BULLION METALS OUTLOOK GOLD - Gold on MCX settled up 0.18% at 28629 on short covering moving prices further away from their lowest level in around five weeks as recent selling pressure tied to bets on another US interest rate hike this year faded , Investors continued to evaluate the possibility of another rate hike from the Fed later this year in the wake of mixed messages from policymakers in recent days. Last week, the U.S. central bank raised interest rates for the second time this year and maintained plans to go ahead with another rate hike by year-end. Despite the Fed's relatively hawkish message, market players remained doubtful over the central bank's ability to raise rates as much as it would like in the coming months due to a recent run of disappointing US economic data and indications of weak inflation. Futures traders are pricing in less than a 15% chance of a hike at the Fed's Sept meeting, odds of a Dec increase was seen at about 35%. Sentiments remain firm as support seen after the report that Gold may be in a longer-term bullish trend signaled by the formation of a rare golden cross in December. That’s when the 50-week average moved above the 200-week gauge, and the previous time it happened was in 2002. When the opposite happens, it’s known as a death cross and considered bearish. Every time they’ve crossed in the past 30 years, it foreshadowed a broad price move that lasted at least three years in gold and real bond yields. Technically Gold market is getting support at 28583 and below same could see a test of 28537 level, And resistance is now likely to be seen at 28712, a move above could see prices testing 28795.
GOLD CHART-
Chart Details - On the Above given daily chart of Gold in which we applied Bollinger Band along with Moving Averages From a technical perspective, the big development has been gold surging above its 100-day EMA and the convergence of the 15 and 35 day’s averages. From a technical perspective, Gold prices continue to be stuck in a consolidation period. We anticipate gold prices will likely hold above $ 1214 for an eventual retest of $ 1300. One pattern we are following implies continued sideways action between $1214 and $1280 for the next couple of weeks before prices break higher. Perhaps the resistance trend line noted below holds prices down. Even if gold prices are suppressed, we anticipate eventual support to emerge above $ 1214. On MCX the Gold Significance levels 28830-28960 is Up side and 28075-27975 levels would be crucial down side levels.
Monday, 26 .June .2017
SILVER - Silver on MCX settled up 0.64% at 38220 benefiting from risk aversion as weaker oil prices dented stocks while the dollar retreated. Prices remained on track to end higher for a second-straight session, as subdued weekly initial jobless claims data undershot expectations, helping the precious metal shrug off expectations that the Federal Reserve may hike rates later this year. The latest weekly update on initial jobless claims failed to impress market participants, showing that the number of Americans filing for unemployment benefits increased slightly last week. Initial claims for state unemployment benefits increased 3,000 to a seasonally adjusted 241,000 for the week ended June 17, the Labor Department said on Thursday. The move higher in prices comes in the wake of a recent shift in sentiment towards safe havens, after oil prices fell to multi-month lows this week. Theresa May offered fellow EU leaders a "fair" deal for compatriots living in Britain after Brexit, The European Central Bank will ignore government complaints about rising borrowing costs when it eventually tightens policy and will not help any particular country, the ECB's chief economist said. Technically Silver market is under short covering as market has witnessed drop in open interest by 3.71% to settled at 15201 while prices up 243 rupees. Now Silver is getting support at 38035 and below same could see a test of 37851 level, And resistance is now likely to be seen at 38468, a move above could see prices testing 38717
SILVER CHART -
Detail of Chart -On the Above given daily Chart of Silver Applied Bollinger Band and Moving Averages Along with Parabolic SAR, All are Momentum Oscillators. Silver price managed to breach $ 16.80 level and hold above it, which reinforces the expectations of continuing the bullish on the intraday and short term basis, and the way is open to head towards our next main target at $ 17.65. Therefore, we are waiting for more rise in the upcoming sessions, supported by the Exponential Moving Average 50, reminding you that it is important to hold above 16.56 to continue the suggested bullish trend. Expected trading range for today is between 16.60 support and 17.10 resistance. In Last Week We have drafted that the Silver price May touch $ 17 at the End of this Week the Technical Momentum oscillators Indicator are also indicating Some positive or optimistic view for the Upcoming week. The Silver price on MCX is consolidating in the 400 points from 39600 to 40,000 levels from whole week. The Crucial Levels for Silver for week is 38738-38840- 38220-38074 is Down side.
✍ MCX DAILY LEVELS DAILY
EXPIRY DATE
R4
R3
R2
R1
PP
S1
S2
S3
S4
ALUMINIUM
30- JUNE-17
131
129
127
126
125
124
123
121
119
COPPER
30- JUNE-2017
396
388
380
376
372
368
364
356
348
CRUDE OIL
19-JULY-17
2903
2861
2819
2798
2777
2756
2735
2693
2651
GOLD
04- AUG-2017
29149 29009 28869
28779
28729
28639
28589
28449
28309
LEAD
30 - JUNE-2017
150
147
144
143
141
140
138
135
132
NATURAL GAS 27- JUNE-2017
194
192
190
189
188
186
184
182
180
621
609
597
589
585
577
573
561
549
38569
38445
176
174
NICKEL
30 - JUNE-2017
SILVER
05-JULY-2017
ZINC
30 - JUNE-2017
39555 39185 38815 186
182
178
38199 38075 37705 172
170
37335
166
162
✍ MCX WEEKLY LEVELS WEEKLY
EXPIRY DATE
R4
R3
R2
R1
PP
S1
S2
S3
S4
ALUMINIUM
30-JUNE-17
133
129
125
123
121
119
117
113
109
COPPER
30- JUNE-2017
415
400
377
370
362
355
340
325
CRUDE OIL
19-JULY-17
3326
3158
2990
2913
2822
2745
2654
2486
GOLD
04- AUG-2017
29779
29407 29035
28878
28663
28506
28291
27919 27547
LEAD
30- JUNE-2017
160
153
146
143
139
136
132
125
118
NATURAL GAS
27- JUNE-2017
227
215
203
198
191
186
179
167
155
NICKEL
30 - JUNE-2017
652
628
604
592
580
568
556
532
508
SILVER
05-JULY-2017
40990
40111
39332
38895
38353
38016
37474 36595
35716
ZINC
30 - JUNE-2017
211
197
183
176
169
162
155
127
141
2318
✍ FOREX DAILY LEVELS DAILY
EXPIRY DATE
R4
R3
R2
R1
PP
S1
S2
S3
USDINR
28 - JUNE-17
EURINR
S4
64.85
64.77
64.69
64.60
64.52
64.43
64.35
64.26
64.17
28 - JUNE-17
72.41
72.33
72.25
72.16
72.08
71.99
71.91
71.82
71.73
GBPINR
28 - JUNE-17
82.73
82.56
82.39
82.29
82.12
82.02
81.85
81.75
81.62
JPYINR
28 - JUNE-17
58.30
58.22
58.14
58.08
58.00
57.94
57.86
57.80
57.74
R4
R3
R2
R1
PP
S1
S2
S3
S4
✍ FOREX WEEKLY LEVELS WEEKLY EXPIRY DATE USDINR
28 - JUNE-17
65.22
65.06
64.90
64.71
64.55
64.36
64.20
64.01
63.82
EURINR
28 - JUNE-17
72.89
72.71
72.53
72.30
72.12
71.89
71.71
71.48
71.25
GBPINR
28 - JUNE-17
84.46
83.85
83.24
82.71
82.10
81.57
80.96
80.43
79.90
JPYINR
28 - JUNE-17
58.99
58.75
58.51
58.28
58.04
57.81
57.57
57.34
57.11
✍ NCDEX DAILY LEVELS DAILY
EXPIRY DATE
R4
R3
R2
R1
SYOREFIDR
20-JULY-2017
636
632
628
626
SYBEANIDR
20-JULY-2017
2967
2916
2865
2837
RMSEED
20-JULY-2017
3578
3553
3528
JEERAUNJHA 20-JULY-2017 19336 19051 GUARSEED10 20-JULY-2017 TMC
20-JULY-2017
PP
S1
S2
S3
S4
622
620
