E

MCX DAILY LEVELS ✍

DAILY EXPIRY R4 R3 R2 R1 PP S1 S2 S3 S4

ALUMINIUM 30-DEC-2016 123 121 120 119 118 117 116 115 113

COPPER 28-FEB-2017 411 406 401 398 396 393 391 386 381

CRUDE OIL 19-DEC-2016 3623 3571 3519 3497 3467 3445 3415 3363 3311

GOLD 03-FEB-2017 28429 28164 27899 27738 27634 27473 27369 27104 26839

LEAD 30-DEC-2016 161 159 157 157 155 155 153 151 149

NATURAL GAS 27-DEC-2015 271 264 257 253 250 246 243 236 229

NICKEL 30-DEC-2016 818 801 784 778 767 761 750 733 716

SILVER 03-MAR-2017 43021 42462 41903 41562 41344 41003 40785 40226 39667

ZINC 30-DEC-2016 191 188 185 184 182 181 179 176 173

MCX WEEKLY LEVELS ✍

WEEKLY EXPIRY R4 R3 R2 R1 PP S1 S2 S3 S4

ALUMINIUM 30-DEC-2016 129 125 121 120 117 116 113 110 106

COPPER 28-FEB-2017 455 436 417 407 398 388 379 360 341

CRUDE OIL 19-DEC-2016 4152 3924 3696 3585 3468 3357 3240 3012 2784

GOLD 03-FEB-2017 30859 29865 28871 28224 27877 27230 26883 25889 24895

LEAD 30-DEC-2016 183 174 165 161 156 152 147 138 129

NATURAL GAS 27-DEC-2015 300 282 264 257 246 239 228 210 192

NICKEL 30-DEC-2016 929 877 825 799 773 747 721 669 617

SILVER 03-MAR-2017 47150 45121 43092 42157 41063 40128 39034 37005 34976

ZINC 30-DEC-2016 224 211 198 190 185 177 172 159 146

Monday, 12 December 2016

WEEKLY MCX CALL

BUY ZINC DEC ABOVE 187.10 TGT 190.70 SL 183.90

SELL NATURAL GAS DEC BELOW 236 TGT 228 SL 242.10

PREVIOUS WEEK CALL

BUY ZINC DEC ABOVE 187 TGT 190 SL 184 -TGT

SELL NATURAL GAS DEC BELOW 233 TGT 225 SL 241 - NOT EXECUTED

FOREX DAILY LEVELS ✍

DAILY EXPIRY R4 R3 R2 R1 PP S1 S2 S3 S4

USDINR 28-DEC-2016 68.20 68.05 67.90 67.75 67.60 67.45 67.30 67.15 67

EURINR 28-DEC-2016 72.60 72.40 72.20 72 71.80 71.60 71.40 71.20 71

GBPINR 28-DEC-2016 86.30 85.95 85.60 85.35 85 84.65 84.30 83.95 83.60

JPYINR 28-DEC-2016 58.35 58.70 59.05 59.35 59 58.65 58.30 57.95 57.60

FOREX WEEKLY LEVELS✍

DAILY EXPIRY R4 R3 R2 R1 PP S1 S2 S3 S4

USDINR 28-DEC-2016 68.40 68.20 68 67.80 67.60 67.40 67.20 67 66.80

EURINR 28-DEC-2016 73.20 72.80 72.40 72.05 71.60 71.20 70.80 70.60 70.40

GBPINR 28-DEC-2016 87.20 86.60 86 85.40 84.90 84.50 84 83.40 82.80

JPYINR 28-DEC-2016 60.90 60.40 59.90 59.40 59 58.50 58 57.50 57

WEEKLY FOREX CALL

BUY GBPINR DEC ABOVE 86.20 TGT 87.30 SL 85.20

BUY JPYINR DEC ABOVE 59.60 TGT 60.70 SL 58.60

PREVIOUS WEEK CALL

BUY JPYINR DEC ABOVE 60.40 TGT 61.30 SL 59.80 - NOT EXECUTED

SELL GBPINR DEC BELOW 86 TGT 85 SL 87 - TGT

NCDEX DAILY LEVELS✍

DAILY EXPIRY

DATE

R4 R3 R2 R1 PP S1 S2 S3 S4

SYOREFIDR 20-JAN-2017 747 738 729 723 720 714 711 702 693

SYBEANIDR 20-JAN-2017 3084 3057 3030 3017 3003 2990 2976 2949 2922

RMSEED 20-JAN-2017 4758 4731 4704 4693 4677 4666 4650 4623 4596

JEERAUNJHA 20-JAN-2017 18655 18435 18215 18110 17995 17890 17775 17555 17335

GUARSEED10 20-JAN-2017 3408 3365 3322 3304 3279 3261 3236 3193 3150

