GOLD -Gold on MCX settled up 0.14% at 28608 recovered from the day's low while Comex Gold prices were slightly lower down by $3.30 to settle at $1,245.80/oz extending this week's run of directionless trading amid mixed signals on US. An important feature in the marketplace this week has been rising world government bond yields.Earlier this week central bank officials, many of whom were

2. BULLION METALS OUTLOOK -
GOLD -Gold on MCX settled up 0.14% at 28608 recovered from the day's low while Comex Gold prices were slightly lower down
by $3.30 to settle at $1,245.80/oz extending this week's run of directionless trading amid mixed signals on US. An important feature in
the marketplace this week has been rising world government bond yields.Earlier this week central bank officials, many of whom were
speaking at a conference in Portugal, sounded a more hawkish tone on their monetary policies. It appears the central bankers of the
world are now embracing the US Federal Reserve’s notion that the time has come to start raising interest rates and winding down the
extraordinary quantitative easing programs that have been in place for nearly 10 years. The “easy money” from the central bankers the
past several years has been a bullish underlying factor for the precious metals markets. With the QE programs from the central banks
now ready to wind down further, it’s a bearish element for the metals. Yesterday’s encouraging economic news prompted speculation
the Federal Reserve will again raise interest rates in the coming months, but remarks from a top central banker made the case for
keeping rates on hold.While US gross domestic product expanded at a 1.4% annual pace in the first quarter, revised figures show.
That’s an improvement from the prior 1.2% reading and doubles the initial 0.7% estimate. Still, St. Louis Fed President James Bullard
said the current level of interest rates is appropriate for the low-inflation environment. Technically Gold market is getting support at
28483 and below same could see a test of 28358 levels, and resistance is now likely to be seen at 28681, a move above could see prices
testing 28754.
GOLD CHART
Chart Details -On the Above Given daily Chart of Gold has Applied Bollinger Band Along with Parabolic SAR both are now on
the Up move or Showing Some bullishness in it. Gold prices were down this week with the precious metal off by 0.98% to trade at
1243 ahead of the New York close on Friday. The losses come alongside weakness in broader equity markets with all three major
US indices flat / lower on the week. However, with concerns over a broader shift in the tone of global central bankers and growing
doubts regarding the future of fiscal policy, gold is caught between a rock and hard place with the technical outlook also
highlighting a near-term consolidation range. . Technically Gold market is getting support at 28483 and below same could see a test
of 28358 levels, and resistance is now likely to be seen at 28681, a move above could see prices testing 28754.
Monday, 03. July .2017

3. SILVER -Silver on MCX settled down -0.27% at 38599 as a flurry of comments from central banks bosses hinting at tapering
ultra-loose monetary policy measures weighed on prices. The U.S. economy slowed less than feared in the first quarter due
largely to a jump in consumer spending, providing a slightly more encouraging outlook for growth this year. The dollar extended
its losses on Friday as major central banks signalled that the era of cheap money was coming to an end in a boon to sterling, the
euro and Canadian dollar, while shares were hit by dismal performances of European and U.S. markets. The world's top central
bankers have delivered what seems to be a collective message this week that quantitative easing is being put back in its box and
interest rates are going up - and global markets are taking note.British Prime Minister Theresa May won backing for her policy
programme with a slender parliamentary majority on Thursday in the first test of her authority after an election setback and
growing pressure on her Brexit and austerity agenda. Global bond yields have ticked higher during the week, after The European
Central Bank, Bank of England, and Bank of Canada signaled that measures to tighten monetary policy could be adopted
relatively soon Comments concerning tighter monetary policy measures were expected from the Bank of Canada and the
European Central Bank but it was the change in tone from Bank of England governor Mark Carney that caught investors off
guard. Bank of England governor Mark Carney, appeared to reverse his recent assertion that there “was no need to raise rates
soon”, after he said on Wednesday that “some removal of monetary stimulus is likely to become necessary. Technically silver
market is under long liquidation as market has witnessed drop in open interest by -20.41% to settled at 8515 while prices down
105 rupees. Now Silver is getting support at 38334 and below same could see a test of 38068 levels, and resistance is now likely
to be seen at 38893, a move above could see prices testing 39186.
SILVER CHART
Detail of Chart -On the Above Given daily Chart of Silver has Applied Bollinger Band Along with Parabolic SAR both are
now on the Up move or Showing Some bullishness in it. there was a supposed “fat finger” order in silver which sent it sharply
lower in the span of a minute. Whether it was a fat finger, algo, or some other reason, the precious metal traded almost to the tick
to the 200-day MA before bouncing. It has support by way of the 200-day and a trend-line back to January. Looking for a little
more upside, but the 1260s will likely present problematic. Silver shot down into two trend-lines extending higher from December
of 2015 and 2016. The spike lower and reversal skews risk higher for now. Technically silver market is under long liquidation as
market has witnessed drop in open interest by -20.41% to settled at 8515 while prices down 105 rupees. Now Silver is getting
support at 38334 and below same could see a test of 38068 levels, and resistance is now likely to be seen at 38893, a move above
could see prices testing 39186.

4. MCX DAILY LEVELS✍
WEEKLY EXPIRY DATE R4 R3 R2 R1 PP S1 S2 S3 S4
ALUMINIUM 31-JULY-17 132 129 126 125 123 122 120 117 114
COPPER 31-AUG-2017 389 381 373 370 365 362 357 349 341
CRUDE OIL 19-JULY-17 3404 3295 3186 3134 3077 3025 2968 2859 2750
GOLD 04-AUG-2017 29707 29402 29097 28984 28792 28679 28487 28182 27877
LEAD 31-JULY-2017 144 141 138 136 135 133 132 129 126
NATURAL GAS 26-JULY-2017 206 202 198 195 194 191 190 186 182
NICKEL 31-JULY -2017 603 592 581 578 570 567 559 548 537
SILVER 05-JULY-2017 42918 41958 40998 40636 40038 39676 39078 38118 37158
ZINC 31-JULY-2017 176 172 168 165 164 161 160 156 152
MCX WEEKLY LEVELS✍
WEEKLY EXPIRY DATE R4 R3 R2 R1 PP S1 S2 S3 S4
ALUMINIUM 31-JULY-17 139 134 129 126 124 121 119 114 109
COPPER 31-AUG-2017 396 386 376 371 366 361 356 346 336
CRUDE OIL 19-JULY-17 3871 3622 3373 3227 3124 2978 2875 2626 2377
GOLD 04-AUG-2017 30110 29674 29238 29055 28802 28619 28366 27930 27494
LEAD 31-JULY-2017 153 147 141 138 135 132 129 123 117
NATURAL GAS 26-JULY-2017 269 246 223 208 200 185 177 154 131
NICKEL 31-JULY -2017 657 630 603 588 576 561 549 522 495
SILVER 05-JULY-2017 43437 42300 41163 40718 40026 39581 38889 37752 36615
ZINC 31-JULY-2017 192 183 174 169 165 160 156 147 138

