Commodities Weekly Tracker, 29th January, 2013

7/29/2019 Commodities Weekly Tracker, 29th January, 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 | January 28, 2013


3/20

Commodities Weekly TrackerMonday | January 28, 2013


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5/20

*Weekly Performance for February contract; Turmeric and Kapas - April 2013 contract, Jeera and Chilli- March contract, Mentha- January.



6/20



GoldWeekly Price Performance

Spot gold prices declined 1.5 percent week on week. The yellow metal

touched a weekly low of $1,655.39/oz and closed at $ 1658.31 per ounce on

Friday. On the MCX, Gold February contract ended 0.9 percent lower tracing

weakness in the spot gold prices along with appreciation in the rupee. Gold

prices on the MCX closed at Rs. 30,331/10 gms on Friday after touching a

weekly low of Rs. 30,258/ 10gms.

Factors that influenced gold prices

Gold prices witnessed selling pressure on the back of liquidation by the

market participants observing signs of global recovery which led to lower

appetite towards the safe haven demand. Further, favorable data from the

US also pushed prices lower. However, weakness in the DX cushioned fall in

the gold prices.

Postponement of debt ceiling issue by the US law makers till May 19, 2013

along with positive sentiments created after European Central Bank said

that banks in the region might be able to re-pay more of its emergency three

year loans in the coming week. Thus, the optimism that the Euro zone debt

crisis is gradually being curtailed supported positive sentiments.

Outlook

In the coming week, we expect gold prices to witness selling pressure dueto positive data from major nations indicating recovery and thereby decline

in the demand for the safe haven demand for the yellow metal. However,

sharp fall in the prices are expected to be capped due to weakness in the

DX. In the domestic markets appreciation in the Indian rupee might exert

downside pressure on the gold prices on MCX.

Weekly Technical Levels

Spot Gold: Support $1645/1,625 Resistance $1,680/1695.(CMP:$1661.7/oz )

Sell MCX Gold February between 30500-30530, SL-30740, Target -30180

(CMP: 30,391 per 10 gms )


7/20


SilverWeekly Price Performance

Spot silver fell 2.2 percent week on week. The white metal touched a weekly

low of $ 31.09/oz and closed at $ 31.14 per oz on Friday.

In the Indian markets, MCX silver prices fell 1.9 percent and closed at Rs.

58,250/kg on Friday and touched a weekly low of Rs. 59,436/ kg. Fall in the

spot silver prices along with appreciation in the Indian rupee exerted downside

pressure on silver prices on MCX.

Factors that influenced silver prices

Silver prices remained firm in the early part of the week due to firmness in the

industrial metals along with weakness in the DX. Increase in the holdings in the

ishares silver trust also supported an upside in the silver prices. However, gains

in the white metal were erased tracing sharp fall in the spot gold prices. Downward revision of global growth by the International Monetary Fund to 3.5

percent from 3.6 percent forecasted in the month of October 2012 also pushed

prices of silver downside.

Holdings in the ishares silver trust witnessed sell off and stood at 10,468.76

tonnes a decline of 2.5 percent as against 10,734.99 tonnes as on January 18 th

2013.

Outlook Silver prices in the coming week is expected to trade firm on the back of

favorable data from the major consuming nations. Weakness in the DX is also

expected to act as a supportive factor for the silver prices. However, sharp

gains might be capped due to decline in the spot gold prices.

In the domestic markets appreciation in the Rupee might exert downside

pressure on the MCX Silver prices.


Spot Silver : Support $30.70/30.40 Resistance $31.60/32.10 (CMP: 31.26)

Sell MCX Silver March between 58900-59000, SL 60000, Target 57400 (CMP:

58,333)


8/20


CopperWeekly Price Performance

Copper prices declined 0.4 percent in the last week. Copper prices on LME

touched a weekly low of $8,010 per tonne and closed at $8,042 per tonne on

Friday.

In the domestic markets MCX copper fell 0.14 percent and closed at Rs. 436.6 per

kg on Friday. Weakness in the international copper prices along with appreciation

in the rupee led prices to remain in the negative territory in the last week.

