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BULLION METALS OUTLOOK -

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.
We see a gradually weakening dollar on trend. Although we also expect two more rate hikes by Fed this year September,
December, what we also think is that a lot of that is priced in. Gold prices traded little down on Friday after a narrow
trading range from $ 1278 to $ 1282 seen on COMEX. Gold prices stayed unmoved, closed at $ 1281.3 little changed from
Wednesdays close of $ 1279.55 though Unemployment Claims from the US came higher than forecast. Prices could
correct little lower to find its important support at $ 1270 to $ 1273, however, the trend remains positive and could be
rebound to its psychological resistance at $ 1300. Gold MCX Futures were trading in a narrow range of Rs. 29200 to
Rs.29300. Prices move mixed with the dollar and INR moves. Prices could take its important support at Rs.29100 to
Rs.29150 and probably could be rebound to Rs.29500 levels shortly. No major news from the US in this week. The
Significance Support for Gold is 29080-29160 and Resistance is 29380-29420.

GOLD CHART-

Chart Details - On the Above given Daily Chart of Gold the upper Band Suggest that the Bullish trend may Continue,
There is spinning bottom reversal candle pattern is becoming on the technical chart in the reforming pro trend with
breakout registered at the second day of the week which shows large sales will not be seen until high level does remain
strongly. Entire technical indicators are entering into the overbought zone some degree after attractive boom pro move
registered in short to medium term but, less possibility for remaining in the overbought phase by found little profitable
selling around resistance so that; traders and investors should stand in the buy position from the support price. MCX gold
creates on weekly chart a pattern of vertical run up which gives signal for continuing boom pro trend on near support
29150 and 29100 in Gold. Quick below target can be seen up to 28950 by breaking Rs.28700 and being close below it. .
Above target can be found up to 29273 by crossing 29160.

Monday, 24 .April .2017


SILVER -Silver eroded last weeks gain, down nearly 3% this week. Prices again caught in a weekly range of $ 18
to $ 18.5. Prices need more clarity to close either below $ 18 or above $18.5, else sideways move to continue. Silver
Futures in MCX were trading in a wide range of Rs. 41000 to Rs.42500 levels over several weeks. Indicators
showing prices are in sideways range and expect to continue for coming days. Silver prices edged lower amid fading
demand despite jitters ahead of the French presidential election and ongoing geopolitical tensions over North Korea.
Polls ahead of the French vote, which begins this weekend, give both far-right and far-left candidates a chance of
making it into next month's run-off, though centrist candidate Emmanuel Macron is shown in the lead. Trading
volumes were thin, as investors awaited the outcome of the first round of the French presidential election. According
to Oddschecker, betting market probabilities of the far-right candidate Marine Le Pen or far-left candidate Melenchon
making it into the second round are not insignificant at 24% and 11%, respectfully. Official voting polls for the
second round forecast that far-right candidate, Marine Le pen, would lose no matter who she is competing against,
while Melenchon would only lose against centrist candidate Macron, who remained the clear favorite to emerge
victorious. Technically silver market is under fresh selling as market has witnessed gain in open interest by 2.68% to
settled at 12019 while prices down 393 rupees. Now MCX Silver is getting support at 41145 and below same could
see a test of 40785 level, And resistance is now likely to be seen at 41920, a move above could see prices testing
42335.

Detail of Chart -Upper Bollinger band of the strong improved pro move is opening on Rs.41170 in silver which
can be considered as the very near Resistance when it is likely to found little profitable selling in the surge of below
41500 in silver. Quick above target can be seen up to 41250 by crossing the given Resistance with attractive volume
and gives close on which consonantly. Entire technical indicators of the short to medium are trading into the over
bought zone given that short to medium term traders & investors should make breakout oriented trade.
MCX DAILY LEVELS

