(MENAFNEditorial) BULLION
Gold futures fell over one percent in American trade as the dollar index gained ground following earlier data from the US, the world's largest economy and ahead of Federal Reserve Bank of San Francisco President John Williams' speech later
today. The Federal Reserve voted on Wednesday to hold overnight interest unchanged at the range of 1.25% to 1.50% at the January 30-31 meeting matching analysts' expectations. This was current chair Janet Yellen's last meeting with her
term ending next month and getting replaced by Jerome Powell with markets looking forward to the March 20-21 policy meeting the first under the new chair to take clues about his views on monetary policy and interest rates.

BASE METALS
Base metals prices on the London Metal Exchange are at first sight looking quite mixed this morning Friday February 2,with copper and lead in positive territory tin unchanged and aluminium, zinc and nickel in negative territory. But on closer inspection of the charts all look well placed to push higher following average gains of 1.1% on Thursday. Indeed copper that has been one of the laggards of late is up by 0.8% at $7,177 per tonne, aluminium rebounded well on Thursday zinc and nickel prices are just off recent highs and lead prices are in new high ground while tin is consolidating after very strong gains. Volume has been below average with 6,577 lots traded as of 06.25 am London time.

ENERGY
Oil futures fell in American trade as the dollar index gained ground following earlier data from the US the world's largest energy consumer and ahead of Federal Reserve Bank of San Francisco President John Williams' speech and Baker Hughes' weekly report on oil rigs later today. Wednesday the Energy Information Administration released its report on US crude stocks showing a buildup of 6.8 million barrels in the week ending January 26 compared to a 1.1M drop in the previous reading while analysts expected a mere 0.1M increase with total stocks now reaching 418.4 million
barrels.
Natural gas futures fell over four percent in American trade to the lowest since January 9, as the dollar index plumbed January 25 lows following a basket of data from the US the world's largest energy consumer including the EIA report that
showed a lower-than-expected inventory draw down last week.

SPICES
Markets found strong support at these lower levels as prices stabilized after the recent fall. However recovery was limited due to lack of strong demand amidst expected higher arrivals of the new crop in coming weeks .Even as sowing is
expected to be higher with shifting of other crop towards Jeer due to the high prevailing rates a delayed sowing in Gujarat (due to warmer climate) may have some adverse impact on the crop productivity and its arrivals. Exports from
China have reportedly been on the rise. Sideways to slight weak trend persisted for Turmeric as new crop arrivals kept up trend limited and traders too waited for some more fall in prices before initiating demand in the mandis.
OIL & OILSEEDS
Soy bean recovered from days low after receiving positive inputs from the 2018-19 Union Budget session.India harvest season subdued export demand for soy meal and estimations of sufficient amount of inventory lying with stockists had been capping the upside just few months back but as parity in exporting Indian soy meal has re-established and harvest season nears completion any sharp fall is ruled out. Soya oil posted a decent recovery amid positive cues about the Agri sector from the Union Budget announcements.
Soya oil had maintained strong trend last week amid firmness in Soy bean and global market.

GUAR COMPLEX
Guar gradually starts moving up as firmness in Crude oil prices leading to rising export demand kept supporting prices after the recent fall. Overall trend remains Bullish. A rise in Dollar vs Rupee too would be supporting factor for
exports. Moving forward guarseed is likely to touch at least 5000, while guar gum might see levels of 10000 or even above. Upward trend is expected in medium term also because of rising concerns on production front from recent
crop losses due to excess rains in Rajasthan just few months back.

OTHERS
The medium term outlook remains positive for mustard but sentiments might remained eased ahead of harvest season. In coming weeks a comfortable supply situation shall limit the upside movement. Estimations of ample quantity
of inventory in physical markets shall prevent prices to move significantly higher say 4250 or beyond in near future. But lower support levels and strength in soybean shall prompt buyers to enter at every fall now since 3960-80 is
currently acting as a strong support for the April contract. Markets bounced back after the recent fall in prices for Cotton as demand started rising in the Indian markets after the recent corrections. Strong support noted at 20000

COPPER
Last week, Nickel prices opened lower and prices push up side sharply for most of the week till high of 460 and closed
near the level of 450. From last couple of weeks prices trading between the range of 460 to 450. Daily RSI (14) has given
a negative signal. Prices are expected to go lower from these levels towards next strong support zone placed around
440.

ZINC
Last week Zinc Feb futures started the week on positive note and made a high of 229.60 but till the end of the week,
found resistance of 230 and it closed at 91.4350 with the overall gain of2.50% on weekly basis. Technically for this week,
we can expect profit booking in it from the higher levels and below the level of 225, it can test the level of 222 during
the week. One can make sell position in it by maintaining a SL of 226.80

TURMERIC
NCDEX Turmeric Apr future continued to trade on negative note for the fourth consecutive trading week. Price made
the low of 7126 during the week and the high of 7418 and settled at 7148. Price decrease by more than 200 points
during the week with higher volume and open interest indicating building of short positions. Market is forming lower
lows on its daily chart indicating selling trend. We can see pressure on prices from higher level. And we are expecting
market can be traded with negative trend.

CASTOR SEED

Last week, NCDECommodity Research Report Ways2Capital 5 Feb 2018X Castor Seed prices opened higher and prices bounced sharply for most of the week till high of 4348.
Previously prices have rallied strongly in the last month after taking strong support at 4100 on its short term rising trend line. Daily RSI (14) has given a positive signal. Prices are expected to go higher from these levels towards next strong resistance zone placed around 4300.

USDINR
Last week USDINR Feb futures started the week on sideways note and after that traded positive for the entire week. It
made a high of 64.3900 during the week and closed at 64.2425 with the overall gain of 0.77% on weekly basis.
Technically it's forming Double Bottom pattern on the charts and for this week, we can expect upside movement in it.
If it breaks the level of 64.4125 on the upside, then it can test the level of 64.9725 during the week. One can make buy
position in it by maintaining a SL of 64.0975.

GBPINR
Last week GBPINR Feb futures started the week on negative note and made a low of 89.5200 but till the end of the
week, all of its earlier losses were erased and it closed at 91.4350 with the overall gain of 0.48% on weekly basis.
Technically for this week, we can expect profit booking in it from the higher levels and below the level of 90.8650, it can test the level of 90.2625 during the week. One can make buy position in it by maintaining a SL of 91.1625.

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