GOLD -Gold on MCX settled down -0.52% at 28943 pauses it's run and slipped away trimming its recent gains as the dollar regained some ground ahead of a string of US data due later in the day and on Friday amid mounting hopes for a June rate hike by the Federal Reserve. Despite the recent run on resistance, day traders continue to buy on the dips.

2. BULLION METALS OUTLOOK -
GOLD -Gold on MCX settled down -0.52% at 28943 pauses it's run and slipped away trimming its recent gains as the dollar
regained some ground ahead of a string of US data due later in the day and on Friday amid mounting hopes for a June rate hike
by the Federal Reserve. Despite the recent run on resistance, day traders continue to buy on the dips. This suggests gold is likely
to find strong support between 28500 and 28600 range but with the significant volatility ahead of key data’s from US. Market
participants are cautious ahead of the FOMC meeting this month as positive payroll data from the United States could mean the
Fed will raise rates as expected at its June 13-14 meeting. Traders believe there is an 87 percent chance of a rate rise. While
Hedge funds are jumping back into gold. Money managers boosted their long positions in US futures by the most in almost a
decade in the week ended May 23, CFTC data show. Traders tracking Gold Silver ratio found ON Friday, Gold’s premium over
silver rose to 73.24 but traders taken opportunity to sell gold silver ratio. The Federal Reserve will hike rates at its June policy
meeting. The precious metal is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets
such as bullion. Technically Gold market is getting Support at 28864 and below same could see a test of 28785-28612-28532
level, And Resistance is now likely to be seen at 29028-29271-29486, a move above could see prices testing 29713.
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. The gold markets initially fell during the week but found enough support near
the $ 1260 in COMEX or 28420in MCX level to turn around and form a hammer. The hammer is a bullish sign, and a break
above the $ 1275 level shows real strength. There is a gap just above, but I think it’s only a matter of time before the gold markets
continue to go higher. The $ 1300 level beyond that is the next major barrier, and of move above there is even more bullish. WE
have no interest in shorting this market, as we continue to see plenty of buying opportunities on dips. The market continues to
have a lot of volatility built in, due to the uncertainty when it comes to various economic indicators. However, there are also other
concerns such as the geopolitical headlines out there that can move the markets just as much. The Significance levels for Precious
Metal is 28655-28480 is Down side, and 28996-29136-29246 is Up side.
Monday, 05. June .2017

3. SILVER -Silver on MCX settled down -0.71% at 39813 experienced significant volatility in Friday session pressured by a
rebound in the dollar, after a surge in number of private sector jobs the US economy created last month, set an upbeat tone and
Friday's better monthly jobs report. Also rising expectations of a June rate hike pushed the dollar and U.S. treasury yields to
session highs, which weighed on the precious metal. Silver prices continued to trade above $ 17 mark steadily near the highs of its
range and though it did not follow the gold prices in moving higher, it continues to look pretty strong and seems set to move
higher on the first signs of any trouble for the dollar.While Friday data point shown the US employment report in May,
announced by the private sector employment service company ADP in May, the number of private workers in Non-Agricultural
sector increased by 2,53,000 from the previous month, the market forecast 1,85,000 It exceeded the person.The dollar's
appreciation against the euro. Feeling of high price on goods such as bullion traded in dollar denominated, bullion was sold. In
addition, some observations that the rate hikes by the Fed's Federal Reserve Board will be accelerated in response to good
employment data also became a pressing material for bullion that does not generate interest rates. Technically Silver market is
getting support at 39909 and below same could see a test of 39405-39216level, And Resistance is now likely to be seen at 40441,
a move above could see prices testing 40496-40962.
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. The initially Signal for Silver was on Bull side and may the trend will be
continue for further Up side movement till 40749-40895, On the Other Side.Technical Strong Support for Silver is around 40039-
39947 and Strong Resistance is 406636-40958.

4. MCX DAILY LEVELS✍
DAILY EXPIRY DATE R4 R3 R2 R1 PP S1 S2 S3 S4
ALUMINIUM 30-JUNE-17 132 129 126 125 123 122 120 117 114
COPPER 30- JUNE-2017 389 381 373 370 365 362 357 349 341
CRUDE OIL 19-JUNE-17 3404 3295 3186 3134 3077 3025 2968 2859 2750
GOLD 05-JUNE-2017 29707 29402 29097 28984 28792 28679 28487 28182 27877
LEAD 30-JUNE-2017 144 141 138 136 135 133 132 129 126
NATURAL GAS 27-JUNE-2017 206 202 198 195 194 191 190 186 182
NICKEL 30-JUNE -2017 603 592 581 578 570 567 559 548 537
SILVER 05-JULY-2017 42918 41958 40998 40636 40038 39676 39078 38118 37158
ZINC 30-JUNE-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 30-JUNE-17 134 121 128 127 125 124 122 119 116
COPPER 30- JUNE-2017 396 387 378 372 369 363 360 351 342
CRUDE OIL 19-JUNE-17 3987 3736 3485 3349 3234 3098 2983 2732 2481
GOLD 05-JUNE-2017 29964 29538 29167 29027 28796 28656 28425 28054 27683
LEAD 30-JUNE-2017 150 145 140 138 135 133 130 125 120
NATURAL GAS 27-JUNE-2017 247 235 223 218 211 206 199 185 177
NICKEL 30-JUNE -2017 680 650 620 602 590 572 560 530 500
SILVER 05-JULY-2017 43186 42064 40942 40516 39820 39394 38698 37576 36454
ZINC 30-JUNE-2017 182 178 174 172 170 168 166 162 158

5. FOREX DAILY LEVELS✍
DAILY EXPIRY DATE R4 R3 R2 R1 PP S1 S2 S3 S4
USDINR 28-JUNE-17 64.97 64.88 64.79 64.71 64.62 64.54 64.45 64.37 64.29
EURINR 28-JUNE-17 72.75 72.69 72.63 72.60 72.54 72.51 72.45 72.42 72.36
GBPINR 28-JUNE-17 83.62 83.12 83.07 82.99 82.95 82.87 82.82 82.74 82.66
JPYINR 28-JUNE-17 59.44 59.16 58.88 58.46 58.18 57.76 57.48 57.06 56.64
FOREX WEEKLY LEVELS✍
WEEKLY EXPIRY DATE R4 R3 R2 R1 PP S1 S2 S3 S4
USDINR 28-JUNE-17 65.52 65.32 65.12 64.88 64.68 64.44 64.24 64.00 63.76
EURINR 28-JUNE-17 74.05 73.64 73.23 72.90 72.49 72.16 71.75 71.42 71.09
GBPINR 28-JUNE-17 84.69 84.23 83.77 83.29 82.83 82.35 81.89 81.41 80.93
JPYINR 28-JUNE-17 66.40 63.80 61.20 59.90 57.53 56 53.4 52.10 51.87

6. NCDEX DAILY LEVELS✍
DAILY EXPIRY DATE R4 R3 R2 R1 PP S1 S2 S3 S4
SYOREFIDR 20-JUNE-2017 648 640 632 627 624 619 616 608 600
SYBEANIDR 20-JUNE-2017 2964 2892 2820 2791 2748 2719 2676 2604 2532
RMSEED 20-JUNE-2017 3758 3691 3624 3598 3557 3531 3490 3423 3356
JEERAUNJHA 20-JUNE-2017 19160 18700 18240 18060 17780 17600 17320 16860 16400
GUARSEED10 20-JUNE-2017 3793 3703 3613 3575 3523 3485 3433 3343 3253
TMC 20-JUNE-2017 5713 5611 5509 5467 5407 5365 5305 5203 5101
NCDEX WEEKLY LEVELS✍
WEEKLY EXPIRY DATE R4 R3 R2 R1 PP S1 S2 S3 S4
SYOREFIDR 20-JUNE-2017 685 666 647 634 628 615 609 590 571
SYBEANIDR 20-JUNE-2017 3218 3070 2922 2841 2774 2693 2626 2478 2330
RMSEED 20-JUNE-2017 4102 3932 3762 3666 3592 3496 3422 3252 3082
JEERAUNJHA 20-JUNE-2017 20173 19403 18633 18257 17863 17487 17093 16323 15553
GUARSEED10 20-JUNE-2017 4133 3941 3749 3643 3557 3451 3365 3173 2981
TMC 20-JUNE-2017 6831 6351 5871 5547 5391 5067 4911 4431 3951

