Daily Commodity Report as on Tuesday, April 11, 2017

Date : Tuesday, April 11, 2017 URL : www.achiieversequitiesltd.com Page No - 1

Open High Low Close % Cng OI

Gold 28682 28800 28621 28739 0.19 6614Silver 41357 41468 41006 41366 -0.03 13448

Alum. 125.2 125.7 123.6 123.75 -1.59 2222Copper 374.3 375.9 371.45 372.55 -0.93 16357Lead 144.4 146.5 144.35 145.2 0.03 2023Nickel 652.5 658.9 650 652 -0.73 27303Zinc 171.5 172.8 167.95 168.4 -2.06 5902

Crude 3375 3430 3365 3424 1.94 13543Nat. Gas 209.5 212.8 208.5 209.4 -0.29 6803

Cardamom 1250 1265 1235.3 1240.2 -2.89 775Turmeric 6280 6338 6200 6264 -0.22 18075

Jeera 19115 19300 18930 19190 0.39 17499Dhaniya 7381 7500 7305 7307 -3.97 57260

Wheat 1666 1669 1660 1663 -0.12 9880

Soyabean 2942 2942 2903 2913 -0.48 124690Ref. Oil 621.4 621.6 618.25 619.25 -0.58 59990CPO 519 520 510.1 512.6 -1.74 6544RMSeed 3895 3895 3853 3869 -0.59 66510Menthol 995.2 1004.8 985.7 988.8 -0.57 2265Cotton 20700 20830 20650 20770 0.58 6946

USDINR 64.41 64.73 64.41 64.71 0.47 1410424EURINR 68.21 68.62 68.21 68.53 -0.04 66530GBPINR 79.88 80.36 79.83 80.34 0.31 46296JPYINR 57.96 58.25 57.86 58.21 -0.06 19078

1

Turmeric prices dropped due to rising arrivals on the back of increased output.Currency

Jeera prices gained in the wake of reports of fall in output in both Gujarat and Rajasthan.

Date : Tuesday, April 11, 2017 URL : www.achiieversequitiesltd.com Page No - 2

Naturalgas settled down marginally while continuing a small retreat from 2 1/2-month highs on mild weather may limit demand.

Ref soyoil dropped on robust supply in local market along with lower tariff rates. Cereals

Mentha oil prices dropped on speculation that the area under cultivation can increase this year resulting good production. Oil and Oilseeds & Others

Soyabean dropped tracking weakness in spot demand on oversupply woes despite of hope of higher demand.

Energy Copper eased as rising geopolitical tensions blunted appetite for risk and lifted the dollar, but prices were underpinned by tightening supply.

Zinc prices dropped dragged down by weakness in steel and also after news that two flood-hit mines in Peru were ready to restart.

Nickel traded in the range while LME Nickel price ended unchanged at $10,180, balanced by potentially bullish and bearish news. Spices

Market Round upPrecious Metals

Gold recovered from the day's low and held firm buoyed by its safe-haven status amid rising political tensions.

Base MetalSilver prices edged lower as the U.S. dollar continued to remain supported by Federal Reserve policy tightening expectations.

Crudeoil prices climbed higher reaching it best closing level in over a month amid concerns about geopolitical tensions.

Expectations that the Federal Reserve will hike rates in June continued to limit upside for gold prices.

Gold recovered from the day's low and held firm buoyed by its safe-haven status amid rising political tensions.

Date : Tuesday, April 11, 2017 URL : www.achiieversequitiesltd.com Page No - 3

CLOSE 41366 RES-1 41554

% CNG -0.03 RES-2 41742

Silver on MCX settled down -0.03% at 41366 tracking weakness from Comex Silver which dropped to settled at $17.88 a troy ounce extending last week’s slide as a stronger dollar weighed on precious metals. The US dollarindex rose to more than three-week highs against a basket of other major currencies. Renewed dollar support late on Friday undermined bullion and defensive support for precious metals was curtailed by relief over the UStrade stance during President Trump’s meeting with Chinese President Xi. Silver held steady while support can be seen as growing geopolitical tensions continued to drive safe-haven demand. Top aides to U.S. PresidentDonald Trump differed on Sunday on where U.S. policy on Syria was headed after last week's attack on a Syrian air base, while U.S. Secretary of State Rex Tillerson warned the strikes were a warning to other nations,including North Korea. Meanwhile the U.S. Federal Reserve might in the future avoid raising interest rates at the same time that it begins the process of shrinking its $4.5 trillion bond portfolio, prompting only a "little pause",New York Fed President William Dudley said on Friday. But bullion has been supported by safe-haven demand due to mounting geopolitical tensions. A U.S. Navy strike group will be moving toward the western Pacific Oceannear the Korean peninsula as a show of force, as concerns grow about North Korea's advancing weapons programme. Technically market is getting support at 41092 and below same could see a test of 40818 level, Andresistance is now likely to be seen at 41554, a move above could see prices testing 41742.

