daily commodity roundup as on -...

Daily Commodity Roundup as on Monday, November 05, 2018

Date : Monday, November 05, 2018 URL : www.systematixshares.com Page No : 1

14.70CRUDE $

63.14

-0.07 -0.15 -0.86

IN

TER

NA

TIO

NA

L M

AR

KET U

PD

ATE GOLD $

1231.90SILVER $

USDJPY113.188

-0.02 0.12 0.02EURUSD

1.1385GBPUSD

1.2986

LME

NICKEL

11800

-0.83 -0.31 -1.13

LME

COPPER

6253 LME

ZINC

2541

$ INDEX96.50

-0.63 -1.20 0.18

LME ALUMINIUM

1975 LME

LEAD

1984

DJIA25381

1.68 1.66 1.06SENSEX

35012NIFTY

10553


NIKKEI21937

-1.41 1.06 -1.38USDINR

72.65 S&P

INDEX

2740

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MCX Gold Dec 2018

Gold slipped as the U.S. dollar regained some ground on the back of strong American jobs data.

Gold on MCX settled down -0.45% at 31750 as the U.S. dollar regained

some ground on the back of strong American jobs data. The U.S. Federal

Reserve has raised interest rates three times this year and is widely

expected to raise rates again in December. Attention is now turning to

the U.S. congressional elections on Nov. 6, which will determine whether

the Republican or Democratic party controls Congress, with some

predicting increased market volatility on the outcome. Holdings in SPDR

Gold Trust, the world’s largest gold-backed exchange-traded fund, rose to

their highest since late August on Thursday. Physical gold demand in

India was lacklustre, with dealers offering discounts for the metal ahead

of a traditionally busy festival week for the first time in at least three

years, as high prices kept consumers away. Prices in India, held near

33,000 Indian rupees per 10 grams, the highest since September 2013,

ahead of the Dhanteras and Diwali festivals, when buying gold is

considered auspicious. Dealers in India were offering a discount of up to

$7 an ounce over official domestic prices this week, unchanged from last

week and the highest since mid-June. In top consumer China, premiums

were slightly higher at $4-$7 per ounce versus $4-$6 last week, while

premiums in Hong Kong were seen at 70 cents-$1.50 as against 70 cents-

$1.20 earlier. Hedge funds and money managers raised their net short

positions in Comex gold and silver contracts in the week to Oct. 30, the

U.S. Commodity Futures Trading Commission said. Technically now Gold

is getting support at 31621 and below same could see a test of 31493

level, And resistance is now likely to be seen at 31856, a move above

could see prices testing 31963.

OPEN HIGH LOW CLOSE % CHANGE OPEN INTEREST

31821

SUPPORT 3

32091 31963 31856 31621 31493 31386

31835 31600 31750 -0.45 11261

RESIST 3 RESIST 2 RESIST 1 SUPPORT 1 SUPPORT 2


Trading Ideas :Gold trading range for the day is 31493-31963.

President Trump signs executive order imposing sanctions on Venezuelan Gold exports

Physical gold demand in India was lacklustre, with dealers offering discounts ahead of a traditionally busy festival week for the first time in at least three years

Hedge funds and money managers raised their net short positions in Comex gold and silver contracts in the week to Oct. 30.

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MCX Silver Dec 2018

Silver dropped after a stronger-than-expected October jobs report, prompting prices for the precious metal to end the week with loss.

Silver on MCX settled down -0.39% at 38620 after a stronger-than-

expected October jobs report, prompting prices for the precious metal to

end the week with loss. US data showed the unemployment rate steadied

at 3.7% as expected, while average earnings rose 0.2% as expected,

slowing down from 0.3% in September. The economy created 250

thousand new jobs last month, up from 118K in September and beating

estimates of 194K, as the trade deficit widened to $54 billion from $53.3B

in August. New reports indicated President Donald Trump has asked

officials to draft a potential trade agreement with China, with hopes to

achieve such a deal next month during the G20 meetings in Buenos Aires.