616
612
2814
2786
2763
2712
2661
3514
3503
3489
3478
3453
3428
18766
18613
18481
18328 18196 17911
17626
624
3489
3420
3351
3310
3282
3241
3213
3144
3075
6793
6583
6373
6285
6163
6075
5953
5743
5533
✍ NCDEX WEEKLY LEVELS WEEKLY
EXPIRY DATE
R4
R3
R2
R1
PP
S1
S2
S3
S4
SYOREFIDR 20-JULY-2017
670
656
642
634
628
620
614
600
586
SYBEANIDR 20-JULY-2017
3005
2939
2838
2807
2772
2741
2675
2609
20-JULY-2017
3754
3675
3596
3564
3517
3485
3438
3359
3280
JEERAUNJHA 20-JULY-2017
22163
21038
19913
19350
18788
18225
17663
16538
15413
GUARSEED10 20-JULY-2017
3876
3698
3520
3439
3342
3261
3164
2986
2808
7680
7100
6520
6203
5940
5623
5360
4780
4200
RMSEED
TMC
20-JULY-2017
2873
MCX - WEEKLY NEWS LETTERS ✍ INTERNATIONAL UPDATES ( BULLION & ENERGY ) Gold prices rose to one-week highs on Friday, boosted by the weaker dollar which fell amid persistent fears over prospects for further U.S. interest rate hikes this year. Gold for August delivery closed up 0.71% at $ 1,258.31 on the Comex division of the New York Mercantile Exchange, after rising as high as $ 1,260.00 earlier. The U.S. dollar index, which measures the greenback’s strength against a tradeweighted basket of six major currencies, was down 0.37% at 96.98 late Friday, posting its largest one day decline in three weeks. St. Louis Federal Reserve President James Bullard said Friday that the Fed should hold off on any further rate increases to see how the economy is progressing. "Recent inflation data have surprised to the downside and call into question the idea that U.S. inflation is reliably returning toward target," he said. "The Fed can wait and see how the economy develops before making any further adjustments." At its meeting the previous week the Fed stuck to its projection for one more rate hike this year despite recent weak inflation data. The dollar had risen earlier in the week boosted by comments by New York Fed President William Dudley, who said a tightening labor market would push up wages and cause inflation to reverse from its current pullback.Gold and the dollar typically move in opposite directions, which means if the dollar goes down, gold futures, which are denominated in the U.S. currency, will rise. Gold is also highly sensitive to rising rates, which lift the opportunity cost of holding non-yielding assets such as bullion, while boosting the dollar. Elsewhere in precious metals trading, silver gained 1.13%% to $16.69 a troy ounce late Friday. Meanwhile, copper rose 1% to $2.624 a pound, platinu added 0.9% to $929.25 andpalladium fell 3.1% to $853.23 an ounce. In the week ahead, investors will be closely watching remarks by Fed Chair Janet Yellen on Tuesday for fresh indications on the timing of further rate hikes and signals on plans to trim the Fed’s balance sheet. Market watchers will also be awaiting Friday’s euro zone inflation data and speeches by central bank heads at the ECB’s forum on central banking in Portugal. Gold prices climbed to one-week highs on Friday, boosted by a weaker dollar, economic and political uncertainty around the world, as well as the limited prospect of further interest rate rises in the United States. The Federal Reserve should wait on any further rate increases until it is clear inflation is reliably heading to the Fed's 2 percent target, St. Louis Fed President James Bullard said on Friday, highlighting the central bank's struggle over how to weigh a recent slip in the rate of price increases. Bullard does not currently vote on the Fed's policy-setting committee. Spot gold XAU= was up 0.44 percent at $1,255.7 an ounce by 2:04 p.m. EDT after earlier touching a session high at $ 1,258.81. U.S. gold futures GCcv1 rose 0.6 percent to settle at $ 1,256.4. Prices were on track for their first weekly percentage gain in three weeks. Gold finally made an effective stand this week after a fortnight of declines and may have established a short term bottom at $1,240," said Tai Wong, director of base and precious metals trading for BMO Capital Markets in New York. Looking ahead, market will parse Chair Yellen next week to see if she makes any notable changes to the Fed's stance since the June meeting." Allegations of ties to Russia have cast a shadow over U.S. President Donald Trump's first five months in office, North Korea
testing a rocket engine and Brexit negotiations are all fuelling concern about global stability. A rising U.S. currency makes dollar-denominated metals more expensive for holders of other currencies, which potentially could subdue demand. The Fed's rate rise on June 14 saw investors sell gold. Holdings of the largest gold-backed exchange-traded-fund , New York's SPDR Gold Trust GLD , have fallen to 27.456 million ounces from 27.875 million ounces on June 13. HLDSPDRGT=XAU. On the technical side, the first upside barrier comes in around $ 1,260 near the 55-day moving average. That is followed by the 21day moving average at around $ 1,264, while the 100-day moving average at $1,249 provides strong support. Elsewhere, silver XAG= gained 1.1 percent to $16.71 an ounce, platinum XPT= rose 0.9 percent to $929.25 and palladium fell 2.8 percent to $858.08 an ounce. Gold traded at a premium to official domestic prices in India this week for the first time in about a month, while demand remained lacklustre elsewhere in Asia despite a drop in prices. Spot gold fell to a five-week low this week at $ 1,240.75 an ounce, from a seven-month peak of $ 1,295.97 on June 6. While prices have fallen internationally, it hasn't really translated too much in most regions as rates in local currencies remain higher, However, demand in India improved slightly, with dealers charging a premium of up to $ 1 an ounce over official domestic prices this week, against a discount of $3 last week. The domestic price includes a 10 percent import tax. "Jewellers are now focusing on implementation of the GST. They are not making new purchases," said a Mumbai-based bank dealer with a private bank. The GST will replace a slew of federal and state levies from July 1, transforming Asia's third-largest economy into a single economic zone with common indirect taxes. registered a slight improvement in demand compared with last week, but buying sentiment remained weak overall, traders said. Prices below $ 1,250 an ounce induced some small-scale buying, according to Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong. The premium, however, remained unchanged from last week at $ 8 to $ 10 an ounce. "In China consumer sentiment is weak. People are not spending money and also looking to fashion jewellery rather than investment-driven purchases. "While demand for 24-carat jewellery has come down heavily, it is strong for 18-carat. However, the overall market is weaker." Gold was selling at a premium of $1 in Singapore, between 50 cents and $1 in Hong Kong and 50 cents in Tokyo -- all unchanged from last week. Gold prices moved higher on Friday, helped by a weaker U.S. dollar and fresh uncertainty over the pace of future rate hikes by the Federal Reserve. On the Comex division of the New York Mercantile Exchange, gold futures for August delivery gained 0.47% to $ 1,255.23. The August contract ended Thursday’s session 0.29% higher at $ 1,249.40 an ounce. Futures were likely to find support at $ 1,241.70, Wednesday’s low and resistance at $ 1,268.50, the high from June 15. The dollar weakened following a report on Thursday by the U.S. Department of Labor showing that initial jobless claims in the week ending June 17 increased by 3,000 to 241,000 from the previous week’s total of 238,000 Analysts expected jobless claims to rise by 2,000 to 240,000 last week. Meanwhile, investors continued to evaluate the possibility of another rate hike from the Fed later this year in the wake of mixed messages from policymakers in recent days. Last week, the U.S. central bank raised interest rates for the second time this year and maintained plans to go ahead with another rate hike by year-end. Despite the Fed's relatively hawkish message, market players remained doubtful over the central bank's ability to raise rates as much as it would like in the coming months due to a recent run of disappointing U.S. economic data and indications of weak inflation. The precious metal is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion. Elsewhere in metals trading, silver
