MCX - WEEKLY NEWS LETTERS
SPDR Gold Trust GLD, the world's largest gold-backed exchangetraded fund, said its holdings stood at 953.91 up 3.86 tonnes, from previous business day.
Holdings of the largest silverbacked exchange-traded-fund (ETF), New York's iShares Silver Trust SLV, stood at 10374.41 tonnes, remain unchanged from previous business day.
Silver's price charts are signalling further gains after it rallied to near two-year highs on Friday on a combination of rebounding appetite for industrial assets, and rising demand for bullion after last week's shock Brexit vote.
After the Philippines became the top supplier of nickel ore to China in the last two years, its struggling mining industry may have felt like it was turning a corner. But hope in the industry of getting an easier ride exploiting minerals in a country with a strong anti-mining lobby now looks misplaced with the new administration of President Rodrigo Duterte sending tough messages on mining.

✍ BULLION
Gold prices continued to trade higher in Asian trading hours on Monday with spot COMEX prices trading at $1347/ounce after hitting an early morning high of $1357.5/ounce. Earlier prices ended higher by 1.45 % on Friday on expectations of accommodative monetary policies around the world. In US data released last Friday, the ISM manufacturing PMI for June came in at 53.2, above forecast of 51.3, while the final manufacturing PMI for June was at 51.3 , slightly lower than market consensus of 51.4 Holdings in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.41 percent to 953.91 tonnes on Friday, the highest since July 2013. Gold speculator and large futures traders continued to push their gold bullish positions higher last week for a fourth consecutive week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday . The noncommercial futures contracts of Comex gold futures, traded by large speculators and hedge funds, totaled a net position of +301,920 contracts in the data reported through June 28th. This was a weekly change of +9,191 contracts from the previous week’s total of +292,729 net contracts that was registered on June 21st.Bank of England Governor Mark Carney said the central bank would probably need to pump more stimulus into Britain's economy over the summer. The gold-silver ratio, which measures the number of silver ounces needed to buy an ounce of gold, fell to its lowest in 13 months at 70.4. Weakness in the dollar index and investor appetite for safe assets remained strong because of longer-term financial uncertainty after Britain's surprise vote to leave the European Union. On the MCX, gold prices rose by 0.2 percent to close at Rs.31463 per 10 gms last week.

✍ ENERGY
Natural gas extended its rally during the week ended on 1st July 2016 on hot weather forecast across US supported by decline in inventories. NYMEX natural gas prices rose by 1.4 percent on Thursday to close at $2.89 per MMbtu while MCX gas prices rose by 2.02 percent to close at Rs.197.30 per MMbtu. The injection season continue to gather pace with addition of inventories, although incremental demand for gas remains a cause of concern.
Crude oil futures traded on a positive note on last Friday recouping from earlier losses. Tightening global crude oil market supported the crude oil futures to end the week on a positine note. Nymex WTI crude oil futures for Aug delivery closed the day at $49.28 per barrel while MCX crude oil futures for July expiry settled at Rs. 3271 per barrel.oil prices rose by 2.8 percent last week to close at $49 per barrel Fading concerns over the so-called Brexit, potential for an oil workers' strike in Norway and a crisis in Venezuela's energy sector were among factors supporting Wednesday's rally. Production in Nigeria has risen to about 1.9 million barrels per day (bpd) from 1.6 million, due to repairs and a lack of new major attacks on pipelines in the Delta region, the state oil company said on Monday. OPEC's oil output rose in June to its highest in recent history, a Reuters survey showed, as Nigeria's output partially recovers from militant attacks and Iran and Gulf members boost supplies.

✍ BASE METAL
Growth in China's manufacturing sector stalled in June, an official survey showed on Friday, adding to expectations that Beijing will have to roll out more stimulus soon to boost the sluggish economy Asian shares shrugged off early losses and edged higher on Monday, while the Australian dollar was under pressure after no clear winner emerged from a weekend election. The new Philippine mining minister, a committed environmentalist, announced plans on Friday to review all mines operating in the country, the biggest supplier of nickel ore to China. Bank of England Governor Mark Carney said on Friday that, the central bank would probably need to pump more stimulus into Britain's economy over the summer after the shock of last week's decision by voters to leave the European Union.
Copper prices gained by 1.13% and ended at $4,905.50/MT at LME and gained by 0.77% at MCX and ended its day at Rs.333.60/kg. Copper Stocks declined by 1.25% while cancelled warrants also declined by 5.20% which had a mixed impact on prices. Adani planning to establish a copper smelter with $1.5 billion in western state of Gujarat.China may add 4% refined copper production at a slower pace than in 2015 and also planning to increase the global supply by 2020 to 43.5%. Peru’s shipment in first 3 months of China’s copper surged 93% of total imports crossing Chile.Further, data from the London Metal Exchange showed money managers had reduced their short position in copper to just over 86,600 lots on Friday, down from 107,600 lots a week before.
Nickel prices gained by 5.47% and ended its trading at $9,935/MT at LME and at MCX it gained 5.04% and traded at Rs.671.10/kg. Nickel Stocks went up by 0.06% and cancelled warrants also went up by 4.18%, this had a mixed impact on prices. LME nickel prices touched 2 months high on Friday. Nickel ETF strengthened after Philippines ordered to review its existing mines and its effects .
Aluminium prices yesterday gained by 0.67% on LME ending its day at $1,658/MT and gained by 0.40% at MCX it was flat; ending its day at Rs.111.75/kg. Aluminum, Stocks declined by 0.24% and cancelled warrants also declined by 0.61%, which has mixed impact on prices. For aluminium, there was support as industrial firms in China increased their purchases of the metal in liquid form, creating a shortage of ingots, the form of the metal which drives prices.

✍ NCDEX - WEEKLY NEWS LETTERS
Monsoon update - Monsoon has come down to 9 per cent after several parts of the country received a good amount of rainfall. From June 1 to July 2, the country has received 164.9 mm of rainfall against the normal limit of 180 mm, the India Meteorological Department (IMD) said, adding that the situation is expected to improve as good rainfall is predicted in July, August and September. But the rainfall deficiency in east and northeast India has risen to 28 per cent as the region has received only 274 mm of rainfall as against the normal limit of 381 mm, the agency said. According to the IMD, monsoon deficiency in central India is around 12 per cent. Per the department’s predictions, other parts of the country are expected to receive good rainfall but the east and northeast and parts of Tamil Nadu are likely to get less precipitation.



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