Copper eased away from highs by the close, as rising inventories and bearish import figures from China, the world's top copper consumer, capped earlier dollar-driven gains. LME inventories rose by 3,050 tonnes to total 424,925 tonnes, up about 65 percent since the middle of July, and at their highest since April.

Mining group Minmetals needs to conduct a battery of tests along its damaged Australian pipeline before setting a date to restart zinc concentrate shipments from its Century mine. Zinc yesterday we have seen that market has moved -0.14%. Market has opened at 104.9 & made a low of 104.3 versus the day high of 106.55.

Nickel yesterday traded with the positive node and settled 0.04% up at 785.1. Some support had been seen from the LME stock also which came up by -300mt, the total stock at LME is now at 132528mt. In yesterday's trading session nickel has touched the low of 782.3 after opening at 786, and finally settled at 785.1.

Guar hit fresh contracts highs before settling above 2 percent as estimates of lower output, overseas demand and thin arrivals compared to last year boosted sentiment. Guar is bullish because of very good demand from stockists and less arrival compared to last year.

Pepper ended firm as thin stocks and firm overseas demand supported sentiment. India's MG I ASTA grade pepper was offered at $3,325 per tonne while Brazil was selling its ASTA grade at $2,900 per tonne, a rate much cheaper than the Indian origin. Spot pepper rose by over 159 rupees to end at 14,945.8 rupees per 100 kg in Kochi. December delivery gained Rs 601 and settled at Rs 15710/quintal.

Menthol prices fell on subdued demand from pharma and other consuming industries. Adequate stocks following a pickup in supplies from producing belts also put pressure on the prices. December contract dropped Rs 1.5 and settled at Rs 591.2 a kg. The contract made intraday low of Rs 587 a kg and high of Rs 596 a kg. Now support for the menthol is seen at 586.8 and below could see a test of 582.4. Resistance is now likely to be seen at 595.8, a move above could see prices testing 600.4.

Trading Ideas:

MENTHOL TRADING RANGE IS 580-605.

MENTHOL SPOT IS AT 620/-.SPOT IS UP BY RS 6/-.

Soyabean hit a new contract high, helped by firm domestic demand, thin arrivals and strong global leads. The overall market still seems positive. Buying on dips appears a better option for day traders. Soyabean yesterday we have seen that market has moved 1.33%.

Chana ended higher on improved spot demand, firm kharif pulses and apprehension that acreage may fall in a key producing state. However, good stocks from last year's harvest checked a further rise in prices. The area under chana may shrink this year in Rajasthan due to poor rainfall and as many farmers have switched to rapeseed. Chana gained Rs 21 and settled at Rs 2632 per quintal. The volume was noted at 117430 lots. Support for chana is at 2610below that could see a test of 2587.

Turmeric ended down on continued profit booking as higher margins and hopes recent rains would boost yields weighed on sentiment. In Nizamabad, a major spot market in Andhra Pradesh, price ended at 10,923.6 rupees per 100 kg. Turmeric yesterday we have seen that market has moved -4%. Market has opened at 10260 & made a low of 9972 versus the day high of 10260. The total volume for the day was at 5810 lots and the open interest was at 14940. Support for turmeric is at 9876 below that could see a test of 9780. Resistance is now seen at 10164 above that could see a resistance of 10356.

Jeera ended up over 3 percent as robust overseas demand and a fall in acreage supported sentiment. Export demand is firm as leading global producers, Syria and Turkey, continue to quote at a premium to Indian prices. Spot jeera rose by over 765 rupees to end at 14,261.1 rupees per 100 kg in Unjha. December contract gained Rs 470 and settled at Rs 15440 a kg.

Natural Gas yesterday we have seen that market has moved 0.04%. Market has opened at 225.9 & made a low of 222.8 versus the day high of 229.8. The total volume for the day was at 19641 lots and the open interest was at 6537. Now support for the Natural Gas is seen at 221.2 and below could see a test of 218.5. Resistance is now likely to be seen at 228.2, a move above could see prices testing 232.5.

Trading Ideas:

NATURAL GAS TRADING RANGE IS 195-220.

Gold eased as investors booked profits after prices hit record highs the day before, but sentiment was underpinned by a weak dollar which makes bullion cheaper for holders of other currencies and boosts its appeal as an alternative asset. Gold has jumped 32 percent this year, rising 12 percent in November alone.

Silver eased, encountering some chart-based selling that eluded gold as the latter finished slightly higher. Now technically market is trading in the range as RSI for 18days is currently indicating 63.94, where as 50DMA is at 27066.86 and silver is trading above the same and getting support at 28137 and below could see a test of 27953 level, And resistance is now likely to be seen at 28570, a move above could see prices testing 28819.

Crude oil ended lower on a report showing third-quarter economic growth was less than earlier estimated and on expectations that crude oil inventories rose last week. World oil demand will likely outpace the rate of new supplies in 2010. The Organization of Petroleum Exporting Countries meets on Dec. 22 in Luanda, Angola, to discuss production targets. The group agreed at its Sept. 9 meeting in Vienna to maintain production quotas at 24.845 million barrels a day. Now support for the crude is seen at 3504 and below could see a test of 3463. Resistance is now likely to be seen at 3608, a move above could see prices testing 3671.

Trading Ideas:

Copper eased as U. S. economic data pointed to a slower economic recovery, inventories of the metal continued to rise, participants booked profits from the previous day's rally and the U. S dollar steadied. Inventories of copper continue rising. Copper stored in LME-monitored warehouses rose 4,725 metric tons, leaving them at 429,650. The most recent Comex inventory data, released late Monday afternoon, were up 600 short tons at 77,761 short tons. Copper has touched a low of Rs 317.35 a kg after opening at Rs 321.25, and last traded at Rs319.55.

China will re-export more zinc in coming months as price changes make shipping material overseas more profitable. Exports of refined zinc amounted to just 4,347 mt in October, but that was up 143% month-on-month, and set against a sharp drop in imports.

Pepper ended firm on low stocks and robust demand. Expectations of an increase in demand from the western countries and lower stock of pepper at 10,000 tonnes have fuelled the price of pepper in the local markets in the last two days. Spot pepper rose by over 464 rupees to end at 15,410.75 rupees per 100 kg in Kochi.

Guar set fresh contract highs in the early trade but struggled to hold the gains as profit-booking kicked in after prices rose nearly 6 percent since the beginning of last week. However, estimates of lower output and overseas demand capped the losses. Guar yesterday we have seen that market has moved 0.07%.

Market has opened at 2828 & made a low of 2807 versus the day high of 2858. The total volume for the day was at 177140 lots and the open interest was at 119100. Now support for the guar is seen at 2801 and below could see a test of 2778. Resistance is now likely to be seen at 2852, a move above could see prices testing 2880.

Trading Ideas:

December contract gained Rs 0.9 and settled at Rs 592.3 a kg. The contract made intraday low of Rs 590.4 a kg and high of Rs 596 a kg. Now support for the menthol is seen at 589.8 and below could see a test of 587.3. Resistance is now likely to be seen at 595.4, a move above could see prices testing 598.5.

Trading Ideas:

MENTHOL TRADING RANGE IS 582-604.

MENTHOL SPOT IS AT 623/-.SPOT IS UP RS 3/-.

SELL MENTHOL DEC @ 595-596 SL 599.80 TGT 592.40-588.80-585.10.MCX

NOW RES IS AT 595.80 ABV THIS NEXT RES IS AT 599.20-603.60.

Soyabeen eased from their record highs tracking weak global leads, but firm domestic demand and thin arrivals kept the downside limited. Declining arrivals and stockists buying in spot market would support the prices.

Despite being the peak season, arrivals were not picking up due to unseasonal rains in central India and farmers are also not bringing their entire produce to the market anticipating a further rise in prices. Soyabean yesterday we have seen that market has moved -0.47%. Market has opened at 2429 & made a low of 2411 versus the day high of 2435. The total volume for the day was at

Turmeric ended lower on expectation of higher crop this year. Spot prices have declined considerably on slowdown in demand which also weighed on prices. In Nizamabad, a major spot market in Andhra Pradesh, price dropped 696 rupees and ended at 10227.15 rupees per 100 kg.

Chana pared early gains on profit-taking at higher levels after trading firm on concerns of falling acreage. Chana acreage in Rajasthan as on Nov. 10 stood at 403,000 hectares, compared with 726,000 hectares during the same period a year ago.

In Delhi spot market price gained by 16 rupees and ended at 2488.75 rupees per 100 kg. Chana dropped Rs 3 and settled at Rs 2629 per quintal. The volume was noted at 73130 lots. Support for chana is at 2614 below that could see a test of 2600. Resistance is now seen at 2649 above that could see a resistance of 2670.

Trading Ideas:

CHANA TRADING RANGE IS 2570-2665.

Jeera ended steady as support from robust overseas demand and a fall in acreage was offset by profit-taking. Profit taking was triggered after prices rose over 14 percent in the past week until Monday. Spot jeera rose by over 17 rupees to end at 14,278.9 rupees per 100 kg in Unjha. December contract dropped Rs 30 and settled at Rs 15440 a kg. The contract made intraday low of Rs 15266 a kg and high of Rs 15769 a kg. Support for jeera is at 15214 below that could see a test of 14989. Resistance is now seen at 15717 above that could see a resistance of 15995.

Trading Ideas:

Natural gas ended flat driven by mixed weather forecasts for late November and early December. Traders were closely tracking weather forecasts for signs of below-normal temperatures that could spark greater demand for natural gas for heating.

Gold hit all-time highs as investor sentiment improved based on a broadly lower dollar and a report that India may buy more gold from the International Monetary Fund. Gold opened at 17544 on MCX and moved higher. Initial strength in the dollar moved gold toward its lows. Later strong new home sales beat expectations, propelling equity markets higher.

Silver opened at 28400 and traded erratically within a range. Initial strength in the USD, was enough to convince investors to dump the metal, dragging it to a low of 28380. It recovered on the back of strong oil prices, peaking at 28631. It ticked sideways as the session unwound, finally closing at 28582.

Now support for the silver is seen at 28431 and below could see a test of 28280. Resistance is now likely to be seen at 28682, a move above could see prices testing 28782.

Trading Ideas:

SILVER TRADING RANGE IS 28000-29000.

Crude oil rose lifted by the weak dollar after a government oil inventory report showed crude stocks rose last week. The U. S. Energy Information Administration's weekly inventory report showed crude oil stockpiles rose 1.0 million barrels to 337.8 million in the week to Nov. 20.

Nigeria will export an average of 2.01 million bpd of crude oil in January, up from a revised 2.0 million bpd in December and the highest volume since July. Now support for the crude is seen at 3523 and below could see a test of 3476. Resistance is now likely to be seen at 3596, a move above could see prices testing 3622.

Trading Ideas:

Zinc yesterday traded with the positive node and settled 1.74% up at 105.15. Some support had been seen from the LME stock also which came up by -275mt, the total stock at LME is now at 453925mt. In yesterday's trading session zinc has touched the low of 103.2 after opening at 103.5, and finally settled at 105.15. For today's session market is looking to take support at 103.75, a break below could see a test of 102.35 and where as resistance is now likely to be seen at 106, a move above could see prices testing 106.85.

Copper gained with equities on firm U. S. economic data as investors continued to sell the U. S. dollar and buy the metal. Despite rising inventory levels, dollar weakness and speculative investment may continue supporting copper. Inventories of copper stored in LME warehouses rose 1,950 metric tons, leaving them at 431,600.

