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

2. BULLION METALS OUTLOOK -
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
looked beyond seemingly dovish remarks by ECB President Mario Draghi to continued expectations the institution will move in
the fall to begin tapering its program of bond purchases. Gold prices have been well-supported in recent sessions amid fading
expectations for another rate hike by the Federal Reserve this year. Traders are pricing in less than a 40% chance of a rate hike by
December, as recent dovish comments from Chair Janet Yellen and soft inflation data raised doubts over whether policymakers
will be able to stick to their planned tightening path. The precious metal is sensitive to moves in US rates, which lift the
opportunity cost of holding non-yielding assets such as bullion. While from data side which released earlier showed that the
number of people who filed for unemployment assistance in the U.S. fell more than expected last week, nearing the lowest level
in more than four decades. Holdings of the world's largest gold-backed exchange-traded fund, SPDR Gold Shares, fell 5.3 tonnes
on Wednesday to 816.1 tonnes, their lowest since early February. Its reserves have declined more than 12 tonnes so far this week.
Technically Gold market is under short covering as market has witnessed drop in open interest by 0.92% to settled at 5951 while
prices up 81 rupees. Now MCX Gold is getting support at 28182 and below same could see a test of 28032 level, And resistance
is now likely to be seen at 28431, a move above could see prices testing 28530.
GOLD CHART
Chart Details -On the Above given daily chart of Gold has Applied the Bollinger Band along with Parabolic SAR, The Gold has
already broken the upper level of 28580 which was crucial Resistance level for the Precious Metal, Now going forward the
Momentum oscillators are Suggesting Up ward movement in the Gold daily Chart. The MCX Gold is getting support at 28182 and
below same could see a test of 28032 level, And Resistance is now likely to be seen at 28689, a move above could see prices
testing 28900-29150 in near Term..
Monday, 24 July 2017

3. SILVER -Silver on MCX settled up 0.33% at 37881 rallied on the back of a weaker dollar but gains were capped as expectations
grew that the European Central Bank is moving closer to tightening monetary policy. Following the European Central Bank’s
decision to keep interest rates unchanged, Draghi said the central bank saw signs of “unquestionable improvement” in Eurozone
growth, and indicated that policymakers would discuss changes to the bank’s ultra-loose monetary policy in September. The ECB
rate decision and press conference from Draghi came ahead of a mixed bag of economic reports on the labor market and
manufacturing sector. Silver is getting resistance in the range $16.50 level as the US dollar halted a plunge but stayed around 10-
month lows. The plunge was slowed down by expectations, fuelled last week by the testimony of US Federal Reserve Chair Janet
Yellen, that any monetary tightening in the US would happen slowly and reports from China that suggested growth there is slightly
ahead of target for the year. Earlier this week, China released second quarter GDP growth with a gain of 1.7% that matched
expectations and a year-on-year increase of 6.9% that came in slightly higher than the expected 6.8%. At the same time, China
reported industrial production gained 7.6% from a year earlier in June and retail sales rose 11% in June. Technically Silver market
is under short covering as market has witnessed drop in open interest by -2.15% to settled at 19942 while prices up 124 rupees.
Now MCX Silver is getting support at 37548 and below same could see a test of 37216 level, And resistance is now likely to be
seen at 38089, a move above could see prices testing 38298..
SILVER CHART
Detail of Chart -On the above given daily Chart of of Silver is Suggesting more gains till the next Significance Resistance level
of 38940, Break above this will the Precious Metal will move towards 39134-39312 in near term. On the above given chart Applied
indicators are in over bought Territory we may witness short Term correction in the metal toward 38053-37946 level in near Term.

4. MCX DAILY LEVELS✍
DAILY EXPIRY DATE R4 R3 R2 R1 PP S1 S2 S3 S4
ALUMINIUM 31- JULY-17 128 126 124 123 122 121 120 118 116
COPPER 31- AUG-2017 401 397 393 390 389 386 385 381 377
CRUDE OIL 21-AUG-17 3272 3182 3092 3046 3002 2956 2912 2822 2732
GOLD 04-AUG-2017 29256 28980 28704 28572 28428 28296 28152 27876 27600
LEAD 31- JULY-2017 151 148 145 144 142 141 139 136 133
NATURAL GAS 26-JULY-2017 208 203 199 197 194 192 190 185 181
NICKEL 31- JULY -2017 647 636 625 618 614 607 603 592 581
SILVER 05-SEP-2017 39241 38814 38387 38177 37960 37750 37533 37106 36679
ZINC 31- JULY-2017 185 182 179 178 176 175 173 170 167
MCX WEEKLY LEVELS✍
WEEKLY EXPIRY DATE R4 R3 R2 R1 PP S1 S2 S3 S4
ALUMINIUM 31- JULY-17 135 131 127 125 123 121 119 115 111
COPPER 31- AUG-2017 408 401 394 391 387 384 380 373 366
CRUDE OIL 21-AUG-17 3406 3271 3136 3053 3001 2918 2866 2731 2596
GOLD 04-AUG-2017 29896 29362 28828 28563 28294 28029 27760 27226 26692
LEAD 31- JULY-2017 175 165 155 151 145 141 135 125 115
NATURAL GAS 26-JULY-2017 219 211 203 197 195 189 187 179 171
NICKEL 31- JULY -2017 672 653 634 623 615 604 596 577 558
SILVER 05-SEP-2017 40975 39865 38755 38229 37645 37119 36535 35425 34315
ZINC 31- JULY-2017 206 197 188 183 179 174 170 161 152

5. FOREX DAILY LEVELS✍
DAILY EXPIRY DATE R4 R3 R2 R1 PP S1 S2 S3 S4
USDINR 27-JULY-17 64.82 64.70 64.58 64.48 64.36 64.26 64.16 64.04 63.92
EURINR 27-JULY-17 78.35 77.31 76.27 75.68 74.63 74.04 73.00 72.41 71.82
GBPINR 27-JULY-17 85.99 85.48 84.97 84.32 83.81 83.16 82.65 82.02 81.39
JPYINR 27-JULY-17 58.24 58.07 57.90 57.81 57.64 57.55 57.38 57.29 57.20
FOREX WEEKLY LEVELS✍
WEEKLY EXPIRY DATE R4 R3 R2 R1 PP S1 S2 S3 S4
USDINR 27-JULY-17 65.97 65.59 65.21 64.92 64.54 64.24 63.86 63.56 63.26
EURINR 27-JULY-17 78.59 77.09 75.59 74.71 73.22 72.33 70.84 69.96 69.08
GBPINR 27-JULY-17 90.50 88.46 86.42 85.30 83.26 82.13 80.09 78.97 77.85
JPYINR 27-JULY-17 58.05 57.85 57.68 57.55 57.38 57.25 57.08 56.95 56.82

