GOLD - Gold on MCX settled down 0.05% at 28576 as investors looked ahead to a key batch of U.S. economic data to gauge how it will impact the Federal Reserve's view on monetary policy. Gold has been well-supported in recent weeks as fading

2. BULLION METALS OUTLOOK -
GOLD - Gold on MCX settled down 0.05% at 28576 as investors looked ahead to a key batch of U.S. economic data to gauge
how it will impact the Federal Reserve's view on monetary policy. Gold has been well-supported in recent weeks as fading
expectations for a third Fed rate hike this year combined with deepening political turmoil in the White House. India's gold imports
will likely drop in the second-half of the year from the first six months after jewellers rushed to stock up ahead of new taxes
introduced on July 1, the World Gold Council said. Faltering appetite in a country where gold is used in everything from
investment to wedding gifts could rein in a rally in global prices, trading near their highest level in seven weeks. India is the
world's No.2 gold consumer. The country's demand for the metal in the first-half rose 30 percent from a year ago to 298.4 tonnes,
but imports during the period more than doubled to 518.6 tonnes, the WGC said in a report. Indian gold demand is expected to
remain subdued for a few weeks as "consumers who have recently purchased are unlikely to do so again in the short term. India
raised import duties on the metal to 10 percent in a series of hikes to August 2013, looking to curb demand to narrow a gaping
current account deficit. The Perth Mint's sales of gold products rose 23 percent in July. Sales of gold coins and minted bars
increased to 23,675 ounces in July from 19,259 ounces a month ago. Technically MCX Gold is getting support at 28429 and below
same could see a test of 28283-28104 levels, and Resistance is now likely to be seen at 28657, a move above could see prices
testing 28739-28945 in near-Term.
GOLD CHART
Chart Details - On the Above given daily chart of Gold has Applied the Bollinger Band along with Parabolic SAR, Retail trader
data shows 62.0% of traders are net-long with the ratio of traders long to short at 1.63 to 1. The percentage of traders net-long is
now its lowest since Mar 31 when it traded near 1248.9. The number of traders net-long is 1.1% lower than yesterday and 11.3%
lower from last week, while the number of traders net-short is 25.3% higher than yesterday and 45.2% higher from last week. We
typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Spot Gold prices may continue to
fall. Yet traders are less net-long than yesterday and compared with last week. Recent changes in sentiment warn that the current
Spot Gold price trend may soon reverse higher despite the fact traders remain net-long. Technically MCX Gold is getting support at
28429 and below same could see a test of 28283-28104 levels, and Resistance is now likely to be seen at 28657, a move above
could see prices testing 28739-28945 in near-Term.
Monday 07 August 2017

3. SILVER -Silver also settled down 0.23% at 38027 on MCX as investors looked ahead to U.S. employment data to gauge how it
will impact the Federal Reserve's view on monetary policy. The number of Americans filing for unemployment benefits fell last
week, pointing to a tightening labour market that likely keeps the Federal Reserve on course to announce plans next month to start
reducing its massive bond portfolio. The U.S. economy is on track to expand at a 4.0 percent annualised pace in the third quarter
with inventory investment contributing 1.12 percentage points to growth, the Atlanta Fed's GDP Now forecast model showed on
Thursday. A flurry of data in coming weeks should show steady growth in China in July, though the potential for increased trade
friction with the United States poses a risk to the world's second-largest economy as it navigates a tighter policy environment. The
Bank of England kept interest rates at a record low again on Thursday and cut its forecasts for growth and wages as it warned that
Brexit was weighing on the economy. The Perth Mint's sales of silver sales declined for the first time in three months, the mint
said. Silver sales during the month slipped about 4 percent to 1,167,963 ounces, compared with 1,215,071 ounces in June. Investors
were turning their attention to upcoming U.S. nonfarm payrolls data for fresh clues on the timing of the Fed's balance sheet
reduction and its ability to raise interest rates again this year. Technically Silver market is under fresh selling as market has
witnessed gain in open interest by 0.31% to settled at 18031, now Silver is getting support at 37693 and below same could see a
test of 37358 level, And resistance is now likely to be seen at 38231, a move above could see prices testing 38434.
SILVER CHART
Detail of Chart -Technically On the weekly chart, silver prices are trading within swing pattern making lower highs and lower
bottoms. On the other hand, prices’ failure to surpass 61.8% retracement level of 39000 is indicating stiff resistance at higher levels.
The momentum indicator RSI has tested the resistance line and is slipping from the same also indicates bearish momentum.
Technically Silver market is under fresh selling as market has witnessed gain in open interest by 0.31% to settled at 18031, now
Silver is getting support at 37693 and below same could see a test of 37358-37125 level, And resistance is now likely to be seen at
38231, a move above could see prices testing 38434-38652 levels.

4. MCX DAILY LEVELS✍
DAILY EXPIRY DATE R4 R3 R2 R1 PP S1 S2 S3 S4
ALUMINIUM 31-AUG-17 127 125 123 122 121 120 119 117 115
COPPER 31- AUG-2017 421 416 411 408 406 403 401 396 391
CRUDE OIL 21-AUG-17 3349 3278 3207 3178 3136 3107 3065 2994 2923
GOLD 04-AUG-2017 29215 28984 28753 28609 28522 28378 28291 28060 27829
LEAD 31-AUG-17 156 154 152 151 150 149 148 146 144
NATURAL GAS 28-AUG-2017 190 186 182 180 178 176 174 170 166
NICKEL 31-AUG-17 699 685 671 665 657 651 643 629 615
SILVER 05-SEP-2017 41075 39889 38703 37983 37517 36797 36331 35145 33959
ZINC 31-AUG-17 185 183 181 180 179 178 177 175 173
MCX WEEKLY LEVELS✍
WEEKLY EXPIRY DATE R4 R3 R2 R1 PP S1 S2 S3 S4
ALUMINIUM 31-AUG-17 134 130 126 123 122 119 118 114 110
COPPER 31-AUG-17 440 429 418 412 407 401 396 385 374
CRUDE OIL 21-AUG-17 3579 3439 3299 3224 3159 3084 3019 2879 2739
GOLD 04-AUG-2017 29575 29209 28843 28654 28477 28288 28111 27745 27379
LEAD 31-AUG-17 158 155 152 150 149 147 146 143 140
NATURAL GAS 28-AUG-2017 223 209 195 187 181 173 167 153 139
NICKEL 31-AUG-17 704 688 672 666 656 650 640 624 608
SILVER 05-SEP-2017 43015 41247 39479 38371 37711 36603 35943 34175 32407
ZINC 31-AUG-17 193 188 183 181 178 176 173 168 163

5. FOREX DAILY LEVELS✍
DAILY EXPIRY DATE R4 R3 R2 R1 PP S1 S2 S3 S4
USDINR 29-AUG-17 64.05 64.00 63.95 63.86 63.81 63.72 63.67 63.58 63.49
EURINR 29-AUG-17 76.19 76.12 76.05 75.90 75.83 75.68 75.61 75.46 75.31
GBPINR 29-AUG-17 84.18 84.13 84.08 83.99 83.94 83.85 83.80 83.71 83.62
JPYINR 29-AUG-17 58.47 58.32 58.17 57.99 57.84 57.66 57.51 57.33 57.15
FOREX WEEKLY LEVELS✍
WEEKLY EXPIRY DATE R4 R3 R2 R1 PP S1 S2 S3 S4
USDINR 29-AUG-17 65.15 64.91 64.67 64.22 63.98 63.53 63.29 62.84 62.39
EURINR 29-AUG-17 77.16 76.83 76.50 76.13 75.80 75.43 75.10 74.73 74.36
GBPINR 29-AUG-17 86.46 86.03 85.60 84.75 84.32 83.47 83.04 82.19 81.34
JPYINR 29-AUG-17 59.67 59.26 58.85 58.52 58.11 57.78 57.37 57.04 56.71

