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BULLION METALS OUTLOOK -

GOLD - The price of gold has traded in positive side most of the trading session in last trading week.

Investment demand from hedge funds in the futures market and investors using exchange-traded

products have so far been relatively muted with the Federal Open Market Committee in tightening mode

and universal expectations of a stronger dollar providing a headwind. The resilience seen especially in

the last week, where the dollar strengthened, should provide some additional support but first a key

technical level at 29540 needs to be taken out. Notwithstanding the strong demand for gold and silver

globally, buying activity in the U.S. retail market for physical bullion has fallen noticeably in the wake

of Donald Trump’s election victory. And retail selling in the U.S. has increased. The bullion markets

have entered a new phase. The Significance levels for Precious metal is 29460-29520 is down side and

29780-29930 is Upside on MCX

GOLD CHART-

Chart Details - The Bollinger Bands show price giving support from the Upper band a good test and

I expect price to eventually move back up to the upper band and push even higher into that band to set

up the final rally high. Gold Futures in MCX trading in a sideways range of Rs.29550 to Rs.29780.

Prices could settle around these levels for this week. A strong upside till Rs.29800 to Rs.29900 could

come on a close above Rs.29500 levels. Gold prices trading higher over 6% for the last two months

after a sharp fall from Rs.32000. This medium term rally could continue till said levels as prices holding

firm above Rs.29000.

Monday, 27 February 2017

SILVER - Silver has been the best performer on a relative basis with the XAUXAG ratio at 68.6, down

from 72.4 at the beginning of the year. Hedge funds have been continuous buyers of silver for the past

seven weeks and in the week ending February 14 it led to funds holding a bigger position in silver than

gold. On that basis we see a potential bigger upside to gold in the short term from a positioning

perspective.

Chart Details ;Silver prices hovering around its important resistance at $18. The medium term trend

remains bullish and next upside move could come above $18.2 till $18.5 to $19.Prices closed bullish for

the continuous eighth week and expect the rally to continue for near term. Silver March Futures in MCX

consolidating higher around Rs.42500 to Rs.43000 levels. We can expect fresh sort of buying around

the support of Rs.42500 till Rs.43500 to Rs.44000 levels.

MCX DAILY LEVELS ✍

DAILY EXPIRY DATE R4 R3 R2 R1 PP S1 S2 S3 S4

ALUMINIUM 30-DEC-2016 131 129 127 126 125 124 123 121 119

COPPER 28-FEB-2016 411 405 399 396 393 390 387 381 375

CRUDE OIL 19-OCT-2016 3719 3683 3647 3631 3611 3595 3575 3539 3503

GOLD 03-FEB-2016 30008 29870 29732 29678 29594 29540 29456 29318 29180

LEAD 30-DEC-2016 159 156 153 151 150 148 147 144 141

NATURAL GAS 27-DEC-2015 197 193 189 186 185 182 181 177 173

NICKEL 30-DEC-2016 772 754 736 730 718 712 700 682 664

SILVER 03-MARCH-2016 44305 43966 43627 43490 43288 43151 42949 42610 42271

ZINC 30-DEC-2016 199 195 191 190 187 186 183 179 175

MCX WEEKLY LEVELS ✍

DAILY EXPIRY DATE R4 R3 R2 R1 PP S1 S2 S3 S4

ALUMINIUM 30-DEC-2016 137 133 129 127 125 123 121 117 113

COPPER 28-FEB-2016 453 434 415 405 396 386 377 358 339

CRUDE OIL 19-OCT-2016 3953 3846 3739 3677 3632 3570 3525 3418 3311

GOLD 03-FEB-2016 31171 30597 30023 29823 29449 29249 28875 28301 27727

LEAD 30-DEC-2016 172 165 158 154 151 147 144 137 130

NATURAL GAS 27-DEC-2015 244 223 202 193 181 172 160 139 118

NICKEL 30-DEC-2016 863 816 769 746 722 699 675 628 581

SILVER 03-MARCH-2016 46094 45084 44074 43714 43064 42704 42054 41044 40034

ZINC 30-DEC-2016 216 207 198 193 189 184 180 171 162

FOREX DAILY LEVELS ✍

DAILY EXPIRY DATE R4 R3 R2 R1 PP S1 S2 S3 S4

USDINR 26-OCT2016 69.65 68.98 68.58 68.02 66.92 65.01 64.78 64.13 64.07

EURINR 26-OCT2016 78.54 77.75 72.93 71.03 70.14 69.35 68.36 67.41 66.17

GBPINR 26-OCT2016 88.58 87.25 86.24 83.85 83.56 82.07 79.78 78.11 77.03

JPYINR 26-OCT2016 62.86 60.75 58.84 56.72 55.15 54.08 52.18 51.38 50.78

FOREX WEEKLY LEVELS✍

WEEKLY EXPIRY DATE R4 R3 R2 R1 PP S1 S2 S3 S4

USDINR 26-OCT2016 72.88 71.03 69.05 67.22 66.84 66.07 65.18 64.28 63.67

EURINR 26-OCT2016 80.48 78.41 76.49 74.11 72.94 70.84 68.15 66.94 64.12

GBPINR 26-OCT2016 97.80 95.79 93.77 91.84 89.63 87.10 85.14 82.74 79.75

JPYINR 26-OCT2016 69.44 67.87 65.77 61.96 58.52 56.24 54.85 52.55 50.12

NCDEX DAILY LEVELS✍

DAILY EXPIRY DATE R4 R3 R2 R1 PP S1 S2 S3 S4

SYOREFIDR 20-JAN-2016 667 663 659 657 655 653 651 647 643

SYBEANIDR 20-JAN-2016 3010 2969 2928 2912 2887 2871 2846 2805 2764

RMSEED 20-JAN-2016 3866 3834 3802 3788 3770 3756 3738 3706 3674

JEERAUNJHA 20-JAN-2016 18100 17855 17610 17505 17365 17260 17120 16875 16630

GUARSEED10 20-JAN-2016 3821 3718 3615 3580 3512 3477 3409 3306 3203

TMC 20-APR-2016 7166 7048 6930 6864 6812 6746 6694 6576 6458

NCDEX WEEKLY LEVELS✍

WEEKLY EXPIRY DATE R4 R3 R2 R1 PP S1 S2 S3 S4

SYOREFIDR 20-JAN-2016 757 725 693 674 661 642 629 597 565

SYBEANIDR 20-JAN-2016 3190 3095 3000 2948 2905 2853 2810 2715 2620

RMSEED 20-JAN-2016 3960 3900 3840 3806 3780 3746 3720 3660 3600

JEERAUNJHA 20-JAN-2016 19517 18757 17997 17698 17237 16938 16477 15717 14957

GUARSEED10 20-JAN-2016 4202 3956 3710 3628 3464 3382 3218 2972 2726

TMC 20-APR-2016 7699 7411 7123 6961 6835 6673 6547 6259 5971

MCX - WEEKLY NEWS LETTERS

INTERNATIONAL UPDATES ( BULLION & ENERGY )✍

Gold prices hit three-and-a-half month highs on Friday as hopes for rapid tax reforms under the Trump

administration faded, bolstering demand for the precious metal. Gold for April delivery settled up 0.53%

at $1,258.05 on the Comex division of the New York Mercantile Exchange, having touched its highest

since November 11 at $1,258.8 earlier. Gold finished the week with gains of 1.56%, notching up its fourth

straight weekly increase. On Thursday U.S. Treasury Secretary Steven Mnuchin said he wants to see

"very significant" tax reform passed before Congress' August recess, but indicated that much work was

still needed. He also suggested that any steps the Trump administration takes on policy would probably

have a limited impact this year. The remarks dampened expectations for policy changes that investors had

anticipated would spur inflation and drive up U.S. interest rates. Elsewhere in precious metals trading,

silver was at $18.40 a troy ounce late Friday, and ended the week up 2.24%, in its ninth straight weekly

gain. Copper was at $ 2.696 a pound and ended the week down 0.92%, its second straight weekly drop as

concerns over the demand outlook weighed. Platinum ended up 1.89% to $1,031.05 late Friday, hitting its

highest since February 9. In the week ahead, global financial markets will focus on U.S. President Donald

Trump's address to Congress on Tuesday for further details on his promises of tax reform, deregulation

and infrastructure spending. This week is also peppered with a handful of Fed appearances, most

importantly Fed Chair Janet Yellen on Friday. Investors will also be watching a revised reading of fourth-

quarter U.S. growth to gauge the strength of the economy. Private sector survey data from the UK and

euro zone inflation data will also be in focus. Ahead of the coming week, Investing.com has compiled a

list of these and other significant events likely to affect the markets.

Monday, February 27

The U.S. is to release data on durable goods orders and pending home sales.

Dallas Fed President Robert Kaplan is to speak at an event in Oklahoma.

Tuesday, February 28

New Zealand is to release trade data and a report on business confidence.

The U.S. is to release revised data on fourth quarter growth and a report on consumer confidence.

San Francisco Fed President John Williams and St. Louis Fed President James Bullard are to speak.

Also Tuesday, President Donald Trump will make his first major address to Congress.

Wednesday, March 1

Australia is to release data on fourth quarter growth.

China is to release official data on manufacturing and service sector activity as well as the Caixin

manufacturing index.

In the euro zone, Germany is to release preliminary inflation data and a report on unemployment change.

The U.K. is to release its manufacturing index and a report on bank lending.

The Bank of Canada is to announce its benchmark interest rate and publish a rate statement which outlines

economic conditions and the factors affecting the monetary policy decision.

The Institute of Supply Management is to report on manufacturing activity.

Dallas Fed head Kaplan and Fed Governor Lael Brainard are scheduled to speak.

Thursday, March 2

Australia is to produce data on building approvals and trade.

The U.K. is to report on construction sector output.

The euro zone is to release preliminary data on inflation.

Canada is to release its monthly report on GDP.

The U.S. is to report on initial jobless claims and Cleveland Fed President Loretta Mester is to speak.

Friday, March 3

Japan is to release data on inflation and household spending.

Germany is to publish figures on retail sales.

The U.K. is to report on service sector activity.

The ISM is to report on service sector activity.

Meanwhile, Chicago Fed President Charles Evans, Richmond Fed President Jeffrey Lacker, Fed Governor

Jerome Powell and Fed Vice Chair Stanley Fischer will deliver remarks and Fed Chair Janet Yellen is to

speak at an event in Chicago.

Gold reached its highest in 3-1/2 months on Friday as the dollar fell to a one-week low after the new U.S.

Treasury chief poured cold water on the "Trumpflation trade" that had boosted the greenback this year.

Treasury Secretary Steven Mnuchin said on Thursday that any steps U.S. President Donald Trump's

administration takes on policy would probably have only limited impact this year, though he wants to see

tax reform passed by August. comments suggested much work was still needed on the sweeping tax plan

that Mnuchin called his main priority, and which investors had bet would stoke growth and inflation this

year.

