Daily Commodity Roundup as on - Systematix...

Daily Commodity Roundup as on Tuesday, July 31, 2018

Date : Tuesday, July 31, 2018 URL : www.systematixshares.com Page No : 1

15.44CRUDE $

69.92

-0.12 -0.05 1.79

IN

TER

NA

TIO

NA

L M

AR

KET U

PD

ATE GOLD $

1219.82SILVER $

USDJPY111.319

0.01 -0.09 0.26EURUSD

1.1705GBPUSD

1.31183

LME

NICKEL

13855

0.09 0.69 -0.29

LME

COPPER

6251 LME

ZINC

2568

$ INDEX94.43

0.14 -0.32 0.07

LME ALUMINIUM

2081 LME

LEAD

2153

DJIA25451

0.42 0.37 -0.30SENSEX

37494NIFTY

11320


NIKKEI22462

-0.07 -0.66 -0.37USDINR

68.88 S&P

INDEX

2819

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MCX Gold Aug 2018

Gold prices settled flat as investors wait for a flurry of central bank policy decisions this week.

Gold prices settled flat as investors wait for a flurry of central bank policy

decisions this week. U.S. President Donald Trump threatened to shut

down the government if he does not get funding for a border wall. The

Bank of Japan is expected to trim its inflation forecasts on Tuesday and

consider changes to its massive stimulus programme to make it more

sustainable, reflecting a growing recognition it will take longer than

expected to meet its elusive price goal. Japan's jobless rate rose in June

while the availability of jobs improved to the highest in more than four

decades, figures from the Internal Affairs ministry showed. The Federal

Open Market Committee (FOMC) meets on Tuesday and Wednesday, with

a policy decision scheduled for Wednesday afternoon. Investors do not

expect the Fed to increase interest rates this week, but there is an 87.8%

chance the central bank will hike rates in September. Other central banks

are also expected to meet this week with the Bank of Japan ending its

two-day meeting on Tuesday. The Bank of England is expected to raise

interest rates on Thursday, despite Brexit uncertainty. CFTC COT data

showed money managers reduced their net long positions in gold futures

to 48,600 lots from 57,800 lots for the week ended July 27. Technically

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

interest by -29.79% to settled at 2461 while prices down -35 rupees, now

Gold is getting support at 29690 and below same could see a test of

29636 level, And resistance is now likely to be seen at 29795, a move

above could see prices testing 29846.

OPEN HIGH LOW CLOSE % CHANGE OPEN INTEREST

29705

SUPPORT 3

29900 29846 29795 29690 29636 29585

29792 29687 29745 -0.12 2461

RESIST 3 RESIST 2 RESIST 1 SUPPORT 1 SUPPORT 2


Trading Ideas :Gold trading range for the day is 29636-29846.

U.S. President Donald Trump threatened to shut down the government if he does not get funding for a border wall.

CFTC Gold speculative net positions dropped by -9.2K to 48.6K against 57.8K

Market participants awaited central bank meetings this week, which could set the near-term course for currencies.

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MCX Silver Sep 2018

Silver remained in range as immediate global trade tension eased U.S. President and European Commission’s Juncker agreed to work towards eliminating trade barriers.

Silver remained in range as immediate global trade tension eased U.S.

President and European Commission’s Juncker agreed to work towards

eliminating trade barriers. The Bank of Japan is expected to trim its

inflation forecasts on Tuesday and consider changes to its massive

stimulus programme to make it more sustainable, reflecting a growing

recognition it will take longer than expected to meet its elusive price goal.

China offered Britain talks on a post-Brexit free trade deal on Monday,

reaching out to London as Beijing remains mired in an increasingly bitter

trade war with Washington, even as a senior Chinese diplomat reiterated

its door remained open for dialogue. Eurozone economic sentiment

indicator for the 19 countries sharing the euro eased to 112.1 in July from

112.3 in June, a monthly survey by the European Commission showed on

Monday. The climate indicator for industry decreased to 5.8 in July from

6.9 in June. US pending home sales, a measure of signed contracts to

purchase existing homes, rose 0.9% from a month ago in June, but stood

0.4% lower than for the month a year ago, according to the National

Association of Realtors. Key things to monitor today will be China's official

manufacturing purchasing managers’ index (PMI) for July, eurozone gross

domestic product (GDP) growth in the second quarter, CPI for July,

unemployment rate in June, US personal consumption expenditures (PCE)

price index in June, personal spending in June and the Conference Board's

consumer confidence index for July. Technically market is under fresh

buying as market has witnessed gain in open interest by 0.07% to settled

at 23525, now Silver is getting support at 38188 and below same could

see a test of 38035 level, And resistance is now likely to be seen at

38452, a move above could see prices testing 38563.


