E

BULLION METALS OUTLOOK -

GOLD -It had been a pleasant week for gold investors until last day correction. After a steep climb from around

$ 1,250 to $ 1,260 per oz, the price of the precious metal started to fall and by last month was back at around

$1,230. The environment for gold investments remains positive. In the background, global record debt burdens

have not magically vanished. Gold prices rallied higher on late Thursday after US President Donald Trump

ordered for a missile strike against Syrian airfield. Prices tested a high of $ 1269.4 on Friday and trading in a

range of $ 1260 to $ 1270 levels. Gold prices could hold steady for near term for a target of $ 1275 to $ 1280

with its important near term support at $ 1250. Gold prices in MCX opened higher on Friday around 0.8% and

face its resistance at Rs.28950 levels. INR appreciation capped Gold upside momentum. Gold prices in MCX

could rally after a break of Rs.28950 for a near term target of Rs.29050 to Rs.29100. As of Now gold crucial

Resistance would be around 28780-28860 and Supoort 28620-28540.

GOLD CHART-

Chart Details - Gold price trading settles at the intraday bullish channel’s support, noticing that the EMA50

keeps providing positive support for the price to protect the trading within this channel, accompanied by

stochastic approach from the oversold levels now. Therefore, these factors encourage us to keep our bullish

trend expectations in the upcoming period, and the targets begin by confirming breaching 1263.17 level to open

the way towards 1300.00 as a next main station, being aware that breaking 1250.00 level will push the price to

test the critical support levels between 1231.13 and 1222.00 before any new attempt to rise.Expected trading

range for this week is between 28240-28540 support and 29280-29370 resistance on MCX. The Gold facing a

Key resistance level at 1260.00 on COMEX. Price action must clearly breach this level to continue further

positive growth .

Monday, 10 .April .2017

SILVER - We continue to see more and more precious metals investors becoming negative because the metal

prices or values have not performed as many have expected. While We thought the silver prices would correct

back higher sooner. However, the revaluation of Silver is not away as some who believe that the Fed and

Central Banks will continue manipulating the market indefinitely. Although there would be some good tactical

opportunities to invest in silver in the coming weeks, While there was something of a correction in Silver in the

latter part of this week, our view of it as a valuable asset to hold in an inflationary backdrop remained. Silver

prices rallied higher in COMEX about 0.8% and trading in a range of $18.35 to $18.43. Silver prices were

likely to face its important resistance at $ 18.5. A break above $18.5 with volumes could take prices to new high

of around $18.75 to $19 levels. Silver in MCX Futures opened higher at around 0.5%, however INR

appreciation keeping prices under Rs.42500. Silver prices could rally in evening session above Rs.42500 for a

near term target of Rs.42800 to Rs.43000.

Detail of Chart -There is upper Bollinger band of the strong improving pro move is becoming on Rs. 41900 in

MCX. Technically Silver is in Bullish trend for the upcoming week, as we have seen Silver prices rose on Friday

to a five-week high, heading for the fourth weekly profit in a row after drawing support from higher demand on

safe havens today. Silver last traded at $18.32 an ounce, up from the opening of $18.25, with an intraday high at

$18.49, and a low at $18.20. As per momentum oscillators the silver to trade in bullish trend in upcoming week,

the Bollinger Band clearly indicating the silver may move towars the next crucial Resistance of 41500-41580.

