Last week, MCX gold prices traded sideways for the entire week and sustained above the major psychological support level of Rs.29000. In the later part of the week, we observed some negative

2. ✍ MCX DAILY LEVELS
DAILY EXPIRY DATE R4 R3 R2 R1 PP S1 S2 S3 S4
ALUMINIUM 30-NOV-2017 145.3 143.70 142.10 141.50 140.50 139.90 138.90 137.30 135.70
COPPER 30- NOV-2017 467.15 461.05 454.95 450.35 448.85 444.25 442.75 436.65 430.55
CRUDE OIL 17-NOV-2017 3943 3838 3733 3656 3628 3551 3523 3418 3313
GOLD 05-DEC-2017 29978 29715 29452 29270 29189 29007 28926 28663 28400
LEAD 30-NOV-2017 167.9 165.55 163.20 161.55 160.85 159.20 158.50 156.15 153.80
NATURAL GAS 27-NOV-2017 219.10 211.90 204.70 199.40 197.50 192.20 190.20 183.00 175.80
NICKEL 30-NOV-2017 862.50 851.20 839.90 830.00 828.50 818.70 817.30 805.90 794.60
SILVER 05-DEC-2017 41835 41014 40193 39620 39372 38799 38551 37730 36909
ZINC 30-NOV-2017 217.15 214.90 212.65 210.80 210.40 208.55 208.15 205.90 203.65
Tuesday 07 November2017

3. ✍ MCX WEEKLY LEVELS
WEEKLY EXPIRY DATE R4 R3 R2 R1 PP S1 S2 S3 S4
ALUMINIUM 30-NOV-2017 155.85 150.70 145.55 143.25 140.40 138.10 135.25 130.10 124.95
COPPER 30- NOV-2017 482.45 470.85 459.25 452.50 447.65 440.90 436.05 424.45 412.85
CRUDE OIL 17-NOV-2017 3871 3764 3657 3618 3550 3511 3443 3336 3229
GOLD 05-DEC-2017 30212 29871 29530 29309 29189 28968 2884 28507 28166
LEAD 30-NOV-2017 168.9 165.90 162.90 161.40 159.90 158.40 156.90 153.90 150.90
NATURAL
GAS
27-NOV-2017 225 213.90 202.80 198.50 191.70 187.40 180.60 169.50 158.40
NICKEL 30-NOV-2017 1101.90 1001.70 901.50 860.80 801.30 760.60 701.00 600.80 500.60
SILVER 05-DEC-2017 42848 41636 40424 39736 39212 38524 38000 36788 35576
ZINC 30-NOV-2017 235.45 227.40 219.35 214.10 211.30 206.05 203.25 195.20 187.15

4. ✍ FOREX DAILY LEVELS
DAILY EXPIRY DATE R4 R3 R2 R1 PP S1 S2 S3 S4
USDINR 28-NOV-17 65.21 65.10 64.95 64.90 64.85 64.80 64.75 64.60 64.49
EURINR 28-NOV-17 76.16 75.90 75.60 75.50 75.35 75.20 75.10 74.80 74.54
GBPINR 28-NOV-17 86.42 86.05 85.65 85.70 85.25 85.30 84.85 84.45 84.08
JPYINR 28-NOV-17 57.62 57.40 57.15 57.05 56.90 56.80 56.65 56.40 56.18
✍ FOREX WEEKLY LEVELS
WEEKLY EXPIRY DATE R4 R3 R2 R1 PP S1 S2 S3 S4
USDINR 28-NOV-17 66.14 65.65 65.20 64.90 64.70 64.45 64.20 63.75 63.26
EURINR 28-NOV-17 77.37 76.65 75.90 75.40 75.15 74.65 74.40 73.65 72.93
GBPINR 28-NOV-17 90.48 88.60 86.75 85.55 84.90 83.70 83.05 81.20 79.32
JPYINR 28-NOV-17 59.60 58.75 57.90 57.35 57.05 56.50 56.20 55.35 54.50

5. MCX - WEEKLY NEWS LETTERS
✍ BULLION
Last week, MCX gold prices traded sideways for the entire week and sustained above the major
psychological support level of Rs.29000. In the later part of the week, we observed some negative
movement in it due to weaker than expected employment report for October. As per the data from U.S.
Labor Department, the U.S. economy added 261000 jobs whereas the forecast was for 315,000 new jobs.
The fall in the unemployment rate ticked down to 4.1%, its lowest level since December 2000.
The U.S. Dollor Index, which measures the green back strength against a trade weight basket of six major
currency rose by 0.04% and closed at the level of 94.86 on weekly basis. Gold’s gains were held in check
as the U.S. dollar continued to trade near three month highs against a currency basket. Bullion is often
used as a safe haven in times of geopolitical and economic uncertainty, while riskier assets such as
equities are generally sold off.
MCX Silver also traded sideways taking cue from the Gold and closed at Rs.39048 with the marginal loss
of 0.26 per cent on weekly basis. The recent U.S. economic data may delay the decision of interest rate
hike by U.S. Federal Reserve as Unemployment rate use to serve as the important factor for interest rate
hike decision. Ahead of the coming week, Unemployment Claims, Consumer Sentiment & Trade Balance
will further provide direction to the bullion.
✍ BASE METAL
Last week, MCX Copper witnessed choppy movement for the entire week and managed to closed at Rs.
445.80, similar to its last week closing. As per the ECB comments in its last meeting, it was deemed to be
more dovish about the economy. The central bank said that it is reducing its monthly bond-buying
program amount by half, but is extending the time-frame of the bond buying. This led to sharp upside
movement in the Dollar Index towards three month high and also supported base metals to sustain on
higher levels.