TMC 20-APR-2017 7947 7787 7627 7563 7467 7403 7307 7147 6987

NCDEX WEEKLY LEVELS✍

WEEKLY EXPIRY

DATE

R4 R3 R2 R1 PP S1 S2 S3 S4

SYOREFIDR 20-JAN-2017 797 773 749 733 725 709 701 677 653

SYBEANIDR 20-JAN-2017 3447 3311 3175 3090 3039 2954 2903 2767 2631

RMSEED 20-JAN-2017 5204 5040 4876 4779 4712 4615 4548 4384 4220

JEERAUNJHA 20-JAN-2017 20315 19585 18855 18430 18125 17700 17395 16665 15935

GUARSEED10 20-JAN-2017 3752 3600 3448 3366 3296 3214 3144 2992 2840

TMC 20-APR-2017 8400 8070 7740 7620 7410 7290 7080 6750 6420

WEEKLY NCDEX CALL

BUY JEERA JAN ABOVE 18400 TGT 18800 SL 18040

BUY DHANIYA JAN ABOVE 8050 TGT 8230 SL 7920

PREVIOUS WEEEK CALL

BUY JEERA JAN ABOVE 18400 TGT 18800 SL 18040 - NOT EXECUTED

BUY GUARSEED JAN ABOVE 3430 TGT 3540 SL 3390 - NOT EXECUTED

MCX - WEEKLY NEWS LETTERS

GLOBAL UPDATE

BULLION✍

Gold prices touched fresh 10-month lows on Friday and the precious metal posted its fifth

straight weekly decline as expectations for higher U.S. interest rates continued to weigh. Gold

for February delivery settled down 0.94% at $1,161.4 on the Comex division of the New York

Mercantile Exchange. It was the metals lowest close since February 5. For the week, gold was

down 1.34%. The dollar rose on Friday amid widespread expectations that the Federal Reserve

will hike interest rates at the conclusion of its policy meeting on Wednesday. Investors are

pricing in a 100% chance of an increase at the meeting, according to federal funds futures

tracked Investing.com's Fed Rate Monitor Tool.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket

of six major currencies, was up 0.48% to 101.60 late Friday. For the week, the index was up

0.75%. Higher rates boost the dollar by making the currency more attractive to yield-seeking

investors. Both a strong dollar and higher interest rates are typically bearish for gold, which is

denominated in dollars and struggles to compete with yield-bearing assets when borrowing

costs rise. Gold prices have slumped since Donald Trump was elected president as rising U.S.

bond yields and a rally in stocks markets have damped its appeal. Elsewhere in metals trading,

silver for March delivery was down 0.94% at $16.93 a troy ounce, while copper for March

delivery settled at $2.65 a pound. Platinum fell 2.3% to $916.1 and palladium ended at $731.0

an ounce, after falling to its lowest since November 18 in the previous session. In the week

ahead, investors will be looking for possible signals from the Fed on the pace of rate hikes next

year and market watchers will be awaiting a number of U.S. economic reports, including

figures on retail sales and inflation for fresh signs on how the economy is performing in the

final quarter. Ahead of the coming week, Investing.com has compiled a list of these and other

significant events likely to affect the markets.

