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Daily Commodity Roundup as on Wednesday, October 17, 2018

Date : Wednesday, October 17, 2018 URL : www.systematixshares.com Page No : 1

14.62CRUDE $

71.92

-0.22 -0.07 0.20

IN

TER

NA

TIO

NA

L M

AR

KET U

PD

ATE GOLD $

1221.93SILVER $

USDJPY112.35

-0.1 -0.04 0.06EURUSD

1.1561GBPUSD

1.31746

LME

NICKEL

12510

-0.39 0.25 -0.2

LME

COPPER

6209 LME

ZINC

2606

$ INDEX95.19

-0.29 -0.53 0.09

LME ALUMINIUM

2032 LME

LEAD

2055

DJIA25251

0.85 0.69 -0.35SENSEX

35162NIFTY

10585


NIKKEI22872

-0.41 -0.59 1.43USDINR

73.62 S&P

INDEX

2751

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MCX Gold Dec 2018

Gold dropped as firmness in Rupee weighed despite price seen supported as risk-averse investors sought refuge amid rising political tensions and economic uncertainty.

Gold on MCX settled down -0.62% at 31868 as pressure seen after Indian

Rupee climbed 35 paise to end at nearly two-week high of 73.48 per

dollar amid softening crude oil prices and easing concerns over the trade

deficit. While Comex Gold prices settled slightly higher ended with gains

of $0.70 to settled at $1,231.00 an ounce as the dollar stayed sluggish

against some major currencies, ahead of the release of the minutes of the

FOMC's September meeting. It appears uncertainty about near term

global economic growth and geopolitical worries prompted traders to pick

up the yellow metal. Despite rising geopolitical worries after the

disappearance of Saudi Arabian journalist Jamal Khashoggi and the

subsequent spat between the U.S. and Saudi Arabia, stock markets are

moving higher, due largely to some better than expected earnings. Gold

is still down about 9% from its April peak, as the dollar had benefited

from early signs of the Fed’s preference for a higher-for-longer interest

rate plan. US President Donald Trump’s renewed attacks on the Fed’s

policy tightening have also highlighted the political pressure on the U.S.

central bank. Former Fed Chief Janet Yellen reportedly warned Monday

that the president’s remarks were “essentially damaging to the Fed and

to financial stability,” adding that she did not believe that it was “a

desirable thing for a president to comment so explicitly on Fed policy”.

From physical side in India demand is very low this year as the higher

prices are trimming the amount of gold being bought. Technically market

is getting support at 31760 and below same could see a test of 31651

level, And resistance is now likely to be seen at 32069, a move above

could see prices testing 32269.

OPEN HIGH LOW CLOSE % CHANGE OPEN INTEREST

32072

SUPPORT 3

32378 32269 32069 31760 31651 31451

32160 31851 31868 -0.62 13370

RESIST 3 RESIST 2 RESIST 1 SUPPORT 1 SUPPORT 2


Trading Ideas :Gold trading range for the day is 31651-32269.

Prices recently seen supported amid rising tensions between Western powers and Saudi Arabia and concerns over the pace of global economic growth.

U.S. retail sales barely rose in September as a rebound in motor vehicle purchases was offset by the biggest drop in spending at restaurants and bars in nearly two years.

Holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.55 percent to 748.76 tonnes.

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MCX Silver Dec 2018

Silver prices dropped on profit booking amid firmness in Rupee after prices seen supported as a sea of global troubles kept safe-haven demand churning.

Silver prices dropped on profit booking amid firmness in Rupee after

prices seen supported as a sea of global troubles kept safe-haven demand

churning. The U.S. dollar index dropped to more than two-week lows on

Tuesday while emerging market currencies outperformed, and rising

stock markets reflected improving risk appetite. The consumer price

index (CPI) rose 2.5% from a year earlier, the largest annual growth in

seven months, according to data from the National Bureau of Statistics.

