Daily Commodity Roundup as on - Systematix...

Date : Thursday, February 14, 2019 URL : www.systematixshares.com Page No : 1

Daily Commodity Roundup as on Thursday, February 14, 2019


NIKKEI21144

0.12 1.29 0USDINR

70.96 S&P

INDEX

2745

DJIA25426

-0.33 -0.35 1.49SENSEX

36034NIFTY

10794

$ INDEX97.06

-0.19 -0.20 -0.16

LME ALUMINIUM

1862 LME

LEAD

2022

12395

0.14 0.1 -0.04

LME

COPPER

6153 LME

ZINC

2613

IN

TER

NA

TIO

NA

L M

AR

KET U

PD

ATE GOLD $

1307.85SILVER $

USDJPY111.111

0.25 0.13 0.11EURUSD

1.1283GBPUSD

1.28643

LME

NICKEL

15.62CRUDE $

53.85

0.13 0.52 1.41

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#

#

#

RESIST 1 SUPPORT 1 SUPPORT 2


Trading Ideas :Gold trading range for the day is 32647-33327.

U.S. President Donald Trump said on Tuesday that he could see letting the March 1 deadline for reaching a trade agreement with Beijing.

U.S. tariffs on $200 billion worth of imports from China are scheduled to rise to 25 percent from 10 percent if the two sides cannot reach a deal by the deadline

The Fed is doing the right thing by keeping interest rates on hold and should do so for months, not weeks, as it assesses downside risks.

Gold firmed slightly as investors held onto the safe-haven metal while seeking more clarity on Sino-U.S. trade talks.

Gold on MCX settled up 0.49% at 33011 as investors held onto the safe-

haven metal while seeking more clarity on Sino-U.S. trade talks, and as

volatility in the dollar provided further support. U.S. President Donald

Trump said on Tuesday that he could see letting the March 1 deadline for

reaching a trade agreement with Beijing slide a little if the two sides were

close to hammering out a deal to end their long-drawn trade tussle. U.S.

tariffs on $200 billion worth of imports from China are scheduled to rise to

25 percent from 10 percent if the two sides cannot reach a deal by the

deadline, increasing pain and costs in sectors from consumer electronics

to agriculture. Investors were also worried after Trump said he was

unhappy with a deal struck by congressional negotiators on border

security that denied him funds for his U.S.-Mexican border wall.

Nevertheless, Trump said he did not expect another shutdown, while

continuing to insist he could find a way to bypass Congress and build a

wall without lawmakers. Meanwhile, holdings of SPDR Gold Trust, the

world’s largest gold-backed exchange-traded fund, fell 0.4 percent.

Holdings are down about 3 percent so far this month after four straight

monthly gains. The Federal Reserve is doing the right thing by keeping

interest rates on hold and should do so for months, not weeks, as it

assesses downside risks, Dallas Federal Reserve Bank president Robert

Kaplan said, adding that this has been his view since late last year.

Technically now Gold is getting support at 32829 and below same could

see a test of 32647 level, And resistance is now likely to be seen at

33169, a move above could see prices testing 33327.

OPEN HIGH LOW CLOSE % CHANGE OPEN INTEREST

32854

SUPPORT 3

33509 33327 33169 32829 32647 32489

33145 32805 33011 0.49 16138

RESIST 3 RESIST 2

MCX Gold 05 APR 2019

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SUPPORT 2 SUPPORT 3


Trading Ideas :Silver trading range for the day is 39262-40060.

While Powell said he didn't foresee an economic downturn, with unemployment near at a half-century low and economic output rising at a "solid pace."

U.S. Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer arrived in Beijing for talks aimed at reaching a bilateral deal before a March 1 deadline.

US job openings rebounded to a record high in December, underscoring robust demand for workers.

Silver gained as prices seen supported after Fed Chairman Powell said that many rural areas have not benefited from U.S. national prosperity.

Silver on MCX settled up 0.21% at 39586 as prices seen supported after

Fed Chairman Jerome Powell said in a speech in Mississippi that many

rural areas have not benefited from U.S. national prosperity. While Powell

said he didn't foresee an economic downturn, with unemployment near at

a half-century low and economic output rising at a "solid pace," he said

rural areas needed special support, such as access to affordable credit to

start small businesses and high-quality education to train workers. It was

yet another sign that the Fed was in no hurry to tighten rates. U.S.

