Motilal Oswal Financial Services

COMMODITIES EVENING NOTE

Commodity Overview

February 26, 2013

Spot gold is steady around $1598, with lukewarm interest from investors capping early gains made on safe-haven

demand for the metal as uncertainty over Italy's election stoked fears of a resurgent euro zone debt crisis.

U.S. crude futures dropped by more than a dollar to seven week lows today after voting projections in Italy showed

no coalition strong enough to form a government.

London copper steadied not far from two month lows, with weak prices attracting traders ahead of a seasonal pick-

up in Chinese demand next month, but worries over the impact of a deadlocked Italian election capped gains.

Source: Reuter’s

Economic Calendar:

Country

Time

Event

Period

Unit

Survey

Actual

Prior

LME Inventory:

Commodity

Change

Source :Reuters

20:30

Consumer

confidence

Feb

61.0

58.6

Copper

Zinc

Lead

Nickel

Aluminum

7650

-4525

175

1266

-1325

Evening Outlook:

Precious metals look to trade with positive bias whereas base metals will remain in a sideways range. Economic data from US

later in the evening will be watchful for direction.

Commodity Research, Motilal Oswal Commodities Broker Pvt. Ltd.

Email:

commodityresearch@motilaloswal.com

COMMODITIES EVENING NOTE

MCX Crude Oil

Crude oil Mar future contract on MCX can give some upside on

back of short covering after trading with negative bias for the

sixth straight session. But bias for the metal will continue to

remain negative till it holds below 5100 as it is strong

resistance. The MACD is also indicating negative move for the

counter. Immediate support is at 5000 and sustained breach

below the same can test 4975. Sell on rise should be the

strategy but all short positions should be exited if it trades

above 5100.

Support:

5000-4975

Resistance:

5100-5125

Trend:

Sideways to Down

MCX Copper

Copper Feb future contract on MCX is trading in a

consolidative range since morning, but moving ahead we

expect some positive move in the red metal. The counter is

taking good support of trend line around 420.50, and till it

holds above upside can be seen. The MACD is also confirming

strength in copper prices. Immediate resistance for the metal

is at 424 and sustained breach above the same can test 427.5

levels. Buy should be the strategy with protective stop loss of

420.5.

Support:

420.5-418.5

Resistance:

424-427.5

Trend:

Sideways to Up

Commodity Research, Motilal Oswal Commodities Broker Pvt. Ltd.

Email:

commodityresearch@motilaloswal.com

February 26, 2013

COMMODITIES EVENING NOTE

Evening Swing levels

February 26, 2013

Commodity

Gold

Gold M

Gold $

Silver

Silver $

Silver M

Crude oil

Crude oil $

Natural gas

Natural gas $

Copper

Copper $

Zinc

Lead

Nickel

Aluminum

Exchange Expiry

MCX

COMEX

MCX

COMEX

MCX

NYMEX

MCX

NYMEX

MCX

COMEX

MCX

Apr

Mar

Apr

Mar

Apr

Mar

Feb

Mar

Feb

29776

29485

1591.3

53940

28.905

53950

5018

92.47

191.00

3.45

422.10

3.53

112.15

123.35

892.30

106.85

Trend**

PRECIOUS METALS

29521

29185

1577.00

53466

28.44

53492

29595

29259

1581.90

53605

28.57

53623

5003

91.84

187.07

3.41

419.90

3.51

111.42

122.55

882.43

105.88

29685

29372

1586.60

53772

28.74

53787

5010

92.15

189.03

3.43

421.00

3.52

111.78

122.95

887.37

106.37

Pivot

29759

29446

1591.50

53911

28.86

53918

5020

92.39

190.37

3.44

422.50

3.53

112.22

123.60

894.63

107.23

Source: Reuters

29849

29559

1596.20

54078

29.03

54082

5027

92.70

192.33

3.46

423.60

3.55

112.58

124.00

899.57

107.72

29923

29633

1601.10

54217

29.16

54213

5037

92.94

193.67

3.48

425.10

3.56

113.02

124.65

906.83

108.58

30013

29746

1605.80

54384

29.33

54377

5044

93.25

195.63

3.50

426.20

3.57

113.38

125.05

911.77

109.07

ENERGIES

4993

91.60

185.73

3.39

418.40

3.49

110.98

121.90

875.17

105.02

BASE METALS

Data’s are as per 3.00 pm close

Data sources can & do produce bad ticks. Verify before use.

* * Trend is just a market indicator as per the previous close and is not an indication to “buy” or” sell”.

Disclaimer

This report is for the personal information of the authorized recipient and does not construe to be any investment, legal or taxation advice to you. Motilal Oswal Commodities

Broker Private Limited (hereinafter referred as MOCBPL) is not soliciting any action based upon it. This report is not for public distribution and has been furnished to you solely for

your information and should not be reproduced or redistributed to any other person in any form.

The report is based upon information from publicly available data or other sources believed to be reliable, but we do not represent that it is accurate or complete, and it should not

be relied upon such. MOCBPL or any of its affiliates or employees shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error

in the information contained in this report.

MOCBPL or any of its affiliates or employees do not provide, at any time, any express or implied warranty of any kind, regarding any matter pertaining to this report, including

without limitation the implied warranties of merchantability, fitness for a particular purpose, and non-infringement. The recipients of this report should rely on their own

investigations. MOCBPL and/or its Group Companies, their Directors, affiliates and/or employees may have interests/ positions, financial or otherwise in the

Securities/Commodities and other investment products mentioned in this report.

This information is subject to change without any prior notice. MOCBPL reserves the right to make modifications and alternations to this statement as may be required from time to

time.

Motilal Oswal Securities Ltd., Palm Spring Centre, 2nd floor, Palm Court Complex, New Link Road, Malad (W), Mumbai - 64.

Commodity Research, Motilal Oswal Commodities Broker Pvt. Ltd.

Email:

commodityresearch@motilaloswal.com