DAILY FUNDAMENTAL REPORT- METALS & ENERGY
Jan 25
th
, 2012
Market Overview
Gold fell as a lower euro, due to an impasse to
restructure Greek debt, and weakness in crude oil and
equities prompted investors to take profits.
Oil prices fell on revived concerns about the euro zone's
debt problems and their potential to slow the global
economy, but tensions between Iran and the West
helped limit losses.
Base metals were largely higher LME premarket
trading, with some extending yesterday's advances and
setting fresh multi-month highs on follow-through
momentum.
KEY EVENTS
German Ifo Business Climate
GBP Prelim GDP q/q
US Pending Home Sales m/m
GLOBAL ECONOMIC UPDATE
The euro retreated from a near three-week high against the dollar
on Tuesday as a stalemate in the talks to restructure Greece's debt
raised concerns that Greece might succumb to a disorderly default.
Greece's private creditors pleaded with European officials who
rejected as insufficient their bond swap offer to hammer together a
deal that will ensure Greece secures needed bailout funds before
14.5 billion Euros of bond redemptions fall due in March.
Forex Major
INR
ICE Dollar
Index
Euro
Yen
British
Pound
% CHG
-0.030
-0.025
-0.031
0.283
-0.038
CLOSE
50.07
79.85
1.3029
77.88
1.5617
The Nikkei average climbed to a fresh three-month high on Wednesday, boosted by gains in blue-chip
exporters like Toyota Motor, while market attention turned from the stalled Greek debt talks to a Federal
Reserve meeting later in the day. Exporters recouped some of their recent losses, with automakers
extending gains from the previous session as the yen weakened slightly against the dollar and euro, while
battered electronics firms made a comeback ahead of their earnings next week.

DAILY FUNDAMENTAL REPORT- METALS & ENERGY
Jan 25
th
, 2012
BULLION
Market Watch
BULLIONS
Gold
CONTRACT
MCX Feb
COMEX Feb ($)
MCX March
COMEX March
($)
OPEN
27487
1666.5
55700
32.05
HIGH
27533
1668.9
55949
32.225
LOW
27342
1665
55235
32.03
CLOSE
27383
1667.1
55365
32.19
CHG
-127
2.6
-200
0.215
%CHG
-0.46
0.16
-0.36
0.67
OI
13264
139274
12333
51652
CHG
729
-9035
-406
-1372
%CHG
5.50
-6.5
-3.29
-2.66
Silver
Note: Data’s are as per previous sessions close.
MCX in Rs. and COMEX in $
After hitting a six-week high in the previous session, gold fell on the weaker euro. The euro was hurt
as Greece appeared to move closer to a possible chaotic default when euro zone officials rejected a final offer
from the country's private bondholders.
Some gold buyers stayed on the sidelines ahead of a U.S. Federal Reserve policy statement on Wednesday.
The central bank will for the first time offer its projections for the path of interest rates, laying out views on
when the first rate hike should occur.
Some gold investors lightened positions as the Fed, outside of words, appears unlikely to take any action to
prop up the economy, although some officials have raised the prospect that more bond purchases will be
needed.
Today’s Outlook
While below 27600, gold is likely to see a downside upto 27100/27050. Any sustained move above 27600 will take the
prices higher till 27800/27900.

