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Commodity Research Report Ways2Capital 9 April 2018

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BULLION
Gold futures rose nearly one percent in American trade away from March 29 lows as the dollar index fell off early March highs following earlier data from the US the world’s largest economy and ahead of a speech by Fed Chair Jerome Powell later today.USChina trade tensions grew yet more after President Donald Trump directed his trade officials to look into imposing tariffs on $100 billion of additional Chinese imports.

ENERGY
Oil futures fell nearly two percent in American trade even as the dollar index fell as well off early March highs following earlier data from the US the world’s largest energy consumer while Federal Reserve governor Jerome Powell is scheduled to speak about the economic outlook at the Economic Club of Chicago later today.
Natural gas futures fell nearly two percent in American trade as the dollar index gained ground following earlier data from the US, the world’s largest energy consumer including the EIA report that showed another inventory draw down for the sixteenth week in a row.

Base Metals
Base metals prices on the London Metal Exchange are for the most part weaker this morning Friday April 6, following further announcements from the White House of increased tariffs against China.The main movers are nickel (-1.2%), copper (-0.9%) at $6,755 per tonne lead (-0.7%) and zinc (-0.5%) while tin and aluminium are little changed.Volume remains light with 2,931 lots traded as of 07.31 am London time this as China remains on holiday to mark the Qing Ming Festival or tombsweeping day.

SPICES
Jeer rates found strong support at the lower levels as demand started rising in the mandis amidst falling arrivals. There could be moderate recovery in prices by end of the week.
Sideways trend persisted for Turmeric as prices are looking to find some support at these lower levels. Low trading activities in mandis kept pressure on prices last week. Prices faced strong resistance near the 7000 mark. However falling arrivals amidst rise in demand at these lower levels are likely to support prices in coming weeks.

OILSEEDS
Prices continued shooting up for Mentha oil as fundamentals remained strong. MCX imposed 5% additional margin on the Buy and sell side w.e.f. April 5, 2018. Rising demand at the lower levels supported prices after the recent strong fall in prices.However traders do not expect further fall from these levels with demand set to pick up at these lower rates and a firm trend can be expected.
Edible oil market posted moderate recovery as no major bearish news emerged from the commodity markets. Factors such as upward trend of palm oil lowering inventory in US soya oil steady export demand for US soya oil and strength in soy bean will be the key bullish drivers moving forward.

GUAR COMPLEX
Trend remained slight weak for Guar but prices did seem to find immediate support at these lower levels. Normal monsoon predictions by Skymet good for Guar sowing prospects from June onwards. Also with IMDs recent bulletin on possibilities of good Monsoon this year any recovery looks limited for now.

Others
With China imposing 25% duty on cotton from US, this had a bearish impact on cotton prices as markets fell drastically. However markets are likely to find very strong support at these lower levels and are likely to bounce back strongly as International markets recover strongly amidst reports of a fall in Indian production from earlier estimates.
The futures contracts ended on easy note tracking bearish fundamentals. Spot demand remains subdued currently against improving arrival prospects and ample supplies of the old season crop lying with the stockists.

CASTORSEED

Last week Castor Seed May Futures started the week on positive note but found enough resistance at the level of 4200 and continued the negative trend for the entire week. It made a low of 4120 during the week and closed at 4151 with the overall of loss of 0.79% on weekly basis. Technically for this week, we can expect downside movement in its forming negative divergence on the in RSI and sustaining below the support level breakout. For this week, if it breaks the level of 4100 then it can test the level of 3970 during the week. One can make sell position in it by maintaining a SL 4179.

CHANA
From last couple of trading weeks market is trading with positive note as the level of 3600 acted as a strong support zone and we can see market is getting bounce back from lower level. It made a high of 3850 during the week and closed at 3826 with the overall of gain of 01% on weekly basis. Technically for this week, we can expect positive movement in its forming bottom formation and sustaining above support level of 3700. For this week, if it breaks the level of 3850 then it can test the level of 3980 during the week. One can make buy position in it by maintaining a SL 3785

EURINR
Last week EURINR Apr Futures started the week on negative note and continued the same for the entire week. It made a low of 79.6225 on the last day of the week and closed at 79.7625 with the overall of loss of 1.66% on weekly basis. Technically for this week, we can expect downside movement in its forming negative divergence on the in RSI and sustaining below the support level breakout. For this week, if it breaks the level of 79.8000 then it can test the level of 79.3125 during the week. One can make sell position in it by maintaining a SL 80.0200.

JPYINR
Last week JPYINR Apr Futures started the week on negative note and continued the same for the entire week. It made a low of 60.6775 during the week and closed at 60.7150 with the overall loss of 1.68% on weekly basis. Technically for this week, we can expect downside movement in it as it sustaining near to major support level of 60.6200 with the negative RSI. For this week, if it breaks the level of 60.6200 then it can test the level of 60.1025 during the week. One can make sell position in it by maintaining a SL 60.9125

LEAD
Last week Lead Apr Futures started the week on negative and then on Friday found strong support zone near the level of 153 and bounced back to the level of. It made a low of 153.10 during the week and closed at 155.55 with the overall of loss of 0.77% on weekly basis. Technically for this week, we can expect positive movement in its forming positive divergence on the in RSI and sustaining above the support trend line. For this week, if it breaks the level of 156 then it can test the level of 158 during the week. One can make Buy position in it by maintaining a SL 155.

Copper
From last couple of trading week market is trading in range of 440 to 430 and on its short term chart Copper is forming inverted H&S Formation indication positive trend for short term to midterm basis. It made a high of 443.50 during the week and closed at 438.25 with the overall gain of 0.33% on weekly basis. Technically for this week, we can expect positive movement in it as it is forming higher highs and higher lows formation. For this week, if it breaks the level of 442 then it can test the level of 452 during the week. One can make buy position in it by maintaining a SL 437

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