NCoMM NCML Commodity Market Monitor Date: 27-02-2018 RM …

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Date: 27-02-2018 NCoMM NCML Commodity Market Monitor

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OUTLOOK

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

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Sugar • Wheat • Paddy/Rice • Jowar • Tur • Chana • Guarseed

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• Twin government measures earlier this month including increase in

import duty on raw and white sugar to 100% and restriction on sugar

sales by imposition of stockholding limits in February & March brought

some relief for sugar mills & cane farmers & lent support to sugar prices.

• The measures came in after domestic sugar prices fell 18% between

October 2017 and January 2018 in anticipation of surplus production, and

this along with 11% hike in FRP put pressure on profitability of sugar mills.

• ISMA revised India’s sugar production estimate upwards to 26.1 mn

tonnes in 2017-18 marketing year- the highest in three years, against only

20.3 mn tonnes in 2016-17. ISMA has also said that looking at the current

trend of production till Feb. 15 and the reported high yields in

Maharashtra & Karnataka, the sugar production estimate will be

reviewed and may have to be revised.

• Green Pool Commodity Specialists have forecast Indian production at

28.1 mn tons, with expectations of an equal or better crop next season.

• The consumption is pegged at 25 MT for this year which will leave ample

room for exports. As per ISMA, India may export 1.5 mn tonnes of sugar

in the next six to eight months as higher yields boost supply. India

exported 1.66 mn tons of sugar in 2015-16 & 46,000 tons in 2016-17.

• The millers are also wanting the government to scrap the 20% export

duty on sugar so that surplus sugar can be shipped out.

• Sales restriction for two months, requiring mills to keep at least 83-86

per cent of the closing stock of the previous month, and forbidding sale

of quantities produced in February and March in the same month, will

restrict supply should restrict further declines in sugar realisations

before production closes by April and has also lent support to prices.

• USDA estimates world sugar production at 185 mn tonnes in 2017-18

from 172 mn tonnes last year, with consumption rising to 174 mn tonnes.

• Record production in Brazil (up 1.1 mn tonnes to a record 40.2 mn

tonnes) and higher expectation of India’s output could drag on

international prices that are already near their lowest in 3-1/2 months.

• Global sugar prices have tumbled about 33% in the past year on a global

surplus as production increases in Europe and India.

Mandi Price in Rs/ Quintal

26-02-2018 19-02-2018 %Change

Kohlapur 3217.1 3282 -1.98

Muzzafarnagar 3311 3488.1 -5.08

Kolkatta 3332.5 3472.5 -4.03

2,100

2,400

2,700

3,000

3,300

3,600

3,900

Jan

-14

Jun

-14

De

c-14

May

-15

Oct

-15

Ap

r-16

Se

p-1

6

Mar

-17

Au

g-1

7

Feb

-18

Sugar - M-grade : Muzaffarnagar Prices

FUNDAMENTAL SUMMARY

Price Drivers Impact

Doubling of import duty from 50% to 100%

Bullish

Sales restriction through Imposition of stock limits

Bullish

Reports of good yields and expected further upward revision of production estimates, currently pegged 29% over last year

Bearish

Weak bulk demand Bearish

Higher exports expected and consideration to scrap 20% export duty

Bullish

Global bearishness due to higher production

Bearish

Based on Primary & Secondary Sources

Fundamental Report SUGAR

0


Fundamental Report WHEAT

• According to the ministry official, India’s wheat output this year

would be around 98 million tonnes (mt), almost similar to what

the country produced last year. However, market participants

are estimating lower production estimate as wheat sowing

coverage area is slightly lower than last year. India’s wheat

acreage till 09th February 2018 stands at 304.29 lakh hectares,

4.27 per cent lower as compared to 317.88 lakh hectares sown

last year till the same date.

• Hailstorms and unseasonal rains lashed several parts of Madhya

Pradesh and Maharashtra which have affected the standing

wheat crop. Sehore, Harda and Dewas were among the worst

affected districts in Madhya Pradesh.