Trump also tweeted yesterday: "Just had a long and very good

conversation with President Xi Jinping of China. We talked about many

subjects, with a heavy emphasis on Trade. Those discussions are moving

along nicely with meetings being scheduled at the G-20 in Argentina. Also

had good discussion on North Korea!" Hedge funds and money managers

raised their net short positions in Comex silver contracts in the week to

Oct. 30, the U.S. Commodity Futures Trading Commission said. Hedge

funds and money managers raised their net short position in silver by

3,368 contracts to 24,577 contracts. Fed Funds Futures are pricing in a

70.8% chance of a rate hike this December, this is down from about 80%

certainty back in mid-October. Technically market is under long

liquidation as market has witnessed drop in open interest by -1.37% to

settled at 23701 while prices down -151 rupees, now Silver is getting

support at 38430 and below same could see a test of 38239 level, And

resistance is now likely to be seen at 38826, a move above could see

prices testing 39031.


38628 38840

39222 39031 38826 38430 38239 38034

38444 38620 -0.39 23701

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


Trading Ideas :Silver trading range for the day is 38239-39031.

US data showed the unemployment rate steadied at 3.7% as expected, while average earnings rose 0.2% as expected, slowing down from 0.3% in September.

Hedge funds and money managers raised their net short positions in Comex silver contracts in the week to Oct. 30, the U.S. Commodity Futures Trading Commission said.

Fed Funds Futures are pricing in a 70.8% chance of a rate hike this December, this is down from about 80% certainty back in mid-October.

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MCX Crudeoil Nov 2018

Crude oil dropped after a report that Washington has granted several countries waivers on sanctions on Tehran, allowing them to continue to import Iranian crude.

Crudeoil on MCX settled down -1.14% at 4609 after a report that

Washington has granted several countries waivers on sanctions on

Tehran, allowing them to continue to import Iranian crude. But sentiment

turned negative after a report that several governments received waivers

that would allow them to import some Iranian crude once U.S. sanctions

are imposed next week. The U.S. government has agreed to let eight

countries, including close allies South Korea and Japan, as well as India,

keep buying Iranian oil after it reimposes the sanctions. Iran's crude oil

exports to fall to 1.15 million bpd by the end of the year, down from

around 2.5 million bpd in mid-2018. Beyond Iran sanctions, oil output has

been rising significantly in the past two months. Russian Energy Ministry

data showed the country pumped 11.41 million barrels per day (bpd) of

crude oil in October, a 30-year high. The Organization of the Petroleum

Exporting Countries boosted oil production in October to 33.31 million

bpd, up 390,000 bpd and the highest by OPEC since 2016. OPEC/O and in

the United States, crude production is now well over 11 million bpd,

putting the U.S. in a neck and neck race with Russia for the title of top

producer. By the end of next year, however, Goldman expects Brent to

fall to $65 a barrel, largely due to "the unleashing of Permian (U.S. shale)

supply growth once new pipelines come online". Technically market is

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

3.01% to settled at 14901 while prices down -53 rupees, now Crudeoil is

getting support at 4557 and below same could see a test of 4505 level,

And resistance is now likely to be seen at 4663, a move above could see



4649 4665

4769 4717 4663 4557 4505 4451

4559 4609 -1.14 14901

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


Trading Ideas :Crudeoil trading range for the day is 4505-4717.

Iran's crude oil exports to fall to 1.15 million bpd by the end of the year, down from around 2.5 million bpd in mid-2018.

Russian Energy Ministry data showed the country pumped 11.41 million barrels per day (bpd) of crude oil in October, a 30-year high.

OPEC boosted oil production in October to 33.31 million bpd, up 390,000 bpd and the highest by OPEC since 2016.

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MCX Copper Nov 2018

Copper prices rose after the presidents of the United States and China both expressed optimism about resolving a trade row between the two countries.

