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BULLION METALS OUTLOOK -

GOLD -Even the threat of military action against North Korea couldnt attract enough buyers to sustain Mondays early
gains. Over the week-end. The early price action in the gold market suggests that the action by North Korea was a non-
event, at least to gold investors. Helping to pressure gold early Monday was the news that congressional leaders reached a
spending deal to keep the government running through the fall. There was a series of minor issues, but those have all been
worked out, so a shutdown scenario has been averted. This news helped boost the U.S. Dollar which turned gold lower
after it opened higher in response to the North Korean incident. Gold is getting support at 28709 and below same could see
a test of 28649 level, And resistance is now likely to be seen at 28823, a move above could see prices testing 28877. Gold
traded in range as a long-awaited U.S. tax cut plan from the Trump Administration failed to inspire investors, who were
disappointed by the lack of new details. The European Central Bank stuck to its ultra-easy policy stance as inflation
continues to undershoot its target but explicitly acknowledged the vigour of the euro zone economy, now on its best run
since the global financial crisis. Euro zone economic sentiment climbed to a near 10-year high in April against
expectations of almost no change as confidence in all sectors improved and inflation expectations dampened, EU data
showed. New orders for U.S.-made capital goods rose less than expected in March, but a second straight monthly increase
in shipments suggested business investment accelerated in the first quarter amid a recovering energy sector. Technically
Gold market is under short covering as market has witnessed drop in open interest by 6.96% to settled at 5334 while prices
up 50 rupees. The Strong levels for Gold for this week is 28960-29181 is Upside and 28753-28539 is Down side.

GOLD CHART-

Chart Details -Although gold is showing some resilience by holding strong support at its 200-day moving average, its
downside potential could be tested next week as the market faces major hurdles, including a Federal Reserve monetary
policy meeting and employment numbers. The gold market is preparing to close in negative territory for the first time in
five weeks. June Comex gold futures last traded at $ 1,268.70 an ounce, down 1.6% compared to last Fridays settlement,
And on MCX it is closed around 28893. As of now the Gold is Getting Strong Support at 28800 or resistance is 28980.
Although Momentum oscillators are in Positive territory we may witness positive rally in upcoming week.

Monday, 01 .May .2017


SILVER - MCX Silver is Getting Support at 39450 and below same could see the levels of 39340-39300, And Resistance
is now likely seen at 39960-40000. Move Above could see prices testing 40150-40280. Precious Metal Setteled down on
MCX After US President Donald Trump Announced Unfunded tax Cuts, While Comment from European Central Bank
Draghi Weakned Euro. Now Investors are optimism Threat the President Donald Trumps Tax Cut tax reform Plan would
boost the dollar offset weaker than expected economic data as both Initial Jobless claim and Durable Goods order fell
Short of Expectations While a bullish pending home sales print capped upside Momentum. Technically market is under
long liquidation as market has witnessed drop in open interest by -19.83% to settled at 8425 while prices down 188 rupees.
As of Now the Crucial Levels for Silver is 40367-40980 is Up side and 39233-39000 is Down side.

Detail of Chart -The Silver markets initially tried to rally during the week, but found the $ 18 level to be far too resistive
on Comex. We turned around and fell significantly, reaching towards the $ 17.15 level underneath. We believe that the $
17 level underneath will be supportive, so longer-term traders will probably step to the side. Short-term charts might offer
a buying opportunity, but as far as weekly chart is concerned, this is a market thats probably best left alone. Ultimately,
this is a market that will remain volatile, but I believe in the longer-term uptrend if the $ 17 level can hold. The Silver to
hold Above 39500 for further rally toward 40320-40670. On the other side Sustaining below 39400 may drag the Index
towards 39233-38967 in near term
MCX DAILY LEVELS

