Daily Commodity Report as on Thursday, December 29, Date : Thursday, December 29, 2016 URL :

Transcription

1 Daily Commodity Report as on Thursday, December 29, 2016 Date : Thursday, December 29, 2016 URL : Page No - 1

2 Open High Low Close % Cng OI Precious Metals Gold Silver Base Metal Alum Copper Lead Nickel Zinc Energy Crude Nat. Gas Market Round up Gold prices crawled in the range after prices open up as supported by a softer dollar and short-covering. Silver prices edged up tracking firmness in gold as subdued cash demand and investor short-covering helped offset a stronger U.S. dollar. Crude oil prices extended gains less than a week before major global oil producers begin to scale back production in line with the deal they struck last month. Copper dropped as investors fretted about demand growth in China and took profits ahead of the Christmas break. Zinc gained amid expectations of stronger demand in top consumer China persuaded buyers to return to the market. Spices Cardamom Turmeric Jeera Dhaniya Cereals Wheat Oil and Oilseeds & Others Soyabean Ref. Oil CPO RMSeed Menthol Cotton Nickel prices dropped as pressure seen weighed by any relaxation in Indonesia s export ban on nickel ore. Naturalgas surged up by 2.23% to settled at to the highest price in two years on expectations a blast of cold air next month. Ref.Soyaoil on NCDEX settled down by -0.4% at on profit booking after prices gained on improvement in demand. Mentha oil prices ended with losses driven by muted demand in the spot market. Soyabean gained on account of good crushing demand from the mills, even though improving supplies in the domestic market capped some gains. Chana prices dropped on profit booking amid government initiatives to check rising prices and availability of pulses Currency USDINR EURINR GBPINR JPYINR Turmeric prices dropped on expectations of increasing production in coming harvesting season at the producing belts. Jeera prices ended with gains on short covering after prices dropped on reports of good sowing progress at the producing regions. Date : Thursday, December 29, 2016 URL : Page No - 2

3 MCX Gold Feb 2017 OPEN SUP Gold trading range for the day is HIGH SUP LOW P.P CLOSE RES Gold prices crawled in the range after prices open up as supported by a softer dollar and short-covering. Gold hit a 10-month low on Dec. 15 as solid U.S. economic data prompted the Fed to raise U.S. interest rates for the first time in a year. Reflecting bearish investor sentiment, assets in the SPDR Gold Trust fell 0.14 percent to tonnes on Tuesday. % CNG 0.48 RES BUY GOLD SL TGT MCX Gold on MCX settled up 0.48% at traded in the range after opening with a gap up holding near 2-week highs during this lull between Christmas and New Years. Gold's safe haven value was boosted by a drop in stocks, with the DJIA unable to crack the elusive 20,000 mark. Volumes were thin ahead of the new year. Market activity is expected to remain low for the balance of the week. Bullion is fresh off its seventh consecutive weekly drop, its longest losing streak in over 12 years. Prices have been under pressure for the past two months by a surging US dollar and expectations for higher US interest rates. Gold s descent intensified earlier this month after the Federal Reserve lifted interest rates and signaled a faster tightening cycle over the next two years. The US dollar powered to fresh highs on Wednesday, as other major currencies remained lock in a firm downtrend against the greenback. The dollar has benefited from widening bond yields following a string of upbeat US economic data. Gains in the greenback are expected to continue in the new year as incoming President Donald Trump moves ahead with an ambitious plan to boost economic growth. An environment of rising interest rates and a firmer dollar will make gold less appealing for foreign investors. In economic data on Thursday, the US government will report on weekly jobless claims, wholesale inventories and the goods trade balance. Technically market is getting support at and below same could see a test of level, And resistance is now likely to be seen at 27364, a move above could see prices testing MCX Silver Mar 2017 OPEN SUP Silver trading range for the day is HIGH SUP LOW P.P CLOSE RES % CNG 0.77 RES Silver prices edged up tracking firmness in gold as subdued cash demand and investor short-covering helped offset a stronger U.S. dollar. Contracts to buy previously owned U.S. homes fell in November to their lowest level in nearly a year, a sign rising interest rates could be weighing on the housing market. Recently released solid U.S. economic data prompted the Fed to raise U.S. interest rates for the first time in a year. BUY