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

Date : Thursday, April 18, 2019 URL : www.systematixshares.com Page No : 1

Daily Commodity Roundup as on Thursday, April 18, 2019


NIKKEI22173

0.23 -0.06 -0.47USDINR

69.69 S&P

INDEX

2906

DJIA26385

0.95 0.83 -0.10SENSEX

39276NIFTY

11787

$ INDEX97.03

-0.11 -0.10 0.01

LME ALUMINIUM

1851 LME

LEAD

1937

12845

-0.31 -0.52 -0.31

LME

COPPER

6529 LME

ZINC

2796

IN

TER

NA

TIO

NA

L M

AR

KET U

PD

ATE GOLD $

1272.33SILVER $

USDJPY111.967

-0.03 0.01 -0.06EURUSD

1.1294GBPUSD

1.3037

LME

NICKEL

14.95CRUDE $

63.75

-0.11 -0.21 -0.69

#

#

#

#

RESIST 1 SUPPORT 1 SUPPORT 2


Trading Ideas :Gold trading range for the day is 31332-31722.

Fed's Rosengren adds that the economy is doing well, but inflation remains short of the 2% goal

Better economic conditions motivate investors to pivot towards equities that are interest-bearing assets and shun the non-yielding bullion.

China reported better-than-expected credit and export figures last week that allayed concerns regarding the pace of economic growth.

Gold slipped as economic data from China tempered concerns about global growth, boosting risk appetite.

Gold on MCX settled down -0.22% at 31480 as recent upbeat economic

data and signs that Washington and Beijing were making headway in a

nearly year-long trade tariff skirmish boosted risk sentiment. Better

economic conditions motivate investors to pivot towards equities that are

interest-bearing assets and shun the non-yielding bullion. Boston Fed

President Eric S. Rosengren says the Fed is waiting for signals that

indicate a sustainable 2% inflation trend. He also said he sees that

unemployment is falling, adding that that he does not expect a recession.

China reported better-than-expected credit and export figures last week

that allayed concerns regarding the pace of economic growth. Meanwhile,

jobs data from the United States last week also lifted sentiment,

assuaging concerns that the largest economy was losing momentum.

Data showed the number of Americans filing applications for

unemployment benefits dropped to a 49-1/2-year low. U.S. Treasury

Secretary Steve Mnuchin told trade negotiations between the Washington

and their Chinese counterparts were “making a lot of progress.” After

hitting a roughly 14-month low around late March, U.S. benchmark 10-

year and 30-year yields have risen about 17 basis points and 16 basis

points respectively. Markets now await key Eurozone and Chinese data,

which will provide further clues on the global economic health. Holdings of

SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund,

on Monday dropped to 754.03 tonnes, their lowest since Nov. 9, 2018.

Technically market is under long liquidation as market has witnessed drop

in open interest by -0.69% to settled at 14149 while prices down -68

rupees, now Gold is getting support at 31406 and below same could see a

test of 31332 level, And resistance is now likely to be seen at 31601, a

move above could see prices testing 31722.

OPEN HIGH LOW CLOSE % CHANGE OPEN INTEREST

31648

SUPPORT 3

31796 31722 31601 31406 31332 31211

31648 31453 31480 -0.22 14149

RESIST 3 RESIST 2

MCX Gold Jun 2019

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SUPPORT 2 SUPPORT 3


Trading Ideas :Silver trading range for the day is 36905-37621.

Fed Chair Jerome Powell says that interest rates are in the right place

Fed member Kashkari says that there is still slack in labor market and inflation is below target. Sees no need to tap the brakes

Markets are now focused on European and Chinese data for more evidence that the worst may be over for the global economy.

Silver prices ended with losses amid more positive developments in the Sino-U.S. trade talks.