Gold retreated into the red on Thursday after the dollar

rebounded on the back of a decision by the European Central Bank to extend monthly asset

purchases until next December albeit at a lower monthly level. Gold turned lower as the market

focused on the central bank's move to extend its quantitative easing program until the end of

2017, beyond the six-month extension expected. dollar index .DXY rallied 1 percent, making

dollar-denominated gold more expensive for holders of other currencies. Spot gold XAU= was

down 0.3 percent at $ 1,170.40 an ounce by 2:31 p.m. EST , and U.S. gold futures GCcv1

settled down 0.4 percent at $ 1,172.40 per ounce. "If the ECB has the ability to trigger euro-

dollar EUR= weakness again, and it breaks under the key 104.58-105 level, then you'll get the

next phase of a dollar rally, which will be painful for gold," said Georgette Boele, ABN AMRO

commodity strategist in Amsterdam. The euro gave up all its gains versus the dollar after the

ECB move, falling around 1.4 percent. Also weighing on gold were increased expectations the

U.S. Federal Reserve will increase interest rates at its policy meeting next week, as higher U.S.

rates raise the opportunity cost of holding non-yielding bullion. Interest rates futures implied

traders saw a 97 percent chance the Fed would raise rates at its policy meeting next Tuesday

and Wednesday, "As we head into the FOMC, it is certain that the Fed will raise rates this time.

I believe this is mostly priced into gold. We might still see some reaction and the recent low of

$ 1,157 may be revisited again," said Brian Lan, managing director at Singapore-based gold

dealer GoldSilver Central. Holdings of SPDR Gold Trust GLD , the world's largest gold-backed

exchange-traded fund , dropped 0.72 percent to 863.67 tonnes on Wednesday from a day

earlier. Holdings have fallen more than 8 percent since November. "The mounting bleed of gold

ETF outflows highlights the weakness that has proliferated for gold since the U.S. elections,"

said RBC Capital Markets in a note. "Going forward, we think ETF holdings should stabilize

with prices." Silver XAG= fell 0.8 percent at $16.96 an ounce after rising more than 2 percent

in the previous session. Platinum XPT= rose 0.2 percent at $938.25, while palladium XPD=

rose 0.7 percent at $737.75 after touching a low of $713.97, the weakest since Nov. 18.

✍ ENERGY

Oil prices climbed on Friday ahead of a weekend meeting of the Organization of the Petroleum

Exporting Countries and non-OPEC producers to finalize the details of a planned output

cut.U.S. crude oil settled up 65 cents or 1.28% at $51.49 a barrel from its previous close on the

New York Mercantile Exchange. Global benchmark Brent futures were at $54.36 a barrel, up

47 cents or 0.87% on London’s ICE Futures Exchange. Oil prices have climbed above $50 a

barrel since OPEC agreed on its first production cut since 2008, aimed at reining in massive

oversupply that has seen prices more than halve since mid-2014. The deal will see the group

slash output by 1.2 million barrels per day from January 1. On Saturday, major oil producers

reached agreement on a deal which will see non-OPEC members cut output by an additional

558,000 bpd. Of that, Russia will cut 300,000 bpd. This is short of the initial target of 600,000

bpd, but it is still the largest output cut by non-OPEC nations ever. While the output cut

agreement has boosted oil prices, some remain skeptical on the ability of major producers to

adhere to output limits. Meanwhile, Reuters reported Sunday that oil production by Saudi

Arabia rose to a new record high in November. OPEC and Russia have already reported that

output hit record highs since the deal was announced, adding to fears that the global supply

overhang could persist well into 2017. Some analysts have also warned that the cuts are likely

to cause other producers, particularly U.S. shale drillers, to quickly ramp up output as prices

rise.In the week ahead, markets will focus their attention on the implementation and impact of

the OPEC agreement. Traders will also be watching U.S. stockpile data on Tuesday and

Wednesday for fresh supply-and-demand signals. Ahead of the coming week, Investing.com

has compiled a list of these and other significant events likely to affect the markets.

