0
Date: 19-06-2018 NCoMM NCML Commodity Market Monitor
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NCML COMMODITY MARKET MONITOR
Cotton | Sugar | Soybean | RM Seed | Castor seed | Turmeric | Jeera
OUTLOOK
OTHER DATA Sowing progress | Advance estimates | Kharif and rabi MSP
ANSWERS & LUCKY WINNER OF PREVIOUS WEEK’S
QUIZ
NCoMM NCML COMMODITY MARKET MONITOR
Sugar • Tur • Wheat • Maize • Chana • Paddy/Rice • Guarseed
NCoMM Quiz will be back next week
ANSWERS & LUCKY WINNER OF PREVIOUS WEEK’S QUIZ
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Date: 19-06-2018 NCoMM NCML Commodity Market Monitor
• As was anticipated, to tackle the domestic sugar glut, Indian government
on 6th June announced a bailout package for sugar included creation of a
buffer stock of 3 million tonnes of sugar and fixing of a minimum support
price at the mill gate of Rs 29/kg for refined sugar. Additionally, sugar mills
will be given Rs 4,440 crore in subsidised loans from banks for five years to
expand ethanol manufacturing capacity.
• As per ISMA, MSP of Rs 29/kg MSP would be insufficient to clear the dues
to the cane farmers which have mounted to Rs 22,000 crore, and MSP
should be linked to the FRP for sugarcane paid by the millers. The
government in May month approved a subsidy of Rs 55 per tonne for cane
farmers to help clear these arrears.
• The measures announced have affected market sentiment and the sugar
prices have shown some recovery over last fortnight.
• India is likely to export only 0.5 mn tonnes of sugar against 2 mn tonnes
mandated by the government in 2017/18 amidst price recovery at home.
• Mills are not exporting as they are getting comparatively higher prices in
local market. Sugar is being sold at around Rs 31,000/tonne in India, while
exporters are getting less than Rs 21,000/tonne.
• India had earlier made a strong pitch to export 1.5 mn tons of sugar to
China under the 50% tariff category to reduce surplus.
• Lower shipments from the India could support global prices, but would
increase India's opening stocks for the next marketing season when output
is expected to surge to a record.
• Area under sugarcane cultivation in Maharashtra, India’s second-largest
sugar producing state, is expected to increase nearly 25% in the next
crushing season beginning October 1, due to assured returns for growers,
subdued realisations for most other crops and better water availability.
• As per the sowing data released by the Agriculture Ministry, as on 15 June
2018, sugarcane has been planted in around 50.01 lakh hectares (lh) across
the country, higher than 49.48 lh in the corresponding week last year and
normal of 45.35 lh till date.
• India’s 2017-18 sugar production is around 32 mn tonnes against 20.3 mn
tonnes last year. Surplus stocks are expected to pile up further in 2018-19
with production expected to touch 33 mn tonnes.
• Record output in India and Thailand is driving the global market to the
biggest ever glut with a global surplus of 11.1 million tons in 2017-18.
• Thailand’s sugar production increased by 54% in raw value, industry data
showed, as its season comes to an end. A global glut has pushed sugar
prices close to a three-year low.
Mandi Price in Rs/ Quintal
18-06-2018 11-06-2018 %Change
Kohlapur 3125 3213.35 -2.75
Muzzafarnagar
3300 3400 -2.94
Delhi 3320 3395 -2.21
2,100
2,400
2,700
3,000
3,300
3,600
3,900
Jan
-14
Jul-1
4
Jan
-15
Jul-1
5
Jan
-16
Jul-1
6
De
c-16
Jun
-17
De
c-17
Jun
-18
Sugar - M-grade : Muzaffarnagar
FUNDAMENTAL SUMMARY
Price Drivers Impact
Minimum support price at the mill gate fixed at Rs 29/kg for refined sugar.
