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| | DAILY REPORT Open High Low Close % Cng OI Gold 25183 25280 25081 25165 -0.31 6596 Silver 33465 33799 33152 33608 0.06 13719 Alum. 94.95 95.8 94.6 95 -0.58 4501 Copper 299.5 299.5 293.5 296.6 -1.18 26564 Lead 104.1 104.95 102.5 104.7 -0.24 1921 Nickel 552.1 559.4 542.4 549.2 -4.39 24726 Zinc 100.9 102.15 98.65 102 0.29 4414 Crude 2803 2857 2707 2828 -0.18 22419 Nat. Gas 151.6 156.3 149.1 155.6 1.30 3489 EUR 1.0633 1.0646 1.0627 1.0633 0.00 GBP 1.5121 1.5139 1.5116 1.5135 0.10 RE 66.26 66.50 66.22 66.46 0.35 2390916 US$ 99.75 99.79 99.62 99.71 -0.04 Indices Close % Cng Indices Close % Cng BSE 25819 -0.19 Dow Jones 17793 -0.18 Nifty 7849 -0.09 Nasdaq 5102 -0.05 Nikkei 19872 -0.04 S&P 500 2087 -0.12 HangSeng 22499 -0.74 Nikkei 19872 -0.04 Straits 2909 0.20 CAC 40 4889 -0.45 Shanghai 3586 -0.67 DAX 11092 -0.25 Jakarta 4641 0.36 FTSE 100 6305 -0.46 Base metals prices tumbled reflecting growing worries over China's economic fate and a strengthening dollar. In China, funds continued to sell metals aggressively on fears that the economy could stumble further, disproportionately hurting metals. Energy Crudeoil ended with small losses after prices were whipsawed by volatility as Saudi Arabia pledged to work toward oil price stability but traders worried about a global supply glut. Venezuela's oil minister said that OPEC cannot allow an oil price war and must take action to stabilise the crude market soon. Naturalgas gained as prices recovered on short covering ahead of expiry after prices dropped as warm weather and healthy stockpiles continued to weigh Currency Rupee snapped two-day gains on dollar demand by oil importers amid weak local stocks. Global Market November 24, 2015 Commodity Report PhillipCapital Precious Metals Gold prices dropped pressured by a robust dollar and upbeat comments from Federal Reserve officials on a possible U.S. rate hike next month. There is a "strong case" for raising interest rates when Fed policymakers meet next month, as long as U.S. economic data does not disappoint, San Francisco Fed President John Williams said. Base Metal Page 1 of 10

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Page 1: 3 DAILY COMMODITY REPORT · DAILY REPORT Open High Low Close Re Cng % Cng Volume OI Res 3 Res 2 Res 1 P. Point Sup 1 Sup 2 Sup 3 Trend # SELL GOLD DEC @ 25280 SL 25480 TGT 25080-24920

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DAILY REPORT

Open High Low Close % Cng OI

Gold 25183 25280 25081 25165 -0.31 6596Silver 33465 33799 33152 33608 0.06 13719

Alum. 94.95 95.8 94.6 95 -0.58 4501Copper 299.5 299.5 293.5 296.6 -1.18 26564Lead 104.1 104.95 102.5 104.7 -0.24 1921Nickel 552.1 559.4 542.4 549.2 -4.39 24726Zinc 100.9 102.15 98.65 102 0.29 4414

Crude 2803 2857 2707 2828 -0.18 22419Nat. Gas 151.6 156.3 149.1 155.6 1.30 3489

EUR 1.0633 1.0646 1.0627 1.0633 0.00GBP 1.5121 1.5139 1.5116 1.5135 0.10RE 66.26 66.50 66.22 66.46 0.35 2390916

US$ 99.75 99.79 99.62 99.71 -0.04

Indices Close % Cng Indices Close % CngBSE 25819 -0.19 Dow Jones 17793 -0.18Nifty 7849 -0.09 Nasdaq 5102 -0.05Nikkei 19872 -0.04 S&P 500 2087 -0.12HangSeng 22499 -0.74 Nikkei 19872 -0.04Straits 2909 0.20 CAC 40 4889 -0.45Shanghai 3586 -0.67 DAX 11092 -0.25Jakarta 4641 0.36 FTSE 100 6305 -0.46

Base metals prices tumbled reflecting growing worries over China's economic fate and astrengthening dollar. In China, funds continued to sell metals aggressively on fears that theeconomy could stumble further, disproportionately hurting metals.

