ncomm ncml commodity market monitor date: 24-04-2018 rm … · bail out mills and farmers as it did...
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0
Date: 24-04-2018 NCoMM NCML Commodity Market Monitor
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• Cotton • Sugar • Soyben • RM Seed • Castor seed • Turmeric • Jeera
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OTHER DATA Sowing progress | Advance estimates | Kharif and rabi MSP
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Sugar • Tur • Wheat • Maize • Chana • Paddy/Rice • Guarseed
0
Date: 24-04-2018 NCoMM NCML Commodity Market Monitor
India’s sugar production in the current season has crossed the expected
levels and as per ISMA, till 15 April 2018, 29.98 mn tonnes of sugar was
already produced in the country.
Though sugar mills are shutting crushing operations fast, 227(/524) sugar
mills were still crushing sugarcane as on 15 April 2018. This means that sugar
production in India is set to significantly exceed 30 mn tonnes in 2017-18
(Oct-Sep), bouncing high up from last season’s low of only 20.3 mn tonnes.
The major producers -- Maharashtra, Uttar Pradesh and Karnataka -- have so
far produced 104.98 lakh tonnes, 104.8 lakh tonnes and 36.3 lakh tonnes
Sugar prices have come under severe pressure and are being dragged down
by relentless supply from mills and mounting stocks.
Buying by stockists and bulk consumers to meet ongoing wedding and
summer season demand has limited upside to a little extent off late.
As compared to the cost of production, the current ex-mill prices are Rs 8/kg
lower and mills are incurring substantial losses.
As on March 15, 2018, the cane price arrears reported to the government
were over Rs 18,000 crore and have crossed Rs 20,000 crore now, the
highest ever.
To clear outstanding payment, ISMA demanded that the government should
bail out mills and farmers as it did in 2015-16 and pay a part of the FRP as an
immediate need.
The government had last month mandated a MIEQ (Minimum Indicative
Export Quota) of 2 mn tonnes sugar exports to move surplus stocks out of
country, and permitted the exports of white sugar until Sep under Duty Free
Import Authorisation (DFIA) scheme, in which exporters can import sugar
duty-free within the next 3 years.
India is not able to export sugar due to export disparity as a result of
depressed world sugar prices on global sugar surplus. As a result, Indian
sugar mills are asking for export subsidy from the government.
The government had earlier doubled import duty on sugar to 100%, scrapped
the 20% export duty on sugar and placed stockholding limits on sugar mills
but could not counteract the trend of falling prices.
Pakistan is expected to produce around 6.5 mn tonnes of sugar in the 2017-
18 and it quadrupled the volume of sugar eligible for export subsidies to 2
mn tonnes in a bid to reduce excessive domestic supplies.
The International Sugar Organization has raised its forecast for global sugar
surplus in 2017-18 to 5.15mt, up from a previous forecast of 5.03mt.
The latest World Economic Outlook of IMF says that the international price
of sugar decreased by 6.7% between Aug 2017 & Feb 2018, reflecting upward
revisions to an expected 2017/18 surplus global production.
Mandi Price in Rs/ Quintal
23-04-2018 16-04-2018 %Change
Kohlapur 2779 2888 -3.77
Muzzafar -nagar
2703.35 2870.75 -5.83
Delhi 2804.9 2850 -1.58
2,100
2,400
2,700
3,000
3,300
3,600
3,900
Jan
-14
Jun
-14
De
c-14
Jun
-15
No
v-15
May
-16
No
v-16
Ap
r-17
Oct
-17
Ap
r-18
Sugar - M-grade : Muzaffarnagar
FUNDAMENTAL SUMMARY
Price Drivers Impact
Record sugar production reaching over 30 mn tonnes against only 20.3 mn tonnes last year
Bearish
Relentless supplies from mills Bearish
Ongoing wedding and summer season demand
Bullish
MIEQ (Minimum Indicative Export Quota) of 2 mn tonnes mandated by government
Bullish
Export disparity due to bearish global sugar market, global sugar surplus & subsidised Pakistan’s exports
Bearish
Scrapping off the 20% export duty on sugar by the government
Bullish
Doubling of import duty from 50% to 100%
Bullish
Based on Primary & Secondary Sources
Fundamental Report SUGAR
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Date: 24-04-2018 NCoMM NCML Commodity Market Monitor
Fundamental Report TUR
As per the second advance estimates released by the government, tur
production 2017-18 is pegged at 4.02 mn tonnes, down 17.45% from 4.87
mn tonnes in 2016-18. The area under tur this year declined to 43.5 lakh
hectares, from 53.2 lakh hectares last year.
