Gold rose on Wednesday as the dollar steadied though analysts said the likelihood of higher U.S. rates later this year was likely to keep prices under pressure, while oversupply pushed platinum to its lowest since April. Spot platinum XPT= fell to $937.25 earlier, its lowest since touching $936.81

2. MCX DAILY LEVELS✍
DAILY EXPIRY R4 R3 R2 R1 PP S1 S2 S3 S4
ALUMINIUM 30-NOV-2016 118 116 114 112 112 110 110 108 106
COPPER 30-NOV-2016 329 324 319 316 314 311 309 304 299
CRUDE OIL 18-NOV-2016 3622 3535 3448 3393 3361 3306 3274 3187 3100
GOLD 05-DEC-2016 30409 30144 29879 29767 29614 29502 29349 29084 28819
LEAD 30-NOV-2016 141 138 135 134 132 131 129 126 123
NATURAL GAS 25-NOV-2015 241 234 227 222 220 215 213 206 199
NICKEL 30-NOV-2016 714 708 702 700 696 694 690 684 678
SILVER 05-DEC-2016 43652 43052 42452 42136 41852 41536 41252 40652 40052
ZINC 30-NOV-2016 156 154 152 151 150 149 148 146 144
MCX WEEKLY LEVELS✍
WEEKLY EXPIRY R4 R3 R2 R1 PP S1 S2 S3 S4
ALUMINIUM 30-NOV-2016 120 117 114 113 111 110 108 105 102
COPPER 30-NOV-2016 359 345 331 322 317 308 303 289 275
CRUDE OIL 15-NOV-2016 3836 3675 3514 3426 3353 3265 3192 3031 2870
GOLD 05-DEC-2016 30942 30517 30092 29874 29667 29449 29242 28817 28392
LEAD 30-NOV-2016 159 151 143 138 135 130 127 119 111
NATURALGAS 25-NOV-2015 263 248 233 225 218 210 203 188 173
NICKEL 30-NOV-2016 774 748 722 709 696 683 670 644 618
SILVER 05-DEC-2016 45025 44013 43001 42411 41989 41399 40977 39965 38953
ZINC 30-NOV-2016 178 169 160 155 151 146 142 133 124
Monday, 14 ]November 2016

3. WEEKLY MCX CALL
BUY ZINC NOV ABOVE 170 TGT 173 SL 167
BUY NATURAL GAS NOV ABOVE 183 TGT 192 SL 175
PREVIOUS WEEK CALL
BUY CRUDEOIL NOV ABOVE 3000 TGT 4000 SL 2994 - SL
FOREX DAILY LEVELS✍
DAILY EXPIRY
DATE
R4 R3 R2 R1 PP S1 S2 S3 S4
USDINR 26-OCT2016 67.80 67.70 67.60 67.50 67.40 67.30 67.20 67.10 67
EURINR 26-OCT2016 73.80 73.70 73.60 73.50 73.40 73.30 73.20 73.10 73
GBPINR 26-OCT2016 85.60 85.50 85.40 85.30 85.20 85.10 85 84.90 84.80
JPYINR 26-OCT2016 63.70 63.60 63.50 63.40 63.30 63.20 63.10 63 62.90
FOREX WEEKLY LEVELS✍
DAILY EXPIRY R4 R3 R2 R1 PP S1 S2 S3 S4
USDINR 26-OCT2016 68.10 67.90 67.70 67.50 67.30 67.10 66.90 66.70 66.50
EURINR 26-OCT2016 74.10 73.90 73.70 73.50 73.30 73.10 72.90 72.70 72.50
GBPINR 26-OCT2016 85.90 85.70 85.50 85.30 85.10 84.90 84.70 84.50 84.30
JPYINR 26-OCT2016 64.10 63.90 63.70 63.50 63.30 63.10 62.90 62.70 62.50
WEEKLY FOREX CALL
BUY GBPINR NOV ABOVE 85 TGT 86 SL 84
BUY EURINR NOV ABOVE 63.60 TGT 64.40 SL 62.90
PREVIOUS WEEK CALL
BUY GBPINR NOV ABOVE 83.60 TGT 84.60 SL 82.80 - SL

