Daily Commodity Roundup as on - Systematix...

Date : Tuesday, July 24, 2018 URL : www.systematixshares.com Page No : 1

Daily Commodity Roundup as on Tuesday, July 24, 2018


NIKKEI22534

-0.06 -0.09 0.61USDINR

68.88 S&P

INDEX

2802

DJIA25058

0.61 0.68 -0.03SENSEX

36719NIFTY

11085

$ INDEX94.67

-0.15 0.23 0.03

LME ALUMINIUM

2062 LME

LEAD

2134

13420

0.65 0.35 0.34

LME

COPPER

6168 LME

ZINC

2564

IN

TER

NA

TIO

NA

L M

AR

KET U

PD

ATE GOLD $

1222.23SILVER $

USDJPY111.317

-0.02 -0.03 0.02EURUSD

1.1686GBPUSD

1.30947

LME

NICKEL

15.39CRUDE $

67.77

-0.18 0.16 -0.72

#

#

#

#

RESIST 1 SUPPORT 1 SUPPORT 2


Trading Ideas :Gold trading range for the day is 29735-30053.

Trump reinforced his criticism of the Federal Reserve's policy on raising interest rates, saying it takes away from the US’s 'big competitive edge' and could hurt U.S. economy.

Fed's Bullard he doubts Trump's comments on the Fed will have any inflation on monetary policy

Hedge funds and money managers switched to a net short position in COMEX gold contracts for the first time since 2016, U.S. CFTC data showed

Gold prices fell as the U.S. dollar held on to strength against the currencies of key bullion consumers China and India.

Gold on MCX settled down -0.16% at 29872 edged lower on Monday

tracking weakness from Comex Gold which ended down by $5.50 at

$1,225.60 an ounce as dollar strengthened against major currencies,

riding on U.S. Treasury Secretary's comments that both he and the

President fully support the Fed's independence and that the US will not

interfere in foreign exchange markets. Expressing his views about Fed's

rate decisions, President Trump had said last week that he was not

thrilled at rate hikes. "Because we go up and every time you go up they

want to raise rates again. I don't really — I am not happy about it," he

said. However, he added, "I'm letting them do what they feel is best."

Subsequently, Trump accused China and the EU of manipulating their

currencies. Meanwhile, markets are looking ahead to U.S. GDP data for

the second quarter, due later this week. It is widely expected that the

data will show a notable growth in the June quarter. Meanwhile Holding of

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

rose 0.55 percent to 802.55 tonnes on Monday. Now metals traders will

remain focused on the dollar this week after comments by U.S. President

Donald Trump on interest rates stalled a rally in the greenback on Friday,

offering some relief to gold, which recovered from one-year lows.

Investors will also be looking ahead to Friday’s U.S. GDP report to see

how the economy performed in the second quarter. Now technically

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

interest by -1.66% to settled at 6029, now Gold is getting support at

29804 and below same could see a test of 29735 level, And resistance is

now likely to be seen at 29963, a move above could see prices testing

30053.

OPEN HIGH LOW CLOSE % CHANGE OPEN INTEREST

29921

SUPPORT 3

30122 30053 29963 29804 29735 29645

29984 29825 29872 -0.16 6029

RESIST 3 RESIST 2

MCX Gold Aug 2018

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SUPPORT 2 SUPPORT 3


Trading Ideas :Silver trading range for the day is 37992-38682.

President Trump dug in on his criticism of the Federal Reserve's policy on raising interest rates, saying it takes away from the United States' "big competitive edge."

President Trump said he was ready to impose tariffs on all $500 billion of imported goods from China, threatening to escalate a clash over trade policy.

Fed's Bullard reiterates that the Fed should hold off on further interest rate rises to avoid risk of yield curve inversion

Silver dropped as traders turned their attention towards the latest U.S. growth figures to be released at the end of the week.

