E

BULLION METALS OUTLOOK -

GOLD - The precious metal had a great start in the beginning of this year. Gold prices rose from $ 1130

– 1260 per ounce, within a period of 2 and half months. In Gold international spot market But

somehow the bullish tone could not keep up till the end of February. After testing the resistance level at

1250.00, Gold prices saw a sharp selloff to 1200.00. Later prices did rebound from 1200.00, but it

resulted in a sense of uncertainty for traders. Market sentiment is neutral for now, Keep watching the

price action till we get some clarity. uncertainty surrounding the impact of Britain's departure from the

European Union and upcoming French elections offered support MCX gold from high where little

selling registered around the resistance when we told the above target may found up to 28636 and

28855 it showed above price of 29948 by achieving the target easily. We had stated clearly that stand

into the buy position on Rs.28147 the support did not break and rise registered up to 540 since buying

from the low Rs.28392 on the other hand; we mentioned $1207 as near support which was not broken

during the week and showed .

Monday, 3 April .2017

GOLD CHART

Chart Details -The Gold facing a Key resistance level at 1250.00. Price action must clearly breach

this level to continue further positive growth. Temporary fluctuations and noises beyond this

resistance level can’t be considered as a valid breakout, prices should break and retest 1250.00, only

then we can expect the positive tone to continue. Market may get more volatile in coming days, so

traders must have a tight risk management while initiating trades. MCX gold from high where little

selling registered around the resistance above target may found up to 28660 and 28800 it showed

above price of 29980 by achieving the target easily. We had stated clearly that stand into the buy

position on Rs. 28180 the support did not break and rise registered up to 540 since buying from the

low Rs. 28400 on the other hand. MCX gold makes bump and run reversal top pattern on technical

chart which shows boom will remain unchanged with short covering on near support 28354 from the

decline. Below target can be seen up to 28084 by breaking 28354 with heavy volume and giving

close below it.

SILVER - Technical and fundamental factors point to a short-term retracement of silver before it

moves higher again in the coming weeks. The declining trend line and some stochastic readings

indicate a reversal in coming sessions. But short-term losses should be capped by the 23.6%

Fibonacci level at around the $17.791 level, with the precious metal thereafter expected to resume its

upward trend. The ABCD wave, which aims to identify support and resistance levels, backs this

argument. The exponential moving average and the moving average convergence and divergence are

also supportive of a long-term bullish trend. As a result, silver could resume its upward movement

toward the $ 19 level, a point at which it is likely to meet strong resistance. From a fundamental point

of view, the uncertainty surrounding the Trump administration’s policies is underpinning demand for

safe-haven assets such as precious metals. This was witnessed by the market reaction to the failure of

the Republican healthcare reform bill to gain support in the U.S. House of Representatives.

SILVER CHART

Detail of Chart -There is upper Bollinger band of the strong improving pro move is becoming on Rs.

42600 in MCX gold which can be considered as the near Resistance. It is likely to remain little

profitable selling in the surge of below Rs.42784 when we told quick above target may found up to

42980 by crossing the given Resistance with the strong volume and giving close on it.

