Commodities Weekly Tracker, 8th April 2013

7/28/2019 Commodities Weekly Tracker, 8th April 2013

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Commodities & Currencies

Weekly Tracker


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Commodities Weekly Tracker

ContentsReturns

Non Agri Commodities Currencies Agri Commodities

Non-Agri Commodities Gold Silver Copper Crude Oil

Currencies DX, Euro, INR

Agri Commodities Chana

Black Pepper Turmeric Jeera Soybean Refine Soy Oil & CPO Sugar Kapas

Monday | April 8, 2013


3/20

Commodities Weekly Tracker Monday | April 8, 2013

3.6

2.31.9

1.40.9 0.9

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(2.6)(3.0)

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2.0

3.0

4.0Currencies Weekly Performance


4/20


3.0

(0.4)(0.7) (0.9)

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(2.9)(3.6)

(3.9) (4.7)(5.0)

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0.0

1.0

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3.0

Non-Agri Commodities Weekly Performance


5/20

*Weekly Performance for April contract



6/20


GoldWeekly Price Performance Spot gold prices declined around 0.9 percent in the last week. The yellow

metal touched a weekly low of $1539.74/oz and closed at $1581.50/oz in the

last trading session of the week. In the Indian markets, prices fell by 0.5 in the last week and closed at

Rs.29286/10 gms on Friday after touching a low of Rs. 28720/10 gms in thelast week. Depreciation in the Indian Rupee prevented sharp fall in the priceson the MCX.

ETF Performance Holdings in the SPDR Gold Trust, the world's largest gold-backed exchange-

traded fund, declined by 1.3 percent to 1,205.31 tonnes as on 5th April 2013from previous level of 1,221.26 tonnes as on 28th March 2013.

Factors that influenced downside in gold prices Rise in risk aversion in the global market sentiments. Further, expectations of

slowdown in the global economic growth also exerted downside pressure onthe prices.

However, sharp downside in the prices was cushioned as a result of weaknessin the DX.

Outlook

In the coming week, we expect gold prices to trade on a negative note as aresult of rise in risk aversion in the global market sentiments coupled withstrength in the DX.

However, unfavorable US non-farm employment change data in the previousweek may cushion sharp decline in prices.

Depreciation in Indian Rupee will prevent sharp fall in prices on MCX.

Weekly Technical Levels Spot Gold : Support 1,555/1,535 Resistance 1,600/1620. (CMP: $1578.25) Sell MCX Gold June between 30100-30150, SL - 30510, Target - 29500. (CMP -

29696)

1,500

1,550

1,600

1,650

1,700

1,750

1,800

28,500

29,000

29,500

30,000

30,500

31,000

31,500

MCX and Comex Go ld Price Performance

MCX-Near Month Gold Futures -Rs/10 gms Comex Gold Futures -$/oz

79.0

79.5

80.0

80.5

81.0

81.5

82.0

82.5

83.0

83.5

84.0

1,550

1,570

1,590

1,610

1,630

1,650

1,670

1,690

Spot Gold Vs US Dollar Index

Spot Gol d -$ /oz US Dol lar Inde x


7/20


SilverWeekly Price Performance Spot silver declined 3.6 percent in the last week. The white metal prices

touched a weekly low of $26.62 /oz and closed at $27.30/oz in the lasttrade of the week.

On the domestic front, prices fell around 4 percent and closed at Rs.51489/kg on Friday after touching a low of Rs. 50423/kg in the last week.

ETF Performance Holdings in the iShares Silver Trust, the world's largest silver-backed

exchange-traded fund, declined around 1.92 percent at 10,497.59 tonnesas on 5th April 2013 from previous 10,703.59 tonnes on 28th March 2013.

Factors that influenced downside in silver prices Fall in gold prices Downside in the base metals. Weak global markets sentiments coupled with expectations of slowdown in

the global economic growth. Unfavorable economic data from US and Euro Zone. However, weakness in the DX prevented sharp fall in the prices.