Silver on MCX settled down -0.45% at 38283 as traders turned their

attention towards the latest U.S. growth figures to be released at the end

of the week. U.S. President Donald Trump launched an attack on the

Federal Reserve late Thursday, claiming that their plans to raise U.S.

interest rates risked undermining his efforts at strengthening the

economy. Trump ratcheted up his criticism of the Fed on Friday, taking to

Twitter to claim that tighter monetary policy was penalizing the U.S. by

contributing to a stronger dollar. However, the recovery in the metal was

short-lived with investors looking ahead to Friday’s U.S. GDP report to

see how the economy performed in the second quarter. The data is

expected to show that growth rebounded in the three months to June,

boosted by an increase in consumer spending. The US existing home

sales fell 0.6% to a seasonally adjusted annual rate of 5.38 million units

in June. This compared with an expected 0.2% gain to a rate of 5.45

million units. May’s sales pace was revised down to 5.41 million units

from the previously reported 5.43 million units. Fed fund futures currently

price in a quarter-point hike for September, with the probability for a

second increase in December at 65%, according to Fed Rate Monitor Tool.

Key factors to watch today include the Markit manufacturing purchasing

managers’ index (PMI) for eurozone, Germany, and the US this month, as

well as the US home price index in May according to the Federal Housing

Finance Agency (FHFA). Technically now Silver is getting support at



38682.


38420 38536

38828 38682 38483 38138 37992 37793

38191 38283 -0.45 22833

RESIST 3 RESIST 2 RESIST 1 SUPPORT 1

MCX Silver Sep 2018

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SUPPORT 2 SUPPORT 3


Trading Ideas :Crudeoil trading range for the day is 4601-4835.

Fears that an escalating trade spat between Washington and Beijing could hit demand, particularly if Chinese growth is affected, also weighed.

U.S. energy companies cut the number of oil rigs by the most since March as the rate of growth has slowed over the past month or so with recent declines in crude prices.

Hedge funds and money managers cut their bullish wagers on U.S. crude for the first time in nearly a month, a further sign of weaker sentiment for the market.

Crude oil dropped as attention shifted to the risk of oversupply, with market participants shrugging off escalating tensions between the United States and Iran.

Crudeoil on MCX settled down -0.36% at 4690 as attention shifted to the

risk of oversupply, with market participants shrugging off escalating

tensions between the United States and Iran. Earlier in session, the

market had risen after President Donald Trump warned of dire

consequences for Iran if it threatened the United States. Saudi Arabia and

large producers are ramping up output to offset losses that are likely to

come as a November deadline approaches for other countries to comply

with U.S. sanctions on crude sales from Iran. Meanwhile, U.S. crude

inventories at the delivery hub at Cushing, Oklahoma gained in the four

days to Friday, according to information supplier Genscape. On a weekly

basis, stockpiles at the hub were expected to fall for the 10th consecutive

week. Yet the prospect of a big drop in Iranian crude exports has waned

in recent weeks as the U.S. has hinted waivers could be in the offing to

some buyers of Iranian crude. Escalating trade-war tensions between the

U.S. and China as a headwind, keeping some investors sidelined

amid remarks over the weekend at the G20 Finance Ministers Summit

from U.S. Treasury Secretary Steven Mnuchin. The market has also been

dented by concerns about the impact on global economic growth and

energy demand of escalating disputes over global trade. The timid start to

the week for oil prices comes as data on Friday showed speculators

continued to trim bullish on oil for the second-straight week. Technically

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

interest by -3.15% to settled at 7835, now Crudeoil is getting support at



4835.


4695 4790

4880 4835 4763 4646 4601 4529

4673 4690 -0.36 7835

RESIST 3 RESIST 2 RESIST 1 SUPPORT 1

MCX Crudeoil Aug 2018

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Trading Ideas :Copper trading range for the day is 415.6-426.2.

The global world refined copper market showed a 98,000 tonnes deficit in April, compared with a 66,000 tonnes surplus in March, the ICSG said.

Labor negotiations at Chile’s Escondida copper mine, are frozen without signs of progress toward an agreement just over a week before the current contract expires.