"We've got a vacuum of policy, real interest rates going down, the dollar going sideways and geopolitical

(jitters) around the world ... all helping gold. "There is apparently a move of institutional investor money

into gold and there are usually very good reasons for that."

Spot gold XAU= was up 0.6 percent at $1,256.75 an ounce by 2:26 p.m. EST (1926 GMT), having

touched its highest since Nov. 11 at $1,260.10 earlier, zeroing in on the 200-day moving average. It was

on track to finish the week higher for the fourth straight week. U.S. gold futures GCcv1 settled up 0.55

percent at $1,258.30. Tempering gains in bullion, a poll on Friday suggested French presidential candidate

Emmanuel Macron would beat far-right leader Marine Le Pen, who has promised a referendum on

European Union membership. global stock markets fell as investors scaled back bets that Trump's policies

would benefit economic growth. The dollar later pared losses. Holdings of the largest gold-backed

exchange-traded fund, New York's SPDR Gold Trust HLDSPDRGT=XAU , have risen more than 5

percent this month on geopolitical risk. "These dollar-denominated and perceived safe-haven precious

metals have risen during a time when Wall Street has repeatedly hit new all-time highs and despite the

dollar holding near its multi-year highs, " The metals' remarkable performance may suggest that investors

are positioning themselves up for a major risk-off event - such as a collapse in the US stock markets."

Silver XAG= rose 0.8 percent to $ 18.30 per ounce, having touched its highest in 3-1/2-months at $18.40.

Silver has gained about 1.8 percent this week in what could be its ninth straight weekly gain.

Platinum XPT= rose 1.8 percent to $ 1,023.75 per ounce, after hitting its highest since early October at $

1,028.60. Palladium XPD= fell 0.7 percent to $ 767.25.

Gold demand in Asia remained sluggish this week as a price rally on political concerns and dollar

weakness kept buyers on the sidelines.

The yellow metal has gained 1.6 percent this week, hitting its highest in about 3-1/2-months on Friday, as

the dollar softened and uncertainties surrounding U.S. President Donald Trump's policies and elections in

Europe fuelled safe-haven demand. Traders said both retail buyers and jewellers were hesitating to chase

higher prices in India, the world's second-largest consumer of the metal. "The buyers think prices will not

sustain at higher levels," In the local market, gold futures MAUc1 closed at 29,451 rupees per 10 gram on

Thursday, and have risen nearly 10 percent since falling to 26,862 rupees in December 2016, the lowest

since Feb. 2, 2016. Dealers in India were charging a premium of up to $1 an ounce this week over official

domestic prices, compared with a discount of $1 last week. The domestic price includes a 10 percent

import tax. Dealers are charging premiums amid weak demand as they think demand will revive even if

prices sustain at current levels for a week. India's gold imports in January fell 30 percent from a year ago

to $2.04 billion. has gone down due to demonetisation. This has also been helping banks in charging

premiums," said a Mumbai-based bank dealer with a private bank. Smuggled gold avoids import duties

and makes its way on to the so-called "grey market" where it is usually sold to end-users at a discount.

Premiums in China, the world's top consumer, were quoted around $7-$8 over international spot prices

XAU= , compared with $8-$10 last week. "The demand continues to be very soft. There is little bit of

buying as only few people are willing to buy at these levels. "There is good safe-haven buying for

investments, expecting prices to go up due to uncertainties in the United States and Europe." Premiums in

Hong Kong and Singapore were around 90 cents to $1, while prices in Japan were at a discount of 50

cents to $1, unchanged from the previous week. "The selling continues to increase rather than buying due

to firm prices," said a Tokyo-based trader.

Gold prices climbed to three-month highs on Friday, as the minutes of the Federal Reserve’s most recent

policy meeting continued to weigh on the U.S. dollar and as policital uncertainty around the world

boosted demand for safe-haven assets. On the Comex division of the New York Mercantile Exchange,

gold futures for April delivery were up 0.25% at a three-month high of $ 1,254.55. The April contract

ended Thursday’s session 1.47% higher at $1,251.40 an ounce. Futures were likely to find support at $

1,236.1, Thursday’s low and resistance at $ 1,318.60. Late Wednesday, the minutes of the Fed’s January

policy meeting showed that policymakers thought it may be appropriate to raise interest rates again "fairly

soon." However, the minutes also revealed the central bank’s uncertainty over the lack of clarity of the

Trump administration's economic program, dampening demand for the greenback. The dollar was also

weighed by a report by the U.S. Department of Labor on Thursday showing that initial jobless claims

increased by 6,000 to 244,000 last week. Analysts had expected jobless claims to rise by 2,000 to

241,000. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket

of six major currencies, was steady at 100.94, just off Thursday’s three-day low of 100.86. A weaker U.S.

dollar usually supports gold, as it boosts the metal's appeal as an alternative asset and makes dollar-priced

commodities cheaper for holders of other currencies. The precious metal was also supported by ongoing

political uncertainty in Europe and the U.S. Markets were jittery after French centrist Francois Bayrou

said on Wednesday that he was offering an alliance with independent candidate Emmanuel Macron in

May's presidential election. The move could hinder far-right candidate Marine Le Pen's chances of

winning.

Investors were looking ahead to an address by U.S. President Donald Trump to Congress next week for

further clarity on his economic policy. Elsewhere in metals trading, silver futures for March delivery

gained 0.59% to $18.223 a troy ounce, while copper futures for March delivery advanced 0.59% to $2.659

a pound.

Gold prices edged higher during European morning hours on Thursday, as investors digested the latest

Federal Reserve meeting minutes. Comex gold futures rose $ 3.95, or about 0.3%, to $ 1,237.25 a troy

ounce by 3:15AM ET, after losing $ 5.60, or around 0.5%, on Wednesday. Spot gold was steady at $

1,236.70 per ounce. Minutes from the Fed's latest meeting showed policymakers thought it may be

appropriate to raise interest rates again "fairly soon" should jobs and inflation data come in line with

expectations. However, the U.S. central bank gave no firm signal on the timing of its next rate move, with

policymakers noting uncertainty over economic policy under the Donald Trump administration. Fed fund

futures priced in about a 22% chance of a rate hike in March, according to Investing.com’s Fed Rate

Monitor Tool, little changed from before the release of the Fed minutes. Odds of a May increase was seen

at around 54%, while June odds were at 74%.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six

major currencies, was steady at 101.32 in London morning trade, retreating from the prior session's high

of 101.71. Treasury yields were little changed, with the U.S. 10-Year yield around 2.415%. On the data

front, Thursday's calendar features weekly jobless claims at 8:30AM ET and FHFA home prices at 9AM

ET. Market players will also focus on comments from Treasury Secretary Steve Mnuchin, who appears on

CNBC's "Squawk Box" at 7AM ET, for further hints on tax reform and fiscal stimulus. Mnuchin on

Wednesday praised the strong dollar as a reflection of confidence in the U.S. economy, telling The Wall

Street Journal in an interview that it was "a good thing" in the long run. Meanwhile, markets were also in

a wait-and-see mode in anticipation of President Donald Trump’s address of a joint session of Congress

on Tuesday next week, at which he is expected to announce tax policies. Also on the Comex, silver

futures for March delivery tacked on 1.2 cents, or about 0.1%, to $17.96 a troy ounce. Meanwhile,

platinum was down 0.3% to $ 999.65, while palladium shed 0.5%, to $765.10 an ounce. Elsewhere in

metals trading, copper futures lost 2.2 cents, or about 0.8%, to $2.711 a pound, despite concerns over

supply disruptions in Chile and Indonesia supported prices. Prices of the red metal rallied to a 20-month

peak of $2.822 last week after strikes at BHP Billiton Chilean Escondida and Freeport McMoran

Indonesian Grasberg mine. Combined, the mines produce roughly 10% of the world's total copper supply.

Gold prices edged lower during European morning hours on Wednesday, as market players looked ahead

to the minutes of the Federal Reserve’s latest policy meeting for further hints on the timing and pace of

future rate hikes. U.S. gold futures shed $3.65, or about 0.3%, to $1,235.35 a troy ounce by 3:05AM ET,

after ending Tuesday's session little changed. Spot gold was down 0.1% at $1,234.65 per ounce. The

Federal Reserve will release minutes of its most recent policy meeting on Wednesday at 2:00PM ET. The

U.S. central bank held interest rates steady following its meeting on February 1 and painted a relatively

upbeat picture of the economy, although it gave no firm signal on the timing of its next rate move amid

considerable uncertainty over economic policy under the Donald Trump administration. Besides the Fed

minutes, there are two Fed speakers Wednesday. Fed Governor Jerome Powell speaks at 1:00PM ET in

New York at the Forecasters Club of New York on the economic outlook and policy. Dallas Fed President

Robert Kaplan discusses issues facing the global economy at a Dallas Fed event at 7:05PM ET. On the

data front, Wednesday's calendar features existing home sales at 10AM ET. Fed fund futures priced in

about a 22% chance of a rate hike in March, according to Investing.com’s Fed Rate Monitor Tool. Odds

of a May increase was seen at around 50%, while June odds were at 73%.

The precious metal is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-

yielding assets such as bullion, while boosting the dollar in which it is priced. The U.S. dollar index,

which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up

0.2% to 101.60 in London morning trade, within sight of last week's more than one-month high of 101.75.

Meanwhile, 10-year U.S. government bond yields were steady at 2.443%. Both a strong dollar and higher

interest rates are typically bearish for gold, which is denominated in dollars and struggles to compete with

yield-bearing assets when borrowing costs rise. Also on the Comex, silver futures for March delivery

dipped 3.3 cents, or 0.2%, to $17.96 a troy ounce.

Gold prices edged lower during European morning hours on Tuesday, amid a rise in the dollar as market

players awaited further hints on the timing of the next U.S. rate hike. Gold for April delivery on the

Comex division of the New York Mercantile Exchange shed $4.95, or about 0.4%, to $1,234.15 a troy

ounce by 3:10AM ET. There was no settlement in Comex gold prices on Monday, due to the President’s

Day holiday in the U.S. The U.S. dollar index, which measures the greenback’s strength against a trade-

weighted basket of six major currencies, was up 0.35% to 101.27 in early London morning trade, within

sight of last week's more than one-month high of 101.75. Global financial markets will focus on minutes

of the Federal Reserve’s latest policy meeting this week as well as housing-related data for more clues on

the timing of the next U.S. rate hike. There are also more than a few Fed speakers in the coming days,

including Minneapolis Fed President Neel Kashkari, Philadelphia Fed President Patrick Harker and

Atlanta Fed President Dennis Lockhart. Cleveland Federal Reserve President Loretta Mester said on

Monday she would be "comfortable" raising interest rates at this point if the economy maintained its

current pace of performance. Fed Chair Janet Yellen said last week that the U.S. central bank will likely

need to raise interest rates at an upcoming meeting, although she flagged considerable uncertainty over

economic policy under the Donald Trump administration. Fed fund futures priced in about a 20% chance

of a rate hike in March, according to Investing.com’s Fed Rate Monitor Tool. Odds of a June increase was

seen at around 70%. Headlines from Washington will most likely remain in focus in the week ahead, as

traders await further details on President Donald Trump's promises of tax reform, deregulation and

infrastructure spending. Also on the Comex, silver futures for March delivery dipped 8.7 cents, or 0.5%,

to $17.94 a troy ounce.

