E

MCX DAILY LEVELS ✍

DAILY EXPIRY R4 R3 R2 R1 PP S1 S2 S3 S4

ALUMINIUM 31-SEP-2015 113 111 109 107 107 105 104 102 100

COPPER 31-SEP-2015 323 319 315 313 311 309 307 303 299

CRUDE OIL 19-SEP-2015 3201 3117 3033 3004 2949 2920 2865 2781 2697

GOLD 05-OCT-2015 32363 31858 31353 31137 30848 30632 30343 29838 29333

LEAD 31-AUG-2015 136 134 132 131 129 128 127 125 122

NATURAL GAS 26-AUG-2015 199 195 191 189 187 185 183 179 175

NICKEL 31-AUG-2015 693 685 677 673 669 665 661 653 645

SILVER 04-SEP-2015 49312 47812 46312 45324 44812 43824 43312 41812 40312

ZINC 31-AUG-2015 162 160 159 158 157 157 156 154 153

MCX WEEKLY LEVELS ✍

WEEKLY EXPIRY R4 R3 R2 R1 PP S1 S2 S3 S4

ALUMINIUM 31-AUG-2015 119 115 111 109 107 105 103 99 95

COPPER 31-AUG-2015 340 330 320 315 310 305 300 290 280

CRUDE OIL 19-AUG-2015 3918 3619 3320 3147 3021 2848 2722 2423 2124

GOLD 05-OCT-2015 32457 31924 31391 31155 30858 30622 30325 29792 29259

LEAD 31-AUG-2015 147 141 134 132 128 126 122 115 109

NATURAL GAS 26-AUG-2015 226 214 202 194 190 182 178 166 154

NICKEL 31-AUG-2015 738 713 688 679 663 654 638 613 588

SILVER 04-SEP-2015 51255 49014 46773 45504 44532 43263 42291 40050 37809

ZINC 31-AUG-2015 168 164 160 159 156 155 152 149 145

Monday, 05 September 2016

WEEKLY MCX CALL

BUY GOLD OCT ABOVE 3100 TGT 31350 SL 31097

PREVIOUS WEEK CALL

SELL ZINC AUG BELOW 154 TGT 152 SL 156 - SL TRIGGERED

SELL CRUDEOIL SEP BELOW 3120 TGT 3062 SL 3173 - TGT ACHIEVED

NCDEX DAILY LEVELS✍

DAILY EXPIRY

DATE

R4 R3 R2 R1 PP S1 S2 S3 S4

SYOREFIDR 20-AUG-2015 684 672 660 656 648 644 636 624 612

SYBEANIDR 20-AUG-2015 3455 3407 3359 3341 3311 3293 3293 3215 3167

RMSEED 18-SEP-2015 4918 4843 4768 4742 4693 4667 4618 4543 4468

JEERAUNJHA 18-SEP-2015 18885 18595 18305 18170 18015 17880 17725 17435 17145

GUARSEED10 20-OCT-2015 3628 3577 3526 3505 3475 3454 3424 3373 3322

TMC 20-SEP-2015 7961 7633 7305 7087 6977 6759 6649 6321 5993

NCDEX WEEKLY LEVELS✍

WEEKLY EXPIRY

DATE

R4 R3 R2 R1 PP S1 S2 S3 S4

SYOREFIDR 20-AUG-2015 700 682 664 658 646 640 628 610 692

SYBEANIDR 20-AUG-2015 3635 3526 3417 3369 3308 3260 3199 3090 2981

RMSEED 18-SEP-2015 5233 5040 4847 4781 4654 4588 4461 4268 4075

JEERAUNJHA 18-SEP-2015 19832 19187 18542 18288 17897 17643 17252 16607 15962

GUARSEED10 20-OCT-2015 3868 3727 3586 3535 3445 3394 3304 3163 3022

TMC 20-SEP-2015 9008 8366 7724 7296 7082 6654 6440 5798 5156

WEEKLY NCDEX CALL

BUY JEERA OCT ABOVE 18300 TGT 18803 SL 17798

BUY MAIZERABI SEP ABOVE 1550 TGT 1609 SL 1489

PREVIOUS WEEEK CALL

BUY JEERA SEP ABOVE 18100 TGT 18600 SL 17690 - NOT EXECUTED

FOREX DAILY LEVELS✍

DAILY EXPIRY

DATE

R4 R3 R2 R1 PP S1 S2 S3 S4

USDINR 29 AUG 2016 67.75 67.55 67.35 67.15 67 66.80 66.60 66.40 66.20

EURINR 29 AUG 2016 75.85 75.65 75.45 75.25 75.05 74.85 74.65 74.45 74.20

GBPINR 29 AUG 2016 89.80 89.60 89.40 89.20 89 88.80 88.60 88.40 88.20

JPYINR 29 AUG 2016 65.65 65.45 65.25 65.05 64.80 64.60 64.40 64.20 64

FOREX WEEKLY LEVELS✍

