COMMODITY HEADLINES

 Mentha oil futures zoom 1.29% as demand ticks up
 Nickel futures in reverse gear
 Zinc futures climb 1.04% on global cues
 Gems jewellery export likely to hit $41-42 bn this fiscal: GJEPC
 White metal shines on weak US data N Korea concerns
 Copper futures gain 0.71% on dollar weakness

TODAY'S Recommendations
BUY GOLD ABOVE 28150 TGT 28250 28450 SL BELOW 28050
SELL GOLD BELOW 27930 TGT 27880 27780 SL ABOVE28040
BUY SILVER ABOVE 38900 TGT 39100 39500 SL BELOW 38700
SELL SILVER BELOW 38300 TGT 38100 37700 SL ABOVE 38500

SPECIAL NEWS

Debt-laden Puerto Rico announced on Monday that the Government Development Bank, once the primary fiscal agent for the U.S. territory, has reached a liquidation deal with its creditors, avoiding a protracted bankruptcy. The agreement would be executed through a socalled Title VI proceeding under PROMESA, the federal rescue law for Puerto Rico, according to a statement from Governor Ricardo Rossello's office.

That would avoid a Title III bankruptcy. GDB's assets will be split into two separate entities, according to a term sheet made public on Monday. The first, holding $5.3 billion of the bank’s assets, would issue three tranches of debt with different protections in exchange for varying principal reductions.

Beneficiaries would include municipal depositors and bondholders like Avenue Capital Management, Brigade Capital Management, and Fir Tree Partners. The second entity, funded with public entity loans and $50 million of cash, would benefit all other depositors. GDB is a microcosm of Puerto Rico's historic economic crisis, which is characterized by an untenable debt load of $70 billion, a 45 percent poverty rate, and near-insolvent public health and pension systems.


COMMODITY BUZZ

Gold prices were higher in North American trade on Monday, trying for its fourth-straight winning session as a weaker U.S. dollar and another missile test by North Korea underpinned demand for the yellow metal. Comex gold futures rose around $6.00, or about 0.5%, to $1,233.50 a troy ounce by 8:05AM ET (12:05GMT).

The yellow metal notched a third-straight winning session on Friday, a feat it had not achieved since mid-April, after lackluster U.S. data on retail sales and inflation saw investors temper expectations for more rate hikes by the Federal Reserve. The dollar index, which tracks the greenback against a basket of six major currencies, slipped to a one-week low of 98.80 in New York morning trade.

Oil hit a three-week high on Monday above $52 a barrel after top exporter Saudi Arabia and Russia said supply cuts needed to last into 2018, a step toward extending an OPEC-led deal to support prices for longer than originally agreed. Energy ministers from the two countries said on Monday that supply cuts should be prolonged for nine months, until March 2018.

Oil traders were surprised by the strong wording of the announcement, although it remained to be seen whether all countries participating in the deal would agree with the Saudi-Russian stance. Some analysts doubted producers would stick to a prolonged curb.

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