0
Date: 11/09/2018 NCoMM
NCML Commodity Market Monitor
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⚫ • Cotton • Sugar • Soyben • RM Seed ⚫ • Castor seed • Turmeric • Jeera
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
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Cotton | Soybean | RM Seed | Jeera | Castor Seed | Turmeric
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NCML COMMODITY MARKET MONITOR NCoMM
0
Date: 11/09/2018 NCoMM
NCML Commodity Market Monitor
Fundamental Report
• As per government’s sowing report, till 7th September 2018, cotton has
been sown in 118.10 lakh ha, 2.39% lower than 120.98 lakh ha sown last
year till date but 2.93% higher than normal area of 113.82 lakh ha on date.
Lower area is reported in the states of Karnataka, Punjab & Tamil Nadu.
• Cotton prices in the domestic market have firmed up on reports of
lower carryover stocks in the coming season and the lower acreage.
Higher MSP along with a record low carryover stock and high demand
in the domestic market has pushed the prices up in the last few days.
• The Cotton Association of India (CAI) has estimated the carry-over
stock at the end of the 2017-18 season lower at at 22 lakh bales against
36 lakh bales last year. According to traders with 20-22 lakh bales of
carryover stock, India is having its lowest stock in the past ten years.
• CAI has retained its cotton crop estimate for the ongoing crop year
2017-18 at 365 lakh bales i.e. at the same level as in its estimate made in
the previous month.
• The total cotton supply up to August 31, was at 407.50 lakh bales, which
consists the arrival of 358 lakh bales up to August 31, imports at 13.50
lakh bales and the opening stock of at 36 lakh bales. The exports of
cotton till August 31, 2018 has been estimated at 69 lakh bales.
• As many as 700 villages in Maharashtra have officially confirmed the
outbreak of the pink bollworm infestation.
• Lower acreage along with reports of pest attacks this year too has led
NCML to revise the overall cotton production estimate downwards
from its initial estimate to 359 lakh bales, higher than the government
estimates of 348 million bales for the year 2017-18.
• Cotton acreage in the state has risen to 27 lakh hectares (lh), compared
to 26.17 lh in 2017-18. Of the 27 lh, 19.26 lh has been sown in 11 districts
of Saurashtra and pests are under control.
• Amid concerns over a trade spat between the US and China, Chinese
importers have now turned to India for meeting their cotton demand.
• The International Cotton Advisory Committee (ICAC) recently said that
the 2018-2019 season is likely to witness 3% drop in production, 3%
increase in consumption and 10% decrease in global stocks.
• ICAC mentioned that this will bring down the world’s cotton reserves
down to a level not seen since 2011-2012. The decrease in the stocks
world over will mainly come from a draw-down in China’s warehouses.
Mandi Price in Rs/Quintal
10-09-2018 03-09-2018 %Change
Kadi 29 mm 13512.4 13146.8 2.78
Rajkot (29 mm) 13556.6 13599.1 -0.31
Abohar 11863.8 11966.3 -0.86
FUNDAMENTAL SUMMARY
Price Drivers Impact
Lower acreage as compared to the last year
Bullish
Lower carryover stocks Bullish
Pink bollworm infestation in Maharashtra
Bullish
Higher acreage in Gujarat Bearish
Chinese importers turning to India for meeting their cotton demand, higher exports
Bullish
Firm domestic demand due to festive season ahead
Bullish
Lower world cotton production expected in 2018-19 and record low global cotton reserves
Bullish
Based on Primary & Secondary Sources
14000
16000
18000
20000
22000
24000
De
c-15
Feb
-16
Ap
r-16
Jul-1
6
Se
p-1
6
No
v-16
Jan
-17
Ap
r-17
Jun
-17
Au
g-1
7
No
v-17
Jan
-18
Ap
r-18
Jun
-18
Au
g-1
8
Cotton - 29 mm - RajkotCOTTON ASSOCIATION OF INDIA
INDIA: COTTON BALANCE SHEET, SEASON 2016-17 & 2017-18 (Updated 10 Sep 2018)
Details 2017-18 2016-17
(in la b/s) (in la b/s)
Opening Stock 36.00 36.50
Crop 365.00 337.25
Imports 15.00 30.94
Total Supply 416.00 404.69
Mill Consumption 280.00 262.70
Consumption by SSI Units 29.00 26.21
Non- Mill Consumption 15.00 21.50
Total Domestic Demand 324.00 310.41
Available Surplus 92.00 94.28
Exports 72.00 58.21
Closing Stock 20.00 36.07
COTTON
0
Date: 11/09/2018 NCoMM
NCML Commodity Market Monitor
Fundamental Report
• As per the sowing report, soybean acreage till 7th September 2018
stands at 111.92 lakh ha, 6.32% higher than 105.26 lakh ha sown last year
till same date but 1.67% higher than the normal of 113.82 la ha till date.
