Daily Commodity Roundup as onreport.systematixshares.com/Commodity/SYSTEMATIX... · Daily Commodity...

Date : Thursday, April 30, 2020 URL : www.systematixshares.com Page No : 1

Daily Commodity Roundup as on Thursday, April 30, 2020


NIKKEI21522

-0.26 2.21 -0.86USDINR

75.93 S&P

INDEX

2927

DJIA24551

1.89 1.84 1.86SENSEX

32720NIFTY

9553

$ INDEX99.54

0.27 -0.15 0.03

LME ALUMINIUM

1508 LME

LEAD

1647

12335

0.58 0.26 0.12

LME

COPPER

5277 LME

ZINC

1949

IN

TER

NA

TIO

NA

L M

AR

KET U

PD

ATE GOLD $

1711.65SILVER $

USDJPY106.68

-0.02 -0.12 0.05EURUSD

1.0870GBPUSD

1.24589

LME

NICKEL

15.24CRUDE $

15.06

0.08 -0.19 22.04

#

#

#

#

RESIST 1 SUPPORT 1 SUPPORT 2


Trading Ideas :Gold trading range for the day is 45011-46445.

Investors across the world are building their hopes that the pandemic may be peaking as parts of the US, Europe and Australia gradually ease restrictions

India’s gold imports plunged more than 73% year-on-year in March to their lowest in 6-1/2 years

China's gold consumption fell by almost half in the first quarter as coronavirus containment measures and rising prices hit demand

Gold prices edged lower as optimism over economies easing coronavirus lockdowns whetted risk appetite

Gold yesterday settled down by -1.13% at 45546 as optimism over

economies easing coronavirus lockdowns whetted risk appetite, with

investors awaiting the U.S. Federal Reserve's monetary policy decision.

There is sufficient fundamental support from safe-haven demand, but no

panic-buying, although the uncertainty regarding the virus and also the

economy remains too high for gold to really lose ground. Investors across

the world are building their hopes that the pandemic may be peaking as

parts of the United States, Europe and Australia gradually ease

restrictions. The Fed has cut interest rates, resumed bond-buying and

backstopped credit markets in response to the economic damage caused

by the novel coronavirus, which has infected more than 1 million people

in the United States. Gold, considered a safe investment during times of

political and financial uncertainty, tends to benefit from widespread

stimulus measures as it is often seen as a hedge against inflation and

currency debasement. China's gold consumption fell by almost half in the

first quarter as coronavirus containment measures and rising prices hit

demand in the world's biggest market, the China Gold Association said.

Consumption totalled 148.63 tonnes in January-March, down 48.2% from

a year earlier, the association said in statement on its website, with

consumption of jewellery down 51.1% to 92.04 tonnes and that of gold

bars and coins down 47%. Technically market is under long liquidation as

market has witnessed drop in open interest by -7.12% to settled at

13665 while prices down -520 rupees, now Gold is getting support at

45279 and below same could see a test of 45011 levels, and resistance is

now likely to be seen at 45996, a move above could see prices testing

46445.

OPEN HIGH LOW CLOSE % CHANGE OPEN INTEREST

45925

SUPPORT 3

46713 46445 45996 45279 45011 44562

46177 45460 45546 -1.13 13665

RESIST 3 RESIST 2

MCX Gold Jun 2020

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SUPPORT 2 SUPPORT 3


Trading Ideas :Silver trading range for the day is 41212-42482.

However, the metal's downside was somewhat halted after a report showed a sharp deterioration in U.S. consumer confidence in the month of April.

Eurozone economic sentiment suffered its steepest ever decline in April, plunging by more than expected

The European Central Bank's policy statement is due on Thursday and widely expected to leave its Quantitative Easing program unchanged.