Bullish
Announcement for creation of 3 mn tonnes of buffer stock
Bullish
Lower exports due to low global prices Bearish
Surplus sugar production of 32 mn tonnes against only 20.3 mn tonnes last year
Bearish
Higher sugarcane acreage for 2018-19 Bearish
Subsidy of Rs 5.5 per qtl to cane farmers for the produce they sell to sugar mills by the government
Bullish
0% export duty and 100% import duty Imposed
Bullish
Global sugar glut Bearish
Based on Primary & Secondary Sources
Fundamental Report SUGAR
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Date: 19-06-2018 NCoMM NCML Commodity Market Monitor
Fundamental Report TUR
• Tur sowing has begun at a slow pace due to lack of rains in growing areas.
As per the government’s sowing report, till 15 June area sown under Tur is
0.52 lakh ha against 0.46 lakh ha till same date last year. However, Tur
acreage is expected to fall by around 20% due to low realisations by
farmers. News of lower acreage is like to lend support to tur prices.
• The Maharashtra government announced to provide financial grant of Rs
1000 per quintal to those farmers whose tur and gram could not be
purchased by the administration before the May 31 deadline.
• However after announcement of subsidy, market prices of tur further
reduced as the move led to spurt in tur arrivals at the market.
• Tur prices are currently ruling at Rs 3,450 against the MSP of Rs 5,450 a
quintal due to huge pile up of stocks and imports amidst stocks. .At current
price new stockists were seen taking interest in Tur.
• The third advance estimates released by the government have pegged
India’s 2017-18 tur production at 4.18 mn tonnes against 4.87 million tonnes
last year. Farmers are holding a stock of nearly 6 million quintal with them,
as prices have fallen far below the MSP. Another 10 million quintal tur is
estimated to be with various government agencies.
• Tur import up to 2 lakh tonnes has been allowed for the year 2018-19. Parity
is in favour of importers despite 10% import duty on Tur, thus they will
import tur under the renewed quota. Myanmar is offering lemon Tur (old)
at $440 per tonne and new Lemon Tur at $450 per tonne basis Indian ports,
which even after an import duty of 10% is lower than the prevailing
domestic price.
• Apart from this, another 1.5 lakh tonnes of tur was allowed to be imported
from Mozambique, with India bound by the MoU signed in 2016 stirred
protests among farmers
• The MSP of Tur for Kharif 2018 may be raised to Rs 5850/qt (the
notification is awaited).
• The Maharashtra government has increased the profit margin of PDS shop
owners on tur dal in a bid to increase its sale. Maharashtra government has
decided to sell Tur dal at Rs 35 per kg through ration shop. It was selling
Rs55 per kg earlier.
• Nafed has procured around 8.57 lakh tonne Tur. Karnataka & Maharashtra
contributed around 3.35 & 3.24 lakh tonne. Selling through auction from
central pool stock too continues and it would help keep the prices under
check so that consumers are not burdened with high prices suddenly.
2500
6500
10500
14500
Jun
-15
Oct
-15
Feb
-16
Jun
-16
Oct
-16
Feb
-17
Jun
-17
Oct
-17
Feb
-18
Jun
-18
Lemon tur FAQ-Myanmar origin : Mumbai
TUR FUNDAMENTAL SUMMARY
Price Drivers Impact
Spurt of arrivals following of subsidy by Maharashtra government
Bearish
Import of 2 lakh tonnes allowed for 2018-19
Bearish
Fall in tur acreage expected in 2018-19
Bullish
Import of 1.5 million tonnes of tur allowed from Mozambique, bound by the MoU signed in 2016
Bearish
Huge pile up of tur stocks with farmers and government
Bearish
Export disparity Bearish
Buying by stockists Bullish
Arrivals ending Bullish
Based on Primary & Secondary Sources
Mandi Price in Rs/ Quintal
18-06-2018 11-06-2018 %Change
Yavatmal 3765 3600 4.58
Dhule 3000 2700 11.11
Akola 3800 3600 5.56
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Date: 19-06-2018 NCoMM NCML Commodity Market Monitor
Fundamental Report WHEAT
• Procurement of wheat by government agencies in Uttar Pradesh for
the current 2018-19 Rabi marketing season has almost touched 50 lakh
tonnes and looks all set to surpass the all-time-high procurement of
50.63 lakh tonnes achieved in 2012-13.