6. NCDEX DAILY LEVELS✍
DAILY EXPIRY DATE R4 R3 R2 R1 PP S1 S2 S3 S4
SYOREFIDR 18-AUG -2017 655 651 647 645 643 641 639 635 631
SYBEANIDR 18-AUG -2017 3108 3077 3046 3034 3015 3003 2984 2953 2922
RMSEED 18-AUG -2017 3781 3747 3713 3701 3679 3667 3645 3611 3577
JEERAUNJHA 18-AUG -2017 21114 20629 20144 19863 19659 19378 19174 18689 18204
GUARSEED10 18-AUG -2017 3533 3496 3459 3436 3422 3399 3385 3348 3311
TMC 18-AUG -2017 8373 8025 7677 7485 7329 7137 6981 6633 6285
NCDEX WEEKLY LEVELS✍
WEEKLY EXPIRY DATE R4 R3 R2 R1 PP S1 S2 S3 S4
SYOREFIDR 18-AUG -2017 681 667 653 647 639 633 625 611 597
SYBEANIDR 18-AUG -2017 3396 3249 3102 3029 2955 2882 2808 2661 2514
RMSEED 18-AUG -2017 3805 3760 3715 3695 3670 3650 3625 3580 3535
JEERAUNJHA 18-AUG -2017 22390 21545 20700 20255 19855 19410 19010 18165 17320
GUARSEED10 18-AUG -2017 3928 3743 3558 3485 3373 3300 3188 3003 2818
TMC 18-AUG -2017 8494 8110 7726 7512 7242 7128 6958 6574 6190

7. MCX - WEEKLY NEWS LETTERS
INTERNATIONAL UPDATES ( BULLION & ENERGY )✍
GOLD✍
Gold prices rose for a sixth straight session on Friday, to notch up the largest weekly gain in two months
as the U.S. dollar slid to its lowest level in more than a year, underpinning demand for the precious
metal.Gold for August delivery closed up 0.72% at $1,254.48 on the Comex division of the New York
Mercantile Exchange. For the week, the precious metal was up 1.97%. The U.S. dollar index, which
measures the greenback’s strength against a trade-weighted basket of six major currencies, ended down
0.32% at 93.78, the lowest close since June 22, 2016. The index ended the week down 1.32%, marking its
second straight weekly decline. A weaker dollar tends to boost prices for gold, which is denominated in
the U.S. currency. The greenback was pressured lower by the stronger euro, which was boosted by
expectations that the European Central Bank is moving closer to tapering its bond-buying program and
fresh political turmoil in Washington. On Thursday, the investigation into alleged links between President
Donald Trump’s campaign and Russia in last year’s election is extending into his business. Earlier in the
week, Republican lawmakers pulled the plug on the latest version of a contentious bill to replace
Obamacare, delivering a major policy blow to the Trump administration. The failure to deliver on
healthcare reform indicated that Trump’s other legislative efforts, such as overhauling the tax code and
implementing fiscal stimulus could face difficulties. Hopes for tax reforms and fiscal stimulus under the
Trump administration helped drive the dollar to a 14-year high after the November election. The dollar
has now given up all of its post-election gains. Doubts over the Federal Reserve’s plans for a third rate
hike this year have also fed into dollar weakness. The Fed is to hold its next meeting on Wednesday and
is widely expected to hold policy steady.
Gold demand in Asia eroded this week due to higher prices with a seasonal slowdown denting the lure for
the precious metal in second-biggest consumer India. Dealers in India offered discounts for gold, as the
absence of key festivals kept demand subdued, especially as the wedding season has passed. "Every year,
demand remains weak in July. There is no major festival this month. Wedding season is almost over,"For
the next three to four weeks, demand will remain on the lower side. It will improve from the second half
of August." Dealers were offering a discount of up to $1 an ounce this week over official domestic prices,
compared to a discount of $1.20 last week, said four sources from jewellers, banks and gold dealers. The
domestic price includes a 10 percent import tax. Local gold prices MAUc1 have risen 2.7 percent since
July 10 after falling to the lowest level in six months. "The recent rebound in prices is also keeping buyers
on the sidelines. They are waiting for a clear trend. High prices kept buyers on the sidelines elsewhere in
Asia as well. "Demand has softened again at current price levels. It had picked up when gold was trading
closer to $1,200, but has again abated as the market waits for a clearer indication as to which way it may

8. swing," The international spot gold benchmark XAU= hit a three-week high of $1,248.35 an ounce on
Friday, with prices set for an about 1.5 percent weekly gain, bolstered by weakness in the U.S. dollar,
which was at multi-month lows. GOL/
In top consumer China, premiums were slightly below the $10 per ounce level reported last week, while
in Hong Kong, the premiums were at 60 cents to $1 against 70 cents to $1 in the previous week.
Singapore premiums were in a range of 75 cents to $ 1.10 per ounce, compared with a range of 80 cents
to $1.10 last week. "Demand should remain quiet in the near-term, especially with the upcoming summer
holidays in the region," said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong.
Gold prices showed slight gains in overnight trade on Friday, hitting its highest level this month, concerns
over investigations into U.S. President Donald Trump’s alleged ties with Russia drove investors into the
safe haven asset. On the Comex division of the New York Mercantile Exchange, gold for August delivery
gained $ 1.19, or 0.10%, to $ 1.246.69 a troy ounce by 3:44AM ET. Gold hit an intraday high of $
1.247.65 earlier in the session, its highest level since June 30, and was on track for weekly gains of 1.5%
in what would be its second consecutive weekly rise. The Republican Party’s incapacity to achieve a
replacement healthcare plan and headlines revolving around multiple congressional and federal
investigations into possible ties between Trump and Russia during the 2016 presidential campaign have
recently put pressure on the dollar. The U.S. dollar index, which measures the greenback’s strength
against a trade-weighted basket of six major currencies, dropped 0.07% at 94.01 by 3:44AM ET. A weak
dollar usually supports gold prices, as it bolsters the metal's appeal as an alternative asset and makes
dollar-priced commodities more attractive to holders of other currencies. Gold was also supported this
week as both the European and Japanese central banks announced that they would continue their
accommodative monetary policy. Barring further political developments stateside, Friday was expected to
be a quiet day for the precious metal as no major economic reports were scheduled for release.
Elsewhere in metals trading, silver inched up 0.06% at $16.355 a troy ounce.
Gold prices edged lower in European trade on Thursday, as market players awaited the outcome of the
European Central Bank's meeting for fresh clues on when it will start to shift away from its ultra-easy
policy. Comex gold futures were at $1,238.68 a troy ounce by 3:20AM ET, down $ 3.30, or around 0.3%.
Gold prices finished a few cents higher on Wednesday, extending their streak of gains to a fourth session.
The ECB's latest interest rate decision is due at 1145GMT on Thursday, with no big changes expected.
Most of the focus will be on President Mario Draghi's press conference 45 minutes after the
announcement, as investors look for more clues on when and how the ECB could scale back its massive
quantitative easing program. Market experts believe the central bank is likely to wait until September
before announcing a tapering of its 60 billion euros of monthly asset purchases. Earlier in the session, the
Bank of Japan kept monetary policy steady as a two-day meeting concluded. The central bank also cut its
inflation forecasts for fiscal years 2017/2018 and 2018/2019. Besides central banks, investors will focus
on U.S. data due later in the session to gauge the strength of the world's largest economy and how it will
impact the Fed's view on monetary policy. Weekly jobless claims and the Philadelphia Fed manufacturing