BUY SILVER MAY 2017 @ 41250 SL 41000 TGT 41560-41750.MCX

iShares Silver Trust shrink at the fastest pace in at least 3 years, with shareholders liquidating 346 tonnes of the trust's physical silver backing.

HIGH 41468 SUP-1 41092

LOW 41006 P.P. 41280

Gold on MCX settled up 0.19% at 28739 prices recovered from the day's low while prices dropped in the morning session as the US dollar continued to remain supported by Federal Reserve policy tightening expectations.Recovery in the prices seen in late session with markets keeping a close eye on geopolitical risks and noting comments from the Fed chief that suggested the central bank is on track with plans to hike rates as forecast. TheFederal Reserve's plans to raise U.S. interest rates gradually are aimed at sustaining full employment and near-2-percent inflation without letting the economy overheat, Fed Chair Janet Yellen said on Monday. Also Yellenrepeated earlier comments that the economy is expected to continue to grow at a moderate pace. Trading volumes across markets remained thin, as investors paused to reflect on rising geopolitical tensions in the MiddleEast, after last week’s U.S. missile strike on an airbase in Syria. Meanwhile, geopolitical tensions in Asia surfaced, following the U.S decision to move a Navy strike group toward the Korean peninsula amid continued missiletests by North Korea. In the week ahead, investors will be eyeing Monday’s speech by Fed Chair Janet Yellen for fresh cues on the timing of the next U.S. rate hike and plans to trim the bank’s balance sheet. Traders will alsobe looking ahead to Friday’s U.S. data on retail sales and inflation ahead of the long Easter weekend. Technically market is under short covering and prices are getting support at 28640 and below same could see a test of28541 level, And resistance is now likely to be seen at 28819, a move above could see prices testing 28899.

MCX Silver May 2017 TRADING IDEA

OPEN 41357 SUP-2 40818 Silver trading range for the day is 40818-41742.

Prices will see support as growing geopolitical tensions continued to drive safe-haven demand.

Silver prices edged lower as the U.S. dollar continued to remain supported by Federal Reserve policy tightening expectations.

CLOSE 28739 RES-1 28819 Hedge funds and money managers upped their net long position in COMEX gold for the third straight week in the week to April 4, US CFTC

% CNG 0.19 RES-2 28899 BUY GOLD JUN 2017 @ 28650 SL 28500 TGT 28800-28950.MCX

HIGH 28800 SUP-1 28640

LOW 28621 P.P. 28720

MCX Gold Jun 2017 TRADING IDEA

OPEN 28682 SUP-2 28541 Gold trading range for the day is 28541-28899.

Copper on MCX settled down -0.93% at 372.55 as rising geopolitical tensions blunted appetite for risk and lifted the dollar, but prices were underpinned by tightening supply. LME copper dropped 1.5 percent to end at $5,747a tonne, adding to small losses in the previous session, having broken support at its 100-day moving average at $5,800 a tonne. Prices have faltered since shipments resumed from BHP Billiton's Escondida mine in Chile andsince Freeport McMoRan Inc said it was awaiting final details on a temporary export permit in Indonesia, ending lengthy disruptions. The supply disruptions that we have seen were short-term dynamics and did not create real tightness in the market. The discount of cash LME copper to the three-month contract was $30.85 a tonne after closing on Friday at $35.25, the biggest discount since June 2013, indicating that supplies were adequate. LMEcopper stocks are at the lowest since early March, while ShFE copper stocks rose last week, but are down from near one-year highs reached a month ago. Hedge funds and money managers cut their net long position in U.S.copper futures for the first time in three weeks, data showed. China's foreign exchange reserves rose slightly in March, figures from the People's Bank of China showed. Forex reserves totaled $3,009 billion at the end ofMarch compared to $3,005 billion in February. Reserves increased for the second consecutive month. Technically market is under fresh selling as market has witnessed gain in open interest by 6.25% to settled at 16357 whileprices down -3.5 rupees, now Copper is getting support at 370.7 and below same could see a test of 368.8 level, And resistance is now likely to be seen at 375.2, a move above could see prices testing 377.8.