DAILY EXPIRY DATE R4 R3 R2 R1 PP S1 S2 S3 S4

ALUMINIUM 28-APRIL-17 137 133 129 126 125 122 121 117 113

COPPER 28-APRIL-2017 381 375 369 366 363 360 357 351 345

CRUDE OIL 19-APRIL-17 3563 3454 3345 3276 3236 3167 3127 3018 2909

GOLD 05-JUNE-2017 30035 29811 29587 29502 29363 29278 29139 28915 28691

LEAD 28-APRIL-2017 151 147 143 141 139 137 135 131 127

NATURAL GAS 25-APRIL-2017 220 214 208 204 202 198 196 190 184

NICKEL 28-APRIL-2017 647 634 621 612 608 599 595 582 569

SILVER 05-MAY-2017 42413 42038 41663 41476 41288 41101 40913 40538 40163

ZINC 28-APRIL-2017 183 178 173 170 168 165 163 158 153

MCX WEEKLY LEVELS

WEEKLY EXPIRY DATE R4 R3 R2 R1 PP S1 S2 S3 S4

ALUMINIUM 28-APRIL-17 139 134 129 126 124 121 119 114 109

COPPER 28-APRIL-2017 408 393 378 371 363 356 348 333 318

CRUDE OIL 19-APRIL-17 3989 3752 3515 3362 3278 3125 3041 2804 2567

GOLD 05-JUNE-2017 30400 30062 29724 29571 29386 29233 29048 28710 28372

LEAD 28-APRIL-2017 167 158 149 144 140 135 131 122 113

NATURAL GAS 25-APRIL-2017 233 223 213 208 203 198 193 183 173

NICKEL 28-APRIL-2017 692 665 638 621 611 594 584 557 530

SILVER 05-MAY-2017 46663 45013 43363 43326 41713 40676 40063 38413 36763

ZINC 28-APRIL-2017 193 184 175 170 166 161 157 148 139
FOREX DAILY LEVELS

DAILY EXPIRY DATE R4 R3 R2 R1 PP S1 S2 S3 S4

USDINR 26-MARCH-17 65.14 64.68 64.45 64.12 64.02 63.98 63.72 63.38 63.23

EURINR 26-MARCH-17 7162 70.92 69.10 68.64 67.90 67.17 66.88 66.32 66.04

GBPINR 26-MARCH-17 83.86 83.32 82.60 81.72 81.16 80.88 79.92 78.555 78.06

JPYINR 26-MARCH-17 62.58 61.45 60.27 59.68 58.49 57.21 56.46 55.33 53.93

FOREX WEEKLY LEVELS

WEEKLY EXPIRY DATE R4 R3 R2 R1 PP S1 S2 S3 S4

USDINR 26-MARCH-17 66.52 65.82 64.14 63.88 63.47 62.89 62.18 61.72 59.89

EURINR 26-MARCH-17 76.79 74.41 72.20 70.82 69.14 68.54 67.89 67.07 66.60

GBPINR 26-MARCH-17 94.25 92.23 90.78 88.98 86.16 84.05 82.16 80.58 78.85

JPYINR 26-MARCH-17 66.47 65.52 64.58 63.89 62.93 58.35 57.84 56.26 55.94
NCDEX DAILY LEVELS

DAILY EXPIRY DATE R4 R3 R2 R1 PP S1 S2 S3 S4

SYOREFIDR 20-APRIL-2017 631 628 625 624 622 621 619 616 613

SYBEANIDR 20-APRIL-2017 3153 3120 3087 3072 3054 3039 3021 2988 2955

RMSEED 20-APRIL-2017 3941 3898 3855 3830 3812 3787 3769 3726 3683

JEERAUNJHA 20-APRIL-2017 20373 19973 19573 19337 19173 18937 18773 18373 17973

GUARSEED10 20-APRIL-2017 4182 4099 4016 3965 3933 3882 3850 3767 3684

TMC 20-APRIL-2017 6925 6699 6473 6345 6247 6119 6021 5795 5569

NCDEX WEEKLY LEVELS

WEEKLY EXPIRY DATE R4 R3 R2 R1 PP S1 S2 S3 S4

SYOREFIDR 20-APRIL-2017 671 656 641 632 626 617 611 596 581

SYBEANIDR 20-APRIL-2017 3516 3347 3178 3117 3009 2948 2840 2671 2502

RMSEED 20-APRIL-2017 3981 3923 3865 3835 3807 3777 3749 3691 3633

JEERAUNJHA 20-APRIL-2017 20873 20323 19773 19437 19223 18887 18673 18123 17573

GUARSEED10 20-APRIL-2017 4497 4304 4111 4012 3918 3819 3725 3532 3339

TMC 20-APRIL-2017 7592 7116 6640 6428 6164 5952 5688 5212 4736
MCX - WEEKLY NEWS LETTERS

INTERNATIONAL UPDATES ( BULLION & ENERGY )

Gold prices edged higher on Friday as investors remained cautious ahead of the first round of voting in the
presidential French election, underpinning safe haven demand for the precious metal. Gold for June delivery
settled up 0.13% at $1,285.5 on the Comex division of the New York Mercantile Exchange. For the week,
gold futures were down 0.81%. Polls indicated that centrist Emmanuel Macron was clinging to a narrow lead
ahead of the first round of voting in France's presidential election on Sunday, in a four-way race that is too
close to call. Investors are fearful over the prospect of a second round run-off between far-left candidate
Jean-Luc Melenchon and Marine Le Pen, leader of the far-right National Front party, who both want to put
the countrys European Union membership to a vote. Investors were also watching events in Washington. On
Thursday, U.S. Treasury Secretary Steven Mnuchin said the Trump administration will unveil a tax reform
plan soon and expects it will be approved by Congress this year. The U.S. dollar index, which measures the
greenbacks strength against a trade-weighted basket of six major currencies, was little changed at 99.66 late
Friday, holding above the three-week trough of 99.36 set on Wednesday. Elsewhere in precious metals
trading, silver was down 0.65% at $ 17.90 a troy ounce late Friday. In the week ahead, political
developments in France are likely to set the tone ahead of Thursdays European Central Bank meeting and
Fridays euro zone inflation data. Investors will also be focusing on preliminary estimates of first quarter
growth from the UK and the U.S. on Friday.

Gold prices rose slightly on Friday as investors awaited the first-round of voting in the presidential French
election at the weekend and possible announcements about tax changes in the United States. Spot gold
XAU= was up 0.3 percent at $ 1,284.62 an ounce by 2:30 p.m. EDT, on track to close the week little
changed after five straight weeks higher. U.S. gold futures GCcv1 settled up 0.4 percent at $ 1,289.10. "The
big news over the weekend will be the French election and the market will be to an extent on hold ahead of
that. There was potential for safe-haven buying of gold after France said security forces were fully mobilized
for the weekend vote after an Islamist militant killed a policeman Thursday night. the near term, if the
geopolitical tensions intensify, there is a chance that gold prices will reach $ 1,300 or more. A move in gold
above $ 1,290/91 would be significant as it would break above a downtrend that has been in place since gold
touched an all-time high of $ 1,920.30 in 2011, "You would have thought with the Champs-Elysees attack
that you would have got a little more safe-haven buying ahead of the French election,""If you're in the gold
market, there's already stretched speculation and there's not a lot of new news to drive it. So in the meantime
it's probably time for a bit of a pause," Investors were also watching events in Washington. President Donald
Trump's administration will unveil a tax reform plan soon and expects it will be approved by Congress this
year, Treasury Secretary Steven Mnuchin said on Thursday. is at risk of some profit-taking after a strong
recent run, but should be supported by other factors, "Gold struggled to hold this week's gains as the dollar
strengthened and concerns over global risk eased. However, selling was relatively muted, which suggests a
period of consolidation is now upon us," Spot silver XAG= slipped 0.6 percent to $ 17.89 an ounce,
extending losses into a fifth session, having shed more than 3 percent so far this week despite tapping a five-
month high on Monday.

Gold prices edged lower on Friday, but the precious metals downside was expected to remain limited amid
overall caution in the markets after a terrorist attack in Paris killed one person late Thursday and ahead of
Sundays first round in the French presidential election. On the Comex division of the New York Mercantile
Exchange, gold futures for June delivery were down 0.22% at $ 1,281.00. The June contract ended
Thursdays session just 0.03% higher at $1,283.80 an ounce. Futures were likely to find support at
$1,273.80, the low of April 12 and resistance at $1,292.70, the high of April 19. Safe-haven demand re-
emerged after a French policeman was shot dead and two others were wounded in central Paris on Thursday
night in an attack claimed by the Islamic State militant group. Market participants were also jittery ahead of
the first round of the French presidential election due on Sunday, as recent polls have forecast the most likely
outcome to be centrist Emmanuel Macron against far-right candidate Marine Le Pen. Golds gains were
limited however, as the greenback mildly recovered from some recent losses after U.S. Treasury Secretary
Steven Mnuchin said on Thursday that the administration will unveil a tax reform plan very soon. The
comments eased doubts over whether President Donald Trump will be able to pass tax reforms in the near
term. The U.S. dollar index, which measures the greenbacks strength against a trade-weighted basket of six
major currencies, was steady at 99.75, off Thursdays fresh three-week low of 99.29. A stronger U.S. dollar
usually weighs on gold, as it dampens the metal's appeal as an alternative Asset and makes dollar-priced
commodities more expensive for holders of other currencies. The greenback had come under pressure after
North Korean state media warned the U.S. earlier in the week of a "super-mighty preemptive strike" and said
don't "mess with us." Sentiment on the U.S. dollar was also fragile following the release on Thursday of
disappointing data on U.S. initial jobless claims and manufacturing activity in the Philadelphia area.
Elsewhere in metals trading, silver futures for May delivery slumped 0.43% to $ 17.940 a troy ounce, while
copper futures for May delivery climbed 0.63% to $2.558 a pound.