Outlook In the coming week, we expect silver prices to trade lower taking cues

from fall in the gold prices coupled with downside in base metals. Additionally, strength in the DX will exert more downside pressure on the

prices. In the domestic markets, depreciation in the Indian Rupee will cushion

sharp fall on the prices on the MCX.

Weekly Technical Levels Spot Silver: Support 26.60/25.90 Resistance 28.0/28.80. (CMP:27.26) Sell MCX Silver May between 52600-52700, SL - 54200, Target - 50300.

(CMP:51368)

27

28

29

30

31

32

33

50,00051,00052,00053,00054,00055,00056,00057,00058,00059,00060,000

MCX and Comex Silver Price Performance

MCX-Near Month Silver Futures -Rs/ kg Comex Silver Futures -$/oz

79.079.5

80.080.5

81.081.5

82.0

82.583.0

83.584.0

26.5

27.5

28.5

29.5

30.5

31.5

32.5

Spot Silver Vs US Dollar Index

Spot Silve r -$ /oz US Dollar Inde x


8/20


CopperWeekly Price Performance Copper prices fell by 1.5 percent in the previous week. The red metal touched a

low of $7331.25/tonne in the last week and closed at $7422/tonne in the lasttrading session of the week.

On the domestic front, prices fell by 1.6 percent and closed at Rs. 406.25/kg onFriday after touching a weekly low of Rs 401.50/kg. Depreciation in the Indianrupee restricted sharp fall in the prices on the MCX.

Copper Inventories LME copper inventories gained around 1.72 percent in the last week and stood at

579,600 tonnes as on 5th April, 2013 as against 569,775 tonnes as on 28th March,2013.

Factors that influenced downside in the copper prices Unfavorable economic data from US, Euro Zone and China. Additionally, rise in the LME inventories also exerted downside pressure. Further

expectations of slowdown in the global economic growth also exerted downsidepressure on the prices.

However, weakness in the DX coupled with optimistic statement from ECBPresident Mario Draghi and US Federal Reserve Chairman Ben Bernankecushioned sharp fall in the prices.

Outlook Copper prices are expected to trade on a negative note on the back of rising

inventories coupled with weak global market sentiments. Further, unfavorable economic data from major global economies added

downside pressure on the prices.. Depreciation in the Indian Rupee will restrict sharp fall in the prices on the MCX.

Weekly Technical Levels LME Copper: Support 7250/7125 Resistance 7545/7670. (CMP: $7458.50)

Sell MCX Copper April between 410-412, SL - 420, Target - 397. (CMP:407.95)

402

412

422

432

442

452

7,300

7,500

7,700

7,900

8,100

8,300

LME and MCX Copper Price Performance

LME Copper Future ($/tonne) MCX Near Month Copper Contract (Rs/kg)

7,300

7,500

7,700

7,900

8,100

8,300

318000.00

368000.00

418000.00

468000.00

518000.00

568000.00

LME Copper v/s LME Inventory

Copper LME Inventory (tonnes) LME Copper Future ($/tonne)


9/20


Crude OilWeekly Price Performance On a weekly basis, Nymex crude oil prices declined around 4.7 percent. On the domestic bourses, prices declined around 4.1 percent and closed at

Rs.5087/bbl on Friday after touching a low of Rs.5056/bbl in the last week.Depreciation in the Indian Rupee prevented sharp fall in the prices on the MCX.

US Energy Department Facts and Figures As per the US Energy Department (EIA) report, US crude oil inventories

increased more than expectations by 2.7 million barrels to 388.60 millionbarrels for the week ending on 29th March 2013. Crude oil inventories are athighest level since 1990.