US industrial production increased for a fourth straight month in

September, boosted by gains in manufacturing and mining output, but

momentum slowed sharply in the third quarter. Past U.S. presidents have

been reticent to criticize the central bank because its independence is

seen as important for economic stability. But Trump in the past week has

called the Fed “crazy,” “loco,” “ridiculous,” and “too cute”. The U.S. Trade

Representative’s office told Congress it intends to open trade talks with

the European Union, the United Kingdom and Japan. U.S. industrial

production increased for a fourth straight month in September, boosted

by gains in manufacturing and mining output, but momentum slowed

sharply in the third quarter. Chinese exporters are mostly confident they

can weather a trade war with the United States, but worry about

collateral damage it might cause throughout the global economy.

Technically market is under fresh selling as market has witnessed gain in

open interest by 5.11% to settled at 23428 while prices down -289

rupees, now Silver is getting support at 38692 and below same could see

a test of 38520 level, And resistance is now likely to be seen at 39174, a

move above could see prices testing 39484.


39150 39312

39656 39484 39174 38692 38520 38210

38830 38864 -0.74 23428

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


Trading Ideas :Silver trading range for the day is 38520-39484.

The consumer price index (CPI) rose 2.5% from a year earlier, the largest annual growth in seven months, according to data.

US industrial production increased for a fourth straight month in September, boosted by gains in manufacturing and mining output.

Chinese consumer inflation in September accelerated for a fourth month, with food prices gaining the most since February.

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MCX Crudeoil Oct 2018

Crude oil gains on evidence of falling Iranian exports, but gains were limited by fears of another outsize U.S. crude build in weekly storage data.

Crude oil gains on evidence of falling Iranian exports, but gains were

limited by fears of another outsize U.S. crude build in weekly storage

data. U.S. crude inventories fell by 2.1 million barrels last week,

compared with expectations for a build of 2.2 million barrels, American

Petroleum Institute data showed. Gasoline stocks dropped by 3.4 million

barrels, compared with for a 1.1 million-barrel decline. Distillate fuel

stockpiles, which include diesel and heating oil, declined by 246,000

barrels, compared with expectations for a 1.3 million-barrel drop, the API

data showed. U.S. President Donald Trump has urged the Organization of

the Petroleum Exporting Countries to raise output to help cover a shortfall

due to new U.S. sanctions on Iran. The market has been supported by

reports that Iranian crude exports may be falling faster than expected

ahead of Nov. 4, the date sanctions on the commodity are due to start.

Meanwhile, OPEC Secretary-General Mohammad Barkindo urged oil

producing companies to increase capacities and invest more to meet

future demand as spare oil capacity shrinks worldwide. OPEC and its allies

including Russia agreed to reduce output by 1.8 million barrels per day

(bpd) from the start of 2017 with Moscow pledging to cut some 300,000

bpd. As oil prices hit $80 per barrel in recent months and with global oil

inventories shrinking fast, Saudi Arabia and Russia agreed to ease

restrictions although they never said the exact levels they would target.

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

open interest by 5.71% to settled at 7901 while prices up 9 rupees, now

Crudeoil is getting support at 5224 and below same could see a test of

5167 level, And resistance is now likely to be seen at 5328, a move

above could see prices testing 5375.


5310 5318

5432 5375 5328 5224 5167 5120

5214 5282 0.17 7901

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


Trading Ideas :Crudeoil trading range for the day is 5167-5375.

OPEC Secretary-General Mohammad Barkindo said global spare oil capacity was shrinking, adding that producers and companies should increase their production capacities.

U.S. crude stockpiles were forecast to have risen last week for the fourth straight week, by about 1.1 million barrels

In the first two week of October, Iran exported 1.33 million barrels per day (bpd) of crude to countries including India, China and Turkey.

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MCX Copper Nov 2018

Copper prices fell as a trade war between the United States and the world's top industrial metals consumer China weighed on the market.