SELL COPPER APR 2017 @ 375.50 SL 378.50 TGT 371.80-369.50.MCX

Hedge funds and money managers cut their net long position in copper futures U.S. Commodity Futures Trading Commission data showed.

LME copper stocks are at the lowest since early March, while ShFE copper stocks rose last week, but are down from near one-year highs reached a month ago.

Copper eased as rising geopolitical tensions blunted appetite for risk and lifted the dollar, but prices were underpinned by tightening supply.

Date : Tuesday, April 11, 2017 URL : www.achiieversequitiesltd.com Page No - 4

CLOSE 372.6 RES-1 375.2

% CNG -0.93 RES-2 377.8

HIGH 375.9 SUP-1 370.7

LOW 371.5 P.P. 373.3

Crudeoil on MCX settled up 1.94% at 3424 climbed higher reaching it best closing level in over a month amid concerns about geopolitical tensions, the price of crude oil showed a notable upward move during trading onMonday. Support also seen after the update that Libya's Sharara oilfield was shut after a group blocked a pipeline linking it to an oil terminal, a Libyan oil source said. The field had only just returned to production, after aweek-long stoppage ending in early April. The outage added to a rally that started late last week after the United States fired missiles at a Syrian government air base. While Syria produces only small volumes of oil, theMiddle East is home to more than a quarter of the world's oil output. Later in the day traders will be eyeing for the API will report estimates of inventories for crude and refined products at the end of last week, followed byofficial data from the US EIA on Wednesday. The two sets of figures diverged sharply last week with API showing a crude draw and EIA a build. Market expects a 316,000 barrels build in crude supplies, and a drop in gasolinestocks of 1.761mbls and a decline in distillate supplies of 896,000 barrels. In the week ahead, market participants will eye fresh weekly information on U.S. stockpiles of crude and refined products on Tuesday andWednesday to gauge the strength of demand in the world’s largest oil consumer. Meanwhile, investors will keep an eye out for monthly reports from the OPEC and the IEA to gauge global supply and demand levels.Technically market is getting support at 3382 and below same could see a test of 3341 level, And resistance is now likely to be seen at 3447, a move above could see prices testing 3471.

MCX Copper Apr 2017 TRADING IDEA

OPEN 374.3 SUP-2 368.8 Copper trading range for the day is 368.8-377.8.

CLOSE 3424 RES-1 3447 Headlines of Chinese troop deployments to the North Korean border that spooked markets and once again spurred a geopolitical fear bid in bullion

% CNG 1.94 RES-2 3471 BUY CRUDEOIL APR 2017 @ 3400 SL 3360 TGT 3445-3480.MCX

Support also seen after the update that Libya's Sharara oilfield was shut after a group blocked a pipeline linking it to an oil terminal.

HIGH 3430 SUP-1 3382

LOW 3365 P.P. 3406

Crudeoil prices climbed higher reaching it best closing level in over a month amid concerns about geopolitical tensions.

MCX Crudeoil Apr 2017 TRADING IDEA

OPEN 3375 SUP-2 3341 Crudeoil trading range for the day is 3341-3471.

A suspended Philippine nickel miner has asked President Rodrigo Duterte to allow it to ship ore stockpiles after some cargoes were seized.

Nickel traded in the range while LME Nickel price ended unchanged at $10,180, balanced by potentially bullish and bearish news.

Zinc prices touched a peak of $2,980.50 a tonne in mid-February on worries that major mine closures last year would lead to severe shortages.

Zinc prices dropped dragged down by weakness in steel and also after news that two flood-hit mines in Peru were ready to restart.

