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Daily Newsletter Newsletter-Commodity 19/01/2011

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MARKET WRAP Copper rose on Tuesday as the dollar fell Gold draws strength from dollar decline The dollar extended losses against the euro Oil slips on reports of higher OPEC output Nickel hits multi week high

Copper rose on Tuesday as the dollar fell and European equities surged to a 28-month high on signs of improving economic growth and better prospects for industrial metals demand. Gold rose on Tuesday for a second day, drawing strength from the dollar's decline against the euro as well as from Asian consumption and a degree of uncertainty over Europe's debt crisis. Oil slipped on Tuesday after the International Energy Agency (IEA) said OPEC members had been quietly raising output while the oil producing group insisted the market was already amply supplied.

ECONOMIC CALENDAR Date

Time

Currency

Economic Data

Forecast Previous

Wed Jan 19

3:00pm

GBP

Claimant Count Change

-0.3K

-1.2K

3:00pm

GBP

Average Earnings Index 3m/y

2.2%

2.2%

3:00pm

GBP

Unemployment Rate

7.9%

7.9%

3:30pm

GBP

CB Leading Index m/m

7:00pm

USD

Building Permits

0.56M

0.54M

7:00pm

USD

Housing Starts

0.55M

0.56M

10:30pm

GBP

MPC Member Posen Speaks

0.4%

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TECHNICAL VIEW GOLD(FEB) Trend Strategy

• Consolidate • Sell on high

SILVER(MAR MAR) Trend Strategy

• Consolidate • Sell on high

Resistance

• R2 -20650 • R1 -20440

Resistance

• R2 - 45500 • R1 - 44850

support

• S1 -20250 • S2 -20030

support

• S1 - 43850 • S2 - 43150

COPPER(FEB) Trend Strategy

• Consolidate • Buy on dips

CRUDE(FEB)) Trend Strategy

• Consolidate • Buy on dips

Resistance

• R2 - 459 • R1 - 451

Resistance

• R2 - 4330 • R1 - 4270

support

• S1 - 439 • S2 - 431

support

• S1 - 4180 • S2 - 4110

NATURALGAS(JAN) Trend Strategy

• Consolidate • Sell on high

LEAD(JAN) Trend Strategy

• Consolidate • Buy on dips

Resistance

•R2 - 215 •R1 - 207

Resistance

• R2 - 125.5 • R1 - 122.8

support

•S1 - 201 •S2 - 193

support

• S1 - 118.9 •S2 - 115.5

ZINC(JAN) Trend Strategy

• Consolidate • Buy on dips

NICKEL(JAN) NICKEL(JAN Trend Strategy

• Consolidate • Buy on dips

Resistance

•R2 - 114.5 •R1 - 112.4

Resistance

•R2 - 1235 •R1 - 1205

support

•S1 - 109.3 •S2 - 107.5

support

•S1 - 1167 •S2 - 1139

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ALUMINIUM(JAN) Trend Strategy

• Consolidate • Buy on dips

Resistance

•R2 - 115.5 •R1 - 112.3

support

•S1 - 110.3 •S2 - 108.7

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