DAILY EXPIRY

DATE

R4 R3 R2 R1 PP S1 S2 S3 S4

USDINR 29 AUG 2016 68.10 67.80 67.50 67.20 66.90 66.60 66.30 66 65.70

EURINR 29 AUG 2016 76.20 75.90 75.60 75.30 75 74.70 74.40 74.10 73.80

GBPINR 29 AUG 2016 90.20 89.90 89.60 89.30 89 88.70 88.40 88.10 87.80

JPYINR 29 AUG 2016 66 65.70 65.40 65.10 64.90 64.70 64.50 64.30 64.10

WEEKLY FOREX CALL

BUY GBPINRSEP ABOVE 89.20 TGT 89.77 SL 88.64

BUY JPYINR SEP ABOVE 65.49 TGT 66.10 SL 64.98

PREVIOUS WEEK CALL

BUY GBPINRSEP ABOVE 89.15 TGT 90 SL 88.44 - NOT EXECUTED

MCX - WEEKLY NEWS LETTERS

GLOBAL UPDATE ✍

✍ INTERNATIONAL UPDATE

Oil futures edged up on Tuesday as the U.S. dollar backed off a two-week high hit the day before,

although doubts that crude producers would agree next month to an output freeze continued to drag

on prices. The U.S. dollar has retreated from Monday's peak as investors look ahead to jobs data

this week that Federal Reserve Vice Chair Stanley Fischer has said will be important to whether the

U.S. central bank raises interest rates soon. A weaker dollar makes oil purchases cheaper for buyers

using others currencies, potentially spurring demand. Yet doubts of agreement in talks on an output

freeze among members of the Organization of the Petroleum Exporting Countries continues to

weigh on prices. "There's a feeling that the OPEC production freeze talks might result in something

positive, but it's just talk," Brent crude futures were trading at $49.38 per barrel at 0505 GMT, up

12 cents from their previous close. U.S. West Texas Intermediate crude was up 17 cents at $ 47.15

a barrel. Saudi Arabian Energy Minister Khalid Al-Falih told Reuters last week he does not believe

an intervention in oil markets is necessary since the "market is moving in the right direction".This

was followed by the United Arab Emirates energy minister Suhail bin Mohammed al-Mazroui

saying OPEC's current share of the oil market is "at a good level". As well, Iraq - which increased

crude exports this month from its southern ports compared with July - will continue ramping up

output, its oil minister said on Saturday.

Gold gave up early gains in Asia on Tuesday as the dollar gained further and data sets from Japan

showed noted improvement as investors looked ahead to non farm payroll figures in the U.S. at the

end of the week for a clearer view of a possible Fed rate hike this year. Gold for December delivery

on the Comex division of the New York Mercantile Exchange fell 0.06% to $1,326.255 a troy

ounce. Silver futures on the Comex were nearly steady at $18.770 a troy ounce, while copper

futures gained 0.29% to $ 2.090 a pound. In Japan, household spending fell 0.05% in July year-on-

year, less than the 0.9% decline expected, and gained 2.5% month-on-month, beating the 1.1%

increase seen. The unemployment rate fell to 3.0%, below the expected 3.1% level seen. Also in

Japan, retail sales dipped 0.2% in July month-on-month, compared with a 0.9% drop expected.