SILVER SL TGT MCX Silver on MCX settled up 0.77% at edged up but gains were limited by a firmer US dollar. Volumes were thin ahead of the new year. Market activity is expected to remain low for the balance of the week. Silver maintained a solid tone with a move above the $16.00 level with trading conditions inevitably lacklustre and prices drifted lower again in Asia. There was a weaker than expected reading for US pending home sales with a 2.5% decline for November to the lowest rate since January, which reinforced concerns over a potentially significant adverse impact on interest-rate sensitive areas of the economy if bond yields rise further. The dollar pulled away from its best levels after the data and there were slight gains for US Treasuries with 10-year US yields dipping below the 2.55% level, which also provided some relief to precious metals. US equity markets also lost some ground with a more fragile environment surrounding risk curbing potential selling pressure on silver. In economic data on Thursday, the US government will report on weekly jobless claims, wholesale inventories and the goods trade balance. Technically market is under short covering as market has witnessed drop in open interest by -1.15% to settled at while prices up 302 rupee, now Silver is getting support at and below same could see a test of level, And resistance is now likely to be seen at 39608, a move above could see prices testing Date : Thursday, December 29, 2016 URL : Page No - 3

4 MCX Crudeoil Jan 2017 OPEN 3673 SUP Crudeoil trading range for the day is HIGH 3712 SUP LOW 3663 P.P CLOSE 3706 RES Crude oil prices extended gains less than a week before major global oil producers begin to scale back production in line with the deal they struck last month. The 4.2 million barrel build in U.S. crude oil stocks shown in the API data came as a surprise. OPEC members agreed to reduce output by a combined 1.2 million barrels per day starting from January 1. % CNG 0.82 RES SELL CRUDE OIL 3720 SL 3750 TGT MCX Crudeoil on MCX settled up 0.82% at 3706 tracking firmness from Nymex Crude oil which closed higher settled at $53.91 reaching an 18-month high on optimism over the impact over the forthcoming production cuts by OPEC and aligned producers. The intraday peak fell short of the year's high of $54.51 reached just weeks ago, on Dec. 12. Crude oil prices have increased 25% since mid-november, helped by anticipation of a good outcome for OPEC's supply cut and strong U.S. economic figures that have also bolstered equity prices. The EIA is coming out with its final report on the year on Thursday. The report is delayed by a day, as it usually is issued on a Wednesday. The API issued a report after the close of markets yesterday, which will likely have an impact on the attitudes of market players on Thursday. OPEC is cutting 1.8 million barrels per day of production, and Iraqi Oil Minister Jabar Ali al-luaibi said today his country, which plan cut supply by 200, ,000 bpd from January. The remarks were made during a visit to Kuwait, which is also expected to trim output next year along with other OPEC members, and some producers in allied countries. In economic data on Thursday, the US government will report on weekly jobless claims, wholesale inventories and the goods trade balance. Technically market is under fresh buying as market has witnessed gain in open interest by 8.04% to settled at 8871 while prices up 30 rupee, now Crudeoil is getting support at 3676 and below same could see a test of 3645 level, And resistance is now likely to be seen at 3725, a move above could see prices testing MCX Copper Feb 2017 OPEN SUP Copper trading range for the day is HIGH SUP LOW P.P CLOSE RES % CNG RES Copper dropped as investors fretted about demand growth in China and took profits ahead of the Christmas break. China imported 276,730 tonnes of refined copper in November, down 22.9 percent yearon-year, but up 46 percent month-on-month. Still, copper, is up around 16 percent this year and on track for its largest annual rise since SELL COPPER 380 SL ABV TGT MCX Copper on MCX settled down -0.2% at as investors fretted about demand growth in China and took profits ahead of the New Year. There are concerns about China's property market, pointing to moves to limit property speculation in 2017 and a likely drop-off in government efforts to boost demand. Still, copper, which is widely used in power and construction, is up around 16 percent this year and on track for its largest annual rise since China imported 276,730 tonnes of refined copper in November, down 22.9 percent year-on-year, but up 46 percent month-on-month, narrowing the scissors gap of year-on-year imports since