Tuesday, December 09, 2014 For Private Circulation Only

MAJOR COMMODITIES

Commodity Expiry High Low Close Change

Commodity Expiry High Low Close ($) Change

Gold 5-Feb 26459 26280 26361 -279

Gold (Oz) Feb 1209.30 1187.30 1194.90 4.50

Silver 5-Mar 36913 36537 36595 -104

Silver (Oz) Mar 16.44 16.17 16.28 0.02

Crude Oil 18-Dec 4115 3913 3933 -187

Crude Oil Dec 65.55 62.78 63.05 -2.79

Natural Gas 26-Dec 235.80 224.30 225.40 -11.50

Natural Gas Dec 3.79 3.59 3.60 -0.21

Copper 27-Feb 405.20 399.55 399.75 -3.65

Copper 3M 6473.25 6398.25 6399.75 -38.75

Nickel 31-Dec 1046.70 1028.10 1033.10 -6.20

Nickel 3M 16880.00 16618.00 16689.00 -49.00

Aluminium 31-Dec 122.75 120.75 120.85 -1.55

Aluminium 3M 1985.00 1963.50 1965.25 -16.25

Lead 31-Dec 126.65 125.50 125.95 -0.25

Lead 3M 2043.00 2022.00 2033.75 3.75

Zinc 31-Dec 138.85 137.10 137.20 -1.50

Zinc 3M 2239.00 2218.00 2220.25 -16.50

News & Development

China's imports shrank unexpectedly in November while export growth slowed, fueling concerns the world's second-largest

economy could be facing a sharper slowdown and adding pressure on policymakers to ramp up stimulus measures. Exports rose 4.7

percent from a year earlier, while imports dropped 6.7 percent, the biggest drop since March, data released by the General

Administration of Customs showed on Monday.

India's current account deficit widened to $10.1 billion, or 2.1 percent of gross domestic product.

The euro zone's economy is weakening 'massively', one of the European Central Bank's policymakers warned on Monday, saying

that printing fresh money to buy state bonds could help to stop the slide.

(Source: Reuters)

Page 2

Commodity Daily

Gold

Gold jumped more than 1 percent on Monday on a brief surge of late-day technical buying as it breached the $1,200-per-ounce level long after the U.S. dollar dropped from a more than five-year high. European shares fell as data showed China's imports dropped and Japan's economy shrank more than initially reported in the third quarter on declines in business investment. The strength in the economy could draw the U.S. Federal Reserve closer to raising interest rates, lifting the dollar and in turn depressing demand for gold. Hedge funds and money managers pushed a bullish position in U.S. gold contracts to the highest level since August in the week to Dec. 2, data shows.

Outlook

We expect gold prices are likely to trade on negative note on the back of outlook on US interest rates.

Technical Outlook

Gold Strategy S2 S1 Close R1 R2

Feb Sell @ R1 26120 26300 26361 26500 26600

*Investors can use S2/R2 as Stop Loss/Target depending upon the strategy advised

Silver Silver was up 0.4 percent at $16.31 an ounce.

Outlook We expect Silver prices are likely to trade on negative note on the back of outlook on US interest rates.

Technical Outlook

Silver Strategy S2 S1 Close R1 R2

Mar Sell @ R1 35800 36300 36632 37000 37500

*Investors can use S2/R2 as Stop Loss/Target depending upon the strategy advised

Page 3

Commodity Daily

Crude Oil Oil dived 4 percent to new five-year lows on Monday, as Wall Street expectations of a deeper price slump next year and a Kuwaiti prediction for $65 crude set off one of the biggest declines this year. The chief executive of Kuwait's national oil company said oil prices were likely to remain around $65 a barrel for the next six to seven months, the latest indication that Gulf producers are content to ride out the rout. The pessimistic outlook deepened the decline in a market that many traders see as a one-way bet for the time being. Top exporter Saudi Arabia has resisted calls from poorer members to curb output and shore up prices that have slumped more than 40 percent since June. It is unclear how soon the price slump will slow the U.S. shale boom. The number of onshore rigs drilling for crude oil remains relatively high, and new U.S. projections released on Monday show production from the big three U.S. shale plays should carry on growing at over 100,000 barrels per day into January.

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

Dec Sell @ R1 3870 3900 3933 3990 4835

*Investors can use S2/R2 as Stop Loss/Target depending upon the strategy advised

Natural Gas U.S. natural gas futures dropped 5.4 percent on Monday, falling near the lowest level of the year, on forecasts for continued warmer-than-normal weather and low heating demand over the next two weeks. U.S. weather models show temperatures in the lower 48 states remaining warmer than normal over the next two weeks, with just 364 heating degree days. That was up from a forecast of 345 HDDs on Friday, but was still well below the 419 norm for this time of year, according to Thomson Reuters Analytics. With little cold weather this winter, production has reached record levels several times over the past few weeks because gas is not being trapped in frozen wells and new pipelines have entered service to move more of the fuel out of the ground.

Outlook We expect Natural gas prices to trade on negative note on the back of expectation warmer-than-normal temperatures over the next few days.

Technical Outlook

Nat Gas Strategy S2 S1 Close R1 R2

Dec Sell @ R1 220 224 225.4 229 232

*Investors can use S2/R2 as Stop Loss/Target depending upon the strategy advised

\

Page 4

Commodity Daily

LME Inventories Copper Lead Zinc Aluminium Nickel

Current Stock 164900 224475 675100 4322300 406410

Change 1425 -2300 -3825 4100 -960

% Change 0.87% -1.01% -0.56% 0.09% -0.24%

Base Metals Copper and other base metals fell on Monday after weak Chinese trade data and a warning about the European economy. China's imports shrank unexpectedly in November, while export growth slowed, fuelling concerns that the world's second-largest economy could be facing a sharper slowdown. A deluge of Chinese data over the coming week is likely to show a persistent cooling in the economy. Limiting losses, however, China's copper imports in November rose 5 percent from October to hit a seven-month high. Sentiment was also undermined by comments from a European Central Bank policymaker that the euro zone economy was experiencing a "massive weakening". Data showed hedge funds and money managers raised net short positions in copper futures and options in the week to Dec 2.

Outlook We expect base metal prices to trade on negative note on the back of persistent uncertainty over demand in top consumer China, more weak economic data in Europe and further losses in oil prices.

Technical Outlook

Dec/Feb Strategy S2 S1 Close R1 R2

Copper Sell @ R1 396 399 399.7 402 404

Nickel Sideways 1020 1028 1033 1047 1058

Alum Sell @ R1 119.5 120.5 120.8 121.5 122.7

Lead Sell @ R1 124.5 125.5 125.9 127 128

Zinc Sell @ R1 136.3 137 137.2 138 139

*Investors can use S2/R2 as Stop Loss/Target depending upon the strategy advised

Page 5

Commodity Daily

DATE TIME (IST) COUNTRY ECONOMIC DATA CONSENSUS PREVIOUS IMPACT

Tue Dec 9 3:00pm GBP Manufacturing Production m/m 0.20% 0.40% High

All Day EUR ECOFIN Meetings Medium

8:30pm GBP NIESR GDP Estimate 0.007 Medium

USD JOLTS Job Openings 4.81M 4.74M Medium

Source: Forex Factory

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 WE / OUR CLIENTS / OUR RELATIVES MAY HAVE PERSONAL TRADING / INVESTMENT INTEREST IN THE STOCKS MENTIONED HERE IN.

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