Energy

Crudeoil ended with small losses after prices were whipsawed by volatility as Saudi Arabiapledged to work toward oil price stability but traders worried about a global supply glut.Venezuela's oil minister said that OPEC cannot allow an oil price war and must take action tostabilise the crude market soon. Naturalgas gained as prices recovered on short coveringahead of expiry after prices dropped as warm weather and healthy stockpiles continued toweigh

Currency

Rupee snapped two-day gains on dollar demand by oil importers amid weak local stocks.

Global Market

November 24, 2015

Commodity ReportPhillipCapital

Precious Metals

Gold prices dropped pressured by a robust dollar and upbeat comments from FederalReserve officials on a possible U.S. rate hike next month. There is a "strong case" for raisinginterest rates when Fed policymakers meet next month, as long as U.S. economic data doesnot disappoint, San Francisco Fed President John Williams said.

Base Metal

Page 1 of 10

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# SELL GOLD DEC @ 25280 SL 25480 TGT 25080-24920. MCX

Page 2 of 10

# There is a "strong case" for raising interest rates when Fed policymakers meet next month, as long as U.S. economic data does not disappoint.

# SPDR gold trust holdings dropped by 0.77% i.e. 5.06 tonnes to 655.69 tonnes from 660.75 tonnes.

# Hedge funds and money managers switched to a bearish position in COMEX gold contracts, as prices fell to the lowest in nearly six years.

Chart for the Day

Daily Market Synopsis

# Gold trading range for the day is 24976-25374.

254682537425269251752507024976

MCX Gold Dec 2015 Outlook25183

Gold settled down -0.31% at 25165 pressured by a robust dollar and upbeat comments fromFederal Reserve officials on a possible U.S. rate hike next month. Speculation that the Fed will liftinterest rates for the first time in nearly a decade this year has intensified since the release ofstrong U.S. jobs data earlier this month. Comments from Fed officials have boosted that view.Assets in SPDR Gold Trust, the world's top gold-backed exchange-traded slid 0.18 percent to660.75 tonnes, the lowest since September 2008. Hedge funds and money managers switched to abearish position in COMEX gold contracts in the shortened week to Nov. 17, as prices fell to thelowest in nearly six years, U.S. Commodity Futures Trading Commission data showed. There is a"strong case" for raising interest rates when Fed policymakers meet next month, as long as U.S.economic data does not disappoint, San Francisco Fed President John Williams said. The Fed should"soon" be ready to raise interest rates as U.S. central bankers grow confident that low inflation willrebound and that employment remains stable, William Dudley, the influential head of the New YorkFed, said. In the week ahead, market players will focus on a flurry of U.S. economic data due onWednesday for further indications on the strength of the economy and the likelihood of a Decemberrate hike. U.S. markets will be closed Thursday for the Thanksgiving holiday and Friday will be ahalf day. Technically market is under long liquidation as market has witnessed drop in open interestby -1.92% to settled at 6596, now Gold is getting support at 25070 and below same could see atest of 24976 level, And resistance is now likely to be seen at 25269, a move above could seeprices testing 25374.

252802508125165-78.00-0.31140316596

Trading Levels

24871Positive

November 24, 2015

Gold prices dropped pressured by a robust dollar and upbeat comments from Federal

Reserve officials on a possible U.S. rate hike next month.

