commodities weekly tracker 11th february 2013

7/29/2019 Commodities Weekly Tracker 11th February 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

Monday | February 11, 2013

Currencies DX, Euro, INR

Agri Commodities

Chana

Black Pepper

Turmeric Jeera

Soybean

Refine Soy Oil & CPO

Sugar

Kapas


3/20

Commodities Weekly TrackerMonday | | February 11, 2013


4/20

Commodities Weekly TrackerMonday | February 11, 2013


5/20


*Weekly Performance for March contract; Chana, Turmeric and Kapas - April 2013 contract; Mentha Oil and CPO February 2013 contract


6/20


Monday | February 11 2013

GoldWeekly Price Performance Spot gold prices ended with mild firmness by 0.02 percent. The yellow metal

touched a weekly high of $1,684.5/oz and closed at $ 1,666.89/ounce on

Friday.

On the MCX, Gold March contract ended 2.86 percent higher taking cues

from strength in the spot gold and depreciation in the rupee. Gold prices on

the MCX closed at Rs.30,795/10 gms on Friday after touching a weekly high

of Rs.30,890/ 10gms.

Factors that influenced gold prices

Gold prices gained initially after US Federal Reserve continued its bond

buying program until jobs data improves substantially. Further, upward

revision in the US nonfarm payrolls in the November and December 2012

supported an upside in the yellow metal.

Strength in the DX along with dovish statement by the European Central

Bank President that the euro region might witness recovery in 2013 butthere are more downside risks to the economy which erased the earlier

gains in the gold prices.

Outlook

In the coming week, we expect gold prices to witness strength owing to

positive global market sentiments. However, strength in the DX along with

worries of Euro zone region might cap gains in the gold prices. In the

domestic markets depreciation in the Indian rupee act as a supportive factorfor the gold prices on MCX.

Weekly Technical Levels

Spot Gold : Support $1,657/1,646 Resistance $1,681/1695.

Buy MCX Gold April between 30,630-30,600, SL-30,480, Target -30,940.

(CMP: 30,507)


7/20


SilverWeekly Price Performance

Spot silver declined 1.23 percent week on week. The white metal

touched a weekly low of $ 31.26/oz and closed at $ 31.39 per oz on

Friday.

In the Indian markets, MCX silver prices fell 0.5 percent and closed at

Rs. 58,212/kg on Friday and touched a weekly low of Rs. 57,966/ kg.

Fall in the spot silver and weakness in most of the base metals packweighed on the prices of silver on MCX. However, depreciation in the

Indian rupee cushioned fall in the silver prices on MCX.

Factors that influenced silver prices

Silver prices declined taking cues from fall in the base metals pack

coupled with strength in the DX. Renewed worries of the Euro zone

.

However, positive data from the US and China cushioned fall in thesilver prices.

Holdings in the ishares silver trust increased and stood at 10,494.5

tonnes a rise of 0.7 percent as against 10,420.8 tonnes as on February

02nd 2013

Outlook Worries over the Euro zone region and Chinese market remaining

closed for a week on the back of Lunar New Year festivals is expected

to exert a downside pressure on the silver prices. Strength in the DX isalso expected to act as a bearish factor for the silver prices.

In the domestic markets depreciation in the Rupee might cushion fall in

the MCX Silver prices.


Spot Silver : Support $ 31.07/30.73 Resistance $31.85/32.45

Sell MCX Silver March Between 58,280-58,320, SL-58,701, Target -

57,750/57,300


8/20


CopperWeekly Price Performance Copper prices fell 0.4 percent week on week. Copper prices on LME touched a

weekly low of $ 8,176.75 per tonne and closed at $8,276.5per tonne on Friday.

In the domestic markets, MCX copper gained 0.5 percent and closed at Rs. 446.5

per kg on Friday. Depreciation in rupee supported an upside in the copper prices

on MCX.

Copper Inventories LME copper inventories gained 6.4 percent week on week and stood at 399,825

tonnes as against 374,200 tonnes on February 01, 2013.

Copper inventories in the warehouse monitored by the Shanghai fell by 0.2

percent and stood at 196,699 tonnes in the last week.

Factors that influenced copper prices

Po itica turmoi create a ter corruption a egations over Spain Prime Mariano

Rajoy and uncertainty ahead of Italian elections led prices to witness sellingpressure. Strength in the DX added to the losses in the copper prices.