Oil prices extended gains on Friday, buoyed by growing optimism that non-OPEC producers

might agree to cut output following a cartel agreement to limit production. NYMEX crude for

January delivery CLc1 was up 17 cents at $51.01 a barrel by 0039 GMT, after closing up $1.07

on Thursday. However, the contract is set for a weekly decline of around 1 percent. London

Brent crude for February delivery LCOc1 was yet to trade after settling up 89 cents at $53.89 a

barrel on Thursday following two days of declines. Oil producers will meet in Vienna on

Saturday to see if non-OPEC countries will cut production to reduce a global supply glut that

has pressured prices for more than two years. has agreed to slash production by 1.2 million bpd

in the first half of 2017, a deal that bolstered crude futures despite doubts over whether the

amount was enough and whether the cuts would be effectively implemented. which is not an

OPEC member, has signalled it was ready to cut production by 300,000 bpd and on Thursday

Azerbaijan said it would come to Vienna armed with proposals for its own reduction.

U.S. West Texas Intermediate crude rose early in the day and began

to pare gains in the late afternoon, settling at $ 51.79 a barrel, up 11 cents or 0.21 percent,

before retreating to as low as $ 51.11 a barrel. Brent crude settled at $54.94 a barrel, up 48

cents - or 0.88 percent - before retreating to $ 54.22 a barrel. Monday's retreat indicated a

potential halt to the rally that drove the market up as much as 19 percent since the Organization

of the Petroleum Exporting Countries' agreement was struck on Wednesday. Last week's 12.2

percent increase was the largest one-week rise since February 2011. The market fell as

investors shifted their focus to rising drilling, . "The Brent-WTI spread has blown out, and a lot

of that has to do not only with shale but with the idea that there would be more drilling," he

said. U.S. drilling rigs increased on Friday, increasing sentiment that shale drilling would offset

potential cuts from other producers. After OPEC agreed to curb production by 1.2 million

barrels per day from January, eyes have now turned to a meeting this weekend between OPEC

and non-OPEC producers to expand the deal. The market remained leary that cuts by non-

OPEC members, in tandem with the OPEC cuts, would be sufficient. Saudi Arabia said

Monday afternoon that it would cut its official selling prices to Asia, indicating that it would

continue to strive to maintain market share. data from the InterContinental Exchange on

Monday showed investors had raised net long positions on Brent to the highest level in four

weeks. Non-OPEC producers are expected to agree to add an output cut of 600,000 bpd in

Vienna on Dec. 10. remain skeptical that Non-OPEC producers will line up to pledge their own

reductions when OPEC's announcement last week already largely took responsibility for

rebalancing the market," said Tim Evans, energy futures specialist with Citigroup in New York.

"In our view, the rally in prices represents an economic call for more production, not more

cuts." Transneft, Russia's pipeline monopoly, suggested on Monday a cut to oil output could

begin in March. which was granted an output rise as part of the OPEC deal as it recovers

production curbed by sanctions, will also attend the meeting. even as it auctioned off leases in

the deepwater Gulf of Mexico, which will pave the way for future production increases.

BASE METAL✍

Buoyed by a firm global trend and increased domestic demand, copper futures traded 1.22 per

cent higher at Rs. 397.30 per kg as speculators widened their bets. At the Multi Commodity

Exchange, copper for delivery in February next year was trading Rs. 4.80, or 1.22 per cent

higher, at Rs. 397.30 per kg, in a business volume of 1,986 lots. Similarly, the metal for

delivery in far-month April was up by Rs 4.60, or 1.16 per cent, to Rs 401.10 per kg in 10 lots.