6. NCDEX DAILY LEVELS✍
DAILY EXPIRY DATE R4 R3 R2 R1 PP S1 S2 S3 S4
SYOREFIDR 18-AUG -2017 647 644 641 640 638 637 635 632 629
SYBEANIDR 18-AUG -2017 3070 3032 2994 2977 2956 2939 2918 2880 2842
RMSEED 18-AUG -2017 3746 3713 3680 3668 3647 3635 3614 3581 3548
JEERAUNJHA 18-AUG -2017 20541 20116 19691 19468 19266 19043 18841 18416 17991
GUARSEED10 18-AUG -2017 3978 3883 3788 3737 3693 3642 3598 3503 3408
TMC 18-AUG -2017 8081 7946 7811 7733 7676 7598 7541 7406 7271
NCDEX WEEKLY LEVELS✍
WEEKLY EXPIRY DATE R4 R3 R2 R1 PP S1 S2 S3 S4
SYOREFIDR 18-AUG -2017 689 674 659 651 644 636 629 614 599
SYBEANIDR 18-AUG -2017 3415 3276 3137 3062 2998 2923 2859 2720 2581
RMSEED 18-AUG -2017 3973 3874 3775 3727 3676 3628 3577 3478 3379
JEERAUNJHA 18-AUG -2017 21418 20688 19958 19695 19228 18965 18498 17768 17038
GUARSEED10 18-AUG -2017 4190 4012 3834 3748 3656 3570 3478 3300 3122
TMC 18-AUG -2017 8761 8349 7937 7706 7525 7294 7113 6701 6289

7. MCX - WEEKLY NEWS LETTERS
INTERNATIONAL UPDATES ( BULLION & ENERGY )✍
GOLD✍
Gold prices edged higher in Asia on Tuesday with a weaker dollar bringing on physical buying interest in
India and China, the world's top two importers, ahead of China trade data later in the day. Gold futures
for December delivery on the Comex division of the New York Mercantile Exchange rose 0.11% to
$1,266.03 a troy ounce. China is expected to report exports rose 10.9% in July year-on-year, down from
an 11.3% gain in June, while imports rose 16.6%, compared to a 17.2% increase in the previous month for
a trade balance surplus of $46.08 billion, wider than the $ 42.77 billion in June. Overnight, gold prices
traded slightly above breakeven on Monday, bouncing off session lows after the dollar came under
pressure following comments from a top Federal Reserve official. Gold continued to pare losses,
following a slump on Friday on the back of strong nonfarm payrolls data suggesting the U.S. economy
could sustain further rate hikes while St. Louis Fed President James Bullard said that low interest rates are
“likely to remain appropriate” over the near term. "The current level of the policy rate is likely to remain
appropriate over the near term," Bullard said in slides prepared ahead of a speech to the America's Cotton
Marketing Cooperatives 2017 Conference in Nashville, Tennessee. Gold is sensitive to moves in U.S.
rates, which lift the opportunity cost of holding non-yielding assets such as bullion. Inflation data later in
the week, however, are expected to provide the yellow metal with fresh direction, as market participants
are keen to establish whether the slowdown in inflation has continued unabated. The slowdown in
inflation, has weighed on the prospect of rate hikes later this year, pressuring both the dollar and bond
yields while helping the yellow metal trade close to seven-week highs. The producer price index and the
consumer price index data are slated for Thursday and Friday respectively. A slump in trading volumes
due to the holidays, however, is expected to keep gold prices range bound.
Gold prices drifted lower on Monday, as market players looked ahead to a busy week of economic data,
including monthly inflation indicators, for further clues on the timing of the next Federal Reserve rate
hike. Besides the inflation data, this week's calendar also features reports on JOLTS job openings,
nonfarm productivity and unit labor costs, producer prices as well as weekly jobless claims. Investors will
also keep an eye out on a number of Fed speakers for any new insight on when and how the central bank
plans to pare back its massive balance sheet, with most of the focus falling on comments from New York
Fed President William Dudley. Markets remain skeptical the Fed will raise rates in December, according
to Investing.com’s Fed Rate Monitor Tool, due to worries over the subdued inflation outlook, but it is
widely expected to start the process of reducing its balance sheet by September. Focus this week will also
be on headlines coming out of Washington, even as Congress slows down for August recess. The
investigation into U.S. President Donald Trump campaign's ties to Russia will remain on the agenda.

8. Comex gold futures for August were at $1,262.96 a troy ounce by 2:45AM ET, down $1.60, or about
0.1%. It touched its lowest since July 26 at $1,259.80 on Friday, as the dollar jumped after a key report on
payrolls in July showed U.S. employers hired more workers than expected.
Gold prices fell in early Asia on Monday with attention on the dollar after gains last week on renewed
views the Fed may hike for a third time this year. Gold for August delivery fell 0.16% to $ 1,262.52 on
the Comex division of the New York Mercantile Exchange. Ahead in the week, Friday’s U.S. inflation
figures are seen as key as are comments by Fed speakers on interest rate and balance sheet unwinding
views. Last week, gold prices fell on Friday as a solid U.S. employment report for July revived
expectations for another interest rate increase by the Federal Reserve this year. In Asia, The AIG
Construction index rose to 60.5 in July from 56.0 in June, a major boost. Japan reported its foreign
reserves data for July with figures standing at $ 1.260 trillion from $ 1.260 trillion in June. The Labor
Department reported Friday that the U.S. economy added 209,000 jobs last month, beating expectations
for a gain of 183,000 and the unemployment rate ticked down to 4.3%. The report also showed that
average hourly earnings increased by 9 cents or 0.3% last month to $ 26.36 an hour, the largest monthly
increase since October. Wages increased by 2.5% on a year-over-year basis, matching June’s increase. The
uptick in wage growth indicated that inflationary pressures are firming. Markets believe stronger inflation
will enable the Fed to stick to its plans for a third interest rate hike this year. Expectations of a faster pace
of rate increases tend to weigh on gold, which is denominated in dollars and struggles to compete with
yield-bearing assets when borrowing costs rise. Gold prices are up around 9% this year, lifted in part by
expectations that the Fed will take a gradual path toward tightening monetary policy.
Gold discounts in India widened to their highest in over 10 months and premiums in other major Asian
centres edged lower on the back of sluggish demand across markets due to rallying global prices. In India,
dealers were offering bullion imported from South Korea without paying custom duty at lower prices
prompting higher than usual imports from the country. "Due to the free trade agreement signed with South
Korea, importers don't need to pay import duty for gold imported from that country. That's why importers
could offer huge discount. Dealers in India were offering a discount of up to $11 an ounce this week over
official domestic prices, the highest since Sept. 24, 2016. Last week they were offering a discount of $4.
The domestic price includes a 10 percent import tax. "Retail demand is subdued. It will remain weak in
the first half of August unless prices correct sharply," said a Mumbai-based dealer with a private bank.
India's gold imports will likely drop in the second-half of the year from the first six months after jewellers
rushed to stock up ahead of new taxes introduced on July 1, the World Gold Council said on Thursday.
demand is expected to remain subdued in India for a few weeks as "consumers who have recently
purchased are unlikely to do so again in the short term.
Gold prices held steady on Friday, as investors awaited the release of highly-anticipated U.S. employment
data due later in the day, although recent data and ongoing political tensions in the U.S. continued to