High price realisation & MSP increase has supported high acreage.
• As per industry sources, India's soybean output may jump about 20% to
over 10 million tonnes in the 2018/2019 crop year that starts in October.
India’s 2017-18 soybean output is pegged by SOPA at 83.5 lakh tonne,
about 24% lower than 109 lakh tonnes in the previous year.
• There is intermittent rainfall across soybean growing regions and there
is report of very limited crop damages.
• Higher acreage and satisfactory rain so far in major soybean growing
areas like Madhya Pradesh and Maharashtra has been exerting
downward pressure on the domestic soybean prices.
• The ongoing trade dispute between USA and China has created a lot of
uncertainty and is forcing China to look out to other origins for their
requirements of soybean and oil meals. This has compelled China to
relook its ban imposed for importing of oil meals from India since 2012.
This will open up Chinese market for India.
• Prior to ban in 2012, China used to import nearly half a million tons of oil
meals viz. Rapeseed meal 3.5 to 4.0 lakh tons and 1.0 lakh tons of
soybean meal from India.
• However, the bearishness in CBOT will keep the Indian soybean exports
parity to China at bay if the Indian Soybean doesn’t fall aggressively.
• International Soybean prices are weak because of bright prospects of
US crop and dampened demand from China. Soybean futures are down
16% since April.
• China imported 9.15 million tonnes of soybeans in August, up 14 per
cent from July, customs data as compared to 8.44 million tonnes last
year in the same time frame, as buyers in the world’s top importer
continued to buy from Brazil after Beijing imposed tariffs on US
shipments.
• As per the latest USDA report, 2018/19 global soybean production is
projected to rise steeply to 367.10 MMT, after falling to 336.70 MMT in
2017/18 from 348.12 MMT in 2016/17. US 2018-19 harvest is pegged at
124.81 MMT against 119.52 MMT last year and 116.92 MMT in 2016-17.
• USDA expects global ending stocks at 105.9 million tons through 2019,
above the 99.5 million ton estimate in a Bloomberg survey.
Mandi Price in Rs/ Quintal
10-09-2018 03-09-2018 %Change
Indore 3445 3420 0.73
Kota 3275.25 3275.3 0.00
Nagpur 3557.75 3522.4 1.00
FUNDAMENTAL SUMMARY
Price Drivers Impact
Steep hike in soybean acreage for 2018-19
Bearish
Possibility of China removing ban on India’s oilmeals imports
Bearish
Bearishness in global soybean prices because of bright prospects of US crop and dampened demand from China
Bearish
Weakness at CBOT making it difficult for India to achieve export parity; China is buying soybean from South America
Bearish
Increase in import duty on Soy oil Bullish
Incentive on soymeal under MEIS raised from 7% to 10%
Bullish
Based on Primary & Secondary Sources
2700
2980
3260
3540
3820
4100
4380
Jan
-16
Ap
r-16
Jul-1
6
Se
p-1
6
De
c-16
Feb
-17
May
-17
Jul-1
7
Oct
-17
De
c-17
Mar
-18
May
-18
Au
g-1
8
Soybean Indore
SOYBEAN
0
Date: 11/09/2018 NCoMM
NCML Commodity Market Monitor
Fundamental Report
• India’s prospects of mustard oil meal exports to China have
enhanced after the latest measures taken by the two countries to
end a six-year-old ban imposed by China in 2012. Prior to the ban,
China used to import nearly 3.50-4.00 lakh MT of mustard meal from
India. The prices, too, have been supportive, with the currency
situation creating a favourable case for oil meal exporters.
