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MCX DAILY LEVELS

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

ALUMINIUM 31-OCT-2017 143.90 142.90 141.90 140.90 139.90 138.90 137.90 136.90 135.90

COPPER 30- NOV-2017 463.00 459.00 455.00 451.00 447.30 441.00 437.00 433.00 429.00

CRUDE OIL 17-NOV-2017 3675 3625 3575 3525 3475 3425 3375 3325 3275

GOLD 05-DEC--2017 29800 29650 29520 29400 29289 29150 29050 28930 28800

LEAD 31-OCT-2017 162.00 161.00 160.00 159.00 158.00 157.00 156.00 155.00 154.00

NATURAL GAS 27-NOV-2017 203.00 201.00 199.00 197.00 195.60 194.00 192.00 190.00 188.00

NICKEL 31-OCT-2017 775 769.00 762.00 755.00 747.70 740.70 733.70 725.00 719.00

SILVER 05-DEC--2017 40200 40000 39750 39450 39141 38900 38650 38480 38300

ZINC 31-OCT-2017 215.00 214.30 213.10 211.90 209.70 208.50 207.30 206.10 205.00

Monday 30 October 2017


MCX WEEKLY LEVELS

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

ALUMINIUM 31-OCT-2017 147.90 145.90 143.90 141.90 139.90 137.90 135.90 133.90 131.90

COPPER 30- NOV-2017 479.00 471.00 463.00 455.00 447.30 437.00 429.00 422.00 415.00

CRUDE OIL 18-OCT-2017 3875 3775 3675 3575 3475 3375 3275 3175 3075

GOLD 05-DEC--2017 30250 30000 29800 29520 29289 29050 28800 29600 28400

LEAD 31-OCT-2017 166.00 164.00 162.00 160.00 158.00 156.00 154.00 152.00 150.00

NATURAL GAS 26-OCT-2017 211.00 207.00 203.00 199.00 195.60 192.00 188.00 185.00 182.00

NICKEL 31-OCT-2017 795 785 775 762.00 747.70 733.70 719.00 709.00 699.00

SILVER 05-DEC--2017 41000 40650 40200 39750 39141 38650 38300 38000 37700

ZINC 31-OCT-2017 219.00 217.00 215.00 213.10 209.70 207.30 205.00 203.00 201.00
FOREX DAILY LEVELS

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

USDINR 28-NOV-17 65.55 65.45 65.35 65.20 65.10 65.00 64.90 64.80 64.60

EURINR 28-NOV-17 76.85 76.55 76.45 76.15 75.85 75.50 75.20 74.90 74.60

GBPINR 28-NOV-17 87.00 86.70 86.40 86.10 85.80 85.50 85.20 84.90 84.60

JPYINR 28-NOV-17 57.78 57.68 57.58 57.48 57.38 57.28 57.18 57.08 57.00

FOREX WEEKLY LEVELS

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

USDINR 28-NOV-17 65.95 65.75 65.55 65.35 65.10 64.90 64.60 64.30 64.00

EURINR 28-NOV-17 77.65 77.25 76.85 76.45 75.85 75.20 74.60 74.10 75.50

GBPINR 28-NOV-17 87.80 87.40 87.00 86.40 85.80 85.20 84.60 84.20 83.80

JPYINR 28-NOV-17 58.18 57.98 57.78 57.58 57.38 57.18 57.00 56.80 56.60
MCX - WEEKLY NEWS LETTERS

BULLION

Last week, spot and MCX gold prices are trading lower by around 1 percent as dollar gained sharply after
the ECB press conference. The ECB in its latest meeting said it would trim bond purchases to 30 billion
euro from 60 billion euros but extended quantitative easing by nine months to September 2018 while the
interest rates remain unchanged. Besides, President Donald Trump's search for the next Fed chair has
come down to Fed Governor Jerome Powell and Stanford University economist John Taylor, thereby
making it highly likely that the new chief would be a hawk. The rate hikes - one in December and one
more next year, and three rate hikes in 2018, are likely to move more rapidly than previously expected
under Taylor.The bank also decided to cut back bond purchases, a widely expected move that was
factored into gold prices and the dollar, and the extension of the bond-buying program took the wind out
of the euro's rally against the dollar. European stock markets gained following the decision as investors
started to price out future rate increases, moving away from safe-haven gold and bonds and into stocks
and other assets perceived as risky. A strong greenback makes dollar-priced gold costlier for non-U.S.
investors. Also weighing on gold and boosting the dollar was fresh speculation that the next U.S. Federal
Reserve chair could be a policy hawk following reports that current Chair Janet Yellen is out of the
running. On Tuesday, U.S. President Donald Trump polled Republicans on whether they would prefer
Stanford University economist John Taylor or Fed Governor Jerome Powell for the job. More senators
preferred Taylor.