Silver dropped amid an increase in risk sentiment after reports said several coronavirus hot spots in Europe, and some states in the U.S. are set to reopen businesses

Silver yesterday settled up by 0.15% at 41775 amid an increase in risk

sentiment after reports said several coronavirus hot spots in Europe, and

some states in the U.S. are set to reopen businesses over the next few

days. However, the metal's downside was somewhat halted after a report

from the Conference Board showed a sharp deterioration in U.S.

consumer confidence in the month of April. The report released by the

Conference Board said consumer confidence in the U.S. deteriorated

significantly in the month of April, although there was an improvement in

consumer expectations. The Conference Board said its consumer

confidence index plunged to 86.9 in April after tumbling to a downwardly

revised 118.8 in March. Eurozone economic sentiment suffered its

steepest ever decline in April, plunging by more than expected as

coronavirus lockdowns brought much economic activity to a halt, a

monthly European Commission survey showed. The economic sentiment

crashed to 67.0 points - its largest fall since measurements started in

1985 - from a downwardly revised 94.2 in March and 103.4 in February.

Confidence among consumers dropped to 22.7 in April from 11.6 in

March, in line with the earlier published flash estimate. The European

Central Bank's policy statement is due on Thursday. The ECB is widely

expected to leave its Quantitative Easing program unchanged. Technically

market is under short covering as market has witnessed drop in open

interest by -27.65% to settled at 1552 while prices up 63 rupees, now

Silver is getting support at 41494 and below same could see a test of

41212 levels, and resistance is now likely to be seen at 42129, a move

above could see prices testing 42482.


41814 42200

42764 42482 42129 41494 41212 40859

41565 41775 0.15 1552

RESIST 3 RESIST 2 RESIST 1 SUPPORT 1

MCX Silver May 2020

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SUPPORT 2 SUPPORT 3


Trading Ideas :Crude oil trading range for the day is 917-1409.

Russian Energy Minister Alexander Novak said the country's oil output could fall by up to 15% this year

U.S. crude inventories rose by 10 million barrels to 510 million barrels, compared with expectations for a build of 10.6 million barrels, data from API showed.

OPEC oil supply in April is at its highest since December 2018, as producers pump at will before the supply curbs takes effect.

Crude oil gained after U.S. stockpiles rose less than expected and hopes grew for demand to pick up

Crude oil yesterday settled up by 17.71% at 1183 as support seen to

news about several places in Europe and some U.S. states reopening

businesses after a prolonged shutdown contributed as well to the rise in

oil prices. Also data from the EIA showing a smaller-than-expected

increase in crude stockpiles in the week ended April 22, and some

positive news about treatment of the COVID-19 pushed up crude oil

prices. Markets were supported on hopes demand would recover after

some authorities announced the easing of coronavirus-related

restrictions. At least 16 U.S. states looked set to restart business, but

Britain said it was too dangerous to relax the lockdown for fear of a

second outbreak. U.S. crude inventories rose by 10 million barrels in the

week to April 24 to 510 million barrels, compared with expectations for a

build of 10.6 million barrels, data from industry group, the American

Petroleum Institute, showed. In the previous week, crude inventories rose

by 15 million barrels to 518.6 million barrels, within striking distance of

an all-time record of 535 million barrels set in 2017, the U.S. government

said. Globally, storage onshore was estimated to be about 85% full as of

last week, according to data. OPEC oil supply in April is at its highest

since December 2018, a company that tracks oil shipments said, as

producers pump at will before the supply curbs takes effect. Technically

market is under short covering as market has witnessed drop in open

interest by -11.99% to settled at 10260 while prices up 178 rupees, now

Crude oil is getting support at 1050 and below same could see a test of

917 levels, and resistance is now likely to be seen at 1296, a move above

could see prices testing 1409.


1045 1276

1542 1409 1296 1050 917 804

1030 1183 17.71 10260

RESIST 3 RESIST 2 RESIST 1 SUPPORT 1

MCX Crude oil May 2020

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Trading Ideas :Copper trading range for the day is 404.7-411.5.

Copper prices are still under pressure amid demand uncertainty, noting restrictions lifting outside of China have been gradual

Expectations of weaker demand in the short term can be seen in the $26 a tonne discount for the cash over the three-month copper contract.

Warehouse stock for Copper at LME was at 256100mt that is down by -50mt.


Copper prices steadied as the market focused on stagnating economic activity and falling demand due to the coronavirus crisis.