PhillipCapital - Bullion - Gold

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# SELL SILVER DEC @ 33850 SL 34100 TGT 33580-33200. MCX

Page 3 of 10

# Silver trading range for the day is 32873-34167.

# U.S. existing home sales fell more than expected in October, but remained in territory consistent with a healthy housing market.

# The Fed should "soon" be ready to raise interest rates as U.S. central bankers grow confident that low inflation will rebound and that employment remains stable.

Chart for the Day

Daily Market Synopsis

13719

Trading Levels34535341673388833520

# In the week ahead, market players will focus on a flurry of U.S. economic data due on Wednesday for further indications on the strength of the economy.

MCX Silver Dec 2015 Outlook33465

Silver settled flat as prices seen under pressure as investors braced for a hike in interest rates bythe Federal Reserve next month. The U.S. central bank left interest rates unchanged following a two-day policy meeting, as widely expected, but surprised the market with a hawkish statement, whichincluded a direct reference to its next policy meeting. The Fed's statement did not repeat thatglobal risks would have a likely impact on the U.S. economy, as it warned at its last meeting inSeptember. Investors interpreted that omission as a hawkish signal in deciding when to raise rates.In recent weeks, investors had pushed back expectations for a rate increase to March 2016 due toweakness in the global economy and its impact on U.S. growth prospects. Market players havebeen trying to gauge when the Federal Reserve will raise interest rates for the first time in nearly adecade after recent economic reports offered a mixed picture of the U.S. economy. The timing of aFed rate hike has been a constant source of debate in the markets in recent months. The U.S.central bank has one more scheduled policy meeting before the end of the year in mid-December.In the week ahead, investors will be focusing on Friday’s U.S. jobs report for October, which couldhelp to provide clarity on the likelihood of a near-term interest rate hike. Technically market isunder short covering as market has witnessed drop in open interest by -8.38% to settled at 13719,now Silver is getting support at 33241 and below same could see a test of 32873 level, Andresistance is now likely to be seen at 33888, a move above could see prices testing 34167.

33799331523360819.000.06

21462

332413287332594

Positive

November 24, 2015

Silver prices ended with losses as investors braced for a hike in interest rates by the

Federal Reserve next month.PhillipCapital - Bullion - Silver

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# Venezuela's oil minister said that OPEC cannot allow an oil price war and must take action to stabilise the crude market soon.

# Hedge funds and other big speculators have cut bullish wagers on WTI to the lowest since August, data from Friday showed.

# SELL CRUDE OIL DEC @ 2830 SL 2870 TGT 2798-2765. MCX

Chart for the Day

Daily Market Synopsis

# Crudeoil trading range for the day is 2647-2947.

# Saudi's cabinet said it was ready to cooperate with OPEC and non-OPEC countries to achieve market stability

28872797273726472587

Positive

-0.1826713822419

Trading Levels30372947

Crudeoil ended with small losses after prices were whipsawed by volatility as Saudi Arabia

pledged to work toward oil price stability PhillipCapital - Energy - Crude Oil

MCX Crudeoil Dec 2015 Outlook2803

Crudeoil ended with small losses after prices were whipsawed by volatility as Saudi Arabia pledgedto work toward oil price stability but traders worried about a global supply glut. Saudi Arabia said itis prepared to use all measures necessary to ensure a stable oil market. The world's biggest oilproducer added that it is ready to cooperate with OPEC and non-OPEC producers in order tostabilize prices. The oil market has been on the defensive in recent months amid uncertainty abouthow quickly the global glut of crude is set to shrink. Global oil production is outpacing demandfollowing a boom in U.S. shale oil production and after a decision by the Organization of PetroleumExporting Countries last year not to cut production. OPEC will meet on December 4 to review theiroutput strategy. Saudi Arabia and other Gulf OPEC members have recently indicated they willcontinue to stick to their policy of defending market share by keeping production high. Thepossibility of higher interest rates in the U.S., a broadly stronger U.S. dollar and slower globaleconomic growth, especially in China, further weighed. Oil prices have halved over the last 12months after OPEC decided to maintain its production levels, or even increase them, to retainmarket share, in part by forcing higher-cost producers elsewhere to cut output. Saudi Arabia haspreviously said it is willing to cooperate with other oil producers to maintain oil price stability, butthe comments on Monday arrived as futures prices were barely holding above 2-1/2 month lows.Technically now Crudeoil is getting support at 2737 and below same could see a test of 2647 level,And resistance is now likely to be seen at 2887, a move above could see prices testing 2947.

