GOLD - Gold on MCX settled down -0.44% at 28952 as investors looked ahead to minutes of the Federal Reserve’s latest policy meeting for further hints on the timing of the next U.S. rate hike. The U.S. dollar was on the defensive on Thursday after the minutes from the Federal Reserve's last policy meeting showed policymakers were increasingly wary of recent softness in inflation
GOLD - Gold on MCX settled up 0.18% at 28629 on short covering moving prices further away from their
lowest level in around five weeks as recent selling pressure tied to bets on another US interest rate hike this year
GOLD - The price of gold has traded in positive side most of the trading session in last trading week. Investment demand from hedge funds in the futures market and investors using exchange-traded
GOLD - Gold on MCX settled up 0.2% at 29164 recouping much of the decline suffered in the previous session, as a wobbly
dollar and losses in U.S. equities. Overnight, gold prices rose as US political uncertainty resurfaced, after President Donald Trump
threatened to ‘close down’ the government, sparking fresh fears that continued political uncertainty in Washington could further
GOLD - Gold prices inching upside in recent days over 4% from its all time low of $1122.5 in Comex. We can expect the short term rally to continue till its psychological resistance at $ 1200. The medium
GOLD -Gold had a satisfying first quarter, rising 9% since the beginning of the year. While that can be considered a good
start, five events sprinkled throughout 2017 could send it much higher. A strong run in gold prices could continue as the
US dollar weakens and investors seek safe-havens in the face of increasing geo-political risks, “Gold is going higher here.
GOLD -Increases in U.S. interest rates and expectations for higher global rates have “combined to keep a lid on precious metals prices, Gold on MCX settled flat at 27845 for a second session amid little response to ongoing testimony from Federal Reserve
Chair Janet Yellen. There has been further mixed currency trading with only limited impact on gold, but a renewed increase in
GOLD -Gold on MCX settled up 0.14% at 28608 recovered from the day's low while Comex Gold prices were slightly lower down
by $3.30 to settle at $1,245.80/oz extending this week's run of directionless trading amid mixed signals on US. An important feature in
the marketplace this week has been rising world government bond yields.Earlier this week central bank officials, many of whom were
GOLD - Gold on MCX settled up 0.18% at 28629 on short covering moving prices further away from their
lowest level in around five weeks as recent selling pressure tied to bets on another US interest rate hike this year
GOLD - The price of gold has traded in positive side most of the trading session in last trading week. Investment demand from hedge funds in the futures market and investors using exchange-traded
GOLD - Gold on MCX settled up 0.2% at 29164 recouping much of the decline suffered in the previous session, as a wobbly
dollar and losses in U.S. equities. Overnight, gold prices rose as US political uncertainty resurfaced, after President Donald Trump
threatened to ‘close down’ the government, sparking fresh fears that continued political uncertainty in Washington could further
GOLD - Gold prices inching upside in recent days over 4% from its all time low of $1122.5 in Comex. We can expect the short term rally to continue till its psychological resistance at $ 1200. The medium
GOLD -Gold had a satisfying first quarter, rising 9% since the beginning of the year. While that can be considered a good
start, five events sprinkled throughout 2017 could send it much higher. A strong run in gold prices could continue as the
US dollar weakens and investors seek safe-havens in the face of increasing geo-political risks, “Gold is going higher here.
GOLD -Increases in U.S. interest rates and expectations for higher global rates have “combined to keep a lid on precious metals prices, Gold on MCX settled flat at 27845 for a second session amid little response to ongoing testimony from Federal Reserve
Chair Janet Yellen. There has been further mixed currency trading with only limited impact on gold, but a renewed increase in
GOLD -Gold on MCX settled up 0.14% at 28608 recovered from the day's low while Comex Gold prices were slightly lower down
by $3.30 to settle at $1,245.80/oz extending this week's run of directionless trading amid mixed signals on US. An important feature in
the marketplace this week has been rising world government bond yields.Earlier this week central bank officials, many of whom were
GOLD - Gold prices traded lower on last week on the account of profit booking at higher levels while strengthening dollar index will further lower gold prices in the near term. The Gold is on an upward
trajectory as investors look for a safe haven in an increasingly uncertain world. Despite the strength of
GOLD -Even the threat of military action against North Korea couldn’t attract enough buyers to sustain Monday’s early
gains. Over the week-end. The early price action in the gold market suggests that the action by North Korea was a non-
event, at least to gold investors. Helping to pressure gold early Monday was the news that congressional leaders reached a
Drillers cut five oil rigs in the week to Sept. 22, bringing the total count down to 744, the least since June, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.
The document provides daily and weekly technical analysis and market review for various commodities traded on MCX and NCDEX exchanges in India. For crude oil, support is seen at Rs. 3145 and Rs. 3070, with resistance at Rs. 3300. Gold support is at Rs. 29750, with resistance at Rs. 30200 and Rs. 30700. In NCDEX, cardamom and jeera traded positively while guar complex, cotton and coriander traded lower. The technical outlook is bullish for crude oil and gold if key support levels are respected.
GOLD -Gold on MCX settled up 0.29% at 28331 as the euro jumped in the wake of a ECB meeting, putting pressure on the
dollar. The ECB, as expected, left interest-rate policy and other stimulative measures untouched. But the euro jumped as investors
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.
The Federal Reserve raised interest rates for the second time in three months and said it would begin cutting its holdings of bonds and other securities this year, signaling its confidence in a growing U.S. economy and
strengthening job market. In lifting its benchmark lending rate by a quarter percentage point to a target range of
Gold prices fell this week due to a stronger US dollar. In the coming days, gold prices are expected to trade between $1170-$1150. In MCX futures, gold prices fell for the first time in 5 weeks and support is seen at Rs. 28,100 with downside expected to Rs. 27,700-27,500. Silver prices also fell and further declines are expected to $15.5-$15 levels in MCX silver futures down to Rs. 39,000-38,000. The document provides analysis and levels for various commodities on MCX and NCDEX.
GOLD -Gold reversed its fortunes somewhat last week, moving higher and ending what has been its worst tranche of losses in a
while. As a result, it may be worth taking a closer look at what was driving this price action and what it could mean moving forward.
In particular, we should take a look at the fundamental and technical factors that have been impacting,and will continue to impact, the
Monsoon may set in over Kerala during June 3 to 9, says agro-met advisory Meteorological
subdivision-level rainfall forecast indicates rainfall activity over South India during June 3 to 9, which
can bring the onset of the South-West monsoon
GOLD -Gold have been getting Support for week for Bullish rally but we thinks this is more of a short-term reaction to subsiding geopolitical fears and reiterates his long-term bullish outlook based on a number of
fundamental drivers. In early May, the price of gold was roughly $ 1,250 an ounce. Last week, Spot gold prices
The U.S. dollar climbed against its Canadian counterpart on Friday, as the release of downbeat Canadian data dented demand for the local currency, while hopes for an upcoming U.S. tax overhaul boosted the greenback.
GOLD - Gold prices held steady as rising tensions between the United States and North Korea triggered safe-haven buying. U.S.
President Donald Trump issued a new threat to North Korea, saying the U.S. military was "locked and loaded" as Pyongyang
accused him of driving the Korean Peninsula to the brink of nuclear war and world powers expressed alarm.A report released by
GOLD -Gold prices traded little lower on Friday as US Dollar Index rebounded in early trades. Gold in COMEX traded higher for the second week. Prices were trading up more than 3% and looked to face its near-
term resistance at $ 1250. Gold could settle around $ 1260 to $ 1270 by this week.
GOLD - The price of gold has traded up and down since the election. Comex gold has been less volatile than gold mining stocks and the gold stock exchange-traded fund. We are very bullish on gold prices for
2017 although the current scenario of Gold is bearish over the short term
Gold pared early gains on Thursday as the U.S. dollar recovered and global stocks rallied after oil producers agreed to curb output. The Organization of Petroleum
Exporting Countries on Wednesday agreed modest oil output cuts in the first such deal
Gold demand in India remained subdued this week despite a sharp fall in prices to over 10-1/2 month lows as a severe cash crunch and holidays kept buyers away from the market, while premiums in China fell from near 3-year highs touched in the prior week
- Gold prices pared gains after strong US jobs data increased expectations of a June interest rate hike by the Federal Reserve.
- Gold demand in Asia rose due to price corrections, but some buyers are waiting for further price drops.
