Daily Commodity Roundup as on - Systematix Groupreport.systematixshares.com/Commodity/DAILY... ·...

Daily Commodity Roundup as on Wednesday, March 13, 2019

Date : Wednesday, March 13, 2019 URL : www.systematixshares.com Page No : 1

15.45CRUDE $

56.94

0.28 0.19 0.26

IN

TER

NA

TIO

NA

L M

AR

KET U

PD

ATE GOLD $

1305.08SILVER $

USDJPY111.234

-0.04 0.07 -0.1EURUSD

1.1284GBPUSD

1.30838

LME

NICKEL

13115

-0.15 -0.42 -0.04

LME

COPPER

6459 LME

ZINC

2830

$ INDEX97.01

-0.19 0.14 0.01

LME ALUMINIUM

1874 LME

LEAD

2089

DJIA25651

1.30 1.19 0.79SENSEX

37536NIFTY

11301


NIKKEI21200

-0.26 1.47 -1.41USDINR

69.83 S&P

INDEX

2783

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MCX Gold Apr 2019

Gold prices rose as the dollar weakened after the European Commission accepted amendments to the UK’s Brexit deal.

Gold on MCX settled up 0.33% at 32000 as the dollar weakened after the

European Commission accepted amendments to the UK’s Brexit deal,

although gains were limited as the agreement also buoyed sentiment for

riskier assets. European Commission head Jean-Claude Juncker agreed an

updated Brexit deal with British Prime Minister Theresa May to make the

agreement more palatable to UK lawmakers. The updated Brexit deal

boosted Asian shares ahead of a vote in the British parliament on a

divorce agreement. Gold also found some support from increasing

concerns about global growth. U.S. retail sales rose modestly in January,

but the recovery was not seen strong enough to alter the course of a U.S.

economy that was losing momentum in early 2019. German industrial

production declined in January, missing forecasts, and exports were flat,

a sign that Europe's largest economy continues to flounder. The German

Federal Statistical Office, Destatis, said that total industrial output,

including output in manufacturing, energy and construction, declined

0.8% from December. Reflecting the trend, Destatis said that German

exports were flat in December compared with November, whereas

imports rose 1.5%.Germany's adjusted trade surplus, which is the

balance of exports and imports of goods, narrowed to €18.5 billion ($20.8

billion) from €19.9 billion in December last year. US retail sales rose

0.2% in January, while the December reading of -1.2% was revised to -

1.6%. Technically market is under short covering as market has

witnessed drop in open interest by -9.42% to settled at 9251 while prices

up 104 rupees, now Gold is getting support at 31899 and below same

could see a test of 31798 level, And resistance is now likely to be seen at

32072, a move above could see prices testing 32144.

OPEN HIGH LOW CLOSE % CHANGE OPEN INTEREST

31984

SUPPORT 3

32245 32144 32072 31899 31798 31726

32043 31870 32000 0.33 9251

RESIST 3 RESIST 2 RESIST 1 SUPPORT 1 SUPPORT 2


Trading Ideas :Gold trading range for the day is 31798-32144.

EC head Jean-Claude Juncker agreed an updated Brexit deal with British Prime Minister Theresa May to make the agreement more palatable to UK lawmakers.

U.S. retail sales rose modestly in January, but the recovery was not seen strong enough to alter the course of a U.S. economy that was losing momentum in early 2019.

Hedge funds and money managers slashed their net long position in COMEX gold in the week to March 5.

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MCX Silver May 2019

Silver prices recovered after prices dropped buoyed by encouraging U.S. retail sales and business inventories data.

Silver on MCX settled up 0.62% at 38689 as prices recovered after prices

dropped buoyed by encouraging U.S. retail sales and business inventories

data. U.K. Prime Minister Theresa May has secured “legally binding

changes” that “strengthen and improve” the nation’s divorce deal from

the European Union, reports said. The prime minister is expected to chair

a cabinet meeting before the motion is debated in the House of Commons

in the afternoon and the vote will be held in the evening. Data released

by the Commerce Department showed an unexpected uptick in U.S. retail

sales in January. The Commerce Department said retail sales rose by

0.2% in January after tumbling by a revised 1.6% in December.