The Crucial Resistance for metal is 41530-41620 and Support is 40880-40620

MCX DAILY LEVELS ✍

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

ALUMINIUM 31-MARCH-17 134 131 128 126 125 123 122 119 116

COPPER 28-APR-2017 402 393 384 380 375 371 366 357 348

CRUDE OIL 20-MARCH-17 3596 3517 3438 3399 3359 3320 3280 3201 3122

GOLD 05-APR-2017 29799 29460 29121 28902 28782 28563 28443 28104 27765

LEAD 31-MARCH-2017 164 158 152 148 146 142 140 134 128

NATURAL GAS 28-MARCH-2017 226 221 216 213 211 208 206 201 196

NICKEL 31-MARCH-2017 706 688 670 663 652 645 634 616 598

SILVER 05-MAY-2017 45558 44254 42950 42165 41646 40861 40342 39038 37734

ZINC 31-MARCH-2017 190 184 178 175 172 169 168 160 154

MCX WEEKLY LEVELS ✍

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

ALUMINIUM 31-MARCH-17 140 135 130 128 125 123 120 115 110

COPPER 28-APR-2017 429 412 395 385 378 368 361 344 327

CRUDE OIL 20-MARCH-17 3735 3604 3473 3416 3342 3285 3211 3080 2949

GOLD 05-APR-2017 30484 29888 29292 28988 28696 28392 28100 27504 26908

LEAD 31-MARCH-2017 174 165 156 150 147 141 138 129 120

NATURAL GAS 28-MARCH-2017 252 238 224 217 210 203 196 182 168

NICKEL 31-MARCH-2017 761 726 691 673 656 638 621 586 551

SILVER 05-MAY-2017 46852 45160 43468 42423 41776 40731 40084 38392 36700

ZINC 31-MARCH-2017 207 196 185 178 174 167 163 152 141

FOREX DAILY LEVELS✍

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

USDINR 26-MARCH-17 65.85 65.78 65.56 65.42 65.12 64.88 64.68 64.44 64.32

EURINR 26-MARCH-17 70.12 69.54 69.85 68.87 68.24 67.85 67.52 67.15 66.82

GBPINR 26-MARCH-17 86.57 85.11 83.40 82.43 81.16 80.35 80.03 79.82 78.98

JPYINR 26-MARCH-17 62.49 61.70 60.76 59.30 58.49 57.40 56.27 55.47 53.78

FOREX WEEKLY LEVELS✍

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

USDINR 26-MARCH-17 66.86 65.95 64.52 64.04 63.94 62.78 61.47 61.12 59.52

EURINR 26-MARCH-17 76.32 74.68 72.54 70.65 69.09 68.32 67.53 67.04 66.31

GBPINR 26-MARCH-17 94.15 92.01 90.85 88.94 86.32 84.35 82.69 80.18 78.87

JPYINR 26-MARCH-17 66.13 65.87 64.52 63.72 62.85 58.45 57.20 56.42 55.65

NCDEX DAILY LEVELS✍

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

SYOREFIDR 20-MAR-2017 652 646 640 637 634 631 628 622 616

SYBEANIDR 20-MAR-2017 2948 2911 2874 2857 2837 2820 2800 2763 2726

RMSEED 20-MAR-2017 4068 3999 3930 3887 3861 3818 3792 3723 3654

JEERAUNJHA 20-MAR-2017 21455 20640 19825 19385 19010 18570 18195 17380 16565

GUARSEED10 20-MAR-2017 4471 4316 4161 4072 4006 3917 3851 3696 3541

TMC 20-MAR-2017 6663 6511 6359 6267 6207 6115 6055 5903 5751

NCDEX WEEKLY LEVELS✍

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

SYOREFIDR 20-MAR-2017 675 662 649 642 636 629 623 610 597

SYBEANIDR 20-MAR-2017 3044 2984 2924 2889 2864 2829 2804 2744 2684

RMSEED 20-MAR-2017 4231 4113 3995 3920 3877 3802 3759 3641 3523

JEERAUNJHA 20-MAR-2017 22828 21498 20168 19557 18838 18227 17508 16178 14848

GUARSEED10 20-MAR-2017 4581 4393 4205 4094 4017 3906 3829 3641 3453

TMC 20-MAR-2017 7097 6815 6533 6353 6251 6071 5969 5687 5405

MCX - WEEKLY NEWS LETTERS

INTERNATIONAL UPDATES ( BULLION & ENERGY )✍

Gold prices retreated from five-month highs on Friday as the stronger dollar weighed on the precious metal.

Gold for June delivery settled up 0.21% at $1,255.95 on the Comex division of the New York Mercantile

Exchange, having touched highs of $1,272.85 earlier. Prices surged early Friday after the U.S. launched

cruise missile strikes on a Syrian air base in the aftermath of suspected chemical-weapons attacks. But the

precious metal gave back gains as the dollar rose despite disappointing U.S. employment data as investors

remained focused on the Federal Reserve’s plans to tighten monetary policy. The Labor Department reported

on Friday that the U.S. economy added just 98,000 jobs last month, the fewest since last May and well below

the forecast for jobs growth of 180,000. Lower temperatures and winter storms accounted for the slowdown

in hiring. The unemployment rate ticked down to a 10-year low of 4.5%, pointing to underlying strength in

the labor market. The dollar initially sold off following the release of the weaker-than-anticipated

employment data before regaining ground. The U.S. dollar index, which measures the greenback’s strength

against a trade-weighted basket of six major currencies, was up 0.47% to 101.08, the most since March 15

late Friday. The dollar was boosted after New York Fed President William Dudley said on Friday that plans

to trim the Fed’s balance sheet later this year would prompt only a "little pause" in its rate hike plans. A

strong 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. Elsewhere in precious metals

trading, silver was down 1.39% at $17.99 a troy ounce late Friday.

In the week ahead, investors will be eyeing Monday’s speech by Fed Chair Janet Yellen for fresh cues on the

timing of the next U.S. rate hike and plans to trim the bank’s balance sheet.Traders will also be looking

ahead to Friday’s U.S. data on retail sales and inflation ahead of the long Easter weekend.

Gold demand in Asia remained soft this week, with premiums in China notching a slight uptick and those in

India remaining unchanged, as higher prices kept physical buyers at bay. Indian demand for the yellow metal

fell this week primarily due to a rally in overseas rates, though an appreciating rupee capped upside in local

prices. "Retail buyers are struggling to adjust with the sudden price rise. They are delaying purchases

expecting a correction in prices. In the local market, gold futures MAUc1 were trading around 28,900 rupees

per 10 grams on Friday, up 1.5 percent from a week ago. "If prices remain at higher level for a week or if

they rise above 29,000 rupees then people will resume buying. They are waiting for a clear trend,". The

Indian rupee has risen 5.5 percent against the U.S. dollar so far in 2017, partly offsetting gains in overseas

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

prices, unchanged from the last week. The domestic price includes a 10 percent import tax. "The demand

should improve by month end due to Akshaya Trititya," said a Mumbai-based gold dealer with a private

bank. In the last week of April, Indians will celebrate the Akshaya Trititya festival, when buying gold

considered auspicious. In top consumer China, premiums were around $10 to $12 per ounce against the

international benchmark XAU= , up from last week's to $8 to $10. "The demand has been quite stable this

year. While investors are looking to sell, the physical flows are quite stable," a trader with a Shanghai-based

bullion bank said. 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. Hong Kong, premiums

were quoted in a range of 70 cents to $1 an ounce, mostly unchanged from last week, while in Singapore,

gold was being sold at premiums between around $1.20 to $1.50. "A lot of people, mostly high net worth

investors, have been looking into gold kilo bars purely for investments as a safe-haven," said Brian Lan,

managing director at gold dealer GoldSilver Central in Singapore. Premiums were flat in Tokyo due to

limited demand. Traders, however, said demand for platinum has risen on industrial buying. Gold prices

were on track for its fourth straight weekly gain, with the bullion rising over 1 percent so far this week.

Gold prices climbed to five-month highs on Friday, as news of U.S. airstrikes against Syria boosted demand

for safe-haven assets. On the Comex division of the New York Mercantile Exchange, gold futures for June

delivery were up 0.89% at a five-month high of $1,264.55. The June contract ended Thursday’s session

0.38% higher at $1,253.30 an ounce. Futures were likely to find support at $ 1,254.40, Wednesday’s low and

resistance at $1,318,60. The precious metal strengthened after the U.S. launched cruise missiles at an airbase

in Syria, sparking concerns of an escalation in the Syrian civil war. U.S. President Donald Trump said on

Thursday he ordered missile strikes against a Syrian airfield from which a deadly chemical weapons attack

was launched. The air strike came during a two-day summit between Trump and Chinese President Xi

Jinping which, on Thursday, had a strong focus on trade and North Korea's military program. Trump had

warned that he would be ready to act unilaterally to address North Korea's nuclear program if China does not

step up to help in the matter. Market participants were also looking ahead to the U.S. nonfarm payrolls

report, due later Friday, a day after the release of upbeat jobless claims data. Elsewhere in metals trading,

silver futures for May delivery jumped 1% to $18.428 a troy ounce, while copper futures for May delivery

declined 0.53% to $2.645 a pound.