Rapeseed meal prices declined to $216 per tonne in August 2018
from $239 per tonne in last year creating a favourable environment
for exporters.
• India’s mustard meal exports in the month of August 2018 were
88.236 thousand MT (provisional), higher by 12.09 per cent against
78.714 thousand MT in July 2018. Total exports of rapeseed meal
from April 2018 to August 2018 were 4.90 lakh MT which is 107.62
percent higher than 2017 exports of 2.36 lakh MT in the same time
period. Total exports of rapeseed meal have increased due to higher
production estimate of mustard crop and higher mustard seed
crushing due to higher import duty on oils.
• According to the latest report of Nafed, 2560 tonnes of mustard
was sold on 5th September in the price range of Rs 3813 to Rs 3898
per quintal. Stocks remained with Nafed is 8.67 lakh tonnes.
• According to the fourth advance estimate of government, India
mustard production estimate for 2017-18 is 83.22 lakh metric tonnes
which is 5.11 percent higher than the 2016-17 production estimate of
79.17 lakh metric tonnes. However, SEA trade estimate for mustard
crop 2017-18 is 63.80 lakh MT.
• According to the agmark, all India mustard crop arrivals in the
second week of September is reported at 12.36 thousand MT which
is 26.55 per cent lower than the first week of September arrivals of
16.83 thousand MT.
• India’s rapeseed oil imports in the month of July 2018 is 12.034
thousand MT which is 13.01 percent higher than the import of June
2018 of 10.648 thousand MT. Total imports of rapeseed oil from
November 2017 to July 2018 were 2.04 lakh MT which is slightly
higher than 2016-17 imports of 1.946 lakh MT in the same time
period.
Mandi Price in Rs/ Quintal
10-09-2018 03-09-2018 %Change
Jaipur 4251.3 4190.7 1.45
Alwar 4308.3 4231 1.83
Rewari 4195 4143.3 1.25
FUNDAMENTAL SUMMARY
Price Drivers Impact
India prospects of mustard oil meal exports to China
Bullish
Higher mustard meal exports Bullish
Selling of mustard crop by Nafed Bearish
Higher production estimate Bullish
Lower arrivals of mustard crop in the domestic mandis
Bearish
Higher imports of mustard oil Bearish
Based on Primary & Secondary Sources
3,500
3,750
4,000
4,250
4,500
4,750
5,000
5,250
Jul-1
5
Se
p-1
5
De
c-15
Mar
-16
Jun
-16
Se
p-1
6
De
c-16
Mar
-17
Jun
-17
Se
p-1
7
No
v-17
Feb
-18
May
-18
Au
g-1
8
Rapeseed & Mustard-Black - 42% oil content : Jaipur
RM SEED
0
Date: 11/09/2018 NCoMM
NCML Commodity Market Monitor
Fundamental Report
• According to the agmark, all India jeera arrivals in the second
week of September is reported at 0.18 thousand MT which is
79.69 per cent lower than the first week of September arrivals
of 0.92 thousand MT. Arrivals are lower as farmers are holding
their stock as prices have decreased in the previous week.
• Good monsoon report has capped the upside movement of
the jeera prices. However, trade sources are expecting fresh
demand after some correction of prices.
• According to the trade sources, at present all India jeera
stocks are in the range of 19-20 lakh bags. Stockists are still
holding their stocks in expectation of getting better prices in
the coming days due to international demand.
• Export demand of jeera has shifted towards India due to crop
damage reports in Syria and Turkey due to heavy rainfall.
However, export demand has slightly decreased at higher
levels.
