Commodities & Currencies

Weekly Tracker

Commodities Weekly Tracker

Monday | May 27, 2013

Contents
Returns 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

Commodities Weekly Tracker

Monday | May 27, 2013

Currencies Weekly Performance

4.0
3.0 2.4 2.0 1.0 0.0 (1.0) (2.0) (0.3) (0.7) 1.7 1.4 0.7 3.6

(1.9)

Commodities Weekly Tracker

Monday | May 27, 2013

Non-Agri Commodities Weekly Performance

4.4 4.0 3.0 2.0 1.0 0.0

3.0 2.0
0.7 0.6 (0.1) (0.4)

(1.0)
(2.0)

(0.9) (1.9)

Commodities Weekly Tracker

Monday | May 27, 2013

*Weekly Performance for June contract, CPO, Cotton & Mentha Oil May Contract

Commodities Weekly Tracker

Monday | May 27, 2013

Gold Weekly Price Performance

Spot gold prices increased around 2 percent in the last week. The yellow metal touched a high of $1,414.25/oz in last week and closed at $1385.55/oz in last trading session of the week. In the Indian markets, prices ended on positive note in the prior week taking cues from spot gold prices and closed at Rs.26,406/10 gms on Friday after touching a weekly high of Rs. 26,677/10 gms. Depreciation in the Indian Rupee also supported an upside in the prices. Holdings in the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, declined by 2.1 percent to 1,016.16 tonnes as on 24th May 2013 from previous level of 1,038.41 tonnes as on 17th May 2013. Rise in risk aversion in the global market sentiments which led to increase in safe haven demand from the investors for the gold. Further, weakness in the DX also supported an upside in the prices. However, sharp upside in the prices was capped on account of expectations that US Federal Reserve will reduce its bond buying program. In the coming week we expect gold prices to trade on the positive note as the fall in stock markets will increase the demand for safe haven. Further, weakness in the DX will also support an upside in the yellow metal prices. However, sharp upside will be capped as a result of expectations of favorable economic data from US and Euro Zone coupled with decline in SDPR gold holding shares which at lowest level in last four years. Depreciation in the Indian Rupee will support an upside in the prices on MCX. Spot Gold : Support 1,370/1,350 Resistance 1,400/1,425. (CMP: $1,392.30) Buy MCX Gold June between 26150-26200, SL 25770, Target 26780. (CMP: Rs 26,427)
1,700
1,650 1,600 1,550 82.0 1,500 1,450 1,400 1,350 81.0 80.0 79.0

MCX and Comex Gold Price Performance

31,500 30,500 29,500 28,500 27,500 26,500 25,500 1,800 1,750 1,700 1,650 1,600 1,550 1,500 1,450 1,400 1,350

ETF Performance

Factors that influenced upside in gold prices

MCX- Near Month Gold Futures - Rs/10 gms Comex Gold Futures - $/oz

Spot Gold Vs US Dollar Index

85.0
84.0 83.0

Outlook

Weekly Technical Levels

Spot Gold -$/oz

US Dollar Index

Commodities Weekly Tracker

Monday | May 27, 2013

Silver

Weekly Price Performance

Spot silver rose by 0.7 percent in the last week. The white metal prices touched a high of $23.30/oz in the last week and closed at $22.38/oz in last trade of the week. On the domestic front, prices increased by 1.5 percent taking cues from depreciation in the Indian Rupee and closed at Rs. 43,473/kg on Friday after touching a high of Rs.44,600/kg in the prior week. Holdings in the iShares Silver Trust, the world's largest silver-backed exchange-traded fund, declined by 2.24 percent to 10,022.95 tonnes as on 24th May 2013 from previous level of 10,252.69 tonnes as on 17th May 2013. Rise in spot gold prices. Weakness in the DX. Further, favorable economic data from US and Euro Zone also acted as a positive factor for the prices. However, sharp upside in the prices was prevented as a result of mixed performance in the base metals group. In the coming week we expect spot silver prices to increase taking cues from rise in spot gold prices coupled with upside in the base metal packs. Further, weakness in DX may also support an upside in the prices. Additionally, expectations of favorable economic data from US and Euro Zone will act as a positive factor for the prices. Depreciation in the Indian Rupee will support an upside in the prices on MCX. Spot Silver: Support 21.60/20.90 Resistance 23.0/23.60. (CMP:$22.58) Buy MCX Silver July between 42800-42900, SL 42000, Target - 44150. (CMP: Rs.43,494)
MCX and Comex Silver Price Performance
60,000 58,000 32

