BULLION METALS OUTLOOK -

GOLD - The price of gold has traded up and down since the election. Comex gold has been less volatile
than gold mining stocks and the gold stock exchange-traded fund. We are very bullish on gold prices for
2017 although the current scenario of Gold is bearish over the short term, expecting a test of the low in
the next Week or two. Demand for gold in India rose this week as many jewellers resumed purchases
after having stayed away for a few weeks hoping for an import duty cut in the government budget. But
Government did not change the import duty on gold. bullion industry had been urging a reduction in the
duty to combat smuggling, which has increased since India raised import duty to 10 percent in August
2013 in an effort to narrow a gaping current account deficit. The precious Metal is Expected to trade in
positive note in this week the crucial levels for Gold is 29779 is up side and 27612 is Down side.

GOLD CHART-

Chart Details - The Bollinger Bands show price giving support from the middle band a good test and
I expect price to eventually move back up to the upper band and push even higher into that band to set
up the final rally high. We have been expecting the 5 point broadening top to morph into a more bearish
7 point top and I believe we now have the point 6 low in place at $1124. It is possible for one last
marginal low although I personally favour a higher low to form. Lets see. And in MCX it is Expected
to touch the level of 30291 in next week Trading Session.

Monday, 6 February 2017

SILVER - Silver prices are expected to continue moving higher in the year 2017 backed by a strong
pick up in the physical demand as a result of increasing use in solar power globally. Indias increasing
demand for solar power will further add to the momentum. The Significance levels for Silver is 42980-
43453 is up side and 41025-40865 is Down side

Detail of Chart - The daily chart of the Silver shows it making a stair-step series of lower highs and
lower lows, following the path of the declining 50-day moving average. The inverse head-and-shoulders
pattern began forming last November, with the low that month forming the left shoulder, the December
low defining the head, and this months price action marking the right shoulder. Previous resistance in
the $ 16.30 area delineates the neckline, and it was successfully retested in Fridays strong session. The
Significance Levels for Silver is 39700-40100 is Down Side and 43980-42651 is Up side silver is
Expected to trade in Bullish trend for next trading Week.
 MCX DAILY LEVELS

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

ALUMINIUM 30-DEC-2016 128 126 124 123 122 121 120 118 116

COPPER 28-FEB-2016 417 408 399 393 390 384 381 372 363

CRUDE OIL 19-OCT-2016 3781 3726 3671 3643 3616 3588 3561 3506 3451

GOLD 03-FEB-2016 29727 29488 29249 29160 29010 28921 28771 28532 28293

LEAD 30-DEC-2016 167 163 159 158 155 154 151 148 144

NATURAL GAS 27-DEC-2015 235 226 217 212 208 203 199 190 181

NICKEL 30-DEC-2016 725 712 699 692 686 679 673 660 647

SILVER 03-MARCH-2016 43008 42574 42140 41969 41706 41535 41272 40838 40404

ZINC 30-DEC-2016 202 197 192 189 187 184 182 177 172

MCX WEEKLY LEVELS

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

ALUMINIUM 30-DEC-2016 136 132 127 125 123 120 118 114 109

COPPER 28-FEB-2016 457 436 415 401 394 380 373 352 331

CRUDE OIL 19-OCT-2016 3940 3830 3720 3667 3610 3557 3500 3390 3280

GOLD 03-FEB-2016 31651 30730 29809 29440 28888 28519 27967 27046 26125

LEAD 30-DEC-2016 184 175 166 161 157 152 148 139 130

NATURAL GAS 27-DEC-2015 282 259 236 221 213 198 190 167 144

NICKEL 30-DEC-2016 872 808 744 716 680 652 616 552 488

SILVER 03-MARCH-2016 45359 44191 43023 42410 41855 41242 40687 39519 38351

ZINC 30-DEC-2016 215 206 197 192 188 183 179 170 161
 FOREX DAILY LEVELS

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

USDINR 26-OCT2016 69.85 68.65 68.46 67.16 66.86 66.68 66.53 66.03 65.89

EURINR 26-OCT2016 77.52 75.90 73.56 71.28 71.16 70.56 69.45 68.27 67.14

GBPINR 26-OCT2016 89.56 87.44 86.32 84.64 83.18 81.01 79.53 78.45 76.19

JPYINR 26-OCT2016 62.25 60.14 59.12 57.67 56.17 56.54 55.89 55.34 54.21

FOREX WEEKLY LEVELS

WEEKLY EXPIRY R4 R3 R2 R1 PP S1 S2 S3 S4

USDINR 26-OCT2016 73.58 71.48 69.74 68.32 67.75 66.45 66.10 65.95 65.06

EURINR 26-OCT2016 79.48 77.51 75.82 73.95 70.68 69.25 68.01 67.64 65.59

GBPINR 26-OCT2016 96.89 92.64 88.44 86.17 83.32 81.10 79.25 77.72 75.52

JPYINR 26-OCT2016 67.45 65.61 63.87 59.26 58.47 56.63 54.78 52.66 50.72
 NCDEX DAILY LEVELS

DAILY EXPIRY R4 R3 R2 R1 PP S1 S2 S3 S4
DATE
SYOREFIDR 20-JAN-2016 713 709 705 702 701 698 697 693 689

SYBEANIDR 20-JAN-2016 3098 3080 3062 3053 3044 3035 3026 3008 2990

RMSEED 20-JAN-2016 3906 3883 3860 3850 3837 3827 3814 3791 3768

JEERAUNJHA 20-JAN-2016 18392 18182 17972 17873 17762 17663 17552 17342 17132

GUARSEED10 20-JAN-2016 3343 3324 3305 3294 3286 3275 3267 3248 3239

TMC 20-APR-2016 7080 6984 6888 6834 6792 6738 6696 6600 6504

NCDEX WEEKLY LEVELS

WEEKLY EXPIRY R4 R3 R2 R1 PP S1 S2 S3 S4
DATE
SYOREFIDR 20-JAN-2016 744 729 714 707 699 692 684 669 654

SYBEANIDR 20-JAN-2016 3266 3191 3116 3079 3041 3004 2966 2891 2816

RMSEED 20-JAN-2016 4077 3998 3919 3879 3840 3800 3761 3682 3603

JEERAUNJHA 20-JAN-2016 19782 19122 18462 18118 17802 17458 17142 16482 15822

GUARSEED10 20-JAN-2016 3628 3515 3402 3343 3289 3230 3176 3063 2950

TMC 20-APR-2016 7641 7343 7045 6913 6747 6615 6449 6151 5853
MCX - WEEKLY NEWS LETTERS

INTERNATIONAL UPDATES ( BULLION & ENERGY )

Gold ended slightly higher on Friday, after the latest U.S. jobs report showing weak wage growth last
month dampened expectations for a faster rate of interest rate hikes this year. Gold for April delivery
settled up 0.2% at $ 1,221.85 on the Comex division of the New York Mercantile Exchange. The Labor
Department said the U.S. economy added 227,000 jobs in January from the prior month, while the
unemployment rate ticked up to 4.8% from 4.7% in December, as more Americans joined the workforce.
But average hourly earnings rose 2.5% in January from a year earlier, slowing from 2.8% in December.
The slowdown in wage growth prompted speculation that the Fed will avoid hiking interest rates too
quickly. In its latest monetary policy statement on Wednesday the Fed stuck to its view that the economy
is strengthening, but gave no clear signal on the timing of its next rate hike as officials wait to assess the
possible economic impact of the Trump administrations protectionist policies and recent remarks about
currencies. The precious metal was 2.14% higher for the week, as the dollar remained under pressure
amid concerns over Donald Trump's presidential style and a lack of clarity on rate hikes. Both a strong
dollar and higher interest rates are typically bearish for gold, which is denominated in dollars and
struggles to compete with yield-bearing assets when borrowing costs rise. Elsewhere in precious metals
trading, silver was at $17.51 a troy ounce late Friday and ended the week with gains of 1.7%. Copper was
trading at $2.61 a pound late Friday and ended the week down 2.86%, and platinum was up 0.73% on the
day at $1,006.85 an ounce. In the coming week, China is to release data on service sector activity and
trade, while a report on German factory orders will be in focus in the euro zone. The U.S. is to release
monthly trade figures in what will be a thin week for economic data.

Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely
to affect the markets.

Monday, February 6

Australia is to release data on retail sales.

China is to publish its Caixin services PMI.

In the euro zone, Germany is to report on factory orders.

Tuesday, February 7

The Reserve Bank of Australia is to announce its benchmark interest rate and publish a rate statement
which outlines economic conditions and the factors affecting the monetary policy decision.
New Zealand is to release a report on inflation expectations.

The UK is to publish a report on house price inflation.

Canada is to release reports on trade, building permits and business activity.

The U.S. is also to release its latest trade figures.

Wednesday, February 8

The European Commission is to release its latest economic forecasts for the European Union.

Thursday, February 9

The Reserve Bank of New Zealand is to announce its benchmark interest rate and hold a press conference
to discuss the monetary policy decision.

Australia is to release a report on business confidence.

