Commodity research report 03 july 2017 ways2capital

BULLION METALS OUTLOOK GOLD -Gold on MCX settled up 0.14% at 28608 recovered from the day's low while Comex Gold prices were slightly lower down by $3.30 to settle at $1,245.80/oz extending this week's run of directionless trading amid mixed signals on US. An important feature in the marketplace this week has been rising world government bond yields.Earlier this week central bank officials, many of whom were speaking at a conference in Portugal, sounded a more hawkish tone on their monetary policies. It appears the central bankers of the world are now embracing the US Federal Reserve’s notion that the time has come to start raising interest rates and winding down the extraordinary quantitative easing programs that have been in place for nearly 10 years. The “easy money” from the central bankers the past several years has been a bullish underlying factor for the precious metals markets. With the QE programs from the central banks now ready to wind down further, it’s a bearish element for the metals. Yesterday’s encouraging economic news prompted speculation the Federal Reserve will again raise interest rates in the coming months, but remarks from a top central banker made the case for keeping rates on hold.While US gross domestic product expanded at a 1.4% annual pace in the first quarter, revised figures show.

That’s an improvement from the prior 1.2% reading and doubles the initial 0.7% estimate. Still, St. Louis Fed President James Bullard said the current level of interest rates is appropriate for the low-inflation environment. Technically Gold market is getting support at 28483 and below same could see a test of 28358 levels, and resistance is now likely to be seen at 28681, a move above could see prices testing 28754.

GOLD CHART

Chart Details -On the Above Given daily Chart of Gold has Applied Bollinger Band Along with Parabolic SAR both are now on the Up move or Showing Some bullishness in it. Gold prices were down this week with the precious metal off by 0.98% to trade at 1243 ahead of the New York close on Friday. The losses come alongside weakness in broader equity markets with all three major US indices flat / lower on the week. However, with concerns over a broader shift in the tone of global central bankers and growing doubts regarding the future of fiscal policy, gold is caught between a rock and hard place with the technical outlook also highlighting a near-term consolidation range. . Technically Gold market is getting support at 28483 and below same could see a test of 28358 levels, and resistance is now likely to be seen at 28681, a move above could see prices testing 28754.

Monday, 03. July .2017

SILVER -Silver on MCX settled down -0.27% at 38599 as a flurry of comments from central banks bosses hinting at tapering ultra-loose monetary policy measures weighed on prices. The U.S. economy slowed less than feared in the first quarter due largely to a jump in consumer spending, providing a slightly more encouraging outlook for growth this year. The dollar extended its losses on Friday as major central banks signalled that the era of cheap money was coming to an end in a boon to sterling, the euro and Canadian dollar, while shares were hit by dismal performances of European and U.S. markets. The world's top central bankers have delivered what seems to be a collective message this week that quantitative easing is being put back in its box and interest rates are going up - and global markets are taking note.British Prime Minister Theresa May won backing for her policy programme with a slender parliamentary majority on Thursday in the first test of her authority after an election setback and growing pressure on her Brexit and austerity agenda. Global bond yields have ticked higher during the week, after The European Central Bank, Bank of England, and Bank of Canada signaled that measures to tighten monetary policy could be adopted relatively soon Comments concerning tighter monetary policy measures were expected from the Bank of Canada and the European Central Bank but it was the change in tone from Bank of England governor Mark Carney that caught investors off guard. Bank of England governor Mark Carney, appeared to reverse his recent assertion that there “was no need to raise rates soon”, after he said on Wednesday that “some removal of monetary stimulus is likely to become necessary. Technically silver market is under long liquidation as market has witnessed drop in open interest by -20.41% to settled at 8515 while prices down 105 rupees. Now Silver is getting support at 38334 and below same could see a test of 38068 levels, and resistance is now likely to be seen at 38893, a move above could see prices testing 39186.

SILVER CHART

Detail of Chart -On the Above Given daily Chart of Silver has Applied Bollinger Band Along with Parabolic SAR both are now on the Up move or Showing Some bullishness in it. there was a supposed “fat finger” order in silver which sent it sharply lower in the span of a minute. Whether it was a fat finger, algo, or some other reason, the precious metal traded almost to the tick to the 200-day MA before bouncing. It has support by way of the 200-day and a trend-line back to January. Looking for a little more upside, but the 1260s will likely present problematic. Silver shot down into two trend-lines extending higher from December of 2015 and 2016. The spike lower and reversal skews risk higher for now. Technically silver market is under long liquidation as market has witnessed drop in open interest by -20.41% to settled at 8515 while prices down 105 rupees. Now Silver is getting support at 38334 and below same could see a test of 38068 levels, and resistance is now likely to be seen at 38893, a move above could see prices testing 39186.

