Commodities & Currencies. Weekly Tracker

Transcription

1 Commodities & Currencies Weekly Tracker

2 Returns Non Agri Commodities Currencies Agri Commodities Contents Non-Agri Commodities Gold Silver Copper Crude Oil Currencies DX, Euro, INR Agri Commodities Sugar Turmeric Jeera Soybean Cotton

3 Global Equities Performance (%) (1.0) (2.0) (0.7) (1.0) (1.0) (3.0) (4.0) (2.6) (2.8) (3.5) Source: Reuters

4 Currencies Weekly Performance (%) (0.5) (1.0) (0.4) (0.4) (0.7) (1.5) (2.0) (2.5) (1.7) (2.0) (3.0) Source: Reuters

5 (1.0) (3.0) (5.0) (7.0) Non-Agri Commodities Weekly Performance (%) (1.3) (1.4) (3.3) (6.3) (6.4) Source: Reuters

6 Agri-Commodities Weekly Performance (%) (1.0) (0.3) (0.5) (0.7) (2.0)

7 Gold Last week, spot gold prices declined by 1.3 percent to close at $ per ounce as the dollar edged upwards despite a mixed bag of U.S. economic data ahead of U.S. Federal Reserve policy meeting. That came against the backdrop of data that showed a bigger than expected drop in U.S. retail sales last month and a separate report showing that the number of Americans filing for unemployment benefits rose less than expected last week, muddying the waters on prospects for interest rates. U.S. interest rate futures indicate that expectations of a an increase next week remain low, but the dollar could benefit from anything in the Fed's statement that hints at a hike before the end of the year. Markets are pricing in just a 15 percent chance that the Fed will hike U.S. interest rates during its Sept meeting, according to CME FedWatch. Many now expect a rise in December after the U.S. presidential election. On the MCX, gold prices declined by 1.3 percent to close at Rs per 10 gms. SPDR Gold Holdings Last week, holdings in the SPDR Gold Trust rose by 2.67 tonnes to tonnes On a year-to-date basis, holdings have increased by tonnes, or around percent. 34,000 32,000 30,000 28,000 26,000 24,000 1,800 1,600 1,400 1,200 MCX and Comex Gold Price Performance MCX- Near Month Gold Futures - Rs/10 gms Spot Gold Vs Dollar Index 1,900 1,800 1,700 1,600 1,500 1,400 1,300 1,200 1,100 1,000 Comex Gold Futures - $/oz , Spot Gold -$/oz US Dollar Index

8 Gold CFTC holdings: The Commodity Futures Trading Commission (CFTC) Commitments of Traders report in the week to 13 th September showed that investors have cut their net longs in gold by contracts to contracts. Investment demand for gold is increasing across the globe As of August 31, the total amount of gold held by the universe of funds that are tracked 73 active funds stood at 2,297.3t (73.9 moz), up 27.0t from the previous month. In value terms, assets under management totaled US$96.7bn, 1% lower from the end of July. In Europe, the United Kingdom continued to be a source of growth. ETFS Physical Gold (UK), the region s largest fund, added 3.7t to 149.4t by the end of August. Source Physical Gold P-ETC and ishares Physical Gold ETF added 7.0t and 9.0t, respectively, to 94.9t and 55.0t. Money managers have cut their bets in gold last week as uncertainty about rate hikes continues to bother investors across the globe. Mere 15 percent chance of the rate hike as per fed watch tool is an indication that the it might get postponed to December. One positive thing for gold is the strength in investment demand across the globe which will act as a positive factor for yellow metal Technically we expect gold prices to trade lower in the international as well as domestic markets. Prices will trade lower towards $1295 while domestic prices will go lower towards Rs per 10 gms. Weekly Technical Levels Trend Down Spot Gold : Support $1295/$1280 Resistance $1325/$1340 (CMP:$1315) MCX Gold: Sell MCX Gold Oct between , SL 31400, Target / (CMP: 30947)

