COMMODITY RESEARCH

COMMODITY INSIGHT
METALS & ENERGY
July 8, 2022

Market Overview Commodities trade mixed amid pause in US dollar and China’s stimulus expectations

The US dollar index trades marginally lower near 106.8 amid reduced safe haven demand and mixed
Currencies Close Previous Close % Change
US economic data
Dollar Index 107.13 107.10 0.03%
Euro/USD 1.016 1.018 -0.22% Asian equity markets trade largely higher while US DJIA futures are down about 80 points; Chinese
GBP/USD 1.202 1.193 0.81% equities trade little changed
USD/YEN 136.01 135.95 0.04%
Governor Christopher Waller and St. Louis Fed President James Bullard backed the need for restrictive
USD/INR 79.18 79.30 -0.16%
policy to curb price pressures but argued the US can still avert a contraction- Bloomberg
Source : Bloomberg
President Joe Biden will discuss possible reductions in US tariffs on Chinese goods in a meeting with
his advisers Friday- Bloomberg
Global Indices Close Previous Close % Change
As per ECB monetary policy account, most ECB officials want to raise interest rate by 0.25% in July
DJIA 31,384.55 31,037.68 1.12%
but some said central bank should not make an unconditional commitment
FTSE 100 7,189.08 7,107.77 1.14%
Nikkei 26,490.53 26,107.65 1.47% South Korean President ordered his government to devise all available measures to ease the burden
Nifty 50 16,132.90 15,989.80 0.89% on people's livelihoods- Reuters
Shanghai 3,364.40 3,355.35 0.27%
Source : Bloomberg
Shanghai reports 45 new COVID cases, but zero outside quarantine- forexlive

Indonesia called on Friday for the G20 to "find ways to move forward" and end the war in Ukraine-
Reuters

US weekly jobless claims rose to 235K as against forecast of a reading of 230K; US trade deficit
narrowed to $85.5 billion as against forecast of a reading of $84.9 billion

Data and Events due today (Source: Bloomberg; Forex factory)

Date IST Currency Data Forecast Previous Importance
8-Jul 17:25 EUR ECB President Lagarde Speaks High
18:00 USD Average Hourly Earnings m/m 0.30% 0.30% High
USD Non-Farm Employment Change 268K 390K High
USD Unemployment Rate 3.60% 3.60% High
20:30 USD FOMC Member Williams Speaks Medium

KS Commodity Insight Please see Disclosure/Disclaimer at the end of the report 1

 Madhavi Mehta
COMMODITY INSIGHT BULLION madhavi.mehta@kotak.com; 022 6621 6230
COMEX gold trades mixed near $1740/oz after a 0.2% gain yesterday. Gold slumped to 9- COMEX as on 7-Jul-22
month low earlier this week as market players chose US dollar index as the safe haven Gold (US dollar per troy ounce)
asset while correction in commodities reduced its safe haven appeal and relative stability Contract High Low Close Change % Change
in equities reduced its attractiveness as an alternative asset. Gold however managed to Aug 1748.2 1734.7 1739.7 3.2 0.2%
find some footing near $1730/oz level as US dollar index paused. The US dollar index Oct 1756.6 1744.5 1748.3 3.2 0.2%
rallied to 2002 high earlier this week on safe haven buying and Fed’s monetary tightening Silver (US dollar per troy ounce)
stance. The US currency however lost momentum as FOMC minutes failed to surprise. Jul 19.36 19.10 19.12 0.04 0.2%
FOMC minutes reaffirmed that the central bank may continue with rate hikes to avoid Sep 19.44 19.04 19.19 0.03 0.2%
inflation from getting entrenched. Recovery in equity markets also reduced dollar’s safe MCX as on 7-Jul-22
haven demand. Disappointing US economic data also put pressure on US currency. US Gold (Rupees per 10 grams)
weekly jobless claims unexpectedly rose while trade deficit narrowed less than Aug 50830 50562 50621 121 0.2%
expectations. Gold stabilized also as crude oil and other commodities came off the highs Oct 51097 50859 50909 127 0.3%
amid improved risk sentiment and on expectations that China may take additional
Silver (Rupees per kilogram)
measures to support the economy. However, weighing on gold price is monetary tightening
Sep 57433 56850 56939 213 0.4%
stance of Fed and other central banks. Two of the Federal Reserve’s most hawkish policy
Dec 58368 57786 57899 223 0.4%
makers, Christopher Waller and James Bullard, backed raising interest rates by another 75
MCX Bullion Index (points)
basis points this month to curb red-hot inflation (Bloomberg). As per ECB’s monetary policy
Jul 14145 14063 14088 39 0.3%
account, a number of policymakers still argued for "keeping the door open" for a larger
Source: MCX; Bloomberg
initial uptick, saying the central bank should not make an "unconditional commitment" to a
Volume and OI Analysis (MCX)
25 basis point hike (Reuters). Also weighing on gold price is weaker investor interest as is
Gold Vol (lots) Change (%) OI (lots) Change (%)
evident from ETF outflows. Gold holdings with SPDR ETF were unchanged yesterday at
Aug 4894 -44.9 Aug 9561 -2.6
1024.43 tonnes, the lowest level since Feb. The fund saw 11 consecutive sessions of net
outflows before a halt yesterday. Gold plunged sharply in last few days and we are now Oct 1022 -30.2 Oct 6266 4.1