Silver on MCX settled down -0.14% at 37210 amid more positive

developments in the Sino-U.S. trade talks. U.S. Treasury Secretary

Steven Mnuchin said that Washington and Beijing might be “close to the

final round” of their trade negotiations. Data showing that China’s exports

rebounded in March while new bank loans rose more than expected has

helped to boost risk sentiment. Investors are also focused on U.S.-China

trade talks, with any deal between the two countries seen as likely to

remove headwinds to global growth. U.S. Treasury Secretary Steven

Mnuchin said on Saturday a U.S.-China trade agreement would go “way

beyond” previous efforts to open China’s markets to U.S. companies and

he hoped that the two sides were “close to the final round” of

negotiations. U.S. negotiators have tempered demands that China curb

industrial subsidies as a condition for a trade deal after strong resistance

from Beijing, according to two sources briefed on discussions, marking a

retreat on a core U.S. objective for the trade talks. Markets are now

focused on European and Chinese data for more evidence that the worst

may be over for the global economy. Trade issues were also front and

center of investors’ minds, including talks between Japanese Economy

Minister Toshimitsu Motegi and U.S. Trade Representative Robert

Lighthizer. Elsewhere, U.S. Treasury Secretary Steven Mnuchin said over

the weekend he hoped Sino-U.S. trade negotiations were close to their

final round. Technically market is under long liquidation as market has

witnessed drop in open interest by -2.25% to settled at 20940 while

prices down -53 rupees, now Silver is getting support at 37057 and below

same could see a test of 36905 level, And resistance is now likely to be

seen at 37415, a move above could see prices testing 37621.


37232 37469

37773 37621 37415 37057 36905 36699

37111 37210 -0.14 20940

RESIST 3 RESIST 2 RESIST 1 SUPPORT 1

MCX Silver May 2019

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SUPPORT 2 SUPPORT 3


Trading Ideas :Crudeoil trading range for the day is 4400-4494.

Russia raised concern the OPEC-led supply-cutting pact may not be renewed. Russia and the producer group may decide to boost output to fight for market share.

OPEC and other producers including Russia, an alliance known as OPEC+, have been cutting output since Jan. 1.

Moscow has in the past indicated reluctance to continue with output cuts beyond June, given its worries about losing market share to U.S. crude if it were to extend those cuts.

Crude oil gained propelled by steady economic growth in China and a fall in U.S. crude stocks which defied expectations and signalled firm demand.

Crudeoil on MCX settled up 0.16% at 4438 propelled by steady economic

growth in China and a fall in U.S. crude stocks which defied expectations

and signalled firm demand, while global supply remained tight. While

OPEC-led supply cuts have boosted Brent by more than 30 percent this

year, gains have been limited by worries that slowing economic growth

could weaken demand for fuel. Russia raised concern the OPEC-led supply-

cutting pact may not be renewed. Russia and the producer group may

decide to boost output to fight for market share with the United States,

TASS news agency сited Finance Minister Anton Siluanov as saying. The

Organization of the Petroleum Exporting Countries and other producers

including Russia, an alliance known as OPEC+, have been cutting output

since Jan. 1. Oil prices have jumped more than 30% so far in 2019,

mainly due to a deal by the Organization of the Petroleum Exporting

Countries (OPEC) and its allies to curb oil production by 1.2 million barrels

per day from January for six months. Moscow has in the past indicated

reluctance to continue with output cuts beyond June, given its worries

about losing market share to U.S. crude if it were to extend those cuts.

Instead, Russia and OPEC may decide to boost production to fight for

market share with the U.S., Russian Finance Minister Anton Siluanov said

over the weekend. Technically market is under short covering as market

has witnessed drop in open interest by -13.66% to settled at 12170 while

prices up 7 rupees, now Crudeoil is getting support at 4419 and below

same could see a test of 4400 level, And resistance is now likely to be

seen at 4466, a move above could see prices testing 4494.


4449 4475

4513 4494 4466 4419 4400 4372

4428 4438 0.16 12170

RESIST 3 RESIST 2 RESIST 1 SUPPORT 1

MCX Crudeoil Apr 2019

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Trading Ideas :Copper trading range for the day is 449.6-461.8.

China imported 391,000 tonnes of unwrought copper last month, up 25.7 percent from the previous month and 26.5 percent higher than a year earlier.

Copper stocks in LME-approved warehouses were down 2,000 tonnes on April 11 compared with the previous day.

Warehouse stock for Copper at LME was at 190650mt that is up by 150mt.


Copper prices rose after data from China showed higher unwrought copper imports in March, while declining inventory and concerns over supply deficit also lent support.