• The government has set wheat procurement target for 2018-19

Rabi Marketing Season at 32 MMT as against 33 MMT in the

previous season. In 2017-18 government has procured 30.8 MMT.

• Madhya Pradesh government has announced a bonus of Rs. 200

per quintal over the Centre’s MSP of Rs. 1,735 and the

expectation is that other States such as Rajasthan, Haryana and

Uttar Pradesh may follow suit.

• Wheat harvesting may start after Holi in major producing states

which might put downward pressure on the prices.

• According to the market participants, government is considering

of raising import duty on wheat from the current 20 per cent to

discourage cheap imports and give support to the domestic

prices.

• According to the market participants, India’s wheat imports are

set to surge due to lower plantings and unfavourable weather

condition. India may import 3.5 million MT in this year from April

1, 2018 to March 31st, 2019.

• India wheat export is reported at 1.79 lakh MT from April to

December 2018. In 2016-17 India exported 2.18 Lakh MT of wheat.

Export demand of Indian wheat is lower due to price disparity

with other exporting countries.

• As per the latest USDA report, Global wheat output is estimated

at 757.01 million MT for 2017-18 against 750.54 million tonnes for

2016-17, while the ending stocks are projected higher at 268.02

million tonnes against 252.72 million tonnes last year.

1500

1700

1900

2100

2300

2500

Feb

-16

May

-16

Au

g-1

6

No

v-16

Feb

-17

May

-17

Se

p-1

7

De

c-17

Mar

-18

Wheat: Standard mill quality : Delhi - Prices

FUNDAMENTAL SUMMARY


Lower production estimate Bullish

Unfavourable weather condition in major producing states

Bullish

Lower procurement target Bullish

Bonus by state governments Bullish

Higher imports Bearish

Harvesting of crop is expected in the coming days

Bearish

Government may increase import duty Bullish

Higher global wheat production estimate

Bearish



26-02-2018 19-02-2018 %Change

Delhi 1784.3 1813.6 -1.62

Indore 1800 1775 1.41

Kanpur 1685 1668.75 0.97

0


Fundamental Report RICE/PADDY

• The all India Rabi Rice acreage as on 16th February 2018 stood at 31.89

lakh hectares as against 27.32 lakh hectares same period last year.

Thus, 4.57 lakh hectares more area covered compared to last year.

(Higher area was reported from Tamil Nadu (4.19 lakh hectares.),

Andhra Pradesh (1.47 lakh hectares.)

• As per advance estimates, India's Kharif Rice output 2017-18 is likely to

decline by 1.9 million tonnes to 94.48 million tonnes from the record

96.39 million tonnes Kharif production in 2016-17.

• As per the Agriculture Department Jharkhand, going by crop coverage

and post-harvest scenario, Jharkhand would have anywhere between

54 and 56 lakh metric tonnes of paddy in the Kharif season of 2017-18.

Last year, production was between 42 and 43 lakh metric tonnes.

• The government has a target of 55 lakh tonnes rice procurement

(grown in Rabi season of 2017-18 crop year), which is in addition to 375

lakh tonnes target of Kharif rice. The Centre has procured 289.7 lakh

tonnes of rice as of 09th February this year. The rice procurement

season runs from October to September.

• Indonesia's state food procurement agency has signed contracts with

six companies for 281,000 tonnes of rice imports, of which 141,000

tonnes was to be imported from Vietnam, 120,000 tonnes from

Thailand and 20,000 tonnes from India.

• As per the Agricultural and Processed Food Products Export

Development Authority, Non-basmati rice exports during April –

December period jumped 39.5 per cent from a year ago to 6.34 million

tonnes due to higher demand from countries such as Bangladesh.

• Myanmar's rice export this financial year has reached a record high in

over 60 years, nearly 3 million tons have been exported this fiscal year.

In the previous years, a maximum of 1.8 million tons of rice were

exported.

• As per sources, the reopening of Rice imports by Iran could push

basmati shipments from India.

