MCX DAILY LEVELS

DAILY

EXPIRY

R4

R3

R2

R1

PP

S1

S2

S3

S4

98.40

97.05

29 FEB 2016 312.65 309.05 305.45 303.35 301.85 299.75 298.25 294.65

291.05

DATE

ALUMINIUM
COPPER
CRUDE OIL

29 JAN 2016 105.15 103.80 102.45 101.60 101.10 100.25 99.75

1840

1701

GOLD

05 FEB 2016 26726 26544 26362 26261 26180 26079 25998 25816

25634

LEAD

29 JAN 2016 116.60 114.80

111.90 111.20 110.10 109.40 107.60

105.80

154.10 150.20 148.60 146.30 144.70 142.40 138.50

134.60

19 FEB2016

NATURAL GAS 24 FEB 2016

2535

158

2396

2257

113

2207

2118

2068

1979

NICKEL

29 JAN 2016 641.40 623.60 605.80 594.40

576.60 570.20 552.40

534.60

SILVER

04 MAR 2016 36392 35747 35102 34689 34457 34044 33812 33167

32522

ZINC

29 JAN 2016 108.90 106.80 104.60 103.30 102.50 101.20 100.30 98.20

96.05

588

MCX WEEKLY LEVELS

WEEKLY

ALUMINIUM
COPPER
CRUDE OIL

EXPIRY

R4

R3

R2

R1

PP

S1

S2

S3

S4

97.85

94.85

91.85

29 FEB 2016 326.25 317.55 308.85 305.05 300.15 296.35 291.45 282.75

274.05

29 JAN 2016 109.85 106.85 103.85 102.30 100.85 99.30

2608

2342

2250

2076

.
1984

1544

1278

GOLD

05 FEB 2016 28620 27822 27024 26592 26226 25794 25428 24630

23832

LEAD

29 JAN 2016 121.25 117.70 114.15 112.45 110.60 108.90 107.05 103.50

99.95

NATURAL GAS

24 FEB 2016 170.70 162.50 154.30 150.70 146.10 142.50 137.90 129.70

121.50

NICKEL

29 JAN 2016 658.80 634.50 610.20 596.50 585.90 572.20 561.60 537.30

513

SILVER

04 MAR 2016 37413 36385 35357 34817 34329 33789 33301 32273

31245

26 JAN 2016 115.90 111.10 106.35 104.20 101.60 99.45

87.40

ZINC

19 FEB 2016 2874

1810

96.85

92.10

WEEKLY MCX CALL

SELL GOLD FEB BELOW 26200 TGT 25900 SL 26511

BUY ZINC JAN ABOVE 104 TGT 107 SL 101.90
PREVIOUS WEEK CALL

BUY ZINC JAN ABOVE 102 TGT 104 SL 99.95 - SL

FOREX DAILY LEVELS

DAILY

EXPIRY

R4

R3

R2

R1

PP

S1

S2

S3

S4

DATE

USDINR

25 FEB 2016 69.1 68.75

0

68.40

68.20

68.10

67.90

67.75

67.45

67.10

GBPINR

25 FEB 2016 75.3 74.80

0

74.30

73.95

73.80

73.45

73.30

72.80

72.30

EURINR

25 FEB 2016 99

98.30

97.65

97.35

97.05

96.70

96.40

95.75

95.10

JPYINR

25 FEB 2016 59.4 58.85

5

58.25

57.85

57.65

57.20

57

56.40

55.80

R2

R1

PP

S1

S2

S3

S4

FOREX WEEKLY LEVELS

DAILY

EXPIRY

R4

R3

DATE

USDINR

25 FEB 2016 70.1 69.50

5

68.85

68.40

68.15

67.75

67.50

66.85

66.20

GBPINR

25 FEB 2016 78.7 77.20

0

75.65

74.60

74.10

73.10

72.60

71.05

69.50

EURINR

25 FEB 2016 99.9

5

99

98.05

97.55

97.10

96.60

96.10

95.15

94.20

JPYINR

25 FEB 2016 62.5

5

61

59.45

58.45

57.95

56.90

56.40

54.85

53.30

WEEKLY FOREX CALL

BUY GBPINR JAN AABOVE 97 TGT 97.50 SL 96.48

BUY EURINR JAN ABOVE 57 TGT 57.70 SL 56.30
PREVIOUS WEEK CALL

BUY GBPINR JAN ABOVE 97.52 TGT 98.50 SL 96.89 - NOT EXECUETD.