✍ MCX DAILY LEVELS WEEKLY

EXPIRY DATE

R4

R3

R2

R1

PP

S1

S2

S3

S4

ALUMINIUM

31-JULY-17

132

129

126

125

123

122

120

117

114

COPPER

31-AUG-2017

389

381

373

370

365

362

357

349

341

CRUDE OIL

19-JULY-17

3404

3295

3186

3134

3077

3025

2968

2859

2750

GOLD

04-AUG-2017

29707

29402

29097

28984

28792

28679

28487

28182

27877

LEAD

31-JULY-2017

144

141

138

136

135

133

132

129

126

NATURAL GAS

26-JULY-2017

206

202

198

195

194

191

190

186

182

NICKEL

31-JULY -2017

603

592

581

578

570

567

559

548

537

SILVER

05-JULY-2017

42918

41958

40998

40636

40038

39676

39078

38118

37158

ZINC

31-JULY-2017

176

172

168

165

164

161

160

156

152

✍ MCX WEEKLY LEVELS WEEKLY

EXPIRY DATE

R4

R3

R2

R1

PP

S1

S2

S3

S4

ALUMINIUM

31-JULY-17

139

134

129

126

124

121

119

114

109

COPPER

31-AUG-2017

396

386

376

371

366

361

356

346

336

CRUDE OIL

19-JULY-17

3871

3622

3373

3227

3124

2978

2875

2626

2377

GOLD

04-AUG-2017

30110

29674

29238

29055

28802

28619

28366

27930

27494

LEAD

31-JULY-2017

153

147

141

138

135

132

129

123

117

NATURAL GAS

26-JULY-2017

269

246

223

208

200

185

177

154

131

NICKEL

31-JULY -2017

657

630

603

588

576

561

549

522

495

SILVER

05-JULY-2017

43437

42300

41163

40718

40026

39581

38889

37752

36615

ZINC

31-JULY-2017

192

183

174

169

165

160

156

147

138

✍ FOREX DAILY LEVELS DAILY

EXPIRY DATE

R4

R3

R2

R1

PP

S1

S2

S3

S4

USDINR

27-JULY-17

64.96

64.84

64.72

64.74

64.55

64.47

64.43

64.38

64.31

EURINR

27-JULY-17

74.95

74.62

74.32

73.41

73.35

72.24

72.17

72.03

71.96

GBPINR

27-JULY-17

86.92

86.12

85.07

84.99

84.66

83.87

83.63

83.19

82.98

JPYINR

27-JULY-17

59.56

59.42

59.33

58.89

58.67

57.51

57.39

57.24

56.84

✍ FOREX WEEKLY LEVELS WEEKLY

EXPIRY DATE

R4

R3

R2

R1

PP

S1

S2

S3

S4

USDINR

27-JULY-17

66.65

65.32

65.12

64.93

64.56

64.34

64.18

64.00

63.89

EURINR

27-JULY-17

76.65

75.64

74.28

74.02

72.90

72.56

71.94

71.52

71.16

GBPINR

27-JULY-17

88.69

87.73

86.72

86.29

85.83

85.35

84.89

83.42

82.99

JPYINR

27-JULY-17

65.60

64.83

63.60

62.95

61.53

60.04

59.43

58.18

57.65

✍ NCDEX DAILY LEVELS DAILY

EXPIRY DATE

R4

R3

R2

R1

PP

S1

S2

S3

S4

SYOREFIDR

20-JULY-2017

664

656

648

644

640

636

632

624

616

SYBEANIDR

20-JULY-2017

3002

2951

2900

2877

2849

2826

2798

2747

2696

RMSEED

20-JULY-2017

3785

3723

3661

3635

3599

3573

3537

3475

3413

JEERAUNJHA

20-JULY-2017

20026

19661

19296

19103

18931

18738

18566

18201

17836

GUARSEED10

20-JULY-2017

3544

3494

3444

3416

3394

3366

3344

3294

3244

TMC

20-JULY-2017

6819

6671

6423

6540

6375

6302

6227

6079

5931

✍ NCDEX WEEKLY LEVELS WEEKLY

EXPIRY DATE

R4

R3

R2

R1

PP

S1

S2

S3

S4

SYOREFIDR

20-JULY-2017

696

676

656

648

636

628

616

596

576

SYBEANIDR

20-JULY-2017

3035

2973

2911

2882

2849

2820

2787

2725

2663

RMSEED

20-JULY-2017

3969

3838

3707

3658

3576

3527

3445

3314

3183

JEERAUNJHA

20-JULY-2017

21273

20478

19683

19296

18888

18501

18093

17298

16503

GUARSEED10

20-JULY-2017

3936

3739

36542

3465

3345

3268

3148

2951

2754

TMC

20-JULY-2017

7692

7242

6792

6585

6342

6135

5892

5442

4992

MCX - WEEKLY NEWS LETTERS ✍ INTERNATIONAL UPDATES ( BULLION & ENERGY ) ✍ GOLD Gold prices were lower at the close on Friday and posted their first weekly decline since March as a rise in global bond yields curbed investor demand for the precious metal. Gold for August delivery closed down 0.27% at $1,242.48 on the Comex division of the New York Mercantile Exchange, bringing the week’s losses to 1.27%. The precious metal still ended the first half of the year with a gain of 8%, boosted by a decline in the dollar to its lows of the year. Gold prices came under pressure amid indications that several major central banks around the world are getting ready to join the Federal Reserve in tightening monetary policy. Investor expectations mounted for tighter monetary policy across the globe after the heads of the European Central Bank, the Bank of England and the Bank of Canada adopted a more hawkish view on monetary policy.

Hawkish signals from foreign central banks contrasted with doubts over whether the Federal Reserve will be able to hike rates again this year given a recent batch of weak U.S. economic data and growing skepticism that the Trump administration will be able to deliver on its pro-growth agenda. Benchmark U.S. Treasury yields and German 10-year government bond yields hit five-week highs and the euro hit 14-month peaks as investors assessed the likelihood that the ECB could soon start to unwind its quantitative easing program.

Gold is highly sensitive to rising rates, which lift the opportunity cost of holding non-yielding assets such as bullion, but weakness in the dollar in which it is priced, has been offsetting the impact of higher yields.

Higher yields tend to increase the opportunity cost of purchasing commodities that don’t bear a yield.

Elsewhere in precious metals trading, silver was little changed at $16.58 a troy ounce late Friday.

Meanwhile, copper futures rose to a four-month high, rising 0.46% to $2.708 a pound, to end the month with gains of 5.33%.

Gold prices edged lower on Friday, still weighed by the previous session’s upbeat U.S. economic growth data, although hawkish comments by several central banks limited the greenback’s gains.

On the Comex division of the New York Mercantile Exchange, gold futures for August delivery eased 0.08% to $1,244.91. The August contract ended Thursday’s session 0.26% lower at $1,245.80 an ounce. Futures were likely to find support at $1,236.50, the of low June 26 and resistance at $1,255.70, the high from June 28. Official data on Thursday showed that U.S. gross domestic product rose 1.4% in the first quarter, revised up from the previous reading of a 1.2% expansion. Analysts had expected growth to remain unchanged from the prior revision. The upbeat data added to expectations for additional U.S. rate hikes this year. The Federal Reserve hiked interest rates earlier this month and left the door open for further increases later in the year, though a batch of mixed economic data recently has had investors wondering whether the Fed would be able to stay on its planned tightening path.The precious metal is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion. However, the U.S. dollar’s gains were

limited after European Central Bank President Mario Draghi indicated on Tuesday that the bank could soon start to unwind its quantitative easing program.

Gold prices fell on Thursday as signs that central banks may scale back their ultra-loose monetary policy pushed bond yields higher on both sides of the Atlantic, though a decline in the dollar to its lows for the year lent support. Gold is highly sensitive to rising interest rates, which increase the opportunity cost of holding non-yielding bullion. However, losses in the dollar .DXY , in which it is priced, have been offsetting the impact of higher yields to keep gold rangebound. Spot gold XAU= was down 0.3 percent at $1,245.34 an ounce by 2:25 p.m. EDT (1825 GMT), while U.S. gold futures GCcv1 for August delivery settled down 0.3 percent at $1,245.80. "It is a battle between U.S. dollar weakness and expectations of central banks removing monetary stimulus. U.S. dollar weakness is supportive but the latter not," ABN Amro analyst Georgette Boele said. A raft of hawkish comments from central banks this week signaled the era of easy money, which helped gold hit record highs at $1,920.30 an ounce in 2011, might be coming to an end in more places than just the United States. Benchmark U.S. Treasury yields and German 10-year government bond yields hit five-week highs and the euro touched a 14-month peak as investors geared up for the prospect of the European Central Bank scaling back monetary stimulus. Traders were also reevaluating the prospects for U.S. President Donald Trump's policy agenda. part of Trump's travel ban going back into effect, there may be a partial re-pricing of the rest of Trump's agenda in the market, this time to gold's detriment," RBC Capital Markets said in a research note.

