BULLION METALS OUTLOOK -

GOLD -Gold reversed its fortunes somewhat last week, moving higher and ending what has been its worst tranche of losses in a
while. As a result, it may be worth taking a closer look at what was driving this price action and what it could mean moving forward.
In particular, we should take a look at the fundamental and technical factors that have been impacting,and will continue to impact, the
metal this week. For the first time in five weeks, gold prices finished the week higher. One development from this past week that
pulled the yellow metal higher was the Fed interest rate expectations slowing down into the remainder of 2017. This week, we get
some further insight from the Fed as their May 3 meeting minutes are released. Any surprises in the minutes may cause a reaction for
gold if it alters the rate hike path. Later in the week on Friday, we have US GDP and US Durable Goods releases, which could create
some short term volatility as well. Two weeks ago, Fed Fund futures were predicting a 57% chance of two rates hikes prior to the end
of 2017. Last week, that prediction fell to 51% and this week it fell further to 45%. This less aggressive rate hike path is causing the
US Dollar to weaken and for gold prices to strengthen. Ultimately, given the mixed nature of both the technicals and fundamentals,
its fairly hard to form a bias moving forward. However, on the balance of things, the evidence seems to suggest that downside risks
may be on the rise due to the increasing chances of a US rate hike and the presence of that technical reversal zone. As a result, we
have a fairly bearish view for the week to come but keep an eye on Trump as he has a propensity to impact the market erratically.
Overall trend of the Gold is bearish for medium-long term .Currently Gold is showing some up move after small correction and trend
is strong and supported with good volume The open interest is not increasing with trend . Caution note buying at higher levels seems
decreasing. The Gold is now trading in oversold level. The oscillator is showing BUY signal For short term Gold is in HOLD LONG
position.Positionally Support for the Gold is 28495 - 28151- 28098 -. Resistance for the Gold is 28762-28813-28940.

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 13 and 34 days
averages. Taken together, this would suggest that gold is potentially entering a new uptrend. Interestingly, this would be in agreement
with the Parabolic SAR reading which has been indicating that this has been the case for some time as well Bollinger Band also
indicating Some cautiousness in the market. Moreover, it would tend to indicate that the uptick in buying pressure last week is more
than a knee-jerk reaction. However, contrary to this, we have also seen stochastics trend almost into overbought and the existence of a
historical reversal point near the metals current price could limit gains without some strong fundamental support.

Monday, 22 .May .2017

SILVER -Within the past month, silver has gone from being one of the best-performing assets in financial markets to
giving away almost all of its gains this year, but one mining executive remains optimistic on the precious metal during this
volatile period. July Comex silver futures last traded at $ 16.265 an ounce, up only 3% from the low seen in December.
Last month, silver hit a five-month high at $ 18.585 an ounce, a gain of almost 18% from last years lows. Overall trend of
the Silver is bearish for medium-long term .Currently Silver is moving sideways The oscillator is on BUY Signal and
Silver is recovering from oversold level .In last 1 month volatality is very less and fresh Buy can be considered in the
Silver if it close above 39591 or buy with strict stop at 37354. The oscillator is on BUY Signal and Silver is recovering
from oversold level For short term Silver is in HOLD position.Positionally Support for the Silver is 38280-
38228-.Resistance for the Silver is 39585-40656-41282-41336.

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. From a technical perspective, Silver prices continue to be stuck in a
consolidation period. We anticipate Silver prices will likely hold above $ 17 for an eventual retest of $ 17.50. One pattern
we are following implies continued sideways action between $ 16 and $ 17 for the next couple of weeks before prices
break higher. Perhaps the resistance trend line noted below holds prices down. Even if Silver prices are suppressed, we
anticipate eventual support to emerge above $ 17.50. Silver price managed to breach 16.80 level and hold above it, which
reinforces the expectations of continuing the bullish on the next week trading session and short term basis, and the way is
open to head towards our next main target at 17.43. Therefore, we are waiting for more rise in the upcoming sessions,
supported by the EMA 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. On the MCX Precious metal to hold above
39340 for Any further Up move towards 39480-39560 in near-Term.
 MCX DAILY LEVELS