Overnight, gold prices held on to overnight losses in North American hours on Monday, trading at

five-week lows after senior Federal Reserve officials indicated a U.S. interest rate increase was on

the cards in the near term. Odds for an interest rate hike from the Federal Reserve in the coming

months spiked after Fed Chair Janet Yellen said Friday that the case for an increase was

strengthening, while Vice Chairman Stanley Fischer indicated a tightening is possible at the next

review in September.

Gold gained in Asia on Tuesday as investors looked ahead to nonfarm payroll figures in the U.S. at

the end of the week for a clearer view of a possible Fed rate hike this year. Gold for December

delivery on the Comex division of the New York Mercantile Exchange edged up 0.07% to $

1,328.05 a troy ounce. Silver futures on the Comex rose 0.49% to $ 18.860 a troy ounce, while

copper futures gained 0.05% to $ 2.085 a pound. Overnight, gold prices held on to overnight losses

in North American hours on Monday, trading at five-week lows after senior Federal Reserve

officials indicated a U.S. interest rate increase was on the cards in the near term. Odds for an

interest rate hike from the Federal Reserve in the coming months spiked after Fed Chair Janet

Yellen said Friday that the case for an increase was strengthening, while Vice Chairman Stanley

Fischer indicated a tightening is possible at the next review in September.

Crude rebounded slightly in Asia on Tuesday as investors took advantage of a sharp overnight fall

ahead of U.S. industry estimates on stockpiles later in the day. Crude oil for October delivery on the

New York Mercantile Exchange edged up 0.06% to $ 47.01 a barrel. The American Petroleum

Institute will release its estimates of crude and refined product stock at the end of last week, while

the U.S. Department of Energy reports more closely-watched data on Wednesday. Overnight, oil

prices extended overnight losses during North American hours on Monday, falling almost 2% as a

broadly stronger U.S. dollar and fading hopes of a production freeze weighed on sentiment.

Meanwhile, on the ICE Futures Exchange in London, Brent oil for November delivery declined 74

cents, or 1.48%, to trade at $ 49.41 a barrel. Oil's losses came as the U.S. dollar climbed to a two-

week high following hawkish comments from two top Federal Reserve officials that hinted at a

potential U.S. interest rate hike as early as next month. Fed Chair Janet Yellen said Friday at a

gathering of central bankers in Jackson Hole, Wyoming, that the case for an increase was

strengthening, while Vice Chairman Stanley Fischer indicated a tightening is possible at the next

review in September. An increase in U.S. interest rates tends to lift the dollar, which would make

oil more expensive for traders who conduct business in other currencies. Meanwhile, chances that

the upcoming meeting among major oil producers in late September would yield any action to

reduce the global glut appeared minimal after Iran said it would only cooperate in talks to freeze

output if fellow exporters recognized its right to fully regain market share.

U.S. natural gas futures rose for the seventh session in a row on Monday to hit the highest level in

eight weeks as forecasts for warmer than normal temperatures across most parts of the continental

U.S. in the days ahead boosted demand expectations for the cooling fuel. Natural gas for delivery in

October on the New York Mercantile Exchange touched an intraday peak of $ 2.931 per million

British thermal units, the most since July 5. It was last at $2.924 , up 1.1 cents, or 0.38%. Futures

soared more than 11% last week as traders reacted to forecasts for scorching heat across most of the

continental U.S. through September 5 and as traders eyed potential storm activity in the Gulf of

Mexico. Demand for natural gas tends to rise in the summer months as warmer temperatures

increase the need for gas-fired electricity to power air conditioning. Meanwhile, U.S. storage levels

remained in focus. Total gas in storage currently stands at 3.350 trillion cubic feet, according to the

U.S. Energy Information Administration, 8.3% higher than levels at this time a year ago and 8.2%

above the five-year average for this time of year. Some market analysts said persistent heat late into

the season could push power generators to continue burning gas. Unless intense late-summer heat

boosts demand from power plants, stockpiles could possibly test physical storage limits of 4.3

trillion cubic feet at the end of October.

