Commodity Premium Daily Journal

Strictly For Client Circulation

Wednesday, 11th
October 2017

Gold 29780

Silver 40207

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Market Wrapup
Tuesday, 10th October 2017

Commodity Contract Open Price High Low Close Price

Gold 05-Dec-2017 29780 29859 29751 29825

Silver 05-Dec-2017 39980 40440 39980 40327

Crude Oil 18-Oct-2017 3249 3335 3244 3331

Natural Gas 26-Oct-2017 186.30 189.50 186.10 189

Copper 30-Nov-2017 439.50 443.45 438.10 443.05

Zinc 31-Oct-2017 213.95 217.50 212.05 217.30

Lead 31-Oct-2017 163.85 166.85 161.95 166.70

Aluminium 31-Oct-2017 140.55 140.80 139.30 140.30

Nickel 31-Oct-2017 715.50 719.80 705.10 719

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Support & Resistance
Wednesday, 11th October 2017

Commodity Contract RES-2 RES-1 PIVOT SUP.1 SUP.2

Gold 05-Dec-2017 29919.67 29872.33 29811.67 29764.33 29703.67

Silver 05-Dec-2017 40709.00 40518.00 40249.00 40058.00 39789.00

Crude Oil 18-Oct-2017 3394.33 3362.67 3303.33 3271.67 3212.33

Natural Gas 26-Oct-2017 191.60 190.30 188.20 186.90 184.80

Copper 30-Nov-2017 446.88 444.97 441.53 439.62 436.18

Zinc 31-Oct-2017 221.07 219.18 215.62 213.73 210.17

Lead 31-Oct-2017 170.07 168.38 165.17 163.48 160.27

Aluminium 31-Oct-2017 141.63 140.97 140.13 139.47 138.63

Nickel 31-Oct-2017 729.33 724.17 714.63 709.47 699.93

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MCX Outlook
Wednesday, 11th October 2017

Base Metals continue to trade range bound; May decline in the evening
Base Metals are trading steady from opening today and is expected to trade lower in the evening session. With the exception of Copper
which is higher by 0.14%, the rest of the metals are trading lower by about half a percent.

The recent strength in Copper was triggered by an earthquake in Chile which spurred fears of a production shutdown and supply shortages
in China ahead of the peak demand season. China banned imports of scrap copper in July-August which is expected to create a domestic
supply crunch in the worlds largest consumer of base metals.

The dropping inventory levels across LME and SHFE have also been supportive of prices. Zinc is increasingly coming under the threat of a
potential correction even though the fundamentals remain strong.

Crude Oil still reeling under effects of hurricanes; Trend positive

Crude Oil continued to struggle in the aftermath of the second major hurricane this season, Nate. Crude Oil is trading at Rs.3,273, up 18
points or 0.55% whereas Natural Gas is trading at Rs.188.30, up 2.10 or 1.13%.

Oil prices have been struggling recently after the recent hurricane Nate shut down almost 100% of the refining capacity in the Gulf of Mexico
region over the weekend. Refining demand has been one the key drivers for crude oil in the recent few months and the shutdown of refining
capacity is likely to drive prices lower in the short term.

The fundamentals continue to improve as the recent data points indicate in the form of dropping US production and oil rig counts along with
reports suggesting that Saudi might cut down its exports into the global market in the near future in a commitment to stick to output quotas.
The focus will shift to the weekly petroleum status report tomorrow which may see crude inventories build further as a result of the hurricane.

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Market News
Wednesday, 11th October 2017

Special News
Gold Falls In Asia As Market Awaits Fed Minutes
Gold prices eased in Asia on Wednesday ahead of minutes from the Fed due later in the day and
expected to show a largely hawkish stance on the need for a December hike and into next year.
Gold futures for December delivery on the Comex division of the New York Mercantile Exchange fell
0.27% to $1,290.1 a troy ounce.
Overnight, gold prices rose for the second day in a row buoyed by continued dollar weakness while ongoing political tensions between the
U.S. and North Korea lifted sentiment.
Golds bullish start to the week continued as safe-haven demand remained elevated amid ongoing geopolitical uncertainty on the Korean
Peninsula while dollar weakness supported an uptick in demand for the precious metal.