Gasoline stocks fell by 0.6 million barrels to 220.70 million barrels and whereasdistillate stockpiles dropped by 2.3 million barrels to 113.0 million barrels for

the last week.Factors that influenced downside in crude oil prices US crude oil inventories were at the highest level in last 22 years. Additionally, unfavorable economic data from the major global economies led

to expectations of decline in demand for the fuel. However, sharp downside in the prices was cushioned on account of optimistic

statement from ECB President Mario Draghi and US Federal Reserve ChairmanBen Bernanke coupled with weakness in the DX.

Outlook We expect crude oil prices to trade on negative note on the back of rise in

crude oil inventories at highest point in last 22 years coupled with stronger DX.Further, weak global market sentiments and unfavorable economic data in lastweek will add downside pressure on the prices.

However, expectations of positive economic data will cushion sharp fall. Depreciation in the Rupee will act as a positive factor for prices on the MCX.

Weekly Technical Levels Nymex Crude Oil: Support: 91.50/90.50 Resistance 94.70/96.20 (CMP:92.87) Sell MCX Crude Oil April between 5200-5240, SL - 5305, Target -

5080.(CMP:5091)

90.0

91.0

92.0

93.0

94.0

95.0

96.0

97.098.0

4,900

4,950

5,0005,050

5,100

5,150

5,2005,250

5,300

5,3505,400

Nymex and MCX Crude Oil Price Performance

MCX crude o il (Rs/bb l) NYMEX Crude Oi l ($ /bbl)

360

365

370

375

380

385

390Crude Oil Inventories (mn barrels)


10/20


DX/ INRWeekly Price Performance US Dollar Index (DX) declined around 0.7 percent in the last week. The Indian Rupee depreciated around 0.9 percent on weekly basis.Factors that influenced downside movement in the DX Optimistic statement from European Central Bank President Mario Draghi and US

Federal Reserve Chairman Ben Bernanke. However, sharp downside in the currency was cushioned on account of rise in risk

aversion in the global market sentiments which led to increase in demand for the lowyielding currency. Further, unfavorable economic data from US and fall in US equitiesalso prevented fall in the DX.

Factors that influenced movement in the Rupee

On a weekly basis, Indian Rupee depreciated by 0.9 percent. The currency depreciatedon account of weak global and domestic market sentiments coupled with unfavorableservices PMI data from the country. Additionally, expectations that foreign inflows willbe wiped off in the near future exerted downside pressure on the currency.

However, sharp downside in the currency was cushioned as a result of weakness in theDX.

FII Inflows For the month of April 2013, FII inflows totaled at Rs.639.30 crores ($117.75 million) as

on 5th April 2013. Year to date basis, net capital inflows stood at Rs.56,261.70 crores

($10,427.80 million) till 5th April 2013.Outlook

We expect Indian Rupee to depreciate in the current week on back of weak globalmarket sentiments coupled with strength in the DX. Further, expectations of weakindustrial production data and manufacturing output from the country will add moredownside pressure on the currency.

Weekly Technical Levels USD/INR MCX March Support 54.50/53.95 Resistance 55.45/55.95 (CMP: 54.95) US Dollar Index: Support 82.10/81.50 Resistance 83.10/83.50 (CMP: 82.70)

53.0

53.5

54.0

54.5

55.0

55.5

56.0

$/INR - Spot

79.0

79.5

80.0

80.5

81.0

81.5

82.0

82.5

83.0

83.5

US Dollar Index


11/20


EuroWeekly Price Performance The Euro appreciated by 1.4 percent in the last week. The Euro touched a

weekly high of 1.3039 and closed at 1.2989 against dollar on Friday.

Factors that influenced downside movement in the Euro Optimistic statement from the European Central Bank President Mario Draghi

that central bank will take necessary steps if debt crisis worsens. Further, favorable services PMI, German factory orders data along with

weakness in the DX supported an upside in the currency. However, sharp upside in the currency was capped on account of weak global

market sentiments coupled with decline in Spanish and Italian manufacturingdata.

News European Retail Sales declined by 0.3 percent in February as against a rise of 0.9

percent a month ago. German Factory Orders increased by 2.3 percent inFebruary from earlier decline of 1.6 percent in prior month.