• According the latest report of Food Corporation of India (FCI), as on
15th June 2018, wheat procurement has reached 354.93 lakh metric
tonnes. Of the total quantity procured, around 126.91 lakh tonnes have
been procured from Punjab, 87.39 lakh tonnes from Haryana, 50.87
lakh tonnes from Uttar Pradesh, 72.87 lakh tonnes have been procured
from Madhya Pradesh,0.06 lakh tonnes from Bihar, 15.27 in Rajasthan,
1.05 lakh tonnes from Uttarakhand, 0.14 lakh tonnes from Chandigarh
and 0.37 lakh tonnes from Gujarat.
• According to the third advance estimate released by government,
wheat production estimate for 2017-18 is 98.61 million MT which is 1.54
per cent higher than second advance estimate of 97.11 million MT.
Despite some crop damage reports in many parts of the country due
to storm in harvesting period, production estimate is higher due to
higher yield expectation. However, trade sources are estimating the
crop in the range of 91-94 million MT for 2017-18.
• According to the latest USDA report, India wheat imports is expected
to be around 0.5 million tonnes in 2018-19. Indian government raised
the import duty on wheat from twenty percent to thirty percent to
protect domestic growers from sourcing cheaper produce from
overseas markets. A weakening rupee against the dollar, coupled with
the increase in import duty will put an end to the cheap inflow of
wheat.
• According to the latest report of ABARES (Australian Government
Department of Agriculture and Water Resources), wheat sowing area
is forecast to fall by around 2 per cent to 11.95 million hectares in 2018-
19 from 12.23 million hectares in 2017-18. However, wheat production is
expected to increase by 3 per cent to 21.9 million tonnes in 2018-19
from 21.24 million tonnes in 2017-18.
• According to latest monthly report of IGC, world wheat production is
projected at 742 million MT for 2018-19 against 758 million tonnes
forecast for 2017-18, while the ending stocks are projected lower at
258 million tonnes against 262 million tonnes last year.
1500
1700
1900
2100
2300
2500
Mar
-16
Jun
-16
Se
p-1
6
Jan
-17
Ap
r-17
Au
g-1
7
No
v-17
Mar
-18
Jun
-18
Wheat: Standard mill quality : Delhi
FUNDAMENTAL SUMMARY
Price Drivers Impact
Procurement of wheat by government
Bullish
Higher domestic production estimate
Bearish
Restricted cheap imports Bullish
Higher Australian wheat production estimate
Bearish
Based on Primary & Secondary Sources
Mandi Price in Rs/ Quintal
18-06-2018 11-06-2018 %Change
Delhi 1763.05 1768.65 -0.32
Indore 1793.6 1807.5 -0.77
Kanpur 1626.55 1642.5 -0.97
0
Date: 19-06-2018 NCoMM NCML Commodity Market Monitor
Fundamental Report CHANA
• Chickpea sowing area in Australia is expected to fall significantly by 53
per cent to 5.28 lakh hectares in 2018-19 from 11.16 lakh hectares in
2017-18. Chickpea production is likely to decline 40 percent to 6.16 lakh
tonne in 2018-19 against 2017-18 production of10.28 lakh tonne.
• According to ABARES, favourable prices of cereal feed grains relative
to prices of oilseeds and pulses and drier than average seasonal
conditions are expected to result in a significant increase in area
planted to barley and falls in area planted to canola, chickpeas and
lentils.
