MARKET DRIVERS - COMMODITIES

Commodities • 23.07.2010 • Jyske Markets

Commodity Price Short term market drivers Technical levels Target 1M

Crude Oil (WTI), 79,05 Continue d unce rtainty about de bt situation in southe rn Europe , de mand from China and the US e conomy - Resistance: 80,00 next 82,00
1M. Julys oil marke t re ports showe d unchange d to slightly highe r e xpe ctations of de mand in 2010.
$/brl. + Support: 70,00 next 66,00 75
Active hurricane se ason: Storms at US/Me xican coast can support. Tropical storm Ale x doe s not se e m to cause proble ms +/- Momentum: 
Gold NYMEX spot 1196 Continue d unce rtainty about de bt situation in southe rn Europe + Resistance: 1.275 next 1.300
$/oz Inte re st rate hike in India contribute s to ne rvousne ss about future de mand for gold - Support: 1.170 next 1.150 1250
FED wants to ke e p rate s low for an "e xte nde d" pe riod. Focus on inflation fe ar still supports + Momentum: 
Copper LME, 3M 6987 Continue d unce rtainty about de bt situation in southe rn Europe . Also, conce rns for Chine e se re al e state marke t pe rsists - Resistance: 7.000 next 7.200
$/t LME inve ntorie s have falle n about 25% since March. ICSG re ports a marke t in de ficit in March og April + Support: 6.400 next 6.000 6.500
China still has high growth in 2nd quarte r, 11,1%, industrial production up 13,7 % y-o-y in June (le ss than e xpe cte d) +/- Momentum: 
Aluminium LME, 2035 Financing de als me ans that, e ve n if LME-inve ntorie s are at re cord highs, a smalle r part of the physical aluminium is available + Resistance: 2.070 next 2.170
3M $/t China still has high growth in 2nd quarte r, 11,1%, industrial production up 13,7 % y-o-y in June (le ss than e xpe cte d) +/- Support: 1.850 next 1.800 1.900
Continue d unce rtainty about de bt situation in southe rn Europe and de mand from China - Momentum: 
Nickel LME, 3M 20420 Still we ak de mand indicators in the OECD - but improving in re ce nt months - Resistance: 22.000 next 23.000
$/t China still has high growth in 2nd quarte r, 11,1%, industrial production up 13,7 % y-o-y in June (le ss than e xpe cte d) + Support: 17.000 next 15.750 19.000
INSG e xpe cts balance d marke t i 2010 against a surplus i 2011. + Momentum: 
Wheat CBOT 626,5 USDA (June ): Lowe r e stimate s for production in 2010/11, but US e nd stocks more or le ss unchange d +/- Resistance: 640 next 700
Dec10 USc/bu Crop conditions in the US at a ve ry high le ve l sugge st high yie lds - Support: 600 next 570 600
Worrie s on Europe an and Russian grain production. USDA adjust down production by 10 mio. in July (e x. China) + Momentum: 
Wheat MATIF 178,75 USDA (June ): Lowe r e stimate s for production in 2010/11, but US e nd stocks more or le ss unchange d +/- Resistance: 180 next 185
Nov10 €/t Worrie s on Europe an and Russian grain production. USDA adjust down production by 10 mio. in July (e x. China) + Support: 165 next 160 175
Strong compe tition from Russia for e xport marke ts; this affe cts primarily Europe an whe at - Momentum: 
Continued on next page…

Publisher: Editors: Trading desk, commodities:

Hans Chr. Haugaard Read more:
Jyske Markets Casper Andersen Charlotte Rahlf Jeppe Tokkesdal Jensen Read more commodities analyses at www.jyskemarkets.com
Commodities Analyst Analyst Søren Kræn Pedersen
Vestergade 8-16 +45 89 89 71 74 +45 89 89 71 75 Peter Peschardt Disclaimer:
DK-8600 Silkeborg candersen@jyskebank.dk crahlf@jyskebank.dk +45 87 57 82 65 Please see the last page
raavarer@jyskebank.dk
MARKET DRIVERS - COMMODITIES
Commodities • 23.07.2010 • Jyske Markets

Commodity Price Short term market drivers Technical levels Target 1M

Corn CBOT 389,0 Continue d indications of Chine e se imports support + Resistance: 400 next 415
Dec10 USc/bu Most re ce nt data from US DA sugge sts high e thanol use + Support: 375 next 350 400
Crop conditions in the US at a high le ve l sugge st high yie lds - Momentum: 
Soybeans CBOT 980,0 Imports to China hit re kord le ve l in June (up 42 % m/m og 32 % y/y) + Resistance: 1.000 next 1.050
Nov10 USc/bu China will le t its curre ncy stre ngthe n and the re by incre ase the buying powe r (commodity de mand) - Support: 950 next 900 960
S outh ame rican harve st will most like ly be quite large and re duce US e xports whe n harve ste d - Momentum: 
Rapeseed MATIF 367,8 Large e nd inve ntorie s and de clining de mand for bio die se l. - Resistance: 375 next 400
Nov10 €/t P rospe cts for a lowe r than e xpe cte d production - for e xample in China + Support: 350 next 320 380
Oil World: The acre age is e xpe cte d to fall by 6% ->a production de cline to 3.3 mio. t to 55 mio. t for the ne w harve st. + Momentum: 

Publisher: Editors: Trading desk, commodities:

Hans Chr. Haugaard Read more:
Jyske Markets Casper Andersen Charlotte Rahlf Jeppe Tokkesdal Jensen Read more commodities analyses at www.jyskemarkets.com
Commodities Analyst Analyst Søren Kræn Pedersen
Vestergade 8-16 +45 89 89 71 74 +45 89 89 71 75 Mads Hemmingsen Disclaimer:
DK-8600 Silkeborg candersen@jyskebank.dk crahlf@jyskebank.dk Peter Peschardt Please see the last page
+45 87 57 82 65
raavarer@jyskebank.dk
MARKET DRIVERS - COMMODITIES
Commodities • 23.07.2010 • Jyske Markets

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