7. MCX - WEEKLY NEWS LETTERS
INTERNATIONAL UPDATES ( BULLION & ENERGY )✍
GOLD✍
Gold prices rose to their highest level in over than a month on Friday after a disappointing U.S. employment
report underlined the case for the Federal Reserve to continue raising rates at a gradual pace. Gold for June
delivery settled at $1,278.77 on the Comex division of the New York Mercantile Exchange, up 0.93%. It was
the highest close since April 25. The U.S. economy added 138,000 jobs last month the Labor Department
reported, falling far short of economists’ expectations for 185,000 new jobs. Figures for March and April
were also revised to show that 66,000 fewer jobs were created than expected, indicating that the labor
market may be losing momentum. The unemployment rate ticked down to a 16-year low of 4.3%. The U.S.
dollar index, which measures the greenback’s strength against a trade-weighted basket of six major
currencies, fell 0.57% to 96.61 late Friday. It was the lowest close since the U.S. presidential election on
November 8, which sent the index soaring. Gold and the dollar typically move in opposite directions, which
means if the dollar goes down, gold futures, which are denominated in the U.S. currency, will rise. Most
analysts still believe the disappointing data will not stop the Federal Reserve from raising interest rates at its
meeting later this month. Traders now see a roughly 88% chance§ of a Fed rate increase on June 14, down
slightly from 89% before the jobs report. But the slowdown in jobs growth could temper expectations for a
pick-up in economic growth in the second quarter after the economy expanded by just 1.2% year-over-year
in the first quarter. Gold is highly sensitive to rising rates, which lift the opportunity cost of holding non-
yielding assets such as bullion, while boosting the dollar, in which it is priced. Elsewhere in precious metals
trading, silver jumped 1.56% to $17.55 a troy ounce late Friday. India will tax gold at a rate of 3 percent
under a new nationwide sales tax that comes into effect on July 1, the government said on Saturday. The
Goods and Services Tax on gold, which was lower than industry expectations of around 5 percent, will
replace a number of federal and state levies. "In the case of gold, keeping various factors in mind, because
there was an extensive debate ... we finally reached a consensus of taxing gold at 3 percent," Finance
Minister Arun Jaitley told reporters in New Delhi after a meeting of the GST Council. The council
comprising federal and state government representatives is preparing the landmark tax measure. Gold
jewellery, silver and processed diamonds will also be taxed at 3 percent, while the tax on rough diamonds
will be 0.25 percent, revenue secretary Hasmukh Adhia said. The gems and jewellery industry in the world's
second-biggest gold consumer welcomed the tax rate, saying it will help the sector become more compliant
and mature. Currently, the industry pays taxes around 2 to 2.5 percent, so 3 percent is almost as good as no
impact. "With this taxation, many unorganised players will be encouraged to enter organised trade."
Anticipating a higher tax rate, Indian jewellers have been restocking inventory, a move that was expected to
hit imports of the metal in the second half of the year when gold demand is higher due to festive season
buying. Minister Narendra Modi's government is pinning hopes on the GST to boost economic growth that

8. slumped to 6.1 percent in the quarter to March. India head of the World Gold Council said the government's
decision on gold was an encouraging step and would help stabilise an industry in which millions are
employed. But with customs duty of 10 percent, the total tax on gold is still high and will continue to have
an impact on the jewellery industry, Somasundaram PR, Managing Director, India, World Gold Council, said
in a statement. "This may be an opportune time for the government to cut the import duty and bring down
the total tax on gold significantly so unauthorised imports are totally eliminated and the industry embraces
transparency in letter and spirit under GST," he said. The tax on cotton will be 5 percent, ready-made
garments 12 percent and hand-rolled Indian cigarettes or bidi’s 28 percent, Jaitley said Apparel costing less
than 1,000 rupees ($15.53) and footwear below 500 rupees will attract a tax of 5 percent.
Gold prices edged lower in early morning North American trade on Friday as increased risk appetite
weighed on the safe haven asset and investors looked ahead to the U.S. employment report and its
corresponding impact on Federal Reserve monetary policy. On the Comex division of the New York
Mercantile Exchange, gold for June delivery lost $ 4.40, or around 0.35% to $ 1.262.60 a troy ounce by
7:31AM ET. As global stocks hit record highs on Friday, demand for the safe haven precious metal
diminished. Investors were also cautious ahead of the U.S. jobs data that was expected to confirm that the
Fed would proceed with a 25 basis point hike in interest rates at the June 14 meeting. The U.S. Labor
Department will release its monthly nonfarm payrolls report at 8:30AM ET on Friday and experts widely
believe that the results will set a rate hike by the Federal Reserve at the meeting on June 14 in stone. The
consensus forecast is that the data will show jobs growth of 185,000§ in May, following an increase of
211,000 in the previous month, while the unemployment rate is forecast to hold steady at 4.4%§, its lowest
level since 2007. Average hourly earnings are expected to rise 0.2%§ from April after gaining 0.3% a month
earlier, while the annualized rate is estimated to rise to 2.6%, from the prior 2.5%. Most experts believe that
only a truly “catastrophic” report would stop the Fed from raising rates in two weeks’ time, while markets
put the odds at around 87%. Higher interest rates tend to be dollar-supportive, cutting demand for dollar-
priced gold for investors using other currencies. Higher rates also weigh on demand for gold, which doesn’t
bear interest, in favor of yield-bearing investments.
The greenback inched higher Friday, showing caution ahead of the employment report. The U.S. dollar
index, which measures the greenback’s strength against a trade-weighted basket of six major currencies,
edged forward 0.08% at 97.24 by 7:31AM ET.
Gold was sold at a discount to official prices in India for the first time in one-and-a-half months this week
ahead of a new national sales tax regime that takes effect on July 1, while higher prices kept buyers on the
sidelines elsewhere in Asia. Spot gold XAU= hit a five-week high of $1,273.74 earlier this week, boosted by
demand for safe-haven assets due to political tensions in the United States and Europe. "The ongoing
Ramadan festival could spur some buying, but demand is likely to remain slow afterwards," said a
Singapore-based bank dealer. Demand remained tepid in India, the world's second largest consumer, with
dealers offering a discount of up to $1 an ounce to official domestic prices. Last week, they charged a

