DAILY COMMODITY OUTLOOK

21 Sep, 11

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MCX ZINC SEP. CONTRACT OPEN `100.70

HIGH

`101.25

LOW

`99.30

CLOSE

`99.45

MCX Zinc Sep Contract Technical Outlook & Trading Strategy The price of Zinc made a bearish double top pattern at the key resistance placed around the 200 DMA during the past week. The selling pressure witnessed during the previous session of trade has now led to a breakdown below the important support levels placed at the `99.70 levels. Sustenance below this key support will see the price of zinc fall towards the implied targets of `97 and/or `94.90 levels in the near term time frame. Some of the other technical factors that add strength to the bearish price action above are that the fall witnessed over the past few sessions have been on the back of strong surge in volume and the MACD indicator has given a fresh sell signal.

We recommend traders to sell between `100--`99 levels with a stop loss placed above `101.15 levels for immediate downside targets of `97.75 / `96.50 levels expected to be achieved in 2-3 sessions.

DAILY COMMODITY OUTLOOK

COMMODITIES TO WATCH

21 Sep, 11

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NCDEX Soya Oil Ref Oct CMP`653.65

Technical Outlook & Trading Strategy:-

We reiterate our bullish bias on the price of Soya Oil Ref. The price of soya oil has taken good support around its key moving average clusters placed between the `650-`648.50 levels. Moreover, the price of soya oil has formed a two bar bullish reversal candlestick pattern on its daily charts at these key support levels. Thus, we recommend traders to buy between `654.25--`652 levels with a stop loss placed below `647.85 levels for upside targets of `657 / `661 levels.

INVENTORY DATA

LME Warehouse Stocks (Inventory) and Volume

20 Sep 2011 METALS

Inventory MT 4,599,350 133,060 151,560 466,925 345,425 98,046 21,020 834,875 +/19,875 180 400 -2,200 15,250 -36 5 -1,475

Volume MT 9,295,525 54,040 150,120 4,599,900 856,650 173,532 28,160 2,197,575 +/5,849,675 -39,380 31,140 1,843,175 170,000 51,762 7,375 859,850

Aluminum Al Alloy NASAAC Copper Lead Nickel Tin Zinc

KEY SUPPORT RESISTANCE LEVELS

Commodity NCDEX Chana NCDEX Pepper NCDEX Soya Oil NCDEX Jeera NCDEX Guarseed MCX Copper MCX Nickel MCX Silver Support 1 3637 36135 649 15742 4577 395 1004 63496 Support 2 3615 35575 644 15620 4471 392 995 62616 Resistance 1 3676 37035 657 15968 4747 405 1025 64988 Resistance - 2 3693 37375 660 16072 4811 411 1037 65600

DAILY COMMODITY OUTLOOK

MCX Gold MCX Crude 27713 4130 27387 4090 28232 4210 28425 4250

21 Sep, 11

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