4. NCDEX DAILY LEVELS✍
DAILY EXPIRY
DATE
R4 R3 R2 R1 PP S1 S2 S3 S4
SYOREFIDR 20-DEC-2016 709 693 677 671 661 655 645 629 613
SYBEANIDR 20-DEC-2016 3197 3168 3139 3126 3110 3097 3081 3052 3023
RMSEED 20-DEC-2016 4694 4640 4586 4561 4532 4507 4478 4424 4370
JEERAUNJHA 20-DEC-2016 17618 17298 16978 16787 16658 16467 16338 16018 15698
GUARSEED10 20-DEC-2016 3806 3708 3610 3548 3512 3450 3414 3316 3218
TMC 20-DEC-2016 8043 7789 7535 7389 7281 7135 7027 6773 6519
NCDEX WEEKLY LEVELS✍
WEEKLY EXPIRY
DATE
R4 R3 R2 R1 PP S1 S2 S3 S4
SYOREFIDR 20-DEC-2016 714 696 678 672 660 654 642 624 606
SYBEANIDR 20-DEC-2016 3538 3403 3268 3190 3133 3055 2998 2863 2728
RMSEED 20-DEC-2016 4951 4811 4671 4603 4531 4463 4391 4251 4111
JEERAUNJHA 20-DEC-2016 18285 17765 17245 16920 16725 16400 16205 15685 15165
GUARSEED10 20-DEC-2016 3989 3836 3683 3585 3530 3432 3377 3224 3071
TMC 20-DEC-2016 8843 8289 7735 7489 7181 6935 6627 6073 5519
WEEKLY NCDEX CALL
BUY GUARSEED DEC ABOVE 3200 TGT 3300 SL 3100
BUY JEERA DEC ABOVE 16900 TGT 17400 SL 16494
PREVIOUS WEEK CALL
BUY GUARSEED DEC ABOVE 3370 TGT 3470 SL 3280 - NOT EXECUTED

5. MCX - WEEKLY NEWS LETTERS
✍ BULLION
Gold rose on Wednesday as the dollar steadied though analysts said the likelihood of higher U.S.
rates later this year was likely to keep prices under pressure, while oversupply pushed platinum to
its lowest since April. Spot platinum XPT= fell to $937.25 earlier, its lowest since touching $936.81
on April 6, before rising 0.1 percent to $ 946.20 an ounce at 1355 GMT. Spot gold XAU= was up
0.1 percent at $1,257.3 an ounce. Last week it fell to $1,241.20, its lowest since early June as
speculators cut bets on higher prices.U.S. gold futures GCcv1 was up 0.2 percent $1,258.4. Traders
were looking ahead to the minutes of the Federal Reserve's September policy meeting due at 1800
GMT. Higher U.S. rates could boost the U.S. currency which when it rises makes gold more
expensive for holders of other currencies. "We need the minutes to see what the thinking is on
timing, but it is clear the Fed will raise rates this year," Quantitative Commodity Research analyst
Peter Fertig said. "Today the dollar index appears to be steadying, that is a support, but the dollar is
generally stronger and that will weigh on precious metals." Analysts said investors who typically
buy gold as a hedge against political and financial uncertainty were shunning it and that was
reflected in holdings in physically backed exchange traded funds, which have plateaued overall this
week at above 57 million ounces. HLDTOTALL=XAU drying up of safe-haven demand, the risk of
profit-taking and the outlook for a stronger U.S. dollar suggest further pressure on prices. The U.S.
elections are the wild card to watch," Julius Baer analysts said in a note. "Our current view reflects
our base-case scenario of a Clinton presidency. The uncertainty coming with a Trump win is a
bullish element that however should be more than offset by the positive U.S. dollar impacts his
election would most likely come with."
Platinum and palladium have come under renewed pressure since the National Union of
Mineworkers signed a two-year wage agreement with Impala Platinum, effective July 1 to June
2018. "Both markets will register annual deficits for this year and next, but the high level of above
ground stocks means that there is no imminent physical tightness," Deutsche Bank said in a note.
are shunning platinum because they are not convinced stocks have shrunk enough to justify a return
to the market. Holdings of platinum-backed exchange traded funds fell this month to above 1.9
million tonnes, their lowest since mid 2013.
Gold prices edged lower on Friday as stocks firmed and the US dollar rose on expectations the
Federal Reserve would raise interest rates by the end of the year. Spot gold was down 0.1 per cent at
$1,256.50 an ounce by 0257 GMT. The metal was on track to end the week mostly flat. US gold
futures were steady at $1,257.90 an ounce. "People are happy to buy at these levels. But, there are a
lot of expectations of a Fed rate hike in December, which will be bearish for gold," said Ronald
Leung, chief dealer, Lee Cheong Gold Dealers in Hong Kong. There will also be some uncertainty