futures for July delivery advanced 0.84% to $16.643 a troy ounce, while copper futures for July delivery rallied 1.23% to $2.631 a pound. Gold prices edge higher in European morning trade on Wednesday, but stayed near the lowest level in around five weeks as investors worried about future Federal Reserve rate hikes. precious metal is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion. Comex gold futures were at $1,247.85 a troy ounce by 3:35AM ET, up $ 4.25, or around 0.3%. Gold prices notched a second-straight decline on Tuesday after falling to its lowest since May 17 at $ 1,242.40. Also on the Comex, silver futures were up 2.2 cents, or roughly 0.1%, to $16.43 a troy ounce, after hitting its lowest since May 12 at $16.36 a day earlier. Market expectations for another Fed rate hike later this year have improved in wake of hawkish comments made by influential New York Fed Chief William Dudley earlier this week. Dudley gave an upbeat assessment of the economy on Monday and warned against the central bank taking a pause in the tightening cycle. He added that U.S. inflation is a bit low but should rise alongside wages as the labor market continues to improve, allowing the Fed to continue gradually tightening U.S. monetary policy. The remarks echoed similar comments made by Fed Chair Janet Yellen in last week’s press conference after the central bank hiked rates for the second time this year and maintained plans to go ahead with another rate hike by year-end. The Fed also provided greater detail about how it plans to reduce its massive $4.5 trillion balance sheet. Futures traders are pricing in around a 20% chance of a hike at the Fed's September meeting, according to Investing.com’s Fed Rate Monitor Tool ﾧ. Odds of a December increase was seen at about 40%. Market players will focus on U.S. housing data due later in the global day to gauge if a recent downtick in consumer spending and inflation is translating into lower home prices and slack in sales. Gold prices stayed near the lowest level in around five weeks in European trade on Tuesday, as hawkish remarks made by an influential Federal Reserve official reinforced expectations for the Fed to keep raising interest rates. Comex gold futures were at $1,248.89 a troy ounce by 4:35AM ET, up $ 2.20, or around 0.2%. Prices fell to $ 1,244.10 in overnight trade, a level not seen since May 17. Gold prices lost about $10.00, or 0.8%, on Monday. Also on the Comex, silver futures were up 7.8 cents, or roughly 0.5%, to $ 16.58 a troy ounce, after hitting its lowest since May 18 at $16.44. New York Fed Chief William Dudley gave an upbeat assessment of the economy on Monday and warned against the central bank taking a pause in the tightening cycle. In a business roundtable held in Plattsburg, New York, Dudley said U.S. inflation is a bit low but should rise alongside wages as the labor market continues to improve, allowing the Fed to continue gradually tightening U.S. monetary policy. Market players will focus on a pair of Federal Reserve speakers Tuesday, as they look for more clues on future monetary policy moves. Boston Fed President Eric Rosengren ﾧ speaks at 8:15AM ET at the DNB-Riksbank Macroprudential Conference Series meeting in Amsterdam. Dallas Fed President Robert Kaplan ﾧ will also speak in San Francisco at the Commonwealth Club of California. Fed Vice Chair Stanley Fischer did not address the outlook for U.S. monetary policy or the economy when he spoke in Amsterdam earlier in the day. Among other precious metals, platinum was little changed at $928.05, while palladium tacked on 0.5% to $859.80 an ounce.
Gold prices fell to the lowest level in around four weeks in European trade on Monday, as investors looked ahead to a busy week of Federal Reserve speakers for more clues on future monetary policy
moves. Comex gold futures were at $ 1,253.74 a troy ounce by 3:05AM ET, down $ 2.70, or around 0.2%. Prices fell to $1,252.20 in overnight trade, a level not seen since May 24. Gold prices lost $13.20, or roughly 1.2%, last week, the second weekly decline in a row, after the Fed raised interest rates and kept the door open for another hike in 2017. Also on the Comex, silver futures were down 5.7 cents, or around 0.3%, to $ 16.60 a troy ounce, after hitting its lowest since May 19 at $ 16.58. New York Fed Chief William Dudley ﾧ will kick off the full week of Fed speak on Monday, giving a talk to business and community leaders in Plattsburgh, New York at 8:00AM ET. Later in the global day, Chicago Fed President Charles Evans ﾧ will speak about current economic conditions and monetary policy at an event in New York City. On Tuesday, Fed Vice Chair Stanley Fischer, Boston Fed President Eric Rosengren and Dallas Fed President Rob Kaplan are scheduled to deliver comments. Fed Governor Jay Powell is due to speak before the Senate Banking Committee on Thursday. Finally, Friday sees St. Louis Fed President James Bullard, Cleveland Fed President Loretta Mester and Fed Governor Powell make public remarks. Last week, the Fed raised interest rates as widely expected and maintained plans to go ahead with another rate hike by year-end. The central bank also provided greater detail about how it plans to reduce its massive $ 4.5 trillion balance sheet. Despite the Fed's relatively hawkish message, market players remained doubtful over the central bank's ability to raise rates as much as it would like before the end of the year due to a recent run of disappointing U.S. economic data. Meanwhile, market players geared up ahead of Brexit negotiations between the U.K. and the European Union and kept an eye on a deadly attack on worshipers leaving a mosque in London.
AHEAD OF THE COMING WEEK THE SIGNIFICANT EVENTS LIKELY TO AFFECT THE MARKETS. Monday, June 26 The Ifo Institute is to report on German business climate. The U.S. is to release data on durable goods orders. ECB President Mario Draghi is to open the ECB’s annual forum on central banking in Portugal. Tuesday, June 27 ECB President Mario Draghi is to speak in Portugal. The Bank of England is to publish its bi-annual financial stability report and Governor Mark Carney is to hold a press conference. The U.S. is to publish a report on consumer confidence. Fed Chair Janet Yellen is to speak at an event in London. Wednesday, June 28 The heads of the ECB, BoE, Bank of Japan and Bank of Canada are to speak at the ECB central banking forum in Portugal.
