Daily Commodity Market Update as on Tuesday, April 26, 2011

PRECIOUS METALS COMPLEX

NAME OPEN HIGH LOW CLOSE % CNG

MCX
GOLD 22077 22172 21875 21986 -0.61 Gold prices recoiled from early gains after touching a
record high with volatility spiking to its highest since
SILVER 70600 73600 66832 70129 -0.93
November. Silver pulled back sharply when a failure to
SPOT $
pierce the all time high from 1980 unleashed a wave of
GOLD 1506.4 1508 1495 1498.25 -0.57 technical selling amid record volume in U.S. futures.
SILVER 46.89 47.15 44.6 45.06 -3.9
PLATINUM 1818.49 1824 1791.5 1801.49 -0.94

ENERGY COMPLEX

NAME OPEN HIGH LOW CLOSE % CNG

MCX
CRUDE 5022 5075 4956 5003 -0.3 Oil prices fell as investors took profits on a sell off in silver
N.GAS 196.7 198.1 193 194.3 -1.44 from near record highs. Natural gas yesterday ended
down as mild U.S. weather tempered demand for the
SPOT $ heating and power-plant fuel.
CRUDE 112.34 113.48 111.08 112.28 -0.053409

BASEMETAL COMPLEX

NAME OPEN HIGH LOW CLOSE % CNG

MCX
Base metals ended lower ahead of possibly weak
COPPER 432.5 432.5 417.65 421.9 -2.62
economic data from the United States and Britain this
ZINC 105.1 105.2 100.8 102.4 -2.49
week. Tight credit conditions in China also played a
NICKEL 1205.4 1205.4 1153.1 1168 -3.24 part in the weak performances of base metals.
LEAD 117 117 110.7 113.25 -3.4
ALUMINIUM 122.4 122.4 119.5 120.95 -0.95

LME LME STOCK

COPPER 9518 9518 9382.5 9416.25 -2.74 COPPER 2575 456275
ZINC 2330 2330 2255.5 2274.75 -3.85 ZINC 2200 814300
NICKEL 26510 2735 25850 26000 -3.31 NICKEL -270 117942
LEAD 2560 2560 2522 2535 -2.42 LEAD 2675 304625
ALUMINIUM 2735 2560 2702 2715 -1.09 ALUMINIUM -1725 4603075

GLOBAL MARKETS UPDATE

SENSEX NIFTY NASDAQ S&P NYSE DOW JON NIKKEI SHICOM KOREA HKFE $ INDEX
19489.36 5845 2383.72 1335.25 8485.25 12479.88 9541.01 2937.73 2209.49 23851.67 74.14
-0.5 -0.5 0.27 -0.16 -0.22 -0.21 -1.36 -0.92 -0.31 -1.2 0.21

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 OPEN
22077
HIGH
22172
MCX GOLD FUTURE

LOW
21875
CLOSE
21986
% CNG
-0.61
VOLUME
35894
OI
12630
RE CNG
-134

INTRADAY LEVELS
Gold prices recoiled from early gains on profit booking after touching a record high with volatility
spiking to its highest since November. Concerns about rising inflation in many parts of the world
P.P. 22011
have made precious metals attractive to investors. Participants will be focused on the Federal Open
Market Committee meeting Tuesday and Wednesday and the subsequent news conference by Fed SUP 1 RES 1
Chairman Ben Bernanke. In his first-ever post-policy-meeting press conference, most expect 21850 22147
Bernanke to reiterate the current policy of keeping interest rates low and allowing the Fed's SUP 2 RES 2
"quantitative easing" program to run out in June. Now technically market is trading in the range as
21714 22308
RSI for 18days is currently indicating 66.39, where as 50DMA is at 21298.14 and gold is trading
above the same and getting support at 21850 and below could see a test of 21714 level, And SUP 3 RES 3
resistance is now likely to be seen at 22147, a move above could see prices testing 22308. 21553 22444

OPEN
70600
MCX SILVER FUTURE

HIGH
73600
LOW
66832
CLOSE
70129
% CNG
-0.93
VOLUME
219929
OI
13037
RE CNG
-654

INTRADAY LEVELS
Spot silver surged more than 5 percent to above $49 ounce on Monday in early trades, buoyed by a
weak dollar and strong physical demand in Asia that also propelled gold to a record high for a
P.P. 70187
seventh consecutive session. Silver surged as much as 8 percent on Monday before pulling back
sharply when a failure to pierce the all time high from 1980 unleashed a wave of technical selling SUP 1 RES 1
amid record volume in U.S. futures. Holdings in the iShares Silver Trust, the world's largest silver- 66774 73542
backed exchange-traded fund, had risen by 2.2 percent from April 21 to a lifetime high of 11,390.06 SUP 2 RES 2
tonnes by April 25, as silver prices surged towards their 1980 peaks. Now technically market is in
63419 76955
overbot as RSI for 18days is currently indicating 85.85, where as 50DMA is at 56794.54 and silver is
trading above the same and getting support at 66774 and below could see a test of 63419 level, And SUP 3 RES 3
resistance is now likely to be seen at 73542, a move above could see prices testing 76955. 60006 80310

