COMMODITY NEWS AND TRADING LEVELS FOR 10TH APRIL 2012

COPPER (APR) – Copper prices are starting the week with a softer tone. “The poorer-than-expected U.S. jobs report on Friday, as well as higher inflation in China than expected, has put downward pressure on copper. MCX copper prices are expected to trade in a range of Rs 420-Rs 470 for the month of April, SMC India states in a report. Financial concerns from Europe, economic data from the US and the movement of the US Dollar are expected to make copper prices volatile during the month. Expected resistance and support level for today trade are as follows:

SUPPORT 1: 419.02

SUPPORT 2: 415.58

RESISTANCE 1: 428.87

RESISTANCE 2: 435.28

CRUDE OIL (APR) – MCX Crude April as seen in the weekly chart above has opened at 5405(NYME Crude oil $107.88) levels and in the mid of week we seen that prices fallen very sharply and made a low of 5294 (NYMEX Crude Oil - $104.29), but not able to sustained around the strong support level of 5250 (NYMEX Crude oil 103.80) and rallied sharply and able to closed their open level of 5405, but on NYMEX prices closed around $107.66. Expected resistance and support levels for the crude March contract with expiry date of 19 APRIL 2012 are:

SUPPORT 1: 5225

SUPPORT 2: 5160

RESISTANCE 1: 5320

RESISTANCE 2: 5350

GOLD (JUN) - The reopening of Indian jewelry shops provided a boost for gold prices, said HSBC in a commodity research note. Jewelers ended a 20-day protest against a doubling of the import tax on gold from 2% to 4% and introduction of an excise tax of 1% on unbranded gold jewelry. Resistance and support levels for the today’s session:

SUPPORT 1: 28140

SUPPORT 2: 28085

RESISTANCE 1: 28320

RESISTANCE 2: 28450

SILVER (MAY) – BNP Paribas said that silver has upside potential. “Our positive price profile for silver relies on two assumptions--a higher gold price and higher risk appetite,” as per a research note from precious-metals strategist Anne-Laure Tremblay. The bank looks for silver industrial demand to grow by around 2% to 3% in 2012, accelerating to 5% to 6% in 2013. On domestic front Silver’s Expected resistance and support levels for today trade are as follows:

SUPPORT 1: 55715

SUPPORT 2: 55230

RESISTANCE 1: 56575

RESISTANCE 2: 56950

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