Despite lower production, Tur prices continue to be in a glut due to
higher supplies and large previous year’s stocks. Demand for Tur and
Tur dal too is not up to the mark.
The Maharashtra State Cooperative Marketing Federation decided to
stop online registration for purchase of tur at its centres from April 18 as
it said that it would be able to meet the target of 4.4 lakh tonne.
Maharashtra had seen only about 12.28 lakh hectares (lh) of tur
cultivation in 2017-18 against 14.36 lh in 2016-17. The reduced cultivation
area however failed to firm up the prices.
The average trading price of tur in most of the markets in the state was
around Rs 4,250/qtl, below the MSP of Rs 5,400/qtl. The total losses
faced by tur farmers in the state is around Rs 1,067 crore.
The worry for the federation is that 2.2 lakh tonnes of tur is lying in the
godowns. 2.5 lakh tonne of tur was previously purchased by the
federation during 2016-17 when the prices of the lentil had collapsed. At
present, priority is to offload this tur.
Record purchases of tur (arhar/red gram) by the government agencies
in Karnataka, which ended early this month, too did not help reverse
the bearish price trend in tur. In Gulbarga market Tur is being traded at
Rs 3750 to Rs 4350 per qtl.
The Centre recently disposed 7 lakh tonnes of pulses including tur from
the buffer stock of 20 lakh tonnes to create space for the new crop. The
government is the biggest stockholder of pulses at this time and regular
releases is affecting the sentiment of the trade.
Private traders remain skeptical over import as government has not
notified any further move regarding import of Tur as of now. This
means import is possible up to the limit of 2 lakh tonne during the fiscal
year beginning 1st April 2018. This may discourage private buyers from
holding stocks, thus keeping pressure on prices.
The export ban was removed by the government on all pulses. Due to
high MSP Indian pulses are non-competitive in the international market.
While the pigeon pea or tur from Myanmar is quoted at around $300-
$325 per tonne, the Indian tur is quoted at $800 per tonne.
Lower realization from the crop this year is likely to encourage farmers
to shift tur area to other lucrative crops like groundnut, chilli, turmeric &
others. Tur area may decline by 15 to 20% in India in 2018-19.
2500
6500
10500
14500
Jun
-15
Oct
-15
Feb
-16
May
-16
Se
p-1
6
Jan
-17
May
-17
Se
p-1
7
Jan
-18
Ap
r-18
Lemon tur FAQ-Myanmar origin : Mumbai
TUR FUNDAMENTAL SUMMARY
Price Drivers Impact
Huge pile up of previous year’s stocks
Bearish
Low domestic demand Bearish
Offloading of stocks by the government
Bearish
Export disparity Bearish
Lower 2017-18 production estimate
Bullish
Procurement coming to an end Bearish
Fall in tur acreage expected in 2018-19
Bullish
Based on Primary & Secondary Sources
Mandi Price in Rs/ Quintal
23-04-2018 16-04-2018 %Change
Yavatmal 3475 3500 -0.71
Amravati 3738 3850 -2.91
Akola 4000 4200 -4.76
0
Date: 24-04-2018 NCoMM NCML Commodity Market Monitor
Fundamental Report WHEAT
Wheat procurement is likely to surpass target set for the public
distribution system despite crop damage caused by strong wind
and rains in the growing belt in North-western region this week.
A higher yield of wheat this Rabi season is expected to boost the
grain procurement in key wheat growing states of Punjab, Uttar
Pradesh and Haryana.