Copper on MCX settled down -0.98% at 452.55 as a trade war between

the United States and the world's top industrial metals consumer China

weighed on the market. Pressure seen as China's factory-gate inflation

cooled for a third straight month in September amid ebbing domestic

demand, pointing to more pressure on the world's second-biggest

economy as it remains locked in an intensifying trade war with the United

States. Growth in China's factory sector in September stalled after 15

months of expansion, with export orders falling the most in more than

two years, a private business survey showed. Last night the US dollar

index dropped to more than two-week lows on Tuesday while emerging

market currencies outperformed, as rising stock markets reflected

improving risk appetite. Both LME and SHFE base metals ended in mixed

performance overnight. SHFE nickel and lead sank close to 0.8%, copper

and zinc dropped some 0.4% while aluminium rose some 0.7%. From

data point from US side data showed US industrial production increased

for a fourth straight month in September, boosted by gains in

manufacturing and mining output, but momentum slowed sharply in the

third quarter. Now day ahead some data to monitor today include total

social financing (TSF) and broad M2 money supply in September for

China, consumer inflation in September across the eurozone. Now

technically market is under long liquidation as market has witnessed drop

in open interest by -0.58% to settled at 11970 while prices down -4.5

rupees, now Copper is getting support at 450.5 and below same could see

a test of 448.3 level, And resistance is now likely to be seen at 455.6, a

move above could see prices testing 458.5.


455.90

SUPPORT 3

460.7 458.5 455.6 450.5 448.3 445.4

456.30 451.25 452.55 -0.98 11970


Trading Ideas :Copper trading range for the day is 448.3-458.5.

China's unwrought copper imports surged to their highest in 2-1/2 years in September, while copper concentrate imports climbed to an all-time high.

Yangshan copper import premiums have been near $120 since late September, levels last seen in 2015 and indicating strong demand.

Warehouse stock for Copper at LME was at 164175mt that is up by 2475mt.


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MCX Zinc Oct 2018

Zinc dropped amid lean factory-gate inflation data in China and nagging concerns about global growth.

Zinc on MCX settled down -0.21% at 193.80 as pressure seen on the

report that accumulated inventories and negative macroeconomic

sentiment weighed. While concerns are there as CHINA debt Off-balance-

sheet borrowings by Chinese local governments could be as high as 40

trillion yuan ($5.78 trillion) and amount to “a debt iceberg with titanic

credit risks”, S&P Global Ratings said in a report on Tuesday. Last night

the US dollar index dropped to more than two-week lows on Tuesday

while emerging market currencies outperformed, as rising stock markets

reflected improving risk appetite. Both LME and SHFE base metals ended

in mixed performance overnight. LME aluminium, zinc gained close to

0.2% while copper dipped 0.1%, nickel slid 0.4% and lead lost 0.67%.

SHFE nickel and lead sank close to 0.8%, copper and zinc dropped some

0.4% while aluminium rose some 0.7%. From data point Chinese

consumer inflation accelerated for a fourth month in September, with

food prices jumping by the most since February, while the rise in

households’ non-food costs slowed. The CPI rose 2.5% from a year

earlier, marking the largest annual growth in seven months, according to

data from the NBS. The PPI climbed 3.6% from a year ago, compared

with a 4.1% gain the previous month. From US side data showed US

industrial production increased for a fourth straight month in September,

boosted by gains in manufacturing and mining output, but momentum

slowed sharply in the third quarter. Now technically market is under long

liquidation as market has witnessed drop in open interest by -1.48% to

settled at 4528 while prices down -0.4 rupees, now Zinc is getting

support at 192.1 and below same could see a test of 190.3 level, And

resistance is now likely to be seen at 195.4, a move above could see

prices testing 196.9.


193.8

SUPPORT 3

198.7 196.9 195.4 192.1 190.3 188.8

195.2 191.8 193.8 -0.21 4528


Trading Ideas :Zinc trading range for the day is 190.3-196.9.

Production cutbacks at China's zinc smelters in response to tighter environmental checks and weaker profits have tightened supply.

Demand for refined zinc will exceed supply by 322,000 tonnes this year and 72,000 tonnes in 2019, the ILZSG said.