Copper prices rose after the presidents of the United States and China

both expressed optimism about resolving a trade row between the two

countries. Copper, considered an economic bellwether, has been weighed

down this year by fears the U.S.-China trade row will curb demand for

industrial metals. U.S. President Donald Trump wants to reach an

agreement with Chinese President Xi Jinping at the Group of 20 nations

summit in Argentina later this month. Chinese President Xi Jinping on

Thursday promised support for struggling private firms, pledging more tax

cuts and financial aid, underscoring government resolve to support the

private sector as growth slows. Inventories of copper in LME-approved

warehouses, at 143,125 tonnes, are down more than 60 percent since

the 2018 peak near 390,000 tonnes. The problem is compounded by

cancelled warrants at nearly 54 percent of total stocks and a large holding

of copper warrants between 50 and 79 percent. China’s Arrivals of scrap

copper in September plunged 38.9 percent to 200,000 tonnes, curbed by

the hefty tariffs on imports from the United States. The global world

refined copper market showed a 47,000 tonnes deficit in July, compared

with a 38,000 tonnes deficit in June, the ICSG said. For the first 7 months

of the year, the market was in a 157,000 tonnes deficit compared with a

188,000 tonnes deficit in the same period a year earlier, the ICSG said.

Copper on MCX settled up 2.38% at 451.25, technically market is under

short covering as market has witnessed drop in open interest by -5.14%

to settled at 13258 while prices up 10.5 rupees, now Copper is getting

support at 441.5 and below same could see a test of 431.7 level, And

resistance is now likely to be seen at 456.9, a move above could see

prices testing 462.5.


439.50

SUPPORT 3

472.3 462.5 456.9 441.5 431.7 426.1

452.70 437.30 451.25 2.38 13258


Trading Ideas :Copper trading range for the day is 431.7-462.5.

China’s Arrivals of scrap copper in September plunged 38.9 percent to 200,000 tonnes, curbed by the hefty tariffs on imports from the United States

The global world refined copper market showed a 47,000 tonnes deficit in July, compared with a 38,000 tonnes deficit in June, the ICSG said.

Warehouse stock for Copper at LME was at 180375mt that is up by 43700mt.


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MCX Zinc Nov 2018

Zinc settled flat paring gains on profit booking after prices rose helped by concerns over supply shortages while an improving technical picture provided encouragement for buyers.

Zinc settled flat paring gains on profit booking after prices rose helped by

concerns over supply shortages while an improving technical picture

provided encouragement for buyers. On-warrant zinc stocks in LME-

registered warehouses, have fallen below 100,000 tonnes from almost

240,000 tonnes in August and are close to 10-year lows. The premium for

cash zinc over the three-month LME contract, at $53, remains close to

Monday's $63 one-year high, signalling tight nearby supply. The global

zinc market had a deficit of 292,000 tonnes in the first eight months of

the year, data from the International Lead and Zinc Study Group (ILZSG)

showed. In August the deficit was 76,200 tonnes. Chinese zinc production

in September was down 10.1 percent year-on-year at 456,000 tonnes

amid a crackdown on polluting industry. China accounts for nearly half of

global refined zinc production of about 13.5 million tonnes. China more

than quadrupled the value of fixed-asset investment projects approved in

the third quarter from the April-June period, as part of efforts to prop up

the slowing economy. Treatment charges (TCs) for spot zinc

concentrates continued to rise over the past week after an open arbitrage

into China and agreement on higher prices led to a flurry of deals earlier

in the month. The zinc market is still in transition from being more tightly

supplied than at any other time for a decade, to having a more balanced

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

gain in open interest by 13.47% to settled at 3495, now Zinc is getting



prices testing 194.


188.1

SUPPORT 3

195.9 194.0 191.3 186.7 184.8 182.1

192.1 187.6 188.7 0.00 3495


Trading Ideas :Zinc trading range for the day is 184.8-194.

Chinese zinc production in September was down 10.1 percent year-on-year at 456,000 tonnes amid a crackdown on polluting industry.

The premium for cash zinc over the three-month LME contract, at $53, remains close to Monday's $63 one-year high, signalling tight nearby supply.

Warehouse stock for Zinc at LME was at 142725mt that is down by -1450mt.


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MCX Nickel Nov 2018

Nickel prices gained after the Chinese authorities pledged preemptive and prompt actions on the economy.

