Daily Commodity Roundup as on - Systematix...

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Date : Wednesday, September 26, 2018 URL : www.systematixshares.com Page No : 1 Daily Commodity Roundup as on Wednesday, September 26, 2018

Transcript of Daily Commodity Roundup as on - Systematix...

Page 1: Daily Commodity Roundup as on - Systematix Groupreport.systematixshares.com/Commodity/SYSTEMATIX...US house prices increased in July, inching forward 0.2% from June, according to the

Date : Wednesday, September 26, 2018 URL : www.systematixshares.com Page No : 1

Daily Commodity Roundup as on Wednesday, September 26, 2018

Page 2: Daily Commodity Roundup as on - Systematix Groupreport.systematixshares.com/Commodity/SYSTEMATIX...US house prices increased in July, inching forward 0.2% from June, according to the

Date : Wednesday, September 26, 2018 URL : www.systematixshares.com Page No : 2

NIKKEI23990

0.1 -0.35 0.21USDINR

72.70 S&P

INDEX

2919

DJIA26562

0.96 0.91 -0.68SENSEX

36652NIFTY

11067

$ INDEX94.14

0.07 -0.02 -0.02

LME ALUMINIUM

2066 LME

LEAD

2010

12930

0.21 -0.14 -0.19

LME

COPPER

6294 LME

ZINC

2513

IN

TER

NA

TIO

NA

L M

AR

KET U

PD

ATE GOLD $

1201.83SILVER $

USDJPY112.942

0.01 0.02 -0.01EURUSD

1.1766GBPUSD

1.31783

LME

NICKEL

14.49CRUDE $

72.28

0.08 0.58 0.28

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Date : Wednesday, September 26, 2018 URL : www.systematixshares.com Page No : 3

Trading Ideas :Gold trading range for the day is 30682-30916.

U.S. consumer confidence surged to an 18-year high in September as households grew more upbeat about the labour market, pointing to sustained strength in the economy.

U.S. President Donald Trump’s top trade official said that changing China’s economic policies to become more market-oriented “is not going to be easy”.

Money markets now anticipate the ECB will lift interest rates in September 2019.

Gold steadied as the dollar drifted ahead of a U.S. Federal Reserve monetary policy meeting

Gold steadied as the dollar drifted ahead of a U.S. Federal Reserve

monetary policy meeting, but bullion’s upside remained capped by strong

U.S. economic data that continues to underpin the greenback. U.S.

consumer confidence surged to an 18-year high in September as

households grew more upbeat about the labour market, pointing to

sustained strength in the economy despite an increasingly bitter trade

dispute between the United States and China. U.S. President Donald

Trump’s top trade official said that changing China’s economic policies to

become more market-oriented “is not going to be easy” even with tariffs

now in place on $250 billion worth of Chinese goods. Although gold is

generally considered to be a safe-haven asset, the months-long trade rift

between Washington and Beijing has instead prompted investors to buy

U.S. dollars in the belief that the United States has less to lose from the

dispute. Donald Trump and Iranian President Hassan Rouhani exchanged

taunts at the United Nations General Assembly on Tuesday with the U.S.

President vowing more sanctions against Tehran and Rouhani suggesting

his American counterpart suffers from a “weakness of intellect.” Money

markets now anticipate the ECB will lift interest rates in September 2019,

bringing forward expectations for a first rate hike in a sign of growing

conviction that a move will come before Mario Draghi’s term as ECB chief

ends. Investors waited for details of the U.S. Federal Reserve’s two-day

meeting that should give clues whether policymakers will raise interest

rates for the third time this year. Technically now Gold is getting support

at 30751 and below same could see a test of 30682 level, And resistance

is now likely to be seen at 30868, a move above could see prices testing

30916.

OPEN HIGH LOW CLOSE % CHANGE OPEN INTEREST

30797

SUPPORT 3

30985 30916 30868 30751 30682 30634

30847 30730 30819 -0.07 5832

RESIST 3 RESIST 2

MCX Gold Oct 2018

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Date : Wednesday, September 26, 2018 URL : www.systematixshares.com Page No : 4

Trading Ideas :Silver trading range for the day is 37290-38866.

