Tuesday, May 17, 2016
For Private Circulation Only
MAJOR COMMODITIES
Commodity
Expiry
High
Low
Close
Change
Commodity
Expiry
High
Low
Close ($)
Change
Gold
03-Jun
30269
29912
29977
-57
Gold (Oz)
Jun
1290.40
1271.60
1274.20
1.50
Silver
05-Jul
41495
40849
40987
13
Silver (Oz)
Jul
17.43
17.08
17.15
0.02
Crude Oil
19-May
3194
3120
3179
82
Crude Oil
Jun
47.98
46.15
47.72
1.51
Natural Gas
25-May
140.70
135.80
136.10
-5.30
Natural Gas
Jun
2.09
2.02
2.03
-0.07
Copper
30-Jun
313.55
309.15
311.65
1.80
Copper
3M
4687.00
4596.00
4654.50
32.50
Nickel
31-May
589.50
577.80
584.80
3.90
Nickel
3M
8785.00
8565.00
8685.00
45.00
Aluminium
31-May
103.60
102.55
103.50
0.55
Aluminium
3M
1557.00
1536.00
1550.00
12.50
Lead
31-May
117.20
113.35
116.80
1.85
Lead
3M
1753.50
1691.00
1746.00
35.00
Zinc
31-May
126.85
125.15
126.40
-0.10
Zinc
3M
1907.00
1878.00
1898.00
2.00
News & Development

China's investment, factory output and retail sales all grew more slowly than expected in April, adding to doubts about whether
the world's second-largest economy is stabilising. Growth in factory output cooled to 6 percent in April, the National Bureau of
Statistics (NBS) said on Saturday, disappointing analysts who expected it to rise 6.5 percent on an annual basis after an increase
of 6.8 percent the prior month.

Exxon Mobil is expected to ramp up its production of Nigeria's Qua Iboe crude oil this week, trading sources said on Monday.
The company declared force majeure on exports of the grade late last week after a drilling rig damaged a pipeline. Sources said
the issue cut the company's production by as much as 250,000 barrels per day (bpd).
(Source: Reuters)
Commodity Daily
Gold
Technical Outlook
Gold prices turned slightly negative on Monday, reversing gains of 1
percent on pressure from strong crude futures and U.S. equity markets.
Bullion prices were initially supported by lower stock markets and soft
Chinese data, which boosted interest in the metal as an alternative asset.
Data from China over the weekend showed April's retail sales, factory
output and fixed-asset investment all fell short of forecasts by
economists polled by Reuters.
Gold is up 20 percent this year after weak economic data in the United
States and elsewhere tempered expectations of a near-term increase in
U.S. interest rates, which would lift the opportunity cost of holding nonyielding gold.
As industry participants gathered in London for Platinum Week, Johnson
Matthey said the platinum market deficit was set to grow this year, as
demand from autocatalyst manufacturers is boosted by the
implementation of new Euro 6 legislation.
Metals Focus predicted platinum's slide to seven-year lows in January
marked the end of the 18-month bear cycle in which the metal nearly
halved in value. It forecast a shortfall in supply this year.
Gold
Jun
Strategy
Sideways
S2
S1
Close
R1
R2
29800
29900
29977
30100
30200
*Investors can use S2/R2 as Stop Loss/Target depending upon the strategy advised
Outlook
We expect gold prices to trade sideways on the back of uncertainty over
US interest rates.
Silver
Technical Outlook
Silver was up 0.2 percent at $17.12 an ounce.
Outlook
Silver
Strategy
S2
S1
Close
R1
R2
Jul
Buy @ S1
40500
40800
40987
41200
41500
*Investors can use S2/R2 as Stop Loss/Target depending upon the strategy advised
We expect silver prices to trade positive on the back of uncertainty
over US interest rates.
Page 2
Commodity Daily
Crude Oil
Technical Outlook
Oil prices hit six-month highs on Monday on worries about global supply
outages and as long-time bear Goldman Sachs sounded more positive on
the market, although a stockpile build at the U.S. storage hub for crude
futures limited gains.
The disruptions triggered a U-turn in the outlook for the oil market from
Goldman Sachs, which had long warned of global storage hitting capacity
and of another oil price crash to as low as $20 per barrel.
But some of Monday's bullish sentiment took a back seat when market
intelligence firm Genscape reported a stockpile build of 694,176 barrels
at the Cushing, Oklahoma delivery point for WTI futures. The build
surprised some market participants expecting a stock decline in Cushing
due to the shuttered Canadian output.
Elsewhere, Exxon Mobil was expected to ramp up its production of
Nigeria's Qua Iboe crude while Libya's port of Hariga was slated to
resume blocked crude shipments.
Venezuela also reached a deal with China to improve conditions in an oilfor-loans deal that gives the OPEC member breathing room ahead of
heavy debt payment.
While Goldman sounded more positive on the market than before, it
also cautioned that at around $50 a barrel, supply could flip back into a
surplus in the first half of 2017 if exploration and production activity
picked up.
Crude Oil
Strategy
S2
S1
Close
R1
R2
May
Buy @ S1
3120
3150
3179
3200
3230
*Investors can use S2/R2 as Stop Loss/Target depending upon the strategy advised
Outlook
We expect crude oil prices to trade positive on the back of supply
disruptions.