Optimism that the US Federal Reserve will continue with the bond buying

program until jobs data improves in the nation cushioned fall in the LME copper

prices. Additionally, favorable import and CPI data from China erased some of the

losses. But subdued activity ahead of the Lunar Year festival restricted gains in the

copper prices.

Outlook

Copper prices in the coming week is expected to remain subdued ahead of week

log holidays in China on account of Lunar New Year celebrations. This might

reduce the trade participation. Strength in the DX might exert a downside

pressure on the Copper prices. However, favorable imports data from the China

in the last week is likely to cushion fall in the prices.


Buy MCX Copper February between 444-443, SL-439, Target -451

LME Copper: Support $8,140/7,690 Resistance $8,460/8,650 (CMP: $8,291.25)


9/20


Crude OilWeekly Price Performance On a weekly basis, Nymex crude oil prices declined around 2.1 percent.

On the domestic bourses, prices declined by 0.7 percent and closed at

Rs.5,144/bbl on Friday after touching a low of Rs.5,070/bbl in the last week.

Depreciation in the Indian Rupee prevented further fall in the crude oil prices.

US Energy Department Facts and Figures

As per the US Energy Department (EIA) report, US crude oil inventories rose lessthan expected by 2.6 million barrels to 371.70 million barrels for the week

ending on 1st February 2013. Gasoline stocks gained by 1.7 million barrels to

234.0 million barrels and whereas distillate stockpiles fell by 1.0 million barrels

to 129.60 million barrels for the last week.

Factors that influenced crude oil prices

75.0

80.0

85.0

90.0

95.0

100.0

105.0

110.0

4,4004,5004,6004,7004,8004,9005,0005,100

5,2005,3005,4005,5005,600

Nymex and MCX Crude Oil Price Performance

uropean en ra an res en ar o rag s a emen a s reng n e

Euro as a currency, can affect the economic growth in the region which led toexpectations of fall in demand for the fuel.

Decline in total petroleum demand in US by 3.4 percent to 18.1million barrels a

day along with fall in gasoline consumption by 1 percent to 8.42 million barrels a

day for the week ending on 1st February 2013.

Strength in the DX.

However, sharp downside in the crude oil prices were cushioned on the back of

less than expected rise in US crude oil inventories.

Outlook

Crude oil prices are expected to trade on a negative note on the back of decline

in gasoline and petroleum demand coupled with rising US crude oil inventories.

However, sharp downside in the prices will be cushioned as a result of favorable

economic data from US and Euro region.


Nymex Crude Oil: Support: $94.60/93.45 Resistance $96.20/97.40 (CMP: 95.6)

Sell MCX Crude Feb btwn 5170-5180, SL-5242, Target -5090/5030. (CMP: 5143)

MCX cr ude oi l (Rs/bbl) NY MEX Cr ude Oi l ($ /bbl)

320

330

340

350

360

370

380

390

Crude Oil Inventories (mn barrels)


10/20


DX/ INRWeekly Price Performance US Dollar Index (DX) gained 1.5 percent w-on-w. The index settled at 80.316 levels

on Friday after touching a high of 80.35 levels in last week.

The Indian Rupee depreciated and ended 0.8 percent on weekly basis.

Factors that influenced movement in the DX

The index settled higher due to risk aversion created after political uncertainty in

Spain and Italy. However, index erased some of the gains after US Federal Reserve

said that they will continue with their bond buying program until jobs markets

improves substantially.

However, after dovish statement by European Central Bank President in its policy

meeting held on Feb 07, 2013 demand for low yielding currency witnessed a rise.

Factors that influenced movement in the Rupee

Indian Rupee depreciated by 0.8 percent w-on-w taking cues from weak preliminary

GDP data projected by the government to 4.6percent between October 2012 and

March 2013 as compared to 5.4 percent in the first half of the fiscal year. The rupeehad however appreciated in most part of the week owing to continued foreign

institutional inflows along with $2.1 billion share sale in the state run power utility

NTPC Ltd. which was 1.7 times oversubscribed.

FII Inflows

For the month of Jan 2013, FII inflows totaled at Rs 17210.80crores ($3234.48

million) as on 08th February 2013. Year to date basis, net capital inflows stood at Rs.

39,269.80 crores ($7,293.80 million) till 08th February 2013

Outlook

We expect rupee to depreciate as the Indian government downward revises the

growth forecast of the nation for the second half of 2012. Strength in the DX might

also cause depreciation in the rupee. However, continued foreign institutional

inflows might cap depreciation in the rupee.