According to the officials of Punjab, not more than 2 % of the
crop in the state was hit as bright sunshine followed three to
four days of rainfall. In Haryana, the state agriculture
department said there is no major loss. In Rajasthan 70 % wheat
crop has already been harvested, however reports of severe
damage has been received from Bharatpur and Dholpur districts.
Procurement activities have started in all major wheat producing
states of India. According the latest report of Food Corporation
of India (FCI), as on 20th April 2018, wheat procurement has
reached 145.19 lakh metric tonnes. Of the total quantity
procured, around 44.56 lakh tonnes have been procured from
Punjab, 55.78 lakh tonnes from Haryana, 7.12 lakh tonnes from
Uttar Pradesh, 32.24 lakh tonnes have been procured from
Madhya Pradesh, 5.14 in Rajasthan, 0.08 lakh tonnes from
Uttarakhand, 0.08 lakh tonnes from Chandigarh and 0.19 lakh
tonnes from Gujarat. In Rabi marketing season 2018-19
government has set procurement target of 32 million MT.
Currently, despite a 20 per cent import duty, wheat from the
Black Sea region is coming in at an attractive rate of $230-240 a
tonne. After adding customs duty, the landed cost just about
equals the domestic procurement price. Therefore, South Indian
millers may import wheat from international market.
According to the second advance estimate, wheat production
estimate for 2017-18 is 97.11 million MT which is 1.42 per cent
lower than the production estimate of 98.51 million MT of 2016-
17. However, most trade sources are currently estimating the
crop in the range of 91-94 million MT for 2017-18.
1500
1700
1900
2100
2300
2500
Feb
-16
May
-16
Au
g-1
6
De
c-16
Mar
-17
Jun
-17
Oct
-17
Jan
-18
Ap
r-18
Wheat: Standard mill quality : Delhi
FUNDAMENTAL SUMMARY
Price Drivers Impact
No major loss reported by recent rain and hailstorms
Bearish
Ongoing procurement activities in all major producing states
Bullish
Lower international prices Bearish
Lower production estimate Bullish
Based on Primary & Secondary Sources
Mandi Price in Rs/ Quintal
23-04-2018 16-04-2018 %Change
Delhi 1745 1780 -1.97
Indore 1723.45 1687.5 2.13
Kanpur 1662.5 1662.5 0.00
0
Date: 24-04-2018 NCoMM NCML Commodity Market Monitor
Fundamental Report CHANA
Recent rains and hailstorms has not much affected the chana crop in
Madhya Pradesh and Maharashtra as the rain has been patchy and
most of the chana crop has been harvested.
According to the latest Nafed report, as on 19th April Nafed had
procured 3.23 Lakh MT of chana. Of the total quantity procured,
around 0.50 lakh tonnes have been procured from Telangana, 1.12 lakh
tonnes from Karnataka, 0.61 lakh tonnes from Andhra Pradesh, 0.19
lakh tonnes have been procured from Maharashtra, 0.55 in Rajasthan
and 0.23 lakh tonnes from Madhya Pradesh.
With international chana prices falling way below the domestic prices,
pulses exporters and industry members feel the export incentive
should be hiked to 10-15 per cent. At present the export incentive to
chana is 7 per cent under the Merchandise Export from India Scheme
(MEIS) for a period of three months till June 20, 2018.Moreover,
market participants feel that for the farmers to get the MSP for chana,
at least 25 lakh tonne chana needs to go out of the country.
To ease the process of export of chana, DGFT has removed mandatory
roasted chana/ chana dal export in consumer pack of one kg. Now it
can be shipped in bulk.
To restrict on imported Kabuli chana in the country, the government
raised import duty on it to 60 per cent from 40 per cent. However, as
of 24th April, imported Australian chana is being traded at Rs 3575 per
quintal in Mumbai market and Rs 3600 per quintal at Mundra port.
Demand of chana is lower than normal due to adequate stock.