seeing some stability as commodities at large have come off the lows however any major Silver
rise in gold is unlikely unless we see a significant correction in the US dollar index. Sep 13405 -29.4 Sep 21348 -2.5
Dec 390 -49.1 Dec 426 6.2
COMEX Silver trades mixed near $19.15/oz after a 0.2% gain yesterday. Silver slumped to Source: MCX; Bloomberg
July 2020 lows earlier this week however price has steadied near $19/oz level as gold and MCX Spread Matrix (Regular 1 KG)
industrial metals have paused after recent sell-off. Gold steadied as US dollar index turned Gold Aug Oct Dec Feb
choppy after rally to multi-year high as market players assessed Fed’s monetary tightening Aug 0 -288 -779 -720
stance. Industrial metals have also come off the lows on hopes of additional Chinese Oct -491 -432
measures to boost growth however virus concerns in China continue to challenge upside. Dec 59
ETF outflows show continuing exodus by investors however the pace has slowed down. Feb 0
Silver holdings with iShares ETF fell by 48.76 tonnes to 16226.53 tonnes, lowest holding Source: MCX; KS Commodity Research
with the fund since July 2020. Silver is trying to find some footing however a sustained rise
MCX Spread Matrix (Regular 30 KG)
may come only if gold or industrial metals recover substantially which seems difficult in the
Silver Sep Dec Mar May
near term. Trend in US dollar, bond yields and equities may continue to affect gold and
Sep 0 -960 -1655 -2313
silver and focus will be on economic data, central bank comments and development relating
Dec -695 -1353
to virus spread and Russia-Ukraine war. Key event for the day is US non-farm payrolls
Mar -658
report. It is expected to note a slower growth in US jobs last month. If the data is in line with
May 0
or weaker than expectations, we may see some correction in US dollar which may support
Source: MCX; KS Commodity Research
commodities. Refer to Pivot table for support resistance levels.

KS Commodity Insight Please see Disclosure/Disclaimer at the end of the report 2

 Kaynat Chainwala
COMMODITY INSIGHT BASE METALS kaynat.chainwala@kotak.com; 022 6621 6232