DAILY EXPIRY DATE R4 R3 R2 R1 PP S1 S2 S3 S4

ALUMINIUM 28-APRIL-17 128 127 126 124 123 121 120 118 117

COPPER 28-APRIL-2017 376 373 370 368 367 365 364 361 358

CRUDE OIL 19-APRIL-17 3357 3294 3231 3189 3168 3126 3105 3042 2979

GOLD 05-JUNE-2017 29174 29067 28960 28917 28853 28810 28746 28639 28532

LEAD 28-APRIL-2017 160 155 150 148 145 143 140 135 130

NATURAL GAS 25-APRIL-2017 223 219 215 213 211 209 207 203 199

NICKEL 28-APRIL-2017 641 629 617 613 605 601 593 581 569

SILVER 05-MAY-2017 41768 41068 40368 39935 39668 39235 38968 38268 37568

ZINC 28-APRIL-2017 175 173 171 170 169 168 167 165 163

MCX WEEKLY LEVELS

WEEKLY EXPIRY DATE R4 R3 R2 R1 PP S1 S2 S3 S4

ALUMINIUM 28-APRIL-17 132 130 128 126 124 122 120 118 116

COPPER 28-APRIL-2017 386 379 372 370 365 363 358 351 344

CRUDE OIL 19-APRIL-17 3612 3466 3320 3247 3174 3101 3028 2882 2736

GOLD 05-JUNE-2017 30698 30108 29518 29195 28928 28605 28338 27748 27158

LEAD 28-APRIL-2017 170 161 152 149 143 140 134 125 116

NATURAL GAS 25-APRIL-2017 260 242 224 218 206 200 188 170 152

NICKEL 28-APRIL-2017 671 648 625 616 602 593 579 556 533

SILVER 05-MAY-2017 45401 43611 41821 40662 40031 38872 38241 36451 34661

ZINC 28-APRIL-2017 183 178 173 171 168 166 163 158 153
FOREX DAILY LEVELS

DAILY EXPIRY DATE R4 R3 R2 R1 PP S1 S2 S3 S4

USDINR 26-MARCH-17 64.87 64.71 64.55 64.42 64.26 64.13 63.97 63.84 63.71

EURINR 26-MARCH-17 71.85 71.39 70.93 70.49 70.03 69.59 69.13 68.69 68.25

GBPINR 26-MARCH-17 84.95 84.44 83.93 83.59 83.08 82.74 82.23 81.89 81.55

JPYINR 26-MARCH-17 58.28 58.22 58.16 58.08 58.02 57.94 57.88 57.80 57.72

FOREX WEEKLY LEVELS

WEEKLY EXPIRY DATE R4 R3 R2 R1 PP S1 S2 S3 S4

USDINR 26-MARCH-17 65.54 65.21 64.88 64.58 64.25 63.95 63.62 63.32 63.02

EURINR 26-MARCH-17 72.35 71.80 71.25 70.65 70.10 69.50 68.95 68.35 67.75

GBPINR 26-MARCH-17 86.10 85.21 84.32 83.78 82.89 82.35 81.46 80.92 80.38

JPYINR 26-MARCH-17 60.62 59.98 59.34 58.67 58.03 57.36 56.72 56.05 55.38
NCDEX DAILY LEVELS

DAILY EXPIRY DATE R4 R3 R2 R1 PP S1 S2 S3 S4

SYOREFIDR 20-APRIL-2017 631 624 617 613 610 606 603 596 589

SYBEANIDR 20-APRIL-2017 3018 2990 2962 2948 2934 2920 2906 2878 2850

RMSEED 20-APRIL-2017 3881 3837 3793 3776 3749 3732 3705 3661 3617

JEERAUNJHA 20-APRIL-2017 20690 20240 19790 19640 19340 19190 18890 18440 17990

GUARSEED10 20-APRIL-2017 3999 3953 3907 3887 3861 3841 3815 3769 3723

TMC 20-APRIL-2017 6319 6239 6159 6109 6079 6029 5999 5919 5839

NCDEX WEEKLY LEVELS

WEEKLY EXPIRY DATE R4 R3 R2 R1 PP S1 S2 S3 S4

SYOREFIDR 20-APRIL-2017 670 651 632 621 613 602 594 575 556

SYBEANIDR 20-APRIL-2017 3425 3275 3125 3029 2975 2879 2825 2675 2525

RMSEED 20-APRIL-2017 4011 3928 3845 3802 3762 3719 3679 3596 3513

JEERAUNJHA 20-APRIL-2017 21577 20797 20017 19753 19237 18973 18457 17677 16897

GUARSEED10 20-APRIL-2017 4131 4045 3959 3912 3873 3826 3787 3701 3615

TMC 20-APRIL-2017 6793 6571 6349 6202 6127 5981 5905 5683 5461
MCX - WEEKLY NEWS LETTERS

INTERNATIONAL UPDATES ( BULLION & ENERGY )

Gold prices declined in European trading on Monday, falling toward a three-week low after U.S.
congressional leaders reached an agreement to fund the government through the fall. Comex gold futures
lost $ 4.50, or around 0.4%, to $ 1,263.80 a troy ounce by 2:55AM ET. Meanwhile, spot gold was at $
1,262.50. Also on the Comex, silver futures inched down 9.8 cents, or about 0.6% to $ 17.16 a troy ounce,
after touching a more than six-week low of $ 17.08 earlier in the session. Trading activity was expected to
remain light on Monday, with most markets in Europe, the U.K. and Asia closed for the May Day
holiday. Negotiators in the U.S. Congress reached a deal late on Sunday on around $ 1 trillion in federal
funding that would fund the government through September 30 and avert a government shutdown later
this week. The full House of Representatives and Senate must still approve the bipartisan pact, which
would be the first major legislation to clear Congress since Donald Trump became president on January
20. The news boosted Risk-Sensitive Assets, such as global equities, and sparked a sell-off in assets
perceived as safe, such as the yen, bullion and U.S. Treasuries, which are often used as a hedge in times
of political uncertainty.The official manufacturing purchasing managers' index released on Sunday dipped
to a six-month low of 51.2 in April from 51.8 in March, below the forecast for 51.6. Anything above 50.0
signals expansion, while readings below 50.0 indicate industry contraction.

Gold prices rose on Friday as robust euro zone inflation data sent the euro higher against the U.S. dollar,
but the precious metal still ended the week lower. Gold for June delivery settled at $ 1,269.65 on the
Comex division of the New York Mercantile Exchange. The annual rate of inflation in the euro area rose
by 1.9% in April, Eurostat said, the highest level in over three years. The upbeat data fueled expectations
that the European Central Bank could adopt a more hawkish stance at its next policy meeting in June,
lifting gold which is priced in U.S. dollars. Data on Friday also showed that the U.S. economy posted its
slowest growth in three years in the three months to March, with gross domestic product growing at a
0.7% annual rate. The U.S. dollar index, which measures the greenbacks strength against a trade
-weighted basket of six major currencies, slid to 98.89 late Friday. The precious metal was 1.61% lower
for the week, the largest weekly decline in almost two months as waning geopolitical tensions over North
Korea and relief over the first round result in the French presidential elections sharpened risk appetite,
pressuring gold. Elsewhere in precious metals trading, silver slid 0.45% to $ 17.25 a troy ounce and ended
the week down 3.65%. In the week ahead, markets will be paying close attention to Fridays U.S.
nonfarm payrolls report as well as Wednesdays policy statement by the Federal Reserve. The euro zone
is to release data on first quarter growth and the UK is to publish survey data that will further show the
economic impact of last years Brexit vote.