BHP Billiton Ltd., the world's largest mining company, aims to raise as much as $500 million selling its shuttered Ravensthorpe nickel mine in Western Australia. BHP closed the $2.2 billion Ravensthorpe mine this year after the price of nickel plunged.

Guar fell on profit-taking after prices rose nearly 6 percent since last Monday on estimates of lower crop and improved overseas demand. Market is in over-bought position that's why it is taking some correction. Fundamentally, the market is still bullish and arrivals are likely to come down further. Guar yesterday we have seen that market has moved -0.52%.

Pepper ended down as traders booked profits after prices climbed over 5 percent in the past two sessions. Strong spot prices and thin stocks are supporting the bullish trend for pepper. Spot pepper rose nearly 20 rupees to end at 15,430.4 rupees per 100 kg in Kochi. December delivery dropped Rs 151 and settled at Rs 15756/quintal.

Menthol yesterday broken the 600 level in the December contract and jumped by Rs 15.8 and settled at Rs 608.1 a kg. Export demand is expected to built in the coming winter session from the south east countries especially from china had boosted the sentimental of the market and also some support had been seen from the short covering in the near month.

Soybean edged higher tracking overseas leads, thin arrivals, firm domestic demand and concerns of a lower output. Soyabean yesterday we have seen that market has moved 0.33%. Market has opened at 2431 & made a low of 2427.5 versus the day high of 2443.

The total volume for the day was at 57980 lots and the open interest was at 127130. Support for soyabean is at 2427 below that could see a test of 2419. Resistance is now seen at 2443 above that could see a resistance of 2450.

Trading Ideas:

SOYABEAN TRADING RANGE IS 2380-2475

Chana edged up on firmness in kharif pulses and concerns acreage may fall in a key producing state, though profit-taking capped the rise. Lower acreage in Rajasthan will affect on the country's production. Chana acreage in Rajasthan as on Nov. 20 stood at 680,000 hectares, compared with 971, 000 hectares in the same period last year.

Turmeric edged down in a volatile trade as hopes recent rains in growing areas would improve yields outweighed depleting stockpile. In Nizamabad spot market the price rose by 113 rupees to 10,340 rupees per 100 kg. Turmeric yesterday we have seen that market has moved -0.59%.

Market has opened at 9443 & made a low of 9253 versus the day high of 9766. The total volume for the day was at 35280 lots and the open interest was at 14110. Support for turmeric is at 9257 below that could see a test of 8999. Resistance is now seen at 9770 above that could see a resistance of 10025.

Jeera ended higher after treading water all day as a fall in acreage this season and robust demand aided sentiment. Due to delay in sowing activities and dry weather conditions in Gujarat, overall area under the crop will decline and that will support sentiment.

Natural Gas traders were buying back previously sold contracts to hedge against possible cold weather next week in the major gas-consuming regions. The U. S. EIA reported a build in gas stocks of 2 billion cubic feet for last week, bringing the total amount of gas in storage to an all-time high of 3.835 trillion cubic feet.

Brazil's primary aluminum output fell 16 percent in October to 119,700 tonnes, compared to the 141,600 tonnes produced in the same month last year. Aluminium has touched a low of Rs 92.05 a kg after opening at Rs 92.75, and last traded at Rs93.3. For today market is looking for the support at 92.4, a break below could see a test of 91.5 and where as resistance is now likely to be seen at 93.85, a move above could see prices testing 94.4.

Trading Ideas:

ALUMINIUM TRADING RANGE IS 90-97.

BRAZIL OCT. PRIMARY ALUMINUM OUTPUT DOWN 16 PCT

MCX Gold yesterday surpassed 18000 mark with a high of Rs 18047 per 10 grams. The prices closed at Rs 17998 per 10 grams up Rs 276 or 1.53%. Gold has remained an out performer this year when all the financial markets have faced pressures from recessionary fears from time to time.

Now technically market is in overbot as RSI for 18days is currently indicating 90.89, where as 50DMA is at 16335.46 and gold is trading above the same and getting support at 17805 and below could see a test of 17612 level, And resistance is now likely to be seen at 18119, a move above could see prices testing 18240.

Trading Ideas:

Silver price rose 31.3 cents to close the week at 18.76 up only 38.3 cents and 1.8% this week versus gold's 3.5% jump. Silver's is getting pressure due to sell off in the base metal counter. Silver opened at 28400 and traded erratically within a range. Initial strength in the USD, was enough to convince investors to dump the metal, dragging it to a low of 28380.

Crude oil traded near $76 a barrel, poised for a weekly decline on concern that the pace of fuel demand recovery in the U. S., the biggest energy- consuming nation, may stall. Now technically market is trading in the range as RSI for 18days is currently indicating 46.13, where as 50DMA is at 3614.14 and crude is trading below the same and getting support at 3547 and below could see a test of 3528 level, And resistance is now likely to be seen at 3594, a move above could see prices testing 3622.

Trading Ideas:

CRUDE TRADING RANGE IS 3510-3610.

AFTER DUBAI NEWS PRESSURE CAN BE SEEN ON THE CRUDE OIL PRICES ALSO.

Shanghai copper fell nearly 2% today, tracking London's losses in the previous session, as the debt problems in Dubai jangled the nerves of investors and a rebound in the dollar weighed. On the fundamentals side, Peru's Antamina, one of the world's largest copper and zinc mines, signed a new three-year labour contract with its workers, ending four months of tense negotiations and erasing the spectre of a strike.

Zinc exports from Japan may drop by 33 percent in 2010, after reaching a record this year, as domestic demand rises from the lowest level in more than three decades. Zinc yesterday traded with the negative node and settled -0.86% down at 104.25.

Nickel yesterday traded with the negative node and settled -1.33% down at 776.4. Some pressure had been seen from the LME stock also which came UP by 390mt, the total stock at LME is now at 133446mt. In yesterday's trading session nickel has touched the low of 773.1 after opening at 787.3, and finally settled at 776.4.

For today's session market is looking to take support at 770.10, a break below could see a test of 763.93 and where as resistance is now likely to be seen at 785.50, a move above could see prices testing 794.73.

Trading Ideas:

Guar slipped into the negative territory as profit-booking outweighed estimates of lower crop and improved overseas demand. Guar has gained over 5 percent in the last 9 sessions. The previous high was 2,925 rupees per 100 kg marked on Tuesday.

Pepper ended steady as gains from thin stocks and domestic demand was capped by profit-taking. Brazilian pepper, which continued to quote at a discount to Indian rates, also hurt prices. Pepper prices are expected to maintain its bullish trend because of improved domestic demand and lower output estimates for current year.

December contract gained Rs 13.2 and settled at Rs 621.3 a kg. The contract made intraday low of Rs 604.2 a kg and high of Rs 625.8 a kg. Now support for the menthol is seen at 608.4 and below could see a test of 595.5. Resistance is now likely to be seen at 630, a move above could see prices testing 638.7.

Trading Ideas:

MENTHOL TRADING RANGE IS 605-635.

MENTHOL SPOT IS AT 652/-.SPOT IS UP BY RS 2/-.

BUY MENTHOL DEC @ 615-618 SL 610 TGT 622-626.50-630-634.MCX

Soybean eased weighed by profit-taking after gaining 6.8 percent since the start of November, but thin arrivals and firm domestic demand kept the downside limited. Despite being the peak season, arrivals were not picking up due to unseasonal rains in central India, the main growing region.

Chana ended flat as profit-taking erased gains due to weak arrivals in the spot market, firm prices of other pulses and concerns acreage may drop. Farmers are likely to expand area in top producer Madhya Pradesh, whereas on Nov. 16 acreage stood at 2.657 million hectares compared to 2.226 million hectares a year ago. In the Delhi spot market, the price climbed by 37 rupees to 2,525 rupees per 100 kg. Chana dropped Rs 3 and settled at Rs 2649 per quintal.

Jeera hit contract highs and ended up as robust export demand and a fall in acreage supported sentiment. Jeera futures are expected to move up further due to lower crop estimates but some profit booking can be seen. Export demand is firm as Syria and Turkey continue to quote at a premium to Indian prices. December contract gained Rs 623 and settled at Rs 16182 a kg. The contract made intraday low of Rs 15600 a kg and high of Rs 16182 a kg. Support for jeera is at 15794 below that could see a test of 15406. Resistance is now seen at 16376 above that could see a resistance of 16570.

Gold prices rose to record highs as worries about the economic recovery encouraged buying of the metal as a safe haven investment. Gold has powered higher to a new record high close at 18187. While above 18000, we see 18500 mirror measured channel as next target. In one way directional move such as this, the unit is going to run until exhaustion. Once the buying has been satisfied, we would expect an equally violent correction. At this point there is no technical pattern to suggest the up move has run its course, and as such our view remains bullish.

Silver followed gold higher as the yellow metal settled above 18150. Although gold is at record highs, silver has not yet rebounded to its highest point from 2008. Silver opened at 29347 and began trading sideways. It rallied to its highs of 29779 as strength in equities. As equities headed for an intraday reversal, silver also turned down.

Crude oil ended more than 2 percent lower, stemming a two-day advance, as government data showed domestic crude inventories rose far more than expected last week. EIA data showed domestic crude stocks rose 2.1 million barrels to 339.9 million barrels in the week to Nov. 27.

Now support for the crude is seen at 3520 and below could see a test of 3478. Resistance is now likely to be seen at 3623, a move above could see prices testing 3684.

Trading Ideas:

CRUDE TRADING RANGE IS 3510-3610.

Copper ended up after hitting a new 15-month peak, as receding concerns about Dubai's debt and a string of upbeat data this week reinforced economic and demand recovery optimism in 2010. LME copper stocks up another 2,000 tonnes to 443,000 tonnes, their highest level since April. COMEX copper warehouse stocks rose by 1,304 short tons to 86,995 short tons as of Tuesday. Copper has touched a low of Rs 327.8 a kg after opening at Rs 328.85, and last traded at Rs332.6.

Japan's zinc production in October rose 19% from a month earlier to 51,687 metric tons, according to preliminary data released Monday by the Ministry of Economy, Trade and Industry. Zinc yesterday we have seen that market has moved 2.43%. Market has opened at 109.2 & made a low of 108.75 versus the day high of 111.75.

The total volume for the day was at 16966 lots and the open interest was at 3915. Now support for the zinc is seen at 109.50 and below could see a test of 107.60. Resistance is now likely to be seen at 112.50, a move above could see prices testing 113.60.

Striking workers at Vale's Voisey's Bay nickel mine in eastern Canada will not resume bargaining with the company unless Vale also agrees to sit down with striking workers at its Sudbury, Ontario nickel operations, the union said.

Nickel has touched a low of Rs 758.2 a kg after opening at Rs. 758.7, and last traded at Rs 762.5. For today market is looking for the support at 754.80, a break below could see a test of 747.10 and where as resistance is now likely to be seen at 773.50, a move above could see prices testing 784.50.

Trading Ideas:

Pepper yesterday gained as per expectation in afternoon reversed gains to end down as profit-taking and low overseas demand capped gains from thin stocks and firm domestic offtake. Reports of an anticipated fall in Vietnam's output this season and expectations that Brazilian prices will increase as harvesting there ends in early December, will support prices going forward. Spot pepper rose by over 167 rupees to end at 15,571.95 rupees per 100 kg in Kochi.