Warehouse stock for Zinc at LME was at 184625mt that is down by -4225mt.


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MCX Nickel Oct 2018

Nickel dropped as pressure seen amid trade tensions and rising U.S. interest rates.

Nickel on MCX settled down -1.02% at 916.40 settled down as rising

supplies, weaker demand from downstream auto and stainless steel

sectors accounted for the decline. Yesterday the US dollar index dropped

to more than two-week lows on Tuesday while emerging market

currencies outperformed, as rising stock markets reflected improving risk

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

overnight. LME aluminium, zinc gained close to 0.2% while copper dipped

0.1%, nickel slid 0.4% and lead lost 0.67%. SHFE nickel and lead sank

close to 0.8%, copper and zinc dropped some 0.4% while aluminium rose

some 0.7%. From data point Chinese consumer inflation accelerated for a

fourth month in September, with food prices jumping by the most since

February, while the rise in households’ non-food costs slowed. The CPI

rose 2.5% from a year earlier, marking the largest annual growth in

seven months, according to data from the NBS. That came in line with

expectations and was faster than the 2.3% report in August. The PPI

climbed 3.6% from a year ago, compared with a 4.1% gain the previous

month. From US side data showed US industrial production increased for

a fourth straight month in September, boosted by gains in manufacturing

and mining output, but momentum slowed sharply in the third quarter.

Now day ahead some data to monitor today include total social financing

(TSF) and broad M2 money supply in September for China, consumer

inflation in September across the eurozone. Now technically market is

under fresh selling as market has witnessed gain in open interest by

28.4% to settled at 9593 while prices down -9.4 rupees, now Nickel is

getting support at 911.1 and below same could see a test of 905.9 level,

And resistance is now likely to be seen at 922.1, a move above could see

prices testing 927.9.


921.2

SUPPORT 3

933.1 927.9 922.1 911.1 905.9 900.1

922.7 911.7 916.4 -1.02 9593


Trading Ideas :Nickel trading range for the day is 905.9-927.9.

Growth in China's factory sector in September stalled after 15 months of expansion, with export orders falling the most in more than two years.

US retail sales data for September missed expectations and as benchmark US Treasury yields consolidated after they climbed to their highest level in seven years

Warehouse stock for Nickel at LME was at 221898mt that is down by -204mt.


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NCDEX Jeera Nov 2018

Jeera prices dropped on profit booking after prices gained due to firm physical domestic and exports demands from China and Bangladesh.

Jeera on NCDEX settled up by 0.88% at 20130 amid improved physical

domestic and exports demands from China and Bangladesh. However,

good stocks and higher prices in the domestic market may dent export

prospects. Jeera producing districts of Gujarat received scanty rains,

which will affect its production in next season. The prevailing water crisis

may curtail jeera sowing by about 25% from last year’s 7.80 lakh ha.

According to Commerce ministry data, exports in July surged 70.3% on

year to 13,039 tonnes while for Apr-Jul period, exports were high by 76%

at 88,885 tonnes compared to last year export volume. As per trade

information, crop damaged reported in Syria and Turkey due to heavy

rainfall in support Indian Jeera in International market. Quality wise (due

to heavy rainfall) and price wise Indian Jeera more affordable than other

producing country. 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. According to export data released by

Commerce ministry, exports in May surged 96% on year to 27,790

tonnes. In Unjha, a key spot market in Gujarat, jeera edged up by 128.55

Rupees to end at 19850 Rupees per 100 kg.Technically market is under

short covering as market has witnessed drop in open interest by -1.25%

to settled at 5907 while prices up 175 rupees, now Jeera is getting

support at 19870 and below same could see a test of 19615 level, And

resistance is now likely to be seen at 20340, a move above could see

prices testing 20555.


20055

SUPPORT 3

20460 20290 20160 19860 19690 19560

20120 19820 20035 -0.47 5991


Trading Ideas :Jeera trading range for the day is 6678-6678.

Jeera producing districts of Gujarat received scanty rains, which will affect its production in next season.