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 OPEN
5022
HIGH
MCX CRUDE FUTURE

5075
LOW
4956
CLOSE
5003
% CNG
-0.3
VOLUME
104477
OI
15674
RE CNG
-15

INTRADAY LEVELS
Crude fell more than $1 in international where as on MCX closed near to 5000 mark, snapping three
days of gains. Saudi Aramco chief executive Khalid al-Falih said on Tuesday key producer Saudi
P.P. 5011
Arabia was not comfortable with current oil prices. "We are not comfortable with oil prices where
they are today...I am concerned about the impact it could have on the global economy," Falih told SUP 1 RES 1
an industry gathering in Seoul. Crude futures look to trade weak as investors were uncertain 4948 5067
whether the U.S. Federal Reserve would signal a change in its easy monetary policy after a two-day SUP 2 RES 2
meeting of policymakers that concludes on Wednesday. The United States is considering sanctions
4892 5130
against Syrian government officials to increase pressure on President Basher al-Assad to end a
violent crackdown on protesters, a U. S. official said on Monday. Now crude is getting support at SUP 3 RES 3
4948 and below could see a test of 4892 level, and resistance is now likely to be seen at 5067, a 4829 5186

OPEN
432.5
MCX COPPER FUTURE

HIGH
432.5
LOW
417.65
CLOSE
421.9
% CNG
-2.62
VOLUME
80749
OI
15402
RE CNG
-11.05

INTRADAY LEVELS
Copper yesterday traded with the negative node and settled -2.62% down at 421.9 tracking
shanghai copper which closed lower on Monday, tracking losses in U.S. futures, which dropped as
P.P. 424.0
much as 1.3 percent, ahead of possibly weak economic data from the United States and Britain this
week.The LME market is still closed for the Easter break. The US Department of Commerce SUP 1 RES 1
announced on April 25th that new housing sales for March rose by 11.1% to a 300,000 annual pace, 415.5 430.4
higher that economists prediction of 280,000. Market players are now unwilling to buy or sell US SUP 2 RES 2
dollars before the interest rate meeting on Thursday, sending the US dollar index lower slightly.
409.2 438.9
Later, the S&P affirmed the credit rating cut to A-minus and negative outlook for California, further
weighing on market confidence. For today's session market is looking to take support at 415.5, a SUP 3 RES 3
break below could see a test of 409.2 and where as resistance is now likely to be seen at 430.4, a 400.7 445.2

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 OPEN
105.1
HIGH
105.2
MCX ZINC FUTURE

LOW
100.8
CLOSE
102.4
% CNG
-2.49
VOLUME
10202
OI
8813
RE CNG
-2.55

INTRADAY LEVELS
Zinc yesterday traded with the negative node and settled -2.49% down at 102.4 tracking last week's
P.P. 102.8
weakness, where zinc prices fell and stabilized at lower levels. Standard and Poor’s planned to
downgrade the US sovereign debt rating due to long-term deficits. The US dollar index rebounded to SUP 1 RES 1
75.0-75.5, pushing down LME zinc prices on Tuesday to USD 2,301/mt, but prices later rallied to 100.4 104.8
between USD 2,340-2,370/mt. In yesterday's trading session zinc has touched the low of 100.8 after SUP 2 RES 2
opening at 105.1, and finally settled at 102.4. For today's session market is looking to take support
98.4 107.2
at 100.4, a break below could see a test of 98.4 and where as resistance is now likely to be seen at
104.8, a move above could see prices testing 107.2. SUP 3 RES 3
96.0 109.2