Copper on MCX settled up 0.93% at 455.1 after data from China showed

higher unwrought copper imports in March, while declining inventory and

concerns over supply deficit also lent support. China’s fiscal spending

increased 15 percent during January-March from year ago levels to

support economic growth, and local governments quickened their bond

issuance for key projects, the finance ministry said. For the whole of

2018, fiscal spending rose 8.7 percent from 2017 levels, according to

finance ministry data. China imported 391,000 tonnes of unwrought

copper last month, up 25.7 percent from the previous month and 26.5

percent higher than a year earlier, data showed. China's March copper

ores and concentrates imports were also higher than the year-ago levels,

at 1.77 million tonnes, but down from an unusually strong February.

Copper stocks in LME-approved warehouses were down 2,000 tonnes on

April 11 compared with the previous day, while copper inventories in

warehouses tracked by the Shanghai Futures Exchange fell 5 percent

from a week ago to 245,178 tonnes, latest data showed. Copper will face

more disruptions this year than in 2018, as labour strife, extreme

weather and unexpected project delays will knock as much as a million

tonnes off 2019 production. Funds have this year played copper from the

short side and from the long side but with little success either way, partly

a reflection of copper's lack of directional impetus in recent weeks

Technically market is under fresh buying as market has witnessed gain in

open interest by 3.95% to settled at 11365 while prices up 4.2 rupees,

now Copper is getting support at 452.4 and below same could see a test

of 449.6 level, And resistance is now likely to be seen at 458.5, a move

above could see prices testing 461.8.


453.00

SUPPORT 3

464.6 461.8 458.5 452.4 449.6 446.3

459.00 452.95 455.10 0.93 11365

RESIST 3 RESIST 2

MCX Copper Apr 2019

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Trading Ideas :Zinc trading range for the day is 224-228.6.

On-warrant zinc stocks in warehouses tracked by ShFE also marked a 7-percent daily increase to 51,976 tonnes.

As the monthly delivery of cargoes under LME contracts approaches, the backwardation structure on LME zinc rapidly widened, resulting in higher social inventories.

Warehouse stock for Zinc at LME was at 66350mt that is down by -125mt.


MCX Zinc Apr 2019

Zinc gained as support seen after a raft of Chinese data signalled Beijing’s recent stimulus drive might be paying off.

Zinc on MCX settled up 0.85% at 226.6 as support seen after a raft of

Chinese data signalled Beijing’s recent stimulus drive might be paying off.

Zinc inventories in LME-approved warehouse shot up 7.5 percent from a

day earlier to near a three-week high of 56,125 tonnes, latest data

showed. On-warrant zinc stocks in warehouses tracked by ShFE also

marked a 7-percent daily increase to 51,976 tonnes. As the monthly

delivery of cargoes under LME contracts approaches, the backwardation

structure on LME zinc rapidly widened, resulting in higher social

inventories. High inventories and possible restarts of idle capacity

weakened the inclination to go long. China's central bank said on Monday

that it would strengthen coordination between monetary, fiscal and other

policies to keep growth stable and forestall risks. The People's Bank of

China (PBOC) will continue its counter-cyclical adjustments while fine-

tuning monetary policy, it said in a statement issued after a quarterly

meeting of the monetary policy committee. The central bank will not

adopt strong stimulus policies, the statement added. PBOC has continued

to skip open market operations for 18 consecutive trading days, citing

abundant liquidity in the banking system. Despite a dovish shift in the

Federal Reserve’s monetary policy outlook, the dollar remained firm on

upbeat US economic data. Technically market is under short covering as

market has witnessed drop in open interest by -2.42% to settled at 4837

while prices up 1.9 rupees, now Zinc is getting support at 225.4 and

below same could see a test of 224 level, And resistance is now likely to

be seen at 227.7, a move above could see prices testing 228.6.


225.0

SUPPORT 3

230.0 228.6 227.7 225.4 224.0 223.1

227.3 225.0 226.6 0.85 4837

RESIST 3 RESIST 2

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Trading Ideas :Nickel trading range for the day is 878.7-917.5.

China’s fiscal spending increased 15 percent during January-March from year ago levels to support economic growth.