Gold prices held steady on Friday, as global geopolitical tensions reignited some safe-haven demand,
although investors were still eyeing the release of U.S. economic reports later in the day. On the Comex
division of the New York Mercantile Exchange, gold futures for June delivery were little changed at $
1,266.36. The June contract ended Thursdays session 0.13% higher at $1,265.90 an ounce. Futures were
likely to find support at $ 1,260.70, the low of April 26 and resistance at $ 1,279.90, the high of April 25.
Market sentiment weakened after U.S. President Donald Trump said he will either renegotiate or
terminate a "horrible" trade deal with South Korea. The comments came shortly after Trump said that
there is a chance the U.S. could have a major conflict with North Korea. On Wednesday, the U.S.
President proposed slashing tax rates for businesses to 15% from the current 35% for public corporations
and 39.6% for small businesses, and on overseas corporate profits returned to the country. Analysts said
traders were disappointed by the lack of new details about the tax reform plan and on skepticism that any
comprehensive tax changes will be approved by the House and Senate. Meanwhile, the U.S. Congress
began moving to extend Friday's budget deadline until May 5 and is expected to pass legislation allowing
more time to finalize a spending deal to fund the federal government through September and avoid a
shutdown. Without the congressional extension or a longer-term funding bill, federal agencies will run
out of money by midnight Friday. Market participants were also looking ahead to the release of reports on
U.S. first-quarter growth and consumer sentiment, due later Friday. Elsewhere in metals trading, silver
futures for May delivery gained 0.24% to $ 17.376 a troy ounce, while copper futures for May delivery
added 0.12% to $ 2.596 a pound.

Gold prices were little changed in European trading on Thursday, holding near the prior session's two-
week low as investors digested U.S. President Donald Trump's outline for tax reform. Comex gold futures
tacked on $ 1.30, or around 0.1%, to $1,265.40 a troy ounce by 3:05AM ET, pulling back after rising to
an overnight high of $1,271.10. Meanwhile, spot gold was at $ 1,264.15. The yellow metal settled lower
for the third session in a row on Wednesday after hitting its weakest level since April 11 at $ 1,260.70.
Also on the Comex, silver futures inched up 5.2 cents, or about 0.3% to $17.48 a troy ounce, after
touching a six-week low of $17.35 in the prior session. Trump's tax plan, unveiled at the White House by
Trump economic adviser Gary Cohn and Treasury Secretary Steve Mnuchin on Wednesday afternoon,
proposed cutting the income tax rate paid by public corporations to 15% from 35% and reduce the top tax
rate assessed on pass-through businesses, including small partnerships and sole proprietorships, to 15%
from 39.6%. The White House added there will be a "one-time tax" on the trillions of dollars held by
corporations overseas. However, the plan drew a cautious welcome from fiscal conservatives and
financial markets amid fears that it would make the federal deficit balloon if enacted.

Gold prices were down sharply in European trading on Monday, as investors dumped safe-haven assets
after results showed centrist candidate Emmanuel Macron won the first round of the French presidential
election. Comex gold futures shed $16.80, or around 1.3%, to $1,272.34 a troy ounce by 2:50AM ET .
Meanwhile, spot gold was at $ 1,271.20.

The yellow metal fell by as much as 1.8% earlier to a session low of $ 1,266.00, the weakest since April
11. Also on the Comex, silver futures dipped 8.4 cents, or about 0.5% to $ 17.85 a troy ounce, after earlier
touching a one-month low of $ 17.55. Results from the first round of the closely-watched French
presidential election on Sunday showed centrist candidate Emmanuel Macron and far-right Marine Le
Pen advancing to the second and final round on May 7. Macron took about 23.9% of the vote and Le Pen
took 21.4%, according to an official tally with 96% of ballots counted. Macron is widely tipped to win the
final vote, with opinion polls showing him comfortably beating Le Pen by around 20 percentage points,
reducing the risk of an anti-establishment shock in the final round.

Gold prices were lower in European trading on Tuesday, edging down for the second straight session as
investor sentiment remained skewed toward riskier assets in the wake of the French election results on
Sunday. Comex gold futures shed $ 4.10, or around 0.3%, to $ 1,273.40 a troy ounce by 2:45AM ET.
Meanwhile, spot gold was at $ 1,272.30, down 0.2%. The yellow metal lost $11.60 on Monday after
hitting its lowest since April 11 at $ 1,266.00, as investors dumped safe-haven assets after French election
results eased fears over the future of the euro zone. Also on the Comex, silver futures dipped 3.5 cents, or
about 0.2% to $17.89 a troy ounce, after touching a one-month low of $17.55 in the prior session. Market
sentiment remained upbeat after centrist Emmanuel Macron won the first round of the French presidential
elections. Polls show Macron easily defeating far-right nationalist Marine Le Pen, who wants to take
France out of the euro, in a runoff vote due to take place May 7, reducing the risk of an anti-establishment
shock in the final round. The outcome boosted risk-sensitive assets, such as global equities, and sparked a
sell-off in assets perceived as safe, such as the yen, bullion and U.S. Treasuries, which are often used as a
hedge in times of political uncertainty.

AHEAD OF THE COMING WEEKSIGNIFICANT EVENTS LIKELY TO AFFECT THE


MARKETS.

Monday, May 1

Financial markets in Shanghai, Hong Kong and Europe will be closed for holiday.

The European Commission is to release its economic forecasts for the European Union area.

U.S. Treasury Secretary Steven Mnuchin is to speak at an event in Los Angeles.

The U.S. is to release data on personal income and expenditure.

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

Tuesday, May 2

China is to publish its Caixin manufacturing PMI.

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

The UK is to release data on manufacturing activity.

Wednesday, May 3

Financial markets in Japan and Hong Kong will be closed for holidays.

New Zealand is to publish its quarterly employment report.

The euro zone is to publish a preliminary estimate of first quarter economic growth.

The UK is to release data on construction activity.