 NCDEX DAILY LEVELS

DAILY

EXPIRY

R4

R3

R2

R1

PP

S1

S2

S3

S4

DATE

SYOREFIDR

19 FEB 2016

634

626

618

615

610

607

602

594

586

SYBEANIDR

19 FEB 2016 3890

3857

3824

3811

3791

3778

3758

3725

3692

4140

4095

4050

4026

4005

3981

3960

3915

3870

18 MAR 2016 14223 14008 13795 13695 13575 13480 13360 13145

12930

CHANA

20 APR 2016 4465

4405

4345

4320

4285

4260

4225

4165

4105

CASTORSEED

19 FEB 2016 3544

3490

3436

3408

3382

3354

3328

3274

3220

R4

R3

R2

R1

PP

S1

S2

S3

S4

RMSEED
JEERAUNJHA

20 APR
20165

NCDEX WEEKLY LEVELS

WEEKLY

EXPIRY
DATE

SYOREFIDR

19 FEB 2016

642

631

620

616

609

605

598

587

576

SYBEANIDR

19 FEB 2016 4120

4016

3912

3855

3808

3751

3704

3600

3496

RMSEED

20 APR 2016 4470

4326

4182

4092

4038

3948

3894

3750

3606

18 MAR 2016 15086 14606 14126 13863 13646 13383 13166 12686

12206

CHANA

20 APR 2016 4745

4595

4445

4370

4295

4220

4145

3995

3845

CASTORSEED

19 FEB 2016 4000

3809

3618

3499

3427

3308

3236

3045

2854

JEERAUNJHA

WEEKLY NCDEX CALL

SELL REFSOYA FEB BELOW 610 TGT 600 SL 621.20
PREVIOUS WEEK CALL
SELL SOYABEAN FEB BELOW 3769 TGT 3700 SL 3840 - CLOSED AT 3778
BUY CASTORSEED 3545 TGT 3629 SL 3459 - NOT EXECUTED

MCX - WEEKLY NEWS LETTERS

INTERNATIONAL NEWS
Bullion

Amid a weakening global trend and profit-booking by speculators, gold futures traded sharply
lower by Rs 246 at Rs 26,346 per 10 gram today. Gold for delivery in far-month April contract
drifted by Rs 246, or 0.93 per cent to Rs 26,346 per 10 gram in a business turnover of 535 lots
at the Multi Commodity Exchange. In a similar fashion, the metal for delivery in February was
trading down Rs 240, or 0.90 per cent to Rs 26,319 per 10 gram in 10,865 lots.Analysts said
apart from profit-booking by speculators, a weak trend in the precious metals overseas,
weighed on gold futures here. Meanwhile, gold prices fell 0.31 per cent to USD 1,097.80 an
ounce in Singapore.
Interest earned on deposits under the central governments
Gold Monetisation Scheme will not attract any tax; gain through trading or redemption will
also be exempted from capital gains tax, it was officially reiterated on Sunday. This
clarification, didnt say if the tax deducted at source provision would apply to gains made by
the scheme.The government also reiterated that in the course of any search operation by the
income tax authorities, gold jewellery to the extent of 500g per married lady, 250g per
unmarried lady and 100g per male member of a family need not be seized". However, this
notification quoted by the government doesnt exempt depositors from disclosing the source for
buying of gold. Since the launch of the scheme on November 5, 2015, a total of 900.1 kg of of
gold had been mobilised as of this Wednesday. Apart from reiterating issues already clarified
by the Reserve Bank, the note issued on Sunday also said the Bureau of Indian Standards (BIS)
had modified the licensing condition for refiners already having an okay from the National
Accreditation Board for Testing and Calibration Laboratories from the existing three years of
refining experience to one year. This will increase the number of licensed refiners. BIS has on
its website invited applications from the 13,000-odd licensed jewellers to each act as a
collection and purity testing centre (CPTC) in the scheme, if they have a tie-up with its licensed
refiners. Sectoral sources said the response by jewellers so far had been tepid. Another
clarification on Sunday was: Gold to be deposited with CPTCs/refineries can be of any purity.
The CPTC/refiner will test the gold and determine its purity, which will be the basis on which
the deposit certificate will be issued." This, however, doesnt clarify the situation when refiners
differ with a CPTC on purity. The government also said banks were free to hedge their
positions in the case of short-term deposits under the scheme.