9. weigh on the greenback. On the Comex division of the New York Mercantile Exchange, gold futures for
August delivery were down steady at $1,268.66, very close to Tuesday’s seven-week highs of $1.273,30.
The August contract ended Thursday’s session 0.13% higher at $1,266.40 an ounce. Futures were likely to
find support at $1,256.60, Thursday’s low and resistance at $1,273.30, Tuesday’s high. The dollar
remained under pressure after the Institute for Supply Management on Thursday said its index of non-
manufacturing activity fell to 53.9 from 57.4 in June. Economists had forecast a reading of 57.0. A
separate report showed that U.S. initial jobless claims decreased by 5,000 to 240,000 last week, compared
to expectations for a 3,000 fall to 242,000. Investors were now looking ahead to the nonfarm payrolls
report for July, due later Friday, to gauge whether the U.S. economy is strong enough for the Fed to stick
to its planned tightening path. The greenback has been under pressure recently amid worries over political
turmoil in Washington and recent lackluster economic reports, which have raised doubts over whether the
Federal Reserve will raise rates again this year.
Gold dipped in Asia on Friday with nonfarm payrolls ahead expected to set dollar direction seen as crucial
for overseas buyers from major importers such as India and China. Gold futures for August delivery on
the Comex division of the New York Mercantile Exchange fell 0.39%, to $1,266.89 a troy ounce.
Overnight, Gold prices traded slightly below break even but remained close to seven-week highs on
Thursday as investors awaited nonfarm payrolls data for clues about the strength of the economy amid a
dip in expectations the Federal Reserve will keep to its plan to raise rates once more this year. Gold
struggled to for direction in early morning U.S. trade, as investors remained cautious of initiating large
positions in the yellow-metal ahead of nonfarm payroll data on Friday, expected to provide further clues
on the outlook for interest rate increases. Gold is sensitive to moves in U.S. rates, which lift the
opportunity cost of holding non-yielding assets such as bullion. Gold has edged higher in recent weeks, as
investor uncertainty concerning the pace of U.S. interest rate increases continued amid a raft of mixed
economic data fuelling expectations that the Federal Reserve could backtrack on its plan to raise rates
later this year. The U.S. labor market continued to show signs of tightening, after initial claims for state
unemployment benefits decreased 5,000 to a seasonally adjusted 240,000 for the week ended July 29, the
Labor Department said on Thursday.
Gold steadied on Thursday, hovering below Tuesday's seven-week high, as investors awaited U.S. jobs
data for further clues on the outlook for interest rates. Gold rallied through most of July as the dollar fell
on reduced expectations for a third U.S. rate increase this year. Inflation has been contained even though
the labor market appears to be in its best shape in many years and despite double-digit U.S. earnings
growth in the second quarter. Reduced rate rise expectations tend to weaken the dollar, making dollar-
priced gold cheaper for non-U.S. investors. The dollar fell against the yen, euro and Swiss franc, after
weaker-than-expected U.S. services sector data worried investors and stoked doubts that the Federal
Reserve would raise interest rates again in 2017. gold XAU= was 0.15 percent higher at $ 1,268.15 an
ounce by 2:02 p.m. EDT, not far from Tuesday's seven-week high of $1,273.97. In early Asian trade, it

10. fell $ 6.20 within one minute to the session low of $ 1,258.20 but quickly recovered. "The dollar is weak
so there's a little bit of spillover effect from that. "There's position squaring ahead of the jobs data.
Nobody wants to get caught with any surprises. The data is scheduled for release on Friday. U.S. gold
futures GCcv1 for December delivery settled down 0.3 percent at $ 1,274.40. "We're still in a $ 1,200-$
1,300 range and there doesn't seem enough of anything material to worry investors sufficiently to break us
through that upper level.
Gold prices drifted lower on Thursday to move further away from their strongest level in seven weeks as
investors looked ahead to a key batch of U.S. economic data to gauge how it will impact the Federal
Reserve's view on monetary policy. Comex gold futures for August were at $1,261.11 a troy ounce by
3:10AM ET , down $10.60, or about 0.8%. It touched its highest since June 14 at $1,273.30 earlier this
week. Prices of the yellow metal ended marginally lower on Wednesday, as a recent rally showed signs of
fatigue. Gold has been well-supported in recent weeks as fading expectations for a third Fed rate hike this
year combined with deepening political turmoil in the White House boosted the appeal of the precious
metal. Investors were turning their attention to upcoming U.S. economic data for fresh clues on the timing
of the Fed's balance sheet reduction and its ability to raise interest rates again this year.
Global demand for gold fell 14 percent in the first half of this year due mainly to a sharp decline in
purchases by exchange traded funds, the World Gold Council said in a report on Thursday. Central bank
buying also fell slightly in the first half but purchases of bars, coins and jewellery grew thanks to strong
demand in India and Turkey, the industry-funded WGC said in its latest Gold Demand Trends report.
Gold-backed ETFs saw record inflows last year to match a 30 percent rise in gold prices between January
and June. But with prices rising only around 8 percent in the same period this year, funds added only 56
tonnes in the second quarter, down 76 percent from last year, bringing first half inflows to 167.9 tonnes.
European ETFs accounted for 76 percent of first half inflows taking their holdings to a record 978 tonnes.
"This year demand is a little more balanced," said Alistair Hewitt, the WGC's head of market intelligence.
"While we saw huge inflows into ETFs last year, the physical markets of jewellery, bars and coins
slumped to multi-year lows." Total global demand for gold amounted to 2,004 tonnes in January-June,
down from 2,318.7 tonnes in the same period last year. For the second quarter alone, demand was 953
tonnes, the lowest quarterly total in two years. Jewellery purchases rose 8 percent over April-June helped
by a rebound in buying in India ahead of a new sales tax and in Turkey thanks to a more stable economy,
but first half buying remained below 1,000 tonnes for only the fourth time since 2000. Purchases of gold
bars and coins were up 13 percent in the second quarter and 11 percent in the first half as Chinese, Indian
and Turkish demand increased.
ENERGY
Oil prices edged lower on Monday, as market players looked ahead to a highly-anticipated meeting of
some oil ministers from OPEC and non-OPEC producers to assess how the group can increase
compliance with production cuts that began at the start of the year. The two-day gathering that begins