MCX DAILY LEVELS ✍

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

ALUMINIUM 31-MARCH-17 132 130 128 127 126 125 124 122 120

COPPER 28-APR-2017 399 393 387 383 381 377 375 369 363

CRUDE OIL 20-MARCH-17 3401 3358 3315 3300 3272 3257 3229 3186 3143

GOLD 05-APR-2017 28791 28684 28577 28520 28470 28413 28363 28256 28149

LEAD 31-MARCH-2017 155 153 151 150 149 148 147 145 143

NATURAL GAS 28-MARCH-2017 222 217 212 208 207 203 202 197 192

NICKEL 31-MARCH-2017 677 666 655 647 644 636 633 622 611

SILVER 05-MAY-2017 43573 43114 42655 42490 42196 42031 41737 41278 40819

ZINC 31-MARCH-2017 190 187 184 183 181 180 178 175 172

MCX WEEKLY LEVELS ✍

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

ALUMINIUM 31-MARCH-17 135 132 129 127 126 124 123 120 117

COPPER 28-APR-2017 433 415 397 389 379 371 361 343 325

CRUDE OIL 20-MARCH-17 3852 3640 3428 3356 3216 3144 3004 2792 2580

GOLD 05-APR-2017 30161 29643 29125 28794 28607 28276 28089 27571 27053

LEAD 31-MARCH-17 164 159 154 152 149 147 144 139 134

NATURAL GAS 28-MARCH-2017 249 234 219 212 204 197 189 174 159

NICKEL 31-MARCH-2017 720 693 666 653 639 626 612 585 558

SILVER 05-MAY-2017 44509 43719 42929 42627 42139 41837 41349 40559 39769

ZINC 31-MARCH-2017 205 197 189 184 181 176 173 165 157

FOREX DAILY LEVELS ✍

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

USDINR 26-MARCH-17 66.80 65.72 65.64 65.50 64.44 64.28 64.18 64.08 64.01

EURINR 26-MARCH-17 72.86 72.62 71.86 71.46 70.94 70.44 69.84 69.66 68.54

GBPINR 26-MARCH-17 84.67 83.83 82.92 82.18 81.28 80.64 80.53 79.64 78.88

JPYINR 26-MARCH-17 62.82 61.66 60.24 59.48 58.76 57.62 56.86 55.34 53.57

FOREX WEEKLY LEVELS✍

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

USDINR 26-MARCH-17 66.78 65.85 64.65 64.12 63.82 62.74 61.18 61.06 59.84

EURINR 26-MARCH-17 76.74 73.62 73.79 72.63 71.12 70.86 69.65 68.44 67.35

GBPINR 26-MARCH-17 92.68 91.44 90.85 88.70 86.46 84.18 82.28 80.58 78.74

JPYINR 26-MARCH-17 65.53 65.41 64.43 63.88 62.62 58.60 57.72 55.18 53.39

NCDEX DAILY LEVELS✍

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

SYOREFIDR 20-MAR-2017 651 646 641 638 636 633 631 626 621

SYBEANIDR 20-MAR-2017 2912 2894 2876 2866 2858 2848 2840 2822 2804

RMSEED 20-MAR-2017 4121 4053 3985 3947 3917 3879 3849 3781 3713

JEERAUNJHA 20-MAR-2017 19193 18783 18373 18137 17963 17727 17553 17143 16733

GUARSEED10 20-MAR-2017 4240 4150 4060 4025 3970 3935 3880 3790 3700

TMC 20-MAR-2017 6593 6497 6401 6339 6305 6243 6209 6113 6017

NCDEX WEEKLY LEVELS✍

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

SYOREFIDR 20-MAR-2017 676 663 650 642 637 629 624 611 598

SYBEANIDR 20-MAR-2017 3060 2995 2930 2893 2865 2828 2800 2735 2670

RMSEED 20-MAR-2017 4215 4119 4023 3965 3927 3869 3831 3735 3639

JEERAUNJHA 20-MAR-2017 20233 19508 18783 18342 18058 17617 17333 16608 15883

GUARSEED10 20-MAR-2017 4667 4417 4167 4078 3917 3828 3667 3417 3167

TMC 20-MAR-2017 6894 6706 6518 6398 6330 6210 6142 5954 5766

MCX - WEEKLY NEWS LETTERS

INTERNATIONAL UPDATES ( BULLION & ENERGY )✍

Gold prices retraced losses on Friday after a Federal Reserve official said the central bank was in no rush

to tighten monetary policy this year. Gold for April delivery settled up 0.19% at $1,247.4 on the Comex

division of the New York Mercantile Exchange, having touched lows of $1,246.4 earlier. Gold moved

higher after New York Fed President William Dudley said Friday that it made sense to raise rates at a

gradual pace this year. Expectations of a slower pace of rate increases tend to boost gold, which is

denominated in dollars and struggles to compete with yield-bearing assets when borrowing costs rise. The

precious metal ended the quarter with a gain of almost 8.5% boosted by the weaker dollar and growing

doubts over whether the Trump administration's economic proposals would boost the U.S. economy and

allow the Fed to tighten policy more aggressively. Elsewhere in precious metals trading, silver was up

0.3% at $18.26 a troy ounce late Friday.In the week ahead, investors will be looking to Wednesday’s Fed

minutes for fresh indications on the timing of the next U.S. rate hike ahead of Friday’s closely watched

nonfarm payrolls report. Investors will also be eyeing a trio of surveys on UK private sector activity amid

ongoing concerns over the economic impact of Brexit.

Gold demand in India rose this week due to a festival and as local prices adjusted to an appreciating rupee,

while higher prices kept a check on demand elsewhere in Asia. The Gudi Padwa festival, also known as

Ugadi in some parts of the country, was held earlier this week. Buying gold during festivals is considered

auspicious in the world's second-biggest market."Retail demand improved due to Gudi Padwa and a drop

in prices," Dealers in India were charging a premium of up to $1 an ounce this week over official domestic

prices. They were charging a premium of $2.00 last week. The domestic price includes a 10 percent

import tax. The demand is likely to remain firm next month due to another festival, Akshaya Tritiya, and

the start of the wedding season, In the local market gold futures MAUc1 were trading around 28,500

rupees per 10 grams on Friday, down 1 percent from a week ago. The Indian rupee has risen 4.8 percent

against the U.S. dollar so far in 2017, partly offsetting gains in overseas gold prices. "Jewellery demand

has been good so far this year, but investment demand is still weak. Investors are more interested in the

stock market," In top consumer China, premiums fell to about $8 to $10 an ounce against the international

benchmark XAU= from levels $10 to $12 last week. Gold remained steady on Friday with global political

uncertainty, the upcoming elections in Europe in particular, seen supporting prices of the yellow metal,

driving the metal to its best quarter in a year Premiums in China had risen early this month as traders said

supplies of the precious metal were limited due to tightening import restrictions to stem currency outflows.

were quoted in a 70 cents to $1 range in Hong Kong, mostly unchanged from last week. In Japan, traders

saw the precious metal at a discount of $1, due to lack of any significant demand.

Gold prices edged lower for a third straight session on Thursday, adding to their decline from a one-month

high reached at the start of the week as the dollar strengthened amid expectations for more U.S. interest

rate hikes this year. Comex gold futures dipped $3.20, or around 0.3%, to $1,250.50 a troy ounce by

3:00AM ET. Meanwhile, spot gold was down $2.50 at $1,251.10. Gold hit its strongest since February 27

at $1,264.20 on Monday. Also on the Comex, silver futures for May delivery shed 6.4 cents, or about

0.4%, to $18.18 a troy ounce. In the previous session, the metal touched its highest since March 2 at

$18.27. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of

six major currencies, was at 99.86 in London morning trade. It rose to an overnight high of 99.99,

extending a bounce off a four-and-a-half month low of 98.67 touched on Monday. The greenback was

boosted by hawkish comments from a number of Federal Reserve officials on Wednesday, including

Chicago Fed President Charles Evans and San Francisco Fed President John Williams. There are three

more Fed speakers on the calendar for Thursday. New York Fed chief William Dudley is expected to be

the most important, with a 4:30PM ET discussion on financial conditions and monetary policy. San

Francisco Fed President Williams speaks at 11AM ET, while Dallas Fed President Robert Kaplan speaks

at 3PM in New York. On the data front, investors will have initial jobless claims and the final look at

fourth quarter GDP, both released at 8:30AM ET. The Fed raised interest rates earlier this month and

stuck to its outlook for two more hikes this year. Fed fund futures priced in around a 50% chance of a rate

hike in June. Odds of a September increase was seen at about 70%. The precious metal is sensitive to

moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion. A

gradual path to higher rates is seen as less of a threat to gold prices than a swift series of increases.