Mentha oil prices as per expectation jumped yesterday above 630 level as told but failed to sustain the same and ended 1% down on profit booking after rising in previous sessions. December contract dropped Rs 5.6 and settled at Rs 624.7 a kg. The contract made intraday low of Rs 622.7 a kg and high of Rs 633.5 a kg.

Now support for the menthol is seen at 620.40 and below could see a test of 616.10. Resistance is now likely to be seen at 631.20, a move above could see prices testing 637.70.

Trading Ideas:

MENTHOL TRADING RANGE IS 610-635.

Soybean edged higher supported by firm domestic demand and lower arrivals. Despite it being the peak season, arrivals were not picking up due to unseasonal rains in central India. Farmers were also not bringing their entire produce to the market anticipating a further rise in prices Soyabean yesterday we have seen that market has moved 0.12%. Market has opened at 2465 & made a low of 2445 versus the day high of 2465.

Chana ended higher on physical demand, but improving acreage limited the upside. The demand has increased this week as marriage season is on. Chana prices fell by 16 rupees to 2500 rupees in Delhi spot market. Chana gained Rs 16 and settled at Rs 2628 per quintal.

The volume was noted at 64230 lots. Support for chana is at 2602 below that could see a test of 2577. Resistance is now seen at 2643 above that could see a resistance of 2659.

Trading Ideas:

CHANA TRADING RANGE IS 2580-2670.

CHANA YESTERDAY ENDED HIGHER ON FIRM PHYSICAL DEMAND

Turmeric hit the lower circuit for the second consecutive session as selling pressure continued on profit-taking. Losses in the coming sessions, however, will be capped by robust spot demand and a supply crunch due to thin carry-forward stocks. In Nizamabad spot market in Andhra Pradesh, the price climbed by over 472 rupees to 10,750.75 rupees per 100 kg.

Jeera fell more than 3 percent on profit-taking after prices rallied over 9 percent in the past seven sessions. Jeera prices have risen by more than a quarter in November supported by a dip in acreage that sparked lower crop worries, and firm export demand.

Natural-gas finished lower as more moderate weather forecasts and record-high levels of gas in storage weighed on prices. Cold weather can stoke demand for natural gas used to heat homes and businesses and help draw down storage levels, which are at an all-time high. Natural Gas yesterday we have seen that market has moved -6.74%.

Gold is showing its biggest 1 day drop of the year at 1150$ vs previous close at 1205$. The unit broke its one month rising channel base at 1189$ triggering trend follower liquidations of the metal. The three month mirror channel support line comes in at 1143$ followed by last week’s post Dubai sell off low of 1138$. The weekly chart is ending down after four up sessions.

Silver moved lower to current 18.38$, but on the weekly chart the price action shows as an up week. Last week Silver reached our target near July 2008 of 19.47$. Our key technical support remains former 2009 high of 18.09$. The Gold Silver ratio is closing the week at 62.56 having bounced off multiple weekly high level of 64.14. Our key downside support is seen at 62.02.

Now support for the silver is seen at 28636 and below could see a test of 28560. Resistance is now likely to be seen at 28756, a move above could see prices testing 28800.

Trading Ideas:

SILVER TRADING RANGE IS 28300-29100.

SILVER YESTERDAY ENDED DOWN TRACKING THE FALL IN GOLD PRICES.

Crude oil ended steady as the dollar surged on an unexpected drop in the U.S. unemployment rate, curbing the appeal of commodities to investors. The Organization of Petroleum Exporting Countries will review production targets at a meeting in Angola on Dec. 22. OPEC members have for months complained about an oversupplied market and pledged to better-enforce adherence to production cuts agreed to last year, though compliance has gradually slipped to between 60% and 70% recently.

Now support for the crude is seen at 3523 and below could see a test of 3514. Resistance is now likely to be seen at 3538, a move above could see prices testing 3544.

Trading Ideas:

Mitsui Mining & Smelting Co. said it raised its zinc selling price by Y10,000 to Y255,000 a metric ton.  This will bring the estimated average zinc selling price for December to Y253,400. Zinc yesterday we have seen that market has moved 0.23%. Market has opened at 109.35 & made a low of 109.3 versus the day high of 109.7.

The total volume for the day was at 349 lots and the open interest was at 3093.Now support for the zinc is seen at 109.30 and below could see a test of 109.10. Resistance is now likely to be seen at 109.70, a move above could see prices testing 109.90.

Trading Ideas:

ZINC TRADING RANGE IS 105-113.

MITSUI MINING & SMELTING CO. HAS RAISED ITS ZINC SELLING PRICE

Nickel prices have trended lower since the start of November and the declines suggest caution towards the gains in the other base metals. Nickel has touched a low of Rs 745.3 a kg after opening at Rs. 750.1, and last traded at Rs 751.7.

For today market is looking for the support at 747.10, a break below could see a test of 742.50 and where as resistance is now likely to be seen at 754.40, a move above could see prices testing
757.10.

Trading Ideas:

NICKEL TRADING RANGE IS 735-765.

NICKEL PRICES HAVE TRENDED LOWER SINCE THE START OF NOVEMBER

Copper settled flat as a stronger dollar slashed demand from traders who buy commodities as alternative investments. Shanghai inventories rose 3 percent to 104,710 tonnes from 101,277 tonnes a week ago, while copper stocks on warrant declined 1,036 tonnes to 33,552 tonnes. Copper has touched a low of Rs 329.25 a kg after opening at Rs 330.75, and last traded at Rs330.25.

For today market is looking for the support at 329.30, a break below could see a test of 328.40 and where as resistance is now likely to be seen at 331.00, a move above could see prices testing 331.90.

Trading Ideas:

COPPER TRADING RANGE IS 320-340.

Guar settled higher as lower output estimates and weak arrivals in the physical market sparked buying. Lower area and poor yields due to patchy rains are estimated to have cut guar output by over 80 percent in Rajasthan. Guar yesterday we have seen that market has moved 0.25%. Market has opened at 2824 & made a low of 2810 versus the day high of 2849.

Pepper rebounded from the last session losses on Saturday lead by fresh buying at lower levels. Pepper slumped nearly five percent in the last two sessions on weak export and domestic demand. Spot pepper rose by over 55 rupees to end at 15129.45 rupees per 100 kg in Kochi. December delivery gained Rs 157 and settled at Rs 15400/quintal.

The contract touched the intraday high of Rs 15489/quintal while low of Rs 15216/quintal. Now support for the pepper is seen at 15248 and below could see a test of 15095. Resistance is now likely to be seen at 15521, a move above could see prices testing 15641.

Trading Ideas:

PEPPER TRADING RANGE IS 15100-15700

PEPPER REBOUNDED FROM THE LAST SESSION LOSSES LEAD BY FRESH BUYING

Menthol last we have seen traded in the range of 600-638 level. Overall now market is becoming dizzy as some selling pressure had been seen from the farmers as export enquiry had decrease in the last week. Spot is trading at 657 that is flat as compare with the last closing as farmers and trader are waiting for the clues.

December contract gained Rs 4.6 and settled at Rs 620.8 a kg. The contract made intraday low of Rs 614 a kg and high of Rs 624.9 a kg. Now support for the menthol is seen at 614.9 and below could see a test of 609. Resistance is now likely to be seen at 625.8, a move above could see prices testing 630.8.

Trading Ideas:

Soybean closed the session with losses Saturday amid absence of fresh cues. The market was very choppy and subdued due to closure of International markets. Soyabean yesterday we have seen that market has moved -0.14%. Market has opened at 2438 & made a low of 2425 versus the day high of 2438.

The total volume for the day was at 21730 lots and the open interest was at 75070. Support for soyabean is at 2427 below that could see a test of 2420. Resistance is now seen at 2440 above that could see a resistance of 2446.

Trading Ideas:

Chana ended lower weighed by improving acreage, but spot demand limited the losses. Chana sowing would augment in a few more parts in the coming days. The ongoing marriage season is keeping spot prices of pulses including chana higher. Chana dropped Rs 16 and settled at Rs 2537 per quintal.

The volume was noted at 29590 lots. Support for chana is at 2523 below that could see a test of 2509. Resistance is now seen at 2559 above that could see a resistance of 2581.

Trading Ideas:

CHANA TRADING RANGE IS 2475-2575.

CHANA YESTERDAY ENDED DOWN DUE TO IMPROVEMENT IN ACREAGE

Turmeric fell for a fifth consecutive session as selling pressure mounted on profit-taking. Lack of major demand from buyers with arrival of new crop in next couple of months is also leading to the sharp fall in prices. In Nizamabad spot market the price fell by over 385.65 rupees to 9,999.45 rupees per 100 kg.

Turmeric yesterday we have seen that market has moved -3.99%. Market has opened at 9200 & made a low of 8730 versus the day high of 9200. The total volume for the day was at 13430 lots and the open interest was at 12830. Support for turmeric is at 8573 below that could see a test of 8417. Resistance is now seen at 9043 above that could see a resistance of 9357.

Trading Ideas:

TURMERIC TRADING RANGE IS 8800-9300.

Chana ended lower weighed by improving acreage, but spot demand limited the losses. Chana sowing would augment in a few more parts in the coming days. The ongoing marriage season is keeping spot prices of pulses including chana higher. Chana dropped Rs 16 and settled at Rs 2537 per quintal.

The volume was noted at 29590 lots. Support for chana is at 2523 below that could see a test of 2509. Resistance is now seen at 2559 above that could see a resistance of 2581.

Trading Ideas:

CHANA TRADING RANGE IS 2475-2575.

CHANA YESTERDAY ENDED DOWN DUE TO IMPROVEMENT IN ACREAGE

Jeera ended down as per expectation on continued profit-booking after prices rose more than a quarter in November. The fall in jeera is continued profit-taking. Fundamentals, however, remain firm as support from a dip in acreage that sparked lower crop worries and firm export demand will cap losses. December contract dropped Rs 202 and settled at Rs 14675 a kg.

The contract made intraday low of Rs 14625 a kg and high of Rs 15080 a kg. Support for jeera is at 14507 below that could see a test of 14338. Resistance is now seen at 14962 above that could see a resistance of 15248.

Trading Ideas:

JEERA TRADING RANGE IS 14600-15200.

Natural gas ended down on Saturday on profit booking after rising more than 4% on Friday. Gas traders were likely to buy back previously sold contracts, an activity known as short covering, to take advantage of relatively low prices after declines earlier in the week. Natural Gas yesterday we have seen that market has moved 4.84%.

Gold closed lower in reaction to strength in the U.S. dollar that was encouraged by soft European economic data and ratings concerns. Much of the selling was described as an unwinding of bullish positions ahead of the approaching year-end. Gold opened at 17588 and came under pressure, selling off to its lows of 17384.

The metal then traded largely sideways leading up to the fix. A mid day rally in equities carried the metal to its highs of 17648. However, the rallied proved to be short lived, as the price collapsed back down towards its lows, where it ultimately closed at 17445.Now support for the gold MCX is seen at 17337 and below could see a test of 17228. Resistance is now likely to be seen at 17601, a move above could see prices testing 17756.

Trading Ideas:

Silver fell with gold on a day when the dollar gained traction. Some pressure had been from the base metal counter where all metals dropped by almost 1%. Silver opened at 28451 and continued its downward push, along with gold. We traded largely sideways until the unit followed gold to new highs of 28542.

