0

Date: 04/09/2018 NCoMM

NCML Commodity Market Monitor

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NCoMM

NCML COMMODITY MARKET MONITOR

Cotton | Sugar | Soybean | RM Seed | Castor seed | Turmeric | Jeera

OUTLOOK

OTHER DATA Sowing progress | Advance estimates | Kharif and rabi MSP

Sugar | Tur | Paddy/Rice | Guarseed | Wheat | Chana

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NCML COMMODITY MARKET MONITOR NCoMM

0

Date: 04/09/2018 NCoMM

NCML Commodity Market Monitor

Fundamental Report

• Till 31st August 2018, sugarcane has been sown in 51.94 lakh ha, 4.17% higher

than 49.86 lakh ha till date last year & 12.04% higher than the normal acreage

of 46.36 lakh ha till date. As per ISMA, total area under sugarcane may rise

7.8% to 54.35 la ha in 2018/19 from 50.42 la ha this season.

• The Indian government has extended the deadline to export 2 million mt of

sugar by three months to the end of this year. In March, the government had

set a mill-wise Minimum Indicative Export Quota, or MIEQ, for 2 million mt

until the end of the 2017-2018 (October-September) but the country had

exported only 465,000 mt till the end of July as the subsidy is not enough to

cover the domestic mills' exports with the price.

• Global sugar prices hit a 56-year low after more than a decade of steady rise,

fuelled in part by the ethanol boom in Brazil. Bumper crops in Thailand (50%

up from 2016-17) and expected 20-year record production of 21 million tonnes

in EU is expected to keep global prices under pressure

• Indian sugar prices are in a glut following ample stocks on persistent arrivals

from mills amidst slackened demand. While sugar prices have recovered from

the low in May on the back of recent government measures, the sustainability

is uncertain given the oversupply conditions.

• This is likely to result in margin pressures as well as the increase in cane

arrears. Notwithstanding the government support measures, the operating

environment for sugar mills in the short-term will be challenging.

• ISMA has pegged India’s 2018-19 sugar production at a record 35-35.5 mn

tonnes, against the 2017-18 production estimate of 32.25 mn tonnes & 20.3 mn

tonnes in 2016-17. The closing stock at the of 2017-18 sugar season is likely to

be 10 mn tonnes, more than double the stock of 3.87 mn tonnes last year.

• The Maharashtra government has decided not to sell sick sugar mills in the

state, but to lease them in a bid to revive them and strengthen the sector

• Food Ministry imposed aggregate sale limit of 16.55 lakh tonnes in July and

19.20 lakh tonnes in Aug 2018. Government also fixed minimum selling price

of white/refined sugar at Rs 29 per kg.

• To improve the liquidity position of sugar mills and help them in clearing

arrears, the minister informed that the Centre has announced an assistance

to mills of Rs 5.50 per quintal of cane crushed, amounting to Rs 1,540 crore.

• The Centre has also created a buffer stock of 3 mn tonnes, which will have a

burden of Rs 1,175 crore on exchequer. It increased the price of ethanol by

almost Rs 3 per litre & subsidised loans for 5 years to expand ethanol

manufacturing capacity.

• The Indian Sugar Mills Association had asked the government earlier this

month to allow exports of around 6 mn-7 mn mt for the next season and to

raise the minimum selling price of sugar to Rupees 36,000/mt. However, it is

yet to be seen what route the government will take to encourage mills to

export next season and support domestic prices.

Mandi Price in Rs/Quintal

31-08-2018 27-08-2018 %Change

Kohlapur 3125 3125.9 -0.03

Muzzafarnagar 3229 3209.5 0.61

Delhi 3205 3210 -0.16

FUNDAMENTAL SUMMARY

Price Drivers Impact

Higher sugarcane acreage for 2018-19 & sugar production estimated to rise to 35-35.5 mn tonnes in 2018-19

Bearish

Record sugar production of 32.5 mn tonnes in 2017-18 against only 20.3 mn tonnes last year