- Gold prices moved higher on Friday as the US dollar weakened, but the Fed's hawkish stance is expected to limit gains.
GOLD -Gold have been getting slammed for weeks but we thinks this is more of a short-term reaction to subsiding
geopolitical fears and reiterates his long-term bullish outlook based on a number of fundamental drivers. Gold prices settled
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
GOLD - Gold on MCX settled up 0.32% at 28476 as investors continue to pile into the precious metal amid expectations that Fed
could keep interest rates low for longer than initially anticipated. Fed kept interest rates unchanged but expected to start winding
GOLD -It had been a pleasant week for gold investors until last day correction. After a steep climb from around $ 1,250 to $ 1,260 per oz, the price of the precious metal started to fall and by last month was back at around $1,230.
GOLD - Gold prices traded lower on last week on the account of profit booking at higher levels while strengthening dollar index will further lower gold prices in the near term. The Gold is on an upward
trajectory as investors look for a safe haven in an increasingly uncertain world. Despite the strength of
GOLD -Even the threat of military action against North Korea couldn’t attract enough buyers to sustain Monday’s early
gains. Over the week-end. The early price action in the gold market suggests that the action by North Korea was a non-
event, at least to gold investors. Helping to pressure gold early Monday was the news that congressional leaders reached a
Drillers cut five oil rigs in the week to Sept. 22, bringing the total count down to 744, the least since June, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.
The document provides daily and weekly technical analysis and market review for various commodities traded on MCX and NCDEX exchanges in India. For crude oil, support is seen at Rs. 3145 and Rs. 3070, with resistance at Rs. 3300. Gold support is at Rs. 29750, with resistance at Rs. 30200 and Rs. 30700. In NCDEX, cardamom and jeera traded positively while guar complex, cotton and coriander traded lower. The technical outlook is bullish for crude oil and gold if key support levels are respected.
GOLD -Gold on MCX settled up 0.29% at 28331 as the euro jumped in the wake of a ECB meeting, putting pressure on the
dollar. The ECB, as expected, left interest-rate policy and other stimulative measures untouched. But the euro jumped as investors
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.
The Federal Reserve raised interest rates for the second time in three months and said it would begin cutting its holdings of bonds and other securities this year, signaling its confidence in a growing U.S. economy and
strengthening job market. In lifting its benchmark lending rate by a quarter percentage point to a target range of
Gold prices fell this week due to a stronger US dollar. In the coming days, gold prices are expected to trade between $1170-$1150. In MCX futures, gold prices fell for the first time in 5 weeks and support is seen at Rs. 28,100 with downside expected to Rs. 27,700-27,500. Silver prices also fell and further declines are expected to $15.5-$15 levels in MCX silver futures down to Rs. 39,000-38,000. The document provides analysis and levels for various commodities on MCX and NCDEX.
GOLD -Gold reversed its fortunes somewhat last week, moving higher and ending what has been its worst tranche of losses in a
while. As a result, it may be worth taking a closer look at what was driving this price action and what it could mean moving forward.
In particular, we should take a look at the fundamental and technical factors that have been impacting,and will continue to impact, the
Monsoon may set in over Kerala during June 3 to 9, says agro-met advisory Meteorological
subdivision-level rainfall forecast indicates rainfall activity over South India during June 3 to 9, which
can bring the onset of the South-West monsoon
GOLD -Gold have been getting Support for week for Bullish rally but we thinks this is more of a short-term reaction to subsiding geopolitical fears and reiterates his long-term bullish outlook based on a number of
fundamental drivers. In early May, the price of gold was roughly $ 1,250 an ounce. Last week, Spot gold prices
The U.S. dollar climbed against its Canadian counterpart on Friday, as the release of downbeat Canadian data dented demand for the local currency, while hopes for an upcoming U.S. tax overhaul boosted the greenback.
GOLD - Gold prices held steady as rising tensions between the United States and North Korea triggered safe-haven buying. U.S.
President Donald Trump issued a new threat to North Korea, saying the U.S. military was "locked and loaded" as Pyongyang
accused him of driving the Korean Peninsula to the brink of nuclear war and world powers expressed alarm.A report released by
GOLD -Gold prices traded little lower on Friday as US Dollar Index rebounded in early trades. Gold in COMEX traded higher for the second week. Prices were trading up more than 3% and looked to face its near-
term resistance at $ 1250. Gold could settle around $ 1260 to $ 1270 by this week.
GOLD - The price of gold has traded up and down since the election. Comex gold has been less volatile than gold mining stocks and the gold stock exchange-traded fund. We are very bullish on gold prices for
2017 although the current scenario of Gold is bearish over the short term
Gold pared early gains on Thursday as the U.S. dollar recovered and global stocks rallied after oil producers agreed to curb output. The Organization of Petroleum
Exporting Countries on Wednesday agreed modest oil output cuts in the first such deal
Gold demand in India remained subdued this week despite a sharp fall in prices to over 10-1/2 month lows as a severe cash crunch and holidays kept buyers away from the market, while premiums in China fell from near 3-year highs touched in the prior week
- Gold prices pared gains after strong US jobs data increased expectations of a June interest rate hike by the Federal Reserve.
- Gold demand in Asia rose due to price corrections, but some buyers are waiting for further price drops.
- Gold prices moved higher on Friday as the US dollar weakened, but the Fed's hawkish stance is expected to limit gains.
GOLD -Gold have been getting slammed for weeks but we thinks this is more of a short-term reaction to subsiding
geopolitical fears and reiterates his long-term bullish outlook based on a number of fundamental drivers. Gold prices settled
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
GOLD - Gold on MCX settled up 0.32% at 28476 as investors continue to pile into the precious metal amid expectations that Fed
could keep interest rates low for longer than initially anticipated. Fed kept interest rates unchanged but expected to start winding
GOLD -It had been a pleasant week for gold investors until last day correction. After a steep climb from around $ 1,250 to $ 1,260 per oz, the price of the precious metal started to fall and by last month was back at around $1,230.
GOLD - Gold on MCX settled up 0.34% at 28509 as the U.S. Federal Reserve's cautious message on interest rates left the dollar around five-week lows, making bullion cheaper those holding other currencies. The Fed raised
Plunging iron ore prices are providing a lifeline for some of China's biggest steel mills, but
raising the prospect of a rising tide of exports and increased friction with the European Union
and countries such as India.
- Gold prices rose marginally last week due to a weaker US dollar and political uncertainty, but fell later in the week on expectations of higher US interest rates.
- Spot gold prices closed at $1235.2/ounce while MCX gold futures closed at Rs.29360 per 10 grams.
- Gold is expected to trade higher in the near term due to ongoing political uncertainty, while a weaker US dollar would also be supportive. MCX gold prices are expected to trade in the range of Rs.29200-29400.
The document provides an outlook on gold, silver, and other commodity prices for the coming week. It notes that gold prices may be rangebound ahead of comments from Fed Chair Janet Yellen and US economic data. Silver is also expected to remain under pressure if gold prices decline. Technical indicators show support and resistance levels for various commodities. The document also provides international updates on slowing gold demand in India and China due to higher prices, as well as a stronger US dollar, but uncertainty around Trump's policies continues to support gold.
GOLD - The precious metal had a great start in the beginning of this year. Gold prices rose from $ 1130 – 1260 per ounce, within a period of 2 and half months. In Gold international spot market But
somehow the bullish tone could not keep up till the end of February
Gold rose on Wednesday as the dollar steadied though analysts said the likelihood of higher U.S. rates later this year was likely to keep prices under pressure, while oversupply pushed platinum to
its lowest since April. Spot platinum XPT= fell to $937.25 earlier, its lowest since touching $936.81
GOLD - Gold Last week, spot gold prices rose by 1.6 percent to close at 27445. Although expectations remain that the U.S. Federal Reserve will further raise interest rates, while MCX gold
prices also rose by around 1.7 percent in the same time frame. Bullion bounced back on Thursday after
Gold rose on Tuesday due to rising physical demand from India but growing expectations of a U.S. interest rate hike kept a lid on prices. The metal is highly sensitive to rising U.S. rates, which lift the opportunity cost of holding non-yielding assets while boosting the dollar. Spot gold XAU= was up
Last week, spot and MCX gold prices are trading lower by around 1 percent as dollar gained sharply after the ECB press conference. The ECB in its latest meeting said it would trim bond purchases to 30 billion
Commodity Research Report 21 December 2015 Ways2Capitalways2capitalindore
Gold slipped on Thursday, giving back some of its overnight gains, in choppy trading after the Federal Reserve raised US interest rates for the first time in nearly a decade. The US central bank's policy-setting
The Gold market is under long liquidation as market has witnessed drop in open interest by -2.48% to settled at 6130 while prices down 150 rupees. Now Gold is getting support at 28914 and below same could see a test of 28809 level,
Similar to Commodity Research Report 21 August 2017 Ways2Capital (13)
Gold in the European market settled on Monday near the highest in a week sup-ported by the decline of the US dollar against a basket of currencies and thanks to this decline prices on
The Indian Equity market remained remained positive throughout last week as the indices posted a gain of 1.6 percent each largely supported by metal, auto, energy and infra stocks. The Nifty50 index managed to close above 11,000 for the first time since September 2018. Nifty gained 172 points in the truncated week ended March 8. On a weekly basis, the rupee rose over 1
Gold prices continued to fall on Monday dropping through the 1,290 level. The dol-lar continued to gain ground early despite the comment from President Trump that he does not want to see a stronger greenback. Late in the trading session the dollar
The document provides a weekly market update with information on currency exchange rates, stock market indices, commodity prices and economic events. Some key points:
- The Indian rupee depreciated against the US dollar and Japanese yen but appreciated against the British pound.