✍ GOLD

Gold edged lower on Monday as the dollar got a boost after hawkish comments from Federal

Reserve Chair Janet Yellen left the door open to a US interest rate hike as early as next month. The

case for raising U.S. interest rates has strengthened in recent months due to improvements in the

labor market and expectations for moderate economic growth, Fed Chair Janet Yellen said on

Friday. Spot gold had dipped 0.21 per cent to $ 1,318.06 per ounce at 0614 GMT. The metal closed

last week down 1.5 per cent. US gold futures fell 0.35 per cent to $1,321.20. "We think the pressure

on gold will likely increase as we go into September, as participants are now more willing to bet on

a rate hike given what they have gleaned from top Fed officials on Friday," INTL FCStone analyst

Edward Meir said in a note.

Ever since the government announced a 10% import duty on gold and 15% on jewelry, jewelers

had been looking for loopholes in free trade agreements which allows import of gold jewelry at 1%

duty. This, too, was plugged in March when the government imposed countervailing duty on

jewelry. However, jewellers seem to have finally found a route to avoid the high levies: they have

started importing gold utensils like glass, spoons, tumblers and bowls at 1% duty which are later

converted into bars to make jewelry. So far, the quantity of gold entered through this route is not

alarming since importers are still testing the mechanism. Since April, only about 300-500 grams is

estimated to have been imported from April. In the past, jewelry up to 1-2 tonnes per month is

reported to have been imported via this route. Since gold import duty was increased over the past

few years, now government has not able to get the FTAs signed. And jewelers have found ways to

circumvent government efforts to plug this loophole. In South Korea, for example, special

machinery was bought to make such utensils. Another country from where such concessional gold

is entering India is Indonesia. South Korea and India have signed a Comprehensive Economic

Partnership while India and Asian have signed a Free Trade Agreement. Industry officials say that

once import duty on gold is rolled back to at least 5%, “…this arbitrage will end as there is also a

cost to import and not just the basic Customs Duty”. A similar argument for reducing gold

smuggling is also being made by trade and industry associations.

Gold stood above two-month lows touched in the prior session as investors waited for US non farm

payroll numbers later this week for clues on the timing of a Federal Reserve rate hike, but the

bullion was on track for its first monthly decline since May. Spot gold was up 0.1 per cent at $

1,312.55 per ounce at 0654 GMT on Wednesday. The metal fell 1 per cent to $ 1,308.65 on

Tuesday, its lowest since June 28. Gold was heading for a drop of 2.8 per cent in August. US gold

futures were mostly unchanged at $ 1,315.50 "There is some buying today people are taking the

view that gold is going to fluctuate within a tight range prior to a strong signal from the Fed," said

Richard Xu, a fund manager at HuaAn Gold, China's top gold exchange-traded fund. US consumer

confidence rose to an 11-month high in August, with households more upbeat about the labour

market, in a further sign that the economy was regaining steam after faltering in the first half of the

year. Fed Chair Janet Yellen said on Friday the case for higher rates was strengthening, although

she gave little clarity on the timing of a move. In an interview on Tuesday, Vice Chair Stanley

Fischer said the US, job market is nearly at full strength and that the pace of rate increases by the

Fed will depend on how well the economy is doing. The pace of rate hikes is heavily dependent on

US economic data. Friday's nonfarm report for August, as well as other data, could reinforce

hawkish messages from Fed officials. Gold is highly sensitive to rising US interest rates which

increase the opportunity cost of holding non-yielding bullion while boosting the dollar in which it is

priced. Gold has a strong downside obstacle at $ 1,304 and an inability to break it may see a relief

rally, said Hareesh V, research head at Kochi, India-based Geofin Comtrade Ltd.