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

ALUMINIUM 31- MAY-17 131 129 127 126 125 124 123 121 119

COPPER 30- JUNE-2017 385 379 373 370 367 364 361 355 349

CRUDE OIL 19-JUNE-17 3451 3383 3315 3280 3247 3212 3179 3111 3043

GOLD 05-JUNE-2017 29414 29159 28904 28769 28649 28514 28394 28139 27884

LEAD 31- MAY-2017 147 143 139 137 135 133 131 127 123

NATURAL GAS 25-MAY2017 224 219 214 211 209 206 204 199 194

NICKEL 31- MAY-2017 646 630 614 605 598 589 582 566 550

SILVER 05-JULY-2017 40242 39825 39600 39424 39274 39098 38948 38622 38296

ZINC 31- MAY-2017 188 181 174 170 167 163 160 153 146

MCX WEEKLY LEVELS

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

ALUMINIUM 31- MAY-17 138 133 128 126 123 121 118 113 108

COPPER 30- JUNE-2017 406 392 378 372 364 358 350 336 322

CRUDE OIL 19-JUNE-17 3772 3575 3378 3277 3181 3080 2984 2787 2590

GOLD 05-JUNE-2017 31615 30543 29471 28866 28399 27794 27327 26255 25183

LEAD 31- MAY-2017 154 148 142 139 136 133 130 124 118

NATURAL GAS 25-MAY2017 261 245 229 222 213 206 197 181 165

NICKEL 31- MAY-2017 678 651 624 614 597 587 570 543 516

SILVER 05-JULY-2017 42169 41025 39881 39243 38737 38099 37593 36449 35305

ZINC 31- MAY-2017 199 188 177 172 166 161 155 144 133
 FOREX DAILY LEVELS

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

USDINR 29-MAY-17 65.20 65.12 64.88 64.66 64.32 64.08 63.95 64.86 63.48

EURINR 29-MAY-17 73.37 73.08 72.79 72.54 72.25 72.00 71.71 71.46 71.21

GBPINR 29-MAY-17 85.23 84.97 84.71 84.44 84.18 83.91 83.65 83.38 83.11

JPYINR 29-MAY-17 58.96 58.81 58.66 58.37 58.22 57.93 57.78 57.49 57.20

FOREX WEEKLY LEVELS

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

USDINR 29-MAY-17 66.73 66.18 65.63 65.17 64.62 64.16 63.61 63.15 62.69

EURINR 29-MAY-17 76.85 75.40 73.95 73.12 71.67 70.84 69.39 68.56 67.73

GBPINR 29-MAY-17 88.15 86.99 85.83 85.00 83.84 83.01 81.85 81.02 80.19

JPYINR 29-MAY-17 62.84 61.52 60.20 59.14 57.82 56.76 55.44 54.38 53.32
 NCDEX DAILY LEVELS

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

SYOREFIDR 20-JUNE-2017 634 633 632 632 631 631 630 629 628

SYBEANIDR 20-JUNE-2017 2971 2916 2861 2843 2806 2788 2751 2696 2641

RMSEED 20-JUNE-2017 3715 3700 3685 3679 3670 3664 3655 3640 3625

JEERAUNJHA 20-JUNE-2017 18971 18711 18451 18368 18191 18108 17931 17671 17411

GUARSEED10 20-JUNE-2017 3841 3789 3737 3721 3685 3669 3633 3581 3529

TMC 20-JUNE-2017 5646 5616 5586 5571 5556 5541 5526 5496 5466

NCDEX WEEKLY LEVELS

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

SYOREFIDR 20-JUNE-2017 649 642 635 632 628 625 621 614 607

SYBEANIDR 20-JUNE-2017 3067 2981 2895 2867 2809 2781 2723 2637 2551

RMSEED 20-JUNE-2017 3989 3894 3799 3750 3704 3655 3609 3514 3419

JEERAUNJHA 20-JUNE-2017 19540 19065 18590 18430 18115 17955 17640 17165 16690

GUARSEED10 20-JUNE-2017 4094 3944 3794 3737 3644 3587 3494 3344 3194

TMC 20-JUNE-2017 6214 6016 5818 5730 5620 5532 5422 5224 5026
MCX - WEEKLY NEWS LETTERS

INTERNATIONAL UPDATES ( BULLION & ENERGY )

