1. finance
2. investing
3. futures trading

Daily
Gold – currency or commodity
The gold price has increasingly become a function of the strength of the US dollar in
recent weeks with the correlation between gold and the dollar index on both a rolling
30-day and 90-day basis increasing to the highest (-ve) level since late 2012.
The current correlation between the dollar index and gold is -0.96 on a 90-day basis,
the strongest correlation since November 2012, while on a 30-day basis the correlation
is the strongest since the beginning of October 2012. As a result, there seems little else
really impacting on short term gold price movements with the metal acting as a pseudocurrency.
With both Diwali and peak Indian wedding season having passed, demand is coming off
the boil in India at least. Asian demand generally is still fairly solid however and showing
signs of picking up. More interestingly the supply-side is also showing signs of
tightening up too. This has yet to have a bearing on the price however.
The latest World Gold Council data shows a surge in Indian gold imports during Q3,
coming in at 204mt compared to 91 mt for the same period last year. October imports
meanwhile clocked in at 150 mt, compared to 24.5 mt for the same month in 2013.
Chinese net imports from Hong Kong meanwhile climbed to 68.6 mt in September,
ahead of the Golden Week Holiday, the highest monthly total since March and nearly
2.5 times the level if imports seen in August. Imports were down sharply in y/y terms
however nevertheless they have picked up strongly after a weak summer period.
Complicating the picture in China however is that Hong Kong is now not the only source
of gold imports to China, with material starting to go directly into the Shanghai free
trade zone. The HK data is however still the only source of Chinese gold import
information with other gold imports still rather secretive and a grey area overall.
Arguably, the use of Shanghai as a destination for imports renders the Hong Kong trade
data obsolete, or at best an unreliable proxy for overall Chinese gold imports, with the
true figure likely to be higher.
In spite of decent physical demand, ETF liquidation continues amid low inflation
expectations, dollar strength and robust equity markets. With the Swiss referendum on
gold reserves due at the end of this month unlikely to have an immediate impact on real
physical demand (Commodities Daily 31 October 2014), it seems like the dollar will
remain in charge.
By Leon Westgate
Spot gold price vs. US dollar index
2000
1800
1600
1400
1200
1000
800
600
400
02/01/2007
95
90
85
80
75
70
02/01/2009
Spot Gold ($/oz)
Source: Bloomberg
02/01/2011
02/01/2013
Dollar Index
Commodities Strategist
Leon Westgate
[email protected]
+44-203-145-6822
Commodities Strategist
Melinda Moore
[email protected]
+44-203-145-6887
This material is "non-independent
research". Non-independent
research is a "marketing
communication" as defined in the
UK FCA Handbook. It has not been
prepared in accordance with the full
legal requirements designed to
promote independence of research
and is not subject to any prohibition
on dealing ahead of the
dissemination of investment
research.
www.standardbank.com/research
Global | Commodities
13 November 2014
Standard Bank
Global | Commodities
13 November 2014
Spot gold - dollar index correlation (30-day)
Spot gold - dollar index correlation (90-day)
1
1
0.8
0.8
0.6
0.6
0.4
0.4
0.2
0.2
0
0
-0.2
-0.2
-0.4
-0.4
-0.6
-0.6
-0.8
-0.8
-1
Jan-07
Jan-09
Jan-11
Jan-13
Source: Bloomberg
-1
Jan-07
Jan-09
Jan-11
Jan-13
Source: Bloomberg
Base metals
A strong start has given way to weakness heading into US trade with all of the base
metals falling sharply. Reports that the PBOC is looking at ways to support lending to
small enterprises helped mitigate the impact of weak Chinese economic data overnight.
That said however, with IP falling to 7.7% y/y in October vs. expectations of 8.0% and
amid suggestions that the growth target might be reduced, signs for further stimulus,
targeted or otherwise will be closely watched.
Copper looked to move higher initially before coming under pressure heading into US
trade. The recent sporadic inflows of metal into LME warehouses have ended, with
headline stocks falling 850 mt and on-warrant stocks remaining unchanged. The
dominant holder of copper cash and tom warrants is still present in the latest LME data,
though the cash holding has slipped form the 50-79% band to the 40-49% band,
though the tom position is unchanged and still sits in the 50-79% band.
Aluminium has also come under pressure however it remains relatively well supported.