The U.S. is to release the ADP nonfarm payrolls report for January and the ISM is to release its non-
manufacturing PMI.

The Federal Reserve is to announce its benchmark interest rate and publish a monetary policy statement.

Thursday, May 4

Financial markets in Japan will be closed for a holiday.

Australia is to report on its trade balance.

The UK is to release data on service sector activity.

Canada is to publish its latest trade figures.

The U.S. is to release a flurry of economic reports, including data on initial jobless claims, the trade
balance and factory orders.

ECB President Mario Draghi is to speak at an event in Switzerland.

Bank of Canada Governor Stephen Poloz is to speak at an event in Mexico.

Friday, May 5

Financial markets in Japan will be closed for a holiday.


The RBA is to publish its monetary policy statement.

New Zealand is to release data on inflation expectations.

Canada is to produce its monthly employment report and the Ivey PMI.

The U.S. is to round up the week with the non-farm payrolls report for April and Fed Chair Janet Yellen
is to speak at an event in Providence. Fed Vice Chair Stanley Fischer is to speak at an event in Stanford.

ENERGY

Oil prices edged down on Monday on worries that OPEC-led production cuts may not significantly
tighten an oversupplied market in the short term despite talk of extending them. NYMEX crude for June
delivery CLc1 was down 12 cents at $49.21 a barrel by 0032 GMT, after settling up 36 cents on Friday.
The contract is up about 2 percent from a one-month low hit on Thursday. London Brent crude for new
front-month delivery in July LCOc1 was down 14 cents at $ 51.91. Iran's oil minister said on Saturday
that OPEC and non-OPEC countries had given positive signals for an extension of output cuts, which
Tehran would also back. Organization of the Petroleum Exporting Countries meets this month to discuss
oil supply policy. If OPEC agrees to extend the cuts, then bloated global inventories could drain by the
end of the year, a Reuters poll of economists and analysts showed. Arabia's Energy Minister Khalid al-
Falih said on Saturday there was consensus with Central Asia over oil markets and production levels. who
had arrived on a visit to Turkmenistan earlier and is on a tour of Central Asian nations, also tweeted there
was agreement with the region on the necessity of sticking to production cuts. Oil prices have got no firm
support from rising geopolitical tensions surrounding North Korea. U.S. President Donald Trump on
Sunday stepped up outreach to allies in Asia to secure their cooperation to pressure North Korea over its
nuclear and missile programs. calls to the two Asian leaders came after North Korea test-launched another
missile that Washington and Seoul said was unsuccessful but which drew widespread international
condemnation. Money managers cut their net long U.S. crude futures and options positions for the first
time in four weeks in the week to April 25, the U.S. Commodity Futures Trading Commission said on
Friday.

Oil futures settled a bit higher on Friday, but still registered a weekly and monthly loss as signs of further
gains in U.S. crude output and doubts over whether OPEC will extend output cuts at its May meeting
pressured prices. The U.S. West Texas Intermediate crude June contract tacked on 36 cents, or around
0.7%, to end at $ 49.33 a barrel by close of trade Friday. It fell to its lowest since March 28 at $ 48.20 on
Thursday. The U.S. benchmark lost 35 cents, or almost 0.6%, on the week. For April, it fell around 3%,
the second straight monthly decline.

Elsewhere, on the ICE Futures Exchange in London, Brent oil for July delivery ticked up 23 cents to
settle at $52.05 a barrel by close of trade. The global benchmark sank to $51.01 a day earlier, a level not
seen since March 27. For the week, London-traded Brent futures recorded a loss of 38 cents, or nearly
0.5%. The benchmark ended about 2% lower for the month. Crude has been under pressure in recent
weeks amid fears that an ongoing rebound in U.S. shale production is derailing efforts by other major
producers to rebalance global oil supply and demand. U.S. drillers last week added rigs for the 15th week
in a row, data from energy services company Baker Hughes showed on Friday, implying that further gains
in domestic production are ahead. The U.S. rig count rose by 9 to 697, extending an 11-month drilling
recovery to the highest level since August 2015. The relentless increase in U.S. output has overshadowed
pledged output cuts by major producers.

Oil was higher Friday on renewed hopes of an extension of output cuts by major producers. U.S. crude
was up 51 cents, or 1.04%, at $ 49.48 at 08:00 ET. Brent crude gained 52 cents, or 1.00%, to $ 52.34.
Output cuts of 1.8 million barrels a day agreed by OPEC and Non-OPEC producers have so far failed to
make inroads into an inventories glut. OPEC and Non-OPEC producers are expected to decide next
month whether to extend the accord beyond June. Saudi Energy Minister Khalid al-Falih said Friday it
was important to agree an extension. Higher crude output is offsetting the impact of the output cuts. Baker
Hughes rig count data are due out later Friday.

Oil prices rose on Friday but were still on track for a second straight weekly loss on concerns that an
OPEC-led production cut has failed to significantly tighten an oversupplied market. U.S. West Texas
Intermediate crude futures CLc1 were trading at $ 49.40 per barrel at 0344 GMT, up 43 cents, or 0.88
percent, from their last close. However, WTI is still set for a small weekly loss and is around 8 percent
below its April peak. Brent crude futures LCOc1 were at $ 51.86 per barrel, up 42 cents, or 0.82 percent.
Brent is almost around 8.5 percent down from its April peak and is also on track for a second, albeit
small, week of declines. Traders said that Friday's rises came on the back of OPEC saying it was keen to
find a deal that would ensure a drawdown of excess fuel supplies. Organization of the Petroleum
Exporting Countries and other producers including Russia originally pledged to cut output by almost 1.8
million barrels per day only during the first half of the year. But OPEC has come under pressure to extend
the cuts to cover all of 2017 in order to counter bulging supplies elsewhere. "OPEC. effectively said the
production cut will be extended, meeting the reality of the restart of a big Libyan oil field and the
continued expansion of U.S. shale oil. The ongoing supply overhang is in part due to surging U.S.
production , which has risen by 10 percent since mid-2016 to 9.27 million bpd. Consultancy Rystad
Energy expects U.S. shale oil output to grow by 100,000 bpd each month for the rest of this year and into
2018, well above estimates by the U.S. Energy Information Administration for monthly gains of about
29,000 bpd in 2017 and 57,000 bpd in 2018. the United States, rising output in Libya, an OPEC-member
exempt from the cuts, was adding to plentiful supplies. bank said that OPEC was under pressure to extend
the cuts.