GOLD

Gold prices were higher on Friday and notched the largest weekly gain since mid-April as political
uncertainty surrounding the Trump administration pressured the dollar lower, boosting demand for the
precious metal.Gold for June delivery closed up 0.18% at $1,255.07 on the Comex division of the New York
Mercantile Exchange. For the week, the precious metal was up 2.06%. The dollar came under renewed
selling pressure on Friday following reports that a senior White House adviser is a person of interest in the
investigation into alleged Russian interference in Novembers presidential election. The Justice Department
on Wednesday appointed a former FBI director as special counsel to investigate possible coordination
between the Trump campaign and Russia. Investor sentiment has been hit by fears that the U.S. political
system could become engulfed by crisis, preventing lawmakers from pushing through tax or spending
reforms. A weaker dollar tends to boost prices for gold, which is denominated in the U.S. currency.
Elsewhere in precious metals trading, silver rose 1.24% to $16.87 a troy ounce late Friday, while copper
climbed 2.19% to $2.58 a pound In the week ahead, investors will be looking at Wednesdays Federal
Reserve meeting minutes for fresh indications on the possible timing of the next U.S. rate hike. Revised data
on U.S. first quarter growth and private sector survey data out of the euro zone will also be in focus.
Gold demand in Asia was mostly subdued this week as buyers stayed on the sidelines due to a rebound in
bullion prices. The international benchmark spot gold XAU= gained nearly 2 percent this week, on track for
its biggest weekly gain since mid-April as political turbulence in the United States triggered safe-haven
demand. Bullion prices have risen about 3 percent since hitting an eight-week low of $ 1,213.81 on May 9.
"When compared with last year, physical demand in Asia has not picked up for the same period in 2017.
There could be some uplift if gold prices drop another $ 20-$ 30 per ounce," a Hong Kong-based precious
metals refiner said. In China, the world's top consumer of gold, demand for the metal fell after improving in
the previous three weeks. Premiums in China fell by about $5 an ounce to $10, traders said. Consumers in
China could return if benchmark prices dip to $ 1,220-$ 1,225. Premiums in Hong Kong were priced at
about 60 cents to $ 1 an ounce, almost unchanged from the week before. In India, the second-largest
consumer of the metal, gold demand this week remained tepid. "Wedding season is coming to an end.
Footfalls in showrooms were going down drastically in last few days.Local market gold futures MAUc1
were trading around 28,600 rupees per 10 grams on Friday, up nearly 2 percent from last week.
Gold prices were a bit lower in European trade on Thursday, but stayed near the highest level in two weeks
as investors kept an eye on fresh political developments in the U.S. amid uncertainty over the future of
President Donald Trump. Comex gold futures shed around $ 3.00, or about 0.3%, to $ 1,255.29 a troy ounce
by 3:00AM ET. Meanwhile, spot gold was at $ 1,255.51. Prices of the yellow metal jumped to an overnight
peak of $ 1,263.20, the most since May 1. Gold notched a sixth-straight winning session on Wednesday as
investors fretted over the latest news coming out of Washington. U.S. Justice Department Deputy Attorney
General Rod Rosenstein appointed former FBI director Robert Mueller as special counsel to take over the
investigation of Russia's alleged interference in the U.S. presidential election on Wednesday. That followed a
report on Tuesday that said President Trump asked then-FBI Director James Comey to shut down an
investigation into the actions of former National Security Advisor Mike Flynn.The US Dollar index , Which
measures the greenback s strength against a trade- weighted basket of six major currencies, was at 97.61 in
London morning trade.

Gold prices inched higher in European trade on Tuesday, trying for its fifth-straight winning session as signs
of slowing economic activity in the U.S. saw investors temper expectations for more rate hikes by the
Federal Reserve.Comex gold futures rose around $ 5.00, or about 0.4%, to $ 1,235.10 a troy ounce by
2:50AM ET . Meanwhile, spot gold was at $ 1,235.30. The yellow metal notched a fourth-straight winning
session on Monday after rising to its highest since May 4 at $ 1,237.40, following the release of
underwhelming U.S. manufacturing data. The New York Federal Reserves index of manufacturing
conditions contracted for the first time in seven months in May, as new orders and shipments turned
negative.
The NY Fed said on Monday that its general business conditions index fell to -1.0 this month from a reading
of 5.2 in April. Analysts had expected the index to inch up to 7.0 in May.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
Later on Tuesday, the precious metal could take cues from U.S. data on housing starts and building permits,
as well as industrial production figures, as investors look for further indications on the health of the worlds
largest economy.Markets are pricing in around a 74% chance of a hike at the Fed's June meeting. The
precious metal is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding
assets such as bullion. A gradual path to higher rates is seen as less of a threat to gold prices than a swift
series of increases. The dollar index, which tracks the greenback against a basket of six major currencies,
slipped to a more than one-week low of 98.53 in London morning trade.
Meanwhile, investors were also mulling the potential economic policy impact of a Washington Post report
that U.S. President Donald Trump divulged highly classified information during his meeting with Russian
officials last week. Market participants were also keeping a wary eye on developments in North Korea,
which successfully conducted a newly developed mid-to-long range missile test on Sunday aimed at
verifying the capability to carry a "large scale heavy nuclear warhead."
The United Nations Security Council is due to meet on Tuesday to discuss North Korea's latest missile
launch, which was requested by the U.S. and allies South Korea and Japan. Also on the Comex, silver
futures gained 12.5 cents, or about 0.8%, to $16.72 a troy ounce. Gold rose as U.S. political turmoil, a
missile test by North Korea and a worldwide cyber attack fueled demand for safe-haven assets, while weaker
than expected U.S. data pushed the dollar lower, making gold cheaper for holders of other currencies. gold
XAU= was up 0.2 percent at $ 1,230.15 an ounce by 2:11 p.m. EDT, on track for a third day of gains after
hitting an eight-week low of $ 1,213.81 last week. U.S. gold futures GCcv1 settled up 0.2 percent at $ 1,230.
"Continued unpredictability of the Trump administration, North Korea flexing its muscles again and weaker
data coming from the U.S. has helped bring back some interest. than expected U.S. data has reduced
expectations of aggressive interest rate increases by the U.S. Federal Reserve this year, though traders still
expect a rise in June. Higher interest rates tend to boost the dollar . DXY and push bond yields up, putting
pressure on gold prices by increasing the opportunity cost of holding non-yielding bullion. Gold prices pared
gains as the U.S. dollar came off its lows and U.S. 10-year Treasury yields bounced up from a 1-1/2-week
low. "Unless there is more stronger data, more than two rate hikes are not very likely in 2017. Money
managers' net longs in COMEX gold fell to the lowest in six-weeks in the week ending May 9. $ 34/oz
decline in gold prices during the week ended 9 May was accompanied by the second-largest weekly decline
in gross long positions. Gold demand, meanwhile, has strengthened in China and India, supporting prices.
other precious metals, silver XAG= was up 1.1 percent at $ 16.63 an ounce, after money managers cut their
net long stance in silver to the smallest since February 2016 from a record high last month.