11. later in the day in Abu Dhabi will discuss members’ compliance levels to the agreed-upon global
production limits that run through March 2018. The U.S. West Texas Intermediate crude September
contract was at $49.34 a barrel by 3:10AM ET, down 22 cents, or around 0.4%. Elsewhere, Brent oil for
October delivery on the ICE Futures Exchange in London shed 23 cents to $52.19 a barrel. Oil prices
settled higher on Friday, aided by signs of a possible slowdown in U.S. shale production, but they still
ended the week with a small loss amid renewed concerns over OPEC’s compliance with the deal to curb
production. OPEC and some non-OPEC producers, including Russia, have agreed since the start of the
year to slash 1.8 million barrels per day in supply until March 2018. So far, the deal has had little impact
on global inventory levels due to rising supply from producers not participating in the accord, such as
Libya and Nigeria, as well as a relentless increase in U.S. shale output.
Oil prices edged down on Monday but still held near nine-week highs, supported by robust U.S. jobs data
last week and a slight fall in the U.S. drill rig count, even as rising output from OPEC reined in crude
markets. Global benchmark Brent crude futures LCOc1 were down 17 cents, or 0.32 percent, at $52.25 a
barrel at 0540 GMT. U.S. crude futures CLc1 were down 15 cents, or 0.30 percent, at $49.43 per barrel.
Prices for both benchmarks have been holding near their highest since late May, when oil producers led
by the Organization of the Petroleum Exporting Countries extended a deal to reduce output by 1.8 million
barrels per day until the end of next March. Crude oil prices rose strongly as investors viewed data as a
positive sign for oil demand in the United States ... A small fall in the number of drill rigs operating in the
U.S. also supported prices. U.S. employers added an above-forecast 209,000 workers in July and raised
wages, the U.S. Labor Department said on Friday in its monthly jobs report. drillers cut one oil rig in the
week to Aug. 4, bringing the total count down to 765, energy services firm Baker Hughes BHGE.N also
said on Friday. Despite developments in the United States that have supported prices, global oil markets
remain under pressure from high and rising production, analysts said. Sector production is up 2 percent
year-to-date Volumes should increase by another 200,000 barrels per day over 2H17 if 2017-guidance is
to be achieved," U.S. investment bank Jefferies said in a note to clients on Monday.
Oil prices settled higher on Friday, aided by signs of a possible slowdown in U.S. shale production, but
they still ended the week with a small loss amid renewed concerns over OPEC’s compliance with the deal
to curb production. The U.S. West Texas Intermediate crude September contract tacked on 55 cents, or
around 1.1%, to end at $49.58 a barrel by close of trade Friday. Elsewhere, on the ICE Futures Exchange
in London, Brent oil for October delivery rose 41 cents, or about 0.8%, to settle at $52.42 a barrel by
close of trade. Friday's gains came after weekly figures from energy services company Baker Hughes
showed that the number of active rigs drilling for oil fell by one to 765 last week. It was the second
decline in the past three weeks, suggesting early signs of moderating domestic production growth. Despite
Friday's upbeat performance, WTI lost 13 cents, or about 0.3%, for the week, while Brent dipped 10
cents, or roughly 0.2%, amid indications that OPEC exports rose to their highest level of the year, despite
the current pact to reduce output. OPEC and some non-OPEC producers have agreed since the start of the

12. year to slash 1.8 million barrels per day in supply until March 2018. So far, the deal has had little impact
on global inventory levels due to rising supply from producers not participating in the accord, such as
Libya and Nigeria, as well as a relentless increase in U.S. shale output. Elsewhere on Nymex, gasoline
futures for September climbed 1.4 cents, or about 0.9%, to end at $1.646 on Friday. It closed around 1.8%
lower for the week.
Crude dipped in Asia on Tuesday as markets await China trade figures slated an imports in focus and look
ahead to industry estimates on inventories in the U.S. On the New York Mercantile Exchange crude
futures for September delivery eased 0.16% to $49.31 a barrel, while on London's Intercontinental
Exchange, Brent was last quoted at $52.24 a barrel. China is expected to report exports rose 10.9% in July
year-on-year, down from an 11.3% gain in June, while imports rose 16.6%, compared to a 17.2% increase
in the previous month for a trade balance surplus of $46.08 billion, wider than the $ 42.77 billion in June.
Late on Tuesday, the American Petroleum Institute will provide its estimates of crude oil and refined
product stocks at the end of last week to be followed by official data on Wednesday from the Energy
Information Administration. Earlier, Japan said its unadjusted current account fro June reached ¥ 935
billion, wider than the ¥ 814 billion in surplus seen, but narrower than the ¥ 1.654 trillion in May.
Overnight, crude futures settled lower on Monday, amid renewed oversupply jitters, following an uptick
in U.S. output to a two-year high while concerns over Opec’s wavering commitment to production cuts
continued as a meeting of Opec and non-Opec members got underway. Fresh from posting a weekly loss,
crude futures showed little sign of a rebound, as data showed U.S. production rose to a two-year high
while a rebound in Libyan oil output also added to oversupply concerns.
Asia's loadings of West African oil are on track to rebound to a six-month high in August on a revival in
China's appetite, a Reuters survey of traders and shipping data showed on Monday. Loadings for Asia are
expected to reach 2.18 million barrels per day in August, some 11 percent higher than the previous month
and the highest since February. The increase was driven primarily by an increase in bookings to China,
which rose significantly on-the-month to a five-month high of just over 1.4 million bpd. Chinese
refineries are looking to stock up for the third and fourth quarter, when refineries come out of late summer
maintenance and look to produce as much diesel as they can. "They're looking for more medium crudes,
price permitting. Diesel demand growth is doing quite well. Many West African grades, including most of
those loading in Angola, are medium crudes, which have a high yield of middle distillates such as diesel.
Additionally, while China's state refiner Sinopec Corp considered cutting fuel output in the third quarter
to deal with a domestic excess, Crude oil imports could remain elevated regardless. they'd cut meant they
wouldn't run full throttle, the way they were at the beginning of the year.
Oil markets dipped on Friday, with U.S. crude remaining below $50 per barrel, restrained by rising output
from the United States as well as producer club OPEC. U.S. West Texas Intermediate crude futures CLc1
were at $48.95 per barrel at 0516 GMT, down 8 cents, or 0.2 percent, from their last close and around 90
cents for the week. Brent crude futures LCOc1 , the international benchmark for oil prices, were at $51.93

13. a barrel, down 8 cents, or 0.15 percent, from their last close and around 70 cents for the week. Traders
said prices were being pulled down by rising output, although strong demand prevented bigger drops.
"Developments this week have seen some pessimism return to markets," National Australia Bank said in
its August outlook. "We forecast Brent to trade at around $53 per barrel in Q4 2017," it said.
Oil markets opened weak on Friday, with U.S. crude remaining below $50 per barrel, restrained by rising
output from the United States as well as producer club OPEC. U.S. West Texas Intermediate crude futures
CLc1 were at $49.03 per barrel at 0136 GMT, flat from their last close but around 80 cents below their
opening value this week. Brent crude futures LCOc1 , the international benchmark for oil prices, were at
$ 51.99 a barrel, down 2 cents from their last close and around 60 cents below the start of the week.
Traders said that prices were being held in check around current levels - rising output prevented increases,
while strong demand prevented drops. Crude oil exports by the Organization of the Petroleum Exporting
Countries rose to a record high in July, driven largely by soaring exports from the group's African
members, according to a report by Thomson Reuters Oil Research this week. July's 26.11 million barrels
per day in exports marked a rise of 370,000 bpd, most of which came from Nigeria, which posted a rise
of 260,000 bpd in shipments. the United States, oil production has hit 9.43 million barrels per day, the
highest level since August 2015 and up 12 percent from its most recent low in June last year. Quarterly
reporting season has seen a swathe of shale producers announce aggressive production targets, despite
weak prices as they cut costs and become more efficient.
Crude oil prices held mostly steady in Asia on Friday ahead of weekly rig count data from Baker Hughes
expected to set the tone. On the New York Mercantile Exchange crude futures for September delivery
traded flat at $49.03 a barrel, while on London's Intercontinental Exchange, Brent gained 0.19% to $52.01
a barrel. Overnight, crude futures settled lower on Thursday, as investors looked ahead to an Opec
meeting next week for fresh insight into the oil cartel’s commitment to improve compliance with the deal
to curb production. Investor sentiment on oil soured as concerns over an uptick in Opec supplies offset
bullish data showing U.S. gasoline demand hit a record high while crude stockpiles dropped for the fifth
straight week. Inventories of U.S. crude fell by roughly 1.5m barrels in the week ended July 28, below
expectations of a draw of about only 2.9m barrels, the Energy Information Administration reported
Wednesday. Opec output hit a 2017 high of 33 million bpd in July, up 90,000 bpd from the previous
month, a Reuters survey showed earlier this week, despite the group’s pledge to curb production.
Concerns over growing Opec production come ahead of a highly anticipating meeting among Opec
members next week, as the group seeks to reaffirm its commitment to increase compliance with the deal
to curb production. In May, Opec and non-Opec members agreed to extend production cuts for a period of
nine months until March, but stuck to production cuts of 1.8 million bpd agreed in November last year.
Oil prices were lower on Thursday, as investors weighed bloated global inventories against an uptick in
demand. The U.S. West Texas Intermediate crude September contract was at $49.34 a barrel by 3:30AM
ET , down 25 cents, or around 0.5%. Elsewhere, Brent oil for October delivery on the ICE Futures
Exchange in London shed 25 cents to $52.11 a barrel. Oil prices finished higher on Wednesday, as