38250 38410

38716 38563 38452 38188 38035 37924

38146 38342 0.04 23525

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


Trading Ideas :Silver trading range for the day is 38035-38563.

U.S. second-quarter GDP grew at 4.1%, marking the quickest pace of growth since 2014, although its impact on the dollar seemed to be limited.

The U.S. Federal Reserve concludes its policy meeting on Wednesday and is widely expected to reaffirm the outlook for further gradual rate rises.

CFTC Silver speculative net positions dropped by -5.4K to 3.5K against 8.9K

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MCX Crudeoil Aug 2018

Crude oil prices ended with gains as investor concerns over global crude supply supported sentiment.

Crudeoil on MCX settled up 2.33% at 4824 on expectations that U.S.

inventories fell last week and worries that an outage at a Syncrude facility

in Canada will not be solved as soon as expected. Concerns about the

prospect of an oil supply shortage returned Monday, as investors

continued to weigh supply disruptions in Saudi Arabia and declining

output from and Venezuela, Iran and Libya. Saudi Arabia announced it

would suspend shipments of oil through the key Bab el-Mandeb Strait,

after Houthi rebels in Yemen attacked a pair of oil tankers in the Red Sea.

The fall in Iran crude flows come as U.S. sanctions, which come into

effect in early November, are expected to cripple the Islamic Republic's

energy industry, wiping a significant amount of crude supply from the

market. A Reuters survey showed the Organization of the Petroleum

Exporting Countries increased production in July. OPEC hiked production

by 70,000 barrels per day to 32.64 million bpd, a 2018 high. Further

supply increases could offset production outages and pressure prices.

Crude inventories at the Oklahoma, delivery point for WTI have been

dwindling, in part due to the Syncrude outage that has reduced the flow

of oil into the hub. Stocks at the Cushing storage hub fell to 23.7 million

barrels, the lowest since November 2014 in the week to July 20. Energy

information company Genscape, however, said that inventories at

Cushing rose almost 200,000 barrels, or nearly 1 percent, from Tuesday

to Friday last week. Technically market is under fresh buying as market

has witnessed gain in open interest by 41.43% to settled at 11995, now

Crudeoil is getting support at 4742 and below same could see a test of




4709 4842

5008 4925 4875 4742 4659 4609

4709 4824 2.33 11995

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


Trading Ideas :Crudeoil trading range for the day is 4659-4925.

Saudi Arabia said it was temporarily halting all oil shipments through the Red Sea shipping lane of Bab al-Mandeb after an attack on two big oil tankers.

U.S. energy companies added three oil rigs in the week to July 27, the first time in the past three weeks that drillers have increased activity.

CFTC Crude Oil speculative net positions dropped by -20.8K to 610.5K against 631.3K

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MCX Copper Aug 2018

Copper slipped as investors shrugged off a potential strike at the world’s largest copper mine.

Copper on MCX settled down -0.11% at 425.40 on fresh selling as trade

war worries push prices lower despite "excess demand" for its production.

Copper prices are down about 15 percent from a mid-June peak as

uncertainty over tariffs and trade wars rattles markets. Copper prices fell

on Monday as investors shrugged off a potential strike at the world's

largest copper mine and focused instead on economic data this week

expected to show slowing growth in top metals consumer China.

Benchmark copper on the London Metal Exchange closed down 0.8

percent at $6,250 a tonne while the most traded contract on the

Shanghai Futures Exchange fell 1.4 percent. Workers at Chile's Escondida

copper mine rejected a final contract offer and began a vote on strike

action that will end in the middle of this week. Last year, a 44-day strike

at the mine pushed copper prices sharply higher. Now Investors are

betting that copper prices will continue to fall, with the net short position

on the Comex exchange the largest in nearly two years. Last night the US

dollar index dipped 0.33% overnight and stood at 94.3, ahead of

economic data release and central bank monetary policy meetings this

week. Now day ahead key things to monitor today will be China's official

manufacturing PMI for July, eurozone GDP growth in the second quarter,

CPI for July, unemployment rate in June, US PCE price index in June,

personal spending in June and the Conference Board's consumer

confidence index for July. Technically market is getting support at 422.1

and below same could see a test of 418.7 level, And resistance is now

likely to be seen at 427.8, a move above could see prices testing 430.1.


