WEEKLY FUNDAMENTAL REPORT – METALS & ENERGY
Overview
Market Overview
Gold fell on a strong dollar as a disappointing Italian debt auction
further heightened concerns over the Europe's ongoing debt crisis after
a fruitless meeting of euro zone leaders the previous day.
U.S. crude futures fell and were on pace t post a loss for the week as
to
concerns about Europe's debt crisis strengthened the dollar and kept
in focus fears that an economic slowdown will curb oil demand.
A bounce in equity markets helped base metals pare earlier losses
and offset p ressure from a stronger dollar, but the metal still ended
trade at a 5-week low amid ongoing worries about Europe's debt
week
crisis. Market participants remain focused on political developments
in Europe, as leaders there struggle to stem the spread of sovereign
debt problems to larger economies.
gold
silver
crude
copper
Dow Jones
CRB
-5.10
KEY EVENTS
Nov 28
th
– Dec 02
nd
, 2011
USD Unemployment Claims
USD ISM Manufacturing PMI
AUD Retail Sales m/m
-1.12
-2.52
0.75
-2.66
-5.02
-2.39
0.80
GLOBAL ECONOMIC UPDATE
EURUSD finished the week with a net loss of around 250pips as market
participants continued to fret over the stability in the Eurozone following
yet another technically uncovered German debt auction. In addition to
that, Germany's Merkel said she sees no r
reason for euro bonds, adding
that Eurobonds would weaken us all and that a common interest rate on
Euro-zone bonds sends the wrong signal. Separately to this, Fitch
zone
downgraded Portugal to BB+ from BBB outlook negative.
BBB-;
The Nikkei average slipped on Friday but ended off lows, rounding out a losing week as statements by German and
ay
French officials failed to convince investors that leaders were closer to a consensus on how to contain the euro
euro-zone
debt crisis. Stocks in Tokyo trading declined and the benchmark Nikkei index dropped 2.6% in the week and
benchmark
plunged 20% in the year so far.
Forex Major
INR
ICE Dollar
Index
Euro
Yen
British Pound
%CHG
1.76
1.98
-2.09
1.08
-2.19
CLOSE
52.25
79.61
1.32
77.74
1.55

WEEKLY FUNDAMENTAL REPORT – METALS & ENERGY
Nov 28
th
– Dec 02
nd
, 2011
56.00
54.00
52.00
50.00
48.00
USD ISM Manufacturing PMI
55.30
USD Unemployment Claims
405
400
395
390
385
380
402
397
390
393
388
50.90
51.60
50.60
50.80
Non-
USD Non-Farm Employment Change
140
120
100
80
60
40
20
0
117
103
80
18
0
0.80%
0.60%
0.40%
0.20%
0.00%
-0.20%
-0.40%
-0.60%
-0.80%
AUD Retail Sales m/m
0.50%
-0.10%
-0.60%
0.60%
0.40%

WEEKLY FUNDAMENTAL REPORT – METALS & ENERGY
Nov 28
th
– Dec 02
nd
, 2011
COMMODITIES
Market Watch
BULLIONS
Gold
CONTRACT
MCX December
COMEX
December
MCX December
COMEX
December
OPEN
28728
1726
55700
32.42
HIGH
28837
1727.4
57180
33.04
LOW
28303
1667.1
53880
30.65
CLOSE
28409
1685.7
54329
31.014
CHG
-319
-40.3
-1371
-1.406
%CHG
-1.12
-2.39
-2.52
-4.53
OI
9021
120623
13076
18944
CHG
-2358
-70295
-594
-15355
%CHG
-26.14
-58.28
-4.54
-81.05
Silver
MCX in Rs. and COMEX in $
Global holdings of metal in exchange-traded funds hit a record high, but strong demand was not enough to support
the price of bullion, which is set for its second weekly fall.
Investors have accumulated the largest-ever gold hoard this week as Europe’s deteriorating debt crisis has
prompted investors to flock to safe havens. Holdings in exchange traded products backed by gold reached a record
2,350.8 metric tons, valued at $127.4bn. Hedge funds and other speculators increased their net-long position by four
weeks, the longest stretch since March.
A fresh set of European credit-rating downgrades sent investors seeking safety in the dollar, pushing gold futures to
settle lower for the third time in four sessions. The gold contract for November delivery fell $10.20, or 0.6%, to settle
at $1,685.50 a troy ounce on the Comex division of the New York Mercantile Exchange.
GOLD/SILVER Ratio
54.00
53.00
52.00
51.00
50.00
20.00
19.00
18.00
17.00
16.00
GOLD/CRUDE Ratio
18.58
18.95
17.40
17.65
17.25
53.31
51.41
51.41
51.59
53.31
Outlook
MCX Gold is likely to open on a flat note this week. It will find resistance near 28840/29140. As long as below these
levels, we can expect some range bound to weak movements in gold.

