NCDEX DAILY LEVELS

DAILY

EXPIRY
DATE

R4

R3

R2

R1

PP

S1

S2

S3

S4

SYOREFIDR

20 AUG 2015

630

621

612

607

603

598

594

585

576

SYBEANIDR

20 AUG 2015

4168

4076

3984

3927

3892

3835

3800

3708

3616

RMSEED

20 JUL 2015

4439

4378

4317

4280

4256

4219

4195

4134

4073

JEERAUNJHA

20 JUL 2015

19596 18856

18116

17623

17376 16883 16636 15896

15156

CHANA

20 JUL 2015

4968

4888

4808

4767

4728

4687

4648

4568

4488

CASTORSEED

20 JUL 2015

4541

4398

4255

4173

4112

4030

3969

3826

3683

NCDEX WEEKLY LEVELS

WEEKLY

EXPIRY
DATE

R4

R3

R2

R1

PP

S1

S2

S3

S4

SYOREFIDR

20 AUG 2015

657

640

623

913

606

596

589

572

555

SYBEANIDR

20 AUG 2015

4562

4352

4142

4006

3932

3796

3722

3512

3302

RMSEED

20 JUL 2015

4769

4609

4449

4346

4289

4186

4129

3969

3809

JEERAUNJHA

20 JUL 2015

21863 20443

19023

18076

17603 16656 16183 14763

13343

CHANA

20 JUL 2015

5598

5329

5060

4893

4791

4624

2522

4253

3984

CASTORSEED

20 JUL 2015

4874

4631

4388

4240

4145

3997

3902

3659

3416

 MCX DAILY LEVELS

DALLY

EXPIRY DATE R4

R3

R2

R1

PP

S1

S2

S3

S4

ALUMINIUM

30 JUN 2015

116

114

112

111

110

109

108

106

104

COPPER

30 JUN 2015

399

393

387

384

381

378

375

369

363

CRUDE OIL

19 JUN 2015 4028 3925

3822

3782

3719

3679

3616

3513

3410

GOLD

05 AUG 2015 2766 27349

1

37037

26879

26725

26567

26413

26101

25789

LEAD

30 JUN 2015

131

128

125

123

122

120

119

116

113

NATURAL GAS 25 JUN 2015

176

173

170

168

167

165

164

161

158

905

882

859

850

836

827

813

790

767

37560

37285

37005

36790

36450

35895

35340

139

138

136

135

133

130

127

NICKEL

30 JUN 2015

SILVER

03 JUL 2015 3867 38115

0

ZINC

30 JUN 2015

142
145

MCX WEEKLY LEVELS

WEEKLY

EXPIRY

R4

R3

R2

R1

PP

S1

S2

S3

S4

ALUMINIUM

30 JUN 2015

119

116

113

111

110

108

107

104

101

COPPER

30 JUN 2015

416

405

394

388

383

377

372

361

350

19 JUN 2015 4614

4335

4056

3899

3777

3620

3498

3219

2940

GOLD

05 AUG 2015 29128 28376

27624

27172

26872

26420

26120

25368

24616

LEAD

30 JUN 2015

134

130

126

124

122

120

118

114

110

NATURAL GAS 26 MAY 2015

198

188

178

172

168

162

158

148

138

964

919

874

857

829

812

784

739

694

40453

38731

37728

36006

35003

32278

29553

CRUDE OIL

NICKEL

30 JUN 2015

SILVER

05 JUL 2015 45903 43178

MCX - WEEKLY NEWS LETTERS

INTERNATIONAL NEWS
China import tax cuts no remedy for retail slowdown:
China's economic policymakers clearly didn't consult mother-of-one Chen Xuejun when they
decided to try stimulating consumer demand by slashing import tariffs on sneakers to skincare.
The 28-year-old speaks for many Chinese shoppers when she says the move last week won't
make her shift her purchases back home from overseas, suggesting the economic upside may be
less than Beijing has bargained for.
The tariff cuts, effective from June 1, are the latest in a string of measures to stimulate domestic
consumption and bolster economic growth, which hit a 24-year low last year. Private
consumption now accounts for over half of China's GDP growth, but lags far behind levels in
markets like the United States. A Reuters analysis suggests shoppers may be right to be
sceptical. High Street prices of imported goods can be about 40 percent higher in China than
overseas, and data shows the tariff cuts are unlikely to make much difference.

