03/10/2017

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Crude oil futures end lower on signs of uptick in crude

output:

Crude oil futures settled lower on Monday, amid signs

of an uptick in crude output as data showed Opec oil
output rose last month. As per the report
Organization of the Petroleum Exporting Countries
output rose by 50,000 barrels a day in September as
the cartels overall compliance with its production-cut
agreement fell to 86%. Production in Libya
rebounded 30,000 barrels a day to 920,000 barrels in
September as the Sharara field restarted after a halt
of more than two weeks while Nigerian output
increased by 20,000 barrels to 1.77 million barrels a
day.

Copper futures end little

changed on MCX:
Copper futures ended little changed on Monday, while
London copper prices improved despite news that
Indonesias giant Grasberg mine can continue to
export copper concentrate even if permit talks are
not resolved this month.

Gold futures end lower on Mcx:

Gold futures ended lower on Monday as rising US

Treasury yields pushed the dollar higher, while
concerns over violence during Catalonia's
independence vote at the weekend weighed on the
euro.

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TECHNICAL ANALYST

GOLD
OUTLOOK:

TREND: - DOWN

RESISTANCE: - 29500, 29600.

SUPPORT: - 29250, 29150.

STRATEGY: - SELL ON HIGH.

TECHNICAL OUTLOOK

COMEX Gold slipped heavily yesterday amid soaring US equities and continued strength in the US dollar. US stocks
stayed on the winning course amid supportive economic data and continued buying support. European stocks also
witnessed good gains. COMEX Gold has slipped heavily off late as a break below $1300 levels extended following
comments by US Federal Reserve Chairwoman Janet Yellen which reinforced expectations for another interest-rate
increase before the end of the year. In a recent speech, Yellen said that while recent soft inflation readings justify a
gradual pace for interest-rate hikes, there is also a danger of moving too gradually. COMEX Gold futures are currently
trading at $1272.60 per ounce, down 0.24% on the day. This should lead to a hefty slide in local futures after the
market opens up following an extended weekend. MCX Gold ended at Rs 29595 per 10 grams in last session, down
0.15% on the day. Expect a slide to Rs 29K today.

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OUTLOOK:
SILVER
TREND: - DOWN

RESISTANCE: - 39500, 39700.

SUPPORT: - 39100, 38900.

STRATEGY: - SELL ON HIGH.

TECHNICAL OUTLOOK

The Prices of silver were gain on Friday. And at end of the day the prices were settled at 39457 per 30 kilogram. On
the higher side Rs 39864 per 30 kilogram as resistances were noted while lows were at Rs 39309 per 30 kilograms as
support noted. The metals remain under a volatile zone.

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COPPER
OUTLOOK:

TREND: - UP

RESISTANCE: - 429,431.50.

SUPPORT: -424, 421.50.

STRATEGY: - BUY ON LOW.

TECHNICAL OUTLOOK

COMEX Copper is failing to hold on after staying supported yesterday. The main indicator of manufacturing demand
for the world's No. 2 economy and the biggest consumer of commodities jumped to a 5-year high. The official PMI
read was 52.4 points, from 51.7 a month earlier, the highest since 2012. An unofficial manufacturing PMI released by
Caixin fell to 51. The official PMI for the services sector also rose to 55.4 from 53.4 points a month earlier. This
pushed up Copper somewhat. However, US dollar index is in a blistering form, hitting near six week high of 93.70 as
Treasury yields edged up. This weighed on COMEX Copper and the commodity is down half a percent at $2.93 per
pound. MCX Copper futures closed down 0.86% at Rs 428.05 per kg in last session and should slide towards Rs 425
levels today.

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 03/10/2017

CRUDE OIL

OUTLOOK:

TREND: - UP

RESISTANCE: - 3350, 3380.

SUPPORT: - 3290, 3260.

STRATEGY: - SELL ON HIGH.

TECHNICAL OUTLOOK

WTI Crude oil futures slipped to around one week low yesterday despite bullish cues from equities as profit selling
continued in the counter. US energy companies added oil rigs for the first week in seven after a 14-month drilling
recovery stalled in August as crude prices were on track for their strongest third quarter in 10 years. The U.S. oil rig
count, however, is down for the second month in a row and posted its biggest monthly and quarterly declines since
the second quarter of 2016. Drillers added six oil rigs in the week to Sept. 29, bringing the total count up to 750,
General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. The rig count, an
early indicator of future output, is still higher than the 425 active oil rigs a year ago as energy companies pursued
ambitious spending programs for 2017. WTI Crude oil currently trades just above $50 per barrel mark, down
marginally on the day. MCX Crude oil futures closed around3370 per barrel in last session, almost unchanged on the
day.

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