Profit taking inspired good selling, and the metal began a fresh downtrend to its lows of 27901, finally closing at 28052.Now support for the silver is seen at 27788 and below could see a test of 27524. Resistance is now likely to be seen at 28429, a move above could see prices testing 28806.

Trading Ideas:

SILVER TRADING RANGE IS 27500-28500.

SILVER FELL YESTERDAY TRACKING FALLING GOLD PRICES AND RISING DOLLAR

Crude ended lower for the fifth day in a row, the longest losing streak since late October, pressured by the stronger dollar and concerns about the strength of economic recovery. The EIA raised its forecast for OPEC 2010 crude oil to 29.59 million bpd from its prior estimate of 29.44 million bpd. Now support for the crude is seen at 3400 and below could see a test of 3367. Resistance is now likely to be seen at 3473, a move above could see prices testing 3513.

Trading Ideas:

CRUDE TRADING RANGE IS 3380-3480.

CRUDE OIL FELL YESTERDAY LOWER FOR THE FIFTH DAY IN A ROW PRESSURED BY THE STRONGER DOLLAR

Dollar strength pushed copper to a lower settlement. Technical selling also weighed on the metal. This type of chart-based selling brought the metal even lower once it broke through the 330 level. Inventories of copper stored in LME warehouses rose 750 metric tons, leaving them at 453,300. The most recent Comex inventory data, released late Monday, were up 533 short tons at 89,794 short tons.

Copper has touched a low of Rs 326.25 a kg after opening at Rs 329.15, and last traded at Rs327.25. For today market is looking for the support at 324.60, a break below could see a test of

Zinc yesterday traded with the positive node and settled 0.09% up at 107.75. Some support had been seen from the LME stock also which came down by -375mt, the total stock at LME is now at 458350mt.

In yesterday's trading session zinc has touched the low of 107.1 after opening at 107.8, and finally settled at 107.75. For today's session market is looking to take support at 106.85, a break below could see a test of 105.95 and where as resistance is now likely to be seen at 108.9, a move above could see prices testing 110.05.

Trading Ideas:

ZINC TRADING RANGE IS 103.50-111.50.

IMPORTANT WILL BE 105 MARK BELOW THIS SOME PRESSURE CAN BE SEEN.

SELL ZINC DEC @ 109-109.50 SL 110.30 TGT 108.20-107.50-106.80.MCX

Guar hit the 3 percent lower limit as profit-taking and bearish cues from the spot market weighed on sentiment. Selling pressure is seen in the market because this year guar made an all-time high. Most of the investors are selling futures anticipating demand may come down at these higher levels.

Pepper reversed gains and ended down as lack of overseas demand weighed on sentiment. Prices in the coming sessions, however, be supported by thin stocks and firm domestic demand. Spot pepper fell by over 178 rupees to end at 14,858.9 rupees per 100 kg in Kochi. December delivery dropped Rs 433 and settled at Rs 14450/quintal.

The contract touched the intraday high of Rs 15035/quintal while low of Rs 14290/quintal. Now support for the pepper is seen at 14148 and below could see a test of 13847. Resistance is now likely to be seen at 14893, a move above could see prices testing 15337.

Trading Ideas:

PEPPER TRADING RANGE IS 14100-14800

PEPPER REVERSED GAINS AND ENDED DOWN DUE TO LACK OF OVERSEAS DEMAND

Menthol first time in the last 1month closed below the 600 level on spot weakening. As we have mentioned earlier also that stocks are with the farmer and they are eyeing good price in the market for this season but lack of overseas demand had created selling pressure in the market which has resulted a drop of Rs 20.8 in the prices on future prices on MCX and settled at Rs 590.5 a kg.

Soyabean extended losses as oil millers trimmed buying in the spot market due to weak oilmeal exports. Millers were not buying actively in spot market due to a sharp fall in oilmeal exports. Soyabean yesterday we have seen that market has moved -0.29%. Market has opened at 2416 & made a low of 2393.5 versus the day high of 2416.

The total volume for the day was at 24510 lots and the open interest was at 65180. Support for soyabean is at 2396 below that could see a test of 2383. Resistance is now seen at 2419 above that could see a resistance of 2428.

Trading Ideas:

SOYABEAN TRADING RANGE IS 2350-2450

Chana erased most of the early gains to end lower, tracking weakness in other agriculture commodities and as government data showed a rise in acreage. India's chana acreage as on Dec. 3 stood at 6.985 million hectares, compared with 6.639 million hectares the same period a year ago. In the Delhi spot market, the price rose by 24 rupees to 2,474 rupees per 100 kg.

Chana dropped Rs 6 and settled at Rs 2518 per quintal. The volume was noted at 33350 lots. Support for chana is at 2494 below that could see a test of 2471. Resistance is now seen at 2543 above that could see a resistance of 2569.

Trading Ideas:

Turmeric which were trading at a discount to the spot market, hit the upper circuit for a second straight day on dwindling stockpiles. Futures are in discount to spot. They are trying to bridge the wider gap. In Nizamabad, a major spot market in Andhra Pradesh, the price fell by 30 rupees to 9,970 rupees per 100 kg.

Jeera pared the intraday gains on short selling at higher levels. Jeera moved higher during opening session as good domestic demand witnessed and export demand expected to rise further. As per the updates Jeera arrivals 2500 bags and prices are Rs 13000 per quintal at spot market without taxes. In Unjha spot market prices rose by over 67 rupees to end at 14310 rupees per 100 kg.

Natural gas extended their gains, as weather forecasts for chilly temperatures ahead helped push prices higher. As for production, the U. S. EIA trimmed the size of the decline in output it expects next year, while raising its forecast for growth in natural gas production this year. Natural Gas yesterday we have seen that market has moved 2.58%.

Gold hit their lowest level in more than three weeks, falling sharply for a fourth-straight session as expectations of a dollar bounce and easing inflation sent bullion investors racing to cut positions. Gold opened around 17375 and was range bound through the morning. As the metal reached its highs of 17390 it began succumbing to heavy selling pressure.

Silver closed sharply lower on the coattails of gold, which fell on moves by funds to exit profitable long positions ahead of year-end, particularly with the dollar attempting to stabilize. Silver opened at 27950, finding resistance at its highs of 28036, before coming under heavy selling pressure and following gold down to its lows of 27206 in brisk trading.

Now support for the silver is seen at 27051 and below could see a test of 26714. Resistance is now likely to be seen at 27881, a move above could see prices testing
28374.

Trading Ideas:

Crude oil ended at their lowest levels in two months, pressured by a sell-off in product futures after government data showed big increases in distillate and gasoline inventories last week.

Copper settled at their lowest levels in nearly three weeks, as rising inventories and fears about mounting debt issues around the world limited investor risk exposure and continued to buoy the safe-haven status of the dollar. London copper warehouse stocks surged 5,200 tonnes to 458,500 tonnes on Wednesday to their highest level since April.

Mitsui Mining & Smelting Co said it lowered its zinc selling price by Y10,000 to Y245,000 a metric ton.  This will bring the estimated average zinc selling price for December to Y246,600. Zinc yesterday we have seen that market has moved -1.16%.

Market has opened at 107.3 & made a low of 106.1 versus the day high of 108.8. The total volume for the day was at 17537 lots and the open interest was at 2721.Now support for the zinc is seen at 105.40 and below could see a test of 104.40. Resistance is now likely to be seen at 108.10, a move above could see prices testing 109.80.

First Quantum Minerals Ltd. said it has signed a deal with BHP Billiton to buy the Ravensthorpe nickel operation in Australia for US$340 million. Ravensthorpe was completed in 2007; however operations were suspended in January due to low nickel prices.

Nickel has touched a low of Rs 750.7 a kg after opening at Rs. 756.1, and last traded at Rs 767.1. For today market is looking for the support at 752.7, a break below could see a test of 738.3 and where as resistance is now likely to be seen at 779.5, a move above could see prices testing 791.9.

Trading Ideas:

Guar rebounded as per expectation smartly from an early decline on lower-level buying and short-covering after prices fell over 6 percent in the last two sessions. Short-covering along with lower-level buying supported the recovery in guar. Any improvement in spot demand may further push the prices upside. Guar yesterday we have seen that market has moved 1.78%.

Pepper ended weak in choppy trade as lack of overseas demand weighed on sentiment. Exports are minimal because of the parity situation and there are reports global production this year will be higher. The International Pepper Community, an inter-governmental organisation of pepper producing countries, projects global pepper production to increase by 3 percent in 2010 to 290,742 tonnes from 281,974 tonnes last year. December delivery dropped Rs 66 and settled at Rs 14300/quintal. The contract touched the intraday high of Rs 14537/quintal while low of Rs 14050/quintal.

Menthol yesterday dropped by almost 1% in the line of our expectation as told overall market look weak as below 600 mark look to take support at 565 levels.

Today also spot market is flat and trading at 637 levels. December contract dropped Rs 6.6 and settled at Rs 583.9 a kg. The contract made intraday low of Rs 578.1 a kg and high of Rs 592 a kg. Now support for the menthol is seen at 577.30 and below could see a test of 570.70. Resistance is now likely to be seen at 591.20, a move above could see prices testing 598.50.

Trading Ideas:

Soybean fell for a sixth straight day, weighed by weak overseas market and thin domestic demand on falling oilmeal exports. There is no parity between soybean and soymeal prices. Millers and stockists are waiting for a bigger correction. U. S. soybean fell after sliding one percent in the previous session, but the market looked for direction from China's Dalian soy futures, which climbed to a new 14-month high.

Chana extended losses hammered by ample carry-forward stocks, hopes of higher output and fears government may intervene in the market to curb the price rise in food commodities.

In the Delhi spot market, the price fell by 24 rupees to 2,450 rupees per 100 kg. Chana dropped Rs 31 and settled at Rs 2477 per quintal. The volume was noted at 50650 lots. Support for chana is at 2435 below that could see a test of 2392. Resistance is now seen at 2518 above that could see a resistance of 2558.

Trading Ideas:

CHANA TRADING RANGE IS 2460-2580.

Turmeric which were trading at a discount to the spot market, hit the upper circuit for a third straight day on dwindling stockpiles. Futures are in discount to spot. They are trying to bridge the wider gap. In Nizamabad spot market the price rose by 493 rupees to 10462.90 rupees per 100 kg.

Jeera ended up after a volatile session as traders covered short positions after prices fell more than 12 percent since the start of last week. The firmness in jeera was because of short-covering. Prices rose over 25 percent in November supported by lower crop worries due to a delay in sowing and on firm export demand.

Natural-gas finished lower pressured by profit-taking despite weather forecasts pointing to brisk temperatures in the eastern and central U. S. over the next two weeks. Natural-gas were taking advantage of relatively high prices to sell contracts after the past week's run-up. Natural Gas yesterday we have seen that market has moved -1.64%.

Gold hit their lowest level in four weeks when a strong U. S retail-sales report boosted the U. S. dollar. Gold is closing the week at 1116 compared to last weeks 1158. This is the second down week off of last week’s record 1126.50 high. The price drop has Gold back into our old bull channel of 1078 to 1148. We feel the risk remains for a deeper correction to 1078.

