08/11/2017

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Crude oil futures decline marginally ahead of inventory

data:

Crude oil futures cooled a bit on Tuesday ahead

of the inventory data and after Opec said it
expected a surge in North American shale output
to cap demand for the cartels crude oil. Opec in
its 2017 World Oil Outlook revised upwards North
American shale oil to 5.1 million barrels per day
(bpd) from 4.1 million bpd, citing the recent rally
in crude prices as one of the catalysts to drive up
shale output. The U.S. Energy Information
Agency in separate report also revised upwards
its estimate for domestic crude oil production.

Copper futures edge higher on

firm trend overseas:
Copper futures edged higher on MCX as
participants enlarged their holdings amid firm
trend overseas on expectations of healthy
demand from the electric vehicle sector.
Further, pick-up in demand in the spot market
too supported copper prices.

Gold futures trade higher on MCX:

Gold futures traded higher on MCX due to

rising demand of the precious metal from
jewellers and retailers at the spot market.

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TECHNICAL ANALYST

GOLD
OUTLOOK:

TREND: - UP

RESISTANCE: - 29600, 29750.

SUPPORT: - 29400, 29250.

STRATEGY: - BUY ON LOW.

TECHNICAL OUTLOOK

MCX Gold futures edged up amid soaring Crude oil prices as the inflationary edge of the metal swung into
action. COMEX Gold futures are trading at $1277 per ounce, marginally lower on the day after a sharp
rebound yesterday. MCX Gold futures are trading at Rs 29400 per 10 grams, up 0.20% on the day. The
local futures have edged up after testing lows near Rs 29K levels.

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OUTLOOK:
SILVER
TREND: - UP

RESISTANCE: - 40000, 40200.

SUPPORT: - 39500, 39300.

STRATEGY: - BUY ON LOW.

TECHNICAL OUTLOOK

The Prices of silver were down on Tuesday from the previous close. And at end of the day the prices were
settled at 39594 per 30 kilogram. On the higher side Rs 40034 per 30 kilogram as resistances were noted
while lows were at Rs 39544 per 30 kilograms as support noted. The metals remain under a volatile zone.

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COPPER
OUTLOOK:

TREND: - UP

RESISTANCE: - 447.50,450.

SUPPORT: -442.50, 440.

STRATEGY: - BUY ON LOW.

TECHNICAL OUTLOOK

Asian equities mostly slipped. European stocks witnessed lax moves even as banks gained ground on
growth optimism after ECB President Mario Draghi said there is little evidence that negative rates are
undermining banking profitability. In other key commodities, Copper extended losses amid steady profit
selling. The metal is down 0.65% at $3.13 per pound. MCX Copper futures are also down 0.30% at Rs
449.60 per kg.

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CRUDE OIL
OUTLOOK:

TREND: - UP

RESISTANCE: - 3740, 3770.

SUPPORT: - 3670, 3640.

STRATEGY: - SELL ON HIGH.

TECHNICAL OUTLOOK

WTI Crude oil futures are lingering around $57 per barrel - their highest levels in nearly two years,
extending its recent break above $50 in a surreal manner. Oil has soared on political upheaval Saudi
Arabia. Media reports noted that dozens of Saudi princes and senior officials and businessmen were
arrested as part of a purported corruption investigation. Saudi Arabia is the world's largest exporter of oil.
MCX Crude oil futures are up 1.1% to trade at Rs 3730 per barrel.

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