NCDEX accredited warehouses jeera stocks gained by 96 tonnes to 2433 tonnes.

In Unjha, a key spot market in Gujrat, jeera remains unchanged at0 rupees to end at 19835 rupee per 100 kg.


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NCDEX Turmeric Nov 2018

Turmeric dropped on profit booking after prices gained as there are expectation of improving demand coupled with diminishing arrivals.

Turmeric on NCDEX settled down by -1.99% at 6508 on profit booking

after prices gained as there are expectation of improving demand coupled

with diminishing arrivals as the season is ending. Turmeric output in

Erode, which had slumped last year on the back of two consecutive

droughts, is set to witness a rebound, if planting area is any indication.

According to the Department of Horticulture and Plantation Crops of Tamil

Nadu, acreage of turmeric in Erode may jump nearly 80% on year to

5,300 ha in 2018-19 (Jul-Jun) because of very good rainfall this year and

availability of other water sources. In 2017-18, area under the spice in

Erode, India's third largest producing region, was 2,956 ha, the

horticulture department official said. Acreage of the spice had risen from

around 5,000 ha in 2014-15 to 6,293 ha and a record high of 8,988 ha in

the two subsequent years, mainly due to a rise in processing units in the

vicinity. During the September, arrivals of turmeric have been higher at

12,478 t (Vs 10,978 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 in Apr-Jul period

which is pressurizing the prices in physical market. In Nizamabad, a

major spot market in AP, the price ended at 6872.5 Rupees dropped -120

Rupees.Technically market is under fresh selling as market has witnessed

gain in open interest by 4.19% to settled at 12300, now Turmeric is

getting support at 6456 and below same could see a test of 6406 level,

And resistance is now likely to be seen at 6608, a move above could see

prices testing 6710.


6660

SUPPORT 3

6760 6710 6608 6456 6406 6304

6660 6508 6508 -1.99 12300


Trading Ideas :Turmeric trading range for the day is 6406-6710.

Acreage of turmeric in Erode may jump nearly 80% on year to 5,300 ha in 2018-19 (Jul-Jun) because of very good rainfall this year.

NCDEX accredited warehouses turmeric stocks gained by 21 tonnes to 3389 tonnes.

In Nizamabad, a major spot market in AP, the price ended at 6872.5 Rupees dropped -120 Rupees.


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MCX Menthaoil Oct 2018

Mentha oil dropped as spot markets are witnessing low demand amid adequate supply which weighed on prices.

Mentha oil on MCX settled down by -0.44% at 1708.4 as spot markets are

witnessing low demand amid adequate supply which weighed on prices.

Low demand outlook in mentha oil in domestic as well as global market

due to expectation of recovery in Indian Rupee against the U.S dollar.

Bumper crop harvest has been discounted in the market and market is

moving upwards on rising demand from end users. Arrivals in Sambhal

stood at 400 drums compared to 350 drum a day ago while in Barabanki

supplies rose to 500 drums from 450 drums a day earlier. According to

preliminary estimates, mentha oil production in 2018-19 would be 40,000-

45,000 ton against last year's production of 35,000 tons. There could be

chances of crop damage to certain extend due to unfavourable weather

condition. Mandi Department, which assumes Mantha as an agricultural

product and receives the mandatory duty of one and a half percent, the

GST of the same commerce tax department, Mentha crop, is not

considered as agricultural product and 15 percent GST is charged. Due to

this double tax, the price of mentha product increases, whereas synthetic

mentha is much cheaper, so many companies making mentha products

have started using synthetic mentha. Mentha oil spot at Sambhal closed

at 1870.30 per 1kg. Spot prices was up by Rs.1.50/-.Technically market

is under fresh selling as market has witnessed gain in open interest by

2.36% to settled at 956 while prices down -7.5 rupees, now Menthaoil is

getting support at 1696.6 and below same could see a test of 1684.9

level, And resistance is now likely to be seen at 1723.4, a move above

could see prices testing 1738.5.