Canada is to report on new house price inflation.

The U.S. is to publish data on initial jobless claims and Chicago Fed President Charles Evans is to speak.

Friday, February 10

The RBA is to publish its monetary policy statement.

China is to release trade figures.

The UK is to produce reports on manufacturing production and trade.

Canada is to publish its monthly employment report.

The U.S. is to round up the week with preliminary figures on consumer sentiment.

Gold was little changed on Friday, erasing earlier losses as the dollar came under pressure from a U.S.
payrolls report that flagged up weak wage growth last month, weakening the case for near-term interest
rate hikes. While U.S. job growth surged more than expected in January as construction firms and retailers
ramped up hiring, wages barely rose. gold XAU= was unchanged at $1,215.75 an ounce by 2:25 p.m. EST
(1925 GMT), off an earlier low of $1,207.10. U.S. gold futures GCv1 for April delivery settled up 0.1
percent at $1,220.80 per ounce. "Markets seem to be looking at the soft wage data, which signal rather
weak inflationary pressure, and therefore less need for the Fed to raise interest rates, report. The U.S.
dollar .DXY and 10-year U.S. Treasury yields US10YT=RR were little changed, having come off session
highs.
Gold is on track to rise around 2 percent this week as the dollar headed for a fourth weekly drop on
worries about Donald Trump's presidential style and a lack of clarity on rate hikes. The yellow metal is
highly sensitive to rising U.S. interest rates, which increase the opportunity cost of holding non-yielding
bullion while boosting the dollar, in which it is priced. Holdings of the world's largest gold-backed
exchange-traded fund, SPDR Gold Shares GLD , rose for a second day on Thursday by 1.5 tonnes to
811.22 tonnes. A bounce in investment to a four-year high drove a modest gain in gold demand last year,
data from the World Gold Council showed on Friday, even as use of the metal in jewelry slid to its lowest
since 2009 and coin and bar buying slid. inflows were the sole driver of demand growth in 2016 - we saw
the second highest inflows since 2009. "Technical analysis still look bullish for the white metal, But the
lack of liquidity and concerns that China, due to its pollution problem, may direct the auto sector towards
electric vehicles looms in the shadows." Silver XAG= was down 0.2 percent at $17.40, having reached its
highest in more than 11 weeks at $17.73 in the previous session.

A bounce in investment to a four-year high drove a modest gain in gold demand last year, data from the
World Gold Council showed on Friday, even as use of the metal in jewellery slid to its lowest since 2009
and coin and bar buying dipped. Global demand for physical gold in the form of jewellery, coins and bars
fell 9 percent as higher prices and import curbs hurt demand, particularly in the major Chinese and Indian
markets. Central banks also bought a third less gold. However a surge in investment in gold-backed
exchange-traded funds offset that to lift overall gold demand by 2 percent to 4,309 tonnes, its highest
since 2013. "There are three primary factors that fuelled strong inflows into ETFs -- we had the spread of
negative interest rates, then the steady pushback in expectations surrounding U.S. interest rate (hikes), and
the uncertainty stemming from geopolitical risk. "Investment as a whole posted its best year since 2012,
but elsewhere demand was subdued."

ETF buying saw its strongest quarter on record in the first three months of last year, with 342.3 tonnes
added to funds, chiefly in the United States and Europe. That tailed off later in the year, however, with
outflows of 193.1 tonnes seen in the fourth quarter. Investment in coins and bars fell 2 percent. Britain,
where the pound fell after the June vote to leave the European Union, was a bright spot, with demand
rising 28 percent to 10.9 tonnes. Global jewellery demand, the single biggest demand segment for gold,
fell 15 percent to 2,042 tonnes.

Indian consumer demand fell 21 percent last year to 675.5 tonnes, its lowest since 2009, as prices rose and
import curbs were introduced. The WGC sees it remaining close to this level this year, at 650-750 tonnes.
Demand in number one consumer China is expected to improve to 950-1,000 tonnes, after it fell 7 percent
last year to 913.6 tonnes, its weakest since 2012. Central bank demand was in positive territory for a
seventh straight year, but was at its lowest since 2010 at 383.6 tonnes.

"If you look at gold as a percentage of FX reserves, the twin effects of FX reserves coming down and the
gold price rising has boosted gold as a reserve asset across central banks around the world," Hewitt said.
"That has been another factor that weighs on reserve managers' minds."
Demand for gold in India rose this week as many jewellers resumed purchases after having stayed away
for a few weeks hoping for an import duty cut in the government budget.

On Wednesday, the Indian government presented its budget for the 2017/18 financial year, but did not
change the import duty on gold. bullion industry had been urging a reduction in the duty to combat
smuggling, which has increased since India raised import duty to 10 percent in August 2013 in an effort to
narrow a gaping current account deficit. "Since there is clarity on duty structure now, jewellers have
started buying. Even at higher levels, they are making purchases.The local market, gold prices MAUc1
were trading around 28,900 rupees per 10 grams on Friday. In December, prices had hit 26,862 rupees per
10 grams, their lowest since Feb. 2, 2016. "Supply in the local market is limited as banks curtailed import
last week. That's why now they could charge a premium despite the price rise. Dealers in India, the
world's second-largest consumer of the metal, were charging a premium of up to $ 2 an ounce this week
over official domestic prices, unchanged from last week. The domestic price includes a 10 percent import
tax.

Gold demand in India will be muted this year after dropping to multi-year lows in 2016, with trading
dented as the government pushes to make markets for the metal more transparent and brings in a new tax,
the World Gold Council said on Friday. in Asia, demand remained subdued with Chinese markets shut for
the week-long Lunar New Year holidays. "The physical demand remained very quiet owing to Chinese
holidays and movements across Asia also remained very weak," a Singapore-based banker said. Premiums
in China, the top-consumer nation, were about $ 6 in the previous week. Meanwhile, premiums in
Singapore and Hong Kong remained unchanged at $1-$1.40 an ounce.

Gold prices moved lower on Friday, as the U.S. dollar recovered from the previous sessions shar losses,
but the precious metal remained within close distance of a two-and-a-half month peak amid ongoing U.S.
political uncertainty and ahead of a key U.S. jobs report.

On the Comex division of the New York Mercantile Exchange, gold futures for April delivery were down
0.30% at $1,215.75, not far from Thursdays two-and-a-half month high of $1,224.20.The April contract
ended Thursdays session 0.92% higher at $1,219.40 an ounce.

Futures were likely to find support at $1,197.90, Wednesdays low and resistance at $1,224.20. The
greenback recovered from losses posted after Federal Reserve policymakers said on Wednesday that some
market-based measures of inflation were still low.However, the central bank also said that job creations
remained solid, inflation had increased and economic confidence was rising. The comments came after the
Fed left interest rates unchanged at the end of its two-day policy meeting, in a widely expected move. The
U.S. dollar has also been under pressure in recent weeks due to U.S. President Donald Trumps
protectionist policies and immigration bans, spurring ongoing uncertainty in global markets. On Thursday,
Trump suggested the possibility of imposing new sanctions on multiple Iranian entities, seeking to
increase pressure on Tehran. The U.S. dollar index, which measures the greenbacks strength against a
trade-weighted basket of six major currencies, was steady at 99.88, off Thursdays two-and-a-half month
trough of 99.19. A stronger U.S. dollar usually weighs on gold, as it dampens the metal's appeal as an
alternative asset and makes dollar-priced commodities more expensive for holders of other currencies.
Market participants were looking ahead to U.S. nonfarm payrolls data, due later in the day, for further
indications on the strength of the jobs market. Earlier Friday, data showed that Chinas Caixin
manufacturing purchasing managers index ticked down to 51.0 in January from 51.9 the previous month.
Analysts had expected the index to slip to 51.8 last month. The data fueled fresh concerns over a
slowdown in China, which is also the worlds biggest gold consumer. Elsewhere in metals trading, silver
futures for March delivery slid 0.32% to $17.373 a troy ounce, while copper futures for March delivery
tumbled 1.04% to $2.655 a pound.

Gold prices gained in European morning trade on Thursday, rising toward the highest level in about 11
weeks as the U.S. dollar slumped after the Federal Reserve gave no firm signal on the timing of its next
rate hike. Gold for April delivery on the Comex division of the New York Mercantile Exchange rose to a
session peak of $1,219.20 a troy ounce, the most since November 17. It was last at $ 1,216.65 by 3:15AM
ET, up $ 8.15, or around 0.7%, after losing $ 3.10, or about 0.3%, a day earlier.

The Fed held interest rates steady on Wednesday as expected in its first meeting since President Donald
Trump took office. The U.S. central bank painted a relatively upbeat picture of the economy, noting that
job gains remained solid, inflation had increased and economic confidence was rising, although it gave no
firm signal on the timing of its next rate move. The Fed projected at least three rate increases for 2017.
However, traders remained unconvinced. Instead, markets are continuing to price in just two rate hikes
during the course of this year, with the next being in June. The U.S. dollar index, which measures the
greenbacks strength against a trade-weighted basket of six major currencies, fell to a daily low of 99.39, a
level not seen since November 14. It was last at 99.44 in European morning trade, down around 0.3%.
The greenback has been under pressure as concerns about the Trump Administrations policies rattled
investors. Headlines from Washington will continue to dictate market sentiment as traders focus on
Trump for further details on his promises of tax reform, infrastructure spending and deregulation as well
as trade policies. Also on the Comex, silver futures for March delivery jumped 18.3 cents, or 1.1%, to $
17.63 a troy ounce, after rising to a more than two-month high of $ 17.66 earlier.