5. FOREX DAILY LEVELS✍
DAILY EXPIRY DATE R4 R3 R2 R1 PP S1 S2 S3 S4
USDINR 27-JULY-17 64.96 64.84 64.72 64.74 64.55 64.47 64.43 64.38 64.31
EURINR 27-JULY-17 74.95 74.62 74.32 73.41 73.35 72.24 72.17 72.03 71.96
GBPINR 27-JULY-17 86.92 86.12 85.07 84.99 84.66 83.87 83.63 83.19 82.98
JPYINR 27-JULY-17 59.56 59.42 59.33 58.89 58.67 57.51 57.39 57.24 56.84
FOREX WEEKLY LEVELS✍
WEEKLY EXPIRY DATE R4 R3 R2 R1 PP S1 S2 S3 S4
USDINR 27-JULY-17 66.65 65.32 65.12 64.93 64.56 64.34 64.18 64.00 63.89
EURINR 27-JULY-17 76.65 75.64 74.28 74.02 72.90 72.56 71.94 71.52 71.16
GBPINR 27-JULY-17 88.69 87.73 86.72 86.29 85.83 85.35 84.89 83.42 82.99
JPYINR 27-JULY-17 65.60 64.83 63.60 62.95 61.53 60.04 59.43 58.18 57.65

6. NCDEX DAILY LEVELS✍
DAILY EXPIRY DATE R4 R3 R2 R1 PP S1 S2 S3 S4
SYOREFIDR 20-JULY-2017 664 656 648 644 640 636 632 624 616
SYBEANIDR 20-JULY-2017 3002 2951 2900 2877 2849 2826 2798 2747 2696
RMSEED 20-JULY-2017 3785 3723 3661 3635 3599 3573 3537 3475 3413
JEERAUNJHA 20-JULY-2017 20026 19661 19296 19103 18931 18738 18566 18201 17836
GUARSEED10 20-JULY-2017 3544 3494 3444 3416 3394 3366 3344 3294 3244
TMC 20-JULY-2017 6819 6671 6423 6540 6375 6302 6227 6079 5931
NCDEX WEEKLY LEVELS✍
WEEKLY EXPIRY DATE R4 R3 R2 R1 PP S1 S2 S3 S4
SYOREFIDR 20-JULY-2017 696 676 656 648 636 628 616 596 576
SYBEANIDR 20-JULY-2017 3035 2973 2911 2882 2849 2820 2787 2725 2663
RMSEED 20-JULY-2017 3969 3838 3707 3658 3576 3527 3445 3314 3183
JEERAUNJHA 20-JULY-2017 21273 20478 19683 19296 18888 18501 18093 17298 16503
GUARSEED10 20-JULY-2017 3936 3739 36542 3465 3345 3268 3148 2951 2754
TMC 20-JULY-2017 7692 7242 6792 6585 6342 6135 5892 5442 4992

7. MCX - WEEKLY NEWS LETTERS
INTERNATIONAL UPDATES ( BULLION & ENERGY )✍
GOLD✍
Gold prices were lower at the close on Friday and posted their first weekly decline since March as a rise in
global bond yields curbed investor demand for the precious metal. Gold for August delivery closed down
0.27% at $1,242.48 on the Comex division of the New York Mercantile Exchange, bringing the week’s losses
to 1.27%. The precious metal still ended the first half of the year with a gain of 8%, boosted by a decline in
the dollar to its lows of the year. Gold prices came under pressure amid indications that several major central
banks around the world are getting ready to join the Federal Reserve in tightening monetary policy. Investor
expectations mounted for tighter monetary policy across the globe after the heads of the European Central
Bank, the Bank of England and the Bank of Canada adopted a more hawkish view on monetary policy.
Hawkish signals from foreign central banks contrasted with doubts over whether the Federal Reserve will be
able to hike rates again this year given a recent batch of weak U.S. economic data and growing skepticism
that the Trump administration will be able to deliver on its pro-growth agenda. Benchmark U.S. Treasury
yields and German 10-year government bond yields hit five-week highs and the euro hit 14-month peaks as
investors assessed the likelihood that the ECB could soon start to unwind its quantitative easing program.
Gold is highly sensitive to rising rates, which lift the opportunity cost of holding non-yielding assets such as
bullion, but weakness in the dollar in which it is priced, has been offsetting the impact of higher yields.
Higher yields tend to increase the opportunity cost of purchasing commodities that don’t bear a yield.
Elsewhere in precious metals trading, silver was little changed at $16.58 a troy ounce late Friday.
Meanwhile, copper futures rose to a four-month high, rising 0.46% to $2.708 a pound, to end the month with
gains of 5.33%.
Gold prices edged lower on Friday, still weighed by the previous session’s upbeat U.S. economic growth
data, although hawkish comments by several central banks limited the greenback’s gains.
On the Comex division of the New York Mercantile Exchange, gold futures for August delivery eased 0.08%
to $1,244.91. The August contract ended Thursday’s session 0.26% lower at $1,245.80 an ounce. Futures
were likely to find support at $1,236.50, the of low June 26 and resistance at $1,255.70, the high from June
28. Official data on Thursday showed that U.S. gross domestic product rose 1.4% in the first quarter, revised
up from the previous reading of a 1.2% expansion. Analysts had expected growth to remain unchanged from
the prior revision. The upbeat data added to expectations for additional U.S. rate hikes this year. The Federal
Reserve hiked interest rates earlier this month and left the door open for further increases later in the year,
though a batch of mixed economic data recently has had investors wondering whether the Fed would be able
to stay on its planned tightening path.The precious metal is sensitive to moves in U.S. rates, which lift the
opportunity cost of holding non-yielding assets such as bullion. However, the U.S. dollar’s gains were

