Global Research Limited

COMMODITY
Market

Week : May 23rd to 27th’ 2011

REPORT
WEEKLY
Analyst Speak
Precious Metals Regains
as Greece Downgrade

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 Week : May 16th to 20th’ 2011 Week : May 16th to 20th’ 2011

Economic Data Fundamental Market Overview

Date Time Currency Economic Data Forecast Previous Market GOLD JUMPS 1.5 PCT ON EURO ZONE DEBT FEARS
watch
Friday, its biggest daily gain in two weeks, on safe-haven buying as the Federal Reserve's bond-buying program. Managed money sharply
Tue 5:55pm USD FOMC Member Duke Speaks 17 16 investors fretted about euro zone debt after Fitch cut Greece's credit scaled back their bullish bets in COMEX gold futures and options to the
May 24 ratings. Bullion fell early in the session before turning higher after Fitch lowest level since March as prices fell sharply, U.S. regulator data
7:20pm USD FOMC Member Plosser Speaks downgraded Greece's rating and as the International Monetary Fund showed. Investor sentiment took a toll on Monday when billionaire
urged Europe to agree to more comprehensive measures to tackle the financier George Soros dumped almost his entire $800 million stake in
7:30pm debt crisis. The euro fell against the dollar on caution before upcoming bullion in the first quarter, well before a commodities slump blamed
USD New Home Sales 308K 300K
Spanish elections this weekend and the uncertain Greek debt situation. partly on reports he was liquidating his holdings, regulatory filings
Crude oil and commodities reversed early losses as the dollar pared showed.
7:30pm USD Richmond Manufacturing Index 10 10 gains, and the euro zone worries boosted gold and silver. Spot gold
rose 1.5 percent to $1,514.49. U.S. June gold futures settled up $16.50
at $1,508.90 an ounce, after trading between $1,486.40 and $1,515.80,
which marked a one-week high. Gold is up 1.5 percent for the week.
The metal is still 4 percent lower after rallying to a lifetime high near
Wed 6:00pm USD Core Durable Goods Orders m/m 0.7% 2.3% $1,575 an ounce in early May. Silver was up 0.6 percent at $35.16, but
May 25 remained down 30 percent from the record $49.51 hit on April 28.
6:00pm USD Durable Goods Orders m/m -1.8% 4.1% Bullion has dropped three out of the last four sessions on weak U.S.
housing and manufacturing data and uncertainty about the end of the
7:30pm USD OFHEO HPI m/m -0.7% -1.6%

8:00pm USD Crude Oil Inventories 0.0M

Market NYMEX-CRUDE UP AS JUNE EXPIRES, CLOSES WEEK OFF A BIT
11:00pm USD FOMC Member Kocherlakota Speaks watch
U.S. crude futures ended higher on Friday as a flurry of short-covering FUNDAMENTALS
caused prices to rebound midday from early lows after news that al On the New York Mercantile Exchange, crude for June delivery expired
Qaeda had plotted last year to hijack or sink oil tankers to prompt. The al and settled at $99.49 a barrel, gaining $1.05, or 1.07 percent, after
Thu Tentative USD Treasury Currency Report Qaeda's aim was to cause a rise in prices and trigger an economic crisis trading from $95.99 to $99.89. For the week, front-month crude fell 16
May 26 cents, from the $99.65 settlement on May 13. NYMEX July crude
in the West, U.S. officials said, citing intelligence gathered from Osama
6:00pm USD Prelim GDP q/q 2.2% 1.8% bin Laden's compound in Pakistan. The officials added, however, that settled up $1.17, or 1.18 percent at $100.10, trading from $96.35 to
there was no indication of any specific or imminent terrorist attack being $100.42.
6:00pm USD Unemployment Claims 412K 409K plotted. Before the midday bounce, prices had fallen more than $2 a
UPCOMING DATA/EVENTS
barrel, pressured by the strength of the dollar and on liquidations ahead
of the expiration of front-month June contract at the close. Some U.S, Energy Information Administration's weekly petroleum inventories
6:00pm USD Prelim GDP Price Index q/q 1.9% 1.9% analysts said the day's erratic price swings were probably due to the data, 10:30 a.m. EDT (1430 GMT), Wednesday.
illiquidity of the June contract and on technical pressures.
8:00pm USD Natural Gas Storage 92B

