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					                                      I Equity I Derivative I Commodity I Debt & Forex I

Daily Headlines                                                                                      International Bullion / Energy
                                                                                                              Last        Chg.          % Chg
          Crude Oil Falls After U.S. Service-Industries Report Dims Economic
                                                                                      Gold (USD/oz) Feb      1249.90      -1.20          -0.10
                                                                                     Silver (USD/oz) Mar      19.89       -0.06          -0.32
          Gold May Climb as Dollar Near Two-Week Low Spurs Alternative
                                                                                     Crude Oil (USD/bbl)      74.27       -0.33          -0.44
          Asset Demand
                                                                                     Nat Gas (USD/MMBtu)       3.9        -0.04          -1.09
          India's Sugar Production May Increase 17% Next Year, Farm Minister
          Says                                                                                        LME Metal Prices (3 month)

Market Roundup                                                                                                Last        Chg.          % Chg
                                                                                         Aluminium            2155         142            7.1
Oil declined for a second day after service industries grew in August at the
weakest pace in seven months, signaling that the U.S. economic rebound                     Copper             7646         551            7.8
may slow.Futures dropped after the Institute for Supply Management’s index                  Lead              2162         198           10.1
of non-manufacturing business, which covers about 90 percent of the
economy, fell to 51.5 in August from 54.3 the prior month. The expansion,                  Nickel             21885       1755            8.7
reported Sept. 3, was the smallest since January. The Labor Department said                 Zinc             2160.5      189.5            9.6
the same day that companies in the U.S. added more jobs in August than
forecast.“The thing that dampened the optimistic sentiment from the                                          LME Inventory
employment report was the non-manufacturing ISM for August,” said Ben
                                                                                                              MT         Chg.           % Chg
Westmore, a minerals and energy economist at National Australia Bank Ltd.
in Melbourne. “People are still cautious, there is still a lot of uncertainty.”          Aluminum            4426825     -5375           -0.58

Gold, little changed, may gain as the dollar weakens, boosting demand for                  Copper            397675      -1800           -1.18
the metal as an alternative asset. Bullion for immediate delivery increased                 Lead             191400        -400          -0.75
as much as 0.3 percent to $1,250.15 an ounce before trading at $1,247.70 an
                                                                                           Nickel            120354        -156          1.73
ounce at 9:52 a.m. Seoul time. “Gold will continue trying to break the
record and once it breaks it, bullion will shoot up,” said Hwang Il Doo, a                  Zinc             622150        -700          0.00
senior trader at Korea Exchange Bank Futures Co. in Seoul. “Generally,
sentiment remains bullish.”The dollar traded near a two-week low versus
the euro as data suggested the economic recovery is on track in the U.S. and
Europe, curbing demand for the greenback as a refuge. The dollar traded at
$1.2873 per euro, from $1.2896 in New York last week, after earlier                                           MCX COPPER
dropping to $1.2902, the weakest since Aug. 19.

 Sugar production in India, the biggest consumer, may jump 17 percent as
rains improve yields, helping the nation meet domestic demand, Farm
Minister Sharad Pawar said. Production may rise to 22 million metric tons,
Pawar said in an interview in New York yesterday. India’s monsoon rainfall,
the main source of irrigation for the nation’s 235 million farmers, was 1
percent below normal from June 1 to Aug. 30, the Indian Meteorological
Department said. India has been a net buyer since 2008 after a drought
ravaged crops, pushing prices in New York to a 29-year high of 30.4 cents in
February. Increased production from the Asian country may weigh on prices
that have slumped 24 percent this year on bets that rising supplies may
erase a global deficit.

(Source: Bloomberg)

MCX Gold and Silver corrected form the highs and managed to in a negative
zone, still long term trend not yet be changed, every dip is an opportunity
for build fresh longs. On intraday bias base metals are witnessing to trade
near overbought conditions, expecting some profit booking.

As expected NCDEX Chana prices fell sharply from the highs after completing
the 38% Fibonacci retracement levels.2156 levels witnessing a key supports
on breach of the same we may see further decline.

    Commodity                        EXCHANGE                       BUY / SELL                      TARGET                        STOP LOSS
       Gold                             MCX                     Buy around 18960                     19070                          18920
      Copper                            MCX                     Sell around 359.30                    356                           360.50
      Chana                            NCDEX                     Sell Below 2156                      2100                           2184
                                      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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