Headlines from Washington will also be in focus, as traders await further details on President Donald

Trump's promises of tax reform following the House's failure to vote on a plan to replace Obamacare last

week. Elsewhere in metals trading, platinum tacked on 0.4% to $959.70, while palladium declined 0.3% to

$787.62 an ounce.May copper futures dropped 1.4 cents, or 0.5%, to $2.662 a pound.

Gold prices edged lower during European morning hours on Wednesday, pulling further away from its

strongest level in a month as investors braced for formal Brexit procedures to be triggered by the U.K.

government later in the day. British Prime Minister Theresa May is set to trigger Article 50 of the Lisbon

Treaty later on Wednesday, formally beginning the two-year process of exiting the European Union. May

will send a letter to European Council President Donald Tusk on Wednesday formally announcing

Britain's withdrawal from the bloc. The correspondence will start the clock ticking on a two-year

countdown to Brexit and allow negotiations to start between London and Brussels in the coming weeks.

Comex gold futures dipped $5.95, or around 0.5%, to $ 1,249.65 a troy ounce by 3:05AM ET. Meanwhile,

spot gold was down $1.90 at $ 1,250.10. Gold hit its strongest since February 27 at $ 1,261.00 on Monday.

Market players also awaited comments from a number of Federal Reserve policymakers later in the

session for more clues on the timing of the next U.S. rate hike. Chicago Fed President Charles Evans,

Boston Fed President Eric Rosengren and San Francisco Fed President John Williams are all scheduled to

speak throughout the day. The yellow metal ended Tuesday's session little changed, despite upbeat

economic data and rate hike chatter from a number of Fed officials. U.S. consumer confidence index hit

125.6 in March, according to the Conference Board, the highest since December 2000. The figure blew

past expectations for a reading of 114 and came in much higher than 116.1 in February.

The solid data backed expectations for more U.S. interest rate hikes this year. Meanwhile, Fed Vice

Chairman Stanley Fischer said in a television interview that two more increases to U.S. overnight interest

rates this year seemed "about right." The U.S. dollar index, which measures the greenback’s strength

against a trade-weighted basket of six major currencies, was up around 0.2% at 99.68 in London morning

trade, bouncing off a four-and-a-half month low of 98.67 touched on Monday. The Fed raised interest

rates earlier this month, but stuck to its outlook for two more hikes this year. Fed fund futures priced in

around a 50% chance of a rate hike in June, according to Investing.com’s Fed Rate Monitor Tool. Odds of

a September increase was seen at about 70%. The precious metal is sensitive to moves in U.S. rates, which

lift the opportunity cost of holding non-yielding assets such as bullion. A gradual path to higher rates is

seen as less of a threat to gold prices than a swift series of increases. Also on the Comex, silver futures for

May delivery shed 15.0 cents, or about 0.8%, to $18.10 a troy ounce. In the previous session, the metal

touched its highest since March 2 at $18.26. Meanwhile, platinum slumped 0.3% to $958.35, while

palladium declined 0.1% to $792.10 an ounce. Elsewhere in metals trading, copper futures dropped 0.7

cents, or 0.3%, to $2.669 a pound.

Gold bullion investment will rise for the fourth straight year in 2017 as global political and economic

factors are forecast to maintain buying interest, . "There has been a return of opportunistic generalist

investors who had exited gold in late 2011 and early 2012," New York-based CPM Group said in its Gold

Yearbook 2017. CPM forecast gold bullion investment at 17.6 million ounces in 2017, up from 17.4

million ounces in 2016 and the highest since 2012 when it was 29.2 million ounces. The independent

commodities research company pegged global gold coin demand at 7.5 million ounces in 2017, up from 7

million ounces in 2016 and the highest since 2013. "Most long-term gold investors do not seem to expect

the world's financial and political systems to collapse. Rather, they see them as facing major structural

problems that will not be easily resolved or repaired in any short period of time. "In the near- to medium-

term as it is becoming clearer to that, while there may not be a collapse in the financial system, clearly the

present interest rate environment, global economic growth profile, levels of unemployment and

underemployment, and political turmoil globally are all factors that warrant owning at least some gold as a

portfolio diversifier." The lack of clarity regarding the outcomes of U.S. President Donald Trump's

campaign promises and interest rate increases by the Federal Reserve to raise interest rate hikes is

expected to prevent precious metals prices from taking a clear direction in 2017. Fabrication demand fell

in 2016 to an estimated 92.2 million ounces, down 4.1 percent from 2015 as gold prices rose in the first

eight months of the year and jewelry demand fell in China and India, the two biggest consumers of gold

fabricated products. Fabrication demand was forecast to rise slightly to 92.8 million tonnes in 2017.

Central banks added gold to their holdings on a collective net basis for the ninth straight year in 2016 to an

estimated 7.2 million ounces, up from 5.3 million ounces in 2015. Mine supply rose to a record high in

2016 and was forecast to continue rising into 2017. Total 2016 supply, however, which includes mine and

secondary supplies, also rose in 2016 but was still lower than 2012 levels. expects total supply to rise

again in 2017 due to mine supply.

Ahead of the coming week significant events likely to affect the markets.

Monday, April 3

Financial markets in Shanghai will be closed for a holiday.

Japan is to publish the results of the Tankan surveys of manufacturing and service sector activity.

Australia is to release data on retail sales and building approvals.

The UK is to release survey data on manufacturing activity.

In the U.S., the Institute of Supply Management is to release its manufacturing survey.

Meanwhile, New York Fed President William Dudley, Philadelphia Fed President Patrick Harker and

Richmond Fed President Jeffrey Lacker are all set to speak.

Tuesday, April 4

New Zealand is to release private sector data on business confidence.

Financial markets in Shanghai and Hong Kong will be closed for a holiday.

Australia is to report on the trade balance and the Reserve Bank of Australia’s latest interest rate decision

is due.

The UK is to release survey data on construction activity.