• Indian government has increased the procurement date for chana till
20th June in Madhya Pradesh. The date has been extended to give
support to the chana domestic prices.
• According to the latest Nafed report, as on 16th June Nafed had
procured 25.81 Lakh MT of chana. Of the total quantity procured,
around 0.50 lakh tonnes have been procured from Telangana, 1.27 lakh
tonnes from Karnataka, 0.77 lakh tonnes from Andhra Pradesh, 1.71
lakh tonnes have been procured from Maharashtra, 4.75 lakh tonnes in
Rajasthan,15.91 lakh tonnes from Madhya Pradesh, 0.87 lakh tonnes in
Gujarat and 0.05 lakh tonnes from Uttar Pradesh.
• Despite putting higher import duty on chana, India imported 9.72 lakh
tonnes of chana during April 17 to February 18 which is 4.6 per cent
higher than last year in the same time period. In December 2017, the
government withdrew customs duty exemption on chana and
imposed a 30 per cent duty. This increase was not sufficient to plug
imports and hence the government again hiked import duty to 40 per
cent in February and then to 60 per cent in March 2018.
• As of 19th June, imported Australian chana is being traded at Rs 3400
per quintal in Mumbai market and Rs 3450 per quintal at Mundra port.
• According to the third advance estimates released by the government,
India’s chana production estimate for 2017-18 is 11.16 million MT which
is 18.97 per cent higher than 2016-17 fourth advance production
estimates of 9.38 million MT. Higher production estimate is due to
higher chana sowing acreage and favourable weather condition in
major producing states.
3300
3840
4380
4920
5460
6000
Jul-
17
Au
g-1
7
Oct
-17
Dec
-17
Jan
-18
Mar
-18
Ap
r-1
8
Jun
-18
Gram - Rajasthani desi : Bikaner :
FUNDAMENTAL SUMMARY
Price Drivers Impact
Lower Australian chickpea production estimate
Bullish
Extension of chickpea procurement date
Bullish
Higher imports Bearish
Higher domestic production estimate
Bearish
Based on Primary & Secondary Sources
Mandi Price in Rs/ Quintal
18-06-2018 11-06-2018 %Change
Akola 3525 3353 5.13
Bikaner 3528 3468 1.73
Kota 3100 3200 -3.13
0
Date: 19-06-2018 NCoMM NCML Commodity Market Monitor
Fundamental Report MAIZE
Mandi Price in Rs/ Quintal
18-06-2018 11-06-2018 %Change
Erode 1441 1461.35 -1.39
Gulab bagh 1132.5 1135.65 -0.28
Davengere 1250 1285 -2.72
FUNDAMENTAL SUMMARY
Price Drivers Impact
Higher 3rd advance Production
estimates
Bearish
Ongoing arrivals Bearish
Higher global production Bearish
Lower Kharif Area Bullish
Based on Primary & Secondary Sources
• As per the Third advance estimates released by the government,
the kharif maize output for 2017-18 has been projected at 19.81
million tonnes, higher than 19.24 million tonnes in the previous
2016-17 season. Rabi production was at 7.07million tonnes.
• As of 15th June Acreage for the maize Kharif 2018/19 crop is at 4.91
Lakh Ha a Decrease of 22.5% compared to the previous year at 6.34
Lakh Ha in 2017/18 & a Decrease of 23.87% compared to the Normal
area of 6.45 Lakh Ha.
• Area in Karnataka has increased by 79% to 1.83 lakh Ha this year
from 1.02 lakh Ha whereas every other major kharif growing
state’s area has been decreased.
• Arrivals for maize for the first 2 weeks of june Deccreased by 15%
to 129,798 tonnes in 2018 from 151024 tonnes in 2017
• As of 10th June US progress Planting reports at 94% up from 92%
last week and ahead of both last year (2017) at 93% and the 5 year
average at 92%
• According to UK Agro consult, Ukraine’s export of maize for the
2017/18 Marketing year (July-June) stands at 17.1 Million tonnes till
JUNE 12th.
