Commodity research report 24 july 2017 ways2capital

BULLION METALS OUTLOOK GOLD -Gold on MCX settled up 0.29% at 28331 as the euro jumped in the wake of a ECB meeting, putting pressure on the dollar. The ECB, as expected, left interest-rate policy and other stimulative measures untouched. But the euro jumped as investors looked beyond seemingly dovish remarks by ECB President Mario Draghi to continued expectations the institution will move in the fall to begin tapering its program of bond purchases. Gold prices have been well-supported in recent sessions amid fading expectations for another rate hike by the Federal Reserve this year. Traders are pricing in less than a 40% chance of a rate hike by December, as recent dovish comments from Chair Janet Yellen and soft inflation data raised doubts over whether policymakers will be able to stick to their planned tightening path. The precious metal is sensitive to moves in US rates, which lift the opportunity cost of holding non-yielding assets such as bullion. While from data side which released earlier showed that the number of people who filed for unemployment assistance in the U.S. fell more than expected last week, nearing the lowest level in more than four decades. Holdings of the world's largest gold-backed exchange-traded fund, SPDR Gold Shares, fell 5.3 tonnes on Wednesday to 816.1 tonnes, their lowest since early February. Its reserves have declined more than 12 tonnes so far this week.

Technically Gold market is under short covering as market has witnessed drop in open interest by 0.92% to settled at 5951 while prices up 81 rupees. Now MCX Gold is getting support at 28182 and below same could see a test of 28032 level, And resistance is now likely to be seen at 28431, a move above could see prices testing 28530.

GOLD CHART

Chart Details -On the Above given daily chart of Gold has Applied the Bollinger Band along with Parabolic SAR, The Gold has already broken the upper level of 28580 which was crucial Resistance level for the Precious Metal, Now going forward the Momentum oscillators are Suggesting Up ward movement in the Gold daily Chart. The MCX Gold is getting support at 28182 and below same could see a test of 28032 level, And Resistance is now likely to be seen at 28689, a move above could see prices testing 28900-29150 in near Term..

Monday, 24 July 2017

SILVER -Silver on MCX settled up 0.33% at 37881 rallied on the back of a weaker dollar but gains were capped as expectations grew that the European Central Bank is moving closer to tightening monetary policy. Following the European Central Bank’s decision to keep interest rates unchanged, Draghi said the central bank saw signs of “unquestionable improvement” in Eurozone growth, and indicated that policymakers would discuss changes to the bank’s ultra-loose monetary policy in September. The ECB rate decision and press conference from Draghi came ahead of a mixed bag of economic reports on the labor market and manufacturing sector. Silver is getting resistance in the range $16.50 level as the US dollar halted a plunge but stayed around 10month lows. The plunge was slowed down by expectations, fuelled last week by the testimony of US Federal Reserve Chair Janet Yellen, that any monetary tightening in the US would happen slowly and reports from China that suggested growth there is slightly ahead of target for the year. Earlier this week, China released second quarter GDP growth with a gain of 1.7% that matched expectations and a year-on-year increase of 6.9% that came in slightly higher than the expected 6.8%. At the same time, China reported industrial production gained 7.6% from a year earlier in June and retail sales rose 11% in June. Technically Silver market is under short covering as market has witnessed drop in open interest by -2.15% to settled at 19942 while prices up 124 rupees.

Now MCX Silver is getting support at 37548 and below same could see a test of 37216 level, And resistance is now likely to be seen at 38089, a move above could see prices testing 38298..

SILVER CHART

Detail of Chart -On the above given daily Chart of of Silver is Suggesting more gains till the next Significance Resistance level of 38940, Break above this will the Precious Metal will move towards 39134-39312 in near term. On the above given chart Applied indicators are in over bought Territory we may witness short Term correction in the metal toward 38053-37946 level in near Term.