Gold prices climbed to five-month highs on Friday, as news of U.S. airstrikes against Syria boosted demand

for safe-haven assets. On the Comex division of the New York Mercantile Exchange, gold futures for June

delivery were up 0.89% at a five-month high of $ 1,264.55. The June contract ended Thursday’s session

0.38% higher at $ 1,253.30 an ounce. Futures were likely to find support at $1,254.40, Wednesday’s low and

resistance at $ 1,318,60. The precious metal strengthened after the U.S. launched cruise missiles at an airbase

in Syria, sparking concerns of an escalation in the Syrian civil war. U.S. President Donald Trump said on

Thursday he ordered missile strikes against a Syrian airfield from which a deadly chemical weapons attack

was launched. The air strike came during a two-day summit between Trump and Chinese President Xi

Jinping which, on Thursday, had a strong focus on trade and North Korea's military program. Trump had

warned that he would be ready to act unilaterally to address North Korea's nuclear program if China does not

step up to help in the matter. Market participants were also looking ahead to the U.S. nonfarm payrolls

report, due later Friday, a day after the release of upbeat jobless claims data Elsewhere in metals trading,

silver futures for May delivery jumped 1% to $ 18.428 a troy ounce, while copper futures for May delivery

declined 0.53% to $ 2.645 a pound.

Gold spiked to five-month peaks Friday in Asia after the U.S. military launched cruise missile strikes against

a Syrian air base controlled by President Bashar al-Assad's forces. Gold for April delivery on the Comex

division of the New York Mercantile Exchange rose 0.93% to $1,265.00 a troy ounce. Copper dipped 0.04%

to $2.658 a pound. The missile strike came after President Donald Trump hosted Chinese President Xi

Jinping in Florida for a summit that is expected to focus in major part on North Korea. Overnight, gold

prices traded higher on Thursday, despite increased expectations of a June rate hike, after the release of a

better than expected initial jobless claims report. Gold futures eased from a session high $1,260.65, after the

U.S. Department of Labor reported that initial jobless claims decreased by 25,000 to 234,000 in the week

ending April 1 from the previous week’s revised total of 259,000. Analysts had expected jobless claims to

drop by 8,000 to 250,000 last week. Meanwhile, expectations of June rate hike grew, after the Federal

Reserve released the minutes from its March meeting on Wednesday. The Federal Reserve said that it would

start to unwind its $ 4.5 trillion balance sheet “later this year” and maintained its view, rate hikes would be

gradual. Some analysts supported the idea that the Federal Reserve is poised to increase interest rates in

June. “We have expressed a strong conviction that, unless the data deteriorate or financial conditions ratchet

tighter, the Fed will next hike rates at its June meeting.” 58% of traders expect a rate hike in June compared

to 50% of traders prior to the release of the Fed minutes. Gold is sensitive to moves in U.S. rates, which lift

the opportunity cost of holding non-yielding assets such as bullion. Meanwhile, a two-day summit between

U.S. President Donald Trump and Chinese President Xi Jinping later today, is expected to be closely

watched by investors, as a negative outcome could weigh on China-U.S. trade relations.

Gold prices firmed in European trading on Tuesday, extending gains into a third session as investors turned

their attention to U.S. trade data ahead of President Donald Trump's meeting with Chinese President Xi

Jinping. Comex gold futures rose $ 5.80, or around 0.5%, to $ 1,259.80 a troy ounce by 2:55 AM ET, after

hitting an overnight high of $ 1,260.15, its strongest level in a week. Meanwhile, spot gold was up $4.20 at $

1,257.80. Prices of the yellow metal ended gained $ 2.80 on Monday as investors parsed through mixed

manufacturing data and weaker-than-expected auto sales numbers. Also on the Comex, silver futures for

May delivery tacked on 15.0 cents, or about 0.8%, to $18.36 a troy ounce. It reached its highest since March

2 at $18.37 earlier. The U.S. trade deficit data is scheduled for release Tuesday at 8:30AM ET. Economists

expect it to have narrowed in February to $ 44.8 billion from a five-year high of $ 48.5 billion a month

earlier. The main focus for markets this week centers on President Donald Trump's first meeting with

Chinese counterpart Xi Jinping on Thursday and Friday. The U.S. dollar index was at 100.44 in London

morning trade, keeping distance from last week's four-and-a-half month low of 98.67. Market experts do not

expect the Federal Reserve to raise interest rates again until June. Futures traders are pricing in around a 50%

chance of a hike at the Fed's June meeting. Odds of a September increase was seen at about 75%. 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. Elsewhere in metals trading.

Gold rose on Monday on geopolitical worries, but was trading in a tight range in the absence of any fresh

clues on U.S. monetary policy and as the market looked to economic data later in the week for more

direction. Supporting gold was geopolitical tension sparked by U.S. President Donald Trump who on Sunday

held out the possibility of using trade as a lever to secure Chinese cooperation against North Korea. equity

markets eased on Monday as investors assessed how Trump's protectionist stance on trade will play out

during meetings with Chinese President Xi Jinping slated for Thursday and Friday. Spot gold XAU= was 0.3

percent higher at $ 1,252.66 per ounce by 2:15 p.m. EDT, trading in a range between $ 1,244.05 and $

1,253.52. "While the European elections, Brexit negotiations and Trump's foreign policies could reignite

safe-haven interest, gold is not without hurdles. "We believe the fragile physical market and Fed rate hikes

will create a softer footing for gold prices. We maintain our view that Q2 and Q3-2017 are likely to mark the

strongest quarters for gold prices this year." Gold is often seen as an alternative investment during times of

geopolitical and financial uncertainty. Bullion largely shrugged off a firmer dollar .DXY, which hit a two-

week high against a basket of currencies before easing to trade up 0.2 percent. The dollar was up after U.S.

construction spending and manufacturing data on Monday were positive overall, affirming the economy's

steady improvement. is holding well in spite of being torn between buyers and sellers now as interest rate

curve flattening in the U.S. indicates possibly less inflation. New York Fed President William Dudley, an

influential monetary policymaker, did not comment on interest rates in his prepared remarks on Monday.

The focus has now turned to U.S. payrolls data on Friday which could provide more clues on the direction of

interest rates. Spot gold notched a quarterly gain of about 8.4 percent on Friday, marking its best quarter in a

year, mostly driven by uncertainties around Trump's policies and elections in Europe. Hedge funds and

money managers raised their net long position in COMEX gold for the second straight week in the week to

March 28, and boosted it slightly in silver, U.S. Commodity Futures Trading Commission data showed on

Friday. other precious metals, spot silver XAG= edged down 0.3 percent to $ 18.17 per ounce but held near

one-month highs.