USD/INR MCX February Support 53.25/52.75 Resistance 54.30/54.8 (CMP: 53.82)

US Dollar Index: Support 79.5/79.1 Resistance 80.65/81 (CMP: 80.13)


11/20


EuroWeekly Price Performance The Euro depreciated by 2 percent in the last week .

The currency touched a weekly low of 1.3352 and closed at 1.3363 against

dollar on Friday.

Factors that influenced movement in the Euro

Political uncertainty created after corruption allegations on Spanish Prime

Minister Mariano Rajoy. Further, European Central Bank President in its policymeeting held on February 07, 2013 said that the region might witness growth

in 2013 but there are downside risks to the economy. This created renewed

worries over debt concerns of the region. Further, the ECB President raised

worries over strength in the currency, the Euro. Additionally, strength in the

DX also exerted downside pressure on the currency.

News

Spanish Unemployment Change rose to 132 K in the month of January ascompared to -59K in December. European policy makers kept the minimum

bid rate steady at 0.75% .

German Factory Orders increased to 0.8% in the month of December as

compared to -1.8% in November. The Industrial production for the region also

witnessed a rise to 0.3% in December as against a decline of 0.2% in

November. German Trade Balance was at a surplus of 16.8 billion Euros in

December as against a previous surplus of $14.6billion a month ago. Retail

Sales of the Euro region fell 0.8 percent in December as against a decline of0.1 percent in November.

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. Weakness

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


EURO/USD SPOT: Support 1.324/1.304 Resistance 1.372/1.357(CMP: 1.338)


12/20

Chana


Weekly Price Performance

Increasing supplies in the domestic markets and higher output estimates exerted

downside pressure on the Chana prices which settled 1.5% lower w-o-w.

Chana acreage up by 5.4% in 2012-13

Chana sowing is 5.4% higher at 94.78 lakh ha compared to previous year. Chana

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

Maharashtra, Chana acreage is up at 11.12 lakh ha vs normal area of 10.6 lakhha. While in AP it is up at 7.27 lakh ha, up by 28%. Compared to previous year. (S

Record Chana Output in 2012-13 Second Advance Estimates

According to second advance Estimates released on 8th Feb 2013, Total pulses

output for 2012-13 has been pegged at 17.58 mn tn, down 3.3% compared to

previous year. However, drought conditions have hampered kharif pulses

, , .

Out of the total pulses output, kharif output is estimated at 23% lower at 5.48mn tn while Rabi pulses output is pegged 8.72% higher at 12.09 mn tn compared

with the final estimates of 2011-12.

There has been a sharp increase in the Chana output estimates. on the back of

5.45 increase in acreage and good yield. Chana output is expected to breach its

2010-11 record of 8.2 mn tn and is estimated at 8.57 mn tn for 2012-13. In its

first advance estimates Chana output was pegged at 7.9 mn tn.

Outlook

Chana Futures may remain under downside pressure in the coming week as the

agriculture ministry has estimated bumper Chana output for 2012-13 season.

Also arrivals shall gain momentum in the coming days and is expected to

increase the supplies in the markets.

Weekly Strategy

Sell NCDEX CHANA April between 3445-3475, SL -3545, Target - 3350 / 3320


13/20

Black Pepper



Pepper March Futures declined last week on reports of improvement in arrivals of

the fresh crop. Prices have gained sharply over the last few weeks on back of low

stocks in the domestic markets coupled with a delay in harvesting of the fresh

crop due to lack of skilled labor. Good winter demand coupled with demand 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 about8,000 tonnes leaving no stocks on the exchange warehouses. The Spot as well as

March Futures settled 1.01% and 3.4% lower w-o-w.

Indian Pepper is being offered at $8,000/tn (c&f, Europe). 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 30 tn while offtakes stood at 28 tn last week.

-

Source: Reuters & Angel Research

According to market sources, Pepper production is expected around 63,000 tn in2013, 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 is expected to decline from higher levels due to higher production

as well as improvement in the arrivals of the fresh crop. Traders expect arrivals to

gain momentum in the coming days. However, low stocks due to lock of pepper in

NCDEX accredited warehouses may support the prices . A delay in harvesting may

damage some berries. There is good demand from the upcountry markets.

Weekly Strategy

Sell NCDEX Pepper March between 36300-36400, SL -37550, Tgt - 34600/34450.