Gold prices rose on Friday, reversing earlier losses as the Catalonian parliament's declaration of
independence bolstered safe haven demand for the precious metal.Gold futures for December delivery
settled up 0.51% at $1,276.06 on the Comex division of the New York Mercantile Exchange. Prices had
earlier dropped to a three week low of $1,263.80. For the week gold prices were down 0.68%.Catalonias
parliament on Friday declared independence from Spain, adding to fears over instability in the European
Union. The moves prompted Spains prime minister to sack the Catalan government and call elections
next month. Bullion is often used as a safe haven in times of geopolitical and economic uncertainty, while
riskier assets such as equities are generally sold off.Golds gains were held in check as the U.S. dollar
continued to trade near three month highs against a currency basket.The U.S. dollar index, which
measures the greenbacks strength against a trade-weighted basket of six major currencies, was up 0.18%
at 94.72 in late trade.
The index hit a high of 95.06 earlier in the session, its strongest level since July 17. For the week the
index was still up 1.33%, its largest weekly increase so far this year.The dollar eased following a report
that U.S. President Donald Trump is considering nominating Federal Reserve Governor Jerome Powell to
lead the U.S. central bank, a move that would signal continuity for monetary policy.Powell is seen less
hawkish than Stanford University economist John Taylor, another potential nominee to lead the Fed.The
dollar rose earlier after the Commerce Department reported that the U.S. economy grew at a 3% annual
rate in the third quarter, better than forecasts for growth of 2.5%.The stronger-than-expected reading
underlined the case for the Fed to raise interest rates at a faster pace in the coming months. Higher rates
tend to make the dollar more attractive to yield seeking investors.The dollar had already received a boost
on Thursday after House Republicans passed a budget blueprint for 2018, setting the stage for a tax
overhaul.Some investors believe tax reforms could bolster growth, adding pressure on the Fed to raise
interest rates, known as the "Trumpflation" trade.Gold is highly sensitive to rising rates, which lift the
opportunity cost of holding non-yielding assets such as bullion, while boosting the dollar, in which it is
priced.Elsewhere in precious metals trading, silver was up 0.4% at $16.87 a troy ounce late Friday, paring
its weekly decline to 1.07%, while platinum settled at $918.40, down 0.4% for the day.Among base
metals, copper was down 2.31% at $3.104 in late trade amid profit taking by investors. For the week
copper was down 1.81%, the first weekly fall in five weeks.In the week ahead, investors will be focusing
on Wednesdays Fed meeting for fresh clues on the likely trajectory of monetary policy. Fridays U.S.
jobs report for October will also be closely watched.Ahead of the coming week, Investing.com has
compiled a list of these and other significant events likely to affect the markets.

BASE METAL

LME Copper prices fell 1.8 percent last week to close at $6830/t as dollar strengthened to three month
highs as the ECB comments in its latest meeting was deemed to be more dovish. The central bank said it
is reducing its monthly bond-buying program amount by half, but is extending the timeframe of the bond
buying, thereby indicating that Mario Draghis policy is more in the dovish zone. This led to sharp upside
in the DX towards three month highs of 94.62, exerting further pressure on dollar denominated
commodities. The dollar already gained traction after the US Senate approved a budget resolution for the
2018 fiscal year.
However, sharp downside was restricted as Chinese authorities reaffirmed full-year growth target of about
6.5 percent for 2017 despite their stringent anti-pollution measures which is expected to slash industrial
output over the winter months. Besides, supply tightness was confirmed by latest figures from
International Copper Study Group (ICSG) which said copper market should see a deficit of 151,000
tonnes this year and a deficit of 104,000 tonnes in 2018. Base metals traded mixed last week as divergent
factors like stronger DX and reiteration of stronger growth in the Chinese economy left investors puzzled.
MCX base metals traded mixed in line with international trends.Aluminium prices reached their highest in
more than five years on Thursday, as expected capacity cuts during the winter drew closer and concerns
grew of a supply shortfall as inventories in London fell to a nine-year low. China, world's biggest
producer of aluminium, is expecting to cut millions of tonnes of aluminium capacity during the winter to
combat air pollution. Norsk Hydro said on Wednesday curtailments of primary production in China have
driven positive sentiment and could result in a tighter aluminium market in 2018.