- Domestic stock market indices like Nifty 50 and Nifty Bank saw weekly gains around 0.5-1%, while metals and media sectors gained over 2%.
- International crude oil and gold prices declined nearly 3% over the week.
- Upcoming economic events include services PMI reports from the UK and US as well as US jobs and unemployment data.
This document provides market wrap-ups and summaries for various commodities across several exchanges including NCDEX, MCX, LME, and COMEX. It includes closing prices and percentage changes for commodities such as gold, silver, crude oil, copper, aluminum, and agricultural products. It also provides upcoming economic events and calendar, weekly pivots and ranges for various currencies and commodities, and fundamental analysis for some commodity markets.
On Wednesday spot gold prices declined 0.13 percent to close at $1266.9 per ounce amid concerns about global economic growth and a partial U.S. government shut down although a rebound in investor risk appetite in the previous session lim-
After a weak start for a truncated week, the Indian indices recovered from the lows and ended with a percent gain. The Nifty was up 0.98 percent, or 105.9 points, to close at 10,859.9. Positive lead from Wall Street and rally in banking & financial stocks lifted investor sentiment. Ending the week with a Hammer candle implies further strength in the index in coming sessions. The
Gold traded on flat note on Friday after jumping more than 1 percent in the previ-ous session boosted by a crumbling dollar and as sliding stocks prompted an influx of safe haven bids after the U.S. Federal Reserve monetary policy stance aug-
This document provides a weekly market update on currency exchange rates, stock market indices, and commodity prices. It includes the weekly percentage changes for various currency pairs, stock market indices in India, and commodity prices. It also lists the top weekly gainers and losers from the stock market. Pivot point levels are provided for analyzing support and resistance levels for Nifty 50 stocks. Options open interest data is also presented.
Gold prices steadied on Friday after slipping to a week low in the previous session supported by the uncertainty around the Federal Reserves next years policy out-look while the dollar strengthened on expectations of a rate hike next week.
Last week our Indian Equity market opened on a gap down not on Monday backed by most of the exit polls results indicating possible defeat of BJP in key states. It remained in pressure till 1st session of the Tuesday where after state assembly results came out in favor of congress. Which lifted the sentiments of the market and it recovered from lower levels and it remained
Gold traded firm near a five month peak hit early on Monday supported by a disap-pointing U.S. jobs data that fuelled speculation that the Federal Reserve may stop
Last week our Indian Equity market opened on negative note and remained bearish throughout the week. The December series kick-started on a volatile note with Nifty making swing high of 10,974 and a swing low of 10,611 to end the week with a loss of 1.4 percent. The IT sector outperformed while huge selling was seen in the pharma sector (mainly Sun Pharma), auto, metals,
Gold prices were steady early on Monday as the dollar weakened on U.S. China trade truce that revived investor demand for riskier assets. Spot gold inched up 0.1 percent to $1,222.97 per ounce at the time of writing. U.S. gold futures were up 0.2
The Nifty Bank index started the last week on positive note on Monday and extended its positive run in most of the trading session in the week . The Bank Nifty ended the November F&O expiry on an optimistic note and well above the previous hurdle of 26,400 to give index closing at 26,914 on positive note on weekly basis with gain of 3.50%. Participation was seen
Gold prices traded on flat note on Thursday after rising to a two week high in the previous session as the dollar slipped with uncertainty on the pace of interest rate hikes by the U.S. Federal Reserve also supporting the metal. Spot gold traded at
Last week our Indian Equity market opened on a gap up note but Nifty failed to hold on to its important resistance levels of 10700 and saw a sharp correction in the last 3 trading session that dragged the index below 10,550. The Nifty index closed at the week’s low level of 10,511 down by almost 1.46 %. Broad-based selling was seen in cement, pharma, technology and metal
Gold prices rose on Friday as investors sought safe haven assets amid fears of a chaotic departure for Britain from the European Union. Spot gold was up 0.2 per-
This document provides a weekly market update with information on currency exchange rates, stock market indices, and commodity prices. It summarizes the weekly performance of various indices such as Nifty, Nifty Bank, and sectoral indices. It also lists the top weekly gainers and losers among stocks. The document concludes with stock-specific pivot point levels and analysis of long and short positions in Nifty options.
Gold prices were steady on Monday having dipped to a one month low in the previ-ous session after the U.S. dollar firmed on the Federal Reserves plans to gradually keep tightening borrowing costs.
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During the budget session of 2024-25, the finance minister, Nirmala Sitharaman, introduced the “solar Rooftop scheme,” also known as “PM Surya Ghar Muft Bijli Yojana.” It is a subsidy offered to those who wish to put up solar panels in their homes using domestic power systems. Additionally, adopting photovoltaic technology at home allows you to lower your monthly electricity expenses. Today in this blog we will talk all about what is the PM Surya Ghar Muft Bijli Yojana. How does it work? Who is eligible for this yojana and all the other things related to this scheme?
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Starting a business is like embarking on an unpredictable adventure. It’s a journey filled with highs and lows, victories and defeats. But what if I told you that those setbacks and failures could be the very stepping stones that lead you to fortune? Let’s explore how resilience, adaptability, and strategic thinking can transform adversity into opportunity.
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Cover Story - China's Investment Leader - Dr. Alyce SU
Commodity Research Report 21 August 2017 Ways2Capital
1.
2. BULLION METALS OUTLOOK -
GOLD - Gold on MCX settled down -0.44% at 28952 as investors looked ahead to minutes of the Federal Reserve’s latest policy
meeting for further hints on the timing of the next U.S. rate hike. The U.S. dollar was on the defensive on Thursday after the
minutes from the Federal Reserve's last policy meeting showed policymakers were increasingly wary of recent softness in inflation
and could delay a rate hike. Federal Reserve policymakers appeared increasingly wary about recent weak inflation and some called
for halting interest rate hikes until it was clear the trend was transitory, according to the minutes of the U.S. central bank's last
policy meeting. The U.S. central bank is roughly at the mid-point on its current path to normalize interest rates as the economy has
shown further improvement even without fiscal stimulus, San Francisco Federal Reserve President John Williams told. European
Central Bank President Mario Draghi will not deliver a new policy message at the U.S. Federal Reserve's Jackson Hole conference,
two sources familiar with the situation said, tempering expectations for the bank to start charting the course out of stimulus. The
economy in the 19 countries sharing the euro currency expanded by more than previously forecast in the second quarter compared
to the same quarter in 2016, the European Union's statistics office Eurostat said. Technically Gold market is under fresh selling as
market has witnessed gain in open interest by 0.91% to settled at 6635 while prices down 128 rupees. Now MCX Gold is getting
support at 28844 and below same could see a test of 28737 levels, and resistance is now likely to be seen at 29014, a move above
could see prices testing 29077. .