Gold premiums in India jumped to the highest level in 7-1/2 months this week as consumers advanced purchases to avoid paying higher tax when a new nationwide sales tax takes effect from July 1. India, the world's second-biggest gold consumer, has said it will impose a 3 percent goods and services tax (GST) on gold, up from 1.2 percent currently. GST will replace a slew of federal and state levies from Saturday, transforming Asia's third-largest economy into a single economic zone with common indirect taxes. gold demand is usually weak in June, jewellery showrooms in key Indian cities like Mumbai and Kolkata were crowded this week. "People are advancing buying to avoid paying additional tax," said Kumar Jain, vice president at Mumbai Jewellers Association. Dealers were charging a premium of up to $10 an ounce this week over official domestic prices, the highest since mid-November. Last week, the premium stood at only $1. The domestic price includes a 10 percent import tax. "The supply is limited in the market. Sellers have raised prices anticipating the GST," said a Mumbai-based dealer with a private bank. India's gold imports surged fourfold in May from a year ago to 103 tonnes as jewellers increased purchases to replenish inventory and stock up ahead of the new sales tax, provisional data from consultancy GFMS showed. top gold user China, demand was slow, said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong.

Premiums in China ranged between $9 and $11 an ounce, compared to $8-$10 last week, traders said. In Hong Kong, premiums were unchanged at 50 cents to $1. Demand from consumers and the industrial sector was low, said a Tokyo-based trader, adding it may continue for the next few months with spot gold unlikely to fall below $1,200 an ounce anytime soon.

Gold prices edged higher in European trade on Thursday, as the dollar extended its recent decline to the lowest level since October, boosting the appeal of the yellow metal. Comex gold futures were at $1,252.69 a troy ounce by 3:05AM ET , up $3.60, or around 0.3%. Gold ended higher on Wednesday to notch its fifth gain in six sessions. Also on the Comex, silver futures ticked up 12.0 cents, or roughly 0.7%, to $16.84 a troy ounce. The dollar wallowed at one-year lows against the euro and slipped against sterling as investors priced in tighter monetary policy in Europe, following hawkish comments made by key central bank officials.

Sterling added to gains made after Bank of England Governor Mark Carney said on Wednesday that the central bank is likely to need to raise interest rates as the British economy comes closer to operating at full capacity. Meanwhile, European Central Bank President Mario Draghi sparked the euro's rally on Tuesday, when he hinted that the ECB could trim its stimulus this year. The Federal Reserve hiked interest rates earlier this month and left the door open for further increases later in the year, though a batch of mixed economic data recently has had investors wondering whether the Fed would be able to stay on its planned tightening path. The dollar index, which measures the greenback against a basket of six major currencies, was down 0.3% at 95.49 in early trade, its lowest since October 3. The buck came under additional pressure following a delay of the healthcare bill vote by the U.S. Senate earlier in the week. Market participants are concerned that the Trump administration will find it hard to follow through with tax cuts and fiscal stimulus steps, without first getting the healthcare bill passed. On the data front, traders will also keep an eye out on a final reading of U.S. first-quarter economic growth due later in the global day for further evidence on the health of the world's biggest economy. The data is expected to show that the economy expanded at a 1.2% annual rate in the first three months of 2017, unchanged from a preliminary estimate.

Gold prices edged higher in European trade on Wednesday, as the U.S. dollar and global stock markets pulled back, boosting the appeal of the yellow metal. Comex gold futures were at $1,252.52 a troy ounce by 3:05AM ET (0705GMT), up $5.55, or around 0.5%. Gold edged higher Tuesday to notch its fourth gain in five sessions. Also on the Comex, silver futures ticked up 17.7 cents, or roughly 1.1%, to $16.76 a troy ounce. The dollar nursed its losses, having come under pressure overnight after U.S. Senate Majority Leader Mitch McConnell delayed a vote on healthcare legislation until after the Senate's July 4 recess, hoping to get more support from Republican senators. Market participants are concerned that the Trump administration will find it hard to follow through with tax cuts and fiscal stimulus steps, without first getting the healthcare bill passed. The dollar index, which measures the greenback against a basket of six major currencies, was 96.09 in early trade, after falling to its lowest since November at 95.92 in overnight trade. Meanwhile, European and Asian stock markets slumped in wake of a downbeat performance on Wall Street overnight, where shares fell across the board with the benchmark S&P 500posting its biggest one-day drop in about six weeks.

Gold prices edged higher in European trade on Tuesday, recovering from the prior session's six-week low as market players looked ahead to comments from Federal Reserve Chair Janet Yellen for further signs of the central bank's likely rate hike trajectory through the end of the year. Comex gold futures were at $1,251.60 a

troy ounce by 3:05AM ET (0705GMT), up $5.10, or around 0.4%. It fell to its lowest since May 17 at $1,236.50 a day earlier. Gold fell sharply Monday, with prices marking their first decline in four sessions, as a large sell order and a stronger dollar hit sentiment. Also on the Comex, silver futures ticked up 6.5 cents, or roughly 0.4%, to $16.63 a troy ounce, recovering from the prior session's seven-week low of $16.22. Fed Chair Janet Yellen is due to speak about global economic issues at the British Academy's 2017 President's Lecture in London at 1:00PM ET (1700GMT) on Tuesday. Audience questions are expected. Her comments will be monitored closely for any new insight on policy and the timing of when the Fed will next raise interest rates. The Fed chair could be asked about the U.S. central bank's plan to start shrinking its massive balance sheet, which ballooned to $4.5 trillion in wake of the financial crisis. Besides Yellen, a pair of Fed policymakers are due to make public appearances on Tuesday that may offer further insight into the debate among policymakers on the likelihood of higher interest rates in the months ahead.

Ahead of the coming significant events likely to affect the markets.

Monday, July 3 Japan is to publish the results of the Tankan surveys of manufacturing and service sector activity.

China is to publish its Caixin manufacturing PMI. The UK is to release data on manufacturing activity.

Financial markets in Canada are to remain closed for a holiday.

Bank of England Governor Mark Carney is due to speak at an event in Frankfurt.

Later Monday, the Institute for Supply Management is to publish its manufacturing index.

Tuesday, July 4 Australia is to release data on retail sales.