Activity in China's manufacturing sector likely grew at a slightly slower pace in October as the
government began a major crackdown on air pollution, ordering many steel mills, smelters and factories
to curtail or halt production over the winter, a Reuters poll showed.But official readings are still expected
to show a healthy rate of expansion for manufacturing overall, buoyed by a continuing government
infrastructure spree and strong global demand for China's exports heading into the peak year-end
shopping season.The data will give global investors their first look at business conditions in China at the
start of the fourth quarter, with the war on smog adding to uncertainty and coinciding with early signs of a
slowdown in the world's second-largest economy.The official manufacturing Purchasing Managers' Index
(PMI) on Tuesday is expected to come in at 52.0 for October, down from 52.4 in September, which was
the highest in over 5 years, according to a median forecast of 36 economists polled by Reuters.That would
be the 15th month in a row that the reading remained above the 50-mark that divides expansion from
contraction on a monthly basis, and would still be the second-highest in the last five years.A recovery for
China's manufacturing and industrial firms -- boosted by government spending, a resilient property market
andunexpected strength in exports -- has helped the economy post better-than-expected growth of nearly
6.9 percent through the first nine months of this year. Profits for China's industrial powerhouses surged
27.7 percent in September, the most in nearly six years, as environmental inspections and the start of plant
closures in northern provinces sparked fears of supply shortages and sent prices of finished goods like
steel and copper sharply higher.
While third-quarter GDP growth data released earlier this month hardly skipped a beat after a strong first
half, the economy is starting to show some signs of fatigue in two of its main drivers - property and
construction.Still, senior officials said recently that China is still well on track to meet its official 2017
growth target of around 6.5 percent, despite the punishing war on pollution.Economists expect the
findings of a private survey on China's factory activity on Wednesday will show activity in October
expanded a similar rate to the previous month.They predict the private Caixin/Markit Manufacturing
Purchasing Managers' index (PMI) will be unchanged at 51.0 in October versus the previous month.The
private survey tends to focus on small and mid-sized firms, which have not benefited as much from the
year-long state-led construction boom as large, government-owned "smokestack" industries.The official
PMI survey will be published on Oct. 31, along with a similar official survey covering the services sector.
The Caixin PMI will be published on Nov. 1, with a Caixin services PMI to be released on Nov. 3.

