commodities weekly tracker, 20th may 2013

7/30/2019 Commodities Weekly Tracker, 20th May 2013

1/19

Commodities & Currencies

Weekly Tracker


2/19

Commodities Weekly TrackerContents

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

Monday | May 20, 2013


3/19

Commodities Weekly TrackerMonday | May 20, 2013

1.61.4

0.1

(1.0) (1.1) (1.2) (1.3) (1.4)(1.5)

(1.0)

(0.5)

0.0

0.5

1.0

1.5

2.0Currencies Weekly Performance


4/19


3.9

0.8

(0.0)(1.1) (1.1)

(1.4)

(4.0)

(6.1) (6.7)(7.0)

(5.0)

(3.0)

(1.0)

1.0

3.0

Non-Agri Commodities Weekly Performance


5/19

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



6/19


GoldWeekly Price Performance

Spot gold prices declined around 6.1 percent in the last week. The yellow metal

touched a weekly low of $1355.1/oz and closed at $1358.7/oz in last trading session

of the week. In the Indian markets, prices declined by 3.6 percent taking cues from spot gold prices

and closed at Rs.25884/10 gms on Friday after touching a weekly low of Rs. 25776/10

gms.

ETF Performance

Holdings in the SPDR Gold Trust, the world's largest gold-backed exchange-traded

fund, declined by 1.25 percent to 1,038.41 tonnes as on 17th May 2013 from previous

level of 1,051.65 tonnes as on 10th May 2013.

Factors that influenced downside in gold prices Strength in DX coupled with decline in Inflation in the major economies of the world.

Further, rise in stock markets led to the decline in demand for safe heaven which kept

prices under pressure.

Additionally, SPDR gold trust holding continued to decline, which acted as a negative

factor. Apart from that weak economic data from Euro zone added downside

pressure on the prices.

Outlook

In the coming week we expect gold prices to trade on the negative note as the rise instock markets may reduce the demand for safe haven. Further SPDR gold trust

holding continued to decline which may add downside pressure. Additionally,

strength in DX may act as a negative factor. However, sharp downside will be

cushioned as a result of expectations of favorable economic data from Euro Zone.

Depreciation in the Indian Rupee may cushion sharp downside in the prices on MCX.

Weekly Technical Levels

Spot Gold : Support 1,327/1,295 Resistance 1,387/1,420. (CMP: $1343.70)

Sell MCX Gold June between 26,150-26,200, SL-26,655, Target -25,050. (CMP: Rs

25,414)

1,350

1,400

1,450

1,500

1,550

1,600

1,650

1,700

1,750

1,800

25,500

26,500

27,500

28,500

29,500

30,500

31,500

MCX and Comex Gold Price Performance

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

79.0

80.0

81.0

82.0

83.0

84.0

85.0

1,350

1,400

1,450

1,500

1,550

1,600

1,650

1,700

Spot Gold Vs US Dollar Index

Sp ot Gol d -$ /oz US Dol lar In de x


7/19


SilverWeekly Price Performance

Spot silver fell by 6.7 percent in the last week. The white metal prices touched

a low of $22.09/oz in the last week and closed at $22.23/oz in last trade ofthe week.

On the domestic front, prices decreased by 5.0 percent taking cues from spot

silver prices and closed at Rs.42814/kg on Friday after touching a low of

Rs.42281/kg in the last week.

ETF Performance

Holdings in the iShares Silver Trust, the world's largest silver-backed

exchange-traded fund, declined by 1.79 percent to 10,252.69 tonnes as on

17th May 2013 from previous level of 10,440.4 tonnes as on 10th May 2013.

Factors that influenced downside in silver prices

Decline in spot gold prices, downside in the base metal packs along with

strength in DX. Further, unfavourable economic data from euro zone and

china coupled with fall in US housing starts and Philly fed manufacturing index

added downside pressure on the prices.

However, upbeat global market sentiments along with rise in US consumer

sentiments cushioned sharp downside in the prices.

Outlook

In the coming week we expect spot silver prices to decline taking cues fromfall in spot gold prices coupled with downside in the base metal packs.

Further, strength in DX may add downside pressure. However, sharp

downside will be cushioned as a result of expectations of favorable economic

data from Euro Zone. Depreciation in the Indian Rupee may cushion sharp fall

in the prices on MCX.