• In its latest report IGC raised the world corn production for
2018/19 by 1 MMT to 1055 MMT but cut the closing stock by 5 MMT
to 257 MMT
1100
1250
1400
1550
1700
Ap
r-16
Jun
-16
Se
p-1
6
De
c-16
Mar
-17
Jun
-17
Se
p-1
7
De
c-17
Mar
-18
Jun
-18
Maize-Feed/Industrial Grade : Gulab Bagh
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Date: 19-06-2018 NCoMM NCML Commodity Market Monitor
Fundamental Report RICE/PADDY
• As per the Ministry of Agriculture the All India Rice acreage recovered
as good rainfall was reported in most of the Rice producing areas in
the country. Rice acreage as on 15th June 2018, was at 6.93 lakh
hectares as against 6.87 lakh hectares last year same period.
• Higher acreage was reported from Uttarakhand 1.23 lakh hectares,
Meghalaya 1.00 lakh hectares, Both Nagaland and Assam 0.88 lakh
hectares each, Tamil Nadu 0.80 lakh hectares, and Arunachal Pradesh
0.70 lakh hectares.
• All-India progressive procurement of Rice as on 08th June 2018 for 2017-
18 was at 356.64 lakh tonnes against 372.92 lakh tonnes in the
corresponding period of last year.
• According to the latest 3rd Advance Crop Production Estimates for
2017-18, Rice production is estimated at a record level at 111.52 million
tonnes as against 109.70 million tonnes last year.
• For marketing year 2018-19 Thailand rice production forecast is revised
upward at 21.2 million metric tonnes, a 4 per cent increase from
MY2017-18. Rice exports in 2018 are expected to reach 10.5 million
metric tonnes. The government plans to sell the remaining
government stocks in June 2018.
• As on 06th June 2018, the Bangladesh government has fixed the import
duty on rice from 2 per cent to 28 per cent. Due to this duty export of
Indian rice in Bangladesh will be difficult. In the year 2017, India
became the most prominent country to supply rice to Bangladesh.
• Philippines rice imports in 2019 could decline by 21.42 per cent to 1.1
million metric tonnes, as the increase in palay output would allow the
Philippines to end 2018 with more stocks. The United States
Department of Agriculture reported that the country’s total rice
imports next year would decline by 300,000 metric tonnes, from the
projected 1.4 million metric tonnes this year.
• According to Thai Rice Export Association, Rice exports of Thailand in
2018 will be less than the target growth of 9.5 per cent due to strong
baht and decrease in rice production, the target was 18 per cent lower
than 2017’s 11.6 million tonnes. Meanwhile, The Thai Government
recently announced the rice production in 2018 stands at 30 million
tonnes, a decline compared to the 33 million tonnes of 2017.
• China likely to import non-basmati rice from India to meet the shortage
of rice. China rice production for 2018-19 is likely to decline by 1.5
million tonnes at 144.50 million tonnes but domestic consumption is
expected to up by 2.5 million tonnes, meanwhile china could import
rice from India to fulfill the demand supply scenario.