Big picture, Gold appears to have put in a medium term high at 1226, with 38.2% Fibo retracement target now 1018 from the 1 year 683 to 1226 move. Now support for the gold MCX is seen at

Silver closed lower with gold as the dollar strengthened, yet may now be around an area where it will draw bargain hunting. Silver is putting in a very bearish week at current 17.16 compared to last Fridays 18.50. Last weeks 19.46 high appears to have been an overshoot move. We see initial support at 16.87 from 23.6 Fibo and trend line support. A break opens 16.24 the June high. The Gold Silver ratio is closing up at 65.03 this week compared to last Fridays 62.56.

Crude dropped as the dollar--but not oil demand--received a boost from the quickening pace of the U. S. economic recovery. Between Friday's stronger-than-expected pickup in U. S. retail sales and last week's surprise drop in the unemployment rate, the economic recovery is starting to put downward pressure on oil prices.

Now support for the crude is seen at 3246 and below could see a test of 3236. Resistance is now likely to be seen at 3275, a move above could see prices testing 3294.

Trading Ideas:

CRUDE TRADING RANGE IS 3200-3320.

CRUDE OIL ENDED DOWN AS OIL DEMAND RECEIVED A BOOST

Copper held onto gains into the close, boosted by economic data that were all stronger than forecast, including U. S. retail sales, consumer sentiment and business inventory readings that bolstered the outlook for demand. LME copper warehouse stocks surged by 4,450 tonnes to 466,075 tonnes on Friday.

Once-a-week data released on Fridays by the Shanghai Futures Exchange was also supportive, as it showed a decline of 9,034 metric tons to 95,676. Copper has touched a low of Rs 323.6 a kg after opening at Rs 323.7, and last traded at Rs323.85. For today market is looking for the support at 323.60, a break below could see a test of 323.30 and where as resistance is now likely to be seen at 324.00, a move above could see prices testing 324.20.

Trading Ideas:

China’s zinc output rose 9.8 percent on the month hitting all-time record at 444,800 tonnes in November due to sufficient supply of concentrates. Zinc yesterday we have seen that market has moved 0.14%. Market has opened at 106.8 & made a low of 106.8 versus the day high of 107.05.

The total volume for the day was at 177 lots and the open interest was at 2408. Now support for the zinc is seen at 106.85 and below could see a test of 106.7. Resistance is now likely to be seen at 107.1, a move above could see prices testing 107.2.

Trading Ideas:

ZINC TRADING RANGE IS 103-110.

U. S. nickel exports fell 56.8% in October from the previous month, but was up 73.8% from the previous year and nickel imports fell 3.2% in October from last month, and was down 14.4% from the previous year, the Commerce Department reported.

Nickel has touched a low of Rs 778 a kg after opening at Rs. 778, and last traded at Rs 782.4. For today market is looking for the support at 778.90, a break below could see a test of 775.40 and where as resistance is now likely to be seen at 784.90, a move above could see prices testing 787.40.

Trading Ideas:

NICKEL TRADING RANGE IS 745-790.

U. S. NICKEL IMPORTS FELL 3.2% IN OCTOBER FROM LAST MONTH

BUY NICKEL DEC @ 768-770 SL 763 TGT 774.80-779.20-783.50.MCX

Guar ended down on Saturday as profit-taking weighed on prices. Lower area and poor yields due to patchy rains are estimated to have cut guar seed output by over 80 percent in Rajasthan in 2009/10. Guar yesterday we have seen that market has moved -0.18%. Market has opened at 2769 & made a low of 2742 versus the day high of 2772.

The total volume for the day was at 25650 lots and the open interest was at 32370. Now support for the guar is seen at 2743 and below could see a test of 2727. Resistance is now likely to be seen at 2773, a move above could see prices testing 2787.

Trading Ideas:

Pepper pared the gains on Saturday lead by short selling on weak export demand and weak spot demand. Buyers waiting for the arrivals of the new crop in the next month. As per the latest release from the International Pepper Community, the global Pepper market was quiet and mixed during the week due to lack of overseas demand.

Spot pepper rose by over 27 rupees to end at 14543.75 rupees per 100 kg in Kochi. December delivery dropped Rs 64 and settled at Rs 14400/quintal. The contract touched the intraday high of Rs 14511/quintal while low of Rs 14382/quintal. Now support for the pepper is seen at 14351 and below could see a test of 14302. Resistance is now likely to be seen at 14480, a move above could see prices testing 14560.

Trading Ideas:

December contract dropped Rs 2.5 and settled at Rs 583.6 a kg. The contract made intraday low of Rs 582.2 a kg and high of Rs 589.2 a kg. Now support for the menthol is seen at 580.8 and below could see a test of 578. Resistance is now likely to be seen at 587.8, a move above could see prices testing 592.

Trading Ideas:

MENTHOL TRADING RANGE IS 570-600.

MENTHOL SPOT IS AT 632/-SPOT IS DOWN BY RS 8/-.

SELL MENTHA OIL DEC BELOW 580 SL 584.50 TGT 577.80-575.50-574. MCX

SUPPORT FOR MENTHA OIL IS AT 580.80.

Soybean climbed on Saturday on lower-level buying, thin output estimates and firm global markets but pared all its gains and settled flat on profit booking. U. S. soybean futures were trading higher on Friday supported by rising demand for the oilseed, led by China, prompting the USDA to trim its ending stock estimate. Soyabean yesterday we have seen that market has moved 0.04%.

Chana ended steady as profit-taking is seen offsetting firm prices of weak arrivals in spot market. There were concerns acreage may shrink due to diversion towards rapeseed, but sowing reports indicated a rise in acreage. In the Delhi spot market, the price rose by 31 rupees to 2,490 rupees per 100 kg.

Chana dropped Rs 3 and settled at Rs 2496 per quintal. The volume was noted at 17310 lots. Support for chana is at 2483 below that could see a test of 2469. Resistance is now seen at 2513 above that could see a resistance of 2529.

Trading Ideas:

CHANA TRADING RANGE IS 2450--2550.

Turmeric ended higher buoyed by an improvement in demand and lower carry-forward stocks. Lower stocks were supporting upside. Lower-level buying was also there. Prices will correct significantly once arrivals pick up momentum in February. In Nizamabad, a major spot market in Andhra Pradesh, the price fell by 62 rupees to 10,524 rupees per 100 kg.

Turmeric yesterday we have seen that market has moved 2.72%. Market has opened at 10501 & made a low of 10501 versus the day high of 10898. The total volume for the day was at 5240 lots and the open interest was at 11620. Support for turmeric is at 10578 below that could see a test of 10341. Resistance is now seen at 10975 above that could see a resistance of 11135.

Trading Ideas:

Jeera ended down on Saturday on profit taking and weak spot market demand. Losses, however, are limited by strong export demand as leading producers, Syria and Turkey, continue to quote jeera at a premium to Indian prices. Spot jeera rose by over 90 rupees to end at 14,277.60 rupees per 100 kg in Unjha.

December contract dropped Rs 77 and settled at Rs 14411 a kg. The contract made intraday low of Rs 14391 a kg and high of Rs 14563 a kg. Support for jeera is at 14347 below that could see a test of 14283. Resistance is now seen at 14519 above that could see a resistance of 14627.

Trading Ideas:

JEERA TRADING RANGE IS 14100-14700.

JEERA ENDED DOWN ON PROFIT TAKING AND WEAK SPOT MARKET DEMAND

Gold finished steady capping a choppy session in which the tight relationship between gold prices and the U.S. dollar showed signs of fraying. Gold is largely unchanged from previous close at current 1124. For the past three days the metal has found support in the 1110 to 1112 area but strong resistance is still seen near 1138. Price action is consolidation in nature following last week’s aggressive correction from 1226.50 to 1110. Our major bull channel support is now seen at 1089.Now support for the gold MCX is seen at 16915 and below could see a test of 16788. Resistance is now likely to be seen at 17138, a move above could see prices testing 17234.

Silver gained despite choppy gold trade. Participants were buying back previously sold positions in the gray metal as they were squaring up for the year end. Silver is unchanged from previous close at 17.41. The seven down days from 19.46 to 16.93 still cast a shadow over the market. Our view is that the metal is consolidating before attempting another leg lower to 16.13. Only a close back above 17.68 changes that view. Gold Silver ratio continues to drift lower from the 65.16 area. The ratio is currently at 64.53 with major support seen at 64.14.Now support for the silver is seen at 27083 and below could see a test of 26847.

Crude oil settled higher ending a string of nine straight losing sessions as the market awaited weekly oil inventory reports expected to show crude stockpiles fell last week. OPEC responsible for about 40 percent of global oil supply raised the estimate for the amount of crude its members will have to pump next year as consumption recovers. OPEC members bound by quotas raised oil production to the highest this year as Nigeria restored output, the organization said . Now support for the crude is seen at 3253 and below could see a test of 3210. Resistance is now likely to be seen at 3329, a move above could see prices testing 3362.

Copper ended slightly lower on pressure from a stronger dollar as investors sold the metal while risk tolerance declined. U.S. economic data were mixed, but the metal did pare losses on stronger-than-expected U.S. industrial production numbers. Zambia’s Luanshya Copper Mines has resumed production at its Baluba Copper Mine after nearly a year of closure. Inventories of copper stored in LME warehouses rose 3,650 metric tons, leaving them at 470,800. The most recent Comex inventory data, released late Monday, were up 598 short tons at 93,208 short tons.

Kazakhstan Zinc output fell during the period by 9.8% to 301,674 tons.Zinc yesterday we have seen that market has moved -0.14%. Market has opened at 108.25 & made a low of 106.6 versus the day high of 108.75. The total volume for the day was at 13584 lots and the open interest was at 2647.Now support for the zinc is seen at 106.70 and below could see a test of 105.50. Resistance is now likely to be seen at 108.80, a move above could see prices testing 109.80.

Trading Ideas:

ZINC TRADING RANGE IS 105-111.

KAZAKHSTAN ZINC OUTPUT FELL DURING THE PERIOD BY 9.8% TO 301,674 TONS.

The prices in the nickel world market in December increased. The average price of cash metal at the LME at the last tenders has gone up. Nickel stocks at LME warehouses for the last month increased, Nickel has touched a low of Rs 783 a kg after opening at Rs.790, and last traded at Rs 790.7.For today market is looking for the support at 784.60, a break below could see a test of 778.50 and where as resistance is now likely to be seen at 795.10, a move above could see prices testing 799.50.

Trading Ideas:

NICKEL TRADING RANGE IS 770-810.

PRICES IN NICKEL WORLD MARKET IN DECEMBER INCREASED

Guar extended losses to over 2 percent as poor overseas demand for guar gum and subdued domestic off-take at higher levels outweighed lower output estimates. Lack of export enquires in the market has been putting pressure on guar prices. Guar yesterday we have seen that market has moved -1.89%. Market has opened at 2755 & made a low of 2675 versus the day high of 2765. The total volume for the day was at 386880 lots and the open interest was at 236300.Now support for the guar is seen at 2666 and below could see a test of 2625. Resistance is now likely to be seen at 2756, a move above could see prices testing 2805.

Trading Ideas:

Pepper ended lower on pressure due to lack of export demand and worries over a higher global output view. Rising exports in the coming season from Vietnam, the world's largest producer and exporter, will also check on gains. Domestic prices are also expected to ease further from January when the new crop arrivals start. Spot pepper fell by over 197 rupees to end at 14,219.75 rupees per 100 kg in Kochi. January delivery dropped Rs 373 and settled at Rs 13975/quintal. The contract touched the intraday high of Rs 14380/quintal while low of Rs 13950/quintal. Now support for the pepper is seen at 13823 and below could see a test of 13672.

