Sushil Finance present their daily update on the commodity markets. Read about the latest commodity news, outlook and technical strategies on Gold, Silver, Crude Oil.

1. Friday, January 09, 2015 For Private Circulation Only
MAJOR COMMODITIES
Commodity Expiry High Low Close Change Commodity Expiry High Low Close ($) Change
Gold 5-Feb 27125 26760 26801 -360 Gold (Oz) Feb 1216.80 1204.20 1208.50 -2.20
Silver 5-Mar 37613 36850 36954 -808 Silver (Oz) Mar 16.67 16.31 16.39 -0.16
Crude Oil 16-Jan 3119 3035 3055 -22 Crude Oil Feb 49.65 47.73 48.79 0.14
Natural Gas 27-Jan 185.20 177.30 184.00 0.00 Natural Gas Feb 2.97 2.82 2.93 0.06
Copper 27-Feb 389.85 384.15 385.50 -3.90 Copper 3M 6189.00 6104.25 6123.75 -3.00
Nickel 30-Jan 981.00 955.10 971.30 -12.40 Nickel 3M 15590.00 15261.00 15573.00 42.00
Aluminium 30-Jan 113.95 111.35 113.85 1.20 Aluminium 3M 1835.00 1787.25 1833.75 41.75
Lead 30-Jan 117.20 115.60 115.75 -0.70 Lead 3M 1875.00 1844.75 1854.00 8.00
Zinc 30-Jan 135.60 133.55 134.70 -0.20 Zinc 3M 2171.50 2137.00 2163.00 26.00
News & Development
 Euro zone economic survey showed that consumers' inflation expectations 12 months ahead continued to fall, reaching 2.7 against
5.7 in November, well below the average since 1990 of 20.2.
 Initial claims for state unemployment benefits slipped by 4,000 to a seasonally adjusted 294,000 for the week ended Jan. 3, the US
Labor Department said on Thursday.
 The U.S. Energy Information Administration said utilities pulled 131 billion cubic feet of gas from storage last week.
(Source: Reuters)

2. Page 2
Commodity Daily
Gold
Gold fell for the second straight day on Thursday, in a choppy session
weighed down by a stronger dollar and rising stock markets after being
buoyed by expectations the Federal Reserve will be patient in raising
interest rates.
Minutes from the Federal Reserve's latest policy meeting released on
Wednesday reassured markets that the central bank was in no hurry to
raise interest rates, lifting European shares.
Among currencies, the dollar hit a 9-year high against the euro, as
investors ramped up bets the European Central Bank was getting closer
to loosening monetary policy to ward off deflation.
Analysts are awaiting the release of U.S. non-farm payrolls data for
December on Friday, a key barometer of the health of the U.S. economy.
An upbeat report is likely to support the view that the Fed will raise rates
sooner rather than later.
Outlook
We expect gold prices are likely to trade on negative note on the back of
US interest rate outlook.
Technical Outlook
Gold Strategy S2 S1 Close R1 R2
Feb Sell @ R1 26600 26700 26801 26900 27000
*Investors can use S2/R2 as Stop Loss/Target depending upon the strategy advised
Silver
Silver was down 1 percent at $16.35 an ounce.
The number of Americans filing new claims for unemployment benefits
fell last week and job cuts declined sharply in December, suggesting
the labor market is tightening.
Thursday's reports support views of faster growth this year, driven by
consumer spending, despite a faltering global economy.
Outlook
We expect Silver prices are likely to trade negative note on the back of
US interest rate outlook.
Technical Outlook
Silver Strategy S2 S1 Close R1 R2
Mar Sell @ R1 36500 36800 36954 37400 37800
*Investors can use S2/R2 as Stop Loss/Target depending upon the strategy advised