Nickel on MCX settled up 0.39% at 870.4 after the Chinese authorities

pledged preemptive and prompt actions on the economy. Base metals

were stronger across the board as investors looked ahead to the potential

for new stimulus measures in China boosting demand. China’s politburo

said the nation needs timely steps to counter downward pressure on the

economy. Moreover, reports that talks between United States President

Donald Trump and China’s Xi Jinping have been progressing well signal

that it is still possible for the US-China trade relationship to improve.

Japanese trading house Sumitomo Corp lowered its forecast for nickel

output at its Ambatovy project in Madagascar to slightly above 40,000

tonnes in the year to March 31, below its projection in May of 48,000

tonnes. Due to lower production amid bad weather and a slow ramp-up

after a regular maintenance, Sumitomo now expects a loss of 13.6 billion

yen ($120.47 million) from the Ambatovy project in the current year,

against its earlier estimate of a 9.8 billion yen loss. Nickel inventories in

the Shanghai bonded areas shrank 3,500 mt, or 10% from last Friday to

stand at 31,500 mt as of November 2, data showed. With an open import

arbitrage window from last week, importers continued to move cargoes

from bonded warehouses to the domestic spot market. Arbitrage

opportunities also prompted importers to move forward cargoes directly

to the market. This limited materials that entered into bonded

warehouses. Technically market is under short covering as market has

witnessed drop in open interest by -0.29% to settled at 14409 while

prices up 3.4 rupees, now Nickel is getting support at 862.2 and below

same could see a test of 854 level, And resistance is now likely to be seen

at 879.8, a move above could see prices testing 889.2.


863.7

SUPPORT 3

897.4 889.2 879.8 862.2 854.0 844.6

881 863.4 870.4 0.39 14409


Trading Ideas :Nickel trading range for the day is 854-889.2.

Japanese trading house Sumitomo Corp lowered its forecast for nickel output at its Ambatovy project in Madagascar to slightly above 40,000 tonnes in the year to March 31.

Nickel inventories in the Shanghai bonded areas shrank 3,500 mt, or 10% from last Friday to stand at 31,500 mt as of November 2, data showed.

Warehouse stock for Nickel at LME was at 218772mt that is down by -96mt.


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NCDEX Jeera Dec 2018

Jeera prices gained on crop concern due to water shortage in producing centres of Gujarat and Rajasthan.

Jeera on NCDEX settled up 1.3% at 21110 on crop concern due to water

shortage in producing centres of Gujarat and Rajasthan. Sowing was

expected to be higher due to prevailing high prices but lower rains in

producing areas of both the states may impact the yield and overall

output. The prevailing water crisis may curtail jeera sowing by about 25%

from last year's area of 780,000 hectares. India's jeera exports have

reached nearly to 130,000 tons until September during the current fiscal.

However, jeera exports in 2018/19 (Apr-Aug) has crossed 1 lakh tonnes,

up 54.8% compared to exports last year for same period as per data

released by Commerce Ministry. Seasonally, the exports of Jeera dip

during the 4th quarter of the calendar year. However, those regions

which have good irrigation facilities will have good output. According to

the initial trade estimate, there may not be any increase in the sowing

area of jeera because of dry weather. However, if the producing states

receive good rains in November, then the sowing area could see an

increase. The overseas demand for Indian jeera is expected to increase

as the supply from other origins like Turkey and Syria are limited and of

poor quality. Although Indian jeera is priced higher in the global market,

it is drawing more buyers because of superior quality. Technically market

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

16.39% to settled at 3942 while prices up 270 rupees, now Jeera is

getting support at 20818 and below same could see a test of 20527 level,

And resistance is now likely to be seen at 21288, a move above could see



20745

SUPPORT 3

21755 21465 21285 20815 20525 20345

21175 20705 21110 1.30 3942


Trading Ideas :Jeera trading range for the day is 7037-7037.

Sowing was expected to be higher due to prevailing high prices but lower rains in producing areas may impact the yield and overall output.

NCDEX accredited warehouses jeera stocks gained by 110 tonnes to 2901 tonnes.

In Unjha, a key spot market in Gujrat, jeera remains unchanged at0 rupees to end at 20430 rupee per 100 kg.