• According to U.S. Department of Agriculture, Rice production in

Bangladesh for 2017-18 forecasted around 32.65 million tonnes as

compared to 34.57 million tonnes in 2016-17.


26-02-2018 19-02-2018 %Change

Hanumangarh (1121 Pusa)

3400 3500 -2.85

Mainpuri 3180 3050 4.26

Aligarh 3400 3480 -2.29

1600

2000

2400

2800

3200

3600

Jun

-15

Oct

-15

Feb

-16

Jun

-16

Oct

-16

Feb

-17

Jun

-17

Oct

-17

Feb

-18

Paddy - 1121 pusa : Hanumangarh

RICE/PADDY FUNDAMENTAL SUMMARY


Significant increase in Rabi crop acreage

Bearish

Lower Rice production 2017-18

Bullish

Higher export demand

Bullish

Lower Rice production in Bangladesh

Bullish

Re-opening of Rice

imports by Iran Bullish


0


Fundamental Report JOWAR

• As per the first advance estimates released by the government,

the kharif jowar output for 2017-18 has been projected at 2.15

million tonnes, an increase of about 16% from the 1.85 million

tonnes in the previous 2016-17 season.

• As of 9th February the sowing in Jowar has decreased by 4% to

31.01 Lakh Ha from 32.20 Ha.

• Acreage in key producing regions like Karnataka and Andhra

Pradesh has increased by 20% & 29% while in Maharashtra has

decreased by 16%

• According to Agmark, for the first 3 weeks of February about

26788 MT of the jowar crop arrived in mandis across the country

an increase of about 14% from last year which was at 23455 MT

last year.

• According to the 2nd advance estimates of the Gujarat Govt the

production of jowar is expected to fall down by 32% to 1,02,000

tonnes from 150,000 tonnes last year

• According Telangana state marketing board the procurement of

red jowar specially in nizamabad district at the support price of

2300 has been started for 45 days due to distress arising out of

poor price being offered by traders in mandis

• China has launched an anti-dumping probe for Jowar exports as

according to Chinese officials it is exported from the USA at

improperly low prices

• For the month of January china imported 560,000 MT of Jowar

more than triple of the previous month


26-02-2018 19-02-2018 %Change

Akola 1015 1030 -1.46

Dhule 1047 1021 2.55

Mumbai 2500 2300 8.70

800

1400

2000

2600

Mar

-17

Ap

r-1

7

Jun

-17

Jul-

17

Au

g-1

7

Oct

-17

No

v-1

7

Jan

-18

Feb

-18

Jowar - White : Gadag Prices

FUNDAMENTAL SUMMARY


Higher Production estimates Bearish

Higher arrivals Bullish

Lower area estimates Bearish

State Procurement Bullish


0


Fundamental Report TUR

• In the last week, Tur traded slightly up on improved dal demand

before festive season. Generally, consumption of Tur dal demand

increases with increasing temperature.

• However the prices, trading at Rs 4250 to 4550 per qtl, in Gulbarga

market is still quite below the MSP of Rs 5450 per quintal. New Red

Tur is being traded at Rs.4000-4600 per quintal.

• Steady to firm tone may prevail in coming days as higher procurement

plan by state agencies would remain supportive to cash market

fundamentals. Procurement drive and increased private buying may

prevent the tur prices from further decline.

• Tur procurement commenced in Maharashtra from 1st February and is

likely to check decreasing prices of Tur in mandis of Maharashtra.

Central govt has green signalled to buy 4.46 lakh tonne Tur in the

state. Around 1.2 lakh farmers have registered so far. The crop size is

smaller than last year and will reinforce recovery in prices.

• The crop size smaller; according to the first advance estimate of kharif

crops, tur production is expected to decline by 16.5% from 47.8 lakh

tonne in 2016-17 to 39.9 lakh tonne in 2017-18.