9. premium of $1 an ounce. The domestic price includes a 10 percent import tax. "Jewellers have trimmed
purchases despite offering discounts. They have ample inventories, but retail demand is faltering,"India is
going to introduce the new goods and services tax from July 1 that will replace a slew of federal and state
levies, but the government is yet to fix a tax rate for gold under it. The tax slab for gold is likely to be
decided on June 3. a higher tax rate, many jewellers advanced buying in the last few months and it could
mean the country's gold imports could plunge during the traditional period of peak demand in the second
half of the year. jewellers advanced purchases expecting a higher GST rate. Now, they don't need to buy,"
said a Mumbai-based dealer with a private bank.
In top consumer China, a festive holiday in the beginning of the week limited the possibility of any new
purchases, said a Hong Kong-based precious metals refiner. China, Hong Kong and Taiwan markets were
closed for holidays on Monday and Tuesday for the annual Dragon Boat festival.
Premiums were seen at $7 an ounce in China and 60 cents to $1 an ounce in Hong Kong, both unchanged
from the previous week, traders said. Prices in Tokyo were quoted at a discount of 25 cents to 50 cents,
compared with a discount of 50 cents last week. However, platinum sales rose on buying for investment,
said a Tokyo-based trader. Meanwhile, premiums in Singapore were in a range of 60 cents to $1, compared
with $1 in the previous week.
Gold prices eased on Thursday as the dollar rallied after a report showed that the U.S. economy created more
private-sector jobs than expected in May, further strengthening expectations for an interest rate hike this
month. U.S. private employers added 253,000 jobs in May, above economists' expectations, a report by a
payrolls processor showed on Thursday. ADP figures come ahead of the U.S. Labor Department's more
comprehensive non-farm payrolls report on Friday, which includes both public- and private-sector
employment.
Also weighing on gold was the firmer dollar index .DXY , which extended gains after the ADP data, already
supported by higher U.S. Treasury yields and solidifying expectations of a rise in U.S. interest rates this
month. "Given that a June rate hike is a mortal lock, it seems unlikely that tomorrow's employment report
will have a major impact on metals. The headline number is a volatile series and more attention will be paid
on earnings as an indicator of future inflation, which could impact the chances of another hike later in the
year." Spot gold XAU= was down 0.04 percent at $1,267.58 per ounce by 3:05 p.m. EDT, having peaked the
previous day at its strongest since April 25 at $ 1,273.74.
U.S. gold futures GCcv1 fell 0.4 percent to settle at $1,270.1. Positive payroll data from the United States
could mean the Fed will raise rates as expected at its June 13-14 meeting. Traders believe there is a 96
percent chance of a rate rise at the June policy meeting and a 50 percent chance of one more hike before the
end of 2017. for American Eagle gold coins remains lacklustre, data from the U.S. Mint showed, with sales
for the first five months of the year tumbling 56 percent from the same period last year to 186,500 ounces.
into gold have also eased.

10. Gold prices pulled away from the previous session’s five-week highs on Thursday, as the dollar regained
some ground ahead of a string of U.S. data due later in the day and on Friday amid mounting hopes for a
June rate hike by the Federal Reserve. On the Comex division of the New York Mercantile Exchange, gold
futures for June delivery were down 0.39% at $ 1,267.05. The June contract ended Wednesday’s session
0.78% lower at $1,272.00 an ounce. Futures were likely to find support at $ 1,258.40, Tuesday’s low and
resistance at $ 1,273.95, Wednesday’s high. The greenback recovered from recent losses posted amid
ongoing fears investigations into President Donald Trump's ties with Russia could hamper his
administration's progress on promised stimulus measures. The Trump administration is under investigation
by the Federal Bureau of Investigation and several congressional panels over alleged Russian meddling in
the 2016 presidential election and potential collusion with the Trump campaign. The U.S. dollar index,
which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up
0.12% at 97.03, off Wednesday’s one-week low of 96.80. A stronger U.S. dollar usually weighs on gold, as it
weakens the metal's appeal as an alternative asset and makes dollar-priced commodities more expensive for
holders of other currencies. Market participants were especially eyeing Friday’s nonfarm payrolls report for
further indications on the strength of the U.S. job market, which could give additional clues on whether or
not the Federal Reserve will hike rates at its June policy meeting. The precious metal is sensitive to moves in
U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion. A gradual path to
higher rates is seen as less of a threat to gold prices than a swift series of increases. Elsewhere in metals
trading, silver futures for July delivery declined 0.71% to $17.283 a troy ounce, while copper futures for
July delivery slid 0.27% to $2.573 a pound.
Gold prices held steady on Wednesday, amid mounting expectations for a U.S. rate hike next month as
investors awaited the release of key U.S. employment data later in the week. On the Comex division of the
New York Mercantile Exchange, gold futures for June delivery were steady at $1,262.48. The June contract
ended Thursday’s session 0.47% lower at $1,262.10 an ounce. Futures were likely to find support at
$1,252.60, the low of May 26 and resistance at $1,27.00, Tuesday’s high. The dollar weakened after data on
Tuesday showed that the CB consumer confidence index§ fell to 117.9 in April, compared to expectations
for a rise to 119.8. However, the U.S. Commerce Department said consumer spending§ rose 0.4% last
month, in line with economists’ forecasts. It was the biggest increase in four months. The greenback also
remains under pressure amid fears investigations into President Donald Trump's ties with Russia could
hamper his administration's progress on promised stimulus measures. But growing expectations for a rate
hike by the Federal Reserve at its June policy meeting continue to dampen demand for gold. The precious
metal is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such
as bullion. A gradual path to higher rates is seen as less of a threat to gold prices than a swift series of
increases. Elsewhere in metals trading, silver futures for July delivery declined 0.64% to $17.315 a troy
ounce, while copper futures for July delivery was little changed at $2.563 a pound.
Gold prices were steady after touching a fresh four week high in European trade on Tuesday as European
geopolitical fears sapped risk appetite, underpinning safe haven demand for the precious metal.
Comex gold futures dipped 86 cents, or 0.07%, to $1,267.51 a troy ounce by 07.15 GMT after rising to

11. $1,270.32 earlier, the highest since May 1. Meanwhile, spot gold was at $1,267.81. Also on the
Comex, silver was last at $17.42 a troy ounce. It rose to $17.47 in overnight trade, a level not seen since
April 27. Concerns over the Greek bailout package, as well as British polls indicating that Prime Minister
Theresa May’s Conservative Party has less of a lead over the Labor Party than expected sapped risk appetite.
Gold is used as an alternative investment during times of political and financial uncertainty. Worries that
Athens and its creditors may not reach an agreement over its bailout program in time mounted overnight,
leading to concerns that the euro zone debt crisis could flare up again. Meanwhile, the tightening election
race in the UK added to concerns over the political risk surrounding Brexit. Gold’s gains were held in check
as the dollar firmed up against the euro and the pound.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major
currencies, rose 0.33% to 97.65, extending its pullback from last week’s six-and-half month lows. Gold and
the dollar typically move in opposite directions, which means if the dollar goes up, gold futures, which are
denominated in the U.S. currency, will fall. Investors were looking ahead to Friday’s U.S. employment
report, which was expected to show that conditions in the labor market remain solid. A strong U.S. jobs
report would cement expectations for a rate hike by the Federal Reserve at its next meeting in June. Futures
traders are currently pricing in around an 80% chance of a hike at the Fed's June 13-14 meeting.
Gold prices were little changed near a four-week high in European trade on Monday, as the latest ballistic
missile test by North Korea supported safe-haven demand. Comex gold futures shed 60 cents, or less than
0.1%, to $1,267.47 a troy ounce by 3:00AM ET . Meanwhile, spot gold was at $ 1,267.59. Prices of the
yellow metal ended Friday's session up almost 1%, after touching its strongest since May 1 at $ 1,269.30.
Also on the Comex, silver futures tacked on 3.2 cents, or about 0.2%, to $17.35 a troy ounce. It rose to
$17.38 in overnight trade, a level not seen since April 28. North Korea fired what appeared to be a short-
range ballistic missile on Monday that landed in the sea off its east coast, South Korea's military said. It was
the ninth missile the hermit state has tested this year, as it faces increasing pressure from the U.S. and
historical ally China over its missile testing program. Trading volumes were likely to remain light with U.S.
markets closed Monday for Memorial Day while the U.K. is also shuttered for a public holiday. Global
financial markets will focus on the U.S. employment report in the week ahead for further signs of the
Federal Reserve's likely rate hike trajectory through the end of the year. Besides the monthly jobs report, this
week's holiday-shortened calendar also features U.S. data on manufacturing and service sector growth,
consumer confidence, auto sales, personal spending, core PCE inflation, as well as monthly trade figures.
Futures traders are currently pricing in around an 80% chance of a hike at the Fed's June 13-14 meeting.
However, market players are no longer convinced that the Fed will be able to raise rates two more times this
year, with odds for a second hike by December currently at about 35%. The median Fed policymaker
forecast is for two more rate increases by year-end. But a recent run of disappointing U.S. economic data
combined with signs of deepening political turmoil in the White House raised doubts over the Fed's ability to
raise rates as much as it would like before the end of the year. The precious metal is sensitive to moves in
U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion. A gradual path to