The Reserve Bank of Australia is to announce its benchmark interest rate and publish a rate statement which outlines economic conditions and the factors affecting the monetary policy decision.

The UK is to release data on construction activity.

Financial markets in the U.S. are to remain closed for the Fourth of July holiday.

Wednesday, July 5 The UK is to release data on service sector activity.

The U.S. is to release data on factory orders.

Later in the day, the Fed is to publish the minutes of its latest monetary policy meeting.

Thursday, July 6 Australia is to release a report on the trade balance.

Switzerland is to publish its latest inflation figures.

The U.S. is to release the ADP nonfarm payrolls report for January as well reports on jobless claims trade,

while the ISM is to release its non-manufacturing PMI. Canada is also to release data on trade along with a report on building permits.

Friday, July 7 The UK is to release industry data on house price inflation, as well as a report on manufacturing production.

Leaders from the G20 nation are to hold the first day of a summit meeting in Hamburg.

Canada is to publish its monthly employment report.

The U.S. is to round up the week with the non-farm payrolls report for June and the Fed is to publish its biannual monetary policy report

ENERGY Oil prices extended gains into a seventh session on Friday to log their biggest weekly gain since mid-May, as investors were encouraged by fresh signals of a decline in U.S. crude production.

The U.S. West Texas Intermediate crude August contract rallied $1.11, or around 2.5%, to end at $46.04 a barrel by close of trade Friday. It touched its highest since June 14 at $46.35 earlier. For the week, WTI gained $3.03, or about 7%. However, prices still ended the first quarter with a loss of around 9% and tallied a decline of about 14.3% for the first half of the year. Elsewhere, on the ICE Futures Exchange in London, Brent oil for September delivery advanced $1.14, or 2.4%, to settle at $48.77 a barrel by close of trade, after touching a high of $49.00 earlier in the session, a level not seen since June 14. London-traded Brent rose $3.23, or roughly 6.8%, on the week. Year to date, Brent is still down roughly 14.2%. Energy services company Baker Hughes reported on Friday that the number of active U.S. rigs drilling for oil declined by two to 756 rigs at the end of last week. That marked only the second time the weekly oil-rig count fell this year. Oil-rig numbers had climbed for 23 weeks in a row. The report came after U.S. government data revealed that total domestic crude production fell by 100,000 barrels a day to 9.25 million barrels for the week ended June 23. That was the biggest decline in weekly output since July 2016. Crude reached bear-market territory late last month amid concern that the ongoing rebound in U.S. shale production is derailing efforts by other major producers to rebalance the market. In May, OPEC and some non-OPEC producers extended a deal to cut 1.8 million barrels per day in supply until March 2018. So far, the production-cut agreement has had little impact on global inventory levels due to rising supply from producers not participating in the accord, such as Libya and Nigeria, and a relentless increase in U.S. shale oil output. Elsewhere on Nymex, gasoline futures for August rose 3.6 cents, or about 2.5%, to end at $1.513 on Friday, for a weekly gain of around 5.7%.

August heating oil finished up 3.2 cents, or 2.3%, at $1.483 a gallon, with an increase of almost 7.6% on the week. Natural gas futures for August delivery dipped 0.7 cents to settle at $3.035 per million British thermal units. It saw a weekly rise of roughly 3.6%.

In the week ahead, market participants will eye fresh weekly information on U.S. stockpiles of crude and refined products on Wednesday and Thursday to gauge the strength of demand in the world’s largest oil

consumer. The reports come out one day later than usual due to the U.S. Independence Day holiday on Tuesday. Meanwhile, traders will also continue to pay close attention to comments from global oil producers for evidence that they are complying with their agreement to reduce output this year.

Oil Friday was on track for its biggest weekly gains since mid-May after an extended recovery supported by a fall in U.S. output. U.S. crude was up 41 cents, or 0.91%, at $45.34 at 07:00 ET. Brent added 42 cents, or 0.88%, to $48.05. The Energy Information Administration Wednesday reported a fall in U.S. output to 9.3 million barrels in the latest week. Baker Hughes U.S. rig count figures are due for release later in the session.

Rising U.S. drilling activity has stymied efforts by major producers to reduce inventories by curbing their output. OPEC and non-OPEC producers have agreed to cut production by 1.8 million barrels a day through to March. Nigeria and Libya, which have been exempt from the OPEC-led cuts, have increased output Crude oil futures on Friday were on track for their biggest weekly gain since mid-May, ending five weeks of losses with prices underpinned by a decline in U.S. output. U.S. crude futures CLc1 have added 5.1 percent this week, while benchmark Brent LCOc1has gained 4.8 percent, marking the biggest rise for both markets since the week ending May 19. U.S. crude was trading up 0.6 percent, or 27 cents, at $45.20 a barrel at 0646 GMT on Friday, with Brent climbing 0.6 percent, or 30 cents, to $47.72 a barrel. "Oil prices received momentum from Wednesday's U.S. data and the market rejected the lows that we saw. It has been a bullish week for the oil market," said Michael McCarthy, chief market strategist at Sydney's CMC (NS:CMC) Markets. "There are two key drivers. One is U.S supply side response to low oil prices. We could see more gains if there is a further drop in oil output, and the other factor is a weaker U.S. dollar."Data indicating a fall in U.S. production bolstered markets this week after crude prices hit a 10-month low last week in the face of a mounting supply glut.

U.S. crude output fell 100,000 barrels per day (bpd) to 9.3 million bpd last week, the steepest weekly fall since July 2016. the North Sea crude oil market is showing signs of long-lost strength, suggesting that some of the pessimism that has driven down oil futures and created a record bet against a price rise may be unjustified. Thursday, about 6 million barrels of North Sea Brent crude were being stored on ships, down from four-month highs of as many as 9 million last week, and trading sources said it seemed now refineries were starting to take in more cargoes. In recent weeks, funds have been unloading long speculative positions, reducing bets on higher prices, while brokerages including Goldman Sachs (NYSE:GS) and Societe Generale(PA:SOGN) have cut their 2017 forecasts for crude prices.

Oil continued to recover Thursday for the sixth session in a row supported by a fall in U.S. output in the latest week and a drop in gasoline inventories. U.S. crude was up 54 cents, or 1.21%, at $45.28 at 08:00 ET. Brent added 56 cents, or 1.18%, to $48.10. The Energy Information Administration Wednesday reported a fall in U.S. output of 100,000 barrels a day in the latest week to 9.3 million.

The drop might have been due to temporary factors such as weather conditions and maintenance work.