OPEN
1205
MCX NICKEL FUTURE

HIGH
1205
LOW
1153
CLOSE
1168
% CNG
-3.24
VOLUME
24866
OI
6930
RE CNG
-37.9

INTRADAY LEVELS
Nickel yesterday traded with the negative node and settled -3.24% down at 1168 tracking prices in
the Shanghai nickel spot market fluctuated widely last week. In response to Monday’s LME price
P.P. 1176
slump, Jinchuan Group cut ex-works nickel prices to RMB 193,000/mt last Tuesday, causing spot
nickel prices to also move lower. As LME nickel prices gradually rebounded, spot prices also rallied SUP 1 RES 1
later, leading Jinchuan Group to adjust prices upward to RMB 195,000/mt on Thursday. As of last 1146 1198
Thursday, mainstream traded prices for nickel from Jinchuan Group were between RMB 196,500- SUP 2 RES 2
197,000/mt, while mainstream traded prices for nickel from Russia were RMB 195,500-196,000/mt.
1123 1228
Overall trading sentiment was relatively quiet last week, but Tuesday's spot price slump attracted
bargain hunters, causing transactions to turn brisk last Tuesday. For today's session market is SUP 3 RES 3
looking to take support at 1145.6, a break below could see a test of 1123.2 and where as resistance 1093 1250

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MCX ALUMINIUM FUTURE
OPEN
122.4
HIGH
122.4
LOW
119.5
CLOSE
120.95
% CNG
-0.95
VOLUME
2188
OI
3754
RE CNG
-1.15

INTRADAY LEVELS
Aluminium yesterday traded with the negative node and settled -0.95% down at 120.95 as the US
Commerce Department announced that new home sales in March rose by 11.1% on a monthly basis
P.P. 121.0
to an annual rate of 300,000, better than market expectations. Standard & Poor's cut California's
main debt rating to A- and put a negative outlook on its debt rating, causing investors to become SUP 1 RES 1
cautiously pessimistic. As a result, the US dollar index was mixed and finally closed at 74.098, and 119.5 122.4
NEMEX crude oil prices also fell slightly to USD 111/bbl. LME aluminum prices opened slightly lower SUP 2 RES 2
at USD 2,735/mt, and are expected to move between USD 2,700-2,750/mt in view of high crude oil
118.1 123.9
prices. In yesterday's trading session aluminium has touched the low of 119.5 after opening at
122.4, and finally settled at 120.95. For today's session market is looking to take support at 119.5, a SUP 3 RES 3
break below could see a test of 118.1 and where as resistance is now likely to be seen at 122.4, a 116.6 125.3

OPEN
MCX NAT.GAS FUTURE

196.7
HIGH
198.1
LOW
193
CLOSE
194.3
% CNG
-1.44
VOLUME
21418
OI
5058
RE CNG
-2.8

INTRADAY LEVELS
Natural gas yesterday traded with the negative node and settled -1.44% down at 194.3 as mild U.S.
weather tempered demand for the heating and power-plant fuel. Gas for prompt delivery at U.S. P.P. 195.1
hubs served by Canadian pipelines rose amid speculation that warm weather in the Northeast and SUP 1 RES 1
severe weather in producing regions could crimp short-term supplies. The number of active rigs
192.2 197.3
drilling for natural gas in the U.S. in the week ended April 15 declined for the third consecutive
week, falling to 878 from 885. In yesterday's trading session natural gas has touched the low of 193 SUP 2 RES 2
after opening at 196.7, and finally settled at 194.3. For today's session market is looking to take 190.0 200.2
support at 192.2, a break below could see a test of 190 and where as resistance is now likely to be SUP 3 RES 3
seen at 197.3, a move above could see prices testing 200.2.
187.1 202.4

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 ACTIVE SPREAD UPDATE

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

MONTH RATE JUNE AUG OCT MONTH RATE MAY JULY SEPT
JUNE 21986 281 666 MAY 70129 564 1352
AUG 22267 385 JULY 70693 788
OCT 22652 SEPT 71481
Spread between Gold JUN & AUG contracts yesterday Spread between Silver MAY & JUL contracts yesterday
ended at 281, we have seen yesterday that the gold ended at 564, we have seen yesterday that the silver
market had traded with a negative node and settled - market had traded with a negative node and settled -
0.61% down. Spread yesterday traded in the range of 273 0.93% down. Spread yesterday traded in the range of
- 643. 564 - 1050.

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

MONTH RATE MAY JUNE JULY MONTH RATE APRIL JUNE
MAY 5003 48 93 APRIL 421.9 7.65
JUNE 5051 45 JUNE 429.55
JULY 5096
Spread between crude APR & MAY contracts yesterday Spread between copper APR & JUN contracts yesterday
SPREAD MARKET

ended at 48, we have seen yesterday that the crude ended at 7.65, we have seen yesterday that the copper
market had traded with a negative node and settled - market had traded with a negative node and settled -
0.3% down. Spread yesterday traded in the range of 48 - 2.62% down. Spread yesterday traded in the range of
63. 6.75 - 7.65.