6. Expectation of high demand coupled the tight supply further providing the strength the the Copper.
Supply tightness was confirmed by latest figures from International Copper Study Group (ICSG) which
said copper market should see a deficit of 151,000 tonnes this year and a deficit of 104,000 tonnes in
2018.
Last week, we saw sharp upside movement in the prices of Nickel and it made a high of Rs.841.90 during
the week and closed at Rs.820.10 with the overall gain of 9.35 per cent on weekly basis due to strong
demand. The expectation of boost in demand due to rise in electric car buying, acting as the catalyst for
the bullish movement in it as manufacturers are trying to boost usage of nickel in electric vehicle batteries
in as a substitute of expensive cobalt.Lead, Zinc & Aluminium traded sideways to positive for the most
part of the week.
✍ ENERGY
Last week, NYMEX Crude Oil traded near to its more than 2 year high on the expectation of further
extension in deal to curb production by major global producers beyond its current expiry date next March.
It made a high of $55.76 and closed at $55.64 with the overall gain of 3.22 per cent on the weekly basis.
Its the fourth straight week gain for the crude oil and almost 10 per cent increase in the prices in last 1
month.
MCX Crude Oil also witnessed positive movement taking cue from the NYMEX crude oil and closed at
Rs.3579 with the weekly gain of 2.22 per cent on weekly basis. As per the data from Baker Hughes, the
number of active U.S. rigs drilling for oil fell by eight to 729 last week. That was the fourth weekly
decline in last five and further providing support to positive movement in Crude oil. Last week U.S.
Crude Oil inventory came lower than the expected, forecast was for -1.5M where as the actual level came
at -2.4M.
Last week Natural Gas MCX Nov futures traded sideways for the most part of the week and sustaining
near to major resistance level of Rs.204. Prices are still unable to get any cue due to maintained inventory
level from last 2-3 weeks but technically in short term, we can expect good upside movement in it.

7. MCX TECHNICAL VIEW
✍ SILVER
Last week, Silver witnessed choppy movement for the most part of the week and closed at Rs. 39048 with
the marginal loss of 0.26 per cent on weekly basis. In the initial part of the upcoming week, we can expect
short covering in it from the lower levels & it can test the levels of Rs.39800-40000 on the upside. But in the
later part, it may continue the down trend again and may test the psychological support level of 39000-
38500.
SELL SILVER DEC BELOW 39600 TGT 38850 SL 39851

8. ✍ NATURAL GAS
Last week, Natural Gas MCX futures started the week on negative note but till the end of the week, all of its
earlier losses were recovered and it closed at 194.20 with no change on weekly basis. Natural Gas is still
sustaining near to 5 months high with good consolidation and in the upcoming week, if it breaks the high of
Rs.204 then we can expect sharp bullish movement in it till the levels of Rs.212-214.
BUY NATURAL GAS ABOVE 204 TGT 212 SL 199.90

9. ✍ NCDEX DAILY LEVELS
DAILY EXPIRY DATE R4 R3 R2 R1 PP S1 S2 S3 S4
SYOREFIDR 20-DEC-2017 721.05 715.25 709.45 705.80 703.65 700.00 697.85 692.05 686.25
SYBEANIDR 20-DEC-2017 3041 2976 2911 2872 2846 2807 2781 2716 2651
RMSEED 20-DEC-2017 4109 4065 4021 3993 3977 3949 3933 3889 3845
JEERAUNJHA 20-DEC-2017 20015 19715 19415 19225 19110 18920 18810 18510 18210
GUARSEED10 20-DEC-2017 3963 3873 3783 3726 3693 3636 3603 3513 3423
TMC 20-DEC-2017 7566 7454 7342 7280 7228 7168 7116 7004 6892
✍ NCDEX WEEKLY LEVELS
WEEKLY EXPIRY
DATE
R4 R3 R2 R1 PP S1 S2 S3 S4
SYOREFIDR 20-DEC-2017 790.3 760.35 730.40 717.85 700.45 687.90 670.50 640.55 610.60
SYBEANIDR 20-DEC-2017 3287 3151 3015 2954 2879 2818 2743 2607 2471
RMSEED 20-DEC-2017 4366 4230 4094 4038 3958 3902 3822 3686 3550
JEERAUNJHA 20-DEC-2017 20780 20210 19640 19430 19070 18860 18500 17930 17360
GUARSEED10 20-DEC-2017 4132 3973.00 3814 3752 3655 3593 3496 3337 3178
TMC 20-DEC-2017 8160 7810 7460 7319 7110 6969 6760 6410 6060