Aluminium has nevertheless still failed to break above trend-line resistance on 6
occasions now and needs to rebuild momentum. As noted yesterday (Commodities
Daily 12 November 2014) there is a bit of a tussle going on in terms of the futures
bandings report with a dominant long going up against various short positions for the
November prompt date. With year-end factors coming into play too, the tightness and
volatility in the nearby spreads will help deter aggressive shorts.
Leon Westgate
Bulks
Chinese financial steels gapped lower at the open and then flat-lined for most of the
day before falling away into the close, tracking equities taking China’s macro data
releases in its stride. IO also range-traded again today, for the 6th trading day in a row,
suggesting that the worst of this month’s destock could be over, although with no
upward momentum as yet, due to the availability of significant physical cargoes still on
water to absorb in light of November’s weakening demand conditions (which as
previously argued need to be entirely separated from Beijing APEC).
China’s economic data continued to slide into October. The country’s IP rose 7.7% y/y,
compared to 8% in September, while retail sales grew 11.5% y/y, dropping from 12%
in September. YTD FAI grew 15.9%, compared to 16.1% in September. One State
Council researcher is suggesting retail sales growth may only reach 10.5% in 2015,
2
Standard Bank
Global | Commodities
13 November 2014
although exports may see growth expand from 6% this year to 7% in 2015, while the
1st tier city property sector may begin to bottom out of its excess stocks – something
which will help support steel consumption levels next year, especially needed if China
faces an uptick in trade action!
Shanghai Equities fell 0.36% to 2,486 points, initially rallying post-lunch after
October’s poor data releases, before giving up gains into the close. Beijing continues to
message towards setting a 2015 GDP target closer to 7%, which reflects negatively.
Meanwhile the PBOC is reportedly inviting smaller city commercial banks to apply for
cash injections for smaller enterprises, helping not to kill sentiment completely today,
following the weaker data. Shanghai 7-day interbank rates at 3.10%. As expected, the
PBOC sold a further RMB 20bln 14-day reverse repos at 3.15%, offsetting the week’s
maturing funds, with a further RMB 40bln maturing next week also. Spot Currency
traded at 6.1277, while the PBOC reference rate set at 6.1418.
China’s power generation printed at only 1.9% y/y growth to 444.6 bln kwH, while
YTD, generation grew 4.2% y/y. Meanwhile China’s real estate market sales sales up
12.6% m/m to 24.16m sq m, supported by improved government and lending
purchase incentives, after registering a Sept YTD sales drop of 10% y/y.
Shanghai Rebar Futures active Jan-15 contract closed down RMB 26/t at RMB
2626/t, while the May-15 contract closed down RMB 34/t at RMB 2520/t. SHFE
HRC Jan-15 futures fell RMB 18/t to RMB 2,870/t.
Among physical steels, Tangshan billet prices fell RMB 10/t to RMB 2,430/t I late
afternoon trading. Rebar prices fell RMB 10/t in both Shanghai and Beijing, with winter
sales continuing to contract. Beijing’s night-time temperatures look to be heading
below 0 degrees by mid-next week. HRC prices remained unchanged again in Shanghai
and Beijing.
China’s crude steel output contracted 0.3% y/y (and m/m) to 67.52mt, with daily
average output tracking at 2.18mt/day, compared to 2.25mt/day in September. YTD
output is tracking at 685.35mt, up 2.1% y/y. China’s Pig Iron output fell by a higher
3.1% y/y to 57.01mt in October, tracking at 1.84mt/day, compared to 1.96mt/day in
September and 1.95mt/day in August, suggesting momentum continues to drop for IO
demand.
Dalian Commodity Exchange IO active Jan-15 contract closed up RMB 2/t to RMB
538/t, while the May-15 contract closed RMB 1/t lower at RMB 507/t. Among
physical iron ore, globalORE traded a Yandi fines 58% basis 1Q-cargo at index plus 10
cents, followed by a 1Q Newman fines (62% basis) at index; then a Yandi Jan-cargo at
index plus 10 cents. An IOCJ Fe 65%-basis Dec-cargo sold for $85.60/t, as well as a
MNP Fe 62%-basis Dec-cargo at $75.60/t. Local Chinese platform COREX was quiet.
A private PB fines cargo sold for $75/t.
The TSI Fe 62% China CFR price index was up $0.10/t to $75.50/t (MTD:
$75.99/t). The Platts Fe 62% index was down $0.25/t to $75.75/t,
while the TSI Fe 58% index fell $0.10/t to $68.50/t (MTD: $68.82/t). The Metal
Bulletin Fe 62% index was down $0.22/t to $75.98/t, while its Fe 58% index was
down $0.26/t to $63.88/t. Argus Fe 62% printed at $74.25/t. Mysteel’s Fe 62%
index printed at $75.75/t, while its Fe 58% index printed at $67.25/t, both
unchanged.