Spot Silver: Support 21.60/20.95 Resistance 22.72/23.40. (CMP:$21.30)

Sell MCX Silver July between 43,400-43,500, SL-43,951, Target -

41,700/41,280. (CMP: Rs.40,801)

22

24

26

28

30

32

42,000

44,000

46,000

48,000

50,000

52,000

54,000

56,000

58,000

60,000

MCX and Comex Silver Price Performance

M CX-Near Mont h Si lver Fut ures -R s/ kg Comex Si lver Fut ures -$/ oz

79.0

80.0

81.0

82.0

83.0

84.0

85.0

22.0

24.0

26.0

28.0

30.0

32.0

Spot Silver Vs US Dollar I ndex

Spot Si lver -$ /oz US Doll ar Inde x


8/19


CopperWeekly Price Performance

Copper prices declined by 1.1 percent in the previous week. The red metal touched a

weekly low of $7101/tonne and closed at $7310/tonne in the last trading session of the

week. On the domestic front, prices ended on negative note by 0.5 percent and closed at Rs.

406/kg on Friday after touching a low of Rs. 392.6/kg in the last week. Depreciation in

the Indian rupee prevented sharp downside in the prices.

Copper Inventories

LME copper inventories increased by 4.25 percent in the last week and stood at

629,950 tonnes as on 17th May, 2013 as against 604,250 tonnes as on 10th May,

2013.

Copper inventories in the warehouse monitored by the Shanghai fell by 2.4 percent

and stood at 190,330 tonnes for the week ending on 17th May, 2013.

Factors that influenced downside in the copper prices

Strength in DX and weak economic data from US, China and Euro Zone increased the

worries over demand for copper. Additionally, rise in LME inventories by 4.2 percent

acted as negative factor for the prices.

However, sharp fall in the prices was cushioned on the back of rise in risk appetite in

the global market sentiments coupled with rise in US consumer sentiments.

Outlook

In the coming week we expect base metal price to trade on the negative note on theback of strength in DX coupled with rise in the LME copper inventories.

However, sharp downside will be cushioned as a result of expectations of favorable

economic data from Euro Zone and US.

Depreciation in the Indian Rupee may cushion sharp decline in the prices on MCX.


LME Copper: Support 7265/7125 Resistance 7470/7630. (CMP: $7260.75)

MCX Copper: Support 402.20/394.60 Resistance 413.50/422.0. (CMP: Rs 401.70)

365

375

385

395

405

415

425

435

445

455

6,800

7,000

7,200

7,400

7,600

7,800

8,000

8,200

8,400

LME and MCX Copper Price Performance

LME Copper Future ($/tonne) MCX Near Month Copper Contract (Rs/kg)

6,800

7,000

7,200

7,400

7,600

7,800

8,000

8,200

8,400

318,000

368,000

418,000

468,000

518,000

568,000

618,000

LME Copper v/s LME Inventory

Copper LME Inventory (tonnes) LME Copper Future ($/tonne)


9/19


Crude OilWeekly Price Performance On a weekly basis, Nymex crude oil prices declined marginally by 0.01 percent.

On the domestic bourses, prices increased by 2.0 percent on account ofdepreciation in the Indian Rupee and closed at Rs.5,297/bbl on Friday aftertouching a high of Rs.5308/bbl in the last week.

US Energy Department Facts and Figures As per the US Energy Department (EIA) report, US crude oil inventories

declined unexpectedly by 0.6 million barrels to 394.90 million barrels for theweek ending on 10th May 2013.

Gasoline stocks increased by 2.6 million barrels to 217.70 million barrels andwhereas distillate stockpiles rose by 2.3 million barrels to 119.90 million barrelsfor the last week.

Factors that influenced downside in crude oil prices Expectations that OPEC production will increase in the current year coupled

with strength in the DX.

Further, unfavorable economic data from the Euro Zone and US also exerteddownside pressure on the crude oil prices.

However, sharp downside in the prices was cushioned as a result of decline inUS crude oil inventories along with upbeat global market sentiments.

Outlook For the coming week, we expect crude oil prices to trade higher on the back of

unrest in the Syria which led to expectations of supply concerns from theregion.

Additionally, decline in US crude oil inventories coupled with favorableeconomic data from US in last week will support an upside in the prices.

Further, expectations of positive economic data from US and Euro Zone will actas a positive factor for the oil prices.

However, strength in the DX will cap sharp gains in the prices.