GOLD CHART
Chart Details - On the Above given Daily Chart of Gold has Appiles the Bollinger Band Along with MACD A closer look at
price action sees gold holding within the confines of a well-defined ascending channel formation off the July lows. A rebound off
channel support early this week saw prices break to fresh yearly highs on Friday – but not before posting a massive 4-hour reversal
candle just ahead of channel resistance. Heading into next week, the threat remains for a deeper pullback here but the broader focus
remains higher while channel support /1278 with bullish invalidation set to the monthly open at 1268. Bottom line: we’re shifting
our weekly bias to neutral heading into next week while noting a constructive outlook while within this channel. Technically Gold
market is under fresh selling as market has witnessed gain in open interest by 0.91% to settled at 6635 while prices down 128
rupees. Now MCX Gold is getting support at 28844 and below same could see a test of 28737 levels, and resistance is now likely to
be seen at 29014, a move above could see prices testing 29077.
Monday 21Aug 2017
3. SILVER -Silver on MCX settled down -0.8% at 38863 but prices trimmed some of its losses after the release of downbeat U.S.
housing sector data dampened demand for the greenback. However, sentiment on the greenback became vulnerable after the U.S.
Commerce Department said on Wednesday that the number of housing starts and building permits both fell in July. Housing starts
dropped 4.8% to a seasonally adjusted annual rate of 1.16 million units, the Commerce Department said. Investors will parse the
minutes for clues on when Fed might start to unwind its $ 4.5 tn balance sheet as well as any update concerning the labor market and
inflation. In its July policy statement, the Federal Reserve raised concerns over the slow pace of inflation while pointing out that it
expects to begin unwinding its balance sheet “relatively soon”. Ahead of the release, New York Fed Chief Bill Dudley said earlier
this week, he would favour a third rate hike this year. Earlier, Cleveland Fed President Loretta Mester said that while some price
readings have fallen this year, expectations are more stable, adding that monetary policy must anticipate changes in the data and not
react to temporary aberrations. She said there is roughly an equal chance that the Fed is forced to raise rates more or less
aggressively than currently planned in the months and years ahead. In its July policy statement, the Federal Reserve raised concerns
over the slow pace of inflation while pointing out that it expects to begin unwinding its balance sheet “relatively soon”. Technically
MCX Silver is getting support at 38450 and below same could see a test of 38036 levels, and resistance is now likely to be seen at
39133, a move above could see prices testing 39402.
SILVER CHART
Detail of Chart -Silver prices have been working their way higher in bullish fashion since the spike-day low created back on 7/10.
The past few days the rally stalled on a failure to maintain above the 200-day MA and after touching off on the upper parallel of the
channel since in place since July. The trend in the intermediate to long-term remains down, marked by the lower highs and lower lows,
however; as long as the lower parallel maintains then keeping a tentatively bullish stance in the near-term makes sense. Technically
MCX Silver is getting support at 38450 and below same could see a test of 38036 levels, and resistance is now likely to be seen at
39133, a move above could see prices testing 39402.
7. MCX - WEEKLY NEWS LETTERS
INTERNATIONAL UPDATES ( BULLION & ENERGY )✍
GOLD✍
Gold prices retreated on Friday after surging to their highest level in nine months earlier on the back of
concerns over U.S. political uncertainty and amid safe haven buying in the wake of a terrorist attack in
Spain. Gold futures for December delivery settled down 0.16% at $1,290.27 on the Comex division of the
New York Mercantile Exchange, after rising as high as $1,306.9 earlier, the highest level since November
11. The precious metal reversed course after reports that senior White House advisor Steven Bannon was
leaving his post, in what was seen as a positive for the Trump administration’s agenda. Ongoing
uncertainty over the economic agenda of U.S. President Donald Trump and doubts that the Fed will
deliver a third rate hike this year have been factors underpinning gold demand. Gold prices have risen
around 11% this year due in large part to the weaker dollar. The dollar surged to 14-year highs after
Trump’s November election on hopes that his plans for fiscal stimulus and tax reform would bolster the
economy. The dollar has since given up its post-election gains amid mounting concerns about the
administration’s ability to deliver on its agenda.
Gold prices were little changed after jumping to their highest in more than nine months on Friday as the
dollar retreated on political uncertainty in the United States and a suspected Islamist militant attack in
Spain boosted bullion's safe-haven appeal. Spain mounted a sweeping anti-terrorism operation on Friday
after a suspected militant drove a van into crowds in Barcelona, killing 13 people in what police suspect
was one of a planned wave of attacks. gold XAU= touched its highest since Nov. 9 at $1,300.80 per
ounce, and was up 0.03 percent at $1,287.95 an ounce by 3:20 p.m. EDT. Pressuring gold, however, was
the latest high-level shake up at the White House. U.S. President Donald Trump on Friday fired Stephen
Bannon as his chief strategist, removing a powerful and controversial figure known for far-right political
views. stocks rebounded in a volatile session on Friday, while the dollar cut losses and bond yields rose to
session highs after the news. ouster of White House chief strategist Steve Bannon, who had been vilified
perhaps more than anyone in the executive branch since Dick Cheney, put a tenuous floor on the
stumbling stock market and blunted gold's charge above $1,300," said Tai Wong, director of base and
precious metals trading for BMO Capital Markets in New York. "Gold and silver finish the day and the
week largely unchanged looking for direction." Markets were also uncertain about Trump's ability to push
ahead with policies after the disbandment of two high-profile business advisory councils over his remarks
on violence at a rally in Virginia last weekend. gold futures GCcv1 for December delivery settled at
$1,291.60. "The recent soft patch in U.S. data has put serious doubts over whether there will be another
rate hike coming from the Fed this year.
Gold prices in India were at their widest discount to international prices in 11 months on Friday due to
8. sluggish demand and an influx of the precious metal sourced from South Korea. Indian traders are likely
to import 25 tonnes of gold from South Korea in July-August, taking advantage of a recent tax change
that allows imports without the usual 10 percent customs duty, industry officials told Reuters. Korean
supplies are distorting the market. Retail demand is still weak due to the price rise," said N. Vijay, a
bullion dealer from Salem in the southern Indian state of Tamil Nadu. India had previously imposed a
12.5 percent excise duty on imports from countries with which it had signed Free Trade Agreements, such
as South Korea. But this was scrapped along with other local taxes when India introduced a Goods and
Services Tax from July 1. in India were offering a discount of up to $ 13 an ounce this week over official
domestic prices, compared with a discount of up to $ 7 an ounce last week. This week's discount was the
maximum since September 2016. Local gold prices MAUc1 jumped to 29,390 rupees per 10 grams on
Friday, the highest since June 8. "Retail buyers and jewellers are waiting for prices to correct. They are
not comfortable in buying above 29,000 rupees," said a Mumbai-based dealer with a private bank.
Gold prices moved higher on Friday, hovering close to a recent two-month peak, after a terrorist attack in
Spain boosted demand for safe-haven assets. Comex gold futures were up around $1.95, or about 0.14%,
to $1,293.12 a troy ounce by 3:00AM ET, not far from a two-month high of $1,298.10 reached late last
week. The precious mental found support after a van rammed into pedestrians in a crowded tourist area of
Barcelona on Thursday evening, killing at least 13 people and injuring 100 others. The Islamic State
claimed responsibility for the incident. Spanish police said that two men had been arrested so far. Gold
prices were also boosted by a weaker U.S. dollar, after eight chief executives quit two business advisory
councils on Wednesday in protest over U.S. President Donald Trump’s controversial remarks on weekend
violence in Virginia. The U.S. President reacted to the departures by disbanding the councils – the
American Manufacturing Council and the Strategic and Policy Forum. White House Economic Adviser
Gary Cohn denied rumors of his possible departure late Thursday. However, growing opposition to
Trump’s positions, including from within his own party, have fueled concerns over the administration’s
ability to implement its political agenda. The dollar also remained under pressure after the minutes of the
Fed’s July policy meeting released on Wednesday showed that members of the central bank remain
divided over the need to raise interest rates further this year, citing low inflation. The U.S. dollar index,
which measures the greenback’s strength against a trade-weighted basket of six major currencies, was
down 0.11% at 93.54. 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.
Gold prices rose sharply on Thursday, climbing back toward their highest level in more than two months
after minutes from the Federal Reserve's July meeting hinted at a delay in further rate hikes. Comex gold
futures gained around $11.00, or about 0.9%, to $1,293.72 a troy ounce by 3:15AM ET, not far from a
two-month high of $1,298.10 touched late last week. Gold prices finished higher on Wednesday as news
that two White House business advisory groups have disbanded prompted a late-session turn higher for
9. the yellow metal. Gold gained further after the minutes from the Fed's last policy meeting showed
policymakers were increasingly wary of recent softness in inflation and could delay a rate hike. Futures
traders are pricing in about a 40% chance of a rate hike by the end of the year, according to
Investing.com’s Fed Rate Monitor Tool, down from roughly 50% before the Fed minutes. 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. Market players will now turn their attention to data on weekly jobless claims and the
Philadelphia Fed manufacturing survey at 8:30AM ET to gauge the strength of the world's largest
economy and how it will impact the Fed's view on monetary policy.