Canada and the U.S. are both to release trade data, while the U.S. is also to report on factory orders.

Wednesday, April 5

The UK is to release survey data on service sector activity.

The U.S. is to release the ADP nonfarm payroll report and later in the day the ISM is to release its non-

manufacturing survey.

The Fed is to publish the minutes of its March meeting, where it hiked rates and stuck to its projection for

two more hikes this year.

Thursday, April 6

Germany is to release figures on factory orders.

The European Central Bank is to publish the minutes of its latest meeting.

Canada is to publish data on building permits.

The U.S. is to produce the weekly report on jobless claims.

Friday, April 7

The UK is to release industry data on house price inflation as well as reports on manufacturing production

and the trade balance.

Canada is to publish its monthly employment report.

The U.S. is to round up the week with the closely watched report on nonfarm payrolls.

ENERGY

Oil futures dipped in early Asian trade on Monday on worries about global oversupply after a higher U.S.

rig count pointed to rising U.S. shale production, while a stronger dollar also put pressure on crude. U.S.

West Texas Intermediate crude futures CLc1 fell 5 cents to $50.55 a barrel by 0012 GMT after settling 25

cents higher in the previous session. International benchmark Brent futures LCOc1 slipped 11 cents to

$53.42 a barrel. The March contract closed the previous session down 13 cents at $52.83 a barrel. Both

contracts posted their worst quarterly loss since late 2015 in the March quarter. U.S. futures fell nearly 6

percent from the previous quarter, while Brent lost 7 percent as rising inventory levels outpaced output

cuts by OPEC and non-OPEC members. Crude oil prices staged a three-day rally last week amid

expectations members of the Organisation of the Petroleum Exporting Countries and non-members such

as Russia would extend production cuts beyond June. But prices fell on Friday after energy services firm

Baker Hughes said the U.S. rig count increased by 10 to 662 last week, making the first quarter the

strongest for oil rig additions since mid-2011. The U.S. dollar index .DXY rose against a basket of

currencies on Monday. A strong dollar makes greenback-denominated commodities including oil more

expensive for holders of other currencies. Iraq plans to increase its oil output capacity to 5 million barrels

per day before the end of the year, but Baghdad has assured OPEC it will fully comply with the pact to cut

oil supply, Oil Minister Jabar al-Luaibi and OPEC Secretary General Mohammed Barkindo said on

Sunday. oil shipped by state pipeline monopoly Transneft TRNF_p.MM to ports for export rose to 2.944

million barrels per day in March, or 12.452 million tonnes, from 2.819 million bpd in February.

Oil futures settled higher for the fourth session in a row on Friday, extending a rally to the strongest level

in more than three weeks amid optimism that OPEC will extend its production-cut deal beyond June. On

the ICE Futures Exchange in London, Brent oil for June delivery tacked on 40 cents, or around 0.8%, to

settle at $53.53 a barrel by close of trade. The global benchmark hit $53.77 earlier Friday, the most since

March 9. London-traded Brent futures logged a gain of $2.73, or about 5.1%, on the week, the biggest

weekly rise in four months. Elsewhere, the U.S. West Texas Intermediate crude May contract inched up

25 cents to end at $50.60 a barrel by close of trade. It touched its highest since March 8 at $50.85 earlier in

the session. For the week, the U.S. benchmark rose $2.63, or 5.2%. Sentiment in the oil market improved

this week in wake of increasingly supportive rhetoric from a number of OPEC nations willing to extend

production cuts into the second half of 2017.

OPEC agreed in November last year to curb its output by about 1.2 million barrels per day between

January and June. Russia and 10 other non-OPEC producers have agreed to jointly cut by an additional

600,000 barrels per day. In total, they agreed to reduce output by 1.8 million barrels per day to 32.5

million for the first six months of the year, but so far the move has had little impact on inventory levels. A

joint committee of ministers from OPEC and non-OPEC oil producers will meet in late April to present its

recommendation on the fate of the pact. A final decision on whether or not to extend the deal beyond June

will be taken by the oil cartel on May 25. Oil has been under pressure in recent weeks amid concern that

an ongoing rebound in U.S. shale production and swelling stockpiles in the U.S. could derail efforts by

other major producers to rebalance global oil supply and demand. 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 world’s largest oil consumer.

Oil futures dipped on Monday as a higher U.S. rig count indicated rising shale output and stoked worries

about global oversupply, while a stronger dollar also pressured prices. International benchmark Brent

futures LCOc1 slipped 15 cents, or 0.3 percent, to $ 53.38 a barrel by 0440 GMT. The March contract

closed the previous session down 13 cents at $ 52.83 a barrel. U.S. West Texas Intermediate crude futures

CLc1 fell 8 cents, or 0.2 percent, to $50.52 a barrel after settling 25 cents higher in the previous session.

Both contracts posted their worst quarterly loss since late 2015 in the March quarter. U.S. futures fell

nearly 6 percent from the previous quarter, while Brent lost 7 percent as rising inventory levels outpaced

output cuts by OPEC and non-OPEC members. Crude prices staged a three-day rally last week amid

expectations members of the Organisation of the Petroleum Exporting Countries and non-members such

as Russia would extend production cuts beyond June. But prices fell on Friday after energy services firm

Baker Hughes said the U.S. rig count increased by 10 to 662 last week, making the first quarter the

strongest for oil rig additions since mid-2011.

Oil was lower Friday on profit-taking as the focus turned to U.S. drilling activity figures. U.S. crude was

off 29 cents, or 0.58%, at $50.06 at 07:00 ET. Brent crude shed 33 cents, or 0.62%, to $52.80. Baker

Hughes rig count data are due out later in the session. Higher U.S. supply and inventories are putting a cap

on oil's gains. OPEC and non-OPEC producers are cutting output by 1.8 million barrels a day in the first

half. There are expectations the accord could be extended beyond June. Chinese manufacturing expanded

at its fastest pace in close to five years, underpinning expectations of higher demand for oil.