The EIA also reported a larger-than-expected drop in gasoline inventories, but crudeinventories were up 118,000 barrels against a forecast fall of about 2.5 million. Major producers are under growing pressure to

beef up output curbs as supply concerns continue to overhang the market. OPEC and non-OPEC producers have agreed to reduce output by 1.8 million barrels a day through to March. Higher U.S. drilling activity and output rises by Nigeria and Libya, which have been exempt from the OPEC-led cuts, continue to work against the curbs as inventories remain high.

Oil prices rose to a two-week high in European trade on Thursday, extending gains into a sixth session after U.S. government data revealed the biggest weekly decline in domestic crude production in almost a year.

The U.S. West Texas Intermediate crude August contract was at $45.12 a barrel by 3:35AM ET (0735GMT), up 38 cents, or around 0.9%. It touched its highest since June 14 at $45.23 earlier. Elsewhere, Brent oil for September delivery on the ICE Futures Exchange in London tacked on 37 cents, or about 0.8%, to $47.91 a barrel, after hitting a two-week high of $48.03. Crude prices posted sharp gains on Wednesday, with the commodity logging its fifth wining session in a row. Data from the U.S. Energy Information Administration showed that total domestic crude production fell by 100,000 barrels a day to 9.25 million barrels a day for the week ended June 23. That was the biggest decline in weekly output since July 2016. There was additional support stemming from a decline in U.S. gasoline inventories, which more than offset an unexpected rise in crude supplies. Oil prices have been under pressure in recent weeks as concern over rising U.S. shale output canceled out production cuts by OPEC and non-OPEC members.Last month, OPEC and some nonOPEC producers extended a deal to cut 1.8 million barrels per day in supply until March 2018.

Crude oil rose for a sixth straight session on Thursday to its highest since June 19 on a decline in U.S. output, but ongoing worries about global oversupply continued to drag. U.S. West Texas Intermediate (WTI) crude CLc1 had risen 21 cents, or 0.5 percent, to $44.95 per barrel by 0648 GMT, while benchmark Brent futures LCOc1 gained 20 cents, or 0.4 percent, to $47.51 a barrel. "The fast ramp-up in shale drilling and the unexpectedly large rebound in Libya/Nigeria production are on track to slow the 2017 stock draws. "This creates risks that the normalisation in inventories will not be achieved by the time the OPEC cut ends next March. We expect this will leave prices trading near $45 (a barrel) until there is evidence of a decline in the U.S. horizontal oil rig count, sustained stock draws or additional OPEC production cuts." The U.S. Energy Information Administration said crude stocks rose 118,000 barrels last week, while weekly production declined 100,000 barrels per day (bpd) to 9.3 million bpd. That was the biggest decline in weekly output since July 2016. There was additional support stemming from a decline in U.S. gasoline inventories. "Prices were also supported after data showed another strong drawdown in inventories in the U.S.," "Gasoline inventories fell 894,000 barrels. This suggests demand is starting to pick up, after a slow start to the U.S. summer driving season." Other analysts and traders noted the U.S. production decline last week was related to temporary factors like Tropical Storm Cindy in the Gulf of Mexico and maintenance work in Alaska that will likely be reversed in coming weeks. global supplies are ample despite output cuts by the Organization of the Petroleum Exporting Countries and other producing countries of 1.8 million bpd since January.

Crude oil futures rose for a sixth consecutive session on Thursday, as a decline in U.S. production

underpinned the market that has been under pressure from a global supply glut. U.S. West Texas Intermediate (WTI) crude CLc1 rose 7 cents, or 0.2 percent, to $44.81 per barrel by 0003 GMT, while the benchmark Brent futures LCOc1 gained 8 cents, or 0.2 percent, to $47.39 a barrel. WTI climbed to $44.90 a barrel, matching Wednesday's peak price which was highest since June 19. The U.S. Energy Information Administration (EIA) said crude stocks rose 118,000 barrels last week, while weekly production declined 100,000 barrels per day (bpd) to 9.3 million bpd. That was the biggest decline in weekly output since July 2016. There was additional support stemming from a decline in U.S. gasoline inventories. "Prices were also supported after data showed another strong drawdown in inventories in the U.S. "Gasoline inventories fell 894,000 barrels. This suggests demand is starting to pick up, after a slow start to the U.S. summer driving season." Other analysts and traders noted the U.S. production decline last week was related to temporary factors like Tropical Storm Cindy in the Gulf of Mexico and maintenance work in Alaska that will likely be reversed in coming weeks. rose after the EIA report, even though data showed a build instead of the 2.6 million-barrel draw that analysts had forecast in a Reuters poll.

Oil Wednesday struggled to recoup early losses as industry figures showed a rise in U.S. crude stocks. U.S. crude was off 12 cents, or 0.27%, at $44.12 at 08:00 ET. Brent was off 1 cent. or 0.02% at $46.91. The American Petroleum Institute Tuesday reported a rise of 851,000 barrels in U.S. crude stocks in the latest week The Energy Information Administration is due to release official inventories later in the session. The EIA is forecast to report a fall in U.S. crude stocks of 2.585 million barrels. Supply concerns remain in place as higher U.S. output undermines the impact of production cuts by major producers. Nigeria and Libya, which are exempt from the OPEC-led cuts, have also raised output. OPEC and non-OPEC producers have agreed to reduce output by 1.8 million barrels a day through to March of next year. The curbs in production have failed to make the desired inroads into high inventories.

Crude oil futures were largely unchanged in early Asian trade on Tuesday as the market took a breather following three days of gains with a supply glut keeping a lid on prices. U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 2 cents at $43.36 per barrel by 0019 GMT and Brent crude futures LCOc1 were flat at $45.83 per barrel. The market is up slightly so far this week, but Brent and U.S. crude oil have dropped for the past five weeks. The Organization of the Petroleum Exporting Countries (OPEC) and its partners have been trying to reduce a global crude glut with production cuts. OPEC states and 11 other exporters agreed in May to extend cuts of 1.8 million barrels per day (bpd) until March.

However, Nigeria and Libya, OPEC members exempt from the cuts, have raised output. Iran was allowed a small increase to recover market share lost under Western sanctions. It said its production has surpassed 3.8 million bpd and is expected to reach 4 million bpd by March. And U.S. shale oil output has risen around 10 percent since last year, with the number of U.S. oil rigs in operation at the highest in more than three years.

Hedge funds and other money managers appear to have abandoned all hope that OPEC will rebalance the oil market, slashing formerly bullish bets on crude futures and options, John Kemp, a Reuters market analyst said in a column. data showed that speculators had cut their net long positions in WTI and Brent to its lowest

level in 10 months last week.

Ahead of the coming week significant events likely to affect the markets.