9 Silver Spot silver prices declined by 1.4 percent last week to close at $18.8 per ounce in line with decline in gold prices and stronger dollar index. Weakness in Nickel prices by around 6 percent also acted as a negative factor for silver. On the MCX, silver prices declined by 2 percent to close at Rs per kg. 58,500 53,500 48,500 MCX and Comex Silver Price Performance CFTC Holdings The Commodity Futures Trading Commission (CFTC) Commitments of Traders report in the week to 13 th September cut their net longs in silver by 9029 contracts to contracts. 43,500 38,500 33,500 28, Silver prices will trade lower this week in line with weakness in gold prices. Strengthening dollar index, profit booking at higher levels will exert downside pressure on silver. We expect silver prices to trend lower this week towards $18.5 while MCX silver prices can go lower towards Rs mark Weekly Technical Levels Trend Down Spot Silver : Support $18.40/$18.00 Resistance $19.40/$ (CMP: $18.52) MCX Silver: Sell MCX Silver Dec between , SL 46200, Target / (CMP: 45852) MCX-Near Month Silver Futures -Rs/ kg Comex Silver Futures -$/oz 35.0 Spot Silver Vs US Dollar Index Spot Silver -$/oz US Dollar Index

10 Copper LME Copper prices traded higher by 3.3 percent last week to close at $4788/tonne as Chinese Industrial production and Retail sales data for August came in better than expected, indicating government spending and strong property sales are supporting the economy. Investment in buildings and other fixed assets outside rural households climbed a better-than-expected 8.1% year over year in the first eight months of 2016, while retail sales grew 10.6% in August from a year ago. Further, weak retail sales, inflation and manufacturing data from the US further faded chances of a rate hike in the upcoming September meeting. Also, the Bank of England lifted its forecast for UK GDP after signs the economy did not slow as much as feared after the Brexit vote and left interest rates on hold at 0.25%. MCX copper prices traded higher by 3.3 percent last week to close at Rs per kg. CFTC Holdings The CFTC Commitments of Traders report in the week to 13 th September have cut their net shorts in copper by 5080 contracts to contracts. Copper prices will likely be under pressure this week as investors will avoid commodities ahead of crucial FOMC statement due Wednesday. However, some optimism will be seen as Venezuela said OPEC and non-opec producers were close to reaching an output stabilizing deal. Also, Iran's President Hassan Rouhani said Tehran supports any move to stabilize the global oil market and lift prices. We expect MCX Copper prices to trade lower this week. However, technically Trend Up LME Copper: Support $4705/$4460 Resistance: $4850/$4910(CMP: $4749) MCX Copper: Buy MCX Copper Nov between , SL- 313, Target 330/332 (CMP: 313.7) 8,400 7,400 6,400 5,400 4,400 3,400 7,00,000 6,00,000 5,00,000 4,00,000 3,00,000 2,00,000 1,00,000 LME and MCX Copper Price Performance LME Copper Future ($/tonne) MCX Near Month Copper Contract (Rs/kg) LME Copper v/s LME Inventory 8,400 7,400 6,400 5,400 4,400 3,400 Copper LME Inventory (tonnes) LME Copper Future ($/tonne)

11 Crude Oil WTI oil prices declined by 6.2 percent last week to close at $43 per barrel Oil prices fell 6 percent, pressured by data showing large weekly builds in U.S. petroleum products, and forecasts by the world's energy watchdog and OPEC that signaled the global crude glut could persist into A run up in Wall Street shares also boosted oil prices as weak U.S. economic data dampened the likelihood of a Federal Reserve rate hike this month. Oil prices also fell 3 percent on Tuesday, pressured by revised forecasts from the International Energy Agency and the Organization of the Petroleum Exporting Countries that suggested the global crude glut could persist. Colonial's main gasoline and distillate line was shut on Friday after a 6,000-barrel leak in Alabama. It was to have restarted last weekend, but the company said that will now be delayed till next week. On the MCX, oil prices declined by 6.3 percent to close at Rs.2885 per barrel. 7,700 6,700 5,700 4,700 3,700 2,700 1,700 Nymex and MCX Crude Oil Price Performance MCX crude oil (Rs/bbl) NYMEX Crude Oil ($/bbl) Crude oil inventories U.S. inventories of distillates, which include diesel and heating oil, rose by 4.6 million barrels in the week to Sept. 9, against an expected increase of 1.5 million barrels. It was the biggest weekly build since January, putting distillates at six-year seasonal highs. Gasoline stockpiles also rose more than expected, but crude inventories fell by 559,000 barrels against expectations of crude build of 3.8 million barrels Crude Oil Inventories (mn barrels)