Copper Inventories

LME Copper inventories decreased by 0.8 percent during last week and stood at

342,900 tonnes on Friday as against 345,525 tonnes on 18th January 2013.

Copper inventories at warehouse monitored by the Shanghai Futures Exchange

declined by 1.7 percent to 2,05,120 tn in the w/e 25th

January, 2013.Factors that influenced copper prices

Dull appetite by the Chinese buyers due to the ongoing Lunar New Year period.

Rise in the output at Chiles Escondida, the largest copper mine jumped 31

percent in the fourth quarter of 2012.

However, favorable data from the major consuming nation, weakness in the DX,

decline in the LME inventories week on week cushioned fall in the copper prices.

Outlook

Copper prices in the coming week is expected to trade with lower due to slowbuying by the China along with rise in the output in the worlds largest mine.

However, weakness in the DX along with signs of recovery at the major

consuming nations is expected to cushion fall in the copper prices.

In the domestic markets appreciation in the Indian Rupee will exert downside

pressure on the copper prices on MCX.


LME Copper: Support $8150/8000 Resistance $8400/8550 (CMP: $8050)

Sell MCX COPPER Feb between 443 445, SL - 453, Target 432 / 430 (CMP:

437.55)


9/20


Crude OilWeekly Price Performance

On a weekly basis, Nymex crude oil prices gained 0.3 percent.

On the domestic bourses, prices rose by 0.8 percent and closed at Rs.5,194/bblon Friday after touching a weekly high of Rs.5,212/bbl.

US Energy Department Facts and Figures

As per the US Energy Department (EIA) report, US crude oil inventories rose

more than expected by 2.8 million barrels to 363.10 million barrels for the week

ending on 18th January 2012.

Gasoline stocks declined by 1.7 million barrels to 233.30 million barrels and

whereas distillate stockpiles gained by 0.5 million barrels to 132.90 million

barrels for the last week.

Factors that influenced crude oil prices Favorable economic data from Euro Zone and US which lead to expectations of

rise in demand for the fuel.

Additionally, weakness in the DX along with upbeat global market sentiments

also acted as a positive factor for the crude oil prices.

However, sharp upside in the crude oil prices was capped on account of rise in

US crude oil inventories coupled with International Monetary Fund (IMF) cutting

the global growth forecast to 3.5 percent for the current year from earlier

estimates of 3.6 percent in October 2012.

Outlook

Crude oil prices are expected to trade with downward bias during the week on

the back of rising crude oil inventories coupled with expectations of unfavorable

economic data. US Advance GDP along with consumer confidence is forecasted

to grow at slow pace which will affect demand for the fuel.


Nymex Crude Oil: Support: $93.70/95 Resistance $97/97.90 (CMP: 95.92)

75.0

80.0

85.0

90.0

95.0

100.0

105.0

110.0

4,400

4,5004,6004,700

4,8004,9005,000

5,1005,2005,3005,400

5,5005,600

Nymex and MCX Crude Oil Price Performance

M CX crude oi l (Rs/ bbl) NY MEX Crude Oi l ($ /bbl)

320

330

340

350

360

370

380

390

Crude Oil Invento ries (mn barrels)


10/20


DX/ INRWeekly Price Performance

US Dollar Index (DX) declined 0.4 percent week on week. The index settled at 79.82

levels on Friday after touching a low of 79.71 levels in last week. The Indian Rupee

depreciated 0.1 percent on weekly basis.Factors that influenced movement in the DX

The index settled lower due to signs of recovery in the major nations indicating

growth and thereby decline in the demand for the low yielding currency. Apart from

this favorable data from the US, postponement of the US debt ceiling issue and

positive earnings of most of companies added to the downside pressure on the index.

However, downward revision of the growth forecast of the world by the IMF to 3.5

percent from earlier forecast of 3.6 percent cause risk aversion amongst market

participants and erased losses in the index.