56,000
54,000 52,000 50,000 48,000 46,000 44,000

30
28 26 24

ETF Performance

42,000

22

Factors that influenced upside in silver prices

MCX- Near Month Silver Futures - Rs/ kg Comex Silver Futures - $/oz

Spot Silver Vs US Dollar Index

32.0 30.0 83.0 28.0 82.0 85.0 84.0

Outlook

26.0
24.0

81.0 80.0

22.0

79.0

Weekly Technical Levels

Spot Silver -$/oz

US Dollar Index

Commodities Weekly Tracker

Monday | May 27, 2013

Copper

Weekly Price Performance

Copper prices declined by 0.4 percent in the previous week. The red metal touched a weekly low of $7,215/tonne in the last week and closed at $7,283.25/tonne in the last trading session of the week. On the domestic front, prices gained by 0.5 percent on account of depreciation in the Indian Rupee and closed at Rs.407.85/kg on Friday after touching a high of Rs 420.5/ kg in the prior week. LME copper inventories declined by 1.4 percent in the last week and stood at 621,175 tonnes as on 24th May, 2013 as against 629,950 tonnes as on 17th May, 2013. Copper inventories in the warehouse monitored by the Shanghai fell by 7.2 percent and stood at 176,624 tonnes for the week ending on 24th May, 2013. Weak global market sentiments coupled with unfavorable economic data from China. Additionally, US Federal Reserve Chairman Bernanke hinted at reducing a bond buying program exerted downside pressure. However, weakness in DX along with decline in LME and Shanghai copper inventories cushioned sharp fall in the prices. Further, favorable economic data from US and Euro Zone prevented downside in the prices. In the coming week we expect base metal price to trade on the positive note on the back of weakness in DX coupled with decline in the LME inventories. Further, expectations of favorable economic data from Euro Zone and US will also support an upside in the prices. Depreciation in the Indian Rupee will act as positive factor for the prices on the MCX. LME Copper: Support 7160/6960 Resistance 7510/7700. (CMP: $7283.25) Buy MCX Copper June between 400-402, SL 392, Target - 415. (CMP: Rs 406.90)
LME and MCX Copper Price Performance
8,400 8,200 8,000 7,800 7,600 455 445 435 425 415 405 395 385 375 365

Copper Inventories

7,400
7,200 7,000 6,800

Factors that influenced downside in the copper prices

LME Copper Future ($/tonne)

MCX Near Month Copper Contract (Rs/kg)

LME Copper v/s LME Inventory

8,400 618,000

8,200
8,000 7,800 7,600 7,400

568,000
518,000 468,000 418,000 368,000 318,000

Outlook

7,200 7,000 6,800

Copper LME Inventory (tonnes)

LME Copper Future ($/tonne)

Weekly Technical Levels

Commodities Weekly Tracker

Monday | May 27, 2013

Crude Oil
Weekly Price Performance
On a weekly basis, Nymex crude oil prices declined around 2.0 percent. On the domestic bourses, prices fell by 0.5 percent and closed at Rs.5,268/bbl on Friday after touching a low of Rs.5167/bbl in the last week. Depreciation in the Indian Rupee restricted further fall in the prices on the MCX. As per the US Energy Department (EIA) report, US crude oil inventories declined less than expected by 0.3 million barrels to 394.60 million barrels for the week ending on 17th May 2013. Gasoline stocks increased by 3.0 million barrels to 220.70 million barrels and whereas distillate stockpiles dropped by 1.1 million barrels to 118.80 million barrels for the last week. Expectations that US Federal Reserve will reduce its bond buying program. Additionally, less than expected decline in US crude oil inventories acted as a negative factor for the crude prices. Further, unfavorable manufacturing data from China and US also exerted downside pressure on the crude oil prices. However, sharp downside in the prices was cushioned as a result of fall in the jobless claims and rise in core durable goods orders from US coupled with positive economic data from the Euro Zone. Weakness in the DX also prevented fall in the oil prices. For the coming week, we expect crude oil prices to trade lower on the back of expectations that demand from China will slowdown coupled with less than expected decline in US Crude oil inventories. Additionally, rise in risk aversion in the global market sentiments will added downside pressure on the oil prices. However, weakness in DX along with forecast fro positive data from US and Euro Zone will cushion sharp fall in the prices. Depreciation in the Indian Rupee will prevent sharp fall in prices on the MCX. Nymex Crude Oil: Support: 92.20/90.40 Resistance 96.30/98.70. (CMP:$93.59) Sell MCX Crude Oil June between 5290-5310, SL 5385, Target - 5160. (CMP:Rs 5223)
Nymex and MCX Crude Oil Price Performance
5,400 5,300 5,200 5,100 92.0 98.0 96.0 94.0