Spanish Services Purchasing Managers' Index (PMI) increased by 0.6 points to45.3-level in March as compared to 44.7-mark in February. Italian Services PMIrose by 1.9 points to 45.5-level in March as against 43.6-mark in February.

Spanish Unemployment Change declined by 5,000 in March as against a rise of 59,400 in February. Spanish Manufacturing Purchasing Managers' Index (PMI)declined by 2.6 points to 44.2-mark in March from previous rise of 46.8-level inFebruary.

Outlook We expect the Euro to trade on positive note on the back of expectations of

favorable economic data from the country. However, sharp upside in thecurrency will be cushioned as a result of weak global market sentiments, EuroZone debt crisis along with strength in the DX.

Weekly Technical Levels EURO/USD SPOT: Support 1.2810/1.266 Resistance 1.316/1.332 (CMP: 1.2984)

1.275

1.285

1.295

1.305

1.315

1.325

1.335

1.345

1.355

1.365

Euro/$ - Spot

69.0

69.5

70.0

70.5

71.0

71.5

72.0

72.5

73.0

EURO/INR - Spot


12/20

Chana


Weekly Price Performance After consolidating at lower levels since couple of weeks, Chana prices

recovered sharply during the last week on account of strong demand from thestockists.

On a weekly basis, Chana spot as well as futures settled 4.8% and 6.7% higher.

Stockist demand at lower levels Chana prices which were ruling above the MSP levels in the past few weeks

recovered significantly last week on account of stockiest buying at lower levels. Also, reports that output might be lower compared to the agriculture ministers

estimates of 8.57 mn tn owing to poor rains supported an upside in the prices.

Ban on exports of Pulses extended till March 31, 2014 The government has extended ban on export of pulses till March 31, 2014. According to DGFT, there is an exception with export of Kabuli chana, organic

pulses and lentils being allowed up to a ceiling of 10,000 metric tonnes perannum.

Chana imports declined in the month of February 2013 According to IBIS, imports of chana in the month of February declined to 0.46

lakh metric tonnes compared to 2.31 lakh tn during the previous month.

Outlook Chana prices may continue to trade with upward bias . However, sharp upside in

the prices will be cushion as demand will decline at lower levels.

Weekly Strategy Buy NCDEX ChanaMay between 3530-3580, SL -3460, Target - 3695 / 3720


13/20

Black Pepper

Source: Reuters & Angel Research


Weekly Price Performance Pepper Futures traded on a mixed note last week. Low stocks in the domestic

markets as well as in the exchange accredited warehouses supported prices.Good demand for the Kerala crop also supported prices at lower levels. However,increasing arrivals of the Karnataka crop coupled with weak overseas demandpressurized prices at higher levels.

The Spot as well as the May Futures settled 0.14% and 0.58% lower w-o-w. Indian Pepper is being offered at $6,850/tn (C&F NY). Vietnam and Brazil Austa is

quoted at $6,925-6,975/tn and $6,600/tn, Indonesia GM-1 is quoted at $6,900/tn Averages daily arrivals stood at 28 tn while offtakes stood at 28 tn last week.

Expectations of higher output in 2012-13 According to IPC, Pepper production is expected around 55,000 tn in 2013 and

carryover stocks of about 15,066 tn. India Apr-Jan 2013 pepper exports stood at 11,500 tn, lower by 48%. (Source Factiva)

Global updates Global pepper production in 2012 is projected at 3.27 lk tn vis--vis 3.17 lk tn in

2011. Vietnam pepper exports in 2012 stood at 116,962 mt. Pepper productionfrom Vietnam decreased to 1.05 lk tn in 2012 from 1.1 lk tn in 2011. Harvesting of the fresh crop from Vietnam will commence in the coming days.

Exports from Brazil during Jan-Nov 2012 are reported at 25900 tn, as against32650 tn in the same period last year, down by about 20%.