• According to the trade sources, India may have exported
higher than one lakh tonnes of jeera till July. According to
DGFT, Indian jeera exports in the month of June 2018 is around
20 thousand tonnes. Indian jeera exports are reported at 1.44
lakh MT in 2017-18 which is 31.8 per cent higher than the 2016-
17 exports of 1.09 lakh MT. In the starting three months (April-
June) of 2018-19 Indian jeera exports is reported at 0.71 lakh
MT which shows exports of jeera is expected to be higher in
2018-19 than 2017-18.
• Record prices in 2017-18 triggered an increase in jeera sowing
in the top producing states of Gujarat and Rajasthan, leading
to a bumper crop of around 6 lakh tonne, against a normal 4-
5 lakh tonnes.
•
Mandi Price in Rs/ Quintal
10-09-2018 03-09-2018 %Change
Unjha 19450 19543.8 -0.48
Rajkot 16175 15825 2.21
Jodhpur 18800 19200 -2.08
FUNDAMENTAL SUMMARY
Price Drivers Impact
Lower arrivals in the domestic mandis Bullish
Good monsoon report has capped the upside movement
Bearish
Holding to jeera stocks Bullish
Higher exports Bullish
Higher production estimate Bearish
Based on Primary & Secondary Sources
13000
15000
17000
19000
21000
Ap
r-16
Jul-1
6
Oct
-16
Jan
-17
Ap
r-17
Au
g-1
7
No
v-17
Feb
-18
May
-18
Au
g-1
8
Cumin Seed (Jeera) - Unjha
JEERA
0
Date: 11/09/2018 NCoMM
NCML Commodity Market Monitor
Fundamental Report
• Castor remained weak as subdued buying and selling activities were
noted in most of the spot markets. As per market sources demand in
Castor seed is steady right now but expected to improve due to lower
acreage reports in key Castor growing belts and declining stocks.
• According to market sources, more than 90 per cent of Castor area is
under rainfall deficit this season so far which has raised concern about
the lower production prospects.
• Gujarat is the largest castor seed producing state with share of more
than 72 per cent in acreage term while accounting over 85 per cent of
national production. While, Rajasthan, Andhra Pradesh and Telangana
are other leading producers.
• Castor seed acreage in Gujarat as on 04th September declined at 4.26
lakh hectares as compared to 5.11 lakh hectares same period year ago.
Many castor seed producing belts have received less than normal
rainfall so far this season and condition is not favourable for growth and
thus traders are bullish about the commodity.
• Castor seed acreage in Rajasthan as on 24th August stood at 1.28 lakh
hectares as against 1.00 lakh hectares last year same period.
• According to Ministry of Agriculture data Castor acreage in India as on
07th September 2018 has declined at 6.49 lakh hectares as compared to
6.87 lakh hectares same period last year.
• As per the Ministry of Agriculture 4th Advance Estimates for 2017-18,
Castor seed production in India is estimated at 15.68 lakh tonnes as
compared to 13.76 lakh tonnes in 2016-17. The all India Castor seed
production target for 2017-18 was 19.00 lakh tonnes.
• As per the Department of Agriculture Gujarat Castor seed production
for 2017-18 estimated at 12.69 lakh tonnes as against 12.55 lakh tonnes
in 2016-17.
• As per the latest 4th Advance estimates by Department of Agriculture
Rajasthan, Castor production in Rajasthan for 2017-18 is estimated to
decline at 1.68 lakh tonnes as against 1.90 lakh tonnes last year.
• Castor meal export data was impressive for the month of August as
shipment rose month-on-month at 74,355 tonnes versus 34,580 tonnes
in July, but April-August export was down at 149,952 tonnes as against
215,065 tonnes during the same period last year, according to Solvent
Extractor Association. In August South Korea and Taiwan imported
69,090 and 4,483 tonnes respectively.
Mandi Price in Rs/ Quintal
10-09-2018 03-09-2018 %Change
Deesa 4653 4681 -0.59
Kadi 4643 4654 -0.23
Palanpur 4650 4675 -0.53
FUNDAMENTAL SUMMARY
Price Drivers Impact
Subdued demand from trader and stockiest in spot markets
Bearish
Decline in Castor seed acreage in key growing belts of Gujarat
Bullish
Deficient rainfall raised concern about the lower production prospects
Bullish
Significant improvement in Castor meal exports to South Korea, France and Taiwan
Bullish
Depreciation of Rupee against dollar Bullish
Expectation of demand from consuming industries (Soap, Lubricants, Paints etc.)