The Fed held the first of its two-day policy meeting for September amid market bets that there was a 100% chance of announcing a quarter-percent rate hike.

Holdings at ishares silver trust dropped by 0.49% i.e. 51.16 tonnes to 10420.30 tonnes from 10471.46 tonnes.

US house prices increased in July, inching forward 0.2% from June, according to the latest monthly House Price Index from the Federal Housing Finance Agency.

Silver gained traders sold the dollar after fully factoring in expectations of a Federal Reserve rate hike.

Silver on MCX settled up 0.99% at 38242 traders sold the dollar after

fully factoring in expectations of a Federal Reserve rate hike. The Fed

held the first of its two-day policy meeting for September amid market

bets that there was a 100% chance of the central bank announcing on

Wednesday a quarter-percent rate hike, the third for the year. The U.S.

dollar fell with an expected Federal Reserve rate rise mostly priced in by

traders, who will be looking for clues on the future pace of rate hikes from

the central bank. A senior Chinese official said it was difficult to proceed

with trade talks with the United States while Washington was putting “a

knife to China’s neck”, a day after both sides heaped fresh tariffs on each

other’s goods. US house prices increased in July, inching forward 0.2%

from June, according to the latest monthly House Price Index from the

Federal Housing Finance Agency (FHFA). The previously reported 0.2%

increase in June was revised upward to 0.3%. On a yearly basis, house

prices were up 6.4% in July versus 6.5% in June. US consumer

confidence rose in September, notching its highest level in about 18

years. The Conference Board said its consumer confidence index

increased to a reading of 138.4 this month from an upwardly revised

134.7 in August. Investors await details from the two-day Federal

Reserve meeting that began on Tuesday, with the U.S. central bank

expected to raise benchmark interest rates and shed light on the path for

future rate hikes. Technically now Silver is getting support at 37766 and

below same could see a test of 37290 level, And resistance is now likely

to be seen at 38554, a move above could see prices testing 38866.

OPEN HIGH LOW CLOSE % CHANGE OPEN INTEREST

37820 38390

39342 38866 38554 37766 37290 36978

37602 38242 0.99 23826

RESIST 3 RESIST 2 RESIST 1 SUPPORT 1

MCX Silver Dec 2018

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Date : Wednesday, September 26, 2018 URL : www.systematixshares.com Page No : 5

Trading Ideas :Crudeoil trading range for the day is 5210-5336.

Mohammad Barkindo, OPEC secretary general, said in Madrid that OPEC and its partners should cooperate to ensure they do not “fall from one crisis to another”.

Crude inventories rose by 2.9 million barrels in the week to Sept. 21 to 400 million, compared with expectations for a decrease of 1.3 million barrels, the APi said.

Also weighing on sentiment was an industry report showing U.S. crude stocks unexpectedly climbed last week.

Crude oil pared gains on profit booking after prices seen supported as U.S. President Trump vowed in a U.N. speech that there will be no reprieve for Iran from sanctions.

Crude oil pared gains on profit booking after prices seen supported as

U.S. President Trump vowed in a U.N. speech that there will be no

reprieve for Iran from sanctions on its oil exports. Oil has rallied with little

pause over the past two weeks on worries about Trump’s plans to bring

Iranian crude shipments to zero through the impending sanctions on the

country. But the president has also been sending mixed signals to the

market by calling on the Organization of the Petroleum Exporting

Countries (OPEC) to put a lid on the rally, saying he would sell supplies

from the U.S. Strategic Petroleum Reserve, if necessary, to curb rising

prices at the pump. In a speech at the UN, Trump reiterated calls on the

Organization of the Petroleum Exporting Countries to pump more oil and

stop raising prices. The so-called ‘OPEC+’ group, which includes Russia,

Oman and Kazakhstan, met over the weekend to discuss a possible

increase in crude output, but the group was in no rush to do so.