14. investors viewed weekly U.S. inventory data on crude and refined products as bullish. The Energy
Information Administration reported a 1.5 million barrel drop in U.S. crude supplies last week, below
analysts’ expectations. However, gasoline inventories fell by a more-than-expected 2.5 million barrels
while demand hit a record above 9.8 million barrels a day, the EIA said. Meanwhile, oil traders looked
ahead to a technical meeting of some OPEC and non-OPEC producers in Abu Dhabi next week to assess
how the group can increase compliance with production cuts that began at the start of this year. So far, the
output deal has had little impact on global inventory levels due to rising supply from producers not
participating in the accord, such as Libya and Nigeria, as well as a relentless increase in U.S. shale output.
Oil fell on Thursday as a rally that has pushed up prices by almost 10 percent since early last week lost
momentum despite renewed signs of a gradually tightening U.S. market. Brent crude futures LCOc1 , the
international benchmark for oil prices, were trading down 33 cents, or 0.6 percent, at $52.03 per barrel at
0711 GMT. U.S. West Texas Intermediate crude futures CLc1 were at $49.28 per barrel, down 31 cents, or
0.6 percent. Strong demand in the United States was supporting prices, while high supplies from OPEC
producers were restricting further gains, traders said, pointing to a range-bound market. "Both contracts
appear to be moving into a range consolidation mode. U.S. crude prices held below $50 per barrel despite
record gasoline demand of 9.84 million barrels per day last week and a fall in commercial crude
inventories in the week to July 28 of 1.5 million barrels to 481.9 million barrels , according to the U.S.
Energy Information Administration. below levels seen this time last year, an indication of a tightening
U.S. market. Traders said ongoing high supplies by the Organization of the Petroleum Exporting
Countries were capping prices. The high OPEC supplies come despite a pledge by the group, supported
by other producers including Russia, to restrict output by 1.8 million bpd between January this year and
March 2018 to tighten the market. Trading data in Thomson Reuters Eikon shows that crude oil shipments
by OPEC and Russia, which excludes pipeline supplies, hit a 2017-high of around 32 million bpd in July,
up from around 30.5 million bpd in January.
Crude oil benchmarks drifted weaker in Asia on Thursday, shrugging of some demand signals from the
U.S. overnight and waiting for more on rig count figures by Baker Hughes and OPEC compliance with
output cuts. On the New York Mercantile Exchange crude futures for September delivery fell 0.36% to
$49.41 a barrel, while on London's Intercontinental Exchange, Brent dropped 0.40% to $52.15 a barrel.
The rig count figures are a proxy for U.S. shale oil output - with both the number of rigs drilling and
output gaining steadily in the past year as prices hove around $50 a barrel. Overnight, crude futures
settled higher on Wednesday, as investors cheered data showing supplies of U.S. crude fell for the fifth-
straight week while refinery activity continued to grow. Crude prices recovered from a 2% plunge
sustained the prior session, after a report from the Energy Information Administration showed crude and
gasoline stockpiles fell last week, pointing to an uptick in demand for crude and refinery activity.
Inventories of U.S. crude fell by roughly 1.5m barrels in the week ended July 28, below expectations of a
draw of about 2.9m barrels. It was fifth-straight week of falling crude inventories. Gasoline inventories,
one of the products that crude is refined into, fell by roughly 2.5m barrels, confounding expectations of a

15. draw of 636,000 barrels while distillate stockpiles fell by 150,000 barrels, compared to expectations of a
decline of 525,000 barrels.
Oil dipped on Thursday as a rally that has pushed up prices by almost 10 percent since early last week lost
momentum despite renewed signs of a gradually tightening U.S. market. Strong demand in the United
States provided prices with support, traders said, but ongoing high supplies from OPEC producers were
restricting further gains. Brent crude futures LCOc1 , the international benchmark for oil prices, were
trading down 17 cents, or 0.3 percent, at $52.19 per barrel at 0147 GMT. U.S. West Texas Intermediate
crude futures CLc1 were at $49.44 per barrel, down 15 cents, or 0.3 percent, from their last settlement.
U.S. crude prices held below $50 per barrel despite record gasoline demand of 9.84 million barrels per
day last week and a fall in commercial crude inventories in the week to July 28 of 1.5 million barrels to
481.9 million barrels, according to the U.S. Energy Information Administration. below levels seen this
time last year, an indication of a tightening U.S. market. Traders said ongoing high supplies by the
Organization of the Petroleum Exporting Countries were capping prices. The high OPEC supplies come
despite a pledge by the group, supported by other producers including Russia, to restrict output by 1.8
million bpd between January this year and March 2018 in order to tighten the market. Trading data in
Thomson Reuters Eikon shows that crude oil shipments by OPEC and Russia, which excludes pipeline
supplies, hit a 2017 high of around 32 million bpd in July, up from around 30.5 million bpd in January.
Oil prices fell on Wednesday, with rising U.S. fuel inventories pulling U.S. crude back below $50 per
barrel, while ongoing high OPEC supplies weighed on international prices. U.S. West Texas Intermediate
crude CLc1 was at $48.76 per barrel at 0646 GMT, down 40 cents, or 0.8 percent, from its last settlement.
That came after the contract opened above $50 for the first time since May 25 on Tuesday. crude LCOc1 ,
the international oil benchmark, was down 39 cents, down 0.8 percent from the previous close, at $51.39
per barrel. The American Petroleum Institute's said that U.S. crude stocks rose by 1.8 million barrels in
the week ending July 28 to 488.8 million, denting hopes that recent inventory draws were a sign of a
tightening U.S. market. Halley of futures brokerage OANDA said following the API's report "traders
stampeded for the door to lock in profits from the last eight days' bull-run." Official storage figures are
due to be published by the U.S. Energy Information Administration later on Wednesday. Outside the
United States, Brent was pulled down by reports this week showing production from the Organization of
the Petroleum Exporting Countries at a 2017 high of 33 million barrels per day (bpd). That is despite
OPEC's pledge to restrict output along with other non-OPEC producers, including Russia, by 1.8 million
bpd between January this year and March 2018. Economist Intelligence Unit said that despite the cuts
"the global market remains oversupplied," and it warned that "there is no guarantee that further cuts will
be sufficient to rebalance the oversupplied global oil market. Energy consultancy Douglas Westwood
reckons that this year's oil market will be slightly undersupplied but that the glut will return in 2018, and
last to 2021.