12. higher rates is seen as less of a threat to gold prices than a swift series of increases.
AHEAD OF THE COMING WEEK LIST OF SIGNIFICANT EVENTS LIKELY TO AFFECT THE
MARKETS.
Monday, June 5
China is to publish its Caixin services PMI.
The UK is to release data on manufacturing activity.
The U.S. is to release data on factory orders and the Institute for Supply Management is to publish its
manufacturing index.
Tuesday, June 6
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.
Wednesday, June 7
Australia is to publish data on first quarter economic growth.
The UK is to publish industry data on house price inflation.
Canada is to report on building permits.
Thursday, June 8
China and Australia are both to release data on trade.
Switzerland is to publish inflation figures.
In the UK, voting in the general election is to get underway.
The ECB is to announce its latest monetary policy decision and President Mario Draghi is to hold a post-
policy meeting press conference.
The U.S. is to report on initial jobless claims.
Friday, June 9
China is to release inflation data.
The UK is to report on manufacturing production and trade.
Canada is to round up the week with its monthly employment report.
ENERGY
Oil futures settled at the lowest level in more than three weeks on Friday, with prices suffering their largest
weekly loss in a month amid growing concern over rising shale production in the U.S. The U.S. West Texas

13. Intermediate crude July contract fell 70 cents, or around 1.5%, to end at $47.66 a barrel by close of trade
Friday. It touched its lowest since May 10 at $46.74 earlier in the session. The U.S. benchmark lost $2.14, or
about 4.3%, on the week, the largest weekly decline since the week ended May 5. Elsewhere, on the ICE
Futures Exchange in London, Brent oil for August delivery declined 68 cents to settle at $49.95 a barrel by
close of trade, after hitting a daily trough of $48.95, a level not seen since May 10. For the week, London-
traded Brent futures recorded a loss of $2.20, or roughly 4.2%. Concerns that the ongoing rebound in U.S.
shale production could derail efforts by other major producers to rebalance global oil supply and demand
pressured crude prices. Data from energy services company Baker Hughes showed on Friday that U.S.
drillers last week added rigs for the 20th week in a row, the longest such streak on record, implying that
further gains in domestic production are ahead. The U.S. rig count rose by 11 to 733§, extending a year-long
drilling recovery to the highest level since April 2015. President Donald Trump’s controversial decision to
withdraw from the 2015 Paris climate agreement on Thursday sparked additional concerns that U.S. oil
production could expand rapidly in the absence of a stringent focus on curbing the use of fossil fuels. The
Paris Agreement laid out a framework for countries to adopt clean energy and phase out fossil fuels such as
oil, coal and natural gas. The increase in U.S. drilling activity and shale production has mostly offset efforts
by OPEC and other producers to cut output in a move to prop up the market. Last week OPEC and some
non-OPEC producers extended a deal to cut 1.8 million barrels per day in supply until March 2018.
However, the news disappointed investors who had hoped for larger cuts. Saudi Energy Minister Khalid al-
Falih said further oil output cuts could be needed in the future but that OPEC and other leading producers
would assess the market situation in July, Russia's TASS news agency reported on Saturday.
Oil slumped Friday as President Donald Trump pulled the U.S. out of the Paris climate change deal.
U.S. crude lost $1.35, or 2.79%, to $47.01 at 05:30 ET. Brent shed $1.37, or 2.71%, to $49.26. Observers
fear Trump's decision could spur a further increase in U.S. drilling activity. That would undermine efforts by
major producers to curb their output. OPEC and non-OPEC producers have agreed to extend output cuts of
1.8 million barrels a day for another nine months. The EIA Thursday reported a fall in crude inventories of
6.43 million barrels in the latest week. That outstripped a forecast of a fall of 2.52 million barrels. Baker
Hughes U.S. rig count data are due out later in the session. Observers also noted rising output by Libya and
Nigeria.
Oil prices slumped nearly 3% on Friday as U.S. President Donald Trump's as U.S. President Donald Trump’s
decision withdraw from the 2015 Paris Agreement to fight climate change prompted speculation of a further
acceleration in U.S. drilling, sparking further worries over the global supply glut. The U.S. West Texas
Intermediate crude July contract sank $ 1.37, or around 2.8%, to $46.99 a barrel by 5:48AM ET.
Elsewhere, Brent oil for August delivery on the ICE Futures Exchange in London slumped $1.47, or 2.9%,
to $49.16 a barrel. The London barrel lost the $50 per barrel level, while U.S. crude broke below $48 and
struggled to hold the $47 level as worries that Trump's decision to abandon the global climate pact could
spark even more crude drilling in the United States. While waiting for the latest update later on Friday, data
from Baker Hughes already showed last week that U.S. drillers had added rigs for the 19th week in a row,

14. the second-longest such streak on record, implying that further gains in domestic production are ahead. The
U.S. rig count rose by 2 to 722§, extending an 11-month drilling recovery to the highest level since April
2015. The steady increase caused concern that it would thwart efforts by the Organization of the Petroleum
Exporting Countries and other producing countries to control the global supply glut. At last week's meeting
in Vienna, OPEC and some non-OPEC producers, led by Russia, agreed to extend supply cuts of 1.8 million
barrels per day until the end of the first quarter of 2018. While OPEC's move had been widely expected,
some oil market investors had hoped producers would agree to longer or deeper cuts to drain a global glut of
crude supplies.
Oil prices dropped below $50 on Friday amid worries that U.S. President Donald Trump's decision to
abandon a global climate pact could spark more crude drilling in the United States, stoking a persistent glut
in global supply. Global benchmark Brent crude futures LCOc1 fell to $ 49.93 a barrel, down 70 cents, or
1.38 percent, by 0630 GMT. U.S. West Texas Intermediate crude CLc1 futures dropped 72 cents, or 1.49
percent, to $47.64 per barrel. Commodity markets were absorbing news the United States would withdraw
from the landmark 2015 global agreement to fight climate change, a move that fulfilled a major campaign
pledge but drew condemnation from U.S. allies. could lead to a drilling free for all in the U.S. and also see
other signatories waver in their commitments. "This outcome could increase the supply-side equation from
the United States and complicate OPEC's forward projections. A scenario that would not be favourable to oil
prices." Surging U.S. production has put a strain on OPEC members' efforts to curb production to drain a
global crude supply overhang. A week ago, the Organization of the Petroleum Exporting Countries and some
Non-OPEC members met in Vienna to roll over an output cut deal to reduce 1.8 million barrels per day until
the end of next March. Crude stockpiles were down to 6.4 million barrels in the week to May 26, beating
analyst expectations for a decrease of 2.5 million barrels. However, U.S. crude production rose to 9.34
million bpd last week, up nearly 500,000 bpd from a year ago. "We may or may not see more huge draws.
But crude production is slowly but surely going to neutralize the production cut. Rising output from Nigeria
and Libya is also undercutting the oil producers' attempt to limit production. Nigeria and Libya are
exempted from crimping output as they seek to restore supplies hurt by internal conflicts.
Oil prices dropped nearly 1 percent in early Asian trade on Friday, dragged down by ongoing concerns over
a global glut in crude supply despite a bigger-than-expected draw in U.S. crude inventories. Global
benchmark Brent crude futures LCOc1 were down 39 cents, or 0.77 percent, at $ 50.25 a barrel at 0039
GMT. U.S. West Texas Intermediate crude CLc1 futures dropped 45 cents, or 0.93 percent, to $47.91 per
barrel. Official data showed crude inventories in the United States, the world's top oil consumer, fell sharply
last week as refining and exports surged to record highs. Crude stockpiles were down to 6.4 million barrels
in the week to May 26, beating analyst expectations for a decrease of 2.5 million barrels. Although a sharp
fall of U.S. crude inventories could be seen as a supportive factor to oil prices, U.S. crude production rose to
9.35 million bpd last week, up nearly 500,000 bpd from a year ago. Surging U.S. production has put a strain
on OPEC members' efforts to curb production cuts in a bid to drain a global crude supply overhang and to
prop up prices. A week ago, the Organization of the Petroleum Exporting Countries and some non-OPEC