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NCDEX Turmeric Dec 2018

Turmeric prices dropped on profit booking and on expectations of better crop this season.

Turmeric on NCDEX settled down -1.19% at 6650 on profit booking and

on expectations of better crop this season. Turmeric sowing in all the

major producing states is higher than last year and weather also

remained favourable. 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 hectare in 2018-19 (Jul-Jun) because of

very good rainfall this year and availability of other water sources. In

Telangana, turmeric acreage rose to 47,790 hectare compared to 44,956

hectare a year ago, state government data showed. In Andhra Pradesh

farmers planted turmeric over an area 18,000 hectares up from 14,000

hectares a year ago. During the September, arrivals of turmeric have

been higher at 12,478 t (Vs 10,978 t) compared last year, as per data. As

per data released by Commerce Ministry, turmeric exports during the

month of August 2018, increase by 51.6% on year to 12,045 tonnes (Vs

7,944 tonnes). As per trade information, currently all India Turmeric

stocks are reported around 24 - 25 lakh bags as compared to last year 32

– 34 lakh bags down by around 24 per cent. Currently turmeric stocks in

Nizamabad (both old and new crop) were estimated around 3.90 lakh

bags as compared to around 2.80 lakh bags same period last year.

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

open interest by 16.94% to settled at 7730 while prices down -80 rupees,

now Turmeric is getting support at 6605 and below same could see a test

of 6561 level, And resistance is now likely to be seen at 6727, a move

above could see prices testing 6805.


6754

SUPPORT 3

6848 6804 6726 6604 6560 6482

6760 6638 6650 -1.19 7730


Trading Ideas :Turmeric trading range for the day is 6560-6804.

Turmeric sowing in all the major producing states is higher than last year and weather also remained favourable.

NCDEX accredited warehouses turmeric stocks gained by 397 tonnes to 3582 tonnes.

In Nizamabad, a major spot market in AP, the price ended at 7061.9 Rupees dropped -15.35 Rupees.


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MCX Menthaoil Nov 2018

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

Menthaoil on MCX settled down -2.87% at 1767.9 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 Mentha 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. Technically market is under long

liquidation as market has witnessed drop in open interest by -7.06% to

settled at 1409 while prices down -52.3 rupees, now Menthaoil is getting



prices testing 1821.6.


1805.10

SUPPORT 3

1836.2 1821.6 1794.8 1753.4 1738.8 1712.0

1807.00 1765.60 1767.90 -2.87 1409


Trading Ideas :Menthaoil trading range for the day is 1738.8-1821.6.

Mentha oil spot at Sambhal closed at 1915.10 per 1kg. Spot prices was down by Rs.-42.90/-.

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 43700 180375

ALUMINIUM 4100 1051425

NICKEL -96 218772

LEAD -875 112675

ZINC -1450 142725

4091 22370 21110 4737 6650 4164 566.7 3422

DAILY MARKET TRADING LEVEL

COMMODITIESNCDEX CHANA Dec

2018

NCDEX Cotton Nov

2018

NCDEX Jeera Dec

2018

NCDEX Guarseed10

Dec 2018

NCDEX Turmeric

Dec 2018

NCDEX Rmseed Dec

2018MCX CPO Nov 2018

NCDEX Soyabean

Dec 2018

NCDEX

Ref.Soya oil

Dec 2018

755.55CLOSE

P. POINT 4070 22440 20995 4689 6682 4166

4120 22540 21285 4797 6726 4186

RESISTANCE

4200 22820 21755 4965 6848 4228

566.7 3421 757

766

4150 22720 21465 4857 6804 4208 573.3 3481 763

576.6 3512

570.0 3452 760

4521 6560 4124 560.1 3361 751

4040 22260 20815 4629 6604 4144 563.4 3392

748

Cng in OI 5.59 -4.57 16.39 8.70 16.94 5.18 2.80 11.80 8.03

SUPPORT

3960 21980 20345 4461 6482 4102 556.8 3332

754

3990 22160 20525

Fresh Selling

LME DAILY STOCK POSITION ECONOMICAL DATA

DATA Previous

1:30pm EUR Spanish Unemployment Change 0 20.4K

TREND Fresh Buying Long Liquidation Fresh Buying Fresh Buying Fresh Selling Fresh Selling Fresh Selling Fresh Buying