Bullish
Based on Primary & Secondary Sources
2800
3160
3520
3880
4240
4600
4960
Ap
r-15
Jul-1
5
Oct
-15
Jan
-16
Ap
r-16
Jul-1
6
Oct
-16
De
c-16
Mar
-17
Jun
-17
Se
p-1
7
De
c-17
Mar
-18
Jun
-18
Castor - Deesa
CASTOR
0
Date: 11/09/2018 NCoMM
NCML Commodity Market Monitor
Fundamental Report
• According to traders at present Turmeric stocks is not enough until the
new crop arrives due to which shortage in supply can be seen which is
likely to improve prices during the festive season.
• Currently Turmeric stocks in Nizamabad (both old and new crop) were
estimated around 4.5 lakh bags as compared to around 3.5 lakh bags
same period last year. Currently, stocks reported higher as demand
(Turmeric powder manufactures) shifted to Maharashtra, Duggirala
and Kadapa markets due to lower prices.
• As per traders the spot market is likely to get festive and also export
demand in coming days but higher acreage during current season
might keep some pressure on prices. Decline in Rupee value against
Dollar is also having positive impact on exports.
• In Andhra Pradesh, Turmeric sowing as on 05th September 2018
reported 16,867 hectares as against 14,395 hectares in corresponding
period last year, 94 per cent sowing completed from season normal.
Among major Turmeric growing districts, Visakhapatnam has reported
4,866 hectares in acreage compared to last year’s 3,524 hectares,
Guntur has reported 3,923 hectares in acreage compared to last year’s
4,715 hectares, YSR Kadapa has reported 3,286 hectares in acreage
compared to last year’s 2,480 hectares and Krishna has reported 2,150
hectares in acreage compared to last year’s 1,778 hectares.
• In Telangana, Turmeric sowing as on 29th August 2018 was reported at
47,760 hectares as against 44,956 hectares in the corresponding period
last year. Current sowing stands at 87 per cent of normal for the season.
Among major Turmeric growing districts, Nizamabad reported 13,965
hectares acreage compared to last year’s 12,800 hectares, Jagtiyal has
reported 13,250 hectares of acreage compared to last year’s 12,378
hectares and Warangal (rural) has reported 5,521 hectares of acreage
compared to last year’s 4,250 hectares.
• As per the Ministry of Agriculture, All India Turmeric production in 2017-
18 estimated at 10.77 lakh tonnes as against 10.56 lakh tonnes estimated
in 2016-17.
• Turmeric exports during April-June 2018 declined at 33,868.70 tonnes
as against 35,368.14 tonnes same period last year as per Ministry of
Commerce data.
• Turmeric stocks position as on 09th September 2018 at NCDEX approved
warehouses declined to 4508 tonnes as against 5024 tonnes same
period last year.