Gold demand in India will be muted this year after dropping to multi-year lows in 2016, with trading
dented as the government pushes to make markets for the metal more transparent and brings in a new tax,
the World Gold Council said on Friday. Lower demand from the world's second biggest consumer could
rein in global prices XAU= that have been trading near their highest in 11 weeks, although it would help
the south Asian country reduce its trade deficit. Gold is a mainstay of Indian culture, serving as the
primary vehicle for household savings for hundreds of millions of people in Asia's third-largest economy.
But Prime Minister Narendra Modi has been trying to curb costly bullion imports and stop the metal from
being used to hide billions of dollars of undeclared 'black money'. More than two-thirds of gold is bought
with cash in India. Gold demand in the country fell 21.2 percent in 2016 from the year before to 675.5
tonnes as new rules such as those forcing customers to disclose their tax code for purchases above
200,000 rupees dampened demand. That was the lowest level in seven years. Consumption will likely be
between 650 and 750 tonnes in 2017, with appetite also hit by the introduction of the nationwide Goods
and Services Tax. Indian demand averaged at 845 tonnes over the last 10 years. "We believe many of the
issues are plaguing the industry ... this is not going to change quickly in 2017 and plus other big transition
of GST coming in, it could disrupt trading. report on gold demand and supply for 2016. The GST is
expected to be rolled out from July. said that a reasonable level of GST on gold jewellery could bring
transparency to bullion trading, but that a rate that was too high could encourage bullion smuggling. Gold
smuggling in India has surged since India raised its import duty to 10 percent in August 2013 in an effort
to narrow a gaping current account deficit. In 2016, smugglers brought in 100 to 120 tonnes gold in the
country.

A bounce in investment to a four-year high drove a modest gain in gold demand last year, data from the
World Gold Council showed on Friday, even as use of the metal in jewellery slid to its lowest since 2009
and coin and bar buying dipped. Global demand for physical gold in the form of jewellery, coins and bars
fell 9 percent as higher prices and import curbs hurt demand, particularly in the major Chinese and Indian
markets. Central banks also bought a third less gold. However a surge in investment in gold-backed
exchange-traded funds offset that to lift overall gold demand by 2 percent to 4,309 tonnes, its highest
since 2013. "There are three primary factors that fuelled strong inflows into ETFs -- we had the spread of
negative interest rates, then the steady pushback in expectations surrounding U.S. interest rate hikes, and
the uncertainty stemming from geopolitical risk. "Investment as a whole posted its best year since 2012,
but elsewhere demand was subdued." ETF buying saw its strongest quarter on record in the first three
months of last year, with 342.3 tonnes added to funds, chiefly in the United States and Europe. That tailed
off later in the year, however, with outflows of 193.1 tonnes seen in the fourth quarter. Investment in
coins and bars fell 2 percent. Britain, where the pound fell after the June vote to leave the European
Union, was a bright spot, with demand rising 28 percent to 10.9 tonnes. Global jewellery demand, the
single biggest demand segment for gold, fell 15 percent to 2,042 tonnes. Indian consumer demand fell 21
percent last year to 675.5 tonnes, its lowest since 2009, as prices rose and import curbs were introduced.
The WGC sees it remaining close to this level this year, at 650-750 tonnes. Demand in number one
consumer China is expected to improve to 950-1,000 tonnes, after it fell 7 percent last year to 913.6
tonnes, its weakest since 2012. Central bank demand was in positive territory for a seventh straight year,
but was at its lowest since 2010 at 383.6 tonnes.

"If you look at gold as a percentage of FX reserves, the twin effects of FX reserves coming down and the
gold price rising has boosted gold as a reserve asset across central banks around the world. "That has been
another factor that weighs on reserve managers' minds."

Gold prices were little changed in European morning trade on Wednesday, holding near the prior session's
one-week high as market players looked ahead to the outcome of the Federal Reserve's policy meeting for
further clues on the timing of the next rate hike. Gold for April delivery on the Comex division of the
New York Mercantile Exchange dipped $ 1.00, or around 0.1%, to $1,210.35 a troy ounce by 3:15AM ET
, after rallying $ 15.40, or about 1.3%, a day earlier.

Prices of the yellow metal rose to a one-week high of $1,217.40 on Tuesday. The Fed is expected to keep
interest rates unchanged on Wednesday in its first policy decision since President Donald Trump took
office, as policymakers await greater clarity on his economic policies.

The central bank's latest policy decision is due at 2:00PM ET. Fed Chair Janet Yellen is not due to hold a
press conference. The Fed projected at least three rate increases for 2017. However, traders remained
unconvinced. Instead, markets are pricing in just two rate hikes during the course of this year, according
to Investing.coms Fed Rate Monitor Tool. Besides the Fed meeting, there is also ADP payrolls at
8:15AM ET and ISM manufacturing data at 10:00AM ET. In addition, headlines from Washington will
continue to dictate market sentiment as traders focus on Trump for further details on his promises of tax
reform, infrastructure spending and deregulation as well as trade policies. The U.S. dollar index, which
measures the greenbacks strength against a trade-weighted basket of six major currencies, was up 0.2% at
99.74 in European morning trade, remaining within sight of the prior session's seven-week low of 99.53.
The greenback tumbled on Tuesday after Peter Navarro, Trumps top trade adviser, called the euro
"grossly undervalued. Also on the Comex, silver futures for March delivery inched down 4.1 cents, or
0.2%, to $17.50 a troy ounce, easing off the previous day's more than two-month high of $17.63.
Meanwhile, platinum tacked on 0.2% to $ 998.45, while palladium climbed around 1% to $761.45 an
ounce. Elsewhere in metals trading, copper futures were little changed at $2.729 a pound. Futures rose to
a one-and-a-half year peak of $2.738 earlier with investors watching developments surrounding a strike
by workers in Chile at the world's largest mine.

Gold prices were higher in European morning trade on Tuesday, adding to the prior session's gains amid
uncertainty over the outlook for U.S policy after President Donald Trump introduced immigration curbs
that sparked criticism at home and abroad. Gold for April delivery on the Comex division of the New
York Mercantile Exchange rose $5.85, or around 0.5%, to $1,201.95 a troy ounce by 3:25AM ET
(08:25GMT), after adding $4.90, or about 0.4%, a day earlier. Market sentiment was bruised after Trump
suspended travel to the United States from Syria, Iraq, Iran and four other Muslim-majority countries on
Friday, saying the moves would help protect Americans from terrorist attacks. The executive order led to
huge protests in many U.S. cities and sparked global backlash, raising worries about the potentially
destabilizing impact of Trump's policies. Adding to concerns, the president fired acting U.S. Attorney
General Sally Yates after she ordered Justice Department lawyers not to enforce the travel restrictions.
Trump named Dana Boente, U.S. attorney for the Eastern District of Virginia, to replace Yates, White
House spokesman Sean Spicer said in a tweet. Headlines from Washington will most likely continue to
dictate market sentiment as traders focus on Trump for further details on his promises of tax reform,
infrastructure spending and deregulation as well as trade policies. Meanwhile, traders were also looking
ahead to the Federal Reserve's two-day meeting on monetary policy starting on Tuesday for further clues
on the timing of the next U.S. interest rate hike.

The Fed indicated last month that at least three rate increases were in the offing for 2017. However,
traders remained unconvinced. Instead, markets are pricing in just two rate hikes during the course of this
year, according to Investing.coms Fed Rate Monitor Tool. The U.S. dollar index, which measures the
greenbacks strength against a trade-weighted basket of six major currencies, was down 0.1% at 100.30 in
European morning trade, pulling back from the prior session's peak of 100.81. Also on the Comex, silver
futures for March delivery inched up 6.6 cents, or 0.4%, to $ 17.21 a troy ounce. Meanwhile, platinum
tacked on 0.2% to $995.30, while palladium climbed around 1.6% to $749.92 an ounce. Elsewhere in
metals trading, copper futures rose 2.3 cents, or 0.9%, to $2.678 a pound.

