Daily Commodity Report

							                                                                                          04 August 2011



Daily Commodity Report
                                         Daily Metals & Energy update
                             Gold futures made a record settlement on Wednesday on fears of recession, as
                             its safety appeal pulled in investors spooked by a decline for equities worldwide.
                             Gold spot is currently trading at $1663. MCX Gold October contract is currently
                             trading at `24145, it is up by `90 for the day. Silver spot is currently trading at
                             $41.71 whereas MCX Silver Sep contract is trading at `61645, it is up by `433 for
                             the day.

                             The SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, is
                             holding 1,286.30 tonnes. It increased by 5 tonnes versus the previous day's
                             recorded holdings.


                             The Bank of Japan announced additional monetary easing Thursday, while
                             keeping its policy interest-rate target range unchanged at 0 to 0.1%. The central
                             bank said its policy board voted unanimously to raise its total asset-purchase
                             program to about 50 trillion yen ($630 billion) from ¥40 trillion previously.
                             Japanese Yen rose 3% on Thursday from previous day's close of 76.97 to 79.38.



                             European Central Bank President Jean-Claude Trichet is expected to strike a
                             wait-and-see stance on future rate moves when he holds his monthly news
                             conference on Thursday, offering few clues to coming steps amid slowing growth
                             and renewed market turmoil. The ECB is expected to leave its key lending rate
                             unchanged at 1.5% following July’s quarter-point increase. The Bank of England
                             is widely expected to leave its key lending rate unchanged at a record low 0.5%
                             when its Monetary Policy Committee ends its meeting Thursday.



                             All Base Metals in MCX are trading flat for the day.


                             Crude-oil futures dropped Wednesday to their lowest in a little more than five
                             weeks as a weekly supplies report showed an increase and recent weak
                             economic data fed concerns over prospects for oil demand. Crude for Sep
                             delivery declined $1.86, to $91.93 a barrel on the NYMEX yesterday. MCX Crude
                             Oil Aug contract is currently trading at `4093, it is trading flat for the day.
 Geojit Comtrade Ltd.
      704, Dev Plaza,
   Opp. Irla Fire Brigade,   Major economic data to be released today: ECB announces interest rates, US
  S.V. Road, Andheri West,   Jobless claims and EIA Natural Gas Storage data.
     Mumbai - 400058.




                                                                                            Geojit Comtrade Ltd.
                                                                                              04 August 2011


                                            TECHNICAL UPDATE
MCX GOLD OCTOBER ( ` 24103 )




The above 4hourly chart of Gold shows that it is forming a bullish flag pattern. A clear breakout will be seen above
24250 levels. The macd indicator is also trading in strong buy mode. We expect prices to head higher for targets of
24500 levels in short term.
Trading Call: Buy only above 24250 levels with a stop loss placed below 24100 levels for targets of 24450 /
24500 levels. (short term)


MCX SILVER SEPTEMBER ( ` 61423 )




The 4 hourly price chart suggests that prices have witnessed a breakout from a trading range of 58000-60800
levels. The MACD indicator has also triggered buy signal to support the short term up move. E expect prices to head
higher to test 63500 levels in the short term.
Trading Call: Buy above 61850 levels with a stop loss placed below 61000 levels for targets of 63000 levels.




                                                                                                Geojit Comtrade Ltd.
                                                                                                04 August 2011


                                             TECHNICAL UPDATE
MCX CRUDE OIL AUGUST ( ` 4096 )




The 4 hourly price chart of Crude Oil suggests that prices have witnessed a strong breakdown below the crucial
support of 4110 levels. We now expect prices to see further downsides to test 3900 levels in the short and medium
term.
Trading Call: Sell in the range of 4100-4120 levels with a stop loss placed above 4175 levels for targets of
4000 / 3950 levels. (short term)


MCX NATURAL GAS AUGUST ( ` 182.90 )




The 4 hourly price chart of Natural Gas suggests that prices are trading below the support of 184 levels. However,
prices are witnessing positive divergence on the oscillator chart. E expect a short term bounce from current levels to
test the falling short term moving average placed at 186 levels.
Trading Call: Likely to trade in the range of 180-186 levels in short term.




                                                                                                  Geojit Comtrade Ltd.
                                                                                                04 August 2011


                                             TECHNICAL UPDATE
MCX COPPER AUGUST ( ` 426.65 )




The 4 hourly price chart continue to show further declines post the breakdown from a head and shoulder pattern.
The potential price pattern target is placed at 422 levels. We expect further decline in prices from current levels to
test 422 levels.
Trading Call: Sell on rise to 427-428 levels with a stop loss placed above 432 levels for targets of 422 / 420
levels.


MCX NICKEL AUGUST ( ` 1063 )




The above 4 hourly chart of Nickel shows that prices have triggered a strong breakdown below the support of the
rising channel. The MACD oscillator has also triggered sell signal. We now expect major breakdown below 1060
levels for targets of 1033 levels.
Trading Call: Sell below 1060 levels with a stop loss placed above 1075 levels for targets of 1035 levels.




                                                                                                  Geojit Comtrade Ltd.
                                                                                                 04 August 2011


                                             TECHNICAL UPDATE
MCX LEAD AUGUST ( ` 112.60 )




The 4 hourly price chart of Lead shows that it continues to see strong downfall and this decline is likely to halt only
on test of support placed at 110 levels. The short term moving average is also in falling mode. We expect the
declines to continue for short term.
Trading Call: Sell on rise to 113.50 levels with a stop loss placed above 115 levels for targets of 111 / 110
levels.


MCX ZINC AUGUST ( ` 106.15 )




The 4 hourly price chart of Zinc shows that it has triggered a breakdown below 108 levels. The MACD is in strong
sell mode below the trigger line. We expect further declines to test the support placed at 103.50 levels.


Trading Call: Sell on rise to 106.50-107 levels with a stop loss placed above 108.25 levels for targets of 104 /
103.50 levels.



                                                                                                   Geojit Comtrade Ltd.
                                                                                              04 August 2011


                                           TECHNICAL UPDATE
NCDEX STEEL LONG AUGUST ( ` 30290 )




The daily prices are t crucial support of the short term rising trend line placed at 30300 levels. A sustained move
below 30100 levels will see further bearish move for a decline to test 29700 levels.


Trading Call: Sell below 30100 levels with a stop loss placed above 30400 levels for targets of 29700 levels.



                                    ECONOMIC DATA FOR THE DAY
COUNTRY       TIME     INDICATOR                                                             SURVEY       PRIOR
  US          18:00    Unemployment Claims                                                    404k         398k
  US          20:00    EIA Natural Gas Storage Change                                          39B         43B




                                                                                               Geojit Comtrade Ltd.
                                                                                           04 August 2011



Research Department - Institutional Desk                Geojit Comtrade Ltd.
Sumit Verma                                             704 Dev Plaza
sumit@geojitcomtrade.com                                Opp. Irla Fire Brigade,
Contact: 919987476959                                   S.V. Road, Andheri West,
          022-61312127                                  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.