US Energy Department Facts and Figures

5,000
4,900 4,800 4,700 90.0 88.0 86.0

Factors that influenced downside in crude oil prices

MCX crude oil (Rs/bbl)

NYMEX Crude Oil ($/bbl)

Crude Oil Inventories (mn barrels)

400
395.3 395.5 394.9 388.6 394.6

395 390 385 380 375 370 365 360

363.1 361.3 360.3 369.1
371.7

388.6 384
381.4

388.9 387.6

Outlook

385.9 382.7

376.4 377.53 372.2

Weekly Technical Levels

Commodities Weekly Tracker

Monday | May 27, 2013

DX/ INR Weekly Price Performance

US Dollar Index (DX) declined around 0.7 percent in the last week. The Indian Rupee depreciated around 1.7 percent on weekly basis. Factors that influenced downside movement in the DX Favorable jobless claims, new homes sales and other economic data from the US and Euro Zone. However, sharp downside in the currency was cushioned as a result of rise in risk aversion in the global market sentiments which led to increase in demand for the low yielding currency. Further, expectations that US Federal Reserve will reduce its bond buying program coupled with weak US equities markets also prevented sharp fall in the DX.. Factors that influenced movement in the Rupee Expectations that US Federal Reserve may reduce its bond buying program coupled with increase in dollar demand from gold and crude oil importers. Additionally, weak domestic and global market sentiments also exerted downside pressure on the currency. However, sharp downside was cushioned as exporters took advantage of the sharp depreciation in the Indian Rupee and sold few dollars along with weakness in the DX. FII Inflows For the month of May 2013, FII inflows totaled at Rs.18,517.80 crores ($3,415.63 million) as on 24th May 2013. Year to date basis, net capital inflows stood at Rs.79,554.20 crores ($14,726.0 million) till 24th May 2013. Outlook In the coming week, Indian Rupee is expected to depreciate as a result of dollar demand from gold and oil importers coupled with weak global market sentiments. However, weakness in the DX will cushion sharp fall in the currency. Weekly Technical Levels USD/INR MCX May Support 55.20/54.70 Resistance 56.10/56.50. (CMP: 55.65) US Dollar Index: Support 83.0/82.65 Resistance 84.10/84.50. (CMP: 83.54)
US Dollar Index
84.0

83.0
82.0 81.0 80.0 79.0

$/INR - Spot
56.0 55.5 55.0 54.5

54.0
53.5 53.0

Commodities Weekly Tracker

Monday | May 27, 2013

Euro

Weekly Price Performance

The Euro appreciated by 0.7 percent in the last week. The Euro touched a weekly high of 1.2998 and closed at 1.2929 against dollar on Friday.
1.365
1.355 1.345 1.335 1.325 1.315 1.305 1.295 1.285 1.275