"Even though inventories have started to fall, they remain at elevated levels.

Oil prices stabilised on Friday but were on track for a second straight weekly loss on concerns that an
OPEC-led production cut has failed to significantly tighten an oversupplied market. U.S. West Texas
Intermediate crude oil futures CLc1 were trading at $ 49.21 per barrel at 0036 GMT, up 24 cents, or 0.5
percent, from their last close. However, WTI is still set for a small weekly loss and is down more than 8
percent from its April peak. Brent crude futures LCOc1 , the international benchmark for oil prices, were
at $ 51.59 per barrel, up 15 cents, or 0.3 percent. Brent is almost 9 percent below its April peak and is also
on track for a second week of declines. Traders said that Friday's slight rises came on the back of
statements by OPEC that it was keen to find a deal that would ensure a drawdown of excess global fuel
supplies, which have weighed on markets for over two years. a deal would likely mean an extension of a
pledge by the Organization of the Petroleum Exporting Countries and other producers including Russia to
cut output by almost 1.8 million barrels per day during the first half of the year. Despite this, traders
remained worried about increasing supply." This is largely due to a persistent rise in U.S. crude oil
production , which has risen by 10 percent since mid-2016 to 9.27 million bpd, to levels last seen during
the height of the oil glut between late 2014 and early 2016. And analysts expect U.S. production to keep
rising this year. Consultancy Rystad Energy expects U.S. shale oil output to grow by 100,000 bpd each
month for the rest of this year and into 2018, well above estimates by the U.S. Energy Information
Administration for monthly gains of about 29,000 bpd in 2017 and 57,000 bpd in 2018. "We see a risk for
a weaker oil price towards the end of the year. because shale is delivering so much oil and OPEC might
fight back," Jarand Rystad told Reuters earlier this week. the United States, rising output in Libya, an
OPEC-member exempt from the cuts, was adding to plentiful supplies.

Oil was lower Thursday as concerns about a supply glut continued to weigh. U.S. crude was off 94 cents,
or 1.89%, at $ 48.68 at 08:00 ET. Brent crude shed $ 1.04, or 1.98%, to $ 51.37. U.S. crude output has
risen by about 10% from the levels seen mid-2016.

Official Energy Information Administration data Wednesday showed a larger-than-expected fall in U.S.
crude stocks in the latest week. But gasoline inventories unexpectedly rose. Higher U.S. output
undermines the impact of output cuts of 1.8 million barrels a day agreed by OPEC and Non-OPEC
producers. OPEC and Non-OPEC producers are expected to decide next month whether to extend the
accord beyond June.

Oil prices dipped on Thursday, weighed down by a general sentiment of globally bloated markets, though
traders said that prices seemed to have found support around current levels. U.S. West Texas Intermediate
crude oil futures CLc1 were trading at $ 49.37 per barrel at 0644 GMT, down 25 cents, or 0.5 percent
from their last close. WTI has lost around 8.5 percent in value from its April peak. Brent crude futures
LCOc1 , the international benchmark for oil prices, were at $ 51.63 per barrel, down 19 cents, or 0.37
percent. Brent is almost 9 percent below its April peak. Traders said the falls in recent weeks were due to
a realisation that global oil markets remained oversupplied, despite efforts led by the Organization of the
Petroleum Exporting Countries and Russia to cut output by 1.8 million barrels per day during the first half
of the year to tighten the market and prop up prices. is clear that the world has plenty of oil in stock,
making OPEC's life that much harder ahead of its June production cut rollover date. While the United
States reported a drop in its commercial crude oil stocks on Wednesday, albeit from near-record highs, its
gasoline inventories surged as refiners produced more fuel than the market could consume. U.S. crude oil
production continued its relentless rise, and is now up 10 percent since mid-2016 at 9.27 million bpd, at
comparable levels to the peak oil glut between late 2014 and early 2016. Rystad Energy expects U.S.
shale oil output to grow by 100,000 barrels per day each month for the rest of this year and into 2018 if
oil prices hold around $ 50-$ 55 a barrel, well above estimates by the U.S. Energy Information
Administration for monthly gains of about 29,000 bpd in 2017 and 57,000 bpd in 2018.

Oil prices dipped on Thursday, weighed down by a general sentiment of globally bloated markets, though
traders said that prices seemed to have found support around current levels. U.S. West Texas Intermediate
crude oil futures CLc1 were trading at $ 49.34 per barrel at 0137 GMT, down 28 cents, or 0.56 percent
from their last close. WTI has lost around 8.5 percent in value from its April peak. Brent crude futures
LCOc1 , the international benchmark for oil prices, were at $51.58 per barrel, down 24 cents, or 0.46
percent, from their last close. Brent is almost 9 percent below its April peak. Traders said that the falls in
recent weeks were a result of a realisation that global oil markets remained oversupplied, despite efforts
led by the Organization of the Petroleum Exporting Countries and Russia to cut output by 1.8 million
barrels per day during the first half of the year in order to tighten the market and prop up prices. is clear
that the world has plenty of oil in stock, making OPEC's life that much harder ahead of its June
production cut rollover date," While the United States reported a drop in its commercial crude oil stocks
on Wednesday, albeit from near-record highs, its gasoline inventories surged as refiners produced more
fuel than the market could consume. with an expectation that OPEC would lobby for an extension of the
production cuts to cover all of 2017, analysts said there was support for prices around current levels.