Copper yesterday settled up by 0.07% at 408 as the market focused on

stagnating economic activity and falling demand due to the coronavirus

crisis, but production cuts by major miners due to lockdowns provided

support. Copper prices are still under pressure amid demand uncertainty,

noting restrictions lifting outside of China have been gradual and there is

a risk of a second wave of lockdowns to contain the virus. Freeport-

McMoRan's El Abra copper mine in Chile said it would scale back copper

processing by 40% and lay off workers as global prices for the red metal

plunge, the latest cut among many. Expectations of weaker demand in

the short term can be seen in the $26 a tonne discount for the cash over

the three-month copper contract. China's Ministry of Ecology and

Environment approved quotas for imports of another 2,150 tonnes of high-

grade copper scrap in 2020. The China Solid Waste and Chemicals

Management Bureau, part of the environment ministry, issued only 11

scrap metal quotas in its sixth round of allowances for 2020, following a

much larger batch earlier this month. The quotas are being closely

watched amid signs that top metals consumer China, which tightened

restrictions on scrap metal imports from July last year, could be leaving

itself short of a key source of supply. Technically market is under fresh

buying as market has witnessed gain in open interest by 4.41% to settled

at 2508 while prices up 0.3 rupees, now Copper is getting support at

406.4 and below same could see a test of 404.7 levels, and resistance is

now likely to be seen at 409.8, a move above could see prices testing

411.5.


407.50

SUPPORT 3

413.2 411.5 409.8 406.4 404.7 403.0

409.80 406.40 408.00 0.07 2508

RESIST 3 RESIST 2

MCX Copper May 2020

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Trading Ideas :Zinc trading range for the day is 150.8-153.6.

Zinc treatment charges (TCs) declined very fast in recent weeks due to the shortage in supply of concentrate

Bonded warehouses zinc premiums in China were at $85 a tonne their highest since March 9.

Warehouse stock for Zinc at LME was at 97525mt that is up by 675mt.


MCX Zinc May 2020

Zinc dropped on profit booking after prices gained due to supply disruptions caused by the coronavirus pandemic and improving demand in China.

Zinc yesterday settled down by -0.23% at 152.1 on profit booking after

prices gained due to supply disruptions caused by the coronavirus

pandemic and as improving demand in China added support. Zinc

treatment charges (TCs) declined very fast in recent weeks due to the

shortage in supply of concentrate and some zinc smelters to cut

production in Q2-Q3. Spot TCs of zinc, or fees that miners pay smelters

to process zinc ore into refined metal, have been hovering at a one-year

low of $245 a tonne. Bonded warehouses zinc premiums in China were at

$85 a tonne their highest since March 9. Zinc inventories in warehouses

tracked by ShFE fell to 133,349 tonnes on Friday, the lowest since Feb.

14, latest data showed. The discount of LME zinc cash over the three-

month contract shrunk to $6.25 a tonne, its smallest since March 20,

indicating the tightening of nearby supplies. The global zinc market

surplus deepened to 130,100 tonnes in February from a revised surplus of

57,900 tonnes in January, data from the International Lead and Zinc

Study Group (ILZSG) showed. The January figure was revised from a

surplus of 35,600 tonnes in last month's data. During the first two

months of the year, the global surplus rose to 188,000 tonnes from

45,000 tonnes in the same period last year. Technically market is under

long liquidation as market has witnessed drop in open interest by -5.57%

to settled at 8545 while prices down -0.35 rupees, now Zinc is getting

support at 151.4 and below same could see a test of 150.8 levels, and

resistance is now likely to be seen at 152.8, a move above could see

prices testing 153.6.


152.2

SUPPORT 3

154.2 153.6 152.8 151.4 150.8 150.0

153.0 151.6 152.1 -0.23 8545

RESIST 3 RESIST 2

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Trading Ideas :Nickel trading range for the day is 927.2-947.

Raw materials shortage at NPI plants could ease in June as major miners in the Philippines plan to resume operations.

China's nickel ore imports in March fell 42.3% year on year, customs data showed, hitting a 25-month low.

Warehouse stock for Nickel at LME was at 231156mt that is up by 24mt.


MCX Nickel May 2020

Nickel dropped after Philippines' top two nickel miners said they expect to gradually resume mining and shipping operations.