10. NCDEX - WEEKLY MARKET REVIEW
✍ SPICE COMPLEX
Turmeric Dec Futures may continue sideways to negative movement and may trade in the range of 7000-
7300 due to lack of demand & availability of stock. The traders are quoting decreased price, after
verifying the sample as only medium and poor quality turmeric is arriving for sale in major mandis.
Turmeric prices at present is ruling around similar to last year’s level, but still not able find good demand
mainly due to ample stocks in the country. Further, buyers are not in mood to make any bulk purchases as
new crop is said to be in satisfactory conditions with production expected slightly higher than last year.
Jeera Dec Futures is likely to sustain above the major psychological support level of Rs.19000.
Fundamentals are strong as the stock left is thin in the market and there is still a long way for the new crop
to enter the market. The new Jeera crop will now arrive only from February, which means that four
months of time span left before new crop hits the market.
Coriander Dec Futures is likely to trade negative & below the support level of Rs.5000 we can expect
good downside movement in it. Coriander sowing in the producing belts of Rajasthan started from first
week of November and sowing progress report will decide future trend for the commodity.
✍ OILSEED COMPLEX
Soybean Dec Futures is likely to witness sell on rise & test 2800-2750 levels as the demand for the
commodity in the spot market is very poor mainly from crushers due to poor domestic and export demand
for soy meal. The Soybean prices are likely to remain under pressure till 15th December due peak supply
period along with huge carry-over stocks of about 1.5-2 million tons.
Last week, Refined soy oil Dec futures prices witnessed sharp upside movement & broke the major
resistance level of Rs.700. It traded near to nine month high and is in uptrend since past four weeks,
buoyed by higher quoting soy oil price on CBOT. However, the upside may get limited from here on as
the retail demand of soy oil is very limited so most of the wholesale traders are procuring soy oil as per
requirement. RM Seed Dec Futures is expected to trade positive

11. and if it sustains above the resistance level of Rs.4000 then it can test the level of Rs. 4100 during the
week. Mustard oil crushers are also active in buying mustard seed with anticipation that demand for its oil
will improve ahead amid winter season.
Secondly, the initial data of sowing highlights that only 25% of the 2017/18 mustard crop has been planted
in Rajasthan as compared to 70% that was planted last year at this time. The ideal planting window for
mustard is up to November 20th & any more delay in mustard seed will hurt yield leading to lower
production next season.
✍ OTHER COMPLEX
Kapas Futures (April 18) is likely to trade sideways in the range of 888-860 levels. At present, there is not
much clarity in the price direction & in days to come the new crop supply will be a trend setter and needs
to be keenly observed. The other factor which needs to be look out is the procurement procedure. Around
40 centers of CCI in Gujarat begin the procurement procedure while the remaining 16 centers will catch
up eventually.
Guar seed Dec Futures sustaining near to support level of Rs.3600 but we can expect further downfall in
it. The market participants are keeping a close watch on the crude oil prices, shale gas production and U.S
rigs count. The current pace of arrivals are also likely to decline gradually ahead as current rates may
prompt farmers to hold their produce in the anticipation of better return this season due to prospects of
lower crop estimates.
Chana Dec Futures witnessed short covering from the lower levels but we further expect negative
movement in it till the level of Rs.4500 in the short term. According to the market participants, chana
sowing acreage in the coming rabi season may be higher than last year as prices was firm throughout the
year. According to the target estimate released by government, India’s chana production target estimate
for 2017-18 is 97.5 mt which is slightly higher than 2016-17 fourth advance estimates of 93.3 lakh tonnes

12. NCDEX TECHNICAL VIEW
✍ GUARSEED
Last week Guarseed Dec Futures witnessed sideways movement for the most part of the week and
sustained below the resistance level of Rs.3800. Technically for the next week, we can expect downside
movement in it and if it breaks the support level of Rs.3630 then it can test the level of Rs.3550-3510 till
the end of the week.
SELL GUARSEED10 DEC BELOW 3630 TGT 3530 SL 3681

13. ✍ COTTON SEED OIL CAKE
Last week, we saw sideways movement in Cotton Seed Oil Cake dec futures and its consolidating on lower
level. Technically for the next week, we can expect downside movement in it and if it breaks the level of
Rs.1494 the it can test the level of Rs. 1450-1410 on the downside by the end of the week.
SELL COTTON SEED OIL CAKE DEC BELOW 1494 TGT 1420 SL 1535

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