✍ MCX DAILY LEVELS DAILY

EXPIRY DATE

R4

R3

R2

R1

PP

S1

S2

S3

S4

ALUMINIUM

31- JULY-17

128

126

124

123

122

121

120

118

116

COPPER

31- AUG-2017

401

397

393

390

389

386

385

381

377

CRUDE OIL

21-AUG-17

3272

3182

3092

3046

3002

2956

2912

2822

2732

GOLD

04-AUG-2017

29256

28980

28704

28572

28428

28296

28152

27876

27600

LEAD

31- JULY-2017

151

148

145

144

142

141

139

136

133

NATURAL GAS

26-JULY-2017

208

203

199

197

194

192

190

185

181

NICKEL

31- JULY -2017

647

636

625

618

614

607

603

592

581

SILVER

05-SEP-2017

39241

38814

38387

38177

37960

37750

37533

37106

36679

ZINC

31- JULY-2017

185

182

179

178

176

175

173

170

167

✍ MCX WEEKLY LEVELS WEEKLY

EXPIRY DATE

R4

R3

R2

R1

PP

S1

S2

S3

S4

ALUMINIUM

31- JULY-17

135

131

127

125

123

121

119

115

111

COPPER

31- AUG-2017

408

401

394

391

387

384

380

373

366

21-AUG-17

3406

3271

3136

3053

3001

2918

2866

2731

2596

GOLD

04-AUG-2017

29896

29362

28828

28563

28294

28029

27760

27226

26692

LEAD

31- JULY-2017

175

165

155

151

145

141

125

115

NATURAL GAS

26-JULY-2017

219

211

203

197

195

189

187

179

171

NICKEL

31- JULY -2017

672

653

634

623

615

604

596

577

558

SILVER

05-SEP-2017

40975

39865

38755

38229

37645

37119

36535

35425

34315

ZINC

31- JULY-2017

206

197

188

183

179

174

170

161

152

CRUDE OIL

135

✍ FOREX DAILY LEVELS DAILY

EXPIRY DATE

R4

R3

R2

R1

PP

S1

S2

S3

S4

USDINR

27-JULY-17

64.82

64.70

64.58

64.48

64.36

64.26

64.16

64.04

63.92

EURINR

27-JULY-17

78.35

77.31

76.27

75.68

74.63

74.04

73.00

72.41

71.82

GBPINR

27-JULY-17

85.99

85.48

84.97

84.32

83.81

83.16

82.65

82.02

81.39

JPYINR

27-JULY-17

58.24

58.07

57.90

57.81

57.64

57.55

57.38

57.29

57.20

R4

R3

R2

R1

PP

S1

S2

S3

✍ FOREX WEEKLY LEVELS WEEKLY

EXPIRY DATE

S4

USDINR

27-JULY-17

65.97

65.59

65.21

64.92

64.54

64.24

63.86

63.56

63.26

EURINR

27-JULY-17

78.59

77.09

75.59

74.71

73.22

72.33

70.84

69.96

69.08

GBPINR

27-JULY-17

90.50

88.46

86.42

85.30

83.26

82.13

80.09

78.97

77.85

JPYINR

27-JULY-17

58.05

57.85

57.68

57.55

57.38

57.25

57.08

56.95

56.82

✍ NCDEX DAILY LEVELS DAILY

EXPIRY DATE

SYOREFIDR

18-AUG -2017

SYBEANIDR RMSEED

R4

R3

R2

R1

PP

S1

S2

S3

S4

655

651

647

645

643

641

639

635

631

18-AUG -2017

3108

3077

3046

3034

3015

3003

2984

2953

2922

18-AUG -2017

3781

3747

3713

3701

3679

3667

3645

3611

3577

JEERAUNJHA 18-AUG -2017

21114

20629

20144

19863

19659

19378

19174

18689

18204

GUARSEED10

18-AUG -2017

3533

3496

3459

3436

3422

3399

3385

3348

3311

TMC

18-AUG -2017

8373

8025

7677

7485

7329

7137

6981

6633

6285

✍ NCDEX WEEKLY LEVELS WEEKLY

EXPIRY DATE

R4

R3

R2

R1

PP

S1

S2

S3

S4

SYOREFIDR

18-AUG -2017

681

667

653

647

639

633

625

611

597

SYBEANIDR

18-AUG -2017

3396

3249

3029

2955

2882

2808

2661

2514

RMSEED

18-AUG -2017

3805

3760

3715

3695

3670

3650

3625

3580

3535

JEERAUNJHA

18-AUG -2017

22390

21545

20700

20255

19855

19410

19010

18165

17320

GUARSEED10

18-AUG -2017

3928

3743

3558

3485

3373

3300

3188

3003

2818

TMC

18-AUG -2017

8494

8110

7726

7512

7242

7128

6958

6574

6190

3102

MCX - WEEKLY NEWS LETTERS ✍ INTERNATIONAL UPDATES ( BULLION & ENERGY ) ✍ GOLD

Gold prices rose for a sixth straight session on Friday, to notch up the largest weekly gain in two months as the U.S. dollar slid to its lowest level in more than a year, underpinning demand for the precious metal.Gold for August delivery closed up 0.72% at $1,254.48 on the Comex division of the New York Mercantile Exchange. For the week, the precious metal was up 1.97%. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, ended down 0.32% at 93.78, the lowest close since June 22, 2016. The index ended the week down 1.32%, marking its second straight weekly decline. A weaker dollar tends to boost prices for gold, which is denominated in the U.S. currency. The greenback was pressured lower by the stronger euro, which was boosted by expectations that the European Central Bank is moving closer to tapering its bond-buying program and fresh political turmoil in Washington. On Thursday, the investigation into alleged links between President Donald Trump’s campaign and Russia in last year’s election is extending into his business. Earlier in the week, Republican lawmakers pulled the plug on the latest version of a contentious bill to replace Obamacare, delivering a major policy blow to the Trump administration. The failure to deliver on healthcare reform indicated that Trump’s other legislative efforts, such as overhauling the tax code and implementing fiscal stimulus could face difficulties. Hopes for tax reforms and fiscal stimulus under the Trump administration helped drive the dollar to a 14-year high after the November election. The dollar has now given up all of its post-election gains. Doubts over the Federal Reserve’s plans for a third rate hike this year have also fed into dollar weakness. The Fed is to hold its next meeting on Wednesday and is widely expected to hold policy steady.

Gold demand in Asia eroded this week due to higher prices with a seasonal slowdown denting the lure for the precious metal in second-biggest consumer India. Dealers in India offered discounts for gold, as the absence of key festivals kept demand subdued, especially as the wedding season has passed. "Every year, demand remains weak in July. There is no major festival this month. Wedding season is almost over,"For the next three to four weeks, demand will remain on the lower side. It will improve from the second half of August." Dealers were offering a discount of up to $1 an ounce this week over official domestic prices, compared to a discount of $1.20 last week, said four sources from jewellers, banks and gold dealers. The domestic price includes a 10 percent import tax. Local gold prices MAUc1 have risen 2.7 percent since July 10 after falling to the lowest level in six months. "The recent rebound in prices is also keeping buyers on the sidelines. They are waiting for a clear trend. High prices kept buyers on the sidelines elsewhere in Asia as well. "Demand has softened again at current price levels. It had picked up when gold was trading closer to $1,200, but has again abated as the market waits for a clearer indication as to which way it may

swing," The international spot gold benchmark XAU= hit a three-week high of $1,248.35 an ounce on Friday, with prices set for an about 1.5 percent weekly gain, bolstered by weakness in the U.S. dollar, which was at multi-month lows. GOL/ In top consumer China, premiums were slightly below the $10 per ounce level reported last week, while in Hong Kong, the premiums were at 60 cents to $1 against 70 cents to $1 in the previous week.

Singapore premiums were in a range of 75 cents to $ 1.10 per ounce, compared with a range of 80 cents to $1.10 last week. "Demand should remain quiet in the near-term, especially with the upcoming summer holidays in the region," said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong.

Gold prices showed slight gains in overnight trade on Friday, hitting its highest level this month, concerns over investigations into U.S. President Donald Trump’s alleged ties with Russia drove investors into the safe haven asset. On the Comex division of the New York Mercantile Exchange, gold for August delivery gained $ 1.19, or 0.10%, to $ 1.246.69 a troy ounce by 3:44AM ET. Gold hit an intraday high of $ 1.247.65 earlier in the session, its highest level since June 30, and was on track for weekly gains of 1.5% in what would be its second consecutive weekly rise. The Republican Party’s incapacity to achieve a replacement healthcare plan and headlines revolving around multiple congressional and federal investigations into possible ties between Trump and Russia during the 2016 presidential campaign have recently put pressure on the dollar. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, dropped 0.07% at 94.01 by 3:44AM ET. A weak dollar usually supports gold prices, as it bolsters the metal's appeal as an alternative asset and makes dollar-priced commodities more attractive to holders of other currencies. Gold was also supported this week as both the European and Japanese central banks announced that they would continue their accommodative monetary policy. Barring further political developments stateside, Friday was expected to be a quiet day for the precious metal as no major economic reports were scheduled for release.