12 CFTC Holdings The Commodity Futures Trading Commission (CFTC) Commitments of Traders report in the week to 6 th September have cut their net longs in crude by contracts at contracts. Truce in Niger Delta remains in danger A truce in the conflict in Nigeria's oil-producing Niger Delta is in danger of being derailed by anger at the military over the death of an elderly local leader. The Niger Delta Avengers group, whose attacks on oil pipelines in the southern region crippled crude output earlier this year and pushed Africa's biggest economy into recession, said in August it agreed to a ceasefire. Venezuela has said that OPEC and non-opec producers were close to reaching an output stabilizing deal and as clashes in Libya raised concerns that efforts to restart crude exports could be disrupted. Venezuelan President Nicolas Maduro has said that a deal could be announced this month to stabilize oil markets, which have come under pressure due to a persistent glut and a price collapse over the past two years. However, crude exports from No.3 OPEC producer Iran in August jumped 15 percent from a month ago to more than 2 million barrels per day, closing in on Tehran's pre-sanctions shipment levels of five years ago. Technically, we expect oil prices to trade lower for the week towards $40 in the international markets while on the MCX, oil prices will go lower towards Rs.2800 per barrel mark.. Weekly Technical Levels Trend Sell Nymex Crude: Support $42.20/$40.80 Resistance $44.5/$46.00 (CMP: $43.82) MCX Crude: Sell MCX Crude Sep between , SL 3130, Target 2880 / 2850 (CMP: 2935)

13 Rupee On-off speculations of INR devaluation, despite the Finance ministry denying of undertaking any such move has pushed the Indian rupee to a two week low which depreciated by more than 1 percent in the last week. In the past, RBI has consistently rejected the demands of devaluation and believes that market forces should decide currency level and it would intervene to prevent sharp movements in the currency. Indian rupee made a weekly low of and closed at levels on Friday. Foreign Inflows For the month of September 2016, FII inflows in equities totalled at Rs crores ($ million) as on 16th September 16. Year to date basis, net capital outflows stood at Rs crores ($ million) as on 16th September 16. From a weekly perspective, Rupee is likely to trade positive as recent weakness in the currency will prompt the traders to book profits. Moreover, the on-off speculations of INR devaluation has also rested which will add to the strength. Expectations that the US Fed will stand pat on the monetary policy review will boost inflows in emerging markets economies including India thereby keeping the INR supportive. Weekly Technical Levels USDINR: Support / 66.20; Resistance / (CMP: 66.98) Daily INR= Cndl, INR=, , , , , , , (+0.03%) (GMT) August 2016 September 2016 Economic data release during the week Current Account Q2-12 th Sep 16 Time : 5:00pm Previous : $-0.3B; Forecast : $ -0.5B Price /USD Industrial Production YoY 12 th Sep 16 Time : 5:30pm Previous :2.1 percent; Forecast : 4 percent Manufacturing Production - 12th Sep 16 Time : 5:30pm Previous : 0.9 percent; Forecast : 2.7 percent Inflation Rate YoY 12th Sep 16 Time : 5:30pm Previous : 6.07 percent; Forecast : 5.8 percent

14 Dollar Index In spite of the recent dovish comments by Boston Fed President Eric Rosengren and Fed Governor Lael Brainard, US Dollar Index traded higher by 0.8 percent in the last week. Reason behind this sudden upswing could be attributed to the robust release of inflation data from the nation on 16th Sep 16. Due to sharp rise in healthcare cost, consumer prices rose more than expected levels in Aug 16. Markets believe that this steady build-up of inflation could allow the Federal Reserve to raise interest rates sooner-than-later in Due to all the above factors, there a demand boost for US Dollar which made a weekly high of and ended at levels on Friday. Economic data from the US Prelim UoM Consumer Sentiment remained unchanged at 89.8 for the month of Aug 16. Inflation rate surged by 0.2 percent in Aug from previous months 0.0 percent. Retail Sales declined by 0.3 percent in Aug 16 from previous months 0.1 percent. Philly Fed Manufacturing Index surged by 12.8 in Aug 16 from previous months 2.0. The Dollar Index is likely to trade lower as markets remain cautious ahead of the important FOMC monetary policy meeting where expectations continue to be that the Fed will be on hold this week. Investors take cues with recent disappointing release of economic datasets along with dovish tone in Boston Fed President Eric Rosengren and Fed Governor Lael Brainard s speech. Moreover, recent surge seen in the currency will prompt the traders to book profits which will keep the DX pressurized. Weekly Technical Levels Dollar Index (DX) : Support / 94.70; Resistance / (CMP: 96.04) Daily /.DXY Cndl, /.DXY, , , , , , , (-0.09%) Economic data release during the week Building Permits 20 th Sep 16 Time: 6:00pm Previous : 1.14M Forecast : 1.17M FOMC Statement 21 st Sep 16 Time: 11:30pm Unemployment Claims 22 nd Sep 16 Time: 6:00pm Previous :260K; Forecast : 261K Existing Home Sales 22 nd Sep 16 Time: 7:30pm Previous : 5.39M; Forecast : 5.45M (NYC) August 2016 September 2016 Price USD