9. survey are both due at 8:30AM ET. Gold prices have been well-supported in recent sessions amid fading
expectations for another rate hike by the Federal Reserve this year. Futures traders are pricing in less than
a 40% chance of a rate hike by December, according to Investing.com’s Fed Rate Monitor Tool, as recent
dovish comments from Chair Janet Yellen and soft inflation data raised doubts over whether policymakers
will be able to stick to their planned tightening path. The precious metal is sensitive to moves in U.S.
rates, which lift the opportunity cost of holding non-yielding assets such as bullion.
Gold slipped back towards $ 1,240 an ounce on Wednesday, after three straight day's of gains, as the U.S.
dollar's recovered slightly from a 10-month low. Bullion held below Tuesday's 2-1/2-week high, when
prices were buoyed by the failure of U.S. President Donald Trump's healthcare bill to pass the U.S. Senate
and by waning expectations for further interest rate hikes from the Federal Reserve this year. The U.S.
dollar index .DXY rose 0.2 percent, with the euro EUR= down 0.3 percent, however, taking upward
pressure off gold.
Spot gold XAU= was down 0.05 percent at $1,241.35 an ounce by 2:56 p.m. EDT, while U.S. gold
futures GCv1 for August delivery closed little changed, up 0.01 percent at $ 1,242.
"With the sluggish dollar yesterday we had a bit of a move on the upside, but there seems to be some light
profit taking coming in between $1,243-1,245," The U.S. currency remained rangebound, however, with
investors wary of making strong bets ahead of major central bank meetings. Expectations that U.S.
monetary policy is on a tightening path kept gold hemmed into a narrow range in the last quarter after a
strong start to the year. Signs that central banks in Europe and elsewhere are also turning away from ultra-
loose monetary policies have also weighed on the precious metal. Gold is highly sensitive to rising
interest rates, as these increase the opportunity cost of holding non-yielding bullion. Rising U.S. rates also
lift the dollar, in which gold is priced. "It appears as if some Wall Street gold traders long from the $1,232
area are hoping for this rally to continue and would be satisfied heading for the exits around the $1,248-
$1,252 range.
Gold prices edged lower in European trade on Wednesday, pausing for breath after rallying to the highest
level in around three weeks in the prior session. Comex gold futures were at $1,239.46 a troy ounce by
3:00AM ET, down $2.50, or around 0.2%. Prices settled higher for a third-straight session on Tuesday
after hitting their highest level since June 30 at $1,244.10. Gold's gains came as the dollar sank to an 11-
month low after a second attempt by Republicans to replace Obamacare failed, delivering a major blow to
President Donald Trump's agenda. Investors were now more doubtful over the future of the Trump
administration's planned tax reforms, given the difficulty the healthcare bill has faced in making progress.
Fading expectations for another rate hike by the Federal Reserve this year further weighed on the
greenback. Futures traders are pricing in less than a 40% chance of a rate hike by December. Market
players will focus on U.S. housing sector data due later in the session to gauge the strength of the world's
largest economy and how it will impact the Fed's view on monetary policy. The U.S. central bank hiked
rates at its June meeting and stuck to its forecast for one more rate hike this year, but recent dovish
comments from Chair Janet Yellen and soft inflation data has raised doubts over whether policymakers
will be able to stick to their planned tightening path. The precious metal is sensitive to moves in U.S.