3:00pm EUR Sentix Investor Confidence 9.9 11.4

8:15pm USD Final Services PMI 54.7 54.7

8:30pm USD ISM Non-Manufacturing PMI 59.3 61.6

0:00 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0


43700

4100

-96 -875 -1450-5000

0

5000

10000

15000

20000

25000

30000

35000

40000

45000

50000

COPPER ALUMINIUM NICKEL LEAD ZINC

LME STOCK

NEWS YOU CAN USE

China’s manufacturing sector barely expanded in October and missed expectations, as both domestic and external demand ebbed, in a sign of deepening cracks in the

economy from an intensifying trade war with the United States. The official Purchasing Managers’ Index (PMI), released on Wednesday, fell to 50.2 in October, the lowest

since July 2016 and down from 50.8 in September. It was a touch above the 50-point mark that separates growth from contraction for a 27th straight month. The latest

reading suggests a further slowing in the world’s second-biggest economy and could prompt more policy support from Beijing on top of a raft of recent initiatives. A

production sub-index fell to 52 in October from 53.0 in September, while a new orders sub-index declined to 50.8 from 52.0. New export orders, an indicator of future

activity, contracted for a fifth straight month and at the fastest pace in at least a year. The sub-index fell to 46.9 from 48.0 in September. China’s exports unexpectedly

kicked into higher gear in September, largely as firms front-loaded shipments to dodge stiffer U.S. duties, though analysts see pressure building in coming months. The

continued slump in export orders may be bearing that scenario out. October is the first full month after the latest U.S. tariffs went into effect. Washington and Beijing

slapped additional tariffs on each other’s goods on Sept. 24, and U.S. President Donald Trump has threatened to hit China with more duties.

Germany’s jobless total fell in October and employment hit a record high in September, data showed, underlining the strength of a labor market that is supporting a

consumer-led upswing in Europe’s largest economy. The Federal Labour Office said the seasonally adjusted jobless total fell by 11,000 to 2.292 million, slightly below the

predicted drop of 12,000. The unemployment rate remained unchanged at 5.1 percent, the lowest since German reunification in 1990. In a politically risky push to fill a

record number of job vacancies and stabilize the public pension system, Chancellor Angela Merkel’s coalition parties earlier this month agreed on a new immigration law to

attract more skilled workers from countries outside the European Union. In a further positive sign, seasonally adjusted employment as measured by the International

Labour Organisation climbed by 557,000 on the year to a record of 45.0 million in September, separate Federal Statistics Office data showed. Household spending has

become an important growth driver in Germany as record-high employment, increased job security, above-inflation pay hikes and low borrowing costs all help open

shoppers’ wallets. A survey last week showed that German shoppers look keen to spend in November, but their expectations for the economy and their own personal

income have slipped on worries about international trade conflicts and Brexit.

India's vegetable oil imports fell 2% on year to 1.49 mln tn in September, according to data from Solvent Extractors' Association of India. During Nov-Sep, the country

imported 13.8 mln tn of vegetable oil compared with 14.3 mln tn a year ago. Despite rupee depreciation, import of vegetable oil in Aug-Sep was higher compared to

previous months due to lower stocks of edible oil in the pipeline and as fall in palm oil prices encouraged purchases, the association said. During Nov-Sep, palm oil

imports fell to 7.9 mln tn from 8.5 mln tn a year ago, while import of soft oils were largely unchanged at 5.4 mln tn. Meanwhile, as of Oct 1, India had 923,000 tn of

edible oil lying at ports, with another 1.63 mln tn in the pipeline. India's total demand for edible oils during 2017-18 (Nov-Oct) is estimated at 23 mln tn. On a monthly

basis, the country requires 1.9 mln tn of edible oil. The country has over 2.55 mln tn edible oil in stocks, enough to meet demand for 40 days, the association said.



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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

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