China May services PMI up to 53.5, new biz up since 2012:

The headline HSBC/Markit Purchasing Managers' Index (PMI) for May was 53.5, up from 52.9
in April and well above the 50-point level that separates expansion from contraction. The May
figure represented the fourth straight month of acceleration.
Activity in China's services sector accelerated in May as new business rose at the fastest pace in
three years, a private survey showed on Wednesday, a rare piece of good news for policymakers
struggling to reviving a cooling economy.
Still, economists remain cautious on China's overall economic outlook, as credit growth
remains weak and manufacturing stagnates, reinforcing views that authorities will have to roll
out more stimulus to avert a sharper slowdown.
The headline HSBC/Markit Purchasing Managers' Index (PMI) for May was 53.5, up from 52.9
in April and well above the 50-point level that separates expansion from contraction. The May
figure represented the fourth straight month of acceleration.
The new business sub-component was at 54.4, up from 52.8 in April and the highest reading
since 54.7 in May 2012. Employment at services firms grew at the fastest rate since January
2013, the survey showed, another encouraging sign for policymakers as layoffs continue in the
manufacturing sector, China's traditional jobs engine.
"Overall, growth momentum appears relatively weak, weighed down by an ongoing
deterioration in manufacturing operating conditions," said Annabel Fiddes, economist at
Markit. "Therefore, further stimulus measures may be required to keep up with (the
government's) annual GDP growth target of 7 percent." A news release did not give specific
reasons for the strong pick-up in business in May.

 Greece and Ukraine crises drown out G7 agenda :

Leaders from the Group of Seven (G7) industrial nations meet on Sunday in the Bavarian Alps
for a summit overshadowed by Greeces debt crisis and ongoing violence in Ukraine. Host
Angela Merkel is hoping to secure commitments from her G7 guests to tackle global warming
to build momentum in the run-up to a major United Nations climate summit in Paris in
December.
The German agenda also foresees discussions on global health issues, from Ebola to antibiotics
and tropical diseases. But on the evening before the German chancellor welcomes the leaders
of Britain, Canada, France, Italy, Japan and the United States, she and French President
Francois Hollande were forced into their fourth emergency phone call in 10 days with Greek
Prime Minister Alexis Tsipras to try to break a deadlock between Athens and its international
creditors.

Merkel is due to hold talks with US President Barack Obama on Sunday morning before the
summit gets underway, with Ukraine, Middle East turmoil and the TTIP free trade agreement
being negotiated between Washington and the European Union at the top of the agenda.

BULLION
Gold
Gold futures ticked down on Friday extending losses from earlier this week, as optimistic U.S.
jobs data increased the possibility that the Federal Reserve could raise interest rates sooner than
previously expected. On the Comex division of the New York Mercantile Exchange,gold
futures for August delivery fell 7.00 or 0.60% to 1,168.20 a troy ounce. Gold futures
plummeted to a monthly-low of 1,162.20 before rising slightly on a choppy day of trading. At
one point, gold hit a session-high of 1,178.00.
Gold prices plunged early on Friday morning after the U.S. Bureau of Labor Statistics released
better than expected job figures for the month of May. Last month, U.S. non-farm payrolls
soared by 280,000, far exceeding analysts' low end of forecasts for a 220,000 gain. Private
payrolls increased by 262,000 in May, as professional business services added 63,000 positions
on the month. The labor market also added 17,000 construction position, following a significant
gain of 35,000 a month earlier.
The Fed's decision to tighten monetary policy is viewed as bearish for gold. The precious metal
is not attached to dividends or interest rates and struggles to compete with high-yield bearing
assets in periods of rising rates.
Separately, Federal Reserve of New York president William Dudley reiterated on Friday that
the Fed will likely raise rates at some point this year. It is widely expected that the Fed could

wait until September before raising its benchmark Fed Funds Rate, though it has not ruled out
lift-off in June. On Thursday, the International Monetary Fund suggested that the Fed should
wait until the first half of 2016 for lift-off unless the U.S. economy improves dramatically over
the next several months.
As expected, the two sides in the Greek Debt negotiations failed to reached an agreement on
Friday. Earlier this week, France president Francois Hollande said Greece and its international
creditors appeared to be hours from reaching a deal on agreement that could unlock critical aid
to the beleaguered nation. Greece prime minister Alexis Tsipras, though, may have rankled
creditors on Thursday by bundling four separate obligations to the IMF into one repayment at
the end of this month. In doing so, Greece delayed repayment of a EUR 300 million payment
due on Friday.

