29/08/2017

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Crude oil futures suffer sharp sell-off on Monday:

Crude oil futures suffered sharp sell-off with the start

of the new week, as Tropical Storm Harvey continued
to disrupt refinery activity along the US Gulf coast,
adding to fears of an uptick in crude oil supplies.
Weather Service reported that the breadth and
intensity of the rainfall was beyond anything
experienced before and said that catastrophic
flooding is now underway and expected to continue
for days. Flooding caused by the storm forced refiners
in the Gulf of Mexico region to shutdown.

Copper futures end higher on

Monday:
Copper futures ended higher on Monday, its highest
close since November 2014. Chinese economic
strength and supply disruptions have boosted the
outlook for copper this summer and many investors
looked ahead to economic data out of China later in
the week to see whether the recent rally can
continue. Meanwhile, London market closed Monday
for a public holiday.

Gold futures end higher on weaker dollar:

Gold futures ended higher on Monday as the dollar
slipped against a basket of major currencies and
the euro rose after the head of the European
Central Bank (ECB) said that the euro zone's
economic recovery had taken hold at a meeting of
central bankers. At the meeting in Jackson Hole,
Wyoming, the ECB's Mario Draghi said the bank's
ultra-loose monetary policy was working and the
euro zone's economic recovery had taken hold,
refraining from commenting on the euro's recent
strength.

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TECHNICAL ANALYST

GOLD
OUTLOOK:

TREND: - UP

RESISTANCE: - 29800, 29900.

SUPPORT: - 29600, 29500.

STRATEGY: - SELL ON HIGH.

TECHNICAL OUTLOOK

COMEX Gold has hit five month highs above $1300 per ounce today as weakness in US dollar continues to keep the
momentum affirmative for the precious metal. US dollar index has plummeted to a 13 month low mark around 92
levels while the Euro/US Dollar pair is at a two and half year high of 1.1930 levels. Gold is quoting around $1302.70
per ounce, up 0.37% on the day. MCX Gold futures are trading at Rs 29251 per 10 grams, up 0.29% on the day after
almost testing Rs 29300 levels in intraday moves. The Euro soared after Mario Draghi, president of the European
Central Bank noted that significant monetary accommodation is still needed and that inflation is not yet converging to
the central bank's target. 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.

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OUTLOOK:
SILVER
TREND: - UP

RESISTANCE: - 40000, 40200.

SUPPORT: - 39700, 39500.

STRATEGY: - SELL ON HIGH.

TECHNICAL OUTLOOK

The Prices of silver were gained on Monday. And at end of the day the prices were settled at 39727 per 30 kilogram.
On the higher side Rs 39760 per 30 kilogram as resistances were noted while lows were at Rs 39060 per 30
kilograms as support noted. The metals remain under a volatile zone.

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 29/08/2017

COPPER
OUTLOOK:

TREND: - UP

RESISTANCE: - 435.50,438.

SUPPORT: -430.50, 428.

STRATEGY: - SELL ON HIGH.

TECHNICAL OUTLOOK

Large speculators increased their net positions in the copper futures markets, according to the latest Commitment of
Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday. The non-commercial
futures contracts of Copper futures, traded by large speculators and hedge funds, totaled a net position of 40,846
contracts in the data reported through Tuesday August 22nd. This was a weekly surge of 4,017 contracts from the
previous week which had a total of 36,829 net contracts. The copper speculative position has now advanced higher
for a sixth straight week and to the highest level since February 21st. The commercial traders position, categorized
by the CFTC as hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -
41,062 contracts on the week. This was a weekly drop of -3,917 contracts.

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 29/08/2017

CRUDE OIL

OUTLOOK:

TREND: - DOWN

RESISTANCE: - 3030, 3060.

SUPPORT: - 2970, 2940.

STRATEGY: - SELL ON HIGH.

TECHNICAL OUTLOOK

Large commodity speculators trimmed their bullish net positions in the WTI Crude Oil futures markets this week,
according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission
(CFTC) on Friday. The non-commercial futures contracts of WTI Crude Oil futures, traded by large speculators and
hedge funds, totaled a net position of 445,448 contracts in the data reported through Tuesday August 22nd. This was
a weekly drop of -18,025 contracts. WTI crude speculators have now reduced their bullish bets for three straight
weeks. Meanwhile, the commercial traders position, categorized by the CFTC as hedgers or traders engaged in
buying and selling for business purposes, totaled a net position of -455,866 contracts on the week. This was a weekly
increase of 17,633 contracts.

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