• The area under tur this year declined to 43.5 lakh hectares (lh), from

53.2 lh last year, with Maharashtra farmers alone reducing area from

15.3 lh to 12.3 lh. Even though the area was lower, the yield has been

higher across many regions, but farmers are not getting due returns.

• Nafed procured 84320.25 tonne Tur at MSP till 8th Feb2018 from

kharif 2017-18 crop. Karnataka has contributed around 41,520 tonne so

far. Telangana has procured 39,403 tonne so far. Telangana’s initial

procurement target has been met but the same has been revised

upwards and procurement date extended to 28th Feb 2018.

• The export ban was removed by the government on all pulses.

• Myanmar is offering lemon tur (Mumbai) at 4050-4075, lower than

prevailing price in India, however imports are not possible as import

quota allowed has been used.

• Private traders have stocked 3-4 lakh tonnes of tur in Burma & African

countries hoping government may open up imports in lean season.

• Even though the price tone looks firm, Tur price would not move up

suddenly. It would take time to reach MSP level in the weeks ahead.

2500

6500

10500

14500

Jun

-15

Oct

-15

Jan

-16

May

-16

Au

g-1

6

De

c-16

Mar

-17

Jul-1

7

Oct

-17

Feb

-18

Lemon tur FAQ-Myanmar origin : Mumbai

TUR FUNDAMENTAL SUMMARY


Procurement drive and private buying

Bullish

Ongoing crop arrivals Bearish

Large carryover stocks lying with the government

Bearish

Demand likely to strengthen with rising temperature

Bullish

Lower production estimate Bullish

Stocking of Tur by traders in Burma & African countries

Consolidation



26-02-2018 19-02-2018 %Change

Mumbai 4015 4160 -3.49

kanpur 3535 3750 -5.73

Akola 4250 4250 0.00

0


Fundamental Report CHANA

• According to the latest sowing report, as on 09th February all India

chana acreage is reported at 107.63 lakh hectares in 2017-18 which is

8.13 per cent higher than 2016-17 acreage of 99.54 lakh hectares at

the same time period. Chana acreage has increased in 2017-18 due to

increase in MSP and farmers sifting to chana crop as domestic prices

were firm throughout the year.

• Hailstorm has affected the standing chana crop in many parts of

Maharashtra. Crop was ready to harvest when the hailstorms hit the

area which has damaged the whole crop in some parts and lower the

yield in some parts.

• Moreover, unfavourable weather condition in some parts of

Rajasthan & MP also has affected the standing crop of chana.

• Early harvested chana crop has started hitting in the mandis of

Maharashtra in small amounts. New crop quality is good. Arrivals is

expected to increase after Holi.

• Chana crop was included in Bhavantar Bhugtan yojana of Madhya

Pradesh government. The registration will begin from February 12

,2018 and will continue until March 12,2018.

• The central government has raised import duty to 40 per cent from

30 per cent as it wants to contain inward shipments in view of record

production of chana. Despite higher import duty on chana, regular

imports from Australia are coming. As of 26th February, Australian

chana is being traded at Rs 3800 per quintal in Mumbai market and

Rs 3825 per quintal at Mundra port.

• According to the first advance estimates released by the

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

9.75 million MT which is slightly higher than 2016-17 fourth advance

estimates of 9.33 million MT. But market participants are expecting

some yield loss in Karnataka, Andhra Pradesh & Tamil Naidu.

• According to the latest report of Australian Bureau of Agricultural &

Resource Economics & Sciences(ABARES), Australian chana

production estimate has been reduced by 47.85 percent to 1.045

million tonnes from 2.004 million tonnes last year due to lower yield

expectation. Despite higher sowing chickpea acreage, production

decreased due to hot & dry weather in major producing region.