this July, according to China Customs, with YTD imports up 0.44 percent to 3,269,273 tonnes. China s refined copper imports had been falling since this March as the profitable import window has been closed for most of the year, and imports in October even tumbled to a 3-1/2-year low. China's commerce ministry expects non-financial outbound direct investment will be 1.12 trillion yuan ($ billion) in 2016 and foreign direct investment would be 785 billion yuan in 2016, Commerce Minister Gao Hucheng said at a national conference. The commerce ministry said on Monday that it would promote the healthy and orderly development of outbound investment and inbound investment cooperation in Following a surge in mine supply, copper concentrate imports into China have risen sharply as smelters there have taken advantage of an increase in the fees they charge to turn concentrates into metal. Technically market is under long liquidation as market has witnessed drop in open interest by -0.63% to settled at 14443, now Copper is getting support at and below same could see a test of level, And resistance is now likely to be seen at 381.9, a move above could see prices testing Date : Thursday, December 29, 2016 URL : Page No - 4

5 MCX Zinc Dec 2016 OPEN SUP Zinc trading range for the day is HIGH SUP LOW P.P Zinc gained amid expectations of stronger demand in top consumer China persuaded buyers to return to the market. The United States accounts for only about 8 percent of the roughly 22 million tonnes-peryear global market. CLOSE RES Global zinc mine production dropped by 1.8% compared to the same 10 months in 2015 % CNG 1.00 RES SELL ZINC DEC BELOW 175 SL ABV TGT MCX (STBT) Zinc on MCX settled up 1% at amid expectations of stronger demand in top consumer China persuaded buyers to return to the market. The United States accounts for only about 8 percent of the roughly 22 million tonnes-per-year global market. China, on the other hand, is the world's top consumer of the metal. China s zinc smelters are accepting record low fees to produce metal amid a shortage of ore, while winter mine closures are likely to force plants to cut output early next year, industry sources said. The International Lead and Zinc Study Group recently released preliminary data for zinc in 2016, which revealed the global market for the refined metal in deficit from January to October of this year. Total reported inventories also fell over the same period. Global zinc mine production dropped by 1.8% compared to the same 10 months in 2015 with the overall reduction attributed to drop-offs in Australia, Ireland, Peru and India. Of note were Bolivia, China and the Russian Federation which posted increases this year. Combined zinc inventories in Shanghai, Tianjin and Guangdong decreased 14,800 to 211,800 tonnes this past week. Inventories in Shanghai and Guangdong declined. Zinc prices in Shanghai traded yuan per tonne above SHFE February zinc December 22, with the premiums expanding yuan per tonne from a day earlier. Market inventories are low, and maintenance at zinc smelters also tightened supply. Zinc inventories in Shanghai, Guangdong and Tianjin fell from 450,000 tonnes early this year to 220,000 tonnes. Inventories in Shanghai were 95,000 tonnes, the lowest from September Technically now Zinc is getting support at and below same could see a test of level, And resistance is now likely to be seen at 178.3, a move above could see prices testing MCX Nickel Dec 2016 OPEN SUP Nickel trading range for the day is HIGH SUP LOW P.P CLOSE RES % CNG RES Nickel prices dropped as pressure seen weighed by any relaxation in Indonesia s export ban on nickel ore. China s nickel imports lurched lower by 38.8 per cent to 16,919 tonnes, zinc imports plunged 63.5 per cent to 25,424 tonnes. Nickel ore inventories at seven major Chinese ports were down 230,000 tonnes on a weekly basis. SELL NICKEL 693 SL ABV 708 TGT MCX (STBT) Nickel on MCX settled down -2.53% at 687 as pressure seen weighed by any relaxation in Indonesia s export ban on nickel ore though the decline could be offset by potential production disruptions in the Philippines. The Philippine Department of Environment and Natural Resources (DENR) is reviewing environmental compliance certificates (ECC) granted by previous governments. The ECC of seven projects, including those for three nickel producers, have recently been cancelled, local media reported. China s nickel imports lurched lower by 38.8 per cent to 16,919 tonnes, zinc imports plunged 63.5 per cent to 25,424 tonnes. The figures accelerated a slide already underway in steel-making ingredients, dragging on some of the year s top performing metals. Nickel ore inventories at seven major