Mohammad Barkindo, OPEC secretary general, said in Madrid that OPEC

and its partners should cooperate to ensure they do not “fall from one

crisis to another”. Also weighing on sentiment was an industry report

showing U.S. crude stocks unexpectedly climbed last week. Crude

inventories rose by 2.9 million barrels in the week to Sept. 21 to 400

million, compared with expectations for a decrease of 1.3 million barrels,

the American Petroleum Institute said. Technically now Crudeoil is getting

support at 5241 and below same could see a test of 5210 level, And

resistance is now likely to be seen at 5304, a move above could see

prices testing 5336.

OPEN HIGH LOW CLOSE % CHANGE OPEN INTEREST

5284 5305

5367 5336 5304 5241 5210 5178

5242 5271 -0.04 18248

RESIST 3 RESIST 2 RESIST 1 SUPPORT 1

MCX Crudeoil Oct 2018

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Trading Ideas :Copper trading range for the day is 450-464.

Chinese copper import premiums hit $107.50 a tonne, the highest since October 2015, indicating strong demand for physical metal.

US consumer confidence rose in September, notching its highest level in about 18 years.

Warehouse stock for Copper at LME was at 212925mt that is down by -1425mt.

Date : Wednesday, September 26, 2018 URL : www.systematixshares.com Page No : 6

Copper dropped as an intensifying trade war between Washington and Beijing raised concerns over demand for industrial metals in top consumer China.

Copper on MCX settled down -0.38% at 457.35 on long liquidation as

China vowed to respond to the latest U.S. tariffs on about $200 billion of

Chinese goods, exacerbating the trade war between the world’s two

biggest economies. In imposing the new tariffs, U.S. President Donald

Trump warned that if China takes retaliatory action against U.S. farmers

or industries, “we will immediately pursue phase three, which is tariffs on

approximately $267 billion of additional imports.” Also China’s commerce

ministry said the country has no choice but to retaliate against the fresh

U.S. tariffs and hopes the United States would correct its behaviour. Uptill

last month Copper prices had struggled due to trade tensions between

China and the U.S. China accounts for almost half of global copper

consumption, estimated at around 24 million tons. Fewer Chinese exports

also affect copper prices. Copper investors seek to reduce risk until the

trade tension abates. This, together with weaker demand in China, have

supported the downtrend. Last night the dollar was slightly weaker on

Tuesday ahead of a Federal Reserve meeting that is widely expected to

end with an interest rate hike, as investors already have priced in two

more rate increases this year and some in 2019, leaving little room for

further currency gains. Now a day ahead traders will be eyeing on the EIA

tonight would report US crude oil stockpiles over the week ended

September 21. The Federal Reserve meeting is due to conclude on early

Thursday and their decision on benchmark interest rates would be

announced. Technically now Copper is getting support at 453.7 and below

same could see a test of 450 level, And resistance is now likely to be seen

at 460.7, a move above could see prices testing 464.

OPEN HIGH LOW CLOSE % CHANGE OPEN INTEREST

458.50

SUPPORT 3

467.7 464.0 460.7 453.7 450.0 446.7

460.35 453.30 457.35 -0.38 15270

RESIST 3 RESIST 2

MCX Copper Nov 2018

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Trading Ideas :Zinc trading range for the day is 180.1-186.9.

The United States and China imposed fresh tariffs on each other’s goods as the world’s biggest economies showed no signs of backing down.

Stocks across Shanghai, Tianjin and Guangdong came in at 126,700 mt as of Tuesday Sep 25, up 7,300 mt from Friday Sep 21

Warehouse stock for Zinc at LME was at 204975mt that is down by -1400mt.

Date : Wednesday, September 26, 2018 URL : www.systematixshares.com Page No : 7

MCX Zinc Sep 2018

Zinc prices fell as the latest round of U.S.-China tariffs revived fears the trade dispute would hit global growth.

Zinc on MCX settled down -0.22% at 183.40 on long liquidation tracking

weakness from LME zinc, which dropped as much as 2.2 pct to

$2,399.50, its weakest since October 2016, while the most traded ShFE

zinc contract fell as much as 3 percent before closing down 2.2 percent.