ENERGY
Crude Oil
Crude futures rose steadily on Friday, halting a midweek slump as OPEC expectedly kept
production levels unchanged from their current level at approximately 30 million barrels per
day.On the New York Mercantile Exchange, WTI crude for July delivery gained 1.12 or 1.94%
to 59.12 a barrel ending a two-session losing streak. U.S. Crude futures plunged roughly 5%
over the previous two session in advance of Friday's meeting in Vienna.
Texas Long Sweet futures plunged more than 1% ahead of Friday's announcement to a
daily-low of $56.86, before reversing course after the world's largest oil cartel decided to keep
production levels steady for the second time in six months.While crude prices are down
dramatically from their peak of $115 last summer, they are still up more than 10% from
touching down to a 52-week low of $45 a barrel in January. At Friday's meeting Iran oil
minister, Bijan Namdar Zanganeh indicated that he expects crude prices to reach $75 by year's
end.Although the majority of OPEC's smaller nations have advocated for a slash in production
output to boost prices, they have been overruled by Saudi Arabia which is looking to undercut
U.S. shale producers by depressing prices.
On the Intercontinental Exchange (ICE), brent crude for July delivery rose 1.32 or 2.14% to
63.35 a barrel, ending a two-session skid. Brent futures also fell before the meeting dropping
below $61 before rallying later in the session. The spread between the international and U.S.
benchmarks for crude stood at 4.23, slightly above Thursday's level.In the U.S., oil services
firm Baker Hughes (NYSE:BHI) said that the number of oil rigs nationwide fell last week by

four to 642, the lowest level since August, 2010. It marked the 26th consecutive week of
weekly rig declines. Though U.S. shale producers have been forced to slash drilling due to the
lower price of crude, they have responded by keeping their more efficient rigs online.The
U.S.Dollar Index, which measures the strength of the greenback versus six other major
currencies, surged 0.86% to 96.32 amid strong U.S. jobs data.Dollar-denominated commodities
such as crude become more expensive for foreign purchasers when the dollar appreciates.

Natural gas
Natural gas futures fell for the third consecutive session on Friday to settle near a five-week
low as forecasts for mild weather across the U.S. in the week ahead and concerns over ample
supplies weighed.On the New York Mercantile Exchange, Natural gas for delivery in July fell
3.6 cents, or 1.37%, on Friday to end at $2.590 per million British thermal units by close of
trade. A day earlier, natural gas prices hit $2.556, a level not seen since April 30.For the week,
the July natural gas contract declined 2.5 cents, or 1.97%, the third straight weekly loss.
Futures were likely to find support at $2.556, the low from June 4, and resistance at $2.675, the
high from June 4.Weather forecasting models called for mostly normal temperatures across the
U.S. through mid-June, suggesting little demand for the fuel and paving the way for additional
hefty inventory builds in the weeks ahead.Spring usually sees the weakest demand for natural
gas in the U.S, as the absence of extreme temperatures curbs demand for heating and air
conditioning.Meanwhile, the U.S. Energy Information Administration said in its weekly report
on Thursday that natural gas storage in the U.S. rose by 132 billion cubic feet, above
expectations for an increase of 121 billion and following a build of 112 billion cubic feet in the
preceding week. Supplies rose by 118 billion cubic feet in the same week last year, while the
five-year average change is an increase of 92 billion cubic feet.
Total U.S. natural gas storage stood at 2.233 trillion cubic feet as of last week, 50.7% higher
than during the same week a year earlier and 1.0% above the five-year average for this time of
year.Last spring, supplies were 55% below the five-year average, indicating producers have
made up for all of last winters unusually strong demand.The EIA's next storage report slated
for release on Thursday, June 4 is expected to show a build of approximately 110 billion cubic
feet for the week ending June 5.Supplies rose by 109 billion cubic feet in the same week last
year, while the five-year average change is an increase of 89 billion cubic feet.Elsewhere on the
Nymex, Crude oil for July delivery settled at $59.13 a barrel by close of trade on Friday, down
$1.16, or 1.94%, on the week, while heating oil for July delivery dropped 4.11% on the week to
settle at $1.869 per gallon.