Bearish

Closing stock of more than double from last year

Bearish

Global sugar prices hitting a 56-year low & export disparity

Bearish

Tightening of restriction on monthly supply from mills

Bullish

Minimum support price at mill gate fixed at Rs 29/kg for refined sugar

Bullish

Announcement for creation of 3 mn tonnes of buffer stock

Bullish

Based on Primary & Secondary Sources

2,100

2,400

2,700

3,000

3,300

3,600

3,900

Jan

-14

Au

g-1

4

Feb

-15

Au

g-1

5

Feb

-16

Au

g-1

6

Feb

-17

Se

p-1

7

Mar

-18

Se

p-1

8

Sugar - M-grade : Muzaffarnagar

SUGAR

0

Date: 04/09/2018 NCoMM

NCML Commodity Market Monitor

Fundamental Report

• As per the government’s sowing report, till 31st August 2018 area sown

under Tur is 44.47 lakh ha, only 0.51% lower than 44.80 lakh ha sown till

date last year, & 9.44% above normal acreage of 38.06 lakh ha till date.

• Government has published 4th advance estimates for 2017-18 28th Aug-

2018. For Tur it is 4.25 mn MT, higher than third advance estimate of

4.18 million tonnes and lower than 4.87 million tonnes last year

• Sluggish demand for Tur dal and steady quotes in Burma at $275-80 per

MT have discouraged importers to strike fresh deals for Tur. Centre has

imposed quantitative restriction of 2 lakh tonnes/annum on tur import.

• Assuming that private import would not touch the level of 2 lakh tonne

during current MY, prices should recover from current level to a certain

extent. However, main bottleneck for a major recovery is availability of

old imported Tur from Mozambique, Malavi and Sudan stored in big

millers godowns.

• Mills continues to sell old stock. Mills from Katni lines have started

selling dal at discount of Rs 50 per qtl. Besides, in Mumbai stockists

have resumed selling once again and offered Tur at Rs

3450/3500.lemon Tur is being offered at Rs3650 to Rs 3680 per qtl.

It is ruling at recent bottom level. It may recover by Rs 100 to Rs 200

from current level.

• Lack of fresh demand and continued auction from state agencies have

capped cash tur market despite higher MSP (Rs 5675). The MSP of Tur

for 2018-19 was raised to Rs 5,675 per quintal, 4.13% above last year’s

MSP of Rs 5450.

• Government has decided to consume pulses stock through state

government’s various welfare schemes. The Union Cabinet approved a

discount of Rs 15 per kilogram on pulses over wholesale market price

to states for distribution under welfare schemes.

• States and UTs will be offered to lift 34.88 lakh tonnes of Tur, Chana,

Masoor, Moong and Urad at discount of Rs 15 per Kg over the prevailing

wholesale market price on first come first serve basis. This will be one-

time dispensation for a period of 12 months or complete disposal of

34.88 lakh tonnes of pulses stock, whichever is earlier.

• As per the government data, tur imports dropped by 41 per cent to 4.12

lakh tonnes in 2017-18 fiscal from 7.04 lakh tonnes during 2016-17.

• Govt. agencies have around 10 lakh tonne Tur stock and they would

start liquidating it before November when new crop hits the market.

Mandi Price in Rs/ Quintal

31-08-2018 27-08-2018 %Change

Wardha 3600 3600 0.00

Mumbai 3350 3400 -1.47

Akola (Avg cmie) 3850 3825 0.65

FUNDAMENTAL SUMMARY

Price Drivers Impact

Acreage almost equal to last year till now, contrary to the expected decline

Bearish

Pile up of stocks with farmers, traders, mills and the government

Bearish

Discount of Rs 15 per kilogram on pulses over wholesale market price to states for distribution under welfare schemes.

Bearish

Sluggish demand Bullish

Fall in Tur imports Bullish

Import of 1.5 million tonnes of tur allowed from Mozambique, bound by the MoU signed in 2016

Bearish

Quantitative restriction of 2 lakh tonnes/annum on tur import

Bullish

Based on Primary & Secondary Sources

2500

6500

10500

14500

Jun

-15

Oct

-15

Mar

-16

Jul-1

6

No

v-16

Ap

r-17

Au

g-1

7

De

c-17

May

-18

Se

p-1

8

Lemon tur FAQ-Myanmar origin : Mumbai

TUR

0

Date: 04/09/2018 NCoMM

NCML Commodity Market Monitor

• The Centre has allowed FCI to sell up to 10 million tonnes of wheat from

its stock in the open market through tender. From 5.4 million tonnes of

wheat under sale, traders and flour millers lifted only 1.5 million tonnes

till now.