Warehouse stock for Copper at LME was at 254700mt that is down by -625mt.


Copper eased on mounting concerns that escalating trade tariff spats could dent demand, although a weaker dollar cushioned losses.

Copper on MCX settled down -0.07% at 420.05 while prices where steady

in yesterdays session holding above a one-year low hit last week, as

concerns simmered that mounting trade tariff spats could dent demand,

while a weaker dollar cushioned losses. Fears of a demand hit from the

imposition of tariffs on the automotive sector caused copper and

aluminium to soften, while lead and zinc were also heavily sold on

expectations of rising supply. London Metal Exchange copper traded little

changed at $6,154 a tonne. Last week, prices fell for a sixth week in a

row, hitting their lowest in a year at $5,988 on Thursday. While the

International Monetary Fund (IMF) warned world economic leaders on

Saturday that a recent wave of trade tariffs would significantly harm

global growth, a day after Trump threatened a major escalation in a

dispute with China. Now metals traders will remain focused on the dollar

this week after comments by U.S. President Donald Trump on interest

rates stalled a rally in the greenback on Friday, offering some relief to

gold, which recovered from one-year lows. Investors will also be looking

ahead to Friday’s U.S. GDP report to see how the economy performed in

the second quarter. The data is expected to show that growth rebounded

in the three months to June, boosted by an increase in consumer

spending. Investors will also be monitoring developments in the

intensifying global trade conflict. Technically market is under fresh selling

as market has witnessed gain in open interest by 4.73% to settled at

24415 while prices down -0.3 rupees, now Copper is getting support at

417.8 and below same could see a test of 415.6 level, And resistance is

now likely to be seen at 423.1, a move above could see prices testing

426.2.


419.20

SUPPORT 3

428.4 426.2 423.1 417.8 415.6 412.5

424.00 418.75 420.05 -0.07 24415

RESIST 3 RESIST 2

MCX Copper Aug 2018

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Trading Ideas :Zinc trading range for the day is 174.1-183.7.

LME data showed a large short holding in the futures report, while lending guidance is enforced with a single holder of more than half LME metal.

The International Monetary Fund (IMF) warned world economic leaders that a recent wave of trade tariffs would significantly harm global growth.

Warehouse stock for Zinc at LME was at 250400mt that is up by 17200mt.


MCX Zinc Jul 2018

Zinc prices ended with losses tracking weakness in LME prices after surge in LME inventories.

Zinc on MCX settled down -1.12% at 177.35 slipped tracking weakness

from LME Zinc which settled lower by 0.8 percent to end at $2,555 a

tonne. Pressure seen after LME data showed a large short in August

futures, while a single holder controlled more than half of LME

inventories. Meanwhile LME zinc inventories rose by 17,200 tonnes to

250,400 on Friday, LME data showed. While Zinc social inventory in

Shanghai, Guangdong, and Tianjin fell some 2,700 mt from last Friday to

97,300 mt as of Monday July 23. A drop of 4,100 mt was seen in

Shanghai due to limited arrivals from smelters and less-than-expected

inflow of imported materials. This led to the overall decline. Inventories

rose just 700 mt each in Tianjin and Guangdong, as smelters destocked

when prices picked up, and as local environmental probes affected

downstream consumption. Now metals traders will remain focused on the

dollar this week after comments by U.S. President Donald Trump on

interest rates stalled a rally in the greenback on Friday, offering some

relief to gold, which recovered from one-year lows. Investors will also be

looking ahead to Friday’s U.S. GDP report to see how the economy

performed in the second quarter. The data is expected to show that

growth rebounded in the three months to June, boosted by an increase in

consumer spending. Investors will also be monitoring developments in

the intensifying global trade conflict. Technically market is under fresh

selling as market has witnessed gain in open interest by 3.58% to settled

at 6282 while prices down -2 rupees, now Zinc is getting support at 175.8

and below same could see a test of 174.1 level, And resistance is now

likely to be seen at 180.6, a move above could see prices testing 183.7.


