Daily Commodity Roundup as onreport.systematixshares.com/Commodity/SYSTEMATIX... · June, missing a...

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Date : Wednesday, August 08, 2018 URL : www.systematixshares.com Page No : 1 Daily Commodity Roundup as on Wednesday, August 08, 2018

Transcript of Daily Commodity Roundup as onreport.systematixshares.com/Commodity/SYSTEMATIX... · June, missing a...

Page 1: Daily Commodity Roundup as onreport.systematixshares.com/Commodity/SYSTEMATIX... · June, missing a forecast for a fall of 0.5%. China's foreign exchange reserves rose $5.8 billion,

Date : Wednesday, August 08, 2018 URL : www.systematixshares.com Page No : 1

Daily Commodity Roundup as on Wednesday, August 08, 2018

Page 2: Daily Commodity Roundup as onreport.systematixshares.com/Commodity/SYSTEMATIX... · June, missing a forecast for a fall of 0.5%. China's foreign exchange reserves rose $5.8 billion,

Date : Wednesday, August 08, 2018 URL : www.systematixshares.com Page No : 2

NIKKEI22771

-0.27 0.35 0.48USDINR

68.85 S&P

INDEX

2850

DJIA25502

-0.07 0.02 0.16SENSEX

37666NIFTY

11389

$ INDEX95.05

0.44 0.58 -0.15

LME ALUMINIUM

2042 LME

LEAD

2154

13960

0.69 0.29 0.61

LME

COPPER

6199 LME

ZINC

2610

IN

TER

NA

TIO

NA

L M

AR

KET U

PD

ATE GOLD $

1213.01SILVER $

USDJPY111.348

0.19 0.12 -0.03EURUSD

1.1620GBPUSD

1.29525

LME

NICKEL

15.41CRUDE $

69.31

0.18 0.44 0.43

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Date : Wednesday, August 08, 2018 URL : www.systematixshares.com Page No : 3

Trading Ideas :Gold trading range for the day is 29490-29788.

Expectations for increased Chinese stimulus helped take the edge off wider concerns about the worsening Sino-U.S. trade dispute.

Gold prices have declined nearly 12 percent since mid-April, pressured by a stronger U.S. dollar from an ongoing U.S.-China trade dispute.

The U.S. Federal Reserve is widely expected to raise benchmark lending rates, for the third time this year, at its next policy meet in September.

Gold prices settled flat as the U.S. dollar fell versus China’s yuan against a backdrop of U.S.-China trade tensions.

Gold settled flat as the U.S. dollar fell versus China’s yuan against a

backdrop of U.S.-China trade tensions. U.S. data recently showed

investors added 13,931 contracts to their net short position in the week

to July 31, bringing it to 41,087 contracts, the biggest since records

became publicly available in 2006. Expectations for increased Chinese

stimulus helped take the edge off wider concerns about the worsening

Sino-U.S. trade dispute. The United States will begin collecting 25 percent

tariffs on another $16 billion in Chinese goods on Aug. 23, the U.S. Trade

Representative’s office said on Tuesday as it published a final tariff list

targeting 279 imported product lines. Companies doing business with Iran

will be barred from the United States, President Donald Trump said on

Tuesday, as new U.S. sanctions took effect despite pleas from

Washington’s allies. U.S. job openings held near record highs in June

amid a modest decline in hiring, pointing to a further tightening of labour

market conditions, which economists hope will soon spur faster wage

growth. The prospect of a “no-deal Brexit” appears to have grown after

the European Union’s negotiator rejected last month central elements of

Prime Minister Theresa May’s proposals for a new trade agreement. Gold-

backed exchange-traded funds (ETFs) saw outflows in North America,

Europe and Asia in July as a strong U.S. dollar helped weaken gold prices,

the World Gold Council said. SPDR Gold Trust, said its holdings fell 0.15

percent to 787.53 tonnes on Tuesday from 788.71 tonnes on Monday.

Technically now Gold is getting support at 29544 and below same could

see a test of 29490 level, And resistance is now likely to be seen at

29693, a move above could see prices testing 29788.

