MCX MOrning Update

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					DAILY TRADING NOTE (1st Jun 2012)

Market Review & Outlook

Precious Metals

Gold opened the session on a flat note and registered an intraday low of `29005 levels
since then rallied from day’s low to an intraday high of `29198 levels and finally closed the
session at `29148 levels. `29200 - `29250 is stiff resistance for gold in the near term. A
close above the same will see the gold price heading towards `29400 – `29500 levels.

Silver traded the session on a flat note to close the session at `54110 levels. `54700 -
`54800 is stiff resistance for silver in the near term. Failed to close above the
`54800 levels will see the silver price declining to `53300 – `53000 levels.

Base Metals & Energy

Copper opened the session on a negative note and corrected to an intraday low of `418.6
levels and finally closed the session at `420.25 levels. `421 is good support for
copper in the near term. Copper has broken below from its ascending trend line
on the daily chart. Near term support for copper is placed at `417 levels below which it
will see declining further to `412 – `410 levels.

Nickel Jun contract traded the session on a positive note to close the session at `923.8
levels. 928 – 930 is stiff resistance for nickel in the near term. Failed to close above the
same will see the nickel price declining further to `910 – `900 levels.

Crude oil opened the session on a flat note and registered an intraday high of `4984 levels
but not sustained at higher levels and corrected to an intraday low of `4874 levels and
finally closed the session at `4919 levels. Near term support for crude oil is placed at
`4870 levels. a break below the `4870 levels will see the crude oil prices declining further
to `4830 – `4810 levels.




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Morning Technical Levels for Metals and Energy


Commodity     Exchange   Contract    Trend          S1         S2       LTP     R1       R2

                                           Bullions
Gold          MCX        Jun        Sideways    29036    28924        29148    29229   29310
Silver        MCX        Jul        Sideways    53798    53487        54110    54443   54777
                                         Base Metals
Copper        MCX        Jun        Sideways    418      416          420.25   423     426
Zinc          MCX        May        Up          105      105          105.9    107     107
Lead          MCX        May        Sideways    108      107          108.35   109     110
Aluminum      MCX        May        Down        111      110          111.35   112     113
Nickel        MCX        May        Down        923      918          928.4    934     939
                                           Energy
Crude oil     MCX        Jun        Down        4867     4816         4919     4977    5036
Natural Gas   MCX        Jun        Down        136      132          140.2    143     146




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