285727072828-5.00

November 24, 2015

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# SELL NAT.GAS DEC @ 157 SL 160.20 TGT 153.80-150. MCX

Page 5 of 10

# Prices seen under pressure as forecasts for the next two weeks turned milder, dampening near-term demand expectations for the heating fuel.

# Data showed U.S. gas supplies rose to an all-time high last week, underlining concerns over weak demand.

# Total U.S. natural gas storage stood at a record-high of 4.000 trillion cubic feet, 10.1% higher than levels at this time a year ago.

Chart for the Day

Daily Market Synopsis

# Naturalgas trading range for the day is 146.5-160.9.

165.5160.9158.3153.7151.1146.5

151.6

Naturalgas settled up 1.3% at 155.6 as prices recovered on short covering ahead of expiryafter prices dropped as warm weather and healthy stockpiles continued to weigh. Prices seenunder pressure as forecasts for the next two weeks turned milder, dampening near-termdemand expectations for the heating fuel. Prices are down almost 30% from highs hit in mid-August. Data showed U.S. gas supplies rose to an all-time high last week, underliningconcerns over weak demand. The U.S. Energy Information Administration said natural gassupplies in storage rose by 15 billion cubic feet last week, below expectations for an increaseof 18 billion. Total U.S. natural gas storage stood at a record-high of 4.000 trillion cubic feet,10.1% higher than levels at this time a year ago and 5.2% above the five-year average forthis time of year. Last spring, supplies were 55% below the five-year average, indicatingproducers have more than made up for all of last winter’s unusually strong demand.Investors warned that stockpile buildups will probably continue for at least another week,two weeks beyond what is normal, due to tepid winter heating demand so far. Inventories ofthe gas are typically built up during the warm summer months and then drawn down in thewinter as cold temperatures increase demand for the fuel. Technically market is under shortcovering as market has witnessed drop in open interest by -6.44% to settled at 3489 whileprices up 2 rupee, now Naturalgas is getting support at 151.1 and below same could see atest of 146.5 level, And resistance is now likely to be seen at 158.3, a move above could seeprices testing 160.9.

156.3149.1155.62.001.30

129553489

Trading Levels

143.9Positive

November 24, 2015

Naturalgas gained as prices recovered on short covering ahead of expiry after prices

dropped as warm weather and healthy stockpiles continued to weigh

PhillipCapital - Energy - Natural Gas

MCX Naturalgas Dec 2015 Outlook

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# SELL COPPER NOV @ 301 SL 304.20 TGT 298.80-296.MCX

Page 6 of 10

# Copper trading range for the day is 290.5-302.5.

# The global copper market has recorded a surplus of 377,000 tonnes during January to September this year, WBMS said.

# In the week ahead, market players will focus on a flurry of U.S. economic data due on Wednesday for further indications on the strength of the economy.