Gold prices were higher in European morning trade on Monday, starting the week off with gains as the
dollar slumped after immigration curbs introduced by U.S. President Donald Trump heightened concerns
about the impact of the new administration's policies on trade and the economy. Gold futures for April
delivery on the Comex division of the New York Mercantile Exchange rose $ 2.35, or around 0.2%, to $
1,193.45 a troy ounce by 3:00AM ET. Trump on Friday put a four-month hold on allowing refugees into
the U.S. and temporarily barred travelers from Syria and six other Muslim-majority countries, saying the
moves would help protect Americans from terrorist attacks. The executive order led to huge protests in
many U.S. cities and raised worries about the potentially destabilizing impact of Trump's policies.
Headlines from Washington will most likely continue to dictate market sentiment this week, as traders
focus on Trump for further details on his promises of tax reform, infrastructure spending and deregulation
as well as trade policies. The U.S. dollar index, which measures the greenbacks strength against a trade-
weighted basket of six major currencies, was down 0.1% at 100.46 in European morning trade. Lackluster
U.S. fourth-quarter growth figures also weighed on the greenback as it dampened expectations for a faster
rate of interest rate hikes this year. The annual rate of economic growth slowed to 1.9% in the three
months to December the Commerce Department reported Friday, slowing sharply from the 3.5% rate of
growth seen in the third quarter. The slowdown in growth prompted speculation that the Federal Reserve
will avoid hiking interest rates too quickly. Gold is highly sensitive to rising U.S. rates, which increase the
opportunity cost of holding the non-yielding asset. Global financial markets will be busy with central bank
meetings in the week ahead, with policy decisions due in the U.S., U.K. and Japan. Investors will also
keep an eye out on key economic data, with the monthly U.S. employment report and euro zone inflation
data in the spotlight. Also on the Comex, silver futures for March delivery inched up 5.2 cents, or 0.3%, to
$ 17.18 a troy ounce. Meanwhile, platinum futures tacked on 0.2% to $ 985.25, while palladium futures
shed around 0.9% to $ 732.20 an ounce. Elsewhere in metals trading, copper futures rose 0.6 cents, or
0.2%, to $ 2.694 a pound.

Gold ended little changed on Friday, after weaker-than-expected figures on U.S. fourth quarter growth
dampened expectations for a faster rate of interest rate hikes this year. Gold for April delivery settled at
$1,190.0 on the Comex division of the New York Mercantile Exchange.

The precious metal was 1.35% lower for the week, as the stronger U.S. dollar weighed. The annual rate of
economic growth slowed to 1.9% in the three months to December the Commerce Department reported
Friday, slowing sharply from the 3.5% rate of growth seen in the third quarter. The economy grew just
1.6% in 2016 as a whole, the slowest rate of growth since 2011. The slowdown in growth prompted
speculation that the Federal Reserve will avoid hiking interest rates too quickly. Investors also remained
cautious as they pondered the economic implications of President Donald Trump's pledges of increased
fiscal spending, tax cuts and protectionism. Elsewhere in precious metals trading, silver was at $17.16 a
troy ounce late Friday and ended the week little changed. Copper was trading at $2.69 a pound late Friday
and ended the week up 2.86%, and platinum was up 0.69% on the day at $ 988.45 an ounce. In the week
ahead, markets will be paying close attention to Fridays U.S. nonfarm payrolls report for January as well
as Wednesdays policy statement by the Fed. Investors will also be watching central bank meetings in
Japan and the UK. Ahead of the coming week, Investing.com has compiled a list of these and other
significant events likely to affect the markets.

Monday, January 30

Financial markets in China will be closed for the Lunar New Yearholiday.

In the euro zone, Germany is to release preliminary data on inflation.

The U.S. is to release figures on personal income and spending as well as a report on pending home sales.

Tuesday, January 31

Markets in China will be closed for the Lunar New Year holiday.The Bank of Japan is to announce its
benchmark interest rate and publish a policy statement which outlines economic conditions and the factors
affecting the monetary policy decision. The announcement is to be followed by a press conference. The
euro zone is to release preliminary estimates of consumer price inflation and fourth quarter GDP.

European Central Bank President Mario Draghi is to speak at an event in Frankfurt.

Canada is to publish its monthly report on GDP.

The U.S. is to release private sector data on consumer confidence.

Bank of Canada Governor Stephen Poloz is to speak at an event in Alberta.

Wednesday, February 1

Markets in China will remain shut for the Lunar New Year holiday.

China is to release survey data on manufacturing and service sector activity.

New Zealand is to publish its quarterly employment report.

The UK is to release data on manufacturing activity.

The European Commission is to publish its latest economic forecasts for the European Union.

The U.S. is to release the ADP nonfarm payrolls report for January and the Institute for Supply
Management is to release its manufacturing PMI.

The Federal Reserve is to announce its benchmark interest rate and publish a monetary policy statement.

Thursday, February 2

Markets in China will remain shut for the Lunar New Year holiday.

Australia is to release data on building approvals and the trade balance.

The UK is to release data on manufacturing activity.

The Bank of England is to announce its benchmark interest rate and publish the minutes of its monetary
policy meeting along with its quarterly inflation report. BoE Governor Mark Carney, along with other
policymakers will also hold a press conference to discuss the inflation report.

ECB President Mario Draghi is to speak at an event in Slovenia.

The U.S. is to publish data on initial jobless claims and labor costs.

Friday, February 3

China is to publish its Caixin manufacturing PMI.

The UK is to release data on manufacturing activity.

Chicago Fed President Charles Evans is to speak.

The U.S. is to round up the week data on factory orders and the non-farm payrolls report for January,
while the ISM is to release its services PMI.

ENERGY

Oil prices edged up on Monday on fears that new U.S. sanctions against Iran could be extended to start
affecting crude supplies, but markets were capped by further signs of growing U.S. production. Tensions
between Tehran and Washington have risen since a recent Iranian ballistic missile test which prompted
U.S. President Donald Trump's administration to impose sanctions on individuals and entities linked to
the Revolutionary Guards. crude futures LCOc1 , the international benchmark for oil prices, were trading
at $56.86 per barrel at 0037 GMT, up 5 cents from their last close. U.S. West Texas Intermediate futures
CLc1 were up 5 cents at $ 53.88 a barrel. Traders said the strain between Tehran and the United States
raised concerns that U.S. sanctions could be tightened further to impact Iranian oil exports, which were
only allowed to return to normal last year. "The move by the U.S. to impose new restrictions on Iran for
testing a ballistic missile ... does raise the risk of further tensions disrupting supply, "This was countered
somewhat by data showing another strong rise in rig activity in the U.S.," it added. U.S. energy companies
added oil rigs for a 13th week in the last 14, extending a nine-month recovery as drillers take advantage of
crude prices that have held mostly over $ 50 a barrel since OPEC agreed to cut supplies in late November.
Drillers added 17 oil rigs in the week to Feb. 3, bringing the total count up to 583, the most since October
2015, energy services firm Baker Hughes Inc BHI.N said on Friday. rising U.S. production, led by shale
drillers, dims efforts led by the Organization of the Petroleum Exporting Countries and other producers
like Russia to end global oversupply by cutting their output by a planned average of almost 1.8 million
barrels per day during the first half of the year. OPEC's efforts to shield its biggest and fastest growing
markets in Asia from the cuts are also undermining a rebalancing of the market, traders have said, as
OPEC cuts exports to regions in Europe and North America where demand growth is slower or where
other suppliers are more dominant. over efforts so far to re-balance the market is reflected in price
movements this year. Despite the OPEC-led cuts being enacted from the beginning of 2017, Brent crude
futures are 2.6 percent below their peaks in early January.

Oil futures finished higher on Friday, logging a weekly gain, as traders cheered signs that global supply
was beginning to tighten in wake of a planned agreement by major crude producers to cut output.

News that the U.S. imposed fresh sanctions on some Iranian individuals and entities, days after the White
House put Tehran "on notice" over a ballistic missile test, further supported gains. On the ICE Futures
Exchange in London, Brent oil for April delivery tacked on 25 cents, or about 0.5%, to settle at $56.81 a
barrel by close of trade Friday. Prices climbed to a four-week high of $57.45 in the prior session. London-
traded Brent futures scored a gain of $1.36, or approximately 2.4%, on the week. Elsewhere, on the New
York Mercantile Exchange, crude oil for delivery in March rose 29 cents, or around 0.6%, to end at $
53.83 a barrel by close of trade. On Thursday, Nymex futures touched a high of $ 54.34, a level not seen
since January 3. For the week, New York-traded oil futures gained 66 cents, or about 1.2%, the third
straight weekly rise. Oil was boosted after Russian Energy Minister Alexander Novak said that crude
producers had cut their output as agreed under a deal with OPEC, adding to signs of compliance with a
global pact to scale back production. Novak said that Russian companies might cut oil production more
quickly than required by its deal with late last year. He added that 1.4 million barrels per day was already
cut from global oil output last month as part of the deal. January 1 marked the official start of the deal
agreed by OPEC and non-OPEC member countries such as Russia in November last year to reduce output
by almost 1.8 million barrels per day to 32.5 million for the next six months. The deal, if carried out as
planned, should reduce global supply by about 2%.

Futures have been trading in a narrow range around the mid-$50s over the past month as sentiment in oil
markets has been torn between hopes that oversupply may be curbed by output cuts announced by major
global producers and expectations of a rebound in U.S. shale production. Oilfield services provider Baker
Hughes said late Friday that the number of rigs drilling for oil in the U.S. increased by 17 last week, the
13th gain in 14 weeks. That brought the total count to 583, the most since November 2015. The data
raised concerns that the ongoing rebound in U.S. shale production could derail efforts by other major
producers to rebalance global oil supply and demand. Elsewhere on Nymex, gasoline futures for March
rose 2.0 cents, or nearly 1.4% to $1.553 a gallon. It ended up about 1.8% for the week. March heating oil
added 1.3 cents, or 0.8%, to finish at $1.665 a gallon. For the week, the fuel gained around 2.9%.