Gold prices edged lower during European morning hours on Monday, as market players awaited further

hints on the timing of the next U.S. rate hike. Gold for April delivery on the Comex division of the New

York Mercantile Exchange shed $3.35, or about 0.3%, to $1,235.75 a troy ounce by 3:15AM ET. Trading

activity was likely to stay light as markets in the U.S. remain closed for President’s Day on Monday.

Cleveland Federal Reserve President Loretta Mester said in a speech in Singapore on Monday she would

be "comfortable" raising interest rates at this point if the economy maintained its current pace of

performance. Fed Chair Janet Yellen said last week that the U.S. central bank will likely need to raise

interest rates at an upcoming meeting, although she flagged considerable uncertainty over economic

policy under the Donald Trump administration. Global financial markets will focus on Wednesday’s

minutes of the Federal Reserve’s latest policy meeting in the week ahead for more clues on the timing of

the next U.S. rate hike.

Market players will also keep an eye out on U.S. housing data to gauge if a recent increase in consumer

spending and inflation is translating into higher home prices and a pick-up in home sales. There are also a

handful of Fed speakers this week, with Minneapolis Fed President Neel Kashkari and Philadelphia Fed

President Patrick Harker due to speak Tuesday, while Atlanta Fed President Dennis Lockhart is scheduled

for Thursday. Fed fund futures priced in a less than 20% chance of a rate hike in March, according to

Investing.com’s Fed Rate Monitor Tool. Odds of a June increase was seen at around 70%. Headlines from

Washington will most likely remain in focus in the week ahead, as traders await further details on

President Donald Trump's promises of tax reform, deregulation and infrastructure spending. The dollar

index was little changed at 100.86 in early London morning trade. Upbeat U.S. inflation and retail sales

data last week sent this index to 101.75, its strongest level since January 12. Also on the Comex, silver

futures for March delivery dipped 5.7 cents, or 0.3%, to $17.97 a troy ounce.

Meanwhile, platinum was flat at $1,005.80, while palladium slumped 0.6%, to $774.83 an ounce.

Elsewhere in metals trading, copper futures rose 1.7 cents, or about 0.7%, to $2.724 a pound, as concerns

over supply disruptions in Chile and Indonesia supported prices. Prices of the red metal rallied to a 20-

month peak of $2.822 last week after strikes at BHP Billiton Chilean Escondida and Freeport-McMoran

Indonesian Grasberg mine.

Gold prices fell on Friday as the stronger dollar outweighed concerns about uncertainty surrounding U.S.

policy and upcoming elections in Europe. Gold for February delivery settled down 0.46% at $ 1,235.85 on

the Comex division of the New York Mercantile Exchange. The U.S. dollar index, which measures the

greenback’s strength against a trade-weighted basket of six major currencies, rose 0.44% to 100.89 late

Friday, reversing Thursday’s 0.72% drop and leaving it up 0.16% for the week. A strong dollar is

typically bearish for gold, which is denominated in dollars and struggles to compete with yield-bearing

assets when borrowing costs rise. The precious metal still notched up a weekly gain of 0.35% as

uncertainty over the policies of U.S. President Donald Trump spurred safe haven demand for bullion.

Elsewhere in precious metals trading, silver was at $ 17.97 a troy ounce late Friday, and ended the week

with gains of 0.25%. Copper was down 0.39% at $2.708 a pound and ended the week down 2.55% amid

profit taking, but prices looked set to remain supported amid concerns over supply disruptions. A strike at

BHP Billiton Escondida in Chile, the world's largest copper mine, has boosted sentiment as has an output

halt at Freeport-McMoRan's giant Grasberg mine in Indonesia. Platinum was down 0.92% at $1,006.35

late Friday, while palladium fell 2.0% to $777.42. The metal, used in emission-controlling catalytic

converters for the automotive industry, touched its highest level since January 24 at $ 795.85 during the

previous session and has gained almost 14% so far this year. In the holiday shortened week ahead, the Fed

is to publish the minutes of its February meeting on Wednesday, which will be scrutinized for clues on the

timing of the next rate hike. Investors will be looking to U.S. housing data in order to see whether the rise

in consumer spending and inflation is translating into higher house prices and a pick-up in home sales.

Markets will also be watching survey data on private sector activity in the euro zone on Tuesday. Ahead

of the coming week, Investing.com has compiled a list of these and other significant events likely to affect

the markets.

Gold ended slightly higher on Friday, after the latest U.S. jobs report showing weak wage growth last

month dampened expectations for a faster rate of interest rate hikes this year. Gold for April delivery

settled up 0.2% at $ 1,221.85 on the Comex division of the New York Mercantile Exchange. The Labor

Department said the U.S. economy added 227,000 jobs in January from the prior month, while the

unemployment rate ticked up to 4.8% from 4.7% in December, as more Americans joined the workforce.

But average hourly earnings rose 2.5% in January from a year earlier, slowing from 2.8% in December.

The slowdown in wage growth prompted speculation that the Fed will avoid hiking interest rates too

quickly. In its latest monetary policy statement on Wednesday the Fed stuck to its view that the economy

is strengthening, but gave no clear signal on the timing of its next rate hike as officials wait to assess the

possible economic impact of the Trump administration’s protectionist policies and recent remarks about

currencies. The precious metal was 2.14% higher for the week, as the dollar remained under pressure

amid concerns over Donald Trump's presidential style and a lack of clarity on rate hikes. Both a strong

dollar and higher interest rates are typically bearish for gold, which is denominated in dollars and

struggles to compete with yield-bearing assets when borrowing costs rise. Elsewhere in precious metals

trading, silver was at $17.51 a troy ounce late Friday and ended the week with gains of 1.7%. Copper was

trading at $2.61 a pound late Friday and ended the week down 2.86%, and platinum was up 0.73% on the

day at $1,006.85 an ounce. In the coming week, China is to release data on service sector activity and

trade, while a report on German factory orders will be in focus in the euro zone. The U.S. is to release

monthly trade figures in what will be a thin week for economic data.

Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely

to affect the markets.

Monday, February 6

Australia is to release data on retail sales.

China is to publish its Caixin services PMI.

In the euro zone, Germany is to report on factory orders.

Tuesday, February 7

The Reserve Bank of Australia is to announce its benchmark interest rate and publish a rate statement

which outlines economic conditions and the factors affecting the monetary policy decision.

New Zealand is to release a report on inflation expectations.

The UK is to publish a report on house price inflation.

Canada is to release reports on trade, building permits and business activity.

The U.S. is also to release its latest trade figures.

Wednesday, February 8

The European Commission is to release its latest economic forecasts for the European Union.

Thursday, February 9

The Reserve Bank of New Zealand is to announce its benchmark interest rate and hold a press conference

to discuss the monetary policy decision.

Australia is to release a report on business confidence.

Canada is to report on new house price inflation.

The U.S. is to publish data on initial jobless claims and Chicago Fed President Charles Evans is to speak.

Friday, February 10

The RBA is to publish its monetary policy statement.

China is to release trade figures.

The UK is to produce reports on manufacturing production and trade.

Canada is to publish its monthly employment report.

The U.S. is to round up the week with preliminary figures on consumer sentiment.

Gold was little changed on Friday, erasing earlier losses as the dollar came under pressure from a U.S.

payrolls report that flagged up weak wage growth last month, weakening the case for near-term interest

rate hikes. While U.S. job growth surged more than expected in January as construction firms and retailers

ramped up hiring, wages barely rose. gold XAU= was unchanged at $1,215.75 an ounce by 2:25 p.m. EST

(1925 GMT), off an earlier low of $1,207.10. U.S. gold futures GCv1 for April delivery settled up 0.1

percent at $1,220.80 per ounce. "Markets seem to be looking at the soft wage data, which signal rather

weak inflationary pressure, and therefore less need for the Fed to raise interest rates, report. The U.S.

dollar .DXY and 10-year U.S. Treasury yields US10YT=RR were little changed, having come off session

highs.

Gold is on track to rise around 2 percent this week as the dollar headed for a fourth weekly drop on

worries about Donald Trump's presidential style and a lack of clarity on rate hikes. The yellow metal is

highly sensitive to rising U.S. interest rates, which increase the opportunity cost of holding non-yielding

bullion while boosting the dollar, in which it is priced. Holdings of the world's largest gold-backed

exchange-traded fund, SPDR Gold Shares GLD , rose for a second day on Thursday by 1.5 tonnes to

811.22 tonnes. A bounce in investment to a four-year high drove a modest gain in gold demand last year,

data from the World Gold Council showed on Friday, even as use of the metal in jewelry slid to its lowest

since 2009 and coin and bar buying slid. inflows were the sole driver of demand growth in 2016 - we saw

the second highest inflows since 2009. "Technical analysis still look bullish for the white metal, But the

lack of liquidity and concerns that China, due to its pollution problem, may direct the auto sector towards

electric vehicles looms in the shadows." Silver XAG= was down 0.2 percent at $17.40, having reached its

highest in more than 11 weeks at $17.73 in the previous session.

A bounce in investment to a four-year high drove a modest gain in gold demand last year, data from the

World Gold Council showed on Friday, even as use of the metal in jewellery slid to its lowest since 2009

and coin and bar buying dipped. Global demand for physical gold in the form of jewellery, coins and bars

fell 9 percent as higher prices and import curbs hurt demand, particularly in the major Chinese and Indian

markets. Central banks also bought a third less gold. However a surge in investment in gold-backed

exchange-traded funds offset that to lift overall gold demand by 2 percent to 4,309 tonnes, its highest

since 2013. "There are three primary factors that fuelled strong inflows into ETFs -- we had the spread of

negative interest rates, then the steady pushback in expectations surrounding U.S. interest rate (hikes), and

the uncertainty stemming from geopolitical risk. "Investment as a whole posted its best year since 2012,

but elsewhere demand was subdued."

ETF buying saw its strongest quarter on record in the first three months of last year, with 342.3 tonnes

added to funds, chiefly in the United States and Europe. That tailed off later in the year, however, with

outflows of 193.1 tonnes seen in the fourth quarter. Investment in coins and bars fell 2 percent. Britain,

where the pound fell after the June vote to leave the European Union, was a bright spot, with demand

rising 28 percent to 10.9 tonnes. Global jewellery demand, the single biggest demand segment for gold,

fell 15 percent to 2,042 tonnes.

Indian consumer demand fell 21 percent last year to 675.5 tonnes, its lowest since 2009, as prices rose and

import curbs were introduced. The WGC sees it remaining close to this level this year, at 650-750 tonnes.