424.55

SUPPORT 3

433.5 430.1 427.8 422.1 418.7 416.4

426.70 421.05 425.40 -0.11 24875


Trading Ideas :Copper trading range for the day is 418.7-430.1.

Workers at Codelco's copper mine in Chile, the state miner's second largest by output, walked off the job on Monday morning and blocked access to the mine.

Copper inventory in Shanghai bonded areas fell further, down 10,100 mt on the week to 476,700 mt.

Warehouse stock for Copper at LME was at 256275mt that is up by 2750mt.


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MCX Zinc Jul 2018

Zinc dropped as investors focused instead on a raft of economic reports that may indicate slowing growth in top metals consumer China.

Zinc on MCX settled down -1.36% at 178 tracking weakness from LME

zinc prices weighed down by a stronger dollar making metals more

expensive for holders of other currencies, and after growth in China's

manufacturing sector cooled for a second month. Zinc prices are down

almost 11 percent so far in July, which would mark its steepest monthly

drop since September 2011, amid fears of oversupply and that a Sino-

U.S. trade war could hurt demand. Pressure also seen after the news that

social inventories of zinc in Shanghai, Guangdong, and Tianjin grew over

the weekend as the low season continued to accumulate stocks in Tianjin

and Guangdong. While downstream consumption remains weak in

Shanghai, limited arrivals during the weekend led to a decline of 1,500 mt

in the market. Overall social inventory across the three regions rose by

some 1,000 mt from Friday July 27 to 104,300 mt as of Monday July 30.

Market believes market participants should monitor the inflow of imported

materials this week. Also a depreciating offshore yuan at 6.85 per dollar

worsened market sentiment. Sentiment cooled after it began to improve

on Friday July 20. Now day ahead key things to monitor today will be

China's official manufacturing PMI for July, eurozone GDP growth in the

second quarter, CPI for July, unemployment rate in June, US PCE price

index in June, personal spending in June and the Conference Board's

consumer confidence index for July. Technically market is getting support

at 176.6 and below same could see a test of 175 level, And resistance is

now likely to be seen at 179.7, a move above could see prices testing

181.2.


179.4

SUPPORT 3

182.8 181.2 179.7 176.6 175.0 173.5

179.6 176.6 178.0 -1.36 3884


Trading Ideas :Zinc trading range for the day is 175-181.2.

Zinc social inventory in Shanghai, Guangdong, and Tianjin rose as arrivals from smelters and downstream consumers’ weak buying interest.

Profits at China’s industrial companies in June rose 20% from a year earlier, slightly retreating from the 21.1% gain in May.

Warehouse stock for Zinc at LME was at 242050mt that is down by -1050mt.


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MCX Nickel Jul 2018

Nickel gained as low inventories and robust demand for stainless steel buoyed nickel prices.

Nickel on MCX settled up 0.59% at 946.90 recovered from the day's low

as short covering seen after LME nickel climbed before it hovered around

$13,850/mt. As longs added their positions and shorts cut their positions,

the SHFE contract initially rose before it met pressure at 113,000

yuan/mt and fell to its daily moving average overnight. Low inventories

and robust demand for stainless steel buoyed nickel prices. Support also

seen after fresh production cuts across local steel mills in Changzhou,

Jiangsu province will affect daily pig iron output of some 22,800 mt. Local

authorities introduced a new round of cuts on Wednesday July 25 to fight

severe air pollution. This will affect daily rebar output of 19,800 mt,

market calculated from the required cut imposed on each plant. There is

likely to be upward room in rebar prices in the short run, given firm

downstream demand currently. Last night the US dollar index dipped

0.33% overnight and stood at 94.3, ahead of economic data release and

central bank monetary policy meetings this week. Now day ahead key

things to monitor today will be China's official manufacturing PMI for July,

eurozone GDP growth in the second quarter, CPI for July, unemployment

rate in June, US PCE price index in June, personal spending in June and

the Conference Board's consumer confidence index for July. Technically

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

interest by -19.04% to settled at 5549 while prices up 5.6 rupees, now

Nickel is getting support at 937.2 and below same could see a test of

927.6 level, And resistance is now likely to be seen at 952.2, a move

above could see prices testing 957.6.