Gold prices edged lower on Monday, kicking the week off with modest losses as investors awaited fresh

signals about the timing of the next U.S. interest rate increase this year. Comex gold futures dipped $ 2.50,

or around 0.2%, to $ 1,248.65 a troy ounce by 2:45AM ET. Meanwhile, spot gold was down $ 2.30 at $

1,246.80. Also on the Comex, silver futures for May delivery shed 5.3 cents, or about 0.3%, to $ 18.20 a troy

ounce. Global financial markets will focus on Wednesday’s minutes of the Federal Reserve’s latest policy

meeting for further hints on the timing of the next U.S. rate hike. There are also a few Fed speakers in the

coming week, with New York Fed President William Dudley, Philadelphia Fed President Patrick Harker and

Richmond Fed President Jeffrey Lacker all set to speak Monday. Dudley is on tap again on Friday. Investors

will also keep an eye on key U.S. economic data, with Friday's monthly employment report in the spotlight.

Besides the employment Report, this week's data-heavy calendar also features reports on U.S. auto sales,

construction spending and ISM manufacturing on Monday; trade figures and factory orders on Tuesday;

ADP private sector Nonfarm payrolls and the ISM non-manufacturing survey on Wednesday; weekly jobless

claims on Thursday, followed by wholesale inventories and consumer credit on Friday.

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

Monday, April 10

Fed Chair Janet Yellen is to speak at the University of Michigan.

Tuesday, April 11

Australia is to release private sector data on business confidence.

The U.K. is to release what will be a closely watched report on consumer price inflation.

The ZEW Institute is to report on German economic sentiment.

Wednesday, April 12

China is to release figures on consumer and producer price inflation.

The UK is to release its monthly employment report.

The Bank of Canada is to announce its benchmark interest rate and publish a policy statement outlining

economic conditions and the factors affecting the policy decision. The announcement is to be followed by a

press conference.

Thursday, April 13

Australia is to produce its monthly employment report.

China is to publish trade figures.

Canada is to report on manufacturing sales and new house price inflation.

The U.S. is to release reports on producer price inflation, jobless claims and consumer sentiment.

Friday, April 14

Financial markets in Australia, New Zealand, Europe and Canada will be closed for the Good Friday

holiday.

The U.S. is to round up the week with data on consumer price inflation and retail sales.

✍ ENERGY

Oil prices were firm on Monday, supported by strong demand and political uncertainty in Syria, although

another rise in U.S. drilling activity kept a lid on gains. Brent crude futures LCOc1 , the international

benchmark for oil, were at $ 55.39 per barrel at 0109 GMT, up 15 cents, or 0.3 percent, from their last close.

U.S. West Texas Intermediate crude futures CLc1 were up 24 cents, or 0.5 percent, at $52.48 a barrel.

Traders said prices were being supported by strong demand, and also political uncertainty following the U.S.

missile air strikes on Syria late last week. ANZ bank said on Monday that strong oil demand and "an

unsettled global backdrop (is) leaving the market very finely balanced." However, another increase in U.S.

oil drilling, which has run up for 12 straight weeks to 672 rigs - the highest level since August 2015, kept

markets from breaking last week's one-month highs of over $56 per barrel. bank Goldman Sachs said

following the rig data release that year-on-year U.S. oil production "would rise by 215,000 barrels per day in

2017" once a backlog of production waiting to be brought back online was taken into account.

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

around a month after the U.S. fired missiles at a Syrian government air base. Oil pared some of the gains

later in the session as concerns about a wider escalation in the region faded and U.S. economic data weighed

on global markets. On the ICE Futures Exchange in London, Brent oil for June delivery tacked on 35 cents,

or around 0.7%, to settle at $ 55.24 a barrel by close of trade. The global benchmark hit $56.08 earlier

Friday, the most since March 7. London-traded Brent futures logged a gain of $1.71, or about 3.1%, on the

week, the second weekly increase in a row. Elsewhere, the U.S. West Texas Intermediate crude May contract

inched up 54 cents to end at $52.24 a barrel by close of trade. It touched its highest since March 7 at $52.94

earlier in the session. For the week, the U.S. benchmark rose $1.64, or around 3.1%. Crude prices jumped

overnight after two U.S. destroyers based in the Eastern Mediterranean fired 59 Tomahawk cruise missiles at

a Syrian air base, which the U.S. said was in retaliation to Bashar al-Assad's alleged use of chemical

weapons against his own people. But analysts said the initial knee-jerk reaction to the airstrike may have

been overdone given Syria’s role as a very minor oil producer and after U.S. officials described the attack as

a one-off event that would not lead to wider escalation. Meanwhile, oil traders continued to focus on the

ongoing rebound in U.S. shale production, which could derail efforts by other major producers to rebalance

global oil supply and demand remained in focus. Oilfield services provider Baker Hughes said late Friday

that the number of active U.S. rigs drilling for oil rose by 10 last week, the 12th weekly increase in a row.

That brought the total count to 672, the most since September 2015. Earlier in the week, the U.S. Energy

Information Administration said that crude oil inventories increased by 1.57 million barrels to yet another

all-time high of 535.5 million. It was the 13th weekly build in U.S. stockpiles in the past 15 weeks, feeding

concerns about a global glut. Market participants, however, remained optimistic that OPEC would extend its

current deal with non-OPEC producers to cut output beyond June in an effort to rebalance the market.

In November last year, OPEC and other producers, including Russia agreed to cut output by about 1.8

million barrels per day between January and June. 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.

Elsewhere on Nymex, gasoline futures for May tacked on 1.6 cents, or about 1% to end at its highest since

August 2015 at $1.746 on Friday. It closed up around 2.7% for the week. May heating oil added 1.5 cents to

finish at $1.628 a gallon, the most since March 1. For the week, the fuel gained roughly 3.5%. Natural gas

futures for May delivery dropped 7.0 cents to $3.261 per million British thermal units, trimming its weekly

gain to around 2.2%. 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. Meanwhile, 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.

Oil pared gains Friday after rising as much as 2% in a knee-jerk reaction to U.S. air strikes against Syria.

The strikes were against an airbase which the U.S. claims was use to launch the chemical bombing of a

rebel-held area. The move sparked concerns about a possible disruption to oil supplies. Major producers

Russia and Iran are backers of the Syrian regime. U.S. crude was up 45 cents, or 0.87%, at $ 52.15 at 07:15

ET. Brent crude added 35 cents, or 0.64%, to $ 55.24. Baker Hughes rig count data are due out later in the

session. There are underlying concerns that higher U.S. output could cancel out the impact of cuts by major

producers. OPEC and non-OPEC producers are cutting output by 1.8 million barrels a day in the first half.