December contract gained Rs 0.8 and settled at Rs 577.6 a kg. The contract made intraday low of Rs 575.2 a kg and high of Rs 584 a kg. Now support for the menthol is seen at 573.80 and below could see a test of 570.10. Resistance is now likely to be seen at 582.60, a move above could see prices testing 587.70.

Trading Ideas:

MENTHOL TRADING RANGE IS 565-590.

MENTHOL SPOT IS AT 638/-SPOT IS DOWN BY RS 6/-.

BUY MENTHOL DEC @ 572-574 SL 567.20 TGT 576.80-580.50-584.20.MCX

SUPPORT FOR MENTHA OIL IS AT 574.20.

IMP WILL BE 582 LEVEL ABV THAT A JUMP CAN BE SEEN TILL 585-587.

Soybean ended steady as pressure from rising arrivals and sluggish domestic demand was offset by firm overseas markets. Malaysian crude palm oil futures edged up 0.5 percent on Tuesday on speculative buying. Soyabean yesterday we have seen that market has moved -0.06%. Market has opened at 2449 & made a low of 2422 versus the day high of 2453. The total volume for the day was at 65380 lots and the open interest was at 186440.Support for soyabean is at 2419 below that could see a test of 2405. Resistance is now seen at 2450 above that could see a resistance of 2467.

Trading Ideas:

SOYABEAN TRADING RANGE IS 2380-2490

Chana continued their losing streak into the fourth straight day on rising acreage, tepid spot demand and concerns mounting food prices may invite more curbs from the government. Early in 2007, the federal government banned futures trade in tur and urad to check price rise, while in mid-2008 it also suspended futures trade in chana for few months. In the Delhi spot market, the price fell by 26 rupees to 2,450 rupees per 100 kg due to poor demand. Chana dropped Rs 32 and settled at Rs 2543 per quintal. The volume was noted at 95060 lots. Support for chana is at 2524 below that could see a test of 2504.

ended steady in a lower volume trade as dwindling stocks outweighed a likely rise in production this year due to a rise in

acreage. In Nizamabad spot market the price fell by 102 rupees to 10,621 rupees per 100 kg. Turmeric yesterday we have seen that market has moved -0.22%. Market has opened at 6960 & made a low of 6955 versus the day high of 7060. The total volume for the day was at 5700 lots and the open interest was at 10080.Support for turmeric is at 6950 below that could see a test of 6900. Resistance is now seen at 7055 above that could see a resistance of 7110.

Trading Ideas:

Jeera ended down as selling pressure along with weak spot demand weighed on prices. Selling in the spice has been continuing after futures rose over a quarter on-month in November. Spot jeera fell by over 2 rupees to end at 14,262.15 rupees per 100 kg in Unjha. January contract dropped Rs 222 and settled at Rs 14330 a kg. The contract made intraday low of Rs 14222 a kg and high of Rs 14597 a kg. Support for jeera is at 14169 below that could see a test of 14008. Resistance is now seen at 14544 above that could see a resistance of 14758.

Trading Ideas:

JEERA TRADING RANGE IS 14300-14650.

Gold gained as oil climbed on inventory data and the dollar weakened ahead of the Federal Reserve's interest rate announcement. The Federal Open Market Committee kept its rates unchanged. Gold opened at 17049 and traded lightly in a narrow range, reaching an intraday low of 17028. The metal later rallied on the back of stronger equity markets and base metals, gapping to a high of 17249. Investors took profit for the remainder of the session, taking out some of the longs.

Silver ended higher following higher gold prices. The metals gained as oil prices climbed after inventory data and the dollar fell before Federal Reserve's interest rate announcement. Silver opened at 27297 and traded quietly showing the market’s indecisiveness to pick a direction, touching a low of 27251.

Stronger oil and base metals along with rallying equity markets helped silver pull itself from its lows. The buying continued as the session progressed, lifting silver to a high of 27719 before it retreated. It turned support near 27570 and made back lost ground at the latter end of the day, finally settling at 27615. Now support for the silver is seen at 27338 and below could see a test of

Crude rose sharply after the government's oil inventory report showed crude oil and distillate supplies fell much more than expected last week. The U. S. Energy Information Administration's weekly oil inventory report showed crude oil supplies fell 3.7 million barrels in the week to Dec. 11.

Copper ended higher after a double dose of economic data dragged the dollar down and bolstered investor appetite for risk ahead of a key policy statement from the U.S. Federal Reserve. The global copper market was in surplus by 196,000 metric tons between January and October, the World Bureau of Metal Statistics said.

The global refined zinc market was in a 403,000 metric ton surplus in January to October, the International Lead and Zinc Study Group said. This compares with a 66,000-ton surplus in the same period a year ago, ILZSG said. Zinc yesterday we have seen that market has moved 4.08%.

Market has opened at 108 & made a low of 107.65 versus the day high of 112.4. The total volume for the day was at 24857 lots and the open interest was at 4487.Now support for the zinc is seen at 109.10 and below could see a test of 106.00. Resistance is now likely to be seen at 113.80, a move above could see prices testing 115.50.

Trading Ideas:

ZINC TRADING RANGE IS 108-116.

THE GLOBAL REFINED ZINC MARKET WAS IN A 403,000 METRIC TON SURPLUS

The global refined nickel market was in a 15,000-metric-ton deficit in January to October, the World Bureau of Metal Statistics said. The estimate includes substantial imports in China, some of which are being stockpiled and more than compensate for the deficit in the rest of the world, the WBMS said.

Nickel has touched a low of Rs 790.1 a kg after opening at Rs.792, and last traded at Rs 810.5.For today market is looking for the support at 796.50, a break below could see a test of 782.50 and where as resistance is now likely to be seen at 818.00, a move above could see prices testing 825.50.

Trading Ideas:

NICKEL TRADING RANGE IS 790-830.

THE GLOBAL REFINED NICKEL MARKET WAS IN A 15,000-METRIC-TON DEFICIT IN

Guar ended over 2 percent on account of short-covering after prices fell 7 percent in the last 13 sessions and on estimates of lower crop. In the Bikaner spot market, the price scaled up 37 rupees to 2664.45 rupees per 100 kg. Lower area and poor yields due to patchy rains are estimated to have cut guar seed output by over 80 percent to produce 241,000 tonnes.

Pepper ended up as thin stocks supported sentiment. Fundamentals remained weak on lack of export demand and a higher global output estimates. Rising exports in the coming season from Vietnam, the world's largest producer and exporter, will also check on gains. Spot pepper fell by 65 rupees to end at 14,154.65 rupees per 100 kg in Kochi. January delivery gained Rs 268 and settled at Rs 14293/quintal.

The contract touched the intraday high of Rs 14360/quintal while low of Rs 13910/quintal. Now support for the pepper is seen at 14015 and below could see a test of 13738. Resistance is now likely to be seen at 14465, a move above could see prices testing 14638.

Trading Ideas:

PEPPER TRADING RANGE IS 13900-14600.

Mentha oil yesterday jumped as told above 582 level till 586-590. Now important will be 600 mark if breaks then target will 605-608 but some profit booking can be seen till 590-588 level. December contract gained Rs 17.3 and settled at Rs 594.9 a kg. The contract made intraday low of Rs 580.7 a kg and high of Rs 594.9 a kg.

Now support for the menthol is seen at 585.40 and below could see a test of 575.90. Resistance is now likely to be seen at 599.60, a move above could see prices testing 604.30.

Trading Ideas:

MENTHOL TRADING RANGE IS 580-610.

MENTHOL SPOT IS AT 652/-SPOT IS UP BY RS 12/-.

BUY MENTHOL DEC @ 590-592 SL 585.80 TGT 594.80-597.40-601.50.MCX

SUPPORT FOR MENTHA OIL IS AT 590.20.

Soyabeen edged higher tracking strong global leads, but rising arrivals and sluggish domestic demand on falling oilmeal exports kept the upside limited. Malaysian crude palm oil surged 2.3 percent to their highest closing level in six and a half months supported by a crude oil price rebound and fresh buying in the physical market Soyabean yesterday we have seen that market has moved 1.11%.

Market has opened at 2436.5 & made a low of 2431 versus the day high of 2459.5. The total volume for the day was at 57220 lots and the open interest was at 183530. Support for soyabean is at

Chana erased early gains to end slightly down as higher area and fears the government may intervene in the market to curb price rise offset bargain-buying and higher prices of kharif pulses. India's chana acreage as on Dec. 10 stood at 7.312 million hectares, compared with 7.107 million hectares the same period a year ago.

In the Delhi spot market price fell by 14 rupees to 2,436 rupees per 100 kg. Chana dropped Rs 2 and settled at Rs 2535 per quintal. The volume was noted at 110030 lots. Support for chana is at 2513 below that could see a test of 2490. Resistance is now seen at 2563 above that could see a resistance of 2590.

Turmeric rose by daily maximum limit on dwindling stockpiles and thin arrivals in physical market. In the spot market prices rose by 56 rupees to 10,678 rupees per 100 kg. Turmeric output is likely to rise this year as farmers in southern and western India increased acreage under the spice. Turmeric yesterday we have seen that market has moved 4%. Market has opened at 7007 & made a low of 7007 versus the day high of 7279. The total volume for the day was at 6990 lots and the open interest was at 10090.

Jeera ended weak on sustained selling pressure and weak spot demand also weighed on sentiment. Reports of better sowing in Gujarat and Rajasthan are also having a bearish impact on prices. Spot jeera fell by over 2 rupees to end at 14,260 rupees per 100 kg in Unjha. January contract dropped Rs 39 and settled at Rs 14260 a kg.

The contract made intraday low of Rs 14082 a kg and high of Rs 14371 a kg. Support for jeera is at 14104 below that could see a test of 13949. Resistance is now seen at 14393 above that could see a resistance of 14527.

Natural Gas prices have been on the rise amid expectations for cold weather that can boost demand for the fuel to heat homes and businesses and help draw down relatively high stockpiles of the fuel. The EIA is expected to report that 175 billion cubic feet of gas were withdrawn from storage during the week ended Dec. 11.

Gold is showing unchanged on the weekly chart at current 1113. The metal traded in an eventful 1095 to 1142 range trying to shake off the impact of the two week decline off record high 1226.50. A large multi month trend line support comes in at 1088. A break of the trend should find support quickly at 1070 which was our previous high in October.

Risk remains to the down side in Gold. Now support for the gold MCX is seen at 16944 and below could see a test of 16918. Resistance is now likely to be seen at 16993, a move above could see prices testing 17016.

Trading Ideas:

GOLD TRADING RANGE IS 16700-17200.

Silver is closing small up on the week at 17.29. The metal is riding a multi month trend line support that comes in at 17.08. A break of this line opens up a move to 16.24 area. Topside resistance will lie near 17.78. The Gold Silver ratio is closing the week at 64.39.

This is a down week from last Fridays 65.02. We believe that while the ratio closes above 64.00, the risk is to the topside. Now support for the silver is seen at 27264 and below could see a test of 27214. Resistance is now likely to be seen at 27353, a move above could see prices testing 27392.

Crude ended unchanged on Saturday on profit booking after rising more than a percent on Friday following news that Iran had occupied an Iraqi oil well in a disputed section of the border. A dispute between Iran and Iraq and cold weather across the U. S. and Europe helped support prices.