Factors that influenced movement in the Rupee Rise in the imports duty in gold by the government of India, an initiative to discourage

physical buying of gold and reduce the ever rising CAD supported appreciation in the

currency. The Indian government also relaxed rules for the FIIs. RBI on Thursday,

January 24, 2013 relaxed some of the rules for FIIs such as buying into debt with

minimum maturity and holdings in the infrastructure debt for at least one year. This

also appreciated the currency. It also partially deregulated the diesel prices.

FII Inflows

For the month of January 2013, FII inflows totaled at Rs 17,298.70 cr as on 24th Jan

2013. On YTD basis , net capital inflows stood at Rs.17,298.60 cr till 24th Jan 2013.

Outlook

We expect rupee to appreciate in the current week on hopes that, the Finance

Minister might cut the interest rates to spur growth of the nation. Positive data from

the major economies of the world is showcasing growth thereby investments into the

nation might witness a rise hereby resulting into appreciation of the currency.


USD/INR MCX February Support 53.65/53.20 Resistance 54.75/55.30

US Dollar Index: Support 79.40/79.00 Resistance 80.30/80.80


11/20


EuroWeekly Price Performance

Euro gained 1 percent week on week.

The currency touched a weekly high of 1.3479 and closed at 1.346 on

Friday.

Factors that influenced movement in the Euro

Favorable data from the Euro region along with positive manufacturing data

from Germany which indicated that the economy is on the path of recovery.

European Central Bank said that banks in the region might be able to re-pay

more of its emergency three year loans in the coming week. Around 278

financial institutions are likely to return 137.2 billion euros ($184.4 billion)

on January 30, 2013 the first opportunity for early repayment of the initial

three-year loan. Weakness in the DX also pushed the currency upwards.

News

German Ifo Business Climate rose to 104.2 levels in the month of January

2013 as against 102.4 levels in December.

Belgium NBB Business Climate declined to -13.2 levels in January as against -

11.8 in December.

German Flash Manufacturing PMI for the month of January increased to

48.8 levels as compared to 46 levels in December.

Spanish Unemployment Rate grew to 26 percent in last quarter of 2012 as

against 25 percent in third quarter.

Outlook

We expect the Euro to trade with a positive bias on signs of recovery in the

nation and thereby hopes of curtailing the debt crisis of the region.

Repayment of the loans taken by the banks is also showcasing growth of the

region. Weakness in the DX is also expected to add to the gains in Euro.


EURO/USD SPOT: Support 1.3240/1.3040 Resistance 1.3570/1.3800


12/20

Chana


Weekly Price Performance

Chana February contract extended the gains of the previous session and settled

1.8% higher w-o-w on concerns over crop yield. Also , there are reports thatlate sowing may delay harvesting of the chana crop in Rajasthan.

Weather to play a crucial role in the coming weeks

Although the Farm ministry has targeted higher Rabi pulses output, particularly

Chana at 7.9 mn tn vs 7.5 mn tn in previous year, the ultimate output would

depend on the weather conditions in major growing belts.

There were reports of extreme cold winters in Rajasthan and even rains in some

parts in the last two weeks. Thus, this may hamper chana yield to some extent.

Chana acreage up by 3.4% , But pulses sowing lags

Total pulses acreage as on 18th Jan 2013 stood at 1142.33 lakh ha, down by

0.6% yoy. As on 11th Jan 2013, pulses acreage was up by 0.4%. Chana sowing is

almost complete and acreage so far is at 91.9 lakh ha, up by 3.4% as on 18th Jan.

Chana acreage is marginally higher by 3% this year in Rajasthan at 14.80 lakh ha,

In Maharashtra, Chana acreage is up at 10.92 lk ha as on 11 Jan 2013 vs normal

area of 10.6 lk ha and 2012 area of 7.04 lakh ha. (Source: State farm dept)

Arrivals in Maharasthra commenced

Chana harvesting is going on in Karnataka & Andhra Pradesh and has

commenced in some parts of Maharashtra too. Harvesting in MP, the largestChana producing belt shall commence in February 2012 while in Rajasthan

harvesting may get delay.

Outlook

Chana futures may extend the gains of the previous week on concerns of over

crop yield. However, sharp upside may be capped as harvesting shall gain

momentum in the coming weeks.