Taking weak cues from overseas markets, silver prices

dropped by Rs 272 to Rs 34,417 per kg in futures trade on Thursday, as participants cut down
their bets. In addition, profit-booking at prevailing levels by speculators weighed on silver
prices. At the Multi Commodity Exchange, silver for delivery in March plunged by Rs 272, or
0.78 per cent, to Rs 34,417 per kg, in a business turnover of 8,429 lots. Similarly, the white

metal for delivery in far-month May fell by Rs 245, or 0.70 per cent, to Rs 34,768 per kg, in a
business volume of 123 lots. In the international market, silver fell 0.74 per cent to USD 14.05
an ounce in London in early trade on Thursday. Traders said the fall in silver prices at futures
trade was largely in tandem with a weak trend in precious metals in global markets on profitbooking by speculators.

Crude

The oil price is set to fall further this year as supply vastly exceeds demand, with major oil
exporter Iran's return to the market offsetting any production cuts from other countries, the IEA
said on Tuesday."Can it go any lower?" the International Energy Agency asked in its monthly
oil market report."Unless something changes, the oil market could drown in over-supply. So
the answer to our question is an emphatic yes. It could go lower."The oil price this week hit
lows not seen in 12 years, and is currently trading at or below 29 dollars per barrel.Iran's return
to the oil market, a major reason for continued price weakness, has probably not been fully
factored into prices yet, the IEA warned, contradicting many financial analysts."Iranian barrels
are likely to back out similar quality sour crude from Saudi Arabia, Iraq and Russia - so
producers are likely to become ever more competitive on the pricing front .Iran is facing "the
not inconsiderable challenge" of finding buyers willing to take more oil into an already glutted
market, the IEA said."However, if Iran can move quickly to offer its oil under attractive terms,
there may be more 'pricing in' to come," it said.Even under the sanctions regime, Tehran did
everything it could to ensure the country's oil sector is prepared for higher output as it strives to
reclaim its spot as OPEC's second biggest producer after Saudi Arabia.
Worldwide demand for oil is now expected to rise by 1.3 per cent in 2016 to 95.7 million
barrels of oil, a sharp slowdown after a 1.8 per cent increase in 2015."We conclude that the oil
market faces the prospect of a third successive year when supply will exceed demand by 1.0
mbd (1 million barrels per day) and there will be enormous strain on the ability of the oil
system to absorb it efficiently," the IEA said.No relief should be expected from dominant
OPEC member Saudi Arabia which appears to be settling in for a prolonged period of low
prices as it continues to protect its market share rather than engineer any price rises, the report
said.Low oil prices, while hurting both oil producers and oil companies, can often be positive
for consumers and non-oil corporates and therefore for global growth.
Crude oil futures extended their gains on Monday following a
surge at the end of last week on short-covering and fuel demand triggered by freezing weather
in parts of the northern hemisphere. Oil prices soared 10% on Friday, one of the biggest daily
rallies ever, as bearish traders who had taken out record short positions scrambled to close
them, betting the market's long rout may finally be over. Brent had gained eight cents to $32.26
a barrel by 0221 GMT after touching $32.69 a barrel earlier in the day. It settled at $32.18 a
barrel in the previous session. US crude rose five cents to $32.24 a barrel, compared with its
session-high of $32.64 and previous settlement at $32.19. A change in investor sentiment was
the key factor, with speculative short positions in WTI falling from historically high levels the
previous week," ANZ said in a note on Monday, referring to US West Texas Intermediate
crude. Low crude oil prices continue to negatively impact high cost US oil producers. Indeed,
recent Baker Hughes data suggested US oil explorers idled more oil rigs this week." Reuters

market analyst for commodities and energy technical Wang Tao said on Monday that Brent oil
faces resistance at $32.72 per barrel, and may hover below this level for one day or retrace to
support at $30.98, before rising again.