Stockiest are side-lined from the market and millers are only buying to
fulfil their present requirement. Prices may show firm movement after
the month of May when the arrivals in the domestic market decreases.
According to the second advance estimates released by the
government, India’s chana production estimate for 2017-18 is 11.10
million MT which is 18.97 per cent higher than 2016-17 fourth advance
production estimates of 9.33 million MT. Higher production estimate is
due to higher chana sowing acreage and favourable weather condition
in major producing states.
3500
4040
4580
5120
5660
6200
Jul-
17
Au
g-1
7
Oct
-17
No
v-1
7
Jan
-18
Feb
-18
Ap
r-1
8
Gram - Rajasthani desi : Bikaner :
TUR FUNDAMENTAL SUMMARY
Price Drivers Impact
No major damage report from rain and hailstorm
Bearish
Ongoing procurement activities Bullish
Demand of market participants to increase export incentive
Bullish
Increase in import duty Bullish
Lower demand from stockiest Bearish
Higher production estimate Bearish
Based on Primary & Secondary Sources
Mandi Price in Rs/ Quintal
23-04-2018 16-04-2018 %Change
Akola 3525 3625 -2.76
Bikaner 3578.95 3637.5 -1.61
Amravati 3250 3288 -1.16
0
Date: 24-04-2018 NCoMM NCML Commodity Market Monitor
Fundamental Report MAIZE
Mandi Price in Rs/ Quintal
23-04-2018 16-04-2018 %Change
Erode 1362 1369.2 -0.53
Gulab bagh 1267.8 1330 -4.68
Nizamabad 1255 1255 0.00
FUNDAMENTAL SUMMARY
Price Drivers Impact
Higher Production estimates Bearish
Higher arrivals Bearish
Higher rabi area estimates Bearish
Lower world corn stocks for
the previous year (2017-18) Bullish
Expected Imports coming in Bearish
Based on Primary & Secondary Sources
As per the second advance estimates released by the government, the
kharif maize output for 2017-18 has been projected at 19.51 million tonnes,
higher than 19.24 million tonnes in the previous 2016-17 season. Rabi
production was at 7.63 million tonnes
The total kharif and rabi production is pegged at 27.14 milllion tonnes
higher by 5% compared to 25.9 million tonnes last year
According to USDA’s April 2018 progressive plantings report corn is
expected to be planted at 88 million acres down 2.14 million acres or 2%
from last year (2017)
Arrivals for the first 3 weeks of April 2018 229360 MT an increase of about
6.5% compared to the same period last year at 215250 tonnes.
Arrivals for the summer crop in Bihar have started in small quantities with
good moisture content.
After initially impacting the prices across the state the prices are back at
previous month levels as market participants are expecting an increase in
arrivals in the coming weeks
According to a USDA report India may import 500,000 tonnes of maize as
the production is expected to fall short than the demand
According to UK Agro consult, Ukraine’s export of maize for the 2017/18
Marketing year (July-June) stands at 12.95 Million tonnes till 10th April
2018.
Despite the arrival pressure in the southern markets of Nizamabad
Davangere maize is expected to be range bound according to traders, due
to the yield loss in Bihar and also starch feed makers could support the
prices at the lower level.
IGC in its forecast for 2017/18 decreased the world corn production by 3
MMT to 1045 MMT from 1048 MMT compared to its FEB 2018 report on
account of poor harvests and adverse weather conditions in Argentina &
Brazil.
According to USDA the world corn production estimates have reduced by
5.66 MMT to 1036.07 MMT compared to the previous months report
(March 18) due to lower production in drought-stricken Argentina and
lower second-crop corn production in Brazil.
1100
1250
1400
1550
1700
Ap
r-16
Jun
-16
Se
p-1
6
De
c-16
Feb
-17
May
-17
Au
g-1
7
Oct
-17
Jan
-18
Ap
r-18
Maize-Feed/Industrial Grade : Gulab Bagh
0
Date: 24-04-2018 NCoMM NCML Commodity Market Monitor
Fundamental Report RICE/PADDY
Basmati rice prices in various markets of the country remained weak
due to subdued demand against sufficient availability of stocks.