Oil prices soared by around $ 1 per barrel on Friday after the United States launched dozens of cruise

missiles at an airbase in Syria. U.S President Donald Trump said he had ordered missile strikes against a

Syrian airfield from which a deadly chemical weapons attack was launched earlier this week, declaring he

acted in America's "national security interest" against Syrian President Bashar al-Assad. tepid trading before

the news, Brent crude futures LCOc1 , the international benchmark for oil, jumped by around $ 1 per barrel,

or almost 2 percent, to $55.78 per barrel by 0237 GMT. U.S. West Texas Intermediate crude futures CLc1

also climbed around $1 per barrel, or almost 2 percent, to $52.64 a barrel. It was the highest level for both

benchmarks since early March. The strikes rattled global markets. While oil prices surged as traders priced

in what has in the past been called a Middle East risk premium, and safe-haven products like gold jumped

=XAU , stock markets and the U.S. dollar .DXY slumped. U.S. officials said the military had fired dozens of

cruise missiles against the airbase, controlled by Assad's forces, in response to a poison gas attack on

Tuesday in a rebel-held area. The Pentagon said it had informed Russia ahead of the strikes, and that it did

not target sections of the base in Syria where Russian forces were believed to be present.

Oil prices dipped on Friday as ongoing concerns about oversupply outweighed an OPEC-led production cut

and strong refinery activity. Brent crude futures LCOc1 , the international benchmark for oil, were at $54.85

per barrel at 0109 GMT, down 4 cents from their last close. U.S. West Texas Intermediate crude futures

CLc1 were down 1 cent at $ 51.69 a barrel. Traders said that despite a recent uptick in sentiment, which this

week helped prices reach a one-month high, there was still concern that markets remained oversupplied,

even with efforts led by the Organization of Petroleum Exporting Countries to cut supplies to prop up prices.

Oil trading data in Thomson Reuters Eikon shows that globally shipped crude volumes stood at 1.4 billion

barrels in March, up from 1.1 billion barrels in February, although on a daily basis the figure was similar to

February's 45.5 million bpd due to that month's fewer days. Both figures, however, were higher than at any

time during the second half of 2016, before the OPEC-led cuts were implemented, implying either poor

compliance with the supply reductions, or plentiful alternative supplies. Despite this, there were factors

supporting prices, especially strong demand from refineries, and a supply disruption in Canada. "Utilisation

rates at refineries jumped 1.9 percent to 90.8 percent, which should result in a drawdown in U.S. crude oil in

coming weeks. "A disruption at a Canadian oil sands operation is also raising concerns of tightness in heavy

Alberta oil. A fire at Syncrude Canada's a 350,000 barrels per day plant could be offline for weeks," it added.

The disruption stemmed from the shutdown of the Syncrude plant after a fire in March damaged the facility

and forced the operator to bring forward planned maintenance.

Crude prices jumped in Asia on Friday after the U.S. fired dozens of missiles into Syria in response to a

chemical weapons attack on civilians. On the New York Mercantile Exchange crude futures for May

delivery spiked 1.51% to $52.48 a barrel, while on London's Intercontinental Exchange, Brent gained 1.55%

$55.70 a barrel. Meanwhile, market participants turn attention to Baker Hughes rig count, due to be released

on Friday at 13:00 EDT. Overnight, crude futures settled higher on Thursday, as expectations that an OPEC-

led cut would be extended beyond June offset bearish U.S. inventories data. Crude futures settled higher for

a third straight day, despite renewed concerns that a ramp up in U.S. crude production would dampened

OPEC’s efforts to reduce supply, after U.S. crude inventories swelled to a record high on Wednesday. A

report from the Energy Information Administration on Wednesday, showed an unexpected rise in U.S. crude

inventories, which confounded expectations of a drop in inventories, as the U.S. approaches the ‘summer

driving season’. The summer driving season officially kicks off in April, when U.S. consumer demand for

gasoline usually peaks during the summer months. Investors, remained hopeful that OPEC would extend its

current deal to cut production beyond June in an effort to curb the current glut in supply. In November last

year, OPEC and other producers, including Russia agreed to cut output by about 1.8 million barrels per day.

Non-OPEC oil producers that joined the global deal to reduce output delivered only 64% of promised cuts in

February, an industry source said March 20, which was far below the roughly 90% compliance with the deal

from OPEC members.

Crude futures settled higher on Thursday, as expectations that an OPEC-led cut would be extended beyond

June offset bearish U.S. inventories data. On the New York Mercantile Exchange crude futures for May

delivery gained 55 cents to settle at $51.70 a barrel, while on London's Intercontinental Exchange, Brent

gained 52 cents to trade at $54.88 a barrel. Crude futures settled higher for a third straight day, despite

renewed concerns that a ramp up in U.S. crude production could dampened OPEC’s efforts to reduce supply,

after U.S. crude inventories swelled to a record high on Wednesday. A report from the Energy Information

Administration on Wednesday, showed an unexpected rise in U.S. crude inventories, which confounded

expectations of a drop in inventories, as the U.S. approaches the ‘summer driving season’. The summer

driving season officially kicks off in April, when U.S. consumer demand for gasoline usually peaks during

the summer months. Investors, remained hopeful that OPEC would extend its current deal to cut production

beyond June in an effort to curb the current glut in supply. In November last year, OPEC and other

producers, including Russia agreed to cut output by about 1.8 million barrels per day. Non-OPEC oil

producers that joined the global deal to reduce output delivered only 64% of promised cuts in February, an

industry source said March 20, which was far below the roughly 90% compliance with the deal from OPEC

members. Meanwhile, market participants turn attention to Baker Hughes rig count, due to be released on

Friday at 13:00 EDT.

Oil climbed to a near one-month high on Wednesday on signs of a gradual tightening in global oil

inventories and on concerns about a supply outage at a field in the United Kingdom's North Sea that feeds

into an international benchmark price. Prices for Brent crude futures LCOc1 , the international benchmark

for oil, were at $ 54.46 per barrel at 0457 GMT, up 29 cents, or 0.5 percent, from their last close. U.S. West

Texas Intermediate crude futures CLc1 were up 33 cents, or 0.6 percent, at $ 51.35 a barrel. Both

benchmarks on Wednesday hit their highest levels since March 8. "The immediate reason for the move was

an unplanned production outage in the North Sea unplanned production outage at the Buzzard oil field in the

North Sea. produces about 180,000 barrels per day. It is the largest contributor to the Forties crude stream

that is a key component of the physical Brent oil price that the Brent futures contract settles against. Traders

also said that prices gained amid slowly tightening market conditions, with the Organization of the

Petroleum Exporting Countries leading an effort to cut output. With most of OPEC's crude exported on

tankers, tracking ship movements can be a good gauge of market conditions. Shipped oil supplies have fallen

by as much as 17 percent this year. The U.S. rig count rose for an 11th straight week last week to 662,

making the first quarter of 2017 the strongest quarter for rig additions since mid-2011, according to energy

services firm Baker Hughes. Following a slump in 2015 and 2016, U.S. oil production C-OUT-T-EIA has

risen 8.5 percent since mid-2016 to 9.15 million bpd, the same level output stood at in 2014, when the

market downturn began. "Price upside will... be capped by the recovering U.S. shale sector.