HIGH 658.9 SUP-1 648.3

LOW 650.0 P.P. 653.6

Zinc on MCX settled down -2.06% at 168.40 dropped tracking weakness from LME Zinc which hit a three-month low on Monday as supply concerns eased and demand remained weak in top metal consumers such as China.LME Zinc prices touched a peak of $2,980.50 a tonne in mid-February on worries that major mine closures last year would lead to severe shortages. London Metal Exchange three-month zinc slid 2.7 percent to close at$2,618 a tonne, the weakest since Jan. 6. Also pressuring the market was weakness in Chinese steel prices and news that two flood-hit mines in Peru were ready to restart. Chinese smelters may prove less resilient in thecoming months after they announced that 540,000 tpy of capacity would be put on maintenance for unspecified period. The LME spec positioning in zinc looks fairly elevated considering that the net spec length – at 78,473lots as of March 24 – is at 79% of the all-time record (99,251 lots) from 2015. So this bout of long liquidation should not surprise investors. The ILZSG estimates that the market was in a deficit of 27,400 tonnes in January2017 compared with a surplus of 6,000 tonnes in January 2016. The zinc market was in a deficit of 268,000 tonnes in 2016 compared with a surplus of 189,000 tonnes in 2015. The tighter fundamentals were driven by thedemand side rather than the supply side, essentially owing to a notable surge in US apparent demand. Technically market is under fresh selling as market has witnessed gain in open interest by 13.98% to settled at 5902,now Zinc is getting support at 166.6 and below same could see a test of 164.8 level, And resistance is now likely to be seen at 171.5, a move above could see prices testing 174.6.

MCX Nickel Apr 2017 TRADING IDEA

OPEN 652.5

Nickel on MCX settled down -0.73% at 652 traded in the range while LME Nickel price ended unchanged at $10,180, balanced by potentially bullish and bearish news. A suspended Philippine nickel miner has asked thepresident to allow it to ship ore stockpiles after some cargoes were seized. Cyclonic winds and heavy rain buffeted New Caledonia, prompting residents of the French South Pacific territory to seek shelter and halt mining ofnickel, its most important export. China has been the target of anti-dumping lawsuits, and this is expected to be a hot topic in the meeting of the two world leaders. The timing for the nickel market is interesting; according toa Reuters report the EU has set anti-dumping duties on imports of hot-rolled flat steel products from China at a higher rate than those already in place; final duties have been set at between 18.1% 35.9% for five years formetal coming from a number of Chinese producers. With nickel an important component of steel products, regulations on the steel industry will, in turn, affect nickel prices. The US has already enforced a number of tariffs onChinese steel imports, a development that China is not happy about. Technically market is under long liquidation as market has witnessed drop in open interest by -0.35% to settled at 27303 while prices down -4.8 rupees,now Nickel is getting support at 648.3 and below same could see a test of 644.7 level, And resistance is now likely to be seen at 657.2, a move above could see prices testing 662.5.

BUY NICKEL APR 2017 @ 655.00 SL 645.00 TGT 664.00-672.00.MCX

Cyclonic winds and heavy rain buffeted New Caledonia, prompting residents of the French South Pacific territory to halt mining of nickel

Date : Tuesday, April 11, 2017 URL : www.achiieversequitiesltd.com Page No - 5

CLOSE 652.0 RES-1 657.2

% CNG -0.73 RES-2 662.5

SUP-2 644.7 Nickel trading range for the day is 644.7-662.5.

CLOSE 168.4 RES-1 171.5 Globally speaking, zinc supply has already been rising again since September.

% CNG -2.06 RES-2 174.6 SELL ZINC APR 2017 @ 170.50 SL 172.50 TGT 168.80-167.50.MCX

HIGH 172.8 SUP-1 166.6

LOW 168.0 P.P. 169.7

MCX Zinc Apr 2017 TRADING IDEA

OPEN 171.5 SUP-2 164.8 Zinc trading range for the day is 164.8-174.6.

India's Apr-Dec turmeric export 25% to 85,500 ton on year. Last year, India exported 68,500 ton in the same period.

Turmeric prices dropped due to rising arrivals on the back of increased output.

Daily jeera arrivals have been rising in the markets of Gujarat.

Jeera prices gained in the wake of reports of fall in output in both Gujarat and Rajasthan.