July 7, 2022 LME base metals except Nickel gained sharply yesterday on stimulus optimism boosted by
MCX India (Rs/kg) report that China’s Ministry of Finance is considering allowing local governments to sell 1.5
Commodity Contract High Low Close Change % Change trillion yuan ($220 billion) of special bonds in the second half, an unprecedented acceleration
Aluminium Jul 214.20 206.10 211.45 3.40 1.63% of infrastructure funding aimed at shoring up the country’s beleaguered economy. The bond
Copper Jul 668.40 646.00 664.85 19.70 3.05% sales would be brought forward from next year’s quota and would mark the first time the
Lead Jul 176.45 174.65 175.05 -0.50 -0.28% issuance has been fast-tracked in this way.
Nickel Jul 2045.50 2045.50 2045.50 2.50 0.12%
Zinc Jul 282.55 273.05 280.30 6.90 2.52%
Dollar index held steady above 107 levels as investors keenly awaited the US labor report
MCX Metal Index (points)
for more signals on the pace of US monetary policy going forward. Besides, FOMC members
Christopher Waller and James Bullard, both well-known hawks, reiterated on the case for
METLDEX Jul 17150 17150 17150 287.00 1.70%
another 75 basis rate hike in the upcoming meeting on July 26-27 in order to curb inflation,
Source - Bloomberg
while playing down fears of a US recession. Also, Euro touched a fresh 20-year low of
LME (USD/tonne)
$1.014 on economic growth slowdown concerns amid energy crisis. US 10-year bond yield
Commodity Contract High Low Close Change % Change
rose above 3% while US stocks made extended gains.
Aluminium 3 Month 2483.0 2368.0 2442.5 33.00 1.37%
Copper 3 Month 7943.0 7544.0 7822.5 302.00 4.02% LME Copper jumped more than 4% to $7943/tonne, on reports of a plan to speed up
Lead 3 Month 2007.5 1953.5 1971.0 2.00 0.10% infrastructure spending via a $220 billion stimulus package, making a sharp rebound from
Nickel 3 Month 22760.0 21275.0 21535.0 -314.00 -1.44% 19-month low of $7291.5/tonne, touched in the previous session. Recession concerns and
Zinc 3 Month 3136.5 3019.0 3110.0 112.00 3.74% lingering COVID situation in China have weighed heavily on Copper considering its status
Source - Bloomberg as an economic barometer to weigh on the economic barometer, resulting in a decline of
LME Inventories Total nearly 28% from record high touched in March. Besides, Chile’s state owned Codelco will
Opening Closing Net On Cancel C/W start work this year on a desalination plant for its northern Chilean copper mines after the
Commodity Stocks Stocks Change Warrnats Warrants Ratio*
company secured board approval for the $1 billion-plus project. Marubeni and Transelec will
Aluminium 358125 353175 -4950 157150 196025 55.50% lead the three-year development of a plant that will service Codelco’s Chuquicamata,
Copper 135775 135350 -425 117725 17625 13.02% Radomiro Tomic and Ministro Hales operations. Besides, copper production in Peru, world’s
Lead 39400 39350 -50 34850 4500 11.44% second largest copper producing country, amounted to 174,258 tonnes in May 2022, down
Nickel 66078 65718 -360 57060 8658 13.17% 11.2% compared to May 2021 (196,270 tonnes) while Chile’s copper agency Cochilco
Zinc 83150 83025 -125 21975 61050 73.53% reported output at BHP’s Escondida, the world’s biggest copper mine, at 106,900 metric
Source - Bloomberg *C/W- Cancelled Warrants tons, the biggest monthly production since October 2019, while Codelco’s May output was
LME Cash to 3 month spread (USD/tonne) 142,900 tons, up from April but down YoY. Besides, Official reserve assets of China fell
Commodity Close PCP Change $58.8b, or 1.8%, to lowest since June 2020 from the previous month to $3.25t in June.
Aluminium -9.00 -16.25 7.25 Aluminium, Zinc and Lead, all closed with gains on hopes that potential stimulus package
Copper -4.00 -14.25 10.25 would be used mostly to pay for infrastructure spending, thereby providing a much needed
Lead 8.00 17.00 -9.00 boost to economy hit sharply by Covid-19 restrictions and a real estate slump.
Nickel -67.00 -73.00 6.00
Zinc 73.50 49.99 23.51 LME base metals are trading lower after a sharp rebound yesterday. Asian markets remain
Source - Bloomberg positive on hopes of infrastructure package from China and expectations that the major
central banks may be able to control inflation without causing a recession following
comments by some FOMC officials. However, markets would remain cautious ahead of US
labor report. MCX metals are likely to trend sideways to lower. Refer Pivot table for daily
support resistance levels.