Depreciation in the Indian Rupee will support upside in the prices on the MCX.

Weekly Technical Levels Nymex Crude Oil: Support: 95.15/93.50 Resistance 97.90/99.45. (CMP:$96.14)

Buy MCX Crude June between 5260-5250, SL-5160, Target -5405/5395.(CMP:Rs 5274)

86.0

88.0

90.0

92.0

94.0

96.0

98.0

4,700

4,800

4,900

5,000

5,100

5,200

5,300

5,400

Nymex and MCX Crude Oil Price Performance

M CX crude oil (Rs/ bbl) NY MEX Crude Oi l ($/bbl)

361.3

360.3

363.1369.1

371.7

372.2

376.4

377.53

381.4

384

382.7

385.9

388.6 388.9

387.6

388.6

395.3 395.5

394.9

360

365

370

375

380

385

390

395

400

Crude Oil Inventories (mn barrels)


10/19


DX/ INRWeekly Price Performance

US Dollar Index (DX) increased around 1.4 percent in the last week.

The Indian Rupee depreciated around 0.01 percent on weekly basis.

Factors that influenced upside movement in the DX

Unfavorable economic data from US and Euro Zone.

However, sharp upside in the currency was capped on account of rise in risk appetite in

the global market sentiments.

Further, positive US equities markets also prevented sharp upside in the DX.

Factors that influenced movement in the Rupee

Dollar demand from importers.

Additionally, strength in the DX also exerted downside pressure on the currency.

However, sharp downside in the currency was cushioned as a result of decline incountrys inflation which is at the lowest level since 2009.

Further, upbeat global and domestic market sentiments also prevented sharp fall in the

currency.

FII Inflows

For the month of May 2013, FII inflows totaled at Rs.11,992.60 crores ($2,208.38

million) as on 17th May 2013. Year to date basis, net capital inflows stood at

Rs.73,029.0 crores ($13,518.70 million) till 17th May 2013.

Outlook

In the coming week, Indian Rupee is expected to depreciate as a result of dollar

demand from gold and oil importers. Additionally, strength in the DX will also add

downside pressure on the currency.

However, sharp downside in the currency will be cushioned on account of rise in risk

appetite in the global market sentiments.


USD/INR MCX May Support 54.70/54.40 Resistance 55.30/55.60. (CMP: 55.065)

US Dollar Index: Support 83.70/83.20 Resistance 84.60/85.0. (CMP: 84.0)

79.0

80.0

81.0

82.0

83.0

84.0

US Dollar Index

53.0

53.5

54.0

54.5

55.0

55.5

56.0

$/INR - Spot


11/19


EuroWeekly Price Performance

The Euro depreciated by 1.2 percent in the last week. The Euro touched a

weekly low of 1.2795 and closed at 1.2838 against dollar on Friday.

Factors that influenced downside movement in the Euro

Strength in dollar index.

Euro zone economy contracted by 0.2 percent in the first quarter of 2013 for

consecutive 6 quarters added downside pressure.

Further, weak economic data from Germany, France and Italy acted as negative

factor for the currency.

Additionally, European Central Bank (ECB) policy maker said that the bank may

consider slashing euro deposits rates to negative if required kept currency under

pressure. However, decline in Inflation in Euro zone along with optimistic global market

sentiments cushioned sharp depreciation in the euro.

Apart from that, Fitch credit rating agency upgraded Greece sovereign rating to

B-minus from CCC, with stable outlook which prevented sharp decline in the

currency.

Outlook

In the coming week we expect Euro currency to depreciate on the back of

strength in DX.

However, sharp downside in the currency will be capped on account of rise in

risk appetite in the global market sentiments.

Further, forecast for favorable economic data from the Euro region will also

cushion sharp fall in the currency.


EURO/USD SPOT: Support 1.2740/1.2650 Resistance 1.2950/1.3050. (CMP:

1.2864)

1.275

1.285

1.295

1.305

1.315

1.325

1.335

1.345

1.355

1.365

Euro/$ - Spot

69.0

69.5

70.0

70.5

71.0

71.5

72.0

72.5

73.0

EURO/INR - Spot


12/19

Chana


Weekly Price Performance

Chana prices remained firm in the early part of the week on emergence of fresh

demand at lower levels. However, increasing arrival pressure at higher levels

again exerted downside pressure on the prices towards the week end. Chana spot as well as June futures settled 0.5% & 0.45% lower w-o-w.

