10/11/2017

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Crude snaps two days losing streak on Thursday:

Crude oil futures bounced back and ended higher

on Thursday despite a report tempering
expectation for further supply cuts from OPEC.
Traders got some support with the ongoing
unrest in the Middle East, while Saudi Arabias
plan to slash crude exports too lifted sentiment.
It was reported that Saudi Arabia plans to cut its
crude exports by 120,000 barrels per day in
December compared with November, slashing
allocations to all regions. In recent days oil has
jumped to the highest in two years on
speculation the global oil market will re-balance
in the near future.

Copper futures edge lower on

MCX:
Copper futures edged lower on MCX as
speculators cut down positions at prevailing
levels to book profits even as metal
strengthened overseas.

Gold futures edge down on MCX:

Gold futures edged down on MCX as President

Donald Trump got down to talks with China's
President Xi Jinping over contentious trade
issues and tensions on the Korean peninsula.

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TECHNICAL ANALYST

GOLD
OUTLOOK:

TREND: - UP

RESISTANCE: - 29700, 29850.

SUPPORT: - 29450, 29350.

STRATEGY: - BUY ON LOW.

TECHNICAL OUTLOOK

The global Gold demand in Q3 fell to an eight-year low as ETF inflows slowed sharply, according to World
Gold Council's (WGC), Gold Demand Trends Q3 2017. The third quarter saw a 9% year-on-year (y-o-y)
drop in gold demand to 915 tonnes (t). Year-to-date (y-t-d) demand was down by 12%. ETFs had
another quarter of positive inflows, but at 18.9t, they fell far short of the 144.3t influx in Q3 2016. A
softer quarter in the jewellery sector (-3%) accounted for 17t of the y-o-y decline. Demand from other
sectors firmed: central banks bought a healthy 111t of gold (+25% y-o-y) while bar and coin investment
strengthened by 17% (to 222.3t), albeit from a low base.

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OUTLOOK:
SILVER
TREND: - UP

RESISTANCE: - 39850, 40050.

SUPPORT: - 39450, 39250.

STRATEGY: - BUY ON LOW.

TECHNICAL OUTLOOK

The Prices of silver were down on Thursday from the previous close. And at end of the day the prices
were settled at 39641 per 30 kilogram. On the higher side Rs 39900 per 30 kilogram as resistances were
noted while lows were at Rs 39455 per 30 kilograms as support noted. The metals remain under a
volatile zone.

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COPPER
OUTLOOK:

TREND: - UP

RESISTANCE: - 445.50,448.

SUPPORT: -440.50, 438.

STRATEGY: - BUY ON LOW.

TECHNICAL OUTLOOK

COMEX Copper lingered around its one week low as some buying emerged amid strong economic cues and
tight LME inventories scenario. The Organization for Economic Co-operation and Development area
composite leading indicator signaled stable growth momentum the region. The composite leading index
rose slightly to 100.2 in September from 100.1 in August. Eurozone is set for its fastest growth in a decade
this year, the European Commission said on Thursday. In its Autumn Forecast, the executive arm of the
European Union raised the euro area growth forecast for this year to 2.2% from 1.7%. The EU growth
forecast for this year was also lifted to 2.3% from 1.9% seen in the Spring projections. These cues capped
losses for the metal and the commodity currently trades at $3.08 per pound, down marginally on the day.
MCX Copper futures rebounded from a low under Rs 440 per kg and closed flat around Rs 445 per kg
levels. Expect continued buying in dips though weak global equities could cap upside.

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CRUDE OIL
OUTLOOK:

TREND: - UP

RESISTANCE: - 3740, 3770.

SUPPORT: - 3670, 3640.

STRATEGY: - SELL ON HIGH.

TECHNICAL OUTLOOK

MCX Crude oil futures soared 1% to close at Rs 3735 per barrel yesterday amid firm global cues and
supportive fundamentals for the commodity. However, modest declines are being witnessed in oil after
prices rose to more than two year highs. Weakness in equities is also weighing. US stocks slipped as
elevated levels triggered some profit selling amid worries linked to the US tax reform legislation. European
markets also took a tumble on poor corporate earnings. Asian stocks are in red with heavy losses for
Japanese equities. WTI Crude is lingering just above $57 per barrel, down 0.28% on the day.

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