Market COPPER FINISHES UP AS INVESTORS EYE CHINA DEMAND

Fri 6:00pm USD Core PCE Price Index m/m 0.2% 0.1% watch
May 27 Copper closed the trading week on a stronger footing on Friday, further downside pressure.
6:00pm USD Personal Spending m/m 0.5% 0.6% touching its highest in more than two weeks as evidence of
strengthening Chinese demand gave values a firm boost. The bullish Large copper smelters in China settled second-half treatment and
momentum, led by another large withdrawal in Shanghai inventories refining charges with global miner BHP Billiton at almost double the
6:00pm USD Personal Income m/m 0.4% 0.4% levels seen in 2010, a move likely to boost spot concentrate rates and
and signs of increased buying in Asian markets, helped copper snap a
three-week losing streak but failed to break prices out of their recent metal output in China.
7:25pm USD Revised UoM Consumer Sentiment 72.5 72.5 ranges. London Metal Exchange (LME) three-month copper regained At LME warehouses, copper stocks fell 775 tonnes to 466,250 tonnes.
the $9,000-per-tonne level, ending up $121 at $9,071 a tonne. In New Despite the drop, inventories stand within 1 percent of 10-month highs
7:25pm USD Revised UoM Inflation Expectations 4.4% York, the COMEX July contract climbed 6.90 cents, or 1.7 percent, to and are up nearly one quarter this year.
settle at $4.1215 per lb. Volumes remained light. About 36,000 lots
traded in New York, about a third below the 30-day norm, The day
7:30pm USD Pending Home Sales m/m -0.9% 5.1% began with overnight data showing copper inventories in warehouses
monitored by the Shanghai Futures Exchange fell 14.6 percent from
last Friday. China is the world's largest consumer of industrial metals,
accounting for nearly 40 percent of global demand estimated at 21
million tonnes this year. However, copper's recovery is still in doubt as
patchy U.S. data, a debt crisis in the euro zone and persistent concerns
about global economic growth mean commodities will likely run into

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 Week : May 16th to 20th’ 2011 Week : May 16th to 20th’ 2011

GOLD SILVER

Weekly Chart

Weekly Chart
Expert Expert
Observation Observation

MARKET OVERVIEW WEEKLY PIVOTS MARKET OVERVIEW WEEKLY PIVOTS

COMEX Gold is in an upward phase. Last week Script Levels COMEX Silver is technically weak on charts. Last Script Levels
COMEX Gold sustain above 1500$ and made a R3 1588 week COMEX Silver neither sustain on higher level R3 4017
close above it. In the coming week 1460$ will act as R2 1543 nor at lower level. For the upcoming week 3200$ R2 3738
a major support in COMEX Gold, if COMEX Gold R1 1526 and 3000$ are the crucial supports and 4000$ and R1 3623
sustains above 1515 $ an ounce then above 1528 $ PP 1498 4250 $ are crucial resistance in COMEX Silver. In PP 3459
an ounce it can touch the level of 1542$ an ounce S1 1481 MCX Silver 61000 and 64000 will act as major S1 3344
and if COMEX Gold sustains below 1460$ then it S2 1453 resistance and 49000 and 46000 will act as major S2 3180
can slightly correct and test the level of 1440$ an S3 1409 supports. S3 2901
ounce.