Treasury Secretary Steven Mnuchin and Trade Representative Robert

Lighthizer arrived in Beijing for talks aimed at reaching a bilateral deal

before a March 1 deadline that could bring additional tariffs on $200

billion of Chinese goods. Market expectations for a Fed rate hike this year

are hanging by a thread, after Powell pledged since the start of this year

to be patient. However, news that U.S. congressional negotiators reached

a tentative deal to prevent a government shutdown supported the stock

market, limiting gains for haven gold on Tuesday. The deal still requires

approval from President Donald Trump. US job openings rebounded to a

record high in December, underscoring robust demand for workers. The

number of positions waiting to be filled rose by 169,000 to 7.34 million,

from an upwardly revised 7.17 million in the prior month, according to the

Labor Department’s Job Openings and Labor Turnover Survey (JOLTS)

released. Technically now Silver is getting support at 39424 and below

same could see a test of 39262 level, And resistance is now likely to be

seen at 39823, a move above could see prices testing 40060.


39538 39898

40222 40060 39823 39424 39262 39025

39499 39586 0.21 13280

RESIST 3 RESIST 2 RESIST 1 SUPPORT 1

MCX Silver 05 MAR 2019

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SUPPORT 2 SUPPORT 3


Trading Ideas :Crudeoil trading range for the day is 3729-3931.

Prices were also supported by a report from the API showing that crude inventories fell by 998,000 barrels in the week to Feb. 8 to 447.2 million.

IEA maintains 2019 oil demand growth of 1.4mbpd, raises non-OPEC supply growth forecast to 1.8mbpd from 1.6mbpd

OPEC said that it had cut its output by almost 800,000 bpd in January to 30.81 million bpd.

Crude oil gained as producer club OPEC said it had cut supply deeply in January and as U.S. sanctions hit Venezuela's oil exports.

Crudeoil on MCX settled up 1.61% at 3843 as producer club OPEC said it

had cut supply deeply in January and as U.S. sanctions hit Venezuela's oil

exports. Prices were also supported by a report from the American

Petroleum Institute (API) showing that crude inventories fell by 998,000

barrels in the week to Feb. 8 to 447.2 million, compared with analyst

expectations for an increase of 2.7 million barrels. The Organization of the

Petroleum Exporting Countries (OPEC), which Saudi Arabia de-facto leads

as the world's top crude oil exporter, said that it had cut its output by

almost 800,000 bpd in January to 30.81 million bpd. Supply issues in

OPEC-member Venezuela are also bolstering oil prices as the South

American country suffers a political and economic crisis, with Washington

introducing petroleum export sanctions against state-owned energy firm

PDVSA. Despite the political rifts between Venezuela and the United

States, U.S. refiners have in the past been some of the biggest buyers of

Venezuelan crude. Most new supply is coming from the United States,

where crude production rose by more than 2 million bpd last year to a

record 11.9 million bpd, making the country the world's biggest oil

producer ahead of Russia and Saudi Arabia. And while OPEC and its allies,

including Russia, withhold supply, U.S. output is expected to rise further,

with the Energy Information Administration saying that U.S. crude

production is expected to reach 13.2 million bpd by 2020. Technically

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

interest by 0.29% to settled at 10518 while prices up 61 rupees, now

Crudeoil is getting support at 3786 and below same could see a test of

3729 level, And resistance is now likely to be seen at 3887, a move

above could see prices testing 3931.


3787 3874

3988 3931 3887 3786 3729 3685

3773 3843 1.61 10518

RESIST 3 RESIST 2 RESIST 1 SUPPORT 1

MCX Crudeoil 19 FEB 2019

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Trading Ideas :Copper trading range for the day is 430.7-438.1.

U.S. President Donald Trump said he could see letting the March 1 deadline for reaching a trade agreement with China slide a little.

On-warrant stocks of copper available to the market in LME-registered warehouses were at 74,750 tonnes, close to a 2005 low touched in October.

Warehouse stock for Copper at LME was at 147900mt that is down by -350mt.


Copper rose after U.S. President Donald Trump said he could see the deadline for a trade agreement with top metals consumer China being pushed back.

