28/08/2017

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Crude oil futures end higher on Friday:

Crude oil futures once again moved higher on Friday,

despite fears that Hurricane Harvey could disrupt
refinery activity, reducing demand for crude oil. The
government weather agencies said Harvey became a
Category 2 storm as it crossed the Gulf of Mexico
with winds of 110 mph (175 kph), 145 miles (235
km) off Port O'Connor, Texas. Traders also got some
support with oilfield services firm Baker Hughes
report, which said its weekly count of oil rigs
operating in the United States fell by four to a total of
759 this week.

Copper futures trade higher on

MCX:
Copper futures traded higher on MCX as speculators
raised bets following a firm trend on increasing
demand at the domestic spot markets.

Gold futures edge higher on Monday:

Gold futures edged higher on Monday as investors

noted the weaker dollar as central bank chiefs in
Wyoming dodged policy discussions and the impact
of Hurricane Harvey on the US growth outlook was
under review. In the week ahead, Fridays US jobs
report for August is in focus to gauge how it will
impact on the path of Fed policy. Traders will also
be closely watching a revised reading of US second
quarter growth.

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TECHNICAL ANALYST

GOLD
OUTLOOK:

TREND: - UP

RESISTANCE: - 29300, 29400.

SUPPORT: - 29100, 29000.

STRATEGY: - SELL ON HIGH.

TECHNICAL OUTLOOK

COMEX Gold rose Friday, extending weekly gains after downbeat economic data. The metal added 0.5%, to settle at
$1,297.90 per ounce, the highest in two months. US stocks were steady on Friday. Janet Yellen, the US Federal
Reserve chair delivered a cautious speech that offered little in the way of fresh information about the outlook for
monetary policy. This should keep the metal afloat in near term as weakness in US dollar has always been a very
positive factor for Gold. MCX Gold closed around Rs 29160 per 10 grams, up 0.22% on the day.

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OUTLOOK:
SILVER
TREND: - UP

RESISTANCE: - 39300, 39500.

SUPPORT: - 38900, 38700.

STRATEGY: - SELL ON HIGH.

TECHNICAL OUTLOOK

The Prices of silver were moderate gained on Friday. And at end of the day the prices were settled at 39012 per 30
kilogram. On the higher side Rs 39288 per 30 kilogram as resistances were noted while lows were at Rs 38313 per
30 kilograms as support noted. The metals remain under a volatile zone.

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COPPER
OUTLOOK:

TREND: - UP

RESISTANCE: - 430,432.50.

SUPPORT: -426, 423.50.

STRATEGY: - SELL ON HIGH.

TECHNICAL OUTLOOK

nternational Copper Study Group (ICSG) mentioned in a latest update that world copper mine production is
estimated to have declined 3% in the first five months of 2017. World refined copper balance for the first five months
of 2017 indicates a surplus of around 15000 tonnes. The decline in world mine production was mainly due to: A 10%
(220,000 t Cu) decline in production in Chile, the world's biggest copper mine producing country, negatively affected
by the strike at Escondida mine and lower output from Codelco mines. A decline in Canada and Mongolia
concentrates production of 20% and 21%, respectively, mainly due to lower grades in planned mining sequencing.

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CRUDE OIL

OUTLOOK:

TREND: - DOWN

RESISTANCE: - 3090, 3120.

SUPPORT: - 3030, 3000.

STRATEGY: - SELL ON HIGH.

TECHNICAL OUTLOOK

Crude oil futures were higher Friday on extended buying support following an extremely weak undertone in the US
dollar and steady cues from equities. Falling US inventories and generally supportive commodity prices have pushed
oil up in last few days. WTI Crude added around 1% on Friday but slipped slightly in Asia today as traders focused on
after effects of the devastating Hurricane Harvey. The hurricane has hit Texas, the refinery hub of the US, stoking
fears of an uptick in crude supplies as refineries are expected to shut down operations. WTI Crude is currently trading
down 0.38% at $47.69 per barrel. MCX Crude should see a mixed opening on these cues. The counter ended up
0.62% at Rs 3060 per barrel in the last session.

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