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WEEKLY
COMMODITY REPORT

Metals Tumble Under Dollar Strength!!

22nd March 2010 to 27th Mar 2010
 Weekly Commodity Report
22nd March to 27th Mar 2010
RESEARCH

ECONOMIC DATA

Date Time Currency Economic Data Forecast Previous

Tue 2:00am USD Treasury Sec Geithner Speaks

Mar 23
7:30pm USD Existing Home Sales 5.01M 5.05M

7:30pm USD HPI m/m -0.9% -1.6%

7:30pm USD Richmond Manufacturing Index 3 2

Wed 6:00pm USD Core Durable Goods Orders m/m 0.6% -1.0%
Mar 24
6:00pm USD Durable Goods Orders m/m 0.9% 2.6%

7:30pm USD New Home Sales 316K 309K

8:00pm USD Crude Oil Inventories 1.0M
8:15pm USD FOMC Member Hoenig Speaks

Thu 5:30am USD FOMC Member Kohn Speaks

Mar 25
6:00pm USD Unemployment Claims 453K 457K

6:40pm USD FOMC Member Pianalto Speaks

7:30pm USD Fed Chairman Bernanke Testifies
8:00pm USD Natural Gas Storage -11B

Fri 6:00pm USD Final GDP q/q 5.9% 5.9%

Mar 26
6:00pm USD Final GDP Price Index q/q 0.4% 0.4%
7:25pm USD Revised UoM Consumer Sentiment 73.1 72.5
7:25pm USD Revised UoM Inflation Expectations 2.8%
9:00pm USD FOMC Member Warsh Speaks

Sat 1:30am USD FOMC Member Bullard Speaks

Mar 27
3:30am USD FOMC Member Tarullo Speaks

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 Weekly Commodity Report
22nd March to 27th Mar 2010
RESEARCH

Fundamental Market Overview

Gold fell toward $1,100 an ounce on Friday, losing nearly 2 percent after an “GOLD TUMBLES
interest rate hike in top gold consumer India, and investors cashed in gains from AFTER INDIA RATE
earlier this week ahead of the weekend. Spot gold's 1.7 percent decline on Friday HIKE, ENDS WEEK
was the biggest one-day percentage loss since Feb. 4, when it had lost 4.2 FLAT”
percent. The precious metal ended the week nearly unchanged. It rose earlier in
the week despite a rising dollar, due to fiscal worries about Greece and
uncertainty about currencies. But bullion retreated on Friday as the dollar surged
against the euro on nagging worries about Greece and as India's interest rate hike
created economic uncertainty about a country whose gold consumption leads the
world.

Crude oil tumbled the most in three weeks as the dollar strengthened against the “CRUDE OIL DROPS
euro, curbing the appeal of commodities as an alternative investment. Oil MOST IN THREE
retreated 1.9 percent as speculation that Greece may fail to secure financial WEEKS AS DOLLAR
assistance from the European Union weakened the euro, which is heading for its GAINS VERSUS
biggest weekly decline against the dollar since January. Prices also dropped after EURO ”
failing to sustain a move above $83 a barrel this week. Crude oil futures are
trading flat on the MCX counter Friday as the crude prices at the NYMEX counted
dipped below $82 a barrel following mixed movement in the Asian equities. The
oil futures had surged to above $83 levels after OPEC kept its output quota
unchanged on Wednesday and since then it has been trading in a very narrow
band. Asian stock markets turned in a mixed performance Friday, fluctuating as
uncertainty over debt-laden Greece weighed on investors. The European
indecision and discord were hampering a quicker resolution to Greece's fiscal
crisis. Crude oil April contracts on NYMEX closed yesterday at $82.2 with a loss of
0.88 percent. Prices closed lower on account of a stronger dollar as concerns
mounted that Greece may not receive assistance from the European Union and
the countries leadership may turn to the IMF for funding their deficit. Producer
price index for Germany is rising which is expected to indicate inflationary
pressures and may result in the euro weakening versus the dollar. As a result prices
are expected to trade lower due to the data. The expiry of March contracts on
MCX may also result in some volatility in the market.

Copper came under pressure on Friday as the dollar rose and investors worried “COPPER BUCKLES
about demand from China, the world's largest consumer of industrial metals. UNDER DOLLAR
Copper for May delivery on the New York Mercantile Exchange's COMEX division STRENGTH, CHINA
reversed down 2.30 cents to close at $3.3725 per lb, moving from $3.3640 to WORRIES”
$3.4110. Benchmark copper on the London Metal Exchange ended at $7,435 a
tonne from $7,486 at the close on Thursday. The metal used in power and
construction is up about 20 percent since early February. The euro fell and was
headed for its worst week since January as traders fretted whether Greece will
secure euro-zone aid to tackle its debt crisis, while worries about Britain's
economy hit sterling. A major risk for industrial metals is the extent and timing of
fiscal tightening in China, which is said to account for more than 30 percent of
global copper demand -- estimated this year at above 18 million tonnes.