Demand in number one consumer China is expected to improve to 950-1,000 tonnes, after it fell 7 percent

last year to 913.6 tonnes, its weakest since 2012. Central bank demand was in positive territory for a

seventh straight year, but was at its lowest since 2010 at 383.6 tonnes.

"If you look at gold as a percentage of FX reserves, the twin effects of FX reserves coming down and the

gold price rising has boosted gold as a reserve asset across central banks around the world," Hewitt said.

"That has been another factor that weighs on reserve managers' minds."

Demand for gold in India rose this week as many jewellers resumed purchases after having stayed away

for a few weeks hoping for an import duty cut in the government budget.

On Wednesday, the Indian government presented its budget for the 2017/18 financial year, but did not

change the import duty on gold. bullion industry had been urging a reduction in the duty to combat

smuggling, which has increased since India raised import duty to 10 percent in August 2013 in an effort to

narrow a gaping current account deficit. "Since there is clarity on duty structure now, jewellers have

started buying. Even at higher levels, they are making purchases.The local market, gold prices MAUc1

were trading around 28,900 rupees per 10 grams on Friday. In December, prices had hit 26,862 rupees per

10 grams, their lowest since Feb. 2, 2016. "Supply in the local market is limited as banks curtailed import

last week. That's why now they could charge a premium despite the price rise. Dealers in India, the

world's second-largest consumer of the metal, were charging a premium of up to $ 2 an ounce this week

over official domestic prices, unchanged from last week. The domestic price includes a 10 percent import

tax.

Gold demand in India will be muted this year after dropping to multi-year lows in 2016, with trading

dented as the government pushes to make markets for the metal more transparent and brings in a new tax,

the World Gold Council said on Friday. in Asia, demand remained subdued with Chinese markets shut for

the week-long Lunar New Year holidays. "The physical demand remained very quiet owing to Chinese

holidays and movements across Asia also remained very weak," a Singapore-based banker said. Premiums

in China, the top-consumer nation, were about $ 6 in the previous week. Meanwhile, premiums in

Singapore and Hong Kong remained unchanged at $1-$1.40 an ounce.

Gold prices moved lower on Friday, as the U.S. dollar recovered from the previous session’s shar losses,

but the precious metal remained within close distance of a two-and-a-half month peak amid ongoing U.S.

political uncertainty and ahead of a key U.S. jobs report.

On the Comex division of the New York Mercantile Exchange, gold futures for April delivery were down

0.30% at $1,215.75, not far from Thursday’s two-and-a-half month high of $1,224.20.The April contract

ended Thursday’s session 0.92% higher at $1,219.40 an ounce.

Futures were likely to find support at $1,197.90, Wednesday’s low and resistance at $1,224.20. The

greenback recovered from losses posted after Federal Reserve policymakers said on Wednesday that some

market-based measures of inflation were still low.However, the central bank also said that job creations

remained solid, inflation had increased and economic confidence was rising. The comments came after the

Fed left interest rates unchanged at the end of its two-day policy meeting, in a widely expected move. The

U.S. dollar has also been under pressure in recent weeks due to U.S. President Donald Trump’s

protectionist policies and immigration bans, spurring ongoing uncertainty in global markets. On Thursday,

Trump suggested the possibility of imposing new sanctions on multiple Iranian entities, seeking to

increase pressure on Tehran. The U.S. dollar index, which measures the greenback’s strength against a

trade-weighted basket of six major currencies, was steady at 99.88, off Thursday’s two-and-a-half month

trough of 99.19. A stronger U.S. dollar usually weighs on gold, as it dampens the metal's appeal as an

alternative asset and makes dollar-priced commodities more expensive for holders of other currencies.

Market participants were looking ahead to U.S. nonfarm payrolls data, due later in the day, for further

indications on the strength of the jobs market. Earlier Friday, data showed that China’s Caixin

manufacturing purchasing managers’ index ticked down to 51.0 in January from 51.9 the previous month.

Analysts had expected the index to slip to 51.8 last month. The data fueled fresh concerns over a

slowdown in China, which is also the world’s biggest gold consumer. Elsewhere in metals trading, silver

futures for March delivery slid 0.32% to $17.373 a troy ounce, while copper futures for March delivery

tumbled 1.04% to $2.655 a pound.

Gold prices gained in European morning trade on Thursday, rising toward the highest level in about 11

weeks as the U.S. dollar slumped after the Federal Reserve gave no firm signal on the timing of its next

rate hike. Gold for April delivery on the Comex division of the New York Mercantile Exchange rose to a

session peak of $1,219.20 a troy ounce, the most since November 17. It was last at $ 1,216.65 by 3:15AM

ET, up $ 8.15, or around 0.7%, after losing $ 3.10, or about 0.3%, a day earlier.

The Fed held interest rates steady on Wednesday as expected in its first meeting since President Donald

Trump took office. The U.S. central bank painted a relatively upbeat picture of the economy, noting that

job gains remained solid, inflation had increased and economic confidence was rising, although it gave no

firm signal on the timing of its next rate move. The Fed projected at least three rate increases for 2017.

However, traders remained unconvinced. Instead, markets are continuing to price in just two rate hikes

during the course of this year, with the next being in June. The U.S. dollar index, which measures the

greenback’s strength against a trade-weighted basket of six major currencies, fell to a daily low of 99.39, a

level not seen since November 14. It was last at 99.44 in European morning trade, down around 0.3%.

The greenback has been under pressure as concerns about the Trump Administration’s policies rattled

investors. Headlines from Washington will continue to dictate market sentiment as traders focus on

Trump for further details on his promises of tax reform, infrastructure spending and deregulation as well

as trade policies. Also on the Comex, silver futures for March delivery jumped 18.3 cents, or 1.1%, to $

17.63 a troy ounce, after rising to a more than two-month high of $ 17.66 earlier.

Gold demand in India will be muted this year after dropping to multi-year lows in 2016, with trading

dented as the government pushes to make markets for the metal more transparent and brings in a new tax,

the World Gold Council said on Friday. Lower demand from the world's second biggest consumer could

rein in global prices XAU= that have been trading near their highest in 11 weeks, although it would help

the south Asian country reduce its trade deficit. Gold is a mainstay of Indian culture, serving as the

primary vehicle for household savings for hundreds of millions of people in Asia's third-largest economy.

But Prime Minister Narendra Modi has been trying to curb costly bullion imports and stop the metal from

being used to hide billions of dollars of undeclared 'black money'. More than two-thirds of gold is bought

with cash in India. Gold demand in the country fell 21.2 percent in 2016 from the year before to 675.5

tonnes as new rules such as those forcing customers to disclose their tax code for purchases above

200,000 rupees dampened demand. That was the lowest level in seven years. Consumption will likely be

between 650 and 750 tonnes in 2017, with appetite also hit by the introduction of the nationwide Goods

and Services Tax. Indian demand averaged at 845 tonnes over the last 10 years. "We believe many of the

issues are plaguing the industry ... this is not going to change quickly in 2017 and plus other big transition

of GST coming in, it could disrupt trading. report on gold demand and supply for 2016. The GST is

expected to be rolled out from July. said that a reasonable level of GST on gold jewellery could bring

transparency to bullion trading, but that a rate that was too high could encourage bullion smuggling. Gold

smuggling in India has surged since India raised its import duty to 10 percent in August 2013 in an effort

to narrow a gaping current account deficit. In 2016, smugglers brought in 100 to 120 tonnes gold in the

country.

A bounce in investment to a four-year high drove a modest gain in gold demand last year, data from the

World Gold Council showed on Friday, even as use of the metal in jewellery slid to its lowest since 2009

and coin and bar buying dipped. Global demand for physical gold in the form of jewellery, coins and bars

fell 9 percent as higher prices and import curbs hurt demand, particularly in the major Chinese and Indian

markets. Central banks also bought a third less gold. However a surge in investment in gold-backed

exchange-traded funds offset that to lift overall gold demand by 2 percent to 4,309 tonnes, its highest

since 2013. "There are three primary factors that fuelled strong inflows into ETFs -- we had the spread of

negative interest rates, then the steady pushback in expectations surrounding U.S. interest rate hikes, and

the uncertainty stemming from geopolitical risk. "Investment as a whole posted its best year since 2012,

but elsewhere demand was subdued." ETF buying saw its strongest quarter on record in the first three

months of last year, with 342.3 tonnes added to funds, chiefly in the United States and Europe. That tailed

off later in the year, however, with outflows of 193.1 tonnes seen in the fourth quarter. Investment in

coins and bars fell 2 percent. Britain, where the pound fell after the June vote to leave the European

Union, was a bright spot, with demand rising 28 percent to 10.9 tonnes. Global jewellery demand, the

single biggest demand segment for gold, fell 15 percent to 2,042 tonnes. Indian consumer demand fell 21

percent last year to 675.5 tonnes, its lowest since 2009, as prices rose and import curbs were introduced.

The WGC sees it remaining close to this level this year, at 650-750 tonnes. Demand in number one

consumer China is expected to improve to 950-1,000 tonnes, after it fell 7 percent last year to 913.6

tonnes, its weakest since 2012. Central bank demand was in positive territory for a seventh straight year,

but was at its lowest since 2010 at 383.6 tonnes.

"If you look at gold as a percentage of FX reserves, the twin effects of FX reserves coming down and the

gold price rising has boosted gold as a reserve asset across central banks around the world. "That has been

another factor that weighs on reserve managers' minds."

Gold prices were little changed in European morning trade on Wednesday, holding near the prior session's

one-week high as market players looked ahead to the outcome of the Federal Reserve's policy meeting for

further clues on the timing of the next rate hike. Gold for April delivery on the Comex division of the

New York Mercantile Exchange dipped $ 1.00, or around 0.1%, to $1,210.35 a troy ounce by 3:15AM ET

, after rallying $ 15.40, or about 1.3%, a day earlier.

Prices of the yellow metal rose to a one-week high of $1,217.40 on Tuesday. The Fed is expected to keep

interest rates unchanged on Wednesday in its first policy decision since President Donald Trump took

office, as policymakers await greater clarity on his economic policies.

The central bank's latest policy decision is due at 2:00PM ET. Fed Chair Janet Yellen is not due to hold a

press conference. The Fed projected at least three rate increases for 2017. However, traders remained

unconvinced. Instead, markets are pricing in just two rate hikes during the course of this year, according

to Investing.com’s Fed Rate Monitor Tool. Besides the Fed meeting, there is also ADP payrolls at

8:15AM ET and ISM manufacturing data at 10:00AM ET. In addition, headlines from Washington will

continue to dictate market sentiment as traders focus on Trump for further details on his promises of tax

reform, infrastructure spending and deregulation as well as trade policies. The U.S. dollar index, which

measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.2% at

99.74 in European morning trade, remaining within sight of the prior session's seven-week low of 99.53.

The greenback tumbled on Tuesday after Peter Navarro, Trump’s top trade adviser, called the euro

"grossly undervalued.” Also on the Comex, silver futures for March delivery inched down 4.1 cents, or

0.2%, to $17.50 a troy ounce, easing off the previous day's more than two-month high of $17.63.