3. Page 3
Commodity Daily
Crude Oil
Global oil prices were little changed for a second straight day on
Thursday after better-than-expected U.S. jobs data helped the market
hold ground after a 10 percent loss earlier in the week.
But support for oil was likely to be short-lived as market bears continue
hunting for a bottom to the second-biggest price rout in crude's history,
traders said.
Some traders think oil prices could be at a crossroads after losing over
half their value from June highs, and that could explain benchmark
Brent's stalling at above $50 since Wednesday. Others believe the
market has just been handed a reprieve before being hammered lower.
Data on Thursday showed jobless claims in the United States fell last
week, while a separate report said U.S. employers announced a total of
483,171 job cuts in 2014. That was 5 percent fewer than in 2013 and the
smallest number since 1997.
Expectations the European Central Bank could resort to stimulus
measures after a rash of weak economic data and record crude imports
by China in December, possibly due to attractive pricing, also helped
sentiment, traders said.
But the world's largest oil traders have also started hiring supertankers
to store crude at sea, marking a milestone in the build-up of the global
glut of supplies, freight brokers and shipping sources said.
Outlook
We expect crude oil prices likely to trade on negative note on the back of
increasing supply and decreasing demand is likely to keep crude oil
prices under pressure.
Technical Outlook
Crude Oil Strategy S2 S1 Close R1 R2
Jan Sell @ R1 3000 3030 3055 3120 3160
*Investors can use S2/R2 as Stop Loss/Target depending upon the strategy advised
Natural Gas
U.S. natural gas futures gained 2 percent on Thursday after the
government reported a bigger-than-expected storage draw and on
colder-than-normal forecasts for the next two weeks.
The U.S. Energy Information Administration said utilities pulled 131
billion cubic feet of gas from storage last week.
As on Wednesday, the latest weather models for the lower 48 U.S.
states on Thursday called for colder-than-normal temperatures over
the next two weeks, with an expected 502 heating degree days.
Outlook
We expect Natural gas prices to trade on negative note on the back of
lesser cold temperature forecast over the next few days.
Technical Outlook
Nat Gas Strategy S2 S1 Close R1 R2
Jan Sell @ R1 175 180 184 186 190
*Investors can use S2/R2 as Stop Loss/Target depending upon the strategy advised

4. Page 4
Commodity Daily
LME Inventories Copper Lead Zinc Aluminium Nickel
Current Stock
179225 221975 676375 4175750 415842
Change
550 0 -4475 -8650 30
% Change
0.31% 0.00% -0.66% -0.21% 0.01%
Base Metals
Aluminium rebounded from lows on Thursday as some investors
bought back short positions to lock in profits, but more losses were
expected for copper and zinc ahead of the new year holiday in top
metals consumer China.
Copper, burdened by worries about oversupply, failed to sustain a
bounce from 4-1/2 year lows the previous day, ending in the red
again.
At its lows on Wednesday, aluminium had shed 15 percent since
late November as investors worried about smelters restarting
capacity they had shut down.
Also weighing on copper was more evidence of higher supplies as
LME inventories rose to 179,225 tonnes, bringing the increase
since last August to 27 percent.
Outlook
We expect base metal prices to trade on negative note on the back
of fears of slowdown in China.
Technical Outlook
Jan/Feb Strategy S2 S1 Close R1 R2
Copper Sell @ R1 381 384 385.5 388 391
Nickel Sell @ R1 955 965 971.3 976 989
Alum Sideways 112.5 113.5 113.8 114.2 115
Lead Sell @ R1 114 115 115.7 117 118
Zinc Sell @ R1 132.5 133.5 134.7 135.2 136.2
*Investors can use S2/R2 as Stop Loss/Target depending upon the strategy advised

5. Page 5
Commodity Daily
DATE TIME (IST) COUNTRY ECONOMIC DATA CONSENSUS PREVIOUS IMPACT
Fri, Jan 9 7:00am China CPI y/y 1.50% 1.40% High
7:00am China PPI y/y -3.10% -2.70% Medium
1:15pm EUR French Industrial Production m/m 0.40% -0.80% Medium
3:00pm UK Manufacturing Production m/m 0.40% -0.70% High
3:00pm UK Trade Balance -9.5B -9.6B Medium
7:00pm US Non-Farm Employment Change 241K 321K High
7:00pm US Unemployment Rate 5.70% 5.80% High
7:00pm US Average Hourly Earnings m/m 0.20% 0.40% Medium
8:30pm UK NIESR GDP Estimate 0.70% Medium
For Further Assistance Contact: - 022-40934000
Ashish Shah Tejas Nikhar Mohit Agarwal
AVP
ashish.shah@sushilfinance.com
Sr. Research Analyst
tejas.nikhar@sushilfinance.com
Research Analyst
mohit.agarwal@sushilfinance.com
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