942.5

SUPPORT 3

967.2 957.6 952.2 937.2 927.6 922.2

948 933 946.9 0.59 5549


Trading Ideas :Nickel trading range for the day is 927.6-957.6.

On the supply front, the Philippines to ship over 4 million wmt of medium- and high-grade nickel ore every month during the July-September period.

Global crude steel production rose 5.8 percent in June from a year ago, while output from top producer and consumer China rose 7.5 percent.

Warehouse stock for Nickel at LME was at 256158mt that is down by -1344mt.


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NCDEX Jeera Aug 2018

Jeera prices gained due to lack of offerings induced by hopes of fresh export demand as supplies from other producing countries.

Jeera on NCDEX settled up 1.07% at 19810 supported by anticipation of

higher exports from China and Bangladesh due to restricted supplies from

Syria. Mandi sources maintained that export enquiries have been good as

India is the only jeera supplier to the world market currently. Jeera

output is expected to be bumper and supplies are likely to increase in the

coming days. The Federation of Indian Spices Stakeholders (FISS) -

projected India's 2017-18 jeera output at 6.92 million bags up 19% on

year on the back of higher acreage and favourable weather. India is

expected to export a record 175,000 tn of jeera in 2018-19 (Apr-Mar),

primarily because supply from its competitors has taken a hit making it

the sole supplier of the largely sought after spice, trade officials said.

Supply of jeera from Syria and Turkey--India's main rivals in the global

jeera export market--has been hit both in terms of quantity and quality

due to adverse weather, according to exporters. Having hit a record high

of 155,000 tn in 2014-15, jeera exports fell to 97,790 tn in 2015-16, and

143,670 tn in the year ended March, according to data from Spices Board

India. According to export data released by Commerce ministry, exports

in May surged 96% on year to 27,790 tonnes. Technically market is under

short covering as market has witnessed drop in open interest by -2.65%

to settled at 6396 while prices up 210 rupees, now Jeera is getting

support at 19668 and below same could see a test of 19527 level, And

resistance is now likely to be seen at 19933, a move above could see

prices testing 20057.


19750

SUPPORT 3

21560 21020 20645 19730 19190 18815

20480 19565 20275 2.35 6234


Trading Ideas :Jeera trading range for the day is 6758-6758.

FISS projected India's 2017-18 jeera output at 6.92 million bags up 19% on year on the back of higher acreage and favourable weather.

NCDEX accredited warehouses jeera stocks dropped by 2 tonnes to 2268 tonnes.

In Unjha, a key spot market in Gujrat, jeera remains unchanged at0 rupees to end at 19371 rupee per 100 kg.


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NCDEX Turmeric Aug 2018

Turmeric prices gained on anticipation of firm physical demand followed by minimum stock levels.

Turmeric on NCDEX settled up by 1.12% at 7376 on anticipation of firm

physical demand followed by minimum stock levels. However, turmeric

prices gains were capped due to higher acreage in the key growing

states. Turmeric acreage is expected to be higher in Andhra Pradesh and

Maharashtra following good rains this monsoon. Due to truckers strike in

India for the past seven days the turmeric industry has been affected and

the stock has piled up with traders and turmeric farmers. Only few bags

of good quality along with poor quality turmeric have been brought for

sale. The traders are buying only the good quality turmeric. In Telangana,

Turmeric sowing as on 25th July 2018 reported 45,583 hectares as

compared to 38,254 hectares in the corresponding period last year. 83%

sowing completed from season normal. Till now, Nizamabad region

reported 13,993 hectares compared to last year 9,859 hectares and

Warangal (rural) reported 4,453 hectares compared to last year 3,825

hectares. Rs. 300 crores worth turmeric piled up in Erode. Due to the

truckers strike for the past seven days the turmeric industry has been

affected vehemently and the stock has been piled up with traders and

turmeric farmers. Only few bags of good quality along with poor quality

turmeric have been brought for sale. The traders are buying only the

good quality turmeric. In Nizamabad, a major spot market in AP, the

price ended at 7420 Rupees remains unchanged at0 Rupees.Technically

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

interest by -0.36% to settled at 12485 while prices up 82 rupees, now

Turmeric is getting support at 7308 and below same could see a test of




7358

SUPPORT 3

7560 7490 7434 7308 7238 7182

7420 7294 7376 1.12 12485


Trading Ideas :Turmeric trading range for the day is 7238-7490.

