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Friday, 9 December 2016

EPIC RESEARCH MCX GOLD UPDATE OF 09 DECEMBER 2016

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Gold trading range for the day is 27644-27990. Gold dropped after the dollar rebounded on the back of a decision by the ECB to extend monthly asset purchases until next December. Investors gave the extension more weight than the ECB's unexpected decision to cut its asset buying to 60 billion euros a month from next April. SPDR gold trust holdings dropped by 0.34% i.e. 2.96 tonnes to 860.71 tonnes from 863.67 tonnes.

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EPIC RESEARCH MCX CRUDE OIL UPDATE OF 09 DECEMBER 2016

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Crudeoil trading range for the day is 3321-3487. Crude oil gained on growing optimism that non-OPEC producers might agree to cut output following a cartel agreement to limit production. Crude oil inventories in US dropped 2.4 million barrels, compared with expectations for a draw of 1 million barrels. Stocks at the Cushing, Oklahoma, increased by a hefty 3.8 million barrels last week, the most since 2009, according to data.

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EPIC RESEARCH MCX NATURAL GAS UPDATE OF 09 DECEMBER 2016

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Naturalgas trading range for the day is 231.3-256.7. Natural gas settled down while recovered from the day's low of 241.30 rose after federal data showed a draw from stockpiles that was in-line with expectations. The weekly EIA natural gas storage data reported a decline of 42Bcf for the week ending December 2nd. A strong cold blast swept through the central US and is now pushing into the East.

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EPIC RESEARCH MCX ZINC UPDATE OF 09 DECEMBER 2016

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Zinc trading range for the day is 176-188.8. Zinc dropped tracking weakness from LME zinc which came under renewed selling pressure although it remains up in the week to date. New zinc demand growing by 2% in 2017, 280000tn of new zinc supply needs to be introduced into what is a 14mtn a year market. The refined zinc market was in deficit of 19,900 tonnes in September, the ILZSG said, bringing the year-to-date deficit to 251,000 tonnes.




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Thursday, 8 December 2016

EPIC RESEARCH MCX SILVER UPDATE OF 08 DECEMBER 2016

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Silver trading range for the day is 40451-42747. Silver gained as the dollar eased ahead of an ECB meeting, and on the view that a U.S. rate rise next week was already reflected in prices. A report released by the Federal Reserve showed U.S. consumer credit increased by less than expected in the month of October. The Fed said non-revolving credit such as student loans and car loans climbed by $13.7 billion in October after rising by $17.7 billion in September.




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EPIC RESEARCH MCX GOLD UPDATE OF 08 DECEMBER 2016

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Gold trading range for the day is 27700-28130. Gold prices edged higher as a weaker dollar pushed investors to lock in gains on the metal’s recent decline. Several Fed policymakers have expressed confidence in the U.S. economy and signalled a possible near-term interest rate hike. SPDR gold trust holdings dropped by 0.72% i.e. 6.23 tonnes to 863.67 tonnes from 869.90 tonnes.



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EPIC RESEARCH MCX CRUDE OIL UPDATE OF 08 DECEMBER 2016

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Crudeoil trading range for the day is 3304-3528. Crude oil dropped on persistent doubts whether a planned crude production cut led by OPEC and Russia would be deep enough to end a supply overhang. The EIA said crude inventories fell by 2.389 mn barrels after a drop of 884,000 barrels the previous week. OPEC and non-OPEC oil producers will meet in Austria's to agree details of the output cut, which targets an overall reduction of 1.5 mbpd.

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EPIC RESEARCH MCX COPPER UPDATE OF 08 DECEMBER 2016

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Copper trading range for the day is 384.8-412.2. Copper prices dropped on profit booking buoyed by signs that global manufacturing activity will return to a healthier footing next year. LME stocks have fallen to around 230,000 tonnes, the lowest since August, and down around 40 percent since late September. A few reports are showing a supply deficit emerging in 2020, making current prices still look cheap.




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Wednesday, 7 December 2016

EPIC RESEARCH MCX NICKEL UPDATE OF 07 DECEMBER 2016

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Nickel trading range for the day is 774.2-798.2. Nickel dropped on profit booking after prices seen supported on concern that the Philippines will suspend more mines after a national mining audit. Despite falling inventories of refined nickel and nickel ore, downstream buyers in China made small purchases after nickel price surged in early November. The Philippines' output of nickel ore fell 16 percent in the third quarter from a year earlier, government data showed.




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EPIC RESEARCH MCX CRUDE OIL UPDATE OF 07 DECEMBER 2016

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Crudeoil trading range for the day is 3341-3579. Crude oil dropped as crude output rose in virtually every major export region despite plans by OPEC and Russia to cut production. The balance of supply and demand in global oil markets may soon change as a result of OPEC's decision to cut production, IEA chief Fatih Birol said. OPEC's oil output set another record high in November, rising to 34.19 million barrels per day (bpd) from 33.82 million bpd in October.

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EPIC RESEARCH MCX ALUMINIUM UPDATE OF 07 DECEMBER 2016

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Aluminium trading range for the day is 114.6-118. Aluminium dropped as an “irrational” increase in prices prompts companies to restart plants while new capacity also ramps up in the world’s largest supplier. A Chinese metals industry association warned of a sharp drop in aluminium prices in the New Year. US’s nonfarm payroll report for November missed market expectation, but the unemployment hit the lowest level since August 2007.




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EPIC RESEARCH MCX GOLD UPDATE OF 07 DECEMBER 2016

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Gold trading range for the day is 27652-28142. Gold prices dropped as a possible U.S. rate hike as early as next week weighed on prices. Fed officials cautioned that the incoming Trump administration's economic plans should not be cast as if the economy is in crisis. Interest rates futures implied traders saw a 93-percent chance the Fed would raise rates by a quarter point to 0.50-0.75 percent next week.
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Tuesday, 6 December 2016

EPIC RESEARCH MCX COPPER UPDATE OF 6 DECEMBER 2016

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Copper trading range for the day is 394.5-415.9. Copper prices ended with gains on an improving demand outlook and concerns about supply constraints next year. A private report showed U.S. non-manufacturing industries expanded at the fastest pace in 13 months. Hedge funds and money managers raised their bullish stance in copper contracts to a record for a fourth straight week, CFTC data showed.


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EPIC RESEARCH MCX NICKEL UPDATE OF 6 DECEMBER 2016

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Nickel trading range for the day is 776.8-807.4. Nickel gains after the Philippines said it would close more mines on environmental grounds, potentially curbing supplies of nickel ore. Glencore sees a shortage in nickel arising as a result of burgeoning demand from electric vehicle (EV) production. Nickel ore exports are not occurring from Indonesia, where it is taking time for the nickel pig iron plants to be built.

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EPIC RESEARCH MCX ZINC UPDATE OF 6 DECEMBER 2016

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Zinc trading range for the day is 182.5-190.9. Zinc prices continued its firm trend underpinned by weakness in the dollar. Glencore is still keeping the zinc market guessing over when the company will reactivate its 500,000 tonnes of idled mine capacity. Combined zinc inventories in Shanghai, Tianjin and Guangdong were down 2,200 to 223,000 tonnes this past week.

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