Chart for the Day

Daily Market Synopsis

26564

Trading Levels305.5302.5299.5296.5

# Warehouse stock for Copper at LME was at 251125mt that is down by -1200mt.

MCX Copper Nov 2015 Outlook299.5

Copper settled down -1.18% at 296.6 reflecting growing worries over China's economic fateand a strengthening dollar. Data showed that the official China's manufacturing purchasingmanagers' index held steady at 49.8 in October, the weakest level since August 2012. Theglobal copper market has recorded a surplus of 377,000 tonnes during January to September this year, as mentioned in the latest metals balances report published by the World Bureauof Metal Statistics (WBMS). It must be noted that the worldwide copper market had reporteda surplus of 298,000 tonnes for the entire year 2014. The global mine production during theperiod from January to September this year totaled 14.18 million tonnes. The mineproduction has grown by 3.0% when matched with the corresponding nine-month period in2014. Meantime, global refined copper output jumped higher by 1.2% over the previous year to 17.1 million tonnes. There is a "strong case" for raising interest rates when Fedpolicymakers meet next month, as long as U.S. economic data does not disappoint, SanFrancisco Fed President John Williams said. The Fed should "soon" be ready to raise interestrates as U.S. central bankers grow confident that low inflation will rebound and thatemployment remains stable, William Dudley, the influential head of the New York Fed, said.In the week ahead, investors will be focusing on Friday’s U.S. jobs report for October, whichcould help to provide clarity on the likelihood of a near-term interest rate hike. Technicallymarket is under long liquidation as market has witnessed drop in open interest by -5.78% tosettled at 26564 while prices down -3.55 rupee, now Copper is getting support at 293.5 andbelow same could see a test of 290.5 level, And resistance is now likely to be seen at 299.5,a move above could see prices testing 302.5.

299.5293.5296.6-3.55-1.1846282

293.5290.5287.5

Positive

November 24, 2015

Copper prices tumbled reflecting growing worries over China's economic fate and a

strengthening dollar.PhillipCapital - Base metals - Copper

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# China's apparent consumption of crude steel continued to shrink this year after falling in 2014 for the first time in more than a decade.

# Warehouse stock for Nickel at LME was at 412572mt that is down by -2112mt.

# SELL NICKEL NOV @ 560 SL 574 TGT 548-532. MCX

Chart for the Day

Daily Market Synopsis

# Nickel trading range for the day is 533.3-567.3.

# The losses in nickel mirror the weakness in China's vast steel sector.

Nickel prices dropped as the possibility of higher interest rates in the U.S., a broadly

stronger U.S. dollar and slower global economic growth, weighed.

PhillipCapital - Base metals - Nickel

MCX Nickel Nov 2015 Outlook552.1

Nickel settled down -4.39% at 549.2 as the possibility of higher interest rates in the U.S., abroadly stronger U.S. dollar and slower global economic growth, weighed. China's apparentcrude steel consumption continued to shrink this year after falling in 2014 for the first time inmore than a decade. Data showed that the official China's manufacturing purchasingmanagers' index held steady at 49.8 in October, the weakest level since August 2012. Thecollapse of nickel prices, the first industrial metal to drop to levels last seen before the 2008-2009 financial crisis, underscores the pressure on base metals as China´s economytransitions from manufacturing to a service sector-led economy. Chinese steel demandshrank around 6 percent in January-October, according to the China Iron and SteelAssociation, reflecting slower industrial activity as the world´s No. 2 economy heads for itsweakest growth in 25 years. ECB stimulus hopes helped underpin Europe. The head of theEuropean Central Bank, Mario Draghi, last week offered the strongest hint yet that the ECBwill unveil fresh easing measures at its Dec. 3 policy meeting. Its stance is in stark contrastwith that of the U.S. Federal Reserve, which seems set to lift rates in December for the firsttime in a decade. In the week ahead, investors will be focusing on Friday’s U.S. jobs reportfor October, which could help to provide clarity on the likelihood of a near-term interest ratehike. Technically market is under long liquidation as market has witnessed drop in openinterest by -2.28% to settled at 24726 while prices down -25.2 rupee, now Nickel is gettingsupport at 541.2 and below same could see a test of 533.3 level, And resistance is now likelyto be seen at 558.2, a move above could see prices testing 567.3.