Natural gas futures for March delivery slipped 12.4 cents, or almost 4%, to $3.063 per million British
thermal units. It posted a weekly loss of around 9.7%. In the week ahead, market participants will eye
fresh weekly information on U.S. stockpiles of crude and refined products on Tuesday and Wednesday to
gauge the strength of demand in the worlds largest oil consumer. Traders will also continue to pay close
attention to comments from global oil producers for further evidence that they are complying with their
agreement to reduce output this year.

Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely
to affect the markets.

Tuesday, February 7

The American Petroleum Institute, an industry group, is to publish its weekly report on U.S. oil supplies.

Wednesday, February 8

The U.S. Energy Information Administration is to release weekly data on oil and gasoline stockpiles.

Thursday, February 9

The U.S. EIA is to produce a weekly report on natural gas supplies in storage.

Friday, February 10

Baker Hughes will release weekly data on the U.S. oil rig count.

Oil prices rose on Friday after the United States imposed sanctions on some Iranian individuals and
entities, days after the White House rebuked Tehran for a ballistic missile test. The strong U.S. January
jobs figure was also supportive, as it suggests ongoing strength in energy demand. Front-month U.S. West
Texas Intermediate crude futures CLc1 settled up 29 cents, or 0.5 percent, to $53.83. The contract gained
more than 1 percent for the week. Brent crude futures LCOc1 settled 25 cents higher at $56.81 a barrel,
giving it a 2 percent gain on the week, the first significant weekly rise this year. Volume in U.S. crude
futures on Friday was relatively low, with about 440,000 contracts changing hands by 3:30 p.m. EST,
short of the 200-day moving average of 528,000 contracts a day. The consensus is that Iran supported the
market, but I think that it's probably more on the stronger jobs report leading to higher demand in the near
term. U.S. job growth surged more than expected in January as construction firms and retailers ramped up
hiring. Nonfarm payrolls were up by 227,000, with the unemployment rate edging up to 4.8 percent. the
sanctions, announced by the U.S. Treasury, 13 individuals and 12 entities cannot access the U.S. financial
system or deal with U.S. companies. They are also subject to "secondary sanctions," which means foreign
companies and individuals are prohibited from dealing with them, or risk being blacklisted by the United
States. is the first move by the administration of President Donald Trump against Iran. It follows his vows
during the 2016 campaign to get tough on Tehran. The news added to volatility in what had already been a
day of choppy trading. Analysts said the market is torn between promised cuts from the Organization of
the Petroleum Exporting Countries and fears over rising U.S. shale oil production. the market is taking
these actions in stride so far as unlikely to result in a larger military conflict that would put Persian Gulf
crude oil supplies at risk, the odds of that scenario are certainly higher than a week ago," wrote Timothy
Evans, energy analyst at Citi Futures in New York.

U.S. oil moved higher on Friday, after the U.S. administration threatened to impose new sanctions on Iran
following a missile test by Tehran, fueling concerns over fresh geopolitical tensions between the two
countries. U.S. crude futures for March delivery were up 0.39% at $53.76 a barrel, just off Thursdays
five-week highs of $54.34 a barrel.

On the ICE Futures Exchange in London, the April Brent contract gained 0.41% to trade at $56.79 a
barrel, close to the previous sessions five-week peak of $57.45. Oil prices were boosted after U.S.
President Donald Trump suggested the possibility of imposing new sanctions on multiple Iranian entities,
seeking to increase pressure on Tehran.

The warning came after a ballistic missile test was carried out by Iran.

Prices also strengthened after Russia's energy minister said global oil output was cut by 1.4 million barrels
per day last month as part of the deal last year between OPEC and other producers. January 1 marked the
official start of the deal agreed by OPEC and non-OPEC member countries such as Russia in November
last year to reduce output by almost 1.8 million barrels per day. If carried out as planned, the deal should
reduce global supply by about 2 per cent.

Oil prices edged lower on Thursday, giving back early gains as traders grew less concerned about tensions
between the United States and Iran. U.S. President Donald Trump said on Thursday in a tweet that Iran
had been "put on notice" after the country tested a ballistic missile. morning trade, crude prices briefly
climbed to their highest levels since early January due in part to the tough talk over the missile test since
the possibility of a confrontation in the Gulf region could put world oil supplies at risk. "Once it did not
seem like a conflict was in the offing, prices leveled off. Brent LCOc1 futures fell 24 cents, or 0.4 percent,
to settle at $ 56.56 a barrel, while U.S. West Texas Intermediate crude CLc1 fell 34 cents, or 0.6 percent,
to settle at $ 53.54. U.S. gasoline futures RBc1 fell 2.9 percent. "The big action on Thursday was in the
products market. noting that U.S. gasoline inventories were within 1 percent of the record set a year ago.
producers from the Organization of the Petroleum Exporting Countries and other exporters were
following through on their agreements to cut output to reduce a global supply glut also boosted oil prices
earlier. Russian oil output contracted in January by 100,000 bpd, Energy Ministry data showed. Earlier
this week, a Reuters survey found most key oil producers were sticking to the deal, with compliance
above 80 percent. OPEC and other exporters agreed last year to reduce supplies by a combined 1.8 million
barrels per day to prop up prices that remain at about half their mid-2014 levels.

OPEC and non-OPEC producer Russia, however, are shielding Asian customers from those supply cuts
and instead have reduced deliveries to Europe and the Americas. crude prices in recent months have
prompted U.S. energy producers to drill for more oil. U.S. crude inventories USOILC=ECI rose last week
by 6.5 million barrels to 494.76 million barrels, the Energy Information Administration said on
Wednesday, far exceeding forecasts for an increase of 3.3 million barrels. Crude inventories in the United
States, the world's biggest oil consumer, have been near record highs for much of the past year and
domestic production is rising as U.S. companies drill for shale oil.

Oil prices edged up on Friday on news that U.S. President Donald Trump could be poised to impose new
sanctions on multiple Iranian entities, firing geopolitical tensions between the two nations.

Reuters reported that the U.S. administration is prepared to roll out new measures against more than two
dozen Iranian targets following Tehran's ballistic missile test, according to sources, but the package was
formulated in a way that would not violate the 2015 Iran nuclear deal. crude for March delivery CLc1 was
up 37 cents at $ 53.91 a barrel, after settling down 34 cents on Thursday. For the week, the contract is up a
little over 1 percent. London Brent crude had yet to trade after settling down 24 cents at $56.56. Global oil
output was cut by 1.4 million barrels per day last month, Russian energy minister Alexander Novak said,
as part of the deal last year between the Organization of the Petroleum Exporting Countries and other
producers led by Russia. said Russian companies may cut oil production quicker than had been initially
agreed with OPEC and added that he expected the market to rebalance by the middle of this year.

Oil prices fell on Thursday after official data showed U.S. crude and gasoline stockpiles rose sharply,
although signs that OPEC and other producers are holding the line on output cuts are helping support
prices. Brent crude futures LCOc1 fell 28 cents, or 0.5 percent, to $ 56.52 a barrel as of 0410 GMT after
settling up $ 1.22 in the previous session. Front month futures for West Texas Intermediate CLc1 were
down 33 cents, or 0.6 percent, at $ 53.55 after climbing $ 1.07 at the day before. U.S. crude stocks
USOILC=ECI grew last week by an unexpected 6.5 million barrels to 494.76 million barrels, the Energy
Information Administration said on Wednesday, as refiners let stocks build further in a seasonally slow
season for production. The build in stocks far exceeded analysts' expectations for an increase of 3.3
million barrels. "Obviously we saw some solid gains in prices in the previous session so there might be a
little bit of profit-taking in the Asian session after the market rallied unexpectedly. "But prices are still
very much range-bound. Gasoline stocks USOILG=ECI climbed by 3.9 million barrels, compared with
analyst expectations in a Reuters poll for a 1-million barrel gain. Gasoline demand has been seasonally
weak, down 5.7 percent from a year ago over the past four weeks. But prices were underpinned by
indications that producers from the Organization of the Petroleum Exporting Countries and others are
curbing output and geopolitical tensions between the United States and Tehran after Iran's latest missile
test. this week, a Reuters survey found high compliance by OPEC with agreed cuts. The curbs follow last
year's agreement to lower supplies by a combined 1.8 million bpd to prop up prices that remain at about
half their mid-2014 levels. That came even as oil production growth in the Middle East is set to remain
strong, adding 2.44 million bpd during 2017-2021, a report by energy consultancy BMI Research said on
Thursday. Growth will be led by the national oil companies and supported by a large proven reserves base
and low cost structures. Production in North America will return to growth in 2017, the report added.

