Some rebound was witnessed in commodity counter; CRB revived marginally after a three week fall. Dollar index took support near 98.5 levels, which capped the upside of commodities. In comex, bullion traded up whereas in MCX, bullion complex traded range bound with negative bias due to currency factor. Gold saw limited upside on as safe-haven demand continued to fade in the wake of Emmanuel Macron's victory in the French election and as expectations for tighter US monetary policy lifted bond yields. The world's biggest gold ETF, the SPDR Gold Trust (GLD) inched higher on Thursday, along with gold prices, bouncing off the eight-week lows posted earlier last week. Energy counter reignited again. Amid increasingly stronger signals from OPEC that the production cut extension will be extended into the second half of 2017 and even beyond that, the EIA reported a draw in crude oil inventories of 5.2 million barrels for the week to May 5, gave enough reason to see the upside in crude. Natural gas prices strengthen. U.S. natural-gas futures surged after Federal regulators limited construction on a pipeline, a move that may delay new Appalachian supplies from reaching the market. Furthermore, data from the U.S EIA showed that domestic supplies of natural gas rose by 45 billion cubic feet for the week ended May 5. Wheras Citi Futures had pegged consensus expectations at a build of 61 billion to 62 billion cubic feet. Base metals saw some recovery. Copper prices rose as funds cut bearish bets, but the sustainability of gains will depend on industrial activity and investment data from top consumer China next week. China accounts for nearly half of global copper consumption estimated at 23 million tonnes this year. Only aluminum closed the week on bearish note. On the agri commodity front, it was a weak week for oil seeds, however edible oil performed strong. Refined soya oil prices rose as traders built up fresh positions amid pickup in demand in the spot market. Fall in mustard seed prices in futures trade was attributed to a weak trend at the domestic spot markets on persistent supplies from producing areas amid reduced offtake by oil mills. India's cotton crop for the next season (October 2017-September 2018) may see up to a 20% increase in production. It weakened the cotton prices in futures market.
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