AHEAD OF THE COMING WEEK SIGNIFICANT EVENTS LIKELY TO AFFECT THE

MARKETS.

Monday, May 22

Eurogroup finance ministers are to hold regularly scheduled talks in Brussels.

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

Tuesday, May 23

The euro zone is to publish survey data on private sector business activity.
The Ifo Institute is to report on German business climate.
Bank of England Governor Mark Carney and several other officials are to
testify on inflation and the economic outlook before Parliament's Treasury Committee.
Canada is to release data on wholesale sales.
The U.S. is to publish a report on new home sales.

Wednesday, May 24

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

The Bank of Canada is to announce its benchmark interest rate and publish a policy statement which outlines
economic conditions and the factors affecting the monetary policy decision.
The U.S. is to report on existing home sales.

The Fed is to publish the minutes of its latest policy meeting, giving investors insight into how officials view
the economy and their policy options.

Thursday, May 25

The UK is to publish revised data on first quarter growth, as well as preliminary data on business
investment.
The U.S. is to publish the weekly report in jobless claims.

Friday, May 26

The U.S. is to round up the week with data on durable goods orders and a
revised data on first quarter growth and consumer sentiment.

ENERGY

Oil prices rose on Monday, supported by reports that an OPEC-led supply cut would not only be extended
into next year but might also be deepened in order to tightening the market and prop up prices. Brent crude
futures LCOc1 were up 25 cents, or 0.5 percent, from their last close at $ 53.86 per barrel at 0035 GMT.
U.S. West Texas Intermediate crude futures CLc1 were back above $ 50 per barrel, trading at $ 50.62, up 29
cents or 0.6 percent. Both benchmarks have risen more than 10 percent from their May lows early in the
month. Prices have been lifted by expectations that a pledge by the Organization of the Petroleum Exporting
Countries and other producers, including Russia, to cut supplies by 1.8 million barrels per day would be
extended to March 2018, instead of covering just the first half of this year to March 2018. Crude oil prices
continued to trend higher as the market becomes increasingly confident that OPEC members will commit to
a rollover in the production cut agreement. The option of deepening the production cut was also being
discussed ahead of a meeting of OPEC and its allies in Vienna on May 25 to decide their output policy.
Oil futures settled at a four-week high on Friday, with prices scoring a weekly gain of more than 5% amid
optimism that key producers will extend output cuts beyond an agreed-on June deadline when they meet
later this month. The U.S. West Texas Intermediate crude June contract tacked on 98 cents, or around 2%, to
end at $50.33 a barrel by close of trade Friday, the first time it has settled above $50 in more than four
weeks. It touched the highest since April 21 at $ 50.53 earlier in the session. The U.S. benchmark rose $
2.49, or about 5%, on the week, the second straight weekly advance. Elsewhere, on the ICE Futures
Exchange in London, Brent oil for July delivery added $1.10 to settle at $ 53.61 a barrel by close of trade,
after hitting a daily peak of $53.82, a level not seen since April 19.For the week, London-traded Brent
futures recorded a gain of $ 2.77, or roughly 5.2%. Oil ministers from the Organization of Petroleum
Exporting Countries and other major producing countries will meet in Vienna on May 25 to decide whether
to extend their current production agreement beyond a June 30-deadline. In November last year, OPEC and
11 other Non-OPEC producers, including Russia, agreed to cut output by about 1.8 million barrels per day
between January 1 and June 30. Most market analysts expect the oil cartel to extend output cuts for a further
nine months until March 2018, instead of six months as previously expected.Oil was higher Friday after a
seesaw session overnight as the market swayed between supply glut concerns and hopes for an extension of
an output cut deal by major producers. U.S. crude was up 62 cents, or 1.26%, at $ 49.97 at 07:30 ET after
touching $ 50. Brent added 63 cents, or 1.20%, to $ 53.14. On the immediate front, investors are looking to
Baker Hughes U.S. rig count data later in the session. Forecasts for U.S. output this year have been raised in
the wake of a significant pick-up in U.S. drilling activity. That has raised the ante for OPEC and non-OPEC
producers to extend a deal to cut 1.8 million barrels a day in the first half to re-balance the market. Saudi
Arabia and Russia have backed a nine-month extension of the deal to March. OPEC and non-OPEC