6. going into the elections, said Leung adding that if Democratic presidential candidate Hillary Clinton
wins over Republican Donald Trump then the dollar could strengthen and pull gold down. "Gold
looks a bit weaker on charts. We need to see if prices can hold at $1,240 levels ... then we would be
heading towards $1,260 and later to $1,275," he said. Spot gold may consolidate further in a narrow
range of $1,250-$1,266 per ounce for one day before falling to the October 7 low of $1,241.20,
according to Reuters technical analyst Wang Tao. Markets will next look to Friday's US retail sales
data and remarks from Fed Chair Janet Yellen, who will address a Boston Fed economics
conference at which Boston Fed governor Eric Rosengren will also speak. "We think its rate hiking
trajectory will remain very much intact," INTL FCStone analyst Edward Meir said in a note. "As a
result, the dollar will likely push higher going into year-end, offering gold its most formidable
headwind and even countering the impact of weaker equities." The dollar index, which measures the
greenback against a basket of six major currencies, gained 0.1 per cent to 97.612. Asian stocks
edged higher and the dollar bounced on Friday as global markets took a breather after being
churned by downbeat Chinese economic data the previous day. Global equity markets had slumped
to a three-month low on Thursday. Holdings of the SPDR Gold Trust, the world's largest gold-
backed exchange-traded fund, rose 0.28 per cent to 961.57 tonnes on Thursday. Among other
precious metals, silver edged 0.3 per cent lower at $17.39 an ounce. The metal was on track for its
third consecutive weekly loss. Platinum was down for the fifth straight session as it fell 0.3 per cent
at $933.75 an ounce. The white metal is down over 3 per cent this week. Palladium shed 0.3 per
cent to $636. 10 after having touched a new three-month low of $633.22 an ounce. The metal is
down over 4 per cent this week
✍ ENERGY
Oil prices on Tuesday retreated from one-year highs, after OPEC said it was trying to reach a global
agreement to cap production for at least six months amid doubts about how much that would reduce
a crude glut. The International Energy Agency, the energy watchdog of the West, said it was unclear
how rapidly global oil supply could fall in line with demand even if the OPEC Countries and major
producer Russia agreed on a steep output cut. "Net, we find that an agreement to cut production,
while increasingly likely, remains premature given the high supply uncertainty in 2017," Goldman
Sachs said in a note. a deal would be "self-defeating if it were to target sustainably higher oil
prices," Goldman said. Oil has rallied than 13 percent in less than two weeks since OPEC proposed
its first production curbs in eight years. Still, prices remain about half of mid-2014 highs above
$100 a barrel. On Tuesday, Brent crude LCOc1 settled down 73 cents, or 1.4 percent, at $52.41 a
barrel, retreating from a one-year high of $53.73 hit on Monday. U.S. West Texas Intermediate
crude CLc1 fell 56 cents, or 1 percent, to settle at $50.79. Global oil industry officials in Istanbul
for the World Energy Conference issued a raft of statements on OPEC's production plan.

