03 February 2012

Daily Commodity Report

Daily Metals & Energy update
Gold rose to a two-month high after Federal Reserve Chairman Ben S. Bernanke said he sees signs the U.S. economy is improving, boosting prospects for commodity demand. Gold futures for April delivery gained 0.6 percent to settle at $1,759.30 an ounce. Spot Gold is currently trading at $1757. MCX Gold April is currently at `28545, it is trading up by `41 points for the day. Comex Silver is currently trading at $34.17 whereas MCX Silver March is currently trading at `57290, it is up by `267. The SPDR Gold Trust, the worlds largest gold-backed exchange-traded fund, is holding 1,277.13 tonnes as per latest available data on their website. The Chinese government is considering funding options for the temporary European Financial Stability Facility and its permanent successor, the European Stability Mechanism, through the International Monetary Fund to help stabilize the monetary union, Wen said yesterday after meeting Merkel in Beijing. China has previously said that it needs more detail on any plan to contribute funds to the euro area. China will limit mortgage loans for home purchases by foreigners to stem overseas investment in its property market as part of efforts to cool prices.

The euro headed for a weekly decline against all of its 16 major peers as Greece and its creditors struggle to reach an agreement on a debt swap. The euro was little changed at $1.3135 from $1.3144. The euro fell against the majority of its most-traded counterparts as Greece struggles to reach an agreement with its bondholders on cutting the nations debt burden. The dollar rose as employers boosted payrolls and the jobless rate held at an almost three-year low. The Dollar Index rose less than 0.1% Oil was little changed in New York before a report forecast to show the U.S. added fewer jobs last month than in December. Brents premium to West Texas futures is set for it largest weekly gain in a month. Crude for March delivery was at $96.55 a barrel, up 18 cents. WTI Crude Oil is currently trading at $97.23 per barrel. MCX Crude Oil February is currently trading at `4757, it is trading up by `30 for the day.

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All base metals are trading on a positive note today. Important data to be released today: Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m, ISM Non-Manufacturing PMI and Factory Orders m/m.

Geojit Comtrade Ltd.

03 February 2012 TECHNICAL UPDATE

MCX GOLD APRIL ( `28545)

The above 4 hourly chart of Gold suggest that prices are trading in the range of 28200 to 28600 levels. MACD is in a sell mode. We expect prices to correct up to levels of 28200 which is the lower band of the range. Trading Call: Sell below 28500 levels with a stop loss placed above 28650 levels for targets of 28200 levels.

MCX SILVER MARCH ( `57290)

The above 4 hourly chart of Silver suggest that prices are trading in the range of 56000 to 57500 levels. MACD is in a sell mode. We expect prices to correct up to levels of 56000 which is the lower band of the range. Trading Call: Sell below 57000 levels with a stop loss placed above 57500 levels for targets of 56000 levels.

Geojit Comtrade Ltd.

03 February 2012 TECHNICAL UPDATE

MCX CRUDE OIL FEBRUARY ( `4757)

The above 4 hourly chart of Crude Oil suggest that prices have reversed after taking support at 4710 levels. Stochastic has given a positive crossover. We expect a bounce up to levels of 4845 levels. Trading Call: Buy around 4750 levels with a stop loss placed below 4700 levels for targets of 4845 levels.

MCX NATURAL GAS FEBRUARY ( `125.30)

The 4 hourly price chart of Natural Gas suggests that prices have reversed after taking support at 117 levels. RSI and stochastic has given a positive crossover. We expect prices to correct up to levels of 131. Trading Call: Buy around 125 levels with a stop loss placed below 121 levels for a target of 131 levels.

Geojit Comtrade Ltd.

03 February 2012 TECHNICAL UPDATE

MCX COPPER FEBRUARY ( `413.30)

The above 4 hourly chart of Copper suggest that prices are trading in a falling channel. MACD is in a sell mode. We expect prices to correct up to levels of 408. Trading Call: Sell around 414 levels with a stop loss placed above 418 levels for targets of 408 levels.

MCX NICKEL FEBRUARY ( `1028.80)

The above 4 hourly chart of Nickel suggest that prices have bounced after taking support at 1020 levels. MACD is in a sell mode. We expect prices to correct up to levels of 1020. Trading Call: Sell around 1032 levels with a stop loss placed above 1040 levels for targets of 1020 levels.

Geojit Comtrade Ltd.

03 February 2012 TECHNICAL UPDATE

MCX LEAD FEBRUARY ( `106.35)

The above 4 hourly chart of Lead suggest that prices have bounced after taking support at 105 levels. RSI and MACD are in a sell mode. We expect prices to correct up to levels of 105. Trading Call: Sell around 106.50 levels with a stop loss placed above 107.50 levels for targets of 105 levels.

MCX ZINC FEBRUARY ( `103.05)

The above 4 hourly chart of Lead suggest that prices have bounced after taking support at 102 levels. MACD is in a sell mode. We expect prices to correct up to levels of 102. Trading Call: Sell around 103.50 levels with a stop loss placed above 104.50 levels for targets of 102 levels.

Geojit Comtrade Ltd.

03 February 2012 TECHNICAL UPDATE

NCDEX STEEL LONG FEBRUARY ( `32550)

The above 4 hourly chart of Steel shows that prices have given a top to top falling trend line. MACD is in a buy mode. We expect prices to go up to levels of 32900. Trading Call: Buy around 32500 levels with a stop loss placed below 32200 levels for targets of 32900 levels.

ECONOMIC DATA FOR THE DAY

COUNTRY US US US US US TIME 19:00 19:00 19:00 20:30 20:30 INDICATOR Non-Farm Employment Change Unemployment Rate Average Hourly Earnings m/m ISM Non-Manufacturing PMI Factory Orders m/m SURVEY PRIOR 150K 200K 8.5% 8.5% 0.2% 0.2% 53.1 52.6 1.5% 1.8%

Geojit Comtrade Ltd.

03 February 2012

Research Department - Institutional Desk

Nitin Nachnani nitin_n@geojitcomtrade.com Contact: 022-61312127

Geojit Comtrade Ltd.

704 Dev Plaza Opp. Irla Fire Brigade, S.V. Road, Andheri West, Mumbai - 400058.

Disclaimer:

The information contained here was gathered from sources deemed reliable; however, no claim is made as to accuracy or content. This does not contain specific recommendations to buy or sell at particular prices or time, nor should any examples presented be deemed as such. There is a risk of loss in commodity trading and commodity options and you should carefully consider your financial position before making a trade. This is not, nor is it intended, to be a complete study of chart patterns or technical analysis and should not be deemed as such. Geojit Comtrade Ltd. does not guarantee that such information is accurate or complete and it should not be relied upon as such. Any opinions expressed reflect judgements at this date and are subject to change without notice. For use at the sole discretion of the investor without any liability on Geojit Comtrade Ltd.

Geojit Comtrade Ltd.