"Slipping past $1,304 will likely trigger a major selloff and probably take prices lower towards

$1,280 initially followed by $1,220, where the 200-day moving average support is placed." Spot

gold may retest a support at $1,308 per ounce, with a good chance of breaking below this level, and

falling more to the next support at $1,303, according to Reuters technical analyst Wang Tao. Silver

edged higher 0.7 per cent to $18.69 an ounce. Platinum was flat at $ 1,053.24. It touched an eight-

week low of $ 1,048 Tuesday. Palladium rose 0.6 per cent after touching a five-week low of $

670.72 in the previous session.

✍ CRUDE OIL

Crude prices rose on Friday after losses of more than 3 per cent a day earlier, with investors

treading cautiously ahead of key US employment data that will help gauge the health of the world's

largest economy and oil consumer. Brent crude had climbed 27 cents to $45.72 a barrel by 0426

GMT, while US West Texas Intermediate crude futures were up 24 cents at $43.40 a barrel, buoyed

by a weaker dollar. Though rising in this session, Brent and WTI are on track for their biggest

weekly losses since mid-January, hit by oil inventory builds and weak US manufacturing data.

"Downward momentum is a feature of the oil market,". "The end of the U.S. driving season and the

prospect of building inventories create downward risk for the oil price and may see further pressure

on energy stocks today." Investors are looking ahead to non-farm payroll data later in the day for a

sense of the direction of the US economy, with a strong reading seen boosting the chance of a

Federal Reserve interest rate hike soon. A rate rise may strengthen the US dollar, which could

depress oil prices as it would make the dollar-denominated commodity more expensive for holders

of other currencies. Friday's oil price gains may be capped by concerns of slowing global economic

growth. There is also growing skepticism among traders that the Organization of the Petroleum

Exporting Countries and other producers such as Russia will agree to freeze production at a

meeting in Algeria later this month. However, lending credence to a freeze, Saudi Arabia, the

world's biggest crude exporter, has appeared to change its stance and is likely to support production

stabilization at the meeting. But further clouding the issue, Russian Energy Minister Alexander

Novak on Friday played down the potential for talks on a possible output freeze.

Oil prices fell early on Wednesday as an unexpected build in US crude stocks weighed on markets,

along with concerns that Chinese crude demand could falter as Beijing clamps down on alleged tax

evasion in the oil industry. International Brent crude oil futures were trading at $ 49.57 a barrel at

0054 GMT, down 39 cents, or 0.8%, from their last close. US West Texas Intermediate crude was

down 46 cents, or 1%, at $47.64 a barrel. Robust Chinese crude demand growth has been driven by

independent refiners, also know as teapots, who began to import crude last June after obtaining

government crude import quotas and licenses. But Beijing's crackdown on alleged tax evasion in

the oil industry, targeting the teapots, threatens to put a lid on Chinese demand. "The question now

is whether the teapots will start cutting runs," a Singapore-based trader said, adding that falling

Chinese demand would be a double whammy for the oversupplied crude market. Reinforcing

concerns about market oversupply, US crude stocks surprisingly rose last week, even though

gasoline inventories fell sharply and distillate stocks drew, data from industry group the American

Petroleum Institute showed on Tuesday.

Oil prices dipped in Asia on Friday after Saudi Arabia's oil minister cast doubt on the need to cut

output, denting hopes for a deal at talks next month aimed at addressing a global supply glut. The

commodity rallied for seven straight sessions and entered a bull market – a 20 per cent rise from

recent lows – last week after Organization of the Petroleum Exporting Countries and Russia

announced plans to discuss the supply crisis, which has hammered the crude market for more than

two years. Prices have taken a beating this week on concerns about the chances of success at the

Algeria meeting, but they turned higher on Thursday when Iran said it would join in, clearing up

days of uncertainty over its attendance. However, OPEC kingpin Saudi Arabia's energy minister

Khalid Al-Falih revived worries about the success of the gathering. In an interview, he told

Bloomberg News: "I don't believe that an intervention of significance is required. I certainly don't

advocate a cut."