10. rates, which lift the opportunity cost of holding non-yielding assets such as bullion.
Gold prices hit a more than two-week high on Tuesday, supported by expectations of stronger demand
from the physical market and as the dollar fell on fading prospects of an imminent increase in U.S.
interest rates. The dollar sank to a 10-month low against a basket of currencies, making dollar-
denominated metals cheaper for holders of other currencies, which could boost demand. The greenback
sank on reduced confidence in U.S. President Donald Trump's agenda and jitters over hawkish central
banks abroad. Spot gold XAU= was up 0.7 percent at $1,242.41 an ounce by 2:15 p.m. EDT (1815
GMT), having touched $1,244.30, its highest since June 30. U.S. gold futures GCcv1 settled 0.7 percent
to $1,241.90. "The Senate's failure to repeal Obamacare has amplified concerns that the Trump economic
agenda will be more difficult to implement even though the GOP holds a tenuous majority in
Congress,"That is pressuring U.S. yields and driving the dollar towards year-long lows which creates a
positive environment for gold, which has rallied steadily."Data from consultancy GFMS shows India's
gold imports climbed to an estimated 75 tonnes in June from 22.7 tonnes a year earlier. For the first half
of the year imports rose to 514 tonnes, up 161 percent year on year. analysts said the jump was caused by
Indian consumers buying ahead of July's increase in the goods and services tax on gold to 3 percent from
1.2 percent.
Gold prices climbed to the highest level in more than two weeks in European trade on Tuesday, as the
dollar dived after the Republican health-care bill aimed at replacing Obamacare failed to get enough
backing to proceed to a debate. Comex gold futures were at $ 1,235.83 a troy ounce by 3:15AM ET, up
$2.10, or around 0.2%, after touching its highest since July 3 at $1,238.10 earlier. Prices settled higher for
a second-straight session on Monday on bets that lackluster U.S. data will keep the Federal Reserve
cautious about the future pace of policy tightening. Republican Senators Jerry Moran and Mike Lee
announced their opposition on Monday to a revised Republican healthcare bill, delivering a serious blow
to the legislation. Investors were now more doubtful over the future of U.S. tax reforms, given the
difficulty the healthcare bill has faced in making progress. The dollar index, which measures the
greenback’s strength against a trade-weighted basket of six major currencies, sank to a 10-month low of
94.50. Meanwhile, investors continued to temper their expectations for further rate hikes by the Federal
Reserve this year amid the subdued inflation outlook.Futures traders are pricing in less than a 40% chance
of a rate hike by the end of the year, The precious metal is sensitive to moves in U.S. rates, which lift the
opportunity cost of holding non-yielding assets such as bullion. Also on the Comex, silver futures dipped
2.0 cents, or roughly 0.1%, to $16.07 a troy ounce.
Gold climbed on Monday and was likely to see further gains after the dollar slumped to multi-month lows
on the back of data that pointed to weak U.S. inflation and dampened prospects for rate hikes. "The dollar
continues to be on the back foot and yields have dropped back somewhat from their relatively elevated
positioning lately,"Spot gold XAU= was up 0.5 percent at $1,234.61 an ounce by 2:53 p.m. EDT, while
U.S. gold futures GCcv1 for August delivery settled up 0.5 percent at $ 1,233.70. "If gold remains at
$1,230 or goes higher, there's an elevated risk that some of those short positions might start to be reversed
and that would give some further upside to gold. Gold prices slightly pared gains as the U.S. dollar .DXY

11. came off its lows after hitting its lowest level against a basket of major currencies in 10 months as recent
soft U.S. inflation and domestic demand figures undermined arguments for the Federal Reserve to raise
interest rates. A weaker greenback supports gold since the dollar-priced commodity is less expensive for
investors holding other currencies."Investor sentiment (for gold) has improved quite dramatically over the
past week, especially with the weak data out of the United States last week,"
Gold prices edged higher in European trade on Monday, extending last week's strong gains on bets that
lackluster U.S. data will keep the Federal Reserve cautious about the future pace of policy tightening.
Comex gold futures were at $1,230.06 a troy ounce by 3:55AM ET (0755GMT), up $2.55, or around
0.2%. It touched its highest since July 3 at $1,232.70 in the prior session. Prices logged a gain of about
1.5% last week, as dovish comments from Fed Chair Janet Yellen combined with soft inflation data saw
investors temper their expectations for tighter monetary policy in the U.S. in the months ahead. Futures
traders are pricing in less than a 40% chance of a rate hike by the end of the year, according to
Investing.com’s Fed Rate Monitor Tool, down from around 50% a week earlier.
The dollar index fell to its lowest since September in overnight trade, before bouncing back modestly.
Economic reports will remain important in the week ahead as market players gauge the strength of the
world's largest economy and how it will impact the Federal Reserve's view on monetary policy.
Gold prices jumped 1.4 percent to the highest level in nearly two weeks on Friday after data pointed to
weak U.S. inflation, reaffirming doubts that the U.S. central bank would again hike interest rates this year.
U.S. consumer prices were unchanged in June and retail sales fell for a second straight month. Bond
yields dipped and the dollar index .DXY slid to their lowest level since September 2016 after the weaker-
than-expected figures. Spot gold XAU= gained 0.96 pct at $1,228.61 per ounce by 3:01 p.m. EDT (1901
GMT) after hitting $1,232.76. It was poised for a weekly gain of 1.3 percent, the biggest since mid-May.
The U.S. data bolstered expectations that the U.S. Federal Reserve would likely to move slowly to
continue raising interest rates in the absence of inflation signs. Some had been expecting another rate hike
in 2017. Fed Chair Janet Yellen's comments to the U.S. Congress this week "were more dovish than
originally anticipated," . Friday's "data reaffirms the delay," he said. "We're seeing precious (prices)
buoyed on the back of that." The most-active U.S. gold futures GCcv1 for August delivery futures settled
up $10.20, or 0.84 percent, at $1,227.50 per ounce. The contract finished the week up 1.5 percent, its first
gain in six weeks.
Gold demand fell in India this week, with dealers offering a discount for the first time in one month
despite a correction in local prices as consumers advanced purchases in June before the rollout of a new
nationwide sales tax. Elsewhere in Asia, a spurt in buying was short-lived as global prices recovered from
near four-month lows hit on Monday. Bullion dealers in India offered a discount of up to $1.20 an ounce
this week over official domestic prices MAUc1 , compared with a premium of $2.00 last week. The
domestic price includes a 10 percent import tax. Consumers bought more gold in the last week of June to
avoid paying a higher 3 percent rate under the Goods and Services Tax that came into effect from July 1.
demand is very weak. That's why even jewellers are trimming purchases,"Gold prices MAUc1 in India
are trading at near their lowest level in six months. India's gold imports in June more than tripled from a

12. year earlier to 75 tonnes, but it could fall below 35 tonnes in July, consultancy GFMS said. market is
oversupplied despite lower imports in the first week of July. There is ample stockpile from last month's
imports," said a Mumbai-based dealer with a private bank. In top consumer China, premiums were at
$10.00 per ounce, compared with the $9.00-$10.00 range last week, while in Hong Kong, the premiums
were at 70 cents to $1.00 against 50 cents-$1.00 in the previous week. "There was quite a bit of physical
buying when prices dropped, but with prices going back up slightly around the $1,220 level, demand has
stabilised," said a Singapore-based dealer. The international spot gold benchmark XAU= was little
changed around the $1,218 per ounce level on Friday and was on track to register its first weekly gain in
three, having recovered from Monday's $1,204.45, the lowest since mid-March.
AHEAD OF THE COMING WEEK SOME SIGNIFICANT EVENTS LIKELY TO AFFECT THE
MARKETS.
Monday, July 24
The euro zone is to publish survey data on private sector business activity.
Canada is to report on wholesale sales.
The U.S. is to release figures on existing home sales.
Tuesday, July 25
The Ifo Institute is to report on German business climate.
The U.S. is to release data on consumer confidence.
Wednesday, July 26
Australia is to release data on consumer price inflation.
The UK is to release preliminary data on second quarter economic growth.
The U.S. is to report on new home sales.
The Fed is to announce its benchmark interest rate and publish a rate statement which outlines economic
conditions and the factors affecting the monetary policy decision.
Thursday, July 27
The U.S. is to release data on jobless claims and durable goods orders.
Friday, July 28
In the euro zone, Germany is to release preliminary inflation data.
Canada is to release monthly data on economic growth.
The U.S. is to round up the week with advance data on second quarter growth.

