Sugar – Sugar Futures closed lower last week on expectation of good production next year and good domestic supplies. India’s sugar production is set to rebound from a seven – year low as above – normal monsoon rain in the world’s largest consumer helps the cane crop that will be crushed from Oct 1.
Expert Suggestion – Sugar futures may trade sideways on sufficient supplies in the domestic market Production is expected to be higher by 25% in 2017/18. Increase in FRP is encouraging farmers to take sugarcane crop while good sowing progress in the country will keep pressure on the sugar prices.
Gold – Last week, spot gold prices rose by 1.3 percent to close at $1228.6 per ounce while on the MCX gold prices rose by 0.9 percent to close at Rs.28193 per 10 gms. The MSCI world index hit a record high for the fourth time in less than a month as investors took Yellen’s remarks as a green light for risk – taking.
Expert Suggestion – Optimistic economic data from the US, possibility of further rate hike in 2017 and higher global equities are factors exerting downside pressure on the yellow metal. On the MCX, gold prices are expected to trade lower today, international markets are trading marginally higher at $1230 per ounce.
Buy copper 100 lots for positional or for intra with StopLoss 378 and Target 394