According to traders, sluggish demand against sufficient stocks
position mainly attributed to the fall in rice basmati prices.
Progressive procurement of Rice as on 13th April 2018 reported at
315.99 lakh tonnes as against 327.03 lakh tonnes same period last year.
Target procurement for 2017-18 (Oct-Sept) is 430 lakh tonnes.
Highest procurement of Rice was reported from Punjab at 118.33 lakh
tonnes as compared to 110.52 lakh tonnes last year, In Haryana Rice
procurement stood at 39.67 lakh tonnes as against 35.70 lakh tonnes
last year. Chhattisgarh reported a decline of 20 per cent as compared
to last year, the procurement stood at 32.07 lakh tonnes as against
40.22 lakh tonnes last year.
Rice stock at the central pool as on 01st April 2018 stood at 248.73 lakh
tonnes as against 230.81 lakh tonnes last year same period.
As per the Second Advance Estimates for 2017-18 the total Rice
production for 2017-18 estimated to increase at 111.01 million tonnes as
against 109.70 million tonnes. Kharif Rice output estimated at 96.48
million tonnes as against 96.30 million tonnes in 2016-17. Rabi season
Rice production for 2017-18 is estimated at 14.53 million tonnes as
compared to 13.40 million tonnes in 2016-17.
According to the Department of Commerce data, Basmati Rice exports
from India during April-February 2018 increased to 36.19 lakh tonnes as
compared to 35.92 lakh tonnes exported same period last year.
As per trade sources, total rice export in the month of March was 13.03
lakh tonnes, in which basmati rice contribution is 33.05 per cent of
total with quantity of 4.30 lakh tonnes and non-basmati contribution
was 66.94 per cent with quantity of 8.72 lakh tonnes.
As per the latest IGC report, Global Rice production is projected at
492.4 million tonnes as against 486.2 million tonnes in 2017-18.
As per Thai Rice Export Association, Rice exports of Thailand in 2018
will be less than the target due to decrease in rice production. The Thai
Government recently announced the rice production in 2018 at 30
million tonnes, a decline of 3 million tonnes compared to the 33 million
tonnes produced in 2017.
Mandi Price in Rs/ Quintal
23-04-2018 16-04-2018 %Change
Hanumangarh (1121 Pusa)
3300 3300 0.00
Dadri (1121) 3160 3150 0.31
Aligarh (1121) 3200 3300 -3.03
1600
2000
2400
2800
3200
3600
Jul-1
5
Oct
-15
Jan
-16
Ap
r-16
Jul-1
6
Oct
-16
Jan
-17
Ap
r-17
Jul-1
7
Oct
-17
Jan
-18
Ap
r-18
Paddy - 1121 pusa : Hanumangarh
RICE/PADDY FUNDAMENTAL SUMMARY
Price Drivers Impact
Subdued demand in spot markets
Bearish
Higher stocks position at central pool
Bearish
Estimation of record Rice production in 2017-18
Bearish
Paddy procurement by Government
Bullish
Higher global rice production estimates
Bearish
Based on Primary & Secondary Sources
0
Date: 24-04-2018 NCoMM NCML Commodity Market Monitor
Fundamentals- Domestic & International RM SEED
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
De
c-16
Mar
-17
Jun
-17
Au
g-1
7
No
v-17
Jan
-18
Ap
r-18
Guarseed : Bikaner
GUAR FUNDAMENTAL SUMMARY
Price Drivers Impact
Improved demand from crushers in spot markets
Bullish
Weak arrivals of the commodity in spot markets
Bullish
Strong Crude oil prices Bullish
Expectation of higher demand from overseas
Bullish
Higher 2017-18 Guar seed production
Bearish
Prediction of Normal Monsoon rainfall in 2018 by IMD
Bearish
Based on Primary & Secondary Sources
Mandi Price in Rs/ Quintal
23-04-2018 16-04-2018 %Change
Bikaner 4125 4010 2.86
Jodhpur 4200 4100 2.43
Sriganganagar 3900 3875 0.64
Guar seed and Guar gum prices remained firm due to weak arrivals
against improved demand from crushers as they are expecting Guar
gum demand to pick up strongly amid rising crude oil prices.