HIGH 6338 SUP-1 6198

LOW 6200 P.P. 6268

Jeera on NCDEX settled up by 0.39% at 19190 in the wake of reports of fall in output in both Gujarat and Rajasthan. Gujarat government has estimated lower output this year due to adverse weather while there were reportsrains during March in some parts of Rajasthan, which have impacted jeera crop. Daily jeera arrivals have been rising in the markets of Gujarat. Due to higher prices last year, production across Turkey, Syria, China, Pakistanand Afghanistan is expected to increase, the report said. India's Apr-Dec jeera export jumped 35% to 91,000 ton from 67,300 ton a year ago on the back of higher demand from China and Bangladesh. India imported around2,550 ton jeera during Apr-Oct as against negligible in the previous year. The Centre pegs production of jeera in the state at 221,000 tonnes, down 11 per cent from last year’s output of 238,000 tonnes. The output is farlower than the normal of 346,000 tonnes in Gujarat in 2013-14. Acreage has fallen to 279,000 hectares this year from 286,000 hectares earlier. According to data, 33,110 tonnes of jeera arrived in the markets betweenMarch 1 and March 20, against 34,107 tonnes during the same period last year. India exports an average of 15,000 tonnes of jeera during March, April and May. In Unjha, a key spot market in Gujarat, jeera edged up by123.35 Rupees to end at 18713.35 Rupees per 100 kg.Technically market is under fresh buying as market has witnessed gain in open interest by 8.48% to settled at 17499 while prices up 75 rupees, now Jeera is gettingsupport at 18980 and below same could see a test of 18770 level, And resistance is now likely to be seen at 19350, a move above could see prices testing 19510.

NCDEX Turmeric May 2017 TRADING IDEA

OPEN 6280 SUP-2 6130 Turmeric trading range for the day is 6130-6406.

CLOSE

Turmeric on NCDEX settled down by -0.22% at 6264 due to rising arrivals on the back of increased output. Demand from stockists and masala manufacturers remained weak as they are expecting prices to decline further inview of bumper crop. India's Apr-Dec turmeric export 25% to 85,500 ton on year. Last year, India exported 68,500 ton in the same period. In the Delhi spot market turmeric single polish gattha was traded weak at Rs 7,300-7,400 per quintal on weak demand. Turmeric farmers and traders have been hit hard by poor sales during peak season. Many traders and farmers expected good sales of turmeric during the peak period, which started amonth ago. But, this year, for the first time in recent history, both farmers and traders are in agony due to poor production and tepid demand from North India. Due to monsoon failure, turmeric cultivation has been affected.Some farmers are using open and bore wells, while some others are buying water at exorbitant rates to save their standing turmeric crop, but the yield was very poor. Because of this they incurred heavy cultivation charges.The upcountry demand for turmeric has been very low, as the traders in North India have started sourcing turmeric from other locations such as Assam, Warangal and Nizamabad. In Nizamabad, a major spot market in AP,the price ended at 5981.65 Rupees remains unchanged at0 Rupees.Technically market is under fresh selling as market has witnessed gain in open interest by 10.38% to settled at 18075 while prices down -14 rupees, nowTurmeric is getting support at 6198 and below same could see a test of 6130 level, And resistance is now likely to be seen at 6336, a move above could see prices testing 6406.

Date : Tuesday, April 11, 2017 URL : www.achiieversequitiesltd.com Page No - 6

CLOSE 6264 RES-1 6336

% CNG -0.22 RES-2 6406 SELL TURMERIC MAY 2017 @ 6350 SL 6450 TGT 6250-6150.NCDEX

NCDEX accredited warehouses turmeric stocks gained by 128 tonnes to 2454 tonnes.

19190 RES-1 19350 NCDEX accredited warehouses jeera stocks gained by 189 tonnes to 828 tonnes.

% CNG 0.39 RES-2 19510 BUY JEERA MAY 2017 @ 19050 SL 18900 TGT 19180-19350.NCDEX

HIGH 19300 SUP-1 18980

LOW 18930 P.P. 19140

NCDEX Jeera May 2017 TRADING IDEA

OPEN 19115 SUP-2 18770 Jeera trading range for the day is 18770-19510.