Outlook Pepper Futures may continue to trade on a mixed note this week. Good interstate

demand for the Kerala pepper coupled with low supplies may support the prices.Lack of stocks for delivery due to lock up of pepper in the NCDEX accreditedwarehouses may also support prices. However, higher arrivals of the Karnatakacrop may pressurize prices at higher levels.

Weekly Strategy NCDEX Pepper May Trend Sideways. S2- 34500, S1- 35000, R1- 36000, R2- 36700.

Source: Reuters & Angel Research.


14/20

Turmeric

Source: Agriwatch & Reuters


Weekly Price Performance Turmeric Futures recovered from lower levels last week due to good overseas

demand coupled with good demand from interstate buyers. Lower outputexpectations for 2012-13 crop on the back of poor sowing also supported theprices. However, weak exports data coupled with arrival pressure of the new croppressurized prices. Higher carryover stocks also pressurized the prices. Sowing isreported to be 30-35% lower compared to last year.

According to the weather department, rainfall in the key grown region (SouthernPeninsula) is reported at 10% below normal. Spot settled 0.29% lower while theMay Futures settled 3.58% higher w-o-w.

Weak exports data

Turmeric exports during Apr-Jan 2013 was lower by 4% at 66,550 tn.(Source Factiva)

Lower acreage of Turmeric for the 2012-13 season Production of turmeric may decline in 2012-2013 season due to weak monsoon as

well as lower turmeric prices. The area covered under Turmeric in A.P. as on 10 th October, 2012 has been reported at 0.58 lakh hectares. The area covered is loweras compared to last year (0.81 lha), as well as normal as on date (0.67 lha).

Lower production in the 2012-2013 season Turmeric production in 2012-13 is expected around 50% lower compared to last

year and is expected around 45-50 lakh bags. Production in 2011-12 is reportedat historical high of 90 lakh bags/ 10.62 lakh tns.

Outlook Turmeric is expected to trade on a positive note this week on the back of good

demand from the overseas as well as the domestic markets. Lower productionestimates coupled with arrivals of good quality crop may also support prices atlower levels. However, higher supplies coupled with huge carryover stocks mayalso keep prices under check.

Weekly Strategy

Buy NCDEX Turmeric May between 6750-6780, SL -6500, Target - 7140 / 7250.




15/20

Jeera

Source: Ministry of Agriculture, Gujarat.


Weekly Price Performance Jeera traded on a positive note last week due to strong overseas demand.

Additionally, higher exports data boosted the prices further. However, higherarrivals of the new crop capped sharp gains. Sowing in Gujarat was reported at3.244 lk ha till Jan 2013. Last 3 years average sowing is 3.189 lk ha. Stocks arereported at around 5-6 lk bags.

The as well as the May Futures settled 2.11 and 4.28% higher w-o-w.

Second consecutive year of higher output Indias 2013 Jeera output is estimated at 38-40 lakh bags (of 55kgs each), at par

with the production in 2012. However, increase in the exports due to supplyconcerns in the global markets offset the impact of higher supplies on the prices

and thus, medium term fundamentals remain supportive for the upside.Global supply concerns boost Jeera exports Jeera exports during Apr-Jan 2013 stood at 64,400 tn, higher by 86%. (Source Factiva) Due to lower production in Syria and Turkey, coupled with the ongoing tensions

between them, exports are not taking place and have been diverted to India. Theyhave stopped shipments. Turkey may start offering its Jeera in the coming days.

International Scenario According to reports, production in Syria is reported around 22,000 tons while

production in Turkey is reported between 5000-7000 tons, lower by 20% andaround 50% respectively, raising supply concerns in the international markets.

Indian Jeera in the international market is being offered at $2,600/tn (c&f).

Outlook Jeera may trade higher this week on the back of strong overseas demand. with a

negative bias this week. Farmers may not also sell their stocks at very low prices.However, higher in arrivals of the new crop may cap sharp upside in the prices.