Investors took advantage of more confusion about Fed policy on rates and took the precious metal higher
in Asia on Thursday after minutes released overnight casts some doubt on a third hike this year. Gold
futures for December delivery on the Comex division of the New York Mercantile Exchange rose 0.80%
to $1,293.21 a troy ounce. Fed minutes showed an increased debate about another rate hike this year and
the political backlash against Donald Trump's remarks on racist confrontations this passed weekend in
Virginia weighed. The divide appeared in minutes released from the Federal Open Market Committee's
July meeting, when central bank policymakers voted to hold the target rate to a range of 1% to 1.25%.
The summary portrays views that inflation ultimately will get to the Fed's 2% target but is clearly not
there yet. Earlier, Cleveland Fed President Loretta Mester said that while some price readings have fallen
this year, expectations are more stable, adding that monetary policy must anticipate changes in the data
and not react to temporary aberrations. She said there is roughly an equal chance that the Fed is forced to
raise rates more or less aggressively than currently planned in the months and years ahead. Overnight,
gold prices turned positive on Wednesday, on the back of weaker U.S. housing data. Housing starts
dropped 4.8% to a seasonally adjusted annual rate of 1.16 million units, the Commerce Department said
on Wednesday.
Gold prices continued lower on Wednesday, as investors looked ahead to minutes of the Federal Reserve’s
latest policy meeting for further hints on the timing of the next U.S. rate hike and clues on how the central
bank plans to pare back its balance sheet. The Fed will release minutes of its most recent policy meeting
later in the day at 2:00PM ET. The central bank left interest rates unchanged following its meeting on July
26 and said it expected to start shrinking its massive holdings of bonds "relatively soon". Policymakers
also noted weakness in U.S. inflation more explicitly than before. Market players will also eye data on
U.S. housing starts and building permits at 8:30AM ET to gauge the strength of the world's largest
economy and how it will impact the Fed's view on monetary policy. Comex gold futures were down
around $4.00, or about 0.3%, to $1,275.81 a troy ounce by 2:55AM ET. It fell to a one-week low of
$1,272.70 in the prior session. The yellow metal suffered its steepest one-day drop in nearly six weeks on
Tuesday, after strong data on U.S. retail sales and manufacturing activity kept alive the chance of another
Fed rate hike by the end of this year. Futures traders are pricing in about a 50% chance of a rate hike by
December, according to Investing.com’s Fed Rate Monitor Tool, up from roughly 35% at the start of the
week.
10. Gold prices moved lower for a second consecutive session on Tuesday, as tensions between the U.S. and
North Korea appeared to subside and as the greenback strengthened subsequently. On the Comex division
of the New York Mercantile Exchange, gold futures for December delivery were down 0.73% at
$1,281.04, the lowest since August 9 after hitting a two-month peak of $ 1.298.10 on Friday. The
December contract ended Monday’s session 0.28% lower at $1,290.40 an ounce. Futures were likely to
find support at $1,265.90, the low of August 9 and resistance at $1,296.40, Monday’s high. Demand for
the safe-haven precious metal weakened after North Korea said on Tuesday it had delayed a decision on a
plan to fire missiles at the U.S. Pacific territory of Guam while it watches U.S. actions a little longer. At
the same time, South Korean President Moon Jae-in said there will be no military action upon the Korean
peninsula without Seoul's consent and that the government would prevent war by all means. Market
participants were also looking ahead to U.S. retail sales data, to be released later Tuesday, for further
indications on the strength of the economy after disappointing inflation figures on Friday dampened
expectations for another rate hike by the Federal Reserve this year. The greenback found some support
after New York Fed President William Dudley said on Monday that he favored another interest rate hike
this year if the economic conditions evolved in line with his expectations. The U.S. dollar index, which
measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.30%
at 93.62, the highest since August 10.
Gold prices fell by half a percent on Monday, retreating from last week's two-month highs, as dollar
strength and the easing of tensions between the United States and North Korea pushed prices lower.
Though North Korea's Liberation Day celebration on Tuesday could raise the temperature again, markets
were relieved that the weekend passed without more inflammatory rhetoric. the dollar broadly rose from
last week's four-month lows against the yen and traded up against a basket of currencies, making dollar-
priced gold costlier for non-U.S. investors. "A lot of the negative news is priced into the dollar. That,
combined with no real escalation in North Korea, should lead to lower gold prices, though it doesn't mean
we expect a very negative trend. We'll stay within the $1,200 to $1,300 range for the year," said ABN
Amro strategist Georgette Boele. Spot gold XAU= fell 0.6 percent to $1,281.21 an ounce by 2:33 p.m.
EDT, having reached its highest since June 7 at $1,291.86 in the previous session. U.S. gold futures
GCcv1 for December delivery fell 0.3 percent to settle at $1,290.40. "Although more aggressive rhetoric
between the U.S. and North officials would temporarily boost gold prices, we see outright military action
as unlikely and upward pressure on gold prices stemming from the confrontation as limited.
11. AHEAD OF THE COMING WEEK A LIST OF THESE SIGNIFICANT EVENTS LIKELY TO
AFFECT THE MARKETS.
Monday, August 21
Canada is to release data on wholesale sales.
Tuesday, August 22
The UK is to release data on public sector borrowing.
The ZEW Institute is to report on German economic sentiment.
Canada is to release data on retail sales.
Wednesday, August 23
ECB President Mario Draghi is to speak at an event in Germany.
The euro zone is to release data on manufacturing and service sector activity.
Dallas Fed President Robert Kaplan is to speak.
The U.S. is to release data on new home sales.
Thursday, August 24
The UK is to release revised data on second quarter growth.
The U.S. is to report on jobless claims and existing home sales.
Meanwhile, the annual meeting of top central bankers and economists in Jackson Hole will get underway.
Friday, August 25
The Ifo Institute is to report on German business climate.
The U.S. is to release data on durable goods orders.
ECB President Mario Draghi is to speak in Jackson Hole.
ENERGY
Oil markets were stable early on Monday, holding on to Friday's big gains even though rising U.S. output
weighed on hopes the market will tighten with crude inventories down 13 percent since March. Brent
crude futures, LCOc1 the international benchmark for oil prices, were at $52.72 per barrel at 0139 GMT,
unchanged from their last close. U.S. West Texas Intermediate crude futures CLc1 were at $48.54 a barrel,
up 3 cents form their last settlement. This came after an up-to-3 percent increase in prices on Friday. said
the market was somewhat held back by rising U.S. production, which has broken through 9.5 million
barrels per day, its highest since July 2015. But the rise in U.S. output may soon slow, as energy firms cut
rigs drilling for new oil for a second week in three, the Baker Hughes energy services firm reported on
12. Friday. Drillers cut five oil rigs in the week to Aug. 18, bringing the total count down to 763, Baker
Hughes said. "The rig count suffered its biggest fall since January, adding to signs that the market is
tightening," ANZ bank said on Monday. Also, U.S. commercial crude inventories have fallen by almost
13 percent from their March peaks, to 466.5 million barrels. Analysts said that falling crude inventories,
despite rising output, indicate the market is already tightening. "The rebalance of the oil market is well
under way according to inventory data, however the market is heavily focused on the fact that shale
supply continues to increase.
Oil prices moved higher on Friday, bouncing off the previous session’s three-week lows, but gains were
expected to remain limited by ongoing converns over rising U.S. production and overall risk-aversion on
global financial markets. The U.S. West Texas Intermediate crude September contract was at $47.19 a
barrel by 6:30AM ET, up 10 cents, or around 0.21%, off Thursday’s three-week through of $ 46.46.