Mandi Price in Rs/ Quintal
18-06-2018 11-06-2018 %Change
Hanumangarh
(1121 Pusa) 3200 3200 0.00
Kota
(Rajasthan) 2850 2800 1.78
Aligarh (1121) 2900 2900 0.00
1700
1900
2100
2300
2500
2700
2900
3100
Se
p-1
7
Oct
-17
De
c-17
Jan
-18
Mar
-18
May
-18
Jun
-18
Paddy - Sugandh : Narela
RICE/PADDY FUNDAMENTAL SUMMARY
Price Drivers Impact
Higher acreage during current Kharif season
Bearish
Decline in progressive rice procurement compared to last year
Bearish
Record Rice production in 2017-18
Bearish
Rice import duty by Bangladesh
Bearish
Expectation of import demand from China
Bullish
Based on Primary & Secondary Sources
0
Date: 19-06-2018 NCoMM NCML Commodity Market Monitor
Fundamental Report GUAR SEED
2,900
3,200
3,500
3,800
4,100
4,400
4,700
May
-16
Jul-1
6
Oct
-16
Jan
-17
Ap
r-17
Jul-1
7
Se
p-1
7
De
c-17
Mar
-18
Jun
-18
Guarseed : Bikaner
GUAR FUNDAMENTAL SUMMARY
Price Drivers Impact
Weak progress of Monsoon rainfall
Bullish
Subdued domestic and export demand
Bearish
Forecast of Normal Monsoon by IMD
Bearish
Expectation of higher production during 2018-19 crop season
Bearish
Buying at lower levels Bullish
Higher stocks availability
Bearish
Based on Primary & Secondary Sources
Mandi Price in Rs/ Quintal
18-06-2018 11-06-2018 %Change
Bikaner 3700 3650 1.36
Jodhpur 3734 3684 1.35
Sri Ganganagar 3600 3580 0.56
• Guar seed and Guar gum prices recovered as market sentiments
improved due to slow progress of monsoon rainfall but buyers are
cautious as rainfall may pressure prices and thus avoiding taking risk
at the higher level. Actually buyers have incurred losses due to sharp
fall in prices during the last 2-3 months.
• Stockists and crushers are buying guar seed with view that any
more delay in monsoon will escalate prices and help them to get
attractive return which was not seen in last few months due to
consistent fall in prices.
• However, Guar seed purchased by traders are likely to be offloaded
soon as sharp rise in prices is unlikely due to possibility of good
monsoon this season despite of some delay.
• According to traders, Guar seed is rain sensitive crop and future
trend of Guar seed and Guar gum will mostly depend on progress of
monsoon and export demand.
• Good monsoon raises the prospects of higher acreage and
production. Guar seed stock in the country is already ample and
next crop is expected well in case monsoon makes good progress in
producing states of Rajasthan, Gujarat, Punjab and Haryana.
• As per IMD 2018 Monsoon forecast, monsoon rains are expected to
be normal this year and are expected to be 97 per cent of the long-
period average (LPA) with model error of +/- of 5 per cent.
• As per market sources, Rajasthan is expected to produce 17.50 lakh tonnes guar seed during the Kharif crop season 2018-19, up 40 per cent from 12.45 lakh tonnes a year ago due to forecast of normal monsoon.
• As per the 2nd advance production estimates, Guar seed in Rajasthan
is estimated at 15.44 lakh tonnes for 2017-18 compared to 14.04 lakh
tonnes in 2016-17.
• As per trade sources, export of guar gum has declined in the month
of April. Exports in the month of April are down by around 7.4 per
cent compared to previous month. India exported around 27283
tonnes of guar gum in the month of April at an average FOB of $
1884.03 per tonne.
0
Date: 19-06-2018 NCoMM NCML Commodity Market Monitor
Domestic cotton crop output is expected to moderate to 35 million bales in Cotton Year 2019
Govt’s wheat procurement tops 35 million tonnes
India sells new season cotton crop to China in rare advance deals
Cotton set for a rally with closing stock at 6-year low
Nafed failed to manage groundnut procurement, says Gujarat minister
Indian cotton production likely to rise 8.1% to 373 lakh bales this year
Centre hikes import duty on crude, refined soft edible oils
Maharashtra cane acreage may go up 25%; early crushing likely
To purchase the India Commodity
Year Book 2018, contact us at
Official Production Estimates
Third advance estimates 2017-18 &
previous years’ estimates : Third
Advance Estimates 2017-18
MINIMUM SUPPORT PRICE (Rs/Qtl.)