Gold steadied on Thursday after its biggest one-day drop in more than six weeks, with a retreat in the dollar
arresting the slide, though moves were muted as markets await the outcome of the looming French
presidential election. Polls ahead of the French vote, which begins this weekend, give both far-right and far-
left candidates a chance of making it into next month's run-off, though centrist candidate Emmanuel Macron
is shown in the lead. The euro rose to a three-week high against the U.S. dollar. gold XAU= was up 0.16
percent at $ 1,281.02 an ounce by 2:32 p.m. EDT. The metal hit a five-month high of $1,295.42 on Monday
before pulling back, and was on track to fall this week after five straight weeks of gains. U.S. gold futures
GCv1 for June delivery settled up 0.03 percent at $ 1,283.80. Even though momentum has been positive
there are other factors preventing a quick move higher from here - the sentiment is still that there will be
stronger data from the U.S., and yields will probably rise. That will likely limit the upside," Europe and the
United States, was also undermining demand for gold as a haven from risk, she added. Holdings of the
world's largest gold-backed exchange-traded fund, New York-listed SPDR Gold Shares GLD , rose 11.8
tonnes on Wednesday for their biggest one-day inflow since September, data from the fund showed. "While
the metal is well positioned for a test of $ 1,300 with geopolitical concerns underpinning its safe-haven
status, the failed tests of $ 1,290 are beginning to weigh upon investor confidence. Among other precious
metals, spot palladium XPD= was the strongest gainer of the day, rising 3.2 percent to $ 799.58 an ounce, on
track for its biggest one-day jump since early February.

Gold prices in India were at a premium this week as jewellers raised purchases ahead of a key festival, while
higher prices kept bullion demand in check elsewhere in Asia. In the last week of April, Indians will
celebrate Akshaya Trititya festival, when buying gold is considered auspicious. Jewellers are anticipating
good retail demand during Akshaya Trititya. They are quite active in the market this week. Dealers in India,
the world's second-largest gold market, were charging a premium of up to $ 1 an ounce this week over
official domestic prices, compared to a discount of $1 last week. The domestic price includes a 10 percent
import tax. "The demand is expected to go up in rural areas due to good monsoon rains. That's why we have
seen good imports in the last three months. In the local market gold futures MAUc1 were trading around
29,257 rupees per 10 grams on Thursday, up nearly 5 percent in five weeks. "Demand in India is definitely
picking up but demand in rest of Asia is slow as prices have moved up people are selling more than buying.
The benchmark spot gold price XAU= was at its highest level for over five months earlier this week, boosted
by political tensions over North Korea and uncertainty ahead of the French presidential election. Premiums
in top consumer China came down to $ 3-4 an ounce over the international benchmark from $ 6-$ 7 an ounce
last week. Physical demand in Asia has been quiet this week ... There is not so much interest in the market
especially with prices heading towards $1,300. Hong Kong premiums were quoted at around 60 to 90 cents,
unchanged from last week. Prices in Japan continued to remain at a discount of 50 cents due to limited
market liquidity, a Tokyo-based trader said.

Gold prices edged lower in European trading on Thursday, nursing overnight losses amid fading demand for
safe-haven assets, despite jitters ahead of the French presidential election and ongoing geopolitical tensions
over North Korea. Comex gold futures shed $ 2.90, or around 0.2%, to $ 1,280 a troy ounce by 2:45AM ET.
Meanwhile, spot gold was slightly lower at $ 1,279. The yellow metal logging its first loss in six sessions on
Wednesday after hitting a one-week low of $1,275.40, as the U.S. dollar recovered from recent losses. It has
seen choppy trade since failing to clear the closely-watched $ 1,300 mark in recent sessions. Also on the
Comex, silver futures dipped 1.2 cents, or about 0.1% to $ 18.15 a troy ounce, after losing 11.0 cents in the
prior session. The dollar index, which tracks the greenback against a basket of six rival currencies, was at
99.65 in London morning trade, keeping distance from Tuesday's low of 99.36, which was its deepest trough
since March 28. Meanwhile, the 10-year U.S. Treasury yield was at around at 2.205%, after falling to a low
of 2.165% Tuesday, the lowest since November 10. Gold has been well-supported in recent sessions as
market players sought shelter in safe-haven assets ahead of the upcoming French presidential election on
Sunday, which remains too close to call, and amid heightened geopolitical tension between the U.S. and
North Korea. Elsewhere in metals trading, platinum inched up 0.2% to $ 970.70, while palladium tacked on
0.3% to $ 778.05 an ounce.
Gold prices were slightly lower in European trading on Wednesday, as the dollar edged away from the prior
session's three-week low, prompting investors to take profit on recent gains. Comex gold futures shed $ 8.10,
or around 0.6%, to $ 1,286.00 a troy ounce by 3:00AM ET. Meanwhile, spot gold was down $ 4.90 at $
1,284.60. The yellow metal settled higher for the fifth session in a row on Tuesday after hitting its strongest
since early November at $ 1,297 at the start of the week. Also on the Comex, Silver dipped 7.2 cents, or
about 0.4%, to $ 18.20 a troy ounce. It touched its highest since November 11 at $ 18.65 on Monday. The
dollar index, which tracks the greenback against a basket of six rival currencies, edged up 0.1% to 99.52,
pulling away from Tuesday's low of 99.36, its deepest trough since March 28.Meanwhile, the 10-year U.S.
Treasury yield was at around at 2.19%, after falling to a low of 2.165% Tuesday, the lowest since November
10. Gold has been well-supported in recent sessions as market players sought shelter in safe-haven assets
ahead of the upcoming French presidential election on Sunday and amid heightened geopolitical tension
between the U.S. and North Korea. Reduced expectations for a Federal Reserve rate hike in June in wake of
recent weakness in U.S. economic data further burnished the appeal of the yellow metal. Futures traders are
pricing in around a 40% chance of a hike at the Fed's June meeting, down from around 60% last week.
Elsewhere in metals trading,

Gold prices edged lower in European trading on Tuesday, one day after rallying to its strongest level in five
months as investors monitored continued tension on the Korean peninsula. Comex gold futures shed $ 7.40,
or around 0.6%, to $ 1,284.50 a troy ounce by 3:10AM ET. Meanwhile, spot gold was down $2.00 at $
1,282.70. The yellow metal settled higher for the fourth session in a row on Monday after hitting its strongest
since early November at $ 1,297.40. Tension surrounding North Korea has mounted over the past week as
U.S. President Donald Trump has taken a tough rhetorical line with Pyongyang, boosting demand for safe-
haven assets. Lingering worries about the upcoming French presidential elections on April 23 further
supported demand for assets perceived as safer. Also on the Comex, silver dipped 12.4 cents, or about 0.7%,
to $18.39 a troy ounce. It touched its highest since November 11 at $18.65 in the previous session. The
dollar index, measuring it against a basket of major currencies, was flat at 100.20 in London morning trade
after rising to 100.31 earlier. It touched a five-month low of 99.91 on Monday. Meanwhile, the 10-year U.S.
Treasury yield was at around at 2.24%, one day after breaking below 2.2% for the first time since November
17. U.S. housing starts and building permits for March, as well as industrial production, are due later in the
session.