✍ COPPER

Copper prices were up by 0.24 per cent to Rs 308.70 per kg in futures trade on Monday as traders

enlarged positions, driven by pick up in demand from consuming industries in the spot market. At

the Multi Commodity Exchange, copper for delivery in August month edged up by 75 paise, or

0.24 per cent to Rs 308.70 per kg in business turnover of 8,533 lots. Likewise, the metal for

delivery in far-month November traded higher by 60 paise, or 0.19 per cent to Rs 314.85 per kg in

2130 lots.

NCDEX - WEEKLY MARKET REVIEW

JEERA✍

➢ The fact that no ‘moisture stress’ has been reported with respect to any major rain-fed Kharif crop so far this season goes to make this monsoon special. KJ Ramesh, new Director-General, India Met Department (IMD), says this is how it gets bench marked as ‘a season of good and distributed rain.’ Reported acreages of crucial crops such as pulses and oil seeds are extremely good. These areas continue to receive intermittent rain, Ramesh told Business Line over telephone from Delhi. “There is no need for any concern as far as the quantum of rainfall is concerned. There has not been any report of the rain-fed kharif crop suffering from lack of adequate rainfall,” he said. Ramesh says he has been more focused on the situation in the pulses and oilseed-growing areas of Marathwada, Madhya Maharashtra, North Interior Karnataka, Rayalaseema, Telangana, Vidarbha, Madhya Pradesh, Gujarat and east Rajasthan

➢ To check spiraling price of sugar, which has crossed Rs 40 per kg, the government today imposed stock limits on sugar mills during the festival season till October-end. The decision to impose stock limit on millers would boost availability of sugar in the open market and help in controlling the price rise. "It has been decided to impose stock limit on sugar stock to be held by sugar mills at the end of September and October, 2016," Food Minister Ram Vilas Paswan tweeted. The stock limit on sugar at the end of October,2016 is 24% of the total sugar available with sugar mills during 2015-16 sugar season. This is the first time that the government has imposed curbs on the Rs 80,000-crore sugar industry ever since it was partially decontrolled in 2013. As per the decision, mills should not, at the end of September, hold more than 37 per cent of their total sugar available with them during the entire 2015- 16 marketing year. At the end of October, the sugar stock should not be more than 24 per cent of the total supply. Sugar marketing year runs from October to September.

➢ Castor seed sowing may decline by 25 to 40 per cent in the year 2016-17 as farmers shift further in favor of groundnut and pulses. According to Solvent Extractors' Association of India, since the past three years, castor seed prices have been under pressure due to higher production and demand fluctuation in castor oil. As per the agriculture department of India, as on August 19, total sowing of castor seed has reached to 425,000 hectares, down by 15 per cent from 502,000 hectares in corresponding period last year. India's total sowing was about 1.13 million hectares in 2015-16. Gujarat which is the largest castor seed producer state in India has sown 327,200 hectares as on August 22, 2016 as against 500,700 hectares in last year. "Since the past three years, prices of castor and castor oil have been under pressure and on the other hand, crops like groundnut and pulses are offering better returns to farmers. This may translate into lower sowing of castor seed by anywhere between 25 per cent and 40 per cent in India this year," said Haresh Vyas, co-chairman of SEA Castor seed and Oil Promotion Council and director of Royal Castor, Mumbai. India is the largest producer of castor seed in the world and biggest exporter of the castor oil. Due to high production and good carry over stock of the commodity, prices of castor oil in international market is now ruling at $ 1,033 per tonne as against $ 1,247 in July 2015 and $ 1,440 per tonne in July 2014. According to a survey report by SEA, castor seed production in India was estimated at 1.39 million tonnes for the year 2015-16 as against 1.35 million tonnes in 2014-15. "Export of castor oil

has been almost stagnant in the past few years from India and this has laid pressure on castor oil prices," Vyas said. India exported about 434,645 tonnes of castor oil during April-February 2015-16. In 2014-15, the country had exported 459,378 tonnes of castor oil.

