GOLD TRADES NEAR THREE WEEK LOW | TODAY COMMODITY MARKET TREND UPDATE 03 MAY 2017.

COMMODITY MARKET OUTLOOK

GOLD

Gold prices fell to a three-week low on Tuesday, as demand for riskier assets drove stocks higher and the dollar hit a six-week peak against the yen.

SILVER

Silver was down 0.4 percent at $16.78 an ounce, after touching $16.75, its lowest since Jan. 27. It has fallen for 11 out of the past 12 sessions.

CRUDE OIL

OPEC oil output fell for a fourth straight month in April, a Reuters survey found on Tuesday, as top exporter Saudi Arabia kept production below its target while maintenance and unrest cut production in exempt nations Nigeria and Libya. But more oil from Angola and higher UAE output than originally thought helped OPEC compliance with its production-cutting deal slip to 90 percent from a revised 92 percent in March, according to Reuters surveys. The Organization of the Petroleum Exporting Countries pledged to reduce output by about 1.2 million barrels per day (bpd) for six months from Jan. 1 - the first supply cut deal since 2008. Non-OPEC producers are cutting about half as much.

COPPER

Copper prices hit a three-week high on Tuesday due to concerns about supply disruptions in Indonesia, but caution over slowing demand in top consumer China capped gains. Thousands of workers from the Indonesian unit of Freeport McMoRan Inc staged a rally near the Grasberg copper mine on Monday, protesting against layoffs by the miner due to a contract dispute with the government. China's factory sector lost momentum in April, with growth slowing to its weakest pace in seven months as domestic and export demand faltered and commodity prices fell, a private survey showed on Tuesday.

Natural gas

We expect Natural gas prices to trade positive on the back of short covering after drop in prices.

COMMODITY MARKET LEVELS:-

GOLD

P. POINT- 28582

S1 -28500                                                                   R1-28650

S2 -28400                                                                   R2-28750

SILVER

P. POINT-39065

S1 - 38800                                                                 R1-39300

S2 - 38500                                                                 R2-39600

COPPER

P. POINT-376

S1- 374                                                                        R1-377

S2- 372                                                                        R2-379

NATURAL GAS

P. POINT-204

S1 -203                                                                       R1-206

S2 -201                                                                        R2-208

CRUDE OIL

P. POINT-3087

S1 -3060                                                                    R1-3100

S2 -3030                                                                    R2-3130