15 Euro Euro traded lower by 0.7 percent in the last week s trading session as rising expectation of a Dec 16 US rate hike boosted the demand for DX thereby keeping the shared currency pressurized in the process. Moreover, disappointing release of Euro-zone s trade surplus data narrowed for the third straight month in July 16, another warning sign that economic growth may be easing further after a second-quarter slowdown. The ECB President Mario Draghi also said that it was essential that Europe s leaders take joint action in areas such as defence and migration if they want to regain the support of citizens for the European Union. Economic data from the Euro Zone German ZEW Economic Sentiment remained unchanged at 0.5 for the month of September 16. ZEW Economic Sentiment declined to 5.4 for the month of September 16 from previous month s 4.6. Spanish Manufacturing PMI remained unchanged at 51.0 for the month of August 16. CPI Flash Estimate for the month of August 16 remained unchanged at 0.2 percent. Euro is expected to trade lower this week as markets remain cautious ahead of the ECB President speech so as to gauge the future move by the committee to boost growth in Euro area. Weekly Technical Levels EUR/USD SPOT: Support / ; Resistance / (CMP: ) Daily EURINR= (GMT) Cndl, EURINR=, , , , , , Price , (+0.24%) INR July 2016 August 2016 Sep 16 Economic Data to be released during the week: ECB President Draghi Speaks 22 nd Sep 16 Time: 6:30pm French Flash Manufacturing PMI 23 rd Sep 16 Time: 12:30pm Previous : 48.3; Forecast : 48.4 German Flash Manufacturing PMI 23 rd Sep 16 Time: 1:00pm Previous : 53.6; Forecast : 53.2 Flash Manufacturing PMI 23 rd Sep 16 Time : 1:30pm Previous : 51.7; Forecast :

16 Monday Sep 19, 2016 Sugar Sugar Futures edged higher during last week on expectation of sugar deficit in the coming sugar season. The most-active October sugar contract closed higher by 1.1% during last week to settle at 3,581 per quintal. Central government is taking steps to stabilize prices by imposed stock limits on sugar mills during the festival season until October-end. Fundamentals Cane acreage as on Sep 16, down 7.7% at 45.8 lh compared to last year acreage. In UP, the largest cane-growing state, area under the crop was at 21.8 lh up by 6.2% on year, while acreage in Maharashtra, India's largest sugar producer, was down 35.9% at 633,000 ha. NCDEX Sugar As per rating agency ICRA, India's sugar output in the new season that begins Oct 1 is seen at 232 lakh tonnes, down by about 8% from a year ago. This is largely because of lower cane availability in Maharashtra and Karnataka due to poor monsoons last year. Maharashtra, which contributes a third of the country's sugar production, is expected to see a 35% drop in its output during crushing season for that begins in November. Global Update ICE raw sugar futures continue to trade as climbing nearly 4% to near-four-year highs, supported by growing worries, encouraged by Brazil concerns, over a supply squeeze. Brazil's main center-south cane belt produced 2.54 mt of sugar in the second half of August, slowing 14 % from the 2.97 mt produced in the first half of last month. Rabobank lifted its forecast for the sugar deficit in the crop year, which begins in October, to 7.9m tonnes. We expect sugar prices may trade lower on good supplies in the domestic market. Government has imposed stock limits on sugar mills during the festival season until October-end may keep sufficient supplies in the domestic market. Weekly Strategy SELL NCDEX SUGAR OCT AT , SL 3680, TARGET 3500 / 3480 Weekly NSMc1 Cndl, NSMc1, , 3,568.00, 3,588.00, 3,554.00, 3,564.00, , (+0.59%) (BOM) Jan Feb Mar Apr May Jun Jul Aug Sep Q Q Q Price INR 100B 3, ,600 3,300 3,000 2,700