8. limited after European Central Bank President Mario Draghi indicated on Tuesday that the bank could soon
start to unwind its quantitative easing program.
Gold prices fell on Thursday as signs that central banks may scale back their ultra-loose monetary policy
pushed bond yields higher on both sides of the Atlantic, though a decline in the dollar to its lows for the year
lent support. Gold is highly sensitive to rising interest rates, which increase the opportunity cost of holding
non-yielding bullion. However, losses in the dollar .DXY , in which it is priced, have been offsetting the
impact of higher yields to keep gold rangebound. Spot gold XAU= was down 0.3 percent at $1,245.34 an
ounce by 2:25 p.m. EDT (1825 GMT), while U.S. gold futures GCcv1 for August delivery settled down 0.3
percent at $1,245.80. "It is a battle between U.S. dollar weakness and expectations of central banks removing
monetary stimulus. U.S. dollar weakness is supportive but the latter not," ABN Amro analyst Georgette
Boele said. A raft of hawkish comments from central banks this week signaled the era of easy money, which
helped gold hit record highs at $1,920.30 an ounce in 2011, might be coming to an end in more places than
just the United States. Benchmark U.S. Treasury yields and German 10-year government bond yields hit
five-week highs and the euro touched a 14-month peak as investors geared up for the prospect of the
European Central Bank scaling back monetary stimulus. Traders were also reevaluating the prospects for
U.S. President Donald Trump's policy agenda. part of Trump's travel ban going back into effect, there may be
a partial re-pricing of the rest of Trump's agenda in the market, this time to gold's detriment," RBC Capital
Markets said in a research note.
Gold premiums in India jumped to the highest level in 7-1/2 months this week as consumers advanced
purchases to avoid paying higher tax when a new nationwide sales tax takes effect from July 1. India, the
world's second-biggest gold consumer, has said it will impose a 3 percent goods and services tax (GST) on
gold, up from 1.2 percent currently. GST will replace a slew of federal and state levies from Saturday,
transforming Asia's third-largest economy into a single economic zone with common indirect taxes. gold
demand is usually weak in June, jewellery showrooms in key Indian cities like Mumbai and Kolkata were
crowded this week. "People are advancing buying to avoid paying additional tax," said Kumar Jain, vice
president at Mumbai Jewellers Association. Dealers were charging a premium of up to $10 an ounce this
week over official domestic prices, the highest since mid-November. Last week, the premium stood at only
$1. The domestic price includes a 10 percent import tax. "The supply is limited in the market. Sellers have
raised prices anticipating the GST," said a Mumbai-based dealer with a private bank. India's gold imports
surged fourfold in May from a year ago to 103 tonnes as jewellers increased purchases to replenish inventory
and stock up ahead of the new sales tax, provisional data from consultancy GFMS showed. top gold user
China, demand was slow, said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong.
Premiums in China ranged between $9 and $11 an ounce, compared to $8-$10 last week, traders said. In
Hong Kong, premiums were unchanged at 50 cents to $1. Demand from consumers and the industrial sector
was low, said a Tokyo-based trader, adding it may continue for the next few months with spot gold unlikely
to fall below $1,200 an ounce anytime soon.

9. Gold prices edged higher in European trade on Thursday, as the dollar extended its recent decline to the
lowest level since October, boosting the appeal of the yellow metal. Comex gold futures were at $1,252.69 a
troy ounce by 3:05AM ET , up $3.60, or around 0.3%. Gold ended higher on Wednesday to notch its fifth
gain in six sessions. Also on the Comex, silver futures ticked up 12.0 cents, or roughly 0.7%, to $16.84 a troy
ounce. The dollar wallowed at one-year lows against the euro and slipped against sterling as investors priced
in tighter monetary policy in Europe, following hawkish comments made by key central bank officials.
Sterling added to gains made after Bank of England Governor Mark Carney said on Wednesday that the
central bank is likely to need to raise interest rates as the British economy comes closer to operating at full
capacity. Meanwhile, European Central Bank President Mario Draghi sparked the euro's rally on Tuesday,
when he hinted that the ECB could trim its stimulus this year. The Federal Reserve hiked interest rates earlier
this month and left the door open for further increases later in the year, though a batch of mixed economic
data recently has had investors wondering whether the Fed would be able to stay on its planned tightening
path. The dollar index, which measures the greenback against a basket of six major currencies, was down
0.3% at 95.49 in early trade, its lowest since October 3. The buck came under additional pressure following a
delay of the healthcare bill vote by the U.S. Senate earlier in the week. Market participants are concerned
that the Trump administration will find it hard to follow through with tax cuts and fiscal stimulus steps,
without first getting the healthcare bill passed. On the data front, traders will also keep an eye out on a final
reading of U.S. first-quarter economic growth due later in the global day for further evidence on the health of
the world's biggest economy. The data is expected to show that the economy expanded at a 1.2% annual rate
in the first three months of 2017, unchanged from a preliminary estimate.
Gold prices edged higher in European trade on Wednesday, as the U.S. dollar and global stock markets
pulled back, boosting the appeal of the yellow metal. Comex gold futures were at $1,252.52 a troy ounce by
3:05AM ET (0705GMT), up $5.55, or around 0.5%. Gold edged higher Tuesday to notch its fourth gain in
five sessions. Also on the Comex, silver futures ticked up 17.7 cents, or roughly 1.1%, to $16.76 a troy
ounce. The dollar nursed its losses, having come under pressure overnight after U.S. Senate Majority Leader
Mitch McConnell delayed a vote on healthcare legislation until after the Senate's July 4 recess, hoping to get
more support from Republican senators. Market participants are concerned that the Trump administration
will find it hard to follow through with tax cuts and fiscal stimulus steps, without first getting the healthcare
bill passed. The dollar index, which measures the greenback against a basket of six major currencies, was
96.09 in early trade, after falling to its lowest since November at 95.92 in overnight trade. Meanwhile,
European and Asian stock markets slumped in wake of a downbeat performance on Wall Street overnight,
where shares fell across the board with the benchmark S&P 500posting its biggest one-day drop in about six
weeks.
Gold prices edged higher in European trade on Tuesday, recovering from the prior session's six-week low as
market players looked ahead to comments from Federal Reserve Chair Janet Yellen for further signs of the
central bank's likely rate hike trajectory through the end of the year. Comex gold futures were at $1,251.60 a

10. troy ounce by 3:05AM ET (0705GMT), up $5.10, or around 0.4%. It fell to its lowest since May 17 at
$1,236.50 a day earlier. Gold fell sharply Monday, with prices marking their first decline in four sessions, as
a large sell order and a stronger dollar hit sentiment. Also on the Comex, silver futures ticked up 6.5 cents, or
roughly 0.4%, to $16.63 a troy ounce, recovering from the prior session's seven-week low of $16.22. Fed
Chair Janet Yellen is due to speak about global economic issues at the British Academy's 2017 President's
Lecture in London at 1:00PM ET (1700GMT) on Tuesday. Audience questions are expected. Her comments
will be monitored closely for any new insight on policy and the timing of when the Fed will next raise
interest rates. The Fed chair could be asked about the U.S. central bank's plan to start shrinking its massive
balance sheet, which ballooned to $4.5 trillion in wake of the financial crisis. Besides Yellen, a pair of Fed
policymakers are due to make public appearances on Tuesday that may offer further insight into the debate
among policymakers on the likelihood of higher interest rates in the months ahead.
Ahead of the coming significant events likely to affect the markets.
Monday, July 3
Japan is to publish the results of the Tankan surveys of manufacturing and service sector activity.
China is to publish its Caixin manufacturing PMI.
The UK is to release data on manufacturing activity.
Financial markets in Canada are to remain closed for a holiday.
Bank of England Governor Mark Carney is due to speak at an event in Frankfurt.
Later Monday, the Institute for Supply Management is to publish its manufacturing index.
Tuesday, July 4
Australia is to release data on retail sales.
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 construction activity.
Financial markets in the U.S. are to remain closed for the Fourth of July holiday.
Wednesday, July 5
The UK is to release data on service sector activity.
The U.S. is to release data on factory orders.
Later in the day, the Fed is to publish the minutes of its latest monetary policy meeting.
Thursday, July 6
Australia is to release a report on the trade balance.
Switzerland is to publish its latest inflation figures.
The U.S. is to release the ADP nonfarm payrolls report for January as well reports on jobless claims trade,