Copper on MCX settled up 0.5% at 434.75 but prices are trading in the

range as investors awaited their cue from the latest trade data from top

metals consumer China and the Sino-U.S. trade talks in Beijing. China is

due to report its copper import and aluminium export numbers for

January later in the day. US-China trade optimism was not enough to

substantially shore up copper prices. An overnight rebound in the US

dollar might weigh on copper prices today. Last night base metals, except

for lead, traded higher Aluminium expanded 0.77%, copper gained 0.5%,

nickel up by 0.57% & zinc up 0.54% while lead dropped some 0.52%.

The US dollar slightly recovered reversing losses from the previous day,

thanks to an increase in a measure of inflation excluding energy prices.

Now a day ahead Economic data slated for release today include China's

trade balance for January, total social financing and M2 money supply,

Germany’s and the eurozone’s fourth-quarter gross domestic product

(GDP) growth, the US' January producer price index (PPI), December

retail sales and weekly jobless claims. Also US and Chinese negotiators

begin two days of trade talks in Beijing today. It was reported on

Wednesday that China's President Xi Jinping will meet with US Treasury

Secretary Steven Mnuchin and Trade Representative Robert Lighthizer on

Friday. Now technically market is under short covering as market has

witnessed drop in open interest by -6.22% to settled at 9771 while prices

up 2.15 rupees, now Copper is getting support at 432.8 and below same

could see a test of 430.7 level, And resistance is now likely to be seen at

436.5, a move above could see prices testing 438.1.


433.65

SUPPORT 3

440.2 438.1 436.5 432.8 430.7 429.1

436.05 432.30 434.75 0.50 9771

RESIST 3 RESIST 2

MCX Copper 28 FEB 2019

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Trading Ideas :Zinc trading range for the day is 182.4-187.4.

Underpinning zinc, data showed LME inventories of the metal eroded further to their lowest since January 2008.

Cash zinc traded at a premium of $1 a tonne to the three-month price , off a high of $125 in early December.

Warehouse stock for Zinc at LME was at 101525mt that is down by -4350mt.


MCX Zinc 28 FEB 2019

Zinc gained on optimism the United States and China might be able to hammer out a deal to resolve their nearly year-long trade dispute.

Zinc on MCX settled up 0.54% at 185.35 gained on short covering after

Zinc slumped to a two-week low this week falling along with other

industrial metals as speculators sold in response to concerns about US-

China trade talks and global growth. Support seen as after Floods in

Australia's Queensland state are set to disrupt the rail delivery of zinc

exports to the northern port of Townsville, with the line likely to be out of

action for at least a month, analysts said on Wednesday. Townsville port

ships about 40% of Australia's zinc production, equal to about 700,000

tonnes a year or 5% of global supply. LME zinc stocks are at their lowest

since January 2008, although cash zinc was trading at a discount of $6.25

a tonne to the three-month price , versus a premium of $125 in early

December, in a sign of weaker immediate demand. Last night base

metals, except for lead, traded higher Aluminium expanded 0.77%,

copper gained 0.5%, nickel up by 0.57% & zinc up 0.54% while lead

dropped some 0.52%. The US dollar slightly recovered reversing losses

from the previous day, thanks to an increase in a measure of inflation

excluding energy prices. Now a day ahead Economic data slated for

release today include China's trade balance for January, total social

financing and M2 money supply, Germany’s and the eurozone’s fourth-

quarter gross domestic product (GDP) growth, the US' January producer

price index (PPI), December retail sales and weekly jobless claims. Now

technically market is under short covering as market has witnessed drop

in open interest by -17.77% to settled at 3300, now Zinc is getting

support at 183.9 and below same could see a test of 182.4 level, And

resistance is now likely to be seen at 186.4, a move above could see

prices testing 187.4.


185.2

SUPPORT 3

188.9 187.4 186.4 183.9 182.4 181.4

185.9 183.4 185.4 0.54 3300

RESIST 3 RESIST 2

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Trading Ideas :Nickel trading range for the day is 863.7-885.5.

U.S. President Donald Trump said he could let the deadline for a trade agreement "slide for a little while".

While the growth of consumption in China is likely to further slow in 2019, the pace would be still be steady and relatively fast.

Warehouse stock for Nickel at LME was at 199476mt that is down by -126mt.