7. Oil prices fell on Thursday after OPEC said its production had risen to the highest level in at least
eight years and following reports of an increase in U.S. crude stockpiles. International Brent crude
oil futures LCOc1 were trading at $51.37 per barrel at 0256 GMT, down 44 cents, or 0.85 percent,
from their previous close. U.S. West Texas Intermediate crude futures were down 54 cents, or 1.08
percent, at $49.64 per barrel.Traders said oil markets had come under pressure after the
Organization of the Petroleum Exporting Countries reported a rise in output, despite the producer
cartel having plans, potentially with non-OPEC producer Russia, to cut output in a bid to rein in a
global supply overhang. "Crude responded predictably, with both Brent and WTI falling," said
Jeffrey Halley, senior market analyst at brokerage OANDA in Singapore. OPEC on Wednesday
reported its oil production climbed in September to the highest in at least eight years and raised its
forecast for 2017 non-OPEC supply growth, pointing to a larger surplus next year despite the
group's deal to cut output. The producer cartel pumped 33.39 million barrels per day last month,
according to figures OPEC collects from secondary sources, up 220,000 bpd from August. the
absence of any OPEC-Russia headlines to give crude its daily adrenaline shot, the market looks
nervously to the EIA Crude Inventory figures due in the U.S. this evening," Halley added. The U.S.
Energy Information Administration is due to publish official storage inventory data later on
Thursday. The American Petroleum Institute, a trade group, reported on Wednesday that U.S. crude
inventories rose by 2.7 million barrels to 470.9 million barrels in the week to Oct. 7. This would be
the first rise in oil stocks following five straight weeks of declines. softer gasoline consumption,
flagging demand from China and the return of refineries from maintenance will likely drive up
global stock levels over Q4," BMI Research said in a note,
✍ BASE METAL
Zinc futures fell by 0.30 per cent to Rs 150.45 per kg today as speculators indulged in reducing
positions amid a weak trend in base metals overseas and low spot demand. Zinc for delivery in
current month shed 45 paise or 0.30 per cent to Rs 150.45 per kg at the Multi Commodity
Exchange. It clocked a business turnover of 734 lots. The metal for delivery in November too fell
by a similar margin to trade at Rs 151.10 per kg in 23 lots. Analysts attributed the fall in zinc futures
to cutting down of bets by participants, tracking weakness in base metals pack at the London Metal
Exchange amid concerns over China's economy.
Nickel futures traded 1.34 per cent down at Rs 697.10 per kg on Thursday as speculators reduced
their exposure, tracking a weak trend in base metals at the London Metal Exchange amid muted
demand at the domestic spot markets. At the Multi Commodity Exchange, nickel for delivery this
month shed Rs 9.50 or 1.34 per cent to Rs 697.10 per kg in a business turnover of 2,451 lots.The
metal for delivery in November too fell by Rs 8.90 or 1.25 per cent to trade at Rs 703 per kg in 114
lots. Market analysts said the fall in nickel prices was mostly in tune with a weak trend in the base