11. while the ISM is to release its non-manufacturing PMI.
Canada is also to release data on trade along with a report on building permits.
Friday, July 7
The UK is to release industry data on house price inflation, as well as a report on manufacturing production.
Leaders from the G20 nation are to hold the first day of a summit meeting in Hamburg.
Canada is to publish its monthly employment report.
The U.S. is to round up the week with the non-farm payrolls report for June and the Fed is to publish its bi-
annual monetary policy report
ENERGY
Oil prices extended gains into a seventh session on Friday to log their biggest weekly gain since mid-May,
as investors were encouraged by fresh signals of a decline in U.S. crude production.
The U.S. West Texas Intermediate crude August contract rallied $1.11, or around 2.5%, to end at $46.04 a
barrel by close of trade Friday. It touched its highest since June 14 at $46.35 earlier. For the week, WTI
gained $3.03, or about 7%. However, prices still ended the first quarter with a loss of around 9% and tallied a
decline of about 14.3% for the first half of the year. Elsewhere, on the ICE Futures Exchange in
London, Brent oil for September delivery advanced $1.14, or 2.4%, to settle at $48.77 a barrel by close of
trade, after touching a high of $49.00 earlier in the session, a level not seen since June 14. London-traded
Brent rose $3.23, or roughly 6.8%, on the week. Year to date, Brent is still down roughly 14.2%. Energy
services company Baker Hughes reported on Friday that the number of active U.S. rigs drilling for
oil declined by two to 756 rigs at the end of last week. That marked only the second time the weekly oil-rig
count fell this year. Oil-rig numbers had climbed for 23 weeks in a row. The report came after U.S.
government data revealed that total domestic crude production fell by 100,000 barrels a day to 9.25 million
barrels for the week ended June 23. That was the biggest decline in weekly output since July 2016. Crude
reached bear-market territory late last month amid concern that the ongoing rebound in U.S. shale production
is derailing efforts by other major producers to rebalance the market. In May, OPEC and some non-OPEC
producers extended a deal to cut 1.8 million barrels per day in supply until March 2018. So far, the
production-cut agreement has had little impact on global inventory levels due to rising supply from
producers not participating in the accord, such as Libya and Nigeria, and a relentless increase in U.S. shale
oil output. Elsewhere on Nymex, gasoline futures for August rose 3.6 cents, or about 2.5%, to end at $1.513
on Friday, for a weekly gain of around 5.7%.
August heating oil finished up 3.2 cents, or 2.3%, at $1.483 a gallon, with an increase of almost 7.6% on the
week. Natural gas futures for August delivery dipped 0.7 cents to settle at $3.035 per million British thermal
units. It saw a weekly rise of roughly 3.6%.
In the week ahead, market participants will eye fresh weekly information on U.S. stockpiles of crude and
refined products on Wednesday and Thursday to gauge the strength of demand in the world’s largest oil

12. consumer. The reports come out one day later than usual due to the U.S. Independence Day holiday on
Tuesday. Meanwhile, traders will also continue to pay close attention to comments from global oil producers
for evidence that they are complying with their agreement to reduce output this year.
Oil Friday was on track for its biggest weekly gains since mid-May after an extended recovery supported by
a fall in U.S. output. U.S. crude was up 41 cents, or 0.91%, at $45.34 at 07:00 ET. Brent added 42 cents, or
0.88%, to $48.05. The Energy Information Administration Wednesday reported a fall in U.S. output to 9.3
million barrels in the latest week. Baker Hughes U.S. rig count figures are due for release later in the session.
Rising U.S. drilling activity has stymied efforts by major producers to reduce inventories by curbing their
output. OPEC and non-OPEC producers have agreed to cut production by 1.8 million barrels a day through
to March. Nigeria and Libya, which have been exempt from the OPEC-led cuts, have increased output
Crude oil futures on Friday were on track for their biggest weekly gain since mid-May, ending five weeks of
losses with prices underpinned by a decline in U.S. output. U.S. crude futures CLc1 have added 5.1 percent
this week, while benchmark Brent LCOc1has gained 4.8 percent, marking the biggest rise for both markets
since the week ending May 19. U.S. crude was trading up 0.6 percent, or 27 cents, at $45.20 a barrel at 0646
GMT on Friday, with Brent climbing 0.6 percent, or 30 cents, to $47.72 a barrel. "Oil prices received
momentum from Wednesday's U.S. data and the market rejected the lows that we saw. It has been a bullish
week for the oil market," said Michael McCarthy, chief market strategist at Sydney's CMC (NS:CMC)
Markets. "There are two key drivers. One is U.S supply side response to low oil prices. We could see more
gains if there is a further drop in oil output, and the other factor is a weaker U.S. dollar."Data indicating a fall
in U.S. production bolstered markets this week after crude prices hit a 10-month low last week in the face of
a mounting supply glut.
U.S. crude output fell 100,000 barrels per day (bpd) to 9.3 million bpd last week, the steepest weekly fall
since July 2016. the North Sea crude oil market is showing signs of long-lost strength, suggesting that some
of the pessimism that has driven down oil futures and created a record bet against a price rise may be
unjustified. Thursday, about 6 million barrels of North Sea Brent crude were being stored on ships, down
from four-month highs of as many as 9 million last week, and trading sources said it seemed now refineries
were starting to take in more cargoes. In recent weeks, funds have been unloading long speculative positions,
reducing bets on higher prices, while brokerages including Goldman Sachs (NYSE:GS) and Societe
Generale(PA:SOGN) have cut their 2017 forecasts for crude prices.
Oil continued to recover Thursday for the sixth session in a row supported by a fall in U.S. output in the
latest week and a drop in gasoline inventories. U.S. crude was up 54 cents, or 1.21%, at $45.28 at 08:00
ET. Brent added 56 cents, or 1.18%, to $48.10. The Energy Information Administration Wednesday reported
a fall in U.S. output of 100,000 barrels a day in the latest week to 9.3 million.
The drop might have been due to temporary factors such as weather conditions and maintenance work.
The EIA also reported a larger-than-expected drop in gasoline inventories, but crudeinventories were up
118,000 barrels against a forecast fall of about 2.5 million. Major producers are under growing pressure to