17 Monday Sep 19, 2016 Turmeric Turmeric futures traded forecast of wet weather in turmeric growing areas in South, which may damage standing crops. However, slow down in physical and export demand in recent months may pressurize prices in near term. Turmeric Oct 16 delivery contract on NCDEX closed 3.1% lower to settle at Rs 6,888 per quintal. Fundamentals Currently, stock positions in NCDEX warehouses at south India at 7,374 tonnes as on 18-Sep, which was 7,464 tonnes a week earlier. Turmeric acreage in Telangana as on 14 Sep was up 12% at 46,000 hectares as compared to 41,000 hectares last year. Sowing of turmeric is over in 93% of normal area and up by 107 % of normal sowing area.. NCDEX Turmeric In August, arrivals have increased year on year to 8,700 tonnes compared to 5,300 tonnes last year. Similarly, rrival of the turmeric in July dropped substantially to 8,684 tonnes from 20,826 tonnes in June. At the Erode Turmeric Merchants Association, the finger variety went for 7,699-8,569 a quintal; the root variety 7,388-7,814. Out of the 562 bags on sale, 207 were traded. Traders quoted higher price for the spice and purchased 60 per cent of the arrivals. This is due to the local demand received by some traders. In the export front, as per department of commerce data, country exported about 32,834 tonnes of turmeric during April-June period up by 32% compared to same period last year. We expect turmeric to trade sideways to higher on reports of wet weather in turmeric growing areas and expected pickup in demand for old crops as festival season coming up. Earlier, good health of new season crop in south Indian states weigh on prices.. Weekly Strategy BUY NCDEX TURMERIC OCT AT , SL 6400, TARGET / Weekly NTMc2 Cndl, NTMc2, , 6,830.00, 6,922.00, 6,830.00, 6,890.00, , (+0.70%) (BOM) Dec Jan Feb Mar Apr May Jun Jul Aug Sep Q4 15 Q Q Q Price INR 100B 9,000 8,000 6, ,000

18 Monday Sep 19, 2016 Jeera Jeera futures closed higher last week as physical demand increasing on the hope that the stocks are looking tight and anticipation of pickup in the export demand. NCDEX Oct 16 Jeera closed 1.6% higher to close at Rs 17,780 per quintal. Fundamentals In the next few months, the prices will depend on export demand, which is expected to pick up as prices have corrected enough in last 2 weeks. NCDEX stock of jeera decrease last week to 4,421 tonnes as on 18 Sep, which was 4,877 tonnes a week earlier. NCDEX Jeera According Department of commerce data, the exports of Jeera in the first three months (Apr-Jun) of is at 44,023 tonnes, higher by 71.7% compared to last year same time. In the first three months of new financial year, jeera exports has achieved about 46% of last year s export volume due to good demand from Vietnam and Bangladesh. The arrival of jeera in the physical market is declining during the last three months June, July and August as per the seasonal trend. As per the Agmarknet data, the quantity of jeera arrivals in the country reported lower by 30% in first five month of new financial year (April-August) at 69,675 tonnes compared to more than 1,00,000 tonnes same period last year. In the next few months, the prices will depend on export demand. The export demand expected to pick up as prices have corrected enough in last 2 weeks. We expect Jeera futures to trade sideways to higher on expectation pick up in export demand at current prices as stocks are dwindling with stockists. Market is not expecting further corrections during this off-season as supplies are in tight range and new crop will arrive only after March next year. Weekly Strategy BUY NCDEX JEERA OCT AT , SL 17100, TARGET / Weekly NJEc1 Cndl, NJEc1, , 17,495.00, 17,495.00, 17,150.00, 17,395.00, , (-0.57%) Jan Feb Mar Apr May Jun Jul Aug Sep Q Q Q (BOM) Price INR 100B 18,000 17, ,000 14,000