Turmeric acreage is expected to be higher in Andhra Pradesh and Maharashtra following good rains this monsoon.

NCDEX accredited warehouses turmeric stocks dropped by 79 tonnes to 5255 tonnes.

In Nizamabad, a major spot market in AP, the price ended at 7420 Rupees remains unchanged at0 Rupees.


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MCX Menthaoil Aug 2018

Mentha oil dropped amid subdued demand from consuming industries at the spot market.

Mentha oil on MCX settled down by -4% at 1506 amid subdued demand

from consuming industries at the spot market. Further, ample stock

positions on higher supplies from the major producing belts of Chandausi

in Uttar Pradesh too weighed on mentha oil prices. Anticipation of bumper

crop harvest and nearing of harvesting season adding negativity to the

market. As per preliminary estimates, acreage under mentha crop will

rise this year as the farmers are encouraged by higher price in recent

past. As per trade sources, all the major markets are likely to witness

higher inflow of the produce. There could be chances of crop damage to

certain extend due to unfavourable weather condition. Besides, farmers

are likely to hold back the stocks as the present prices are not

remunerative for them. However, in recent years, the growth in

production and consumption of synthetic mentha has influenced the

demand for natural mentha. As per sources, India contributes around

80% to the total global mentha oil production. Total global production

stood at around 48,000 tonnes, out of which India produces between

30,000-40,000 tonnes. According to estimates, mentha oil production in

India for crop year 2016-17 will be around 38,000 tonnes. As per the

data, the global demand of essential oil will increase in the coming years.

Mentha oil spot at Sambhal closed at 1718.20 per 1kg. Spot prices was

remain unchangeby Rs.0.00/-.Technically market is under long liquidation

as market has witnessed drop in open interest by -2.4% to settled at

1583 while prices down -62.7 rupees, now Menthaoil is getting support at

1496.4 and below same could see a test of 1486.7 level, And resistance is

now likely to be seen at 1525.4, a move above could see prices testing

1544.7.


1535.00

SUPPORT 3

1554.4 1544.7 1525.4 1496.4 1486.7 1467.4

1535.00 1506.00 1506.00 -4.00 1583


Trading Ideas :Menthaoil trading range for the day is 1486.7-1544.7.

Mentha oil spot at Sambhal closed at 1718.20 per 1kg. Spot prices was remain unchangeby Rs.0.00/-.

Further, ample stock positions on higher supplies from the major producing belts of Chandausi in Uttar Pradesh too weighed on mentha oil prices.

Anticipation of bumper crop harvest and nearing of harvesting season adding negativity to the market.


TIME ZONE Forecast

CommodityLME STOCK Stock

COPPER 2750 256275

ALUMINIUM -1775 1198250

NICKEL -1344 256158

LEAD -525 127325

ZINC -1050 242050

4171 22580 20275 4355 7376 4184 618.1 3359

DAILY MARKET TRADING LEVEL

COMMODITIESNCDEX CHANA Aug

2018

NCDEX Cotton Jul

2018

NCDEX Jeera Oct

2018

NCDEX Guarseed10

Oct 2018

NCDEX Turmeric

Aug 2018

NCDEX Rmseed Aug

2018MCX CPO Jul 2018

NCDEX Soyabean

Oct 2018

NCDEX

Ref.Soya oil

Aug 2018

743.1CLOSE

P. POINT 4183 22463 20105 4333 7364 4183

4210 22716 20645 4396 7434 4195

RESISTANCE

4275 23106 21560 4500 7560 4219

617.8 3361 743

750

4248 22853 21020 4437 7490 4207 619.6 3396 747

620.6 3412

618.8 3377 746

4229 7238 4159 616.0 3326 739

4145 22326 19730 4292 7308 4171 617.0 3342

738

Cng in OI -2.56 -34.56 -2.53 -0.49 -0.36 -5.30 -9.76 1.19 -2.10

SUPPORT

4080 21936 18815 4188 7182 4147 615.2 3307

742

4118 22073 19190

Short Covering

LME DAILY STOCK POSITION ECONOMICAL DATA

DATA Previous

1:30pm EUR Italian Monthly Unemployment Rate 0.108 0.107

TREND Short Covering Short Covering Short Covering Short Covering Short Covering Short Covering Short Covering Fresh Selling