Elsewhere, Brent oil for October delivery on the ICE Futures Exchange in London added 0.5 cents or
about 0.1% to $51.05 a barrel, after hitting a three-week low of $ 50.01 in the previous session. Crude
prices remained under pressure after U.S. government data this week revealed an increase in domestic
production to the highest level in over two years. However, crude oil inventories fell by 8.9 million
barrels, according to the EIA figures, the seventh weekly decline in a row. Oil prices have been under
pressure in recent weeks as concern over rising U.S. shale output canceled out production cuts by OPEC
and non-OPEC members. OPEC and 10 producers outside the cartel, including Russia, agreed since the
start of the year to slash 1.8 million barrels per day in supply until March 2018 in order to reduce a global
supply glut and rebalance the market. However, 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 traders were also sensitive to overall risk-aversion on
global markets after after a van rammed into pedestrians in a crowded tourist area of Barcelona on
Thursday evening, killing at least 13 people and injuring 100 others.
Oil prices dipped on Friday as part of a broad-based selloff across markets and despite signs that crude
markets are gradually tightening. Brent crude futures, LCOc1 the international benchmark for oil prices,
were at $50.99 per barrel at 0520 GMT, down 4 cents from their last close. Brent is set for an over 2
percent drop this week. U.S. West Texas Intermediate crude futures CLc1 were at $ 47.06 a barrel, down 3
cents. WTI is also set to drop for the week, down some 3.5 percent. The dip in oil prices occurred amid a
selloff across markets, including U.S. and Asian stocks, where investors voted with their feet amid
growing scepticism that U.S. President Donald Trump, embroiled in controversy, would achieve his
economic agenda. overall softness in financial markets added to the perception that oil supply remains
higher than demand despite producer efforts to reduce output. The Organization of the Petroleum
Exporting Countries, together with non-OPEC producers like Russia, has pledged to restrict output by 1.8
million barrels per day between January this year and March 2018. "Sentiment in oil markets remains
weak.
13. Oil prices edged up on Thursday, but the market continued to be weighed down by high production,
especially in the United States. Brent crude futures LCOc1 were at $ 50.36 per barrel at 0657 GMT, up 9
cents, or 0.2 percent, from their last close. U.S. West Texas Intermediate crude futures CLc1 were at $
46.80 a barrel, up just 2 cents. The slight gains followed a more than 1 percent fall in the previous session.
Information Administration data on Wednesday showed that commercial U.S. crude oil stocks C-STK-T-
EIA have fallen by almost 13 percent from their peaks in March to 466.5 million barrels. Stocks are now
lower than in 2016. "If inventory declines continue at this pace, stocks will fall back below the five-year
average in around two months," said William O'Loughlin, analyst at Australia's Rivkin Securities. pace of
the declines indicates that the OPEC production cuts are having an effect, although the current oil price
suggests that the market is sceptical about the longer-term prospects for rebalancing of the oil market. The
market seemed "to focus on the rise in production", which jumped by 79,000 barrels per day to 9.5
million bpd last week, its highest level since July 2015, and 12.75 percent above the most recent low in
mid-2016.
Crude oil prices rebounded in Asia on Thursday as investors saw buying opportunity on an overnight dip
on mixed U.S. inventory data. Record refinery runs in the U.S. are drawing down crude stocks, but
gasoline produced is not seeing expected strong demand as the summer driving season heads to a close,
said Matt Smith, director of commodities, Clipper Data. On the New York Mercantile Exchange crude
futures for September delivery rose 0.24% to $46.89, while on London's Intercontinental Exchange, Brent
gained 0.44% to $50.49 a barrel. Overnight, crude futures settled lower on Wednesday, as data showing
U.S. crude production rose to its highest in over two years offset a decline in supplies of U.S. crude for a
seventh-straight week. Crude oil fell for the third-straight day, after a report from the Energy Information
Administration showing crude stockpiles fell by more than expected last week failed to offset concerns
over a rise in production.Inventories of U.S. crude fell by roughly 8.9m barrels in the week ended Aug 11,
confounding expectations of a draw of about only 3m barrels. It was seventh-straight week of falling
crude inventories.Gasoline inventories, one of the products that crude is refined into, unexpectedly rose
by roughly 22,000 barrels against expectations of a draw of 1.1m barrels while distillate stockpiles rose
by 702,000 barrels, compared to expectations of a decline of 572,000 barrels.
Oil prices edged up on Wednesday on a fall in U.S. crude inventories, although markets were still being
weighed down by general oversupply. Brent crude futures LCOc1 were at $51.02 per barrel at 0218 GMT,
up 22 cents or 0.4 percent from their last close. U.S. West Texas Intermediate crude futures CLc1 were at
$47.70 a barrel, up 15 cents, or 0.3 percent. U.S. crude inventories fell by 9.2 million barrels in the week
to Aug. 11 to 469.2 million, industry group the American Petroleum Institute said on Tuesday. That
compared with analyst expectations for a decrease of 3.1 million barrels. "The market took this as a
mildly bullish report," said William O'Loughlin, investment analyst at Rivkin Securities. However,
gasoline stocks climbed by 301,000 barrels, compared with analyst expectations in a Reuters poll for a 1.1
million barrel decline. Energy Information Administration data will be published late on Wednesday.
More broadly, analysts said ample supplies were preventing prices from moving much higher. "It is the
ongoing fundamental issue of excessive supply that is continuing to weigh on oil prices... Not a lot has
14. changed despite the OPEC and Russia efforts recently. While these producers have tried to limit their oil
output, U.S. shale oil continues to rise. The Organization of the Petroleum Exporting Countries together
with Non-OPEC producers like Russia has pledged to restrict output by 1.8 million barrels per day
between January this year and March 2018.
Oil prices steadied in early Asian trade on Tuesday after sharp falls the session before when a stronger
U.S. dollar and a drop in Chinese refining runs hit the market. Global benchmark Brent crude futures
LCOc1 were up 6 cents, or 0.12 percent, at $50.79 at 0122 GMT. That was just above their 100-day
moving average, briefly breached in the previous session. U.S. West Texas Intermediate crude futures
CLc1 were also up 6 cents, or 0.13 percent, at $47.65 a barrel. Oil prices tumbled more than 2.5 percent
on Monday in volatile trade. oil refineries operated in July at their lowest daily rates since September
2016, official data showed on Monday, to ease brimming inventories as state-owned oil giants faced off
independents in a retail petrol price war. Analysts said the drop was steeper than expected, exacerbating
concerns that a glut of refined fuel products could weaken Chinese demand for oil. dollar firmed on
Tuesday after North Korea's leader signalled that he would delay plans to fire a missile near Guam,
further easing tensions and prompting investors to move back into riskier assets. prices had earlier on
Monday been supported by reports that Libya's top oilfield had cut its output by 30 percent on security
concerns. by the Organization of the Petroleum Exporting Countries and other oil producers to limit
output have helped lift Brent past $ 50 a barrel, but concerns remain that these efforts could be
undermined by producers in the U.S. and other countries. U.S. shale oil production is expected to grow
for its ninth consecutive month in September to 6.15 million barrels per day, the U.S. Energy Information
Administration said on Monday.
Oil prices were flat on Monday, falling early on worries about Chinese demand but then recovering from
session lows on questions about potential reductions in crude supply from Libya. Libya's National Oil
Corporation said an investigation had been opened into recent security violations at Sharara oil field. The
NOC did not specify whether the violations had affected output at the country's largest field, which has
been producing about 270,000 barrels a day. Workers at Libya's Zueitina export terminal threatened to
block a tanker due to dock on Saturday unless demands for salary and overtime payments are met. "It is
back to the Libyan situation being the most important thing here," said Bob Yawger, director of energy
futures at Mizuho in New York. "You have Libyan barrels off the market, so supply is not what it was at
this time last week. Prices retraced all their losses, then see-sawed within a few cents of unchanged.
Global benchmark Brent crude futures LCOc1 were at $51.73 a barrel by 11:21 a.m. EDT, down 37 cents
from Friday's close. They touched a low of $ 51.60 earlier in the session.
15. BASE METAL’S OUTLOOK :
Trading Ideas: -
ALUMINIUM -
➢ Aluminium trading range for the day is 127.9-136.9.
➢ Aluminium prices rallied as Chinese capacity cuts extend to the sector in Beijing's drive to clean up its
skies ahead of the winter heating season.
➢ Aluminium stocks at three major Japanese ports rose 3 percent to 268,000 tonnes by end-July
compared with the previous month.
➢ China Hongqiao Group clarified in a notice to the Hong Kong Exchange that it has shut down 2.68
million tonnes of production capacity amid the country's supply-side reforms.
NICKEL -
➢ Nickel trading range for the day is 654.2-709.6.
➢ Nickel prices rallied tracking rise in other base metals supported by expectations of strong global
demand and tight supplies.