Oil prices climbed on Wednesday on signs of gradual tightening in a market bloated by years of

overproduction that has left storage tanks around the world brimming with unsold fuel. Prices for front-

month Brent crude futures LCOc1 , the international benchmark for oil, were at $54.28 per barrel at 0149

GMT, up 11 cents from their last close. In the United States, West Texas Intermediate crude futures CLc1

were up 16 cents at $51.19 a barrel. Traders said that slowly tightening market conditions were driving price

rises, with the Organization of the Petroleum Exporting Countries leading an effort to cut output. With most

of OPEC's crude exported on tankers, tracking ship movements can be a good gauge of market conditions.

Shipped oil supplies have reduced by as much as 17 percent since the beginning of the year. "We have seen a

significant reduction in global oil supply since January, with oil on water going from 978 million barrels on

Jan. 1 to 812 million barrels on April 3.

Oil prices fell on Tuesday as a rebound in Libyan oil production combined with an increase in U.S. drilling

to signal the potential for increased crude supply.International Brent LCOc1 crude futures were trading

down 22 cents, or 0.41 percent at $ 52.9 a barrel as of 0643 GMT from the previous session. U.S. benchmark

West Texas Intermediate crude oil prices CLc1 were down 23 cents, or 0.46 percent, to $ 50.01 a barrel. U.S.

oil may drop to $ 49.62 per barrel as it failed to break a resistance at $ 50.95. Brent oil may also retrace its

steps back to $ 52.79 per barrel. oil prices fell as increased drilling in the United States and a rebound in

Libyan output weighed on investor sentiment. Libya's crude output increased after state-owned National Oil

Corp lifted a force majeure on loadings of Sharara oil from the Zawiya terminal in the west of the country,

sources familiar with the matter told Reuters. U.S. drillers last week added rigs for an 11 th week in a row,

data from energy services company Baker Hughes showed on Friday, extending a 10-month drilling

recovery. OPEC producers are also raising output. Iran's exports of crude oil and gas condensate hit a record

3.05 million barrels per day by March 20, the end of the Iranian month of Esfand, according to a report by

the Islamic Republic News Agency. oil market continues to look for signs of a tightening market as concerns

linger that compliance with producer-led output cuts remains insufficient to erode a supply glut and the

United States raises oil output. The Organization of the Petroleum Exporting Countries, and non-OPEC

members including Russia, agreed late last year to cut output by almost 1.8 million barrels per day in the

first half of 2017. The market's focus has now shifted to whether the major oil producers will extend the cuts.

Oil prices edged lower in early Asian trading on Tuesday as a rebound in Libyan production put pressure on

the market, along with a rise in U.S. drilling rig capacity that signals potential for increased supply.

International Brent LCOc1 crude futures were trading down 3 cents at $ 53.09 a barrel at 0141 GMT from

the previous session. U.S. benchmark West Texas Intermediate crude oil prices CLc1 was down 1 cents to $

50.23 a barrel. "Crude oil prices fell as increased drilling in the United States and a rebound in Libyan output

weighed on investor sentiment," Libya's crude output increased on Monday after state-owned National Oil

Corp lifted force majeure on loadings of Sharara crude oil from the Zawiya terminal in the west of the

country, sources familiar with the matter told Reuters. U.S. drillers added the most rigs in a quarter since the

second quarter of 2011, data from energy services company Baker Hughes showed on Friday, extending a

10-month drilling recovery. to Libya's oil production recovery, Iran's exports of crude oil and gas condensate

hit a record 3.05 million barrels per day by March 20, the end of the Iranian month of Esfand, according to a

report by the Islamic Republic News Agency. oil market continues to await signs of a tightening market as

concerns over OPEC production cut compliance, designed to erode a global crude oil glut, and high U.S. oil

output linger. The Organization of the Petroleum Exporting Countries, and non-OPEC members including

Russia, agreed late last year to cut output by almost 1.8 million barrels per day in the first half of 2017. The

market's focus has now shifted whether the major oil producers will extend the cuts.

China's loadings of West African crude oil are expected to slip in April from the record level reached the

month before, according to a Reuters survey of shipping fixtures and oil traders on Monday. West Africa's

loadings for China, the world's second-largest oil consumer, are on track to fall to 1.357 million barrels per

day, down from their highest ever tracked by Reuters, 1.41 million bpd, in March. Overall loadings for Asia

fell to 2.07 million bpd as a result, roughly 2 percent lower than March. Spring refinery maintenance across

Asia has cut consumption, while the decline has also followed months of strong imports. "The east has been

buying huge amounts of crude ... They need to find a way to digest these barrels, either by processing them

or by storing them," Asia, and China in particular, has been absorbing rising amounts of West African oil in

recent months, much of it from Angola. The region's overall crude oil deliveries jumped 13.7 percent in

March to 105.03 million tonnes. Storing oil has also become less attractive this year as contango, the gap

between current prices and those in the future, has narrowed, cutting the potential profit of holding barrels of

oil.

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

Tuesday, April 11

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

Wednesday, April 12

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

Thursday, April 13

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

Baker Hughes will release weekly data on the U.S. oil rig count. The report comes out one day earlier than

usual due to Friday's Easter holiday.

BASE METAL’S OUTLOOK :

BASE METAL GUIDE -

Trading Ideas :

Copper -

Copper trading range for the day is 366.6-384.2.

Copper fell after a U.S. air strike on Syria prompted investors to move out of riskier assets.

The discount of LME cash copper to the three-month contract closed at $31.25 a tonne, close to the

biggest in four years, indicating adequate supply.

China's foreign exchange reserves rose slightly in March, though by a bit less than the market expected.

Zinc -

Zinc trading range for the day is 167.3-178.5.

Zinc dropped as supply tightness eased recently after restarts at mines driven by high zinc prices

The discount of LME cash zinc to the three-month contract shrank to $ 23.80 a tonne from $27.75

earlier in the week.