KS Commodity Insight Please see Disclosure/Disclaimer at the end of the report 3

 Madhavi Mehta
COMMODITY INSIGHT ENERGY madhavi.mehta@kotak.com; 022 6621 6230
Crude Oil- NYMEX crude trades modestly lower near $102/bbl after a 4.3% gain
CRUDE OIL
yesterday. Crude oil slumped over 12% earlier in the week and tested the lowest level
MCX Crude Oil (Rs/barrel) as on 7-Jul
since April however a drop below the $100/bbl level rekindled some buying interest. Crude
oil edged up amid mixed inventory report, some pause in US dollar gains and stability in Contract High Low Close Change % Change
equity markets. US EIA weekly report was mixed. EIA noted an 8.235 million barrels Jul 8269 7751 8195 429 5.5
increase in US crude oil stocks as against expectations of a 1.043 mn bbl decline. Crude Aug 8005 7498 7936 409 5.4
stocks rose amid stable production, sharp rise in weekly imports and lower refinery NYMEX WTI Crude Oil (USD/barrel) as on 7-Jul
utilization. EIA however also noted a bigger than expected decline in gasoline stocks and Aug 104.48 96.57 102.73 4.20 4.3
an unexpected decline in distillate stocks. Gasoline demand rose 5.5% last week to 9.413 Sep 100.78 93 99.25 4.27 4.5
million barrels per day, the highest level since Dec.2021. US equity markets rose sharply ICE Brent Crude Oil (USD/barrel)
yesterday amid expectations of additional Chinese measures to boost economic growth
Sep 106.35 98.5 104.65 3.96 3.9
and as some central bank officials played down risks of a recession. Also supporting crude
Oct 102.49 95 100.98 3.89 4.0
oil price are supply concerns. Western countries are working on ways to impose a price
NYMEX Heating Oil (USD cents/gallon)
cap on Russian crude oil which may impact output from the country. Also while Russian
supply is at risk, there are no easy replacement. US crude productions has been rising Aug 370.86 337.01 367.39 26.33 7.7
slowly while OPEC and allies are struggling to meet their existing production targets. Sep 362.94 330.94 359.39 24.73 7.4
Increased tensions between US and Iran has also dented prospect that a nuclear deal NYMEX Gasoline (USD cents /gallon)
may be finalized soon paving way for more exports from the country. Adding to it, as per Aug 348.55 321 342.04 18.38 5.7
Bloomberg report, a key export route for Kazakh oil risks being suspended as it appeals Sep 331.41 306.7 324.59 15.54 5.0
a Russian court order for it to temporarily shut down. However, weighing on crude oil price Spread (USD/barrel) Close Prev. % Change
are demand concerns amid increasing discussion about a recession due to aggressive ICE Brent- NYMEX WTI 5.40 5.71 -0.31
monetary tightening by major central banks, disappointing economic data and renewed
NYMEX 3-2-1 Crack Spread 44.48 39.84 4.63
virus concerns in China. China has seen a fresh rise in virus cases and has resorted to
Source: MCX;Bloomberg
mass testing and regional restrictions. Market players are worried that China’s strict
adherence to COVID policy may hamper economic activity. Crude oil has come off the NATURAL GAS
lows and may remain supported by supply risks however rise in US crude oil stocks and MCX Natural Gas (Rs/mmBtu)
continuing demand concerns may keep pressure on price hence sell on rise is advisable. Contract High Low Close Change % Change
Jul 504.5 438.3 492.2 53.50 12.2
Natural Gas- NYMEX natural gas trades over 2% lower near $6.15/mmBtu after a sharp
Aug 503 437.5 489.7 51.60 11.8
14.3% rally yesterday. Natural gas slumped sharply in last few days and tested March
NYMEX Natural Gas (USD/mmBtu)
lows however price bounced back after taking support near $5.3/mmBtu level. Natural gas
edged up as shorts covered their positions amid lack of any negative surprise from Aug 6.381 5.488 6.297 0.79 14.3
inventory report. US EIA weekly report noted a 60 Bcf rise in US gas stocks as against Sep 6.338 5.464 6.262 0.78 14.2
market expectations of a 74 Bcf rise. Natural gas also benefitted from sharp rebound in Spread/Ratio Close Prev. % Change
crude oil price and continuing firmness in European gas prices. European gas prices WTI-Natgas Ratio 16.31 17.88 -1.57
continue to hover near March highs on reduced supply from Russia and US. Also MCX WTI-Natgas Ratio 16.65 17.70 -1.05
supporting price is robust weather related demand in US as hot weather has kept cooling MCX Energy Index (points)
demand high. However, weighing on price is temporary closure of an export terminal in Jul 9129 9129 9129 659.00 7.8
Texas which is diverting more supply towards domestic market. Natural gas has bounced
Source: MCX;Bloomberg
back after a sharp sell-off however a sustained rise is difficult given improving US supply
situation hence we may see some selling pressure at higher levels. Refer Pivot table for
daily support resistance levels.