Gold pared gains from a five-month high on Monday, losing steam as U.S. Treasury yields turned higher and
the dollar came off its lows, after rising geopolitical tensions over North Korea spurred earlier safe-haven
buying in bullion. Spot gold XAU= was up 0.05 percent at $ 1,285.86 an ounce by 2:43 p.m. EDT, after
hitting its highest since early November at $ 1,295.42. The yellow metal gave up most of its gains as the
dollar came off a five-month trough against the yen JPY= hit earlier in the day, and 10-year U.S. Treasury
yields turned higher after falling to their lowest level since November. U.S. stocks rose after three straight
days of losses. "The Fed is still going to raise rates. The cloud lingers over gold.
The most active U.S. gold GCcv1 futures for June delivery settled up 0.3 percent at $ 1,291.90. North Korea
on Sunday made what was believed to be a failed missile test launch, increasing geopolitical risks. Regional
tensions have risen over the past weeks as U.S. President Donald Trump has taken a tough rhetorical line
with Pyongyang. will likely retain a measure of strength heading into the French elections in about one
week's time, while ongoing tensions in North Korea should also keep the markets rather nervous. With the
first round of France's presidential election on April 23, an unpredictable outcome is pushing some pollsters
to calculate the most extreme runoff scenarios. uncertainties over Trump's policy toward North Korea have
been growing. The bullish sentiment in gold was underscored by data showing speculators increased their
net long positions for a fourth straight week to April 11. Atlanta and New York Federal Reserve banks
downgraded their outlook for U.S. economic growth for the first quarter after disappointing data on retail
sales and consumer prices in March. didn't manage to get through $ 1,300 and due to light volumes during
European hours, gold consolidated until weaker U.S. economic data gave the yellow metal another push.
Spot silver XAG= turned down 0.4 percent to $ 18.445 an ounce after touching a five-month high of $
18.649.
Gold prices rose in European trade on Monday as a weaker dollar and tensions on the Korean peninsula
supported demand. On the Comex division of the New York Mercantile Exchange, gold for June delivery
gained 0.16% to $ 1.290.50 a troy ounce. Gold also benefitted Monday from a weaker dollar as the
greenback felt pressure from Friday's release of weak U.S. retail sales and inflation data. The U.S. dollar
index, which measures the greenbacks strength against a trade-weighted basket of six major currencies, fell
0.30% at 100.19 by 4:02AM 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.
Geopolitical tension surrounding North Korea also remained on markets radar, supporting demand for safe
haven assets, a day after the countrys attempted launch on Sunday of a ballistic missile failed. The U.S. is
working with allies and China on responses to the failed test, U.S. President Donald Trump's national
security adviser said on Sunday. Elsewhere in metals trading, silver was up 0.43% at $ 18.590 a troy ounce.

AHEAD OF THE COMING WEEK SIGNIFICANT EVENTS LIKELY TO AFFECT THE


MARKETS.

Monday, April 24

The Ifo Institute is to report on German business climate.


Canada is to release data on wholesale sales.
Minneapolis Fed President Neel Kashkari is to speak.
Tuesday, April 25

Financial markets in Australia and New Zealand are to remain closed for the ANZAC Day holiday.
The UK is to report on public sector borrowing.
The U.S. is to release data on consumer sentiment and new home sales.

Wednesday, April 26

Australia is to produce data on consumer price inflation.


Canada is to publish figures on retail sales.

Thursday, April 27

The Bank of Japan is to announce its benchmark interest rate and publish a policy statement which outlines
economic conditions and the factors affecting the monetary policy decision. The announcement is to be
followed by a press conference.

In the euro zone, Germany is to release preliminary inflation data.


The ECB is to announce its latest monetary policy decision. The announcement is to be followed by a press
conference with President Mario Draghi.

The U.S. is to release data on initial jobless claims, durable goods orders and pending home sales.

Friday, April 28

Japan is to publish data on household spending and inflation.

New Zealand is to report on business confidence.


The UK is to release a preliminary estimate for first quarter economic growth.
Germany is to release figures on retail sales.
The euro zone is to publish a preliminary inflation estimate.
Canada is to release data on monthly economic growth.
The U.S. is to round up the week with what will be closely watched preliminary figures on first quarter
growth, as well as a report on manufacturing activity in the Chicago region and revised data on consumer
sentiment.
ENERGY

Oil prices recovered some ground on Monday following last week's big losses, driven by expectations that
OPEC will extend a pledge to cut output to cover all of 2017, although a relentless rise in U.S. drilling
capped gains. U.S. West Texas Intermediate crude oil futures CLc1 added 23 cents, or 0.5 percent, by 0037
GMT, but were still below the $50 mark pierced on Friday at $ 49.85 a barrel. Brent crude futures LCOc1
rose 27 cents, or 0.5 percent, to $52.23 per barrel. Oil prices fell steeply last week on the back of stubbornly
high crude supplies, despite a pledge by the Organization of the Petroleum Exporting Countries and some
other producers to cut production by almost 1.8 million barrels per day for six months from Jan. 1 to support
the market. drillers added oil rigs for a 14th week in a row, to 688 rigs, extending an 11-month recovery that
is expected to boost U.S. shale production in May by the biggest monthly increase in more than two years.
crude pruduction is at 9.25 million barrels per day , up almost 10 percent since mid-2016 and approaching
that of OPEC's top exporter Saudi Arabia. "WTI oil slipped back below the $ 50 per barrel level, amid
concerns that the lack of inventory drawdown since the OPEC production cuts is a sign that the cuts are not
enough to rebalance supply and demand and put a floor under prices,"Both the Brent and WTI oil
benchmarks are down more than 7.5 percent since the end of last year. Keen to halt a further decline in
prices, a panel made up by OPEC and other allied producers has recommended an extension of output cuts
by another six months from June, a source said. and an expected fall in Iranian production lent markets some
support on Monday. Iran's crude oil exports are set to hit a 14-month low in May, suggesting the country is
struggling to raise exports after clearing out stocks stored on tankers. oil exports, especially to its core
markets in Asia, had soared since the ending of most sanctions against it in January 2016.