Kuwait Oil Co said that it was trying to stop an oil leak at a well in the al-Magwa oil field, though production was not affected. Now support for the crude is seen at 3487 and below could see a test of 3471. Resistance is now likely to be seen at 3514, a move above could see prices testing 3525.

Trading Ideas:

CRUDE TRADING RANGE IS 3450-3550.

Copper ended in positive territory recovering from an earlier slide to one-week lows with chart-based buying and firmer outside market support outweighing the bearish impact of a rising dollar. LME copper warehouse stocks added another 1,775 tonnes to an eight-month peak at 476,350 tonnes.

Zinc spot business is sluggish as the market is in the midst of its traditional mid-December slowdown, but market participants said many consumers are still busy negotiating long-term contract premiums. Zinc yesterday we have seen that market has moved 0.18%. Market has opened at 113 & made a low of 111.25 versus the day high of 113.1.

The total volume for the day was at 856 lots and the open interest was at 4777. Now support for the zinc is seen at 111.3 and below could see a test of 110.35. Resistance is now likely to be seen at 113.15, a move above could see prices testing 114.05.

In Shanghai nickel market, Jinchuan Group lifted nickel ex-works prices by RMB 2,000/mt to RMB 128,000/mt, helping limit the low-end traded prices for goods from Jinchuan Group, but also squeezing profit margins for market players. Nickel has touched a low of Rs 805.5 a kg after opening at Rs. 806.4, and last traded at Rs 808.8.

For today market is looking for the support at 806.50, a break below could see a test of 804.20 and where as resistance is now likely to be seen at 810.00, a move above could see prices testing
811.20.

Trading Ideas:

Guar ended down rebounding slightly from an intra-day low, on weak domestic off-take and on lack of fresh triggers from the spot market. Open interest has been continuously declining in guar along with prices indicating liquidation of long position. Guar yesterday we have seen that market has moved -1.67%.

Pepper ended up as low stocks supported sentiment. Fundamentals remained weak on higher global output and low export demand. Domestic prices are also expected to ease further from January, when the new crop arrivals start. Spot pepper rose by over 177 rupees to end at 14404.40 rupees per 100 kg in Kochi.

January delivery gained Rs 35 and settled at Rs 14383/quintal. The contract touched the intraday high of Rs 14545/quintal while low of Rs 14225/quintal. Now support for the pepper is seen at

Mentha oil extended their selling in Saturday’s trading on the heels of sturdy arrivals in major mandis coupled with weak off take by exporters .December contract dropped Rs 5.6 and settled at Rs 587.8 a kg. The contract made intraday low of Rs 586.3 a kg and high of Rs 593.9 a kg.

Now support for the menthol is seen at 584.70 and below could see a test of 581.70. Resistance is now likely to be seen at 592.30, a move above could see prices testing 596.90.

Trading Ideas:

MENTHOL TRADING RANGE IS 575-600.

Soyabean closed the session with losses weighed by weak demand and lower meal export. Traders and stockists were buying a little since the last couple of days, anticipating prices to correct to large extent. Higher prices of soy meal has resulted poor export from Indian offshore as Asian buyers are diverting towards cheaper deals available in United Sates and South American regions. Soyabean yesterday we have seen that market has moved -1.21%.

Chana dropped around a percent on profit booking on Saturday after having traded up with decent profit in the morning session. Higher acreage and good carry-forward stocks from last year's harvest also weighed on prices. India's chana acreage as on Dec. 17 stood at 7.7 million hectares, compared with 7.26 million hectares the same period a year ago.

Chana dropped Rs 21 and settled at Rs 2554 per quintal. The volume was noted at 65540 lots. Support for chana is at 2535 below that could see a test of 2517. Resistance is now seen at 2577 above that could see a resistance of 2601.

Turmeric ended higher buoyed by an improvement in demand and lower carry-forward stocks. Lower stocks were supporting upside. Lower-level buying was also there. Prices will correct significantly once arrivals pick up momentum in February.

Jeera ended higher on Saturday breaching the upper circuit on good spot demand. Sowing in Gujarat and Rajasthan is nearly over and that is weighing on prices. Spot jeera rose by over 150 rupees to end at 14,413.35 rupees per 100 kg in Unjha. January contract gained Rs 420 and settled at Rs 14972 a kg.

The contract made intraday low of Rs 14318 a kg and high of Rs 14972 a kg. Support for jeera is at 14536 below that could see a test of 14100. Resistance is now seen at 15190 above that could see a resistance of 15408.

Trading Ideas:

Natural gas finished higher as traders weighed forecasts of continued cold weather against ample inventories. Gas traders were looking ahead to forecasts of frigid temperatures in the eastern and central U. S. over the next three weeks. The wintry weather was expected to spark substantial demand for natural gas for heating.

Gold fell as the U. S. dollar strengthened on increasing economic optimism, continuing a trend of gold as a counterpoint to the greenback. Gold opened at 16670 on MCX. US GDP fell short of expectation causing the dollar to retreat and gold rallied, peaking at 16714.

Silver settled near steady even though gold was down more notably. The higher dollar was pressuring the metals. But silver lost less ground in percentage terms than gold. Silver opened at 26926 and rallied on the back of the weaker USD, finding resistance near 27000. An advancing USD and weaker oil inspired dealers to sell the metal, dragging silver to a low 26641.

Crude oil rose after seesawing ending higher ahead of weekly oil inventory reports expected to show that crude and distillate stocks fell last week. OPEC agreed to keep its supply curbs unchanged but seeks to improve compliance with targets.

Angola is set to export an average of 1.88 million bpd of crude oil in February. Now support for the crude is seen at 3445 and below could see a test of 3399. Resistance is now likely to be seen at 3518, a move above could see prices testing 3545.

Trading Ideas:

CRUDE TRADING RANGE IS 3430-3550.

Copper prices closed down on as concerns about swollen inventory levels weighed on sentiment and investor position-squaring picked up pace as the dollar extended its late-year rally. China's refined copper imports in November rose strongly from October to 194,388 metric tons, shrugging off market expectations of a seasonal slowdown as year-end hoarding and stimulus spending kept demand strong.

Mitsui Mining & Smelting Co. said it raised its zinc selling price by Y5,000 to Y265,000 a metric ton. This will bring the estimated average zinc selling price for December to Y253,200. Zinc yesterday we have seen that market has moved -0.18%.

Market has opened at 112.7 & made a low of 111.7 versus the day high of 113.35. The total volume for the day was at 18191 lots and the open interest was at 5757. Now support for the zinc is seen at 112.10 and below could see a test of 111.00. Resistance is now likely to be seen at 113.70, a move above could see prices testing 114.30.

Russia has reinstated a 5 percent tariff on nickel exports, waived since February to help top producer Norilsk Nickel and others cope with the economic crisis. Nickel has touched a low of Rs 827.2 a kg after opening at Rs. 834.5, and last traded at Rs 832.5. For today market is looking for the support at 827, a break below could see a test of 821.5 and where as resistance is now likely to be seen at 838.2, a move above could see prices testing 843.9.

Trading Ideas:

NICKEL TRADING RANGE IS 815-845.

RUSSIA HAS REINSTATED A 5 PERCENT TARIFF ON NICKEL EXPORTS

Guar fell over 2 percent on poor off-take by stockists and millers and on weakness in other agri-commodities. Slowdown in demand by stockists and weakness in other agri commodities have impacted guar. Guar yesterday we have seen that market has moved -2.27%. Market has opened at 2693 & made a low of 2618 versus the day high of 2695.

Pepper ended over 3 percent lower as lack of export demand and expectations of arrivals in the next few days weighed on sentiment. Domestic prices are expected to ease further from January, when the new crop arrivals start. Spot pepper fell by over 197 rupees to end at 14,179.85 rupees per 100 kg in Kochi.

January delivery dropped Rs 526 and settled at Rs 13798/quintal. The contract touched the intraday high of Rs 14275/quintal while low of Rs 13768/quintal. Now support for the pepper is seen at

Menthol yesterday in the early session shown some support as spot market yesterday in the day session was up by 5rs but latter again some selling pressure had been seen in the market and on mcx December contract dropped Rs 7.1 and settled at Rs 585.5 a kg. And spot market ended low with a drop of Rs. 5 quoting at 644 level.

The contract made intraday low of Rs 584.3 a kg and high of Rs 595 a kg. Now support for the menthol is seen at 581.50 and below could see a test of 577.50. Resistance is now likely to be seen at 592.20, a move above could see prices testing 598.90.

Soyabean extended the previous session's losses tracking weakness in Malaysian palm and sluggish domestic demand on falling oilmeal exports. Indian soybean prices track Malaysian palm oil prices as palm is used as an substitute for soybean oil and their prices move in tandem. Soyabean yesterday we have seen that market has moved -2.33%. Market has opened at 2375 & made a low of 2318 versus the day high of 2378. The total volume for the day was at 88940 lots and the open interest was at 152190. Support for soyabean is at 2305 below that could see a test of 2281. Resistance is now seen at 2365 that could see a resistance of 2401.

Chana continued their losing streak for a third straight day on weak demand, acreage expansion and fears of government curbs to arrest food inflation. Demand has not been picking up, but those who are holding stocks are not releasing stocks due to a sharp correction. In the Delhi spot market, the price fell 23 rupees to 2,439 rupees per 100 kg.

Turmeric fell due to sluggish demand and a likely rise in output as farmers in southern and western India expanded acreage under the spice. Turmeric arrivals usually start in mid-January in small quantities and gain momentum from March. The peak season runs till June.

Jeera hit lower circuit on pressure from profit-taking and weak physical demand. Sowing of the new season crop which is nearly over also weighed on sentiment. Losses in the coming sessions will be capped by reports of scattered rains in Gujarat, the largest producer, which is expected to lead to buying in the market.

A weaker dollar pushed gold to a higher settlement as market participants found the metal's recent pullback to be a buying opportunity. Gold's pullback has come in part as investors have bought the dollar amid growing confidence in the economic recovery and expectations the Federal Reserve will raise interest rates earlier than expected. Now technically market is trading in the range as RSI for 18days is currently indicating 40.84, where as 50DMA is at 17001 and gold is trading below the same and getting support at 16522 and below could see a test of 16411 level, And resistance is now likely to be seen at 16706, a move above could see prices testing 16779.

Silver rose along with gold prices. The precious metals gained ground as the U.S. dollar weakened. he dollar came under increased pressure after the Commerce Department said that sales of single-family homes decreased more than expected. Now technically market is trading in the range as RSI for 18days is currently indicating 42.12, where as 50DMA is at 27685 and silver is trading below the same and getting support at 26860 and below could see a test of 26675 level, And resistance is now likely to be seen at 27160, a move above could see prices testing 27275.

Crude oil ended higher boosted by government inventory data showing crude stocks fell more than expected last week and the dollar's slump. The U.S. Energy Information Administration's weekly inventory report showed crude oil stockpiles fell 4.9 million barrels as imports slipped and the industry allowed inventories to slide for year-end tax considerations. Now support for the crude is seen at 3515 and below could see a test of 3453. Resistance is now likely to be seen at 3613, a move above could see prices testing 3649.

Trading Ideas:

CRUDE TRADING RANGE IS 3510-3635.

Copper prices rallied with values in London hurdling back up above the $7,000 per tonne level in late business as the dollar weakened and supply threats mounted at one of the world's top copper mines. The weakening dollar prompted some participants to buy back previously sold copper contracts as they were evening up positions going into the year-end holidays. Inventories of copper stored in LME warehouses rose 1,875 metric tons, leaving them at 482,775.