Commodity 2016-17 2017-18
KHARIF
Paddy Common 1470 1550
paddy grade A 1510 1590
Jowar Hybrid 1625 1700
Jowar Maldandi 1650 1725
Bajra 1330 1425
Ragi 1725 1900
Maize 1365 1425
Tur 5050 5450*
Moong 5225 5575*
Urad 5000 5400*
Groundnut 4220 4450*
Sunflower seed 3950 4100 #
Soyabean black 2775 3050
Sesamum 5000 5300 #
Nigerseed 3825 4050 #
Cotton(Medium Staple) 3680 4020
Cotton(Long Staple) 4160 4320
RABI
Commodity 2016-17 2017-18
Wheat 1625 1735
Barley 1325 1410
Gram 4000* 4400
Masur (Lentil) 3950* 4250
Rapeseed/Mustard 3700* 4000
Safflower 3700* 4100
Wheat 1625 1735
*includes bonus of Rs 200 per quintal
# includes bonus of Rs 100 per quintal
Commodity Latest Fortnight ago
Month ago Year ago
18-Jun-18 04-Jun-18 21-May-18 19-Jun-17
Wheat 1793 1832 1792 1635
Chana 3528 3550 3594 5179
Rice/Paddy 3200 3200 3300 3100
Guar 3700 3590 3825 3500
Sugar 3300 2988 2746 3851
Tur 3800 3825 3900 3700
Maize 1132 1150 1150 1266
PRICE TRACKER
Link for commodity-wise and
market-wise prices and arrivals:
http://agmarknet.gov.in/PriceAndArriv
als/CommodityWiseDailyReport2.aspx
THE WEEK THAT WAS
0
Date: 19-06-2018 NCoMM NCML Commodity Market Monitor
0
Date: 19-06-2018 NCoMM NCML Commodity Market Monitor
Answers for 12 June 2018 Quiz:
Q1. Write full name of the Apex body in India for the commodity shown above. Ans1. Soybean Processors Association of India (SOPA) Q2. Tick one major trading hub of each commodity among the given options. Ans 2. Chilli–Guntur, Castor seed–Deesa, Turmeric–Nizamabad, Soybean–Indore
People who gave correct answers:
Meenakshi Gupta
Laxmikant S H
Anurag Kushwaha
Navdeep Kaur
Maheshkumar Ramaswamy
Prem Kumar
Abinandhan
Dr. Ravi Pratap Singh Sangwan
Sandeep Kumar Yadav
Jitendra Tyagi
Anilkumar Parvathaneni
Rajesh Kumar Vishwkarma
Pawan Joshi
Abhishek Shinde
Swapnil Mukunda Paithane
Sumit Chahal
S.Narendra
Ajay Agrawal
Ajaysingh Thakur
Devaraj L
Dr. Raina Jain
Lucky Winner:
Dr Raina Jain (T&C, Indore)
(BD, Bikaner)
0
Date: 19-06-2018 NCoMM NCML Commodity Market Monitor
Advisory Team
Basant Vaid Head: TCIG [email protected]
Sreedhar Nandam Vice President: SCM [email protected]
Research Team
Suresh Solanki Assistant Manager: TCIG [email protected]
Kamna Malhotra Economist: TCIG [email protected]
Akash Jaiswal Research Analyst: TCIG [email protected]
Ansh Aggarwal Senior Officer: Trade Support [email protected]
For any research queries, contact us at [email protected]
Disclaimer:
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addressee. Neither the report nor any part of the report shall be provided to third parties without the written consent of NCML. Any
third party in possession of the report may not rely on its conclusions without the written consent of NCML. NCML has exercised
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No other warranty, express or implied, is made in relation to this report. Therefore, NCML assumes no liability for any loss resulting
from errors, omissions or misrepresentations made by others. Any recommendations, opinions and findings stated in this report are
based on circumstances and facts as they existed at the time of preparation of this report. Any change in circumstances and facts on
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© National Collateral Management Services Limited (NCML) 2017