• Under the open market sale scheme (OMSS), the Centre has fixed the

wheat prices at Rs 1,900 per quintal (for July-September), which is Rs 110

per quintal higher than the last year. The OMSS prices are Rs 1,925 and

Rs 1,950 per quintal for October-December and January-March periods,

respectively.

• According to the agmark, all India domestic wheat arrivals in the mandis

is reported at 0.95 lakh MT in the fifth week of August 2018 which is 8.65

per cent lower than the arrivals of 1.04 lakh MT in the fourth week of

August. Arrivals are lower as farmers are holding their stock in

expectation of getting higher prices in the future.

• According to the fourth advance estimate released by government,

wheat production estimate for 2017-18 is 99.70 million MT which is 1.20

per cent higher than 2016-17 final estimate of 98.51 million MT. However,

trade sources are estimating the crop in range of 91-94 million MT for

2017-18.

• As per latest update, wheat stock in central pool as on 1st August’18

stood at 408.58 lakh tonnes which is 35.92 per cent higher than last year

stock of 300.59 lakh tonnes in the same time period. Higher stock is due

to higher procurement activity by the government and higher

production estimate. Food Corporation of India (FCI) has procured 35.52

million MT metric tonnes for year 2018-19.

• India wheat export opportunity is good due to higher availability in the

domestic market and higher international prices of wheat, according to

the trade sources, India may export 3 million MT of wheat in FY18.

• Moreover, India Import of wheat is negligible due higher import duty of

thirty percent and reduced supply of wheat in the International market.

• According to the latest USDA report, global wheat production for 2018-

19 is estimated at 729.63 million MT which is 3.74 per cent lower than the

2017-18 production estimate of 758.03 million MT. World wheat

production is reduced due to lower EU production. EU wheat

production is down 7.5 million tonnes to 137.5 million tonnes due to

continued drought conditions in several northern European countries,

most notably Germany.

Mandi Price in Rs/ Quintal

31-08-2018 27-08-2018 %Change

Delhi 1980 1983 -0.15

Indore 1987.5 1974.2 0.67

Kanpur 1883.8 1845 2.10

FUNDAMENTAL SUMMARY

Price Drivers Impact

FCI to sell wheat through OMSS Bearish

Lower arrivals of wheat in the domestic mandis

Bullish

Higher domestic production estimate of wheat in 2017-18

Bearish

Higher wheat stock in the central pool

Bearish

India may export 3 million of wheat Bullish

Import of wheat is negligible Bullish

Lower supply of wheat in the International market

Bullish

Based on Primary & Secondary Sources

1500

1700

1900

2100

2300

2500

Mar

-16

Jun

-16

Oct

-16

Feb

-17

Jun

-17

Se

p-1

7

Jan

-18

May

-18

Se

p-1

8

Wheat: Standard mill quality : Delhi

WHEAT

Fundamental Report

0

Date: 04/09/2018 NCoMM

NCML Commodity Market Monitor

Fundamental Report

• The notification of DGFT on withdrawal of restriction on import of peas

was reversed following an order of the Madras High Court. This means

the import restriction on all varieties of peas would continue till

September 30,2018. By banning imports of peas, effectively pushes

demand to Chana.

• Moreover, imports of chana is not happening this year due to thirty per

cent import duty. According to DGFT, India chana imports for 2017-18 is

recorded at 9.81 lakh MT which is 9.19 per cent lower than the imports

of 10.80 lakh tonnes for 2016-17.

• Ahead of the festival season, the government has released some stock

of chana from buffer stock in the market to ease its availability and

keep a check on the prices. Nafed sold 1100 MT of chana through

auction in Andhra Pradesh and Telangana at Rs 4006 per quintal.

• According to the trade sources, Nafed may start selling chana in

Andhra Pradesh, Telangana, Karnataka, Gujarat and UP from buffer

stock. No benchmark price of chana has been fixed for auction. Chana

stock with Nafed is around 27 lakh metric tonnes.

• According to the fourth advance estimates released by the

government, India’s chana production estimate for 2017-18 is 11.23

million MT which is 18.97 per cent higher than 2016-17 final production

estimates of 9.38 million MT. However, market participants are

expecting production to be around 9 million MT.

