Debt Mutual Fund Strategy

8 Confidential/Restricted Price Change (%) ENERGY PRICE INDEX BASED TO 100 -10.0 -20.0 -30.0 -40.0 240.0 220.0 200.0 180.0 160.0 140.0 120.0 100.0 Мил Classification - Restricted Industrial commodity consolidating but Energy prices remained elevated... Tightening of supply of Natural Gas market due to Russia Ukraine conflict led the Natural Gas prices elevated Energy Price Movement (%) since Jan 2022 280.0 260.0 While Agri commodities saw mixed trends Trend in Crude oil Price in the last few months 145 135 125 Natural Gas Oct-2022 20.0 10.0 0.0 Industrial Commodities: Slower global growth and weakness in China could keep the Industrial commodity prices under check SOURCE: BLOOMBERG -50.0 Since Jan'2022 Oct-22 LMEX Metal -22.5 -1.5 Aluminium Steel Copper -20.9 2.8 -18.9 -5.5 -23.4 -1.5 166.6 in USD/bbl 75 55 212 65 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oil Demand mb/d OPEC expects current oil demand continue to rise 115.0 109.5 109.8 -109.8 110.0 108.3 105.5 105.0 93.3 100.0 96.9 95.0 90.0 85.0 Oct-22 CY21 CY25 CY30 CY35 CY40 CY45 Source: Bloomberg Source: OPEC Agri Commodities: Agri commodities showed mixed trend amid changing weather condition and drought like situation in many parts of the world including US & Europe HDFC BANK RESEARCH Classification - Restricted BBG Agriculture 5.9 0.5 Corn Sugar Palm Oil Cotton Wheat 16.6 2.1 -4.8 1.6 -39.1 10.5 -36.1 -15.6 14.5 -4.3 HDFC BANK We understand your world Source: Bloomberg

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