MCX Nickel 28 FEB 2019

Nickel gained due to signs of an easing in tensions in the U.S.-China trade conflict, but a lack of firm resolution kept a lid on the tepid gains.

Nickel on MCX settled up 0.57% at 876.80 on short covering while LME

nickel fluctuated to end lower at $12,400/mt on Wednesday. Today

pressure can be seen as Iron ore futures in China fell for a second straight

session on Wednesday as the market awaited clarity on the magnitude of

supply disruption following Vale SA's dam closures. Steel prices also fell,

with the most-active rebar contract ending lower for a second day, as

worries over weak demand in top consumer China persist. The most-

traded iron ore on the Dalian Commodity Exchange settled 3.3 per cent

lower at 624 yuan ($US92.34) a tonne, after hitting as low as 615 yuan

earlier in the session. The steel-making raw material had hit a record high

of 657.5 yuan on Tuesday but ended lower after an eight-session rally.

Last night base metals, except for lead, traded higher Aluminium

expanded 0.77%, copper gained 0.5%, nickel up by 0.57% & zinc up

0.54% while lead dropped some 0.52%. The US dollar slightly recovered

reversing losses from the previous day, thanks to an increase in a

measure of inflation excluding energy prices. Now a day ahead Economic

data slated for release today include China's trade balance for January,

total social financing and M2 money supply, Germany’s and the

eurozone’s fourth-quarter gross domestic product (GDP) growth, the US'

January producer price index (PPI), December retail sales and weekly

jobless claims. Also US and Chinese negotiators begin two days of trade

talks in Beijing today. Now technically market is under short covering as

market has witnessed drop in open interest by -3.77% to settled at 5155,

now Nickel is getting support at 870.3 and below same could see a test of

863.7 level, And resistance is now likely to be seen at 881.2, a move

above could see prices testing 885.5.


874.6

SUPPORT 3

892.1 885.5 881.2 870.3 863.7 859.4

878.9 868 876.8 0.57 5155

RESIST 3 RESIST 2

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Trading Ideas :Jeera trading range for the day is 5180-5180.

Though state government has projected a decline in jeera crop in Gujarat due to lower acreage.

NCDEX accredited warehouses jeera stocks dropped by 10 tonnes to 60 tonnes.

In Unjha, a key spot market in Gujrat, jeera remains unchanged at0 rupees to end at 16596 rupee per 100 kg.


NCDEX Jeera 19 MAR 2019

Jeera prices dropped on account of reports of progress in harvesting activities in the main producing regions of Gujarat and Rajasthan.

Jeera on NCDEX settled up by 0.78% at 15595 on short covering after

prices dropped on account of reports of progress in harvesting activities in

the main producing regions of Gujarat and 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. Commencement of fresh crop arrivals in

key spot market of Unjha in Gujarat is putting downward pressure on

prices. In the 2nd advance estimate, cumin production in Gujarat is

forecasted doen 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. Exports of jeera is down 25.4% on year in November at 7,859

tonnes compared to 10,537 tn last year but jeera exports in 2018/19 (Apr-

Dec) is 1.28 lt, up 26.7% compared to exports last year, acc. to

Commerce Ministry. The new jeera crop, which started coming into the

benchmark Unjha market of Gujarat from last week, is being sold 23%

lower from last year. The country's jeera output is expected to be more or

less the same as last year, though initially it was expected to be 20-25%

lower from the previous year. In Unjha, a key spot market in Gujarat,

jeera edged up by 47.65 Rupees to end at 16636.55 Rupees per 100

kg.Technically now Jeera is getting support at 15455 and below same

could see a test of 15315 level, And resistance is now likely to be seen at

15680, a move above could see prices testing 15765.


15470

SUPPORT 3

15765 15675 15605 15445 15355 15285

15585 15425 15540 -0.35 2334

RESIST 3 RESIST 2

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Trading Ideas :Turmeric trading range for the day is 6248-6416.

Prices also seen supported on the back of concerns that drought conditions and cold weather will affect the crop production.

NCDEX accredited warehouses turmeric stocks gained by 10 tonnes to 70 tonnes.

In Nizamabad, a major spot market in AP, the price ended at 6564.7 Rupees remains unchanged at0 Rupees.


