13/11/2017

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Crude oil futures end in red on Friday:

Crude oil futures ended in red on Friday,

trimming strong recent gains as data showed the
US oil rig count jumped last week. Also, as
investors fretted over an uptick in US production
but losses were limited as expectations grew that
Opec would extend its agreement on output
curbs. Trade was mainly weighed down by a
report from oil services firm Baker Hughes
showing the number of oil rigs operating in the
US rose to the highest in almost a month by 9 to
738. It was the biggest one-week jump since
June.

Copper futures edge higher on

MCX:
Copper futures edged higher on MCX due to a
firming trend in the London Metal Exchange
(LME) as a weaker dollar broadly lifted base
metals. Though, some gains were capped on
subdued demand at domestic spot markets.

Gold futures edge down on MCX:

Gold futures edged lower on MCX on account

of subdued demand of precious metal from
jewellers, investors and retailers. Though,
uncertainty over US tax reforms capped some
losses in gold futures.

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TECHNICAL ANALYST

GOLD
OUTLOOK:

TREND: - UP

RESISTANCE: - 29700, 29850.

SUPPORT: - 29450, 29350.

STRATEGY: - SELL ON HIGH.

TECHNICAL OUTLOOK

COMEX Gold failed to hold onto rallies as weak demand conditions took a toll on the sentiments. Global
economic newsflow also remained good and Gold failed to see much of follow up buying even as equities
showed some cautiousness after hitting record high. COMEX Gold ended around $1275 per ounce. MCX
Gold futures closed around Rs 29470 per 10 grams after easing from highs well above Rs 29600 levels.

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OUTLOOK:
SILVER
TREND: - UP

RESISTANCE: - 39750, 39950.

SUPPORT: - 39350, 39150.

STRATEGY: - SELL ON HIGH.

TECHNICAL OUTLOOK

The Prices of silver were down on Friday from the previous close. And at end of the day the prices were
settled at 39507 per 30 kilogram. On the higher side Rs 39965 per 30 kilogram as resistances were noted
while lows were at Rs 39319 per 30 kilograms as support noted. The metals remain under a volatile zone.

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COPPER
OUTLOOK:

TREND: - UP

RESISTANCE: - 448.50,451.

SUPPORT: -442.50, 440.

STRATEGY: - BUY ON LOW.

TECHNICAL OUTLOOK

Indian Copper was trading at Rs 445.65 per kg, up 0.27%. The prices of Copper was down to Rs 443.3 per
kg but recovered in evening trades. Copper tested a high of Rs 447.5 per kg. China's unwrought copper
imports fell in October from a month earlier to their lowest since April, as prices soared to their highest in
more than three years, while concentrate arrivals also slipped, customs data showed this week.

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CRUDE OIL
OUTLOOK:

TREND: - UP

RESISTANCE: - 3740, 3770.

SUPPORT: - 3670, 3640.

STRATEGY: - SELL ON HIGH.

TECHNICAL OUTLOOK

Crude oil futures stayed around two year high amid supportive fundamentals for the commodity. However,
modest declines are being witnessed in oil after prices rose to more than two year highs. Crude Oil is
expected to remain the fuel with the largest share in the energy mix throughout the forecast period to
2040, according to the 2017 OPEC World Oil Outlook (WOO) update. Long-term oil demand has been
revised upward by 1.7 million barrels a day (mb/d) compared to the WOO 2016, with total demand at over
111 mb/d by 2040. There is no expectation for peak oil demand over the forecast period to 2040.
Developing countries will continue to lead demand growth, increasing by almost 24 mb/d, to reach 67 mb/d
by 2040. Long-term demand growth comes mainly from the road transportation (5.4 mb/d), petrochemicals
(3.9 mb/d) and aviation (2.9 mb/d) sectors. Oil demand in the road transportation sector is driven by the
increasing car fleet in Developing countries and declining oil use per vehicle in the OECD region.

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