Higher arrivals seen restricting upside in the prices

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.

Chana output estimated at record high- Third Advance Estimates

According to the third advance estimates released last week, Chana output ispegged 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.

Seasonal pressure to keep prices under downside pressure

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.

Outlook Chana prices may remain under downside pressure on the back of peak arrival

period. However, on the downside prices may not sustain below Rs 3200 per qtl

mark, the level being a Minimum Support price, below which farmers may not

sell their produce. Also stockiest demand may emerge at such low levels and

thus we may see a recovery in the Chana prices June onwards.

Weekly Strategy

Sell NCDEX CHANA June between 3420-3440, SL -3500, Target - 3330 / 3310


13/19

Turmeric

Source: Agriwatch & Reuters

Commodities Weekly Tracker


After declining over the previous four weeks, Turmeric Futures witnessed a sharp

recovery as the regulator withdrew special margins of 10% on the long side.

Prices declined sharply earlier on account of huge carryover stocks as well as

weak demand.

The spot as well as the futures settled 0.53% and 2.436% lower w-o-w.

Weak exports data

Turmeric exports during Apr-Jan 2013 declined by 4% to 66,550 tn. (Source Factiva)

Modification in Tick size and Lot size

NCDEX issued a circular earlier last week 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.

Lower acreage of Turmeric for the 2012-13 season

Production of turmeric may decline in 2012-2013 season due to weak monsoon as

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

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.

Lower production in the 2012-2013 season

Turmeric production in 2012-13 is expected around 50% lower compared to lastyear and is expected around 45-50 lakh bags. Production in 2011-12 is reported

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

Outlook

Prices may continue to gain as traders expect demand to emerge as the summers

start to cool down. Lower output estimates may also support prices. However,

huge carry over stocks may continue to exert downside pressure on the prices.

Weekly Strategy Buy NCDEX Turmeric June between 5850-5900, SL -5600, Target - 6270 / 6330.


Source: Reuters & Angel Research.


14/19

Jeera

Source: Ministry of Agriculture, Gujarat.

Commodities Weekly Tracker


Jeera futures traded on a positive note last week on reports of fresh export

enquiries. Also, declining of the pace of arrivals from its peak supported prices.

Currently the arrivals are about 10,0000-12,000 bags/day against a peak of

40,000-45,000 bags/day. however, prices declined towards the end of the week

on account of profit booking at higher levels. Prices had declined earlier due to

higher output estimates. Last 3 years average sowing is 3.189 lk ha.

The spot settled 0.76% higher while the June Futures settled 0.65% lower w-o-w.

Second consecutive year of higher output

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 pricesand thus, medium term fundamentals remain supportive for the upside.

Global supply concerns boost Jeera exports

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.

International Scenario

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 $2,50/tn (c&f).

Outlook

Jeera is expected to continue to extend last weeks gains on account of demand

emerging at lower levels. However, higher output estimates may cap sharp gains.

Weekly Levels Buy NCDEX Jeera June between 12850-12900, SL -12600, Target - 13270 / 13330.


Source: Reuters & Angel Research.


15/19

Soybean


Weekly price performance

NCDEX Soybean traded in a range bound manner with upward bias on account of

poor supplies in the domestic markets and weak meal export demand. June futures

settled 0.14% higher w-o-w. CBOT Soybean July lost 2.6% w-o-w on expectatations favorable weather may boost

planting which was lagging behind till the week ended 12th May.

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

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.

Increase in the output in the 3rd Advance Estimates

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.Record US soybean crops to end supply squeeze-USDA

USDA monthly report forecast ending stocks in 2013-14 to double to 265 mn bushels

against 125 mn bushels in 2012-13.

South American Soybean Exports Seen at Record High- Oil World

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.

US Soy planting- 6% completed against 43% y-o-y According to the weekly crop report, only 6% of Soybean has been planted as

against 43% last year and five year average of 24%.

Outlook

Soybean prices may remain range bound in the coming week as poor supplies in the

domestic markets may offset weak meal exports. Traders will now take cues from

the monsoon and sowing progress to derive further price trend.

Strategy

Buy NCDEX Soybean June between 3840-3860, SL -3730, Target - 4025 / 4050


16/19

Refine Soy Oil and Crude Palm Oil


Weekly price performance

Edible oil complex extended the gains of the previous week on account of

lower stocks and seasonally lower yield period of Malaysian Palm Oil.However, CPO prices at MCX witnessed profit booking and thus settled

marginally lower by 0.29% w-o-w.