182.0

SUPPORT 3

185.4 183.7 180.6 175.8 174.1 171.0

182.0 177.2 177.4 -1.12 6282

RESIST 3 RESIST 2

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Trading Ideas :Nickel trading range for the day is 905.7-940.5.

PBoC injects $74bn into banking system as China’s economy slows

China launched an anti-dumping probe into stainless steel imports worth $1.3 billion, including from a privately owned Chinese mill with operations offshore.

Warehouse stock for Nickel at LME was at 260718mt that is up by 1452mt.


MCX Nickel Jul 2018

Nickel prices remained under pressure on worries of weaker demand because of trade tensions and a slowdown in top metals consumer China.

Nickel on MCX settled down -0.85% at 918.40 tracking weakness from

LME Nickel which closed down 1 percent at $13,400 a tonne on mounting

concerns escalating trade tariff spats could dent demand, although a

weaker dollar cushioned losses. While sentiments slowly changing after

the report that nickel, the top performing industrial metal this year, is

expected to recover recent losses in the second half of the year, a

Reuters poll showed. The price of nickel, used in stainless steel and an

ingredient in electric vehicle batteries, has gained 7 % this year while the

other five main base metals are all down. Supporting nickel prices this

year has been a 28 % fall in LME stocks to their lowest in more than four

years. This is 5 % higher than Wednesday's close and up 9 % from a

forecast of USD 13,024 in the previous poll in January. However, it is

down 10 % from a peak hit in April. Nickel is also benefiting from political

risks in the Philippines. The president of the Philippines, the world's No.2

nickel ore supplier after Indonesia, said this month he would soon halt

mining because of the environmental damage it has cause while an

industry group warned ore exports could drop by up to 17 percent this

year. Investors will also be looking ahead to Friday’s U.S. GDP report to

see how the economy performed in the second quarter. The data is

expected to show that growth rebounded in the three months to June,

boosted by an increase in consumer spending. Technically market is

getting support at 912 and below same could see a test of 905.7 level,

And resistance is now likely to be seen at 929.4, a move above could see

prices testing 940.5.


924.8

SUPPORT 3

946.8 940.5 929.4 912.0 905.7 894.6

934.2 916.8 918.4 -0.85 8818

RESIST 3 RESIST 2

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Trading Ideas :Jeera trading range for the day is 6527-6527.

Mandi sources maintained that export enquiries have been good as India is the only jeera supplier to the world market currently.

NCDEX accredited warehouses jeera stocks gained by 123 tonnes to 2270 tonnes.

In Unjha, a key spot market in Gujrat, jeera remains unchanged at0 rupees to end at 18958 rupee per 100 kg.


NCDEX Jeera Aug 2018

Jeera prices gained supported by anticipation of improved domestic demand coupled with higher exports from China and Bangladesh.

Jeera on NCDEX settled up 0.32% at 18830 due to firm trend in physical

market and improved exports. India jeera crop is projected for bumper

harvest thanks to higher acreage and favorable weather conditions. The

Federation of Indian Spices Stakeholders (FISS) -- a trade body --

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

year on back of higher acreage and favourable weather. Last year India

produced 5.83 million bags of jeera. Jeera sowing in Gujarat jumped

nearly 38% to 382,700 hectares, data from Gujarat Agriculture

Directorate showed. At Rajkot market in Rajkot(Guj.), arrivals were

reported at 125 quintals, up by 35 quintals from previous day’s arrivals.

At New Delhi market, sources reported arrivals at 6000 quintals, up by

1000 quintals as compared to previous day. At Nagaur(Raj.) market in

Nagaur, arrivals were reported at 700 quintals, down by 800 quintals as

compared to previous day. According to export data released by

Commerce ministry, Jeera recorded its highest monthly exports of 33,458

tonnes in March while in April the exports were 74% higher on year at

25,900 tonnes. During FY 2017/18, country exported about 1,60,479

tonnes of jeera, up by 24.5% on year. Jeera arrivals during 1-15 Jun are

pegged at 7,780 tonnes compared to 5,055 tonnes last year for same

period. Technically market is under fresh buying as market has witnessed

gain in open interest by 3.1% to settled at 5592 while prices up 60

rupees, now Jeera is getting support at 18717 and below same could see

a test of 18603 level, And resistance is now likely to be seen at 18912, a

move above could see prices testing 18993.