Oil remains on track to post losses of around 7% in the first quarter. The renewed strength of the dollar

Friday weakened demand for oil.

Oil prices fell on Friday as traders took profits following three days of straight gains on the expectation

that an OPEC-led crude supply cut that was initially supposed to only last for the first half of the year

would be extended. Brent crude futures LCOc1 , the international benchmark for oil, were at $52.69 per

barrel at 0655 GMT, down 27 cents, or 0.51 percent, from their last close. In the United States, West

Texas Intermediate crude futures CLc1 were down 11 cents, 0.22 percent, at $50.24 a barrel. Despite

Friday's dips, crude prices remain 3-4 percent higher than they were at the start of the three-day rally on

Tuesday, and analysts said that the market was gradually tightening. "We expect that the market is

currently under-supplied and that the draws in inventory are coming. Traders said there was a growing

sense that the Organization of the Petroleum Exporting Countries and non-OPEC oil production giant

Russia would agree to continue their production cut deal seeking to drive prices higher. OPEC and non-

OPEC producers including Russia agreed late last year to cut output by almost 1.8 million barrels per day

during the first half of the year in order to rein in a global supply overhang and prop up prices.

Oil prices eased on Friday as traders took profits following three days of straight gains on the expectation

that an OPEC-led crude supply cut that was initially supposed to only last for the first half of the year

would be extended. Prices for front-month Brent crude futures LCOc1 , the international benchmark for

oil, were at $ 52.83 per barrel at 0134 GMT, down 13 cents from their last close. In the United States,

West Texas Intermediate crude futures CLc1 were down 10 cents at $50.25 a barrel. Despite Friday's dips,

crude prices remain over 4 percent higher than they were at the start of the three-day rally on Tuesday.

"Oil looks to have found a range in the low $50s. Traders said there was a growing sense that the

Organization of the Petroleum Exporting Countries and non-OPEC oil production giant Russia would

agree to continue their production cut deal seeking to drive prices higher. OPEC and non-OPEC producers

including Russia agreed late last year to cut output by almost 1.8 million barrels per day during the first

half of the year in order to rein in a global supply overhang and prop up prices. But so far, alternative oil

supplies, including from the United States where production is soaring, and doubts that Russia was

complying with its promised cuts, have prevented the market from re-balancing. Still, over the past week,

a growing consensus has emerged that the supply cut would be extended into the second half of the year -

and that Russia would increasingly comply. changed thoughts about Russia's role in the market reinforce...

(the idea) that a deal between OPEC and Russia is in the offing.

South Sudanese rebels said on Thursday they had freed three oil workers from Pakistan and India seized

by their fighters earlier this month. The three had been released on the orders of the rebels' leader, former

vice president Riek Machar, and were on their way to government areas, his SPLA-IO group said. The

Pakistani national worked for DAR, a consortium including China National Petroleum Corporation,

China's Sinopec and Malaysia's Petronas, in Upper Nile state. The two Indians working for South Sudan's

pertoleum ministry were kidnapped in northeast Maiwut county. "People are in the process of taking them

from our headquarters in Pagak to submit them to government," SPLA-IO deputy spokesman Lam Paul

Gabriel said. There were no orders given in relation to locals who were seized alongside the foreigners and

they would continue to hold them, He did not say why they had been taken. But the rebels have accused

foreign oil companies of funding the government and its military in the past. South Sudan, which split

away from Sudan in 2011 after decades of conflict, has been mired in civil war since President Salva Kiir

sacked Machar in 2013. The fighting has forced millions to flee their homes, split much of the population

along ethnic lines and paralysed agriculture, leaving the country facing famine, according to the United

Nations.

The International Energy Agency does not expect a major increase in global oil prices despite efforts by

OPEC and non- OPEC members to reduce output, its executive director Fatih Birol told Reuters. OPEC

and 11 other producers including Russia agreed in December to cut their combined output by almost 1.8

million barrels per day in the first half of the year in an effort to eradicate a stubborn supply glut and boost

prices. That agreement, which provided an initial boost to crude prices, could be extended for six months,

but Birol does not believe that prices would receive a significant boost. is a tremendous amount of stock in

the markets and to expect a major increase in the price is not very realistic," he said, adding that

downward price pressure will come from other producers. "If we see the prices go up as a result of any

push from the producers ... we will see more oil coming to the market, not just from the U.S.; we will also

see Brazilian and Canadian oil coming to the market." U.S. shale oil production using fracking technology

has turned the world's largest oil consumer into an exporter of crude and products, while Canada is

developing its vast oil sands deposits and Brazil is working on huge offshore fields. The IEA estimates

that global oil demand will grow by 1.4 million bpd this year. Birol was in Delhi to announce 'Association'

status for India with the IEA, which through its 29 members controls about 70 percent of world energy

consumption. The IEA sees India as the most important driver of global energy demand growth in the

years to come, with its oil consumption expected to rise to about 10 million bpd by 2040.

U.S. crude stocks rose less than expected in the latest week, official data showed Wednesday. The EIA

said crude inventories rose by 867,000 barrels after a rise of 4.954 mn barrels the previous week. Crude

inventories were forecast to rise by 1.357 mn barrels. Gasoline stocks fell by 3.747 mn barrels after a fall

of 2.811 mn barrels the previous week. Gasoline inventories were expected to fall by 1.886 mn barrels.

U.S. crude was up 1.43% at $49.06 after data release.

Oil prices on Wednesday extended gains from the previous session, lifted by supply disruptions in Libya

and expectations that an OPEC-led output reduction will be extended into the second half of the year.

Prices for front-month Brent crude futures LCOc1 , the international benchmark for oil, had risen 14 cents

from their last close to $51.47 per barrel by 0127 GMT. In the United States, West Texas Intermediate

crude futures CLc1 were up 20 cents at $48.57 a barrel. Both crude benchmarks rose by more than 1

percent the previous day. production from the western Libyan fields of Sharara and Wafa has been

blocked by armed protesters, reducing output by 252,000 barrels per day , a source at the National Oil

Corporation told Reuters late on Tuesday. along with the Iranian oil minister saying there is likely to be

an extension to the production cut deal helped crude oil rally overnight. The Organization of the

Petroleum Exporting Countries, along with some other producers including Russia, have agreed to cut

production by almost 1.8 million bpd during the first half of the year in order to rein in a global fuel

supply overhang and prop up prices.

Ahead of the coming week significant events likely to affect the markets.

Tuesday, April 4

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

Wednesday, April 5

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

Thursday, April 6

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

Friday, April 7

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

BASE METAL’S OUTLOOK :

BASE METAL GUIDE -

Trading Ideas :

ZINC

Zinc trading range for the day is 175-185.8.

Zinc prices dropped as LME zinc finished the day down 3.1 percent at $ 2,770 due to concerns over

failure in output cut by zinc smelters.

Zinc prices standouts among a brightening outlook for base metals, with supply constraints and

China-driven demand set to lift prices in coming months.

Korea Zinc Inc, the world's third-largest zinc smelter, has agreed to take a 15 percent drop in annual

processing fees for 2017.

COPPER

Copper trading range for the day is 375-387.4.

Copper slipped as the end of a strike at Peru's biggest copper mine dampened fears of reduced supply

that had driven the metal higher this quarter.

Chile's state copper company Codelco produced 1.83 million tonnes of copper in 2016, of which 1.71

million tonnes came from its wholly-owned.

Freeport-McMoRan Inc's Indonesian unit is close to reaching a deal that would allow the copper

producer to temporarily resume concentrate exports.

ALUMINIUM

Aluminium trading range for the day is 125.7-128.3.

Aluminium dropped on profit booking tracking LME prices closed down 0.5 percent at $1,962.50 a

tonne, but still posted its biggest quarterly gain in 6-1/2 years.

LME stocks of aluminum sank below the 2 million-tonne level earlier in month and at current

1,886,400 tonnes are at their lowest since December 2008.

Japan's quarterly premiums, which act as a benchmark across much of the Asian region, are in part a

reflection of local market conditions

BASE METAL

COPPER ( 29 - March - 2017 )

Copper futures traded 0.49 per cent lower at Rs 383.25 today as speculators reduced their exposure at

prevailing levels. In futures trading at Multi Commodity Exchange, copper for delivery in April fell Rs

1.90, or 0.49 per cent, at Rs 383.25 per kg in a business turnover of 803 lots. Similarly, the metal for

delivery in far-month June was down Rs 1.80, or 0.46 per cent, at Rs. 386.90 per kg in 12 lots. Analysts

attributed the fall in copper futures to profit-booking by speculators who scaled down their positions at the

existing levels.

NICKEL ( 29 - March - 2017 )

Amid muted demand at the domestic spot market, nickel prices fell 0.74 per cent to Rs 643.30 per kg in

futures trade today as participants cut down their bets. At Multi Commodity Exchange, nickel for delivery

in the current month was trading lower by Rs 4.80, or 0.74 per cent, to Rs 643.30 per kg, in a business

turnover of 800 lots. The metal for delivery in April also fell by Rs 4.40, or 0.67 per cent, to Rs 649.90 per

kg in a turnover of 293 lots. Analysts said the fall is mostly in line with a weakening trend in the base

metals at the domestic spot markets due to slack demand from consuming industries, particularly from

alloy-makers.

ZINC ( 29 - March - 2017 )

Zinc futures traded 0.49 per cent lower at Rs 181.90 per kg today as speculators trimmed positions ahead

of the monthly expiry. Zinc for delivery in the current month declined by 90 paise, or 0.49 per cent, to Rs

181.90 per kg at Multi Commodity Exchange, clocking a business turnover of 506 lots. The metal for

delivery in April softened by 85 paise, or 0.46 per cent, at Rs 182.45 per kg in 114 lots. Analysts said the

weakness in zinc in futures trade was mostly attributed to reduced positions of speculators ahead of the

monthly expiry amid a weak trend at the domestic spot markets due to low demand.

NICKEL ( 28 - March - 2017 )

Nickel prices gained 0.36 per cent to Rs 639.40 per kg in futures trade today as speculators built up

positions, supported by rising demand from alloy-makers in the spot market even as base metals retreated

overseas. At the Multi Commodity Exchange, nickel for delivery in current month moved up by Rs 2.30,

or 0.36 per cent, to Rs 639.40 per kg in a business turnover of 466 lots. Similarly, the metal for delivery in

April traded higher by Rs 2, or 0.31 per cent, to Rs 646.20 per kg in a business turnover of 57 lots.

Analysts said speculators enlarged positions on a firming trend at the domestic spot markets on better

demand from consuming industries, which mainly influenced nickel prices in futures trade.

COPPER ( 28 - March - 2017 )

Copper futures traded 0.08 per cent lower at Rs 382.75 today on speculators reducing their positions amid

weak global cues. At the Multi Commodity Exchange, copper for delivery in far-month June fell by 30

paise, or 0.08 per cent at Rs 382.75 per kg, in a business turnover of one lot. Similarly, the metal for

delivery in April was down by 15 paise, or 0.04 per cent, at Rs 378.80 per kg in 310 lots. Analysts

attributed the fall in copper futures to weak cues from global market as base metals sank after US

President Donald Trump's failure to pass signature reform of health care legislation raised questions about

his administration's ability to deliver on other promises including infrastructure. Globally, three-month

copper dropped by as much as USD 84 to USD 5,720 per tonne on the London Metal Exchange with

losses also being driven by prospects in resumption of output from BHP Billiton Ltd's Escondida mine in

Chile after a strike.

LEAD - ( 28 - March - 2017 )

Lead eased 0.30 per cent to Rs 149.15 per kg in futures trade today after participants cut down bets largely

in sync with a weak trend at the domestic spot markets due to muted demand and weak global cues. At the

Multi Commodity Exchange, the March contract of lead fell by 45 paise, or 0.30 per cent, to Rs 149.15 per

kg in a business turnover of six lots. The March contract of the metal declined by 40 paise, or 0.27 per

cent, to Rs 148.70 per kg in 151 lots. Marketmen said the fall in lead futures was due to a subdued demand

from battery-makers at domestic markets and a weakening trend in base metals in the global markets.

NICKEL ( 03 - March - 2017 )

Nickel prices edged up by 0.05 per cent to Rs 651.30 per kg in futures trade today as speculators built up

fresh positions, driven by pick up in demand from alloy-makers in the spot market. At the Multi

Commodity Exchange, nickel for delivery in April edged higher by 30 paise, or 0.05 per cent to Rs 651.30

per kg in business turnover of 1,428 lots. Likewise, the metal for delivery in May contracts was trading

higher by 20 paise, or 0.03 per cent to Rs 657.70 per kg in 23 lots. Analysts said speculators created fresh

positions due to pick up in demand from alloy-makers at the domestic spot markets, which mainly

influenced nickel prices in futures trade.

✍ COPPER ( 03 - March - 2017 )

Copper prices fell by 0.35 per cent to Rs 379.40 per kg in futures market today as speculators cut down

their positions amid subdued demand in the spot market. At the Multi Commodity Exchange, copper for

delivery in April fell by Rs 1.35, or 0.35 per cent to Rs 379.40 per kg in business turnover of 782 lots.

Similarly, the metal for delivery in far-month June contracts was trading lower by Rs 1.30, or 0.34 per

cent to Rs 383.95 per kg in business turnover of 18 lots. Marketmen attributed the fall in copper prices at

futures trade to a weak demand from consuming industries at the domestic markets.

NCDEX - WEEKLY MARKET REVIEW

FUNDAMENTAL UPDATES OF AGRI MARKET -

RAPE SEED -✍

Fundamental Updates of Agri Market -

CRUDE PALM OIL (29 - March - 2017) ✍

Crude palm oil prices rose further by 0.17 per cent to Rs 537.80 per 10 kg in futures market today as

participants engaged in enlarging their positions amid rising demand in the spot market. At the Multi

Commodity Exchange, crude palm oil for delivery in March edged up by 90 paise, or 0.17 per cent to Rs

537.80 per 10 kg in business turnover of 20 lots. Analysts said widening of positions by traders following

strong demand in the spot market against restricted supplies from producing regions mainly kept crude

palm oil prices up at futures trade.

REFINED SOYA OIL (29 - March - 2017) ✍

Refined soya oil prices drifted lower by 0.43 per cent to Rs 640.80 per 10 kg in futures trade today as

speculators booked profits amid easing demand in the spot market against adequate stocks position. At the

National Commodity and Derivatives Exchange, refined soya oil for delivery in April month declined by

Rs 2.75, or 0.43 per cent to Rs 640.80 per 10 kg with an open interest of 38,880 lots. On similar lines, the

oil for delivery in May month contracts shed Rs 2.20, or 0.35 per cent to Rs 629.60 per 10 kg in 53,680

lots. Analysts said besides profit-booking by participants at existing level, fall in demand in the spot

market against adequate stocks position on increased supplies from producing belts, mainly influenced

refined soya oil prices at futures trade.

MENTHA OIL (29 - March - 2017)✍

Amid pick up in demand from consuming industries at domestic spot market against restricted arrivals

from producing regions, mentha oil prices were up by 0.57 per cent to Rs 978 per kg in futures trade today

as speculators built up fresh positions. At the Multi Commodity Exchange, mentha oil for delivery in

March went up by Rs 5.50, or 0.57 per cent to Rs 978 per kg in business turnover of 64 lots. Similarly, the

oil for delivery in April month contracts was trading higher by Rs 5.10, or 0.52 per cent to Rs 988.60 per

kg in 127 lots. Marketmen said fresh positions built up by traders due to uptick in demand from

consuming industries in the spot markets against restricted supplies from Chandausi, led to the rise in

mentha oil prices in futures trade.

CARDAMOM ( 28 - April - 2017 )✍

Cardamom prices inched up by 0.14 per cent to Rs 1,383 per kg in futures trading today as speculators

built up fresh positions on the back of pick up in demand in the spot market. At the Multi Commodity

Exchange, cardamom for delivery in May edged up by Rs 2, or 0.14 per cent to Rs 1383 per kg in business

turnover of 31 lots. Analysts said fresh positions created by participants due to uptick in demand in the

spot market, mainly attributed the rise in cardamom prices at futures trade.

MENTHA OIL ( 28 - March - 2017 )✍

Mentha oil prices eased by 0.23 per cent to Rs 966 per kg in futures market today as speculators trimmed

positions, driven by muted demand from consuming industries in spot market against adequate stocks. At

the Multi Commodity Exchange, mentha oil for delivery in March fell by Rs 2.20, or 0.23 per cent, to Rs

966 per kg in business turnover of 20 lots. Similarly, the oil for delivery in April contracts shed Rs 1.30, or

0.13 per cent to Rs 977 per kg in 56 lots. Analysts said offloading of positions by participants amid tepid

demand from consuming industries in spot market against ample stocks position, mainly led to decline in

mentha oil prices at futures trade.

CRUDE PALM OIL ( 28 - March - 2017 )✍

Crude palm oil prices went up by 0.41 per cent to Rs 511.90 per 10 kg in futures trading today as

participants indulged in creating fresh positions after spot demand picked up. At the Multi Commodity

Exchange, crude palm oil for delivery in April moved up by Rs 2.10, or 0.41 per cent, to Rs 511.90 per 10

kg in business turnover of 59 lots. Likewise, the oil for delivery in March contracts was trading higher by

Rs 1.70, or 0.32 per cent to Rs 533 per 10 kg in one lot. Analysts said that fresh positions built-up by

traders due to pick up in the spot market against restricted supplies from producing regions mainly led to

rise in crude palm oil prices at futures trade.