Oil futures settled lower for the fifth session in a row on Friday, extending losses to the weakest level in
around three weeks as signs of further gains in U.S. crude output pressured prices. The U.S. West Texas
Intermediate crude June contract touched a session low of $ 49.20 a barrel, a level not seen since March 29.
It was last at $ 49.62 by close of trade Friday, down $ 1.09, or about 2.2%. The U.S. benchmark lost $3.35,
or almost 7%, on the week, its steepest drop in over a month.
Elsewhere, on the ICE Futures Exchange in London, Brent oil for June delivery slumped $ 1.03, or roughly
2%, to settle at $ 51.96 a barrel by close of trade. The global benchmark fell to $51.57 earlier, its cheapest
since March 29. For the week, London-traded Brent futures recorded a loss of $3.59, or 7%. U.S. drillers last
week added rigs for the 14th week in a row, data from energy services company Baker Hughes showed on
Friday, extending a 10-month drilling recovery. That brought the total count to 688, the most since
September 2015, underlining concern that an ongoing rebound in U.S. shale production could derail efforts
by other major producers to rebalance global oil supply and demand.
In November last year, OPEC and other producers, including Russia agreed to cut output by about 1.8
million barrels per day between January and June, but so far the move has had little impact on inventory
levels. A final decision on whether or not to extend the deal beyond June will be taken by the oil cartel on
May 25. Elsewhere on Nymex, gasoline futures for May lost 2.6 cents, or about 1.6% to end at its lowest
since March 29 at $1.644 on Friday. It closed down around 5.2% for the week. May heating oil fell 2.5 cents
to finish at $ 1.553 a gallon, the lowest since March 30. For the week, the fuel lost roughly 5.8%. Natural gas
futures for May delivery dropped 5.8 cents to $3.101 per million British thermal units, down 1.8% for the
session and about 3.9% lower for the week. In the week ahead, market participants will eye fresh weekly
information on U.S. stockpiles of crude and refined products on Tuesday and Wednesday to gauge the
strength of demand in the worlds largest oil consumer. Meanwhile, traders will also continue to pay close
attention to comments from global oil producers for further evidence that they are complying with their
agreement to reduce output this year.

Oil edged lower Friday ahead of the latest U.S. rig count data.U.S. crude was off 9 cents, or 0.18%, at $50.62
at 08:00 ET. Brent crude shed 4 cents, or 0.08%, to $52.95. Oil settled lower the previous session amid
concerns about increased U.S. output and remains on course for losses for the week. Higher U.S. output
offsets the positive impact of a possible extension of an output cut deal by major producers.
OPEC and non-OPEC producers are cutting production by 1.8 million barrels a day in the first half. A
decision on a possible extension of that deal is expected to be taken on May 25. Baker Hughes is due to
release the latest weekly U.S. rig count. The rig count has risen for 13 weeks in a row.

Oil prices regained some ground on Thursday after steep losses the previous day, as Kuwait said it expected
an OPEC-led effort to cut supplies would be extended beyond the middle of the year. Brent crude futures
LCOc1 were at $ 53.34 per barrel at 0715 GMT, up 41 cents, or 0.77 percent, from their last close. U.S. West
Texas Intermediate crude futures CLc1 were up 32 cents, or 0.63 percent, to $ 50.76 a barrel. Traders said
that the gains followed comments by OPEC-members Saudi Arabia and Kuwait that an effort by the
Organization of the Petroleum Exporting Countries and other producers, including Russia, to cut output by
almost 1.8 million barrels per day during the first half of the year would be extended beyond June. reduction
in commercial U.S. crude stocks , which fell by 1 million barrels last week to 532.34 million barrels,
according to the U.S. Energy Information Administration, also supported prices, traders said. The price
increases on Thursday followed a more than 3.5 percent drop in both crude benchmarks during the previous
session after the EIA reported surging gasoline inventories as well as another rise in U.S. crude oil
production to 9.25 million barrels per day, up almost 10 percent since mid-2016. U.S. gasoline stocks posted
a counter-seasonal build of 1.5 million barrels, because of rising refining activity. Rising US crude oil
production posed a concern that the oil Supply overhang would continue, while the jump in gasoline implied
a stutter in demand.

Oil prices were stable on Wednesday as OPEC said it was committed to draw down a global supply overhang
that has dogged markets since 2014, although bloated U.S. output and inventories still weighed on crude.
Brent crude futures LCOc1 were at $ 54.92 per barrel at 0741 GMT, close to its last close. U.S. West Texas
Intermediate crude futures CLc1 were also almost unchanged at $ 52.43 a barrel. Traders said prices were
supported by the Organization of the Petroleum Exporting Countries secretary general, who said the group
was committed to restoring market stability by bringing global inventories down to the industry's five-year
average. together with other producers like Russia, has agreed to cut output by almost 1.8 million barrels per
day during the first half of the year to rein in a global fuel supply overhang that has dragged on markets
since mid-2014. A fall in shipments from top exporter Saudi Arabia also lent the market some support. Saudi
crude exports fell to 6.96 million bpd in February, from 7.7 million bpd in January, according to the Joint
Organisations Data Initiative . Its production, however, rose to 10 million bpd in February, up from 9.75
million bpd in January, as domestic refiners processed more oil. Politics, U.S. President Donald Trump
ordered a review of whether the lifting of sanctions against Iran under a 2015 nuclear deal was in the United
States' national security interests. U.S. sanctions against Iran were lifted in late 2015, allowing Tehran to
more than double its crude oil exports over 2016, adding to the existing global glut. Data from the American
Petroleum Institute on Tuesday showed that U.S. markets remained bloated. Although crude inventories fell
by 8,40,000 barrels in the week to April 14 to 531.6 million barrels, they still held near record highs, while
gasoline stocks rose by 1.4 million barrels as refinery runs increased by 334,000 bpd, the API said. API
reported surprisingly that gasoline inventories increased, while crude oil stocks fell by less than expected.
"Unless the data shows something drastically different, this report should cause a severe dent in the bullish
case,"

Oil prices fell in thin trade on Tuesday after the Easter holiday break shut many markets for as long as four
days and as a U.S. government report indicated rising production. Benchmark Brent crude futures LCOc1
were down 4 cents at $ 55.32 at 0649 GMT. They ended a quiet session on Monday down 53 cents at $
55.36, after rising the three previous weeks. U.S. West Texas Intermediate crude futures CLc1 were also
down 4 cents at $ 52.61 a barrel. They settled down 53 cents at $ 52.65 a barrel. The benchmark for U.S. oil
had also risen for three straight weeks through Thursday, before the Easter break. "The speculators have been
pushing oil up for almost a month. There should some healthy price correction this week. U.S. shale
production in May is likely to post the biggest monthly gain in more than two years, government data
showed on Monday, as producers step up the pace of drilling with oil prices holding above $ 50 a barrel.
May output is expected to rise by 123,000 barrels per day to 5.19 million bpd, according to the U.S. Energy
Information Administration's drilling productivity report. If that is right, May will have the biggest monthly
increase since February 2015 and the highest monthly production level since November 2015. More barrels
could be on their way to market from U.S. shale fields as financial companies are investing billions in
production, a Reuters analysis shows. increase in output in the United States, now the world's third-biggest
oil producer, will likely put pressure on the Organization of the Petroleum Exporting Countries - which
agreed to curb output at the end of last year - to cut production further. OPEC is due to meet on May 25 to
weigh an extension of output cuts beyond June to alleviate a glut that has depressed prices for nearly three
years. Still, Saudi Arabia's energy minister has said it was too early to discuss an extension. The market just
seems a little frightened," "In one corner we have high output compliance, seemingly rising demand and
strong Chinese economic data but, in the other corner, we have the 1 million tonne elephant in the room and
that is U.S. production and exports."