ENERGY

Last week, WTI, Brent and MCX oil prices traded higher by more than 3 percent on optimism boosted by
commitment on further output cuts. Oil prices have held up as Saudi Arabias Crown Prince Mohammad
bin Salman told Reuters that of course he wanted to prolong the OPEC curbs beyond the end of March
2018. He added that they are committed to work with all producers, OPEC and non-OPEC countries and
will support anything to stabilise the oil demand and supply. Further, Russia and Saudi Arabia reiterated
their commitment to tackling the global oil supply glut, while hinting at extending an OPECled
production cutting deal through the end of next year. This optimism boosted the oil prices despite an
unexpected build in US stocks. U.S. crude inventories unexpectedly rose by 856,000 barrels last week as
against estimates of decrease of 2.6 million barrels, making it the first increase in five weeks. On the
MCX, oil prices traded higher by 4 percent on Thursday to close at Rs.3501 per barrel. Brent crude closed
at a 27-month high on Thursday as the market focused more on comments from Saudi Arabia about
ending a global supply glut instead of an unexpected increase in U.S. crude inventories and high U.S.
production and exports. With Thursday's gains, Brent futures were up for three days in a row following
comments earlier in the week from Saudi Arabia that the Kingdom was determined to end a global supply
glut that has weighed on prices for more than three years. The Organization of the Petroleum Exporting
Countries (OPEC), plus Russia and nine other producers, have cut oil output by about 1.8 million barrels
per day (bpd) since January.
The pact runs to March 2018, but they are considering extending it. Putin said earlier this month the oil
supply deal could be extended to the end of 2018, although OPEC ministers have not given specific
commitments on doing so. OPEC will next meet on Nov. 30 in Vienna. U.S. crude inventories rose by
856,000 barrels last week, U.S. Energy Information Administration (EIA) data showed on Wednesday,
versus analysts' forecast for a 2.6 million-barrel draw. The data also showed that U.S. crude production
rose 1.1 million bpd last week to 9.5 million bpd after a decline due to Hurricane Nate, while U.S. oil
exports hit a new record four-week average of 1.7 million bpd. Tankers carrying record levels of crude are
leaving in droves from Texas and Louisiana ports, and more growth in the fledgling U.S. oil export
market may before long test the limits of infrastructure like pipelines, dock space and ship traffic.U.S.
crude exports have boomed since the decades-old ban was lifted less than two years ago, with shipments
recently hitting a record of 2 million barrels a day. But shippers and traders fear the rising trend is not
sustainable, and if limits are hit, it could pressure the price of U.S. oil.How much crude the United States
can export is a mystery. Most terminal operators and companies will not disclose capacity, and federal
agencies like the U.S. Energy Department do not track it. Still, oil export infrastructure will probably need
further investment in coming years. Bottlenecks would hit not only storage and loading capacity, but also
factors such as pipeline connectivity and shipping traffic.Analysts believe operators will start to run into
bottlenecks if exports rise to 3.5 million to 4 million barrels a day. RBC Capital analysts put the figure
lower, around 3.2 million bpd.The United States has not come close to that yet. A total of the highest
loading days across Houston, Port Arthur, Corpus Christi and St. James/New Orleans - the primary places
where crude can be exported - comes to about 3.2 million bpd, according to Kpler, a cargo tracking
service.But with total U.S. crude production currently at 9.5 million barrels a day and expected to add
800,000 to 1 million bpd annually, export capacity could be tested before long. Over the past four weeks,
exports averaged 1.7 million bpd, more than triple a year earlier."Right now, there seems to be a little
more wiggle room for export levels," said Michael Cohen, head of energy markets research
at Barclays (LON:BARC)."Two to three years down the road, if U.S. production continues to grow like
current levels, the market will eventually signal that more infrastructure is needed. But I don't think a lot
of those plans are in place right now."

