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									                                        I Equity I Derivative I Commodity I Debt & Forex I
                                     I Equity I Derivative I Commodity I Debt & Forex I

                                                                                                   International Bullion / Energy
Daily Headlines                                                                                             Last        Chg.           % Chg
                                                                                    Gold (USD/oz) Feb      1393.20       4.90           0.00
         Crude Oil Trades Near Three-Week High as U.S. Labor Data Fuels
         Optimism                                                                  Silver (USD/oz) Mar      28.62        0.21           0.01
                                                                                   Crude Oil (USD/bbl)      86.61        -0.14          -0.16
         Gold Gains as European Debt Concern, Korean Tensions Increase
         Haven Demand                                                              Nat Gas (USD/MMBtu)      4.29         0.02           0.56

         India May Cut Rubber Import Duty as Demand for Tires Soars,                                LME Metal Prices (3 month)
         Khullar Says
                                                                                                            Last         Chg.          % Chg
Market Roundup                                                                         Aluminium           2309.5        41.5            1.8
Oil traded near the highest in almost three weeks after greater-than-                    Copper             8499         213             2.6
forecast growth in U.S. private employment bolstered optimism fuel demand                 Lead              2283          58             2.6
will increase in the world’s biggest crude-consuming nation.Futures added
3.1 percent yesterday as companies in the U.S. boosted payrolls the most                 Nickel             23375        750             3.3
since November 2007, figures from ADP Employer Services showed. Prices                    Zinc             2144.5        42.5            2.0
also rose after manufacturing grew in Europe and China, the largest energy
user, and cold weather hit the northern hemisphere.“The economic news                                      LME Inventory
certainly provided some optimism,” said Jonathan Barratt, managing
                                                                                                            MT         Chg.            % Chg
director of Commodity Broking Services Pty in Sydney. “Europe, China and
the U.S. are all looking quite good. The market is also concerned about the            Aluminum            4288750       625            0.01
weather in Europe.”
                                                                                         Copper            354850        -900           -0.25
Gold gained for a fourth day, trading near the highest level in almost three              Lead             203875        -150           -0.07
weeks, on lingering military tensions on the Korean peninsula and concern
                                                                                         Nickel            131802        936            0.72
that Europe’s debt crisis may escalate.Immediate-delivery gold gained 0.3
percent to $1,391.38 an ounce at 11:57 a.m. in Tokyo after yesterday                      Zinc             631425        -400           -0.06
touching $1,397.50, the highest price since Nov. 12. Bullion has gained 27
percent this year, reaching a record $1,424.60 an ounce on Nov. 9.North
Korea, which shelled a South Korean island last month, may be planning an
attack on the mainland, the Tokyo Shimbun newspaper reported today. In
Europe, investors are shunning the highest-rated bonds after bailouts for                                   MCX Copper
Greece and Ireland failed to ease concern that the debt crisis will spread.

India, the fourth-biggest producer of natural rubber, may allow imports of as
much as 100,000 metric tons at a lower duty to meet surging demand for
tires as rising incomes boost car sales, Trade Secretary Rahul Khullar said.
The finance ministry may make a decision after the end of the current
session of parliament which runs to Dec. 13, Khullar said in an interview in
New Delhi yesterday. The trade ministry has recommended imports at a
concessional rate for a maximum of 100,000 tons and tax changes on tire
imports, he said, declining to elaborate. Rubber imports are taxed at 20
percent. Natural rubber prices in India reached a record last month on
concern that the low-output season in Southeast Asia will worsen a deficit.

(Source: Bloomberg)

Gold prices retreat from the highs and ended as a “Bearish Harami”, which is
sing for the bearish momentum on initial basis.

Continuing with yesterday’s view, MCX Copper remains uptrend. Prices are
trading well above short-term EMA’S and RSI on daily chart also trading in
positive zone.

NCDEX Pepper prices finding a strong trend-line resistance around 22060
levels on breach of the same we may see further rally on pepper prices.

    Commodity                       EXCHANGE                       BUY / SELL                     TARGET                         STOP LOSS
       Gold                            MCX                     Sell around 20710                   20585                           20765
      Copper                           MCX                      Buy around 393                      390                             400
      Pepper                          NCDEX                    Buy above 22060                     22440                           21830
                                         I Equity I Derivative I Commodity I Debt & Forex I
                                      I Equity I Derivative I Commodity I Debt & Forex I

K.N.Rahaman                  Deputy Research Head             Equities & Commodities          

Jigisha Jaini                Sr. Research Analyst             Capital Goods & Engineering     

Nisha Harchekar              Sr. Research Analyst             FMCG, Hotels, Media             
Sejal Jhunjhunwala           Sr. Research Analyst             Auto, Shipping & Metals         
Abhishek Kothari                Research Analyst              Banking, NBFC & Financial Services
Vishwa Doshi                    Research Analyst              IT, Telecom, Midcaps            
Krishna Reddy                   Research Analyst              Commodities, Economic Update    
MSR Prasad                      Research Analyst              Commodities                     

Prateek Jain                 Sr. Research Analyst             Mutual Funds & Economic update  
Ritu Gupta                      Research Analyst              Mutual Funds                    

Aditya Agarwal               Sr. Derivative Analyst           Derivative Strategist & Technicals
Amrut Deshmukh               Sr. Technical Analyst            Technical Analysis              
Arun Kumar                      Technical Analyst             Technical Analysis - Commodities          Arun.Kumar

Rupali Prabhu                   Research Assistant            Database Management             

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