According to another data from the Commerce Department, business

inventories in the U.S. increased by 0.6% in the month of December, in

line with expectations. Wholesale and retail inventories jumped by 1.1%

and 0.9%, respectively, while manufacturing inventories were

unchanged. Hedge funds and money managers cut their net long position

in silver during the week, the data showed, Silver speculators cut their

net long position by 30,172 lots to 18,141 lots, CFTC said. That was the

lowest level since late December, the data showed. German industrial

production declined in January, missing forecasts, and exports were flat,

a sign that Europe's largest economy continues to flounder. The German

Federal Statistical Office, Destatis, said on Monday that total industrial

output, including output in manufacturing, energy and construction,

declined 0.8% from December. Technically market is under short

covering as market has witnessed drop in open interest by -2.88% to

settled at 17602, now Silver is getting support at 38552 and below same




38681 38860

39132 38996 38842 38552 38416 38262

38570 38689 0.62 17602

RESIST 3 RESIST 2 RESIST 1 SUPPORT 1 SUPPORT 2 SUPPORT 3


Trading Ideas :Silver trading range for the day is 38416-38996.

U.K. Prime Minister Theresa May has secured “legally binding changes” that “strengthen and improve” the nation’s divorce deal from the European Union.

The Commerce Department said retail sales rose by 0.2% in January and business inventories in the U.S. increased by 0.6% in the month of December.

Hedge funds and money managers cut their net long position in silver during the week, the data showed.

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MCX Crudeoil Mar 2019

Crude oil gained as OPEC's de facto leader Saudi Arabia appeared to deepen the group's supply cuts aimed at tightening markets

Crudeoil on MCX settled up 0.08% at 3970 as OPEC's de facto leader

Saudi Arabia appeared to deepen the group's supply cuts aimed at

tightening markets, although gains were capped by the ongoing surge in

U.S. supply and worries over the global economy. Oil prices have been

receiving broad support this year from supply cuts by the Organization of

the Petroleum Exporting Countries (OPEC) and non-affiliated allies like

Russia aimed at tightening markets. Saudi Arabia plans to cut its crude oil

exports in April to below 7 million barrels per day (bpd), while keeping its

output "well below" 10 million bpd, a Saudi official said . Traders also

pointed to the political and economic crisis in OPEC-member Venezuela as

a driver for oil prices. Offsetting OPEC efforts to prop up prices and the

impact of disruptions like Venezuela is a surge in U.S. oil supply. The

United States will drive global oil supply growth over the next five years,

adding another 4 million bpd to the country's already booming output, the

International Energy Agency said. U.S. crude oil output will rise nearly 2.8

million bpd, growing to 13.7 million bpd in 2024 from an average of just

under 11 million bpd in 2018, the IEA said, making the United States by

far the biggest oil producer in the world. With U.S. production booming,

the country needs to import less and is increasingly turning abroad to sell

surplus oil. Technically market is under fresh buying as market has

witnessed gain in open interest by 3.21% to settled at 9155 while prices

up 3 rupees, now Crude Oil is getting support at 3944 and below same




3981 4014

4064 4039 4004 3944 3919 3884

3954 3970 0.08 9155

RESIST 3 RESIST 2 RESIST 1 SUPPORT 1 SUPPORT 2 SUPPORT 3


Trading Ideas :Crudeoil trading range for the day is 3919-4039.

Traders also pointed to the political and economic crisis in OPEC-member Venezuela as a driver for oil prices.

Offsetting OPEC efforts to prop up prices and the impact of disruptions like Venezuela is a surge in U.S. oil supply.

With U.S. production booming, the country needs to import less and is increasingly turning abroad to sell surplus oil.

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MCX Copper Apr 2019

Copper gained as softer dollar and improving investor sentiment after changes to a Brexit deal lent support to prices.

Copper on MCX settled up 0.61% at 452.75 helped by a weaker dollar and

optimism about demand from China, the largest metals consumer. While

trader are caution as speculative investors cut bets on higher copper

prices, with the net long in LME copper falling to 3.4 percent of open

contracts by the end of last week from 13.5 at the start of March. While

support seen as production at Chinese miner MMG Ltd’s Las Bambas

copper deposit in Peru could fall in the near-term due to a month-long

road blockade by a community that was relocated to build the mine, the

company said. Last night Base metals rose across the board as Zinc led

the increase and gained 3.23%.While nickel, aluminium grew over 1%,

copper went up 0.61%, and lead nudged up as the dollar weakened and

last-minute tweaks to Britain's Brexit deal revived appetite for riskier

assets. The US dollar weakened after progress in Brexit negotiations

between the European Union and Britain, and this provided short-term

support to prices. From the data point US consumer prices rose for the

first time in four months in February, but the pace of the increase was

modest, resulting in the smallest annual gain in nearly two and a half

years. The Labor Department said on Tuesday that its CPI increased 0.2%

in February, lifted by gains in the costs of food, gasoline and rents. Now a

day ahead the US will release data on its PPI for February, durable goods

orders for January, and its weekly crude inventory data from the EIA.