559.4542.4549.2-25.20

558.2550.3541.2533.3524.2

Positive

-4.394804124726

Trading Levels575.2567.3

November 24, 2015

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SPREAD 6.35 1.1 6.7 1.40

Page 8 of 10

OI 26564 4414 24726 4501TREND Positive Positive Positive Positive

290.5 97.4 533.3 93.9287.5 96.2 524.2 93.2

P. POINT 296.5 100.9 550.3 95.1

SUPPORT293.5 99.7 541.2 94.4

302.5 104.4 567.3 96.3299.5 103.2 558.2 95.6

CLOSE 296.6 102 549.2 95

RESISTANCE305.5 106.7 575.2 96.8

SPREAD 165 609 108 4.50

COMMODITIES COPPER ZINC NICKEL ALUMINUM

OI 6596 13719 22419 3489TREND Positive Positive Positive Positive

24976 32873 2647 146.524871 32594 2587 143.9

P. POINT 25175 33520 2797 153.7

SUPPORT25070 33241 2737 151.1

25374 34167 2947 160.925269 33888 2887 158.3

CLOSE 25165 33608 2828 155.6

RESISTANCE25468 34535 3037 165.5

November 24, 2015

PhillipCapital - Daily Levels

COMMODITIES GOLD SILVER CRUDE NAT.GAS

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DAY TIME CURRENCY Forecast Previous12:30pm EUR 0.003 0.0032:30pm EUR 108.3 108.27:00pm USD 0.02 0.0157:00pm USD -61.8B -58.6B7:00pm USD 0.012 0.0127:30pm EUR -3.2 -47:30pm USD 0.052 0.0518:30pm USD 99.3 97.68:30pm USD 0 -1

0 0 0 00 0 0 00 0 0 00 0 0 0

The combined real gross domestic product of the member countries of the Organization for Economic Cooperation and Developmentgrew at a slower pace in the three months ended September, preliminary data showed. Real GDP of the 34 member countriesadvanced 0.4 percent quarterly in the third quarter, slower than the 0.6 percent expansion in the preceding three-month period.The latest rate of expansion was the weakest since the second quarter of 2014, when it grew the same 0.4 percent. Year-over-year,economic growth slowed to 2.0 percent in the September quarter from 2.2 percent in the previous quarter. On a quarterly basis,real GDP growth decelerated in most of the major seven economies, with the exception of France. The Japanese economy contracted for the second successive quarter in the third quarter. In the United States, GDP growth eased strongly to 0.4 percent from 1.0percent. In the European Union, GDP growth remained stable at 0.4 percent in the third quarter, while it slowed marginally in theeuro area. UK also witnessed growth slowdown in the third quarter.

Page 9 of 10

000

NEWS YOU CAN USE

Reflecting positive contributions from the yield spread, stock prices, and building permits, the Conference Board released a report showing that itsindex of leading U.S. economic indicators rose by slightly more than expected in October. The Conference Board said its leading economic indexclimbed by 0.6 percent in October after edging down by a revised 0.1 percent in September. Economists had expected the index to rise by 0.5 percentcompared to the 0.2 percent drop originally reported for the previous month. "While the U.S. LEI's six-month growth rate has moderated, the U.S.economy remains on track for continued expansion heading into 2016," he added. The bigger than expected increase by the leading economic indexreflected positive contributions from nine of the ten indicators that make up the index. The interest rate spread, stock prices, building permits, theLeading Credit Index and average weekly manufacturing hours made some of the largest positive contributions. The Conference Board also said thecoincident economic index rose by 0.2 percent in October after inching up by 0.1 percent in September.

First-time claims for U.S. unemployment benefits saw a modest decrease in the week ended November 14th, according to a reportreleased by the Labor Department. The report said initial jobless claims edged down to 271,000, a decrease of 5,000 from theprevious week's unrevised level of 276,000. Economists had expected jobless claims to dip to 270,000. Meanwhile, the LaborDepartment said the less volatile four-week moving average crept up to 270,750, an increase of 3,000 from the previous week'sunrevised average of 267,750. The modest increase lifted the four-week moving average further off the nearly forty-two year lowset in the week ended October 24th. At the same time, the report said continuing claims, a reading on the number of peoplereceiving ongoing unemployment assistance, dipped by 2,000 to 2.175 million in the week ended November 7th. The four-weekmoving average of continuing claims still inched up to 2,167,000, an increase of 750 from the previous week's revised average of2,166,250.