KS Commodity Insight Please see Disclosure/Disclaimer at the end of the report 4

 COMMODITY INSIGHT TECHNICAL CHARTS

MCX Gold (Aug) Trading range- 50150- 51150 MCX Crudeoil (July) Trading range - 7720-8480

Source:- Tradingview, KS Commodity Research Source:- Tradingview, KS Commodity Research

MCX Copper(July) Trading range- 645-684 MCX Zinc (July) Trading range- 268-284

Source:- Tradingview, KS Commodity Research Source:- Tradingview, KS Commodity Research

KS Commodity Insight Please see Disclosure/Disclaimer at the end of the report 5

 COMMODITY INSIGHT PIVOT POINTS

PIVOT ANALYSIS FOR MAJOR NON AGRI COMMODITIES

Breakout Breakout Breakdown Breakdown
Commodity S3 S2 S1 Pivot R1 R2 R3
Above Target Below Target
MCX BULLDEX Jul 13966 14015 14048 14097 14130 14179 14212 14133 14170 14043 14006
Index

MCX METLDEX Jul 17150 17150 17150 17150 17150 17150 17150 17150 17150 17150 17150
MCX ENRGDEX Jul 9129 9129 9129 9129 9129 9129 9129 9129 9129 9129 9129
Precious Metals

Spot Gold 1720.6 1728.6 1733.2 1741.2 1745.8 1753.8 1758.4 1747.1 1752.8 1733.2 1727.6
MCX Gold Aug 50239 50401 50507 50669 50775 50937 51043 50768 50889 50474 50353
MCX Gold Mini Jul 51352 51675 52119 52442 52886 53209 53653 52660 53009 51816 51467
Spot Silver 18.64 18.87 19.02 19.26 19.41 19.64 19.79 19.43 19.61 19.01 18.83
MCX Silver Sep 56045 56448 56628 57031 57211 57614 57794 57260 57523 56618 56355
MCX Silver Mini Nov 57543 57907 58222 58586 58901 59265 59580 58815 59123 58069 57761
LME Copper 7128 7336 7527 7735 7926 8134 8325 8042 8236 7603 7409
MCX Copper Jul 621.8 633.9 644.2 656.3 666.6 678.7 689.0 677.2 687.9 652.5 641.8
Industrial Metals

LME Zinc 2896 2958 3014 3075 3131 3193 3249 3175 3231 3045 2989
MCX Zinc Jul 263.4 268.2 272.9 277.7 282.4 287.2 291.9 285.5 290.1 275.1 270.5
LME Lead 1900 1927 1954 1981 2008 2035 2062 2001 2025 1941 1917
MCX Lead Jul 172.5 173.6 174.3 175.4 176.1 177.2 177.9 176.0 176.9 174.1 173.2
LME Nickel 19490 20383 20975 21868 22460 23353 23945 22352 23038 20718 20032
MCX Nickel Jul 2046 2046 2046 2046 2046 2046 2046 2046 2046 2046 2046
LME Aluminium 2252 2310 2367 2425 2482 2540 2597 2506 2561 2379 2324
MCX Aluminium Jul 197.9 202.0 206.0 210.1 214.1 218.2 222.2 215.9 219.8 207.0 203.1
NYMEX Crude Oil Aug 88.61 92.59 96.52 100.50 104.43 108.41 112.34 107.08 111.14 98.38 94.32
Energy