Technically market is getting support at 450.5 and below same could see

a test of 448.2 level, And resistance is now likely to be seen at 456.1, a

move above could see prices testing 459.4.


451.50

SUPPORT 3

461.7 459.4 456.1 450.5 448.2 444.9

457.10 451.50 452.75 0.61 12179


Trading Ideas :Copper trading range for the day is 448.2-459.4.

Market focus is also on stocks of copper in LME warehouses, which at 113,525 are at their lowest since 2008.

Concerns about a tight LME market have also created a premium for the cash over the three-month contract.

Warehouse stock for Copper at LME was at 112725mt that is down by -800mt.


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MCX Zinc Mar 2019

Zinc gained after the European Commission agreed to changes in a Brexit deal before a vote in the British parliament on a divorce agreement.

Zinc on MCX settled up 3.23% at 199.65 gained sharply on short covering

jumped tracking firmness from LME zinc prices which was traded up 2.3

percent at $2,800 a tonne after touching $2,830, the highest since July

driven higher by a shortfall of supply, dwindling stockpiles and

expectations of solid demand from top consumer China. Support seen

after the headline that LME zinc stocks have fallen to 59,200 tonnes, the

lowest since October 2007. Between 50 and 79 percent of warrants are

held by a single entity and about a quarter of the metal is already

earmarked for delivery. Also suggesting a shortage of immediately

available metal on the LME, the premium for cash zinc over the three-

month contract has surged to $US 49.50, the highest in two months. The

International Lead and Zinc Study Group said the global zinc market

deficit narrowed to 28,000 tonnes in January from a revised deficit of

62,400 tonnes in December. The ILZSG showed a deficit of 384,000

tonnes last year and shortfalls of 442,000 tonnes and 128,000 tonnes

respectively in 2017 and 2016. Last night Base metals rose across the

board as Zinc led the increase and gained 3.23%.While nickel, aluminium

grew over 1%, copper went up 0.61%, and lead nudged up as the dollar

weakened and last-minute tweaks to Britain's Brexit deal revived appetite

for riskier assets.Now a day ahead the US will release data on its PPI for

February, durable goods orders for January, and its weekly crude

inventory data from the EIA. Technically market is under fresh buying

and getting support at 195.4 and below same could see a test of 191.1

level, And resistance is now likely to be seen at 202, a move above could

see prices testing 204.3.


194.6

SUPPORT 3

208.6 204.3 202.0 195.4 191.1 188.8

200.0 193.5 199.7 3.23 5898


Trading Ideas :Zinc trading range for the day is 191.1-204.3.

Domestic inventories of refined zinc ceased their climb, which grew confidence in longs.

Data from the ILZSG showed a zinc market deficit of 384,000 tonnes last year and shortfalls of 442,000 tonnes and 128,000 tonnes respectively in 2017 and 2016.

Warehouse stock for Zinc at LME was at 59200mt that is down by -250mt.


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MCX Nickel Mar 2019

Nickel prices gained amid low inventory levels and recovering demand.

Nickel on MCX settled up 1.41% at 910.60 on short covering as a lower

US dollar index below 97 pulled LME nickel to a high of $13,260/mt also

sentiments turned positive as optimism about demand from China, the

largest metals consumer. Meanwhile the White House said on Monday it

was “absurd” to suggest that President Donald Trump was an unreliable

negotiator as China reportedly balked at a summit with President Xi

Jinping over concerns Trump would walk away from a trade deal.Last

night Base metals rose across the board as Zinc led the increase and

gained 3.23%.While nickel, aluminium grew over 1%, copper went up

0.61%, and lead nudged up as the dollar weakened and last-minute

tweaks to Britain's Brexit deal revived appetite for riskier assets. The US

dollar weakened after progress in Brexit negotiations between the

European Union and Britain, and this provided short-term support to

prices. From the data point US consumer prices rose for the first time in

four months in February, but the pace of the increase was modest,

resulting in the smallest annual gain in nearly two and a half years. The

Labor Department said on Tuesday that its CPI increased 0.2% in

February, lifted by gains in the costs of food, gasoline and rents. On a

yearly basis, the CPI rose 1.5%, the smallest gain since September 2016.