DAILY MARKET LEVEL FOR METAL AND ENERGY

Mentha oil on MCX settled down by -0.57% at 988.8 on speculation that the area under cultivation can increase this year resulting good production. However downside seen limited amid tight stocks position on restrictedsupplies from producing belts. Total production of mentha oil during the current season is 32,000-34,000 tonnes against preliminary estimates of around 40,000 tonnes. Unfavourable weather conditions during harvestingperiod led to the drop in production. On the demand side, the seasonal demand emerges during winter season, especially from the pharma sector. Sources mentioned that nearly 14500 MT of mint products were exported insix months of the current financial year. This implies that export demand for the complete financial year can be between 27000 and 29000 MT quite cheaper, versus 23000 of total exports last year. Farmers are keeping mostof the stocks in their hands. Most buyers are willing to buy at these levels. Since farmers are keeping most of stocks, thus whenever requirement arises, industry people will be purchasing from the farmers. This will beanother bullish price driver. Indian markets had reported higher sowing for current year. Trade sources estimate that total area under Mentha planting has dropped by 20% to 1.75 lakh ha this season resulting into aproportionate fall in Mentha oil production this year. Mentha oil spot at Sambhal closed at 1133.30 per 1kg. Spot prices was up by Rs.7.80/-.Technically market is under long liquidation as market has witnessed drop in openinterest by -1.56% to settled at 2265 while prices down -5.7 rupees, now Menthaoil is getting support at 981.4 and below same could see a test of 974 level, And resistance is now likely to be seen at 1000.5, a move abovecould see prices testing 1012.2.

SELL MENTHAOIL APR 2017 @ 990.00 SL 1004.00 TGT 982.00-972.00.MCX

However downside seen limited amid tight stocks position on restricted supplies from producing belts.

Mentha oil prices dropped on speculation that the area under cultivation can increase this year resulting good production.

Mentha oil spot at Sambhal closed at 1133.30 per 1kg. Spot prices was up by Rs.7.80/-.

148.7147.6146.5

142.1143.2144.3

2023

145.4

0.45

Date : Tuesday, April 11, 2017 URL : www.achiieversequitiesltd.com Page No - 7

Negative Positive

SPREAD 153 486 36.00 5.10 4.20 0.70 6.10

TREND Positive Negative Positive Negative Negative Negative Negative

0.40

644.7 122.328640 41092 3382 207.6 370.7

OI 6614 13448 13543 6803 16357 5902 27303 2222161.7 639.4 121.0

166.6 648.3 123.1164.8

P. POINT 28720 41280 3406 210.2 373.3

28461 40630 3317 203.3 366.2SUPPORT 28541 40818 3341 205.9 368.8

375.2 171.5 657.2 125.2169.7 653.6 124.4

RESISTANCE28998 42016 3512 216.2 379.7 176.4 666.1 127.328899 41742 3471 214.5 377.8 174.6 662.5 126.528819 41554 3447 211.9

CLOSE 28739 41366 3424 209.4

LEAD

145.2

CLOSE 988.8 RES-1 1000.5

% CNG -0.57 RES-2 1012.2

372.55 168.4 652.0 123.75

COMMODITIES GOLD SILVER CRUDE NAT.GAS COPPER ZINC NICKEL ALUMINUM

HIGH 1004.8 SUP-1 981.4

LOW 985.7 P.P. 993.1

MCX Menthaoil Apr 2017 TRADING IDEA

OPEN 995.2 SUP-2 974.0 Menthaoil trading range for the day is 974-1012.2.

2:30pm EUR 13.2 12.82:30pm EUR 0.002 0.0092:30pm EUR 25 25.63:30pm USD 104.7 105.37:30pm USD 5.59M 5.63M10:31pm USD 0 2.56|2.711:15pm USD 0 0

0 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 0

Activity in China's service sector expanded at its weakest pace in six months in March, hurt by slowergrowth in new orders and intensifying cost pressures, a private survey showed, painting a less rosypicture of a sector that Beijing is counting on to maintain economic momentum. The Caixin/Markitservices purchasing managers' index (PMI) for March fell to 52.2 from February's 52.6, but remainedabove the 50-level that separates expansion from contraction. The survey of largely medium- andsmall-sized firms showed activity at its lowest since September 2016. The result contrasted withofficial surveys showing services PMI growth for March accelerating at the fastest pace in almost threeyears, and manufacturing activity unexpectedly expanding at the quickest rate in nearly 5 years lastmonth. In Thursday's private services survey subdued business demand pulled down the headline PMIindex. There are concerns China's real estate sector - a big growth-driver for sectors fromconstruction to banking - could become a drag on the broader economy as they were hit with freshwaves of housing policy curbs in mid-March. The new business sub-component slipped 1.1 percentagepoints to 52.2 in March, the weakest demand for China's service providers since September 2016.

