25/10/2017

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Crude futures extend gains on Saudi Arabia's signal to end

supply glut:

Crude oil futures extended their gains on Tuesday after Saudi

Arabia signalled its determination to end the global supply
glut, also on data expected to show crude oil supplies fell for
the fifth-straight week lifted sentiment. Saudi oil minister
Khalid al-Falih said Saudi Arabia is willing to "do whatever it
takes" to rein in excess supplies. Though, the ongoing
fluctuation of output in Iraq, continued to concern investors as
crude supplies through Iraq's northern pipeline to Ceyhan in
Turkey rose further. Pumping along the pipeline rose to
300,000 barrels per day (bpd) on Tuesday.

Copper futures end higher on

Tuesday:
Comex copper futures ended higher on Tuesday,
while London copper prices also rose as the dollar
dipped and investors remained optimistic about global
economic growth prospects, although risks of a
slowdown remained, especially in top consumer
China.

Gold futures end lower on Tuesday:

Gold futures ended at a more than two-week low

on Tuesday, with strength in the US stock market
dulling demand for the precious metal amid
uncertainty surrounding the leadership for the US
Federal Reserve.

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TECHNICAL ANALYST

GOLD
OUTLOOK:

TREND: - DOWN

RESISTANCE: - 29550, 29650.

SUPPORT: - 29350, 29250.

STRATEGY: - SELL ON HIGH.

TECHNICAL OUTLOOK

COMEX Gold stayed near a two week low as equities remained supportive and media reports stating tepid buying
from retail Indian consumers during Diwali week weighed on the sentiments. COMEX Gold had hit a three week high
last week but failed to sustain at those levels and witnessed a hurried selloff once the key $1300 per ounce levels
were broken. The metal currently trades at $1275 per ounce, down 0.27% on the day. MCX Gold futures ended
around Rs 29440 per 10 grams, down 0.35% on the day.

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OUTLOOK:
SILVER
TREND: - UP

RESISTANCE: - 39900, 40100.

SUPPORT: - 39400, 39200.

STRATEGY: - SELL ON HIGH.

TECHNICAL OUTLOOK

The Prices of silver were down on Tuesday. And at end of the day the prices were settled at 39722 per 30 kilogram.
On the higher side Rs 40040 per 30 kilogram as resistances were noted while lows were at Rs 39660 per 30
kilograms as support noted. The metals remain under a volatile zone.

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 25/10/2017

COPPER
OUTLOOK:

TREND: - UP

RESISTANCE: - 462,464.50.

SUPPORT: -457, 454.50.

STRATEGY: - BUY ON LOW.

TECHNICAL OUTLOOK

COMEX Copper pulled back in Asia after witnessing a massive spurt in last session. Some profit selling emerged in the
counter following sharp gains that took the metal near its three and half year highs yet again. A prominent global
investment bank raised the 12 month Copper prices estimate above $7000 per ounce for the LME futures. This was
sharply higher than the earlier estimates of $5500, according to media reports. Copper soared following this and
supportive equities boosted the sentiments even more. The metal eased a bit in Asia though and currently trades at
$3.19 per pound, down 0.28% on the day. MCX Copper ended with modest gains at Rs 461 per kg yesterday after a
sharp intraday upswing. Expect some weakness today as long as prices stay under Rs 460 levels

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CRUDE OIL
OUTLOOK:

TREND: - UP

RESISTANCE: - 3450, 3480.

SUPPORT: - 3390, 3360.

STRATEGY: - SELL ON HIGH.

TECHNICAL OUTLOOK

Benchmark crude oil futures for December delivery ended higher by 57 cents or 1.1 percent at $52.47 a barrel on the New York
Mercantile Exchange. Brent crude for December delivery added 1.52 percent to $58.33 a barrel on the ICE. On MCX the price of crude
oil was trading at 3431, made a day low and high respectively 3361 and 3435.

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