WEEKLY FUNDAMENTAL REPORT – METALS & ENERGY
Nov 28
th
– Dec 02
nd
, 2011
ENERGY
Market Watch
ENERGY
Crude
CONTRACT
MCX December
Nymex January
Natural Gas
MCX December
Nymex January
Note: Data’s are as per previous session’s close.
OPEN
5030
96.36
182.4
3.893
HIGH
5156
97.53
193
4.099
LOW
4967
95
182.4
3.791
CLOSE
5068
97.13
191.1
3.821
CHG
38
0.77
8.7
-0.072
%CHG
0.75
0.79
4.55
-1.88
OI
30146
21405
7531
115780
CHG
-1709
-253
-14743
0
%CHG
-14.11
3.65
0.28
1.52
MCX in Rs. and NYMEX in $
Crude-oil futures ended a see-saw session higher, holding on to modest gains as U.S. equities lost steam and a rising
dollar kept the pressure on. Futures traded in and out of the red as stocks also fluctuated. Oil futures had spent
most of the Asian and European trading hours in the red, with Italy tapping international bond markets only to see
yields on its short-term bonds nearly double.
Brent crude fell on concerns that demand for oil will be hurt by Europe's spreading debt crisis that also weakened
the euro against the dollar. Both Brent and U.S. crude posted their second consecutive weekly losses.
The crude oil headed for a second weekly loss in New York as concern that Europe's worsening debt crisis will
trigger a recession outweighed political tensions in oil- producing West Asian nations.
EIA Weekly Inventory:
EXPECTED
CRUDE
DISTILLATE
GASOLINE
UTILIZATION
NATURAL GAS
Source: Reuter’s“
PREVIOUS
-1.060
-2.136
0.992
-0.20%
19
ACTUALS
-6.219
-0.770
4.475
?
9
M” Million Barrels
0.480
-1.295
1.105
NA
17
Outlook
Crude is expected to open on a higher note and likely to test the resistance level of 5100/5150. As long as it trade below
this level favored view will be sell on rallies.

WEEKLY FUNDAMENTAL REPORT – METALS & ENERGY
Nov 28
th
– Dec 02
nd
, 2011
Energy Weekly Inventory Data’s
Crude & Product Stockpile
400.00
350.00
300.00
250.00
200.00
150.00
100.00
50.00
0.00
21/10/2011
Crude
Distillates
Gasoline
337.60
145.50
204.90
28/10/2011
339.50
141.90
206.30
04/11/2011
338.10
135.90
204.20
11/11/2011
337.00
133.70
205.20
18/11/2011
330.80
133.00
209.60
Source: Reuter’s“
Note: Figures in the table are in Million Barrels.
Natural Gas
10
-10
-30
-50
-70
-90
27/10/2011
Natural Gas
Source: Reuter’s“
Note: Figures in the table are in Billion Cubic Feet
03/11/2011
78
10/11/2011
37
17/11/2011
19
23/11/2011
9
92