Euro/$ - Spot

Factors that influenced upside movement in the Euro

Favorable manufacturing and services economic data from the region. Further, weakness in the DX also supported an upside in the currency. However, sharp upside in the currency was capped as a result of rise in risk aversion in the global market sentiments. GfK German Consumer Climate increased by 0.3 points to 6.5-mark in May as against a rise of 6.2-level in April. German Final Gross Domestic Product (GDP) remained unchanged at 0.1 percent in the Q1 of 2013. German Ifo Business Climate increased by 1.3 points to 105.7-mark in May from earlier rise of 104.4-level in April. French Flash Manufacturing Purchasing Managers' Index (PMI) increased by 1.1 points to 45.5-mark in May as against a rise of 44.4-level in April.German Flash Manufacturing PMI increased by 0.9 points to 49-level in May from earlier rise of 48.1-mark in April. European Flash Manufacturing PMI gained by 1.1 points to 47.8-mark in May with respect to rise of 46.7-level a month ago. European Flash Services PMI grew by 0.5 points to 47.5-level in current month when compared to 47-mark in the last month. In the coming week we expect Euro currency to appreciate on the back of weakness in DX coupled with forecast for favorable economic data from region. However, sharp upside in the currency will be capped on account of rise in risk aversion in the global market sentiments. EURO/USD SPOT: Support 1.2800/1.2730 Resistance 1.3070/1.3200. (CMP: 1.2912)

News

EURO/INR - Spot
73.0 72.5 72.0
71.5 71.0 70.5 70.0 69.5 69.0

Outlook

Weekly Technical Levels

Commodities Weekly Tracker

Monday | May 27, 2013

Chana

Weekly Price Performance

After witnessing some short coverings in the initial part of the week, Chana prices declined from higher levels on account of arrival pressure coupled with lower than expected wedding season demand hitting a fresh contract low of Rs. 3289 per qtl in the June contract. Chana spot as well as June futures settled 3.31% and 2.54% lower w-o-w. Peak arrival period in the major growing states have led to a sharp fall in the chana prices in the past four weeks. Thus, stockiest demand emerging at support price levels led to an upside in the prices. Despite of this, higher arrivals will restrict sharp upside in eh prices till the month end. According to the third advance estimates released last week, Chana output is pegged marginally lower to 8.49 mn tn compared with its second advance estimates of 8.57 million tonnes. Chana output is expected to breach its 2010-11 record of 8.2 mn tn in 2012-13. Chana prices tend to follow a seasonality pattern, wherein prices decline during the harvesting period and bottom out when arrivals reach their peak in the month of May. Thus, we expect the current downward trend to continue till the month end. Chana prices are expected to remain under downside as the arrival pressure may keep prices under check. However, prices are not expected to sustain below the Minimum Support Price of Rs 3200 per qtl mark, below which farmers may not sell their produce. Also stockists demand is expected to emerge at such low levels and thus we may see a recovery in the Chana prices June onwards. Sell NCDEX CHANA June between 3340-3360, SL -3450, Target - 3200 / 3180.

Higher arrivals seen restricting upside in the prices

Chana output estimated at record high- Third Advance Estimates

Seasonal pressure to keep prices under downside pressure

Outlook

Weekly Strategy

Commodities Weekly Tracker

Monday | May 27, 2013

Turmeric

Weekly Price Performance

Turmeric Futures traded on a mixed note with a downside bias last week as huge carryover stocks coupled with weak demand due to high temperatures kept prices under pressure. However, fresh export enquiries coupled with withdrawal of special margins of 10% on the long side supported prices at lower levels. The spot as well as the futures settled 0.97% and 0.94% lower w-o-w. Turmeric exports during Apr-Jan 2013 declined by 4% to 66,550 tn. (Source Factiva) NCDEX issued a circular earlier this month that it will modify the tick as well as the lot size in the Turmeric contract. However the exchange later announced that it has kept the circular issued earlier has been kept in abeyance till further notice. 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 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). Sowing is reported to be 30-35% lower compared to last year. 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. Prices may remain under downside pressure in the initial part of the week on the back of huge stocks and weak demand. However, prices may recover from lowre levels as farmers not hold back their stocks. Also export demand may emerge at lower levels ahead of Ramadan and the summers start to cool down. Sell NCDEX Turmeric June between 6080-6120, SL -6280, Target - 5840 / 5800.
Source: Agriwatch & Reuters

Weak exports data Modification in Tick size and Lot size

Lower acreage of Turmeric for the 2012-13 season

Source: Reuters & Angel Research.