Elsewhere in metals trading, silver inched up 0.06% at $16.355 a troy ounce.

Gold prices edged lower in European trade on Thursday, as market players awaited the outcome of the European Central Bank's meeting for fresh clues on when it will start to shift away from its ultra-easy policy. Comex gold futures were at $1,238.68 a troy ounce by 3:20AM ET, down $ 3.30, or around 0.3%.

Gold prices finished a few cents higher on Wednesday, extending their streak of gains to a fourth session.

The ECB's latest interest rate decision is due at 1145GMT on Thursday, with no big changes expected.

Most of the focus will be on President Mario Draghi's press conference 45 minutes after the announcement, as investors look for more clues on when and how the ECB could scale back its massive quantitative easing program. Market experts believe the central bank is likely to wait until September before announcing a tapering of its 60 billion euros of monthly asset purchases. Earlier in the session, the Bank of Japan kept monetary policy steady as a two-day meeting concluded. The central bank also cut its inflation forecasts for fiscal years 2017/2018 and 2018/2019. Besides central banks, investors will focus on U.S. data due later in the session to gauge the strength of the world's largest economy and how it will impact the Fed's view on monetary policy. Weekly jobless claims and the Philadelphia Fed manufacturing

survey are both due at 8:30AM ET. Gold prices have been well-supported in recent sessions amid fading expectations for another rate hike by the Federal Reserve this year. Futures traders are pricing in less than a 40% chance of a rate hike by December, according to Investing.com’s Fed Rate Monitor Tool, as recent dovish comments from Chair Janet Yellen and soft inflation data raised doubts over whether policymakers will be able to stick to their 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.

Gold slipped back towards $ 1,240 an ounce on Wednesday, after three straight day's of gains, as the U.S. dollar's recovered slightly from a 10-month low. Bullion held below Tuesday's 2-1/2-week high, when prices were buoyed by the failure of U.S. President Donald Trump's healthcare bill to pass the U.S. Senate and by waning expectations for further interest rate hikes from the Federal Reserve this year. The U.S. dollar index .DXY rose 0.2 percent, with the euro EUR= down 0.3 percent, however, taking upward pressure off gold.

Spot gold XAU= was down 0.05 percent at $1,241.35 an ounce by 2:56 p.m. EDT, while U.S. gold futures GCv1 for August delivery closed little changed, up 0.01 percent at $ 1,242.

"With the sluggish dollar yesterday we had a bit of a move on the upside, but there seems to be some light profit taking coming in between $1,243-1,245," The U.S. currency remained rangebound, however, with investors wary of making strong bets ahead of major central bank meetings. Expectations that U.S. monetary policy is on a tightening path kept gold hemmed into a narrow range in the last quarter after a strong start to the year. Signs that central banks in Europe and elsewhere are also turning away from ultraloose monetary policies have also weighed on the precious metal. Gold is highly sensitive to rising interest rates, as these increase the opportunity cost of holding non-yielding bullion. Rising U.S. rates also lift the dollar, in which gold is priced. "It appears as if some Wall Street gold traders long from the $1,232 area are hoping for this rally to continue and would be satisfied heading for the exits around the $1,248$1,252 range.

Gold prices edged lower in European trade on Wednesday, pausing for breath after rallying to the highest level in around three weeks in the prior session. Comex gold futures were at $1,239.46 a troy ounce by 3:00AM ET, down $2.50, or around 0.2%. Prices settled higher for a third-straight session on Tuesday after hitting their highest level since June 30 at $1,244.10. Gold's gains came as the dollar sank to an 11month low after a second attempt by Republicans to replace Obamacare failed, delivering a major blow to President Donald Trump's agenda. Investors were now more doubtful over the future of the Trump administration's planned tax reforms, given the difficulty the healthcare bill has faced in making progress.

Fading expectations for another rate hike by the Federal Reserve this year further weighed on the greenback. Futures traders are pricing in less than a 40% chance of a rate hike by December. Market players will focus on U.S. housing sector data due later in the session to gauge the strength of the world's largest economy and how it will impact the Fed's view on monetary policy. The U.S. central bank hiked rates at its June meeting and stuck to its forecast for one more rate hike this year, but recent dovish comments from Chair Janet Yellen and soft inflation data has raised doubts over whether policymakers will be able to stick to their 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.

Gold prices hit a more than two-week high on Tuesday, supported by expectations of stronger demand from the physical market and as the dollar fell on fading prospects of an imminent increase in U.S. interest rates. The dollar sank to a 10-month low against a basket of currencies, making dollardenominated metals cheaper for holders of other currencies, which could boost demand. The greenback sank on reduced confidence in U.S. President Donald Trump's agenda and jitters over hawkish central banks abroad. Spot gold XAU= was up 0.7 percent at $1,242.41 an ounce by 2:15 p.m. EDT (1815 GMT), having touched $1,244.30, its highest since June 30. U.S. gold futures GCcv1 settled 0.7 percent to $1,241.90. "The Senate's failure to repeal Obamacare has amplified concerns that the Trump economic agenda will be more difficult to implement even though the GOP holds a tenuous majority in Congress,"That is pressuring U.S. yields and driving the dollar towards year-long lows which creates a positive environment for gold, which has rallied steadily."Data from consultancy GFMS shows India's gold imports climbed to an estimated 75 tonnes in June from 22.7 tonnes a year earlier. For the first half of the year imports rose to 514 tonnes, up 161 percent year on year. analysts said the jump was caused by Indian consumers buying ahead of July's increase in the goods and services tax on gold to 3 percent from 1.2 percent.

