013
% CNG
0.26
VOLUME
171088
OI
14104
RE CNG
143

INTRADAY LEVELS
Silver rebounded from the the 6% low that is from 49751 and settled at +0.26 at 54013 level after
losses in the previous session, supported by light buying in Asia, while a firm dollar weighed on
P.P. 52800
market sentiment. The commodities market took a hit in last session with same pressure in the early
session also as weakness from Chinese industrial output data, improving global grain supplies and SUP 1 RES 1
rising U.S. gasoline stocks. Light buying was spotted in the physical gold and silver markets, but 50964 55850
activities slowed down after market participants were caught off guard by the sell-off, led by a drop SUP 2 RES 2
of 9 percent in silver. People are still worried about commodities we have seen some short-covering,
47914 57686
some buying on dips, but the buying is not substantial now technically market is trading in the range
as RSI for 18days is currently indicating 38.85, where as 50DMA is at 60148.1 and silver is trading SUP 3 RES 3
below the same and getting support at 50964 and below could see a test of 47914 level, And 46078 60736

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 OPEN
4458
HIGH
MCX CRUDE FUTURE

4497
LOW
4292
CLOSE
4471
% CNG
0.45
VOLUME
228873
OI
10772
RE CNG
20

INTRADAY LEVELS
Crude futures ended higher at 4471 that is up by +0.45% in volatile trading as the dollar's weakness
helped offset concerns about demand as oil rebounded following a 3% dip till 4292 latter covered up P.P. 4420
but pressured by concerns over global oil demand as U.S. drivers face rising pump prices and China SUP 1 RES 1
battles inflation can be seen on the market. The International Energy Agency, also trimmed its
4343 4548
global oil demand growth estimates for this year by 1.5 percent to 1.29 million barrels per day,
noting gasoline pump prices near $4 a gallon prompt Americans to drive less.Now technically market SUP 2 RES 2
is trading in the range as RSI for 18days is currently indicating 37.73, where as 50DMA is at 4816.72 4215 4625
and crude is trading below the same and getting support at 4343 and below could see a test of 4215 SUP 3 RES 3
level, And resistance is now likely to be seen at 4548, a move above could see prices testing 4625.
4138 4753

OPEN
391.8
MCX COPPER FUTURE

HIGH
399.9
LOW
386.8
CLOSE
399.15
% CNG
2.02
VOLUME
125631
OI
24817
RE CNG
8.05

INTRADAY LEVELS
Copper futures yesterday initially dipped by almost 1% on a firmer dollar ahead of U.S. inflation
data, while Shanghai prices edged up as investors looked past another bank reserve requirement
P.P. 395.3
increase in China but later recovered and settled 2.02% up at 399.15 as upward revisions to March
U.S. retail sales data suggested consumer spending in the first quarter might have been stronger SUP 1 RES 1
than initially thought, although April's data posted their smallest rise in nine months. But china 390.7 403.8
increased bank reserve requirements by 50 basis points, signalling that containing inflation and SUP 2 RES 2
soaking up excess cash remained its top priority even after signs the economy was slowing down.
382.2 408.4
For today's session market is looking to take support at 390.7, a break below could see a test of
382.2 and where as resistance is now likely to be seen at 403.8, a move above could see prices SUP 3 RES 3
testing 408.4. 377.6 416.9

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 OPEN
95
HIGH
97.5
MCX ZINC FUTURE

LOW
93.65
CLOSE
97.15
% CNG
1.54
VOLUME
22105
OI
7998
RE CNG
1.5

INTRADAY LEVELS
Zinc yesterday traded with the positive node and settled 1.54% up at 97.15 tracking LME zinc prices
overnight inched down from USD 2,160/mt during the Asian trading hours, and fell further to USD
P.P. 96.1
2,080/mt. China’s central bank announced it will raise the deposit reserve ratio by 0.5% for financial
institutions since May 18th, the fifth deposit reserve ratio increases this year, and the 11th since last SUP 1 RES 1
year, making the ratio a record high 21% in large financial institutions. Meanwhile, US jobless claims 94.7 98.6
for last week decreased. In this context, LME zinc prices pared previous losses to close at USD SUP 2 RES 2
2,169/mt, up USD 27/mt.In yesterday's trading session zinc has touched the low of 93.65 after
92.3 100.0
opening at 95, and finally settled at 97.15. For today's session market is looking to take support at
94.7, a break below could see a test of 92.3 and where as resistance is now likely to be seen at SUP 3 RES 3
98.6, a move above could see prices testing 100. 90.9 102.4