Nickel yesterday settled down by -0.55% at 937.3 after Philippines' top

two nickel miners said they expect to gradually resume mining and

shipping operations in the country's main ore-producing region starting

on May 1, following shutdowns to contain the virus. Macroeconomic

development and potential capital outflow before the upcoming Labour

Day holiday will be monitored. Spot trades of nickel thinned amid

sufficient supplies as consumers mostly finished their pre-holiday

stockpiling. Raw materials shortage at NPI plants could ease in June as

major miners in the Philippines plan to resume operations. China's nickel

ore imports in March fell 42.3% year on year, customs data showed,

hitting a 25-month low after an export ban in top miner Indonesia from

the start of 2020 and coronavirus-related disruptions in the Philippines.

Total imports of nickel ore stood at 1.61 million tonnes last month,

according to China's General Administration of Customs – the lowest

monthly total since February 2018. Nickel ore stocks at Chinese ports are

already at their lowest since June 2018 as supply tightens. Inbound

shipments of nickel pig iron, a raw material for stainless steel that can

still be exported from Indonesia, meanwhile more than tripled year-on-

year to 327,099 tonnes. Official data showed that US wholesale

inventories (preliminary reading) fell 1% on month in March, compared

with an expected drop of 0.5%. Technically market is under long

liquidation as market has witnessed drop in open interest by -8.74% to

settled at 752 while prices down -5.2 rupees, now Nickel is getting

support at 932.3 and below same could see a test of 927.2 levels, and

resistance is now likely to be seen at 942.2, a move above could see

prices testing 947.


934.4

SUPPORT 3

952.1 947.0 942.2 932.3 927.2 922.4

941.9 932 937.3 -0.55 752

RESIST 3 RESIST 2

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Trading Ideas :Jeera trading range for the day is 4828-4828.

Favourable climatic conditions and improved water availability following good monsoon rains have brightened crop prospects.

NCDEX accredited warehouses jeera stocks dropped by -6 tonnes to 66 tonnes.

In Unjha, a key spot market in Gujrat, jeera remains unchanged at0 rupees to end at 15420 rupee per 100 kg.


NCDEX Jeera May 2020

Jeera dropped as adequate rainfall coupled with decent prices have brightened the prospects of jeera farmers in Gujarat.

Jeera on NCDEX settled down -0.34% at 14645 as adequate rainfall

coupled with decent prices have brightened the prospects of cumin

(jeera) farmers in Gujarat. The acreage sown with cumin in the state has

increased by 44% and output is likely to rise by 25% in 2020. Favourable

climatic conditions and improved water availability following good

monsoon rains have brightened crop prospects. Jeera growers in

Rajasthan and Gujarat are expecting about 25-30 per cent higher yield

over last year. Farmers point to a crop size of about 5 lakh tonnes as

against about 4.1 lakh tonnes in the previous year. The yield is going to

be much better this year. Farmers pointed out a marginal impact on the

crop due to last month’s locust attack in southern Rajasthan and north

Gujarat, primarily the jeera and coriander growing regions. As per the

latest data from the Gujarat government on rabi sowing, there is a 36 per

cent jump in area under jeera cultivation over last year. Jeera acreage

was reported at 4.71 lakh hectares (3.45 lakh ha). In Unjha, a key spot

market in Gujarat, jeera edged down by -10 Rupees to end at 15500

Rupees per 100 kg. Technically market is under fresh selling as market

has witnessed gain in open interest by 6.41% to settled at 2091 while

prices down -50 rupees, now Jeera is getting support at 14583 and below

same could see a test of 14522 level, and resistance is now likely to be

seen at 14728, a move above could see prices testing 14812.


13760

SUPPORT 3

13880 13820 13740 13600 13540 13460

13760 13620 13655 -0.29 1470

RESIST 3 RESIST 2

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Trading Ideas :Turmeric trading range for the day is 5356-5552.

The new turmeric crop started arriving in the markets of Nizamabad in Telangana, however, the quality is inferior

The supply is coming from the six-month crop and has a moisture level of 20-30%, against the normal of 7%.

In Nizamabad, a major spot market in AP, the price ended at 5368.75 Rupees gained 18.75 Rupees.