Reuters technical commodities analyst Wang Tao said that "Brent oil looks neutral in a range of $ 51.30-
$52.32 per barrel." Murky oil inventory picture leaves market grappling for clarity

Oil edged higher Tuesday ahead of U.S. stockpile data after a six-day losing streak as a supply glut
continued to overhang the market. U.S. crude was up 6 cents, or 0.12%, at $ 49.29 at 08:00 ET. Brent
crude added 11 cents, or 0.21%, to $ 52.24. The American Petroleum Institute is expected later Tuesday
to report a fall of 1.3 million barrels in crude stocks in the latest week. Official Energy Information
Administration inventories are due out Wednesday. Higher U.S. output is canceling out the impact of
production cuts of 1.8 million barrels a day by OPEC and non-OPEC producers. A decision on a possible
extension of that deal beyond June is expected to be taken on May 25.

Oil prices recovered some ground on Tuesday, halting six consecutive sessions of slide, but markets
remain under pressure as traders lose confidence that pledged output cuts by major producers will rein in
oversupply in a world awash with fuel. U.S. West Texas Intermediate crude futures CLc1 had added 14
cents, or 0.3 percent, by 0640 GMT, but remained below the $ 50 mark pierced late last week, at $ 49.37
a barrel. Brent crude LCOc1 rose 14 cents, or 0.27 percent, to $51.74 per barrel. Traders said the gains
were a counter-reaction to consecutive price drops in the previous six sessions. Despite Tuesdays
increases, market sentiment has turned bearish, with Brent down 10 percent since late 2016 despite efforts
led by the Organization of the Petroleum Exporting Countries and Russia to cut output by 1.8 million
barrels per day in the first half of 2017 in order to tighten the market. that oil supplies remain at record
highs despite the cuts, that Oil Producing and Exporting Countries has failed miserably in its endeavour to
balance the oil market. it is evident that. crude markets are still struggling to clear. The bank said that it
was closing its "August Brent long position at a loss."

AHEAD OF THE COMING WEEK SIGNIFICANT EVENTS LIKELY TO AFFECT THE


MARKETS.

Tuesday, May 2
The American Petroleum Institute, an industry group, is to publish its weekly report on U.S. oil supplies.

Wednesday, May 3
The U.S. Energy Information Administration is to release weekly data on oil and gasoline stockpiles.

Thursday, May 4
The U.S. government is to produce a weekly report on natural gas supplies in storage.

Friday, May 5
Baker Hughes will release weekly data on the U.S. oil rig count.

BASE METALS OUTLOOK

Trading Ideas:
Aluminium

Aluminium trading range for the is 120.5-127.1.


Aluminium dropped as the pace of expansion in China's manufacturing sector likely slowed this month,
as factory-gate price-growth slowed.
The U.S. Commerce Department launched an investigation to determine whether a flood of aluminum
imports from China and elsewhere was compromising U.S. national security.
Prices felt pressure as investors withdrew from riskier assets as an unconvincing U.S. tax cut plans
cooling investors' spirits.

Nickel -

Nickel trading range for the is 582.9-604.7.


Nickel gains as support seen after Philippine Environment Secretary Regina Lopez said she would ban
open-pit mining in the country.
Each open pit is a financial liability for government for life," Lopez told. "It kills the economic potential
of the place."
However gains were limited amid pick-up in Chinas nickel ore/concentrate imports from Indonesia,
which helped counter falling imports from the Philippines.

Zinc

Zinc trading range for the day is 163.8-170.


Zinc prices dropped the market is getting worried about the tightening monetary process in China.
Also the Trump reflation trade is still unwinding because the market is not convinced that the tax package
will be approved.
The global zinc market is forecast to register a deficit of 226,000 tonnes in 2017, while the lead market
will be close to balanced, the ILZSG said.

BASE METAL

BASE METAL ( 26 - April - 2017 )

Base metals on Friday were trading higher though it showed a mixed trend throughout the week. Copper
tracked modestly higher, but warning about broader industry sentiment suggested weaker outlook. Nickel
gains as support seen after Philippine environment secretary Regina Lopez said she would ban open-pit
mining in the country.

COPPER - ( 26 - April - 2017 )

The central government incurs a revenue loss of Rs. 500 crore every year owing to non-payment of taxes
by the unregistered secondary copper market, which accounts for 45 per cent of the copper scrap
processed in the country, according to the International Copper Association India. The association says
the production of sub-material by the secondary industry has impacted the domestic market. The ICAI is a
member of Copper Alliance and the Indian arm of the International Copper Association Limited .

COPPER -( 25- April - 2017 )

On Friday base metals were trading lower. Copper miner Freeport-McMoRan warned it would punish
workers for absenteeism at its Indonesian unit, a day after one of its main unions announced plans to go
on one-month strike over employment conditions. While Freeport is expecting to soon seal agreements
with Jakarta to allow it to temporarily resume copper concentrate exports after more than three-month
hiatus, a strike could impact its efforts to ramp up production.
COPPER ( 20 - April - 2017 )

Copper prices rose by 0.65 per cent to Rs 363.55 per kg in futures trade today as speculators built up fresh
positions amid rising demand in domestic spot markets. In futures trading at the Multi Commodity
Exchange, copper for delivery in April traded higher by Rs 2.35, or 0.65 per cent, to Rs 363.55 per kg in a
business turnover of 3,189 lots. Metal for delivery in far-month June rose Rs 2.15, or 0.59 per cent, to Rs
367.75 per kg in 87 lots. Analysts attributed the rise in copper futures to a firm trend at the domestic
markets following pick up in demand from consuming industries.