Zinc has fallen harder and faster than anyone in the zinc market

expected. As gradual shift to supply surplus was expected. A trade stand-

off between the United States and China wasn’t. The prices of base

metals on the London Metal Exchange were lower across the board during

yesterdays session, with the recent exchange of trade tariffs between the

United States and China continuing to stagger market activity. Meanwhile

Belgian zinc producer Nyrstar issued a profits warning last week, citing

“adverse market conditions”. The company, which last year produced

over a million tonnes of refined zinc, is feeling the pain from the dramatic

price collapse of the last six months. LME zinc hit an 11-year high of

$3,595.50 per tonne in February. It is currently trading at $2,525 after

touching a two-year low of $2,283 in August. Retreat turned into rout as

zinc got caught up in the broader LME sell-off, speculative players using

the base metals complex to vent their trade war angst. The resulting

price implosion has opened up a disconnect with zinc’s internal supply-

demand dynamics. Now a day ahead traders will be eyeing on the EIA

tonight would report US crude oil stockpiles over the week ended

September 21. The Federal Reserve meeting is due to conclude on early

Thursday and their decision on benchmark interest rates would be

announced. Technically market is getting support at 181.8 and below

same could see a test of 180.1 level, And resistance is now likely to be

seen at 185.2, a move above could see prices testing 186.9.

OPEN HIGH LOW CLOSE % CHANGE OPEN INTEREST

182.6

SUPPORT 3

188.6 186.9 185.2 181.8 180.1 178.4

185.2 181.9 183.4 -0.22 3265

RESIST 3 RESIST 2

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Trading Ideas :Nickel trading range for the day is 919.2-949.8.

U.S. $200 billion worth tariffs of Chinese goods and retaliatory tariffs by Beijing on $60 billion worth of U.S. products took effect, though the duties not as high as earlier feared.

New capacities in Indonesia to support China’s high-grade NPI supply in Q4

Warehouse stock for Nickel at LME was at 229464mt that is down by -258mt.

Date : Wednesday, September 26, 2018 URL : www.systematixshares.com Page No : 8

MCX Nickel Sep 2018

Nickel prices gained tracking LME nickel rose over 1% as the US dollar weakened.

Nickel on MCX settled up 0.76% at 936.90 tracking LME nickel rose over

1% as the US dollar weakened. While plants in north China would face

limits in using electricity in the upcoming winter, new capacities in

Indonesia are likely to provide some support to high-grade nickel pig iron

(NPI) supply in the Chinese market in the fourth quarter of the year.

Domestic output was also recovering as environmental probes wound

down. As of September 23, eight NPI plants in Inner Mongolia were in

operation with monthly output totaling more than 5,000 mt in nickel

content. Last night the dollar was slightly weaker on Tuesday ahead of a

Federal Reserve meeting that is widely expected to end with an interest

rate hike, as investors already have priced in two more rate increases this

year and some in 2019, leaving little room for further currency gains.

Both LME and SHFE base metals ended in mixed performance overnight.

LME nickel rose over 1%, aluminium increased 1% while zinc edged down

0.12%, while copper sank 0.29% and lead dropped 0.91%. Now a day

ahead traders will be eyeing on the Energy Information Administration

(EIA) tonight would report US crude oil stockpiles over the week ended

September 21. The Federal Reserve meeting is due to conclude on early

Thursday and their decision on benchmark interest rates would be

announced. Technically market is under short covering as market has

witnessed drop in open interest by -10.22% to settled at 6732 while

prices up 7.1 rupees, now Nickel is getting support at 928.1 and below

same could see a test of 919.2 level, And resistance is now likely to be

seen at 943.4, a move above could see prices testing 949.8.

OPEN HIGH LOW CLOSE % CHANGE OPEN INTEREST

938.2

SUPPORT 3

958.7 949.8 943.4 928.1 919.2 912.8

940.9 925.6 936.9 0.76 6732

RESIST 3 RESIST 2

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Trading Ideas :Jeera trading range for the day is 6335-6335.

However, upside seen limited on concern about exports at higher levels and good stocks with the traders.

NCDEX accredited warehouses jeera stocks dropped by 102 tonnes to 2575 tonnes.