STRATEGY STRATEGY
For the next week traders can use buy on lower level strategy if COMEX Gold sustains above 1515 $ an ounce, then Technically COMEX Silver is weak on charts, For the next week traders can use buy on lower level strategy if Silver
above 1528$ it can test the level of 1542 $ an ounce and above 1550$ it can further move upward. Trade by keeping sustains above the level of 3400$ an ounce, then above 3700$ an ounce it can further go upward and can test the level
the strict stop losses. of 3850$ an ounce. Trade by keeping the proper stop losses.
Major support for COMEX Gold in the coming week is 1450$ and 1410$.
Major resistance for COMEX Gold in the coming week is 1580$ and 1625$
Major support in MCX Gold is 21600 and 21200
Major resistance in MCX Gold is 22450 and 22850

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 Week : May 16th to 20th’ 2011 Week : May 16th to 20th’ 2011

CRUDE COPPER

Weekly Chart

Weekly Chart
Expert Expert
Observation Observation

MARKET OVERVIEW WEEKLY PIVOTS MARKET OVERVIEW WEEKLY PIVOTS

NYMEX Crude is in upward phase. Last week Script Levels Copper is in a consolidation phase and traders Script Levels
Crude oil neither sustain on higher level nor at R3 110 should use the strategy of buy on lower levels. Last R3 447.60
lower level. For the coming week 94$ and 88$ will R2 104 week COMEX Copper was up for most part of week R2 427.40
act as major supports and 106.50 $ and 109.50$ a R1 102 and closed near to its week high. If next week R1 419.80
barrel will be a major resistance in NYMEX Crude. PP 98 COMEX Copper sustains above the level of 400 PP 407.20
In MCX Crude Oil major resistance is found at 4600 S1 96 then above the level of 415 Copper can test the S1 399.60
and 4750 and major supports will be 4300 and S2 92 level of 421. In MCX Copper above 415 Copper can S2 387.00
4100. S3 86 test the level of 420 if it does not break the level of S3 366.80
403 on the downside.

STRATEGY STRATEGY
For the next week traders can use buy on lower level strategy, if NYMEX Crude sustains above the level of 94 $ a For the upcoming week 435 and 437 will act as major resistance and 400 and 380 will act as major supports in COMEX
barrel then above 102.5$ it can slightly come up and touch the level of 105 $ a barrel and in MCX above 4600 Crude oil Copper. For MCX Copper major resistance would be 425 and 437 and supports would be found at 400 and 380.
can touch the level of 4700 if it sustains above 4300. Trade by keeping the proper stop loss.

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 Week : May 16th to 20th’ 2011 Week : May 16th to 20th’ 2011

NATURAL GAS USD / INR

Weekly Chart

Weekly Chart
Expert Expert
Observation Observation

MARKET OVERVIEW WEEKLY PIVOTS MARKET OVERVIEW WEEKLY PIVOTS

Natural Gas is in a consolidation phase and traders Script Levels USD/INR is consolidating on charts so traders can Script Levels
should use the strategy of selling on higher levels. R3 4.739 use the strategy of buying on lower levels. If next R3 45.7770
Last week Natural Gas was down for most part of R2 4.477 week USD/INR sustains above the level of 44.4000 R2 45.3670
the week but on the last day it bounced back. If next R1 4.354 then above the level of 45.0500 USD/INR can test R1 45.1530
week Natural Gas sustains above the level of 4.300 PP 4.215 the level of 45.2500 and below 43.8000 USD/INR PP 44.9570
$ then above the level of 4.350$ Natural Gas can S1 4.092 can slightly go down and test the level of 43.6000. S1 44.7430
test the level of 4.450 $ and below 4.050 $ Natural S2 3.953 S2 44.5470
Gas can slightly go down and test the level of 3.900 S3 3.691 S3 44.1370
$. In MCX, if Natural Gas sustains above 192 in the
coming week then it can test the level of 200, if it STRATEGY
does not break the level of 183 on the downside. For the upcoming week 43.8000 and 43.5000 will act as major supports and 45.4000 and 46.0000 will act as major
resistance in USD/INR.
STRATEGY
For the upcoming week 4.050$ and 3.650 $ will act as major supports and 4.880$ and 5.200$ will act as major
resistance in US Natural Gas. For MCX Natural Gas major resistance would be 210 and 220, supports would be found
at 183 and 172.