OPEN
1095
MCX NICKEL FUTURE

HIGH
1117
LOW
1074
CLOSE
1113.5
% CNG
1.87
VOLUME
48646
OI
5719
RE CNG
20.8

INTRADAY LEVELS
Nickel yesterday traded with the positive node and settled 1.87% up at 1113.5 tracking nickel which
opened at USD 24,300/mt and closed at USD 24,700/mt overnight, up by USD 401/mt from a day
P.P. 1101
earlier, with the highest price at USD 24,700/mt and the lowest price at USD 23,791/mt. LME base
metals mostly ended with gains on Thursday but before this fallen to the 1073.50 during the Asian SUP 1 RES 1
trading hours due to firm US dollar and China's bank requirement reserve ratio hike. During the 1086 1129
European trading hours, the euro rebounded and market sentiment improved during the New York SUP 2 RES 2
trading hours, despite of weak economic data from the US, especially decline in retail sales data.
1058 1145
Although base metal prices closed with gains overnight, market sentiment was still weighed by the
European debt crisis and China's tightening monetary policy, which can be reflected by movement of SUP 3 RES 3
euro and crude oil prices in late European trading hours. For today's session market is looking to 1042 1173

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MCX ALUMINIUM FUTURE
OPEN
115.65
HIGH
118.1
LOW
115
CLOSE
117.95
% CNG
1.78
VOLUME
5048
OI
3179
RE CNG
2.1

INTRADAY LEVELS
Aluminium yesterday traded with the positive node and settled 1.78% up at 117.95 recovered after
China's central bank announced on Thursday that it will raise the reserve requirement ratio (RRR) of
P.P. 117.0
the country's lenders by 50 basis points, the fifth such increase in 2011. The raise will become
effective on May 18th, and this move will lift the RRR for China's large financial institutions to a SUP 1 RES 1
record high of 21%, a signal of China’s strong determination of combating inflation, but investors 115.9 119.0
have already expected such move, so the RRR hike failed to exert great effect on European markets. SUP 2 RES 2
Later, the US released a series of economic data, and both producer price index (PPI) for April and
113.9 120.1
the initial claims for jobless benefits last week were better than market expectations, helping boost
the US stocks, and the US dollar index fell back in response, with the index finally closing at 75.254. SUP 3 RES 3
For today's session market is looking to take support at 115.9, a break below could see a test of 112.8 122.1

OPEN
MCX NAT.GAS FUTURE

188.4
HIGH
191.4
LOW
185.6
CLOSE
188.7
% CNG
-0.42
VOLUME
19896
OI
3678
RE CNG
-0.8

INTRADAY LEVELS
Natural gas yesterday traded with the negative node and settled -0.42% down at 188.7 slipped for a
second day in New York as nuclear power plants started up after maintenance shutdowns, reducing
P.P. 188.6
demand for gas as a replacement fuel. Gas declined as much as 1.7 percent as the Nuclear
Regulatory Commission reported that atomic power production climbed for a sixth day, increasing SUP 1 RES 1
946 megawatts from yesterday to 76,528 megawatts, or 75 percent of capacity, according to an 185.7 191.5
NRC report. Usually when nuclear plants are down, natural gas is going to replace that capacity,as SUP 2 RES 2
nuclear power plants come back online, some of that gas demand will falter. Natural gas for June
182.8 194.4
delivery fell 2.2 cents, or 0.5 percent, to $4.159 per million British thermal units, the futures have
declined 5.6 percent this year. Some support had been seen from the crude also which closed up by SUP 3 RES 3
0.45%, and closed at 4471. In yesterday's trading session natural gas has touched the low of 185.6 179.9 197.3

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 ACTIVE SPREAD UPDATE

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

MONTH RATE JUNE AUG OCT MONTH RATE JULY SEPT DEC
JUNE 22057 275 502 JULY 54013 707 1493
AUG 22332 227 SEPT 54720 786
OCT 22559 DEC 55506
Spread between Gold JUN & AUG contracts yesterday Spread between Silver JUL & SEP contracts yesterday
ended at 275, we have seen yesterday that the gold ended at 707, we have seen yesterday that the silver
market had traded with a positive node and settled 0.62% market had traded with a positive node and settled
up. Spread yesterday traded in the range of 238 - 275. 0.26% up. Spread yesterday traded in the range of 598 -
730.