Chinese ports kept dropping in the week ending Dec. 23. Nickel ore inventories at seven major Chinese ports were down 230,000 tonnes on a weekly basis. Over this past week, the Port of Lianyungang saw arrivals of 80,000 wmt of goods and with new ore goods expected. Supply-side issues in Indonesia and the Philippines have again taken centre stage in the nickel market, the latest being word that regulation is being drafted by the Indonesian government to ease its export ban on raw materials, including nickel ore. Talk on the Indonesian government relaxing its export ban on raw materials had surfaced regularly in the market over the past year but chatter on the issue has picked up further in this quarter of the year. Technically market is under long liquidation as market has witnessed drop in open interest by -5.78% to settled at 12167, now Nickel is getting support at and below same could see a test of level, And resistance is now likely to be seen at 695.4, a move above could see prices testing Date : Thursday, December 29, 2016 URL : Page No - 5

6 NCDEX Jeera Jan 2017 OPEN SUP Jeera trading range for the day is HIGH SUP LOW P.P CLOSE RES Jeera prices ended with gains on short covering after prices dropped on reports of good sowing progress at the producing regions. At Unjha market in Mehsana, estimated market supply was at 400 quintals, up by 200 quintals from previous day s arrivals. According Department of commerce data, the exports of Jeera in the first six months (Apr- Sep) of is recorded at 70,809 tonnes. % CNG 0.60 RES SELL JEERA SL TGT NCDEX Jeera on NCDEX settled up by 0.6% at on short covering after prices dropped on reports of good sowing progress at the producing regions. The progress of Jeera sowing in Gujarat is good. As per Gujarat Govt. sowing data current year Jeera sowing completed around hectares as compared to last year same period hectares,. Normal area in Gujarat reported hectares. In Kutch zone area reported hectares, in Saurashtra zone reported hectares and in North Gujarat zone reported hectares. As per Agriwatch expectation Jeera area likely to increase in Gujarat state mainly in Saurashtra and Kutch zone current year. Sources revealed that, around percent area may increase this year, some new area also come up to Jeera crop due to increase in irrigation facility. According Department of commerce data, the exports of Jeera in the first six months (Apr-Sep) of is recorded at 70,809 tonnes, higher by 51% compared to same period last year. At Rajkot market in Rajkot(Guj.), arrivals were reported at 90 quintal, unchanged as compared to previous day s arrival. At Unjha market in Mehsana, estimated market supply was at 400 quintals, up by 200 quintals from previous day s arrivals. At the Unjha spot market, arrivals reported were limited due to lack of cash while good demand was witnessed. Sowing of jeera commenced on a stronger note in Gujarat due to record prices during the marketing year of In Unjha, a key spot market in Gujarat, jeera edged up by 23.9 rupees to end at rupee per 100 kg.technically now Jeera is getting support at and below same could see a test of level, And resistance is now likely to be seen at 17600, a move above could see prices testing NCDEX Turmeric Apr 2017 OPEN 6800 SUP Turmeric trading range for the day is HIGH 6826 SUP LOW 6740 P.P CLOSE 6782 RES Turmeric prices dropped on expectations of increasing production in coming harvesting season at the producing belts. The availability of good quality is quite low and crop arriving currently is of medium to low quality. Next year crop is expected to be higher which is keeping stockiest at bay. % CNG RES SELL TURMERIC 6850 SL 7000 TGT NCDEX Turmeric on NCDEX settled down by -0.15% at 6782 on expectations of increasing production in coming harvesting season at the producing belts. Turmeric crop is pest free this year. The availability of good quality is quite low and crop arriving currently is of medium to low quality. Next year crop is expected to be higher which is keeping stockiest at bay. 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. At Nizamabad market estimated market supply was at 1000 quintals, lower by 500 quintals as against previous day. At Warangal market total arrivals are at 100 bags, lower by 50 bags from previous trading day. Spot turmeric prices decreased at Erode markets on poor quality arrivals. Buyers purchased both the varieties for their local supply. The farmers brought limited low quality produce to liquidate their stock. Of the arrivals of 1,480 bags, 70 per cent were sold. The finger variety decreased by Rs. 300 a quintal, while the root variety lost Rs In Nizamabad, a major spot market in AP, the price ended at rupees dropped rupees.technically market is under long liquidation as market has witnessed drop in open interest by -0.19% to settled at while prices down -10 rupee, now Turmeric is getting support at 6738 and below same could see a test of 6696 level, And resistance is now likely to be seen at 6824, a move above could see prices testing Date : Thursday, December 29, 2016 URL : Page No - 6