• Government had announced 7 per cent export incentives for Bengal

Gram (chana) under the Merchandise Export from India Scheme

(MEIS) from June to 20th Sept-2018 to support domestic spot prices of

chana. Moreover, appreciation of dollar against rupee is expected to

encourage exports from India.

• According to the latest report of USDA, U.S. chickpea acreage has

increased from 6.23 lakh hectares to 8.22 lakh hectares. However,

Australia’s (India largest exporter of chickpea) chickpea production is

estimated to be lower this year. 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 of 10.28 lakh tonne.

Mandi Price in Rs/ Quintal

31-08-2018 27-08-2018 %Change

Sri Ganga Nagar 3888.9 4088.4 -4.88

Bikaner 3910 4000 -2.25

Kota 3700 3800 -2.63

FUNDAMENTAL SUMMARY

Price Drivers Impact

Restriction on imports of peas Bullish

Import duty on chana Bullish

Selling of chana by Nafed Bearish

Higher domestic production estimate Bearish

Lower production estimate of Australian chickpea

Bullish

Based on Primary & Secondary Sources

3300

3800

4300

4800

5300

5800

6300

Jul-

17

Au

g-1

7

Oct

-17

Dec

-17

Jan

-18

Mar

-18

Ap

r-1

8

Jun

-18

Au

g-1

8

Sep

-18

Gram - Rajasthani desi : Bikaner :

CHANA

0

Date: 04/09/2018 NCoMM

NCML Commodity Market Monitor

Fundamental Report

• Rice acreage in India as on 31st August 2018 increased to 369.98 lakh hectares as compared to 367.88 lakh hectares same period last year.

• Higher acreage is mainly reported from the states of Andhra Pradesh (11.94 lakh Ha.), Telangana (9.11 lakh Ha.), Haryana (13.29 lakh Ha.), Punjab (30.42 lakh Ha.), Chhattisgarh (36.97 lakh Ha.), Madhya Pradesh (21.06 lakh Ha.). Lower acreage is reported from the states of U.P, Bihar, Manipur, Assam and Tripura.

• Riding on a near normal monsoon output of most food crops projected to hit record levels in 2017-18 to give an all-time high food grain harvest of 284.83 million tonnes, 3.5 per cent higher than that of the previous year according to the 4th advance estimates and Rice production is expected to touch a peak of 112.91 million metric tonnes 3 per cent more than last year’s production of 109 million metric tonnes.

• All-India progressive procurement of Rice as on 20 August 2018 for 2017-18 declined to 364.45 lakh tonnes as against procurement of 380.80 lakh tonnes in the corresponding period of last year. Higher procurement has been received from Punjab (118.33 lakh tonnes), Haryana (39.92 lakh tonnes) and U.P (28.75 lakh tonnes) and in south it is started in Telangana (36.20 lakh tonnes). Andhra Pradesh procurement has reached 39.72 lakh tonnes. Chhattisgarh government also procured around 32.55 lakh tonnes of rice as of now. Procurement in Madhya Pradesh and Odisha has reached to 10.96 and 32.87 lakh tonnes respectively.

• The Government increased the Minimum Support Price (MSP) of paddy common by Rs 200 per quintal to Rs 1,750 and for Grade A MSP increased by Rs 180 at Rs 1770 for the marketing year 2018-19 crop year starting from October.

• India’s total Rice exports 31,49,794.62 tonnes during April-June 2018 as against 30,16,898.92 tonnes same period last year. Basmati rice exports from during April-June 2018-19 stood at 11,70,028.51 tonnes as against 12,58,549.04 tonnes in 2017-18. Iran imported 426034.30 tonnes, Saudi Arabia 207686.68 tonnes and UAE 107649.88 tonnes of Basmati Rice.

• China is set to import Indian basmati and non-basmati rice for the first time said millers and traders who have started getting inquiries from buyers from the neighbouring nation.

• Rice export prices in India declined as the rupee weakened with the drop in rates from the top exporter also weighing on demand for the Vietnamese variety. Rates for India’s 5 per cent broken parboiled rice fell by $3 per tonnes to $389-$393 per tonnes. Rupee depreciation is allowing traders to lower prices, but at the same time competitors are also lowering their quotes.