The U.S. is to release figures on pending home sales. Thursday, June 29 New Zealand is to report on business confidence. Germany is to publish preliminary data on inflation. The U.S. is to release revised data on first quarter growth and a report on initial jobless claims. Friday, June 30 China is to release data on manufacturing and service sector activity. Germany is to report on retail sales. The UK is to publish current account data as well as revised figures on first quarter growth. The euro zone is to publish preliminary data on inflation. Canada is to produce monthly data on economic growth. ✍ ENERGY Oil futures settled a bit higher on Friday, but prices still suffered their fifth straight weekly loss as the market weighed rising U.S. drilling against ongoing efforts by major producers to cut output to reduce a global glut. The U.S. West Texas Intermediate crude August contract inched up 27 cents, or around 0.6%, to end at $43.01 a barrel by close of trade Friday. It touched its lowest since August 11 at $42.05 on Wednesday. Elsewhere, on the ICE Futures Exchange in London, Brent oil for August delivery advanced 32 cents to settle at $ 45.54 a barrel by close of trade, after hitting $ 44.35 on Wednesday, a level not seen since November 14. For the week, WTI lost $ 1.73, or about 3.9%, while Brent fell $ 1.67, or roughly 3.8%. Both have now posted losses five weeks in a row, which marks the longest weekly losing streak since August 2015. Oil prices are down about 20% so far this year, the biggest first-half percentage fall since 1997. Crude reached bear-market territory on Wednesday amid concern that the ongoing rebound in U.S. shale production is derailing efforts by other major producers to rebalance the market. Data from energy services company Baker Hughes showed on Friday that U.S. drillers last week added rigs for the 23rd week in a row, the longest such streak on record, implying that further gains in domestic production are ahead. The U.S. rig count rose by 11 to 758 ﾧ , extending a year-long drilling recovery to the highest level since April 2015. The increase in U.S. drilling activity and shale production has mostly offset efforts by OPEC and other producers to cut output in a move to prop up 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. A monitoring committee made up of OPEC members and producers outside the group on Thursday said compliance to the deal reached 106% in May, the highest since the deal was first clinched late last year. 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 July ended nearly
flat at $ 1.434 on Friday, for a weekly loss of about 1.4%. July heating oil also finished virtually unchanged at $1.372 a gallon, with a decline of around 3.9% on the week. Natural gas futures for July delivery rose 3.5 cents to settle at $2.929 per million British thermal units. It saw a weekly loss 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 Tuesday ﾧ and Wednesday ﾧ to gauge the strength of demand in the world’s largest oil consumer. A modest recovery by oil Friday from 10-month lows lost steam as the commodity remained on track for its fifth weekly loss in a row as supply concerns persist. U.S. crude was up 7 cents, or 0.16%, at $ 42.81 at 07:10 ET. Brent was up 9 cents, or 0.20%, to $ 45.31. An increase in U.S. output has undermined the impact on inventories of output cuts by major producers. OPEC and non-OPEC producers have agreed to curb output by 1.8 million barrels a day. The accord was extended in May for another nine months to March of next year. Baker Hughes U.S. rig count data are due out later in the session. Nigeria and Libya, which were exempt from the OPEC-led cuts, have also increased. Oil edged up on Friday, recovering some of its steep falls earlier in the week, but crude is still set for its worst first-half decline in two decades despite ongoing production cuts. Brent crude futures LCOc1 were at $ 45.33 per barrel at 0647 GMT, up 11 cents, or 0.2 percent, from their last close. U.S. West Texas Intermediate crude futures CLc1 were up 9 cents, or 0.2 percent, at $ 42.83 per barrel. Oil prices have fallen about 20 percent this year despite an effort led by the Organization of the Petroleum Exporting Countries to cut production by 1.8 million barrels per day that has been in place since January. That's the worst first-half performance for crude oil since 1997, when rising output and the Asian financial crisis led to sharp price falls. Prices are also still down around 15 percent since OPEC extended on May 25 its cuts to cover the first quarter of 2018 instead of expiring at the end of this month. The weak markets are a result of doubts over OPEC's ability to rein in a fuel supply overhang that has dogged markets since 2014 as production has largely outpaced consumption. post-OPEC meeting slide in prices has lasted longer and pushed lower than we had anticipated in late May," U.S. bank JP Morgan said in its half-year outlook. "Oil and products comprise five of the ten worst performing commodities this year, owing more to excess supply than to below-average demand," it added. JP Morgan is not just bearish in its short-term outlook. "By early 2018, the combination of record U.S. production and deteriorating OPEC compliance probably returns average prices to the mid-to-low $40s," it said. At the heart of the glut is that the recent efforts to reduce production from the traditional suppliers of OPEC and Russia has been met by soaring output from the United States. Thanks to shale drillers, U.S. oil production has risen by over 10 percent in the last year to 9.35 million bpd, close to the level of top exporter Saudi Arabia. Excess production has left storage tanks bloated. "Inventories through April are up 80 since the beginning of the year, raising market concerns about the efficacy of OPEC market management," said U.S. bank Jefferies. "We remain of the view that inventories will draw by 1.5 million bpd in the second half, but empirical evidence of this is likely necessary for oil prices to inflect into an upward trend," it added. Oil edged up on Friday, recovering slightly from steep falls earlier in the week, but is set for the worst performing first-half in two decades despite ongoing production cuts. Brent crude futures LCOc1 were at $45.31 per barrel at 0222 GMT, up 9 cents, or 0.2 percent, from their last close. U.S. West Texas Intermediate crude futures CLc1 were up 10 cents, or 0.2 percent, at $ 42.84 per barrel. Oil prices have fallen about 20 percent this year despite an effort led by the Organization of the Petroleum Exporting
Countries to cut production by 1.8 million barrels per day that has been in place since January. That's the worst first-half performance for crude oil since 1997, when rising output and the Asian financial crisis led to sharp price falls. The weak markets are a result of doubts over OPEC's ability to rein in a fuel supply overhang that has dogged markets since 2014 as production has largely outpaced consumption. remain sceptical of OPEC's ability to balance supplies. At the heart of the glut is that rising production levels from the traditional suppliers of OPEC and Russia have been met by soaring output from the United States. Thanks to shale drillers, U.S. oil production has risen by more than 10 percent over the last year to 9.35 million bpd, close to levels of top exporter Saudi Arabia. U.S. oil edged higher on Friday, but it still remained within close distance of an 11-month trough amid ongoing supply glut worries. U.S. crude futures for August delivery were up 0.14% at $ 42.80 a barrel, not far from Wednesday’s 11-month lows of $ 42.05. On the ICE Futures Exchange in London, the August Brent added 0.11% to $ 45.27 a barrel, still close to Wednesday’s seven-month trough of $44.35. Oil prices tumbled after U.S. data this week revealed a rise in domestic crude production, offsetting a drop in oil and gasoline stockpiles. The U.S. Energy Information Administration on Wednesday said that domestic output climbed by 20,000 barrels to 9.35 million barrels a day, almost 8% higher than the same period last year. The EIA report also showed that domestic crude supplies fell by 2.5 million barrels for the week ended June 16, while gasoline stockpiles declined by 600,000 barrels. Oil prices have been under pressure in recent weeks as concerns over rising U.S. shale output could offset production cuts by OPEC and non-OPEC members. Last month, 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 that are exempt from the deal, such as Libya and Nigeria and a relentless increase in U.S. shale output. Oil staged a timid recovery after hitting 10-month lows but remained under pressure Thursday as supply concerns persisted. Brent added 30 cents, or 0.67%, to $45.12 at 08:00 ET. U.S. crude was up 19 cents, or 0.45%, at $42.72. A bigger-than-expected draw in U.S. crude failed to relieve bearish sentiment. The Energy Information Administration Wednesday reported a fall of 2.45 million barrels in U.S. crude stocks in the latest week. Output cuts of 1.8 million barrels a day by OPEC and non-OPEC producers have failed to make inroads into global inventories. Libya and Nigeria, which were excluded from the output cut accord, have boosted production. Higher U.S. output is also undermining efforts to re-balance the market. Oil turned lower on Thursday after posting gains earlier in the session as traders look ready to test new lows for crude prices with worries persisting over a global glut. Brent crude futures LCOc1 were down 15 cents at $44.67 a barrel at 0715 GMT, after spending much of the Asian trading day in positive territory. They fell 2.6 percent in the previous session to their lowest since November. U.S. crude futures CLc1 were down 14 cents $ 42.39 a barrel, after also spending much of the day trading higher. On Wednesday, they settled down at $ 42.53, after touching their lowest intraday level since August 2016. Since peaking in late February, crude has dropped around 20 percent, with only brief rallies, completely erasing gains at the end of the year in the wake of the initial OPEC-led production cut. The Organization of Petroleum Exporting Countries and other producers agreed to cut output by 1.8 million barrels per day from January for six months, subsequently extended for a further nine months. "The market didn't actually buy into the cut for fundamental reasons. It bought into it because it was a shift in