13. beef up output curbs as supply concerns continue to overhang the market. OPEC and non-OPEC producers
have agreed to reduce output by 1.8 million barrels a day through to March. Higher U.S. drilling activity and
output rises by Nigeria and Libya, which have been exempt from the OPEC-led cuts, continue to work
against the curbs as inventories remain high.
Oil prices rose to a two-week high in European trade on Thursday, extending gains into a sixth session after
U.S. government data revealed the biggest weekly decline in domestic crude production in almost a year.
The U.S. West Texas Intermediate crude August contract was at $45.12 a barrel by 3:35AM ET (0735GMT),
up 38 cents, or around 0.9%. It touched its highest since June 14 at $45.23 earlier. Elsewhere, Brent oil for
September delivery on the ICE Futures Exchange in London tacked on 37 cents, or about 0.8%, to $47.91 a
barrel, after hitting a two-week high of $48.03. Crude prices posted sharp gains on Wednesday, with the
commodity logging its fifth wining session in a row. Data from the U.S. Energy Information Administration
showed that total domestic crude production fell by 100,000 barrels a day to 9.25 million barrels a day for
the week ended June 23. That was the biggest decline in weekly output since July 2016. There was additional
support stemming from a decline in U.S. gasoline inventories, which more than offset an unexpected rise
in crude supplies. Oil prices have been under pressure in recent weeks as concern over rising U.S. shale
output canceled out production cuts by OPEC and non-OPEC members.Last month, OPEC and some non-
OPEC producers extended a deal to cut 1.8 million barrels per day in supply until March 2018.
Crude oil rose for a sixth straight session on Thursday to its highest since June 19 on a decline in U.S. output,
but ongoing worries about global oversupply continued to drag. U.S. West Texas Intermediate (WTI)
crude CLc1 had risen 21 cents, or 0.5 percent, to $44.95 per barrel by 0648 GMT, while benchmark Brent
futures LCOc1 gained 20 cents, or 0.4 percent, to $47.51 a barrel. "The fast ramp-up in shale drilling and the
unexpectedly large rebound in Libya/Nigeria production are on track to slow the 2017 stock draws. "This
creates risks that the normalisation in inventories will not be achieved by the time the OPEC cut ends next
March. We expect this will leave prices trading near $45 (a barrel) until there is evidence of a decline in the
U.S. horizontal oil rig count, sustained stock draws or additional OPEC production cuts." The U.S. Energy
Information Administration said crude stocks rose 118,000 barrels last week, while weekly production
declined 100,000 barrels per day (bpd) to 9.3 million bpd. That was the biggest decline in weekly output
since July 2016. There was additional support stemming from a decline in U.S. gasoline inventories. "Prices
were also supported after data showed another strong drawdown in inventories in the U.S.," "Gasoline
inventories fell 894,000 barrels. This suggests demand is starting to pick up, after a slow start to the U.S.
summer driving season." Other analysts and traders noted the U.S. production decline last week was related
to temporary factors like Tropical Storm Cindy in the Gulf of Mexico and maintenance work in Alaska that
will likely be reversed in coming weeks. global supplies are ample despite output cuts by the Organization of
the Petroleum Exporting Countries and other producing countries of 1.8 million bpd since January.
Crude oil futures rose for a sixth consecutive session on Thursday, as a decline in U.S. production

14. underpinned the market that has been under pressure from a global supply glut. U.S. West Texas Intermediate
(WTI) crude CLc1 rose 7 cents, or 0.2 percent, to $44.81 per barrel by 0003 GMT, while the benchmark
Brent futures LCOc1 gained 8 cents, or 0.2 percent, to $47.39 a barrel. WTI climbed to $44.90 a barrel,
matching Wednesday's peak price which was highest since June 19. The U.S. Energy Information
Administration (EIA) said crude stocks rose 118,000 barrels last week, while weekly production declined
100,000 barrels per day (bpd) to 9.3 million bpd. That was the biggest decline in weekly output since July
2016. There was additional support stemming from a decline in U.S. gasoline inventories. "Prices were also
supported after data showed another strong drawdown in inventories in the U.S. "Gasoline inventories fell
894,000 barrels. This suggests demand is starting to pick up, after a slow start to the U.S. summer driving
season." Other analysts and traders noted the U.S. production decline last week was related to temporary
factors like Tropical Storm Cindy in the Gulf of Mexico and maintenance work in Alaska that will likely be
reversed in coming weeks. rose after the EIA report, even though data showed a build instead of the 2.6
million-barrel draw that analysts had forecast in a Reuters poll.
Oil Wednesday struggled to recoup early losses as industry figures showed a rise in U.S. crude
stocks. U.S. crude was off 12 cents, or 0.27%, at $44.12 at 08:00 ET. Brent was off 1 cent. or 0.02% at
$46.91. The American Petroleum Institute Tuesday reported a rise of 851,000 barrels in U.S. crude stocks in
the latest week The Energy Information Administration is due to release official inventories later in the
session. The EIA is forecast to report a fall in U.S. crude stocks of 2.585 million barrels. Supply concerns
remain in place as higher U.S. output undermines the impact of production cuts by major producers. Nigeria
and Libya, which are exempt from the OPEC-led cuts, have also raised output. OPEC and non-OPEC
producers have agreed to reduce output by 1.8 million barrels a day through to March of next year. The curbs
in production have failed to make the desired inroads into high inventories.
Crude oil futures were largely unchanged in early Asian trade on Tuesday as the market took a breather
following three days of gains with a supply glut keeping a lid on prices. U.S. West Texas Intermediate (WTI)
crude futures CLc1 were down 2 cents at $43.36 per barrel by 0019 GMT and Brent crude
futures LCOc1 were flat at $45.83 per barrel. The market is up slightly so far this week, but Brent and U.S.
crude oil have dropped for the past five weeks. The Organization of the Petroleum Exporting Countries
(OPEC) and its partners have been trying to reduce a global crude glut with production cuts. OPEC states
and 11 other exporters agreed in May to extend cuts of 1.8 million barrels per day (bpd) until March.
However, Nigeria and Libya, OPEC members exempt from the cuts, have raised output. Iran was allowed a
small increase to recover market share lost under Western sanctions. It said its production has surpassed 3.8
million bpd and is expected to reach 4 million bpd by March. And U.S. shale oil output has risen around 10
percent since last year, with the number of U.S. oil rigs in operation at the highest in more than three years.
Hedge funds and other money managers appear to have abandoned all hope that OPEC will rebalance the oil
market, slashing formerly bullish bets on crude futures and options, John Kemp, a Reuters market analyst
said in a column. data showed that speculators had cut their net long positions in WTI and Brent to its lowest