In IO supply news, Australia exported 60.9mt in October, the 2nd highest month on
record, up from 57.73mt in September and a record 61.3mt in August. RioT shipped a
fresh record from Walcott of 12.2mt, up from 11.8mt in August and 10.35mt in
3
Standard Bank
Global | Commodities
13 November 2014
September. India’s Jkarkhand state has agreed to renew Tata’s mining licences, while
waiting for its Odisha Khonbond mine to be unsuspended.
The Baltic Exchange Cape index shifted 9.5% lower to $20,702/day, with C3 at
$20.825/t and C5 at $8.541/t, while C4 is $11.055/t and C7 is $11.930/t. FFA
Cal15 capes are trading in the $13,600/day range, while Nov-Dec is trading in the
$17,700/day range.
For Q1:15 thermal coal prices, API 2 is trading at $71.30/t; API 4 is trading at
$66.25/t; while Newcastle is trading at $64.00/t, weakening on the back of China’s
export tax removal threats and ongoing falls in oil markets. Among physical deals, Dec
Newc traded at $63.00 and Jan Newc traded at $63.10/t, up 40 cents on the day.
Meanwhile just as China says it plans to reduce its thermal coal imports by 50-100mt
next year and potentially now even begin to export, India is also now calling for
reduced imports within the next 3 years, further limiting upside potential for miners,
hoping to see prices lift. Amusingly the IEA has just forecast that thermal prices will rise
to $100/t in 2020, due to Indian import growth, although acknowledging European
structural declines from the 213mt imported in 2012. India hopes to lift Coal India’s
output to 1bln tonnes by 2019, more than double last financial year’s levels of
463mt., while targeting 507mt this year. India’s imports are running at over 200mt
this year, with forecasts easily over 240mt by 2018.
Australia exported 31.87mt of coal in October, down only slightly from September’s
31.89mt, as Asian plants begin their winter restock. November’s data is likely to be
lower due to maintenance work at NEWC. US coal exports are expected to drop by
20mt to 96mt according to the US EIA and below 90mt next year.
Zhengzhou Futures Jan-15 thermal contract prices fell RMB 1/t to RMB 497.80/t,
while the May-15 contract was up RMB 0.2/t to RMB 492.20/t. China’s power
generation printed at only 1.9% y/y growth to 444.6 bln kwH. Hydro output fell
13.2% m/m, although up 34.7% y/y. Thermal power output fell 5.8% y/y however
and is up just 0.1% y/y.
China is formally considering cutting its coal export tariff from 10% to 3% in early
2015, which will further weigh on seaborne thermal and met coal prices. NAR 5500
appears to be valued in the $64/t range for Dec-cargoes.
Premium Hard Coking Coal spot prices are trading in the $108-113/t Qld FOB range,
with China CFR prices ranging $118-123/t. TSI FOB Qld printed at $113.40/t, while
China CFR printed at $123.90/t. MB FOB Qld printed at $112.79/t, while China CFR
printed at $121.78/t. The Argus Qld fob index printed at $110.75/t.
China is formally considering cutting its coal export tariff from 10% to 3% in early
2015, which will further weigh on seaborne thermal and met coal prices. BHPB is
suggesting Dec prices for Peak Downs of $118/t FOB and $116/t for FOB, as well as
Gregory at $99/t and Blackwater at $90.50/t to Indian mills.
On the Dalian Exchange, Jan-15 coke price traded down RMB 4/t to RMB 1,068/t,
while the May-15 contract fell RMB 3/t to RMB 1,064/t.
Among Dalian HCC prices, Jan-15 contract prices closed up RMB 3/t to RMB 778/t,
while the May-15 contract closed up RMB 4/t to RMB 771/t. Coking coal port stocks
have fallen to 6.16mt, off 10% w/w, partly due to the impost of a 3% import tax since
mid-October.