OPEN HIGH LOW CLOSE % CHANGE OPEN INTEREST

29668

SUPPORT 3

29842 29788 29693 29544 29490 29395

29734 29585 29597 -0.11 7860

RESIST 3 RESIST 2

MCX Gold Oct 2018

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Date : Wednesday, August 08, 2018 URL : www.systematixshares.com Page No : 4

Trading Ideas :Silver trading range for the day is 37648-38296.

Expectations that the Federal Reserve will push forward with rate hikes, with markets pricing in moves in both September and December, have supported the dollar.

U.S. job openings held near record highs in June amid a modest decline in hiring, pointing to a further tightening of labour market conditions.

Holdings at ishares silver trust dropped by 0.57% i.e. 58.50 tonnes to 10215.81 tonnes from 10274.31 tonnes.

Silver prices settled flat as a weaker dollar boosted demand for the precious metal.

Silver settled flat as a weaker dollar boosted demand for the precious

metal. Expectations that the Federal Reserve will push forward with rate

hikes, with markets pricing in moves in both September and December,

have supported the dollar. The US imposed new sanctions on Iran

targeting its access to dollars, precious metals, and gold, with President

Donald Trump describing them as “the most biting ever imposed”. US job

openings held near record highs in June amid a modest decline in hiring,

pointing to further tightening labour market conditions, which economists

hope will soon spur faster wage growth. Last Friday saw the release of the

US payrolls report, which showed the unemployment rate fell to 3.9% as

expected from 4.0% in June, while average hourly earnings rose 0.3% as

expected, up from 0.1% in June. The economy added 157 thousand jobs

last month, down from 248 thousand in June, and missing estimates of

191K. Data from Germany's Ministry for Economic Affairs and Energy

showed the country’s industrial output dropped 0.9% month on month in

June, missing a forecast for a fall of 0.5%. China's foreign exchange

reserves rose $5.8 billion, or 0.19%, from a month earlier to $3.118

trillion at the end of July, the central bank said. The increase followed a

month-on-month rise of about $1.5 billion in June, according to the

People's Bank of China (PBOC). Technically market is under fresh selling

as market has witnessed gain in open interest by 0.17% to settled at

26732 while prices down -13 rupees, now Silver is getting support at

37765 and below same could see a test of 37648 level, And resistance is

now likely to be seen at 38089, a move above could see prices testing

38296.

OPEN HIGH LOW CLOSE % CHANGE OPEN INTEREST

37967 38179

38413 38296 38089 37765 37648 37441

37855 37883 -0.03 26732

RESIST 3 RESIST 2 RESIST 1 SUPPORT 1

MCX Silver Sep 2018

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Date : Wednesday, August 08, 2018 URL : www.systematixshares.com Page No : 5

Trading Ideas :Crudeoil trading range for the day is 4705-4827.

Oil prices were also boosted by a report from EIA, estimating domestic oil production will grow at a slower rate than previously forecast.

The EIA cut its 2018 U.S. crude output estimate to 10.68 mbpd from 10.79 million bpd and its 2019 output estimate to 11.7 mbpd from 11.8 mbpd.

The U.S. has restored sanctions against Iran as President Donald Trump reaffirmed plans to impose more penalties on the country’s oil sales in November.

Crude oil settled flat after prices seen supported amid reports that the U.S. restored sanctions against Iran, the world’s fifth-largest oil producer.

Crude oil settled flat after prices seen supported amid reports that the

U.S. restored sanctions against Iran, the world’s fifth-largest oil producer.

Oil prices were also boosted by a report from the Energy Information

Administration (EIA), estimating domestic oil production will grow at a

slower rate than previously forecast. The EIA cut its 2018 U.S. crude

output estimate to 10.68 million bpd from 10.79 million bpd and its 2019

output estimate to 11.7 million bpd from 11.8 million bpd, citing lower

crude prices are expected to curb U.S. shale oil output. The U.S.

government introduced a raft a new sanctions against Iran on Tuesday,

targeting Iran's purchases of U.S. dollars - in which oil is traded - metals

trading, coal, industrial software and its auto sector. From November,

Washington will also target Iran's petroleum sector. Iran is a major

exporter of crude oil, shipping out almost 3 million barrels per day (bpd)

of crude in September, equivalent to around 3 percent of global demand.

