BULLION
spot gold prices rose marginally by 0.17 percent to close at $1223.4 per ounce after a report said the United States and China were trying to restart negotiations to defuse a trade war. In early trade a stronger dollar and rising U.S. interest rates had sent bullion falling to its lowest in a week and a half. The dollar was slightly higher versus a currency basket following a three month streak of gains with the U.S. Federal Reserve set to reaffirm the outlook for further gradual rate rises a t the end of its two day monetary policy meeting on Wednesday. On the MCX gold prices declined marginally by 0.31 percent to close at Rs.29653 per 10 gms.

ENERGY
Oil prices edged lower on Friday after strong gains the previous day, easing on persistent supply concerns as Russia increased production in July and Saudi Arabia cut the price of crude for its Asian customers.Brent crude futures were down 13 cents or 0.2 percent at $73.32 a barrel by 0052 GMT after rising 1.5 percent on Thursday.U.S.

The Energy Information Administration released its weekly report on US natural gas storage, showing a buildup of 35 billion cubic feet in the week ending July 27, adding to the 24 billion in the previous reading, while analysts expected a 39 billion increase. 

Base Metals
Metal Bulletin on Friday August 3launched a new cfr Vietnam ferrous scrap import price assessmenton the back of interest from market participants in search of a benchmark to price physical contracts for bulk scrap cargoes imported into Asia.A Vietnam scrap price is workable as a basis for a physical contract not just for Vietnam itself but also for neigh boring countries in Asia such as Indonesia whose prices track the Vietnam scrap price trenda scrap trader in South east Asia said.

SPICES

Bullish market sentiments kept trend firm for Jeer as rising export and incoming Festive season domestic demand amidst falling stocks in Indian and International markets kept supporting prices. Prices neared the psychological 21000 mark.

April turmeric had posted high above 8000 last year amid expectations of rising export prospects and talks of lower sowing prospects versus last year but could not sustain above 8000. Total demand is expected at 105 lakh bags approx as per traders.

OILSEEDS

Mentha traded with high volatility as the initial dips was followed by strong recovery in prices by end of the day. As harvesting gradually gets over the demand on the domestic and export front is likely to risethus supporting the prices. Rains in growing regions of UP have reportedly adversely affected harvesting processleading to firm prices.

Bearish trend persisted for Ref Soy Oil this week as increased selling pressure in the mandis amidst falling International prices kept pressure on Indian prices. Overall fundamentals do not indicate any significant fall from current levels.

GUAR COMPLEX

Guar neared the psychological 10,000 mark as strong Bullish sentiments prevailed in the mandis. Low rains in growing regions of Rajasthan provided support to prices as that reportedly has adverse impact on sowing. Again, bearish impact of Monsoon rains may well be limited with prices having fallen a lot and are at very low levels. Traders anticipate further fall to be limited.
OTHERS
Reports of US and China restarting talks to avoid trade war supported the rising sentiments for Cotton / Kapas. Rising export demand from China for India amidst rising tensions between US and China supported Indian prices as prospects of lower rains in Gujarat this week too kept trend up.
RM seed downside was capped later and futures posted mild recovery. But in near term buying interest may remain impressive due to higher possibility of spot demand to remain healthy in coming weeks., in addition to lowering arrival numbers.
castorseed
Castor Seed futures traded in range bound levels with positive bias during its last week. Castor seed futures are expected to trade in negative note for this week. Profit booking for the recent gains may weigh down the prices. For this week, if it breaks the level of 4670 on the lower side then it can test the level of 4570 during the week. One can make sell position in it by maintaining a SL at 4725
COCUDAKL
Last week market open with positive sentiment but found enough resistance neat the level of 1900 and reverse from higher level. Last week COCUDAKL made a low of 1740 and closed at the level of 1744.50 with marginal loss of 5% on weekly basis. Recently market broken its support trend line and sustaining below it. For this week, if it breaks the level of 1720 on the lower side then it can test the level of 1570 during the week. One can make sell position in it by maintaining a SL at 1775
nickel
Last couple of trading day’s market is trading with sideways movement and forming reversal pattern after taking a strong support at level of 900. Last week Nickel made a low of 900.10 and closed at the level of 926.20 with overall marginal loss of 2.11% on weekly basis. For this week, if it breaks the level of 930 on the upper side then it can test the level of 980 during the week. One can make buy position in it by maintaining a SL at 909
naturalgas
Last week MCX Naturagas Aug fut rose by 2%. On its daily chart market is continuously forming higher highs and higher lows indicating positive trend in near term to short term basis. Last week Natural gas made a high of 196.70 and closed at 196.50. For this week, if it breaks the level of 197 on the upper side then it can test the level of 207 during the week. One can make buy position in it by maintaining a SL at 192.
GBPINR
Last week GBPINR Aug futures started the week on positive note and made a high of 90.7125 but till the end of the week, all of its earlier gains were erased and it closed at 89.80 with the overall loss of 0.67% on weekly basis. Technically it’s consolidating on the lower levels with the negative indicators and for this week, we can expect further downside movement in it.
For this week, traders can adopt sell on higher levels strategy in it and below the level of 89.3500 it can test the level of Rs. 88.7025 during the week. Trades can make sell position in it by maintaining a Stop Loss of Rs. 89.7125
EURINR
Last week, EURINR Aug Futures started the week on positive note and made a high of 80.9200 but till the end of the week, all of its earlier gains were erased and it closed at 79.99 with the overall loss of 0.44% on weekly basis. Technically EURINR is consolidating below the trend line breakout with the negative RSI & for this week, we can expect negative movement in it. For this week, traders can adopt sell on higher levels strategy in it and below the level of 79.600 it can test the level of Rs. 79.0525 during the week. Trades can make sell position in it by maintaining a Stop Loss of Rs. 80.0025


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