13. ENERGY
Oil prices settled lower for the second session in a row on Friday, ending at its weakest level in about a
week as sentiment soured amid indications that supply from OPEC was set to rise, despite the cartel's
agreement to curb production. The U.S. West Texas Intermediate crude September contract sank $1.15, or
around 2.5%, to end at $45.77 a barrel by close of trade Friday. It touched its lowest since July 13 at
$45.54 earlier in the session. Elsewhere, on the ICE Futures Exchange in London, Brent oil for September
delivery slumped $1.24, or 2.5%, to settle at $48.06 a barrel by close of trade, after touching a one-week
trough of $47.81 earlier. Friday's sharp drop erased earlier gains made during the week. WTI posted a
nearly 1.7% decline on the week, after earlier being on pace to post a roughly 1.5% weekly gain, while
Brent declined 85 cents, or about 1.8%.
Oil Friday was off month-long highs ahead of a meeting of major producers to discuss the market
situation. U.S. crude was off 51 cents, or 1.09%, at $46.41 at 07:00 ET. Brent shed 45 cents, or 0.91%, to
$48.85. OPEC and non-OPEC producers have agreed to reduce output by 1.8 million barrels a day
through to March. Key adherents to the accord are due to meet in Saint Petersburg to analyze the market.
Libya, which has been exempt from the accord, and has been increasing output, is due to attend the
meeting. The market was boosted this week by a larger-than expected draw in U.S. crude inventories. The
EIA reported a fall of about 4.7 million barrels in crude stocks in the latest week. Gasoline inventories
also fell more than expected. Baker Hughes U.S. rig count data are due out later in the session. Higher
U.S. drilling activity has depressed the impact of the output cuts on inventories.
Oil prices moved higher on Friday, with U.S. crude on track for weekly gains of 1%, as investors looked
ahead to further data on U.S. drilling activity later in the session at waited for a gathering of oil producers
at the beginning of next week The U.S. West Texas Intermediate crude September contract gained 14
cents, or 0.30 %, to $47.06 a barrel by 4:43AM ET. Elsewhere, Brent oil for September delivery on the
ICE Futures Exchange in London rose 18 cents, or 0.47%, to $49.38 a barrel.Despite this week’s gains,
oil has tumbled more than 10% year-to-date as skepticism over the capability to reduce the global supply
cut caused investors to sell off black gold. The Organization of Petroleum Exporting Countries agreed
with non-OPEC members led by Russia to cut production by 1.8 million barrels per day through March
2018 though the latest reading on compliance by OPEC members was at just 78%. Furthermore, the
production-cut agreement has had little impact on global inventory levels due to rising supply from
producers not participating in the accord, such as Libya and Nigeria, and a relentless increase in U.S.
shale oil output. Earlier this week, tiny producer Ecuador signaled it might not abide by the cuts, causing
fears that other larger producers might follow suit. OPEC and non-OPEC producers are scheduled to meet
Monday in Russia and traders are watching for any signs that Saudi Arabia, the largest producers of crude
in the world, may cut its output. There is speculation that Saudi Arabia is considering a 1 million-barrel
cut to its oil exports to offset the output rise in Libya and Nigeria. Kuwait’s oil minister has also
reportedly said that the two African nations may soon be asked to limit their production.
Oil prices edged up on Friday ahead of a key meeting of major oil producing nations next week, but Brent

14. held below the $50 per barrel level that was briefly breached for the first time in six weeks in the previous
session. International benchmark Brent crude futures LCOc1 were up 10 cents, or 0.2 percent, at $49.40
per barrel at 0658 GMT. U.S. West Texas Intermediate crude futures CLc1 were up 7 cents, or 0.2 percent
at $46.99 per barrel. Both benchmarks hit their highest levels since early June in choppy trading the
previous trading session, having been pushed higher by data showing U.S. crude and fuel inventories fell
sharply last week. "The impact of strong drawdown in inventories announced earlier this week was still
lingering in the market.
Oil was steady Thursday after big gains overnight on a larger-than-expected draw in U.S. crude stocks.
U.S. crude was up 23 cents, or 0.49%, at $47.55 at 08:00 ET. Brent added 28 cents, or 0.56%, to $49.98.
The focus turned to the global supply glut as OPEC output increased in June despite an accord to curb
production. OPEC and non-OPEC producers have agreed to cut output by 1.8 million barrels a day
through to March. OPEC and non-OPEC producers are due to hold a meeting in Russia later this week to
discuss the current market situation. The Energy Information Administration Wednesday reported a fall in
U.S. crude inventories of about 4.7 million. The EIA was forecast to report a fall of about 3.2 million
barrels. Gasoline inventories also fell more than expected.
Oil prices held steady on Thursday, hanging on to gains made the previous session when falling U.S.
crude inventories lifted the market, as analysts offered mixed supply outlooks for the commodity ahead of
a key OPEC meeting next week.Crude oil prices are still capped below the key $50-per-barrel mark on
concerns about high production from the Organization of the Petroleum Exporting Countries despite its
pledge to cut output along with non-OPEC producers. Brent crude futures LCOc1 , the international
benchmark for oil prices, were at $49.67 per barrel at 0613 GMT, just 3 cents down from their last
settlement.
U.S. West Texas Intermediate crude futures CLc1 were at $ 47.09 per barrel, 2 cents below their last
close. Prices for both crudes jumped more than 1.5 percent in the previous session on a report showing
U.S. crude and fuel stocks fell last week. U.S. crude inventories USOILC=ECI fell by 4.7 million barrels
in the week to July 14, according to data from the Energy Information Administration, against analyst
expectations for a decrease of 3.2 million barrels. "Over the past 15 weeks, U.S. oil inventories have
fallen ... 13 times, and in most cases, the falls were more pronounced than expected," market analyst at
futures brokerage Forex.com. "Yet, U.S. crude oil inventories still remain near the upper half of the
average for this time of the year.
Oil swung between moderate gains and losses Wednesday after industry data showed a surprise rise in
U.S. crude stocks. U.S. crude was up 15 cents, or 0.32%, at $46.55 at 08:00 ET. Brent added 22 cents, or
0.45%, to $49.06. The American Petroleum Institute Tuesday reported a rise in U.S. crude stocks of 1.6
million barrels in the latest week. Attention now turns to the Energy Information Administration's official
inventories report later in the session. The EIA is forecast to report a fall in crude stocks of about 3.2
million barrels. Output cuts by major producers have failed to make significant inroads into global
stockpiles. OPEC and non-OPEC producers have agreed to curb output by 1.8 million barrels a day
through to March. OPEC is due to attend a meeting in Russia on the current market situation beginning