Vale Indonesia Q1 2019 nickel matte output down 24 pct, revises target

Warehouse stock for Nickel at LME was at 176946mt that is down by -252mt.


MCX Nickel Apr 2019

Nickel prices remained supported after recent signs the global economy is likely to avoid a sharper downturn.

Nickel on MCX settled down -0.48% at 892.4 on profit booking gained

amid after recent signs the global economy is likely to avoid a sharper

downturn. China’s fiscal spending increased 15 percent during January-

March from year ago levels to support economic growth, and local

governments quickened their bond issuance for key projects, the finance

ministry said. For the whole of 2018, fiscal spending rose 8.7 percent

from 2017 levels, according to finance ministry data. Profits at China’s

centrally-held state firms rose 13.1 percent in the first quarter from a

year earlier to 426.5 billion yuan ($63.57 billion), the regulator for state

assets said. That was slower than the 20.9 percent growth in earnings for

the first quarter of 2018 and the 16.7 percent increase for the whole of

2018. For March only, profits increased 10.8 percent on-year, slowing

from the January-February gain of 15.3 percent. China’s stimulus

measures will shore up economic growth this year and next but may

undermine the country’s drive to control debt and worsen structural

distortions over the medium term, the OECD said in a report. Beijing has

stepped up fiscal stimulus to prevent a sharper slowdown in the world’s

second-largest economy, which is being squeezed by weaker domestic

demand and a trade war with the United States. LME nickel inventory

continued to hover around its lowest level since 2013, while on-warrant

nickel inventory in warehouses tracked by ShFE stayed around its lowest

since 2015. Technically market is under fresh selling as market has

witnessed gain in open interest by 32.84% to settled at 8830 while prices

down -4.3 rupees, now Nickel is getting support at 885.6 and below same

could see a test of 878.7 level, And resistance is now likely to be seen at

905, a move above could see prices testing 917.5.


898.4

SUPPORT 3

924.4 917.5 905.0 885.6 878.7 866.2

910.6 891.2 892.4 -0.48 8830

RESIST 3 RESIST 2

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Trading Ideas :Jeera trading range for the day is 16050-17070.

Pressure also seen amid expectations of higher output in key growing regions.

India's cumin seed output is set to touch 416,000 mln tns for 2019, about 9% higher than the previous year, supported by a sharp jump in production in Rajasthan.

In Unjha, a key spot market in Gujrat, jeera edged down by -37.3 rupees to end at 16585 rupee per 100 kg.


NCDEX Jeera May 2019

Jeera dropped on profit booking amid heavy supplies in the physical market.

Jeera on NCDEX settled up by 0.3% at 16530 as supplies are reducing

gradually in the physical market as new season is coming to an end.

During the second half of March, 23,800 tons of jeera arrived in physical

market across the country compared to 18,500 tons last year, said

reports. However, expectations of higher output in key growing regions

limited the upside. India's cumin seed output is set to touch 416,000

million tons for 2019, about 9% higher than the previous year, supported

by a sharp jump in production in Rajasthan, said reports. The fall in

output in Syria and Turkey on account of loss of quality due to weather

adversities will possibly make India the sole supplier in the international

market. Currently, there are heavy arrivals of jeera in physical market

but the demand is also good from the bulk buyers and exporters. During

the second half of March, 23,800 tonnes of jeera arrived in physical

market across the country compared to 18,500 last year. India's cumin

seed (jeera) output is set to touch 4,16,000 tons for 2019, about 9%

higher than the previous year, supported by a sharp jump in production in

Rajasthan. Exports of jeera is up 20.8% on year in January at 9,429

tonnes compared to 7,800 tn last year while for Apr-Jan period exports

are up 24.75% at 1.46 lt, compared to last year, according to DGCIS. In

Unjha, a key spot market in Gujarat, jeera edged up by 21.9 Rupees to

end at 16621.9 Rupees per 100 kg.Technically now Jeera is getting

support at 16440 and below same could see a test of 16355 level, And

resistance is now likely to be seen at 16610, a move above could see

prices testing 16695.


16560

SUPPORT 3

17370 17070 16860 16350 16050 15840

16770 16260 16650 0.73 7050

RESIST 3 RESIST 2

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Trading Ideas :Turmeric trading range for the day is 6184-6528.