MCX Crude Oil Jul 7246 7498 7764 8016 8282 8534 8800 8480 8743 7910 7647
NYMEX Natural Gas Aug 4.579 5.033 5.472 5.926 6.365 6.819 7.258 6.788 7.322 5.806 5.272
MCX Natural Gas Jul 365.8 401.6 431.3 467.1 496.8 532.6 562.3 525.7 563.0 453.7 416.4
Source - Bloomberg; KS Commodity Research

Pivot: If the Price opens above the pivot, the day trend might be positive and if the price opens below pivot the day trend might be negative.
Supports/Resistances: During the normal course of trading,supports/resistances are important levels which may be used by traders to book profits if they have any buy/sell
position.
Breakout/Breakdown: Breakout and Breakdown levels are the extreme levels above which the direction might change.The direction changes to bullish above the mentioned
breakout and bearish if the price moves below the breakdown.
Breakout/ Breakdown Target: It is the price which might be achieved if it trades above or below the breakout or breakdown respectively.
*Note: Pivot,Suppport/Resistances, Breakout , Breakdown are generated as per statistical formulas.So these levels might differ from the levels given by the
technical analyst as the analyst use technical charts for givng trading levels.

KS Commodity Insight Please see Disclosure/Disclaimer at the end of the report 6

 COMMODITY INSIGHT OPTIONS AND SPREAD MONITOR

OPTIONS MONITOR AS ON 7-Jul-22 MCX SPREAD MONITOR

Gold Silver Crude Oil Natural gas Copper Zinc Nickel Commodity Current Previous Trend
Call Vol (lots) 1163 498 150071 42080 11 1 0 Gold 1M-2M (Rs/10gm) -288 -282 Widening
Put Vol (lots) 455 88 117141 36900 1 0 0 Silver 1M-2M (Rs/kg) -960 -950 Widening
Call OI (lots) 3047 1224 18636 7090 44 2 0
Copper 1M-2M (Rs/kg) -0.25 -0.30 Narrowing
Put OI (lots) 964 788 18241 7234 10 0 0
Aluminiun 1M-2M (Rs/kg) -0.90 -0.80 Widening
Put Call Ratio (Vol) 0.39 0.18 0.78 0.88 0.09 0.00 -
Put Call Ratio(OI) 0.32 0.64 0.98 1.02 0.23 0.00 - Lead 1M-2M (Rs/kg) 1.90 2.15 Narrowing
Turnover Call (crores) 606.7 92.0 13026.3 2805.0 1.9 0.2 0.0 Nickel 1M-2M (Rs/kg) 0.00 0.00
Turnover Put (crores) 227.8 15.5 9171.6 2076.7 0.2 0.0 0.0 Zinc 1M-2M (Rs/kg) 2.40 1.65 Widening
Max Call Vol (lots) 458 178 22975 9077 5 1 0 Crude 1M-2M (Rs/bbl) 259.00 239.00 Widening
Max Call Vol Strike 52000 60000 8500 500 700 300 - Natural gas 1M-2M (Rs/mmBtu) 2.50 0.60 Widening
Max Put Vol (lots) 240 25 24823 8373 1 0 0 Aluminium-Lead (Rs/kg) 36.40 32.50 Widening
Max Put Vol Strike 50000 55000 7500 400 700 - -
Zinc- Aluminium (Rs/kg) 68.85 65.35 Widening
Max Call OI (lots) 1771 333 3607 1356 15 1 0
Max Call OI Strike 54000 60000 9000 600 730 295 - Zinc-Lead (Rs/kg) 105.25 97.85 Widening
Max Put OI (lots) 270 216 2707 1890 3 1 0 Gold Silver Ratio 0.89 0.89 Narrowing
Max Put OI Strike 51000 60000 7500 400 705 307.5 - Crude/NG Ratio 16.65 17.70 Narrowing
Souce: MCX; KS Commodity Research; Vol stands for Volume; OI stands for Open Interest Source: Bloomberg; KS Commodity Research