strategy from OPEC and it gave the market hope. fuel broker at Freight Investor Services in Dubai. "But didn't do enough and ... other producers were always going to fill the void. With output rising in Nigeria and Libya, countries exempt from the deal, and output surging in the United States, which was not part of the agreement, many bulls appear to have thrown in the towel. The market largely shrugged off comments overnight from Iran's oil minister that members of OPEC are considering deeper cuts in production. bigger-than-expected cut in U.S. crude stockpiles reported overnight is also barely shifting the dial. inventories USOILC=ECI fell 2.5 million barrels in the week to June 16, surpassing analyst expectations for a decrease of 2.1 million barrels, as imports USOICI=ECI rose marginally by 56,000 barrels per day, the U.S. Energy Information Administration said on Wednesday. European shares were in store for another weak session on Thursday, pegged back by the slide in commodities-related sectors on the back of depressed oil prices. The pan-European STOXX 600 . Index was down 0.4 percent, on track for its third day of straight losses, while the blue chips .STOXX50E dropped 0.6 percent. The price of oil fell further as worries persisted over global oversupply, with Europe's energy sector .SXEP down 1.5 percent, close to 7-month lows, and mining stocks .SXPP also retreated 0.7 percent. What didn't help were those conflicting comments from OPEC ... and Iran. They need to be singing from the same hymn sheet if we are to believe that there's positivity to be taken from these cuts while the U.S. continues to produce more and the rig-count goes up. "As we saw yesterday, even a drawdown in stockpiles offered absolutely no help because it just added to the murky outlook. Health care .SXDP was the top-gaining sector, however, up 0.7 percent with Switzerland's Novartis in the driving seat as its shares advanced nearly 3 percent, following a positive study result for its canakinumab medicine, which cuts risks for heart attack survivors. around this catalyst have been low and as a result we have previously highlighted success could drive 3% to 5% upside to mid-term EPS and valuations. Elsewhere, Imagination Tech , once a high flyer as a supplier of graphics technology to Apple , soared more than 20 percent after it put itself up for sale. April, Apple said that it would no longer use Imagination's graphics technology in the iPhone, wiping out more than 60 percent of the British firm's market value. Oil prices were under slight pressure in early European morning trade on Thursday, struggling near the lowest level in around ten months amid lingering concerns over strong shale output growth in the U.S. The U.S. West Texas Intermediate crude August contract was at $ 42.36 a barrel by 3:05AM ET , down 17 cents, or around 0.4%. The U.S. benchmark fell to its lowest since August 11 at $ 42.05 a day earlier. Elsewhere, Brent oil for August delivery on the ICE Futures Exchange in London dipped 18 cents to $ 44.64 a barrel, after hitting $ 44.35 in the prior session, a level not seen since November 14. Oil prices lost more than 2% on Wednesday, plunging deeper into bear market territory, after U.S. government data revealed a rise in domestic crude production, which more than offset a drop in oil and gasoline sockpiles. Oil prices struggled near multi-month lows in European morning trade on Wednesday, as investors looked ahead to weekly data from the U.S. on stockpiles of crude and refined products later in the global day. Markets had a muted reaction to news that Saudi Arabia has relieved Muhammad bin Nayef as crown prince, replacing him with Mohammad bin Salman. The U.S. West Texas Intermediate crudeAugust contract was at $ 43.49 a barrel by 3:10AM ET , down 2 cents. The U.S. benchmark fell to its lowest since November 14 at $ 42.94 in the prior session. Elsewhere,Brent oilfor August delivery on the ICE Futures Exchange in London dipped 7 cents to $45.95 a barrel, after hitting $45.42 a day earlier, a level not seen since November 15. Oil prices lost around 2% on Tuesday, falling into bear market
territory, as concerns over a steady increase in U.S. production added to fears over a glut in the market. The U.S. Energy Information Administration will release its official weekly oil supplies report at 10:30AM ET Wednesday. Analysts expect crude oil inventories dropped by around 2.1 million barrels at the end of last week, while gasoline supplies are seen increasing by443,000 barrels and distillates are forecast to gain about465,000 barrels. Oil prices held around multi-month lows in early Asian trading on Wednesday as investors discounted evidence of strong compliance by OPEC and non-OPEC oil producers with a deal to cut global output. Brent LCOc1 was down 6 cents at $ 45.96 barrel at 0035 GMT. The global benchmark ended down 89 cents, or 1.9 percent, on Tuesday at its lowest settlement since November. U.S. crude futures CLc1 for August were trading down 3 cents at $43.48. The July contract, which expired on Tuesday, settled down than 2 percent at its lowest since September. The Organization of the Petroleum Exporting Countries and other producers agreed to cut output by 1.8 million barrels per day (bpd) for six months from January and compliance with the agreement has reached more than 100 percent. "The lack of a positive response in oil prices clearly suggests market participants are not convinced that the OPEC's efforts will help shore up prices in a meaningful way in the short-term as shale supply continues to rise in the "U.S.," Oil markets held around seven-month lows on Tuesday as investors focused on persistent signs of rising supply that are undermining attempts by OPEC and other producers to support prices. Brent LCOc1 futures were up 2 cents at $ 46.93 at 0611 GMT. On Monday, they fell 46 cents, or 1 percent, to settle at $ 46.91 a barrel. That was their lowest close since Nov. 29, the day before the Organization of the Petroleum Exporting Countries and other producers agreed to cut output for six months from January. U.S. West Texas Intermediate crude CLc1 futures were down 3 cents at $ 44.17 a barrel. They declined 54 cents, or 1.2 percent in the previous session, to settle at $44.20 per barrel, the lowest close since Nov. 14. The July contract will expire on Turoducers agreed to cut output for six months from January. U.S. West Texas Intermediate crude CLc1 futures were up 13 cents at $ 44.33 a barrel. They declined 54 cents, or 1.2 percent in the previous session, to settle at $ 44.20 per barrel, the lowest close since Nov. 14. The July contract will expire on Tuesday and August will become the front month. Both benchmarks are down around 15 percent since late May, when OPEC, Russia and other producers extended by nine months the cut in output by 1.8 million barrels per day. "Recent data points are not encouraging, Identifiable oil inventories - both crude and product in the OECD, China and selected other non-OECD countries - increased at a rate of 1.0 mb/d in 1Q." OPEC supplies jumped in May as output recovered in Libya and Nigeria, two countries exempt from the production cut agreement. Tuesday and August will become the front-month. Both benchmarks are down around 15 percent since late May, when OPEC, Russia and other producers extended by nine months the cut in output by 1.8 million barrels per day. "Recent data points are not encouraging. "Identifiable oil inventories - both crude and product in the OECD, China and selected other non-OECD countries - increased at a rate of 1 (million bpd) in 1Q. Oil prices inched up from seven-month lows in Asian trading on Tuesday, but gains were limited as investors focused on persistent signs of rising supply that are undermining attempts by OPEC and other producers to support prices.
Brent LCOc1 futures were up 13 cents at $ 47.04 at 0034 GMT. On Monday, they fell 46 cents, or 1 percent, to settle at $ 46.91 a barrel. That was their lowest since Nov. 29, the day before the Organization of the Petroleum Exporting Countries and other producers agreed to cut output for six months from January.
U.S. West Texas Intermediate crude CLc1 futures were up 13 cents at $ 44.33 a barrel. They declined 54 cents, or 1.2 percent in the previous session, to settle at $ 44.20 per barrel, the lowest close since Nov. 14. The July contract will expire on Tuesday and August will become the front month. Both benchmarks are down around 15 percent since late May, when OPEC, Russia and other producers extended by nine months the cut in output by 1.8 million barrels per day. "Recent data points are not encouraging, Identifiable oil inventories - both crude and product in the OECD, China and selected other non-OECD countries - increased at a rate of 1.0 mb/d in 1Q." OPEC supplies jumped in May as output recovered in Libya and Nigeria, two countries exempt from the production cut agreement.
ALUMINIUM Aluminium trading range for the day is 119.4-121.8. Aluminium gains on expectations of falling supplies from China. In May, China's country exported 460,000 tons of inwrought aluminum and aluminum products, up from April's 430,000 tons. Data from the IAI showed China's aluminum production last year accounted for 55 percent of the global total, estimated
ZINC Zinc trading range for the day is 166.9-178.5. Zinc gained as the market focused on falling stocks in LME warehouses, which at 304,000 tonnes are down nearly 30 percent since January. Only 40% of lead and zinc mines in Fujian Province, China remained in normal production at present because of environmental protection pressure. WBMS reported global zinc supply was in 106,000 tonnes of deficit during January-April 2017, although output registered a 3.1% growth.
COPPER Copper trading range for the day is 363.9-376.1.
Copper prices gained spurred on by data showing the metal’s shift to global a supply deficit. The global world refined copper market showed a 5,000 tonne deficit in March, compared with a 102,000 tonne surplus in February. In the first quarter of this year, the world mine production is estimated to decline by around 3.5 percent to 4.63 million tons when compared to the same period last year.