Tuesday, July 4 Markets in the U.S. will remain closed for Independence Day. Wednesday, July 5 The American Petroleum Institute, an industry group, is to publish its weekly report on U.S. oil supplies.

Thursday, July 6 The U.S. Energy Information Administration is to release weekly data on oil and gasoline stockpiles.

The U.S. government is also set to produce a weekly report on natural gas supplies in storage.

Friday, July 7 Baker Hughes will release weekly data on the U.S. oil rig count.

BASE METAL’S OUTLOOK Trading Ideas : Aluminium  Aluminium trading range for the day is 121.4-124.8.  Aluminium gains supported by continued concern about a crackdown by the Chinese government on illegal and polluting smelters.  China is "concerned" by Washington's probe into aluminium imports from the world's top producer of the metal on national security grounds.  China appointed a new environment minister who has promised a "protracted battle" to clean up the nation's notoriously polluted air, water and soil.

Nickel  Nickel trading range for the day is 591.8-605.6.  Nickel prices gained supported by a weaker dollar and brighter factory growth China.  A ban on open-pit mining in the Philippines enforced by former environment minister Regina Lopez has "no legal basis" and is under review, a senior government official said

 The U.S. economy slowed less than feared in the first quarter largely due to a jump in consumer spending.

Copper  Copper trading range for the day is 378.1-387.7.  Copper prices gained as falling supply and a weaker dollar lifted prices to their highest since April.  Mining companies operating in Chile are examining restarting projects that were put on hold in recent years due to a copper price slump.  Copper stocks in LME warehouses are down more than 30 percent since early May to 243,300 tonnes.

BASE METAL ✍ NICKEL

( 02 – JULY – 2017 )

Nickel prices were trading marginally higher by 0.07 per cent to Rs 598.50 per kg in futures trade today as speculators raised bets, driven by rising demand at the domestic spot markets amid covering of short positions. In futures trading at the Multi Commodity Exchange, nickel for delivery this month was trading 40 paise higher, or 0.07 per cent up, at Rs 598.50 per kg, in a business turnover of 2,037 lots. The metal for delivery in July was trading higher by 20 paise, or 0.03 per cent, to Rs 609.30 per kg in 192 lots. Analysts said the rise in nickel prices at futures trade was mostly attributed to strong demand from alloy-makers at the domestic spot markets coupled with covering-up of short positions in view of June expiry.

✍ COPPER

( 02 – JULY – 2017 )

Buoyed by a firm trend at the domestic spot markets on increased domestic demand, copper futures traded 0.18 per cent higher at Rs 384.55 per kg today. Moreover, covering-up of short positions, today being the last day of June too influenced the metal's prices. At the Multi Commodity Exchange, copper for delivery in June was trading up by 70 paise, or 0.18 per cent higher, at Rs 384.55 per kg, in a business volume of 1,938 lots. Similarly, the metal for delivery in August was trading up by 15 paise, or 0.04 per cent higher, to Rs 388.80 per kg in 876 lots. Traders said, firming trend in select base metals at the domestic spot markets on pick-up in demand coupled with covering-up of short positions, supported the upside in copper futures here.

✍ LEAD

( 30 – JUNE - 2017 -)

Lead pries edged higher by 0.27 per cent to Rs 147.30 per kg in futures trade today after traders enlarged positions amid pick-up in demand at domestic spot markets. At the Multi Commodity Exchange, lead for

delivery in June rose by 40 paise, or 0.27 per cent, to Rs 147.30 per kg in a business turnover of 482 lots.

The metal for delivery in July edged up by 35 paise, or 0.24 per cent, to Rs 148.10 per kg in 40 lots. Market analysts said uptick in demand from battery-makers in the domestic spot markets, kept lead prices higher in futures trade.

✍ NICKEL

( 30 – JUNE - 2017 -)

Nickel prices were trading up by 0.07 per cent to Rs 593.40 per kg in futures market today as speculators raised bets amid a firming trend at domestic market on the back of increased demand from alloy-makers. In futures trading at the Multi Commodity Exchange, nickel for delivery this month was trading a shade higher by 40 paise, or 0.07 per cent, to Rs 593.40 per kg, in a business turnover of 617 lots. The metal for delivery in July rose 30 paise, or 0.05 per cent, to trade at Rs 598.30 per kg in 290 lots. Analysts said increased domestic demand from alloy-makers at the domestic spot markets, supported the upside in nickel prices at the futures trade.

✍ ZINC

( 29 – JUNE - 2017 -)

Zinc prices eased 0.23 per cent to Rs 177.15 per kg in futures trade today as traders trimmed positions amid profit-booking by participants. Besides, sluggish demand from consuming industries at domestic spot market fuelled the downtrend. At the Multi Commodity Exchange, zinc for delivery in current month traded lower by 40 paise, or 0.23 per cent to Rs 177.15 per kg in a business turnover of 919 lots. Similarly, the metal for delivery in July shed 35 paise, or 0.20 per cent, to Rs 177.60 per kg in 66 lots. Analysts said the weakness in zinc at futures trade was mostly attributed to profit-booking by participants at current levels amid a subdued trend at the domestic spot markets due to low demand.

✍ LEAD

( 28 – JUNE - 2017 -)-

Lead fell 0.71 per cent to Rs 140.50 per kg in futures trade today as speculators reduced positions amid muted spot demand. At the Multi Commodity exchange, lead for delivery in June contracts was trading Re 1, or 0.71 per cent, down at Rs 140.50 per kg in a business turnover of 523 lots. Metal prices for delivery in July also fell by Re 1, or 0.70 per cent, to Rs 141.30 per kg in 7 lots. Market analysts said slackened demand from battery-makers in the domestic spot market led to the fall in lead futures prices here.

✍ NICKEL

( 28 – JUNE - 2017 -)

Nickel prices drifted lower by 0.26 per cent to Rs 581.30 per kg in futures trading today as speculators trimmed positions amid a weak trend at the domestic physical markets on muted demand from alloy makers.

At the Multi Commodity Exchange, nickel for delivery in current month declined by Rs 1.50, or 0.26 per cent to Rs 581.30 per kg in business turnover of 437 lots. Likewise, the metal for delivery in July contracts

traded lower by Rs 1.40, or 0.24 per cent to Rs 586.70 per kg in 81 lots. Analysts said apart from a weak trend at the domestic spot markets due to sluggish demand from alloy makers, profit-booking by speculators weighed on nickel futures.