ZINC ( 20 - April - 2017 )

Zinc futures traded 0.28 per cent lower at Rs 162.95 per kg today after speculators trimmed positions at
prevailing levels. In futures trading at the Multi Commodity Exchange, zinc for delivery in current month
declined 45 paise, or 0.28 per cent, to Rs 162.95 per kg. It clocked a business turnover of 1,032 lots. The
metal for delivery in May softened by 30 paise, or 0.18 per cent, to trade at Rs 163.50 per kg in 40 lots.
Market analysts said weakness in zinc futures trade was mostly due to profit-booking by speculators at
existing levels and muted demand at the domestic spot market.

NICKEL ( 20 - April - 2017 )

Nickel prices gained 0.26 per cent to Rs 612.50 per kg in futures trade today as speculators built up
positions, supported by rising demand from alloy-makers in the spot market even as base metals retreated
overseas. At the Multi Commodity Exchange, nickel for delivery in May moved up by Rs 1.60, or 0.26
per cent, to Rs 612.50 per kg in a business turnover of 199 lots. Similarly, the metal for delivery in April
traded higher by Rs 1.50, or 0.25 per cent, to Rs 606.40 per kg in a business turnover of 1,759 lots.

NCDEX - WEEKLY MARKET REVIEW

FUNDAMENTAL UPDATES OF AGRI MARKET -

SUGAR ( 1 - May - 2017 )

Raw sugar futures on ICE vaulted higher on Friday, on late-day buying just moments before the May
contract expired as the delivery was viewed as larger-than-expected.The London agricultural markets will
shut for a holiday Monday and reopen on Tuesday, while ICE Futures U.S. soft commodities will open
late on Monday at 7:30 a.m. EDT.

SUGAR

July raw sugar SBc2 settled up 0.7 cent, or 4.5 percent, at 16.13 cents per lb, its biggest one-day rally on
a continuation chart since Jan. 3.
It closed April down 4.4 percent, its third straight monthly fall after touching a one-year low on
Thursday.
Traders also eyed industrial unrest in top producer Brazil. August white sugar LSUc1 settled up $ 13.10,
or 2.9 percent, at $ 459.50 per tonne.

SUGAR ( 30- April - 2017 )

Raw sugar futures on ICE were higher on Friday, but remained on course for a weekly loss as the market
kept a close watch on the May contract due to expire later in the day.Coffee and New York cocoa prices
also rose, although the strength of sterling weighed on London cocoa.

SUGAR

July raw sugar SBc2 was up 0.22 cent, or 1.4 percent, to 15.65 cents per lb at 1210 GMT, regaining some
ground after the prior session's slide to a one-year low of 15.35 cents.
The contract, however, remained on track for a weekly loss of more than 5 percent.
Dealers said the main focus on Friday was the expiry of the May contract SBK7 , with a delivery of
around 750,000 to one million tonnes generally anticipated.
August white sugar LSUc1 was up $5.40 at $451.80 a tonne.

SUGAR ( 28- April - 2017 )

Sugar futures on ICE fell to one-year lows on Thursday, dropping for the fourth straight session on
follow-through selling that increased the spot raw contract's discount to the biggest in seven months ahead
of its expiry on Friday.

SUGAR

July raw sugar SBc2 settled down 0.14 cent, or 0.9 percent, at 15.43 cents per lb, after touching 15.35
cents, the weakest for the second position in a year.
The drop followed a 4.4 percent tumble on Wednesday, when total open interest dropped by more than
5,500 lots, with traders noting heavy speculative selling.
Dealers expected a large delivery of about 1 million tonnes as the May discount to July SBK7-N7 SB-
1=R fell to 0.26 cent, the biggest on a spot continuation chart since the October 2016 expiry.
Brazil's center-south sugar output in the first half of April was up sharply from the second half of March,
cane industry group Unica said. August white sugar LSUc1 settled down $ 6.90, or 1.5 percent, at $ 446.40
per tonne, also a one-year low.

SUGAR ( 27- April - 2017 )

Raw sugar futures prices firmed on Thursday as light short-covering helped the market partly correct after
it plunged to its lowest level in a year in the previous session.

SUGAR

July raw sugar SBc2 was up 0.19 cent, or 1.24 percent, at 15.57 cents per lb by 1134 GMT in low
volume, after earlier touching 15.69 cents.
Prices tumbled 4.4 percent in a record one-day trading volume on Wednesday, slipping to its weakest
since April 28, 2016 on a wave of speculative selling.
The market remained only marginally off the lows on Thursday, with dealers noting gains represented a
correction after it slipped into oversold territory.
The focus was on the expiry of the May SBK7 contract on Friday.
Exports from Brazil's center-south cane belt are expected to fall by 400,000 tonnes in the 2017/18 season,
industry group Unica said on Wednesday in its first estimate for the next crop. This is mainly due to a fall in
the cane crush, although the impact on sugar output will be partly offset by more cane being turned into
sugar and a higher level of sugar extraction.
Egypt's General Authority for Supply Commodities has can celled a purchase tender for at least 50,000
tonnes of raw sugar, it said on Thursday. August white sugar LSUc1 also rose $ 2.60, or 0.57 percent, to $
455.90 a tonne.

COFFEE ( 1- May - 2017 )

July arabica coffee KCc2 settled up 3.9 cent, or 3 percent, at $1.334 per lb, but closed April down 5.8
percent.
Arabica futures bounced up from Thursday's 10-1/2-year low at $1.2865, which was becoming a
technical support level.