If exports do hit a bottleneck, it would put a ceiling on how much oil shippers get out of the country.
Growing domestic oil production and limited export avenues could sink U.S. crude prices.Shippers have
booked vessels to go overseas in recent weeks because the premium for global benchmark Brent crude
widened to as much as $7 a barrel over U.S. crude, making exports more profitable for domestic
producers.
Exports could hit 4 million bpd by 2022, an Enterprise Products Partners LP executive told an industry
event in Singapore recently.Though some operators are already eyeing expansion plans, there are
limitations, said Carlin Conner, chief executive at SemGroup Corp, which owns the Houston Fuel Oil
Terminal. SemGroup has three docks for exporting crude and is building additional ones."There aren't
very many terminals with the needed pipeline capabilities, tank farm capacity and proper docks to load the
ships ..Adding this is expensive and not done easily. So there are limitations to unfettered export access,"
he said.For instance, exports are expected to start from the Louisiana Offshore Oil Port (LOOP) in early
2018 at around one supertanker a month, according to two sources. The LOOP is potentially a key locale
for exports. Its location 18 miles (29 km) offshore means it can handle larger vessels than other, shallower
ship channels. While LOOP can load around 40,000 barrels per hour, operating at that capacity is not
likely because that same pipe is used to offload imports, the sources added. LOOP did not respond to a
request for comment.In Houston, when looking at the top 30 loading days, crude exports averaged
700,000 bpd, Kpler added. That includes Enterprise's Houston terminal, among the largest of the export
facilities, that had 615,000 bpd.Other terminal operators are also developing additional facilities. NuStar
Energy LP currently can load between 500,000 to 600,000 bpd at its two docks in Corpus Christi, which
has about 1 million in capacity, according to a port spokesman. NuStar is developing a third dock, which
should come online either late first quarter or early second quarter.In Houston, Magellan Midstream
Partners LP is planning a new 45-foot draft Aframax dock for mid-2018. Aframax vessels can carry about
500,000 to 700,000 barrels of crude. Oil markets were firm on Monday, with Brent remaining above $60
per barrel on expectations that an OPEC-led production cut due to expire next March would be extended,
although rising exports from Iraq kept a lid on prices.Brent crude futures, the international benchmark for
oil prices, were at $60.55 per barrel at 0655 GMT, 10 cents or 0.15 percent above their last settlement and
near their highest level since July 2015. They have risen more than 36 percent since from 2017-lows
marked in June.U.S. West Texas Intermediate (WTI) crude futures were up 11 cents, or 0.2 percent, at
$54.01 a barrel."With strong compliance to OPEC's production curbs already supporting prices,
comments from the Saudi Arabian Crown Prince that suggested the production cut agreement should be
extended added to gains," ANZ bank said.The Organization of the Petroleum Exporting Countries
(OPEC) plus Russia and nine other producers have agreed to hold back about 1.8 million barrels per day
(bpd) to get rid of a supply glut.
The pact runs to March 2018, but Saudi Arabia and Russia, who are leading the effort, have both voiced
their support to extend the agreement.OPEC is scheduled to meet officially at its headquarters in Vienna,
Austria, on Nov. 30.Traders said that a a 900,000 bpd export capacity increase from Iraq's southern ports
to 4.6 million bpd, reported on Sunday, had prevented Brent from rising further.Meanwhile, U.S.
production is up by almost 13 percent since mid-2016, resulting in a steep WTI discount of $6.50 per
barrel against Brent, making U.S. crude exports attractive.Confidence in the oil market is evident in the
way financial traders have positioned themselves.Hedge funds and other money managers raised their
bullish wagers on U.S. crude futures and options in the week to Oct. 24, the U.S. Commodity Futures
Trading Commission (CFTC) said on Friday.
MCX TECHNICAL VIEW

SILVER

For the second straight week, silver prices traded on bearish note and declined till 38925 and finally settled
at 39149 losing 2.16%. Silver prices have breached the rising trend line support and closed below that. The
previous low of 38710 will act as an immediate support and break below that will provide further fall till
37900 of 61.8% retracement mark. While, the same trend line resistance is at 39500 then 40000 mark. The
momentum indicator RSI is continuously on the downward note and the stochastic has also made a
negative cross over is indicating bearish sign. For the week, we expect silver prices to trade on mix note
and we recommend selling on rise around 39500 levels for targets of 38700 then 38200 levels.
COPPER

After the last few days of consolidation above the immediate supports of 451, copper prices finally broke
that during Thursdays session and ended at 445.80.On the weekly chart, the trend line support is around
442, break below that will change the outlooks to bearish. On the contrary, if prices manage to hold above
that, then it will once again continue its bull rally and will head toward 456 then 472 levels.The
momentum indicator RSI is showing negative divergence, while MACD and stochastic is still on the
positive note.For the week, break down below 442 will change the entire outlook to bearish and therefore
recommend selling below 442 for downside targets of 430 then 425 levels.
NCDEX DAILY LEVELS