U.S. oil fell on Thursday after official data showed U.S. crude and gasoline stockpiles rose sharply,
although signs that OPEC and other producers are holding the line on output cuts are helping support
prices.

Front month futures for West Texas Intermediate CLc1 were down 34 cents at $53.54 a barrel at 0016
GMT on Thursday. They rose $1.07 to close at $53.88 the day before. Trading of Brent crude LCOc1 had
not started. The contract settled up $1.22 a barrel at $56.80 on Wednesday.

U.S. crude stocks grew last week, along with gasoline and distillate inventories, the Energy Information
Administration said on Wednesday, as refiners let stocks build further in a seasonally slow season for
production. Crude inventories USOILC=ECI rose 6.5 million barrels in the week to Jan. 27, far exceeding
analyst expectations for an increase of 3.3 million barrels. Gasoline stocks USOILG=ECI climbed by 3.9
million barrels, compared with analyst expectations in a Reuters poll for a 1-million barrel gain. Gasoline
demand has been seasonally weak, down 5.7 percent from a year ago over the past four weeks. But
indications that producers from the Organization of the Petroleum Exporting Countries and others
including Russia are curbing output helped underpin prices. Russia cut production in January by around
100,000 barrels per day, according to data seen by Reuters. Earlier this week, a Reuters survey found high
compliance by OPEC with agreed cuts. The curbs follow last year's agreement to lower supplies by a
combined 1.8 million bpd to prop up prices that remain at about half their mid-2014 levels.

Crude oil futures rallied late on Wednesday, jumping more than $ 1 a barrel on geopolitical concerns after
Iran confirmed a ballistic missile test and bulls found support in reports on production cuts.

Oil futures pared gains immediately after weekly U.S. supply data showed a much bigger build than
expected, but prices rebounded. Approaching the settlement, prices rallied on concerns about tensions
between the United States and Iran. prices were buoyed by reports that Russia and Iraq were complying
with output cut agreements.

Brent crude LCOc1 settled up $1.22 a barrel at $56.80. U.S. crude CLc1 settled up $ 1.07 at $ 53.88.
"Obviously the Trump administration is taking a harder line on Iran and that will put some premium into a
market. "We're seeing a historic amount of compliance to these production cuts." Oil markets have been
trapped in a range as traders wait to see whether OPEC production cuts can outweigh U.S. supply growth.
"U.S. crude could be in consolidation from $51 to $55 for a while, until there's more evidence on OPEC
production cuts or more evidence of production picking up or stabilizing in the U.S.,". U.S. crude
stockpiles for the week ended Friday rose 6.47 million barrels, nearly double the expected increase. The
larger-than expected build initially exacerbated concerns that efforts to cut production globally may not be
sufficient to reduce a supply glut. "It was a very bearish report on several fronts, from the large across-
the-board builds in the major categories, and the continued decline in refinery runs. "Crude oil imports
were elevated again, as well, with the Gulf Coast seeing a big increase in crude oil inventories." Still, data
in the report also suggested U.S. production could be lower in the week, Baruch said. That energized bulls
to push crude upward, he said. Russia cut production in January by around 100,000 barrels per day,
according to data seen by Reuters. A day earlier, a Reuters survey found high compliance by OPEC with
agreed cuts. "Any hopes of a sustained recovery in price will depend on increasing efforts by OPEC to
curb output, though the prospect of an upside breakout will be undermined by the budding revival in U.S.
crude production," The cuts by Russia and the Organization of the Petroleum Exporting Countries follow
last year's agreement to lower supplies by a combined 1.8 million bpd to prop up prices that still are half
their mid-2014 levels. A Russian cut of 100,000 bpd would be a third of Moscow's pledge to reduce its
output by 300,000 bpd. However, Russia has said its planned output reduction would be gradual. OPEC
has implemented most of its reduction. A Reuters survey on Tuesday found that OPEC members in
January have delivered on about 82 percent of their deal to lower supply by 1.16 million bpd. data now
coming out for the first month affected by the OPEC and non-OPEC output cuts, it appears fairly safe to
say that compliance with the pledged reduction has been relatively high," analysts at JBC Energy said in a
report.

Oil was higher Wednesday ahead of U.S. official stockpile data later in the session. Brent crude was up 39
cents, or 0.70%, at $55.97 at 08:00 ET. U.S. crude added 31 cents, or 0.59%, to $ 53.12. American
Petroleum Institute API weekly figures Tuesday showed a rise of 5.8 million barrels in crude stocks in the
latest week. Energy Information Administration weekly figures are forecast to show a rise in U.S. crude
inventories of 3.289 million barrels. The market was underpinned by solid Chinese manufacturing data in
January, which suggested sustained demand for oil. Support also came from signs of strong compliance
with output cuts by major producers. OPEC and non-OPEC producers plan to cut output by some 1.8
million barrels a day in the first half of this year. However, concerns remain about a pick-up in U.S.
drilling activity, which could curtail the impact of those cuts.

India's annual oil imports from Iran surged to a record high in 2016 as some refiners resumed purchases
after the lifting of sanctions against Tehran, according to ship tracking data and a report compiled by
Thomson Reuters Oil Research and Forecasts. The sharp increase propelled Iran into fourth place among
India's suppliers in 2016, up from seventh position in 2015. It used to be India's second-biggest supplier
before sanctions. For the year, the world's third biggest oil consumer bought about 4,73,000 barrels per
day of oil from Iran to feed expanding refining capacity, up from 208,300 bpd in 2015, the data showed.
In December, imports from Iran more than doubled from a year earlier to about 546,600 bpd. In 2015
refiners had slowed purchases due to sanctions which choked payment routes, insurance and halved Iran's
exports. Indian refiners Reliance Industries RELI.NS , Hindustan Petroleum HPCL.NS , Bharat Petroleum
BPCL.NS and HPCL-Mittal Energy Ltd last year resumed imports from Tehran, attracted by the discount
offered by Iran. "In most of 2016 there was a fight among Gulf producers to increase their market share
and lifting of sanctions against Iran has intensified that fight," In April-December, the first nine months of
this fiscal year, Iranian supplies to India averaged a record 530,300 bpd, up from about 400,000 bpd
before sanctions tightened against Tehran.

India's 2016 Iranian oil imports were the highest in at least six years, according to the Reuters data.
Government data going back over a longer period shows the average was the highest since the 2001-02
fiscal year. Overall, India imported 4.3 million bpd oil in 2016, up 7.4 percent from the previous year.

Oil dipped on Wednesday, weighed by ongoing high supplies despite an OPEC-led production cut, but
prices remained within a narrow range that has bound the market since late January. Brent crude futures
LCOc1 , the international benchmark for oil prices, were trading at $55.48 per barrel at 0140 GMT, down
10 cents from their last close.

U.S. West Texas Intermediate crude futures CLc1 were at $52.73 a barrel, down 8 cents. The
Organization of the Petroleum Exporting Countries has said it will cut production by around 1.2 million
barrels per day in the first half of 2017 in an effort to end global over-production that has dogged markets
for over two years. Other producers, including Russia, have pledged to cut another 600,000 bpd in output.
A Reuters survey published late on Tuesday showed that OPEC's output fell by over 1 million bpd in
January to 32.27 million bpd between December and January. a good start...to cut production to bring the
market back toward balance. But McKenna added that there were still "some questions about whether or
not OPEC will achieve its goals" to cut even deeper and for the full period of the first half of 2017. With
uncertainty over the final outcome of OPEC's cuts and also little known so far regarding Russia's
commitments to its supply reductions, crude futures have been range-bound, trading within a $2 per barrel
range over the past week, and within $1.25 a barrel since Monday. Reuters' technical commodity analyst
Wang Tao said that both Brent and WTI price signals were mixed, with bullish and bearish drivers largely
offsetting each other.

Oil prices rose on Tuesday after news OPEC oil production has fallen sharply this month, pointing to a
strong start by the exporter group in implementing its first supply cut deal in eight years. Reuters survey
showed on Tuesday crude oil supply from the 11 OPEC members with production targets averaged 30.01
million barrels per day in January, versus 31.17 million in December. the Organization of the Petroleum
Exporting Countries achieved 82 percent compliance with its promised production cuts, well above most
market forecasts. Compliance comfortably exceeds the initial 60 percent achieved when a similar deal was
implemented in 2009, and the survey adds to indications that adherence so far has been high. "This is very
high, a good number," an OPEC source said of the January compliance estimate. Brent crude oil LCOc1
was up 50 cents a barrel at $55.73 by 1455 GMT. U.S. light crude CLc1 was up 60 cents at $53.23. Both
benchmarks have traded within fairly narrow ranges over the last two months, since OPEC and other big
exporters agreed to cut output by almost 1.8 million bpd in an attempt to clear a global glut. After an
initial price rise on hopes that markets would rebalance quickly, Brent and U.S. crude futures have both
been held back by evidence of higher U.S. oil drilling and forecasts of a rebound in shale production. U.S.
shale output is slowly increasing, helping keep a lid on prices. Brent has been close to $ 55 a barrel and
U.S. crude not far from $52.50 for most of January. "OPEC adherence to production targets has been
strong," said U.S. investment bank Jefferies, but added that U.S. drilling "activity levels are already
picking up". Following months of increased drilling, U.S. oil production C-OUT-T-EIA has risen by 6.3
percent since July last year to almost 9 million bpd, according to data from the U.S. Energy Information
Administration.