16. BASE METAL’S OUTLOOK :
Trading Ideas:
COPPER -
➢ Copper trading range for the day is 401.9-416.7.
➢ Copper gained as soaring steel and iron ore prices in China brightened the outlook for growth and
industrial demand.
➢ Premiums to obtain physical delivery of copper either in Shanghai or enroute to Shanghai fell, reflecting
falling physical demand due to high prices.
➢ Hedge funds and money managers boosted their net long position in COMEX copper to a record high in
the week to Aug. 1, CFTC data showed.
ZINC -
➢ Zinc trading range for the day is 176.1-187.9.
➢ Zinc prices gained as zinc inventories are still at low levels and some smelters have yet to totally recover
from maintenance.
➢ Combined zinc inventories in Shanghai, Tianjin and Guangdong were largely stable at 122,200 mt last
week.
➢ Zinc inventories in Tianjin grew slightly further due to arriving shipments from other regions and weak
consumption.
ALUMINIUM -
➢ Aluminium trading range for the day is 120.1-128.3.
➢ Aluminium ended with gains on prospects of supply shutdowns in top producer China.
➢ Impact on aluminum capacity and captive power plants from environmental factor will encourage
investors to raise bullish bets.
➢ Japan's economy was expected to grow for a sixth straight quarter in April-June, buoyed by domestic
demand.
BASE METAL

17. Nickel futures down on profit-booking - ( 05 - AUG- 2017 )
Nickel futures traded 0.42 per cent down at Rs 656.20 per kg today as participants cut down their
holdings to book profits at current levels. Besides, sluggish demand from alloy-makers in the domestic
spot market too weighed on metal prices. At the Multi Commodity Exchange, nickel for delivery this
month contracts shed Rs 2.80, or 0.42 per cent, to Rs 656.20 per kg in a business turnover of 208 lots.
Also, metal for delivery in the September fell by Rs 2.70, or 0.41 per cent to trade at Rs 661 per kg in five
lots. Market analysts said the fall in nickel prices was mostly due to profit-booking by participants at
existing levels amid low demand at the domestic market from alloy-makers.
Copper futures marginally down on weak demand ( 05 - AUG - 2017 )
Copper prices moved down by 0.30 per cent to Rs 405.50 per kg in futures trade today as speculators cut
down their bets amid muted demand at spot markets. Copper for delivery in August shed Rs 1.20, or 0.30
per cent, to Rs 405.50 per kg in a business turnover of 247 lots at the Multi Commodity Exchange.
Likewise, the metal for delivery in November traded lower by Rs 1.05 or 0.25 per cent to Rs 412.10 per
kg in 14 lots. Analysts said offloading of positions by speculators amid a low demand at domestic spot
markets mainly led to fall in copper prices at futures trade here.
NICKEL -✍ ( 04 - AUG - 2017 )
Nickel futures traded 0.56 per cent down at Rs 654.20 per kg today as speculators reduced their exposure,
in keeping with a weak trend at the domestic spot market due to low demand. Besides, profit-booking
weighed on sentiment. At Multi Commodity Exchange, nickel for delivery this month shed Rs 3.70, or
0.56 per cent, to Rs 654.20 per kg in a business turnover of 1,192 lots. The metal for delivery in
September too fell by Rs 3.10, or 0.47 per cent, to trade at Rs 659 per kg in 21 lots. Market analysts said
the fall in nickel prices was mostly in tune with a weak trend in base metals at the domestic markets due
to sluggish demand.
COPPER✍ ( 04 - AUG - 2017 )
Copper prices moved down by 0.34 per cent to Rs 406.80 per kg in futures trade today as speculators cut
down their bets amid subdued demand at the spot market. Copper for delivery in August shed Rs 1.40, or
0.34 per cent, to Rs 406.50 per kg, in a business turnover of 10 lots at Multi Commodity Exchange.
Likewise, the metal for delivery in November traded lower by Rs 1.20, or 0.29 per cent, to Rs 413.15 per
kg in 10 lots. Analysts said copper prices fell in line with a weak trend in industrial metals following
sluggish demand from consuming industries at the domestic spot market.
LEAD✍ ( 03 - AUG - 2017 )
Lead prices eased by 0.30 per cent to Rs 148.75 per kg in futures trade today as participants cut down
their bets amid muted demand at the domestic spot market. Besides, profit-booking weighed on the prices.

18. At Multi Commodity Exchange, lead for delivery in August was trading down 45 paise, or 0.30 per cent,
at Rs 148.75 per kg in a business turnover of 443 lots. The metal for delivery September also fell by 50
paise, or 0.30 per cent, to trade at Rs 149.45 per kg with a business volume of 38 lots. Marketmen said
that apart from muted demand from battery- makers at domestic markets, profit-booking by participants
kept pressure on lead futures here.
NICKEL -✍ ( 02 - AUG - 2017 )
Nickel prices were trading lower by 0.57 per cent to Rs 645.80 per kg in futures trade today amid profit-
booking by speculators and easing demand at the domestic spot market. At the Multi Commodity
Exchange, nickel for delivery in July fell by Rs 3.70, or 0.57 per cent, to Rs 645.80 per kg in a business
turnover of 824 lots. Likewise, the metal for delivery in August was trading lower by Rs 3.60, or 0.55 per
cent, to Rs 650.20 per kg in 272 lots. Marketmen said profit-booking by participants at prevailing levels
amid fall in demand from alloy-makers in the spot market, mainly influenced nickel prices at futures
trade.
ZINC✍ ( 02 - AUG - 2017 )
Zinc prices declined by 0.53 per cent to 178.45 per kg in futures market today as speculators cut down
positions, taking negative cues from spot market on tepid demand from consuming industries. At the
Multi Commodity Exchange, zinc for delivery in July slipped by 95 paise, or 0.53 per cent, to Rs 178.45
per kg in a business turnover of 2,164 lots. Likewise, the metal for delivery in August was trading lower
by a similar margin at Rs 178.65 per kg in 292 lots. Market analysts attributed the weakness in zinc
futures to offloading of positions by participants amid sluggish demand from consuming industries in the
physical market.
COPPER✍ ( 01 - AUG - 2017)
Copper futures fell 0.64 per cent to Rs 412 per kg today as speculators booked profits at prevailing high
levels amid low demand at spot markets. At the Multi Commodity Exchange, copper for delivery in far-
month November declined by Rs 2.65, or 0.64 per cent to Rs 412 per kg in a business turnover of 44 lots.
The metal for delivery in August month shed Rs 2.30 or 0.56 per cent to Rs 405.70 per kg in a business
volume of 832 lots. Analysts attributed the fall to offloading of positions by speculators at prevailing
higher levels coupled with subdued spot demand.
NICKEL✍ ( 31 - July - 2017 )
Nickel prices were trading lower by 0.57 per cent to Rs 645.80 per kg in futures trade today amid profit-
booking by speculators and easing demand at the domestic spot market. At the Multi Commodity
Exchange, nickel for delivery in July fell by Rs 3.70, or 0.57 per cent, to Rs 645.80 per kg in a business
turnover of 824 lots. Likewise, the metal for delivery in August was trading lower by Rs 3.60, or 0.55 per
cent, to Rs 650.20 per kg in 272 lots. Marketmen said profit-booking by participants at prevailing levels