Votorantim saying Cajamarquilla in Peru would resume operations at 50% of capacity after a period of

suspension due to floods.

Nickel -

Nickel trading range for the day is 634.3-670.3.

Nickel recovered on short covering as nickel ore supply remains tight, which is leading to a significant

output cut at nickel smelters

According to China Customs, China imported a total of 300,000 tonnes of nickel ore from Indonesia

during the first two months of 2017.

Indonesian nickel ore are estimated to keep flowing into China and the monthly supplying volumes

from the country to China will reach around 100,000 tonnes.

BASE METAL

✍ NICKEL ( 10 - April - 2017 )

Nickel prices were down by 0.53 per cent at Rs 659.10 per kg in futures trade today as speculators cut down

their bets. At the Multi Commodity Exchange, nickel for delivery in May was trading down by Rs 3.50, or

0.53 per cent, at Rs 659.10 per kg, in a business turnover of 16 lots.The metal for delivery this month was

also down by Rs 3.40, or 0.52 per cent, to trade at Rs 653.40 per kg in a turnover of 250 lots. Analysts said

the fall in nickel prices was mostly in line with a weakening trend in metals at the domestic markets due to

sluggish demand from alloy-makers.

✍ LEAD ( 10 - April - 2017 )

Lead eased by 0.34 per cent to Rs 144.65 per kg in futures trade today in tandem with a weakening trend in

base metals at the domestic spot markets due to muted demand. At the Multi Commodity Exchange, lead for

delivery in April was trading 50 paise or 0.34 per cent down at Rs 144.65 per kg in a business turnover of 26

lots. The metal for delivery May also fell by a similar margin to trade at Rs 145.20 per kg with a business

volume of just one lot. Marketmen said a weak trend in select base metals at the domestic spot markets due

to slackened demand form consuming industries, mainly kept pressure on lead futures here.

✍ COPPER ( 10 - April - 2017 )

Copper futures traded 0.63 per cent lower at Rs 378.15 today as speculators cut down their positions at

prevailing levels. In futures trading at the Multi Commodity Exchange, copper for delivery in far-month June

fell Rs 2.40, or 0.63 per cent, at Rs 378.15 per kg, in a business turnover of eight lots. Similarly, the metal

for delivery in April was down Rs 2.05, or 0.55 per cent, at Rs 374 per kg in 112 lots. Analysts attributed the

fall in copper futures to profit-booking by speculators who trimmed their positions at existing levels amid

subdued demand at the domestic spot markets.

✍ COPPER - ( 06-April-2017 )

Copper futures traded 0.48 per cent lower at Rs 384.30 per kg today as speculators offloaded their bets.

Furthermore, subdued demand at domestic spot market pushed down metal prices. At the Multi Commodity

Exchange, copper for delivery in April shed Rs 1.85, or 0.48 per cent, to Rs 384.30 per kg, in a business

turnover of 328 lots. Also, metal for delivery in far-month June was trading down by Rs 1.85, or 0.47 per

cent, at Rs 388.65 per kg in 6 lots. Analysts attributed the fall to offloading of positions by participants

amidst muted demand at the domestic spot markets and weakness in select base metals at the London Metal

Exchange.

03 - April-2017

✍ COPPER

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.

✍ NICKEL - ( 06-April-2017 )

Nickel prices fell by 0.61 per cent to Rs 668.50 per kg in futures trade today as speculators cut down their

bets amid sluggish demand and a weak trend overseas. Besides, profit-booking at existing level too put

pressure on the metal prices. At the Multi Commodity Exchange, nickel for delivery in current month was

trading down by Rs 4.10, or 0.61 per cent, at Rs 668.50 per kg, in a business turnover of 419 lots. The metal

for delivery in far-month May was also down by Rs 3.50, or 0.52 per cent, to trade at Rs 674.50 per kg, in a

turnover of 2 lots. Analysts said the fall in nickel prices was mostly in line with a weak trend at the domestic

spot markets due to muted demand and profit-booking by participants at prevailing levels. Moreoever, a

weak trend in base metals at the London Metal Exchange too weighed on prices, they added. Globally, nickel

dropped 0.8 per cent at the LME.

( 03 -April - 2017 )

✍ NICKEL

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.

✍ ZINC ( 06-April-2017 )

Zinc prices declined by 0.17 per cent to Rs 179.90 per kg in futures trade today as speculators cut down their

bets, driven by sluggish demand from consuming industries in the spot market. At the Multi Commodity

Exchange, zinc for delivery in current month fell by 30 paise, or 0.17 per cent, to Rs 179.90 per kg in

business turnover of 156 lots. Similarly, the metal for delivery in May contracts shed 20 paise, or 0.11 per

cent, to Rs 180.75 per kg in 2 lots. Analysts said offloading of positions by traders owing to slackened

demand from consuming industries in the physical market and a weak trend in select base metals overseas,

mainly led to decline in zinc prices at futures trade.

✍ 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 -

MENTHA OIL ✍ ( 10- April - 2017 )

Amid pick up in demand at domestic spot market against restricted supplies from producing regions, mentha

oil prices traded higher by 0.49 per cent to Rs 999.40 per kg in futures market today as participants enlarged

positions. At the Multi Commodity Exchange, mentha oil for delivery in April rose by Rs 4.90, or 0.49 per

cent, to Rs 999.40 per kg, in a business turnover of 134 lots. Likewise, the oil for delivery in May went up

by Rs 4.20, or 0.42 per cent, to Rs 1,002.90 per kg in eight lots. Analysts said widening of positions by

traders due to pick up in demand from consuming industries in the spot markets against tight stocks on fall in

arrivals from Chandausi led to the rise in mentha oil prices in futures trade.

CRUDE PALM OIL✍ - ( 10- April - 2017 )

Crude palm oil prices declined further by 0.82 per cent to Rs 517.40 per 10 kg in futures trading today as

speculators engaged in reducing their positions, triggered by easing demand in the spot market. Besides,

ample stocks position on increased supplies from producing belts too fuelled the downtrend. At the Multi

Commodity Exchange, crude palm oil for delivery in April fell by Rs 4.30, or 0.82 per cent, to Rs 517.40 per

10 kg, in a business turnover of 96 lots. Likewise, the oil for delivery in May traded lower by Rs 3.60, or

0.72 per cent, to Rs 495.90 per 10 kg in 40 lots. Analysts said trimming of positions by traders due to

subdued demand in the spot market against sufficient stocks position mainly attributed the slide in crude

palm oil prices at futures trade.