NCDEX Turmeric May 2020

Turmeric prices dropped amid expectation of new crop supply gaining momentum in coming weeks.

Turmeric yesterday settled down by -0.88% at 5436 amid expectation of

new crop supply gaining momentum in coming weeks. However, new

turmeric prices recorded an increase in Erode markets. The market saw

arrivals of 2,500 bags of new turmeric. For the third day in succession,

the arrival of new Mysore-8 variety was high. As per market, the new

turmeric crop started arriving in the markets of Nizamabad in Telangana.

However, the quality is inferior due to cold weather just before the

harvest. The supply is coming from the six-month crop and has a

moisture level of 20-30%, against the normal of 7%. Turmeric prices also

trading down due to weak demand and new crop in Telangana’s

Nizamabad, the benchmark market. A higher crop this year and rising

supply of the new crop in Nizamabad, also dampened sentiment.

Currently, the new crop is arriving only in Nizamabad, and by mid-March

supply will start in all other producing centres. Telangana farm

department’s second advanced estimates sees turmeric production to be

at 305000 tonnes compared to 294000 tonnes produced previous year.

Govt. pegs 2019-20 turmeric output at 913000 tonnes. Turmeric exports

from India rose one per cent to 67500 during the Apr-Sep period

according to the data released by the Spices Board. Technically market is

under fresh selling as market has witnessed gain in open interest by

0.1% to settled at 4890 while prices down -48 rupees, now Turmeric is

getting support at 5396 and below same could see a test of 5356 levels,

and resistance is now likely to be seen at 5494, a move above could see

prices testing 5552.


5480

SUPPORT 3

5592 5552 5494 5396 5356 5298

5512 5414 5436 -0.88 4890

RESIST 3 RESIST 2

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Trading Ideas :Mentha oil trading range for the day is 1168.8-1181.2.

Mentha oil spot at Sambhal closed below 1200 level as demand concerns

There were expectations of higher area under cultivation for crop year 2020-21.

At present, arrivals have declined as stockists are reluctant to sell their stocks at low prices


MCX Mentha oil May 2020

Mentha oil gained on short covering after prices dropped amid due to low demand and expectation of a rise in acreage this season

Mentha oil yesterday settled up by 1.13% at 1175.3 on short covering

after prices dropped amid due to low demand and expectation of a rise in

acreage this season. There were expectations of higher area under

cultivation for crop year 2020-21. Currently, rains will not have any major

impact on the crop. However, if it continues to rain post March, then crop

prospects in the coming season may improve. The corona virus case is

getting prolonged, which has severely affected the demand for agri

commodities. The demand for agri commodities like mentha in China has

stalled. At the same time, the yield of mentha is expected to be high this

time too, due to this, traders are not taking fresh positions in mentha. As

prices have fallen sharply, arrivals would decline in the physical market.

Mentha crop is likely to rise in 2020-21 on expectations of the sowing

area to increase for the new season. In recent years, besides traditional

growers of UP, farmers in Madhya Pradesh have also started cultivating

mentha crops due to better returns. Market sources expect acreage in the

state to increase further. Although prices have fallen substantially,

traditional growers of UP would stick with mentha cultivation, as returns

from the mint crop is almost double the cost of production. Expectations

of a bumper mentha crop for the second consecutive year is likely to keep

mentha under pressure. Technically market is under fresh buying as

market has witnessed gain in open interest by 17.78% to settled at 53

while prices up 13.1 rupees, now Mentha oil is getting support at 1172

and below same could see a test of 1168.8 levels, and resistance is now

likely to be seen at 1178.2, a move above could see prices testing

1181.2.