18850

SUPPORT 3

20710 20145 19860 19010 18445 18160

19580 18730 19580 3.98 6351

RESIST 3 RESIST 2

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Trading Ideas :Turmeric trading range for the day is 7212-7552.

However, upside seen limited on expecting higher acreage of turmeric in Andhra Pradesh and Maharashtra following good rains this monsoon.

NCDEX accredited warehouses turmeric stocks gained by 20 tonnes to 5434 tonnes.

In Nizamabad, a major spot market in AP, the price ended at 7420 Rupees gained 63.2 Rupees.


NCDEX Turmeric Aug 2018

Turmeric prices ended with gains amid expectation of good physical demand and diminishing arrivals.

Turmeric on NCDEX settled up by 1.15% at 7418 amid expectation of

good physical demand and diminishing arrivals. However, upside seen

limited on expecting higher acreage of turmeric in Andhra Pradesh and

Maharashtra following good rains this monsoon. Farmers and stockists

were holding back their old stocks on expectation of higher prices in

coming days as current year production is likely to decline due to lower

acreage by 40-45% in Tamil Nadu. As per market sources, currently

Nizamabad turmeric stocks were estimated around 1.20 lakh bags as

compared to around 2.00 lakh bags same time last year. Sources

revealed that, currently all India Turmeric stocks reported around 20 - 25

lakh bags as compared to last year 35 – 40 lakh bags. Arrivals of turmeric

have been lower during first 20 days in July at 13,755 t (Vs 13,908 t)

compared last year, as per data. The export of turmeric was down by 5%

at 10,651 tonnes in May 2018 compared to last years’ exports. Exports

are lower by 13.4% in first 5 month of current year compared to last year

Spot turmeric prices increased at the markets in Erode on quality arrivals

and emergence of upcountry demand. Prices of both the varieties

increased. Arrivals of the spice too doubled to 4,800 bags. Some traders

purchased good quality turmeric for their North Indian orders. In

Nizamabad, a major spot market in AP, the price ended at 7420 Rupees

gained 63.2 Rupees.Technically market is under short covering as market

has witnessed drop in open interest by -4.22% to settled at 13500 while

prices up 84 rupees, now Turmeric is getting support at 7314 and below

same could see a test of 7212 level, And resistance is now likely to be

seen at 7484, a move above could see prices testing 7552.


7280

SUPPORT 3

7654 7552 7484 7314 7212 7144

7450 7280 7418 1.15 13500

RESIST 3 RESIST 2

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Trading Ideas :Menthaoil trading range for the day is 1494.3-1606.1.

Mentha oil spot at Sambhal closed at 1788.80 per 1kg. Spot prices was down by Rs.-66.90/-.

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.


MCX Menthaoil Jul 2018

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

Mentha oil on MCX settled down by -1.85% at 1550.4 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 1788.80 per 1kg. Spot prices was

down by Rs.-66.90/-.Technically market is under long liquidation as

market has witnessed drop in open interest by -15.58% to settled at 775

while prices down -29.2 rupees, now Menthaoil is getting support at

1522.4 and below same could see a test of 1494.3 level, And resistance is

now likely to be seen at 1578.3, a move above could see prices testing

1606.1.