Lower production in the 2012-2013 season

Outlook

Weekly Strategy

Commodities Weekly Tracker

Monday | May 27, 2013

Weekly Price Performance

Jeera futures continued to trade on a positive note last week as fresh export enquiries supported prices. Declining arrivals have also supported the prices. Currently the arrivals are about 8,000-10,000 bags/day against a peak of 40,00045,000 bags/day. However, higher production estimates have capped sharp gains in the prices. Prices had declined over the last few months due to higher sowing. The 3 years average sowing is reported at 3.189 lk ha. About 25-30% of the new crop from Gujarat has already been exported to Singapore, Europe & Dubai. The spot settled 0.17% lower while the Futures settled 1.26% higher w-o-w. Indias 2013 Jeera output is estimated at 40-45 lakh bags (of 55kgs each), higher than 40 lakh bags in 2012. 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. Jeera exports during Apr-Jan 2013 stood at 64,400 tn, higher by 86% (Source Factiva). 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. Turkey may start offering its Jeera in the coming days. According to reports, production in Syria is reported around 22,000 tonnes while production in Turkey is reported between 5000-7000 tonnes, lower by 20% and around 50% respectively, raising supply concerns in the international markets. Indian Jeera in the international market is being offered at $2,450/tn (c&f). Jeera is expected to continue to trade higher this week on account of overseas demand at lower levels. However, higher output estimates may cap sharp upside. Buy NCDEX Jeera June between 13050-13100, SL -12700, Target - 13600 / 13700.
Source: Ministry of Agriculture, Gujarat.

Jeera

Second consecutive year of higher output

Global supply concerns boost Jeera exports

Source: Reuters & Angel Research.

International Scenario

Outlook

Weekly Levels

Commodities Weekly Tracker

Monday | May 27, 2013

Soybean

Weekly price performance

Soybean traded with a negative bias last week on account of weak meal export demand coupled with normal monsoon forecast. However, poor supplies coupled with positive international markets limited the downside. The June futures settled 1.63% lower w-o-w. CBOT Soybean July gained 1.92% w-o-w on tight supplies of the old crop coupled with positive export sales data. However, favorable weather capped the upside. Indias soy meal exports for the month of April 2013 were 99.451 tonnes, lower by 68.31 percent from 313,832 tonnes a year ago. As per the 3rd Advance Estimates released by the Ministry of Agriculture, soybean output increased to 14.14 mn tn from 12.24 mn tn in the previous estimates. Heavy rainfall in Brazil caused has hampered the loading of soybeans at the Brazil ports, leading to a delay in the shipments. Brazil, set to become the worlds largest soybean exporter, may ship a record 7.6 million tons of the oilseed in May after permitting ports to operate 24 hours a day, from a previous 8-hour limit. According to the weekly crop report, only 24% of Soybean has been planted as against 71% last year and five year average of 42%. Soybean prices may remain range bound in the coming week as weak meal exports may offset poor supplies in the domestic markets. Traders will now take cues from the monsoon and sowing progress to derive further price trend. Sell NCDEX Soybean June between 3890-3910, SL -4005, Target - 3745 / 3725.

India's soy meal Exports Fall by 68 Percent during FY12-13 SEA

Increase in the output in the 3rd Advance Estimates

Delay in shipments from Brazil

South American Soybean Exports Seen at Record High- Oil World

US Soy planting- 24% complete

Outlook

Strategy

Commodities Weekly Tracker

Monday | May 27, 2013

Refine Soy Oil and Crude Palm Oil

Weekly price performance
Edible oil complex continued to gain last week extended previous weeks gains on account of lower stocks and seasonally lower yield period of Malaysian Palm Oil. Ref Soy oil on NCDEX as well as CPO prices at MCX settled 1.01% and 1.98% higher w-o-w.