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 Week : May 16th to 20th’ 2011 Week : May 16th to 20th’ 2011

Weekly Market Update

Commodity Watch

Weekly
Symbol Exchange Expiry Commodity Previous Open High Qty. Open TurnOver *
Price Unit Low Close Net
Date Name Close Traded Interest (Rs. in Lakhs)

GOLD MCX 4-JUN -11 Jeera RS/QUINTAL 21961 21952 22214 21715 22167 152816 206 9954 3313746.73

SILVER MCX 5-JUL -11 Pepper RS/QUINTAL 53716 53807 54270 50750 53278 410031 -438 13759 6470773.47

COPPER MCX 30-JUN-11 Turmeric RS/QUINTAL 401.6 400.9 414.5 395.95 411.1 494387 9.5 19717 1996743.58

CRUDE OIL MCX 20-JUN-11 Guarseed RS/QUINTAL 4519 4496 4588 4350 4506 349858 -13 11005 1554904.06

NATURAL GAS MCX 27-JUN-11 Guargum RS/QUINTAL 195.9 196.1 200.2 188.3 195.1 9169 -0.8 1787 21149.80

LEAD MCX 31-MAY -11 Chana RS/QUINTAL 103.9 104.1 113.8 102.55 113.05 82114 9.15 3262 441996.19

ZINC MCX 31-MAY -11 Soybean RS/QUINTAL 97.8 97.4 98.7 94.4 97.1 86372 -0.7 7490 415886.70

NICKEL MCX 31-MAY -11 Soy Oil Refined RS/10KGS 1108 1102.2 1124.4 1045.7 1065.1 233127 -42.9 9641 631974.53

ALUMINUM MCX 31-MAY -11 Rape Mustard Seed RS/20KGS 116.15 115.6 116.25 111.5 112.75 22026 -3.4 2740 124456.90

* Turnover Till Friday

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 Week : May 16th to 20th’ 2011 Week : May 16th to 20th’ 2011

Weekly Market Update

Commodity Watch
International Market Weekly Pivots
Commodity Closing Price % Change Scripts R3 R2 R1 PP S1 S2 S3

GOLD 1508.9 1.02 GOLD 23030.00 22531.00 22349.00 22032.00 21850.00 21533.00 21034.00

SILVER 3508.7 0.21 SILVER 59806.00 56286.00 54782.00 52766.00 51262.00 49246.00 45726.00

COPPER 412.15 3.46 COPPER 444.28 425.73 418.42 407.18 399.87 418.97 370.08

CRUDE OIL 100.1 0.45 CRUDE OIL 4957.33 4719.33 4612.67 4481.33 4374.67 4243.33 4005.33

NATURAL GAS 4.23 -0.38 NATURAL GAS 218.33 206.43 200.77 194.53 188.87 182.63 170.73

USD/INR 44.94 0.18 LEAD 132.30 121.05 117.05 109.80 105.80 98.55 87.30

ZINC 105.33 101.03 99.07 96.73 94.77 92.43 88.13

NICKEL 1235.80 1157.10 1111.10 1078.40 1032.40 999.70 921.00

ALUMINUM 123.00 118.25 115.50 113.50 110.75 108.75 104.00

Weekly Gainers Weekly Losers Disclaimer

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% % opinion. Users have the right to choose the product/s that suits them the most.
Commodity Expiry Closing Commodity Expiry Closing
Date Price Change Date Price Change Investment in Commodity has its own risks. Sincere efforts have been made to present the right investment perspective. The information contained herein is based on
analysis and up on sources that we consider reliable. We, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information
and we are not responsible for any loss incurred based upon it & take no responsibility whatsoever for any financial profits or loss which may arise from the
LEAD 31–MAY-11 113.05 8.81 NICKEL 31 –MAY-11 1065.10 -3.87 recommendations above.

The stock price projections shown are not necessarily indicative of future price performance. The information herein, together with all estimates and forecasts, can change
COPPER 30 –JUN-11 411.10 2.37 ALUMINIUM 31 –MAY-11 112.75 -2.93 without notice.

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GOLD 04 –JUN-11 22167 0.94 SILVER 05 –JUL - 11 53278 -0.82
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