15. later this week.
Oil was higher Tuesday ahead of the latest weekly industry stockpile data. U.S. crude was up 71 cents, or
1.54%, at $46.73 at 08:00 ET. Brent added 77 cents, or 1.59%, to $49.19. Investors are weighing signs of
stronger demand against an ongoing supply glut. The American Petroleum Institute is due to release U.S.
crude stocks data later in the session. These will be followed Wednesday by official Energy Information
Administration inventories. The EIA is expected to report a fall of 3.74 million barrels in U.S. crude
stocks in the latest week. Key OPEC producers are due to meet with Russia later this month to discuss
the current market situation. OPEC and non-OPEC producers, including Russia, have agreed to cut
output by 1.8 million barrels a day through to March.Libya, which is exempt from the accord and has
been increasing output, said it would attend the meeting in Saint Petersburg on July 22.
Oil markets steadied on Tuesday, supported by firm demand but weighed down by high supplies from
OPEC and producers in the United States. Benchmark Brent crude LCOc1 was down 10 cents at $ 48.32 a
barrel by 0720 GMT. U.S. light crude oil CLc1 was 10 cents lower at $ 45.92. "We're stuck in a range
that, I think, will be tough to break out of without some kind of political factor coming into play," In a
sign of strong demand, data on Monday showed refineries in China increased crude throughput in June to
the second highest on record. many markets are well supplied and oil for prompt delivery is trading at
heavy discounts to forward futures in several parts of the world. As a result, crude oil prices are trading at
only around half the levels seen three years ago. A deal by the Organization of the Petroleum Exporting
Countries with Russia and other non-OPEC producers to cut supplies by around 1.8 million barrels per
day between January this year and March 2018 has so far failed to tighten the market or push up prices.
Although many OPEC countries have restricted production, others including Nigeria and Libya have been
allowed to increase output.
Oil prices firmed on Monday, supported by a slowdown in new rigs looking for crude and a perception of
strong demand. Brent crude futures LCOc1 , the international benchmark for oil prices, were at $49.08
per barrel at 0126 GMT, up 17 cents, or 0.35 percent, from their last close. U.S. West Texas Intermediate
crude futures CLc1 were at $46.70 per barrel, up 16 cents, or 0.34 percent. Both crudes extended gains
from a strong previous week. and analysts said the rising prices were a result of strong demand as well as
signs that a relentless climb in U.S. oil production was slowing down. "Last week's strong draw on U.S.
oil inventories was supported by comments from the IEA that demand is growing stronger than they had
initially estimated ... The relentless climb in drill rigs operating in the U.S. also subsided," ANZ bank said
on Monday.
AHEAD OF THE COMING WEEK SIGNIFICANT EVENTS LIKELY TO AFFECT THE
MARKETS.
Monday, July 24
Ministers from OPEC and other non-OPEC producers will meet in St. Petersburg, Russia to discuss
compliance with a pact to cut production.

16. Tuesday, July 25
The American Petroleum Institute, an industry group, is to publish its weekly report on U.S. oil supplies.
Wednesday, July 26
The U.S. Energy Information Administration is to release weekly data on oil and gasoline stockpiles.
Thursday, July 27
The U.S. government is set to produce a weekly report on natural gas supplies in storage.
Friday, July 28
Baker Hughes will release weekly data on the U.S. oil rig count.
BASE METAL’S OUTLOOK :
Trading Ideas:
NICKEL -
 Nickel trading range for the day is 604.1-626.3.
 Nickel prices gained as support seen as nickel inventories in bonded area are expected to keep falling
in the coming week.
 Philippine President Rodrigo Duterte said the government will draft a new law for the country's
mining industry.
 Indonesia exported 403,201 tonnes of nickel ore in the first six months of 2017, when a complete ban
on exports was lifted.
ZINC -
 Zinc trading range for the day is 174.2-180.6.
 Zinc gains tracking LME prices as support seen after China’s environmental protection checks
affected zinc supplies by preventing zinc mines from restarts.
 Global zinc market deficit was 181,000 tonnes in the first five months of the year, narrowing from
236,000 tonnes in 2016, according to WBMS data.
 Public Procurement Service announced bid solicitation again on its website July 21 for 2,000 tonnes
of zinc.
COPPER -
 Copper trading range for the day is 384.8-394.
 Copper prices gained fuelled by strong growth in top copper consumer China, a weak dollar and

17. worries about supply disruptions.
 Striking mining workers in Peru agreed to return to work after the government of President Pedro
Pablo Kuczynski promised to name a task force to discuss labor laws.
 Copper inventories in Shanghai Futures Exchange-monitored warehouses fell 4.9 percent from last
Friday to their lowest since January.
BASE METAL
COPPER -✍ 20 - JULY - 2017
Copper futures traded 0.39 per cent higher at Rs 387.70 per kg today as speculators built more bets amid a
firming trend at the domestic spot market even as metal weakened overseas. In futures trade, copper for
delivery in far-month November was trading higher by Rs 1.55, or 0.39 per cent, at Rs 394.05 per kg in a
business turnover of 84 lots at Multi Commodity Exchange. Similarly, the metal for delivery in August
edged up by Rs 1.45, or 0.38 per cent, at Rs 387.40 per kg in 1,000 lots. Market analysts said a better
trend in base metals at the domestic spot markets on pick-up in demand from consuming industries
influenced copper futures here. They said metal's weakness at the London Metal Exchange on strength in
dollar eroded demand for commodities, which limited the gains. Meanwhile, copper for delivery in three
months slipped 0.2 per cent to USD 5,956 per tonne at the LME yesterday.
LEAD✍ - 19 - JULY - 2017
Lead prices edged higher by 0.85 per cent to Rs 142.25 per kg in futures trade today after traders widened
their bets amid pick-up in demand at the domestic spot market. At Multi Commodity Exchange, lead for
delivery for the current month rose by Rs 1.20, or 0.85 per cent, to Rs 142.25 per kg in a business
turnover of 1,288 lots. The metal for delivery in August edged up by Rs 1.15, or 0.81 per cent, to Rs
143.30 per kg in 25 lots. Market analysts said uptick in demand from battery-makers in the domestic spot
markets kept lead prices higher in futures trade, but weakness in select base metals overseas squeezed the
gains.
NICKEL -✍ 20 – JULY - 2017
Nickel prices were up by Rs 3.40 at Rs 626.90 per kg in futures trade today as speculators raised their
bets, driven by rising demand at the domestic spot markets. Nickel to be delivered in August contracts
rose by Rs 3.40, or 0.55 per cent, to Rs 626.90 per kg at Multi Commodity Exchange in a business
turnover of 174 lots. The metal for delivery in July was trading higher by Rs 2.90, or 0.47 per cent, at Rs
621.90 in 975 lots. Analysts said the rise in nickel prices in futures trade was mostly attributed to strong
demand from alloy-makers at the domestic spot market.
LEAD✍ 19 - JULY - 2017 -
Lead prices slipped 1.36 per cent to Rs 144.80 per kg in futures trade today as participants cut down their