Observations- Trade volume in crude oil options rose amid increased volatility. OI
concentration shifted to 7500-9000 reflecting reduced expectations of further downside.
Trade volumes for natural gas rose amid increased price stability. OI concentration shifted
to 400-600 indicating a bottom is in place. Gold trade volume fell as price steadied after sell-
off while silver trade volumes remained low due to disconnect with gold. Trade participation
in copper, nickel and zinc options remains negligible

KS Commodity Insight Please see Disclosure/Disclaimer at the end of the report 7

 COMMODITY INSIGHT

RATING SCALE FOR DAILY REPORT

BUY - We expect the commodity to deliver 1% or more returns

SELL - We expect the commodity to deliver (-1%) or more returns

SIDEWAYS- We expect the commodity to trade in the range of (+/-)1%

NOTE - The recommendations are valid for one day from the date of issue of the report, subject to mentioned stop loss, if any

FUNDAMENTAL RESEARCH TEAM

Ravindra Rao Madhavi Mehta Kaynat Chainwala Riteshkumar Sahu
Head of Research Bullion, Energy Base Metals Agri Sector
ravindra.rao@kotak.com madhavi.mehta@kotak.com kaynat.chainwala@kotak.com riteshkumar.sahu@kotak.com
+91 22 6621 6234 +91 22 6621 6230 +91 22 6621 6232 +91 22 6621 6233

TECHNICAL RESEARCH TEAM

Anup Sahu Abhijit Chavan
anup.sahu@kotak.com chavan.abhijit@kotak.com
+91 22 6621 6216 +91 22 6621 6217

KS Commodity Insight Please see Disclosure/Disclaimer at the end of the report 8

 COMMODITY INSIGHT

Disclosure/Disclaimer
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The analyst for this report certifies that all of the views expressed in this report accurately reflect his or her personal views about the securities if any and its or their securities, and no part of his or her compensation was, is or will
be, directly or indirectly related to specific recommendations or views expressed in this report.

No part of this material may be duplicated in any form and/or redistributed without Kotak Securities' prior written consent. Details of Associates are available on website i.e. www.kotak.com

1.“Note that the research analysts contributing to the research report may not be registered/qualified as research analysts with FINRA; and

2. Such research analysts may not be associated persons of Kotak Mahindra Inc. and therefore, may not be subject to NASD Rule 2711 restrictions on communications with a subject company, public appearances and trading
securities held by a research analyst account

Any U.S. recipients of the research who wish to effect transactions in any security covered by the report should do so with or through Kotak Mahindra Inc. (Member FINRA/SIPC) and (ii) any transactions in the securities covered by
the research by U.S. recipients must be effected only through Kotak Mahindra Inc. (Member FINRA/SIPC) at 369 Lexington Avenue 28th Floor NY 10017 USA (Tel: +1 212-600-8850).

Kotak Securities Limited and its non US affiliates may, to the extent permissible under applicable laws, have acted on or used this research to the extent that it relates to non US issuers, prior to or immediately following its publication.
This material should not be construed as an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This research report and its respective contents do not
constitute an offer or invitation to purchase or subscribe for any securities or solicitation of any investments or investment services. Accordingly, any brokerage and investment services including the products and services described
are not available to or intended for Canadian persons or US persons.”

Research Analyst has served as an officer, director or employee of Subject Company: NA

We or our associates may have received compensation from the subject company, if any in the past 12 months: NA

We orKS
ourCommodity
associates may Insight Please
have managed or co-managed public offering of securities see
for the Disclosure/Disclaimer
subject company (ies) in the past at
12 the endNAof
months: the report 9
 COMMODITY INSIGHT
We or our associates may have received compensation for investment banking or merchant banking or brokerage services from the subject company, if any in the past 12 months: NA

We or our associates may have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company, if any in the past 12 months: NA.

We or our associates may have received any compensation or other benefits from the Subject Company if any or third party in connection with the research report: NA.