By Melinda Moore
4
Standard Bank
Global | Commodities
13 November 2014
Commodities Data
LME 3 month
Open
Close
High
Low
Daily change
Change (%)
Aluminium
Copper
Lead
Nickel
Tin
Zinc
2,043
6,694
2,038
15,470
20,125
2,270
2,060
6,680
2,049
15,610
20,125
2,281
2,075
6,720
2,056
15,794
20,159
2,295
2,035
6,664
2,033
15,381
20,025
2,260
17
-14
11
140
0
11
0.83
-0.21
0.53
0.90
0.00
0.47
LME
inventory
Aluminium
Copper
Lead
Nickel
Tin
Zinc
Today
Yesterday
In
Out
4,402,775
159,950
216,350
389,136
10,115
689,500
4,406,575
160,800
216,375
388,776
9,905
689,700
0
0
0
1,200
250
0
3,800
850
25
840
40
200
One day
change
-3,800
-850
-25
360
210
-200
YTD change
(mt)
-1,055,300
-206,475
1,900
127,500
430
-243,975
Cancelled
warrants (mt)
2,501,050
27,300
10,100
85,992
1,730
109,325
Cancelled
warrants (%)
57
17
5
22
17
16
Contract
turnover
353,380
134,807
56,173
60,680
4,851
110,213
Open
Last
1d Change
COMEX
Open
Close
Change
Change (%)
13750
47320
20,125
13770
47400
20,125
30
140
0
Ali Feb'14
Cu Feb'14
302.5
304.9
2.4
0.79
AM Fix
1,161.00
1,202.00
774.00
PM Fix
1,164.50
15.62
1,204.00
776.00
High bid
1,170.24
15.79
1,211.20
783.60
Low offer
1,157.42
15.57
1,199.15
770.25
Closing bid
1,162.55
15.67
1,200.50
773.70
Daily change
-69.22
-1.52
-54.60
-5.60
1 month
-0.2125
0.62
0.1533
2 months
-0.1575
0.616
0.202
3 months
-0.1025
0.618
0.2332
6 months
0
0.612
0.326
12 months
0.115
0.568
0.5643
30-day RSI
10-day MA
20-day MA
100-day MA
200-day MA
Support
Resistance
38.5
32.24
33.91
46.19
1,160.82
15.77
1,212.52
775.31
1,195.60
16.47
1,236.70
776.56
1,258.28
18.80
1,374.53
834.63
1,280.44
19.44
1,408.99
813.91
1,154.57
15.61
1,196.87
773.75
1,168.81
15.84
1,208.22
779.60
COMEX GLD
COMEX SLV
NYMEX PAL
NYMEX PLAT
DGCX GLD
TOCOM GLD
CBOT GLD
1161.6
444599
50167
15.74
171907
38620
777.5
34843
-1495
1205.3
60794
-240
1162.3
1271
5
4309
94093
-8649
1159.9
4
-309
1 month
Change
2 month
Change
3 month
Change
6 month
Change
96.402
0.18
96.152
0.17
96.279
0.02
97.398
-0.07
715.75
-12.50
711.75
-11.75
724.5
-12.00
729.5
-11.75
807.11
1.83
796.14
1.14
791.38
-0.29
795.17
0.42
99.376
0.30
98.412
0.22
98.029
0.12
97.998
0.11
429.271
-2.71
422.704
-5.76
424.457
-5.41
430.126
-6.08
434.65
-4.54
430.77
-5.75
433
-5.58
440.25
-5.98
467.749
-2.86
460.641
-6.39
458.632
-5.65
461.001
-5.83
Q3 14
74.50
Change
-0.50
Q4 14
77.05
Change
-0.45
Q1 15
78.65
Change
-0.35
Cal 15
80.45
Change
-0.40
73.85
-0.15
74.05
-0.20
75.25
-0.05
76.75
-0.10
Shanghai 3month
Aluminium
Copper
Zinc
Cash Settle Change in cash
settle
2,062.00
44
6,752.50
65
2,034.00
16
15,535.00
445
20,150.00
225
2,274.50
38
Precious
metals
Gold
Silver
Platinum
Palladium
Forwards (%)
Gold
Silver
USD Libor
Technical
Indicators
Gold
Silver
Platinum
Palladium
Active Month
Future
Settlement
Open Interest
Change in
Open Interest
Energy
Energy
futures
pricing
Sing Gasoil
($/bbbl)
Gasoil 0.1%
Rdam ($/mt)
NWE CIF jet
($/mt)
Singapore
Kero ($/bbl)
3.5% Rdam
barges
($/mt)
1% Fuel Oil
FOB ($/mt)
Sing FO180
Cargo ($/mt)
Thermal coal
API2 (CIF
ARA)
API4 (FOB
RBCT)
Source: LME, Comex, Nymex, SHFE, Standard Bank
5
Cash - 3m
10.25
67.00
-8.25
-63.50
6.00
-6.00
Standard Bank
Global | Commodities
13 November 2014
Commodity Data cont.
