30/10/2017

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Crude oil futures trade marginally higher on MCX:

Crude oil futures traded marginally higher on

MCX as speculators enlarged their positions,
with Brent crude approaching $60 a barrel amid
tightening market expectations, buoyed by
comments from Saudi Arabia's Crown Prince
backing the extension of OPEC-led output cuts.

Copper futures end lower on

Friday:
Comex copper futures ended lower on Friday,
while London copper prices too fell after the US
dollar hit three-month high, making metals
more expensive for holders of other currencies.

Gold futures end higher on Friday:

Gold futures ended higher on Friday, finding

some support from uncertainty surrounding
the next US Federal Reserve chief, but prices
held on to a loss for the week as upbeat
economic data buoyed the dollar.

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TECHNICAL ANALYST

GOLD
OUTLOOK:

TREND: - DOWN

RESISTANCE: - 29450, 29550.

SUPPORT: - 29150, 29050.

STRATEGY: - SELL ON HIGH.

TECHNICAL OUTLOOK

COMEX Gold futures slipped near three week low before recovering. The metal slipped as the US dollar soared
following rather tepid comments from European Central Bank (ECB) President Mario Draghi following the central
bank's monetary policy decision Thursday. The ECB decided Thursday to cut the level of bonds it purchases every
month, but extend the length of time that its stimulus program runs. Its purchases will fall to 30 billion euros ($35
billion) from 60 billion euros, starting in January. However, Draghi said it was more appropriate to refer to the
reduction in asset buys as a form of downsizing rather than tapering - as was the case with the US economy.
Currency markets were quick to interpret as a sign of weakness in the Euro and Dollar index soared in no time,
extending its recent gains. The US dollar index has been supported off late amid impressive US economic data and
the ECB comments pushed it to near three month high, triggering a rally to levels near 95. COMEX Gold slipped in
tune with this, falling near $1270 per ounce levels. Spot prices in retail markets in India have dropped slightly under
Rs 29K levels and some demand can be seen getting triggered now after a tepid Diwali buying season.

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OUTLOOK:
SILVER
TREND: - DOWN

RESISTANCE: - 39350, 39550.

SUPPORT: - 38950, 38750.

STRATEGY: - SELL ON HIGH.

TECHNICAL OUTLOOK

The Prices of silver were down on Friday. And at end of the day the prices were settled at 39160 per 30 kilogram. On
the higher side Rs 39293 per 30 kilogram as resistances were noted while lows were at Rs 38925 per 30 kilograms as
support noted. The metals remain under a volatile zone.

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COPPER
OUTLOOK:

TREND: - DOWN

RESISTANCE: - 448.50,451.

SUPPORT: -443.50, 441.

STRATEGY: - SELL ON HIGH.

TECHNICAL OUTLOOK

COMEX Copper eased as a drop from three and half year highs extended on profit selling. Strength in US dollar is
emerging as a key theme for weakness in metals as traders took profits after massive surge in copper in last few
weeks. The fundamental backdrop remains rock solid for Copper though. According to a latest update from the
International Copper Study Group (ICSG), after growth of almost 6% in 2016, world mine production after adjusting
for historical disruption factors is expected to decline by around 3% in 2017 and grow by 2.5% in 2018: World mine
production increased strongly in 2016 benefiting from new and expanded capacity brought on stream mainly in Mexico
and Peru and the low frequency of supply disruptions due to strikes, accidents or adverse weather conditions. On the
contrary, world mine production in 2017 is being impacted by significant supply disruptions, namely in Indonesia and
Chile, reducing output in major mining production countries. In addition, overall lack of major new projects or
expansions and lower grades in planned mining sequencing in some countries negatively impacted world growth.
Therefore, world mine production is expected to decline by around 3% this year, with concentrate output declining by
around 2.5% and SX-EW output by around 3.5%, noted ICSG.

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CRUDE OIL

OUTLOOK:

TREND: - UP

RESISTANCE: - 3530, 3560.

SUPPORT: - 3470, 3440.

STRATEGY: - BUY ON LOW.

TECHNICAL OUTLOOK

TI Crude soared above $54 per barrel, hitting an eight month high as talk of top producer Saudi Arabia extending
supply cuts boosted the sentiments. Oil has risen in tandem with the global stocks off late. According to a latest
update from the IMF, the global upswing in economic activity continues, as we strive for higher, sustainable, broad-
based growth. The outlook is strengthening, with a notable pickup in investment, trade, and industrial production,
together with rising confidence. But the recovery is not yet complete, with inflation below target in most advanced
economies, and potential growth remains weak in many countries. WTI Oil had dropped to a one week low near $45
per barrel in end August 2017 but has rebounded swiftly thereafter. MCX Crude oil futures have matched the gains in
global prices extremely well and the managed to close above Rs 3500 per barrel.

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