Gold prices climbed to the highest level in more than two weeks in European trade on Tuesday, as the dollar dived after the Republican health-care bill aimed at replacing Obamacare failed to get enough backing to proceed to a debate. Comex gold futures were at $ 1,235.83 a troy ounce by 3:15AM ET, up $2.10, or around 0.2%, after touching its highest since July 3 at $1,238.10 earlier. Prices settled higher for a second-straight session on Monday on bets that lackluster U.S. data will keep the Federal Reserve cautious about the future pace of policy tightening. Republican Senators Jerry Moran and Mike Lee announced their opposition on Monday to a revised Republican healthcare bill, delivering a serious blow to the legislation. Investors were now more doubtful over the future of U.S. tax reforms, given the difficulty the healthcare bill has faced in making progress. The dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, sank to a 10-month low of 94.50. Meanwhile, investors continued to temper their expectations for further rate hikes by the Federal Reserve this year amid the subdued inflation outlook.Futures traders are pricing in less than a 40% chance of a rate hike by the end of the year, The precious metal is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion. Also on the Comex, silver futures dipped 2.0 cents, or roughly 0.1%, to $16.07 a troy ounce.

Gold climbed on Monday and was likely to see further gains after the dollar slumped to multi-month lows on the back of data that pointed to weak U.S. inflation and dampened prospects for rate hikes. "The dollar continues to be on the back foot and yields have dropped back somewhat from their relatively elevated positioning lately,"Spot gold XAU= was up 0.5 percent at $1,234.61 an ounce by 2:53 p.m. EDT, while U.S. gold futures GCcv1 for August delivery settled up 0.5 percent at $ 1,233.70. "If gold remains at $1,230 or goes higher, there's an elevated risk that some of those short positions might start to be reversed and that would give some further upside to gold. Gold prices slightly pared gains as the U.S. dollar .DXY

came off its lows after hitting its lowest level against a basket of major currencies in 10 months as recent soft U.S. inflation and domestic demand figures undermined arguments for the Federal Reserve to raise interest rates. A weaker greenback supports gold since the dollar-priced commodity is less expensive for investors holding other currencies."Investor sentiment (for gold) has improved quite dramatically over the past week, especially with the weak data out of the United States last week," Gold prices edged higher in European trade on Monday, extending last week's strong gains on bets that lackluster U.S. data will keep the Federal Reserve cautious about the future pace of policy tightening.

Comex gold futures were at $1,230.06 a troy ounce by 3:55AM ET (0755GMT), up $2.55, or around 0.2%. It touched its highest since July 3 at $1,232.70 in the prior session. Prices logged a gain of about 1.5% last week, as dovish comments from Fed Chair Janet Yellen combined with soft inflation data saw investors temper their expectations for tighter monetary policy in the U.S. in the months ahead. Futures traders are pricing in less than a 40% chance of a rate hike by the end of the year, according to Investing.com’s Fed Rate Monitor Tool, down from around 50% a week earlier.

The dollar index fell to its lowest since September in overnight trade, before bouncing back modestly.

Economic reports will remain important in the week ahead as market players gauge the strength of the world's largest economy and how it will impact the Federal Reserve's view on monetary policy.

Gold prices jumped 1.4 percent to the highest level in nearly two weeks on Friday after data pointed to weak U.S. inflation, reaffirming doubts that the U.S. central bank would again hike interest rates this year.

U.S. consumer prices were unchanged in June and retail sales fell for a second straight month. Bond yields dipped and the dollar index .DXY slid to their lowest level since September 2016 after the weakerthan-expected figures. Spot gold XAU= gained 0.96 pct at $1,228.61 per ounce by 3:01 p.m. EDT (1901 GMT) after hitting $1,232.76. It was poised for a weekly gain of 1.3 percent, the biggest since mid-May. The U.S. data bolstered expectations that the U.S. Federal Reserve would likely to move slowly to continue raising interest rates in the absence of inflation signs. Some had been expecting another rate hike in 2017. Fed Chair Janet Yellen's comments to the U.S. Congress this week "were more dovish than originally anticipated," . Friday's "data reaffirms the delay," he said. "We're seeing precious (prices) buoyed on the back of that." The most-active U.S. gold futures GCcv1 for August delivery futures settled up $10.20, or 0.84 percent, at $1,227.50 per ounce. The contract finished the week up 1.5 percent, its first gain in six weeks.

Gold demand fell in India this week, with dealers offering a discount for the first time in one month despite a correction in local prices as consumers advanced purchases in June before the rollout of a new nationwide sales tax. Elsewhere in Asia, a spurt in buying was short-lived as global prices recovered from near four-month lows hit on Monday. Bullion dealers in India offered a discount of up to $1.20 an ounce this week over official domestic prices MAUc1 , compared with a premium of $2.00 last week. The domestic price includes a 10 percent import tax. Consumers bought more gold in the last week of June to avoid paying a higher 3 percent rate under the Goods and Services Tax that came into effect from July 1. demand is very weak. That's why even jewellers are trimming purchases,"Gold prices MAUc1 in India are trading at near their lowest level in six months. India's gold imports in June more than tripled from a

year earlier to 75 tonnes, but it could fall below 35 tonnes in July, consultancy GFMS said. market is oversupplied despite lower imports in the first week of July. There is ample stockpile from last month's imports," said a Mumbai-based dealer with a private bank. In top consumer China, premiums were at $10.00 per ounce, compared with the $9.00-$10.00 range last week, while in Hong Kong, the premiums were at 70 cents to $1.00 against 50 cents-$1.00 in the previous week. "There was quite a bit of physical buying when prices dropped, but with prices going back up slightly around the $1,220 level, demand has stabilised," said a Singapore-based dealer. The international spot gold benchmark XAU= was little changed around the $1,218 per ounce level on Friday and was on track to register its first weekly gain in three, having recovered from Monday's $1,204.45, the lowest since mid-March.

AHEAD OF THE COMING WEEK SOME SIGNIFICANT EVENTS LIKELY TO AFFECT THE MARKETS. Monday, July 24 The euro zone is to publish survey data on private sector business activity.

Canada is to report on wholesale sales.

The U.S. is to release figures on existing home sales.

Tuesday, July 25 The Ifo Institute is to report on German business climate.

The U.S. is to release data on consumer confidence.

Wednesday, July 26 Australia is to release data on consumer price inflation.