7 MCX Menthaoil Jan 2017 OPEN SUP Menthaoil trading range for the day is HIGH SUP Mentha oil spot at Sambhal closed at per 1kg. Spot prices is down by Rs.-3.10/-. LOW P.P CLOSE RES % CNG RES Mentha oil prices ended with losses driven by muted demand in the spot market. Total production of mentha oil during the current season is 32,000-34,000 tonnes against preliminary estimates of around 40,000 tonnes. BUY MENTHA OIL 1034 SL 1024 TGT MCX Mentha oil on MCX settled down by -0.41% at driven by muted demand in the spot market. Further, ample stocks position on higher supplies from producing regions of Chandausi in Uttar Pradesh, too influenced mentha oil prices. Total production of mentha oil during the current season is 32,000-34,000 tonnes against preliminary estimates of around 40,000 tonnes, which was estimated in June Unfavourable weather conditions during harvesting period 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 MT of mint products were exported in six months of the current financial year. This implies that export demand for the complete financial year can be between and MT quite cheaper, versus of total exports last year. Farmers are keeping most of 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. At Rampur market total arrivals are at 5 Drums(1-drum=180kg), steady as against previous day s arrival. At Barabanki market arrivals were reported at 100 Drums(1-drum-180kg), unchanged as compared to previous day s arrival. At Chandausi market total arrivals are at 10 Drums(1-drum-180kg), down by 5 Drums(1-drum-180kg) as compared to previous day. Mentha DMO is offered strong at Rs. 815 per Kg, higher by 0.62 per cent as compared to previous day. Mentha oil spot at Sambhal closed at per 1kg. Spot prices is down by Rs.-3.10/-.Technically now Menthaoil is getting support at and below same could see a test of level, And resistance is now likely to be seen at , a move above could see prices testing DAILY MARKET LEVEL FOR METAL AND ENERGY COMMODITIES GOLD SILVER CRUDE NAT.GAS COPPER ZINC NICKEL ALUMINUM CLOSE RESISTANCE P. POINT SUPPORT OI TREND Positive Positive Positive Positive Negative Positive Negative Negative LEAD Negative SPREAD Date : Thursday, December 29, 2016 URL : Page No - 7

8 NEWS YOU CAN USE DAY TIME ZONE ECONOMICAL DATA EXP PREV The European Central Bank said the troubled Italian lender Monte dei Paschi di Siena needs about EUR 8.8 billion, or $9.2 billion, bailout. It was previously estimated that the world's oldest surviving bank required EUR 5 billion to deal with a capital shortfall. The lender failed to raise the amount within the time provided by the ECB. The latest figure is based on the results of stress tests carried out this year, according to Monte dei Paschi. The ECB has also pointed out that the bank's liquidity worsened between November 30 and December 21. The Italian government approved a EUR 20 billion package on December 23 to support the country's embattled banking sector. "Public intervention is always the last resort for a bank, and is subject to strict rules," ECB Supervisory Board member Ignazio Angeloni said in an interview to the Italian daily La Stampa. He also said that not everything that is necessary to recapitalize the Italian banks has to come from the state. Long-standing shareholders and subordinated bondholders can contribute, he added. The Monte dei Paschi said in a statement on Monday it is set to under go 'precautionary recapitalization, which according to the ECB is "the injection of own funds into a solvent bank by the state when this is necessary to remedy a serious disturbance in the economy of a Member State and preserve financial stability." Thu 2:30pm EUR M3 Money Supply y/y :30pm EUR Private Loans y/y Tentative EUR Italian 10-y Bond Auction :00pm USD Unemployment Claims 277K 275K 7:00pm USD Goods Trade Balance -61.5B -61.9B 7:00pm USD Prelim Wholesale Inventories m/m :00pm USD Natural Gas Storage -219B -209B 9:30pm USD Crude Oil Inventories -1.3M 2.3M Imports of crude oil by Iran's four major buyers in Asia in November more than doubled for a second straight month from a year ago, with purchases by India and South Korea more than four times higher. Iran's top four Asian buyers - China, India, South Korea and Japan - imported 1.94 million barrels per day (bpd) last month, up 117 