15. level in 10 months last week.
Ahead of the coming week significant events likely to affect the markets.
Tuesday, July 4
Markets in the U.S. will remain closed for Independence Day.
Wednesday, July 5
The American Petroleum Institute, an industry group, is to publish its weekly report on U.S. oil supplies.
Thursday, July 6
The U.S. Energy Information Administration is to release weekly data on oil and gasoline stockpiles.
The U.S. government is also set to produce a weekly report on natural gas supplies in storage.
Friday, July 7
Baker Hughes will release weekly data on the U.S. oil rig count.
BASE METAL’S OUTLOOK
Trading Ideas : -
Aluminium -
 Aluminium trading range for the day is 121.4-124.8.
 Aluminium gains supported by continued concern about a crackdown by the Chinese government on
illegal and polluting smelters.
 China is "concerned" by Washington's probe into aluminium imports from the world's top producer of
the metal on national security grounds.
 China appointed a new environment minister who has promised a "protracted battle" to clean up the
nation's notoriously polluted air, water and soil.
Nickel
 Nickel trading range for the day is 591.8-605.6.
 Nickel prices gained supported by a weaker dollar and brighter factory growth China.
 A ban on open-pit mining in the Philippines enforced by former environment minister Regina Lopez has
"no legal basis" and is under review, a senior government official said

16.  The U.S. economy slowed less than feared in the first quarter largely due to a jump in consumer
spending.
Copper
 Copper trading range for the day is 378.1-387.7.
 Copper prices gained as falling supply and a weaker dollar lifted prices to their highest since April.
 Mining companies operating in Chile are examining restarting projects that were put on hold in recent
years due to a copper price slump.
 Copper stocks in LME warehouses are down more than 30 percent since early May to 243,300 tonnes.
BASE METAL
NICKEL✍ ( 02 – JULY – 2017 )
Nickel prices were trading marginally higher by 0.07 per cent to Rs 598.50 per kg in futures trade today as
speculators raised bets, driven by rising demand at the domestic spot markets amid covering of short
positions. In futures trading at the Multi Commodity Exchange, nickel for delivery this month was trading 40
paise higher, or 0.07 per cent up, at Rs 598.50 per kg, in a business turnover of 2,037 lots. The metal for
delivery in July was trading higher by 20 paise, or 0.03 per cent, to Rs 609.30 per kg in 192 lots. Analysts
said the rise in nickel prices at futures trade was mostly attributed to strong demand from alloy-makers at the
domestic spot markets coupled with covering-up of short positions in view of June expiry.
COPPER✍ ( 02 – JULY – 2017 )
Buoyed by a firm trend at the domestic spot markets on increased domestic demand, copper futures traded
0.18 per cent higher at Rs 384.55 per kg today. Moreover, covering-up of short positions, today being the
last day of June too influenced the metal's prices. At the Multi Commodity Exchange, copper for delivery in
June was trading up by 70 paise, or 0.18 per cent higher, at Rs 384.55 per kg, in a business volume of 1,938
lots. Similarly, the metal for delivery in August was trading up by 15 paise, or 0.04 per cent higher, to Rs
388.80 per kg in 876 lots. Traders said, firming trend in select base metals at the domestic spot markets on
pick-up in demand coupled with covering-up of short positions, supported the upside in copper futures here.
LEAD✍ ( 30 – JUNE - 2017 -)
Lead pries edged higher by 0.27 per cent to Rs 147.30 per kg in futures trade today after traders enlarged
positions amid pick-up in demand at domestic spot markets. At the Multi Commodity Exchange, lead for

17. delivery in June rose by 40 paise, or 0.27 per cent, to Rs 147.30 per kg in a business turnover of 482 lots.
The metal for delivery in July edged up by 35 paise, or 0.24 per cent, to Rs 148.10 per kg in 40 lots. Market
analysts said uptick in demand from battery-makers in the domestic spot markets, kept lead prices higher in
futures trade.
NICKEL✍ ( 30 – JUNE - 2017 -)
Nickel prices were trading up by 0.07 per cent to Rs 593.40 per kg in futures market today as speculators
raised bets amid a firming trend at domestic market on the back of increased demand from alloy-makers. In
futures trading at the Multi Commodity Exchange, nickel for delivery this month was trading a shade higher
by 40 paise, or 0.07 per cent, to Rs 593.40 per kg, in a business turnover of 617 lots. The metal for delivery
in July rose 30 paise, or 0.05 per cent, to trade at Rs 598.30 per kg in 290 lots. Analysts said increased
domestic demand from alloy-makers at the domestic spot markets, supported the upside in nickel prices at
the futures trade.
ZINC✍ ( 29 – JUNE - 2017 -)
Zinc prices eased 0.23 per cent to Rs 177.15 per kg in futures trade today as traders trimmed positions amid
profit-booking by participants. Besides, sluggish demand from consuming industries at domestic spot
market fuelled the downtrend. At the Multi Commodity Exchange, zinc for delivery in current month traded
lower by 40 paise, or 0.23 per cent to Rs 177.15 per kg in a business turnover of 919 lots. Similarly, the
metal for delivery in July shed 35 paise, or 0.20 per cent, to Rs 177.60 per kg in 66 lots. Analysts said the
weakness in zinc at futures trade was mostly attributed to profit-booking by participants at current levels
amid a subdued trend at the domestic spot markets due to low demand.
LEAD✍ ( 28 – JUNE - 2017 -)-
Lead fell 0.71 per cent to Rs 140.50 per kg in futures trade today as speculators reduced positions amid
muted spot demand. At the Multi Commodity exchange, lead for delivery in June contracts was trading Re 1,
or 0.71 per cent, down at Rs 140.50 per kg in a business turnover of 523 lots. Metal prices for delivery in
July also fell by Re 1, or 0.70 per cent, to Rs 141.30 per kg in 7 lots. Market analysts said slackened demand
from battery-makers in the domestic spot market led to the fall in lead futures prices here.
NICKEL✍ ( 28 – JUNE - 2017 -)
Nickel prices drifted lower by 0.26 per cent to Rs 581.30 per kg in futures trading today as speculators
trimmed positions amid a weak trend at the domestic physical markets on muted demand from alloy makers.
At the Multi Commodity Exchange, nickel for delivery in current month declined by Rs 1.50, or 0.26 per
cent to Rs 581.30 per kg in business turnover of 437 lots. Likewise, the metal for delivery in July contracts