producers are due to meet on May 25.
Oil futures rose on Friday to the highest in nearly a month on growing optimism that big producing countries
will extend output cuts to curb a persistent glut in crude, with key benchmarks heading for a second week of
gains. Brent crude LCOc1 was up 34 cents, or 0.7 percent, at $52.85 at 0358 GMT. The contract earlier rose
to the highest since April 21 and is on track for a 4 percent climb this week, its second week of gains. U.S.
crude oil CLc1 was up 38 cents, or 0.8 percent, at $ 49.73 a barrel, highest since April 26. The contract is
heading for a weekly increase of 4 percent. Since the beginning of March, crude prices have swung from
over $56 a barrel to under $47 as market participants were divided over the impact of rising output from the
United States versus production cuts by the Organization of Petroleum Exporting Countries and other
countries, including Russia.But market watchers are growing more confident that OPEC, Russia and other
big producers will extend cuts of almost 1.8 million barrels per day until the end of March 2018. U.S.
producers are not party to any agreements capping production.As with other markets, concerns about U.S.
President Donald Trump's agenda amidst investigations in Washington faded into the background. "With the
political turmoil easing in the U.S. overnight, the market will return to the fundamental drivers,Oil was
lower Thursday as the market weighed supply concerns against efforts by major producers to curb
production.U.S. crude was off 54 cents, or 1.10%, at $ 48.53 at 08:00 ET. Brent shed 55 cents, or 1.05%, to $
51.66. Oil gave up gains Wednesday posted on the Energy Information Administration reporting a fall of
1.75 million barrels in U.S. crude inventories. The EIA was forecast to report a drop of 2.36 million barrels.
The focus is now on a meeting on May 25 of OPEC and non-OPEC producers on a possible extension of
agreed output cuts. The Saudi and Russian energy ministers Monday lent support for a nine-month extension
in the output deal to the end of March.OPEC and non-OPEC producers have agreed to cuts of 1.8 million
barrels a day in the first half. The focus is also on U.S. drilling activity with the latest weekly Baker Hughes
rig count due out Friday.Oil prices dipped on Thursday, weighed down by plentiful supplies despite an
ongoing effort led by OPEC to cut production in order to tighten the market and prop up prices.
Brent crude futures LCOc1 were down 21 cents, or 0.4 percent, from their last close at $ 52 per barrel at
0148 GMT. U.S. West Texas Intermediate crude futures CLc1 were at $48.88, down 19 cents, or 0.4 percent.
The downward correction partly reversed gains from the previous session when prices rose on the back of a
drawdown in U.S. crude inventories and a slight dip in American production. The U.S. Energy Information
Administration said on Wednesday that crude inventories USOILC=ECI fell 1.8 million barrels for the week
to May 12, to 520.8 million barrels. the drawdown was smaller than expected, and many traders say there is
still more oil in the system than the market can absorb. Oil prices fell 1 percent on Wednesday after data
showed an increase in U.S. crude inventories, stoking concerns that markets remain oversupplied despite
efforts by top producers Saudi Arabia and Russia to cut output.Brent crude futures LCOc1 were down 53
cents, or 1 percent, from their last close at $ 51.13 per barrel at 0028 GMT. U.S. West Texas Intermediate
crude futures CLc1 were at $ 48.10, down 57 cents, or 1.1 percent, from their last settlement. U.S. crude oil
inventories rose by 882,000 barrels in the week ending May 12 to 523.4 million, compared with analyst
expectations for a decrease of 2.4 million barrels, data from industry group the American Petroleum Institute
showed on Tuesday. rally in crude oil prices that started after news that OPEC was ready to prolong its
production cut agreement stalled overnight, as the market awaits evidence of rebalancing. The fall in prices
came just days after Saudi Arabia and Russia said on Monday that they agreed the need for a 1.8 million
barrels per day. The International Energy Agency said on Tuesday that commercial oil inventories in
industrialised countries rose by 24.1 million barrels in the first quarter of the year, a time during which the
OPEC-led production cut was already in place. this, analysts said that an extension of the supply cut was
important. "The agreement by OPEC to extend cuts into 2018 is critical," said AB Bernstein in a note.
OPEC cuts will nevertheless lead to accelerated inventory drawdowns in 2H17, but the return to normalized
inventories will ... drag into 2018," it added.