Mandi Price in Rs/ Quintal

03-09-2018 27-08-2018 %Change

Hanumangarh (1121 Pusa)

3550 3650 -2.73

Narela (1121) 3100 2980 4.02

Aligarh (1121) 3050 3000 1.66

FUNDAMENTAL SUMMARY

Price Drivers Impact

Higher Rice acreage during current season

Bearish

Higher Rice production estimates for 2017-18

Bearish

Lower Rice procurement compared to last year

Bullish

Higher exports during 2018-19 Bullish

Expectation of import demand from China

Bullish

Increase in Minimum Support Price (MSP) for Paddy

Bullish

Based on Primary & Secondary Sources

1,150.00

1,350.00

1,550.00

1,750.00

1,950.00

Au

g-1

7

Oct

-17

No

v-1

7

Jan

-18

Mar

-18

Ap

r-1

8

Jun

-18

Jul-

18

Sep

-18

Paddy : Sambha : Basti

RICE/PADDY

0

Date: 04/09/2018 NCoMM

NCML Commodity Market Monitor

Fundamental Report

• Guar seed and Guar gum remained firm tracking strong domestic and

export demand. Millers are buying in anticipation of further rise in

demand from overseas markets. Export are expected to be better due

to rising production of crude oil in United States.

• As per market sources, prospects of Guar seed is very good in case

export of Guar gum performs as per market expectations. Guar gum

exports this financial year 2018-19 is expected to rise at least by 10 per

cent which will provide good underlying support to Guar complex.

• India Guar gum (including Guar meal and Guar split) exports during July

increased nearly 10 per cent month-on-month at 42,958 tonnes

according to APEDA. Guar gum export in June stood at 39,138 MT.

• Guar gum shipment from the country during the first four months (Apr-

Jul) of current marketing year 2018-19 (Apr-Mar) stood at 177,748, up

from 168,769 MT same period a year ago.

• Guar seed acreage in Rajasthan as on 20th August 2018 declined to

27.32 lakh hectares compared to 28.45 lakh hectares same period a year

ago, according to Rajasthan state agriculture department. The normal

5-year average area under Guar seed up to 2015-16 stood at 45.10 lakh

hectares.

• Traders are of the view that acreage is down much more as farmers

have shifted to other crops mainly Cotton, Moong, Jowar, and Bajra as

government has increased their MSP sharply and also farmers have not

received good returns in Guar last year.

• As per the Department of Agriculture Gujarat, Guar acreage as on 27th

August 2018 declined at 1,06,222 hectares as against 1,66,300 hectares

during same period last year. The overall normal acreage in Gujarat is

2,56,167 hectares. Area in Gujarat is likely to shift to cotton and Bajra.

• As per the 3rd Advance Estimates of Department of Agriculture

Rajasthan, Guar seed production for 2017-18 is estimated at 12.44 lakh

tonnes as compared to 14.04 lakh tonnes in 2016-17.

• 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

rainfall.

• As per the 4th advance estimates released by Gujarat state Agriculture

department Guar seed production for 2017-18 estimated at 1.40 lakh

tonnes as against 1.67 lakh tonnes in 2016-17.

Mandi Price in Rs/ Quintal

03-09-2018 27-08-2018 %Change

Bikaner 4277 4050 5.60

Jodhpur 4345 4276 1.61

Sri Madhopur 4041 4021 0.49

FUNDAMENTAL SUMMARY

Price Drivers Impact

Strong domestic and export demand

Bullish

Higher crude oil production in US Bullish

Firmness in crude oil prices Bullish

Lower acreage during current season at major Guar growing states

Bullish

Depreciation in Rupee value Bullish

Profit booking at higher levels Bearish

Based on Primary & Secondary Sources

2,900

3,200

3,500

3,800

4,100

4,400

4,700

May

-16

Au

g-1

6

No

v-16

Feb

-17

May

-17

Au

g-1

7

De

c-17

Mar

-18

Jun

-18

Se

p-1

8

Guarseed : Bikaner

GUAR SEED

0

Date: 04/09/2018 NCoMM

NCML Commodity Market Monitor

• Pink Bollworm attack: Maharashtra

directs seed cos to pay Rs 210 crore to

cotton farmers

• Maharashtra govt to lease out sick sugar

units

• After lack of orders, govt extends sugar

export quota date to December-end

• DGFT relaxes norms on import of yellow

peas; move may help small importers

• Punjab plans to cut pesticides use in

basmati rice

• Weak rupee, rise in area to pep up soy

meal, rice exports

• Basmati exporters on boil as Iran

importer defaults

• Maharashtra traders to resume buying of

kharif crop without committing to pay

MSP

• Kharif crop planting increases as heavy

rains raise reservoir levels

To purchase the India Commodity Year

Book 2018, contact us at

research@ncml.com

Official Production Estimates

Third advance estimates 2017-18 &

previous years’ estimates : Third

Advance Estimates 2017-18

MINIMUM SUPPORT PRICE (Rs/Qtl.)