BASE METAL
Copper
Copper prices were lower on Wednesday, as traders eyed the release of key U.S. economic data
later in the day for fresh indications on the timing of a rate increase. On the Comex division of
the New York Mercantile Exchange, copper for July delivery slipped 0.9 cents, or 0.32%, to
trade at $2.727 a pound during European morning hours. Prices held in a range between $2.726
and $2.748.
Futures were likely to find support at $2.710, the low from June 1, and resistance at $2.784, the
high from May 29.A day earlier, copper prices tacked on 1.6 cents, or 0.59%, to close at
$2.736, supported by a broadly weaker U.S. dollar.The U.S dollar index, which measures the
greenbacks strength against a trade-weighted basket of six major currencies, was at a more
than one-week low of 96.05.The greenback dropped after data on Tuesday showed that factory
orders fell 0.4% in April, confounding expectations for a 0.2% increase. On a year-over-year
basis, factory orders dropped 6.4%, the sixth straight monthly decline.
The unexpectedly weak data sparked fresh fears over the outlook for second quarter growth
after data last month showed that the U.S. economy contracted 0.2% in the first
quarter.Meanwhile, hopes that Greece will soon reach an agreement with its international
lenders on a cash-for-reforms deal boosted the Euro.Greece is due to make a 305 million
payment to the International Monetary Fund on Friday but has warned that it will be unable to
make the repayment if a deal is not reached by then.Elsewhere, gold futures for August delivery
dipped $5.20, or 0.44%, to trade at $1,189.20 a troy ounce, while silver futures for July
delivery shed 13.9 cents, or 0.83% to trade at $16.66 an ounce.

Nickel
Nickel futures ended lower in the domestic market on Friday as investors and speculators
exited positions in the industrial metal amid weak physical demand for nickel in the domestic
spot market. Moreover, a slowdown in the world economy as the OECD pared its global
growth forecast for 2015 from 3.7 per cent to 3.1 per cent darkened the outlook for the
industrial metal. Record stockpiles of the base metal also soured sentiment, with stockpiles of
Nickel on the London Metal Exchange (LME) rising a whopping 66 per cent in the past year to
a record 470,118 metric tons. At the MCX, Zinc futures for June 2015 contract is trading at Rs
827.40 per 1 kg, down by 0.49 per cent after opening at Rs 829.30, against the previous closing
price of Rs 831.50.

 Zinc
Zinc futures succumbed to significant losses in the domestic market on Friday as investors and
speculators exited positions in the industrial metal amid weak physical demand for zinc in the
domestic spot market. Further, caution ahead of the US jobs data and fears over Greece kept
investors edgy. Greece has asked for a deferral on its debt payments to the IMF, becoming the
first country since the 1980s to delay a loan repayment to the Washington-based institution,
taking it closer to a catastrophic default that threatens to shake up the euro. At the MCX, Zinc
futures for June 2015 contract is trading at Rs 135.70 per 1 kg, down by 1.06 per cent after
opening at Rs 137, against the previous closing price of Rs 137.15.