Global Scenario

Exports of Malaysian palm oil products from May 1 to 20 fell 9.4% to 799,405

tonnes from 882,469 tonnes shipped during April 1 to 20. However, demand

is

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 forMay 1-10 slid 16.7% to 380,047 tn.

Domestic Scenario

The Solvent Extractors' Association of India will release the data this week.

Imports by India, may probably decline in April, as reserves stayed near a

record and summer heat curbed consumption of fried foods. Imports of all

vegetable oils, including non-edible oils, fell 7.5 per cent to 896,714 tn in

March, pulled down by the drop in palm oil imports.

Stockpiles of edible oil at ports fell nearly nine percent during March to

850,000 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.

Strategy

Buy NCDEX Ref Soy Oil June between 690-695, SL -680, Target - 710 / 713

Buy MCX CPO June between 466-470, SL -458, Target - 483 / 485


17/19

Sugar



Sugar prices extended the gains of the previous week on account of good demand

from the bulk consumers. However, sharp upside in the prices was capped onaccount of weak international markets & sufficient supplies in the domestic

markets.

ICE sugar declined further below 17 cents per pound and settled lower by 2.4%

last week as record production in brazil weighed on the prices.

Sugarcane planting down 10.9%

As on 17th May, 2013, Sugarcane has been planted in 40.7 lakh ha against 45.7

lakh ha last year. Lower acreage has been reported in Maharashtra by 45% (5.1

lakh ha), Karnataka by 10.4% (3.27 lakh ha),

India is expected to have produced around 24.52 million tonnes (mt) of sugarduring the first six months of the 2012-13 sugar marketing season.

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.

Brazil ethanol demand to cut global sugar surplusCopersucar

Demand from Brazil's resurgent biofuels industry will cut the burgeoning globalsugar surplus, helping cushion prices that fell below 17 cents per lb for the first

time in almost three years.

Outlook

Sugar prices are expected to gain on account of improvement in demand from the

bulk manufacturers. Further, lower cane planting figures may also support an

upside in the sugar prices.

Strategy

Buy NCDEX SUGAR June between 3010-3030, SL -2940, Target - 3135 / 3150


18/19

Kapas/Cotton



Domestic Kapas as well as cotton prices remained in the negative territory last week

on account of supply pressure caused due to offloading from the state reserves.

ICE Cotton futures gained in the early part of week on account of U.S. plantings

delays which raised worry over upcoming supplies. However, prices declined after

the release of poor weekly exports sales. w-o-w ICE Cotton settled 0.08% lower.

Govt Likely to Sell More Cotton this Month

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.

Cotton Advisory Board sees lower kharif sowing

CAB in its latest meet has projected cotton crop at 34 mn bales for 2012-13 seasoncompared 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.

US Cotton planting to determine cotton prices

Cotton prices have shown some recovery in the past weeks as unfavorable weather

caused delay in plantings. As on 12h May, Cotton planting was 23% completed in the

US compared to 46% during the last year and average 38% in the last five years.

However, Planting is expected picked up as weather improved in Mississippi Delta

and into the Southeast United States .

Outlook

Cotton prices may trade with downward bias as offloading more stocks in the local

markets from state reserves may exert pressure on the domestic cotton prices.

However, if international markets recover sharply, then we may see prices taking a

rebound from lower levels.

Strategy

Sell MCX Cotton June between 18240-18300, SL -18520, Target - 17900 / 17850


19/19

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 7700Corporate Office: 6th Floor, Ackruti Star, Central Road, MIDC, Andheri (E), Mumbai - 400 093. Tel: (022) 2921 2000

MCX Member ID: 12685 / FMC Regn No: MCX / TCM / CORP / 0037 NCDEX : Member ID 00220 / FMC Regn No: NCDEX / TCM / CORP / 0302

Disclaimer: The information and opinions contained in the document have been compiled from sources believed to be reliable. The company does not warrant its accuracy, completeness and correctness.

The document is not, and should not be construed as an offer to sell or solicitation to buy any commodities. This document may not be reproduced, distributed or published, in whole or in part, by any

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

mailto:[email protected]:[email protected]

commodities weekly tracker, 20th may 2013

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