➢ China's strong economic growth showed visible signs of fading in July as lending costs rose and the
gravity-defying property market cooled.
ZINC -
Zinc trading range for the day is 183.1-208.9.
➢ Zinc prices rose as Chinese infrastructure demand that has fed a rally in steel prices for months spills
into markets for steelmaking raw materials.
➢ The rally in zinc, comes as China steps up plans to develop infrastructure while capacity cuts in its
steel industry reform boost prices.
➢ Supporting prices was a fall in on-warrant zinc available to the market at LME-registered warehouses
of 5,500 tonnes, to 149,700 tonnes.
BASE METAL
ZINC -✍ ( 20 - AUG - 2017 )
Zinc surged above $3,000 a metric ton for the first time in almost a decade while aluminum approached a
three-year high, adding momentum to a metals rally fueled by bets on tightening supplies and robust
demand. Zinc jumped as much as 5.8 per cent to $3,132.50 a ton on the London Metal Exchange, the
highest since 2007, before settling at $3,119 at 5:51 p.m. in London. Aluminum rose as much as 2.7 per
cent to the highest since September 2014, while nickel, copper and lead also advanced. The rally boosted
16. mining shares, with Freeport-McMoRan Inc. among the biggest gainers.
ALUMINIUM -✍ ( 20 - AUG - 2017 )
Aluminium prices were higher by 2.16 per cent to Rs 132.40 per kg in futures trade today as speculators
built up fresh positions, driven by pick up in demand at the spot market. At the Multi Commodity
Exchange, aluminium for delivery in September went up by Rs 2.80, or 2.16 per cent to Rs 132.40 per kg
in business turnover of 492 lots. Similarly, the metal for delivery in August was trading higher by Rs 2.75,
or 2.13 per cent to Rs 131.70 per kg in 986 lots. Analysts said fresh positions created by participants on
the back of rise in demand from consuming industries in the spot market, mainly attributed the rise in
aluminium prices at futures trade.
ZINC -✍ ( 19 - AUG - 2017 )
Zinc prices surged by 2.49 per cent to Rs 191.30 per kg in futures trade today as speculators built up
positions following uptick in demand in the spot market. At the Multi Commodity Exchange, zinc for
delivery in August rose by Rs 4.65, or 2.49 per cent to Rs 191.30 per kg in business turnover of 4341 lots.
Likewise, the metal for delivery in September contracts was trading higher by Rs 4.50, or 2.40 per cent to
Rs 191.90 per kg in 335 lots. Analysts said fresh positions created by traders due to pick up in demand
from consuming industries in the spot market, mainly led to the rise in zinc prices at futures trade.
COPPER -✍ ( 18 - AUG - 2017 )
Copper futures traded 0.23 per cent lower at Rs 416.40 per kg today as participants indulged in reducing
positions, tracking a weak trend in base metals overseas. Besides, subdued demand from consuming
industries in the spot market weighed on prices. At the Multi Commodity Exchange, copper for delivery
in far-month November declined by 95 paise or 0.23 per cent to Rs 416.40 per kg in a business turnover
of 61 lots. The metal for delivery in current month too fell by 70 paise, or 0.17 per cent, to trade at Rs
410.35 per kg in a business volume of 592 lots. Globally, copper for three-month delivery declined 0.3
per cent to settle at USD 6,379 per tonne on the London Metal Exchange in yesterday's trade. Analysts
said trimming of positions by traders on the back of a weak trend in metal overseas in a reaction to a
stronger dollar and a series of disappointing economic reports from China, mainly weighed on copper
futures here.
NICKEL -✍ ( 17 - AUG - 2017 )
Nickel prices eased by 0.86 per cent to Rs 657 per kg in futures market today as traders cut down their
bets, driven by subdued demand from consuming industries in the spot markets. At the Multi Commodity
Exchange, nickel for delivery in August drifted lower by Rs 5.70 or 0.86 per cent to Rs 657 per kg in
business turnover of 1,391 lots. On similar lines, the metal for delivery in September contracts shed Rs
5.50 or 0.82 per cent to Rs 662.10 per kg in 54 lots. Analysts said the fall in nickel prices in futures trade
is mostly attributed to tepid demand from alloy-makers at the domestic spot markets.
17. COPPER -✍ ( 16 - AUG - 2017 )
Copper prices softened by 0.30 per cent to Rs 409.30 per kg in futures trade today as speculators
offloaded their positions amid sluggish demand at the domestic spot markets even as it strengthened
overseas. At the Multi Commodity Exchange, copper for delivery in August declined by Rs 1.25, or 0.30
per cent to Rs 409.30 per kg in business turnover of 965 lots. Similarly, the metal for delivery in far-
month November contracts eased by 95 paise, or 0.23 per cent to Rs 415.95 per kg in 26 lots. Analysts
attributed the fall in copper futures to weak trends at the domestic markets owing to slackened demand
from consuming industries coupled with profit-booking. However, a firm trend on the London Metal
Exchange where copper prices hit two-year peaks as soaring steel and iron ore prices in China brightened
the outlook for growth and industrial demand in the world's largest metals consumer, capped the fall at
futures trade here, they added. Globally, copper for three-month delivery ended higher 0.7 per cent at
USD 6,414 per tonne at the LME.
ZINC-✍ ( 16 - AUG - 2017 ) -
Zinc futures fell 0.19 per cent today as participants cut down their bets on a weak trend in base metals in
the spot markets due to profit-booking at current levels amid weak demand from consuming industries at
the spot markets. At the Multi Commodity Exchange, zinc for delivery in August contracts was trading
lower by 35 paise, or 0.19 per cent, to Rs 182.90 per kg, with a business turnover of 777 lots. The metal
for delivery in September fell by 30 paise, or 0.16 per cent to trade at Rs 13.45 per kg in a turnover of 12
lots. Traders said the fall in zinc prices in futures trade was mostly in tandem with a weak trend in the
base metals pack at the physical markets on weak demand.
LEAD -✍ ( 15 - AUG - 2017 )
Lead prices were down 0.36 per cent to Rs 150.30 per kg in futures trading today as participants reduced
their exposure on the back of subdued demand from consuming industries in the spot market. At the Multi
Commodity Exchange, lead for delivery in August declined by 55 paise, or 0.36 per cent to Rs 150.30 per
kg in business turnover of 419 lots. Metal for delivery in September contracts fell by a similar margin to
trade at Rs 151.55 per kg in four lot s. Marketmen said the weakness in lead futures was due to a sluggish
demand from battery-makers at the domestic markets.
NICKEL FUTURES DOWN ON PROFIT-BOOKING - ( 15 - 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
18. existing levels amid low demand at the domestic market from alloy-makers.
COPPER FUTURES MARGINALLY DOWN ON WEAK DEMAND - ( 14 - 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.
COPPER -✍ ( 14 - AUG - 2017 )
Copper prices moved down by 0.35 per cent to Rs 410.80 per kg in futures trade today as speculators
indulged in reducing their positions amid low demand at the spot markets.Besides, profit-booking kept
pressure on metal prices. At the Multi Commodity Exchange, copper for delivery in August fell by Rs
1.45, or 0.35 per cent, to Rs 410.80 per kg, in a business turnover of 777 lots. Likewise, the metal for
delivery in far-month November traded lower by Rs 1.35, or 0.32 per cent, to Rs 417.10 per kg in eight
lots. Analysts attributed the fall in copper prices at futures trade to a weak demand at the domestic spot
markets amid profit-booking at higher levels, led to the decline in copper prices in futures trade.
NICKEL -✍ ( 14 - AUG - 2017 )
Nickel prices declined by 0.39 per cent to Rs 683.40 per kg in futures trade today as speculators cut down
their bets, driven by easing demand in the spot market. At the Multi Commodity Exchange, nickel for
delivery in September fell by Rs 2.70, or 0.39 per cent, to Rs 683.40 per kg, in a business turnover of 10
lots. Likewise, the metal for delivery in current month shed Rs 1.60, or 0.23 per cent, to Rs 679.80 per kg
in 524 lots. Analysts said offloading of positions by participants on the back of sluggish demand from
alloy-maker in the spot market and profit-booking, mainly influenced nickel prices at futures trade.
