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Daily Newsletter Newsletter-Commodity 21/12/2010

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MARKET WRAP Copper up on supply, inflation worries euro slid versus the dollar Gold draws in safe-haven flows Oil falls despite freeze, Nigeria as dollar rallies Lead hit multi week high

Gold rose on Monday, overcoming weakness in the euro, after a warning from the European Central Bank on the region's finances and Moody's claim that it may cut the ratings of some Spanish banks boosted safe-haven flows. Copper rose towards record highs again on Monday as inflation expectations, robust Chinese demand and supply kinks ahead attracted fund inflows. Oil fell on Monday ahead of a January futures contract expiry and due to a stronger dollar, after failing to capitalize on support from freezing temperatures in the United States and Europe and a pipeline attack in Nigeria.

ECONOMIC CALENDAR Date

Time

Currency

Economic Data

Forecast Previous

Tue Dec 21

5:31am

GBP

GfK Consumer Confidence

-21

-21

12:30pm

EUR

GfK German Consumer Climate

5.8

5.5

3:00pm

GBP

Public Sector Net Borrowing

16.8B

9.8B

3:30pm

EUR

Italian Quarterly Unemployment Rate

8.3%

8.5%

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TECHNICAL VIEW GOLD(FEB) Trend Strategy

• Consolidate • Buy on dips

SILVER(MAR MAR) Trend Strategy

• Consolidate • Buy on dips

Resistance

• R2 -20890 • R1 -20630

Resistance

• R2 - 45750 • R1 - 45050

support

• S1 -20380 • S2 -20180

support

• S1 - 43850 • S2 - 42950

COPPER(FEB) Trend Strategy

• Bullish • Buy on dips

CRUDE(JAN)) Trend Strategy

• Consolidate • Buy on dips

Resistance

• R2 - 433 • R1 - 425

Resistance

• R2 - 4170 • R1 - 4080

support

• S1 - 414 • S2 - 405

support

• S1 - 4010 • S2 - 3930

NATURALGAS(DEC) Trend Strategy

• Consolidate • Sell on high

LEAD(DEC)) Trend Strategy

• Consolidate • Buy on dips

Resistance

•R2 - 201 •R1 - 193

Resistance

• R2 - 115.3 • R1 - 111.9

support

•S1 - 181 •S2 - 172

support

• S1 - 109.8 •S2 - 106.5

ZINC(DEC) Trend Strategy

• Consolidate • Sell on high

NICKEL(DEC) NICKEL(DEC Trend Strategy

• Consolidate • Buy on dips

Resistance

•R2 - 107.5 •R1 - 104.7

Resistance

•R2 - 1167 •R1 - 1135

support

•S1 - 102.8 •S2 - 98.5

support

•S1 - 1107 •S2 - 1074

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ALUMINIUM(DEC) Trend Strategy

• Consolidate • Buy on dips

Resistance

•R2 - 110.8 •R1 - 108.5

support

•S1 - 106.2 •S2 - 103.7

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Daily Commodity News Letter by CapitalHeight 21-12-2010