11/10/2017

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Crude oil futures surge as Saudi Arabia vows to reduce

monthly crude exports:

Crude oil futures surged on Tuesday after Saudi

Arabia vowed to reduce monthly crude exports amid
expectations that market rebalancing is underway.
Saudi Arabia pledged to cut its November crude oil
exports by 7% or 560,000 barrels a day, compared
with the same period last year in order to strengthen
the market rebalancing process. OPEC Secretary
General Barkindo said that 'We urge our friends, in
the shale basins of North America to take this shared
responsibility with all seriousness it deserves, as one
of the key lessons learnt from the current unique
supply-driven cycle.

Comex copper futures end

higher on Tuesday:
Comex copper futures ended higher on Tuesday,
while London copper prices reached their highest
level in four weeks as speculators kept buying in
response to expectations of potential shortages in
China. China announced plans in July and August to
curb waste imports, including scrap metal, but it was
unclear how severe the restrictions would be on
copper. Copper on LME improved further after news
that Congos mines minister has ordered a joint
venture of Chinese investors to stop exporting raw
copper and cobalt before processing because of their
low value on international markets.

Gold futures end higher on Tuesday:

Gold futures ended higher on Tuesday supported

by a softer dollar and geopolitical tensions in Spain
and North Korea, though gains were capped by
expectations of another US interest rate increase.
Traders were keeping a close eye on Europe,
where a region of Spain threatens to break away
from the nation. Also there is speculation that the
European Central Bank may consider reducing its
asset purchase program.

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TECHNICAL ANALYST

GOLD
OUTLOOK:

TREND: - UP

RESISTANCE: - 29900, 30000.

SUPPORT: - 29700, 29600.

STRATEGY: - SELL ON HIGH.

TECHNICAL OUTLOOK

COMEX Gold futures hit a one and half week high, approaching near $1300 per ounce before pulling back on record
high US equities and sound global economic data. Gold has rebounded from a two month low but an extremely
buoyant undertone in equities is capping upside for the metal. The metal pulled back further in Asia today and
currently trades at $1290 per ounce, down 0.23% on the day. MCX Gold futures closed at Rs 29817 per 10 grams, up
0.29% on the day.

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OUTLOOK:
SILVER
TREND: - UP

RESISTANCE: - 40300, 40500.

SUPPORT: - 39900, 39700.

STRATEGY: - SELL ON HIGH.

TECHNICAL OUTLOOK

The Prices of silver were flat on Tuesday. And at end of the day the prices were settled at 40327 per 30 kilogram. On
the higher side Rs 40440 per 30 kilogram as resistances were noted while lows were at Rs 39980 per 30 kilograms as
support noted. The metals remain under a volatile zone.

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COPPER
OUTLOOK:

TREND: - UP

RESISTANCE: - 445,447.50.

SUPPORT: -440, 437.50.

STRATEGY: - BUY ON LOW.

TECHNICAL OUTLOOK

MEX Copper prices tested their highest levels in four weeks around $3.05 per pound on Tuesday as speculators kept
buying in response to expectations of potential shortages in China. China announced plans in July and August to curb
waste imports, including scrap metal, but it was unclear how severe the restrictions would be on copper. Helping
copper was a news report that Congo's mines minister has ordered a joint venture of Chinese investors to stop
exporting raw copper and cobalt before processing because of their low value on international markets. MCX Copper
added 0.83% to close at Rs 443 per kg. The break above Rs 440 could sustain following the strong global economic
momentum.

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 11/10/2017

CRUDE OIL

OUTLOOK:

TREND: - DOWN

RESISTANCE: - 3370, 3400.

SUPPORT: - 3310, 3270.

STRATEGY: - SELL ON HIGH.

TECHNICAL OUTLOOK

WTI Crude oil futures added nearly 3% to hit around $51 per barrel as the DOW hit a record high and media reports
stated that Saudi Arabia would cut its oil exports in November by 560,000 barrels a day. Worries about the output in
the Gulf of Mexico also stayed in place. The counter edged up in Asia today, currently trading at $51.06 per barrel, up
0.26% on the day. MCX Crude oil futures jumped 2.24% to close at Rs 3329 per barrel.

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