Bulks
Steel—Physical
Turkish Scrap 80:20 (Iskinderun CFR) $/t
China Tangshan Steel Billet $/t
China HRC export (Shanghai FOB) $/t
North Europe HRC domestic (ex-works) $/t
North America HRC domestic (Midwest FOB) $/t
Steel—Futures
LME Billet Cash $/t
LME Billet Futures (1-mth) $/t
LME Steel Billet Stocks—change
Shanghai Rebar Futures (Active contract) $/t
Shanghai Rebar Futures On-Warrant Stocks—change
China Steel Inventory (million tonnes)
Iron ore
China Iron Ore Fines (62% Fe; CFR Tianjin) $/t
China Iron Ore Fines (58% Fe; CFR Tianjin) $/t
SGX AsiaClear IO Swaps 62% Fe $/t (1-mth)
China Iron Ore Inventory (million tonnes)
Coking coal
Premium Hard Coking Coal (Qld FOB) $/t
Capesize freight
Saldanha South Africa-Beilun China
Financials pricing
RMB Currency
China 7-day repo
Shanghai Equities Composite
Source: LME, Bloomberg, Standard Bank
6
Latest Price
299.14
403.00
473.00
417.50
642.00
1-day
-6.95%
-0.25%
-1.05%
0.00%
0.31%
1-week
-10.34%
-1.95%
-3.27%
-1.76%
-1.98%
1-month
-20.34%
-8.20%
-7.62%
0.60%
-5.31%
3-month
-19.69%
-12.58%
-8.69%
-2.91%
-7.23%
6-month
-21.39%
-19.24%
-9.21%
-2.91%
-4.46%
460.00
460.00
0.00
432.76
0.00
10.43
0.00%
0.00%
-0.17%
-3.20%
2.91%
2.91%
4.19%
-14.23%
10.44%
10.25%
-12.98%
-16.24%
19.48%
19.17%
-19.67%
-32.46%
100.00%
99.13%
-22.46%
-21.16%
75.97
99.53
0.62%
-0.28%
-8.28%
-1.34%
-19.10%
-3.43%
-26.87%
-4.55%
-43.81%
33.78%
112.35
0.00%
-1.27%
-1.36%
-3.15%
-22.06%
19.50
0.00%
51.16%
13.37%
39.78%
15.04%
6.13
3.14
2485.61
0.22%
-11.55%
2.46%
0.00%
2.61%
5.05%
-0.46%
-15.14%
11.82%
-1.65%
-1.26%
21.21%
0.57%
-16.04%
19.05%
Standard Bank
Global | Commodities
13 November 2014
Disclaimer
This material is non-independent research. Non-independent research is a "marketing communication"
This material is "non-independent research". Non-independent research is a "marketing communication" as defined in the UK FCA
Handbook. It has not been prepared in accordance with the full legal requirements designed to promote independence of research
and is not subject to any prohibition on dealing ahead of the dissemination of investment research.
Additional information with respect to any security referred to herein may be made available on request. This material is for the
general information of institutional and market professionals’ clients of Standard Bank Group (SBG) only. Recipients who are not
market professionals or institutional investor customers of SBG should seek advice of their independent financial advisor prior to
taking any investment decision based on this communication or for any necessary explanation of its content. It does not take into
account the particular investment objectives, financial situation or needs of individual clients. Before acting on any advice or
recommendations in this material, clients should consider whether it is suitable for their particular circumstances and, if necessary,
seek professional advice. The information, tools and material presented in this marketing communication are provided to you for
information purposes only and are not to be used or considered as an offer or the solicitation of an offer to sell or to buy or subscribe
for securities or other financial instruments, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in
connection with, any contract relating to such action. This material is based on information that we consider reliable, but SBG does not
warrant or represent (expressly or impliedly) that it is accurate, complete, not misleading or as to its fitness for the purpose intended
and it should not be relied upon as such. The information and opinions contained in this document were produced by SBG as per the
date stated and may be subject to change without prior notification Opinions expressed are our current opinions as of the date
appearing on this material only. We endeavour to update the material in this report on a timely basis, but regulatory compliance or
other reasons may prevent us from doing so.
SBG or its employees may from time to time have long or short positions in securities, warrants, futures, options, derivatives or other
financial instruments referred to in this material. Where SBG designates NON- INDEPENDENT Research to be a “marketing
communication”, that term is used in SBG’s Research Policy. This policy is available from the Research Compliance Office at SBG. SBG
does and seeks to do business with companies covered in its non-independent research reports including Marketing Communications.