Natural Gas
Technical Outlook
U.S. natural gas futures on Monday fell for the third day in a row to
their lowest level in three weeks on forecasts for the end of heating
demand this spring despite rising power generator usage and increased
air-conditioning.
Analysts said prices in 2016 would have to remain relatively low to
pressure producers to cut output and encourage power generators to
keep burning gas instead of coal. That would prevent storage caverns
from reaching peak capacity at the end of the April-October summer
injection season after utilities piled up record inventories following a
warm winter.
U.S. gas speculators boosted net long positions for the first time in
three weeks, betting prices will rise as production eases and demand
picks up, according to a report by the U.S. Commodities Futures
Trading Commission.
Outlook
We expect Natural gas prices to trade positive on the back of short
covering.
Page 3
Nat Gas
Strategy
S2
S1
Close
R1
R2
May
Buy @ S1
133
135
136.1
138
140
*Investors can use S2/R2 as Stop Loss/Target depending upon the strategy advised
\
Commodity Daily
Base Metals
Technical Outlook
Copper rebounded on Monday, bolstered by a softer dollar and
short-covering, but the upside was capped as data from China's
manufacturing sector dampened hopes of stronger demand
growth in the top consumer.
Also supporting prices was a lower U.S. currency, which makes
dollar-denominated commodities cheaper for non-U.S. buyers -- a
relationship used by funds that trade using buy or sell signals from
numerical models.
Taking the shine off the market, however, was Chinese data
showing that factory output grew at 6 percent on an annual basis
in April, more slowly than expected, and fixed-asset investment
growth eased to 10.5 percent year on year in the four months to
the end of April.
But news that Chinese banks cut new lending sharply in April after
a record first-quarter credit spree reinforced the idea that the
country's leaders are more cautious about the risks of too much
economic stimulus.
Analysts generally expect little change in copper demand from
China, which accounts for nearly half of global consumption
estimated at about 22 million tonnes.
Russia's Norilsk Nickel told Reuters that the nickel market might
remain weak throughout 2016 because many companies only
started losing money from producing the metal late last year.
May/Jun*
Strategy
S2
S1
Close
R1
R2
Copper*
Buy @ S1
308
310
311.6
313
315
Nickel
Sideways
575
580
584.8
590
595
Alum
Sideways
102
103
103.5
104
105
Lead
Sideways
115
116
116.8
117.5
118.5
Zinc
Buy @ S1
125
126
126.4
127
128
*Investors can use S2/R2 as Stop Loss/Target depending upon the strategy advised
Outlook
We expect base metal prices to trade mostly positive on the back
of short covering after slump in prices.
Copper
Lead
Zinc
Aluminium
Nickel
159025
175825
390050
2577775
406464
Change
2350
-250
-325
-6625
-5880
% Change
1.50%
-0.14%
-0.08%
-0.26%
-1.43%
LME Inventories
Current Stock
Page 4
Commodity Daily
DATE
TIME (IST)
COUNTRY
ECONOMIC DATA
CONSENSUS
PREVIOUS
IMPACT
Tue, May 17
2:00pm
UK
CPI y/y
0.50%
0.50%
High
2:00pm
UK
PPI Input m/m
1.10%
2.00%
Medium
2:00pm
UK
RPI y/y
1.60%
1.60%
Medium
6:00pm
US
Building Permits
1.13M
1.09M
High
6:00pm
US
CPI m/m
0.40%
0.10%
High
6:00pm
US
Core CPI m/m
0.20%
0.10%
High
6:00pm
US
Housing Starts
1.12M
1.09M
Medium
6:45pm
US
Capacity Utilization Rate
75.10%
74.80%
Medium
6:45pm
US
Industrial Production m/m
0.30%
-0.60%
Medium
Ashish Shah
For Further Assistance Contact: - 022-40934000
Tejas Nikhar
Mohit Agarwal
AVP
ashish.shah@sushilfinance.com
Sr. Research Analyst
tejas.nikhar@sushilfinance.com
Research Analyst
mohit.agarwal@sushilfinance.com
WE / OUR CLIENTS / OUR RELATIVES MAY HAVE PERSONAL TRADING / INVESTMENT INTEREST IN THE STOCKS MENTIONED HERE IN.
STATEMENT OF DISCLAIMER
This report includes information from sources believed to be reliable but no independent verification has been made and we do not guarantee its
accuracy or completeness. Opinions expressed are subject to change without notice. This report cannot be construed as a request to engage in any
transaction involving the purchase or sale of a futures contract. The risk of loss in trading futures contracts can be substantial, and therefore investors
should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and
for their results.
Additional information with respect to any commodities referred to herein will be available on request. Sushil Global Commodities Pvt. Ltd. and its
connected companies, and their respective Directors, Officers and employees, may, from time to time, have a long or short position in the commodities
mentioned and may sell or buy such commodities. Sushil Global may act upon or make use of information contained herein prior to the publication
thereof.
This data sheet is for private circulation only. While utmost care has been taken in preparing the above, we claim no responsibility for its accuracy. We
shall not be liable for any direct or indirect losses arising from the use thereof and the investors are requested to use the information contained herein
at their own risk.
Sushil Global Commodities Private Limited
Member: NCDEX, FMC Regn.No. 00304 | MCX, FMC Regn.No. 12240
Genius, 4th Road, Khar (W), Mumbai – 400 052.
Tel.: 022-6698 0636 Fax: 022-6698 0606 | E-mail: commodities@sushilfinance.com | www.sushilfinance.com
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