BASE METAL ✍ LEAD - ( 26- 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. 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. Lead fell 0.71 per cent to Rs 140.50 per kg in futures trade today as speculators reduced positions amid muted spot demand.
✍ COPPER - ( 25 - JUNE - 2017 ) Copper futures rose 0.26 per cent to Rs 36.40 per kg today as participants widened their bets, taking positive cues from the spot market on pick-up in demand. At Multi Commodity Exchange, copper for delivery in the current month contract was trading higher by 95 paise, or 0.26 per cent, to Rs 36.40 per kg with a turnover of 309 lots. The metal for delivery in far-month August contract was up by 70 paise, or 0.19 per cent, to Rs 370.30 per kg with a trade volume of 25 lots. Market analysts attributed the rise in copper futures trade to widening of positions, triggered by a firm trend at the physical market.
✍ NICKEL - ( 24 - JUNE - 2017 ) Nickel prices went up by 0.17 per cent to Rs 581.40 per kg in futures trade today as speculators raised their bets, driven by a firming trend at the domestic spot market on pick-up in demand. In futures trading at Multi Commodity Exchange, nickel for delivery in July was trading higher by Re 1, or 0.17 per cent, to Rs. 581.40 per kg, in a businessturnover of 13 lots. The metal for delivery in the current month rose by 80 paise, or 0.14 per cent, to Rs 575.50 per kg in 423 lots. Analysts said a firming trend in base metals at the physical markets on the back of increased demand from alloy- makers helped nickel trade higher.
✍ LEAD - ( 23 - JUNE - 2017 ) Extending its rising streak for the third straight day, lead prices were up by another 0.11 per cent to Rs 135.65 per kg in futures trade today as speculators engaged in enlarging positions amid rising demand in the spot market. At the Multi Commodity Exchange, lead for delivery in June traded higher by 15 paise, or 0.11 per cent to Rs 135.65 per kg in business turnover of 355 lots. Likewise, the metal for delivery in July contracts edged up by 10 paise, or 0.07 per cent.
✍ ALUMINIUM - ( 23 - JUNE - 2017 ) Continuing its gaining streak for the fourth straight day, aluminium prices advanced by 0.25 per cent to Rs. 121 per kg in futures trade today as speculators engaged in enlarging positions, taking positive cues from spot market on rising demand. At the Multi Commodity Exchange, aluminium for delivery in June edged up by 30 paise, or 0.25 per cent to Rs 121 per kg in business turnover of 119 lots. Similarly, the metal for delivery in July contracts traded higher by a similar margin to Rs 121.45 per kg in 15 lots. Analysts said widening of positions by traders on the back of surging demand from consuming industries mainly kept aluminum prices higher at futures trade. ✍ ZINC - ( 22 - JUNE - 2017 ) Supported by firm trend at spot markets on increased demand, zinc prices were up by 0.80 per cent to Rs 163.25 per kg in futures market today as speculators raised their bets. At the Multi Commodity Exchange, zinc for delivery in June went up by Rs 1.30, or 0.80 per cent to Rs 163.25 per kg in business turnover of 1,615 lots. On similar lines, the metal for delivery in July contracts traded higher by Rs 1.25, or 0.77 per cent to Rs 163.75 pe25 per kg in business turnover of 1,615 lots. On similar lines, the metal for delivery in July contracts traded higher by Rs 1.25, or 0.77 per cent to Rs 163.75 per kg in 113 lots. Analysts said increasing of positions by participants, driven by a firm trend at spot market on strong demand from consuming industries, mainly kept zinc prices higher at futures trade.
✍ COPPER - ( 21 - JUNE - 2017 ) Amid a weak trend overseas, copper prices fell by 0.28 per cent to Rs 370.05 per kg in futures market today as participants engaged in reducing their positions. At the Multi Commodity Exchange, copper for delivery in far-month August declined by Rs 1.05, or 0.28 per cent to Rs 370.05 per kg in business turnover of 121 lots. Likewise, the metal for delivery in June contracts traded lower by 80 paise, or 0.22 per cent to Rs 366.25 per kg in kg in 3,697 lots. Analysts said offloading of positions by participants on the back of a weak trend overseas mainly kept pressure on copper prices at futures trade. Globally, copper for delivery in three-months fell 0.7 per cent to USD 5,661 Metric a tonne on the London Metal Exchange in yesterday's trade, in a fourth straight decline, the longest stretch of losses since March 9.
� NICKEL - ( 20 - JUNE - 2017 ) Supported by pick up in demand at domestic spot market, nickel prices moved up by 0.56 per cent to Rs 576.60 per kg in futures market today as speculators built up fresh positions. At the Multi Commodity Exchange, nickel for delivery in June went up by Rs. 3.20, or 0.56 per cent to Rs. 576.60 per kg in business turnover of 788 lots. On similar lines, the metal for delivery in July contracts gained Rs 2.90, or 0.50 per cent to Rs 582 per kg per kg in 52 lots. Analysts said speculators created fresh positions, taking positive cues from spot market following pick up in demand from alloy-makers, led to the rise in nickel prices at futures trade.
� LEAD - ( 19 - JUNE - 2017 ) Lead prices rose further by 0.38 per cent to Rs 133.15 per kg in futures trade today as speculators engaged in enlarging positions, driven by rising demand in the spot market. At the Multi Commodity Exchange, lead for delivery in June edged up by 50 paise, or 0.38 per cent to Rs 133.15 per kg in a business turnover of 441 lots. On similar lines, the metal for delivery in July traded higher by 30 paise, or 0.22 per cent to Rs 133.75 per kg in 2 lots.
Nickel futures fall 0.40% on global cues, profit-booking. - ( 19 - May - 2017 ) Nickel futures traded 0.40 per cent lower at Rs 597.50 per kg today as participants reduced exposure amid weak global cues and profit-booking. At the Multi Commodity Exchange, nickel for delivery in June fell Rs 2.40, or 0.40 per cent, to Rs 597.50 per kg, in a business turnover of 128 lots. Also, the metal for delivery in May was trading down Rs 2.30, or 0.39 per cent lower, at Rs 591.90 per kg in 907 lots. Market analysts said, apart from profit-booking by participants, a weak trend in select base metals overseas, weighed on nickel futures.
Copper futures rise on spot demand - ( 19 - May - 2017 ) Copper futures traded 0.21 per cent higher at Rs 365.30 per kg today as speculators enlarged positions amid firming trend at the domestic spot markets. However, weakness in metal overseas, capped the gains. In futures trade, copper for delivery in June was trading higher by 75 paise, or 0.21 per cent, at Rs 365.30 per kg in a business turnover of 710 lots at Multi Commodity Exchange. Similarly, the metal for delivery in far-month August edged up by 25 paise, or 0.07 per cent, at Rs 368.80 per kg in 2 lots.
✍ ZINC ( 18 - JUNE - 2017 ) Amid pick up in demand at the domestic spot markets, zinc prices were higher by 0.75 per cent to Rs 160.70 per kg in futures trade today as speculators built up fresh positions, tracking pick up in spot demand. At the Multi Commodity Exchange, zinc for delivery in July edged up by Rs 1.20, or 0.75 per cent to Rs 160.70 per kg in business turnover of 39 lots. Likewise, the metal for delivery in June contracts was traded higher by Rs 1.15, or 0.72 per cent to Rs 160.15 per kg in 1,306 lots. Analysts said fresh positions created by participants due to uptick in demand from consuming industries in the spot market, mainly attributed the rise in zinc prices at futures trade.
✍ ALUMINUM ( 18 - JUNE - 2017 ) Rising for the third straight day, aluminium prices rose by another 0.29 per cent to Rs 120.50 per kg in futures trading today as speculators engaged in enlarging positions, taking positive cues from spot market on rising demand. At the Multi Commodity Exchange, aluminium for delivery in June traded higher by 35 paise, or 0.29 per cent, to Rs 120.50 per kg in a business turnover of 352 lots. Similarly, the metal for delivery in July went up by 30 paise, or 0.25 per cent, to Rs 120.95 per kg in 14 lots. Analysts said expanding of positions by traders, tracking a firm trend at spot market on rising demand from consuming industries mainly kept aluminium prices up at futures trade.