Weekly Levels Buy NCDEX Jeera May between 13600-13650, SL- 13170, Tgt- 14280/14380.




16/20

Soybean


Weekly price performance Lower supplies in the domestic markets led soybean April contract to witness

highest weekly gains of around 10.6% last week. On contrary, CBOT Soybean settled sharply lower by 3.05% after USDA reported

higher than estimated stocks as on March 1 and estimated higher US plantings in2013-14.

India's soy meal Exports Fall by 12 Percent during FY12-13 - SOPA According to the latest release by SOPA, India's soy meal exports, which constitute

the bulk of oil meal exports, decreased by 30.66% to 3,20,265.370 tons in March 13from 4,61,891.774 tons a year earlier. The annual soy meal exports in the financialyear 2012-2013 (April-March) were 34,33,916.546 tons, decreased by 12.28 percent

from 39,14,683.205 tons a year ago.Oilseeds output down 1.1% , soybean and mustard up 3.2% & 11.52% According to the second advance estimates, 2012-13 oilseed output is pegged at

29.4 mn tn, down by 1.1%, while soybean and mustard seed output is peggedhigher at 12.9 mn tn and 7.36 lakh tn.

Informa raises South American corn crop forecasts Private analytics firm Informa Economics raised its estimate for Argentina's 2012/13

crop to 52 million tonnes, from 51 million previously, but lowered its figure forBrazil's soy crop to 83.25 million tonnes, from 84.5 million last month.

Outlook Soybean prices may continue with its upward trend on account of lower supplies in

the domestic markets. However, sharp upside will be capped on account of weakinternational markets.

Strategy Buy NCDEX Soybean May between 3830-3880, SL -3730, Target - 4035 / 4060


17/20

Refine Soy Oil and Crude Palm Oil


Weekly price performance Edible oil complex witnessed mixed trend in the international and domestic

markets. In the domestic markets CPO as well as soy oil prices settled higherby 1.6% and 3.56% on account of sharp upside in the soybean prices. WhilePalm oil futures at KLCE and Soy oil at CBOT settled 0.2% and 2.5% lower lastweek.

Global Scenario Palm oil stockpiles in Malaysia probably fell the most in more than two years

in March as exports from the worlds second-largest producer increased forthe first time in five months. Inventories declined 7 percent to 2.27 millionmetric tons from February

Palm oil exports from Indonesia, the worlds largest producer, jumped to thehighest level in at least five years in February after China and Pakistanboosted purchases to benefit from a slump in prices. Shipments, includingpalm and kernel oils, gained 9.1 percent to 2.04 million metric tons from 1.87million tons in January.

Domestic Scenario India's imports of palm oil could rise more than 17% in the year to October

2013 to stand at 9 mn tn, compared with 7.67 mn tn of palm oil in 2011/12 asthe edible oil is the cheapest available, despite an import duty.

India's vegetable oil imports fell about 17 percent to 969,175 tonnes lastmonth, with palm oil imports dropping to 805,362 tonnes.

Total stocks at the end of February rose around 12 percent from January toabout 2 mn tn (estimates include both stocks at ports and pipeline).

Strategy Buy NCDEX Ref Soya Oil May between 695-700, SL -684, Target - 717 / 720 Buy MCX CPO April between 460-464, SL -453, Target - 475 / 477


18/20

Sugar


Weekly Price Performance NCDEX Sugar which recovered in the early part of the week on expectations

government may take decision over sugar decontrol, however, prices settled 0.8%lower after the partial decontrol decision by the CCEA. Liffe sugar settled 0.2 percent higher last week on higher Brazilian exports.

Expectations of abundant supplies from the 2013-14 harvest in the centre-southof Brazil and other leading producers had pressurized prices in past few months.

Food Ministry to notify sugar decontrol steps next week CCEA on April 04, 2013, liberated the Rs. 80,000 crore sugar industries by

abolishing the monthly release mechanism and the obligation on mills to supplylevy sugar.