Oil Tuesday held onto overnight gains posted on Saudi and Russian backing for an extension of an output
cut deal. U.S. crude was up 31 cents, or 0.63 %, at $ 49.16 at 08:00 ET. Brent crude added 33 cents, or
0.64%, to $ 52.15. The Saudi and Russian energy ministers Monday lent support for a Nine-month extension
of the output deal to the end of March. OPEC and non-OPEC producers have agreed to cuts of 1.8 million
barrels a day in the first half. A decision on the possible extension of the deal is expected at a meeting on
May 25. The market remains awash in inventories despite the cuts as the U.S. and other producers increase
their output. American Petroleum Institute stockpile data are due out later in the session. These will be
followed Wednesday by the Energy Information Administration inventories report. The forecast is for a draw
of 2.283 million barrels in U.S. crude stocks in the latest week.
The IEA Tuesday said the oil market was almost balanced in the first quarter. "Re-balancing is essentially
here, and, in the short-term, is accelerating, the IEA said in its monthly report. The agency said if OPEC
output is maintained at 31.8 mb/d in Q2 this would imply a stock draw of 700,000 barrels. But the
International Energy Agency said inventories might not have returned to five-year average at the end of the
year.
Saudi Arabia and Russia Monday backed a 9-month extension of an output cut deal to March next year. A
decision on the possible extension is expected at a meeting on May 25. OPEC and non-OPEC producers
have agreed to cut output by 1.8 mb/d in the first half. The IEA noted increased output by the U.S. and
possible higher production by Libya and Nigeria: The Paris-based agency left its demand growth forecast for
this year unchanged at 1.3 mb/d. Brent crude was up 0.25% at $51.95 at 06:00 ET.
Oil prices rose on Tuesday, extending gains after a joint announcement by top producers Saudi Arabia and
Russia to push for an extension of supply cuts until the end of March 2018 gained traction with other
suppliers. Brent crude futures LCOc1 were at $ 52.07 per barrel as of 0612 GMT, up 25 cents, or 0.5
percent, from their last close. U.S. West Texas Intermediate crude futures CLc1 were at $ 49.09 a barrel, up
24 cents, or 0.5 percent. In order to rein in a glut, Saudi Arabia and Russia said on Monday that they agreed
to the need for a 1.8 million barrels per day crude supply cut to be extended for nine months, until the end of
March 2018. there is no final deal yet despite the pledge by Saudi Arabia - the world's top exporter and de-
facto leader of the Organization of the Petroleum Exporting Countries - and top producer Russia, as the 12
remaining OPEC members and other producers participating in the cuts have to agree to the extension during
a meeting on May 25.

Oil jumped by over 3% Monday as Saudi Arabia and Russia agreed on the need to rein in output for another
nine months. U.S. crude was up $1.54, or 3.22% at $49.38 at 08:15 ET. Brent crude added $1.57, or 3.09%,
to $52.41. Saudi energy minister Khalid al-Falih and his Russian counterpart Alexander Novak issued a
statement saying the output cut deal should be extended to March of next year. OPEC and non-OPEC
producers have agreed to cuts of 1.8 million barrels a day in the first half. Russia and Saudi Arabia said an
extension of the deal was needed to reduce stockpiles and balance prices. A formal decision on the extension
is expected at a meeting on May 25. Baker Hughes Friday reported a rise of nine in the U.S. rig count to 712,
the highest since April 2015. Greater U.S. shale activity has eroded the impact of output cuts by major
producers. Oil surges on Saudi/Russian backing for output cut extension.

AHEAD OF THE COMING WEEK SIGNIFICANT EVENTS LIKELY TO AFFECT THE

MARKETS.

Tuesday, May 23
The American Petroleum Institute, an industry group, is to publish its weekly report on U.S. oil supplies.

Wednesday, May 24
The U.S. Energy Information Administration is to release weekly data on oil and gasoline stockpiles.

Thursday, May 25
Major global oil producers are due to meet in Vienna in order to decide on extending their current output-cut
deal.
The U.S. government is to produce a weekly report on natural gas supplies in storage.

Friday, May 26
Baker Hughes will release weekly data on the U.S. oil rig count.
BASE METALS OUTLOOK :

Trading Ideas:
Copper -
Copper trading range for the day is 353.5-371.3.

Copper recovered on rupee weakness while uncertainty about Donald Trump's future undermined
expectations of a boost to infrastructure spending in US.

China and U.S. domestic policy will dominate the path of least resistance for copper and other base
metals.

Weaker April economic data from China, which accounts for nearly half of global consumption of
industrial metals.

Aluminium -

Aluminium trading range for the day is 121.7-126.7.

Aluminium gained despite political uncertainty in the US hit hopes that President Donald Trump would
be able to boost infrastructure spending.

Base metals got support as Indian rupee weakened over 1.1%, its steepest fall in 21-month against the
US dollar.

US Commerce Department launched an investigation into whether aluminium imports from China and
elsewhere were compromising US national security.

Nickel -

Nickel trading range for the day is 575.5-605.9.

Nickel prices gained more that 1.5% despite investors shunned risk and bet on rising supply from
Indonesia and Philippines.

Metals prices found little support from data that showed Chinese real-estate prices climbed in April.

Demand for industrial metals expected to slow in China amid renewed focus on consumption

BASE METAL
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 - ( 22 - May - 2017 )

China is likely to step up imports of refined zinc from this month, industry sources said on Friday, as
dwindling global supplies of concentrate hit local output of the metal, used to galvanise steel. China's refined
zinc output marked its lowest in more than two years in April as the impact from the closure of major mines
in places such as Australia and Ireland stifled the concentrate supplies China relies on to churn out finished
metal.