NCDEX - WEEKLY MARKET REVIEW
FUNDAMENTAL UPDATES OF NCDEX MARKET -
CRUDE PALM OIL -✍ ( 20 - AUG - 2017 )
Crude palm oil prices drifted lower by 0.66 per cent to Rs 494.70 per 10 kg in futures trade today as
traders booked profits amid easing demand at the spot market. Besides, sufficient stocks position
following higher supplies from the producing belts too fuelled the downtrend. At the Multi Commodity
Exchange, crude palm oil for delivery in August declined by Rs 3.30, or 0.66 per cent to Rs 494.70 per 10
kg in business turnover of 107 lots. Likewise, the oil for delivery in September contracts was trading
lower by Rs 3.20, or 0.64 per cent to Rs 496.40 per 10 kg in 82 lots. Analysts said besides profit-booking
by speculators at prevailing higher levels, fall in demand at the spot market against ample stocks position
19. mainly weighed on crude palm oil prices.
CHANA✍ - ( 20 - AUG - 2017 )
Chana prices fell by 1.19 per cent to Rs 5,470 per quintal in futures trade today as speculators booked
profits amid fall in demand in the spot market. In futures trading at the Multi Commodity Exchange,
crude palm oil for delivery in September fell by Rs 66, or 1.19 per cent to Rs 5,470 per quintal with an
open interest of 16,880 lots. Likewise, the oil for delivery in October declined by Rs 48, or 0.88 per cent
to Rs 5,382 in 13,350 lots. Analysts said besides profit-booking by participants at prevailing higher levels,
easing demand at the spot market against ample stocks position mainly weighed on chana prices at futures
trade.
REFINED SOYA OIL -✍ ( 19 - AUG - 2017 )
Refined soya oil prices moved down by 0.47 per cent to Rs 639.60 per 10 kg in futures market today as
speculators reduced exposure amid subdued demand in the spot market against ample stocks. At the
National Commodity and Derivatives Exchange, refined soya oil for delivery in August declined by Rs 3,
or 0.47 per cent to Rs 639.60 per 10 kg with an open interest of 12,090 lots. On similar lines, the oil for
delivery in September contracts shed Rs 2.85, or 0.44 per cent to Rs 647.75 per 10 kg in 52,830 lots.
Analysts said offloading of positions by traders owing to sluggish demand in the physical market against
adequate stocks position, led to decline in refined soya oil prices at futures trade.
MENTHA OIL -✍ ( 19 - AUG - 2017 )
Mentha oil prices flared up by 2.61 per cent to Rs 1,195.60 per kg in futures trade today as speculators
built up fresh positions amid pick up in demand from consuming industries in the spot market. Besides,
tight stock position on fall in arrivals from major producing belts of Chandausi in Uttar Pradesh supported
the upmove. At the Multi Commodity Exchange, mentha oil for delivery in August shot up by Rs 30.40,
or 2.61 per cent to Rs 1,195.60 per kg in business turnover of 557 lots. In a similar fashion, the oil for
delivery in September contracts traded higher by Rs 30.20, or 2.57 per cent to Rs 1,207.10 per kg in 116
lots. Analysts said fresh positions created by participants on the back of pick up in demand from
consuming industries in the physical market against restricted supplies from Chandausi, mainly pushed up
mentha oil prices at futures trade.
CARDAMOM -✍ ( 19 - AUG - 2017 )
Cardamom prices went up by 0.28 per cent to Rs 1,176 per kg in futures trading today as participants built
up fresh positions, tracking a firm trend at spot markets on strong domestic as well as export demand. At
Multi Commodity Exchange, cardamom for delivery in September rose by Rs 3.30, or 0.28 per cent to Rs
1,176 per kg in business turnover of 93 lots. On similar lines, the spice for delivery in October contracts
was trading higher by Rs 2.70, or 0.24 per cent to Rs 1,135.50 per kg in 5 lots. Analysts said fresh
positions created by traders, taking positive cues from spot market on strong domestic as well as exports
20. demand against tight stocks position on fall in supplies from producing regions, supported the upside in
cardamom prices at futures trade.
CASTOR SEED -✍ ( 18 - AUG - 2017 )
Castor seed futures on National Commodities and Derivatives Exchange (NCDEX) witnessed the highest
single day jump on Wednesday since March this year supported by highest ever monthly export volume of
castor meal and reports of crop damage due to heavy rains in Gujarat. The benchmark castor seed contract
on NCDEX for September delivery was up more than 3.21 % or Rs 147 today to trade at Rs. 4,727 per
quintal, its highest level in four and half months. India's castor meal exports in June was revised to
1,19,315 tonnes from 62,516 tonnes in data released by the Solvent Extractors' Association of India
recently. The export volume for July was not updated in the recent release by SEA but the exports are
expected to be good. The revised export data for castor meal in June is highest ever recorded for a single
month.
MENTHA OIL -✍ ( 18 - AUG - 2017 )
Mentha oil prices drifted lower by 0.80 per cent to Rs 1,152 per kg in futures trade today as speculators
trimmed positions, driven by sluggish demand from industries at the spot market. Besides, ample stocks
position on higher supplies from producing regions too influenced mentha oil prices. At the Multi
Commodity Exchange, mentha oil for delivery this month traded lower by Rs 9.40, or 0.80 per cent, to Rs
1,152 per kg, in a business turnover of 638 lots. On similar lines, the oil for delivery in September
declined by Rs 7.50, or 0.64 per cent, to Rs 1,166.50 per kg in 99 lots. Analysts said offloading of
positions by participants due to subdued demand from consuming industries at the spot market against
ample stocks position on higher supplies from Chandausi in Uttar Pradesh mainly led to the decline in
mentha oil prices in futures trade.
CARDAMOM -✍ ( 18 - AUG - 2017 )
Cardamom prices fell 0.95 per cent to Rs 1,085 per kg in futures trade today as speculators booked profits
at prevailing levels amid easing demand in the spot market.Besides, sufficient stocks on higher arrivals
from the major producing regions too weighed on the prices. At the Multi Commodity Exchange,
cardamom for delivery in September contract fell by Rs 10.40, or 0.95 per cent, to Rs 1,085 per kg, in a
business turnover of 53 lots. Similarly, the spice for delivery in October edged down by Rs 7.80, or 0.74
per cent, to Rs 1,045.90 per kg, with trading volume of just one lot. Marketmen said besides profit-taking
by speculators at existing levels, increased arrivals from producing regions, mainly put pressure on
cardamom prices in the futures market.
CRUDE PALM OIL -✍ ( 18 - AUG - 2017 )
Crude palm oil prices were higher by 0.68 per cent to Rs 486.60 per 10 kg in futures trade today as traders
created fresh positions, supported by pick up in demand at the spot market. Moreover, a tight stock
21. position because of fall in supplies from producing belts fuelled the uptrend. At Multi Commodity
Exchange, crude palm oil for delivery in August rose by Rs 3.30, or 0.68 per cent, to Rs 486.60 per 10 kg,
in a business turnover of 170 lots. Similarly, the oil for delivery in September month went up by Rs 3.10,
or 0.64 per cent, to Rs 486.80 per 10 kg in 121 lots. Analysts said building up of positions by participants
driven by pick-up in demand at the spot market against restricted supplies from producing regions mainly
kept crude palm oil prices higher in futures trade.
TURMERIC-✍ ( 18 - AUG - 2017 )
Turmeric prices were up by 0.59 per cent to Rs 7,744 per quintal in futures trade today on account of
uptick in domestic as well as exports demand. Besides, restricted supplies following damage to crops due
to heavy rains too fuelled the uptrend. At the National Commodity and Derivatives Exchange, turmeric
for delivery in current month was trading higher by Rs 46, or 0.59 per cent, to Rs 7,744 per quintal, with
an open interest of 6,715 lots. Similarly, the spice for delivery in September contract increased by Rs 38,
or 0.48 per cent, to Rs 7,832 per quintal in 12,420 lots. Analysts said fresh positions created by traders
following an upsurge in domestic as well as export demand in the spot market against restricted supplies
from producing regions, mainly pushed up turmeric prices at futures trade.
CHANA FUTURES UP 1.52% ON SPOT DEMAND - ( 18 - AUG - 2017 )
Chana prices spurted 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 - ( 17 - 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% - ( 16 - AUG - 2017 )
Wheat prices were lower by 0.78 per cent to Rs 1,654 per quintal in futures trade today as speculators
22. reduced their exposure amid sufficient stock position at the spot market. At the National Commodity and
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 - ( 16 - 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% - ( 15 - 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 - ( 14 - 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.
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