1721.00

SUPPORT 3

1750.2 1738.5 1723.4 1696.6 1684.9 1669.8

1726.80 1700.00 1708.40 -0.44 956


Trading Ideas :Menthaoil trading range for the day is 1684.9-1738.5.

Mentha oil spot at Sambhal closed at 1870.30 per 1kg. Spot prices was up by Rs.1.50/-.

Bumper crop harvest has been discounted in the market and market is moving upwards on rising demand from end users.

Arrivals in Sambhal stood at 400 drums compared to 350 drum a day ago while in Barabanki supplies rose to 500 drums from 450 drums a day earlier.


TIME ZONE Forecast

CommodityLME STOCK Stock

COPPER 2475 164175

ALUMINIUM 70775 996875

NICKEL -204 221898

LEAD -525 115775

ZINC -4225 184625

4098 22840 20035 4402 6508 4159 590.4 3274

DAILY MARKET TRADING LEVEL

COMMODITIESNCDEX CHANA Nov

2018

NCDEX Cotton Oct

2018

NCDEX Jeera Nov

2018

NCDEX Guarseed10

Nov 2018

NCDEX Turmeric

Nov 2018

NCDEX Rmseed Nov

2018MCX CPO Oct 2018

NCDEX Soyabean

Nov 2018

NCDEX

Ref.Soya oil

Nov 2018

763.75CLOSE

P. POINT 4111 22870 19990 4411 6558 4168

4133 22940 20160 4438 6608 4181

RESISTANCE

4190 23120 20460 4502 6760 4215

591.5 3289 765

773

4168 23050 20290 4475 6710 4202 597.4 3346 771

599.8 3367

593.9 3310 767

4347 6406 4134 585.6 3232 759

4076 22760 19860 4374 6456 4147 588.0 3253

755

Cng in OI -7.40 -3.05 1.42 -1.42 4.19 -2.31 -3.88 3.66 9.60

SUPPORT

4019 22580 19560 4310 6304 4113 582.1 3196

761

4054 22690 19690

Fresh Selling

LME DAILY STOCK POSITION ECONOMICAL DATA

DATA Previous

2:30pm EUR Final CPI y/y 0.021 0.021

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

2:30pm EUR Final Core CPI y/y 0.009 0.009

Tentative EUR German 30-y Bond Auction 0 1.10|2.0

6:00pm USD Building Permits 1.28M 1.25M

6:00pm USD Housing Starts 1.21M 1.28M

8:00pm USD Crude Oil Inventories 1.6M 6.0M

11:30pm USD FOMC Meeting Minutes 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0


2475

70775

-204 -525-4225-10000

0

10000

20000

30000

40000

50000

60000

70000

80000

COPPER ALUMINIUM NICKEL LEAD ZINC

LME STOCK

NEWS YOU CAN USE

U.S. Treasury Secretary Steven Mnuchin said Chinese officials told him that a further depreciation of China’s yuan currency was not in the country’s interest. Mnuchin also

told a news conference he was “not losing any sleep” over the prospect that China could sell U.S. Treasury debt amid rising trade tension between the world’s two largest

economies. “We had productive conversations, and they emphasized to me that it is not in their interest to see the RMB to continue to depreciate,” Mnuchin said at the

International Monetary Fund and World Bank annual meetings in Bali. “And as I’ve said, the currency issue is an important issue for us in trade and will be part of our

trade discussions. We want to make sure that depreciation is not being used for competitive purposes in trade.” The comments come after Mnuchin expressed concern

about a weakening of the yuan against the dollar to near levels not seen in a decade, as the Treasury prepares to release a much-anticipated report next week on

currency manipulation. Mnuchin said no decision had been made whether U.S. President Donald Trump would meet Chinese President Xi Jinping at the G20 leaders

summit in Argentina at the end of November. No formal talks to try to resolve the U.S.-China trade dispute have taken place since Aug. 23. “To the extent that we can

make progress towards a meeting, I would encourage that, and that’s something that we’re having discussions about. For the moment, there’s no preconditions, the

president will decide on that.”