Lead futures down 0.66 per cent hurt by muted demand ( 18 - May - 2017 ) -
Lead prices were trading down 0.66 per cent to Rs 134.55 per kg amid muted domestic demand in futures
trading today as participants trimmed exposure. Lead for delivery in May declined by 90 paise, or 0.66 per
cent, to Rs 134.55 per kg in a business turnover of 190 lots. Similarly, the metal for delivery in June shed 85
paise, or 0.63 per cent, to Rs 135.10 per kg in six lots. Marketmen said the fall in lead futures was due to a
weak trend at the domestic markets owing to muted demand from consuming industries, particularly,
battery-makers.

Copper futures fall 0.61 per cent on low demand ( 18 - May - 2017 ) -
Copper prices declined by 0.61 per cent to Rs 360.95 per kg in futures trade today as participants were
indulged in trimming positions amid subdued spot demand from consuming industries. At the Multi
Commodity Exchange, copper for delivery in June shed Rs 2.20, or 0.61 per cent, to Rs 360.95 per kg in a
business turnover of 680 lots. Similarly, the metal for delivery in August traded lower by Rs 1.95, or 0.53 per
cent, to Rs 364.95 per kg with a business of volume of two lots. Analysts attributed the fall in copper futures
trade to cutting short of positions by participants, triggered by a weak trend at the spot markets due to muted
demand.

Zinc futures soften 0.45 per cent as participants trim position ( 18 - May - 2017 )
Zinc futures traded 0.45 per cent lower at Rs 164.20 per kg today as speculators trimmed positions, tracking
a weak trend in base metals at the spot market. Zinc for delivery in June declined by 75 paise, or 0.45 per
cent, to Rs 164.20 per kg at the Multi Commodity Exchange. It clocked a business turnover of five lots.
Likewise, the metal for delivery in current month softened by 55 paise, or 0.33 per cent, to Rs 163.80 per kg
in 249 lots. Analysts said the weakness in zinc at futures trade was mostly attributed to a weak trend in select
base metals at the domestic spot markets on sluggish demand from consuming industries.

( 12 - MAY - 2017 )

COPPER -

Continuing its rising streak for the third straight day, copper prices strengthened by 0.25 per cent to Rs
363.30 per kg in futures trade today as speculators engaged in building up positions, tracking a firm trend at
spot market on improved demand At the Multi Commodity Exchange, copper for delivery in June traded
higher by 90 paise, or 0.25 per cent, to Rs 363.30 per kg, in a business turnover of 26 lots. In a similar
fashion, the metal for delivery in far-month August edged up by 40 paise, or 0.11 per cent, to Rs 359.25 per
kg in 3,353 lots. Analysts said expanding of positions by traders amid firm trend at spot market on rising
demand from consuming industries, mainly kept copper prices higher at futures trade.

( 12 - MAY - 2017 )

ALUMINIUM

Aluminium prices were up by 0.29 per cent to Rs 121.20 per kg in futures trading today as speculators built
up fresh positions amid upsurge in demand at the spot market. At the Multi Commodity Exchange,
aluminium for delivery in June edged up higher by 35 paise, or 0.29 per cent to Rs 121.20 per kg in business
turnover of 40 lots. Similarly, the metal for delivery in May contracts traded higher by 30 paise, or 0.25 per
cent to Rs 121.15 per kg in 599 lots. Analysts said fresh positions created by participants due to pick up in
demand from consuming industries in the spot market mainly led to rise in aluminium prices at futures trade.
NCDEX - WEEKLY MARKET REVIEW

FUNDAMENTAL UPDATES OF AGRI MARKET -

FUNDAMENTAL UPDATES OF NCDEX MARKET -

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.

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 June declined
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 Chinas 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 ( 18 - 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.

Cardamom futures down 1.37% on low demand ( 18 - May - 2017 ) -

Cardamom prices moved down by 1.37 per cent to Rs 1,010 per kg in futures trading today as speculators
cut their positions, tracking a weak trend at spot market on easing demand. At the Multi Commodity
Exchange, cardamom for delivery in June month fell by Rs 14, or 1.37 per cent to Rs 1,010 per kg in
business turnover of 87 lots. Likewise, the spice for delivery in far-month September contracts traded lower
by Rs 10.90, or 1.27 per cent to Rs 849 per kg in 2 lots. Analysts said offloading of positions by participants,
triggered by muted demand in the spot market against sufficient stocks position on increased supplies from
producing belts, mainly kept cardamom prices lower at futures trade.

Mentha oil futures extend losses, slide 0.62% on tepid demand ( 18 - May - 2017 ) -

Continuing its losing streak for the third day, mentha oil prices fell 0.62 per cent to Rs 958.50 per kg in
futures market today as speculators trimmed their positions amid weak demand at the spot market. At the
Multi Commodity Exchange, mentha oil for delivery in May month drifted lower by Rs 6, or 0.62 per cent to
Rs 958.50 per kg in business turnover of 126 lots. Likewise, the oil for delivery in June contracts shed Rs
3.40, or 0.36 per cent to Rs 930.30 per kg in 13 lots.

