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MCX Daily Report 31 JULY 2018

News Highlights

Gold prices mixed ahead of central bank decisions.

Gold prices traded sideways in a narrow range on Tuesday, with investors in a wait-and-see
mode ahead of the outcome of central bank monetary policy meetings. Investors are awaiting a
Bank of Japan monetary policy decision on Tuesday. The bank is expected to trim its inflation
forecasts and consider changes to its massive stimulus program, reflecting a growing
recognition it will take longer than expected to meet its elusive price goal The U.S. central bank
has raised benchmark lending rates twice this year and signalled two more increases by the year's end. Higher U.S. rates
tend to boost the dollar, making greenback-denominated gold more expensive for holders of other currencies.

Copper rose in LME as strike in Chile and weaker dollar.

LME copper rose and closed at $6,245/mt on Monday due to the strike in Chile and a weaker
US dollar. Market participants should monitor shorts today after China’s official
manufacturing purchasing managers’ index (PMI) slipped for July. We expect LME copper to
trade at $6,200-6,250/mt today.

Nickel fell down in LME as supply increase.

Nickel prices gained low inventories across LME and domestic warehouses, tight supply of nickel pig iron. Profit growth
for China’s industrial firms eased in June from the previous month, data showed, as factory production slowed amid the
worsening trade U.S. dispute and Beijing’s efforts to cut pollution and debt. Nickel stocks in Shanghai bonded
warehouses fell further over the week to 57,500 mt, data showed. This is down 1.7% on the week as active transactions
saw Norilsk materials flow into the domestic market when import window was open.

Oil prices drop on oversupply concerns as OPEC output increased in July.

Oil prices fell on Tuesday, with Brent futures set for their biggest monthly loss in two years, on
oversupply concerns after a report showed OPEC's output in July rose to its highest for 2018. A
Reuters survey showed the Organization of the Petroleum Exporting Countries (OPEC) increased
production in July, hiked production by 70,000 barrels per day (bpd) to 32.64 million bpd, the
most this year. The group has pledged to reduce the amount of oil output they are curtailing to offset the loss of Iranian
supply as looming sanctions have already started to cut exports from OPEC's third-largest producer. U.S. President
Donald Trump appeared to soften his approach to Iran, saying on Monday he would meet with President Hassan Rouhani
without any preconditions. United States has indicated that it wants Iranian exports cut to zero under the sanctions it
pledged to reintroduce in May and that would go fully into effect in November.

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MCX Daily Report 31 JULY 2018

Precious Metals
CS GOLD (OCT) OVERVIEW: CS SILVER (SEP) OVERVIEW:
TREND : SIDEWAYS TREND : BEARISH
RESIST 2: 30000 RESIST 2: 38550
RESIST 1: 29900 RESIST 1: 38400
SUP 1: 29800 SUP 1: 38200
SUP 2: 29700 SUP 2: 38050
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Base Metals
CS COPPER (AUG) OVERVIEW: CS NICKEL (JULY) OVERVIEW:
TREND : BULLISH TREND : SLIGHTLY BULLISH
RESIST 2: 430.00 RESIST 2: 957.50
RESIST 1: 427.50 RESIST 1: 952.50
SUP 1: 422.00 SUP 1: 937.00
SUP 2: 420.00 SUP 2: 931.50
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CS ZINC (JULY) OVERVIEW: CS LEAD (JULY) OVERVIEW:

TREND : SLIGHTLY BULLISH TREND : BEARISH
RESIST 2: 182.50 RESIST 2: 149.00
RESIST 1: 181.50 RESIST 1: 148.00
SUP 1: 178.50 SUP 1: 145.00
SUP 2: 176.50 SUP 2: 144.50
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CS ALUMINIUM (JULY) OVERVIEW:

TREND : SIDEWAYS
RESIST 2: 143.50
RESIST 1: 142.50
SUP 1: 140.50
SUP 2: 139.50
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Energies
CS CRUDE OIL (AUG) OVERVIEW: CS NATURAL GAS (AUG) OVERVIEW:
TREND : SIDEWAYS TREND : BULLISH
RESIST 2: 4930 RESIST 2: 195.00
RESIST 1: 4880 RESIST 1: 193.50
SUP 1: 4740 SUP 1: 191.50
SUP 2: 4680 SUP 2: 190.00
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MCX Daily Report 31 JULY 2018

Pick for the DAY

MCX COPPER AUG on Monday as seen in the Daily chart opened at 424.55 levels and
day high of 426.70 levels. During this period price corrected & made day low of
421.05 levels finally closed at 425.40 levels. Now, there are chances of further upside
movement technically & fundamentally.

LME copper rose and closed at $6,245/mt on Monday due to the strike in Chile and
a weaker US dollar.

Market participants should monitor shorts today after China’s official manufacturing
purchasing managers’ index (PMI) slipped for July.

DAILY RECOMMENDATION: BUY MCX COPPER AUG ABOVE 427 LEVELS FOR
TARGET OF TG 431 T2 433 WITH SL 420 OF LEVELS.
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MCX Daily Report 31 JULY 2018

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