Global Scenario

Exports of Malaysian palm oil products from May 1 to 25 fell 5.2% to 1,064,925 tonnes from 1,123,129 tonnes shipped during April 1 to 25. Stocks data from industry regulator the Malaysian Palm Oil Board showed inventory levels at the end of April down 11.3 percent to 1.93 million tonnes against the previous month's 2.17 mn tn. But exports of palm oil products for May 1-10 slid 16.7% to 380,047 tn.
As per the data released by the The Solvent Extractors' Association of India Imports of all vegetable oils, including non-edible oils, by India, declined 29.23% in April 2013, to 654,827 tonnes from 925,334 tonnes in April 2012 due to high stocks lying at the ports. Stockpiles of edible oil at ports on May 1 stood at 670,000 tn, the trade body said, off a record of 930,000 tn on March 1. Stocks were still on the higher side despite the decline in monthly imports. India's imports of palm oil could rise more than 17% in the year to October 2013 to stand at 9 mn tn, compared with 7.67 mn tn of palm oil in 2011/12 as the edible oil is the cheapest available, despite an import duty. Buy NCDEX Ref Soya Oil June between 698-702, SL -687, Target - 719 / 722. Buy MCX CPO June between 469-471, SL -462, Target - 482 / 484.

Domestic Scenario

Strategy

Commodities Weekly Tracker

Monday | May 27, 2013

Sugar
Weekly Price Performance
After gaining over the last three weeks, Sugar prices corrected from higher levels on account of profit booking coupled with weak international markets & sufficient supplies in the domestic markets. Prices had gained due to good demand from the bulk consumers coupled with governments decontrol of the sugar sector. ICE sugar settled 0.3% lower last week on the back of record production in Brazil. However, prices recovered from lower levels on account of short coverings. As on 24th May, 2013, Sugarcane has been planted in 41.24 lakh ha against 45.98 lakh ha last year. Lower acreage has been reported in Maharashtra by 45% (5.11 lakh ha), Karnataka by 10.4% (3.27 lakh ha), India is expected to have produced around 24.52 million tonnes (mt) of sugar during the first six months of the 2012-13 sugar marketing season.

Sugarcane planting down 10.9%

India sugar reserves at five-year high set to avert imports

Sugar inventories in India, are poised to surge by 37% to 9.2 million tonnes at the start of October, a five-year high as exports halt because of slumping global prices. Exports have plunged to about 35,000 tonnes since 1 October from 3.4 million tonnes in 2011-2012.
Demand from Brazil's resurgent biofuels industry will cut the burgeoning global sugar surplus, helping cushion prices that fell below 17 cents per lb for the first time in almost three years. Sugar prices are expected to recover from lower levels on account of improvement in demand from the bulk manufacturers coupled with lower cane planting figures. However, weak international markets may pressurize prices.. Buy NCDEX SUGAR June between 2990-3010, SL -2940, Target - 3090 / 3100.

Brazil ethanol demand to cut global sugar surplus Copersucar

Outlook

Strategy

Commodities Weekly Tracker

Monday | May 27, 2013

Kapas/Cotton
Weekly Price Performance
Domestic Kapas as well as cotton prices traded on a mixed note last week as extreme hot weather has supported prices while offloading of stocks from the state reserves pressurized prices. ICE Cotton futures declined sharply and settled 5.69% lower last week on account of worries of a potential slowdown in China coupled with improving weather in the US easing sowing concerns. Cotton Corporation & NAFED are expected to offload 8 lakh bales at lower prices. After an unsuccessful bid to offload of 2.5 lakh bales of cotton in April, the government has now decided to give it a fresh chance. CAB in its latest meet has projected cotton crop at 34 mn bales for 2012-13 season compared to the previous estimates of 33 mn bales. Mill consumption is expected to go up from 22.3 million bales last year to 23.5 million bales. Exports are estimated at 8.1 mn bales. While Import are estimated 2.5 mn bales. Cotton prices have shown some recovery in the past weeks as unfavorable weather caused delay in plantings. As on 20h May, Cotton planting was 39% completed in the US compared to 59% during the last year and average 52% in the last five years. However, Planting is expected picked up as weather improved in Mississippi Delta and into the Southeast United States . Cotton prices may trade with a mixed note this week on the back of extreme hot weather. Farmers are also holding back their stocks. Any recovery in international markets may also support prices. However, offloading more stocks in the local markets from state reserves may exert pressure on the domestic cotton prices. Buy NCDEX KAPAS April'13 above 1040, SL -1010, Target - 1085 / 1090.

Govt Likely to Sell More Cotton this Month

Cotton Advisory Board sees lower kharif sowing

US Cotton planting to determine cotton prices

Outlook

Strategy

Commodities Weekly Tracker

Monday | May 27, 2013

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 commodities@angelbroking.com