Crude oil prices were mixed in thin trading on Tuesday after the Easter holiday break shut many markets for
as long as four days and a U.S. government report indicated rising production, which may keep a cap on
prices after recent gains. Benchmark Brent crude futures LCOc1 were up 5 cents at $ 55.41 at 0058 GMT.
They ended a quiet session on Monday down 53 cents at $ 55.36, after rising the three previous weeks. U.S.
West Texas Intermediate crude futures CLc1 were down 1 cent at $ 52.64 a barrel. They settled down 53
cents at $ 52.65 a barrel. The benchmark for U.S. oil had also risen for three straight weeks through
Thursday, before the Easter break. U.S. shale production in May is likely to post the biggest monthly gain in
more than two years, government data showed on Monday, as producers have stepped up the pace of drilling
with oil prices holding above $ 50 a barrel. May output is expected to rise by 123,000 barrels per day to 5.19
million bpd, according to the U.S. Energy Information Administration's drilling productivity report. If that is
right, May will have the biggest monthly increase since February 2015 and the highest monthly production
level since November 2015. More barrels could be on their way to market from U.S. shale fields as financial
companies are investing billions in production. increase in output in the U.S., now the world's third-biggest
oil producer, will likely put pressure on the Organization of the Petroleum Exporting Countries - which
agreed to curb output at the end of last year - to cut production further. OPEC is due to meet on May 25 to
weigh an extension of output cuts beyond June to alleviate a glut that has depressed prices for nearly three
years. Still, Saudi Arabia's energy minister has said it was too early to discuss an extension.

Crude oil futures fell slightly in quiet trading on Monday, after a three-day Easter break, as investors
digested a third consecutive weekly gain in prices along with North Korea's failed missile launch on Sunday.
Benchmark Brent crude futures LCOc1 were down 18 cents 55.71 at 0047 GMT. On Thursday, before the
break closed most major markets, they settled up 3 cents at $ 55.89 a barrel. U.S. West Texas Intermediate
crude futures CLc1 were also down 18 cents at $ 53. They rose 7 cents to $ 53.18 a barrel on Thursday. Both
benchmarks closed out the Easter holiday eve higher for a third consecutive week, with Brent adding 1.2
percent over the four days and WTI up 1.8 percent. The subdued start to this week came as markets braced
for more geopolitical tensions over North Korea, after its attempted launch on Sunday of a ballistic missile
failed as the projectile blew up almost immediately. United States is working with allies and China on
responses to the failed test, U.S. President Donald Trump's national security adviser said on Sunday. Crude
traders and investors in Asia also had their first chance to assess a 13th consecutive increase in the rig count
by drillers of U.S. shale oil. Energy services firm Baker Hughes said on Thursday that drillers added 11 oil
rigs in the week to April 13, bringing the total count up to 683.

AHEAD OF THE COMING WEEK SIGNIFICANT EVENTS LIKELY TO AFFECT THE


MARKETS.

Tuesday, April 25
The American Petroleum Institute, an industry group, is to publish its weekly report on U.S. oil supplies.

Wednesday, April 26
The U.S. Energy Information Administration is to release weekly data on oil and gasoline stockpiles.

Thursday, April 27
The U.S. government is to produce a weekly report on natural gas supplies in storage.

Friday, April 28
Baker Hughes will release weekly data on the U.S. oil rig count.

BASE METALS OUTLOOK :

Trading Ideas:

Nickel

Nickel trading range for the day is 595.5-621.1.


Nickel dropped on profit booking tracking weakness in LME prices dropped by 1.5 percent to $9,345 as
a smaller discount indicates tighter supply.
World's nickel market was in deficit of 20,000 tonnes during the first two months of 2017, according to
latest data from WBMS.
The discount of LME cash nickel to the three-month contract shrank to $50 a tonne from $67.50 late last
month, the largest since January 2015.

Zinc

Zinc trading range for the day is 163.5-172.5.


Zinc dropped tracking LME prices closed 1.8 percent lower at $2,584 as recent price gains have spurred
miners around the world to increase output.
WBMS data show global zinc market was in 177,000 tonnes of deficit during January and February
2017, compared to 258,000 tonnes of deficit in 2016.
Expected shortages of zinc, may not materialize this year because recent price gains have spurred miners
around the world to increase output.

Copper
Copper trading range for the day is 357.9-368.5.
Copper dropped as worries over political instability and global demand prompted investors to cut bets on
higher prices.
China's refined copper output rose 8.5 percent in March from a year ago to 764,000 tonnes, its highest
since at least December 2015.

The International Copper Study Group said the global world refined copper market showed a 51,000-
tonne surplus in January.

BASE METAL

COPPER - ( 21- April - 2017 )


On Friday base metals were trading lower. Copper miner Freeport-McMoRan warned it would punish
workers for absenteeism at its Indonesian unit, a day after one of its main unions announced plans to go on
one-month strike over employment conditions. While Freeport is expecting to soon seal agreements with
Jakarta to allow it to temporarily resume copper concentrate exports after more than three-month hiatus, a
strike could impact its efforts to ramp up production.

COPPER ( 19 - April - 2017 )


Copper prices rose by 0.65 per cent to Rs 363.55 per kg in futures trade today as speculators built up fresh
positions amid rising demand in domestic spot markets. In futures trading at the Multi Commodity
Exchange, copper for delivery in April traded higher by Rs 2.35, or 0.65 per cent, to Rs 363.55 per kg in a
business turnover of 3,189 lots. Metal for delivery in far-month June rose Rs 2.15, or 0.59 per cent, to Rs
367.75 per kg in 87 lots. Analysts attributed the rise in copper futures to a firm trend at the domestic markets
following pick up in demand from consuming industries.