Our associates may have financial interest in the subject company(ies) if any: NA

Research Analyst or his/her relative's financial interest in the subject company (ies)/securities: No

Kotak Securities Limited has financial interest in the subject company (ies)/securities at the end of the month immediately preceding the date of publication of Research Report: No

‘However, Kotak Securities Prop/Arbitrage team could have exposure/financial interest to the subject company/companies during the ongoing month.’

Our associates may have actual/beneficial ownership of 1% or more securities at the end of the month immediately preceding the date of publication of Research Report.

Research Analyst or his/her relatives has actual/beneficial ownership of 1% or more securities at the end of the month immediately preceding the date of publication of Research Report: No

Kotak Securities Limited has actual/beneficial ownership of 1% or more securities at the end of the month immediately preceding the date of publication of Research Report: No

Subject Company, if any may have been client during twelve months preceding the date of distribution of the research report.: NA

Daily price movement of commodities is available on the following websites:

https://www.mcxindia.com/market-data/market-watch

https://ncdex.com/MarketData/LiveFuturesQuotes.aspx

https://www.nseindia.com/live_market/dynaContent/live_watch/commodity_der_stock_watch.htm

https://www.bseindia.com/markets/Commodity/commodity.html

Kotak Securities Limited. Registered Office: 27 BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E), Mumbai 400051. CIN: U99999MH1994PLC134051, Telephone No.: +22 43360000, Fax No.: +22 67132430. Website:
www.kotak.com / www.kotaksecurities.com. Correspondence Address: Infinity IT Park, Bldg. No 21, Opp. Film City Road, A K Vaidya Marg, Malad (East), Mumbai 400097. Telephone No: 42856825. SEBI Registration No:
INZ000200137(Member of NSE, BSE, MSE, MCX & NCDEX), AMFI ARN 0164, PMS INP000000258 and Research Analyst INH000000586. NSDL/CDSL; IN-DP-629-2021. Compliance Officer Details: Mr. Sanjayu Nair Call: 022 -
4285 8484, or Email: ks.compliance@kotak.com

Details of Contact Person Address Contact No. Email Id

Kotak Securities Ltd., 2nd Floor, Neptune Elements, Road No 22,Wagle service.securities@kotak.com
Customer Mr. Tabrez 18002099191/
Industrial Estate, Kisan Nagar, Thane (West), Thane Maharashtra,
care Anwar 18002099393
400604 ks.escalation@kotak.com

Head of Kotak Securities Ltd., 2nd Floor, Neptune Elements, Road No 22,Wagle
Mr. Hitesh
Customer Industrial Estate, Kisan Nagar, Thane (West), Thane Maharashtra, 022-42858208 ks.servicehead@kotak.com
Sindhwani
care 400604

Compliance Kotak Towers, 8th Floor, Building No.21, Infinity Park, Off Western
Mr. Sanjayu Nair 022-42858484 ks.compliance@kotak.com
Officer Express Highway, Malad (East), Mumbai, Maharashtra - 400097.

Mr. Jaideep Kotak Towers, 8th Floor, Building No.21, Infinity Park, Off Western
CEO 022-42858301 ceo.ks@kotak.com
Hansraj Express Highway, Malad (East), Mumbai, Maharashtra - 400097.

In absence of response/complaint not addressed to your satisfaction, you may lodge a complaint with SEBI at https://scores.gov.in/scores/Welcome.html or Exchange at https://investorhelpline.nseindia.com/NICEPLUS/ ,
https://bsecrs.bseindia.com/ecomplaint/frmInvestorHome.aspx , Investor Service Centre | National Commodity & Derivatives Exchange Limited (ncdex.com) , https://igrs.mcxindia.com/ . Please quote your Service Ticket/Complaint
Ref No. while raising your complaint at SEBI SCORES/Exchange portal or Depository at https://www.epass.nsdl.com/complaints/websitecomplaints.aspx and https://www.cdslindia.com/Footer/grievances

KS Commodity Insight Please see Disclosure/Disclaimer at the end of the report 10