• Strategy| PHAR may be poised for a catch-up rally
• POUL| Poultry prices hit YTD low; market dynamics set to drive price recovery

Weekly Commodities Update

| | Last Price | WoW Change, %
| Brent, USD/bbl | 67.8 | -12.0%
| Diesel-HSFO Spread, USD/ton | 250.6 | -24.1%
| Egypt Urea, USD/ton | 401.0 | 0.0%
| Polyethylene, USD/ton | 920.0 | 0.0%
| Polypropylene, USD/ton | 965.0 | 0.5%
| Iron Ore 65%, USD/ton | 111.4 | -1.1%
| Steel/Iron Ore Spreads, USD/ton | 372.9 | 0.0%
| LME Aluminum Cash Price, USD/ton | 2,595.2 | 1.3%
| LME Copper Cash Price, USD/ton | 10,118.7 | 2.1%
| Egyptian Retail Cement, EGP/ton | 3,958.0 | -0.2%
| Steam Coal FOB Newcastle Australia, USD/ton | 106.5 | -0.1%
| Orange Concentrates USD/Lbs | 2.2 | -4.1%
| SMP, USD/MT | 2,775.0 | 0.0%

- Market Overview

- COMI

- prepared by: Mayada Amin- CETA, CFTe

• Despite YTD rally, PHDC is still materially cheap.
• Copper/aluminum price ratio should provide solid support to EGAL.
• ORAS| Core business is trading for free
• MCQE| Time to change our call from BUY to NEUTRAL
• ABUK,MFPC, EGCH| Urea prices surge on gas shortage, but regional ceasefire signals relief.
• MTIE| Bosch’s factory inauguration reinforces appliances segment momentum.

- Market Overview

- COMI

- ETEL

- ADIB

- EMFD

- ISPH

- prepared by: Mayada Amin- CETA, CFTe

In today's Pre-Session Views:

• Strategy| POUL will likely find support in bottoming Brazilian chicken prices
• DSCW Helwan facility visit| Expansion milestones validate robust growth
• RAYA| Ostool's exit could mark RAYA’s strategic shift to core asset-light verticals
• EGAL| Electricity price reduction reversal; Valuation remains intact
• JUFO| Merger accounting and concentrate prices weigh on margins

- Market Overview

- JUFO

- ORWE

- TMGH

- ORHD

- ORAS

-,Prepared by: Mayada Amin- CETA, CFTe

• Strategy| COMI can easily jump 5% just to recoup June-to-date losses and this could be the start of a 12M gain of 50%
• VALU| Investor-fueled rally may overrun fundamentals
• ATLC| Expanding opportunities in factoring and mortgage amidst leasing maturity
• OLFI| Management reaffirms growth plans and strong FY25 outlook
• ORWE management call | Near-term headwinds temper outlook, strategic investments and US focus could unlock value

- Market Overview

- ORAS

- ORWE

- FWRY

- PHDC

- JUFO

- Prepared by: Mayada Amin, CETA, CFTe