Beyond the sanctions, the oil market was focusing on the U.S. market,

where the American Petroleum Institute said on Tuesday that crude

inventories fell by 6 million barrels in the week to Aug. 3 to 407.2 million.

Official U.S. fuel storage data is due to be released later on Wednesday

by the Energy Information Administration (EIA). Technically market is

under long liquidation as market has witnessed drop in open interest by -

6.06% to settled at 9579 while prices down -5 rupees, now Crudeoil is

getting support at 4734 and below same could see a test of 4705 level,

And resistance is now likely to be seen at 4795, a move above could see

prices testing 4827.

OPEN HIGH LOW CLOSE % CHANGE OPEN INTEREST

4758 4798

4856 4827 4795 4734 4705 4673

4737 4762 -0.10 9579

RESIST 3 RESIST 2 RESIST 1 SUPPORT 1

MCX Crudeoil Aug 2018

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Trading Ideas :Copper trading range for the day is 414.2-422.6.

China's $60 billion tariffs on US goods see little impact on copper

Miner BHP said requested government mediation with union at its Escondida copper mine, prompting union to postpone the start of a strike.

Warehouse stock for Copper at LME was at 248050mt that is down by -1850mt.

Date : Wednesday, August 08, 2018 URL : www.systematixshares.com Page No : 6

Copper prices seen support on fears a wage dispute at the world’s largest copper mine could result in a strike if an agreement isn’t reached.

Copper on MCX settled up 0.63% at 418.10 gained after the dollar

weakened against a basket of major currencies as its recent rally fuelled

by U.S.-China trade tensions appeared to fizzle. The dollar inched down

versus a basket of currencies , making dollar-denominated assets like

copper cheaper for holders of other currencies, even after the U.S. Trade

Representative's office said the U.S. would begin collecting 25 percent

tariffs on another $16 billion in Chinese goods later this month. Despite

the threats of labour strikes at big copper mines including Escondida in

Chile, copper prices have fallen nearly 15 percent this year. The union at

Chile's Escondida copper mine, the world's largest, said that BHP must

alter its negotiating strategy and improve its contract offer during the

final phase of talks if it hoped to avoid a strike. LME copper gained 0.7

percent to finish at $6,175 a tonne, with gains tempered after BHP

formally requested government mediation at its Escondida copper mine in

Chile, the world’s largest, prompting the union to postpone the start of a

planned strike. Elsewhere, copper bucked the general show of strength

from the SHFE base metals complex to dip 70 yuan per tonne so far. The

weakness comes despite ongoing labor unrest in South America, including

a strike at the world’s largest copper mine by production, Escondida.

Ongoing concerns about the impact of the trade conflict between US and

China continues to weigh on sentiment. Technically market is under short

covering as market has witnessed drop in open interest by -7.41% to

settled at 28028 while prices up 2.6 rupees, now Copper is getting

support at 416.1 and below same could see a test of 414.2 level, And

resistance is now likely to be seen at 420.3, a move above could see

prices testing 422.6.

OPEN HIGH LOW CLOSE % CHANGE OPEN INTEREST

417.00

SUPPORT 3

424.5 422.6 420.3 416.1 414.2 411.9

420.70 416.50 418.10 0.63 28028

RESIST 3 RESIST 2

MCX Copper Aug 2018

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Trading Ideas :Zinc trading range for the day is 177.7-182.7.

China’s social inventory of zinc across Shanghai, Tianjin and Guangdong edged down as limited import arrivals failed to drive up overall stocks.

pot zinc trades in the Shanghai market slowed from last Friday as buyers hesitated and sellers hardly lowered offers.

Warehouse stock for Zinc at LME was at 232625mt that is down by -900mt.

Date : Wednesday, August 08, 2018 URL : www.systematixshares.com Page No : 7

MCX Zinc Aug 2018

Zinc gained as a rising yuan kept the dollar on the back foot and easing U.S.-China trade war concerns supported sentiment.