NCDEX Turmeric 16 APR 2019

Turmeric settled up on short covering after prices dropped amid expectations of increase in arrivals at the spot markets in the coming days.

Turmeric on NCDEX settled up by 0.13% at 6338 on short covering after

prices dropped amid expectations of increase in arrivals at the spot

markets in the coming days with better moisture content. Prices also

seen supported 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. 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 soo. 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. As per data released by Commerce Ministry,

turmeric exports during the month of Oct 2018, up 33.7% on year to

10,486 tonnes (Vs 7,845 tonnes). Turmeric exports in 2018/19 (Apr-Oct)

is up 13.3% at 70,033 tonnes compared to 67,129 last year for the same

period. In Nizamabad, a major spot market in AP, the price ended at

6564.7 Rupees remains unchanged at0 Rupees.Technically market is

under short covering as market has witnessed drop in open interest by -

0.97% to settled at 12790 while prices up 8 rupees, now Turmeric is

getting support at 6294 and below same could see a test of 6248 level,

And resistance is now likely to be seen at 6378, a move above could see

prices testing 6416.


6324

SUPPORT 3

6462 6416 6378 6294 6248 6210

6370 6286 6338 0.13 12790

RESIST 3 RESIST 2

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Trading Ideas :Menthaoil trading range for the day is 1557.8-1674.

Mentha oil spot at Sambhal closed at 1709.70 per 1kg. Spot prices was remain unchangeby Rs.0.00/-.

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.


MCX Menthaoil 28 FEB 2019

Mentha oil prices gained amid improved demand from consuming industries at the domestic spot market.

Mentha oil on MCX settled up by 3.04% at 1629.5 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 limited the downside.

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

recovery in currency which is supportive for prices. Farmers have started

preparing to harvest mentha this time in many villages of Saheb Tehsil.

Actually, this time demand was high in the market and availability of

Mentha Oil was low. Farmers and businessmen are hoping that this time

the harvest of mentha will be more. Because for a few years the price of

Mentha was very low. Since last few years the number has been steady

to lower. But in response to decent appreciation in last years’ prices,

farmers sowing improved resulting in rise in production prospects.

Therefore, the total availability of oil will rise this year. As of now traders

expect a 20-25% rise in sowing versus last year. It should be noted that

this year’s production expectation of 38500- 39000 MT remains slightly

above the average production of 36,968 MT productions seen in between

2013- 2018. Mentha oil spot at Sambhal closed at 1709.70 per 1kg. Spot

prices was remain unchangeby Rs.0.00/-.Technically market is under

fresh buying as market has witnessed gain in open interest by 5.74% to

settled at 995 while prices up 48.1 rupees, now Menthaoil is getting

support at 1593.7 and below same could see a test of 1557.8 level, And

resistance is now likely to be seen at 1651.8, a move above could see

prices testing 1674.