WHEAT✍ ( 10- April - 2017 )

Wheat prices went up by 0.67 per cent to Rs 1,642 per quintal in futures trading today as speculators built up

fresh positions. At the National Commodity and Derivatives Exchange, wheat for delivery in April moved up

by Rs 11, or 0.67 per cent, to Rs 1,642 per quintal, with an open interest of 2,050 lots. Likewise, the wheat

for delivery in May held steady at Rs 1,665 per quintal in 9,720 lots. Analysts attributed the rise in wheat

futures to speculative positions created by traders.

REFINED SOYA OIL ✍ ( 10- April - 2017 )

Refined soya oil prices moved down by 0.45 per cent to Rs 620.05 per 10 kg in futures trade today as

participants cut down their bets due to low demand in the spot market. At the National Commodity and

Derivatives Exchange, refined soya oil for delivery in May fell by Rs 2.80, or 0.45 per cent, to Rs 620.05 per

10 kg, with an open interest of 59,500 lots. Similarly, the oil for delivery in April shed Rs 1.50, or 0.24 per

cent, to Rs 634.08 per 10 kg in 25,770 lots. Analysts said offloading of positions by traders on the back of

easing demand in the spot market against adequate stocks position mainly influenced refined soya oil prices

at futures trade.

CARDAMOM ✍ ( 10- April - 2017 )

Cardamom prices drifted lower by 1.89 per cent to Rs 1,253 per kg in futures trade today as speculators

trimmed their positions, taking negative cues from spot market on tepid demand. At the Multi Commodity

Exchange, cardamom for delivery in May fell by Rs 24.10, or 1.89 per cent, to Rs 1,253 per kg, in a business

turnover of 41 lots. Market analysts said offloading of positions by participants amid sluggish demand in the

spot market against adequate stocks position mainly led to the fall in cardamom prices at futures trade.

06- April - 2017

Cardamom prices drifted by Rs 8.30 to Rs 1,416 per kg in futures market today as traders trimmed their

holdings amid sluggish demand at the spot market. Besides, adequate stocks position following increased

arrivals from producing regions too fueled the downtrend. At the Multi Commodity Exchange, cardamom for

this month delivery declined by Rs 8.30, or 0.58 per cent, to Rs 1,416 per kg, in a business turnover of just

two lots. The spice for delivery in May month was trading down by Rs 3.30, or 0.25 per cent, to Rs 1,311 per

kg, with a trading volume of 0.25 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.

06- April - 2017

Crude palm oil prices were up by 0.55 per cent to Rs 507.10 per 10 kg in futures trade today as speculators

enlarged positions driven by a firm demand at the spot market. Moreover, a firming trend overseas supported

the uptrend. At the Multi Commodity Exchange, crude palm oil for delivery in May rose by Rs 2.80, or 0.55

per cent, to Rs 507.10 per 10 kg in business turnover of 196 lots.. Similarly, the oil for delivery this month

contracts went up by Rs 2.10, or 0.40 per cent, to Rs 525.90 per 10 kg in 211 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.

06- April- 2017

CARDAMOM ✍

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.

03- April- 2017

CARDAMOM ✍

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.

03- April- 2017

REFINED SOYA OIL✍

1. 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..

03- April- 2017

MENTHA OIL -✍

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.

03- April- 2017

CRUDE PALM OIL ✍

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.

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.

LEGAL DISCLAIMER

This Document has been prepared by Ways2Capital (A Division of High Brow Market Research Investment

Advisor Pvt Ltd). The information, analysis and estimates contained herein are based on Ways2Capital

Equity/Commodities Research assessment and have been obtained from sources believed to be reliable.

This document is meant for the use of the intended recipient only. This document, at best, represents

Ways2Capital Equity/Commodities Research opinion and is meant for general information only.

Ways2Capital Equity/Commodities Research, its directors, officers or employees shall not in any way to be

responsible for the contents stated herein. Ways2Capital Equity/Commodities Research expressly disclaims

any and all liabilities that may arise from information, errors or omissions in this connection. This

document is not to be considered as an offer to sell or a solicitation to buy any securities or commodities.

All information, levels & recommendations provided above are given on the basis of technical &

fundamental research done by the panel of expert of Ways2Capital but we do not accept any liability for

errors of opinion. People surfing through the website have right to opt the product services of their own

choices.

Any investment in commodity market bears risk, company will not be liable for any loss done on these

recommendations. These levels do not necessarily indicate future price moment. Company holds the right

to alter the information without any further notice. Any browsing through website means acceptance of

disclaimer.

DISCLOSURE

High Brow Market Research Investment Advisor Pvt. Ltd. or its associates does not do business with

companies covered in research report nor is associated in any manner with any issuer of products/

securities, this ensures that there is no actual or potential conflicts of interest. To ensure compliance with

the regulatory body, we have resolved that the company and all its representatives will not make any trades

in the market.

Clients are advised to consider information provided in the report as opinion only & make investment

decision of their own. Clients are also advised to read & understand terms & conditions of services

published on website. No litigations have been filed against the company since the incorporation of the

company.

Disclosure Appendix:

The reports are prepared by analysts who are employed by High Brow Market Research Investment

Advisor Pvt. Ltd. All the views expressed in this report herein accurately reflects personal views about the

subject company or companies & their securities and no part of compensation was, is or will be directly or

indirectly related to the specific recommendations or views contained in this research report.

Disclosure in terms of Conflict of Interest:

(a) High Brow Market Research Pvt. Ltd. or his associate or his relative has no financial interest in the

subject company and the nature of such financial interest;

(b) High Brow Market Research Pvt. Ltd. or its associates or relatives, have no actual/beneficial ownership

of one percent or more in the securities of the subject company,

(c) High Brow Market Research Pvt. Ltd. or its associate has no other material conflict of interest at the

time of publication of the research report or at the time of public appearance;

Disclosure in terms of Compensation:

High Brow Market Research Investment Advisor Pvt. Ltd. policy prohibits its analysts, professionals

reporting to analysts from owning securities of any company in the analyst's area of coverage.

Analyst compensation: Analysts are salary based permanent employees of High Brow Market Research Pvt.

Ltd.

Disclosure in terms of Public Appearance:

(a) High Brow Market Research Pvt. Ltd. or its associates have not received any compensation from the

subject company in the past twelve months;

(b) The subject company is not now or never a client during twelve months preceding the date of

distribution of the research report.

(c) High Brow Market Research Pvt. Ltd. or its associates has never served as an officer, director or

employee of the subject company;

(d) High Brow Market Research Pvt. Ltd. has never been engaged in market making activity for the subject

company.