Source: Reuters & Angel Research.


14/20

Turmeric



Turmeric Futures opened the week on a bullish note on concerns over the output

of the crop as well as demand from the stockists. However, prices corrected from

higher levels on account of huge carryover stocks and commencement of harvest

of the fresh crop. 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 settled 0.25% higher while

Futures settled 0.55% 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 as

well as lower turmeric prices. The area covered under Turmeric in A.P. as on 10th


Source: Agriwatch & Reuters

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% lower compared to last

year and is expected around 45-50 lakh bags. Production in 2011-12 is reported

at historical high of 90 lakh bags/ 10.62 lakh tns.

Outlook

Turmeric prices may trade with a positive bias this week. Good demand from

stockists at lower levels coupled with as well as demand from the upcountrymarkets are expected to push up the prices. Traders expect export orders also to

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

However, huge carryover stocks may cap a sharp upside in the prices.

Commencement of harvest of the early crop may also keep a check on the prices.

Weekly Strategy Buy NCDEX Turmeric April between 6130-6160, SL -5950, Target - 6430 / 6460.



15/20

Jeera



Jeera Futures declined sharply last week on reports of commencement of arrivals

of the fresh crop. Sowing in Gujarat, the major jeera growing state was reported

at 3.244 lk ha till Jan 2013. Last 3 years average sowing is around 3.189 lk ha.

Stocks are reported at around 5-6 lk bags.

The Spot as well as the Futures settled 1.25% and 5.06% 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


Source: Ministry of Agriculture, Gujarat.

xpor s o eera rose rom , n n pr o , n n pr . arge

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 $2,950-2,975/tn (c&f).

Outlook

Jeera is may correct from higher levels on commencement of arrivals of the new

crop. 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 Jeera Mar between 13400-13450, SL -14000, Target - 12600/12500.

0

1

1

2

2

3

3

Production,

in

La

kh

Tonnes

Production of Jeera in India



16/20

Soybean


Weekly price performance

Soybean futures declined in the early part of the week after the release of oil meal

export figures which jumped 40 percent in January. However, prices declined

sharply towards the week end as the USDA monthly report released on Friday

pegged higher global end stocks. NCDEX March contract settled 0.65% lower w-o-w.

Oil meal exports up 40 percent in January 2012

Oil meal exports rose 40% to 7.68 lakh tn in January 2012. The export of oil meals,however declined by 18% to 36.79 lakh tn in the first 10 months of this fiscal.

The country exported 25.36 lakh tn soybean meal in first 10 months compared to

30.82 lakh tn in the same period last year which showing a decline of 17.72%.

Oilseeds output down 1.1% , soybean and mustard up 3.2% & 11.52%

According to the second advance estimates, 2012-13 oilseed output is pegged at

. mn n, own y . , e soy ean an mus ar see ou pu s pegge

higher at 12.9 mn tn and 7.36 lakh tn.

USDA pegs lower end stocks

USDA raised its forecast of global 2012/13 soybean ending stocks above 60 mn tn ,

up from 59.46 mn in January and settled 2.3% lower on Friday. Upward revision in

Brazils soy output is offset by downward revision in the Argentina production.

However, persistent dry, hot weather in much of Argentina is hurting 2012-13 crops

as they enter crucial growth stages, and rains are needed to safeguard potential

yields. Thus output may be revised down further.

China, the world's largest soy buyer, imported 4.78 mn tn of soybeans in January,

down 18.8 percent from 5.89 mn tn in December.

Outlook

Soybean complex might trade with downward bias initially on expectations of Rabi

crop arrivals to commence soon. However, prices may again recover if dry weather

conditions continue in Argentina raising concerns over crop yield.

Strategy

Sell NCDEX Soybean March between 3230-3260, SL -3340, Target - 3110 / 3090.


17/20

Refine Soy Oil and Crude Palm Oil


Weekly price performance

Edible Oil complex remained in the negative territory on account of weak

Malaysian palm oil futures which declined on the back of record stocks of

palm amid lower exports.

Despite zero duty on Malaysian palm oil exports, overseas demand

remained lower for Malaysian palm oil. CPO prices at MCX and at BMD settled

0.1% and 1.2% lower respectively. AT NCDEX and CBOT, soy oil futures settled3.21% and 12.9% lower w-o-w.

Global Scenario

Malaysian palm oil product exports during January fell 7%to 1,458,475 tn

from 1,568,510 to tn in December.