➢ At a recent meeting with representatives of Russia's phytosanitary body, Rosselkhoznadzor, the government sought an expansion in the permissible number of commodities and exporters. Delhi is primarily looking to enhance export of dairy products, buffalo meat, groundnut, fish and sea food. "Russia has accepted Indian Veterinary Service proposals for inclusion into the protocol on dairy product import from India," said a senior government official. With a meeting scheduled this month of the Russia-India Intergover-nmental Commission on trade and economic, scientific, technical and cultural cooperation, both governments are likely to allow creation of a sub-group on agricultural products. This would allow regular discussion on cooperation between the Russian and Indian bodies on veterinary science and phytosanitary standards. Data from the Agricultural & Processed Food Products Export Development Authority showed India's overall agri export declined 25 per cent in value terms to $146.7 mn in 2015-16 from the $ 195.4 million in 2013-14. In volume terms, too, shipments fell by 25 per cent in these two years, from 214,198 tonnes in FY14 to 160,230 tonnes in FY16. India, Russia discuss falling agri exports A note from Rosselkhoznadzor official Vasily Lavrovsky says India had yet to approve the standard form of the veterinary certificate for heat-treated dairy products. "Absence of a harmonised certificate might become an impediment for Indian dairy product import (into Russia)...two Indian plants interested in import of dairy products to the Russian market were included in Register," he added.

✍ SOYABEAN

After the latest field survey of the soybean crop in key growing regions, trade bodies expect a

‘much bigger’ crop this year against last year’s estimated 69 million tonnes (mt) of production.

Soybean prices are likely to dip by 8-10 per cent on higher production estimates this kharif. In its

crop health survey conducted from August 21-29, the Soybean Processors Association of India

(SOPA) found ‘satisfactory crop health’ in Madhya Pradesh, Maharashtra and Rajasthan, covering

41 districts and 85 per cent of the soyabean area. “The trade body reported a drop of about 9 per

cent in the acreage in Madhya Pradesh, and 8 per cent in Rajasthan. But Maharashtra witnessed an

increase by about 6 per cent over the last kharif season.

Lower soy meal exports and higher soyoil imports is further pressurizing the prices. The export of

soybean meal and its other value added products during July 2016 is just 12,272 tons compared to

30,688 tons in July 2015 down 60% Y/Y. As on Aug 26, soybean is 112.1 lh , down around 1.8%

lower from a year ago level. The acc to a survey report released SOPA, the overall condition of

soybean crop in the country is "satisfactory" with over 30% of crop in good-to-verygood condition,

and nearly 60% in normal condition. In MP, the largest grower of soybean, acreage fell 9.2% fro

TURMERIC✍

Turmeric futures closed lower on Thursday on lower up country demand and good forecast of rains

in south during next fortnight. Turmeric Sep’16 delivery contract on NCDEX closed 2% down to

settle at Rs 7,154 per quintal. The demand from the industrial may support prices. The prices of

turmeric are moving sideways to down due to mixed fundamentals of good sowing acreage coupled

with declining supplies. Turmeric acreage in Telangana as on 24 Aug was up 15.4 % at 45,000

hectares as compared to 39,000 hectares last year. Sowing of turmeric is over in 93 % of normal

area and up by 110 % of normal sowing area. As per dept of commerce data, turmeric exports in

April- May 2016 increased by 31% compared to last year at 21,256 tonnes. As per Spice Board

India, country exported about 29,000 tonnes of turmeric during April-June period up by 20%

compared to same period last year. The arrivals in the main physical markets such as Nizamabad,

Duggirala (AP), Salem, Erode and Sangli reported decreasing. There is expectation of lower

arrivals and good upcountry demand may lend support in coming weeks

✍ JEERA

Jeera futures closed higher yesterday on picking up demand in physical market. NCDEX Sep’16