Sustained trade tensions could slash Asia’s economic growth by up to 0.9 percentage point in coming years, the International Monetary Fund said, urging policymakers in

the region to liberalise markets to offset the fall in export sales. The IMF also warned in its twice-yearly report on the Asia Pacific region that the market rout seen in

emerging economies could worsen if the U.S. Federal Reserve and other major central banks tightened monetary policy more quickly than expected. “Turmoil already

seen in some emerging market economies could worsen, with negative spillovers to Asia through reduced capital flows and higher funding costs,” it said. Changyong

Rhee, director of the IMF’s Asia and Pacific Department, said there would be no winners in Asia from the global trade frictions, as other countries won’t be able to

compensate fully for supply chain disruptions in China and the United States - the world’s top two economies. The IMF maintained its forecast that Asia’s economy will

expand by 5.6 percent this year but cut its projection for next year to 5.4 percent, down by 0.2 point from April. The downgrade was due to the impact of financial market

stress and monetary tightening in some economies, as well as the damage from the tit-for-tat tariff actions between the United States and China, the IMF said. Existing,

proposed and new retaliatory tariffs could cause maximum gross domestic product (GDP) losses of 1.6 percent in China and close to 1 percent in the United States, it

said.

India’s oilmeal exports for the month of September 2018 reported a decline of about 73 per cent, the provisional data released by the Solvent Extractors’ Association of

India (SEA) showed. The export of oilmeals in September 2018, provisionally reported at 81,511 tonnes as compared to 298,182 tonnes in September 2017, is down by

73 per cent. The overall export between April to September 2018 was reported at 1,403,382 tonnes compared to 1,284,788 tonnes during the same period last year,

rising 9 per cent, an SEA statement said. However, provisional data revealed a decline in exports to major destinations such as South Korea, which imported 10,037

tonnes of oilmeal in September 2018, nearly 89 per cent less as against 89,856 tonnes in September 2017. Oilmeal exports to Bangladesh (down 92 per cent ) and

Vietnam (down 79 per cent ) too reported a significant decline. The data further showed that exports to South East Asia and other countries fell by 73 per cent from

232,379 tonnes in September 2017 to 63,101 tonnes this year. Also, exports to European and other Western nations fell to 13,002 tonnes as against 61,091 tonnes in

September 2017, plummeting 79 per cent. However, the SEA maintained that the numbers were for September month and the same cannot be considered final.

Meanwhile, for the April-September 2018 period, while other oilmeals saw marginal growth or a decline in exports, that of rapeseed meal doubled to 601,105 tonnes from

April-September 2018, from 300,627 tonnes in the same period last year.



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

made as to its accuracy completeness or correctness.

This document is for information purposes only. This report is based on information that we consider reliable, but we do not represent that it is accurate or complete, and one should exercise due caution while acting on it. Descriptions of any commodities mentioned herein are not

complete and this document is not, and should not be construed as an offer or solicitation of an offer to buy or sell any commodities/commodity derivatives. Past performance is not a guide for future performance, future returns are not guaranteed and a loss of original capital may occur.

All opinions, projections and estimates constitute the judgment of the author as on the date of the report and these, plus any other information contained in the report, are subject to change without notice. Prices and availability of financial instruments also are subject to change without

notice.

This report is not directed to or intended for display, downloading, printing, reproducing or for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, reproduction, availability

or use would be contrary to law or regulation or what would subject to Systematix Commodities Services Private Limited (SCSPL) or its affiliates to any registration or licensing requirement within such jurisdiction. If this report is inadvertently send or has reached any individual in such

country, especially, USA, the same may be ignored and brought to the attention of the sender. Neither this document nor any copy of it may be taken or transmitted into the United State (to U.S.Persons), Canada, or Japan or distributed, directly or indirectly, in the United States or

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

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

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

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

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

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

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

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

assume currency risk.

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

the income, etc.

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

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

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

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

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

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

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

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

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

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

Systematix Commodities Services Private Limited.:

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

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