Meanwhile, platinum tacked on 0.2% to $ 998.45, while palladium climbed around 1% to $761.45 an

ounce. Elsewhere in metals trading, copper futures were little changed at $2.729 a pound. Futures rose to

a one-and-a-half year peak of $2.738 earlier with investors watching developments surrounding a strike

by workers in Chile at the world's largest mine.

Gold prices were higher in European morning trade on Tuesday, adding to the prior session's gains amid

uncertainty over the outlook for U.S policy after President Donald Trump introduced immigration curbs

that sparked criticism at home and abroad. Gold for April delivery on the Comex division of the New

York Mercantile Exchange rose $5.85, or around 0.5%, to $1,201.95 a troy ounce by 3:25AM ET

(08:25GMT), after adding $4.90, or about 0.4%, a day earlier. Market sentiment was bruised after Trump

suspended travel to the United States from Syria, Iraq, Iran and four other Muslim-majority countries on

Friday, saying the moves would help protect Americans from terrorist attacks. The executive order led to

huge protests in many U.S. cities and sparked global backlash, raising worries about the potentially

destabilizing impact of Trump's policies. Adding to concerns, the president fired acting U.S. Attorney

General Sally Yates after she ordered Justice Department lawyers not to enforce the travel restrictions.

Trump named Dana Boente, U.S. attorney for the Eastern District of Virginia, to replace Yates, White

House spokesman Sean Spicer said in a tweet. Headlines from Washington will most likely continue to

dictate market sentiment as traders focus on Trump for further details on his promises of tax reform,

infrastructure spending and deregulation as well as trade policies. Meanwhile, traders were also looking

ahead to the Federal Reserve's two-day meeting on monetary policy starting on Tuesday for further clues

on the timing of the next U.S. interest rate hike.

The Fed indicated last month that at least three rate increases were in the offing for 2017. However,

traders remained unconvinced. Instead, markets are pricing in just two rate hikes during the course of this

year, according to Investing.com’s Fed Rate Monitor Tool. The U.S. dollar index, which measures the

greenback’s strength against a trade-weighted basket of six major currencies, was down 0.1% at 100.30 in

European morning trade, pulling back from the prior session's peak of 100.81. Also on the Comex, silver

futures for March delivery inched up 6.6 cents, or 0.4%, to $ 17.21 a troy ounce. Meanwhile, platinum

tacked on 0.2% to $995.30, while palladium climbed around 1.6% to $749.92 an ounce. Elsewhere in

metals trading, copper futures rose 2.3 cents, or 0.9%, to $2.678 a pound.

Gold prices were higher in European morning trade on Monday, starting the week off with gains as the

dollar slumped after immigration curbs introduced by U.S. President Donald Trump heightened concerns

about the impact of the new administration's policies on trade and the economy. Gold futures for April

delivery on the Comex division of the New York Mercantile Exchange rose $ 2.35, or around 0.2%, to $

1,193.45 a troy ounce by 3:00AM ET. Trump on Friday put a four-month hold on allowing refugees into

the U.S. and temporarily barred travelers from Syria and six other Muslim-majority countries, saying the

moves would help protect Americans from terrorist attacks. The executive order led to huge protests in

many U.S. cities and raised worries about the potentially destabilizing impact of Trump's policies.

Headlines from Washington will most likely continue to dictate market sentiment this week, as traders

focus on Trump for further details on his promises of tax reform, infrastructure spending and deregulation

as well as trade policies. The U.S. dollar index, which measures the greenback’s strength against a trade-

weighted basket of six major currencies, was down 0.1% at 100.46 in European morning trade. Lackluster

U.S. fourth-quarter growth figures also weighed on the greenback as it dampened expectations for a faster

rate of interest rate hikes this year. The annual rate of economic growth slowed to 1.9% in the three

months to December the Commerce Department reported Friday, slowing sharply from the 3.5% rate of

growth seen in the third quarter. The slowdown in growth prompted speculation that the Federal Reserve

will avoid hiking interest rates too quickly. Gold is highly sensitive to rising U.S. rates, which increase the

opportunity cost of holding the non-yielding asset. Global financial markets will be busy with central bank

meetings in the week ahead, with policy decisions due in the U.S., U.K. and Japan. Investors will also

keep an eye out on key economic data, with the monthly U.S. employment report and euro zone inflation

data in the spotlight. Also on the Comex, silver futures for March delivery inched up 5.2 cents, or 0.3%, to

$ 17.18 a troy ounce. Meanwhile, platinum futures tacked on 0.2% to $ 985.25, while palladium futures

shed around 0.9% to $ 732.20 an ounce. Elsewhere in metals trading, copper futures rose 0.6 cents, or

0.2%, to $ 2.694 a pound.

Gold ended little changed on Friday, after weaker-than-expected figures on U.S. fourth quarter growth

dampened expectations for a faster rate of interest rate hikes this year. Gold for April delivery settled at

$1,190.0 on the Comex division of the New York Mercantile Exchange.

The precious metal was 1.35% lower for the week, as the stronger U.S. dollar weighed. The annual rate of

economic growth slowed to 1.9% in the three months to December the Commerce Department reported

Friday, slowing sharply from the 3.5% rate of growth seen in the third quarter. The economy grew just

1.6% in 2016 as a whole, the slowest rate of growth since 2011. The slowdown in growth prompted

speculation that the Federal Reserve will avoid hiking interest rates too quickly. Investors also remained

cautious as they pondered the economic implications of President Donald Trump's pledges of increased

fiscal spending, tax cuts and protectionism. Elsewhere in precious metals trading, silver was at $17.16 a

troy ounce late Friday and ended the week little changed. Copper was trading at $2.69 a pound late Friday

and ended the week up 2.86%, and platinum was up 0.69% on the day at $ 988.45 an ounce. In the week

ahead, markets will be paying close attention to Friday’s U.S. nonfarm payrolls report for January as well

as Wednesday’s policy statement by the Fed. Investors will also be watching central bank meetings in

Japan and the UK. Ahead of the coming week, Investing.com has compiled a list of these and other

significant events likely to affect the markets.

Monday, January 30

Financial markets in China will be closed for the Lunar New Yearholiday.

In the euro zone, Germany is to release preliminary data on inflation.

The U.S. is to release figures on personal income and spending as well as a report on pending home sales.

Tuesday, January 31

Markets in China will be closed for the Lunar New Year holiday.

The Bank of Japan is to announce its benchmark interest rate and publish a policy statement which

outlines economic conditions and the factors affecting the monetary policy decision. The announcement is

to be followed by a press conference. The euro zone is to release preliminary estimates of consumer price

inflation and fourth quarter GDP.

European Central Bank President Mario Draghi is to speak at an event in Frankfurt.

Canada is to publish its monthly report on GDP.

The U.S. is to release private sector data on consumer confidence.

Bank of Canada Governor Stephen Poloz is to speak at an event in Alberta.

Wednesday, February 1

Markets in China will remain shut for the Lunar New Year holiday.

China is to release survey data on manufacturing and service sector activity.

New Zealand is to publish its quarterly employment report.

The UK is to release data on manufacturing activity.

The European Commission is to publish its latest economic forecasts for the European Union.

The U.S. is to release the ADP nonfarm payrolls report for January and the Institute for Supply

Management is to release its manufacturing PMI.

The Federal Reserve is to announce its benchmark interest rate and publish a monetary policy statement.

Thursday, February 2

Markets in China will remain shut for the Lunar New Year holiday.

Australia is to release data on building approvals and the trade balance.

The UK is to release data on manufacturing activity.

The Bank of England is to announce its benchmark interest rate and publish the minutes of its monetary

policy meeting along with its quarterly inflation report. BoE Governor Mark Carney, along with other

policymakers will also hold a press conference to discuss the inflation report.

ECB President Mario Draghi is to speak at an event in Slovenia.

The U.S. is to publish data on initial jobless claims and labor costs.

Friday, February 3

China is to publish its Caixin manufacturing PMI.

The UK is to release data on manufacturing activity.

Chicago Fed President Charles Evans is to speak.

The U.S. is to round up the week data on factory orders and the non-farm payrolls report for January,

while the ISM is to release its services PMI.

ENERGY

India's state-run Oil and Natural Gas Corp ONGC.NS will take control of Hindustan Petroleum Corp

HPCL.NS as part of the government's plan to create an integrated public sector oil entity, the Economic

Times daily reported on Monday citing top government officials. India plans to create a giant oil company

by combining state-owned firms, finance minister Arun Jaitley said in the budget speech earlier this

month as the world's third largest oil consumer looks to better compete with global majors in acquiring

foreign assets. is a very big decision. A cabinet note will soon be moved. The government of India will

transfer its majority shareholding of 51.11 percent in HPCL to ONGC, which will then become the

holding company of HPCL," the paper wrote citing one of the officials.

Brent oil prices edged up on Monday and were set to rise for five out of seven sessions as a global supply

glut appears to ease, but rising U.S. production limited gains. Brent crude LCOc1 was up 0.04 percent at

$56.01 a barrel, while U.S. West Texas Intermediate CLc1 was unchanged at $ 53.99 a barrel. Oil prices

tumbled on Friday after U.S. Energy Information Administration data showed U.S. crude inventories rose

for a seventh straight week. But the market has been supported within a tight $ 4 to $ 5 range since

November, when the Organization of the Petroleum Exporting Countries and other producers agreed to

cut production. "EIA data showed stocks rose 564,000 barrels to 518.7 million last week. "However, it

was the lowest increase over the past couple of months. If this trend of lower imports and smaller gains in

inventories persists over the coming weeks, it would suggest that the OPEC led production cuts are

starting to have an impact. "OPEC's record compliance with the deal has surprised the market, and the

biggest laggards, the United Arab Emirates and Iraq, have pledged to catch up with their targets.

International Energy Agency put OPEC's average compliance at a record 90 percent in January, and based

on a Reuters average of production surveys, it stands at 88 percent.

Saudi Arabia has offered to reduce oil production if rival Iran caps its own output this year, four sources

familiar with the discussions told Reuters, as Riyadh tries to strike an elusive OPEC deal to curtail supply

and boost prices.

Oil futures ended lower on Friday, moving further away from the strongest level since January as

concerns over rising production and swelling stockpiles in the U.S. offset optimism that OPEC and its

allies have been following through on their commitment to cut production.