The Food Ministry is likely to notify next week its decision to give freedom to millsto sell sugar in the open market and removing their obligation to supply thesweetener at subsidised rates for ration shops.

Indias 2012-13 sugar output seen at 24.6 mln T India is likely to produce 24.6 mn tn of sugar in 2012-13. Sugar output in 2013-14

could decline to 22-23 mn tn due to drought situation in Maharashtra.

Brazil exports 8.3% higher in 2011-12 Brazil has exported 1.981 million tons of sugar in March 2013 which is up by

almost double. It is notable that Brazil has exported total 27.20 million tons of sugar this year till

March which was 25.11 million tons, raw value, last year same period.

Outlook Sugar prices may consolidate at lower levels as supplies will continue to remain

high as millers will continue releasing stocks to clear cane arrears. This, coupledwith weak international markets may restrict an upside in the sugar prices.

Strategy

NCDEX Sugar May :Support-2880/2800, Resistance- 2936/2990


19/20

Kapas/Cotton


Weekly Price Performance Cotton April futures declined by 2.3% last week on expectations of offloading of

stocks from state reserve. However, agri ministry has opposed the same. Drop inthe international cotton prices also exerted pressure on the prices. In theinternational markets despite of positive planting intention data, prices ICE Cottondeclined 1.8% as global cotton markets are forecast to hold a record global surplusby the end of the crop year through July

Fresh Kapas Contracts Launched on NCDEX NCDEX launched new contracts of V-797 Kapas (KAPASSRNR) with the approval of

the FMC, (Symbol : KAPASSRNR) expiring in the months of February 2014, March2014 and April 2014. This would be available for trading from April 10, 2013.

Farm Ministry opposes offloading of cotton The agriculture ministry has strongly opposed any move to offload cotton stocks

held by state-run agencies now such a step may potentially drag down prices belowthe state-fixed benchmark rates and hurt farmers.

Last month, the Confederation of Indian Textile Industry (CITI) demanded that theCCI offload stocks from its reserves to curb a jump in prices. (Source: FE)

Global Cotton-Production Forecast Raised, Demand Cut at ICAC Cotton production next year will drop less than forecast a month ago. Output will

23.47 mn tn in year starting Aug. 1, 4% more than 22.56 mn forecast in March,Production in 2012-13 will be 26.01 mn tn .Global consumption will reach 23.71 mntn, down 70,000 tn from last months projection, though still higher than the 23.41mn estimated for the 2012-2013 season.

Outlook Domestic Cotton prices may remain under downside pressure taking cues from the

weak international markets. Also, demand is comparatively higher at these levelsand thus good buying is expected only after a significant correction in the prices.

Strategy

Sell MCX Cotton April between 19080-19120, SL -19440, Target - 18600 / 18540


20/20

Thank You!

Angel Commodities Broking Pvt. Ltd. Registered Office: G-1, Ackruti Trade Centre, Rd. No. 7, MIDC, Andheri (E), Mumbai - 400 093. Tel: (022) 3083 7700Corporate Office: 6th Floor, Ackruti Star, Central Road, MIDC, Andheri (E), Mumbai - 400 093. Tel: (022) 2921 2000MCX Member ID: 12685 / FMC Regn No: MCX / TCM / CORP / 0037 NCDEX : Member ID 00220 / FMC Regn No: NCDEX / TCM / CORP / 0302

Disclaimer: The information and opinions contained in the document have been compiled from sources believed to be reliable. The company does not warrant its accuracy, completeness and correctness.The document is not, and should not be construed as an offer to sell or solicitation to buy any commodities. This document may not be reproduced, distributed or published, in whole or in part, by anyrecipient hereof for any purpose without prior permission from Angel Commodities Broking (P) Ltd. Your feedback is apprecia ted on [email protected]

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Documents

Commodities Weekly Tracker, 8th April 2013