Weekly Strategy

Buy NCDEX CHANA April between 3560-3590, SL -3485, Target - 3700 / 3720


13/20

Black Pepper

Source: Reuters & Angel Research



Pepper Futures traded on a positive note for the fourth consecutive week on back

of low stocks in the domestic markets. Strong winter demand coupled withdemand from the upcountry markets also supported the prices. The Food Safety

and Standards Authority of India sealed the pepper stored in six warehouses at

Kochi of about 8,000 tonnes leaving no stocks on the exchange warehouses. The

Spot as well as the Futures settled 2.45% and 4.14% higher w-o-w.

Indian Pepper is being offered at $8,100/tn (c&f, Europe). A sharp appreciation in

the Rupee has pushed up Indian pepper prices. Vietnam, Malaysia and Indonesia

Austa variety are quoted at $7,000/tn and Brazil is quoted at $6,600/tn.

Averages daily arrivals stood at 8 tn while offtakes stood at 7 tn last week.

Expectations of higher output in 2012-13 According to market sources, Pepper production is expected around 63,000 tn in

2013, while the IPC projects Indias 2013 availability at 70,000 tn.

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 during Jan-Oct 2012 stood at 102,340 mt. Pepper

production from Vietnam decreased to 1 lk tn in 2012 from 1.1 lk tn in 2011.

Exports from Brazil during Jan-Nov 2012 are reported at 25900 tn, as against

32650 tn in the same period last year, down by about 20%.

Outlook

Pepper Futures may correct earlier this week as traders may book profits at

higher levels. However, prices may recover from lower levels due to thin supplies

in the domestic markets. There are no valid stocks available on the exchange as

the after Food Safety and Standards Authority of India sealed the entire quantity

of about 8,000 tn pepper due to quality issues. Higher output expectations

coupled with weak export demand for Indian pepper may pressurize prices.

Weekly Strategy

Buy NCDEX Feb Pepper between 37000-37100, SL- 35700, Tgt-38940/39210 .

Source: Reuters & Angel Research.


14/20

Turmeric

Source: Agriwatch & Reuters



Turmeric Futures corrected for the third consecutive week on the back of huge

carryover stocks. Prices had gained earlier due to buying by the stockists. Lower

output expectations also kept the prices firm. Sowing is reported to be 30-35%

lower compared to last year.

The farmers are reportedly keeping around 12 lakh bags of turmeric with them.

Stocks in Nizamabad reported around 6.5 lakh bags, which is lower than Erode.

According to the weather department, rainfall in the key grown region (Southern

Peninsula) is reported at 10% below normal. The spot as well as the Futures

settled 2.35% and 2.67% lower w-o-w.

Lower acreage of Turmeric for the 2012-13 season

Production of turmeric may decline in 2012-2013 season due to weak monsoon aswell as lower turmeric prices. The area covered under Turmeric in A.P. as on 10th

October, 2012 has been reported at 0.58 lakh hectares. The area covered is lower

as 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 50-55 lakh bags. Production

in 2011-12 is projected at historical high of 10.62 lakh tns.

Outlook

Turmeric prices may correct from higher levels in the initial part of the week as

huge carryover stocks are expected to pressurize prices. Commencement of

harvest of the early crop may keep prices under downside pressure. However, the

downside is expected to be limited as demand from stockists as well as North

India is expected to support prices at lower levels. Traders expect export orders

also to start in the coming weeks. Arrivals of good quality crop may also boost

prices.

Weekly Strategy Sell NCDEX April Turmeric between 6250-6350, SL-6650, Target 5950/5750.




15/20

Jeera

Source: Ministry of Agriculture, Gujarat.



Jeera Futures corrected last week on back of higher sowing data. Sowing in

Gujarat, the major jeera growing state was reported at 3.244 lakh ha till Jan 2013.

Last three years average sowing is around 3.189 lk ha. Total stocks are reported

at around 5-6 lk bags.

The Spot as well as the Futures settled 1.39% and 1.79 lower w-o-w.

