Monday, 29 May 2017

EPIC RESEARCH MCX GOLD UPDATE OF 29 MAY 2017

Gold trading range for the day is 28633-29031.Gold prices gained as political uncertainty led investors to favor bullion over assets considered riskier such as stocks.San Francisco Federal Reserve President John Williams said he is spending more time thinking about how fiscal policies under U.S. President Donald Trump could impact the economy.Federal Reserve Governor Lael Brainard said that a brighter global economy is posing less risk to the Fed's outlook for the U.S.

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EPIC RESEARCH MCX SILVER UPDATE OF 29 MAY 2017

Silver trading range for the day is 39627-40427.Silver prices gained as the dollar retreated with investors shying away from riskier assets following a tumble in oil prices.Pressure seen on prices in the week after minutes from the Fed appeared to show that the majority of the central bank’s officials remain resolute about hiking rates.Growth of the U.S. economy in the first quarter was revised even higher expected, according to official data.



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EPIC RESEARCH MCX CRUDE OIL UPDATE OF 29 MAY 2017

Crudeoil trading range for the day is 3083-3285.Crude oil settled higher on short covering after dropped in previous session after investor disappointment that OPEC curbs did not go far enoughThe OPEC-led decision to extend a production cut to March 2018 disappointed financial investors, prompting an exit from oil futures markets.OPEC and some non-OPEC producers extended a pledge to cut 1.8 million barrels per day (bpd) of output until the end of the first quarter of 2018.

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EPIC RESEARCH MCX COPPER UPDATE OF 29 MAY 2017

Naturalgas trading range for the day is 208.5-218.1.Natural prices ended with gains as recent weather forecasts have consistently called for natural gas demand to be slightly stronger than normal.Demand for the week is expected to be moderate largely due to expected cooler temperatures into the weekend in the east-central and southern states.The U.S. Energy Information Administration (EIA) reported that U.S. natural gas stocks increased by 75 billion cubic feet.

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EPIC RESEARCH MCX COPPER UPDATE OF 29 MAY 2017

Copper trading range for the day is 361.3-375.7.Copper dropped as momentum sparked by a strike at copper mines, Indonesia's Grasberg, eased ahead of the long weekend break in China, the U.S. and Britain.Freeport McMoRan Inc said that mining and milling rates at its Grasberg mine in Papua, Indonesia have been affected by an extended strike.China bonded copper premiums jumped $10 to $75, off the year's lows to the highest since March amid drawdowns from Chinese exchange inventories.

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EPIC RESEARCH MCX ZINC UPDATE OF 29 MAY 2017

Zinc trading range for the day is 167.6-172.2.Zinc gained as support seen after Shanghai zinc inventories fell to their lowest in more than two years at 91,749 tonnes.Zinc spot premiums in Guangdong contracted rapidly due to increased supplies.The National Bureau of Statistics (NBS) data show China’s zinc production fell 5.6% year-on-year to 474,000 tonnes in April.

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EPIC RESEARCH MCX NICKEL UPDATE OF 29 MAY 2017

Nickel trading range for the day is 575.5-591.1.Nickel gained on short covering tracking LME prices after trade data showed that the Philippines is ramping up ore exports to China.BHP Billiton is seeking environmental approval to dig two new mines to extend the life of its Nickel West unit in the state of Western Australia.U.S. orders for long lasting manufactured goods fell less than forecast in April, although the core reading unexpectedly dipped.

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EPIC RESEARCH MCX ALUMINIUM UPDATE OF 29 MAY 2017

Aluminium trading range for the day is 125-127.4.Aluminium ended with losses tracking LME prices as pressure seen after rise in LME warehouse stocks by 25900 tonnes.Pressure also seen as Chinese exports of semi-finished products rose 8.1 per cent in April to 380,000 tonnes.However downside seen limited as uncertainty over future production in China, which produces more than half the world's aluminium.

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EPIC RESEARCH NCDEX COTTON UPDATE OF 29 MAY 2017

Cotton trading range for the day is 20927-21287.Cotton ended with small gains as some buying seen on lower level after prices dropped on reports of good progress of cotton sowing.Cotton is planted in 8.93 lakh hectares as on now, higher by 32% compared to last year acreage for same period.Moreover, there are ample supplies this season through imports and good stocks available with the farmers.Cotton prices in spot market gained by 40.00 rupees and settled at 20490.00 rupees.



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EPIC RESEARCH NCDEX CARDAMOM UPDATE OF 29 MAY 2017

Cardamom trading range for the day is 923.7-1003.5.Cardamom dropped as prices remained under pressure due to favourable weather conditions in the main producing state-Kerala.In the current weather conditions, there is expectation of higher output than this year. Hopes of early commencement of new crop produce also discouraged stockists to enter into fresh new deals.Cardamom prices in spot market dropped by 7.80 rupees and settled at 1142.20 rupees.



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