19 Monday Sep 19, 2016 Soybean Soybean futures closed with weekly gain due to reports of wet weather in soybean growing state of Madhya Pradesh. The most-active Oct 16 delivery contract closed 0.99% higher to settle at Rs. 3,252 per quintal. There are reports of deteriorating growing conditions as 71% of the area impacted by excessive rainfall. Fundamentals As on Sep 09, soybean is lh, down around 1.3% lower from a year ago level. The according to a latest survey report released SOPA, the overall condition of soybean crop in the country is "satisfactory" with over 30% of crop in good-to-very-good condition, and nearly 60% in normal condition. NCDEX Soybean The SOPA has estimated India s soybean production to be around 10 mt, up from 7.5 mt in but USDA recently revised the production down by about 14 lt to 97 lt.. Soybean prices are at lower levels for the year on low crushing and limited meal export demand. Global Update U.S. soybean futures closed lower last week after the U.S. government raised its 2016 U.S. soy crop forecast above trade expectations. In its September report US Department of Agriculture hiked by 3,832 thousand tonnes month on month to a record 114,332 thousand tonnes its estimate for the US soybean harvest - a bigger upgrade than investors had expected. The National Oilseed Processors Association (NOPA), the largest U.S. trade group for the industry, is expected to report that its members crushed million bushels of soybeans in August 5.2 percent decline from July, but would still be the biggest August crush ever, eclipsing the million bushels crushed in August We expect Soybean prices to trade sideways to higher on report of crop damage in MP due to wet weather. However, forecast of higher yield and coupled with high edible oil imports and lower export demand for soymeal may keep prices under check. Weekly Strategy Weekly NSBc1 BUY NCDEX SOYBEAN OCT AT , SL 3100, TARGET 3350 / (BOM) Cndl, NSBc1, , 3,200.00, 3,210.00, 3,179.00, 3,196.00, , (-0.75%) Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Q Q Q Q Price INR 100B 3,900 3,600 3,300 3,196.00

20 Monday Sep 19, 2016 Cotton Cotton complex traded closed higher for the last week due to lower supplies and expectation of lower cotton production in the country. Last week, NCDEX Kapas for Apr 17 closed 1.11% higher while MCX Oct 16 cotton closed higher by 1.94%. Fundamentals As per latest estimate by government, cotton is planted in 102 lh in the country, down by 11.3% against lh last year as on 16 Sep. In Gujarat, the top cotton producing state, the crop had been across 23.8 lh, down 13.8% from a year ago. In Maharashtra, the largest area under cotton, the acreage was at 38.0 lh, slightly down from around 38.2 lh a year ago. MCX Cotton According to USDA, cotton production in the country expected at seven-year low in of 5.8 mt due to lower area under cultivation and pest attacks in top producer states. Global Cotton Updates Cotton futures on ICE closed higher n a bearish world agriculture supply and demand report from the U.S. government. Moreover, the prices have recovered on weather concerns in major producers, including the United States and China, and on a softer dollar. The US Department of Agriculture's weekly crop progress report which showed that 48% of cotton crops in the United States were in good-to-excellent condition, unchanged from a week ago. The U.S. Department of Agriculture's weekly crop progress report released on Monday after the market close showed that 47 percent of cotton crops in the United States were in good-to-excellent condition, down from 48 percent a week ago. We expect cotton prices may trade higher as new season cotton will hit the physical market. Meanwhile good weather across cotton sowing states like Gujarat and Maharashtra may bring good quality cotton production, which may fetch good prices. Weekly Strategy BUY MCX COTTON OCT AT , SL 19600, TARGET / Weekly MCOTc1 Cndl, MCOTc1, , 19,750.00, 20,400.00, 19,400.00, 20, , (+1.24%) (GMT) Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Q Q Q Q Price INR 22,000 20, ,000 18,000 16,000

21 Thank You! Angel Commodities Broking Pvt. Ltd. Registered Office: G-1, Ackruti Trade Centre, Rd. No. 7, MIDC, Andheri (E), Mumbai Tel: (022) Corporate Office: 6th Floor, Ackruti Star, Central Road, MIDC, Andheri (E), Mumbai Tel: (022) MCX Member ID: / FMC Regn No: MCX / TCM / CORP / 0037 NCDEX : Member ID / 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 any recipient hereof for any purpose without prior permission from Angel Commodities Broking (P) Ltd. Your feedback is appreciated on commodities@angelbroking.com