TopNews

After European leaders announced a $957 billion package to shore up the euro, Crude oil prices rebounded, climbing above $77 a barrel in New York Monday.

After months of accelerating concern over debt in Greece, Spain, Portugal and Britain, the European Union and the International Monetary Fund acted decisively during the weekend, approving loans meant to convince investors' government bonds in Europe are safe.

Taking their cue from Europe, where $957 billion was made available to head off defaults on government debts, U. S. markets soared on Monday.

It has been reported that the Dow Jones industrial average, by close, rose 3.9 percent, adding 404.71 points, to 10,785.14. The Standard & Poor's 500 rose 4.4 percent, 48.85, to 1,159.73. The Nasdaq composite index added 4.81 percent, 109.03, to 2,374.67.

The benchmark 10-year Treasury note fell 1 1/32 to yield 3.544 percent.

The U. S. Department of Agriculture has said that corn, soybean and rice planting continue at a torrid pace, while spring wheat and cotton are hitting their averages.

It has been reported that corn planting is 81 percent done, compared to a five-year average of 62 percent for this week of the year. Soybean planting is 30 percent done, compared to an historic average of 19 percent. The USDA said on Monday that rice planting is 82 percent compete. At this time of year, historically, rice planting is 75 percent completed.

Russian exported 827,500 metric tons of aluminum between January and March, a rise of 2.1% on the year, the federal customs service reported.  The exported aluminum was worth $1.447 billion, compared with $1.428 billion a year ago. Aluminium has touched a low of Rs 94.6 a kg after opening at Rs 95.7, and last traded at Rs95.4.For today market is looking for the support at 94.6, a break below could see a test of 93.8 and where as resistance is now likely to be seen at 96.2, a move above could see prices testing 96.9.

ALUMINIUM

Trading Ideas:

Aluminium trading range is 93.8-96.9.

Natural gas rose as a European rescue package eased concern that a sovereign debt collapse would undermine an economic recovery. Rigs drilling for natural gas fell by five last week to 953, the lowest level in five weeks, according to data published May 7. Natural Gas yesterday we have seen that market has moved 3.59%. Market has opened at 182.5 & made a low of 181.6 versus the day high of 190.8. The total volume for the day was at 20621 lots and the open interest was at 9359.Now support for the Natural Gas is seen at 183.6 and below could see a test of 178. Resistance is now likely to be seen at 192.8, a move above could see prices testing 196.4.

Jeera fell 1 percent on sluggish overseas demand, higher output views and weakness in spot market, a trend which may continue in the next session. Inquiries from overseas buyers are dull as they are expecting prices to fall more on hopes of higher production. Spot rates in Unjha, a key spot market in Gujarat, slipped 11 rupees to end at 12,739 rupees per 100 kg. June contract dropped Rs 115 and settled at Rs 12700 a kg. The contract made intraday low of Rs 12592 a kg and high of Rs 12930 a kg. Support for jeera is at 12551 below that could see a test of 12403. Resistance is now seen at 12889 above that could see a resistance of 13079.

Trading Ideas: