Commodity Premium Daily Journal

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Wednesday, 27th September 2017

Gold 29840

Silver 39843

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Market Wrapup
Tuesday, 26th September 2017

Commodity Contract Open Price High Low Close Price

Gold 05-Oct-2017 30100 30169 29780 30039

Silver 05-Dec-2017 40385 40595 39672 40276

Crude Oil 18-Oct-2017 3424 3435 3373 3406

Natural Gas 26-Oct-2017 196.8 199 195.7 196

Copper 30-Nov-2017 425.5 429.75 421.6 425.15

Zinc 29-Sep-2017 206.1 209 204.3 205.95

Lead 29-Sep-2017 162.35 164.05 160.6 162.15

Aluminium 29-Sep-2017 139.1 139.8 137.4 138.8

Nickel 29-Sep-2017 690.7 692.9 677.4 689.6

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Support & Resistance
Wednesday, 27th September 2017

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

Gold 05-Oct-2017 30329.33 30100.67 29940.33 29711.67 29551.33

Silver 05-Dec-2017 40964.33 40410.66 40041.33 39487.66 39118.33

Crude Oil 18-Oct-2017 3465.33 3433.67 3403.33 3371.67 3341.33

Natural Gas 26-Oct-2017 194.60 192.30 190.90 188.60 187.20

Copper 30-Nov-2017 433.12 428.33 424.97 420.18 416.82

Zinc 29-Sep-2017 211.08 208.47 206.38 203.77 201.68

Lead 29-Sep-2017 165.55 163.60 162.10 160.15 158.65

Aluminium 29-Sep-2017 140.65 139.10 138.25 136.70 135.85

Nickel 29-Sep-2017 698.80 689.20 683.30 673.70 667.80

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MCX Outlook
Wednesday, 27th September 2017

Base Metals trading steady after early recovery

Base Metals are reversing trend after a trading steady in the morning as traders took profits after the recent relief rally. Copper rallied to
a high of Rs.429.75 and is currently trading at Rs.425, unchanged from the previous close whereas Nickel and Aluminum are the worst
performers today, losing around a percent each.
We dont expect a major change the current trend as the selling should continue to keep prices within a broad range. The recent
weakness in rupee has played spoilsport with minor recoveries in the international market being reflected as strong up moves in the
domestic prices which in itself trapped a lot of the bulls along the way today.
The intraday bias remains on the weaker side and we expect prices to decline further towards the close. On the downside, Copper finds
support at Rs.423 and the further lower at Rs.421 whereas resistance comes into play at Rs.427. The rest of the metals are also
expected to fall sharply tracking Copper.

Crude oil declines further on profit booking

Crude Oil is easing after yesterdays sharp rally, prices are down 12 points at Rs.3,394 in intraday. The recent up move in prices has
been driven by improving market fundamentals in the short term.

The short-term trend remains positive in prices but we expect prices to post a minor correction ahead of the key inventories report
tomorrow. On the downside, support is seen at Rs.3375 Rs.3350 breaking which prices may make another attempt at Rs.3300
otherwise buying from this range should carry oil to our short-term targets at Rs.3450 and possibly higher in the short term.

The focus will also shift to the weekly inventories report in which the market is expected another strong draw for gasoline and distillates
which should further support the prices higher.

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Market News
Wednesday, 27th September 2017

Special News
Gold Prices Down In Asia As U.S. Tax Cut Details Awaited, Yellen Noted
Gold prices fell in Asia on Wednesday as investors took positions ahead of an expected roll-out of the
Trump administration's plan for tax cuts and after noting what some are seeing as a more hawkish
Fed after a speech by the central bank's chief.
Gold futures for December delivery on the Comex division of the New York Mercantile Exchange fell
0.27% to $1,298.20 a troy ounce.
Overnight, gold prices fell on Tuesday as December rate-hike expectations jumped after Federal Reserve chair Janet Yellen said that
central bank should be wary of moving too gradually on interest rates to avoid the economy overheating.
In a speech titled Inflation, Uncertainty, and Monetary Policy at the National Association for Business Economics annual meeting on
Tuesday, Fed chair Janet Yellen reaffirmed the central banks view that raising rates gradually was the most appropriate policy amid
uncertainty over inflation.

Crude Oil Prices Gain In Asia After API Surprise Draw

Crude oil prices gained in Asia On Wednesday as industry estimates on U.S. inventories threw up an
unexpected drop in supplies.
On the New York Mercantile Exchange crude futures for November delivery rose 0.39% to $52.08,
while on London's Intercontinental Exchange, Brent gained 0.17% to $58.02 a barrel.
U.S. crude oil inventories fell by 761,000 barrels at the end of last week, the American Petroleum
Institute (API) estimated Tuesday, compared with a 2.296 million barrels build expected.
Gasoline inventories however rose by 1.5 million barrels compared to a 962,000 barrels decline seen and distillates declined by 4.5 million
barrels, compared with a 2.474 million barrels drop expected.

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Market News
Wednesday, 27th September 2017

Commodity Buzz
Nickel market under short covering; Resistance seen at 695.4
Technically Nickel market is under short covering as market has witnessed drop in open interest by 3.95% to settled at 15259 while prices
up 2.7 rupees.
Now MCX Nickel is getting support at 680.1 and below same could see a test of 670.7 level, And resistance is now likely to be seen at
695.4, a move above could see prices testing 701.3.
Nickel on MCX settled up 0.39% at 689.60 tracking firmness from LME nickel which finished up 1.5 percent at $10,580 a tonne after falling
more than 8 percent over Thursday and Friday, when the Shanghai Futures Exchange raised trading fees to curb speculative investment.

Traders are still worries over stockpiles in South Korean warehouses had driven up discounts of cash nickel, copper and aluminium to
their three-month contracts. The discounts are near multi-year highs.

MCX Aluminium expected to trade in a range between 136.7-140.3

Technically Aluminium market is under long liquidation as market has witnessed drop in open interest by 11.37% to settled at 2191 while
prices down 0.15 rupees.

Now MCX Aluminium is getting support at 137.8 and below same could see a test of 136.7 level, And resistance is now likely to be seen
at 139.6, a move above could see prices testing 140.3.

Aluminium on MCX settled down -0.11% at 138.80 tracking weakness from LME Aluminium which closed down 0.5 per cent at $US2,148
a tonne as caution over the demand outlook from top metals consumer China and a stronger US dollar.

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Analyst Speaks
Wednesday, 27th September 2017

Gold MCX

Technically Gold market is getting support at 29711 and below RESISTANCE 2 30329.33
same could see a test of 29551 levels and resistance is now likely
to be seen at 30100, a move above could see prices testing 30329.
RESISTANCE 1 30100.67
Gold on MCX settled down -0.56% at 29872 fell as comments by
US Federal Reserve Chairwoman Janet Yellen reinforced
expectations for another interest-rate increase before the end of PIVOT 29940.33
the year.

SUPPORT 1 29711.67
BUY GOLD OCT AROUND 29750-29780
TGTS 29900/30050 SL 29650
SUPPORT 2 29551.33

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Analyst Speaks
Wednesday, 27th September 2017

CRUDE OIL MCX

Technically Crude oil market is under long liquidation as market has RESISTANCE 2 3465.33
witnessed drop in open interest by 4.3% to settled at 14941 while
prices down 4 rupees.
RESISTANCE 1 3433.67
Now Crude oil is getting support at 3371 and below same could see
a test of 3341 levels and resistance is now likely to be seen at
3433, a move above could see prices testing 3465. PIVOT 3403.33

BUY CRUDE OIL OCT ABOVE 3435 SUPPORT 1 3371.67

TGTS 3465/3495 SL 3400
SUPPORT 2 3341.33

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Todays Economic Events
Wednesday, 27th September 2017

COUNTRY TIME EVENT ACTUAL FORECAST PREVIOUS

6:00pm Core Durable Goods Orders m/m 0.2% 0.6%

Durable Goods Orders m/m 1.0% -6.8%

USD 7:30pm Pending Home Sales m/m -0.5% -0.8%

8:00pm Crude Oil Inventories 2.9M 4.6M

11:30pm FOMC Member Brainard Speaks

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