1171.80

SUPPORT 3

1184.4 1181.2 1178.2 1172.0 1168.8 1165.8

1178.00 1171.80 1175.30 1.13 53

RESIST 3 RESIST 2

TIME ZONE Forecast

CommodityLME STOCK Stock

COPPER -50 256100

ALUMINIUM -225 1346775

NICKEL 24 231156

LEAD 73525

ZINC 675 97525

6:00pm USD Personal Spending m/m -0.042 0.002


6:00pm EUR ECB Press Conference 0 0

6:00pm USD Unemployment Claims 3500K 4427K

5:15pm EUR Main Refinancing Rate 0 0

5:15pm EUR Monetary Policy Statement 0 0

2:30pm EUR Unemployment Rate 0.077 0.073

3:30pm EUR Italian Prelim GDP q/q -0.05 -0.003

12:30pm EUR Spanish Flash CPI y/y 0 0

1:30pm EUR Italian Monthly Unemployment Rate 0.105 0.097

Short Covering

LME DAILY STOCK POSITION ECONOMICAL DATA

DATA Previous

11:30am EUR German Retail Sales m/m -0.084 0.012

TREND Short Covering Short Covering Long Liquidation Short Covering Fresh Selling Long Liquidation Long Liquidation Long Liquidation

775

Cng in OI -2.35 -0.85 -2.00 -15.24 0.10 -7.62 -9.41 -5.44 -8.47

SUPPORT

4169 15960 13460 3342 5298 4086 628.2 3732

783

4197 16050 13540 3387 5356 4108 629.6 3762 779

4222 16140 13600 3442 5396 4124 630.7 3786

632.1 3816 787

799

4303 16410 13820 3587 5552 4184 634.6 3870 795

635.7 3894

633.2 3840 791

P. POINT 4250 16230 13680 3487 5454 4146

4275 16320 13740 3542 5494 4162

RESISTANCE

4328 16500 13880 3642 5592 4200

4247 16220 13655 3498 5436 4141 631.9 3810

DAILY MARKET TRADING LEVEL

COMMODITIESNCDEX Chana May

2020

NCDEX Cotton May

2020

NCDEX Jeera May

2020

NCDEX Guarseed10

May 2020

NCDEX Turmeric

May 2020

NCDEX Rmseed

May 2020MCX CPO Apr 2020

NCDEX Soyabean

May 2020

NCDEX

Ref.Soya oil

May 2020

787.2CLOSE

-50

-225

24 0

675

-300

-200

-100

0

100

200

300

400

500

600

700

800

COPPER ALUMINIUM NICKEL LEAD ZINC

LME STOCK

NEWS YOU CAN USE

South Korea’s March factory output jumped by the most in 11 years as demand for display panels and cars received an unexpected boost from lengthy shutdowns in

competing Chinese factories amid the coronavirus pandemic. Industrial output surged by a seasonally adjusted 4.6% in March from a month earlier, government data

showed on Wednesday, marking the biggest expansion since a 7.3% jump in February 2009 and handily beating a 1.3% fall tipped in a survey. Production of electronic

components including display panels soared 12.7% while autos output surged 45.1%, as virus-related production disruptions in China benefited Korean manufacturers and

the launch of new car models also helped. “Output of electronic components were seen weakening before March but demand surged in March on production disruptions at

Chinese companies,” a Statistics Korea official said. The boost is likely to be short-lived, however, as factories in China gradually restarted operations, he added. Despite

the surprise output surge, the prospect of a recession is growing in Asia’s fourth-largest economy.

Rating agency Fitch cut Italy’s credit rating to “BBB-minus” on Tuesday, just one notch above junk, saying the downgrade reflects the impact of the coronavirus pandemic

on the euro zone’s third largest economy. Fitch had not been due to review Italy’s rating until July and the shock move is another blow to a country that has the world’s

second highest death toll from the virus and a chronically sluggish economy now heading into steep recession. The agency said that in line with its policies, Italy had

appealed against its decision and “provided additional information that resulted in a rating action that is different than the original rating committee outcome.” Fitch

changed Italy's outlook to stable from negative, saying it sees the European Central Bank's net asset purchases helping Italy's fiscal response to the COVID-19 pandemic.

On Feb. 7, two weeks before Italy’s first COVID-19 cases emerged, Fitch had affirmed its rating and outlook. The agency forecast that the Italian economy will contract by

8% this year, which is in line with the government’s own projection made last week, and said Italy’s public debt will climb to 156% of gross domestic product from

134.8% last year.