Jeera closed 1.38% higher to close at Rs 18,000 per quintal. The export demand expected to pick up

as prices have corrected enough in last 2 weeks. There is good demand from China and other

countries and may support the prices. In the next few months, the prices will depend on export

demand. {{ According Spice board India data, the exports of Jeera in the first three months (Apr-

Jun) of 2016-17 is at 41,000 tonnes, higher by 55% compared to last year same time. As per the

trade sources, India's jeera exports rose nearly 25% to around 50,000 tonnes in Apr-Jul from 40,000

tn in the year-ago period due to good demand from China and Bangladesh. As per 4thadvance

estimate of Gujarat State for 2015-16, production is pegged at 2.38 lt compared to 1.97 lt in 2014-

15. In 2013-14, production was 3.46 lt.

LEGAL DISCLAIMER

This Document has been prepared by Ways2Capital (A Division of High Brow Market Research

Investment Advisor Pvt Ltd). The information, analysis and estimates contained herein are based on

Ways2Capital Equity/Commodities Research assessment and have been obtained from sources

believed to be reliable. This document is meant for the use of the intended recipient only. This

document, at best, represents Ways2Capital Equity/Commodities Research opinion and is meant for

general information only. Ways2Capital Equity/Commodities Research, its directors, officers or

employees shall not in any way to be responsible for the contents stated herein. Ways2Capital

Equity/Commodities Research expressly disclaims any and all liabilities that may arise from

information, errors or omissions in this connection. This document is not to be considered as an offer

to sell or a solicitation to buy any securities or commodities.

All information, levels & recommendations provided above are given on the basis of technical &

fundamental research done by the panel of expert of Ways2Capital but we do not accept any liability

for errors of opinion. People surfing through the website have right to opt the product services of their

own choices.

Any investment in commodity market bears risk, company will not be liable for any loss done on these

recommendations. These levels do not necessarily indicate future price moment. Company holds the

right to alter the information without any further notice. Any browsing through website means

acceptance of disclaimer.

DISCLOSURE

High Brow Market Research Investment Advisor Pvt. Ltd. or its associates does not do business with

companies covered in research report nor is associated in any manner with any issuer of products/

securities, this ensures that there is no actual or potential conflicts of interest. To ensure compliance

with the regulatory body, we have resolved that the company and all its representatives will not make

any trades in the market.

Clients are advised to consider information provided in the report as opinion only & make investment

decision of their own. Clients are also advised to read & understand terms & conditions of services

published on website. No litigations have been filed against the company since the incorporation of

the company.

Disclosure Appendix:

The reports are prepared by analysts who are employed by High Brow Market Research Investment

Advisor Pvt. Ltd. All the views expressed in this report herein accurately reflects personal views about

the subject company or companies & their securities and no part of compensation was, is or will be

directly or indirectly related to the specific recommendations or views contained in this research

report.

Disclosure in terms of Conflict of Interest:

(a) High Brow Market Research Pvt. Ltd. or his associate or his relative has no financial interest in the

subject company and the nature of such financial interest;

(b) High Brow Market Research Pvt. Ltd. or its associates or relatives, have no actual/beneficial

ownership of one percent or more in the securities of the subject company,

(c) High Brow Market Research Pvt. Ltd. or its associate has no other material conflict of interest at

the time of publication of the research report or at the time of public appearance;

Disclosure in terms of Compensation:

High Brow Market Research Investment Advisor Pvt. Ltd. policy prohibits its analysts, professionals

reporting to analysts from owning securities of any company in the analyst's area of coverage.

Analyst compensation: Analysts are salary based permanent employees of High Brow Market

Research Pvt. Ltd.

Disclosure in terms of Public Appearance:

(a) High Brow Market Research Pvt. Ltd. or its associates have not received any compensation from

the subject company in the past twelve months;

(b) The subject company is not now or never a client during twelve months preceding the date of

distribution of the research report.

(c) High Brow Market Research Pvt. Ltd. or its associates has never served as an officer, director or

employee of the subject company;

(d) High Brow Market Research Pvt. Ltd. has never been engaged in market making activity for the

subject company.