✍ NICKEL

( 27– JUNE - 2017 -)

Nickel prices went up by 0.19 per cent to Rs 578.40 per kg in futures trade today as speculators raised their bets, driven by pick-up in demand at the domestic spot markets. In futures trading at the Multi Commodity Exchange, nickel for delivery in July month spurted Rs 1.10, or 0.19 per cent, to Rs 578.40 per kg, in a business turnover of 84 lots. The metal for delivery in current month was trading higher by 70 paise, or 0.12 per cent, to Rs 572.90 per kg in 757 lots. Analysts said expanding of positions by speculators supported by a rising demand from alloy-makers at the domestic spot markets, helped nickel futures to trade higher.

✍ ALUMINIUM

( 27– JUNE - 2017 -)

Aluminium remained higher and prices rose by another 0.12 per cent to Rs 121.60 per kg in futures trading today as speculators engaged in largeing their positions, taking positive cues from spot market on strong demand. At the Multi Commodity Exchange, aluminium for delivery in June month edged up by 15 paise, or 0.12 per cent to Rs 121.60 per kg in business turnover of 111 lots. Similarly, the metal for delivery in July was enquired higher by a similar margin to Rs 122.10 per kg in 6 lots. Analysts said widening of positions by traders, driven by rising demand from consuming industries in the physical market mainly kept aluminium prices higher at futures trade.

✍ ZINC -

( 27– JUNE - 2017 -)

Zinc traded higher by 0.27 per cent to Rs 165.35 per kg in futures trade today as speculators raised their bets. At the Multi Commodity Exchange, zinc for delivery in June month edged up by 45 paise, or 0.27 per cent to Rs 165.35 per kg in business turnover of 1124 lots. Metal for delivery in July contracts traded higher by a similar margin to Rs 165.80 per kg in 89 lots. Analysts said expanding of positions by participants on the back of uptick in demand from consuming industries in the spot market, mainly attributed the rise in zinc prices at futures trade.

NCDEX - WEEKLY MARKET REVIEW FUNDAMENTAL UPDATES OF NCDEX MARKET Mentha oil prices up 0.30% on surging demand ( 02 – July – 2017 )

Mentha oil prices were trading up 0.30 per cent to Rs 895.80 per kg in futures market today after participants

raised bets on rise in demand from consuming industries at the spot market against restricted arrivals from producing belts. At the Multi Commodity Exchange, mentha oil for delivery in July rose Rs 2.70, or 0.30 per cent, to Rs 895.80 per kg, clocking a business volume of 95 lots. The oil for June delivery traded higher by Rs 2.10, or 0.24 per cent up, at Rs 885 per kg, with a trading volume of 10 lots. Marketmen said raising of bets by speculators, driven by rising demand from consuming industries in the spot market against restricted supplies from Chandausi, led to the rise in mentha oil prices in futures trade.

Cardamom futures down 2% on fall in demand ( 02 – July – 2017 ) Cardamom prices fell 2 per cent to Rs 1,003.30 per kg in futures trade today as speculators reduced positions amid low demand. Besides, sufficient stocks on higher arrivals from the major cardamom producing regions too weighed on the prices. At the Multi Commodity Exchange, cardamom for delivery in July fell by Rs 20.40, or 2 per cent, to Rs 1,003.30 per kg, in a business turnover of 39 lots. Similarly, the spice for delivery in August edged down by Rs 17.10, or 1.80 per cent, to Rs 933 per kg, with trading volume of just one lot.

Analysts said off-loading of positions by speculators amid higher supplies from producing regions and sluggish demand in the spot market mainly pulled down cardamom prices in futures trade.

Crude palm oil futures up 0.62% on spot demand ( 02 – July – 2017 ) Crude palm oil prices were up by 0.62 per cent to Rs 483.40 per 10 kg in futures trade today as speculators indulged in enlarging positions, driven by a firm demand at the spot market. Besides, a firming trend in overseas markets supported the uptrend. At the Multi Commodity Exchange, crude palm oil for delivery in July rose by Rs 3, or 0.62 per cent, to Rs 483.40 per 10 kg, in a business turnover of 499 lots. Similarly, the oil for delivery this month went up by 0.40 paise, or 0.08 per cent, to Rs 490.80 per 10 kg in 101 lots. Analysts said widening of positions by participants amid pick-up in demand in the spot market against tight stocks position on restricted supplies from producing regions, mainly kept crude palm oil prices higher at futures trade.

Uptick in spot demand lifts jeera futures by 1.16% ( 02 – July – 2017 ) Jeera prices rose by Rs 220 to Rs 19,235 per quintal in futures market today after participants widened positions backed by rising demand. Restricted supplies in the domestic spot market and some export enquiries too supported the uptrend. At the National Commodity and Derivatives Exchange, jeera for delivery in August rose by Rs 220, or 1.16 per cent, to Rs 19,235 per quintal, with an open interest of 6,735 lots. Likewise, the spice for delivery in July traded higher by Rs 200, or 1.06 per cent, to Rs 19,055 per quintal in 8,694 lots. Traders said speculative positions built up by participants amid pick-up in domestic as well as export demand mainly led to the rise in jeera prices in futures trade.

✍ SUGAR

( 30 – JUNE - 2017 )

Indian Sugar Mills Association (Isma) has demanded that the government should create a Price Stabilisation Fund (PSF) to pay farmers the difference between the Fair and Remunerative Price of sugarcane set by the government and price payable as per the revenue-sharing formula that prescribes sharing revenue between farmers and sugar mills in 70:30 ratio respectively. Though there is no clarity about continuation of the Sugar Development Fund post GST, the industry body is more concerned about the PSF. Isma presented its case to the Commission for Agricultural Costs and Prices (CACP), which had met to deliberate upon and listen to the views of the stakeholders about 2018-19 FRP. T Sarita Reddy, president, Isma, said, “We have no apprehension paying the FRP to the farmers. However, we would like to have the price stabilisation fund in place. The gap between the FRP and the price payable as per the revenue sharing formula should be filled in with money from the Price Stabilisation Fund when sugar prices fall.” Claiming that along with the recommendation to increase FRP, the CACP has been also recommending to the government to implement the revenue sharing formula and set up PSF, Reddy said the government has acted only on the recommendation to increase FRP.

✍ MENTHA OIL

( 30 – JUNE - 2017 )

Mentha oil prices drifted lower by 0.14 per cent to Rs 902.10 per kg in futures trade today as speculators trimmed positions, driven by sluggish demand from industries at the spot market. Besides, ample stock positions on higher supplies from producing regions too influenced mentha oil prices. At the Multi Commodity Exchange, mentha oil for delivery in July traded lower by Rs 1.30, or 0.14 per cent, to Rs 902.10 per kg, in a business turnover of 394 lots. On similar lines, the oil for delivery in current month declined by Rs 1.20, or 0.13 per cent, to Rs 886.80 per kg in 176 lots. Analysts said offloading of positions by participants due to subdued demand from consuming industries in the spot market against ample stock positions on higher supplies from Chandausi in Uttar Pradesh mainly led to the decline in mentha oil prices in futures trade.