The U.S. West Texas Intermediate crude April contract slumped 46 cents, or around 0.9%, to end at

$53.99 a barrel by close of trade Friday. The U.S. benchmark reached $55.03 on Tuesday, a level not seen

since January 3. Despite Friday's losses, New York-traded oil futures tacked on 13 cents, or almost 0.3%,

on the week. Elsewhere, on the ICE Futures Exchange in London, Brent oil for April delivery shed 59

cents, or about 1.1%, to settle at $55.99 a barrel by close of trade. For the week, London-traded Brent

futures scored a loss of 71 cents, or around 1.3%, the third straight weekly decline. Concerns that the

ongoing rebound in U.S. shale production could derail efforts by other major producers to rebalance

global oil supply and demand pressured crude prices. Data from oilfield services provider Baker Hughes

on Friday revealed that the number of active U.S. rigs drilling for oil rose by five last week, the sixth

weekly increase in a row. That brought the total count to 602, the most since November 2015. Meanwhile,

the U.S. Energy Information Administration said on Thursday that crude supplies rose by 564,000 barrels

last week to yet another all-time high, feeding concerns about a global glut. Oil prices have been trading

in a narrow $5 range around the mid-$50s over the past two months as sentiment in oil markets has been

torn between hopes that oversupply may be curbed by output cuts announced by major global producers

and expectations of a rebound in U.S. shale production. OPEC and non-OPEC countries have made a

strong start to lowering their oil output by almost 1.8 million barrels per day to 32.5 million by the end of

June, with compliance currently at around 90%. OPEC could extend its oil supply-reduction pact with

non-members or even apply deeper cuts from July if global crude inventories fail to drop to a targeted

level, OPEC sources said earlier this month. Elsewhere on Nymex, gasoline futures for March shed 1.3

cents, or about 0.9% to $ 1.514 on Friday. It ended down about 0.2% for the week. March heating oil

slipped 1.6 cents, or 1%, to finish at $1.640 a gallon. For the week, the fuel gained almost 0.3%. Natural

gas futures for April delivery rose 3.8 cents, or almost 1.4%, to $2.834 per million British thermal units. It

posted a weekly loss of around 7%.

In the week ahead, market participants will eye fresh weekly information on U.S. stockpiles of crude and

refined products on Tuesday and Wednesday to gauge the strength of demand in the world’s largest oil

consumer. Meanwhile, traders will also continue to pay close attention to comments from global oil

producers for further evidence that they are complying with their agreement to reduce output this year.

Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely

to affect the markets.

Tuesday, February 28

The American Petroleum Institute, an industry group, is to publish its weekly report on U.S. oil supplies.

Wednesday, March 1

The U.S. Energy Information Administration is to release weekly data on oil and gasoline stockpiles.

Thursday, March 2

The U.S. government is to produce a weekly report on natural gas supplies in storage.

Friday, March 3

Baker Hughes will release weekly data on the U.S. oil rig count.

Oil was lower Friday as the focus turned to U.S. rig count data due out later in the session. Brent crude

was off 50 cents, or 0.88%, at $56.08 at 08:00 ET. U.S. crude fell 41 cents, or 0.75%, to $ 54.04. Oil

earlier had held onto gains after Energy Information Administration official inventory data on Thursday.

The EIA reported a rise in U.S. crude stocks of 564,000 barrels in the latest week, well below a forecast

increase of 3.475 million barrels. The market is looking to Baker Hughes rig count figures to gauge the

level of U.S. shale activity. Increased North American output could work against agreed production cuts

by other major producers. OPEC and non-OPEC producers have agreed cuts of 1.8 million barrels a day

in the first half of the year. Initial compliance levels with the cuts in production have been high.

Oil prices held gains on Friday on data showing U.S. stockpiles rose for a seventh straight week but at a

pace that was well below expectations, and news of oil being sold out of storage in Southeast Asia. U.S.

West Texas Intermediate CLc1 was unchanged at $54.45 a barrel by 0526 GMT, pulling back from early

losses. WTI was on track for a weekly gain of about 2 percent, which would be its biggest so far this year.

Brent crude LCOc1 was up 3 cents at $56.61 and was on track for a weekly gain of about 1.4 percent.

U.S. crude inventories USOILC=ECI rose by 564,000 barrels in the week to Feb. 17, up for a seventh

week, although below analysts' expectations for an increase of 3.5 million barrels, the Energy Information

Administration said. The Organization of the Petroleum Exporting Countries and producers including

Russia have pledged to cut production by around 1.8 million barrels per day (bpd) to tackle a global glut

that has kept prices depressed since 2014.

While OPEC appears to be sticking to its deal, producers that were not part of the deal, particularly U.S.

shale drillers, have increased output, driving the growth in inventories in the United States, the world's

biggest oil consumer. "Current oil prices are neither sustainable for OPEC or the industry, "As such,

inventories will have to fall, which we expect will be clearer in the spring after the seasonal build." Signs

are emerging that this is happening in Asia with traders selling oil held in tankers anchored off Malaysia,

Singapore and Indonesia, Reuters reported on Friday. More than 12 million barrels of oil has been taken

out of storage in tankers berthed off Southeast Asian countries this month, shipping data in Thomson

Reuters Eikon shows. have been benefiting from a market feature known as contango where prices for

later delivery are higher than those for immediate dispatch. But the future premium is falling and future

prices may slip below spot prices, known as backwardation. "Tightening fundamentals will push the crude

market into backwardation in the coming months," BMI Research said in a note. This "will benefit

participants in the paper market but hamper the profits of oil traders who are unable to exploit the cash

and carry arbitrage.

U.S. oil prices fell on Friday after government data released late on Thursday showed stockpiles rose last

week for a seventh straight week, although losses were muted as inventory growth was well below

expectations. U.S. West Texas Intermediate CLc1 fell 13 cents, or 0.2 percent, to $ 54.32 a barrel by 0048

GMT, having closed up 86 cents in the previous session. Brent crude LCOc1 was trading down 13 cents,

or 0.2 percent, at $ 56.45. The contract rose 74 cents in the previous session to settle at $ 56.58. U.S.

crude inventories USOILC=ECI rose by 564,000 barrels in the week to Feb. 17, up for a seventh week,

although below analysts' expectations for an increase of 3.5 million barrels, the Energy Information

Administration said. Gasoline inventories fell far more than expected as refineries cut output, the EIA

said. Crude imports USOICI=ECI , however, slumped 1.4 million barrels per day, while exports rose

185,000 bpd to a record high of 1.2 million bpd, driven in part by surging exports to Asia in the wake of a

deal by many non-U.S. oil producers to cut output. Organization of the Petroleum Exporting Countries

and producers including Russia have pledged to cut production by around 1.8 million barrels per day to

tackle a global glut that has kept prices depressed since 2014. On Thursday, sources told Reuters that the

joint OPEC/non-OPEC technical committee reported an 86 percent compliance on the oil cuts in January.

Earlier, sources reported over 90 percent compliance within OPEC. While OPEC appears to be sticking to

its deal, producers that were not part of the deal, particularly U.S. shale drillers, have increased output,

driving the growth in inventories in the United States, the world's biggest oil consumer. "Current oil prices

are neither sustainable for OPEC or the industry," As such, inventories will have to fall, which we expect

will be clearer in the spring after the seasonal build."

Oil was higher Thursday after industry data showed an unexpected fall in U.S. inventories. Brent crude

was up 85 cents, or 1.52%, at $56.69 at 08:00 ET. U.S. crude added 80 cents, or 1.49%, to $54.39.

American Petroleum Institute data Wednesday showed a surprise draw of 884,000 barrels in U.S. crude

stocks in the latest week. Energy Information Administration official inventory figures are due out later

Thursday.

The EIA is forecast to report a rise of 3.475 million barrels in U.S. crude stocks. Sentiment remains

upbeat on a high compliance level with agreed cuts of 1.8 million barrels a day by OPEC and non-OPEC

producers. However, increased North American shale activity could undermine the potential draw in

inventories of the agreed cuts.

U.S. oil futures rose nearly 1 percent on Thursday after data released by an industry group showed a

surprise decline in U.S. crude stocks as imports fell, lending support to the view that a global glut is

ending.

The U.S. West Texas Intermediate crude April contract CLc1 added 41 cents, or 0.8 percent, to $54.00 a

barrel at 0011 GMT. Brent crude LCOc1 was yet to trade. It ended 82 cents, or 1.5 percent, lower at

$55.84 a barrel on Wednesday. Crude inventories fell by 884,000 barrels in the week to Feb. 17 to 512.7

million, compared with analysts' expectations for an increase of 3.5 million barrels, data from industry

group the American Petroleum Institute showed on Wednesday. Crude stocks at the Cushing, Oklahoma,

delivery hub were down by 1.7 million barrels and U.S. crude imports fell last week by 1.5 million barrels

per day to 7.398 million bpd, according to the API. Refinery crude runs fell by 182,000 bpd, the data

showed, while gasoline stocks dropped by 893,000 barrels, largely in line with analysts' expectations in a

Reuters poll. Official data from the U.S. Department of Energy's Energy Information Administration is

scheduled to be released at 11 a.m. EST on Thursday, a day later than normal because of a holiday

Monday.

Oil prices fell more than 1 percent on Wednesday on expectations of another surge in U.S. inventories,

retreating from multi-week highs hit in the previous session after OPEC signalled optimism over its deal

with other producers to curb output. In post-settlement trade, prices pared losses sharply after data from

industry group the American Petroleum Institute showed a surprise drop in U.S. crude stocks last week as

imports slumped. U.S. crude inventories fell 884,000 barrels in the week to Feb. 17, compared with

analysts' expectations for an increase of 3.5 million barrels. Before last week, crude stocks have risen for

six straight weeks. Official data from the U.S. Department of Energy's Energy Information Administration

is scheduled at 11 a.m. EST on Thursday, delayed by a holiday on Monday. Brent crude LCOc1 ended 82

cents, or 1.5 percent, lower at $55.84 a barrel, having touched its highest since Feb. 2 at $57.31 in the

previous session. The U.S. West Texas Intermediate crude April contract CLc1 , the new front-month

future, settled 74 cents, or 1.4 percent, lower at $53.59.

Both contracts pared losses to trade about 0.8 percent lower in after-hours trade. Despite the swelling

inventories, analysts and traders were largely optimistic about the sustainability of the rally over the last

four sessions. "We've seen a fairly significant increase in crude stocks since the beginning of the year and

yet the market has been able to maintain its relative buoyancy," "I think the underlying sentiment is

bullish ... what's been key to the market is you've seen the tightening of the spreads, especially in the

front." During a near two-year period of oversupply, the contango or time spread between contracts in the

futures markets - when prompt barrels are cheaper than later supplies - deepened. But the contango has

narrowed since the start of the year, when a deal under the Organization of the Petroleum Exporting

Countries' umbrella to cut global output took effect, suggesting that the oversupply could be abating. The

discount of the prompt WTI contract to the second month CLc1-CLc2 tightened to as little as 26 cents per

barrel on Wednesday, its narrowest since Oct. 20. Brent crude's spread LCOc1-LCOc2 came within cents

of flipping into backwardation - when prompt supplies become most expensive compared with later

deliveries - on Tuesday amid optimism over the OPEC deal. On Tuesday, OPEC Secretary General

Mohammad Barkindo said the group and other producers including Russia will boost compliance with

agreed output curbs in a bid to boost prices. non-OPEC oil producers that joined the OPEC deal have

delivered at least 60 percent of promised curbs so far, OPEC sources said on Wednesday, higher than

initially estimated. Sachs reiterated its outlook for a recovery in prices in the second quarter - WTI to rise

to $57.50 and Brent to $59 - before declining respectively to $55 and $57 for the rest of the year.

investment bank said "while the reduction in oil supplies out of core OPEC in the Gulf and Russia has

exceeded our and consensus expectations, the market is starting to doubt that this will be sufficient to

translate into large oil inventory draws by the second quarter."