15. members met in Vienna to roll over the output cut deal to reduce 1.8 million barrels per day until the end of
next March. Faced with lingering glut woes, the oil cartel discussed last week reducing output by a further 1
to 1.5 percent, and could revisit the proposal should inventories remain high, according to sources. output
from Nigeria and Libya is further undercutting the oil producers' attempt to limit oil production. Nigeria and
Libya are exempted from curbing output as they seek to restore supplies hurt by internal conflicts. Libya's
oil production has risen to 827,000 bpd after technical problems were resolved at the Sharara field. That was
above a three-year peak of 800,000 bpd reached earlier in May. Some commodity markets were also
absorbing news that President Donald Trump said he would withdraw the United States from the landmark
2015 global agreement to fight climate change, a move that fulfilled a major campaign pledge but drew
condemnation from U.S. allies and business leaders. "We see the little connection between oil markets and
the Paris accord," "WE think the market is looking for swing factors like an increase in demand from China.
Oil was narrowly mixed Thursday after earlier gains of over 1% as industry data showed after a large draw
in U.S. crude stocks in the latest week. U.S. crude was up 11 cents, or 0.23%, at $48.43 at 08:45
ET. Brent was flat at $50.76. American Petroleum Institute data Wednesday showed a fall in U.S. crude
stockpiles of 8.67 million barrels. The Energy Information Administration is forecast to report Thursday a
fall in crude inventories of 2.52 million barrels. The market shrugged off a private sector report that showed
Chinese manufacturingcontracting for the first time in 11 months in May.
Oil settled 2% lower overnight despite renewed Saudi, Russian pledges to reduce global inventories. OPEC
and non-OPEC producers have agreed to extend output cuts for another nine months. The scale back in
output remains at 1.8 million barrels a day agreed for the first half of this year.
U.S. oil fluctuated on Thursday, moving sharply higher before trimming gains as expectations for the U.S.
admistration to withdraw from the Paris climate agreement overshadowed recent fears of a global supply
glut. U.S. crude futures for July delivery were up 0.25% at $ 48.44 a barrel, off Wednesday’s three-week low
of $ 47.74. On the ICE Futures Exchange in London, the July Brent were down 0.14% to $ 50.69 a barrel,
off the previous session’s three-week trough of $ 50.24. Trump said he would announce later on Thursday a
decision on whether to keep the United States in a global pact to fight climate change, amid mounting
speculation the U.S. President is preparing to pull out of the Paris agreement. The commodity was also
buoyed by a report by the American Petroleum Institute showing that crude inventories§ were down by 8.7
million barrels in the week to May 26, compared to expectations for a decrease of 2.5 million barrels. Crude
prices tumbled earlier in the week, after Libya's National Oil Corporation said on Monday that oil
production is expected to rise to 800,000 barrels per day this week. The data added to concerns over a global
supply glut as U.S. shale oil drilling continues to climb. The concerns came amid continued uncertainty over
whether the recent OPEC agreement to extend production cuts will actually manage to reduce global output.
OPEC and non-OPEC members agreed to extend production cuts for a period of nine months until March
last week, but stuck to production cuts of 1.8 million bpd agreed in November last year, against expectations
that the oil cartel was set to announce deeper production cuts.
Oil prices rose on Thursday, rallying from three-week lows after industry data showed a big draw in U.S.
crude stocks, suggesting that the world's largest oil market could be tightening faster than expected. Brent

16. crude oil LCOc1 was up 40 cents at $ 51.16 a barrel by 0940 GMT, while U.S. light crude CLc1 gained 40
cents to $ 48.72. Both crude benchmarks fell by about 3 percent to three-week lows on Wednesday after
news that an increase in Libyan oil production helped to boost monthly OPEC crude output in May, the first
monthly rise this year. But industry data on U.S. oil inventories from the American Petroleum Institute late
on Wednesday helped the market to pare those losses. API figures showed that U.S. crude inventories fell by
8.7 million barrels to 513.2 million in the week to May 26, compared with analyst expectations for a
decrease of only 2.5 million barrels. This was well ahead of forecasts," said Stephen Brennock, analyst at
London brokerage PVM Oil Associates. "(It) is helping the oil market regain some ground this morning."
The U.S. Energy Information Administration was due to report its official figures for U.S. stockpiles at 1500
GMT on Thursday and investors were waiting to see if the API figures were confirmed. The U.S. inventories
data provided some relief after a week of negative news on the global supply-demand balance. The
Organization of the Petroleum Exporting Countries and other producers including Russia are trying to
restrict output to drain stockpiles that are close to record highs in many parts of the world. But U.S. crude
production is rising fast as new technology helps to extract shale oil, making the United States more self-
sufficient in energy. President Donald Trump has vowed to provide extra support for U.S. oil production and
is widely expected to pull the United States out of a landmark global climate accord.
Oil futures rose on Thursday after slumping to a three-week low the previous session, buoyed by an industry
report that showed U.S. crude stockpiles had fallen more than expected. Data from the American Petroleum
Institute showed crude inventories were down by 8.7 million barrels at 513.2 million in the week to May 26.
That compared with analyst expectations for a decrease of 2.5 million barrels. Brent crude futures for
July LCOc1 were up 46 cents at $51.22 a barrel by 0028 GMT. On Wednesday, they fell $ 1.53, or 3 percent,
to settle at $50.31 a barrel on their last day as the front-month contract. It was Brent's lowest close since
May 10 and the contract dropped 2.7 percent last month, the third monthly decline. U.S. West Texas
Intermediate crude CLc1 futures were up 51 cents at $48.83 a barrel. They dropped $1.34, or 2.7 percent, in
the previous session to settle at $ 48.32 per barrel, the lowest close since May 12. The U.S. benchmark also
fell for a third month in May, declining 2 percent. The U.S. Energy Information Administration report on
stockpiles is due at 11:00 a.m. EDT on Thursday, delayed for a day because of the Memorial Day holiday
on Monday. Further gains may be limited for the two major oil benchmarks as bearish news keeps coming
from the Organization of the Petroleum Exporting Countries and other producers including Russia that are
locked in a battle against rising shale production in their efforts to boost prices. Oil futures have given up all
the gains posted in advance of last week's agreement between OPEC and non-OPEC producers to extend a
production cut for a further nine months. from OPEC rose in May, the first monthly increase this year, a
Reuters survey found. supply from Nigeria and Libya, OPEC members that are exempt from the production-
cutting deal, offset improved compliance by others.
U.S. oil tumbled on Wednesday, as an increase in Libyan production sparked fresh concerns over a global
supply glut despite the extension of OPEC-let output cuts. U.S. crude futures for July delivery were down
1.93% at $ 48/69 a barrel, the lowest since May 26. On the ICE Futures Exchange in London, the