Analysts said firming trend in base metals at the London Metal Exchange where the base

metals pack strengthened afters China's imports jumped the most in more than two years on

strong demand for raw materials, influenced metal's futures. Globally, copper for delivery in

three months climbed 1 per cent at the London Metal Exchange. Copper futures traded 0.16

per cent lower at Rs 404.50 as speculators cut down their positions at prevailing levels amid a

weak trend overseas. In futures trading at Multi Commodity Exchange, copper for delivery in

far-month April fell 65 paise, or 0.16 per cent at Rs 404.50 per kg, in a business turnover of 3

lots. Similarly, the metal for February was trading down 55 paise, or 0.14 per cent at Rs 400.45

per kg in 757 lots. Analysts attributed the fall in copper futures to trimming of positions

coupled with weak trend in base metals at the London Metal Exchange. Meanwhile, copper for

three-month delivery fell 0.4 per cent at the LME.

Nickel prices rose 1.78 per cent to Rs 765.20 per kg in futures trade on Friday as speculators

enlarged positions on positive cues from global markets. Besides, increased demand from

alloy-makers in the domestic spot market, supported the uptrend. At the Multi Commodity

Exchange, nickel for delivery in current month was trading higher by Rs 13.40, or 1.78 per

cent, to Rs 765.20 per kg, in a business turnover of 1,699 lots. Similarly, the metal for delivery

in January rose by Rs 13.50, or 1.78 per cent, to Rs 770.60 per kg in 56 lots. Market analysts

attributed the rise in nickel futures to a firm trend in industrial metals overseas as China's

imports jumped the most in more than two years on strong demand for raw materials and rising

demand from alloy-makers at the domestic spot markets. Nickel prices rose 0.14 per cent

to Rs 792 per kg in futures market after speculators widened bets, tracking a firm trend in the

spot market on increased demand from alloy makers. However, a weak trend in base metals at

the London Metal Exchange , capped the gains. At the Multi Commodity Exchange, nickel for

delivery in January next year gained Rs 1.10 or 0.14 per cent to Rs 792 per kg in a business

turnover of six lots. In a similar manner, the metal for delivery in December rose 8 paise, or

0.10 per cent to Rs 786.80 per kg in 430 lots. Analysts said increased domestic demand from

alloy makers supported uptrend in nickel futures here but weakness in industrial metals at the

LME, limited the gains.

Zinc futures traded 0.68 per cent lower at Rs. 189.20 per kg on Wednesday after speculators

trimmed positions, tracking a weak global trend. In futures trading at Multi Commodity

Exchange, zinc for delivery in January declined Rs. 1.30, or 0.68 per cent, to Rs. 189.20 per kg.

It clocked a business turnover of five lots. On similar lines, the metal for delivery in December

softened by Rs 1.25, or 0.66 per cent, to Rs 188.80 per kg in 459 lots. Market analysts said

weakness in zinc futures trade was mostly due to a falling trend in base metals pack amid

profit-taking by speculators at prevailing level.

NCDEX - WEEKLY MARKET REVIEW

IMD sets up renewed watch for another cyclone in Bay of Bengal the build-up in the Bay of

Bengal over the past three to four days is now set to culminate in the formation of a cyclone,

the third in the North-East monsoon season. A preparatory low-pressure area has been

wallowing over the South Andaman Sea and adjoining South-East Bay of Bengal for sometime

now. On Tuesday evening it intensified into a depression, and was located 1,320 km south-

south-east of Visakhapatnam; 1,360 km south-south-east of Gopalpur Odisha; and 210 km

west-south-west of Car Nicobar . It has started showing signs of gaining

traction, the India Met Department said, and will do so markedly over the next three days while

growing into a deep depression and a cyclonic storm. The would-be cyclone may initially move

in a west-northwest direction (looking at the Tamil Nadu coast) and later to the northwest (with

an eye on Andhra Pradesh). The European Centre for Medium Range Weather Forecasts agrees

with the outlook for steady intensification of the depression. It may become a full-blooded

cyclone by Friday.

Soymeal exports surge 104% in Nov Export of Soybean meal and its other value added

products in November have recorded an increase of 104 per cent, compared to last year.

According to the Soybean Processors Association of India, during November 2016, the export

of soybean meal and other added products was recorded at 61,003 tons, against 29,801 tons in

November 2015. On a financial year basis, export from April-November 2016 was 1,55,874

tons, against 2,73,433 tons last year; a drop of 43 per cent. Our Correspondent During current

Oil year, (October – September), total exports during October 2016 to November, 2016 was

pegged at 80,142 tons as against 71,905 tons last year, showing an increase by 11.45%.