NCDEX - WEEKLY MARKET REVIEW FUNDAMENTAL UPDATES OF AGRI MARKET ✍ CARDAMOM - ( 26 - 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 - ( 25 - 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 - ( 24 - 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. Uptick in demand lifts mentha oil futures by 0.46% - ( 23 - JUNE - 2017 ) Mentha oil prices edged up by 0.46 per cent to Rs 926 per kg in futures trade today as speculators built fresh positions after pick-up in demand from consuming industries at the spotmarket. At Multi Commodity Exchange, mentha oil for delivery in June contracts went up by Rs 4.20, or 0.46 per cent, to Rs 926 per kg in a business turnover of 221 lots. Similarly, oil for July contracts edged higher by Rs 3.60, or 0.38 per cent, to Rs 939.70 per kg in 63 lots. Market analysts said fresh positions created by traders due to surge in demand from consuming industries in the spot markets against restricted supplies from Chandausi pushed up the mentha oil prices.
Crude palm oil futures slide 0.39% on sluggish demand - ( 23 - JUNE - 2017 ) Crude palm oil prices softened by 0.39 per cent to Rs 488.90 per 10 kg in futures trading today as speculators reduced their exposures amid easing demand in the spot market against adequate stocks position. At the Multi Commodity Exchange, crude palm oil for delivery in June fell by Rs 1.90, or 0.39 per cent to Rs 488.90 per 10 kg in business turnover of 154 lots. Likewise, the oil for delivery in July month contracts declined by Rs 1.60, or 0.33 per cent to Rs 478.50 per 10 kg in 232 lots. Market analysts said offloading of positions by traders owing to slackened demand in the spot market against sufficient stocks position mainly attributed the fall in crude palm oil prices at futures trade.
� CRUDE PALM OIL - 23 - JUNE - 2017 ) Crude palm oil prices rose further by 0.39 per cent to Rs 484.60 per 10 kg in futures trade today as speculators upped their bets, signaling a firm trend at the spot market on strong demand. At Multi Commodity Exchange, crude palm oil for delivery in July edged higher by Rs 1.90, or 0.39 per cent, to Rs 484.60 per 10 kg in a business turnover of 42 lots. Similarly, the oil for delivery for June contracts traded higher by Rs 1.80, or 0.37 per cent, to Rs 492.40 per 10 k kg in 52 lots. Analysts said rising exposure by participants, tracking a firm trend at the spot market on strong demand in the physical market following tight stock position due to a fall in supplies from producing regions lifted crude palm oil prices.
✍ CARDAMOM - ( 22 - JUNE - 2017 ) Cardamom prices tumbled by 3 per cent to Rs 1,061.20 per kg in futures trade today as speculators cut down their bets amid easing demand against adequate stock position. At Multi Commodity Exchange, cardamom for delivery in July plunged by Rs 30.90, or 3 per cent, to Rs 1,061.20 per kg in a business turnover of 12 lots. Likewise, the spice for delivery in August declined by Rs 28, or 2.98 per cent, to Rs 968 per kg in four lots. Analysts said offloading of positions by speculators on the back of muted demand in the spot market against ample stock position mainly pulled down cardamom prices in futures trade. 22 - May - 2017 US wheat rose nearly 1 percent on Monday as forecasts for heavy rains across a key US growing region pushed the grain to a two-week high.
FUNDAMENTALS The most active wheat futures on the Chicago Board Of Trade rose 0.9 per cent to $ 4.39 a bushel by 0105 GM, near the session high of $ 4.39-1/4 a bushel - the highest since May 8. Wheat closed up 2.2 per cent on Friday. The most active soybean futures rose 0.4 per cent to $9.57 a bushel, having firmed 0.9 per cent on Friday. The most active corn futures rose 0.3 per cent to $3.73-1/2 a bushel, having gained 1.8 per cent in the previous session. Wheat draws support as forecasts for rains across the United States stoke fears of production losses. Heavy rains also support corn, which has edged higher amid fears of further planting delays. Soybeans and corn were under pressure last week amid a slump in the Brazilian real, which saw farmers rush to sell their record supplies.
✍ REFINED SOYA - ( 21 - JUNE - 2017 ) Refined soya oil prices rose by another 0.31 per cent to Rs 639.25 per 10 kg in futures trading today as participants upped their exposure amid demand surge in the spot market. At the National Commodity and Derivatives Exchange, refined soya oil for delivery in July went up by Rs 2, or 0.31 per cent, to Rs 639.25 per 10 kg with an open interest of 50,700 lots. On similar lines, the oil for delivery in June contracts gained Rs 1.90, or 0.30 per cent, to Rs 632.30 per 10 kg in 9,030 lots. Analysts said widening of positions by traders following rising demand in the spot market primarily kept refined soya oil prices higher in futures trade. ✍ MENTHA OIL - ( 20 - JUNE - 2017 ) Mentha oil prices moved down by 1.12 per cent to Rs 912.50 per kg in futures market today as speculators trimmed their positions, taking negative cues from the spot market on sluggish demand from consuming industries. Besides, ample stocks position on increased supplies from producing regions put pressure on mentha oil prices. At Multi Commodity Exchange, mentha oil for delivery in June month fell by Rs. 10.30, or 1.12 per cent, to Rs 9 Mentha oil prices moved down by 1.12 per cent to Rs 912.50
per kg in futures market today as speculators trimmed their positions, taking negative cues from the spot market on sluggish demand from consuming industries. Analysts said cutting down of positions by participants owing to slack demand from consuming industries in the spot market against ample stock position on higher supplies from Chandausi in Uttar Pradesh mainly led to the fall in mentha oil prices in futures trade.
Ample stocks drag down wheat futures by 0.48% ( 19 - May - 2017 ) Wheat prices fell 0.48 per cent to Rs 1,651 per quintal in futures trade today as speculators cut down their positions, triggered by ample stocks on increased supplies from growing regions at spot markets. At the National Commodity and Derivatives Exchange, wheat for delivery in July declined by Rs 8, or 0.48 per cent to Rs 1,651 per quintal with an open interest of 4,720 lots. Likewise, the wheat for delivery in June contracts traded lower by Rs 7, or 0.43 per cent to Rs 1,624 per quintal in 20,250 lots. Analysts said offloading of positions by traders, triggered by sufficient stocks positions on increased arrivals from producing belts in the physical market mainly attributed the fall in wheat prices at futures trade.
� CARDAMOM (19 - May - 2017 -) Cardamom remained weak and prices fell by another 1.12 per cent to Rs 1,004 per kg in futures trade today as speculators engaged in reducing bets, taking negative cues from spot market on fall in demand. Besides, ample stocks position on increased arrivals from producing regions fuelled the downtrend. At the Multi Commodity Exchange, cardamom for delivery in June eased by Rs 11.40, or 1.12 per cent, to Rs 1,004 per kg in a business turnover of 29 lots. Mentha oil futures maintain downtrend on sluggish demand - ( 19- May - 2017 ) Extending a falling streak for the fourth straight day, mentha oil prices fell further by 0.62 per cent to Rs 917.10 per kg in futures trading today as speculators engaged in reducing positions, driven by easing demand in the spot market. Besides, adequate stocks position on increased arrivals from producing belts put pressure on mentha oil prices. At the Multi Commodity Exchange, mentha oil for delivery in Junedeclined by Rs 5.70, or 0.62 per cent, to Rs 917.10 per kg in a business turnover of 67 lots.