As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this report.
Investors should consider this report as only a single factor in making their investment decision.
SBG has published a Conflicts of Interest Policy that is available upon request which describes the organisational and administrative
arrangements for the prevention and avoidance of conflicts of interest. Further disclosures required under the FCA Conduct of
Business Sourcebook and other regulatory bodies are available on request from the Research Compliance Department and or Global
Conflicts Control Room, unless otherwise stated, share prices provided within this material are as at the close of business on the day
prior to the date of the material. None of the material, nor its content, nor any copy of it, may be altered in any way, transmitted to,
copied or distributed to any other party, without the prior express written permission of SBG. All trademarks, service marks and logos
used in this report are trademarks or service marks or registered trademarks or service marks of SBG or its affiliates.
SBG believes the information and opinions in the Disclosure Appendix of this report are accurate and complete. Information and
opinions presented in the other sections of this communication were obtained or derived from sources SBG believes are reliable, but
SBG makes no representations as to their accuracy or completeness. Additional information is available upon request. SBG accepts no
liability for loss arising from the use of the material presented in this report, except that this exclusion of liability does not apply to the
extent that liability arises under specific statutes or regulations applicable to SBG.
The services, securities and investments discussed in this material may not be available to nor suitable for all investors. Investors
should make their own investment decisions based upon their own financial objectives and financial resources and it should be noted
that investment involves risk, including the risk of capital loss. Past performance is no guide to future performance. In relation to
securities denominated in foreign currency, movements in exchange rates will have an effect on the value, either favourable or
unfavourable. Some investments discussed in this marketing communication have a high level of volatility. High volatility investments
may experience sudden and large falls in their value causing losses when that investment is realised. Those losses may equal your
original investment. Indeed, in the case of some investments the potential losses may exceed the amount of initial investment, in such
circumstances you may be required to pay more money to support those losses. Income yields from investments may fluctuate and, in
consequence, initial capital paid to make them investment may be used as part of that income yield. Some investments may not be
readily realisable and it may be difficult to sell or realize those investments, similarly it may prove difficult for you to obtain reliable
information about the value, or risks, to which such an investment is exposed.
7
Standard Bank
Global | Commodities
13 November 2014
This report is issued and distributed in Europe Standard Bank PLC. 20 Gresham Street, London EC2V 7JE which is authorised by the
Prudential Regulation Authority (“PRA”) and regulated by the Prudential Regulation Authority (PRA “) and the Financial Conduct
Authority (“FCA”). This report is being distributed in the United States by Standard New York Securities (USA) LLC; in Kenya by CfC
Stanbic Bank Limited; in Nigeria by Stanbic IBTC; in Angola by Standard Bank de Angola S.A.; in Brazil by Banco Standard de
Investimentos S.A.; in China by Standard Resources (China) Limited;; in Botswana by Stanbic Bank Botswana Limited; in Democratic
Republic of Congo by Stanbic Bank Congo s.a.r.l.; in Ghana by Stanbic Bank Ghana Limited;in Isle of Man by Standard Bank Isle of Man
Limited; in Jersey by Standard Bank Jersey Limited; in Madagascar by Union Commercial Bank S.A.; in Mozambique by Standard Bank
s.a.r.l.; in Malawi by Standard Bank Limited; in Namibia by Standard Bank Namibia Limited; in Mauritius by Standard Bank (Mauritius)
Limited; in Taiwan by The Standard Bank of South Africa; in Tanzania by Stanbic Bank Tanzania Limited; in Singapore by Standard
Merchant Bank (Asia) Limited; in Swaziland by Standard Bank Swaziland Limited; in Zambia by Stanbic Bank Zambia Limited; in
Zimbabwe by Stanbic Bank Zimbabwe Limited; in UAE by Standard Bank Plc – Dubai branch
In jurisdictions where SBG is not already registered or licensed to trade in securities, transactions will only be effected in accordance
with applicable securities legislation, which will vary from jurisdiction to jurisdiction and may require that the trade be made in
accordance with applicable exemptions from registration or licensing requirements.
Standard Bank Group Ltd Reg.No.1969/017128/06) is listed on the JSE Limited .SBSA is an Authorised Financial Services Provider
and it also regulated by the South African Reserve Bank.
Copyright 2014 SBG. All rights reserved. This report or any portion hereof may not be reprinted, sold or redistributed without the
written consent of Standard Bank Group Ltd.
8