DAILY FUNDAMENTAL REPORT- METALS & ENERGY
Jan 25
th
, 2012
ENERGY
Market Watch
ENERGY
Crude
CONTRACT
MCX Feb
NYMEX
March($)
MCX Jan
Natural Gas
NYMEX Feb ($)
2.642
2.6565
2.6389
2.6415
0.0145
0.549
1268
2
0.16
Note: Data’s are as per previous sessions close.
MCX in Rs. and NYMEX in
OPEN
5019
97.6
124.9
HIGH
5034
98.12
133.1
LOW
4965
97.49
124.9
CLOSE
4975
98
128.8
CHG
-45
-0.04
4.3
%CHG
-0.900
-0.040
3.340
OI
23435
305970
9722
CHG
4428
170
-5523
%CHG
18.89
0.06
-56.81
Crude oil prices were lower on the back of softer equities and a weaker euro on fresh worries over Greek
debt, Europe's policymakers are struggling to come up with a plan to prevent a Greek default, which would
harm the global economy and depress demand for energy.
Oil futures edged lower as traders reassessed the impact of the European Union's ban on Iranian crude-oil
imports.
The EU voted to slap an embargo on crude from Iran, but the sanctions have had a muted impact on the
market so far. The embargo doesn't take full effect until July 1, giving EU countries time to line up
alternate source of oil and offering Iran the opportunity to keep negotiating over its nuclear program
EIA Inventory Table:
EXPECTED
PREVIOUS
ACTUALS
CRUDE
0.9
-3.4
?
DISTILLATE
0.789
3.985
?
GASOLINE
1.656
3.61
?
UTILIZATION
NA
?
?
Today’s Outlook
Crude looks to start the day in green. It will test support at 4950/4940 and will give a pullback higher. Any fall below
4935 will dent this bullish view.

DAILY FUNDAMENTAL REPORT- METALS & ENERGY
Jan 25
th
, 2012
BASE METALS
Market Watch
BASE
METALS
Copper
CONTRACT
MCX Feb
COMEX Feb($)
LME 3 mth ($)
Lead
Nickel
Zinc
Aluminum
MCX Jan
LME 3 mth ($)
MCX Jan
LME 3 mth ($)
MCX Jan
LME 3 mth ($)
MCX Jan
LME 3 mth ($)
OPEN
420.25
3.8225
8348.5
110.55
2205.5
1017.4
20650
102.25
2038
110.55
2229
HIGH
422.8
3.8395
8370
112.15
2254
1031.8
20650
105.95
2100
111.05
2238
LOW
417.65
3.818
8282
110.5
2205.5
1011.5
20290
102.25
2038
110.1
2225
CLOSE
422.45
3.8295
8360
111.55
2254
1030.7
20420
105.75
2100
110.8
2233
CHG
1.3
0.022
-10.00
0.85
24
14.1
-130
3.45
55
0.2
-5
%CHG
0.31
0.58
-0.12
0.76
1.08
1.37
-0.63
3.26
2.69
0.18
-0.22
OI
34716
74632
458
3143
0
8966
0
4573
0
1848
0
CHG
422.45
3.8295
8360
111.55
2254
1030.7
20420
105.75
2100
110.8
2233
%CHG
0.6
1.8
0.4
-13.7
0.0
12.7
0.0
27.4
0.0
6.3
0.0
Note: Data’s are as per previous sessions close.
MCX-Rs/Kg, LME -$/ton, COMEX - $/lb OI: Open Interest
Although prices have staged several sessions of gains - January is often a month when there is a bullish
push in metals - macroeconomic news offered little joy after talks on a Greek debt swap deal stalled late
Trading volumes remained extremely thin due to the Chinese New Year holiday -markets are closed for the
whole week in China and for a few days in other Asian countries such as Singapore and Malaysia.
Copper prices fell Tuesday as concerns about stalled debt restructuring talks in Greece and a stronger
dollar weighed on investor appetite for growth-sensitive assets.
LME Warehouse Stocks
Previous
Copper
Lead
Nickel
Zinc
Aluminum
Note: Data’s are as per previous close
In
75
0
198
0
0
Out
3600
100
78
125
3550
Total
342250
345925
92892
847950
5007200
Change
-3525
-100
120
-125
-3550
On Warrant
75625
47675
3564
23675
975100
345775
346025
92772
848075
5010750
Cancelled
Warrants
266625
298250
89328
824275
4032100
Value in tons
Today’s Outlook
Base metals are expected to open on a higher note. They will find support at crucial levels and will move higher for the
day. They can be favorably bought on dips.

DAILY FUNDAMENTAL REPORT- METALS & ENERGY
Jan 25
th
, 2012
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