17. July Brent contract lost 2.03% to $ 51.16 a barrel. Crude prices tumbled after Libya's National Oil
Corporation said on Monday that oil production is expected to rise to 800,000 barrels per day this week. The
data added to concerns over a global supply glut as U.S. shale oil drilling continues to climb. The concerns
come amid continued uncertainty over whether the recent OPEC agreement to extend production cuts will
actually manage to reduce global output. OPEC and non-OPEC members agreed to extend production cuts
for a period of nine months until March last week, but stuck to production cuts of 1.8 million bpd agreed in
November last year, against expectations that the oil cartel was set to announce deeper production cuts. As
part of the agreement, Nigeria and Libya will remain exempt from making cuts while Iran would be allowed
to retain the right to increase production to the same reference level, around 3.797 million barrels a day,
agreed in November last year.
10 - Oil was lower Tuesday as concerns about a global supply glut continued to weigh. U.S. crude was off 7
cents, or 0.14 %, at $49.73 at 05:30 ET. Brent lost 27 cents, or 0.51%, to $52.37. WTI earlier touched $50 on
perceptions the U.S. summer driving season had got off to a good start.
But concerns emerged about whether an extension of an OPEC-led output cut deal can reduce inventories.
OPEC and non-OPEC producers have agreed to extend output cuts of 1.8 million barrels a day for a further
nine months.Increased U.S. drilling activity could undermine the potential impact of the production curbs.
Oil prices swung between gains and losses in European trading on Monday, as the market weighed rising
U.S. drilling against efforts by major producers to cut output to reduce a global glut. The U.S. West Texas
Intermediate crude July contract shed 6 cents, or around 0.1%, to $49.74 a barrel by 3:20AM ET.
Elsewhere, Brent oil for August delivery on the ICE Futures Exchange in London dipped 5 cents to $52.46 a
barrel. Trading volumes were likely to remain light with U.S. markets closed Monday for Memorial Day
while the U.K. is also shuttered for a public holiday. Oil ministers from the Organization of Petroleum
Exporting Countries and other major producing countries, such as Russia, agreed to extend supply cuts of
1.8 million barrels per day until the end of the first quarter of 2018. While OPEC's move had been widely
expected, some oil market investors had hoped producers would agree to longer or deeper cuts to drain a
global glut of crude supplies. 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. Data from energy services company Baker Hughes showed on
Friday that U.S. drillers last week added rigs for the 19th week in a row, the longest such streak on record,
implying that further gains in domestic production are ahead.
The U.S. rig count rose by 2 to 722§, extending an 11-month drilling recovery to the highest level since
April 2015. Elsewhere on Nymex, gasoline futures for July inched down 0.2 cents to $1.623 a gallon, while
July heating oil was little changed at $1.566 a gallon.
Natural gas futures for July delivery sank 7.8 cents to $3.232 per million British thermal units.
AHEAD OF THE COMING WEEK SIGNIFICANT EVENTS LIKELY TO AFFECT THE

18. MARKETS.
Tuesday, June 6
The American Petroleum Institute, an industry group, is to publish its weekly report on U.S. oil supplies.
Wednesday, June 7
The U.S. Energy Information Administration is to release weekly data on oil and gasoline stockpiles.
Thursday, June 8
The U.S. government is set to produce a weekly report on natural gas supplies in storage.
Friday, June 9
Baker Hughes will release weekly data on the U.S. oil rig count.
BASE METAL’S OUTLOOK :
Trading Ideas:-
 Copper trading range for the day is 358-372.2.
 Copper prices ended with losses but prices recovered most of its losses after update Freeport’s workers
extended the strike at the Grasberg mine.
 Global refined copper production is estimated to have remained essentially unchanged in the first two
months of this year with primary production declining by 3%.
 Chilean government data showed the country’s copper production slid 1.8% year-on-year in April due
mainly to strike at the Escondida copper mine.
Nickel -
Nickel trading range for the day is 559.6-582.
 Nickel bounced off its weakest level in nearly a year on short covering after prices dropped pressured by
weaker iron ore and oil prices.
 U.S. job growth slowed in May and employment gains in the prior two months were not as strong as
previously reported, suggesting the labor market was losing momentum.
 While Nickel inventories at LME warehouses remain at elevated levels even though they were well
below their 2015 peak.
Zinc -

19.  Zinc trading range for the day is 159.7-167.5.
 Zinc prices dropped pressured by weaker iron ore and oil prices plus concern about demand in top
consumer China.
 Zinc prices were also knocked by a jump in available inventories, showing that supplies were adequate
despite the closure of major mines last year.
 On-warrant LME inventories - those not earmarked for delivery and therefore available to investors -
climbed by 11 percent to 179,325 tonnes.
BASE METAL
LEAD✍ – ( 04 - JUNE - 2017 )
Lead futures rose by 0.33 per cent to Rs 136.30 per kg today after participants created positions on the back
of strong demand. At the Multi Commodity Exchange, lead for delivery in July traded higher by 45 paise, or
0.33 per cent, at Rs 136.30 per kg with a modest turnover of 2 lots. Metal for delivery in June also rose by
25 paise, or 0.18 per cent, to Rs 135.70 per kg in 349 lots. Marketmen said, building up of positions by
participants backed by pick-up in domestic demand, particularly from battery-makers, supported the upside
in lead futures here.
NICKEL✍ - ( 04 - JUNE - 2017 )
Nickel prices dropped 0.23 per cent to Rs 568.90 per kg in futures trade today as traders cut down bets,
taking weak cues from the physical markets due to low demand. At Multi Commodity Exchange, nickel for
delivery in June was trading Rs 1.30, or 0.23 per cent, down at Rs 568.90 per kg in a business turnover of
1,321 lots. The metal for delivery in July also shed Rs 1.10, or 0.19 per cent, to Rs 574.50 per kg in a
turnover of 42 lots. Analysts said, the fall in nickel prices in futures trade is mostly attributed to trimming of
positions by speculators due to easing demand from alloy-makers at the domestic spot market.
Spot demand lifts zinc futures ( 03 - JUNE - 2017 )
Zinc prices rose by 0.21 per cent to Rs 170.55 per kg in futures trade today as participants enlarged positions
amid a firming trend at the spot markets. At the Multi Commodity Exchange, zinc for delivery in June rose
by 35 paise, or 0.21 per cent, to Rs 170.55 per kg with a business turnover of 135 lots. Metal for delivery in
the current month was up by 25 paise, or 0.15 per cent, to quote at Rs 170.15 per kg in a turnover of 387
lots. According to market men, a firming trend at the domestic spot markets following better demand from
consuming industries and covering up of short positions in view of monthly expiry, supported the upside in
zinc prices in futures trade here.

20. Copper futures slide 0.39% on muted demand ( 03 - JUNE - 2017 )
Copper prices fell by 0.39 per cent to Rs 370.30 per kg in futures trade today as participants indulged in
reducing positions, tracking a weak trend in base metals at the domestic spot markets due to subdued
demand. At the Multi Commodity Exchange, copper for delivery in far-month August declined by Rs 1.45,
or 0.39 per cent to Rs 370.30 per kg in a business turnover of 16 lots. On similar lines, the metal for
delivery in June traded lower by Re 1 or 0.27 per cent to Rs 366.60 per kg in 148 lots. Analysts said
offloading of positions by traders, triggered by a weak trend at the domestic spot markets due to low demand
from consuming industries, mainly weighed copper prices at futures trade.
Nickel futures gain 0.44% on spot demand, short-covering ( 03 - JUNE - 2017 )
Supported by increased demand from consuming industries at the domestic spot markets, nickel prices
traded higher 0.44 per cent to Rs 587.30 per kg in futures trade today. Moreover, covering-up of short
positions on the last day of May expiry, supported the upside. At the Multi Commodity Exchange, nickel for
delivery in May moved up by Rs 2.60, or 0.44 per cent, to Rs 587.30 per kg in a business turnover of 1,507
lots. Likewise, the metal for delivery in June traded higher by Rs 2.50 or 0.42 per cent to Rs 593.20 per kg
in 739 lots. Analysts said apart from pick-up in demand from alloy- makers in the spot market, covering-up
of short positions by speculators, mainly led to the rise in nickel prices in futures trade.
NICKEL✍ - ( 02- JUNE - 2017 )
Amid pick up in demand from consuming industries at the domestic spot markets, nickel prices were higher
by 0.55 per cent to Rs 585.20 per kg in futures trade today as participants created fresh positions. At the
Multi Commodity Exchange, nickel for delivery this month moved up by Rs 3.20 or 0.55 per cent to Rs
585.20 per kg in a business turnover of 24,383 lots. Likewise, the metal for delivery in June traded higher by
Rs 2.20 or 0.37 per cent to Rs 590.30 per kg in 8,873 lots. Analysts said besides pick up in demand alloy-
makers in the spot market, mainly attributed the rise in nickel prices at futures trade.
NICKEL✍ - ( 30 - MAY – 2017 )
Nickel prices rose 0.60 per cent to Rs 585.50 per kg in futures trading today as participants raised their bets
amid pick up in industrial demand at the domestic spot markets. At the Multi Commodity Exchange, nickel
for delivery in May month went up by Rs 3.50, or 0.60 per cent to Rs 585.50 per kg in business turnover of
947 lots. Similarly, the metal for delivery in June month contracts traded higher by Rs 3.10, or 0.53 per cent
to Rs 591.20 per kg in 593 lots. Analysts said widening of positions by traders on the back of pick up in
demand from alloy-makers in the spot market supported nickel prices at futures trade.
NICKEL✍ ( 26- May - 2017 )
Nickel prices rose 0.60 per cent to Rs 585.50 per kg in futures trading today as participants raised their bets

