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COMMODITY OUTLOOK

DAILY COMMODITY MARKET UPDATES

NEWS IN HEADLINE:

* Oil falls on demand concerns as impact of Russian output cut fades

* Gold prices retreat on CPI angst, copper hit by China uncertainty

* Energy & precious metals - weekly review and outlook

CHART OF THE DAY:

Crude Oil: has been showing strength and outperforming for the last two trading sessions, where 6750- 6770 is an immediate resistance zone. Above this, we can expect a short-covering rally towards the 6870–6950 zone. On the downside, 6470 is an immediate support level, while 6400 will be the next important support level.

OUTLOOK:

* Bullion: Day trend is indicating downtrend in Gold &Silver.

* Energy: Day trend is indicating uptrend in Crude oil & downtrend in Natural gas

* Base metals: Day trend is indicating sideways to downside in all base metals.

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