19. amid fall in demand from alloy-makers in the spot market, mainly influenced nickel prices at futures
trade.
ZINC✍ ( 31 - July - 2017 )
Zinc prices declined by 0.53 per cent to 178.45 per kg in futures market today as speculators cut down
positions, taking negative cues from spot market on tepid demand from consuming industries. At the
Multi Commodity Exchange, zinc for delivery in July slipped by 95 paise, or 0.53 per cent, to Rs 178.45
per kg in a business turnover of 2,164 lots. Likewise, the metal for delivery in August was trading lower
by a similar margin at Rs 178.65 per kg in 292 lots. Market analysts attributed the weakness in zinc
futures to offloading of positions by participants amid sluggish demand from consuming industries in the
physical market.
NCDEX - WEEKLY MARKET REVIEW
FUNDAMENTAL UPDATES OF NCDEX MARKET -
Chana futures up 1.52% on spot demand ( 07 - AUG- 2017 )
Chana prices spurtd by 1.52 per cent to Rs 5,152 per quintal in futures trade today as participants created
fresh positions, driven by rising demand from dal mills in the spot market. At the National Commodity
and Derivatives Exchange, chana for delivery in October increased by Rs 77, or 1.52 per cent to Rs 5,152
per quintal with an open interest of 12,270 lots. Likewise, the commodity for delivery in September shot
up by Rs 60, or 1.17 per cent, to Rs 5,182 per quintal in 15,860 lots. Analysts said fresh positions built up
by traders due to rising demand from dal mills in view of festive season amid restricted supplies from
producing belts, mainly pushed up chana prices at futures trade.
Refined soya oil futures soften 0.41% on sluggish demand ( 05 - AUG - 2017 )
Refined soya oil prices moved down by 0.41 per cent to Rs 636 per 10 kg in futures trading today as
speculators reduced their exposure amid subdued demand in the spot market against ample stocks
position. At the National Commodity and Derivatives Exchange, refined soya oil for delivery in August
month fell by Rs 2.60, or 0.41 per cent to Rs 636 per 10 kg with an open interest of 33,390 lots. Likewise,
the oil for delivery in September month contracts shed Rs 2.35, or 0.36 per cent to Rs 642.65 per 10 kg in
48,790 lots. Analysts said cutting down of positions by traders on the back of easing demand in the spot
market against adequate stocks position mainly weighed on refined soya oil prices in futures trade.
Ample stocks drag wheat futures down by 0.78% ( 05 - AUG - 2017 )
Wheat prices were lower by 0.78 per cent to Rs 1,654 per quintal in futures trade today as speculators
reduced their exposure amid sufficient stock position at the spot market. At the National Commodity and

20. Derivatives Exchange, wheat for delivery in September fell by Rs 13, or 0.78 per cent, to Rs 1,654 per
quintal with an open interest of 9,230 lots. Likewise, the wheat for delivery in August contracts traded
lower by Rs 12, or 0.73 per cent, to Rs 1,633 per quintal in 12,930 lots. Analysts said trimming of
positions by traders, triggered by sufficient stockists position on increased supplies in the physical market
against lower demand from flour mills, mainly influenced wheat prices at futures trade.
Cardamom futures slide 0.78% on low demand ( 05 - AUG - 2017 )
Cardamom prices eased 0.78 per cent to Rs 1,098 per kg in futures trade today as speculators cut down
their positions, tracking a weak trend at spot markets on muted demand. In futures trading at the Multi
Commodity Exchange, cardamom for delivery in September month declined by Rs 8.60, or 0.78 per cent
to Rs 1,098 per kg in business turnover of 19 lots. Analysts said offloading of positions by participants
owing to subdued demand in the physical markets against adequate stocks mainly weighed on cardamom
prices in futures trade.
Tepid demand drags crude palm oil futures down by 0.21% ( 04 - AUG - 2017 )
Crude palm oil prices softened by 0.21 per cent to Rs 480.50 per 10 kg in futures trade today, as
speculators reduced their exposure amid sluggish demand in the spot market against adequate stock
position. At Multi Commodity Exchange, crude palm oil for delivery in August declined by Re 1, or 0.21
per cent to Rs 480.50 per 10 kg in business turnover of 14 lots. Similarly, the oil for delivery in
September contracts shed 80 paise, or 0.17 per cent, to Rs 480.50 per 10 kg in 9 lots. Analysts said
trimming of positions by traders following easing demand in the spot market against ample stocks mainly
led to decline in crude palm oil prices at futures trade.
Mentha oil futures slip 2.04% on profit-booking ( 04 - AUG - 2017 )
Mentha oil prices drifted lower by 2.04 per cent to Rs 1,158 per kg in futures market today as speculators
booked profits, driven by fading demand from consuming industries at the spot markets. Ample stocks
position on higher supplies from producing regions also fuelled the downtrend. At the Multi Commodity
Exchange, mentha oil for delivery in September month fell by Rs 24.10, or 2.04 per cent, to Rs 1,158 per
kg in business turnover of 97 lots. On similar lines, the oil for delivery in August month contracts traded
lower by Rs 22.70, or 1.94 per cent to Rs 1,147 per kg in 529 lots. Marketmen said besides profit-booking
by participants, decline in demand from consuming industries at existing levels in spot market and ample
stocks position on higher supplies from Chandausi in Uttar Pradesh pulled down mentha oil prices in
futures trade.
COTTON✍ - ( 03 - AUG - 2017 )
Cotton traders expect Indian cotton prices to remain firm till October when the new crop arrives, or even
rise marginally from the second half of August. “Cotton prices are likely to increase from the second half
of August as the there's very little stock in the country, while the new crop may to be delayed due to the