According to sources, lower arrivals in the market were attributed
to slow farmers selling, while stockists holding Guar seed are also
not liquidating their stock with anticipation that guar demand will
increase in coming weeks providing them better returns ahead.
The supply is expected to remain sluggish in the coming months,
which will support Guar seed and Guar gum prices however one
should keep a close eye on monsoon, as timely arrival of south west
monsoon may check any strong uptrend in prices.
As per Jodhpur based traders, the strong rally in crude oil is very
positive and has raised optimism that Guar gum exports may
witness good rise ahead.
Guar gum export during April-February 2018 increased by 24 per
cent at 449,706 tonnes as against 361,833 tonnes during the same
period a year ago, according to the Agriculture & Agri. Processed
Food Authority of India.
Although there are several positive news for Guar, but everything
depends on export. Guar gum export should rise consistently in the
coming months, otherwise there is higher possibility of Guar to
decline below Rs 3,800 amid ample stock in the country followed by
normal monsoon forecast.
As per IMD 2018 South West 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. Skymet has also predicted a normal monsoon rainfall in 2018.
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 on 22nd April 2018 Guar seed stock at NCDEX warehouses stood at
44,085 metric tonnes as against 21,179 metric tonnes same period
last year.
0
Date: 24-04-2018 NCoMM NCML Commodity Market Monitor
Sugar production at 299.80 lakh
tonne as of April 15: ISMA
Govt must support pulses & oilseeds, too, not just rice and wheat: Crisil
Soyameal exports lag on reduced
bean crop
Stop sweetening sugarcane, resolve sugar price mismatch for viability
Spices exports up 20% in April-Dec 2017
Indian agri-exports stand to gain
from US-China trade war
GoM moots cess on sugar, subsidy for cane farmers To purchase the India Commodity
Year Book 2018, contact us at [email protected]
Official Production Estimates
Second advance estimates 2017-18 &
previous years’ estimates : Second
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
23-Apr-18 09-Apr-18 26-Mar-18 24-Apr-17
Wheat 1723.45 1687.5 1687.5 1614.7
Chana 3578.95 3736.9 3709.85 5400
Rice/Paddy 3300 3400 3400 3300
Guar 4150 4040 4125 3850
Sugar 2703.35 2950 3050.35 3834.15
Tur 4000 4200 4200 4025
Maize 1255 1240 1250 1518.35
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: 24-04-2018 NCoMM NCML Commodity Market Monitor
Answers for the last week Quiz:
Ans 1: China and USA, Cotton
Ans 2: Both
People who gave correct answer:
Anilkumar Parvathaneni Suraj Pal Yadav
Ashwani Kumar Jagseer Singh
Dr.Ravi Pratap Singh Sangwan Kapil Singh Bhakuni
Naresh Sharma Om Prakash
Vineet Poonia Anjali
Ranjit Singh Yogesh Sanwarmal Sharma
L. Devaraj Dharmendra Kumar Jaiswara
Leela Ram Navdeep Kaur
Sandeep Kumar Jaipal Kumar
Chetan Kulkarni Arun Kumar
Ramdev Sanjay Singh
Satpal Harijana Seenaiah
Sunny Kumar Karela Vighnesh Gaitonde
Omkar Navjot Singh
Kulvinder Singh Rishikesh Mishra
Maheshkumar Ramaswamy Babloo Kumar
Rakesh Kumar Raut Manish Kumar Rohilla
Anurag Kushwaha Ranjit Pradhan
Akansha Kumari Surya Narayan Dash
S.Narendra
LUCKY WINNER: ANJALI, CCG, Gurgaon
Bhuvan Prasan Atluri,
Head, MktYard, takes out
the draw at Gurgaon
office
0
Date: 24-04-2018 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]
Fundamentals- Domestic & International RM SEED
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