JEERA ( 27 - March - 2017 )✍

Jeera prices have firmed up with strong export demand and a likely shortfall in production. Futures prices

have jumped by 8% in a month on National Commodities and Derivative Exchange. It hit the upper circuit

and closed at a two-month high on Thursday, when futures for April delivery rose 3.98% to . 179.05 per

kg. On Friday, April futures closed at Rs 179.85 per kg. With harvest getting over in the main growing

areas of Gujarat and Rajasthan, an anticipated decline in production is spurring prices. “There is intense

speculative in the exchange. It is also close to the fiscal year ending. There is good export demand with

China being the active buyer," said Shailesh Shah, director of Jabs International, a major exporter. The

carryover stock in the country is also low, he said.

COTTON ( 31 - March - 2017 )✍

India's 2016-17 cotton imports are set to jump more than a third from a year ago to a record 3 million

bales as the rupee's rise makes buying overseas cheaper, senior industry officials and executives said. The

strong rupee - now at its highest level in 18 months - has also braked cotton exports from the world's

biggest producer of the fibre, a trend that has helped rival suppliers in Brazil, the United States and some

African countries boost their own exports. Usually (textile) mills in southern India import cotton," said K.

Selvaraju, secretary general of the Southern India Mills' Association, in a recent interview. "This year

mills from even the north are importing. Overseas supplies have become competitive due to the strong

rupee." India's currency has risen 4.8 percent so far in 2017 versus the U.S dollar. Indian mills have

contracted to import around 1.5 million bales and another 1.5 million bales will be imported by end of the

current crop year, ending Sept. 30.

CARDAMOM ( 03 - march - 2017 )✍

Cardamom prices were trading up by 0.63 per cent at Rs 1,312 per kg in futures trade today as speculators

enlarged their positions amid an upsurge in physical demand in the domestic spot market. Further, tight

supplies from major producing regions also supported the upside in cardamom prices. At the Multi

Commodity Exchange, cardamom for delivery in May rose by Rs 8.20, or 0.63 per cent, to Rs 1,312 per

kg, with a trading volume of 14 lots. Similarly, spice for delivery this month was up by Rs 1.60, or 0.11

per cent, to Rs 1,402 per kg in 20 lots. Traders said widening of positions by participants, driven by surge

in demand at the spot market against restricted supplies from producing regions, mainly kept cardamom

prices higher at futures trade.

REFINED SOYA ( 03 - April - 2017)✍

Amid pick up in domestic demand against restricted supplies from producing regions, refined soya oil

prices were up by 0.39 per cent to Rs 625.55 per 10 kg in futures trade today as speculators enlarged

positions. At the National Commodity and Derivatives Exchange, refined soya oil for delivery in May rose

by Rs 2.45, or 0.39 per cent, to Rs 625.55 per 10 kg, with an open interest of 53,800 lots. Likewise, the oil

for delivery in April moved up by Rs 2.40, or 0.38 per cent, to Rs 637.50 per 10 kg in 34,830 lots.

Analysts said widening of positions by traders following pick up in demand in the spot market against

tight stocks position on fall in supplies from producing belts, mainly attributed the rise in refined soya oil

prices at futures trade.

MENTHA OIL ( 03 - April - 2017)✍

Mentha oil prices were up 0.68 per cent to Rs 1,000.40 per kg in futures market today as participants

raised their holdings on the back of pick-up in spot demand from consuming industries. Besides, tight

stocks position following restricted arrivals from major producing belts of Chandausi in Uttar Pradesh also

provided support to mentha oil prices. At the Multi Commodity Exchange, mentha oil for delivery May

month rose Rs 6.80, or 0.68 per cent, to Rs 1,000.40 per kg, clocking a business volume of 14 lots. The oil

for delivery this month traded higher by Rs 6.10, or 0.61 per cent, to Rs 999 per kg, with a trading volume

of 109 lots. Analysts said raising of bets by speculators, driven by rising demand from consuming

industries in the spot markets against restricted supplies from Chandausi led to the rise in mentha oil

prices in futures trade.

CRUDE PALM OIL ( 03 - April - 2017) ✍

Crude palm oil prices were up by 0.31 per cent to Rs 514.30 per 10 kg in futures trade today as traders

created fresh positions, supported by pick-up in demand at the spot market. Besides, a firming trend in

overseas markets too fuelled the uptrend. At the Multi Commodity Exchange, crude palm oil for delivery

this month rose by Rs 1.60 or 0.31 per cent, to Rs 514.30 per 10 kg in a business turnover of 215 lots.

Similarly, the oil for delivery May month went up by Rs 1.20 or 0.24 per cent to Rs 495 per 10 kg in 47

lots. Analysts said widening of positions by participants driven by pick-up in demand in the spot market

against tight stocks position on restricted supplies from producing regions mainly kept crude palm oil

prices higher at futures trade.

SUGAR ( 01 - April - 2017 )✍

Sugar futures witnessed the biggest weekly gain in almost three months on reports of lower production

and expectation of tight balance sheet towards end of the current sugar season. The sugar season begins in

October and lasts until September the following year. The most active May delivery contract on NCDEX

rose 1.83% during the week (March 27 -March 31) to Rs. 3,780 a quintal on Friday. Weekly gain of more

than 1.80% was last seen during the first week of January. During the first quarter of 2017, sugar futures

on NCDEX touched it’s all time high during the February but the prices corrected on reports of higher

stocks with the sugar mills coupled with reports of drop in sugar sale as compared to last year. The

government had appealed sugar millers across the country to keep supplies adequate. NCDEX sugar had

hit lowest level in 2017 at Rs. 3,590 per quintal during second week of March and recovered about 5% in

a fortnight on expectation of lower stock levels as there is possibility of increase the summer demand from

the bulk and industrial buyers when market is expecting lower production for the second successive year

compared to its consumption.

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