ZINC ( 19 - April - 2017 )


Zinc futures traded 0.28 per cent lower at Rs 162.95 per kg today after speculators trimmed positions at
prevailing levels. In futures trading at the Multi Commodity Exchange, zinc for delivery in current month
declined 45 paise, or 0.28 per cent, to Rs 162.95 per kg. It clocked a business turnover of 1,032 lots. The
metal for delivery in May softened by 30 paise, or 0.18 per cent, to trade at Rs 163.50 per kg in 40 lots.
Market analysts said weakness in zinc futures trade was mostly due to profit-booking by speculators at
existing levels and muted demand at the domestic spot market.
NICKEL ( 19 - April - 2017 )
Nickel prices gained 0.26 per cent to Rs 612.50 per kg in futures trade today as speculators built up
positions, supported by rising demand from alloy-makers in the spot market even as base metals retreated
overseas. At the Multi Commodity Exchange, nickel for delivery in May moved up by Rs 1.60, or 0.26 per
cent, to Rs 612.50 per kg in a business turnover of 199 lots. Similarly, the metal for delivery in April traded
higher by Rs 1.50, or 0.25 per cent, to Rs 606.40 per kg in a business turnover of 1,759 lots.
Analysts said, speculators enlarged positions due to firming trend at the domestic spot markets and better
demand from consuming industries, mainly influenced nickel prices in futures trade.

NICKEL ( 14 - April - 2017 )


Nickel prices gained 0.58 per cent to Rs 655.80 per kg in futures trade today as speculators built up
positions, supported by rising demand from alloy-makers in the spot market. At the Multi Commodity
Exchange, nickel for delivery in April moved up by Rs 3.80, or 0.58 per cent, to Rs 655.80 per kg in a
business turnover of 232 lots. Similarly, the metal for delivery in May traded higher by Rs 2.80, or 0.43 per
cent, to Rs 660.90 per kg in a business turnover of 7 lots. Analysts said, speculators enlarged positions on a
firming trend at the domestic spot markets on better demand from consuming industries which mainly
supported the upside in futures trade.

LEAD ( 14 - April - 2017 )


Tracking a firming trend at the domestic markets on better demand, lead futures traded higher by 0.28 per
cent to Rs 145.60 per kg today on increased positions built up by speculators. At the Multi Commodity
Exchange, lead for delivery in April traded higher by 40 paise, or 0.28 per cent, to Rs 145.60 per kg in a
business turnover of 121 lots. The metal for delivery in May was trading up by 25 paise, or 0.17 per cent, at
Rs 145.90 per kg in 2 lots. Market analysts said better demand from battery-makers in spot market
mainly helped lead prices trade a shade higher in futures market.

COPPER ( 14 - April - 2017 )


Copper prices rose by 0.32 per cent to Rs 373.75 per kg in futures trade today as speculators built up fresh
positions amid rising demand in domestic spot markets. In futures trading at the Multi Commodity
Exchange, copper for delivery in April traded higher by Rs 1.20, or 0.32 per cent, to Rs 373.75 per kg in a
business turnover of 684 lots. Metal for delivery in June rose Rs 1.15, or 0.31 per cent, to Rs 377.90 per kg
in 8 lots. Analysts attributed the rise in copper futures to a firm trend at the domestic markets following pick-
up in demand from consuming industries.

NCDEX - WEEKLY MARKET REVIEW

FUNDAMENTAL UPDATES OF AGRI MARKET -


( 24- April - 2017 )
Robusta coffee futures on ICE slumped by nearly $150 per tonne in heavy volume to a 4-1/2-month low
on Friday, marking its biggest one-day tumble in six years as speculators sold and prices fell below long-
term moving averages.

COFFEE ( 24- April - 2017 )

July robusta LRCc2 settled down $134, or 6.3 percent, at $1,990 per tonne, after touching $1,977, the
weakest level for the second position since early December. This marked its biggest one-day slump in six
years.
The benchmark contract's volume surged to more than 45,900 lots, the highest on a continuation chart in
eight years.

Dealers said the sharp fall was largely due to selling by speculators, who are holding near record net long
positions.
Industry roasters are buying on a scaled-down basis and we think it's long liquidation that we're seeing,"
said one dealer.
The market was also pressured technically, after prices slipped below the 200-day moving average for the
first time in more than a year.

Arabica coffee futures fell for the third straight session, with July KCc2 closing down 1.4 cent, or 1
percent, at $ 1.329 per lb, after touching a 10-1/2-month low of $ 1.3155.
Total arabica futures open interest rose by nearly 3,900 lots on Thursday, when prices sank 4.5 percent,
ICE data showed.

COCOA ( 24 April - 2017 )

July London cocoa LCCc2 settled up 42 pounds, or 3 percent, at 1,457 pounds per tonne, after tumbling
to its weakest since April 2012 in the previous session.
Dealers said the recovery was technically driven after the market slipped into over-sold territory. This
triggered some buying interest.
There is a lot of cocoa around," said one dealer. "But I think we're over-extended purely because of the
spec involvement. It's been nothing fundamental that has driven this week's crash."
July New York cocoa CCc2 settled up $ 51, or 2.8 percent, at $ 1,850 per tonne, with traders viewing the
move as a corrective bounce from the prior session's 9-1/2 year low at $ 1,756.
Total open interest rose for the fourth straight session on Thursday, when prices dropped in heavy
volume, ICE data showed.
Traders said the market may have found a bottom, with support seen around $1,750 after prices slid 17
percent this year.

SUGAR ( 23 - April - 2017 )

July raw sugar SBc2 settled up 0.1 cent, or 0.6 percent, at 16.51 cents per lb.
August white sugar LSUc1 settled up $3.40, or 0.7 percent, at $471.30 per tonne.

SOYBEAN ( 23- April - 2017 )


Indian soybean and soyoil futures were on track to close largely flat in low volumes on Friday, in line with
global markets. May soyoil futures NSOK7 were up 0.04 percent at 622.99 rupees on the National
Commodities and Derivatives Exchange as of 1131 GMT, while Indian soybean was up 0.2 percent at 3057
rupees. Soybean oil BOv1 on the Chicago Board of Trade slipped as much as 0.2 percent, while the
September soybean oil contract on the Dalian Commodity Exchange DBYcv1 climbed up to 0.34 percent.
The May rapeseed contract NRSK7 was down 0.4 percent at 3,807 rupees per 100 kg.

SOYMEAL ( 24 -April - 2017 )

Soymeal prices today recovered further on increased demand from South-based traders
Amid thin supply from local crushing plants.

SOYABEAN ( 24 -April - 2017 )

Soyabean prices reported higher in Nagpur Agriculture Produce Marketing Committee on good buying
support from local crushing plants amid thin supply from producing regions. Notable rise in soymeal last
three trading sessions and
upward trend in Madhya Pradesh soyabean also helped to push up prices.

About 500 soyabean bags reported for auctions here, according to sources.
SUGAR ( 24 -April - 2017 )
Raw sugar futures eased on Wednesday as a bout of fresh buying temporarily overshadowed worries about
ample supply, while London cocoa fell near lows touched a day earlier.