✍ CRUDE PALM OIL

( 30 – JUNE - 2017 )

Crude palm oil prices fell 0.32 per cent to Rs 488.10 per 10 kg in futures trade today as speculators booked profits at prevailing higher levels amid fall in demand at the spot market. Ample stocks following increased supplies from the producing belts too fuelled the downtrend. At the Multi Commodity Exchange, crude palm oil for delivery in the current month eased by Rs 1.60, or 0.32 per cent, to Rs 488.10 per 10 kg, in a business turnover of 50 lots. On similar lines, the oil for delivery in July traded lower by 0.90 paise, or 0.18 per cent, to Rs 474.70 per 10 kg in 163 lots. Analysts said besides profit-booking by speculators at prevailing higher levels, fall in demand at the spot market, mainly weighed on crude palm oil prices.

✍ CARDAMOM

(29 – JUNE – 2017 )

Cardamom prices were trading up by 1.81 per cent to Rs 950 per kg in futures trade today as speculators enlarged positions amid an upsurge in physical demand in the domestic spot market. Furthermore, tight supplies from major producing regions also supported the upside in cardamom prices. At the Multi Commodity Exchange, cardamom for delivery in August rose by Rs 16.90, or 1.81 per cent, to Rs 950 per kg with trading volume of 46 lots. Similarly, spice for delivery in July was trading up by Rs 2.40, or 0.23 per cent, to Rs 1,030 per kg, in a trading volume of 84 lots. Traders said widening of positions by participants, driven by surge in demand at the spot market against restricted supplies from producing regions, mainly kept cardamom prices higher at futures trade.

✍ CARDAMOM (29 – JUNE – 2017 ) Cardamom prices fell 3.77 per cent to Rs 1,030 per kg in futures trade today as investors cut down their bets amid slump in demand at the domestic spot market. Besides, sufficient stocks on higher arrivals from the major cardamom producing regions too weighed on the prices.

At the Multi Commodity Exchange, cardamom for delivery in July contract fell by Rs 40.40, or 3.77 per cent, to Rs 1,030 per kg, in a business turnover of 78 lots. Similarly, the spice for delivery in far-month August edged down by Rs 28.80, or 2.99 per cent, to Rs 935.80 per kg, with trading volume of 18 lots. Analysts said offloading of positions by speculators amid higher supplies from producing regions and sluggish demand in the spot market mainly pulled down cardamom prices in futures trade. ✍ PALM OIL

(28 – JUNE – 2017 )

Crude palm oil prices were trading up by 0.32 per cent to Rs 470 per 10 kg in futures trade today as speculators indulged in enlarging positions, driven by a firm demand at the spot market. Besides, a firming trend in overseas markets supported the uptrend. At the Multi Commodity Exchange, crude palm oil for delivery in July rose by Rs 1.50, or 0.32 per cent, to Rs 470 per 10 kg, in a business turnover of 206 lots. Similarly, the oil for delivery this month went up by Re one, or 0.20 per cent, to Rs 484.80 per 10 kg in 150 lots. Analysts said widening of positions by participants amid pick up in demand in the spot market against tight stocks position on restricted supplies from producing regions, mainly kept crude palm oil prices higher at futures trade.

✍ SUGAR

(27 – JUNE – 2017 )

Movement of sugar has come to a standstill, drying up the supply pipelines, as traders, brokers and industrial users await GST to be in place from July 1. Slack demand dragged mill level sugar prices down by about 3 per cent in June. "Pipelines are dry as wholesalers are not buying sugar.Apart from the excise duty of Rs 71 per quintal paid at the mill level, sugar was never taxed," said Ashok Jain, president, Bombay Sugar Merchants' Association. Sanjiv Babar, managing director, Maharashtra State Co-operative Sugar Factories

Federation also confirmed the drop in mill level sugar sales. Sugar mills reported considerable fall in off-take of sugar in May and June. "Compared to the usual monthly sugar sale of 6 lakh tonne to 6.5 lakh tonne in Maharashtra, the sugar sale in May was just about 4 lakh tonne. We fear June sales could have dropped by 50 per cent to just about 3 lakh tonnes," said a Maharashtra miller. In the present scheme of taxation, buyers pay Rs 71 per quintal as excise duty and Rs 124 per quintal as the sugar cess that goes into the Sugar Development Fund, both at the mill gate. Industrial users like cold drink and ice cream makers, who use sugar as an input for value addition, will get a higher setoff under GST where sugar has been included in the 5 per cent tax bracket.

✍ CARDAMOM

(27 – JUNE – 2017 )

Cardamom prices declined by 0.74 per cent to Rs 1,057 per kg in futures trade today as speculators cut down their bets, prompted by ample stock position following higher supplies in the spot market. At Multi Commodity Exchange, cardamom for delivery in July fell by Rs 7.90, or 0.74 per cent, to Rs 1,057 per kg in business turnover of 9 lots. Analysts said offloading of positions by speculators, driven by sufficient stocks from producing regions, mainly influenced the prices. ✍ PALM OIL (27 – JUNE – 2017 ) Continuing its losing streak for the third straight day, crude palm oil eased 0.04 per cent to Rs 482.20 per 10 kg in futures trading today as speculators reduced their positions on sluggish spot demand. At the Multi Commodity Exchange, crude palm oil for delivery in June month eased by 20 paise, or 0.04 per cent to Rs 482.20 per 10 kg in business turnover of 25 lots. The oil for delivery in July month contracts traded lower by a similar margin to Rs 468 per 10 kg in 101 lots. Analysts said trimming of positions by participants on the back of subdued demand in the spot market against adequate stocks position mainly kept crude palm oil prices down at futures trade.

✍ MENTHA OIL (26 – JUNE – 2017 ) Mentha oil prices drifted lower by 0.77 per cent to Rs 920 per kg in futures market today as participants offloaded their positions amid easing demand in the physical market. Besides, adequate stock position on increased supplies from producing belts fuelled the downtrend. At Multi Commodity Exchange, mentha oil for delivery in June fell by Rs 7.10, or 0.77 per cent, to Rs 920 per kg in a business turnover of 168 lots. Likewise, the oil for delivery in July contracts declined by Rs 6.70, or 0.71 per cent, to Rs 933.60 per kg in 119 lots. Analysts said trimming of positions by traders due to fall in demand from consuming industries in the spot market against adequate stock position on increased arrivals from Chandausi in Uttar Pradesh caused the decline in mentha oil prices.

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