SOPA says India soymeal exports up 104% on yr in Nov India's soymeal exports rose 104% on

year to 61,003 tn in November, according to a release from the Soybean Processors Association

of India. In November last year, the country had exported 29,801 tn of soymeal. Soymeal prices

in India have fallen, making these attractive for traditional buyers, said a SOPA official. Earlier,

such buyers had shifted to cheaper oilmeal from Latin American countries. The soymeal export

numbers include value-added products such as soy chunks, granules, nuggets, and flour. For

Apr-Nov, soymeal exports are estimated at 155,874 tn, down from 273,433 tn in the year-ago

period, the release said. In November, Japan was the major importer of Indian soymeal,

followed by Myanmar and Sri Lanka. While Japan bought 14,543 tn, Myanmar imported 8,083

tn, and Sri Lanka purchased 7,435 tn during the month, according to the release.

✍ SUGAR

Sugar Futures closed higher on lower level buying by the market participants. However, good

sugar productions this sugar season coupled with less demand from the stockists capped further

gains. The mostactive December sugar contract closed 0.26% higher to settle at 3,423 per

quintal. Sugar production in India has increased marginally this season due to early crushing in

states like Uttar Pradesh and Karnataka. As per ISMA, Indian sugar mills produced 2.74 mt of

sugar between Oct. 1 and November. 30, up 17% compared to last year same period. During

2016-17 SS, the states of Maharashtra and Gujarat have produced lower sugar as compared to

last year till the end of November 30 while Uttar Pradesh and Karnataka produce more sugar

than the last year. The sugar despatched from sugar mills in first month of current season i.e.

October 2016, was 20.64 lt as compared to 22.99 lt dispatched in October 2015, last year, down

2.35 lt. The country is likely to produce 23.4 mt sugar in 2016/17, down about 7% from a year

earlier as back-to-back droughts ravaged cane crops in the top producing western state of

Maharashtra. Moreover, government is looking to enhance domestic supplies by reduce import

duty if the prices domestic market increase. Central government is exploring the option of

lowering the 40% import duty on the sweetener in its raw form.

ICE raw sugar futures rebounded on Tuesday from a four-month low, buoyed by the Brazilian

state-run oil company's decision to raise gasoline prices which may increase in Brazil. The

increase in gasoline prices is positive for sugar as there will be more demand for ethanol in

Brazil, encouraging mills there to direct more cane crush to ethanol instead of sugar. FCStone,

a broker and Consultancy, cut its forecast for the global sugar supply deficit in the 2016/17 crop

year (Oct-Sept) by 2.2 mt to 7.5 mt. It also estimate for global sugar demand in 2016/17 by

0.3% to 185.6 mt, which still represents a 1.6% increase over the volume seen a year

earlier. Moreover, speculators reduced their net long positions by 4,812 contracts for the eighth

consecutive week in raw sugar contracts to 154,268 contracts in the week ended Nov 29 as per

U.S CFTC. As per, the International Sugar Organization, world sugar production and demand

will come back into balance in 2017-18, ending the run of deficits which has left inventories at

a "critically low level" in the current season.

✍ SOYBEAN

Soybean futures closed lower on Tuesday on anticipation of increase in supplies in the current

month. There is an expectation that the arrivals of soybean in the domestic market keeping the

supplies more than the demand. The most-active Dec’16 delivery contract closed 0.46% lower

to settle at Rs. 3,062 per quintal. It is expectation that the peak arrivals will be observed during

the month of December. SOPA has raised the estimate for 2016-17 (JulJun) soybean output in

the country to 115 lt from 109 lt estimated earlier which is quite bearish for the domestic price.