18. holdings due to sluggish demand from battery-makers in the spot market. At the Multi Commodity
Exchange, lead for delivery in July fell Rs 2, or 1.36 per cent, to Rs 144.80 per kg, in a business turnover
of 14,384 lots. On similar lines, the metal for delivery in August also trading Rs 1.90, or 1.29 per cent
lower, at Rs 145.90 per kg, in a business turnover of 423 lots. According to analysts, offloading of
positions by participants, tracking a weak trend at the sot markets due to low demand from battery makers
keeping pressure on lead futures.
NICKEL✍ 18 - JULY - 2017 -
Nickel futures traded 0.94 per cent lower at Rs 623.90 per kg today as participants reduced their exposure
to book profits amid muted demand from alloy- makers. At the Multi Commodity Exchange, nickel for
delivery in July fell Rs 5.80, or 0.94 per cent, to Rs 623.90 per kg, in a business turnover of 36,024 lots.
Also, metal for delivery in August was trading Rs 5.20, or 0.83 per cent lower at Rs 628 per kg in 3,068
lots. Market analysts said profit-booking and subdued demand from from alloy-makers, led to the fall in
nickel prices in futures trade.
COPPER✍ - 17 - JULY - 2017
Copper prices edged higher by 0.21 per cent to Rs 381.65 per kg in futures trade today as traders built up
fresh positions even as the metal weakened overseas. At the Multi Commodity Exchange, copper for
delivery in August inched up by 80 paise, or 0.21 per cent, to Rs 381.65 per kg in a business turnover of
455 lots. Likewise, the metal for delivery in November traded higher by 60 paise, or 0.16 per cent, to Rs
387.55 per kg in 2 lots. Analysts said, pick-up in demand from consuming industries in the spot market
mainly supported the upside in copper futures here but weakness in select base metals at the London
Metal Exchange (LME), capped the gains. Globally, copper for three-months delivery ended 0.5 per cent
down at USD 5,875 per tonne at the LME in yesterday's trade.
NICKEL✍ - 16 - JULY - 2017
Nickel prices were up by Rs 2.10 to Rs 598.70 per kg in futures trade today as speculators raised their
bets, driven by rising demand at the domestic spot markets. At the Multi Commodity Exchange, nickel for
delivery in August was trading higher by Rs 2.10, or 0.35 per cent, to Rs 598.70 per kg, in a business
turnover of 24 lots. The metal for delivery this month too gained Rs 1.80, or 0.30 per cent to Rs 593.30
per kg in 604 lots. Analysts said the rise in nickel prices at futures trade was mostly attributed to strong
demand from alloy-makers at the domestic spot markets.
NCDEX - WEEKLY MARKET REVIEW
FUNDAMENTAL UPDATES OF NCDEX MARKET -
21 -JULY - 2017
RMSEED✍

19. In the current week, futures contracts of all benchmark edible oil and oilseed basket, excluding mustard
(Rmseed), traded higher on domestic commodity exchanges. Among spices, turmeric, jeera and coriander
traded on negative note while cardamom futures closed higher for the sixth time in last eight weeks.
SoybeanSoybean futures on National Commodities and Derivative Exchange were up by 0.63% this week
to close above Rs 3,010 per quintal. The gain in prices is attributed to improved soybean demand and
reports of lower soybean acreage during the current kharif season. As per government data, area under
soybean crop across the country for the 2017-18 kharif was 73.44 lakh hectares till last week, down about
11.7% on year. Last year, the acreage was 83.14 lakh hectares.
"Rmseed futures traded in a narrow range and are heading for weekly loss of about 0.5% on reports of
sufficient stocks and steady demand in the country. Edible oil prices have moved little higher on hope of
good increase in import duty coupled with firm international edible oil prices but higher stock positions in
the country and steady domestic demand capped further gains,"
19 - JULY - 2017
CRUDE PALM OIL✍
Crude palm oil prices declined further by 1.21 per cent to Rs 477.90 per 10 kg in futures trading today as
speculators engaged in reducing positions, triggered by easing demand in the spot market. Besides, ample
stocks on increased supplies from producing belts too fuelled the downtrend. At the Multi Commodity
Exchange, crude palm oil for delivery in current month fell by Rs 5.90, or 1.21 per cent, to Rs 477.90 per
10 kg, in a business turnover of 549 lots. Likewise, the oil for delivery in August traded lower by Rs 5.50,
or 1.15 per cent, to Rs 474.40 per 10 kg in 831 lots. Analysts said trimming of positions by traders due to
subdued demand in the spot market against sufficient stocks position mainly attributed the slide in crude
palm oil prices at futures trade.
18 - JULY - 2017
CARDAMOM✍
Cardamom prices fell 1.87 per cent to Rs 1,022 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 cardamom producing regions too weighed on the prices. At the Multi Commodity
Exchange, cardamom for delivery in August contract fell by Rs 19.50, or 1.87 per cent, to Rs 1,022 per
kg, in a business turnover of 45 lots. Similarly, the spice for delivery in September edged down by Rs 11,
or 1.12 per cent, to Rs 966 per kg, with trading volume of 9 lots. 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.
18 - JULY - 2017
JEERA✍
Cumin or jeera futures touched a new high on National Commodity and Derivatives Exchange due to