In Unjha, a key spot market in Gujrat, jeera remains unchanged at0 rupees to end at 19324 rupee per 100 kg.

Date : Wednesday, September 26, 2018 URL : www.systematixshares.com Page No : 9

NCDEX Jeera Oct 2018

Jeera gained on short covering after prices dropped as stockists are clearing their stocks before the new sowing season starts in next two months.

Jeera on NCDEX settled down by -2.29% at 18965 on higher arrivals in

the physical market. However, downside seen limited on the back of good

domestic and export demand from China and Bangladesh. Jeera arrivals

of 6,711 bags were seen in Unjha mandi, Gujarat compared to 5,900

bags on the previous day. Lower Jeera supply reported in the spot market

during the period, as stockists were holding back their stocks on

expectations of higher prices in coming days. Jeera supply from last year

up by 100% due to increased production current year. Currently, all India

stocks reported around 25 – 27 lakh bags. Good rains in Gujarat and

Rajasthan further boosted productivity aspects and traders estimate the

crop to be between 65-75 lakh bags. Jeera acreage in Gujarat is up by

38% to 3.83 lakh hectares as on 15-Jan-18. Acreage was 2.88 lakh ha at

that same time. Falling production in International markets like Turkey

and Syria due to on-going political tensions in those countries have

shifted the exports towards India. Government has reported exports

during FY 2017-18 at 143,670 tonnes, up 21% in quantity and 23% in

value vs earlier year. Exports from China have shown improvement.

Demand from Gulf countries too has shifted to India as geopolitical

tensions in Turkey and Syria adversely affected the production and the

exports from there. In Unjha, a key spot market in Gujarat, jeera edged

down by -176.8 Rupees to end at 19323.2 Rupees per 100 kg.Technically

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

interest by -0.12% to settled at 7338, now Jeera is getting support at

18750 and below same could see a test of 18530 level, And resistance is

now likely to be seen at 19340, a move above could see prices testing

19710.

OPEN HIGH LOW CLOSE % CHANGE OPEN INTEREST

19010

SUPPORT 3

19690 19440 19225 18760 18510 18295

19190 18725 19005 0.21 7056

RESIST 3 RESIST 2

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Trading Ideas :Turmeric trading range for the day is 6378-6834.

However, some gains capped on reports of improved sowing in turmeric growing areas of Tamilnadu, Karnataka and Maharashtra

NCDEX accredited warehouses turmeric stocks dropped by 873 tonnes to 2456 tonnes.

In Nizamabad, a major spot market in AP, the price ended at 6889.3 Rupees dropped -17.85 Rupees.

Date : Wednesday, September 26, 2018 URL : www.systematixshares.com Page No : 10

NCDEX Turmeric Oct 2018

Turmeric prices gained strong physical demand from spot domestic and export markets.

Turmeric on NCDEX settled up by 2.46% at 6652 amid strong physical

demand from spot domestic and export markets. However, some gains

capped on reports of improved sowing in turmeric growing areas of

Tamilnadu, Karnataka and Maharashtra. In Telangana, turmeric sowing

was reported at 47,791 hectares as compared to 44,956 hectares in the

corresponding period last year. Current sowing stands at 87% of normal

for the season. Normal area reported 54,878 hectares. In Andhra

Pradesh, Turmeric sowing reported 17,778 hectares as compared to

14,575 hectares in the corresponding period last year, 99% sowing

completed from season normal. Among major turmeric growing districts,

Visakhapatnam has reported 5,646 hectares in acreage compared to last

year’s 3,524 hectares, Guntur has reported 3,966 hectares in acreage

compared to last year’s 4,270 hectares, YSR Kadapa has reported 3,137

hectares in acreage compared to last year’s 2,909 hectares and Krishna

has reported 2,187 hectares in acreage compared to last year’s 1,778

hectares. During the August, arrivals of turmeric have been higher at

14,941 t (Vs 12,983 t) compared last year, as per data. The July export

of turmeric was higher on year by 29% at 10,570 tonnes and exports

were also higher by 2% on year to 44,438 tonnes for Apr-Jul period.