U.S. oil prices held near seven-week highs on Wednesday after OPEC signaled optimism over its deal

with other producers including Russia to curb production and clear a glut that has weighed on the market

since 2014. The U.S. April crude contract CLc1 , the new front-month future, was up 3 cents at $54.36 a

barrel at 0028 GMT. On Tuesday, the March contract expired up 66 cents, or 1.2 percent, at $54.06, after

peaking at $54.68, the highest since Jan. 3. Brent crude LCOc1 was yet to trade after ending the previous

session at $ 56.66 a barrel, up 48 cents or 0.9 percent. It earlier reached its highest since Feb. 2 at $ 57.31.

The Organization of the Petroleum Exporting Countries and other producers outside the group agreed in

November to cut output by about 1.8 million barrels per day in an effort to drain a glut that has depressed

prices for over two years. Mohammad Barkindo, OPEC secretary general, told an industry conference in

London that January data showed conformity from member countries participating in the output cut had

been above 90 percent. Oil inventories would decline further this year, he added. countries involved

remain resolute in the determination to achieve a higher level of conformity," Russia and the other outside

producers have so far delivered a smaller percentage of cuts, but Barkindo said this would increase. It was

too early to say if the supply cut, which lasts for six months from Jan. 1, would need to be extended or

deepened at the next OPEC meeting in May, he said.

Oil prices rose about 2 percent to near three-week highs on Tuesday after OPEC said it was sticking to its

agreement to cut production and hoped compliance with the deal would be even higher as it expects other

producers join its efforts to curb a global glut. OPEC Secretary General Mohammad Barkindo told an

industry conference in London that January data showed conformity from participating OPEC nations

with output curbs had been above 90 percent and oil inventories would decline further this year. "All

countries involved remain resolute in the determination to achieve a higher level of conformity," Barkindo

said. Organization of the Petroleum Exporting Countries and other producers outside the group agreed in

November to cut output by about 1.8 million barrels per day in an effort to drain a glut that has depressed

prices for over two years. Barkindo said it was too early to say if the supply cut, which lasts for six

months from Jan. 1, would need to be extended or deepened at the next OPEC meeting in May. "While

Barkindo's statement puts a confident spin on market fundamentals, we'd say questions do remain, given

that Iran seems to be signaling increased production rather than improved compliance," Tim Evans, an

energy futures specialist at Citi Futures said in a note. Under the deal, Iran was allowed to boost output

from its October level and Tehran expects its oil production to reach 4 million barrels per day by mid-

April. crude futures LCOc1 traded at $ 57.08, 90 cents or 1.6 percent higher by 11:17 a.m. EST GMT

after hitting the highest since Feb. 2 at $57.31.

U.S. light crude CLc1 was up $1.07, or 2 percent, at $54.47, after peaking at 54.68, its highest since Jan.

3. Futures for delivery in March were set to expire at the end of the trading session. The more active U.S.

crude futures for April delivery CLJ7 were up 1.9 percent at $ 54.81.

From a technical perspective, the tight consolidation above last year's key broken resistance levels

suggests oil prices have been coiling to break higher. OPEC cuts have spurred a speculative move into

crude oil that has pushed prices towards the top of their recent ranges. Money managers hold the highest

number of net long Brent and U.S. crude futures and options on record, data showed on Monday and

Friday, betting on higher prices to come as OPEC and other key exporters reduce production. "Should

there come a time when these speculative positions decide to unwind, oil prices will be in for a significant

correction. Still, the Relative Strength Index in U.S. crude futures remained at about 58 on Tuesday, well

below the overbought level of 70, Reuters data showed.

Oil was higher Tuesday as investors opted to focus on agreed output cuts by major producers. Brent crude

was up 85 cents, or 1.51%, at $57.03 at 08:00 ET. U.S. crude added 92 cents, or 1.71%, to $54.70.

OPEC and non-OPEC have agreed to cut output by 1.8 million barrels a day in the first half. OPEC

Secretary General Mohammed Barkindo was upbeat about high compliance levels with the cuts.

Observers noted record net long position-taking in oil futures and options. However, the market is also

looking to developments in North American shale activity which could cancel out the agreed cuts.

American Petroleum Institute stockpile data are due out Wednesday. These will be followed Thursday by

official Energy Information Administration inventories.

U.S. crude futures rose for a second day on Tuesday, with data showing hedge funds are betting big across

oil markets following OPEC production cuts agreed last year. U.S. West Texas Intermediate crude CLc1

was up 23 cents at $ 53.63 a barrel at 0032 GMT. It gained about 29 cents, or 0.5 percent, on Monday,

which was a shortened session due to a U.S. national holiday. Brent futures LCOc1 were yet to trade, after

ending the previous session up 0.7 percent at $ 56.18 a barrel.

Investors now hold more crude futures and options than at any time on record, after members of the

Organization of the Petroleum Exporting Countries committed last year to cut production. Speculators

raised their bets on a rally in Brent oil prices to a record last week, data from the InterContinental

Exchange showed on Monday, mirroring the optimism in the U.S. crude market. Data on Friday showing

net long U.S. crude futures and options positions in the week to Feb. 14 were at a record. "As bullish

positioning by hedge funds continues to push on in unchartered territory, the risk of a swift, sharp

snapback in prices continues to build, Especially given the bearish backdrop of record crude and gasoline

inventories amid lower fuel demand year-on-year," U.S. crude oil and gasoline inventories soared to

record highs last week as refineries cut output and gasoline demand softened, the Energy Information

Administration said last week. The oil market will have to wait until Thursday, a day later than normal,

for the release of this week's official data, due to the holiday on Monday.

Oil prices inched higher on Monday, as investor optimism over the effectiveness of producer cuts

encouraged record bets on a sustained rally, although growing U.S. output and stubbornly high stockpiles

kept price gains in check. Top OPEC exporter Saudi Arabia's crude oil shipments fell in December to

8.014 million barrels per day from 8.258 million bpd in November, official data showed on Monday.

futures LCOc1 ended the session up 0.7 percent at $56.18 a barrel. U.S. futures West Texas Intermediate

crude CLc1 gained about 29 cents or 0.5 percent to $53.69 prior to the close of trade at 1 p.m. EST, an

hour and a half early due to the Presidents Day holiday. Trading volume in Brent averaged about 181,000

lots of 1,000 barrels each, below the average of about 205,000. Volumes in U.S. crude also dipped, with

just over a couple of thousand lots traded, a day ahead of the expiration of WTI futures for delivery in

March. On average, more than 300,000 U.S. crude lots trade in a typical trading session. Prices received a

lift from a weaker dollar .DXY as well. A strong greenback typically makes oil more expensive for

holders of other currencies. The Organization of the Petroleum Exporting Countries and other producers,

including Russia, agreed last year to cut output by almost 1.8 million bpd during the first half of 2017.

Estimates indicate compliance with the cuts is around 90 percent. Reuters reported last week that OPEC

could extend the pact or apply deeper cuts from July if global crude inventories fail to drop enough. have

certainly taken OPEC members at their word on their commitment to cut production and now hold more

crude futures and options than at any time on record. However, the December Saudi figures may not

reflect the full picture, "Ahead of the agreed production cuts, Saudi Arabia had chosen not to reduce its

output as it normally would have in the winter half year, so as to be able at a later date to make this appear

part of the agreed reduction in production," "Presumably the decrease in production and exports in

December should be seen against this backdrop, and could already have been undertaken to pre-empt the

production cuts due to take force from January." Signs of rising output in the United States have tempered

money managers' appetite to push prices higher. Since the start of the month oil prices have gained around

$ 2. "There is still a general consensus that the OPEC/non-OPEC agreement helps supply to get in line

with demand. This bullish stance is countered by the ever-increasing inventories in the U.S. and rising rig

counts. "Assuming the U.S. oil rig count stays at the current level, we estimate U.S. oil production would

increase by 405,000 bpd between fourth-quarter 2017 and fourth-quarter 2016 across the Permian, Eagle

Ford, Bakken and Niobrara shale plays, "Annual average U.S. production would increase by 130,000 bpd

year over year on average in 2017."

Oil was higher Monday but with gains capped by expectations of higher U.S. supply. Brent crude was up

37 cents, or 0.66%, at $56.18 at 08:00 ET. U.S. crude added 25 cents, or 0.46%, to $ 54.03. Trading

volumes were on the low side due to the U.S. Presidents Day holiday. Baker Hughes weekly figures

Friday showed a rise in the U.S. rig count of six to 597, the highest level since November 2015. Increased

North American shale activity could offset agreed cuts by other major producers.OPEC has estimated an

initial high compliance level with cuts of 1.2 million barrels per day at the start of

BASE METAL’S OUTLOOK :

BASE METAL GUIDE -

Trading Ideas:

ZINC

Zinc trading range for the day is 187.7-195.3.

Zinc dropped as funds cut bets on higher prices ahead of minutes from the Federal Reserve's last

meeting and a stronger dollar.

Europe’s largest zinc producer Nyrstar is considering restarting its idled and for sale Myra Falls zinc-

copper mine in light of improved market conditions

Zinc daily stocks at Shanghai exchange came down by 2961 tonnes.

COPPER

Copper trading range for the day is 398.4-407.2.

Copper traded in the range amid a cooling in China’s property market and supply uncertainties.

China's home price growth slowed for the fourth straight month as demand cooled further in the

biggest cities, official data showed.

In Chile government-mediated talks but the two parties did not commit to a schedule of new wage

discussions.

BASE METAL

COPPER ( 27.02.2017 )✍

Even as strikes cripple output at the world's two biggest copper mines, Asia's copper industry is pretty

relaxed, sitting atop metal stockpiles that have grown by nearly two-thirds since the end of January.

Copper inventories tied to China's Shanghai Futures Exchange have surged 61 per cent since the week of

Jan. 20 to 2,77,659 tonnes, the most since May 2016, the latest data shows. Stockpiles held in bonded

warehouses in China have edged above 500,000 tonnes, from around 450,000 tonnes in November,

according to consultants CRU Group. When copper went haywire late Monday evening in London, all but

a few die-hard traders in China were asleep. The European workday was ending and Americans had a

public holiday. For traders still watching their screens, the reason behind whipsawing moves in London

copper was obvious: an algorithmic trading system had gone off the rails, said Guy Wolf, global head of

market analytics at commodities brokerage Marex Spectron Group Ltd. For half an hour, copper

zigzagged by almost $100 on the London Metal Exchange. More than 2,200 contracts traded between 6

p.m. and 6:35 p.m., the most for that time of day since 2012.