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

SYOREFIDR 20-NOV 2017 684.00 682.00 680.00 678.00 676.00 674.00 672.00 670.00 668.00

SYBEANIDR 20-NOV 2017 2925 2900 2875 2850 2827 2801 2776 2751 2726

RMSEED 20-NOV 2017 4050 4020 3990 3950 3912 3870 3840 3810 3779

JEERAUNJHA 20-NOV 2017 19700 19500 19300 19100 18980 18780 18580 18380 18180

GUARSEED10 20-NOV 2017 3750 3720 3690 3660 3638 3605 3575 3545 3515

TMC 20-NOV 2017 7515 7465 7415 7365 7315 7265 7215 7165 7115

NCDEX WEEKLY LEVELS

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

SYOREFIDR 20-NOV 2017 692.00 688.00 684.00 680.00 676.00 672.00 668.00 664.00 660.00

SYBEANIDR 20-NOV 2017 3025 2975 2925 2875 2827 2776 2726 2675 2626

RMSEED 20-NOV 2017 4160 4100 4050 3990 3912 3840 3779 3720 3660

JEERAUNJHA 20-NOV 2017 20400 20050 19700 19300 18980 18580 18180 17700 17300

GUARSEED10 20-NOV 2017 3870 3810 3750 3690 3638 3575 3515 3465 3405

TMC 20-NOV 2017 7715 7615 7515 7415 7315 7215 7115 7015 6915
NCDEX - WEEKLY MARKET REVIEW

SPICE COMPLEX

Turmeric futures (Nov) may continue to witness a consolidation in the range of 7200-7400 levels & trade
with a downside bias. The sentiments of the market participants are pessimistic as the price of the spot
turmeric is not improving and also the sale is very meager due to the daily declining price. The traders are
quoting decreased price, after verifying the sample as only medium and poor quality turmeric is arriving
for sale in major mandis. Turmeric prices at present is ruling around similar to last years level, but still
not able find good demand mainly due to ample stocks in the country. Further, buyers are not in mood to
make any bulk purchases as new crop is said to be in satisfactory conditions with production expected
slightly higher than last year. Jeera futures (Nov) is likely to consolidate in the range of 18700-19100
levels. Fundamentals are strong as the stock left is thin in the market and there is still a long way for the
new crop to enter the market. The new Jeera crop will now arrive only from February, which means that
five month of time span left before new crop hits the market. Coriander futures (Nov) is likely to trade
sideways in the range of 4950-5050 & witness selling pressure with every rise. Coriander sowing in the
producing belts of Rajasthan is expected to commence from first week of November and sowing progress
report will decide future trend for the commodity. The temperature at present is still high around 34 degree
Celsius in the producing belts against required 25-30 degree Celsius.- Jeera futures failed to sustain at
higher levels due to profit booking while Dhaniya and Turmeric futures traded volatile due to short
covering. Cardamom futures witnessed some upside due to lower levels buying. Strong support for
Turmeric NCDEX (Nov) seen at Rs.7050/qtl level. Prices of Jeera are likely to get support at lower levels
due to low availability of stock in physical market. Upside in Dhaniya futures can be use to initiate fresh
shorts as fundamentals of the commodity are bearish. Trading range for Dhaniya NCDEX (Nov) seen
between Rs.4600-5200/qtl levels. India exported 3,06,990 tonnes of Spices worth Rs 4,589.14 crore during
the first quarter of the 2017-18 financial year, up 35% as compared to 2,27,938 tonnes in the
corresponding period last year, the Spices Board of India said. Below normal monsoon rainfall in major
growing regions, lower carryover stocks and better export demand likely to support Cardamom prices in
near term.NCDEX Jeera fall more than 1.7% on Friday due to short covering short covering in the near
month contract and fresh buying in the far month contract. The spot prices have improved over the week
on expectation of export demand and reports of lower stocks in the physical market.
As per government data, Jeera exports during first four month of FY 2017/18 (Apr-Jul) is 49,205 tonnes,
down 11% compared to last year exports volume for the same period. India's jeera exports in Jul down
12% on year to 7,498 tn. The arrivals have been higher during first 25 days of October at 3,198 tonnes
compared to 1,820 tonnes last year same period according to Agmarknet data. Turmeric futures for Nov
delivery closed higher on Friday but falls on week on due to lower physical demand. Market is expecting
higher production in the new season. The arrivals have been lower during first 25 days of October at 5,642
tonnes compared to 8,472 tonnes last year same period according to Agmarknet data. The export of
turmeric is down by 16.4% to 41,517 tonnes for the first 4 month of FY 2017/18 compared to last years
exports. For 2017/18, turmeric sowing in Telangana, this season down 1.5% to 44,956 hectares as
compared to last year acreage of 45,633 hectares. Market participants are expecting good production in the
coming season due to rains in turmeric sowing areas.