The UK is to release preliminary data on second quarter economic growth.

The U.S. is to report on new home sales.

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

Thursday, July 27 The U.S. is to release data on jobless claims and durable goods orders.

Friday, July 28 In the euro zone, Germany is to release preliminary inflation data.

Canada is to release monthly data on economic growth.

The U.S. is to round up the week with advance data on second quarter growth.

ENERGY Oil prices settled lower for the second session in a row on Friday, ending at its weakest level in about a week as sentiment soured amid indications that supply from OPEC was set to rise, despite the cartel's agreement to curb production. The U.S. West Texas Intermediate crude September contract sank $1.15, or around 2.5%, to end at $45.77 a barrel by close of trade Friday. It touched its lowest since July 13 at $45.54 earlier in the session. Elsewhere, on the ICE Futures Exchange in London, Brent oil for September delivery slumped $1.24, or 2.5%, to settle at $48.06 a barrel by close of trade, after touching a one-week trough of $47.81 earlier. Friday's sharp drop erased earlier gains made during the week. WTI posted a nearly 1.7% decline on the week, after earlier being on pace to post a roughly 1.5% weekly gain, while Brent declined 85 cents, or about 1.8%.

Oil Friday was off month-long highs ahead of a meeting of major producers to discuss the market situation. U.S. crude was off 51 cents, or 1.09%, at $46.41 at 07:00 ET. Brent shed 45 cents, or 0.91%, to $48.85. OPEC and non-OPEC producers have agreed to reduce output by 1.8 million barrels a day through to March. Key adherents to the accord are due to meet in Saint Petersburg to analyze the market.

Libya, which has been exempt from the accord, and has been increasing output, is due to attend the meeting. The market was boosted this week by a larger-than expected draw in U.S. crude inventories. The EIA reported a fall of about 4.7 million barrels in crude stocks in the latest week. Gasoline inventories also fell more than expected. Baker Hughes U.S. rig count data are due out later in the session. Higher U.S. drilling activity has depressed the impact of the output cuts on inventories.

Oil prices moved higher on Friday, with U.S. crude on track for weekly gains of 1%, as investors looked ahead to further data on U.S. drilling activity later in the session at waited for a gathering of oil producers at the beginning of next week The U.S. West Texas Intermediate crude September contract gained 14 cents, or 0.30 %, to $47.06 a barrel by 4:43AM ET. Elsewhere, Brent oil for September delivery on the ICE Futures Exchange in London rose 18 cents, or 0.47%, to $49.38 a barrel.Despite this week’s gains, oil has tumbled more than 10% year-to-date as skepticism over the capability to reduce the global supply cut caused investors to sell off black gold. The Organization of Petroleum Exporting Countries agreed with non-OPEC members led by Russia to cut production by 1.8 million barrels per day through March 2018 though the latest reading on compliance by OPEC members was at just 78%. Furthermore, 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. Earlier this week, tiny producer Ecuador signaled it might not abide by the cuts, causing fears that other larger producers might follow suit. OPEC and non-OPEC producers are scheduled to meet Monday in Russia and traders are watching for any signs that Saudi Arabia, the largest producers of crude in the world, may cut its output. There is speculation that Saudi Arabia is considering a 1 million-barrel cut to its oil exports to offset the output rise in Libya and Nigeria. Kuwait’s oil minister has also reportedly said that the two African nations may soon be asked to limit their production.

Oil prices edged up on Friday ahead of a key meeting of major oil producing nations next week, but Brent

held below the $50 per barrel level that was briefly breached for the first time in six weeks in the previous session. International benchmark Brent crude futures LCOc1 were up 10 cents, or 0.2 percent, at $49.40 per barrel at 0658 GMT. U.S. West Texas Intermediate crude futures CLc1 were up 7 cents, or 0.2 percent at $46.99 per barrel. Both benchmarks hit their highest levels since early June in choppy trading the previous trading session, having been pushed higher by data showing U.S. crude and fuel inventories fell sharply last week. "The impact of strong drawdown in inventories announced earlier this week was still lingering in the market.

Oil was steady Thursday after big gains overnight on a larger-than-expected draw in U.S. crude stocks.

U.S. crude was up 23 cents, or 0.49%, at $47.55 at 08:00 ET. Brent added 28 cents, or 0.56%, to $49.98.

The focus turned to the global supply glut as OPEC output increased in June despite an accord to curb production. OPEC and non-OPEC producers have agreed to cut output by 1.8 million barrels a day through to March. OPEC and non-OPEC producers are due to hold a meeting in Russia later this week to discuss the current market situation. The Energy Information Administration Wednesday reported a fall in U.S. crude inventories of about 4.7 million. The EIA was forecast to report a fall of about 3.2 million barrels. Gasoline inventories also fell more than expected.

Oil prices held steady on Thursday, hanging on to gains made the previous session when falling U.S. crude inventories lifted the market, as analysts offered mixed supply outlooks for the commodity ahead of a key OPEC meeting next week.Crude oil prices are still capped below the key $50-per-barrel mark on concerns about high production from the Organization of the Petroleum Exporting Countries despite its pledge to cut output along with non-OPEC producers. Brent crude futures LCOc1 , the international benchmark for oil prices, were at $49.67 per barrel at 0613 GMT, just 3 cents down from their last settlement.

U.S. West Texas Intermediate crude futures CLc1 were at $ 47.09 per barrel, 2 cents below their last close. Prices for both crudes jumped more than 1.5 percent in the previous session on a report showing U.S. crude and fuel stocks fell last week. U.S. crude inventories USOILC=ECI fell by 4.7 million barrels in the week to July 14, according to data from the Energy Information Administration, against analyst expectations for a decrease of 3.2 million barrels. "Over the past 15 weeks, U.S. oil inventories have fallen ... 13 times, and in most cases, the falls were more pronounced than expected," market analyst at futures brokerage Forex.com. "Yet, U.S. crude oil inventories still remain near the upper half of the average for this time of the year.