The Gujarat government has released the latest summer crop sowing figures, indicating a 40 per cent jump from last year. As per the data shared by the Gujarat

Agriculture Department, sowing for paddy, maize, moong and groundnut crops has doubled from last year. Farmer sources revealed that the jump in summer crop sowing

is primarily attributed to the increased water availability following good monsoon last year, and also improved minimum support price (MSP), which may lift the market

prices, too. Paddy sowing was completed on 54,941 hectares, up from 29,353 hectares, while maize area jumped from 3,081 hectares to 6,065 hectares this year. In the

pulses category, moong (green grams) sowing more than doubles in acreage to 44,177 hectares, from 21,154 hectares last year. Urad (black gram) saw a sharp 176 per

cent jump to 13,525 hectares this year from 4,890 hectares reported last year. Among the oilseeds, groundnut sowing more than doubled from 28,060 hectares last year

to 60,096 hectares this season. Sesamum sowing jumped to 58,178 hectares from 18,887 hectares reported last year. As per the data, summer sowing was covered on

9,50,845 hectares of area as on April 20, 2020, which is about 40 per cent higher than last year’s sowing of 6,77,724 hectares.



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provide oral or written market commentary or trading strategies to our clients that reflect opinions that are contrary to the opinions expressed herein. Our proprietary trading and investing businesses may make investment decisions that are inconsistent with the recommendations

expressed herein. The views expressed in this research report reflect the personal views of the analyst(s) no part of the compensation of the research analyst(s) was, is, or will be directly or indirectly related to the specific recommendations and views expressed by research analyst(s) in

this report. The compensation of the analyst who prepared this document is determined exclusively by SCSPL however, compensation may relate to the revenues of the Systematix Group as a whole, of which investment banking, sales and trading are a part. Research analyst(s) and

sales persons of SCSPL may provide important inputs to its affiliated company(ies).

Foreign currency denominated commodities, wherever mentioned are subject to exchange rate fluctuations, which could have an adverse effect on their value or price, or the income derived from them. In addition, the values of which are influenced by foreign currencies effectively

assume currency risk.

SCSPL, its directors, analyst(s) or employees do not take any responsibility, financial or otherwise, of the losses or the damages sustained due to the investments made or any action taken on basis of this report including but not restricted to changes in the currency rates, reduction in

the income, etc.

SCSPL and its affiliates, officers, directors, and employees may: (a) from time to time, have long or short positions in, and buy or sell the commodities/commodities derivatives thereof, of company(ies) mentioned herein or (b) be engaged in any other transaction involving such

commodities/commodity derivatives and earn brokerage or other compensation (financial interest) or act as a market maker in the financial instruments discussed herein or have other potential material conflict of interest with respect to any recommendation and related information and

opinions. The views expressed are those of the analyst and the Company may or may not subscribe to the views expressed therein.

SCSPL, its affiliates and any third party involved in, or related to, computing or compiling the information hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of this information. Without

limiting any of the foregoing, in no event shall SCSPL, any of its affiliates or any third party involved in, or related to, computing or compiling the information have any liability for any damages of any kind. The Company accepts no liability whatsoever for the actions of third parties. The

Report may provide the addresses of, or contain hyperlinks to, websites. Except to the extent to which the Report refers to website material of the Company, the Company has not reviewed the linked site. Accessing such website or following such link through the report or the website of

the Company shall be at your own risk and the Company shall have no liability arising out of, or in connection with, any such referenced website

SCSPL shall not be liable for any delay or any other interruption which may occur in presenting the data due to any technical glitch to present the data. In no event shall the SCSPL be liable for any damages, including without limitation, direct or indirect, special, incidental, or

consequential damages, losses or expenses arising in connection with the data presented by SCSPL through this presentation.

Neither SCSPL, nor any of its other group companies or associates, shall be responsible for any decisions taken on the basis of this report. Investors are advised to consult their Investment and Tax consultants before taking any investment decisions based on this report.

Systematix Commodities Services Private Limited.:

Registered and Corporate address: The Capital, A-wing, No. 603 – 606, 6th Floor, Plot No. C-70, G Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051

CIN - U01119MH1994PTC266348 | MCX SEBI Reg No.: INZ000043009 | NCDEX SEBI Reg No.: INZ000043009 Member Code: MCX: 29790 | NCDEX: 534

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