SUGAR ( 22- April - 2017 )

July raw sugar SBc2 prices were up 0.15 cents, or 0.9 percent, at 16.85 cents by 1110 GMT.
Prices were supported by firmer technicals after the market overcame choppy trade to close higher in the
previous session.
The buying was partly driven by momentum investors, though further support was seen as somewhat
limited amid a broadly bearish backdrop on fundamentals.
The fundamentalists among investors and traders will still be looking for lower prices," said Tobin Gorey
of the Commonwealth Bank of Australia. "We think that group may ultimately be right, but a surge in buying
from momentum investors is irresistible in the short term.
Output in Maharashtra, one of India's key producing states, could jump nearly 70 percent in 2017/18 to 7
million tonnes as ample rains drive farmers to plant more cane, fuelling a rebound from an El Nino slump,
an industry body told Reuters. Associated British Foods ABF.L on Wednesday reported a 36 percent rise in
first-half profit, primarily driven by a recovery in its sugar business. August white sugar LSUc1 rose by $
2.40, or 0.5 percent, to $ 478.30 a tonne.

COCOA ( 21- April - 2017 )

July London LCCc2 fell by 8 pounds, or 0.5 percent, to 1,511 pounds a tonne after slipping to 1,498
pounds, just above a near four-year low touched in the previous session.
A surge in the pound on Tuesday sent prices tumbling to their lowest since July 2013, adding fuel to a
sell-off driven by mounting worries over a large global surplus.
Sterling, which remained near 6-1/2 month highs, continued to pressure cocoa prices on Wednesday.
The recent sell-off has seen the outlook favour the bears once more and the indicators show the strong
downward trend," said Sucden analyst Geordie Wilkes in a market note. "Futures need to close below
yesterday's low in heavy volumes to help confirm the case for a continuation of the bearish trend."

July New York cocoa CCc2 gained $2, or 0.1 percent, to $1,918 a tonne.

COFFEE

July arabica coffee KCc2 gained 0.35 cents, or 0.2 percent, to $1.4590 per lb, touching a new four-week
high on further chart-based buying after a strong close in the previous session.
July robusta LRCc2 eased by $1, or 0.05 percent, to $2,189 a tonne.

SUGAR - ( 19 - April - 2017 )


Indian sugar futures fell on Wednesday after the cabinet extended by six months a limit on the quantity of
sugar that mills can hold, in a move to contain high local prices.
May sugar NSMK7 was down 0.2 percent at 3,761 rupees ($58.26) per 100 kg on the National Commodity
& Derivatives Exchange Ltd (NCDEX) as of 1240 GMT.
The price of the contract had breached the 4000-rupee level to reach a record high in February.
India, the world's biggest sugar consumer, earlier this month allowed imports of 500,000 tonnes of duty-free
raw sugar, as a drought has cut output below consumption levels for the first time in seven years. soyoil
futures NSOK7 were down 0.4 percent at 617 rupees, tracking weakness in Malaysian palm oil and other
overseas soyoil contracts. May rapeseed contract NRSK7 was marginally up at 3,821 rupees per 100 kg,
while Indian soybean closed largely flat at 3009 rupees.

CASTOR SEED - ( 19 - April - 2017 )


Castor seed futures jumped higher on Wednesday as market participants have expected lower production in
the current season while the demand is on the higher side. he May castor seed contract on NCDEX futures
rose more than 1.50 percent today, the biggest one-day percentage gain for the contract since April 4 to settle
at Rs. 4,675 per quintal. As per the latest third advance estimates for the Gujarat state, the production of
castor seed in 2016/17 is revised down to 12.55 lakh tonnes, which is lower by 1.65 lakh tonnes or 11%
estimated in its second estimates in January 2017. In 2015/16, the production was estimated at 14.13 lakh
tonnes.

CARDAMOM - ( 19 - April - 2017 )


Cardamom prices fell 2.55 per cent to Rs. 1,010 per kg in futures trade today as speculators reduced
positions amid low demand against higher supplies in spot market from producing belts. At the Multi
Commodity Exchange, cardamom for delivery in June contract fell by Rs 26.50, or 2.55 per cent, to Rs 1,010
per kg in business turnover of 39 lots. Similarly, the spice for delivery in May contract edged down by Rs
13.20, or 1.08 per cent, to Rs 1,208 per kg in 155 lots. Analysts said off-loading of positions by speculators
amid higher supplies from producing regions and sluggish demand in the spot market mainly pulled down
cardamom prices in futures trade.

MENTHA OIL ( 16 - April - 2017 )


Mentha oil prices softened by 0.17 per cent to Rs 992.10 per kg in futures trade today as speculators trimmed
positions amid easing demand from consuming industries at the spot market. At the Multi Commodity
Exchange, mentha oil for delivery in May declined by Rs 1.70, or 0.17 per cent to Rs 992.10 per kg in
business turnover of one lot. Likewise, the oil for delivery in April edged down by 80 paise, or 0.08 per cent
to Rs 988 per kg in 33 lots. Analysts said offloading of positions by participants owing to slackened demand
from consuming industries in spot market against ample stocks position on increased supplies from
Chandausi in Uttar Pradesh mainly led to the decline in mentha oil prices at futures trade.

CRUDE PALM OIL ( 16 - April - 2017 )


Crude palm oil prices were trading up by 0.29 per cent to Rs 491.80 per 10 kg in futures trade today as
traders created fresh positions, driven by pick-up in demand at the spot market. At the Multi Commodity
Exchange, crude palm oil for delivery in May edged up by Rs 1.40, or 0.29 per cent, to Rs 491.80 per 10 kg
in a business turnover of 7 lots. Similarly, the oil for delivery in April traded higher by Rs 1.10, or 0.21 per
cent to Rs 513.70 per 10 kg in 68 lots. Analysts said, fresh positions built up by participants due to pick-up in
demand in the spot market against tight stocks position on restricted supplies from producing regions, mainly
led to the rise in crude palm oil prices at futures trade.

REFINED SOYA OIL ( 15 - April - 2017 )


Refined soya oil prices moved down by 0.45 per cent to Rs 620.05 per 10 kg in futures trade today as
participants cut down their bets due to low demand in the spot market. At the National Commodity and
Derivatives Exchange, refined soya oil for delivery in May fell by Rs 2.80, or 0.45 per cent, to Rs 620.05 per
10 kg, with an open interest of 59,500 lots. Similarly, the oil for delivery in April shed Rs 1.50, or 0.24 per
cent, to Rs 634.08 per 10 kg in 25,770 lots. Analysts said offloading of positions by traders on the back of
easing demand in the spot market against adequate stocks position mainly influenced refined soya oil prices
at futures trade.

CARDAMOM ( 15 - April - 2017 )


Cardamom prices drifted lower by 1.89 per cent to Rs 1,253 per kg in futures trade today as speculators
trimmed their positions, taking negative cues from spot market on tepid demand. At the Multi Commodity
Exchange, cardamom for delivery in May fell by Rs 24.10, or 1.89 per cent, to Rs 1,253 per kg, in a business
turnover of 41 lots. Market analysts said offloading of positions by participants amid sluggish demand in the
spot market against adequate stocks position mainly led to the fall in cardamom prices at futures trade.
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