OILSEED COMPLEX

Soybean futures (Nov) is likely to witness sell on rise & test 2800-2750 levels as the demand for the
commodity in the spot market is very poor mainly from crushers due to poor domestic and export demand
for soy meal. The soybean prices are likely to remain under pressure till 15th December due peak supply
period along with huge carryover stocks of about 1.5-2 million tons. Ref. soy oil futures (Nov) will
possibly trade sideways & consolidate in the range of 672-678 levels. The counter is on uptrend since past
three weeks, buoyed by higher quoting soy oil price on CBOT. However, the upside may get limited from
here on as the retail demand of soy oil is very limited so most of the wholesale traders are procuring soy
oil as per requirement. CPO futures (Nov) is likely to trade with an upside bias in the range of 540-545
levels, tracking strong moves of palm oil in the international market. Malaysian palm oil prices are at their
highest levels since mid-September, as ongoing strength in export demand continues to increase
expectations that supplies of the edible oil will remain tight. Mustard futures (Nov) is expected to trade
sideways in the range of 3870-3930 levels. Mustard oil crushers are also active in buying mustard seed
with anticipation that demand for its oil will improve ahead amid winter season. Secondly, the initial data
of sowing highlights that only 25% of the 2017/18 mustard crop has been planted in Rajasthan as
compared to 70% that was planted last year at this time. The ideal planting window for mustard is up to
November 20th & any more delay in mustard seed will hurt yield leading to lower production next season.
- Soybean at NCDEX (Nov) is failed to sustain at higher levels and ended in red on arrival pressure in
physical markets.
Higher carryover stocks are pressurizing the prices at current levels. Brazil, the world's second biggest
bean producer, expected to produce 108 million tons Soybean in crop year 2018-19 (Feb-Jan) compared to
114.1 million tons estimated in the 2017-18.CPO futures traded volatile due to profit booking at higher
levels. Malaysian output is forecast to rise to 20 million tonnes this year and to 20.5 million tonnes in 2018
due to better yields and expansion into matured areas, the report said. RMSEED at NCDEX (Nov) is likely
to test next resistance of Rs.3920/qtl. Overall outlook of the Oil and Oil Seeds complex looks bullish for
short term on improved demand and lower levels buying. NCDEX (Nov) Castor traded down on profit
booking, weak arrivals in the producing centres of Gujarat amid good demand from crushing units likely
to provide support to the prices at lower levels. Over all sentiments still looks bearish until its sustain
above Rs.4620/qtl level. MCX (Nov) Mentha Oil continued with firm sentiments tacking strong
fundamentals; over all fundamentals of the commodity is still firm due to tight supply in physical markets,
fall in prices likely to cushion by robust export demand. NCDEX Soybean Nov futures plunged further on
Friday to close 3.2% down for the week pressurized by subdued physical demand coupled with new
season arrivals and higher stocks from last year. Moreover, favorable weather for soybean harvest in
Madhya Pradesh and Maharashtra also weigh on prices. As per Agmarknet data, during the first 25 days of
Oct. soybean arrivals have been recorded at 7.6 lakh tonnes compared to close to 9 lakh tones last year. In
a press release, SOPA has estimated 2017- 18 (Oct-Sep) soybean output at 9.15 mt, down from 11.49 mt a
year ago. Reports of lower meal export in September also worrying farmers and oil millers. India's
soymeal exports during September were at 9,650 tn, down 21% from a year ago. U.S. soybean futures
closed lower tracking weak meal prices despite good weekly exports data. Revival of rains in dry parts of
Brazil and harvest progress in the US also weigh on prices. Export Sales report showed soybean sales well
above expectations, at 2.129 mt for the week ending 10/19, a jump of 67% over last week and 10.2%
larger than this time last year. Soybean weekly exports jumped to a MY higher of 2.523 mt, just shy of this
week last year.