Effect of higher production offset by higher exports

Indias 2012 Jeera output is estimated at 40 lakh bags (of 55kgs each), higher than

29 lakh bags in 2011, a rise of 37.9%. However, increase in the exports due to

supply concerns 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 to boost Jeera exports Exports of Jeera rose from 2,369 tn in April 2011 to 2,500 tn in April 2012. Target

for exports in 2012 have been set at 45,000 tn against 35,000 tn in 2011.

According to market sources, about 75% of export targets have been achieved.

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. They

have stopped shipments. There are some export enquiries at lower levels.

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% and

around 50% respectively, raising supply concerns in the international markets.

Indian Jeera in the international market is being offered at $2,925/tn (c&f).

Outlook

Jeera is expected to trade downwards on account of higher sowing coupled with

subdued demand. However, sharp downside may be limited as exporters may buy

at lower levels. Farmers may not also sell their stocks at such low prices.

Weekly Levels Sell NCDEX March Jeera between 13850-13950, SL-14800., Target 12640/12460.


0

1

1

2

2

3

3

Production,

in

LakhT

onnes

Production of Jeera in India



16/20

Soybean


Weekly price performance

NCDEX Soybean settled 0.54% higher on dwindling supplies in the domestic markets

coupled with firmness in the international markets. CBOT soybean settled 0.82%

higher on concerns over dry weather conditions in Argentina.

Rabi oilseed planting 2.8 percent up as on 18h Jan

Rabi oilseeds sowing which was up by 3.5% as on Jan 11th, is now up by 2.2% at 8.53

mn ha. The sowing of mustard, is up 2.8% at 6.7 mn ha.

Oil World cuts Argentine 2013 soybean crop forecast, ups Brazil

Oil World forecasts Argentinas 2012-13 harvest at 52.0 mn tn, down from 53 mn tn

in December 2012, however, it is still higher compared with 39 mn tn produced in

2011-12 season.

Forecast of Brazils 2013 crop to 81.5 million tonnes from 81.0 mn tn forecast inDecember and up from 66.8 mn tn Brazil harvested in early 2012

Higher global stocks to keep international prices under downside pressure

Global soybean production is projected at 269.4 mn tn , up 1.7 mn with gains in the

United States and Brazil only partly offset by a lower projection for Argentina. The

Brazil soybean crop is increased 1.5 million tons to a record 82.5 million reflecting

record area and improving yield prospects.

The Argentina soybean crop is projected at 54 million tons, down 1 mn from the

previous forecast mainly due to lower projected area resulting from excessive

moisture throughout much of the central growing area.

Outlook

Soybean prices may extend the gains of the previous week as supplies are dwindling

in the domestic markets. However, no major upside is expected as international

markets may remain on the downside on expectations of higher south American

output.

Strategy

Buy NCDEX Soybean Feb between 3190-3210, SL -3100, Target - 3340 / 3360


17/20

Refine Soy Oil and Crude Palm Oil


Weekly price performance

Mixed sentiments prevailed across oil complex last week on account of

changes in the import duty and tariff structure of crude and refined palm oilin the domestic markets. CPO prices at MCX and at BMD settled 0.3% and

1.01% lower respectively. AT NCDEX, Feb soy oil futures settled 0.8% higher

while CBOT soy oil settled 0.8% lower w-o-w.

Global Scenario

Exports of Malaysian palm oil products for Jan. 1-25 fell 14.6 percent to

1,104,890 tonnes compared with 1,293,765 tonnes shipped during Dec. 1-25.

Despite reducing export duty, Malaysian palm oil exports remained weak

leading to downside pressure on the prices.

Indonesia, the world's top palm oil producer, will increase its export tax forcrude palm oil to 9% for February from 7.5% in the previous month

Domestic Scenario

India raised the base import price of crude palm oil (CPO) by nearly 80

percent to $802 per tn as part of efforts to curb overseas purchases and

protect domestic oilseed farmers. The government also slapped a 2.5%

import tax on crude vegetable oils.