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

MONTH RATE APRIL MAY MONTH RATE APRIL MAY
APRIL 102.4 1.7 APRIL 1168 13.9
MAY 104.1 MAY 1181.9

Spread between zinc APR & MAY contracts yesterday
ended at 1.7, we have seen yesterday that the zinc
market had traded with a negative node and settled -
2.49% down. Spread yesterday traded in the range of
0.95 - 2.
Spread between nickel APR & MAY contracts yesterday
ended at 13.90, we have seen yesterday that the nickel
market had traded with a negative node and settled -
3.24% down. Spread yesterday traded in the range of
6.60 - 14.9.

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

MONTH RATE APRIL MAY MONTH RATE MAY JUNE
APRIL 194.3 4.6 MAY 1046 -82.7
MAY 198.9 JUNE 963.3

Spread between natural gas APR & MAY contracts
yesterday ended at 4.60, we have seen yesterday that the
natural gas market had traded with a negative node and
settled -1.44% down. Spread yesterday traded in the
range of 4.4 - 4.9.
Spread between menthol oil MAY & JUN contracts
yesterday ended at -82.70, we have seen yesterday that
the menthol oil market had traded with a positive node
and settled 0.33% up. Spread yesterday traded in the
range of -90.9 to -75.7.

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 DAY TIME CURRENCY DATA Forecast Previous
ECONOMICAL

6:30pm USD S&P/CS Composite-20 HPI y/y -0.032 -0.031

7:30pm USD CB Consumer Confidence 64.6 63.4
7:30pm USD Richmond Manufacturing Index 20 20
DATA

0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
Tue 0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0

High prices in the local market have made Indian cardamom uncompetitive overseas. Top rival Guatemala has
regained its market share in the Middle East, the world's biggest market for this fragrant pod. Guatemala edged out
India last year in cardamom exports to the Gulf region by selling $3 to $5 lower than Indian prices per kg. India was
a predominant supplier to the global market as Guatemalan production slumped on inclement weather in 2009-10.
India exported a record 1,975 tonne during that period. But the country has managed to ship just 865 tonne in April-
February 2010-11. "India was selling at $30 a kg while Guatemalan cardamom went at $25 to $27 per kg in the
international market," said leading exporter Nityanandan of SPG Ramaswamy Nadar & Sons . As the domestic
prices went below Rs 900 a kg, the growers held on to their stocks expecting better prices. When the supply thinned,
Indian cardamom became costly in the global market. Though the prices have rebounded to around Rs 1,000 per kg
now, good quality cardamom has become scarce. "We are cautious about shipping second-grade quality. If more
good quality cardamom was available, India could have exported at least 500 tonne more," Nityanandan said. In
NEWS YOU CAN USE

2009-10, bulk of the exports happened before the spot cardamom prices went above Rs 1,000 per kg, said PC
Punnoose, general manager of Kerala Cardamom Processing and Marketing Co-operative Society (KPMC). The
cardamom prices rose to a high of Rs 1,700 per kg before falling to Rs 1,200 early 2011.

Wheat procurement is proceeding at a snail's pace this year, courtesy an extended winter and unseasonal rains that
have delayed harvesting. The latest information from the Food Corporation of India (FCI) as shows only 44.56 lakh
tonnes (lt) of grain to have arrived in mandis during the ongoing 2011-12 rabi marketing season (April-June) against
131.24 lt during the corresponding period of 2010-11.Of the 44.56 lt, the FCI and State agencies have procured
38.38 lt. That includes 17.61 lt — out of total arrivals of 17.62 lt — from Haryana, 14.10 lt (17.48 lt) from Madhya
Pradesh, 6.02 lt (6.05 lt) from Punjab, 0.45 lt (1.15 lt) from Uttar Pradesh and 0.11 lt (1.89 lt) from Gujarat. The
unseasonal rains since Sunday have been accompanied by hailstorms in some places. In these areas, some lodging of
grain and yield losses is expected. But in 90 per cent or more area, the standing crop is yet to be harvested and
farmers will probably wait till the skies clear totally.

Indian overnight indexed swaps ( OIS )) eased marginally on Monday in the absence of a bond sale this week and as
traders unwound paid positions to book profits after the sharp rise in rates last week. The benchmark five-year swap
rate was at 8.24 percent, down two basis points from its close on Thursday. Last Wednesday, it had risen to 8.30
percent, its highest since Oct. 1, 2008. The one-year rate was at 7.79 percent, compared with its previous close of
7.80 percent when it had touched 7.81 percent, its highest since Oct. 8, 2008. India's central bank on Saturday
announced new short-term borrowing limits for the federal government, saying the maximum it can borrow under the
ways and means advances (WMA) is 300 billion rupees for April 1 to April 20 and 450 billion rupees for the April 21 to
June 30 period.

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