NCDEX - WEEKLY NEWS LETTERS

Monsoon forecast
Prices of agricultural commodities have started spiraling in the spot market, ahead of kharif
sowing, due to the lower production estimates following a deficient monsoon forecast by the
India Meteorological Department (IMD) this year.A little over 60 per cent of the countrys
cultivable land is only rain-fed and 70 per cent of the annual rainfall takes place during the
monsoon.
The firmness in agri commodity prices began midApril, when IMDfirst came out with a
rainfall forecast of 93 per cent of the long-period average (LPA). In May, prices rose up to 30
per cent in wholesale markets. The rise has been more in the past three week.According to the
Union government's department of consumer affairs, wheat rose 30 per cent in May to trade
currently at Rs 2,138 a quintal as against Rs 1,650 a qtl on May 1. There has been a lower
percentage of increase in pulses, potatoes and edible oils.The price rise is only because of
lower production fear. A further rally in the short term looks unlikely. Future movement would
depend on the progress of actual rainfall. The governments response to deficient rain would
also have a significant bearing on commodity prices.IMD's current forecast is 88 per cent of the
LPA and this has worried all, including the government, the Reserve Bank of India (RBI),
farmers, traders and consumers. The RBI governor has already raised concern over inflationary
pressure due to less rain.
Union finance minister Arun Jaitley has sought to reassure on these concerns. Addressing
journalists in Delhi on Thursday, he said, The forecast rainfall pattern is similar to last year.
Hence, food grain production might not have a significant impact. We have an abundance of
food grain and our management was efficient last year, with no inflationary pressure (on this
count).The Food and Agriculture Organization (FAO) of the United Nationshas lowered
Indias milled riceproduction forecast by 1.4 per cent to 94.5 million tonnes this year, as against
95.8 mt last year. However, added FAO, in a report issued on Thursday, Cerealproduction is
forecast to remain close to the record outputs of the previous year. Favorable weather and

sufficient input supplies in India, including irrigated water and fertilizer, are expected to
contribute to average yields in 2015, negating a small reduction in the area planted.

Global commodity prices

Major food commodity prices declined again in May, hitting an almost six-year low as cereal
prices fell substantially, amid a favorable outlook for this year's harvests globally.The Food
Price Index compiled by the Food and Agricultural Organization (FAO) of the United Nations
averaged 166.8 points in May, down 1.4 per cent from April and as much as 20.7 per cent from
a year earlier. Cereals and dairy products were responsible for much of last months decline,
although meat quotations also fell. By contrast, the oils and sugar markets firmed up. The May
average puts the Food Price Index at its lowest level since September 2009.
The agency has revised upwards its global cereal production outlook for 2015, to 2,524 million
tonnes (including rice in milled terms), almost 15 mt higher than reported in May. At this level,
world production would be one per cent or 25.6 mt lower than the record in 2014.

Chana
Continuing its slide for the second day, chana prices fell further by 0.59% to Rs 4,741 per
quintal in futures market on Friday, as participants reduced holdings, prompted by higher
supplies from producing belts.However, lower output estimates capped the losses.At the
National Commodity and Derivative Exchange, chana for delivery in July contracts declined Rs
28, or 0.59%, to Rs 4,741 per quintal with an open interest of 1,83,850 lots.

Refined soya oil

Falling for the second straight day, refined soya oil prices fell 0.27 per cent to Rs 608.30 per 10
kg in futures trade on Friday amid subdued demand in the spot market.At National Commodity
and Derivatives Exchange, refined soya oil for delivery in August eased Rs 1.65, or 0.27 per
cent, to Rs 608.30 per 10 kg with an open interest of 1,97,430 lots.Similarly, the oil for delivery
in June contracts edged down Rs 1.30, or 0.21 per cent, to Rs 619.75 per 10 kg in 40,300
lots.Market analysts said offloading of positions amid lower demand in the spot market against
adequate stock position mainly kept pressure on refined soya oil prices.

Castorseed
Castorseed prices fell by 0.32 per cent on Friday at the National Commodity & Derivatives
Exchange Limited (NCDEX) as a result of fresh supply of the commodity in the major mandies
as well as strong production estimates. At the NCDEX, castor seed futures for June 2015
contract was trading at Rs. 4,003 per quintal tonnes, down by 0.32 per cent, after opening at Rs.
4,016 against the previous closing price of Rs. 4,016.Castor oil, extracted from castor seed is

the largest vegetable oil exported out of India.

Mustard seed
Mustard Seed prices closed lower by 0.66 per cent on Friday at the National Commodity &
Derivatives Exchange Limited (NCDEX) as a result of the profit booking by the traders on
account of the weak crushing and export demand of mustard meal. At the NCDEX, Mustard
Seed futures for June 2014 contract closed at Rs. 4,243 per quintal, down 0.66 per cent, after
opening at Rs. 4,272 against the previous closing price of Rs. 4,271. It touched the intra day
low of Rs. 4,236. Sentiment weakened further due to the sluggish export demand as a result of
the weak demand for the commodity. EU-27 accounts to about 34 per cent of worlds RM seed
production.

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