Zinc on MCX settled up 1.09% at 180.55 gained on short covering amid

optimism top consumer China will prop up its economy with stimulus

measures and that the country’s currency is stabilising. Support also seen

after the update that maintenance lowered output of refined zinc across

Chinese smelters to 408,400 mt in July, down 21,700 mt or 5.1% from

June. This is down 10.2% from July 2017. Total output in the first seven

months of the year stood at 3.1 million mt, up 1.7% on the year. High

temperatures, the low season and losses drove some smelters to

undertake maintenance in July, when SHFE zinc prices dipped to 20,000

yuan/mt. Support also seen after Chinese infrastructure firms received a

boost from expectations of increased spending on public works projects.

China Railway was reported in domestic media as saying China would

boost its fixed asset investment in railways to $117 billion in 2018, an

increase of 9.3 percent over its original plan. Last week, when the

Chinese government tried to stop the yuan depreciating, was the trigger

which supported the bottoming of the metals. Three-month zinc on the

London Metal Exchange closed 1.3 percent higher in final open outcry

trading at $2,600 a tonne after falling 2.4 percent on Monday. Now trader

will eye on key things to watch today include China’s trade balance in

July, US weekly crude oil inventory data from the EIA and Richmond Fed

President Thomas Barkin’s speech. Technically market is under short

covering as market has witnessed drop in open interest by -3.06% to

settled at 4463 while prices up 1.95 rupees, now Zinc is getting support

at 179.2 and below same could see a test of 177.7 level, And resistance

is now likely to be seen at 181.7, a move above could see prices testing

182.7.

OPEN HIGH LOW CLOSE % CHANGE OPEN INTEREST

178.7

SUPPORT 3

184.2 182.7 181.7 179.2 177.7 176.7

181.2 178.7 180.6 1.09 4463

RESIST 3 RESIST 2

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Trading Ideas :Nickel trading range for the day is 929.5-965.1.

China unveiled tariffs on 5,207 items imported from US, with the extra levies ranging from 5 percent to 25 percent, say could eventually undermine growth.

The price spread between Jinchuan and Norilsk nickel remained wide in the Shanghai spot market due to tight supply of Jinchuan materials.

Warehouse stock for Nickel at LME was at 251466mt that is down by -372mt.

Date : Wednesday, August 08, 2018 URL : www.systematixshares.com Page No : 8

MCX Nickel Aug 2018

Nickel gained as dollar softened and as Chinese yuan showed more stability after the country’s central bank raised the cost of shorting the currency.

Nickel on MCX settled up 1.02% at 950.90 tracking firmness from LME

nickel prices which climbed 1.2 percent to finish at $13,850 per tonne,

supported by a rally in Chinese steel prices to their strongest since April

2012 amid production curbs. While overall sentiments still remain weak

as pressure will be seen after the news that Nickel production rose 4.7%

on the month and stood at 12,400 mt in July. This is down 9.7% year on

year. More working days and better profitability at smelters in south

China accounted for the month-on-month growth. Output during January-

July fell 8.3% from the same period last year, and came in at 83,700 mt.

Domestic nickel production is likely to stand at 12,500 mt in August as

operating rates are likely to remain largely flat on a monthly basis.

Producers resumed production after the first round of environmental

reviews, but limited capacity release and extended checks in Jiangsu

limited output growth in July. Production dipped 3.5% from a year ago. In

July, high-grade NPI output gained 5.1% month on month to 29,700 mt

in nickel content and low-grade NPI output grew 0.6% on the month to

4,300 mt in nickel content. Overall NPI production during January-July

stood at 253,900 mt in nickel content, up 13.4% year on year. Output in

August is expected to expand 8.9% on the month to 37,000 mt, as

output resumption continues. Now trader will eye on key things to watch

today include China’s trade balance in July, US weekly crude oil inventory

data from the EIA and Richmond Fed President Thomas Barkin’s speech.

Technically now Nickel is getting support at 940.2 and below same could

see a test of 929.5 level, And resistance is now likely to be seen at 958, a

move above could see prices testing 965.1.

OPEN HIGH LOW CLOSE % CHANGE OPEN INTEREST

940

SUPPORT 3

975.8 965.1 958.0 940.2 929.5 922.4

954.4 936.6 950.9 1.02 7710

RESIST 3 RESIST 2

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Trading Ideas :Jeera trading range for the day is 6667-6667.