8. metals pack at the LME as an unexpected drop in Chinese exports spurred concern about the
outlook for the global economy.China's exports plummeted 10.0 percent year-on-year to $184.5
billion in September, government data showed on Thursday.Besides, muted demand from alloy-
makers at the domestic spot markets weighed on metal prices in futures trade here.Globally, nickel
prices retreated by 1.6 per cent at the LME, reversing earlier gains.
Lead prices were down 0.29 per cent to Rs 135.50 per kg in futures trading today as participants
reduced their exposure, triggered by subdued demand from consuming industries in the spot market
and weak global cues. At the Multi Commodity Exchange, lead for delivery in November month
declined by 40 paise, or 0.29 per cent to Rs 135.50 per kg in business turnover of 24 lots. Likewise,
the metal for delivery in current month contracts shed 25 paise, or 0.19 per cent to Rs 134.85 per kg
in 483 lots.
Marketmen said the weakness in lead futures was due to a sluggish demand from battery-makers at
the domestic markets, apart from weak global cues after China's exports unexpectedly declined,
raising global demand outlook.
NCDEX - WEEKLY MARKET REVIEW
The recent rains in Gujarat and Rajasthan and lower stocks in international market have boosted the
prospects of jeera, the second largest exported spice from India. The near month jeera futures prices
in Ncdex hovered around Rs 163 per kg on Saturday. But the November and December futures
prices are showing a higher price trend. The export demand going through a sluggish phase
following reduced buying by China and Hanjin shipping company fiasco is expected to pick up in
the months. ``Indian cumin is priced $200 lower than the stock in Syria and Turkey at $2500 per
tonne but there are no takers with China going slow on purchase. The bankruptcy of Hanjin
shipping company also led to delay in shipments affecting exports,’’ said Dipak Parikh, partner of
Kanu Krishna Corporation. The political turmoil in Syria and the depletion of stocks in that country
and Turkey, which are the two major producers of cumin after India, could lead to a shift in demand
to India in the coming months, according to Religare Broking. The falling rupee is also expected to
benefit the Indian exports in the medium term. The cumin exports at 41,000 tonnes valued at Rs
637.50 crore for three months to June 2016 had shown 55% increase in quantity and 50% rise in
value from a year ago. increase in quantity and 50% rise in value from a year ago. ``The good rains
in Gujarat region are good for cumin, the sowing of which will commence this month. Since the
situation is not ideal for coriander, another spice cultivated in these regions, farmers may shift to
cumin,’’ said KrishnakumarMenon, head of procurement of Eastern Condiments Pvt. Ltd., a major
curry masala company.
✍ Sugar
Sugar price rally dents expectations for Chinese imports The rally in sugar prices, coupled with

9. improved domestic production prospects, has dented expectations for purchases of the sweetener by
China, the top importer. The US Department of Agriculture's Beijing bureau cut to 6.0m tonnes its
forecast for Chinese sugar imports in 2016- 17 – ditching expectations of a rise in volumes. Indeed,
the downgraded figure was 1.9m tonnes below the USDA's official estimate. The reduced import
estimate "is a result of both higher domestic sugar cane production, a narrowing of domestic and
global sugar price spreads which makes smuggling less attractive, as well as a strengthening of
Chinese enforcement against illegal sugar trade," the bureau said in a report. Sugar Rally, Normal
Monsoon Rain Seen Trimming India Imports India may import less sugar than predicted three
months ago after global prices surged to a four-year high and the first normal monsoon in three
years boosted the outlook for domestic crop. Overseas purchases may total 1.25 million metric tons
in the year starting Oct. 1, the most since 2009-10, according to the median estimate of six traders
and analysts surveyed by Bloomberg. That compares with 2.1 mt predicted in a June survey.
Production is seen tumbling 10 % to 22.5 mt, the median estimate of another survey of 10 traders
and analysts showed. The Indian Sugar Mills Association estimates supplies next year will be
enough to meet domestic demand forecast at about 25.6 million tons with inventory of 7.5 mt. The
group says production will drop 6.8 percent to 23.4 million tons in 2016-17. Stockpiles are
sufficient to meet demand and the domestic prices are stable over the past six months, the
FoodMinistry said in an e-mailed statement on Wednesday.
✍ Soybean
Soybean futures closed lower on week due to reports of new season soybean crop from MP,
Rajasthan and Maharashtra. The most-active Oct’16 delivery contract closed 0.31% down to settle
at Rs. 3,225 per quintal. As per Soybean Processors Association of India recent survey across
Madhya Pradesh, Maharashtra, and Rajasthan India's soybean production in 2016-17 Jul-Jun to 10.9
mt, up 58% from the last year. Soybean production is estimated higher in all the three states, which
account for over 80% of the country's output. U.S. soybean fell as U.S. farmers are expected to
boost the pace of harvesting on forecasts of dry weather in the Midwest. Moreover, Brazil's
CONAB forecast that 2016/17 soybean production in the country, a key exporter, will rise to
between 101.9 million and 104 mt from 95.4 mt in the previous marketing year. The USDA
reported weekly soybean export sales rose to 2.180 mt from 1.693 mt a week ago, well above
forecasts for 1.2 mt to 1.5 mt.
✍ Mustard Seed
Mustard seed futures closed lower last week due to lower demand and expected to higher
production in the next season. There is expectation of pickup in physical demand from the industrial
buyers. The Oct’16 contract ended 1.40% lower last week to settle at Rs. 4,507/quintal. The
country's production of rapeseed, is expected to rise 6.3 mt, up 12.5 % from a year earlier. The
demand for mustard may pickup in physical market due to approaching winter.There are reports of