percent on a year earlier, government and ship-tracking data showed. That was just short of the 2016 peak of 1.99 million bpd hit in the previous month, which was the highest since at least 2010, according to data by International Energy Agency. The volumes were in line with the OPEC member's crude oil and condensate export plans. Iran was exempted from last month's OPEC deal to reduce output by 1.2 million bpd starting Jan. 1, a victory for Tehran which has argued it needs to regain the market share it lost under Western sanctions targeting its nuclear programme. Industry sources have said Iran has been offering discounts to buyers in return for increasing their purchases. Iran's crude oil imports cost Japan an average $45.46 a barrel for November, which was the third cheapest after Mexico and Oman, customs-cleared trade data by Japan's Ministry of Finance showed. Industrial output in Japan advanced 1.5 percent on month in November, the Ministry of Economy, Trade and Industry said. That missed forecasts for an increase of 1.7 percent following the flat reading in October. On a yearly basis, industrial production climbed 4.6 percent - also shy of forecasts for 4.7 percent following the 1.4 percent contraction in the previous month. Upon the release of the data, the METI upgraded its assessment of industrial production, saying that movement is picking up. Previously, the METI held that output was showing signs of increase at a moderate pace. Industries that had increased production were business oriented machinery, transport equipment and electrical machinery. Industries that had decreased production were ceramics, plastic products and paper products. Shipments were up 0.9 percent on month and 5.0 percent on year. Industries that had increased shipments were electronic parts, electrical machinery and transport equipment. The Tamil Nadu government has said it will give Rs 550 a tonne over and above the Centre's fair and remunerative price (FRP) of Rs 2,300, to sugarcane farmers for the season. The FRP fixed for the season, which starts in October and ends in September next year, is the same as last year. However, industry sources said that the mills are already running at a loss of around Rs 1,350 crore, and the additional cost will be difficult to absorb, if it is passed on to them. They attributed stagnant production for the past three years as the as the main reason behind the loss, saying that it led to lower capacity utilisation and increase in the cost of production. After chairing a meeting in Chennai today, Tamil Nadu Chief Minister O Panneerselvam said, taking the farmers welfare into consideration, the state fixed the FRP at Rs 2,850. This includes the Centre's of Rs 2,300, and other costs such as a contribution of Rs 100 towards transportation. In effect, the state's is an additional Rs 550 over the Centre's price. Mills in neighbouring Karnataka pay Rs 2,600, while Maharashtra, which is another major producer, pays Rs 2,475 per tonne. Tamil Nadu is among the top five sugarcane producing states, with 16 sugar mills in operation. Sugar production till December 15 this year was 75,000 tonnes, up from 60,000 tonnes produced by six sugar mills a year ago. The state has 25 private mills and 18 co-operative and public sector mills. The Central government s ambitious plan of creating a 20 lakh tonnes (lt) buffer stock of pulses in to ensure remunerative prices to farmers is most likely to fail if the tardy progress of procurement so far is any indication. The 20-lt target comprises 10 lt of imported pulses and procurement of five lt each from domestic kharif and rabi harvests. Pulse growers are sure to feel short-changed because in many marketing centres prices of kharif pulses are ruling below the minimum support price (MSP) and the pace of government purchase is rather slow. Under the price support scheme, pulses are to be procured by central nodal agencies such as Nafed, Small Farmers Agribusiness Consortium, Central Warehousing Corporation, National Consumer Cooperative Federation and Food Corporation of India. Despite involvement of several agencies, just about two lakh tonnes have been procured as of mid-december. This volume is minuscule in the face of record harvest of 87 lt in the kharif season. On current reckoning, the final actual procurement figure is sure to fall short of five lakh tonnes kharif target. It is unclear why the government is fighting shy of seeking private sector s assistance in building buffer stocks. There are large players with adequate warehouse capacity and expertise in procurement and storage. Date : Thursday, December 29, 2016 URL : Page No - 8

9 Date : Thursday, December 29, 2016 URL : Page No - 9