Now a day ahead the US will release data on its PPI for February, durable

goods orders for January, and its weekly crude inventory data from the

EIA. Technically market is under short covering and now prices are

getting support at 904.1 and below same could see a test of 897.6 level,

And resistance is now likely to be seen at 919, a move above could see

prices testing 927.4.


907.5

SUPPORT 3

933.9 927.4 919.0 904.1 897.6 889.2

920.9 906 910.6 1.41 6736


Trading Ideas :Nickel trading range for the day is 897.6-927.4.

Prices also gained supported by maintenance at nickel pig iron plants in China's Inner Mongolia.

Data from the INSG shows the nickel market deficit at 46,000 tonnes in 2016, 115,000 tonnes in 2017 and 127,000 tonnes last year.

Warehouse stock for Nickel at LME was at 193254mt that is down by -792mt.


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NCDEX Jeera Apr 2019

Jeera gained on the back of increased buying as a result of lower output amid lower acreage in Gujarat.

Jeera on NCDEX settled up by 1.34% at 15525 on the back of increased

buying as a result of lower output amid lower acreage in Gujarat.

However, upside seen limited as new season jeera new season jeera

hitting the market. Despite lower output in Gujarat, India's cumin seed

output is pegged nearly 9% higher at 416,000 tons for 2018-19 because

of increased production in Rajasthan. Though state government has

projected a decline in jeera crop in Gujarat due to lower acreage, traders

are optimistic of higher output because of adequate availability of water.

Besides, lower export demand in the physical market also triggered the

downtrend. According to 1st Adv est. by Agriculture Ministry, cumin

output may be higher by 10% on year to 7.56 lakh tonne. In the 2nd

advance estimate, cumin production in Gujarat is forecasted down by

25% on year at 2.23 lakh tonnes for 2018/19 crop. Area under cumin in

the state is pegged at 3.48 lakh ha as on 4-Feb, down 9.1% on year but

higher by 8.75% than normal area as per govt data. In the 2nd advance

estimate, cumin production in Gujarat is forecasted down by 25% on year

at 2.23 lakh tonnes for 2018/19 crop. Area under cumin in the state is

pegged at 3.48 lakh ha, down 9.1% on year but higher by 8.75% than

normal area as per govt data. In Unjha, a key spot market in Gujarat,

jeera edged down by -30.9 Rupees to end at 16159.1 Rupees per 100

kg.Technically now Jeera is getting support at 15310 and below same




15620

SUPPORT 3

16070 15910 15815 15560 15400 15305

15750 15495 15725 1.29 4089


Trading Ideas :Jeera trading range for the day is 5242-5242.

However, upside seen limited as new season jeera new season jeera hitting the market.

Despite lower output in Gujarat, India's cumin seed output is pegged nearly 9% higher at 416,000 tons for 2018-19 because of increased production in Rajasthan.

In Unjha, a key spot market in Gujrat, jeera remains unchanged at0 rupees to end at 16254 rupee per 100 kg.


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NCDEX Turmeric Apr 2019

Turmeric gained on the back of concerns that drought conditions and cold weather will affect the crop production.

Turmeric on NCDEX settled down by -2.61% at 6262 on higher supplies

prospects from new season crop. There is expectation of higher

production this season due to higher acreage in Telangana. However,

downside seen limited on the back of concerns that drought conditions

and cold weather will affect the crop production. There are concerns that

drought conditions and cold weather will adversely affect the production.

Production is forecasted at 11.5 lakh tonnes in the 1st advance estimates

by the government little higher then to last year production. Fresh

arrivals are expected to increase at the spot market and will remain peak

due to the harvesting activities. Crop prospects have improved in

Maharashtra and overall output is expected to be higher. Demand for

turmeric is sluggish in physical as traders are not interested in old crop

produce and are awaiting the commencement of new crop supplies, which

are likely to hit markets soon. There are yield concerns from few growing

regions as drought conditions and cold weather has not supported the

crop; however overall crop in the season will be higher due to increased

area. Turmeric production is expected to be higher this season due to

higher acreage in Telangana. In Nizamabad, a major spot market in AP,

the price ended at 6275 Rupees dropped -25 Rupees.Technically market

is under long liquidation as market has witnessed drop in open interest by

-3.01% to settled at 9350 while prices down -168 rupees, now Turmeric

is getting support at 6184 and below same could see a test of 6104 level,

And resistance is now likely to be seen at 6402, a move above could see

prices testing 6540.