WEEKLY FUNDAMENTAL REPORT – METALS & ENERGY
BASE METALS
Market Watch
BASE
METALS
CONTRACT
MCX Nov
Copper
COMEX Nov
LME 3 month
Lead
MCX November
LME 3 month
Nickel
MCX November
LME 3 month
Zinc
MCX November
LME 3 month
Note: Data’s are as per previous sessions close.
Nov 28
th
– Dec 02
nd
, 2011
OPEN
387.6
3.4035
7605
104.55
2025.5
920.9
17920
100.05
1936.5
HIGH
390.35
3.4095
7605
105.45
2047
939.3
17920
101.9
1954
LOW
373.3
3.204
7193
102.2
1970
885.2
17050
98.4
1882
CLOSE
377.55
3.27
7300
103.45
2003
889.6
17065
99.4
1905
CHG
-10.05
-0.1335
-305
-1.1
-22.5
-31.3
-855
-0.65
-31.5
%CHG
-2.66
-4.08
-4.18
-1.06
-1.12
-3.52
-5.01
-0.65
-1.65
OI
21998
19822
NA
1919
NA
16575
NA
2478
NA
CHG
3761
1979
NA
-1315
NA
4300
NA
-983
NA
%CHG
17.10
-62.10
NA
-68.53
NA
25.94
NA
-39.67
NA
MCX-Rs/Kg, LME -$/ton, COMEX - $/lb OI: Open Interest
Copper futures were under pressure from a stronger dollar and continued worries about the future of the euro-zone
amid its struggle with government debt. Euro-zone developments gripped copper trader attention, with Italian
government bond yields surging to euro-era highs, well above the crucial 7% level.
Select base metals remained weak on the local non-ferrous metals market, largely in tandem with a weakening
global trend. Trading sentiment remained bearish after metals dropped in overseas markets, after Germany ruled
out joint euro-zone borrowing and an expanded role for the European Central Bank in fighting the region''s debt
crisis.
The drop encapsulated the gloomy sentiment in metals markets, driven by concern that the eurozone debt crisis could
cause a credit crunch for the global manufacturing industry and therefore a sharp slowdown in metals demand.
LME Warehouse Stock
Cancelled
Warrants
31875
23500
2940
43375
177775
Value in
Metals
Copper
Lead
Nickel
Zinc
Aluminum
Previous
395975
369975
88476
742900
4565300
In
1350
3400
684
25
0
Out
2600
1325
492
1325
2625
Total
394725
372050
88668
741600
4562675
Change
-1250
2075
192
-1300
-2625
On Warrant
362850
348550
85728
698225
4384900
Note: Data’s are as per previous close

WEEKLY FUNDAMENTAL REPORT – METALS & ENERGY
Nov 28
th
– Dec 02
nd
, 2011
Outlook
Base metals will continue it range bound in the coming week. Currently they are trading weak. But they can find
support at lower level can recover. Overall scenario does not indicate any direction so favored view will remain neutral.
avored
neutr
LME Warehouse Stocks
LME WAREHOUSE STOCKS & %CHANGE
800000
700000
600000
500000
400000
300000
200000
100000
0
-0.885
-
-0.773
88668
-0.988
394725
372050
4.623
741600
5.000
4.000
3.000
2.000
1.000
0.000
-1.000
-2.000
Closing Stock
%Change
Source: Bloomberg
Change in Cancelled Warrants
6000
5000
4000
3000
2000
1000
0
-1000
-2000
-3000
4825
-1500
-1752
-1875
Copper
Lead
Nickel
Zinc
Source: Bloomberg

WEEKLY FUNDAMENTAL REPORT – METALS & ENERGY
Nov 28
th
– Dec 02
nd
, 2011
Data
CFTC Data
NON Commercial
Net Position
Gold
Silver
Copper
Crude Oil
Natural Gas
Source :: www.cftc.gov
Commercial
Net Position
(204163.00)
(26292.00)
5541.00
(178019.00)
156732.00
Weekly Net change
(7228.00)
(1581.00)
1378.00
(5511.00)
4020.00
44949.00
11845.00
(4427.00)
4612.00
21879.00
Non Reportable
Net Position
Weekly Net change
3721.00
74.00
48.00
(854.00)
13578.00
Weekly Net change
3507.00
1507.00
(1426.00)
6365.00
(17598.00)
159214.00
14447.00
(1114.00)
173407.00
(178611.00)
Pivot Stats
Commodity
Gold
Contract
MCX December
COMEX December
Close
28409
1685.7
54329
31.014
5068
97.13
191.1
3.821
377.55
3.27
7300
103.45
2003
889.6
17065
99.4
1905
Trend**
Supp 2
27982
1633
51830
29
4875
94
4875
94
178
4
1930
851
363
3
6954
100
1930
Supp 1
28196
1659
53079
30
4971
96
4971
96
185
4
1966
870
370
3
7127
102
1966
Pivot
28516
1693
55130
32
5064
97
5064
97
189
4
2007
905
380
3
7366
104
2007
Res 1
28730
1708
55905
32
5108
97
5108
97
195
4
2025
917
384
3
7463
104
2007
Res 2
29050
1754
58430
34
5253
99
5253
99
199
4
2084
959
397
4
7778
107
2084
Silver
MCX December
COMEX December
Crude
MCX December
Nymex January
Natural Gas
MCX Decmber
Nymex January
MCX November
Copper
COMEX November
LME 3 month
Lead
MCX November
LME 3 month
Nickel
MCX November
LME 3 month
Zinc
MCX November
LME 3 month
Note: Data’s are as per previous close
* * Trend is just a market indicator as per the previous close and is not an indication to “buy” or” sell”.

WEEKLY FUNDAMENTAL REPORT – METALS & ENERGY
Nov 28
th
– Dec 02
nd
, 2011
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