CBOT soybean prices rose on Tuesday on report of round of export deals with China and

concerns about dry weather in Argentina. Soybeans received additional support from a rally in

the palm oil market. Soybean prices have been supported by strong demand for U.S. supplies

led by China, in December. This week, private exporters reported to the USDA of 624,000

metric tons of soybeans for delivery to China and 378,000 tonnes of soybeans for delivery to

unknown destinations during the 2016/2017 marketing year.

✍ RAPE/MUSTARD SEED

Mustard seed futures closed lower on Tuesday due to profit booking from the higher levels.

However, winter demand by the industrial buyers and higher MSP limit the loss. The Dec’16

contract ended 0.23% lower to settle at Rs. 4,777/quintal. There are reports of good sowing

progress in the state of Rajasthan, Uttar Pradesh and MP. As per agriculture ministry data,

Country’s mustard acreage in the ongoing rabi season touched 61.7 lakh hectares as on Dec 02

up 13.6% from a year ago. The sowing operations were not affected much, as farmers had

already bought the seeds. Rajasthan, the top mustard producing state, planted 27.3 lakh ha, up

17% from a year ago similarly acreage under mustard increase by 10% in Uttar Pradesh to 11

lh. In MP, mustard is sown in 6.35 lh, up 12% compared to last year. Govt increases mustard

MSP by 350 rupees/100 kg to 3,700 rupees for FY16-17 which includes bonus of Rs.100 /

quintals.

✍ REFINED SOY OIL

Refined soy oil futures closed little lower on Tuesday due to profit booking at higher levels

however, increase in spot prices of soyoil and tariff values by the government capped further

loss. The most active Ref Soy oil Dec’16 expiry contract closed 0.04% lower to settle at Rs.

736.5/10kg. The tariff value of crude soyoil was raised by $ 4 per tn to $876 which was the

fifth increase in two and half month by the government. The tariff value of soy oil has been

increase by about 6.5% since 15-Sep-16. As per SEA data, India October crude soyoil import

277,878 tonnes, lower by 31 % compared to 405,186 tonnes year ago while, India’s 2015/16

crude soyoil import 4.23 mt vs 2.99 mt – an increase of 41% y/y for the current oil year (Nov-

Oct).

✍ JEERA

Jeera futures closed down for the second consecutive day mainly due to reports of good

progress of Jeera sowing in Gujarat and drop in spot market prices on week uptake by the

stockists. NCDEX Dec’16 Jeera closed 1.66% down to close at Rs 18,375 per quintal. Jeera

sowing in Gujarat and Rajasthan have started. As on 28-Nov- 16, Gujarat farmers have planted

jeera in 1,41,100 hectares, up by 122.5% compared to last year acreage. The stock position in

NCDEX warehouse is at lower level compared to last year stocks. As on 02-Dec-2016, new

Jeera stock position at NCDEX approved warehouses in Jodhpur and Unjha is totaled at 141

tonnes while it was 159 tonnes last week. Last year stocks were about 5,336 tonnes. According

Department of commerce data, the exports of Jeera in thefirst six months (Apr-Sep) of 2016-17

is recorded at 70,809 tonnes, higher by 51% compared to same period last year. The exports of

jeeraduring September 2016 down 26.3% m/m to 7,012 tonnes while it also down y/y by

8.84%.

✍ TURMERIC

Turmeric futures recovers on Tuesday tracking physical demand however, reports of good

production from new season crops capped further rise. The prices have been supported over

7,200 levels as rains are expected in the Turmeric growing regions of Telangana. Turmeric

Dec’16 delivery contract on NCDEX closed 2.06% lower to settle at Rs 7,218per quintal. The

stock positions of Turmeric in the Exchange warehouses in the current season are only stock at

Sangali while last year the stocks were stored in Duggirala, Erode and Nizamabad too. On the

export front, country exported about 51,147 tonnes of turmeric during April-September period,

up by 27% to 58,233 tonnes compared last year, as per government data. Expectations of

increasing production in coming harvesting season and lowering export demand in recent

months are putting pressure on turmeric prices at higher levels. Turmeric acreage in Telangana

and Andhra Pradesh was higher this year as compared last year.

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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.