10. timely rains in EU rapeseed crops, which will enhance production after dry weather during sowing
season.According to latest USDA report, rapeseed crop is lowered for the European Union and
Russia, offsetting a modest increase in Canada. Widespread showers over in Europe boosted
rapeseed crop development after, but drought prompted farmers to sow less. The world production
is forecasted at 66.86 mt for 2016/17 season
✍ Refined Soy Oil
Refined soy oil closed lower last week due to expectation of sufficient stocks in the physical market
as import duty cut by the government. The most active Ref Soy oil Oct’16 expiry contract closed
0.41% lower last week. Recently, government increases the tariff value of crude soya oil to
$827/tonnes or 1.22% compared to previous fortnight. Government fixes the tariff value every
fortnight. As per SEA data, India's edible oil imports fell 8.4% to 1.25 mt in August, while
cumulative imports in the first 10 months of the current oil rose 4.0% to 12.04 mt. India Aug crude
soyoil import 333,599 tonnes, lower by 18 % compared to 406,116 tonnes year ago. Earlier, India
has cut import taxes on both crude palm oil and refined edible oils by 5% points to 7.5 and 15 %
respectively.
✍ Jeera
Jeera futures closed lower during the last week due to lower domestic and export demand. NCDEX
Oct’16 Jeera closed 3.55% down to close at Rs 16,715 per quintal. The physical stocks are
dwindling with the stockists but anticipation of good crop in the next season pressurizes the prices
in the futures market. According to the trade sources, jeera exports may have raise by 29% to
58,000 tonnes in Apr-Aug compared to last year figure of 45,000 tonnes. According Department of
commerce data, the exports of Jeera in thefirst four months Apr-Jun of 2016-17 is at 51,904 tonnes,
higher by 61.5% compared to last year same time. The exports of jeera during July 2016 decreases
20% m/m to 7,881 tonnes but increase y/y by 27.3%. As per 4thadvance estimate of Gujarat State
for 2015-16, production is pegged at 2.38 lt compared to 1.97 lt in 2014-15. In 2013-14, production
was 3.46 lt.
✍ Turmeric
Turmeric futures closed lower last week on forecast of dry weather across turmeric growing states
during the second half of October, which may be favorable for crop maturing and higher yield.
Turmeric Oct’16 delivery contract on NCDEX closed 3.84% down to settle at Rs 6,910 per quintal.
Lowering export demand in recent months is pressurizing prices The prices of turmeric are moving
sideways to down due to mixed fundamentals of good sowing acreage coupled with declining
supplies and forecast of higher rains in the state of Telangana. The demand from the industrial

11. buyers will support the prices just before new season harvesting. On the export front, country
exported about 42.923 tonnes of turmeric during April-July period up by 34,5% compared last year,
as per department of commerce data. Turmeric acreage in Telangana as on 28 Sep was up 12% at
46,000 hectares as compared to 41,000 hectares last year. Sowing of turmeric is over in 95% of
normal area and up by 107 % of normal sowing area.

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