India's cumin output fell to 489,000 ton from 503,000 ton a year ago and as a result stocks with traders and farmers are stated to lower.

NCDEX accredited warehouses jeera stocks gained by 668 tonnes to 3081 tonnes.

In Unjha, a key spot market in Gujrat, jeera remains unchanged at0 rupees to end at 19726 rupee per 100 kg.

Date : Wednesday, August 08, 2018 URL : www.systematixshares.com Page No : 9

NCDEX Jeera Sep 2018

Jeera dropped on profit booking after prices gained tracking good physical and exports demands from China and Bangladesh.

Jeera on NCDEX settled down by -2.33% at 20145 on profit booking after

prices gained supported by improved physical and export demand. Prices

in recent period remained positive supported by hopes of strong export

demand despite good arrivals and production during this season. India is

expected to export a record 175,000 tn of jeera in 2018-19 (Apr-Mar),

primarily because supply from its competitors has taken a hit making it

the sole supplier of the largely sought after spice. Supply of jeera from

Syria and Turkey--India's main rivals in the global jeera export market--

has been hit both in terms of quantity and quality due to adverse

weather, according to exporters. Having hit a record high of 155,000 tn in

2014-15, jeera exports fell to 97,790 tn in 2015-16, and 143,670 tn in

the year ended March, according to data from Spices Board India. Jeera

output is expected to be bumper and supplies are likely to increase in the

coming days. The Federation of Indian Spices Stakeholders (FISS) -

projected India's 2017-18 jeera output at 6.92 million bags up 19% on

year on the back of higher acreage and favourable weather. In Unjha, a

key spot market in Gujarat, jeera edged down by -158 Rupees to end at

19734.6 Rupees per 100 kg.Technically market is under fresh selling as

market has witnessed gain in open interest by 7.39% to settled at 6102

while prices down -480 rupees, now Jeera is getting support at 19900 and

below same could see a test of 19650 level, And resistance is now likely

to be seen at 20540, a move above could see prices testing 20930.

OPEN HIGH LOW CLOSE % CHANGE OPEN INTEREST

20060

SUPPORT 3

20700 20525 20260 19820 19645 19380

20350 19910 20000 -0.72 6651

RESIST 3 RESIST 2

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Trading Ideas :Turmeric trading range for the day is 7156-7404.

In Telangana, turmeric acreage grew to 46,692 hectare until August 1 from 41,715 hectare a year ago, state government data showed.

NCDEX accredited warehouses turmeric stocks dropped by 79 tonnes to 5156 tonnes.

In Nizamabad, a major spot market in AP, the price ended at 7329.75 Rupees dropped -90.25 Rupees.

Date : Wednesday, August 08, 2018 URL : www.systematixshares.com Page No : 10

NCDEX Turmeric Sep 2018

Turmeric prices settled flat as sowing is expected to be higher this year and stocks are comfortable.

Turmeric settled flat as sowing is expected to be higher this year and

stocks are comfortable. Turmeric area is seen up this year due to

attractive prevailing prices. In Telangana, turmeric acreage grew to

46,692 hectare until August 1 from 41,715 hectare a year ago, state

government data showed. In Andhra Pradesh, Turmeric sowing reported

12,320 hectares as compared to 7,998 hectares in the corresponding

period last year, 68% sowing completed from season normal. In

Telangana, Turmeric sowing as on 01 August 2018 reported 46,692

hectares as compared to 41,715 hectares in the corresponding period last

year. 85% sowing completed from season normal. As per estimates, in

normal monsoon condition Turmeric all India area may go up by 12 - 14%

as compared to last year due to higher prices. Spot turmeric prices

increased at the markets in Erode as the farmers brought in quality

produce. Arrivals too were up at 3,600 bags and 70 per cent of them

were traded. Regarding the price, finger variety was up Rs. 100 a quintal

and root variety gained Rs. 120. At the Erode Turmeric Merchants

Association, the finger turmeric went for Rs. 5,889-8,699 a quintal and

the root variety for Rs. 5,600-7,509. Of the 2,573 bags on offer, 987

were sold. In Nizamabad, a major spot market in AP, the price ended at

7329.75 Rupees dropped -90.25 Rupees.Technically market is under

fresh buying as market has witnessed gain in open interest by 14.81% to

settled at 15625, now Turmeric is getting support at 7220 and below

same could see a test of 7156 level, And resistance is now likely to be

seen at 7344, a move above could see prices testing 7404.