1581.10

SUPPORT 3

1709.9 1674.0 1651.8 1593.7 1557.8 1535.6

1638.10 1580.00 1629.50 3.04 995

RESIST 3 RESIST 2

TIME ZONE Forecast

CommodityLME STOCK Stock

COPPER -350 147900

ALUMINIUM -5150 1280875

NICKEL -126 199476

LEAD 525 67450

ZINC -4350 101525

8:30pm USD Business Inventories m/m 0.003 0.006


7:00pm USD Core PPI m/m 0.002 -0.001

7:00pm USD Unemployment Claims 230K 234K

7:00pm USD PPI m/m 0.001 -0.002

7:00pm USD Retail Sales m/m 0.001 0.002

3:30pm EUR Flash Employment Change q/q 0.002 0.002

7:00pm USD Core Retail Sales m/m 0 0.002

12:30pm EUR German WPI m/m 0.003 -0.012

3:30pm EUR Flash GDP q/q 0.002 0.002

Fresh Selling

LME DAILY STOCK POSITION ECONOMICAL DATA

DATA Previous

12:30pm EUR German Prelim GDP q/q 0.001 -0.002

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

749

Cng in OI -1.07 -1.73 -4.31 -0.10 -0.97 1.05 -5.65 -0.41 0.89

SUPPORT

4145 19930 15285 4177 6210 3877 550.3 3702

755

4160 20000 15355 4203 6248 3891 553.6 3721 753

4181 20080 15445 4232 6294 3902 555.9 3736

559.2 3755 759

767

4232 20300 15675 4313 6416 3941 564.8 3789 765

567.1 3804

561.5 3770 761

P. POINT 4196 20150 15515 4258 6332 3916

4217 20230 15605 4287 6378 3927

RESISTANCE

4253 20380 15765 4342 6462 3952

4202 20150 15540 4262 6338 3914 558.1 3750

DAILY MARKET TRADING LEVEL

COMMODITIESNCDEX Chana 19

MAR 2019

NCDEX Cotton 28

FEB 2019

NCDEX Jeera 19

MAR 2019

NCDEX Guarseed10

19 MAR 2019

NCDEX Turmeric 16

APR 2019

NCDEX Rmseed 16

APR 2019

MCX CPO 28 FEB

2019

NCDEX Soyabean

19 MAR 2019

NCDEX

Ref.Soya oil

19 MAR

758.35CLOSE

-350

-5150

-126

525

-4350

-6000

-5000

-4000

-3000

-2000

-1000

0

1000

COPPER ALUMINIUM NICKEL LEAD ZINC

LME STOCK

NEWS YOU CAN USE

The Federal Reserve’s decision to stop raising interest rates puts a “fundamentally healthy” U.S. economy on track to further growth, Minneapolis Federal Reserve Bank

President Neel Kashkari suggested. “I think we still have room to run in the U.S. economy,” Kashkari said at a town hall at a church in Long Lake, Minnesota. “The U.S.

economy is fundamentally healthy,” he added. The event was closed, but an audio recording was distributed afterward. “We at the Fed cannot control if Europe has a

crisis, or if China has a hard landing, but we can control our own mistakes; so if we can avoid tapping the brakes prematurely, I think the expansion can continue.” Last

week, the Fed discarded a promise to keep raising rates, and instead pledged patience on further policy change. The dovish shift was cheered by financial markets, but

sounded to some analysts like a warning of economic weakness ahead. The decision also appeared to deliver President Donald Trump what he had been demanding in

tweets and interviews for the past several months - a stop to what he termed the Fed’s “crazy” round of interest rate hikes that in his view were undercutting the growth

he has sought to foster.

An official survey that has been withheld by the government shows India’s unemployment rate rose to its highest level in at least 45 years in 2017/18, the Business

Standard newspaper reported on Thursday, delivering a blow to Prime Minister Narendra Modi months before a general election. A political controversy over the survey

erupted after the acting chairman and another member of the body that reviewed the jobs data resigned, saying there had been a delay in its scheduled December

release and alleging interference by other state agencies. The assessment by the National Sample Survey Office (NSSO), conducted July 2017-June 2018, showed an

unemployment rate of 6.1 percent. That was the highest since 1972/73, the period for which the data are comparable, the newspaper reported, citing documents it had

reviewed. It did not give a figure for 1972/73. But the government think-tank NITI Aayog said the report was only a draft and that a final version would be published in

March. It denied unemployment was widespread in India, whose economy is one of the fastest growing in the world.

Indonesia's 2018 exports of palm oils, including oleochemical and biodiesel shipments, rose 8 percent from a year earlier to 34.6 million tonnes, the Indonesian Palm Oil

Association (GAPKI) said. Shipments to China and Pakistan rose last year, supporting global demand for the vegetable oil, GAPKI chairman Joko Supriyono told reporters.

Meanwhile, shipments to India dived 12 percent due to higher import tariffs imposed by the world's biggest vegetable oil buyer. Exports to European Union countries also

dropped. Excluding the oleochemical and biodiesel, Indonesia exported 32 million tonnes of palm and palm kernel oils. Last year, crude palm oil output by Indonesia, the

world's top producer, jumped 12.5 percent to 43 million tonnes, its highest output in history after a bumper harvest. In 2019, crude palm oil output was estimated to

increase by 4 percent-5 percent, Supriyono said. Domestic use of palm oil "jumped significantly" to 13.4 million tonnes last year, Supriyono added, due to higher biodiesel

usage and for cooking purposes. Domestic use of biodiesel in 2019 seen rising to at least 6.2 million kilolitres, from 4.3 million kilolitres in 2018, Paulus Tjakrawan, vice

chairman of Indonesia's Biodiesel Producers Association, said.



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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

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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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