JEERA - ( 15- May - 2017 ) -

Jeera prices drifted lower by 2.56 per cent to Rs 18,070 per quintal in futures market today as speculators cut
down positions, tracking a subdued trend at spot market on tepid demand. Besides, ample stocks position on
increased supplies from the major growing regions in Gujarat and Rajasthan fuelled the downtrend. At the
National Commodity and Derivatives Exchange, jeera for delivery in June dropped by Rs 475, or 2.56 per
cent to Rs 18,070 per quintal with an open interest of 17,424 lots. Similarly, the spice for delivery in May
was trading lower by Rs 450, or 2.44 per cent to Rs 18,015 per quintal in 258 lots. Analysts said, offloading
of positions by participants owing to slackened demand in the spot market against adequate stocks position,
mainly kept pressure on jeera prices at futures trade.

CORIANDER ( 15 - May - 2017 ) -

Coriander prices fell by 3.08 per cent to Rs 5,504 per quintal in futures trade today as participants trimmed
positions, triggered by muted domestic as well as export demand at the spot market. Furthermore,
expectations of good crop production from major growing belts fuelled the downtrend. At the National
Commodity and Derivatives Exchange, coriander prices for delivery in June fell by Rs 175, or 3.08 per cent,
to Rs 5,504 per quintal with an open interest of 58,160 lots. Likewise, the spice for delivery in May traded
lower by Rs 169, or 3.01 per cent, to Rs 5,443 per quintal in 2,440 lots. Market analysts attributed the fall in
coriander futures to lower demand in the physical market against adequate stocks position on increased
supplies from producing regions.

CRUDE PALM OIL - ( 15 - May - 2017 ) -

Amid rising domestic demand and restricted supplies from producing regions, crude palm oil prices were up
by 0.50 per cent to Rs 503.60 per 10 kg in futures trade today as speculators built up fresh positions. At the
Multi Commodity Exchange, crude palm oil for delivery in May rose Rs 2.50, or 0.50 per cent to Rs 503.60
per 10 kg in a business turnover of 76 lots. Likewise, the oil for delivery in June traded higher by Rs 1.70, or
0.35 per cent to Rs 493.20 per 10 kg in 48 lots.

Analysts said fresh positions created by participants on the back of strong demand in the spot market against
tight stocks position on fall in arrivals from producing belts, mainly led to the rise in crude palm oil prices at
futures trade.

( May - 12 - 2017 )

SUGAR

Raw sugar futures on ICE edged higher on Friday as more positive technicals lent support, while cocoa
slipped as the market shrugged off signs of further unrest in top producer Ivory Coast.

SUGAR

July raw sugar SBc1 rose 0.12 cents, or 0.77 percent, to 15.75 cents per lb by 1124 GMT, regaining
some ground after falling 1.3 percent in the previous session on chart resistance.

Dealers said technicals were more supportive on Friday but the market's inability to break out of the
recent range had stifled appetite to test upward potential.

"The market is trying to push higher. However, sentiment remains uncertain and we could consolidate in
today's session," said Geordie Wilkes, analyst at Sucden Financial.

Participants were also monitoring weather risk, though chances for disruptions from an El Nino weather
event were seen as fading.

August white sugar LSUc1 was up $2.10, or 0.47 percent, at $449.70 a tonne.

Five major chocolate and candy companies announced a joint commitment on Thursday to reduce
calories in many sweets sold on the U.S. market. July London cocoa LCCc2 fell 7 pounds, or 0.46 percent,
to 1,523 pounds a tonne, while July New York cocoa CCc2 was down $9, or 0.46 percent, at $1,943 a tonne.

The market shrugged off further unrest in top producer Ivory Coast, where gunfire erupted in several
locations on Friday, including the military headquarters in Abidjan, as anger spread after some leaders of a
group of mutineers decided to drop demands for bonuses. "The market has heard these stories before and,
realistically, nothing is really happening," said one dealer. "For now, it's not affecting the flow of cocoa.
That's really what we have to see to get a reaction from the market."

Enduring worries about ample supplies were also reinforced by broadly crop-friendly weather in the
country, dealers said.
 A strike by dockers at Cameroon's main port in Douala on Friday blocked exports of cocoa and coffee, a
port spokesman told Reuters. The country is the world's fifth-largest cocoa producer. July robusta coffee
LRCc2 fell $1, or 0.05 percent, to$1,983 a tonne.

July arabica coffee KCc2 was off 0.45 cents, or 0.34 percent, at $1.338 per lb.

Colombia is expected to produce at least 15 million 60kg sacks of coffee next year, against 14.7 million
this year, Finance Minister Mauricio Cardenas said on Thursday.
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