2:30pm EUR CPI Flash Estimate y/y 0.02 0.02

2:30pm EUR Core CPI Flash Estimate y/y 0.01 0.009

2:30pm EUR Prelim Flash GDP q/q 0.004 0.004

2:30pm EUR Italian Prelim CPI m/m 0.002 0.002

2:30pm EUR Unemployment Rate 0.083 0.084

6:00pm USD Core PCE Price Index m/m 0.001 0.002

6:00pm USD Employment Cost Index q/q 0.007 0.008

6:00pm USD Personal Spending m/m 0.004 0.002

6:00pm USD Personal Income m/m 0.004 0.004


2750

-1775

-1344

-525

-1050

-2500

-2000

-1500

-1000

-500

0

500

1000

1500

2000

2500

3000

COPPER ALUMINIUM NICKEL LEAD ZINC

LME STOCK

NEWS YOU CAN USE

The Bank of England looks set to pass a post-financial crisis milestone next week by finally raising interest rates above their emergency levels set more than nine years

ago. But with a potentially messy Brexit nearing, Governor Mark Carney may sound cautious about the pace of further moves away from the BoE’s still-powerful stimulus

program. In March 2009, when the financial crisis was raging, the BoE slashed its benchmark rate to 0.5 percent to stave off the risk of a depression. Bank Rate has sat

there since, apart from a 15-month period after the shock referendum vote in 2016 for Britain to leave the European Union, when it was cut again to 0.25 percent - the

lowest in the three-century history of the central bank. Now, Carney and his colleagues are expected to nudge rates up to 0.75 percent on Aug. 2, going beyond last

November’s increase back up to 0.5 percent. However, taking rates above their crisis levels will not be a vote of confidence in the world’s fifth-biggest economy. Britain

has gone from having the strongest growth of the Group of Seven rich nations to being one of the slowest after the Brexit decision.

Profit growth for China’s industrial firms eased in June from the previous month, data showed, as factory production slowed amid the worsening trade U.S. dispute and

Beijing’s efforts to cut pollution and debt. Industrial profits rose 20 percent to 658.29 billion yuan ($96.69 billion) in June, according to data published by the National

Bureau of Statistics (NBS) on Friday, compared with a 21.1 percent rise in May. NBS said in a separate statement on the data rising prices have cushioned firms’ profits

even as industrial production slowed in June. It did not provide separate reasons for the slower profit growth in the month. Steel, building materials and oil extraction

sectors were key drivers behind profit growth in the first half of the year, it added. But profit growth in textile, non-ferrous metal smelting and processing, and

telecommunications and electronic equipment manufacturing profits fell during the same period from a year earlier. For the first half of the year, industrial firms’ profit

grew 17.2 percent from a year earlier to 3.39 trillion yuan, accelerating from a 16.5 percent rise for January-May. China’s economic growth slowed in the April-June period

from the previous quarter while June’s industrial output growth slumped to a four-year low, raising concerns about the outlook for the world’s second-largest economy

amid growing signs of stress.

India's import of pepper from Vietnam is estimated to have more than halved on month in June as overseas purchases have turned unattractive following a decline in

domestic prices of the spice. Pepper imports in June are estimated at 426 tn, down a sharp 55% from a month ago. "Declining pepper prices in India has reined in imports

from Vietnam and other nations as profit margin is not as much compared to few months ago," said Thomas Kurian, general manager of Materials Synthite Industries.

Domestic pepper prices have declined nearly 27% since January due to cheaper imports amid higher global production. Imports of pepper have also declined because of

the higher duty of 52% on purchases from Vietnam and due to strict curbs by the government, said Heman Kishor, proprietor of Hemanand Spices. "Most imports that

happened was because contracts were already signed earlier few months back...Many were forced to import as an obligation," Kurian added. India had imported 960 tn

pepper in May. Imports of light berries of black pepper were struck at 187-211 rupees per kg, depending upon the quality, while black pepper was imported at 539

rupees.



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

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

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

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

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

assume currency risk.

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

the income, etc.

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

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

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

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

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

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

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

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

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

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

Systematix Commodities Services Private Limited.:

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

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

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