Oil swung between moderate gains and losses Wednesday after industry data showed a surprise rise in U.S. crude stocks. U.S. crude was up 15 cents, or 0.32%, at $46.55 at 08:00 ET. Brent added 22 cents, or 0.45%, to $49.06. The American Petroleum Institute Tuesday reported a rise in U.S. crude stocks of 1.6 million barrels in the latest week. Attention now turns to the Energy Information Administration's official inventories report later in the session. The EIA is forecast to report a fall in crude stocks of about 3.2 million barrels. Output cuts by major producers have failed to make significant inroads into global stockpiles. OPEC and non-OPEC producers have agreed to curb output by 1.8 million barrels a day through to March. OPEC is due to attend a meeting in Russia on the current market situation beginning

later this week.

Oil was higher Tuesday ahead of the latest weekly industry stockpile data. U.S. crude was up 71 cents, or 1.54%, at $46.73 at 08:00 ET. Brent added 77 cents, or 1.59%, to $49.19. Investors are weighing signs of stronger demand against an ongoing supply glut. The American Petroleum Institute is due to release U.S. crude stocks data later in the session. These will be followed Wednesday by official Energy Information Administration inventories. The EIA is expected to report a fall of 3.74 million barrels in U.S. crude stocks in the latest week. Key OPEC producers are due to meet with Russia later this month to discuss the current market situation. OPEC and non-OPEC producers, including Russia, have agreed to cut output by 1.8 million barrels a day through to March.Libya, which is exempt from the accord and has been increasing output, said it would attend the meeting in Saint Petersburg on July 22.

Oil markets steadied on Tuesday, supported by firm demand but weighed down by high supplies from OPEC and producers in the United States. Benchmark Brent crude LCOc1 was down 10 cents at $ 48.32 a barrel by 0720 GMT. U.S. light crude oil CLc1 was 10 cents lower at $ 45.92. "We're stuck in a range that, I think, will be tough to break out of without some kind of political factor coming into play," In a sign of strong demand, data on Monday showed refineries in China increased crude throughput in June to the second highest on record. many markets are well supplied and oil for prompt delivery is trading at heavy discounts to forward futures in several parts of the world. As a result, crude oil prices are trading at only around half the levels seen three years ago. A deal by the Organization of the Petroleum Exporting Countries with Russia and other non-OPEC producers to cut supplies by around 1.8 million barrels per day between January this year and March 2018 has so far failed to tighten the market or push up prices.

Although many OPEC countries have restricted production, others including Nigeria and Libya have been allowed to increase output.

Oil prices firmed on Monday, supported by a slowdown in new rigs looking for crude and a perception of strong demand. Brent crude futures LCOc1 , the international benchmark for oil prices, were at $49.08 per barrel at 0126 GMT, up 17 cents, or 0.35 percent, from their last close. U.S. West Texas Intermediate crude futures CLc1 were at $46.70 per barrel, up 16 cents, or 0.34 percent. Both crudes extended gains from a strong previous week. and analysts said the rising prices were a result of strong demand as well as signs that a relentless climb in U.S. oil production was slowing down. "Last week's strong draw on U.S. oil inventories was supported by comments from the IEA that demand is growing stronger than they had initially estimated ... The relentless climb in drill rigs operating in the U.S. also subsided," ANZ bank said on Monday.

AHEAD OF THE COMING WEEK SIGNIFICANT EVENTS LIKELY TO AFFECT THE MARKETS. Monday, July 24 Ministers from OPEC and other non-OPEC producers will meet in St. Petersburg, Russia to discuss compliance with a pact to cut production.

Tuesday, July 25 The American Petroleum Institute, an industry group, is to publish its weekly report on U.S. oil supplies.

Wednesday, July 26 The U.S. Energy Information Administration is to release weekly data on oil and gasoline stockpiles.

Thursday, July 27 The U.S. government is set to produce a weekly report on natural gas supplies in storage.

Friday, July 28 Baker Hughes will release weekly data on the U.S. oil rig count.

BASE METAL’S OUTLOOK : Trading Ideas: NICKEL  Nickel trading range for the day is 604.1-626.3.  Nickel prices gained as support seen as nickel inventories in bonded area are expected to keep falling in the coming week.  Philippine President Rodrigo Duterte said the government will draft a new law for the country's mining industry.  Indonesia exported 403,201 tonnes of nickel ore in the first six months of 2017, when a complete ban on exports was lifted.

ZINC  Zinc trading range for the day is 174.2-180.6.  Zinc gains tracking LME prices as support seen after China’s environmental protection checks affected zinc supplies by preventing zinc mines from restarts.  Global zinc market deficit was 181,000 tonnes in the first five months of the year, narrowing from 236,000 tonnes in 2016, according to WBMS data.  Public Procurement Service announced bid solicitation again on its website July 21 for 2,000 tonnes of zinc.

COPPER  Copper trading range for the day is 384.8-394.  Copper prices gained fuelled by strong growth in top copper consumer China, a weak dollar and

worries about supply disruptions.  Striking mining workers in Peru agreed to return to work after the government of President Pedro Pablo Kuczynski promised to name a task force to discuss labor laws.  Copper inventories in Shanghai Futures Exchange-monitored warehouses fell 4.9 percent from last Friday to their lowest since January.

BASE METAL ✍ COPPER -

20 - JULY - 2017

Copper futures traded 0.39 per cent higher at Rs 387.70 per kg today as speculators built more bets amid a firming trend at the domestic spot market even as metal weakened overseas. In futures trade, copper for delivery in far-month November was trading higher by Rs 1.55, or 0.39 per cent, at Rs 394.05 per kg in a business turnover of 84 lots at Multi Commodity Exchange. Similarly, the metal for delivery in August edged up by Rs 1.45, or 0.38 per cent, at Rs 387.40 per kg in 1,000 lots. Market analysts said a better trend in base metals at the domestic spot markets on pick-up in demand from consuming industries influenced copper futures here. They said metal's weakness at the London Metal Exchange on strength in dollar eroded demand for commodities, which limited the gains. Meanwhile, copper for delivery in three months slipped 0.2 per cent to USD 5,956 per tonne at the LME yesterday. ✍ LEAD

-

19 - JULY - 2017

Lead prices edged higher by 0.85 per cent to Rs 142.25 per kg in futures trade today after traders widened their bets amid pick-up in demand at the domestic spot market. At Multi Commodity Exchange, lead for delivery for the current month rose by Rs 1.20, or 0.85 per cent, to Rs 142.25 per kg in a business turnover of 1,288 lots. The metal for delivery in August edged up by Rs 1.15, or 0.81 per cent, to Rs 143.30 per kg in 25 lots. Market analysts said uptick in demand from battery-makers in the domestic spot markets kept lead prices higher in futures trade, but weakness in select base metals overseas squeezed the gains. ✍ NICKEL -