1578.00

SUPPORT 3

1634.2 1606.1 1578.3 1522.4 1494.3 1466.5

1578.00 1522.10 1550.40 -1.85 775

RESIST 3 RESIST 2

TIME ZONE Forecast

CommodityLME STOCK Stock

COPPER -625 254700

ALUMINIUM 875 1209275

NICKEL 1452 260718

LEAD -900 127375

ZINC 17200 250400

7:30pm USD Richmond Manufacturing Index 18 20


7:15pm USD Flash Manufacturing PMI 55.1 55.4

7:15pm USD Flash Services PMI 56.5 56.5

1:30pm EUR Flash Services PMI 55 55.2

6:30pm USD HPI m/m 0.004 0.001

1:00pm EUR German Flash Services PMI 54.6 54.5

1:30pm EUR Flash Manufacturing PMI 54.7 54.9

12:30pm EUR French Flash Services PMI 55.7 55.9

1:00pm EUR German Flash Manufacturing PMI 55.5 55.9

Long Liquidation

LME DAILY STOCK POSITION ECONOMICAL DATA

DATA Previous

12:30pm EUR French Flash Manufacturing PMI 52.6 52.5

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

738

Cng in OI 3.49 -11.08 13.57 -1.48 -4.22 -1.66 -8.10 0.81 -4.38

SUPPORT

4126 21746 18160 4113 7144 4170 608.1 3271

743

4185 21873 18445 4163 7212 4187 611.3 3303 741

4234 21966 19010 4211 7314 4206 614.5 3331

617.7 3363 746

753

4401 22313 20145 4359 7552 4259 624.1 3423 751

627.3 3451

620.9 3391 748

P. POINT 4293 22093 19295 4261 7382 4223

4342 22186 19860 4309 7484 4242

RESISTANCE

4450 22406 20710 4407 7654 4278

4282 22060 19580 4260 7418 4224 617.8 3360

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

746.45CLOSE

-625

8751452

-900

17200

-2000

0

2000

4000

6000

8000

10000

12000

14000

16000

18000

20000

COPPER ALUMINIUM NICKEL LEAD ZINC

LME STOCK

NEWS YOU CAN USE

Japan’s annual core consumer inflation quickened slightly in June but the rise was due largely to recent gains in oil costs with prices of other goods barely picking up, a

setback for the Bank of Japan’s mission to get inflation to 2 percent. The core-core inflation index, which is closely watched by the BOJ because it strips away the effect of

energy costs, slowed for the third straight month, undercutting the central bank’s view that a solid economic recovery will nudge firms into raising prices. The data

reinforces market expectations that the BOJ will cut its inflation forecasts when it meets for a rate review on July 30-31. The nationwide core consumer price index (CPI),

which includes oil products but excludes volatile fresh food prices, rose 0.8 percent in June from a year earlier, matching a median market forecast. It followed a 0.7

percent increase in May. The so-called core-core inflation index, a more closely watched gauge the BOJ uses to strip away the effect of both energy and fresh food costs,

was up 0.2 percent in June, government data showed. That was a slowdown from the previous month’s 0.3 percent gain, a sign soft consumption is discouraging firms

from passing on rising raw material and labor costs to households. Of the total number of items comprising core CPI, 52.2 percent saw prices rise in June, down from 53.7

percent in May.

#REF!

Vegetable oils' import fell by 23 per cent in June to 10.42 lakh tonnes on rupee depreciation, custom duty structure and credit-crunch in the market, according to edible

oil industry body SEA. "Import of vegetable oils during June 2018 is reported at 10,42,003 tonnes compared to 13,44,868 tonnes in June 2017 down by 23 per cent,"

Solvent Extractors' Association of India (SEA) said in a statement. The current duty structure coupled with rupee depreciation and credit crunch in the market has slow

down the import, it added. While import of edible oil fell to 10,07,563 tonnes in June from 12,93,777 tonnes in the year-ago period, the shipments of non-edible oils

declined to 34,440 tonnes from 51,091 tonnes during the review period. During November 2017 to June 2018, the import of vegetable oils (comprising edible oil and non-

edible oil) fell by 2 per cent to 96,46,538 tonnes as against 98,67,572 tonnes in the corresponding period of the previous year. "In last one year, in the international

market, prices of edible oils have gone down by 2 to 10 per cent due to larger supply, and at the same time rupee depreciation by nearly 5 per cent in one year, nullified

the advantage of price reduction," SEA said.



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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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