Indonesia, the world's top palm oil producer increased its export tax for crude

pa m o o or e ruary rom . n e prev ous mon .

There are reports that Indonesian province, East Kalimantan , may halt palmexpansion. Palm oil plantations now cover about 7 lakh ha of East Kalimantan

and produce 2 mn tn of output each year.

Domestic Scenario

India is working to promote self-sufficiency in edible oil supply so that the

country doesn't need to import to meet domestic demand.

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

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

domestic oilseed farmers.

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

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

783,091 tn in December.

Strategy: Refine Soy Oil

Sell NCDEX Ref Soya Oil March between 703-707, SL -722, Target - 680 / 675

Buy MCX CPO Feb between 442-446, SL -432, Target - 461 / 465


18/20

Sugar



Sugar March contract declined sharply in the early part of last week on account of

higher production and availability in the domestic markets and comparatively

lower demand amid winter season. However, prices recovered towards the later

part of the week on hopes of partial decontrol of sugar industry. ICE Raw sugar

declined further on account of higher supplies of sugar in the global markets.

India's Oct-Jan sugar output up 3 pct y/y Out of the estimated 24 mn tn sugar output for the season 2012-13, Indian 13.7

mn tn in the first four months of the season beginning October 2012, up 3

percent a year ago period.

With the opening stocks of 6.5 mn tn, domestic Sugar supplies are estimated at

30.5 mn tn against the domestic consumption of around 22. 5mln tn for 2012-13.

Exports are not viable as international prices have also declined significantly.

India to decide on sugar decontrol before budget

Food minister on Thursday said the government is likely to take a decision on

decontrolling the sugar industry before the Budget. Food ministry has proposed

dispensing with the regulatory release mechanism and abolishing the levy system.

USDA boosted US 2012-13 sugar output

The USDA on Friday boosted its domestic sugar supply forecast in 2012-13,

projecting record production. U.S. sugar production in the current marketing year

is pegged at 9.22 mn short tn, up from last month's estimate at 9.07 mn tn.

If the forecast is realized, it will be a record high, exceeding the record 9.032million short tons harvested in the United States in 1999-2000.

Outlook

Sugar futures are expected to consolidate at the lower levels as markets may

adopt a wait and watch policy expecting government to take decision levy sugar

mechanism, one of the major reforms of sugar decontrol.

Strategy

NCDEX SUGAR March Trend Sideways- S2-2980 S1- 3020, R1-3120, R2-3190.


19/20

Kapas/Cotton



Kapas futures continued with downward trend and settled 1.45% lower w-o-w on

the back higher supplies and comparatively weak demand. ICE Cotton consolidated

around 82 cents per pound levels after gaining sharply in the past few weeks.

International cotton markets are although flooded with huge stocks of cotton, still

prices were on an uptrend on expectations of higher Chinese imports and lower US

cotton planting expectations for next season.

Domestic Cotton Arrivals down 6.5 percent on year as on 20th Jan 2013

Cotton supplies from the new crop in the domestic markets until Jan. 20 fell were

down at 134 lakh bales, down from 144 lakh bales a year earlier.

Cotton Advisory Board revised down production estimates

The Cotton Advisory Board in January has estimated cotton production this season

c o ep a a a es aga ns e prev ous es ma es n c o er

at 334 lakh bales. Exports and domestic consumption has been revised upward to

253 and 80 lakh bales respectively from 250 and 70 lakh bales estimated earlier..

USDA estimates higher global end stocks

The U.S. government on Friday nudged higher its global cotton stockpile forecast for

2012/13 amid expectations that China, the world's largest textile market, will import

even more fiber for its massive strategic supply.

However, the government lowered US carryover by 3 lakh bales, or 6%, to 4.5 mn

bales due to an increase of the same size in its export estimate to 12.5 million bales.

Outlook

Kapas prices may trade with upward bias during the week on account of bargain

buying at lower levels. Also, firmness in the international markets amid lower US

cotton planting intentions for 2012-13 may support an upside in the domestic

cotton prices. However, sufficient supplies in the domestic markets and lower export

demand expectations may pressurize prices.

Strategy

Buy NCDEX KAPAS April'13 between 902-907, SL -870, Target - 955 / 960

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 7700

Corporate 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

recipient hereof for any purpose without prior permission from Angel Commodities Broking (P) Ltd. Your feedback is appreciated on [email protected]

commodities weekly tracker 11th february 2013

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