3500

5000

6500

8000

9500

11000

12500

Se

p-1

6

No

v-16

Jan

-17

Mar

-17

Jun

-17

Au

g-1

7

Oct

-17

De

c-17

Feb

-18

Chana -Rajasthani desi : Delhi

TUR FUNDAMENTAL SUMMARY


Higher sowing acreage Bearish

Crop damage in Maharashtra Bullish

Unfavourable weather condition in M.P and Rajasthan

Bullish

Arrivals of new crop Bearish

Chana included in Bhavantar Bhugtan Yojana

Consolidation

Higher production estimate Bearish



26-02-2018 19-02-2018 %Change

Delhi 4175 4250 -1.76

Bikaner NCDEX 3863.65 4037.75 -4.31

Kota 3700 3600 2.78

0


Fundamental Report GUARSEED

• Guar seed and Guar gum futures continued to remain bearish in the

absence of any strong demand from spot markets across the

country.

• According to Bikaner based traders, Off take in the spot market is

said to sluggish mainly due to recent weak export demand, but

prices have already corrected sharply and now at attractive level.

• Though export demand is not great at present, but there is

consensus among market participants that rising US oil rigs count

data will led to higher consumption of Guar gum.

• As per Jodhpur based traders, buyers are hesitant to make any bulk

deals not only due to declining prices, but also weighed by poor

export demand observed in the recent months.

• Off take in Guar gum is very poor from overseas buyers, which has

raised concern among buyers and prompted stockists to liquidate

their stocks to avoid any major losses.

• India's Guar gum export during the month of December 2017 rose at

subdued pace of 3.06 per cent month-on-month at 43,881 metric

tonnes compared with 42,574 metric tonnes during the same period

a year ago, according to Agricultural & Processed Food Products

Export Development Authority. Cumulative Guar gum export during

April-December 2017 increased 35.85 per cent at 365,451 metric

tonnes versus 269,001 metric tonnes last year.

• As per the 2nd advance crop production estimates of Rajasthan

government, production of Guar seed in Rajasthan is estimated at

15.44 lakh tonnes for 2017-18 as compared to 14.04 lakh tonnes

estimated for 2016-17. Contrary to the state government's estimate,

trading sources have earlier pegged overall Guar seed production at

7 lakh tonnes in 2017-18.

• Guar seed stock at NCDEX warehouses as on 25th February was

39,604 tonnes as against 20,902 tonnes last year same period.

2,900

3,200

3,500

3,800

4,100

4,400

May

-16

Jul-1

6

Se

p-1

6

De

c-16

Feb

-17

May

-17

Jul-1

7

Se

p-1

7

De

c-17

Feb

-18

Guarseed : Bikaner

GUAR FUNDAMENTAL SUMMARY


Buyers are hesitant to make any bulk deals

Bearish

Expectation of demand at lower levels

Bullish

Off take in Guar gum is very poor from overseas buyers

Bearish

Higher US oil rigs count will led to higher consumption

Bullish

Estimation of higher production compared to last year

Bearish



26-02-2018 19-02-2018 %Change

Bikaner 4275 4412 -3.10

Jodhpur 4371 4487 -2.58

Bhuj 3852 4096 -5.95

0


Sugar prices up but need policy

support: Traders

MSP hike not best way to boost

farmers’ income: USDA Chief

As farmers hold on, castorseed

prices firm up ahead of new crop

estimate

Groundnut prices slip further as

additional purchase gets delayed

Mustard weakens as arrival rises

Indian buyers face charge of

reneging on deals as pulses turn

cheap

Government considering raising

wheat import duty

To purchase the India Commodity Year

Book 2018, contact us at

[email protected]

Official Production Estimates

First advance estimates 2017-18 &

previous years’ estimates : First

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

THE WEEK THAT WAS

Commodity Latest Fortnight ago

Month ago Year ago

26-Feb-18 12-Feb-18 25-Jan-18 27-Feb-17

Wheat 1800 1668 1680 1664

Chana 3863 3943 3818 5200

Rice/Paddy 3400 3600 3700 3000

Guar 4180 4450 4550 3654

Sugar 3311 3400 3187 3938

Tur 4250 4370 4250 4015

Jowar 1047 1045 1040 1280

PRICE TRACKER

Link for commodity-wise and

market-wise prices and arrivals:

http://agmarknet.gov.in/PriceAndArriv

als/CommodityWiseDailyReport2.aspx

https://economictimes.indiatimes.com/news/economy/agriculture/sugar-prices-up-but-need-policy-support-traders/articleshow/63022327.cms

https://economictimes.indiatimes.com/news/economy/agriculture/sugar-prices-up-but-need-policy-support-traders/articleshow/63022327.cms

https://economictimes.indiatimes.com/news/economy/agriculture/msp-hike-not-best-way-to-boost-farmers-income-usda-chief/articleshow/63022340.cms

https://economictimes.indiatimes.com/news/economy/agriculture/msp-hike-not-best-way-to-boost-farmers-income-usda-chief/articleshow/63022340.cms

http://www.livemint.com/Politics/DFiSUY0w5mN1Jz4sNdCNVI/Wheat-imports-seen-surging-40-on-winter-crop-stress.html




https://www.thehindubusinessline.com/todays-paper/tp-agri-biz-and-commodity/article22830822.ece








https://economictimes.indiatimes.com/news/economy/agriculture/government-considering-raising-wheat-import-duty/articleshow/63083110.cms

https://economictimes.indiatimes.com/news/economy/agriculture/government-considering-raising-wheat-import-duty/articleshow/63083110.cms

mailto:[email protected]

http://pibphoto.nic.in/documents/rlink/2017/sep/p201792502.pdf

http://pibphoto.nic.in/documents/rlink/2017/sep/p201792502.pdf

http://agmarknet.gov.in/PriceAndArrivals/CommodityWiseDailyReport2.aspx

http://agmarknet.gov.in/PriceAndArrivals/CommodityWiseDailyReport2.aspx

0


RABI SOWING PROGRESS- Link

http://agricoop.nic.in/sites/default/files/CWWG%20-%2012.01.2018.pdf

0


Answers for 16 Jan Quiz:

Ans 1: Soybean Ans 2: True

People who gave correct answer:

Dharmveer Singh Vinaya Dilip Shinde

DEVARAJ L Manish Meena

Anilkumar Parvathaneni Lalji singh yadav

Kalyan Gudlavalleti Malik Kumar Meena

Mayank Mishra L. KARAN RAIKA

Dr.Ravi Pratap Singh Sangwan Surender kumar

Praveen Kumar Mundra Gurmeet Singh

UDHAYA Neetu Gautam

lalji singh yadav Sumit Chahal

S.Narendra Adarsh Sharma

neha Riteshkumar Sahu

LAXMIKANT S H Deepak Sahu

Sanjay Singh bijendra singh

Naresh Sharma Soma Sudhakar

Vineet Poonia Sandipkumar Nayak

Sandeep Kumar Vinod Kumar kakoriya

Ranjit Singh arun david martial.a

Nirbhay singh neha

Omkar Manish Raj

Satpal akansha kumari

LeelaRam Dr. Raina Jain

kulvinder singh rohit kumar prajapati

Ramdev Pawan Kumar Chaturvedi

Abinandhan Ramamoorthy Maheshkumar Ramaswamy

Saurabh Agarwal Sachin Sarjerao Gharge

A.Ravikrishna mahendra kumar

Harijana seenaiah Gopal Kuchhadiya

ASHWANI KUMAR deepesh gautam

Nikhil Kumar Huzoor Ali Shaik

Manoj kumar pandey venkanna katikella

Jaipal kumar Vikas Kumar

Priyanko Ghosh arunesh pratap singh

Surjeet Jasbir Singh

kapil dev Pawar santosh chandrakant

Sunny Kumar sreenath chowdary

ANJALI Naresh pal

Satyendra Pratap Singh Purushottam Kumar

Prem kumar

Lucky Winner: Neha Dynaneshwar Akula

0


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:

This consultancy report has been prepared by National Collateral Management Services Limited (NCML) for the sole benefit of the

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

Documents

NCoMM NCML Commodity Market Monitor Date: 27-02-2018 RM …