Daily Commodity Market Update as on Tuesday, May 10, 2011

GOLD
ACTION ENTRY STOPLOSS TARGET 1 TARGET 2

SELL JUNE 22100 22135 21980 21920

What make market to move……

# Gold trading range is 21836-22162.

# Gold gained bouncing up on commodities-wide bargain hunting after last week's sharp sell-offs.

# Gold looks to take support at 21918 and resistance at 22081.

# Spdr gold trust holdings fell by 3.44 tonnes to 1201.95 tonnes

# Gold / Silver ratio is at 39.98. Yesterday Gold FIX $ has closed lower at : 1502

SILVER
ACTION ENTRY STOPLOSS TARGET 1 TARGET 2

VOLATILITY WILL BE THERE IN THE MARKET BUT KLOOK TO TEST SUPPORT AT 56200 LEVEL

What make market to move……

# Silver trading range is 53137-59755.

# Silver rose aided by growing concerns over Greece's debt crisis, while gold held steady.

# Silver is having resistance at 58432 and support at 55123 level.

# Holdings at ishares silver trust rose by 311 tonnes to 10564.75 tonnes

# Silver $ FIX is at : 38 & CURRENTLY SILVER $ IS TRADING AT : 37.76 & UP BY 0.16%

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 CRUDE
ACTION ENTRY STOPLOSS TARGET 1 TARGET 2

SELL MAY 4520 4580 4456 4390

What make market to move……

# Crude trading range is 4340-4676.

# Crude rose as the dollar's weakness helped oil rebound after a dramatic five-session fall

# Crude looks to test support at 4440 and resistance is seen at 4608.

# Saudi Arabia will keep crude oil supplies in June unchanged from May

# Crude $ is Trading at : 100.89$

COPPER
ACTION ENTRY STOPLOSS TARGET 1 TARGET 2

SELL JUNE 405 408.5 401.2 397.5

What make market to move……

# Copper trading range is 396.7-409.1.

# Copper settled firm buoyed by investors looking to purchase copper at reduced prices

# Copper is taking resistance at 405.60 and support is seen at 399.40.

# Copper daily stocks at Shanghai exchange came down by 75 tonnes.

# YESTERDAY LME STOCK FOR COPPER CAME Up BY 1425

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 NAT.GAS
ACTION ENTRY STOPLOSS TARGET 1 TARGET 2

SELL MAY 190 194.5 185.5 182.2

What make market to move……

# Natural Gas trading range is 181.7-196.1.

# Natural gas turned lower as market participants bet that mild weather in the coming weeks would curb demand

# Natural gas looks to test support at 184.40 and resistance is seen at 191.60.

# The number of rigs drilling for natural gas in the U.S. rose by eight last week, to 890

# NATURAL GAS $ IS TRADING AT : 4.186$

China reported an unexpectedly large April trade surplus, likely fueling U.S. pressure over currency controls and market access as
American and Chinese officials hold high-level talks in Washington. China's global trade surplus widened to $11.4 billion as import
growth fell amid government efforts to cool an overheated economy and exports rose by nearly 30 percent, data showed
Tuesday. The gap exceeded private sector forecasts of $5 billion to $10 billion and was a strong rebound after China reported a
rare trade deficit in the first quarter of this year. China's trade gap has angered Washington and other trading partners who
blame currency controls and other policies they say are hampering trade and a global recovery.

CME raises crude margins fourth time since February : Margins will climb by 25 percent as of the close of business on May 10,
boosting the cost of holding positions for hedgers and speculators, a factor some traders said helped bring oil prices down by as
much as 2 percent on Tuesday following a $5 a barrel spike a day earlier.

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