MCX Commodity Trend

Date	Time	Currency	Economic Data	Forecast	Previous
TUE 10TH MAY	6:00pm	USD	Import Prices m/m	1.8%	2.7%
	7:00pm	USD	FOMC Member Duke Speaks
	7:30pm	USD	IBD/TIPP Economic Optimism	41.5	40.8
	7:30pm	USD	Wholesale Inventories m/m	1.0%	1.0%

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MCX Commodity Trend

Precious metals pack came under pressure in the last week. Silver especially declined sharply by 26 percent as rise in margin requirements on the CME led to sharp selling pressure. Silver had outpaced gold in terms of price performance till the end of April, until its reversal from a high of $49.83/oz. Year-to-date gains for the white metal have slipped to 15 percent and the metal to around $35.59/oz on Friday.

Outlook

We expect gold to trade with a positive bias, taking cues from a weaker dollar. However, we do not expect sharp gains from these levels as prices have increased sharply in the rally prior to the sell-off last week.

Lead Trend

Lead was the worst performer of the week, as the metal declined around 9 percent on the LME and around 7 percent on the MCX. The metal touched a low of $2200/tonne on the LME and closed at $2287.25/tonne. On a weekly basis, lead inventories increased by 1 percent to 311,450 tonnes on the LME warehouse. On the MCX, the metal touched a low of 99.40/kg last week and closed at `105.05/kg on Friday.

Copper Review

Copper slipped below the $9,000/tonne mark on the LME in the last week. The red metal prices touched a low of $8657.50/tonne and closed its trading session at $8789/tonne. The metal LME inventories rose almost 1 percent to 467,175 tonnes last week. MCX copper May contract declined more than 4 percent last week and close at

`398.60/kg on Friday.

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MCX Commodity Trend - 06 May

MCX Bullion Trend

Gold June future on COMEX extended their losses and fell by 2.24 percent to close at $1,481.4 per troy ounce yesterday from $1,515.3 per troy ounce the prior day. Silver May futures on COMEX fell sharply by 8.0 percent to close at $36.231 per troy ounce on 5th May, 2011 from $39.383 per troy ounce the prior day. Investment demand for the Precious Metals continued to remain subdued for the fifth consecutive day and we saw redemption of 118.34 tonnes in iShares Silver trust and holdings stood at 10,268.92 tonnes yesterday while that of SPDR Gold ETF also fell down by 11.52 tonnes to 1,208.42 tonnes yesterday. Gold/Silver ratio continued to edge upwards to 41.23 and today a GAP UP was seen and it opened higher to 42.47 which showed feeble investment demand for the white metal.

Today in the evening session of the trade we have U.S. Nonfarm Payroll Change which is expected to show dismal numbers, however a more than expected rise in the figure would dent the Precious Metals Complex. WE also have the unemployment rate which will also show the health of the labor market in U.S. Today Gold prices will face resistance at $1,514.8/troy ounce and $1,548.3/ troy ounce on COMEX June futures i.e. at Rs.22,380/10gm and Rs.22,630/10gm. in MCX June contract while on the lower side Support can be seen at $1,455.2/troy ounce and $1,395.6/troy ounce i.e. at Rs.21,450/10gm and Rs.21,155/10gm. in the MCX June contract.

Silver Review

Silver prices likely to face resistance at $39.0/troy ounce and $41.8/ troy ounce level on COMEX May futures i.e. at Rs.59,812/kg and Rs.61,620/kg. in MCX July contract. While on lower side prices can take support at $33.9/troy ounce and $28.8/ troy ounce level i.e. at Rs.52,020/kg and Rs.46,665/kg. in MCX July contract.

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MCX Data for Tomorrow - 06 May

Date	Time	Currency	Economic Data	Forecast	Previous
FRI 6TH MAY	5:00pm	USD	FOMC Member Yellen Speaks
	6:00pm	USD	Non-Farm Employment Change	185K	216K
	6:00pm	USD	Unemployment Rate	8.8%	8.8%
	6:00pm	USD	Average Hourly Earnings m/m	0.2%	0.0%
	7:30pm	USD	FOMC Member Dudley Speaks

Silver Fall by 22% in 10 days

Silver slipped for sixth consecutive day after hitting record high levels, a week ago on recovery in dollar and frequent hike in margin requirements for U.S. silver futures squeezed some of the speculative demand from market.

Silver continued its downward streak for the fifth straight day by falling below the Rs 60,000-a-kg mark on Thursday due to heavy sell-off by speculators, amid a weakening global trend. On Thursday, in Mumbai spot market, silver lost Rs 3,860 to close at Rs 58,655 a kg, 22 per cent lower to its all-time high of Rs 75,020 a kg on April 25. A fortnight ago, silver in spot market was quoted at premium of Rs 1,500-2,000 a kg compared to the landed cost due to scarcity of metal in the market which has almost disappeared as metal prices have fallen sharply globally.

Gold, on the other hand did not see a sharp fall, declining 0.4 per cent to Rs 21,905 a kg in Mumbai spot market. In international market, gold was trading at $1,503 currently. Gold had touched all-time high of Rs 22,710 per 10g in Mumbai on April 30.

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Silver Current Trend

Silver May go for Up trend if it will touch 58220 Level, its a very crucial level from this side, While gold would be in strong position.

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