Amid sluggish domestic demand and profit-booking by speculators, lead prices softened 0.39 per cent to

Rs 154.65 per kg in futures trade on Tuesday. At the Multi Commodity Exchange, lead for delivery in

March moved down by 60 paise, or 0.39 per cent, to Rs 154.65 per kg in business turnover of 15 lots.

Likewise, the metal for delivery in February contracts shed 45 paise, or 0.29 per cent, to Rs 154.35 per kg

in 389 lots. Analysts said besides sluggish demand from battery makers in the spot market, trimming of

positions by traders to book profits at current levels led to the fall in lead prices at futures trade.

ZINC ( 27.02.2017 )✍

Zinc futures traded 0.28 per cent lower at Rs 192.50 per kg today as speculators trimmed positions amid

subdued demand at the physical markets. Zinc for delivery in current month also fell by 55 paise, or 0.28

per cent, to Rs 192.60 per kg at the Multi Commodity Exchange, clocking a business turnover of 591 lots.

The metal for delivery in March softened by a similar margin to trade at Rs 192.60 per kg in 61 lots.

Analysts said the weakness in zinc at futures trade was mostly due to trimming of positions by speculators

amid a weak trend at the domestic spot markets.

COPPER ( 27.02.2017 )✍

Copper futures traded 0.12 per cent lower at Rs 404.55 per kg as speculators offloaded bets. Furthermore,

subdued demand at domestic spot market pushed down metal prices. At the Multi Commodity Exchange,

copper for delivery in February shed 50 paise, or 0.12 per cent, to Rs 404.55 per kg, in a business turnover

of 1,851 lots. Also, metal for delivery in April was trading down by a similar margin at Rs 408.55 per kg

in 92 lots. Analysts attributed the fall to offloading of positions by participants amids muted demand at the

domestic spot markets.

ZINC ( 27.02.2017 )✍

Zinc prices declined by 0.61 per cent to Rs 186.90 per kg in futures trade today as speculators cut down

their bets, driven by sluggish demand from consuming industries in the spot market. At Multi Commodity

Exchange, zinc for delivery in February month fell by Rs 1.15, or 0.61 per cent, to Rs 186.90 per kg in

business turnover of 297 lots. Similarly, the metal for delivery in March contracts shed Rs 1.05, or 0.56

per cent, to Rs 187.25 per kg in 3 lots. Analysts said offloading of positions by traders owing to slackened

demand from consuming industries in the physical market, mainly led to decline in zinc prices at futures

trade.

NICKEL ( 24.02.2017 )✍

Amid profit-booking by speculators, nickel prices traded lower by 0.66 per cent to Rs 740.80 per kg in

futures trading today. At the Multi Commodity Exchange, nickel for delivery in March month fell by Rs

4.90, or 0.66 per cent, to Rs. 740.80 per kg in business turnover of 16 lots. On similar lines, the metal for

delivery in February contracts was trading lower by Rs 3, or 0.41 per cent, to Rs 736.70 per kg in 406 lots.

Analysts attributed the fall in nickel futures to profit-booking by participants, driven by easing demand

from alloy-makers in the domestic spot market.

COPPER ( 24.02.2017 )✍

Copper prices rose by 0.20 per cent to Rs 401 per kg in futures trade today as speculators built up fresh

positions amid rising demand in domestic spot markets and a firming trend overseas. At the Multi

Commodity Exchange, copper for delivery in current month traded higher by 80 paise, or 0.20 per cent, to

Rs 401 per kg in a business turnover of 205 lots. Metal for delivery in April fell by a similar margin to

trade at RS 404.60 per kg in 14 lots. Analysts attributed the rise in copper futures to a firm trend at the

domestic markets following pick up in demand from consuming industries and strength in metal at the

London Metal Exchange as near-term supply disruptions intensified after Indonesia's Grasberg, the

world's second-largest mine said it could not fulfill its promised shipments due to export permit issues.

Meanwhile, copper rose 0.7 per cent to 6,000 per tonne at the LME.

ZINC ( 24.02.2017 )✍

London zinc prices have nearly doubled over the past 13 months and are closing in on nine-year highs, but

signs of tightening in the global market for refined zinc means the rally may have further to run. Zinc

bulls pushed prices higher after the closure of several giant zinc mines last year led to a steep drop in

global ore supply, setting the stage for a shortage of the metal used to rust-proof steel. There are now

signs that shortage is materialising, with global stocks shrinking and prices for spot metal rising, just as

post-holiday demand picks up in China and a strike at North America's second-largest zinc plant further

cuts supply.

NCDEX - WEEKLY MARKET REVIEW

FUNDAMENTALS –

Refined soya oil prices moved up by 0.22 per cent to Rs 680 per 10 kg in futures trade on Monday as

participants built up fresh positions supported by pick up in demand against restricted supplies from

producing belts. At the National Commodity and Derivatives Exchange, refined soya oil for delivery in

February month went up by Rs 1.50, or 0.22 per cent to Rs 680 per 10 kg with an open interest of 54,310

lots. Similarly, the oil for delivery in March contracts edged up by 75 paise, or 0.11 per cent to Rs 665.50

per 10 kg in 25,480 lots. Analysts said fresh positions created by participants on the back of uptick in

demand in the spot market against tight stock position mainly led to rise in refined soya oil prices at

futures trade.

WHEAT ✍ ( 27.02.2017 )

Wheat prices edged up by 0.46 per cent to Rs 1,738 per quintal in futures market as speculators built up

fresh positions amid pick up in demand at the spot market. At the National Commodity and Derivatives

Exchange, wheat for delivery in March month was trading higher by Rs 8, or 0.46 per cent, to Rs 1,738

per quintal with an open interest of 3,800 lots. Analysts said fresh positions created by traders amid uptick

in demand from flour mills in the spot market mainly contributed to the rise in wheat prices at futures

trade.

CARDAMOM ✍ ( 27.02.2017 )

Cardamom futures fell by 0.93 per cent to Rs 1,470 per kg today as traders trimmed their holdings amid

sluggish spot demand. Besides, adequate stocks position following increased arrivals from producing

regions also fuelled the downtrend. At the Multi Commodity Exchange, cardamom for delivery in April

declined by Rs 13.80, or 0.93 per cent, to Rs 1,470 per kg in a business turnover of 29 lots. The spice for

delivery in March was down by Rs 3.90, or 0.26 per cent, to Rs 1,471 per kg with a trading volume of 57

lots. Analysts said offloading of positions by participants owing to a weak trend at spot market on

subdued demand mainly put pressure on cardamom prices at futures trade.

SUGAR ✍ ( 27.02.2017 )

The food ministry has asked sugar mills to pay dues to farmers for 2015-16 and clear amounts pending

for 2016-17 as soon as possible. The ministry has also told millers not to hoard sugar and urged them not

to increase retail prices, a senior official said. The arrears to be paid by mills to sugarcane farmers for the

year ended September 2016 are Rs 334 crore, according to the fair and remunerative price set by the

Central government. Under the state advised price fixed by state governments to protect the interests of

farmers, the dues are Rs 1,206 crore, the food ministry official said. Most of the arrears were payable by

millers in Uttar Pradesh. For the current season that started in October 2016, the FRP dues were Rs 6,054

crore as of February 20, while on the basis of SAP, the outstanding amount for this period was Rs 9,764

crore, the ministry official said.

Sugar production is likely to fall short of the government’s estimate by about 10% even as the crushing

season in Maharashtra draws to a close. While the central government had projected sugar production to

be 22.5 million tonnes for 2016-17, the industry thinks actual production could be 20 million tonnes.

According to state government data, as on February 20, sugar mills in Maharashtra have produced 40.56

lakh tonnes of sugar compared to 65.62 lakh tonnes produced during the comparable period of the

previous year. Of the 150 sugar mills that had started cane crushing operations this year, 124 mills have

already closed due to non-availability of sugarcane. Only 26 mills are still producing sugar as against 121

mills that were in operation during the same period of the previous year.

WHEAT ✍ ( 27.02.2017 )

Non-fumigated wheat that could harm people eating it could be entering India despite government rules to

not allow such imports. The rules will be made tighter from March 31, but some importers have devised

ways to bring in such wheat by producing fake fumigation documents. Wheat imports to India must be

fumigated with methyl bromide at the port of origin. If this is not done, consignments are fumigated at

Indian ports. From March 31, fumigation will have to be done only at the port of origin.

COFFEE ✍ ( 24.02.2017 )

With less production in Brazil due to drought and increasing demand in global markets, coffee export

from India since January 1 has risen around six per cent in volume and 15 per cent in value over the same

period a year before. According to Coffee Board data, from January 1 to this Tuesday, our coffee export

and re-export was 46,000 tonnes, as against 43,436 tonnes a year before. In value terms, $119.2 million

(Rs 805.3 crore) from $103.3 mn (Rs 699.4 crore). Exporters hope this rising trend in prices will continue.

The Arabica variety is Rs 9,200-9,500 a bag (50 kg), from Rs 8,500 in December. Three years before, it

was Rs 12,000-13,000 a bag. Even so, the current level would enable one to break even, says Rohan

Colaco, a major grower in the Karnataka region, major source for the country's coffee.

Markets regulator the Securities and Exchange Board of India is all set to allow futures trading in

degummed soya oil soon. Commodity exchanges, primarily the National Commodity & Derivatives

Exchange, had applied to Sebi seeking permission for launch of futures trading in degummed soya oil.

According to exchange source, NCDEX has also applied to Sebi to allow futures in yellow peas, black

pepper, RM seed cake or meal. The exchange is also planning for relaunch of chana futures, which were

suspended last year on the wake of very high price rise, now that the prices have moderated. Of these,

pepper and chana will be relaunched. Even the Multi Commodity Exchange is also awaiting expansion of

its agri commodity basket and it has proposed a few more agri commodities; it is awaiting Sebi approval.

Speaking to Business Standard, a Sebi source said, "We would soon allow futures trading in degummed

soya oil to all commodity exchanges, including NCDEX and MCX.”

WHEAT ✍ ( 24.02.2017 )

Wheat production in India will probably fall short of a government forecast, spurring the world’s second-

biggest grower to import a large quantity amid declining domestic inventory. Production is set to total 91

million tonnes in the 2016-17 crop year, according to the median estimate of eight traders and analysts

surveyed by Bloomberg. That’s the lowest since 2014-15 and compares with the government’s estimate

for record 96.6 million tonnes this season. Imports in 2017-18 may total two million tonnes, the second

highest level in 11 years, the survey shows.

✍ SUGAR ( 24.02.2017 )

Sugarcane payment arrears to farmers in Uttar Pradesh stood at Rs 5,795 crore till last Friday, despite

lucrative sugar prices this time, indicating that the benefits of a good year for the sector don't necessarily

trickle down to growers. The ongoing 2016-17 sugar season, which started on October 1, will go on till

September-end 2017. As much as Rs 5,320 crore, or 92 per cent of these arrears of Rs 5,795 crore, was

owed by the corporate sector.

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