The government also set the base import price for crude soy oil at $1,190 per

tonnes, up from $580 per tn. India's palm oil imports rose 27.4% on month at

783,091 tn in December.

To reduce imports and protect domestic industries, govt lifted duty on crude

palm oil from 0 % to 2.5 % and also stated that the base import price on crude

palm oil which is currently $447 per ton may be reviewed fortnightly. Increase

in duty may reduce imports and support the upside in the prices.

Strategy: Refine Soy Oil

Buy NCDEX Refined Soya Oil Feb between 713-718, SL -700, Target - 737/ 740

Sell MCX CPO Feb between 443-447, SL -460, Target - 424 / 421


18/20

Sugar



After showing some signs of recovery in the previous week, sugar futures declined

2 percent during the last week on the back of sufficient supplies in the domestic

markets. Liffe Sugar futures declined further by 1.1% w-o-w on account of globalsugar glut in the global markets.

Sugar output projected at 243 lakh tonne for 2012-13

The Indian Sugar Mills Association (ISMA) today revised upward its production

estimate for the 201213 marketing year to 243 lakh tn, up from its previous

estimates of 240 lakh tonnes.

During October 2012 till January 15 , 2012, the country has already produced 108

lakh tonne of sugar against 105 lakh tonne in the year-ago period.

Cane planting for 2013-14 down in key producing states Drought in parts of Maharashtra and Karnataka has hurt fresh sugarcane planting,

which may affect cane availability for sugar year 2013-14 starting October.

Cane planting in Maharashtra and Karnataka which takes place during November

to February, is hit by deficient rains. Even the adsali planting or the 18-month

crop, which gets planted by August, has been lower by about a third in

Maharashtra this year.

Brazil cane crush almost complete at 531.35 mln T

2012-13 Brazilian cane crush was at 531.35 mn tn as of Dec. 31, up from 491.16

mn tn crushed year ago. The 2013/14 crush is likely surpass the current one.

Outlook

Sugar prices are expected to consolidate in the current week. No major downside

is expected as prices are trading at very low levels and government will take

some measure to control prices, which are below the cost of production levels.

However, upside will also be capped on account of sufficient supplies in the

domestic markets.

Strategy

Sell NCDEX SUGAR Feb between 3210-3230, SL -3275, Target - 3145 / 3130


19/20

Kapas/Cotton



Kapas futures declined sharply in the initial part of the last week on account of

higher supplies and comparatively lower demand from the millers. However, pricesrecovered on Thursday on account of short coverings and settled 1.3% lower w-o-w.

ICE Cotton futures and Cotton prices hit seven-month highs and gained 2.5% on

expectations of robust demand from China and expected lower US Cotton crop

acreage for 2012-13 season.

Cotton Advisory Board revised down production estimates

The Cotton Advisory Board on Wednesday, has estimated cotton production this

season (Oct 2012 to Sep 2013) at 330 lakh bales against the previous estimates in

October at 334 lakh bales. However, opening stocks are revised upward. exports

and domestic consumption has been revised upward to 253 and 80 lakh balesrespectively from 250 and 70 lakh bales estimated earlier. As on January 9 this year,

nearly 38 lakh bales were registered for exports.

US Cotton acreage to shift to grains in 2013

According to Reuters survey, the average plantings forecast for the world's third-

largest producer was 10.1 mn acres, which would be down 18%from last year.

Chinese imports to increase

China has finalized selling of cotton reserves to meet demand from domestic textile

companies and may need to import more cotton over the coming weeks to replenish

stockpiles. Imports rose 75 percent in December from a month earlier.

Outlook

Kapas prices may remain under downside pressure on account of sufficient supplies

in the domestic markets to meet the consumption and export demand. However,

sharp fall may be capped amidst firm international markets and hoarding by the

stockiest at lower price levels.

Strategy

Sell NCDEX KAPAS April'13 between 915-920, SL -970, Target - 845 / 835 Source: Reuters * 2013 figs are as per Reuters survey


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 2000

MCX 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 any

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Commodities Weekly Tracker, 29th January, 2013

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Transcript of Commodities Weekly Tracker, 29th January, 2013