Peru's output of zinc rose in November the Energy and Mines Ministry said.  Zinc production was 138,487 tons in November, up 12.5% from the year-earlier period, it said. That was mainly due to increases in output at Compania Minera Atamina SA. Zinc yesterday we have seen that market has moved 3.18%. Market has opened at 112.85 & made a low of 112.85 versus the day high of 116.95. The total volume for the day was at 22002 lots and the open interest was at 7127.Now support for the zinc is seen at 114.05 and below could see a test of 111.40. Resistance is now likely to be seen at 118.15, a move above could see prices testing 119.60.

Trading Ideas:

Jinchuan Group has forecast to produce 1.2 million tonnes of nickel ore annually in the next two years at its Zambian unit. Underground production of nickel is set for January 2010 after the completion of restarting preliminary works on the country’s sole nickel producer are completed at the end of this month. Nickel has touched a low of Rs 830.1 a kg after opening at Rs.832.9, and last traded at Rs 853.4.For today market is looking for the support at 835.80, a break below could see a test of 818.20 and where as resistance is now likely to be seen at 865.20, a move above could see prices testing 877.00.

Trading Ideas:

Guar ended almost 1 percent higher driven by lower-level buying and on estimates of lower output. The guar has fallen over 9 percent since touching an all-time high of 2,925 rupees on Nov. 24. In the Jodhpur spot market, the price improved by 9 rupees to 2,628 rupees per 100 kg. Guar yesterday we have seen that market has moved 0.84%. Market has opened at 2619 & made a low of 2610 versus the day high of 2668. The total volume for the day was at 258100 lots and the open interest was at 189230.Now support for the guar is seen at 2615 and below could see a test of 2583. Resistance is now likely to be seen at 2673, a move above could see prices testing 2699.

Pepper ended weak as lack of export demand and a slow trickle of new season arrivals hurt sentiment. New arrivals have started coming in and total arrivals stood at 18 tonnes. Spot pepper fell by over 200 rupees to end at 13,979 rupees per 100 kg in Kochi. January delivery dropped Rs 36 and settled at Rs 13779/quintal.

The contract touched the intraday high of Rs 13894/quintal while low of Rs 13661/quintal. Now support for the pepper is seen at 13662 and below could see a test of 13545. Resistance is now likely to be seen at

Menthol spot yesterday dropped below 640 level creating pressure in the futures market also where December contract dropped Rs 8.3 and settled at Rs 577.2 a kg. The contract made intraday low of Rs 575.1 a kg and high of Rs 587.4 a kg. As mentioned earlier also due to on going holiday ahead profit booking and lack fresh demand from the local can international market prices are trading under pressure.

Soybean fell for the sixth straight session touching their lowest level in nearly eight weeks, tailing weak global markets and on sluggish domestic demand. Demand is not picking up from oil mills because of negative crushing margin. Millers say prices make processing soybean economically unviable, since oil and meal do not command good prices.

Chana shrugged off early gains to end lower on expanded area and fears of government curbs to check food inflation. Prices were up for most of the day on bargain hunting driven by firmness in other pulses and concerns over yield in a key producing state. In the Delhi spot market, the price rose 20 rupees to 2,458 rupees per 100 kg.

Chana dropped Rs 18 and settled at Rs 2453 per quintal. The volume was noted at 64440 lots. Support for chana is at 2437 below that could see a test of 2421. Resistance is now seen at 2484 above that could see a resistance of 2515.

Turmeric edged up supported by depleting stockpile and thin arrivals in the physical market. Output estimates for this season are higher and that will keep prices under pressure going forward. The market is expecting a rise in production this year on the back of higher area and favourable weather. In the spot market in Nizamabad in the southern state of Andhra Pradesh, prices fell by 25 rupees to 10,207 rupees per 100 kg. Turmeric yesterday we have seen that market has moved 0.96%.

Jeera ended steady as support from short-covering was offset by weak demand. Short-covering was triggered after prices fell 2 percent since Monday. Sentiment was also under pressure because weather in the growing regions cleared. Spot jeera rose by over 27 rupees to end at 14,602.4 rupees per 100 kg in Unjha. January contract dropped Rs 12 and settled at Rs 14692 a kg.

Natural gas climbed fueled by a rise in crude-oil prices and expectations of a larger-than-normal withdrawal from U. S. gas storage last week. The EIA is expected to report that 171 billion cubic feet of gas were withdrawn from storage during the week ended Dec. 18. Natural Gas yesterday we have seen that market has moved 2.07%.

Gold prices settled flat as trade was quiet as many investors stayed on the sidelines with European and other major metals markets closed since late last week for Christmas. Gold opened at 16846 and made a high of 16910 on MCX. Despite stronger oil prices and rallying equity markets the metal drifted lower as the session began.

Silver settled flat along with gold prices. The metals often move in the same direction. Market participants tend to buy both metals for similar investment purposes Silver opened 27590 and rallied on the back of stronger oil and copper prices, peaking at 27682. However the metal quickly turned offer and slipped off its highs, falling to a low of 27392.

Light investor demand carried the metal higher during the latter end of the session and later closed at 27526. Now support for the silver is seen at 27385 and below could see a test of 27243. Resistance is now likely to be seen at 27675, a move above could see prices testing 27823.

Trading Ideas:

SILVER TRADING RANGE IS 27000-28000.

Crude oil rose on cold weather that sent heating oil futures higher and on momentum from continued optimism about economic recovery. Concerns about unrest in Iran and the dispute between Russia and Ukraine over transit fees for crude oil going to Europe also were supportive. Now support for the crude is seen at 3651 and below could see a test of 3622. Resistance is now likely to be seen at 3700, a move above could see prices testing 3720.

Trading Ideas:

CRUDE TRADING RANGE IS 3620-3740.

CRUDE OIL ROSE ON COLD WEATHER ON MOMENTUM FROM OPTIMISM ABOUT ECONOMIC RECOVERY

CRUDE JUMPED AS PER EXPECTATION TILL 3680 STILL LOOK TILL 3800 BUT AFTER SOME PULL BACK.

Copper prices hit 16-month highs pushed up by lower inventories of the metal on the Shanghai futures exchange and a weaker U. S. dollar amid light, holiday-crimped trading. Supply threats in South America also supported prices. Some 274 union workers at the 232,000-tonne-per-year Altonorte copper smelter in Chile planned to strike and block roads on Monday, after scrapping a final wage offer from global miner Xstrata.

Copper has touched a low of Rs 339 a kg after opening at Rs 339, and last traded at Rs342.5. For today market is looking for the support at 340.00, a break below could see a test of 337.50 and where as resistance is now likely to be seen at 343.90, a move above could see prices testing 345.30.

Trading Ideas:

Zinc yesterday we have seen that market has moved 0.3%. Market has opened at 117.4 & made a low of 116.65 versus the day high of 118.05. The total volume for the day was at 4604 lots and the open interest was at 5668. Now support for the zinc is seen at 116.60 and below could see a test of 115.90. Resistance is now likely to be seen at 118.00, a move above could see prices testing 118.70.

Trading Ideas:

ZINC TRADING RANGE IS 113-121.

IMPORTANT WILL BE THE 115 MARK FOR ZINC BELOW THIS SOM PULL BACK CAN BE SEEN

AS TOLD EARLIER ALSO A BREAK ABV 116 WE LOOK PRICES TO SEE TILL 122 LEVEL.

ZINC DAILY STOCK AT SHANGHAI EXCHANGE CAME UNCHANGED.

Nickel extended gains for fourth straight session on fresh technical buying and demand from stainless steel industries. Nickel has touched a low of Rs 888.1 a kg after opening at Rs. 889.5, and last traded at Rs 899.1. For today market is looking for the support at 888.60, a break below could see a test of 878.20 and where as resistance is now likely to be seen at 908.90, a move above could see prices testing 918.80.

Trading Ideas:

NICKEL TRADING RANGE IS 880-920.

Guar ended higher on fresh buying at lower-levels on estimates of lower output, thin arrivals and hopes of improved export demand. Guar has fallen nearly 7 percent since its high of 2,925 rupees on Nov. 24. Fresh buying at lower levels in anticipation that export demand for guar gum would improve and estimates of lower crop supported the rise.

Guar yesterday we have seen that market has moved 1.43%. Market has opened at 2741 & made a low of 2735 versus the day high of 2784. The total volume for the day was at 263630 lots and the open interest was at 173920. Now support for the guar is seen at 2737 and below could see a test of 2712. Resistance is now likely to be seen at 2786, a move above could see prices testing
2810.

Trading Ideas:

Pepper ended up as low stocks supported sentiment. Domestic demand for pepper supported prices despite the trend for the spice being weak. Fundamentals remained weak with little or no export demand and expectations of fresh arrivals starting in January hurting sentiment.

Spot pepper rose by 168 rupees to end at 14,262.25 rupees per 100 kg in Kochi. January delivery gained Rs 427 and settled at Rs 14372/quintal. The contract touched the intraday high of Rs
14410/quintal while low of Rs 13957/quintal. Now support for the pepper is seen at 14083 and below could see a test of 13793. Resistance is now likely to be seen at 14536, a move above could see prices testing 14699.

Trading Ideas:

PEPPER TRADING RANGE IS 14000-14650.

Mentha oil prices rose on increased domestic and export demand. Fall in supplies in the spot markets from producing regions also influenced futures prices of mentha oil. January contract dropped Rs 3.2 and settled at Rs 594.5 a kg. The contract made intraday low of Rs 591.8 a kg and high of Rs 595.7 a kg.

Now support for the menthol is seen at 592.3 and below could see a test of 590.1. Resistance is now likely to be seen at 596.2, a move above could see prices testing 597.9.

Trading Ideas:

Soybean edged higher on an increase in physical demand, lower output and firm Malaysian palm. Oil mills are reluctantly buying to run operations. Still, there is no parity between soybean and soymeal prices. Indian millers say prices make processing soybean economically unviable, since oil and meal do not command good prices.

Chana erased early gains to end steady as higher area under the pulse outweighed a slight improvement in spot demand and firm pulses. India's chana acreage as on Dec. 27 stood at 7.7 million hectares, compared with 7.26 million hectares in the same period a year ago.

Turmeric climbed over two percent in thin volume trade on dwindling stockpiles and improved spot demand. A likely rise in the production this year due to higher acreage restricted the upside. Turmeric yesterday we have seen that market has moved 2.09%.

Market has opened at 7080 & made a low of 7080 versus the day high of 7380. The total volume for the day was at 11570 lots and the open interest was at 14390. Support for turmeric is at 7117 below that could see a test of 6948. Resistance is now seen at 7417 above that could see a resistance of 7548.

Jeera ended weak as pressure from lackluster spot demand hurt prices. The weather has improved now from what it was in the past few weeks and with sufficient stocks, and not enough physical demand, prices are expected to trade weak.

Natural gas shot more than 3% higher amid forecasts for colder-than-normal temperatures that could drive demand for the fuel and help draw down high gas stockpiles. Expectations for below- normal temperatures over the next few weeks contributed to the buying.

Gold closed lower initially falling on book squaring as the market ignored a weaker U. S. dollar, with the metals' losses later accelerating when the dollar index turned slightly higher. Gold opened at 16780 and traded lightly within a range, ticking marginally higher, peaking at 16839.