21. late sowing in Maharashtra and Gujarat, There are four factors responsible for projection of firm price
trends: tight position of cotton year-ending stocks, expected delay in arrival of new kharif crop due to
delayed sowing, likely rise in demand from yarn manufacturers as more players get into GST, and
currency situation.
CHANA✍ ( 03 - AUG - 2017 )
Chana prices softened by 0.37 per cent to Rs 4,900 per quintal in futures market today as speculators
reduced their exposure, driven by easing demand in the spot market against adequate stocks. At the
National Commodity and Derivatives Exchange, chana for delivery in September moved down by Rs 18,
or 0.37 per cent, to Rs 4,900 per quintal with an open interest of 17,360 lots. Likewise, the commodity for
delivery in October contracts traded lower by a similar margin at Rs 4,871 per quintal in 11,050 lots.
Market analysts said cutting down of positions by traders owing to subdued demand in the physical
market against enough stock position primarily led to the decline in the chana prices.
CRUDE PALM OIL✍ -( 03- AUG - 2017 )
Crude palm oil prices declined by 0.31 per cent to Rs 488 per 10 kg in futures trading today as speculators
cut down positions amid easing demand in the spot market against adequate stock position. At Multi
Commodity Exchange, crude palm oil for delivery in September fell by Rs 1.50, or 0.31 per cent, to Rs
488 per 10 kg in a business turnover of 21 lots. Likewise, the oil for delivery in August contracts shed Rs
1.40, or 0.29 per cent, to Rs 488.30 per 10 kg in 79 lots. Analysts said trimming of positions by traders
owing to tepid demand in the spot market against ample stocks mainly influenced crude palm oil prices in
futures trade.
REFINED SOYA OIL✍ - ( 03- AUG - 2017 )
Refined soya oil prices were down 0.31 per cent to Rs 652 per 10 kg in futures trading today as
speculators reduced exposure amid fall in demand at the spot market against ample stocks. At the
National Commodity and Derivatives Exchange, refined soya oil for delivery in September drifted lower
by Rs 2, or 0.31 per cent to Rs 652 per 10 kg with an open interest of 40,120 lots. On similar lines, the oil
for delivery in August month contracts weakened by Rs 1.70, or 0.26 per cent to Rs 646.10 per 10 kg in
36,500 lots. Analysts said offloading of positions by traders due to fall in demand at the spot market
against adequate stocks position mainly weighed on refined soya oil prices at futures trade.
CARDAMOM✍ - ( 02 - AUG - 2017 )
Cardamom prices fell further by 1.53 per cent to Rs 1,142 per kg in futures market today as speculators
lowered their exposure, taking negative cues from the spot market because of muted demand. At Multi
Commodity Exchange, cardamom for delivery in August fell Rs 17.70, or 1.53 per cent, to Rs 1,142 per
kg in a business turnover of 40 lots. Similarly, the spice for delivery in September contracts declined by
Rs 13.30, or 1.22 per cent, to Rs 1,078 per kg in 24 lots. Analysts said offloading of positions by

22. participants owing to easing demand in the physical market against adequate stocks mainly pulled
cardamom prices down in futures trade.
MENTHA OIL✍ - ( 01 - AUG - 2017 )
Mentha oil prices touched the upper circuit today by rising 4 per cent to Rs 1,095.70 per kg in futures
trade as speculators raised bets on the back of strong demand from the spot market. Besides, tight stock
position following a drop in arrivals from major producing belts of Chandausi in Uttar Pradesh provided
support to the prices. At Multi Commodity Exchange, mentha oil for delivery in August jumped by Rs
42.10, or 4 per cent, to Rs 1,095.70 per kg in a business turnover of 323 lots. On similar lines, the oil for
delivery in July contracts traded higher by Rs 31.30, or 3 per cent, to Rs 1,075.50 per kg in 2 lots.
Analysts said higher holding by participants, driven by surging demand from consuming industries in the
spot market against restricted supplies from Chandausi, mainly pushed up the mentha oil prices.
CHANA✍ ( 01 - AUG - 2017 )
Chana prices went up by 2.16 per cent to Rs 4,922 per quintal in futures market today as traders built up
fresh positions amid uptick in demand at the spot market. At the National Commodity and Derivatives
Exchange, chana for delivery in September climbed Rs 104, or 2.16 per cent, to Rs 4,922 per quintal with
an open interest of 14,800 lots. Similarly, the commodity for delivery in October contracts firmed up by
Rs 97, or 2.02 per cent, to Rs 4,903 per quintal in 8,690 lots. Analysts attributed the sharp rise in chana
prices in futures trade to fresh positions created by speculators, driven by pick-up in demand in the spot
market amid pause in supplies from producing regions.
CARDAMOM✍ ( 01 - AUG - 2017 )
Cardamom prices surged 2.13 per cent to Rs 1,088 per kg in futures trade today as participants enlarged
positions, taking positive cues from the spot market on surge in domestic and exports demand. At Multi
Commodity Exchange, cardamom for delivery in September shot up Rs 22.70, or 2.13 per cent, to Rs
1,088 per kg in a business turnover of one lot. Likewise, the spice for delivery in August contracts traded
higher by Rs 13.10, or 1.14 per cent, to Rs 1,157.30 per kg in 9 lots. The widening of positions by
participants, tracking a firm trend at the spot market on rising domestic and export demand, against tight
stock position due to fall in supplies from producing belts supported cardamom prices.
JEERA -✍ ( 01 - AUG - 2017 )
Jeera prices surged by 1.22 per cent to Rs 19,425 per quintal in futures trade today as speculators enlarged
positions on the back of rising demand in the spot market. Besides, tight stocks position following drop in
arrivals from producing belts due to rain in Gujarat, too fuelled the uptrend. At the National Commodity
and Derivatives Exchange, jeera for delivery in August climbed by Rs 235, or 1.22 per cent to Rs 19,425
per quintal with an open interest of 8,844 lots. Similarly, the spice for delivery in September contracts was
trading higher by Rs 210, or 1.08 per cent to Rs 19,630 per quintal in 8,268 lots. Traders said widening of

23. positions built up by participants amid pick-up in domestic as well as export demand in the physical
market mainly led to the sharp rise in jeera prices at futures trade.
REFINED SOYA OIL✍ ( 01 - AUG - 2017 )
Amid pick up in domestic demand at spot market and restricted supplies from producing regions, refined
soya oil prices were up 0.52 per cent to Rs 649.50 per 10 kg in futures trading today as speculators built
up fresh positions. At the National Commodity and Derivatives Exchange, refined soya oil for delivery in
August went up by Rs 3.35, or 0.52 per cent to Rs 649.50 per 10 kg with an open interest of 40,420 lots.
Likewise, the oil for delivery in September was trading higher by Rs 2.80, or 0.43 pr cent to Rs 656.50
per 10 kg in 30,870 lots. Analysts said fresh positions created by traders after demand picked up in the
physical market against restricted supplies from producing regions.
CRUDE PALM OIL✍ ( 31 - AUG - 2017 )
Crude palm oil prices went up by 0.76 per cent to Rs 492.70 per 10 kg in futures market today as
speculators built up fresh positions amid uptick in domestic demand at spot market. At the Multi
Commodity Exchange, crude palm oil for delivery in August rose by Rs 3.70, or 0.76 per cent to Rs
492.70 per 10 kg in business turnover of 154 lots. Similarly, the oil for delivery in July contracts was also
edged up by 10 paise, or 0.02 per cent to Rs 488 per 10 kg in 18 lots. Analysts said fresh positions created
by participants due to pick-up in demand in the physical markets against restricted supplies from
producing regions mainly led to the rise in palm oil prices at futures trade.
MENTHA OIL✍ ( 31 - July - 2017 )
Futures contracts of mentha oil and cardamom saw an upswing on MCX this week in the agri-commodity
basket. On NCDEX a number of commodit ies like guar gum complex, soybean and RM seed showed an
upwards trend. The mentha futures for August delivery is heading for its highest weekly gain of 6.6% in
last one year. It has hit nearly four months high to close above Rs 1050 per kg. The prices have jumped
more than 16.7% during the current month, which is highest monthly increase since March 2012, when
prices jumped 22%.

24. LEGAL DISCLAIMER
This Document has been prepared by Ways2Capital (A Division of High Brow Market Research
Investment Advisor Pvt Ltd). The information, analysis and estimates contained herein are based on
Ways2Capital Equity/Commodities Research assessment and have been obtained from sources believed to
be reliable. This document is meant for the use of the intended recipient only. This document, at best,
represents Ways2Capital Equity/Commodities Research opinion and is meant for general information
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The reports are prepared by analysts who are employed by High Brow Market Research Investment
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