21. amid pick up in industrial demand at the domestic spot markets. At the Multi Commodity Exchange, nickel
for delivery in May month went up by Rs 3.50, or 0.60 per cent to Rs 585.50 per kg in business turnover of
947 lots. Similarly, the metal for delivery in June month contracts traded higher by Rs 3.10, or 0.53 per cent
to Rs 591.20 per kg in 593 lots. Analysts said widening of positions by traders on the back of pick up in
demand from alloy-makers in the spot market supported nickel prices at futures trade.
ALUMINIUM✍ - ( 30 - May – 2017 )
Amid pick up in demand at domestic spot market, aluminium prices were up by 0.24 per cent to Rs 126.60
per kg in futures trade today as speculators built up fresh positions. At the Multi Commodity Exchange,
aluminium for delivery in May edged up by 30 paise, or 0.24 per cent, to Rs 126.60 per kg, in a business
turnover of 209 lots. Likewise, the metal for delivery in June traded higher by 25 paise, or 0.20 per cent, to
Rs 126.60 per kg in 53 lots. Analysts said fresh positions created by participants after uptick in demand from
consuming industries in the spot market mainly led to the rise in aluminium prices at futures trade.
ZINC✍ ( 29 - MAY - 2017 )
Supported by an upsurge in demand from consuming industries at domestic spot market, zinc prices moved up
by 0.21 per cent to Rs 169.90 per kg in futures market today as participants created fresh positions. At the
Multi Commodity Exchange, zinc for delivery in May edged up by 35 paise, or 0.21 per cent, to Rs 169.90 per
kg, in a business turnover of 472 lots. Likewise, the metal for delivery in June traded higher by 15 paise, or
0.09 per cent, to Rs 170.30 per kg in 35 lots. Analysts said fresh positions built up by participants, tracking a
firm at the domestic spot market on pick up in demand from consuming industries, mainly influenced zinc
prices at futures trade.
LEAD✍ ( 28- MAY- 2017 )
Lead prices edged higher 0.41 per cent to Rs 134.80 per kg in futures trading today as speculators built up fresh
positions amid pick up in domestic demand. At the Multi Commodity Exchange, lead for delivery in May
traded higher by 55 paise, or 0.41 per cent, to Rs 134.80 per kg, in a business turnover of 396 lots. On similar
lines, the metal for delivery in June was trading up by 50 paise, or 0.37 per cent, to Rs 135.90 per kg in 40
lots. Analysts attributed the rise in lead futures to fresh positions created by traders due to pick up in demand
from battery-makers at the spot market.

22. NCDEX - WEEKLY MARKET REVIEW
FUNDAMENTAL UPDATES OF NCDEX MARKET -
CARDAMOM✍ ( 04 - June - 2017 ) -
The cardamom futures jumped more than 10.8% in the week due to heavy rainfall in Idukki district of Kerala
during the last week of May. Idukki district is the main cardamom producing region of the country. The most
active cardamom contract for June delivery on Multi Commodity Exchange (MCX) closed at upper circuit for
the third successive session today to touch 2 weeks high. In the district-wise rainfall forecast by Indian
Meteorological Department (IMD), there is forecast of heavy to very heavy rain in the Idukki district during
2nd and 3rd June, 2017. The cardamom crop is ready to harvest in the second half of current month and heavy
rains may affect the production which was expected to be higher this season. Earlier in the year, cardamom
growing tracts in the Idukki district of Kerala received good summer rains coupled with favourable weather
conditions which increase the chances of bumper cardamom for 2017/18 season and thus the prices started to
drop. Cardamom futures on MCX plunge about 33% in five months to touch lowest levels for the year at Rs.
927 per kg in May. Cardamom futures touched its five-year high of Rs 1,569 per kg in Jan 2017 due to lower
production last year.
✍ CRUDE OIL PALM - ( 04 - June - 2017 )
Crude palm oil prices were up by 0.28 per cent to Rs 497 per 10 kg in futures trade today as traders created
fresh positions, supported by pick up in demand at the spot market. Besides, a firming trend in overseas
markets too fuelled the uptrend. At the Multi Commodity Exchange, crude palm oil for delivery this month
rose by Rs 1.40, or 0.28 per cent, to Rs 497 per 10 kg, in a business turnover of 40 lots. Similarly, the oil for
delivery in July went up by Rs 1.30, or 0.27 per cent, to Rs 486 per 10 kg in 10 lots. Analysts said widening of
positions by participants driven by 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.
CARDAMOM✍ ( 04 - June - 2017 )
Cardamom prices rose by another 3 per cent to Rs 1,043.50 per kg in futures market today as investors widened
bets, tracking a firm trend at spot market on domestic as well as exports demand. Besides, tight stocks position
on fall in supplies from producing regions supported the upmove. At the Multi Commodity Exchange,
cardamom for delivery in current month advanced by Rs 30.30, or 3 per cent, to Rs 1,043.50 per kg, in a
business turnover of just 11 lots. Likewise, the spice for delivery in July rose by Rs 28, or 3 per cent, to Rs
961.80 per kg in 114 lots. Analysts attributed the rise in cardamom prices in futures trade to raising of
positions by participants, tracking a firm trend at the spot markets and pick up in export demand.
✍ TURMERIC ( 03 - June - 2017 )
Turmeric prices have begun to firm up on short supply and an expected decrease in sowing area. The price of