Mandi Price in Rs/ Quintal
10-09-2018 03-09-2018 %Change
Nizamabad 6909 6686 3.33
Salem 8467 8324 1.71
Erode 6700 6800 -1.47
FUNDAMENTAL SUMMARY
Price Drivers Impact
Present stocks not enough due to which shortage in supply can be seen in coming months
Bullish
Traders expecting higher domestic and export demand
Bullish
Higher Turmeric acreage during current season compared to last year
Bearish
Higher production estimates expectations in 2017-18
Bearish
Depreciation in Rupee value might results in more exports
Bullish
Normal monsoon rainfall in most of the Turmeric growing belts
Bearish
Based on Primary & Secondary Sources
4800
5500
6200
6900
7600
8300
9000
9700
Jun
-14
Oct
-14
Feb
-15
Jul-1
5
No
v-15
Mar
-16
Jul-1
6
No
v-16
Ap
r-17
Au
g-1
7
De
c-17
Ap
r-18
Au
g-1
8
Turmeric : Unpolished fingers : Nizamabad
TURMERIC
0
Date: 11/09/2018 NCoMM
NCML Commodity Market Monitor
• Increase in September sugar
quota raises pressure on prices
• Pulses export more than
doubles in April-July after
government removes
restrictions to increase
shipments
• Oilmeal exports rise 21% in April-
August period
• Government procures 38 mn
tonnes rice so far in 2017-18;
exceeds target
• Sugar millers ask govt to allow
spit payment of FRP
• Government extends sugar
export deadline by 3 months till
December
• Surprise deep depression dumps
heavy rain over eastern parts
• Kharif output seen dipping
marginally on erratic rain-NCML
To purchase the India Commodity
Year Book 2018, contact us at
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
10-Sept-18 27-Aug-18 11-Aug-18 11-Sept-17
Soybean 3445 3302 3466 3053
RM seed 4251.3 4262.4 4350 3964.8
Turmeric 6909.4 7030 7143.2 7772.2
Cotton 13512.4 13322.6 13568.6 11740.7
Jeera 19450 19619.6 19646.2 19200
Castor 4653.7 4575 4547.9 4659.3
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: 11/09/2018 NCoMM
NCML Commodity Market Monitor
0
Date: 11/09/2018 NCoMM
NCML Commodity Market Monitor
yyy
link
NCoMM NUTRITION WEEK SPECIAL QUIZ ANSWERS
THESE PEOPLE ANSWERED CORRECTLY!
1. Which vitamin works with calcium to build strong bones
Vitamin D
2. Iron is an important component of Hemoglobin in our blood. Which of the following
food items is rich in iron?
Apple
Pulses
4. __________ is the major source of cheap protein for majority Indian population.
1 Mirza Nasir Beig CM Davangere 17 Sumit Chahal Non-NCMLite
Gurgaon
2 Shanmukha K R CM Davanagere 18 Manish Raj Risk Jodhpur
3 Dadasaheb Salunkhe CM Sangli P 19 Amit Gangadhar S&P Sangli P
4 Radheshyam Sharma CM Dabra 20 Nagina Gowda S&P Mumbai
5 Kinkiri Ranga Swamy CM Hyderabad 21 Ansari Saddam Hussain S&P Mumbai
6 Dilip Namdeo CM Bhopal 22 Sanjay Singh S&P Ellenabad
7 Sanjay Kumar CM Khagaria 23 Pawan Kumar S&P Gurgaon
8 Babloo Kumar CM Gurgaon 24 Girdhari Lal S&P Gurgaon
9 Vijay Gupta CM Gurgaon 25 Suresh Keshari S&P Gurugram
10 Surya Narayan Dash CM Gurgaon 26 Ishant T&C Kanpur
11 Vinod Maurya CM Gurgaon 27 Sourav Ailawadhi T&C Gurgaon
12 Anjali CM Gurugram 28 Neha Akula T&C Mumbai
13 Arun Kumar CM Gurugram 29 Anil Kumar Sharma T&C Bikaner
14 Vikas Kumar CM Karnal 30 Kumood Sharma T&C Jodhpur
15 Mahesh Kumar Ramaswamy
Internal Audit
Gurgaon 31 Satya Narayan Puri T&C Bikaner
16 Pratima Goswami Mktyard Gurgaon
LUCKY WINNER!
Dilip Namdeo
CSO, CM, Bhopal
CONGRATULATIONS!
Bullish
3. The import restriction on peas has effectively pushed the demand to Chana which will be __________ for its
price.
0
Date: 11/09/2018 NCoMM
NCML Commodity Market Monitor
Advisory Team
Basant Vaid Head: TCIG [email protected]
Sreedhar Nandam Vice President: SCM [email protected]
Research Team
Suresh Solanki Assistant Manager: TCIG [email protected]
Kamna Malhotra Economist: TCIG [email protected]
Akash Jaiswal Research Analyst: TCIG [email protected]
Ansh Aggarwal Senior Officer: Trade Support [email protected]
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