20 – JULY - 2017

Nickel prices were up by Rs 3.40 at Rs 626.90 per kg in futures trade today as speculators raised their bets, driven by rising demand at the domestic spot markets. Nickel to be delivered in August contracts rose by Rs 3.40, or 0.55 per cent, to Rs 626.90 per kg at Multi Commodity Exchange in a business turnover of 174 lots. The metal for delivery in July was trading higher by Rs 2.90, or 0.47 per cent, at Rs 621.90 in 975 lots. Analysts said the rise in nickel prices in futures trade was mostly attributed to strong demand from alloy-makers at the domestic spot market. ✍ LEAD

19 - JULY - 2017 -

Lead prices slipped 1.36 per cent to Rs 144.80 per kg in futures trade today as participants cut down their

holdings due to sluggish demand from battery-makers in the spot market. At the Multi Commodity Exchange, lead for delivery in July fell Rs 2, or 1.36 per cent, to Rs 144.80 per kg, in a business turnover of 14,384 lots. On similar lines, the metal for delivery in August also trading Rs 1.90, or 1.29 per cent lower, at Rs 145.90 per kg, in a business turnover of 423 lots. According to analysts, offloading of positions by participants, tracking a weak trend at the sot markets due to low demand from battery makers keeping pressure on lead futures. ✍ NICKEL

18 - JULY - 2017 -

Nickel futures traded 0.94 per cent lower at Rs 623.90 per kg today as participants reduced their exposure to book profits amid muted demand from alloy- makers. At the Multi Commodity Exchange, nickel for delivery in July fell Rs 5.80, or 0.94 per cent, to Rs 623.90 per kg, in a business turnover of 36,024 lots.

Also, metal for delivery in August was trading Rs 5.20, or 0.83 per cent lower at Rs 628 per kg in 3,068 lots. Market analysts said profit-booking and subdued demand from from alloy-makers, led to the fall in nickel prices in futures trade. ✍ COPPER -

17 - JULY - 2017

Copper prices edged higher by 0.21 per cent to Rs 381.65 per kg in futures trade today as traders built up fresh positions even as the metal weakened overseas. At the Multi Commodity Exchange, copper for delivery in August inched up by 80 paise, or 0.21 per cent, to Rs 381.65 per kg in a business turnover of 455 lots. Likewise, the metal for delivery in November traded higher by 60 paise, or 0.16 per cent, to Rs 387.55 per kg in 2 lots. Analysts said, pick-up in demand from consuming industries in the spot market mainly supported the upside in copper futures here but weakness in select base metals at the London Metal Exchange (LME), capped the gains. Globally, copper for three-months delivery ended 0.5 per cent down at USD 5,875 per tonne at the LME in yesterday's trade. ✍ NICKEL -

16 - JULY - 2017

Nickel prices were up by Rs 2.10 to Rs 598.70 per kg in futures trade today as speculators raised their bets, driven by rising demand at the domestic spot markets. At the Multi Commodity Exchange, nickel for delivery in August was trading higher by Rs 2.10, or 0.35 per cent, to Rs 598.70 per kg, in a business turnover of 24 lots. The metal for delivery this month too gained Rs 1.80, or 0.30 per cent to Rs 593.30 per kg in 604 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.

NCDEX - WEEKLY MARKET REVIEW FUNDAMENTAL UPDATES OF NCDEX MARKET 21 -JULY - 2017 ✍ RMSEED

In the current week, futures contracts of all benchmark edible oil and oilseed basket, excluding mustard (Rmseed), traded higher on domestic commodity exchanges. Among spices, turmeric, jeera and coriander traded on negative note while cardamom futures closed higher for the sixth time in last eight weeks.

SoybeanSoybean futures on National Commodities and Derivative Exchange were up by 0.63% this week to close above Rs 3,010 per quintal. The gain in prices is attributed to improved soybean demand and reports of lower soybean acreage during the current kharif season. As per government data, area under soybean crop across the country for the 2017-18 kharif was 73.44 lakh hectares till last week, down about 11.7% on year. Last year, the acreage was 83.14 lakh hectares.

"Rmseed futures traded in a narrow range and are heading for weekly loss of about 0.5% on reports of sufficient stocks and steady demand in the country. Edible oil prices have moved little higher on hope of good increase in import duty coupled with firm international edible oil prices but higher stock positions in the country and steady domestic demand capped further gains," 19 - JULY - 2017 ✍ CRUDE PALM OIL Crude palm oil prices declined further by 1.21 per cent to Rs 477.90 per 10 kg in futures trading today as speculators engaged in reducing positions, triggered by easing demand in the spot market. Besides, ample stocks on increased supplies from producing belts too fuelled the downtrend. At the Multi Commodity Exchange, crude palm oil for delivery in current month fell by Rs 5.90, or 1.21 per cent, to Rs 477.90 per 10 kg, in a business turnover of 549 lots. Likewise, the oil for delivery in August traded lower by Rs 5.50, or 1.15 per cent, to Rs 474.40 per 10 kg in 831 lots. Analysts said trimming of positions by traders due to subdued demand in the spot market against sufficient stocks position mainly attributed the slide in crude palm oil prices at futures trade.

18 - JULY - 2017 ✍ CARDAMOM Cardamom prices fell 1.87 per cent to Rs 1,022 per kg in futures trade today as speculators booked profits at prevailing levels amid easing demand in the 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 August contract fell by Rs 19.50, or 1.87 per cent, to Rs 1,022 per kg, in a business turnover of 45 lots. Similarly, the spice for delivery in September edged down by Rs 11, or 1.12 per cent, to Rs 966 per kg, with trading volume of 9 lots. Marketmen said besides profit-taking by speculators at existing levels, increased arrivals from producing regions, mainly put pressure on cardamom prices in the futures market.