Crude Oil Prices Up In Asia As Market Looks To API Estimates

Crude oil prices gained in Asia on Wednesday ahead of industry estimates of U.S. inventories as refineries in
Texas recover from hurricane-related shutdowns.
On the New York Mercantile Exchange crude futures for November delivery rose 0.27% to $51.06 a barrel,
while on London's Intercontinental Exchange, Brent gained 0.11% to $56.67 a barrel.
Later Wednesday, the American Petroleum Institute (API) is to release its estimates of crude and refined product inventories at the end of
last week, followed by official data on Thursday from the Energy Information Administration (EIA). The API and EIA figures often diverge.
Crude oil inventories are seen down by 1.8 million barrels, while distillates are seen down by 2.375 million barrels and gasoline stocks
expected to show a 1.025 million barrels decline.

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Market News
Wednesday, 11th October 2017

Commodity Buzz
Aluminium market under fresh buying; Support seen at 140
Technically Aluminium market is under fresh buying as market has witnessed gain in open interest by 11.6% to settle at 4812.

Now MCX Aluminium is getting support at 140 and below same could see a test of 138.8 levels and resistance is now likely to be seen at
141.9, a move above could see prices testing 142.6.

Aluminium on MCX settled up 0.86% at 141.05 as investors anticipated production cuts in China. As of October 9, aluminum ingot
inventories in Chinas seven major markets (including SHFE warrants) refreshed a new high.

Total inventories were 1.72 million tonnes in the seven markets, including 321,000 tonnes in Shanghai, 682,000 tonnes in Wuxi, 80,000
tonnes in Hangzhou, 146,000 tonnes in Gongyi, 56,000 tonnes in Tianjin and 31,000 tonnes in Chongqing. The Chinas central bank
decides to implement targeted cuts to required reserve ratios against inclusive finance.

MCX Nickel likely to trade in a range between 690.4-733.4

Technically Nickel market is getting support at 704.4 and below same could see a test of 690.4 levels and resistance is now likely to be
seen at 725.9, a move above could see prices testing 733.4.

Nickel on MCX settled up 3.64% at 718.40 rallied tracking LME Nickel which was the standout performer on the London Metal Exchange
as it rallied nearly 4% that is highest level in more than two weeks on Monday, supported by a softer dollar and higher steel prices, while
shrugging off weak data from top metals consumer China.

Higher steel prices offset data showing activity in China's services sector grew at its slowest pace in 21 months in September, casting
doubt on the economic growth of the world's top metals consumer. Nickel markets are heavily influenced by steel prices since the metal
is mainly used in the steel sector.

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Analyst Speaks
Wednesday, 11th October 2017

Gold MCX

Technically Gold market is under short covering as market has RESISTANCE 2 29919.67
witnessed drop in open interest by 5.71% to settled at 7547 while
prices up 186 rupees.
RESISTANCE 1 29872.33
Now MCX Gold is getting support at 29764.33 and below same could
see a test of 29703.67 levels and resistance is now likely to be seen at 29811.67
29872.33 a move above could see prices testing 29919.67.
PIVOT

BUY GOLD DEC AROUND 29750-29760 SUPPORT 1 29764.33

TGTS 29850/29950 SL 29650
SUPPORT 2 29703.67

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Analyst Speaks
Wednesday, 11th October 2017

CRUDE OIL MCX

Technically Crude Oil market is under short covering as market has RESISTANCE 2 3394.33
witnessed drop in open interest by 2.8% to settled at 9678 while
prices up 75 rupees.
RESISTANCE 1 3362.67
Now MCX Crude Oil is getting support at 3271 and below same could
see a test of 3212 level, And resistance is now likely to be seen at
3362, a move above could see prices testing 3394. PIVOT 3303.33

BUY CRUDE OIL OCT AROUND 3330-3335 SUPPORT 1 3271.67

TGTS 3360/3390 SL 3300

SUPPORT 2 3212.33

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Todays Economic Events
Wednesday, 11th October 2017

COUNTRY TIME EVENT ACTUAL FORECAST PREVIOUS

7:30pm JOLTS Job Openings 6.13M 6.17M

USD
11:30pm FOMC Meeting Minutes

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