COFFEE ( 30- April - 2017 )

Robusta coffee edged higher, but remained on track for a weekly loss of around 3.5 percent following a
bout of fund long liquidation earlier in the week.
July robusta LRCc2 rose $11, or 0.6 percent, to $1,921 a tonne. The second month slid to a low of $1,871
on Tuesday, its weakest since Sept. 6, 2016.

COFFEE ( 28- April - 2017 )

July arabica coffee KCc2 settled down 1.2 cents, or 0.92 percent, at $1.295 per lb, after falling to the
lowest on a continuation chart since June at $1.2865 on technical sell signals, traders said.

COFFEE ( 27 April - 2017 )

Coffee prices in Vietnam and Indonesia dropped this week following a tumble in London prices, traders
said on Thursday.The London ICE July contract LRCN7 had shed 11.3 percent over the past week as of
Wednesday's close, hitting a seven-and-a-half-month low on Tuesday as funds liquidate longs. 5-percent
black and broken grade 2 robusta COFVN-G25-SAI in Vietnam, the world's largest grower of robusta
beans, was quoted at a premium of $ 40-$ 50 per tonne to London's ICE July contract, compared with
discounts of $25-$35 last week.

COCOA ( 30- April - 2017 )

London cocoa prices were marginally lower, weighed partly by the strength of sterling, which climbed to
a seven-month high against the dollar on Friday.
Dealers said the market had regained some ground after sliding to a four-year low of 1,372 pounds last
week, but the scope for further gains appeared limited with the market still struggling to absorb a huge
harvest in Ivory Coast.

COCOA ( 28- April - 2017 )

July London cocoa LCCc2 settled down 9 pounds, or 0.6 percent, at 1,464 pounds per tonne, partly
pressured by a firmer pound GBP
The lifts in the market were purely down to short-covering and the fundamentals of oversupply are still
there," said one dealer.

WHEAT ( 28- April - 2017 )

Asian flour millers are facing tight supplies of a variety of Australian wheat which is used for making
mainly noodles as farmers hold back stocks amid near decade-low prices.Buyers are having difficulty in
getting shipments of Australian Standard White wheat for the coming months, which could force millers
to seek alternative supplies, traders and millers said.Asia is the world's biggest and fastest growing wheat
market, fuelled by rising consumption of noodles, flat breads and bakery products. China and India each
consume roughly 100 million tonnes a year and Indonesia has emerged as the world's second largest
wheat importer behind Egypt, buying more than 10 million tonnes in the year to June 2016, up 35 percent
on a year earlier.

PALM OIL ( 29- April - 2017 )

The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets.

FUNDAMENTALS

Malaysian palm oil futures reversed gains on Thursday evening as the market took profit after hitting a
two-week high.
Chicago corn and soybean futures edged higher on Thursday on concerns about weather delays to spring
planting and relief that the White House will not immediately withdraw the United States from the North
American Free Trade Agreement
Crude prices were slightly lower after a volatile session on Thursday, as the restart of two key Libyan
oilfields and concerns about lackluster gasoline demand fed concern over whether major oil producers can
alleviate the glut of global inventories.

MARKET NEWS

A gauge of world stock markets slipped on Thursday as a three-day rally stalled in the wake of a largely
expected U.S. tax cut plan, while the euro weakened after comments from European Central Bank President
Mario Draghi.
To view freight rates from Peninsula Malaysia/Sumatra to China, India, Pakistan and Rotterdam, please
key in OILS/ASIA2 and press enter, or double click between the brackets.
Reuters Terminal users can see cash and futures edible oil prices by double clicking on the codes in the
brackets: To go to the next page in the same chain, hit F12. To go back, hit F11.

EDIBLE OIL ( 27- April - 2017 )

Barring a fall in groundnut oil, major edible oil prices today generally ruled flat in the Vidarbha region of
Western Maharashtra in the absence of any worthwhile trading activity. Slackness in demand from millers
and retailers against adequate stocks mainly pulled groundnut oil prices down. No trader was in mood for
any commitment because of good recovery in international edible oils, sources said Thursday.

VIDARBHA MARKETS OILS

Soyabean, cottonseed, sunflower refined, linseed, rapeseed, castor and coconut KP oil
Traders expect nearly steady trend in major edible oils here.

SOYMEAL

Soymeal prices today recovered here on increased buying support from South-based traders.

SOYABEAN

Soyabean prices firmed up again in Nagpur Agriculture Produce Marketing Committee on increased
demand from local crushing plants amid weak supply from producing belts. Notable rise in soymeal, upward
trend in Madhya Pradesh soyabean prices and enquiries from South-based plants also jacked up prices.
Nearly 900 soyabean bags reported for auctions here,

EDIBLE OIL ( 24 - April - 2017 )

Select edible and non edible oil prices dipped up at the Vidarbha region of Western Maharashtra on
considerable fall in demand at prevailing levels, amid weak trends in overseas markets. Sentiment turned
weak as Malaysian palm oil and American soya digam reported weak. Fresh fall on NCDEX in soyabean
oil and downward trend in Madhya Pradesh edible oil prices also affected sentiment, according to
sources.

VIDARBHA MARKETS OILS


Soyabean, sunflower refined, linseed and rapeseed oil today declined sharply here in absence of buyers
amid good supply from producing regions.
Cottonseed, groundnut loose, groundnut refined, castor and coconut KP oil today ruled steady here in
sluggish trading activity.
Traders expect further fall in soyabean oil here.

SOYMEAL

Soymeal prices today ruled steady here but demand was poor.

SOYABEAN

Soyabean prices moved down in Nagpur Agriculture Produce Marketing Committee on lack of demand
from local crushing plants amid good supply from producing belts. Fresh fall in soyabean oil, no takers to
soymeal and downward trend in Madhya Pradesh soyabean mandi also pulled down prices.

About 700 soyabean bags reported for auctions here, according to sources.
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