Pressure also seen as some good quality produce is also arriving for sale in Erode market.

Worries over El Nino conditions have eased and there are indications of another year of robust monsoon rain.

In Nizamabad, a major spot market in AP, the price ended at 6355 Rupees gained 12 Rupees.


NCDEX Turmeric May 2019

Turmeric settled down on the back of fresh season arrivals and good production prospects.

#REF!


6352

SUPPORT 3

6626 6528 6454 6282 6184 6110

6430 6258 6380 -0.06 17765

RESIST 3 RESIST 2

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Trading Ideas :Menthaoil trading range for the day is 1478.1-1512.9.

Mentha oil spot at Sambhal closed at 1599.10 per 1kg. Spot prices was down by Rs.-4.10/-.

Further, lower arrivals from major producing belts of Chandausi in Uttar Pradesh also supporting prices.

However, upside seen limited amid expectations of higher acreage under mint in 2019 due to lucrative prices throughout last year.


MCX Menthaoil Apr 2019

Menthaoil settled up amid improved demand from consuming industries at the domestic spot market.

Mentha oil on MCX settled up by 0.37% at 1498 amid improved demand

from consuming industries at the domestic spot market. Further, lower

arrivals from major producing belts of Chandausi in Uttar Pradesh also

supporting prices. However, upside seen limited amid expectations of

higher acreage under mint in 2019 due to lucrative prices throughout last

year. Export demand of oil in global market is likely to be improved due

to recovery in currency which is supportive for prices. The surge in output

is likely due to buoyancy in planting intentions, not only in the traditional

pockets of Uttar Pradesh and Bihar in recent days, but also in Madhya

Pradesh. Mentha sowing may witness a huge jump this year because of

high returns farmers experienced the whole of last year. Production of

mentha oil is expected to rise to 48,000-50,000 tn in 2019 from 33,000-

35,000 tn last year. This year, sowing of the crop started towards the end

of last month, a couple of weeks later than usual due to extended cold

weather in all major growing regions. Official data on mentha, with

respect to sowing or production and export, is not available as trade in

the commodity is tightly controlled by a few. Mentha oil spot at Sambhal

closed at 1599.10 per 1kg. Spot prices was down by Rs.-4.10/-

.Technically market is under short covering as market has witnessed drop

in open interest by -2.95% to settled at 659 while prices up 5.5 rupees,

now Menthaoil is getting support at 1488.1 and below same could see a

test of 1478.1 level, And resistance is now likely to be seen at 1505.5, a

move above could see prices testing 1512.9.