� PALM OIL - ( 19- May - 2017 ) Malaysian palm oil futures fell on Thursday evening, tracking weaker soya oil on the Chicago Board of Trade and other related edible oils on China’s Dalian Commodity Exchange. The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange was down 0.6% at 2,626 ringgit ($607.03) a tonne by the close. Most commodities, including US soya oil, were dragged down by a negative US Dow Jones index, said a Kuala Lumpur-based futures trader. The Dow recorded its biggest one-day fall since September on reports that US President Trump tried to interfere with a federal investigation. Crude palm oil futures remain up on rising demand ( 19 - May - 2017 )
Crude palm oil prices gained another 0.22 per cent to Rs 502 per 10 kg in futures trade today as speculators enlarged their positions amid strong demand at the spot market. At the Multi Commodity Exchange, crude palm oil for delivery in June month rose by Rs 1.10, or 0.22 per cent to Rs 502 per 10 kg in business turnover of 84 lots. On a similar lines, the oil for delivery in May month contracts edged up by 70 paise, or 0.14 per cent to Rs 514.50 per 10 kg in 85 lots. Analysts said widening of positions by participants on the back of rising demand in the spot market against tight stocks position on fall in supplies from producing belts, mainly kept crude palm oil prices firm at futures trade.
� REFINED SOYA OIL - ( 19 - JUNE -2017 ) Refined soya oil prices fell by 0.25 per cent to Rs 629.10 per 10 kg in futures trade today as traders cut down their positions amid easing demand in the spot markets against adequate stocks position. At the National Commodity and Derivatives Exchange, refined soya oil for delivery in June declined by Rs 1.60, or 0.25 per cent to Rs 629.10 per 10 kg with an open interest of 13,860 lots. Similarly, the oil for delivery in July contracts traded lower by Rs 1.35, or 0.21 or 0.21 per cent to Rs 635.30 per 10 kg in 51,600 lots. Analysts said offloading of positions by participants owing to fall in demand in the spot market against adequate stocks position on increased supplies from producing regions mainly weighed on refined soya oil prices at futures trade.
� PALM OIL - ( 18 - JUNE - 2017 ) Continuing its losing streak for the third day, crude palm oil prices fell by 0.45 per cent to Rs 486.50 per 10 kg in futures trading today as speculators engaged in reducing positions, triggered by easing demand in the spot market. Besides, ample stocks position 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 2.20, or 0.45 per per cent, to Rs 486.50 per 10 kg, in a business turnover of 118 lots. Likewise, the oil for delivery in July traded lower by Rs 1.90, or 0.39 per cent, to Rs 479.50 per 10 kg in 61 lots. Analysts said trimming of positions by traders due to subdued demand in the spot market against adequate stocks position mainly attributed the slide in crude palm oil prices at futures trade.
� CARDAMOM ( 18 - JUNE - 2017 ) Cardamom prices strengthened by 2.77 per cent to Rs 990 per kg in futures market today as investors extended bets, tracking a firm trend at spot market on strong domestic as well as exports demand. Besides, tight stocks position on fall in supplies from producing regions supported the upmove. At the Multi Commodity Exchange, cardamom for delivery in July rose by Rs 26.70, or 2.77 per cent, to Rs 990 per kg, with a trading volume of 130 lots. Similarly, spice for delivery in current month was trading up by Rs 1.30, or 0.11 per cent, to Rs 1,180 per kg, in trading volume of one lot. Analysts attributed the rise in cardamom prices in futures trade to widening of positions by participants, tracking a firm trend at the spot markets and pick up in export demand.
� MENTHA OIL ( 18 - JUNE - 2017 ) Mentha oil prices were trading up by 0.71 per cent to Rs 935.50 per kg in futures trade today as investors extended positions amid rising demand from consuming industries in the domestic spot market. Furthermore, tight stocks position following restricted arrivals from Chandausi in Uttar Pradesh in the physical market supported the upside in mentha oil prices. At the Multi Commodity Exchange, mentha oil for delivery in current month gained Rs 6.60, or 0.71 per cent, to Rs 935.50 per kg, with a trading volume of 304 lots. Similarly, the oil for delivery in July edged up by Rs 5.20, or 0.55 per cent, to Rs 947 per kg, with a business turnover of 45 lots. Marketmen said a firming trend at the spot markets amid restricted supplies from Chandausi in Uttar Pradesh, mainly influenced mentha oil prices at the futures trade.
� WHEAT ( 18 - JUNE - 2017 ) Rising for the second day, wheat prices advanced by 0.74 per cent to Rs 1,637 per quintal in futures market today as speculators enlarged positions, driven by rising demand in the spot market. At the National Commodity and Derivatives Exchange, wheat for delivery in August rose by Rs 12, or 0.74 per cent to Rs 1,637 per quintal with an open interest of 350 lots. Likewise, the wheat for delivery in July contracts edged up by Rs 2, or 0.12 per cent to Rs 1,620 per quintal in 25,100 lots. Analysts said widening of positions by speculators, driven by rising demand from flour mills in the physical market, mainly kept wheat prices higher.
LEGAL DISCLAIMER This Document has been prepared by Ways2Capital (A Division of High Brow Market Research Investment Advisor Pvt Ltd). The information, analysis and estimates contained herein are based on Ways2Capital Equity/Commodities Research assessment and have been obtained from sources believed to be reliable. This document is meant for the use of the intended recipient only. This document, at best, represents Ways2Capital Equity/Commodities Research opinion and is meant for general information only. Ways2Capital Equity/Commodities Research, its directors, officers or employees shall not in any way to be responsible for the contents stated herein. Ways2Capital Equity/Commodities Research expressly disclaims any and all liabilities that may arise from information, errors or omissions in this connection. This document is not to be considered as an offer to sell or a solicitation to buy any securities or commodities. All information, levels & recommendations provided above are given on the basis of technical & fundamental research done by the panel of expert of Ways2Capital but we do not accept any liability for errors of opinion. People surfing through the website have right to opt the product services of their own choices. Any investment in commodity market bears risk, company will not be liable for any loss done on these recommendations. These levels do not necessarily indicate future price moment. Company holds the right to alter the information without any further notice. Any browsing through website means acceptance of disclaimer. DISCLOSURE High Brow Market Research Investment Advisor Pvt. Ltd. or its associates does not do business with companies covered in research report nor is associated in any manner with any issuer of products/
securities, this ensures that there is no actual or potential conflicts of interest. To ensure compliance with the regulatory body, we have resolved that the company and all its representatives will not make any trades in the market. Clients are advised to consider information provided in the report as opinion only & make investment decision of their own. Clients are also advised to read & understand terms & conditions of services published on website. No litigations have been filed against the company since the incorporation of the company. Disclosure Appendix: The reports are prepared by analysts who are employed by High Brow Market Research Investment Advisor Pvt. Ltd. All the views expressed in this report herein accurately reflects personal views about the subject company or companies & their securities and no part of compensation was, is or will be directly or indirectly related to the specific recommendations or views contained in this research report. Disclosure in terms of Conflict of Interest: (a) High Brow Market Research Pvt. Ltd. or his associate or his relative has no financial interest in the subject company and the nature of such financial interest; (b) High Brow Market Research Pvt. Ltd. or its associates or relatives, have no actual/beneficial ownership of one percent or more in the securities of the subject company, (c) High Brow Market Research Pvt. Ltd. or its associate has no other material conflict of interest at the time of publication of the research report or at the time of public appearance; Disclosure in terms of Compensation: High Brow Market Research Investment Advisor Pvt. Ltd. policy prohibits its analysts, professionals reporting to analysts from owning securities of any company in the analyst's area of coverage. Analyst compensation: Analysts are salary based permanent employees of High Brow Market Research Pvt. Ltd. Disclosure in terms of Public Appearance: (a) High Brow Market Research Pvt. Ltd. or its associates have not received any compensation from the subject company in the past twelve months; (b) The subject company is not now or never a client during twelve months preceding the date of distribution of the research report. (c) High Brow Market Research Pvt. Ltd. or its associates has never served as an officer, director or employee of the subject company; (d) High Brow Market Research Pvt. Ltd. has never been engaged in market making activity for the subject company.