18 - JULY - 2017 ✍ JEERA Cumin or jeera futures touched a new high on National Commodity and Derivatives Exchange due to

lower crop arrival and closure of spices trading markets in Gujarat in a protest against the introduction of the goods and services tax . Contracts for delivery in July closed at Rs 202 per kg on Friday, registering a record increase of nearly 9 per cent during the week. Unjha in Gujarat's Mehsana district, the biggest cumin trading hub of Asia, was shut for several days as traders sought more time to adjust to the new indirect tax regime. This drove up the prices.Gujarat is the largest cumin producer in the country. "There was scarcity of stocks as the arrivals dropped," . Cumin output has fallen 13 per cent year-on-year to 3.87 lakh tonnes in 2016-17. "At the same time, export demand has been strong. All these factors led to a record price 16 - JULY - 2017 ✍ CARDAMOM Continuing its rising streak for the third day, cardamom prices added 0.12 per cent to Rs 1,023.90 per kg in futures trade today as speculators engaged in building up positions, taking positive cues from spot market on strong demand. At the Multi Commodity Exchange, cardamom for delivery in August gained Rs 1.20, or 0.12 per cent, to Rs 1,023.90 per kg in a business turnover of 2 lots. Analysts said expanding of positions by participants, driven by pick-up in domestic as well as exports demand in the spot market, mainly kept cardamom prices higher at futures trade. ✍ CRUDE PALM OIL -

16 - JULY - 2017

Falling for the second day, crude palm oil prices eased further by 0.34 per cent to Rs 472.70 per 10 kg in futures trading today as speculators engaged in cutting down their bets, driven by easing demand in the spot market. Crude palm oil for delivery in August declined by Rs 1.60, or 0.34 per cent to Rs 472.70 per 10 kg in business turnover of 96 lots at the Multi Commodity Exchange. Likewise, the oil for delivery in July contracts shed Rs 1.20, or 0.25 per cent to Rs 478.50 per 10 kg in 159 lots. Analysts said offloading of positions by traders on the back of sluggish demand in the spot market against ample stocks position mainly kept crude palm oil prices down at futures trade. ✍ MENTHA OIL

17 - JULY - 2017

Mentha oil prices edged up by 0.63 per cent to Rs 961.10 per kg in futures trading today amid pick-up in demand at domestic spot market and restricted supplies from producing regions. At the Multi Commodity Exchange, mentha oil for delivery in August went up by Rs 6, or 0.63 per cent, to Rs 961.10 per kg in a business turnover of 28 lots. On similar lines, the oil for delivery in July was trading higher by Rs 5.60, or 0.59 per cent, to Rs 949 per kg in 432 lots. Market analysts said fresh positions built up by traders following pick-up in demand from consuming industries in the spot market against restricted supplies from Chandausi, led to the rise in mentha oil prices in futures trade.

17 - JULY - 2017 ✍ TURMERIC -

Inadequate showers in the main growing regions and expectation of lower acreage for sowing have pushed turmeric futures prices to a 11-month high on National Commodity and Derivatives Exchange.

The futures contract for August delivery touched Rs 75 per kg on Wednesday before dipping to around Rs 72 on Thursday. "Though prices have dipped slightly on profit booking, the mood is bullish and there are chances of prices reaching Rs 80 per kg. ✍ COTTON -

17 - JULY - 2017

Indian cotton prices, which have remained range bound for one-and-a-half months, are expected to increase by about 3 per cent once the cotton-based yarn, fabric and textile industry, thrown out of gear post-GST, resumes work in full swing in a couple of weeks. “Cotton selling declined by about 30-40 per cent after the new tax code came into force. We hope revival in demand after the cotton-based industry comes back to normalcy. Current cotton prices are ruling at about Rs 43,500 per candy and are expected to rise by aboutRs 1,000/candy to Rs 1,500/candy, up by about 2.5-3.5 per cent, after the trade adjusts to GST and demand streamlines. The goods and services tax has taxed fabric, which was never taxed before, at 5 per cent. Opposing this tax, cloth traders from Surat, the main hub of synthetic cloth business in the country, have gone on strike. As a result, cotton demand from the entire value chain has declined substantially. “Mills had reduced cotton buying right from June waiting to get benefits under GST once it came into force,” said the ginner. With limited carry forward stocks of the previous year, cotton users say that the industry has been in dire straits. With cotton sowing during the ongoing kharif season expected to rise by about 20-25 per cent, industry expects comfortable cotton stocks for 2016-17. ✍ JEERA -

17 - JULY - 2017

Cumin or jeera futures touched a new high on National Commodity and Derivatives Exchange due to lower crop arrival and closure of spices trading markets in Gujarat in a protest against the introduction of the goods and services tax. Contracts for delivery in July closed at Rs 202 per kg on Friday, registering a record increase of nearly 9 per cent during the week. Unjha in Gujarat's Mehsana district, the biggest cumin trading hub of Asia, was shut for several days as traders sought more time to adjust to the new indirect tax regime. This drove up the prices.Gujarat is the largest cumin producer in the country. "There was scarcity of stocks as the arrivals dropped. ✍ CARDAMOM

17 - JULY - 2017

Continuing its rising streak for the third day, cardamom prices added 0.12 per cent to Rs 1,023.90 per kg in futures trade today as speculators engaged in building up positions, taking positive cues from spot market on strong demand. At the Multi Commodity Exchange, cardamom for delivery in August gained Rs 1.20, or 0.12 per cent, to Rs 1,023.90 per kg in a business turnover of 2 lots. Analysts said expanding of positions by participants, driven by pick-up in domestic as well as exports demand in the spot market, mainly kept cardamom prices higher at futures trade.

� CRUDE PALM OIL

17 - JULY - 2017

Falling for the second day, crude palm oil prices eased further by 0.34 per cent to Rs 472.70 per 10 kg in futures trading today as speculators engaged in cutting down their bets, driven by easing demand in the spot market. Crude palm oil for delivery in August declined by Rs 1.60, or 0.34 per cent to Rs 472.70 per 10 kg in business turnover of 96 lots at the Multi Commodity Exchange. Likewise, the oil for delivery in July contracts shed Rs 1.20, or 0.25 per cent to Rs 478.50 per 10 kg in 159 lots. Analysts said offloading of positions by traders on the back of sluggish demand in the spot market against ample stocks position mainly kept crude palm oil prices down at futures trade.

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