Brent crude oil prices fell around 5 percent from their early January peak as rising U.S. drilling activity
offset efforts by OPEC and other producers to cut output in an effort to prop up the market. Brent crude
futures LCOc1 , the international benchmark for oil prices, were trading at $ 55.25 per barrel at 0112
GMT, virtually unchanged from their last close. U.S. West Texas Intermediate crude futures CLc1 were at
$52.58 a barrel, down 5 cents from their previous settlement. However, Brent sagged over 5 percent since
its peak in early January and WTI is down over 2.5 percent, reflecting a sentiment that efforts led by the
Organization of the Petroleum Exporting Countries to cut output by almost 1.8 barrel per day in order to
end overproduction were so far not big enough to offset rising U.S. drilling. "Crude oil prices continued to
struggle as traders remained concerned about increasing drilling activity in the U.S. Following months of
rising drilling activity, U.S. oil production C-OUT-T-EIA has risen by 6.3 percent since July last year to
almost 9 million bpd, according to data from the U.S. Energy Information Administration. U.S. bank
Goldman Sachs estimates that year-on-year U.S. oil "production will rise by 290,000 bpd in 2017" if a
backlog on rigs that are still to become operational is accounted for.
Oil prices fell on Monday as news of another weekly increase in U.S. drilling activity had oil forecasters
concerned that production cuts from other producing nations may not reduce the global supply glut as
much as had been hoped. Global benchmark Brent crude oil prices LCOc1 settled down 29 cents at
$55.23 a barrel, while U.S. crude futures CLc1 settled down 54 cents at $ 52.63. The number of active
U.S. oil rigs rose last week to the highest level since November 2015, according to Baker Hughes data,
with drillers encouraged by oil prices above $50 a barrel.

The Organization of the Petroleum Exporting Countries and other producers including Russia agreed to
cut output by almost 1.8 million barrels per day in the first half of 2017 to relieve a two-year supply
overhang. First indications of compliance to that deal show members have cut production by 900,000
barrels per day in January, according to Petro-Logistics, which tracks OPEC supply. Reuters' most recent
survey indicated that OPEC production declined slightly in December. The data from Petro-Logistics
suggests only 75 percent of the targeted cuts would be met. "There's an apprehension about how big that
cutback is going to be versus the strength in U.S. crude production, "That gap is a little narrower than
folks had anticipated more recently." As a result, oil may have enough support to stay just above $ 50 a
barrel but not get much higher than that, The cuts have encouraged drillers in low-cost U.S. shale
producing regions to ramp up activity, which will temper any price gains. The oil market also declined as
downward pressure weighed on global markets facing uncertainty after sweeping U.S. regulatory changes.
As we see weakness in the equities, it's carrying over into other sectors like energy and even the grain
markets, "The dollar index was also quite strong all day, which also weighs on prices." Analysts at J.P.
Morgan said they saw a rise in oil prices beyond $ 60 a barrel in 2018 as unlikely. "For prices to be
supported above $ 60/bbl in 2018 would likely require continued OPEC output reductions that continue to
tighten the market beyond Q3 '17 - something that looks unlikely at this juncture," they said in a report to
clients.

Oil was mixed Monday on concerns increased U.S. supply could curtail the positive impact of output cuts
agreed by other producers. Brent crude was off 4 cents, or 0.07%, at $55.66 at 08:00 ET. U.S. crude added
6 cents, or 0.11%, to $ 53.23. Baker Hughes weekly data Friday showed an increase in the number of rigs
operating in the U.S. of 15 to 556. That was the highest level since November 2015. OPEC and non-
OPEC producers have agreed to cut output by some 1.8 million barrels a day in the first half of this year.

BASE METALS OUTLOOK :

BASE METAL GUIDE -

Trading Ideas:

Nickel trading range for the day is 675-701.8.

Nickel prices fell tracking LME prices dropped in heavy volumes as Chinese markets reopened
after a week-long break.
 But prices ended with almost 7-percent weekly gain after the Philippines said it would
permanently close half its nickel production.

The Philippines mine closures will offset the recent Indonesian decision to lift a ban on exports of
nickel that could add 150,000 tonnes of nickel to the market.

Zinc

Zinc trading range for the day is 183.3-191.9.

Zinc prices dropped after China wrong-footed investors and boosted interest rates, sparking
concern about a clampdown on speculators.

China's central bank to raise short-term interest rates on the first day back from a long holiday, in a
further sign of a tightening policy bias.

Zinc weekly stocks at Shanghai exchange came down by 142 tonnes

Copper

Copper trading range for the day is 381.3-399.3.

Copper dropped as BHP Billitons Escondida mine in Chile, has resumed work as the company
has requested government mediation to avoid a looming strike.

The latest data from the International Copper Study Group showed the refined market recorded a
surplus of 48,000 tonnes in October.

SHFE stocks at 212,925 tonnes are down from their peak of 394,777 tonnes from late in March.

BASE METAL

COPPER

Prices fell by 0.21 per cent to Rs. 406.20 per kg in futures trading as participants engaged in reducing
their positions, tracking a weak trend at spot market on subdued demand. At the Multi Commodity
Exchange, copper for delivery in far-month April declined by 85 paise or 0.21 per cent to Rs. 406.20 per
kg in business turnover of four lots. Likewise, the metal for delivery in February contracts eased by 55
paise, or 014 per cent to Rs. 403.85 per kg in 383 lots. Analysts attributed the fall in copper futures to
sluggish demand at domestic spot market.
 LEAD

Amid pick up in demand from consuming industries at spot market, lead prices were up by 0.29 per cent
to Rs 156 per kg in futures trade as speculators built up fresh positions. At the Multi Commodity
Exchange, lead for delivery in February edged up by 45 paise, or 0.29 per cent to Rs 156 per kg in
business turnover of 69 lots. Likewise, the metal for delivery in January contracts was up by 35 paise, or
0.22 per cent to Rs 156.60 per kg in 627 lots. Market analysts said fresh positions created by traders due
to pick up in demand from battery-makers in the spot market, mainly led to rise in lead prices at futures
trade.

COPPER

Prices fell by 0.21 per cent to Rs 406.20 per kg in futures trading as participants engaged in reducing their
positions, tracking a weak trend at spot market on subdued demand. At the Multi Commodity Exchange,
copper for delivery in far-month April declined by 85 paise or 0.21 per cent to Rs 406.20 per kg in
business turnover of four lots. Likewise, the metal for delivery in February contracts eased by 55 paise, or
014 per cent to Rs 403.85 per kg in 383 lots. Analysts attributed the fall in copper futures to sluggish
demand at domestic spot market.

LEAD

Amid pick up in demand from consuming industries at spot market, lead prices were up by 0.29 per cent
to Rs 156 per kg in futures trade as speculators built up fresh positions. At the Multi Commodity
Exchange, lead for delivery in February edged up by 45 paise, or 0.29 per cent to Rs 156 per kg in
business turnover of 69 lots. Likewise, the metal for delivery in January contracts was up by 35 paise, or
0.22 per cent to Rs 156.60 per kg in 627 lots. Market analysts said fresh positions created by traders due
to pick up in demand from battery-makers in the spot market, mainly led to rise in lead prices at futures
trade.

COPPER

Copper prices rose by 0.12 per cent to Rs 380.90 per kg in futures trading on Friday as traders engaged in
enlarging their positions, tracking a firm trend at spot market on rising demand. At the Multi Commodity
Exchange, copper for delivery in February went up by 45 paise, or 0.12 per cent, to Rs 380.90 per kg in
business turnover of 961 lots. Similarly, the metal for delivery in far-month April was trading higher by
40 paise, or 0.10 per cent, to Rs 384.25 per kg in 5 lots. Analysts said widening of positions by
participants on the back of rising demand from consuming industries at domestic spot market, mainly kept
copper prices higher at futures trade.
 NICKEL

Falling for the second day, nickel prices shed 0.24 per cent to Rs 699.60 per kg in futures market as
participants engaged in reducing their positions amid subdued demand in the spot market. At the Multi
Commodity Exchange, nickel for delivery in February drifted lower by Rs 1.70, or 0.24 per cent to Rs
699.60 per kg in a business turnover of 3 lots. Likewise, the metal for delivery in January traded lower by
Rs 1.10, or 0.16 per cent to Rs 695 per kg in 701 lots. Analysts said, offloading of positions by traders
following easing demand from alloy-makers in the spot market, mainly kept nickel prices lower at futures
trade.

