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21/07/2017

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21/07/2017

Crude oil futures came off their multi-week highs on


Thursday:

Crude oil futures settled lower on Thursday after


reversing off multi-week highs amid profit-taking and
nagging worries about supply overhang. Market focus
shifted to domestic crude production that climbed
32,000 bbl to a fresh two-year high of 9.429 million
bbl last week. In addition, US demand was mixed,
with data showing gasoline falling 194,000 bpd last
week, while distillate demand spiked 476,000 bpd on
the week and up 10.6% higher year-over-year.
Overseas, supply continues to rise in Libya and
Nigeria, while Iraq plans to increase its output by the
end of this year despite the fact that Iraq is part of an
ongoing OPEC agreement to cut output by 1.2 million
bpd through March 2018.

Copper futures end higher on


Thursday:
Copper futures ended higher on Thursday on expectations of
solid demand from top consumer China after industrial
output grew strongly in the second quarter.

Gold futures end higher on Thursday:


Gold futures ended higher on Thursday after
European Central Bank President Mario Draghi said
ECB policymakers would discuss potential changes
to the bank's bond-buying scheme in the autumn,
lifting the euro to a 14-month high. Meanwhile, the
Labor Department released a report showing that a
much bigger than expected decrease in first-time
claims for US unemployment benefits in the week
ending July 15th. Initial jobless claims fell to
233,000, a decrease of 15,000 from the previous
week's revised level of 248,000..

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GOLD
TECHNICAL ANALYST
OUTLOOK:

TREND: - DOWN

RESISTANCE: - 28430, 28529.

SUPPORT: - 28181, 28031.

STRATEGY: - SELL ON HIGH.

TECHNICAL OUTLOOK

COMEX Gold edged up to a three-week high on Thursday after European Central Bank President Mario Draghi said
ECB policymakers would discuss potential changes to the bank's bond-buying scheme in the autumn, lifting the euro
to a 14-month high against the US dollar. This pulled the broad dollar index lower too. The dollar index is around a
10 month low right now. COMEX Gold is quoting around $1250 per ounce in Asian trades. MCX Gold soared well
above Rs 28300 per 10 gram levels and ended around Rs 28330 mark amid good follow up buying.

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OUTLOOK:
SILVER
TREND: - DOWN

RESISTANCE: - 38089, 38298.

SUPPORT: - 37548, 37216.

STRATEGY: - SELL ON HIGH.

TECHNICAL OUTLOOK

The Prices of silver were gained on Thursday. And at end of the day the prices were settled at 37881 per 30
kilogram. On the higher side Rs 37966 per 30 kilogram as resistances were noted while lows were at Rs 37425 per
30 kilograms as support noted. The metals remain under a volatile zone.

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21/07/2017

COPPER
OUTLOOK:

TREND: - UP

RESISTANCE: - 388.80,390.35.

SUPPORT: -385.40, 383.40.

STRATEGY: - BUY ON LOW.

TECHNICAL OUTLOOK

Global Aluminium market is in a very good nick. Alcoa, the largest producer of aluminum in the US, Wednesday
reported strong second-quarter profit figures, as revenues grew driven primarily strong demand for alumina and
aluminum. New York-based Alcoa's second-quarter profit was $75 million or $0.40 per share, compared to a loss of
$55 million or $0.29 per share last year. Adjusted earnings for the quarter were $0.62 per share. Analysts polled by
Thomson Reuters expected earnings of $0.60 per share.

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CRUDE OIL
OUTLOOK:

TREND: - UP

RESISTANCE: - 3070, 3103.

SUPPORT: - 3018, 2999.

STRATEGY: - BUY ON LOW.

TECHNICAL OUTLOOK

WTI Crude is failing to sustain its recent gains on continued worries over abundant global supplies. Crude oil soared
to around six weeks highs Wednesday after US government data showed a sizable decline in US crude stockpiles for
a third week in a row. However, prices slipped thereafter and he counter is currently trading at $46.73 per barrel,
down 0.83% on the day. MCX Crude oil futures closed flat at Rs 3037 per barrel yesterday and should slip towards Rs
3000 mark today.

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