However, imports too jumped by 136% to 15,731 tonnes which is

pressurizing the prices in physical market. In Nizamabad, a major spot

market in AP, the price ended at 6889.3 Rupees dropped -17.85

Rupees.Technically market is under short covering as market has

witnessed drop in open interest by -14.61% to settled at 8910 while

prices up 160 rupees, now Turmeric is getting support at 6514 and below

same could see a test of 6378 level, And resistance is now likely to be

seen at 6742, a move above could see prices testing 6834.

OPEN HIGH LOW CLOSE % CHANGE OPEN INTEREST

6490

SUPPORT 3

6970 6834 6742 6514 6378 6286

6698 6470 6652 2.46 8910

RESIST 3 RESIST 2

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Trading Ideas :Menthaoil trading range for the day is 1625.9-1716.7.

Mentha oil spot at Sambhal closed at 1857.30 per 1kg. Spot prices was down by Rs.-11.20/-.

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.

Date : Wednesday, September 26, 2018 URL : www.systematixshares.com Page No : 11

MCX Menthaoil Oct 2018

Mentha oil prices dropped amid subdued demand at the spot market and ample stock positions on higher supplies.

Mentha oil on MCX settled down by -0.61% at 1671.6 amid subdued

demand at the spot market and ample stock positions on higher supplies.

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 1857.30 per 1kg. Spot prices was

down by Rs.-11.20/-.Technically market is under fresh selling as market

has witnessed gain in open interest by 17.91% to settled at 1106 while

prices down -10.3 rupees, now Menthaoil is getting support at 1648.8 and

below same could see a test of 1625.9 level, And resistance is now likely

to be seen at 1694.2, a move above could see prices testing 1716.7.

OPEN HIGH LOW CLOSE % CHANGE OPEN INTEREST

1670.50

SUPPORT 3

1739.6 1716.7 1694.2 1648.8 1625.9 1603.4

1693.80 1648.40 1671.60 -0.61 1106

RESIST 3 RESIST 2

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TIME ZONE Forecast

CommodityLME STOCK Stock

COPPER -1425 212925

ALUMINIUM -6275 1006775

NICKEL -258 229464

LEAD -250 116350

ZINC -1400 204975

0 0 0 0 0

Date : Wednesday, September 26, 2018 URL : www.systematixshares.com Page No : 12

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

11:30pm USD FOMC Statement 0 0

11:30pm USD Federal Funds Rate <2.25% <2.00%

8:00pm USD Crude Oil Inventories -0.7M -2.1M

11:30pm USD FOMC Economic Projections 0 0

Short Covering

LME DAILY STOCK POSITION ECONOMICAL DATA

DATA Previous

7:30pm USD New Home Sales 630K 627K

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

733

Cng in OI -3.76 1.57 -3.84 -1.38 -14.61 -1.40 -19.87 -9.09 -7.91

SUPPORT

3850 21880 18295 4165 6286 4172 588.6 3228

738

3879 22000 18510 4198 6378 4183 590.0 3249 735

3921 22140 18760 4240 6514 4196 592.2 3271

593.6 3292 740

748

4021 22520 19440 4348 6834 4231 597.2 3335 745

599.4 3357

595.8 3314 743

P. POINT 3950 22260 18975 4273 6606 4207

3992 22400 19225 4315 6742 4220

RESISTANCE

4063 22660 19690 4390 6970 4244

3962 22290 19005 4282 6652 4210 594.4 3294

DAILY MARKET TRADING LEVEL

COMMODITIESNCDEX CHANA Oct

2018

NCDEX Cotton Oct

2018

NCDEX Jeera Oct

2018

NCDEX Guarseed10

Oct 2018

NCDEX Turmeric

Oct 2018

NCDEX Rmseed Oct

2018MCX CPO Sep 2018

NCDEX Soyabean

Oct 2018

NCDEX

Ref.Soya oil

Oct 2018

740.25CLOSE

-1425

-6275

-258 -250

-1400

-7000

-6000

-5000

-4000

-3000

-2000

-1000

0

COPPER ALUMINIUM NICKEL LEAD ZINC

LME STOCK

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NEWS YOU CAN USE

OPEC needs to keep working with other oil producers to manage global supplies as demand for crude faces “headwinds,” the head of the organization said. The historic

supply deal between Saudi Arabia, Russia and other producers reached in late 2016 needs to become permanent, Mohammad Barkindo, secretary-general of the