ZINC

Zinc prices drifted lower by 0.37 per cent to Rs 176.35 per kg in futures trade as traders engaged in
trimming their positions, taking negative cues from spot market on fall in demand from consuming
industries. At the Multi Commodity Exchange, zinc for delivery in January declined by 65 paise, or 0.37
per cent, to Rs 176.35 per kg in a business turnover of 477 lots. In a similar fashion, the metal for delivery
in February shed 40 paise, or 0.23 per cent, to Rs 176.85 per kg in 2 lots. Market analysts said offloading
of positions by participants owing to slackened demand from consuming industries in the spot market,
kept zinc prices down at futures trade.

NCDEX - WEEKLY MARKET REVIEW

FUNDAMENTALS

Finance Minister Arun Jaitley has proposed integrating the commodity spot and derivatives markets,
stating in his Budget speech that the commodities markets require further reforms for the benefit of
farmers. An expert committee will be constituted to study and promote creation of an operational and
legal framework to integrate the spot and derivatives markets for commodities trading. E-NAM, the
electronic integration of all Agriculture Produce Market Committees on a single national electronic
platform, will be an integral part of such a framework. E-NAM, however, is yet to replicate Karnatakas
success in other states.

The Central government Wednesday quietly withdrew a Rs. 4,500 crore subsidy that it gave to states for
distribution of subsidised sugar through the public distribution system which many said would from now
onwards be the responsibility of the states. The allocation for 2017-18 under the head has been lowered to
Rs. 200 crore which is for payment of pending liabilities under the programme. The word subsidy, in
fact, found mention only once in the finance ministers speech when he referred to credit linked subsidy
for 1000 mini-labs to be set up by qualified local entrepreneurs called Krishi Vigyan Kendras for testing
 of soil samples and their nutrient level. The overall subsidy burden on the government would go up
marginally by 5 per cent in 2017-18. Food subsidy is estimated to be about 8 per cent higher next year at
Rs. 145,338.60 crore.

SUGAR

Sugar production updates continue to point downwards. With Maharashtra and Karnataka, two important
states for production, being impacted by low rain, the output is likely to decline for the second year. This
has led to a rally in sugar prices. CARE Ratings says prices were Rs. 35-Rs. 35.8 a kg between September
1 and December 22, 2016. These rose to Rs. 37.5 a kg by January 6 and a high of Rs. 39 a kg on January
13. This was reflected in stock prices; many companies based in Uttar Pradesh, such as Balrampur Chini
and Dwarikesh Sugar, hit 52-week highs.

Raw sugar futures on ICE rallied to a 2-1/2-month high on Friday, on support from chart-based buy
signals and expectations for demand from top consumer India, while the market made its biggest weekly
rise in four weeks. New York cocoa prices crept down to the lowest in four years, as abundant supplies
attracted speculative selling, while coffee futures were mixed. March raw sugar futures SBc1 settled up
0.56 cent, or 2.7 percent, at 21.11 cents per lb, attracting a flurry of buying around the settlement window
that triggered buy stops above the key level of 21 cents. This took prices to 21.4 cents, the highest since
mid-November for the spot contract, which closed the week up 3.8 percent. "It's partly technical; there's
investor interest. It's partially expectation that India could do something, referring to potential that the
country could lower import duties later this year. "And now, with a lower stocks-to-use ratio, the market
is much more sensitive to any increase in demand or potential supply disruptions."

Sugar prices spurted by up to Rs. 120 per quintal at the wholesale market in the national capital on
Thursday following brisk buying by retailers and bulk consumers to meet new month demand. Marketmen
attributed sharp rise in sweetener prices to increased offtake by bulk consumers and retailers, driven by
the beginning of a new month and ongoing wedding season. Besides, tight supplies from mills too
supported the rise in prices, they added. Sugar ready M-30 and S-30 prices shot up by Rs 120 each to end
at Rs 4,050-4,120 and Rs 4,040-4,110 per quintal. Mill delivery M-30 and S-30 prices also rose notably
by Rs 60 each to settle at Rs 3,700-3,800 and Rs 3,690-3,790 per quintal. In the millgate section, sugar
Mawana, Thanabhavan, Budhana, Dhanora, Dorala and Modinagar flared up by Rs 75 each to Rs 3,750,
Rs 3,745, Rs 3,750, Rs 3,745, Rs 3,750 and Rs 3,740 per quintal.

COTTON CAKE

Cotton cake are currently trading at Rs. 2,295 a quintal. While prices have seen a sharp rally, demand
from stockists has started fading. Also, profit booking is expected at higher levels, which coupled with
higher arrivals of Kapas and in turn cotton seed, could lead to prices moving lower towards Rs. 2,260 a
quintal.
 MUSTARD SEED

The price of mustard seeds at Jaipur is hovering near Rs. 4,207 a quintal. For the current week, prices are
expected to head towards Rs 4,150-4,100 and in the medium-term below Rs 4,000 a quintal. Prospects of
a 15.4 per cent year-on-year increase in production to 6.78 million tonnes might weigh on prices.
Negative crush margins are weighing on demand from processors as well.

WHEAT

Wheat sowing has neared the final stages and the acreage under the main rabi crop has gone up by 7.87
per cent to 315.55 lakh hectare with rains in some states boosting crop prospects. Barring rice and coarse
cereals, other crops were covered in wider area in the ongoing rabi season of 2016-17 crop year (July-
June). Sowing of rabi (winter) crops begins from October and harvesting from April. As per the data
released by the Agriculture Ministry, wheat acreage has increased to 315.55 lakh hectare as on today of
the current rabi season, from 292.52 lakh hectare in the year-ago period.

MENTHA OIL

Mentha oil futures fell 0.74 per cent to Rs 1,007.10 per kg on Monday as speculators locked-in gains at
prevailing levels amid increased arrivals in the physical market from major producing belts. At the Multi
Commodity Exchange, mentha oil for delivery this month declined by Rs 7.60, or 0.74 per cent, to Rs
1,007.10 per kg in a business turnover of 32 lots. Likewise, the oil for delivery in February was trading
lower by Rs 4.60, or 0.45 per cent, to Rs 1,023.30 per kg in 102 lots. The fall in mentha futures was
mostly due to profit- booking by speculators after recent gains and increased supplies in the spot markets
against sluggish demand, analysts said.

CRUDE PALM OIL

Prices weakened by 0.54 per cent to Rs 572.80 per 10 kg in futures market as participants reduced their
exposure due to subdued demand in the spot market against ample stocks. At the Multi Commodity
Exchange, crude palm oil for far-month February delivery was trading down by Rs 3.10, or 0.54 per cent,
to Rs 572.80 per 10 kg, in a business turnover of 520 lots. Similarly, the oil for delivery in January traded
lower by Rs 1.40, or 0.23 per cent, to Rs 585.40 per 10 kg in 174 lots.Market analysts said trimming of
positions by traders following sluggish demand in the spot market against adequate stocks position on
increased supplies mainly led the crude palm oil prices to trade lower at futures trade.
 CARDAMOM

Prices drifted lower by 2.01 per cent to Rs 1,460.50 per kg in futures market as traders trimmed their
holdings amid sluggish demand at the spot market. Besides, adequate stocks position following increased
arrivals from producing regions too fuelled the downtrend. At the Multi Commodity Exchange, cardamom
for March delivery declined by Rs 29.90, or 2.01 per cent, to Rs 1,460.50 per kg, in a business turnover of
116 lots. The spice for delivery in far-month February was trading down by Rs 15.50, or 1.06 per cent, to
Rs 1,449.70 per kg, with a trading volume of 169 lots. Traders said, offloading of positions by participants
amid sluggish demand in the spot market against adequate stocks position on higher supplies from
producing belts, mainly led to the decline in cardamom prices at futures trade.

WHEAT

Prices rose by 0.11 per cent to Rs. 1,865 per quintal in futures trading as speculators built up fresh
positions driven by uptick in demand at the spot market. At the National Commodity and Derivatives
Exchange, wheat for delivery in February was trading higher by Rs. 2, or 0.11 per cent to Rs. 1,865 per
quintal with an open interest of 5,550 lots. Analysts said speculative positions created by traders amid
pick up in demand from flour mills in the spot market helped wheat prices to rise at futures trade.

REFINED SOYA OIL

Refined soya oil prices moved down by 0.49 per cent to Rs. 700.55 per 10 kg in futures trade as
participants trimmed their positions amid sluggish demand in the spot market against ample stocks. At the
National Commodity and Derivatives Exchange, refined soya oil for delivery in February month declined
by Rs. 3.45, or 0.49 per cent to Rs. 700.55 per 10 kg with an open interest of 41,000 lots. On similar lines,
the oil for delivery in March contracts shed Rs 3.15, or 0.45 per cent to Rs 690.55 per 10 kg in 31,020
lots. Analysts said trimming of positions by traders amid tepid in demand in the spot market against
adequate stocks stocks position on increased supplies from growing regions, mainly influenced refined
soya oil prices at futures trade.

SOYBEAN

The rising trend in coconut KP oil remained unabated for the third straight day today in Vidarbha region
of Central Maharashtra as prices rise further on increased buying by local traders for the ongoing festival
season, amid a firm trend in producing belts. Trading activity in edible and non-edible oil remained weak
as no trader was mood for any commitment, watching the Union budget, sources said Wednesday.
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