18. traded lower by Rs 1.40, or 0.24 per cent to Rs 586.70 per kg in 81 lots. Analysts said apart from a weak
trend at the domestic spot markets due to sluggish demand from alloy makers, profit-booking by speculators
weighed on nickel futures.
NICKEL✍ ( 27– JUNE - 2017 -)
Nickel prices went up by 0.19 per cent to Rs 578.40 per kg in futures trade today as speculators raised their
bets, driven by pick-up in demand at the domestic spot markets. In futures trading at the Multi Commodity
Exchange, nickel for delivery in July month spurted Rs 1.10, or 0.19 per cent, to Rs 578.40 per kg, in a
business turnover of 84 lots. The metal for delivery in current month was trading higher by 70 paise, or 0.12
per cent, to Rs 572.90 per kg in 757 lots. Analysts said expanding of positions by speculators supported by a
rising demand from alloy-makers at the domestic spot markets, helped nickel futures to trade higher.
ALUMINIUM✍ ( 27– JUNE - 2017 -)
Aluminium remained higher and prices rose by another 0.12 per cent to Rs 121.60 per kg in futures trading
today as speculators engaged in largeing their positions, taking positive cues from spot market on strong
demand. At the Multi Commodity Exchange, aluminium for delivery in June month edged up by 15 paise, or
0.12 per cent to Rs 121.60 per kg in business turnover of 111 lots. Similarly, the metal for delivery in July
was enquired higher by a similar margin to Rs 122.10 per kg in 6 lots. Analysts said widening of positions
by traders, driven by rising demand from consuming industries in the physical market mainly kept
aluminium prices higher at futures trade.
✍ ZINC - ( 27– JUNE - 2017 -)
Zinc traded higher by 0.27 per cent to Rs 165.35 per kg in futures trade today as speculators raised their
bets. At the Multi Commodity Exchange, zinc for delivery in June month edged up by 45 paise, or 0.27 per
cent to Rs 165.35 per kg in business turnover of 1124 lots. Metal for delivery in July contracts traded higher
by a similar margin to Rs 165.80 per kg in 89 lots. Analysts said expanding of positions by participants on
the back of uptick in demand from consuming industries in the spot market, mainly attributed the rise in zinc
prices at futures trade.
NCDEX - WEEKLY MARKET REVIEW
FUNDAMENTAL UPDATES OF NCDEX MARKET -
Mentha oil prices up 0.30% on surging demand ( 02 – July – 2017 )
Mentha oil prices were trading up 0.30 per cent to Rs 895.80 per kg in futures market today after participants

19. raised bets on rise in demand from consuming industries at the spot market against restricted arrivals from
producing belts. At the Multi Commodity Exchange, mentha oil for delivery in July rose Rs 2.70, or 0.30 per
cent, to Rs 895.80 per kg, clocking a business volume of 95 lots. The oil for June delivery traded higher by
Rs 2.10, or 0.24 per cent up, at Rs 885 per kg, with a trading volume of 10 lots. Marketmen said raising of
bets by speculators, driven by rising demand from consuming industries in the spot market against restricted
supplies from Chandausi, led to the rise in mentha oil prices in futures trade.
Cardamom futures down 2% on fall in demand ( 02 – July – 2017 )
Cardamom prices fell 2 per cent to Rs 1,003.30 per kg in futures trade today as speculators reduced positions
amid low demand. Besides, sufficient stocks on higher arrivals from the major cardamom producing regions
too weighed on the prices. At the Multi Commodity Exchange, cardamom for delivery in July fell by Rs
20.40, or 2 per cent, to Rs 1,003.30 per kg, in a business turnover of 39 lots. Similarly, the spice for delivery
in August edged down by Rs 17.10, or 1.80 per cent, to Rs 933 per kg, with trading volume of just one lot.
Analysts said off-loading of positions by speculators amid higher supplies from producing regions and
sluggish demand in the spot market mainly pulled down cardamom prices in futures trade.
Crude palm oil futures up 0.62% on spot demand ( 02 – July – 2017 )
Crude palm oil prices were up by 0.62 per cent to Rs 483.40 per 10 kg in futures trade today as speculators
indulged in enlarging positions, driven by a firm demand at the spot market. Besides, a firming trend in
overseas markets supported the uptrend. At the Multi Commodity Exchange, crude palm oil for delivery in
July rose by Rs 3, or 0.62 per cent, to Rs 483.40 per 10 kg, in a business turnover of 499 lots. Similarly, the
oil for delivery this month went up by 0.40 paise, or 0.08 per cent, to Rs 490.80 per 10 kg in 101
lots. Analysts said widening of positions by participants amid pick-up in demand in the spot market against
tight stocks position on restricted supplies from producing regions, mainly kept crude palm oil prices higher
at futures trade.
Uptick in spot demand lifts jeera futures by 1.16% ( 02 – July – 2017 )
Jeera prices rose by Rs 220 to Rs 19,235 per quintal in futures market today after participants widened
positions backed by rising demand. Restricted supplies in the domestic spot market and some export
enquiries too supported the uptrend. At the National Commodity and Derivatives Exchange, jeera for
delivery in August rose by Rs 220, or 1.16 per cent, to Rs 19,235 per quintal, with an open interest of 6,735
lots. Likewise, the spice for delivery in July traded higher by Rs 200, or 1.06 per cent, to Rs 19,055 per
quintal in 8,694 lots. Traders said speculative positions built up by participants amid pick-up in domestic as
well as export demand mainly led to the rise in jeera prices in futures trade.

20. SUGAR✍ ( 30 – JUNE - 2017 )
Indian Sugar Mills Association (Isma) has demanded that the government should create a Price Stabilisation
Fund (PSF) to pay farmers the difference between the Fair and Remunerative Price of sugarcane set by the
government and price payable as per the revenue-sharing formula that prescribes sharing revenue between
farmers and sugar mills in 70:30 ratio respectively. Though there is no clarity about continuation of the Sugar
Development Fund post GST, the industry body is more concerned about the PSF. Isma presented its case to
the Commission for Agricultural Costs and Prices (CACP), which had met to deliberate upon and listen to
the views of the stakeholders about 2018-19 FRP. T Sarita Reddy, president, Isma, said, “We have no
apprehension paying the FRP to the farmers. However, we would like to have the price stabilisation fund in
place. The gap between the FRP and the price payable as per the revenue sharing formula should be filled in
with money from the Price Stabilisation Fund when sugar prices fall.” Claiming that along with the
recommendation to increase FRP, the CACP has been also recommending to the government to implement
the revenue sharing formula and set up PSF, Reddy said the government has acted only on the
recommendation to increase FRP.
MENTHA OIL✍ ( 30 – JUNE - 2017 )
Mentha oil prices drifted lower by 0.14 per cent to Rs 902.10 per kg in futures trade today as speculators
trimmed positions, driven by sluggish demand from industries at the spot market. Besides, ample stock
positions on higher supplies from producing regions too influenced mentha oil prices. At the Multi
Commodity Exchange, mentha oil for delivery in July traded lower by Rs 1.30, or 0.14 per cent, to Rs 902.10
per kg, in a business turnover of 394 lots. On similar lines, the oil for delivery in current month declined by
Rs 1.20, or 0.13 per cent, to Rs 886.80 per kg in 176 lots. Analysts said offloading of positions by
participants due to subdued demand from consuming industries in the spot market against ample stock
positions on higher supplies from Chandausi in Uttar Pradesh mainly led to the decline in mentha oil prices
in futures trade.
CRUDE PALM OIL✍ ( 30 – JUNE - 2017 )
Crude palm oil prices fell 0.32 per cent to Rs 488.10 per 10 kg in futures trade today as speculators booked
profits at prevailing higher levels amid fall in demand at the spot market. Ample stocks following increased
supplies from the producing belts too fuelled the downtrend. At the Multi Commodity Exchange, crude palm
oil for delivery in the current month eased by Rs 1.60, or 0.32 per cent, to Rs 488.10 per 10 kg, in a business
turnover of 50 lots. On similar lines, the oil for delivery in July traded lower by 0.90 paise, or 0.18 per cent,
to Rs 474.70 per 10 kg in 163 lots. Analysts said besides profit-booking by speculators at prevailing higher
levels, fall in demand at the spot market, mainly weighed on crude palm oil prices.