6440

SUPPORT 3

6620 6540 6402 6184 6104 5966

6460 6242 6262 -2.61 9350


Trading Ideas :Turmeric trading range for the day is 6104-6540.

Turmeric production is expected to be higher this season due to higher acreage in Telangana.

There are yield concerns from few growing regions as drought conditions and cold weather has not supported the crop.

In Nizamabad, a major spot market in AP, the price ended at 6275 Rupees dropped -25 Rupees.


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MCX Menthaoil Mar 2019

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

Mentha oil on MCX settled up by 1.74% at 1682.5 amid improved demand

from consuming industries at the domestic spot market. However, upside

seen limited amid expectations of higher acreage under mint in 2019 due

to lucrative prices throughout last year. Further, lower arrivals from major

producing belts of Chandausi in Uttar Pradesh also supporting prices.

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. This season, the area under

mint is expected to be 250,000-265,000 ha. Mentha oil spot at Sambhal

closed at 1763.50 per 1kg. Spot prices was up by Rs.21.00/-.Technically

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

interest by 4.89% to settled at 880 while prices up 28.8 rupees, now

Menthaoil is getting support at 1662.1 and below same could see a test of

1641.8 level, And resistance is now likely to be seen at 1699.6, a move

above could see prices testing 1716.8.


1660.30

SUPPORT 3

1737.1 1716.8 1699.6 1662.1 1641.8 1624.6

1696.50 1659.00 1682.50 1.74 880


Trading Ideas :Menthaoil trading range for the day is 1641.8-1716.8.

Mentha oil spot at Sambhal closed at 1763.50 per 1kg. Spot prices was up by Rs.21.00/-.

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.


TIME ZONE Forecast

CommodityLME STOCK Stock

COPPER -800 112725

ALUMINIUM -7400 1205725

NICKEL -792 193254

LEAD 250 76700

ZINC -250 59200

4234 21010 15725 4298 6262 3826 531.6 3657

DAILY MARKET TRADING LEVEL

COMMODITIESNCDEX Chana Apr

2019

NCDEX Cotton Mar

2019

NCDEX Jeera Apr

2019

NCDEX Guarseed10

Apr 2019

NCDEX Turmeric

Apr 2019

NCDEX Rmseed Apr

2019MCX CPO Mar 2019

NCDEX Soyabean

Apr 2019

NCDEX

Ref.Soya oil

Apr 2019

740.35CLOSE

P. POINT 4244 20950 15655 4314 6322 3831

4260 21110 15815 4336 6402 3841

RESISTANCE

4302 21370 16070 4395 6620 3865

532.5 3664 740

754

4286 21210 15910 4373 6540 3855 540.1 3697 749

543.5 3710

535.9 3677 745

4255 6104 3807 524.9 3631 731

4218 20850 15560 4277 6184 3817 528.3 3644

727

Cng in OI -3.02 -4.77 -0.66 0.99 -3.01 3.50 -3.45 -0.97 2.83

SUPPORT

4176 20590 15305 4218 5966 3793 520.7 3611

736

4202 20690 15400

Fresh Buying

LME DAILY STOCK POSITION ECONOMICAL DATA

DATA Previous

2:30pm EUR Italian Quarterly Unemployment Rate 0.105 0.102

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

3:30pm EUR Industrial Production m/m 0.01 -0.009

Tentative EUR German 30-y Bond Auction 0 0.72|1.2

6:00pm USD Core Durable Goods Orders m/m 0.001 0.001

6:00pm USD PPI m/m 0.002 -0.001

6:00pm USD Core PPI m/m 0.002 0.003

6:00pm USD Durable Goods Orders m/m -0.005 0.012

7:30pm USD Construction Spending m/m 0.004 -0.006

8:00pm USD Crude Oil Inventories 2.7M 7.1M

10:31pm USD 30-y Bond Auction 0 3.02|2.3


-800

-7400

-792

250

-250

-8000

-7000

-6000

-5000

-4000

-3000

-2000

-1000

0

1000

COPPER ALUMINIUM NICKEL LEAD ZINC

LME STOCK

NEWS YOU CAN USE

China plans to lower its GDP growth target to a range of between 6% to 6.5%, Premier Li Keqiang said in his annual work report delivered early into the annual meeting

of the National People’s Congress. The lower end of the growth target would represent the slowest pace of economic growth in nearly three decades, according to