Commodity 2017-18 2018-19

KHARIF **NEW**

Paddy Common 1550 1750

paddy grade A 1590 1770

Jowar Hybrid 1700 2430

Jowar Maldandi 1725 2450

Bajra 1425 1950

Ragi 1900 2897

Maize 1425 1700

Tur/Arhar 5450 5675

Moong 5575 6975

Urad 5400 5600

Groundnut 4450 4890

Sunflower seed 4100 5388

Soyabean black 3050 3399

Sesamum 5300 6249

Nigerseed 4050 5877

Cotton (Medium Staple) 4020 5150

Cotton (Long Staple) 4320 5450

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

03-Sep-18 20-Aug-18 06-Aug-18 04-Sep-17

Wheat 1980 1978.95 1980 1763.4

Chana 3910 4262.9 4150 6150

Rice/Paddy 3650 3600 3500 2850

Guarseed 4277.5 4425 4175 3700

Sugar 3229 3230 3300.8 3745

Tur 3850 4050 3987.5 4400

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: 04/09/2018 NCoMM

NCML Commodity Market Monitor

0

Date: 04/09/2018 NCoMM

NCML Commodity Market Monitor

y

NCoMM QUIZ ANSWERS OF THE PREVIOUS WEEK

THESE PEOPLE ANSWERED CORRECTLY !

1. Maharashtra was the largest cotton producing state in India in 2017 -18.

FALSE

2. Prospects of a bumper Soybean crop in US is a bul l ish factor for global soybean prices.

FALSE

TRUE

3. China had banned Indian mustard meal imports in 2012 because of qual ity issues.

1 L. Devaraj CM 18 Rajaram Bhilare S&P

2 Prashant Balel NFin 19 Sohan singh kadam CM

3 Kuldip Singh Silo Projects 20 Munesh Kumar Sharma S&P

4 Anilkumar Parvathaneni Risk 21 mehulkumar T&C

5 Sandipkumar Nayak CM 22 Nagina Gowda S&P

6 shanmukha k r CM 23 Saddam Hussain S&P

7 Dr. Savitri Parashar T&C 24 Sanjay Singh S&P

8 Brijendra Srivastava CM 25 Somarouthu Narendra CWIG

9 UMESH R M CM 26 Dadasaheb Salunkhe CM

10 Annasaheb Sargar S&P 27 Dr. Ravi Pratap Singh Sangwan S&P

11 Kuldip Yadav S&P 28 sandeep Shedge IT

12 Anil kumar sharma T&C 29 kirtiji thakor T&C

13 Om Singh CM 30 Sumit Chahal Non-NCMLite

14 Rakesh Kumar Raut S&P 31 Vineet Poonia S&P

15 najveer kahar T&C 32 pradeep kumar shukla CM

16 Vikas kumar sharma S&P 33 Satya Narayan Puri T&C

17 amit gangadhar S&P

THE LUCKY WINNER IS…

Nagina Gowda S&P, Mumbai

CONGRATULATIONS!

0

Date: 04/09/2018 NCoMM

NCML Commodity Market Monitor

Advisory Team

Basant Vaid Head: TCIG basant.v@ncml.com

Sreedhar Nandam Vice President: SCM sreedhar.n@ncml.com

Research Team

Suresh Solanki Assistant Manager: TCIG suresh.s@ncml.com

Kamna Malhotra Economist: TCIG kamna.m@ncml.com

Akash Jaiswal Research Analyst: TCIG akash.j@ncml.com

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

reasonable care and skill in preparation of this consultancy report but has not independently verified information provided by others.

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 which

this report is based may adversely affect any recommendations, opinions or findings contained in this report.

© National Collateral Management Services Limited (NCML) 2017