OTHER COMPLEX

Kapas futures (April) is likely to trade sideways in the range of 866-880 levels. At present, there is not
much clarity in the price direction & in days to come the new crop supply will be a trend setter and needs
to be keenly observed. The other factor which needs to be look out is the procurement procedure. Around
40 centers of CCI in Gujarat will begin procurement procedure from November 1 while the remaining 16
centers will catch up eventually.
On the international market, ICE cotton futures is facing resistance near 70 cents per pound owing to the
growing harvest pressure and diminishing weather concerns in Texas. Guar seed futures (Nov) will
possibly take support near 3550 levels & the downtrend may take a pause. The market participants are
keeping a close watch on the crude oil prices, shale gas production and U.S rigs count. The current pace of
arrivals are also likely to decline gradually ahead as current rates may prompt farmers to hold their
produce in the anticipation of better return this season due to prospects of lower crop estimates. According
to trade sources, Guarseed production could not be more than 75 lakh bags and estimated carryover stocks
is around 85 lakh bags, which took the total tally at 160 lakh bags, whereas demand (crush) is expected to
between 130-150 lakh bags leaving, ending stocks for 2017-18 (Oct-Sept) at around 10-30 lakh bags.
Mentha oil futures (Nov) is looking bullish & can test 1320-1330 levels. At the spot markets, the counter
is showing strong owing to good exporters buying against thin arrivals.- NCDEX (Dec) Cocudakl traded
down on profit booking while Cotton and Kapas prices at futures traded sideways due to profit booking.
Chana prices resumed its southward journey due to sufficient availability of stocks in spot markets. The
International Grains Council (IGC) has raised its forecast for 2017/18 world grain production, mostly
reflecting improved prospects for the U.S. corn crop. Guar futures traded down on profit booking. There
are reports that government may hike import duty on wheat to 20% from 10% at present to discourage
imports.

Mustard Nov futures falls close to 1.6% on Friday, highest single day fall in last three months, mainly on
profit booking at higher levels while in Dec futures market participants initiated some fresh selling on
anticipation of higher production and good carryover stocks with the traders and farmers. Support price for
mustard in 2017-18 rose by 8.1% on year to 4,000 rupees per 100 kg. The prices also supported h higher
meal exports during the first 6 months of new financial year and increasing demand for winter crushing.
As per SEA data, during Nov-Sep, import of mustard oil sharply down to 2.55 lt from 3.33 lt a year ago.
There are improved mustard meal exports in first 6 month of FY 2017/18. Country exported 242,661
tonnes mustard meal during this period which is 76.4% higher on year. As per data compiled by Mustard
Oil Producers Association of India, Oil mills across the country crushed 425,000 tn of mustard seed in
September, down around 6% from previous month.
Chana futures plunge further on Friday mainly due to lower physical demand and higher stock levels.
However, to encourage farmers to plant more chana, Government increase MSP by 10% to Rs. 4,400 per
quintal by the government. Currently, futures as well as spot prices are well above the MSP prices while
sufficient stocks levels in the country and good production forecast for next season is pressurizing the
prices and may drag it near MSP during the sowing season. According to the market participants, chana
sowing acreage in the coming rabi season may be higher than last year as prices was firm throughout the
year. According to the target estimate released by government, Indias chana production target estimate
for 2017-18 is 97.5 mt which is slightly higher than 2016-17 fourth advance estimates of 93.3 lakh tonnes
NCDEX TECHNICAL VIEW

MENTHAOIL

For the fourth consecutive week, Mentha oil prices extended its gains by breaching the trend line
resistance of 1280 and ended at 1311. On the technical front, price has given a break of the trend line
resistance and now it is likely to extend further till the next resistance of 1359 then 1410 levels of 61.8%
then 100% Fibonacci extensions in the longterm scenario. While, supports for the week are seen at 1280
then 1250 levels. The momentum indicator RSI has moved into overbought zone territory and the MACD
continue to remain positive. For the week, we expect mentha oil prices to remain firm and recommend
buying on dips around 1290 for targets of 1330 then 1350 levels.
JEERA

After testing the trend line supports, Jeera November contract prices rebounded sharply till 19335 in the mid
of the week, but finally ended at 18915 forming Doji candlestick pattern. Prices are moving along with the
trend line supports and have given breakout on the higher side. Going forward, the prices could once again
move higher till the previous high of 20200 levels. On the other hand, a convincing break below 18500 will
only change the outlook to bearish. The momentum indicator RSI remained subdued, while the MACD has
turned negative showing weak indications. Going ahead, as long as prices hold above 18500 the upside
potential remains intact and thus we recommend buying around 18800 for upside targets of 19500 with stop
loss at 18500.
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