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

MONTH RATE MAY JUNE JULY MONTH RATE JUNE AUG
MAY 4471 57 117 JUNE 399.15 5.05
JUNE 4528 60 AUG 404.2
JULY 4588
Spread between crude APR & MAY contracts yesterday Spread between copper JUN & AUG contracts yesterday
SPREAD MARKET

ended at 57, we have seen yesterday that the crude ended at 5.05, we have seen yesterday that the copper
market had traded with a positive node and settled 0.45% market had traded with a positive node and settled
up. Spread yesterday traded in the range of 53 - 61. 2.02% up. Spread yesterday traded in the range of 4.25 -
5.05.

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

MONTH RATE MAY JUNE MONTH RATE MAY JUNE
MAY 97.15 1.3 MAY 1113.5 11.1
JUNE 98.45 JUNE 1124.6

Spread between zinc MAY & JUN contracts yesterday
ended at 1.3, we have seen yesterday that the zinc
market had traded with a positive node and settled 1.54%
up. Spread yesterday traded in the range of 1 - 1.8.
Spread between nickel MAY & JUN contracts yesterday
ended at 11.10, we have seen yesterday that the nickel
market had traded with a positive node and settled
1.87% up. Spread yesterday traded in the range of 10.50
- 12.8.

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

MONTH RATE MAY JUNE MONTH RATE MAY JUNE
MAY 188.7 4.6 MAY 934 -42.4
JUNE 193.3 JUNE 891.6

Spread between natural gas MAY & JUN contracts
yesterday ended at 4.60, we have seen yesterday that the
natural gas market had traded with a negative node and
settled -0.42% down. Spread yesterday traded in the
range of 4.4 - 4.6.
Spread between menthol oil MAY & JUN contracts
yesterday ended at -42.40, we have seen yesterday that
the menthol oil market had traded with a positive node
and settled 1.68% up. Spread yesterday traded in the
range of -42.4 to -32.

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 DAY TIME CURRENCY DATA Forecast Previous
ECONOMICAL

5:30am USD Fed Chairman Bernanke Speaks 0 0

11:00am EUR French Prelim GDP q/q 0.006 0.004
11:30am EUR German Prelim GDP q/q 0.009 0.004
DATA

12:15pm EUR French Prelim Non-Farm Payrolls q/q 0.004 0.002

1:30pm EUR ECB President Trichet Speaks 0 0
1:30pm EUR Italian Prelim GDP q/q 0.003 0.001
Fri 2:30pm EUR Flash GDP q/q 0.006 0.003
6:00pm USD Core CPI m/m 0.002 0.001
6:00pm USD CPI m/m 0.004 0.005
7:25pm USD Prelim UoM Consumer Sentiment 70 69.8
7:25pm USD Prelim UoM Inflation Expectations 0 0.046
0 0 0 0 0
0 0 0 0 0

China's central bank increased the reserve requirement ratio for its commercial banks by another 50 basis points on
Thursday, extending its campaign to calm prices. The increase, the eighth since October, will raise the reserve
requirement ratio to a record 21 percent for China's biggest banks. The increase will take effect from May 18, the
central bank said in a terse statement on its website. By forcing banks to lock up deposits they would otherwise have
lent, China hopes to drain its economy of excess money, one of the main drivers of high inflation.
NEWS YOU CAN USE

Over 64.17 lakh tonne of wheat has arrived in the mandis of Haryana so far as against the total arrival of more than
63.61 lakh tonne of wheat during the last year. While stating this here today, a spokesman of the Food and Supplies
Department said that out of the total arrival of wheat, over 64.14 lakh tonne of wheat has been purchased by the
government procuring agencies, while 3,079 tonne has been purchased by the traders. Giving details of the wheat
procured by the government agencies, he said that over 22.40 lakh tonne of wheat had been purchased by HAFED,
16.80 lakh tonne by Food and Supplies Department, 7.95 lakh tonne by Food Corporation of India, 6.47 lakh tonne
by Haryana Agro Industries Corporation, over 5.84 lakh tonne by Haryana Warehousing Corporation and over 4.66
lakh tonne by CONFED. District Sirsa was leading in wheat arrival where over 8.96 lakh tonne of wheat had so far
arrived in the mandis, followed by district Fatehabad where over 6.51 lakh tonne of wheat had arrived in the mandis.

High core inflation is a matter of concern, Finance Minister Pranab Mukherjee said on Thursday in a statement,
however, adding he expects food inflation to moderate in coming months. India's annual food inflation in the week to
April 30 slowed down to 7.70 percent from 8.53 percent a week ago, government data on Thursday showed. India's
core inflation, or non-food manufacturing inflation, is a proxy for demand-driven price pressures.

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