OPEN HIGH LOW CLOSE % CHANGE OPEN INTEREST

7270

SUPPORT 3

7468 7404 7344 7220 7156 7096

7340 7216 7282 0.05 15625

RESIST 3 RESIST 2

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Trading Ideas :Menthaoil trading range for the day is 1514.6-1580.6.

Mentha oil spot at Sambhal closed at 1813.10 per 1kg. Spot prices was up by Rs.18.50/-.

Spot markets are also witnessing strong consumption demand amid restricted supplies.

Bumper crop harvest has been discounted in the market and market is moving upwards on rising demand from end users.

Date : Wednesday, August 08, 2018 URL : www.systematixshares.com Page No : 11

MCX Menthaoil Aug 2018

Mentha oil prices rallied due to bullish demand outlook from domestic market as well as exporters.

Mentha oil on MCX settled up by 1.4% at 1551.8 due to bullish demand

outlook from domestic market as well as exporters. Spot markets are also

witnessing strong consumption demand amid restricted supplies. Bumper

crop harvest has been discounted in the market and market is moving

upwards on rising demand from end users. Arrivals in Sambhal stood at

400 drums compared to 350 drum a day ago while in Barabanki supplies

rose to 500 drums from 450 drums a day earlier. According to preliminary

estimates, mentha oil production in 2018-19 would be 40,000-45,000 ton

against last year's production of 35,000 tons. There could be chances of

crop damage to certain extend due to unfavourable weather condition.

Besides, farmers are likely to hold back the stocks as the present prices

are not remunerative for them. However, in recent years, the growth in

production and consumption of synthetic mentha has influenced the

demand for natural mentha. As per sources, India contributes around

80% to the total global mentha oil production. Total global production

stood at around 48,000 tonnes, out of which India produces between

30,000-40,000 tonnes. According to estimates, mentha oil production in

India for crop year 2016-17 will be around 38,000 tonnes. Mentha oil

spot at Sambhal closed at 1813.10 per 1kg. Spot prices was up by

Rs.18.50/-.Technically market is under short covering as market has

witnessed remain unchanged in open interest by 0% to settled at 1432

while prices up 21.4 rupees, now Menthaoil is getting support at 1533.2

and below same could see a test of 1514.6 level, And resistance is now

likely to be seen at 1566.2, a move above could see prices testing

1580.6.

OPEN HIGH LOW CLOSE % CHANGE OPEN INTEREST

1538.40

SUPPORT 3

1599.2 1580.6 1566.2 1533.2 1514.6 1500.2

1562.00 1529.00 1551.80 1.40 1432

RESIST 3 RESIST 2

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TIME ZONE Forecast

CommodityLME STOCK Stock

COPPER -1850 248050

ALUMINIUM -7250 1170300

NICKEL -372 251466

LEAD 125775

ZINC -900 232625

0 0 0 0 0

Date : Wednesday, August 08, 2018 URL : www.systematixshares.com Page No : 12

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0:00 0 0 0 0

8:00pm USD Crude Oil Inventories -2.8M 3.8M

10:31pm USD 10-y Bond Auction 0 2.86|2.6

Fresh Buying

LME DAILY STOCK POSITION ECONOMICAL DATA

DATA Previous

12:30am USD Consumer Credit m/m 16.2B 24.6B

TREND Fresh Buying Fresh Buying Fresh Selling Short Covering Fresh Buying Fresh Buying Short Covering Fresh Buying