Prelim GDP Price Index q/qBelgian NBB Business ClimateS&P/CS Composite-20 HPI y/yCB Consumer ConfidenceRichmond Manufacturing Index0

November 24, 2015

PhillipCapital - Economical Data

ECONOMICAL DATADATA

Tue

German Final GDP q/qGerman Ifo Business ClimatePrelim GDP q/qGoods Trade Balance

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This Document is for private circulation and for information purposes only. It does not have regard to the specific investmentobjectives, financial situation and the particular needs of any specific person who may receive this report. Investors should seekfinancial advice regarding the appropriateness of investing in any securities or investment strategies discussed or recommended inthis report and should understand that statements regarding future prospects may not be realized. In no circumstances it be used orconsidered as an offer to sell or a solicitation of any offer to buy or sell the commodities mentioned in it. We and our affiliates,officers, directors, and employees world wide, including persons involved in the preparation or issuance of this material may; (a)from time to time, have long or short positions in, and buy or sell the commodities mentioned herein or (b) be engaged in any othertransaction involving such commodities and earn brokerage or other compensation or act as a market maker in the commoditiesdiscussed herein or have other potential conflict of interest with respect to any recommendation and related information andopinions. The same persons may have acted upon the information contained here. The information contained in the research reportsmay have been taken from trade and statistical services and other sources, which we believe are reliable. Phillip Commodities IndiaPvt. Ltd or any of its group companies do not guarantee that such information is accurate or complete and it should not be reliedupon as such. Any opinions expressed reflect judgments at this date and are subject to change without notice.

Caution: Risk of loss in trading in can be substantial. You should carefully consider whether trading is appropriate for you in light ofyour experience, objectives, financial resources and other relevant circumstances.

Phillip Commodities India Pvt. Ltd. Registered office: No.1,18th Floor, Urmi Estate,95,Ganpatrao Kadam Marg, Lower Parel (West), Mumbai – 400 013. Tel no. is + 91

– 22 – 24831919 and our Fax no. is : +91 – 22- 24942056

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Disclosures and DisclaimersThis report is issued by Phillip Commodities India Pvt. Ltd, is authorized and regulated by FMC . Phillip Commodities India Pvt. Ltd. isa wholly owned subsidiary of PhillipCapital (India) Pvt. Ltd. The report is prepared and distributed by Phillip Commodities India Pvt.Ltd for information purposes only. The report should not be construed as solicitation nor as offering advice for the purposes of thepurchase or sale of any commodity, investment or derivative. The information and opinions contained in the Report are consideredby Phillip Commodities India Pvt. Limited to be valid when published. The report also contains information provided to PhillipCommodities India Pvt. Ltd. by third parties. The source of such information will usually be disclosed in the report. Whilst PhillipCommodities India Pvt. Ltd has taken all reasonable steps to ensure that this information is correct, Phillip Commodities India Pvt.Ltd does not offer any warranty as to the accuracy or completeness of such information. Any person placing reliance on the report toundertake trading does so entirely at his or her own risk and Phillip Commodities India Pvt. Ltd. does not accept any liability as aresult. Commodities and Derivatives markets may be subject to rapid and unexpected price movements and past performance is not To be removed from future Phillip Commodities India Pvt. Ltd e-mail updates, including rate offers, simply reply to this e-mail andenter, "REMOVE FROM E-MAIL LIST" on the subject line. CUSTOMERS PLEASE NOTE: When unsubscribing, unless you specificallyrequest not to, you will CONTINUE to receive your statements electronically if you already do so.

Phillip Commodities India Pvt. Ltd.

November 24, 2015

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