DAILY COMMODITY OUTLOOK

28 Oct, 11

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MCX COPPER NOV. CONTRACT OPEN `390.40

HIGH

`402.80

LOW

`385.70

CLOSE

`402.00

MCX COPPER NOV Contract Technical Outlook & Trading Strategy The price of copper witnessed a strong up surge from the lows of `339 levels and has been a clear outperformer in the base metals pack. This strong rally witnessed over the past few sessions of trade has helped the price register a close above the 61.8% retracement levels of the fall that was witnessed from the highs of `442.75 levels. This clearly depicts that the near term to short term trend remains up and any dips in this counter should be used by traders to take long positions. The key momentum indicators are trading in buy mode.

We recommend traders to buy on dips to `398--`395 levels with a stop loss placed below `392.40 levels for upside targets of `403.25 / `409.50 levels.

DAILY COMMODITY OUTLOOK

COMMODITIES TO WATCH

28 Oct, 11

th

MCX Lead Oct CMP`98.95

Technical Outlook & Trading Strategy:-

The price of Lead also witnessed a smart rally with other base metals. The prices have closed above its key near term and short term moving average clusters which had been acting as stiff resistance for the prices over the past few sessions of trade. The momentum indicators are also displaying positive divergence. We recommend traders to take long positions on dips between `98.5098.20 levels with a stop loss placed below `96.95 levels for upside targets of `100.50 and `101.75 levels.

INVENTORY DATA

LME Warehouse Stocks (Inventory) and Volume

27 Oct 2011 METALS

Inventory MT 4,554,450 137,340 154,460 434,675 388,375 88,128 16,590 784,875 +/-2,550 0 80 -2,750 -100 540 0 -625

Volume MT 4,366,275 41,340 94,100 4,547,700 693,600 174,372 18,055 1,624,650 +/-1,626,225 -500 22,600 -133,575 -182,800 -9,504 -11,410 -994,350

Aluminum Al Alloy NASAAC Copper Lead Nickel Tin Zinc

KEY SUPPORT RESISTANCE LEVELS

Commodity NCDEX Chana(Nov) NCDEX Pepper(Nov) NCDEX Soya Oil(Nov) NCDEX Jeera(Nov) NCDEX Guarseed(Nov) MCX Copper Support 1 3441 34207 627 14381 4254 391 Support 2 3405 33903 624 14283 4173 380 CLOSE-PRICE 3477 34510 630.05 14479 4335 402 Resistance 1 3500 34757 632 14538 4381 408 Resistance - 2 3523 35003 635 14597 4427 414

DAILY COMMODITY OUTLOOK

MCX Nickel MCX Lead MCX Silver MCX Gold MCX Crude 963 97 55744 27420 4533 950 94 53629 26991 4471 974.80 98.95 57859 27848 4595 986 100 58981 28076 4635 997 102 60103 28303 4675

28 Oct, 11

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