1490.90

SUPPORT 3

1522.9 1512.9 1505.5 1488.1 1478.1 1470.7

1502.90 1485.50 1498.00 0.37 659

RESIST 3 RESIST 2

TIME ZONE Forecast

CommodityLME STOCK Stock

COPPER 150 190650

ALUMINIUM -7525 1060800

NICKEL -252 176946

LEAD -250 75200

ZINC -125 66350

7:15pm USD Flash Manufacturing PMI 52.8 52.4


6:00pm USD Philly Fed Manufacturing Index 11.2 13.7

6:00pm USD Unemployment Claims 207K 196K

6:00pm USD Core Retail Sales m/m 0.007 -0.004

6:00pm USD Retail Sales m/m 0.009 -0.002

1:30pm EUR Flash Manufacturing PMI 48.1 47.5

1:30pm EUR Flash Services PMI 53.1 53.3

12:45pm EUR French Flash Services PMI 49.8 49.1

1:00pm EUR German Flash Services PMI 55 55.4

Fresh Selling

LME DAILY STOCK POSITION ECONOMICAL DATA

DATA Previous

11:30am EUR German PPI m/m 0.002 -0.001

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

711

Cng in OI -1.21 -2.68 -2.49 0.52 -2.31 1.56 -4.35 -2.62 9.91

SUPPORT

4402 22020 15840 4186 6110 3717 537.6 3666

717

4436 22090 16050 4258 6184 3736 539.2 3694 714

4476 22190 16350 4309 6282 3754 540.3 3719

541.9 3747 720

729

4584 22430 17070 4504 6528 3810 544.6 3800 726

545.7 3825

543.0 3772 723

P. POINT 4510 22260 16560 4381 6356 3773

4550 22360 16860 4432 6454 3791

RESISTANCE

4624 22530 17370 4555 6626 3828

4516 22300 16650 4360 6380 3773 541.4 3745

DAILY MARKET TRADING LEVEL

COMMODITIESNCDEX Chana May

2019

NCDEX Cotton Apr

2019

NCDEX Jeera May

2019

NCDEX Guarseed10

May 2019

NCDEX Turmeric

May 2019

NCDEX Rmseed

May 2019MCX CPO Apr 2019

NCDEX Soyabean

May 2019

NCDEX

Ref.Soya oil

May 2019

718.95CLOSE

150

-7525

-252 -250 -125

-8000

-7000

-6000

-5000

-4000

-3000

-2000

-1000

0

1000

COPPER ALUMINIUM NICKEL LEAD ZINC

LME STOCK

NEWS YOU CAN USE

Global copper producers are converging in Chile this week as tightening supply buoys prices, even as the industry grapples with declining ore quality, project delays and

worries the U.S-China trade war may hit long-term demand. Despite these challenges, the industry is planning for substantial growth in the next decade thanks to an

expected boom in production of electric vehicles, which use twice as much copper as internal combustion engines. Automakers are vowing to produce all-electric fleets.

With all that in mind, hundreds of investors, executives, analysts and regulators are gathering in Santiago, the Chilean capital, for the annual World Copper Conference.

Relatively upbeat commodity prices since January have lifted producers such as Freeport-McMoRan Inc, Antofagasta Plc, BHP and Anglo American Plc out of the doldrums

and presented them with a new problem: the hunt for high-quality assets at a time of geo-political uncertainty. A lack of new supply and steady demand this year for the

metal, widely used in power and construction, should keep the 25-million-tonne market in a slight deficit and support prices, analysts said. The industry is moving to bring

new supply online, but it will take time. Freeport, the world’s largest publicly traded copper producer, cut its 2019 output forecast at Indonesia’s Grasberg mines by more

than half as it transitions to underground operations, a costly process that will take years.

European Council President Donald Tusk is proposing to make an offer of a 12-month “flexible” extension to the UK’s Brexit date, the BBC reported, citing a senior

European Union source. The plan would let UK leave sooner if the British parliament ratifies a deal but will need to be agreed by EU leaders next week at a summit, the

BBC said. After her EU withdrawal deal was rejected three times by lawmakers, British Prime Minister Theresa May invited opposition Labour leader Jeremy Corbyn for

talks in parliament to try to plot a way out of the crisis. May said earlier this week she would seek a delay that is “as short as possible” to the current Brexit date of April

12. Attorney General Geoffrey Cox told BBC that if the talks between UK’s Conservative and Labour parties fail, the delay is “likely to be a long one”.

The Cotton Corporation of India (CCI) has commenced the sale of cotton procured by the agency in the current marketing season under the government’s Minimum

Support Price (MSP) procurement programme. P Alli Rani, chairman-cum-managing director of CCI, confirmed the development, stating the government agency had sold

around 10,000 bales at a price of Rs 47,000 per candy through e-auctions in Maharashtra and Telangana. “I do not think CCI would be required to intervene and purchase

at MSP since farmers are getting prices from traders,” she said. Since early March, cotton prices have strengthened by Rs 3,000 a candy (of 356 kg each) to Rs 44,500

now. Spot prices have increased from Rs 45,000 to Rs 45,500 per candy. After the 26% year-on-year increase in 2018-19, the MSP for medium-staple variety of cotton is

at Rs 5,150 per quintal, and that for the long-staple variety is at Rs 5,450 per quintal. After conversion, the MSP equivalent price comes at Rs 41,000-Rs 42,000 per

candy. Nearly 70% of the cotton has arrived in the market so far, and with the peak period about to get over, the season is likely to stretch for another couple of months,

she said. According to CCI, about 235 lakh bales (of 170 kg each) cotton have arrived in the market as on March 15. The Cotton Association of India (CAI), in its March

2019 estimate, has pegged the crop output this year at 328 lakh bales.



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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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