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8

European lawmakers overwhelmingly backed a resolution that laid down the key guidelines for Brexitnegotiations with the UK and called for a phased approach to discussions, in contrast to the Britishgovernment's wish for parallel talks on exit and future relationship with the European Union. In theplenary session of the European Parliament in Strasbourg, 516 MEPs voted in favor, 133 against with50 abstentions, to adopt the resolution that officially laid down the red lines for talks with the UK. Anydeal with the UK on conclusion of talks must win the approval of the European Parliament. BritishPrime Minister Theresa May gave notice of her country's withdrawal from the EU on March 29. Talksbetween the EU and the UK are set to take place over two years and expected to conclude in March2019. "Parliament's vote will be decisive for the final outcome of the conditions for the UK'swithdrawal and for future EU-UK relations," European Parliament President Antonio Tajani said. "Therecent terrorist attacks make it clear that all European countries will need to continue working closelywith each other." There was broad support among MEPs to give top priority to protecting citizens'interests in Brexit talks. European Commission President Jean-Claude Juncker and EU's Chief BrexitNegotiator Michel Barnier stressed on the need for the 27 member states to stay united during thetalks.

Growth in Germany's services sector accelerated further in March, a survey showed, suggestingEurope's largest economy will post healthy growth in the first quarter. Markit's final services indexrose to a 15-month high of 55.6 from 54.4 in February, helped by new business in the post andtelecommunication sector and the renting, business activities and financial intermediation branch.Markit's final composite Purchasing Managers' Index (PMI), which tracks the activity in manufacturingand services that together account for more than two-thirds of the economy, rose to 57.1 from 56.1in February to reach a 70-month high.Markit's final PMI for manufacturing showed growth hadaccelerated at the strongest rate in nearly six years in March. It suggested manufacturing wouldcontribute to overall growth in the first quarter. Wednesday's results similarly suggest services, whichare not historically a German strength, would also contribute to growth. Services providers recordedthe strongest expansion in new work since February 2016. It was the second straight monthlyacceleration after three months of slowing growth.

India’s oilmeal exports have reported a 22 per cent increase for 2016-17 to 1,865,757 tonnes, against1,529,115 tonnes last year, driven by soyabean meal exports. According to data shared by theSolvent Extractors’ Association of India (SEA), the country exported 916,306 tonnes of soyameal inFY17, up 136 per cent over 387,298 tonnes in FY16. In terms of value, the total earnings from oilmealexports rose 22 per cent to Rs. 3,178 crore (Rs. 2,600 crore). Soyameal exports have been revivingsince November, when exports increased nearly three times to 97,750 tonnes, from 31,390 tonnes inthe previous month. The provisional figures for March showed soyameal exports at 107,059 tonnes,while the overall oilmeal exports during the month stood at 150,773 tonnes (106,122 tonnes), up 42per cent. Among the key destinations for India’s oilmeal are South Korea, which imported 543,235tonnes (including 167,760 tonnes of rapeseed meal, 366,805 tonnes of castor meal and 8,670 tonnesof soyabean meal), and Vietnam, which imported 328,348 tonnes from India.

Chinese cotton imports will remain suppressed next season, as the government continues to drawdown on cotton stocks, while production recovers, US officials said. The US Department ofAgriculture's Beijing bureau noted that Chinese government's priority remains "to ease the burden ofits large cotton stocks following years of state cotton purchases". The bureau reports estimates fromindustry sources that government cotton sales could reach 3.79m tonnes in 2017, up from 2.66mtonnes. Chinese government sales were seen drawing down stocks, from 12.67m tonnes, to 8.90mtonnes by the end of 2017-8. The bureau suggested that "industry observers believe that China couldvery well succeed in reducing its state cotton reserves to 5m tonnes by the end of 2018." Thesecotton sales will keep a lid on imports, the bureau said, despite the steady consumption, with importsforecast at 2017-18. Imports were forecast at 1.00m tonnes, compared to a 13-year low of 9.59mtonnes seen in 2015-16, and 9.80m tonnes expected in the current 2016-17 season. Chinese cottonconsumption is seen robust thanks to steady economic growth, reaching 8.00m tonnes, in 2017-18.China's 2017-18 cotton production is forecast to recover moderately, to 5.15m tonnes," up 100,000tonnes year-on-year, thanks to rising plantings, seen up 100,000 hectares to 3.1m hectares.Plantings are being supported by a price-subsidy policy in Xinjiang, the country's top growing region.

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