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Daily Newsletter Newsletter-Commodity 30/12/2010

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MARKET WRAP Copper hits record on 2011 demand view Zinc, lead, aluminium track copper to six-week tops Gold edges above $1,400/oz Oil steadies around $91 Spot silver at three-week highs

Oil steadied near a two-year high around $91 a barrel on Wednesday ahead of U.S. inventory data expected to show a drawdown in crude and distillate stocks in the world's largest oil user. copper hit a record high on Wednesday, playing catch up with U.S. prices on prospects of recovering 2011 demand, while a rate rise in top consumer China at the weekend failed to quell the metal's record run. Gold notched up a second straight day of increases to near two-week highs on Wednesday, closing in on a tenth consecutive yearly gain as doubt reemerged over the U.S. economic outlook and weakened the dollar.

ECONOMIC CALENDAR Date

Time

Currency

Economic Data

Forecast Previous

Thu 7:00pm Dec 30 8:15pm

USD

Unemployment Claims

416K

420K

USD

Chicago PMI

61.2

62.5

8:30pm

USD

Pending Home Sales m/m

1.8%

10.4%

9:00pm

USD

Natural Gas Storage

-171B

-184B

9:30pm

USD

Crude Oil Inventories

-2.8M

-5.3M

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TECHNICAL VIEW GOLD(FEB) Trend Strategy

• Consolidate • Buy on dips

SILVER(MAR MAR) Trend Strategy

• Bullish • Buy on dips

Resistance

• R2 -21080 • R1 -20890

Resistance

• R2 - 47300 • R1 - 46550

support

• S1 -20650 • S2 -20430

support

• S1 - 45650 • S2 - 44850

COPPER(FEB) Trend Strategy

• Bullish • Buy on dips

CRUDE(JAN)) Trend Strategy

• Bullish • Buy on dips

Resistance

• R2 - 442 • R1 - 433

Resistance

• R2 - 4250 • R1 - 4170

support

• S1 - 423 • S2 - 414

support

• S1 - 4090 • S2 - 4010

NATURALGAS(JAN) Trend Strategy

• Consolidate • Sell on high

LEAD(DEC)) Trend Strategy

• Consolidate • Buy on dips

Resistance

•R2 - 205 •R1 - 198

Resistance

• R2 - 117.3 • R1 - 114.9

support

•S1 - 189 •S2 - 181

support

• S1 - 111.5 •S2 - 108.5

ZINC(DEC) Trend Strategy

• Consolidate • Buy on dips

NICKEL(DEC) NICKEL(DEC Trend Strategy

• Consolidate • Sell on high

Resistance

•R2 - 110.5 •R1 - 108.3

Resistance

•R2 - 1118 •R1 - 1097

support

•S1 - 105.8 •S2 - 102.5

support

•S1 - 1068 •S2 - 1045

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ALUMINIUM(DEC) Trend Strategy

• Consolidate • Buy on dips

Resistance

•R2 - 113.8 •R1 - 110.9

support

•S1 - 108.9 •S2 - 106.7

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