21. CARDAMOM✍ (29 – JUNE – 2017 )
Cardamom prices were trading up by 1.81 per cent to Rs 950 per kg in futures trade today as speculators
enlarged positions amid an upsurge in physical demand in the domestic spot market. Furthermore, tight
supplies from major producing regions also supported the upside in cardamom prices. At the Multi
Commodity Exchange, cardamom for delivery in August rose by Rs 16.90, or 1.81 per cent, to Rs 950 per kg
with trading volume of 46 lots. Similarly, spice for delivery in July was trading up by Rs 2.40, or 0.23 per
cent, to Rs 1,030 per kg, in a trading volume of 84 lots. Traders said widening of positions by participants,
driven by surge in demand at the spot market against restricted supplies from producing regions, mainly kept
cardamom prices higher at futures trade.
CARDAMOM✍ (29 – JUNE – 2017 )
Cardamom prices fell 3.77 per cent to Rs 1,030 per kg in futures trade today as investors cut down their bets
amid slump in demand at the domestic spot market. Besides, sufficient stocks on higher arrivals from the
major cardamom producing regions too weighed on the prices.
At the Multi Commodity Exchange, cardamom for delivery in July contract fell by Rs 40.40, or 3.77 per
cent, to Rs 1,030 per kg, in a business turnover of 78 lots. Similarly, the spice for delivery in far-month
August edged down by Rs 28.80, or 2.99 per cent, to Rs 935.80 per kg, with trading volume of 18
lots. Analysts said offloading of positions by speculators amid higher supplies from producing regions and
sluggish demand in the spot market mainly pulled down cardamom prices in futures trade.
PALM OIL✍ (28 – JUNE – 2017 )
Crude palm oil prices were trading up by 0.32 per cent to Rs 470 per 10 kg in futures trade today as
speculators indulged in enlarging positions, driven by a firm demand at the spot market. Besides, a firming
trend in overseas markets supported the uptrend. At the Multi Commodity Exchange, crude palm oil for
delivery in July rose by Rs 1.50, or 0.32 per cent, to Rs 470 per 10 kg, in a business turnover of 206
lots. Similarly, the oil for delivery this month went up by Re one, or 0.20 per cent, to Rs 484.80 per 10 kg in
150 lots. Analysts said widening of positions by participants amid pick up in demand in the spot market
against tight stocks position on restricted supplies from producing regions, mainly kept crude palm oil prices
higher at futures trade.
SUGAR✍ (27 – JUNE – 2017 )
Movement of sugar has come to a standstill, drying up the supply pipelines, as traders, brokers and industrial
users await GST to be in place from July 1. Slack demand dragged mill level sugar prices down by about 3
per cent in June. "Pipelines are dry as wholesalers are not buying sugar.Apart from the excise duty of Rs 71
per quintal paid at the mill level, sugar was never taxed," said Ashok Jain, president, Bombay Sugar
Merchants' Association. Sanjiv Babar, managing director, Maharashtra State Co-operative Sugar Factories

22. Federation also confirmed the drop in mill level sugar sales. Sugar mills reported considerable fall in off-take
of sugar in May and June. "Compared to the usual monthly sugar sale of 6 lakh tonne to 6.5 lakh tonne in
Maharashtra, the sugar sale in May was just about 4 lakh tonne. We fear June sales could have dropped by
50 per cent to just about 3 lakh tonnes," said a Maharashtra miller. In the present scheme of taxation, buyers
pay Rs 71 per quintal as excise duty and Rs 124 per quintal as the sugar cess that goes into the Sugar
Development Fund, both at the mill gate. Industrial users like cold drink and ice cream makers, who use
sugar as an input for value addition, will get a higher setoff under GST where sugar has been included in the
5 per cent tax bracket.
CARDAMOM✍ (27 – JUNE – 2017 )
Cardamom prices declined by 0.74 per cent to Rs 1,057 per kg in futures trade today as speculators cut down
their bets, prompted by ample stock position following higher supplies in the spot market. At Multi
Commodity Exchange, cardamom for delivery in July fell by Rs 7.90, or 0.74 per cent, to Rs 1,057 per kg in
business turnover of 9 lots. Analysts said offloading of positions by speculators, driven by sufficient stocks
from producing regions, mainly influenced the prices.
PALM OIL✍ (27 – JUNE – 2017 )
Continuing its losing streak for the third straight day, crude palm oil eased 0.04 per cent to Rs 482.20 per 10
kg in futures trading today as speculators reduced their positions on sluggish spot demand. At the Multi
Commodity Exchange, crude palm oil for delivery in June month eased by 20 paise, or 0.04 per cent to Rs
482.20 per 10 kg in business turnover of 25 lots. The oil for delivery in July month contracts traded lower by
a similar margin to Rs 468 per 10 kg in 101 lots. Analysts said trimming of positions by participants on the
back of subdued demand in the spot market against adequate stocks position mainly kept crude palm oil
prices down at futures trade.
MENTHA OIL✍ (26 – JUNE – 2017 )
Mentha oil prices drifted lower by 0.77 per cent to Rs 920 per kg in futures market today as participants
offloaded their positions amid easing demand in the physical market. Besides, adequate stock position on
increased supplies from producing belts fuelled the downtrend. At Multi Commodity Exchange, mentha oil
for delivery in June fell by Rs 7.10, or 0.77 per cent, to Rs 920 per kg in a business turnover of 168
lots. Likewise, the oil for delivery in July contracts declined by Rs 6.70, or 0.71 per cent, to Rs 933.60 per kg
in 119 lots. Analysts said trimming of positions by traders due to fall in demand from consuming industries
in the spot market against adequate stock position on increased arrivals from Chandausi in Uttar Pradesh
caused the decline in mentha oil prices.

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