Bloomberg. Unlike other years, authorities in Beijing are giving themselves a band for the growth target, as opposed to a specific number, which could give them more

flexibility. Chinese authorities also announced tax breaks, most notably a 3% cut to the top bracket of the value-added tax (VAT) in order to support the manufacturing

sector. Other target economic figures for 2019 announced by Beijing include consumer price index (CPI) growth of 3% and a budget deficit of 2.8% of GDP.

Bank of Japan board member Yutaka Harada said the central bank must ramp up stimulus without delay if risks to the economy threaten achievement of its inflation

target. Harada, a vocal advocate of aggressive monetary easing, said Japan’s economy was facing growing risks, including from slowing demand in China, simmering

trade tensions, volatile stock price moves and weak private consumption. Subdued inflation could heighten views among the public that prices won’t rise much and delay

achievement of the BOJ’s 2 percent inflation target, he added. “If the economy deteriorates to the extent that achieving the inflation target in the long term becomes

difficult, it’s necessary to strengthen monetary easing without delay,” Harada said in a speech to business leaders in Kofu, eastern Japan. A scheduled sales tax hike in

October could also hurt the economy and push down prices by weakening demand, he said. The BOJ faces a dilemma. Years of heavy money printing have dried up

market liquidity and hurt commercial banks’ profits, stoking concern over the rising risks of prolonged easing. And yet, subdued inflation has left the BOJ well behind its

U.S. and European counterparts in dialling back its crisis-mode policies, leaving it with little ammunition to battle any abrupt yen spike that could derail an export-driven

economic recovery.

The total area under castor in India for 2018-19 is estimated to be 7,69,570 hectare as per the government’s forecast against 2017-18 estimate of 8,21,600 hectare,

which has decreased by 7% compared to the previous year. The total production of castor crop in India in 2018-19 is estimated to be down by 20% to 11.26 lakh tonne

in 2018-19 from 14.16 lakh tonne estimated in 2017-18, says a survey conducted by the Solvent Extractors Association (SEA). The area and yield have declined mainly

due to inadequate monsoons, according to the survey. The total area under castor in India for 2018-19 is estimated to be 7,69,570 hectare as per the government’s

forecast against 2017-18 estimate of 8,21,600 hectare, which has decreased by 7% compared to the previous year, it revealed.Acreage has been reported to have

declined in Gujarat, the largest growing state, but it is expected to be almost flat in Rajasthan and Andhra Pradesh/Telangana. The average yield for 2018-19 is estimated

slightly down, -12.6%, to 1,520 kg per hectare compared to 1,740 kg per hectare, based on farmers’ response about their yield expectation on present crop conditions,

the survey said. SEA conducts castor survey for crop estimation in major growing states like Gujarat, Rajasthan, Andhra Pradesh and Telangana every year. Total area

under castor in Gujarat for 2018-19 is taken to be 5,33,800 hectare as per the government’s estimates, against last year’s estimate of 5,91,000 hectare, which has

declined by about 10% as compared to the previous year.



The information and opinions contained herein have been compiled or arrived at, based upon information obtained in good faith from sources believed to be reliable. Such information has not been independently verified and no guaranty, representation of warranty, express or implied, is

made as to its accuracy completeness or correctness.

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Canada or distributed or redistributed in Japan or to any resident thereof. Any unauthorized use, duplication, redistribution or disclosure of this report including, but not limited to, redistribution by electronic mail, posting of the report on a website or page, and/or providing to a third party

a link, is prohibited by law and will result in prosecution. The information contained in the Report is intended solely for the recipient and may not be further distributed by the recipient to any third party.

SCSPL generally prohibits its analyst(s), persons reporting to analyst(s), and members of their households from maintaining a financial interest in the commodities or commodity derivatives that the analyst(s) cover. Our salespeople, traders, and other professionals or affiliates may

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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