23. the spice had fallen by over 30 per cent from a year ago to Rs 55 per kg last month—a three-year low—forcing
farmers to hold back supplies to the market because of lower price realisation. Traders said that spot prices
have now recovered slightly to touch Rs 60 per kg. “The arrivals have declined by about 50 per cent in the last
one month as farmers are reluctant to sell at lower prices.
Coriander extend losses 2.30% in futures trade on low demand ( 02 - June - 2017 )
Coriander prices fell further by 2.30 per cent to Rs 5,094 per quintal in futures trade today as participants
engaged in trimming positions, triggered by muted domestic as well as export demand amid higher supplies
from major producing belts. At the National Commodity and Derivatives Exchange, coriander prices for
delivery in July fell by Rs 120, or 2.30 per cent, to Rs 5,094 per quintal, with an open interest of 22,370 lots.
Likewise, the spice for delivery in June traded lower by Rs 105, or 2.05 per cent, to Rs 5,027 per quintal in
34,720 lots. Market analysts attributed the fall in coriander futures to continued offloading of positions by
participants amid lower demand in the physical market against adequate stocks position on increased supplies
from producing regions.
Crude palm oil futures fall 1.04% on profit-booking ( 02 - June - 2017 )
Crude palm oil prices fell 1.04 per cent to Rs 492 per 10 kg in futures trade today as speculators booked profits
at prevailing higher levels amid fall in demand at the spot market. Sufficient stocks position following
increased supplies from the producing areas and weak trend at overseas markets too fuelled the downtrend. At
the Multi Commodity Exchange, crude palm oil for delivery in June eased by Rs 5.20, or 1.04 per cent, to Rs
492 per 10 kg, in a business turnover of 368 lots.
On similar lines, the oil for delivery this month traded lower by 50 paise, or 0.09 per cent, to Rs 512 per 10 kg
in 59 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.
Muted demand drags mentha oil futures by 1.68% - ( 02 - June - 2017 )
Mentha oil prices eased by 1.68 per cent to Rs 1,022 per kg in futures trade today as speculators trimmed
positions, driven by sluggish demand from industries at the spot markets. Besides, ample stocks position on
higher supplies from producing regions too influenced mentha oil prices. At the Multi Commodity Exchange,
mentha oil contract for delivery in current month eased by Rs 17.50, or 1.68 per cent, to Rs 1,022 per kg, in a
business turnover of 177 lots. On similar lines, the oil for delivery in June contract traded lower by Rs 4.10, or
0.44 per cent, to Rs 918.90 per kg in 83 lots.
✍ CARDAMOM - ( 01 - June - 2017 )
Cardamom prices tumbled by 1.98 per cent to quote at Rs 932 per kg in futures market today as traders
lightened their positions, driven by easing demand in the spot market against adequate stocks position. In
futures trading at the Multi Commodity Exchange, cardamom for delivery in June tumbled by Rs 18.80, or 1.98

24. per cent, to Rs 932 per kg, in a business turnover of 48 lots. Traders said offloading of positions by participants
amid sluggish demand in the spot market against adequate stocks position on higher supplies from producing
belts mainly led to decline in cardamom prices at futures trade.
✍ COTTON ( 01- JUNE - 2017 ) -
The world is about to be inundated with cotton as farmers take advantage of high prices to produce more and
China floods the market with excess supply from its strategic inventory. Global output will climb 6.9 per cent
in the season that starts Aug. 1, helping push stockpiles outside of China to a record, the US Department of
Agriculture estimates. American farmers, the biggest exporters, are forecast to have their biggest harvest in a
decade, and crop increases are expected in in Australia and top grower India. Growers planted more acres after
cotton futures jumped 12 per cent last year, when most other crops were mired in slumps. At the same, there are
no signs that China’s sales of its state inventories are slowing down. The ample supply outlook means prices
are now heading for the biggest monthly loss since August. Hedge funds are backpedaling on bets on a rally,
lowering their wagers for the second time in three weeks.
✍ REFINED SOYA - ( 30 - May - 2017 )
Refined soya oil prices drifted lower by 1.05 per cent to Rs 626.50 per 10 kg in futures trade today as
participants booked profits amid easing demand in the spot market against adequate stocks position. At the
National Commodity and Derivatives Exchange, refined soya oil for delivery in far-month July fell by Rs 6.65,
or 1.05 per cent, to Rs 626.50 per 10 kg, with an open interest of 33,160 lots. Similarly, the oil for delivery in
June traded lower by Rs 6.10, or 0.97 per cent, to Rs 625.60 per 10 kg in 42,510 lots. Analysts said besides
profit booking by traders at prevailing levels, fall in demand in the spot market against sufficient stocks
position, mainly led to the decline in refined soya oil prices at futures trade.
✍ WHEAT- ( 30 - May - 2017 )
Wheat prices eased by 0.25 per cent to Rs 1,597 per quintal in futures market today as speculators cut down
their positions, triggered by adequate stocks position on increased supplies from growing regions at spot
markets. At the National Commodity and Derivatives Exchange, wheat for delivery in June declined by Rs 4,
or 0.25 per cent, to Rs 1,597 per quintal, with an open interest of 19,330 lots. On similar lines, the wheat for
delivery in July traded lower by a similar margin to Rs 1,620 per quintal in 8,830 lots.
Analysts said offloading of positions by traders, driven by sufficient stocks positions on increased arrivals from
producing belts in the physical market mainly kept wheat prices lower at futures trade.
✍ PALM OIL - ( 30- May - 2017 )
Crude palm oil prices were down by Rs 4.90 to Rs 505 per 10 kg in futures trade today as traders offloaded
positions due to subdued demand in spot markets. Furthermore, higher supplies from major producing areas
and weak trend at overseas markets weighed on crude palm oil prices at futures trade, analysts said. At the
Multi Commodity Exchange, crude palm oil for delivery in June eased by Rs 4.90, or 0.96 per cent, to Rs 505
per 10 kg, in a business turnover of 368 lots. The oil for delivery in current month traded lower by Rs 3, or

25. 0.58 per cent, to Rs 517 per 10 kg in 81 lots.
✍ MENTHA OIL ( 29 - May - 2017 )
Mentha oil prices were up by 1.95 per cent to Rs 982.20 per kg in futures trade today as investors extended
their positions amid rising demand from consuming industries in the domestic spot market. Further, tight
stocks position following restricted arrivals from Chandausi in Uttar Pradesh in the physical market supported
the upside in mentha oil prices. t the Multi Commodity Exchange, mentha oil for delivery in current month
gained Rs 18.80, or 1.95 per cent, to Rs 982.20 per kg, with a trading volume of 116 lots. Similarly, the oil for
delivery in June edged up by Rs 6, or 0.66 per cent, to Rs 914 per kg, with a business turnover of 35 lots.
✍ REFINED SOYA ( 26- May - 2017 )
Refined soya oil prices drifted lower by 1.05 per cent to Rs 626.50 per 10 kg in futures trade today as
participants booked profits amid easing demand in the spot market against adequate stocks position. At the
National Commodity and Derivatives Exchange, refined soya oil for delivery in far-month July fell by Rs 6.65,
or 1.05 per cent, to Rs 626.50 per 10 kg, with an open interest of 33,160 lots. Similarly, the oil for delivery in
June traded lower by Rs 6.10, or 0.97 per cent, to Rs 625.60 per 10 kg in 42,510 lots. Analysts said besides
profit booking by traders at prevailing levels, fall in demand in the spot market against sufficient stocks
position, mainly led to the decline in refined soya oil prices at futures trade.
✍ WHEAT ( 26- May - 2017)
Wheat prices eased by 0.25 per cent to Rs 1,597 per quintal in futures market today as speculators cut down
their positions, triggered by adequate stocks position on increased supplies from growing regions at spot
markets. At the National Commodity and Derivatives Exchange, wheat for delivery in June declined by Rs 4,
or 0.25 per cent, to Rs 1,597 per quintal, with an open interest of 19,330 lots. On similar lines, the wheat for
delivery in July traded lower by a similar margin to Rs 1,620 per quintal in 8,830 lots. Analysts said offloading
of positions by traders, driven by sufficient stocks positions on increased arrivals from producing belts in the
physical market mainly kept wheat prices lower at futures trade.
✍ PALM OIL ( 26- May - 2017 )
Crude palm oil prices were down by Rs 4.90 to Rs 505 per 10 kg in futures trade today as traders offloaded
positions due to subdued demand in spot markets. Furthermore, higher supplies from major producing areas
and weak trend at overseas markets weighed on crude palm oil prices at futures trade, analysts said. At the
Multi Commodity Exchange, crude palm oil for delivery in June eased by Rs 4.90, or 0.96 per cent, to Rs 505
per 10 kg, in a business turnover of 368 lots. The oil for delivery in current month traded lower by Rs 3, or 0.58
per cent, to Rs 517 per 10 kg in 81 lots.

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