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 Weekly Commodity Report
22nd March to 27th Mar 2010
RESEARCH

Technical Analysis
GOLD

Weekly Pivots

SCRIPT R4 R3 R2 R1 P S1 S2 S3 S4

GOLD 1213 1180 1147 1127 1114 1094 1081 1048 1015

GOLD (Weekly Chart)

Market Overview Strategy

Comex gold still weak on charts and forming the lower tops
pattern, sustaining below the previous week high.
Still 1150$ an ounce is working as a major hurdle to change the
trend in the Comex gold. And 1079$ to 1086$ will be a major
support in the coming week.
For the next week trader can use the sell on higher level strategy.
1132$ and 1150$ are the major resistance in Comex gold.
Major support for Comex gold in the coming week would be
1079$ and 1050$
Major resistance for Comex gold in the coming week would be
1150$ and 1175$
Major support in MCX gold is 16250 and 15950
Major resistance in MCX gold is 17130 and 17650

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 Weekly Commodity Report
22nd March to 27th Mar 2010
RESEARCH

SILVER

Weekly Pivots

SCRIPT R4 R3 R2 R1 P S1 S2 S3 S4

SILVER 1910 1847 1783 1743 1720 1680 1657 1593 1530

SILVER (Weekly Chart)

Market Overview Strategy

Comex Silver is technically weak, and is not sustaining at higher For the Next Week traders can use sell on higher level strategy if
levels. $ 1780 and $ 1810 will be a major resistance in Comex it does not break the level of $1780, with strict stop loss.
Silver and $1600 and $1550 will be a good support in the coming
week. And Below $ 1550 it can make a slightly downward rally.

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 Weekly Commodity Report
22nd March to 27th Mar 2010
RESEARCH

CRUDE OIl

Weekly Pivots

SCRIPT R4 R3 R2 R1 P S1 S2 S3 S4

CRUDE 92.85 88.89 84.93 82.80 80.97 78.84 77.01 73.05 69.09

CRUDE OIL (Weekly Chart)

Market Overview Strategy

Crude is overall in a consolidation phase and is facing a strong
resistance around 83/84 levels. If Nymex crude does not sustains
above 84$ a barrel then it can make a slightly corrective rally can
come in the short term due to the interest taking by seller are
more at higher level.
For the next week traders can use the sell on higher level strategy
if Nymex crude sustains below 80$ a barrel, work with strict stop
loss.

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 Weekly Commodity Report
22nd March to 27th Mar 2010
RESEARCH

COPPER

Weekly Pivots

SCRIPT R4 R3 R2 R1 P S1 S2 S3 S4

COPPER 376.65 363.00 349.35 342.90 335.70 329.25 322.05 308.40 294.75

COPPER (Weekly Chart)

Market Overview Strategy

That MCX copper is working in a narrow range of 332 to 345
levels. Still copper is not sustaining at higher levels and falling
sharply from its previous high. Comex Copper has broken an
important trend channel on the downside, so overall trend in
copper is weak.
Traders can use sell on higher level strategy. In the upcoming week if
Comex copper sustains below 329 we can see a slight downward rally
toward the level of 320 to 316 levels.
Supports and Resistance for the coming week are:
Comex copper has resistance at 349 and 375 and Supports at 329 and
317.
MCX copper resistance is found at 354 and 370 and Supports at 323 and
313.
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 Weekly Commodity Report
22nd March to 27th Mar 2010
RESEARCH

Weekly Pivots

SCRIPTS R3 R2 R1 PP S1 S2 S3

GOLD 16878.00 16952.00 16729.00 16580.00 16357.00 16208.00 15985.00

SILVER 27305.00 27512.33 27050.67 26796.33 26334.67 26080.33 25618.67

COPPER 350.80 349.73 344.72 338.63 333.62 327.53 322.52

CRUDE 3843.00 3849.00 3769.00 3695.00 3615.00 3541.00 3461.00

NATURAL GAS 208.40 211.73 200.47 192.53 181.27 173.33 162.07

LEAD 103.75 104.62 102.33 100.92 98.63 97.22 94.93

ZINC 106.85 107.58 105.57 104.28 102.27 100.98 98.97

NICKEL 1093.80 1080.57 1053.03 1012.27 984.73 943.97 916.43

ALLUMINIUM 104.40 104.62 103.18 101.97 100.53 99.32 97.88

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 Weekly Commodity Report
22nd March to 27th Mar 2010
RESEARCH

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