Organization of Petroleum Exporting Countries, said Sunday in an interview in Dubai. Oil demand is “robust,” though crude use “is beginning to face some headwinds,” he

said, without elaborating. “There is no viable alternative on the table other than to institutionalize and make this cooperation between ourselves and our good partners

from non-OPEC in a permanent fashion,” Barkindo said. Low crude prices hit the oil industry and starved it of investment, leaving continued cooperation among producers

as they only way to maintain stability in markets, he said. Saudi Arabia and Russia led OPEC and allied producers in agreeing to cap output starting in January 2017 to

curb a glut. They changed course in June and have since pledged to ensure that supplies are adequate to meet demand. A committee of OPEC members and allied

producers is set to meet next week in Algeria to review compliance with their production targets, though it’s unclear whether the committee will try to enforce output

quotas for individual countries. Khalid Al-Falih, the Saudi energy minister, and his Russian counterpart Alexander Novak met Saturday and “re-emphasized their joint

commitment to ensuring the adequacy of oil supplies, especially considering market uncertainties on the horizon,” the Saudi energy ministry said Sunday in a statement.

U.S. President Donald Trump escalated his trade war with Beijing, imposing 10 percent tariffs on about $200 billion worth of imports in a move one senior Chinese

regulator said “poisoned” the atmosphere for negotiations. Trump also warned in a statement that if China takes retaliatory action against U.S. farmers or industries, “we

will immediately pursue phase three, which is tariffs on approximately $267 billion of additional imports.” China is reviewing plans to send a delegation to Washington for

fresh talks in light of the U.S. decision, the South China Morning Post reported on Tuesday, citing a government source in Beijing, raising the risk of a prolonged trade

battle between the world’s largest economies that could hit global growth. U.S. trade actions against China will not work as China has ample fiscal and monetary policy

tools to cope with the impact, a senior securities market official said. Collection of tariffs on the long-anticipated list will start on Sept. 24 but the rate will increase to 25

percent by the end of 2018, allowing U.S. companies some time to adjust their supply chains to alternate countries. So far, the United States has imposed tariffs on $50

billion worth of Chinese products to pressure Beijing to make sweeping changes to its trade, technology transfer and high-tech industrial subsidy policies. China has

retaliated in kind.

India’s monsoon has produced 9 percent less rain than usual, raising concerns over production of the country’s summer-sown crops as rainfall in many key grains

producing states has been nearly a quarter lower than normal levels. Summer crop production is being closely watched by markets as lower output could spoil Indian

Prime Minister Narendra Modi’s efforts to raise the income of farmers, who make up more than half of its 1.3 billion people, in an election year. The monsoon delivers 70

percent of India’s annual rainfall and is the lifeblood of India’s $2 trillion economy with the farm sector contributing 14 percent of its economic output. Nearly half of

Indian farmland lacks irrigation, making the monsoon critical for 263 million farmers who grow rice, sugarcane, corn, cotton and soybean. The drop in rainfall could

moderate demand from rural areas for an array of goods - from two wheelers to refrigerators - and lift food prices and stoke inflation, which is expected to harden in

coming months due to higher fuel prices. India, the world’s biggest producer of cotton and pulses and the second-biggest producer of sugar and rice, has had 777.4 mm

of rainfall since the start of the monsoon season on June 1, nearly 9 percent lower than normal, data compiled by India Meteorological Department (IMD) shows. Cotton

growing Gujarat has so far received 27 percent less rainfall than normal, while rice growing West Bengal, Jharkhand and Bihar in eastern India saw it drop by as much as

25 percent below average, IMD data shows.

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Date : Wednesday, September 26, 2018 URL : www.systematixshares.com Page No : 14

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