720

Cng in OI 4.43 1.36 9.00 -5.31 14.81 9.27 -2.55 1.29 3.39

SUPPORT

4079 23660 19380 4138 7096 4093 588.1 3356

729

4104 23790 19645 4189 7156 4107 589.9 3370 724

4148 23890 19820 4277 7220 4127 591.7 3381

593.5 3395 733

747

4242 24250 20525 4467 7404 4175 597.1 3420 742

598.9 3431

595.3 3406 738

P. POINT 4173 24020 20085 4328 7280 4141

4217 24120 20260 4416 7344 4161

RESISTANCE

4286 24350 20700 4555 7468 4195

4193 23990 20000 4364 7282 4146 593.6 3393

DAILY MARKET TRADING LEVEL

COMMODITIESNCDEX CHANA Sep

2018

NCDEX Cotton Oct

2018

NCDEX Jeera Oct

2018

NCDEX Guarseed10

Oct 2018

NCDEX Turmeric

Sep 2018

NCDEX Rmseed Sep

2018MCX CPO Aug 2018

NCDEX Soyabean

Oct 2018

NCDEX

Ref.Soya oil

Sep 2018

735.85CLOSE

-1850

-7250

-372

0

-900

-8000

-7000

-6000

-5000

-4000

-3000

-2000

-1000

0

COPPER ALUMINIUM NICKEL LEAD ZINC

LME STOCK

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After a weak start to the year, the euro area economy grew at the slowest pace in two years in the second quarter, while inflation exceeded the central bank's target

again in July, official data showed. According to a preliminary flash estimate from Eurostat, gross domestic product grew 0.3 percent from the first quarter, when the

economy expanded 0.4 percent. A similar slower growth was last seen in the second quarter of 2016. On a yearly basis, GDP growth eased to 2.1 percent from 2.5

percent in the previous quarter. Among major economies, France expanded only 0.2 percent due to weak household consumption. Elsewhere, Spain logged its weakest

growth in four years in the second quarter, with GDP rising 0.6 percent. At 0.2 percent, Italy's GDP growth was the weakest in two years in the second quarter.

Separately, flash data from Eurostat showed that inflation accelerated for a third straight month in July to its highest level since late 2012. Largely driven by energy

prices, harmonized inflation in the currency bloc rose to 2.1 percent in July from 2 percent in June. The annual rate was expected to remain at 2 percent.

Indian gold demand is set to improve in the second half of 2018, after falling 6 percent in the first half, as government steps to boost farmers' incomes are expected to lift

rural buying power, the World Gold Council (WGC) said. Higher demand from the world's second-biggest gold consumer could support global prices that are trading near

their lowest in a year, although a rise in imports of the precious metal would widen India's trade deficit. A hike in crop prices and farm loan waivers would improve rural

demand in the second half of the year, Somasundaram PR, managing director of WGC's Indian operations, told. Two-thirds of India's gold demand comes from rural areas,

where jewellery is a traditional store of wealth. India last month raised the government-mandated price for summer-sown crops such as rice and cotton by the most since

Prime Minister Narendra Modi came to power in 2014, a move that analysts said was aimed at wooing millions of poor farmers ahead of a general election next year.In the

April-June quarter, Indian gold demand fell 8 percent from a year ago to 187.2 tonnes, hit by a rally in local prices due to a depreciating rupee , the WGC said in a report.

Despite the fall, the WGC maintained a 2018 demand estimate of between 700 and 800 tonnes versus 763.4 tonnes last year.

India is likely to receive below-normal monsoon rains in 2018, a private weather forecaster said, raising concerns over farm output and economic growth in Asia's third-

biggest economy, where half the farmland lacks irrigation. The monsoon delivers about 70 percent of India's annual rainfall, critical for the farm sector that accounts for

about 14 percent of India's $2 trillion economy and employs more than half of the country's 1.3 billion people. Lower rainfall could raise the price of food, which is

weighted at nearly half of the consumer inflation index, and could add to pressure on central bank to raise interest rates. India's June-September monsoon season is likely

to see only 92 percent of the long-period average (LPA) rainfall, down from earlier forecast of 100 percent, weather agency Skymet said in a statement. India's weather

office defines average, or normal, rainfall as between 96 percent and 104 percent of a 50-year average of 89 cm for the entire four-month season. In the first half of

monsoon season India received 6 percent less rainfall than normal, according to the official state-run India Meteorological Department (IMD), which has forecast 97

percent rainfall during the season.

Date : Wednesday, August 08, 2018 URL : www.systematixshares.com Page No : 13

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Date : Wednesday, August 08, 2018 URL : www.systematixshares.com Page No : 14

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