20. lower crop arrival and closure of spices trading markets in Gujarat in a protest against the introduction of
the goods and services tax . Contracts for delivery in July closed at Rs 202 per kg on Friday, registering a
record increase of nearly 9 per cent during the week. Unjha in Gujarat's Mehsana district, the biggest
cumin trading hub of Asia, was shut for several days as traders sought more time to adjust to the new
indirect tax regime. This drove up the prices.Gujarat is the largest cumin producer in the country. "There
was scarcity of stocks as the arrivals dropped," . Cumin output has fallen 13 per cent year-on-year to 3.87
lakh tonnes in 2016-17. "At the same time, export demand has been strong. All these factors led to a
record price
16 - JULY - 2017 -
CARDAMOM -✍
Continuing its rising streak for the third day, cardamom prices added 0.12 per cent to Rs 1,023.90 per kg
in futures trade today as speculators engaged in building up positions, taking positive cues from spot
market on strong demand. At the Multi Commodity Exchange, cardamom for delivery in August gained
Rs 1.20, or 0.12 per cent, to Rs 1,023.90 per kg in a business turnover of 2 lots. Analysts said expanding
of positions by participants, driven by pick-up in domestic as well as exports demand in the spot market,
mainly kept cardamom prices higher at futures trade.
CRUDE PALM OIL✍ - 16 - JULY - 2017
Falling for the second day, crude palm oil prices eased further by 0.34 per cent to Rs 472.70 per 10 kg in
futures trading today as speculators engaged in cutting down their bets, driven by easing demand in the
spot market. Crude palm oil for delivery in August declined by Rs 1.60, or 0.34 per cent to Rs 472.70 per
10 kg in business turnover of 96 lots at the Multi Commodity Exchange. Likewise, the oil for delivery in
July contracts shed Rs 1.20, or 0.25 per cent to Rs 478.50 per 10 kg in 159 lots. Analysts said offloading
of positions by traders on the back of sluggish demand in the spot market against ample stocks position
mainly kept crude palm oil prices down at futures trade.
MENTHA OIL✍ 17 - JULY - 2017
Mentha oil prices edged up by 0.63 per cent to Rs 961.10 per kg in futures trading today amid pick-up in
demand at domestic spot market and restricted supplies from producing regions. At the Multi Commodity
Exchange, mentha oil for delivery in August went up by Rs 6, or 0.63 per cent, to Rs 961.10 per kg in a
business turnover of 28 lots. On similar lines, the oil for delivery in July was trading higher by Rs 5.60, or
0.59 per cent, to Rs 949 per kg in 432 lots. Market analysts said fresh positions built up by traders
following pick-up in demand from consuming industries in the spot market against restricted supplies
from Chandausi, led to the rise in mentha oil prices in futures trade.
17 - JULY - 2017
TURMERIC -✍

21. Inadequate showers in the main growing regions and expectation of lower acreage for sowing have
pushed turmeric futures prices to a 11-month high on National Commodity and Derivatives Exchange.
The futures contract for August delivery touched Rs 75 per kg on Wednesday before dipping to around Rs
72 on Thursday. "Though prices have dipped slightly on profit booking, the mood is bullish and there are
chances of prices reaching Rs 80 per kg.
COTTON -✍ 17 - JULY - 2017
Indian cotton prices, which have remained range bound for one-and-a-half months, are expected to
increase by about 3 per cent once the cotton-based yarn, fabric and textile industry, thrown out of gear
post-GST, resumes work in full swing in a couple of weeks. “Cotton selling declined by about 30-40 per
cent after the new tax code came into force. We hope revival in demand after the cotton-based industry
comes back to normalcy. Current cotton prices are ruling at about Rs 43,500 per candy and are expected
to rise by aboutRs 1,000/candy to Rs 1,500/candy, up by about 2.5-3.5 per cent, after the trade adjusts to
GST and demand streamlines. The goods and services tax has taxed fabric, which was never taxed before,
at 5 per cent. Opposing this tax, cloth traders from Surat, the main hub of synthetic cloth business in the
country, have gone on strike. As a result, cotton demand from the entire value chain has declined
substantially. “Mills had reduced cotton buying right from June waiting to get benefits under GST once it
came into force,” said the ginner. With limited carry forward stocks of the previous year, cotton users say
that the industry has been in dire straits. With cotton sowing during the ongoing kharif season expected to
rise by about 20-25 per cent, industry expects comfortable cotton stocks for 2016-17.
JEERA -✍ 17 - JULY - 2017
Cumin or jeera futures touched a new high on National Commodity and Derivatives Exchange due to
lower crop arrival and closure of spices trading markets in Gujarat in a protest against the introduction of
the goods and services tax. Contracts for delivery in July closed at Rs 202 per kg on Friday, registering a
record increase of nearly 9 per cent during the week. Unjha in Gujarat's Mehsana district, the biggest
cumin trading hub of Asia, was shut for several days as traders sought more time to adjust to the new
indirect tax regime. This drove up the prices.Gujarat is the largest cumin producer in the country. "There
was scarcity of stocks as the arrivals dropped.
CARDAMOM✍ 17 - JULY - 2017
Continuing its rising streak for the third day, cardamom prices added 0.12 per cent to Rs 1,023.90 per kg
in futures trade today as speculators engaged in building up positions, taking positive cues from spot
market on strong demand. At the Multi Commodity Exchange, cardamom for delivery in August gained
Rs 1.20, or 0.12 per cent, to Rs 1,023.90 per kg in a business turnover of 2 lots. Analysts said expanding
of positions by participants, driven by pick-up in domestic as well as exports demand in the spot market,
mainly kept cardamom prices higher at futures trade.

22. CRUDE PALM OIL✍ 17 - JULY - 2017
Falling for the second day, crude palm oil prices eased further by 0.34 per cent to Rs 472.70 per 10 kg in
futures trading today as speculators engaged in cutting down their bets, driven by easing demand in the
spot market. Crude palm oil for delivery in August declined by Rs 1.60, or 0.34 per cent to Rs 472.70 per
10 kg in business turnover of 96 lots at the Multi Commodity Exchange. Likewise, the oil for delivery in
July contracts shed Rs 1.20, or 0.25 per cent to Rs 478.50 per 10 kg in 159 lots. Analysts said offloading
of positions by traders on the back of sluggish demand in the spot market against ample stocks position
mainly kept crude palm oil prices down at futures trade.

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