Copper

Amid positive global cues and pick up in spot demand at the domestic markets, copper prices
edged up by 0.72% to Rs 299.50 per kg in futures trading today as speculators created fresh
positions. At the Multi Commodity Exchange, copper for delivery in February month rose by
Rs 2.15, or 0.72% to Rs 299.50 per kg in business turnover of 841 lots.Similarly, the metal for
delivery in far-month April contract traded higher by Rs 2.05, or 0.68% to Rs 304.40 per kg in
33 lots. Analysts attributed the rise in copper futures trade to a firm global trend where the
metal led base metals higher. Globally, copper for delivery in three month climbed 1.2% to
$4,413 a metric tonne on the London Metal Exchange.

Nickel

Taking weak cues from global market and low demand at the domestic spot market, nickel
prices dropped 0.86 per cent to Rs 610.40 per kg in futures trade today as traders cut down their
bets.At Multi Commodity Exchange, nickel for delivery in current month was trading Rs 5.30,
or 0.86 per cent, down at Rs 610.40 per kg in a business turnover of 1,702 lots.The metal for
delivery December also shed Rs 5.20, or 0.84 per cent, to Rs 616.60 per kg in a turnover of 181
lots.
Analysts said the fall in nickel prices in futures trade is mostly attributed to a weakening trend
in base metal at the London Metal Exchange (LME) on concern Chinese demand is slowing
and as the dollar traded at its strongest level in more than a decade.Furthermore, easing demand
from alloy-makers at the domestic spot market.

Lead

Lead prices were up by 0.73% to Rs 111.10 per kg in futures trade today as traders enlarged
positions on the back of rising demand from consuming industries in the spot market amid firm
global trend. At the Multi Commodity Exchange, lead for delivery in far-month February
traded higher by 80 paise, or 0.73% to Rs 111.10 per kg in business turnover of 20 lots.
Similarly, the metal for delivery in January contracts edged up by 75 paise, or 0.68% to Rs
110.50 per kg in 585 lots. Market analysts said increasing of positions by participants due to
pick up in demand from battery-makers in the spot market and a firm trend in base metals
global markets, mainly influenced lead prices at futures trade.

Lead prices edged up by 0.48 per cent to Rs 105.30 per kg in futures trading today as traders
built up fresh bets due to pick up in demand in the domestic spot market.At Multi Commodity
Exchange, lead for delivery in November month moved up by 50 paise, or 0.48 per cent to Rs

105.30 per kg in business turnover of 312 lots.Likewise, the metal for delivery in December
contracts traded higher by 40 paise, or 0.38 per cent to Rs 106.30 per kg in 6 lots.Market
analysts said fresh positions built-up by participants after pick up in demand from batterymakers in the spot market, mainly influenced lead prices at futures trade.

Zinc

Zinc prices recovered 0.84% to Rs 102.30 per kg in futures trade today as speculators created
fresh positions, taking positive cues from the domestic spot market on upsurge in
demand.Besides, firming trend in base metals in global markets supported the upside. At the
Multi Commodity Exchange, zinc for delivery in far-month February rose by 90 paise, or
0.84% to Rs 102.30 per kg in business turnover of 38 lots. On similar lines, the metal for
delivery in January contracts traded higher by 70 paise, or 0.70% to Rs 101.40 per kg in 1,681
lots. Market analysts attributed the recovery in zinc futures to fresh bets created by participants
due to pick up in demand from consuming industries in the spot market and a firm trend in base
metals in global markets.

NCDEX - WEEKLY NEWS LETTERS

The Securities and Exchange Board of India (Sebi) believes its direction on tightening of
open positions and circuit filter norms for agricultural commodities would not affect hedging in
these.On Friday, it had directed the reducing of open interest (OI, contracts not settled at the
end of trade) by half for near-month (expiry month) contracts. And, cut the limit for daily price
movements on either side from the existing six per cent to four per cent. A year ago, the then
regulator, the Forward Markets Commission (FMC), had increased all these limits to improve
participation and liquidity, along with encouraging of hedging.Sebi has not touched the OI or
position limits for far-month contracts, or any limits for hedgers. The reduction of OI limits for
the near-month contract will reduce volatility in the near-month but improve liquidity in far
months. Also, that the reduced OI limits, will not affect hedgers, as they will continue to seek
higher limits as per extant norms. The decision to suspend the forwards segment was a,
"precautionary measure because there was thin liquidity at a time when agri commodity prices
are very volatile.Usually in agri commodities, positions and liquidity were built into nearmonth contracts. Far-month (future months for which contracts exist) contracts trade at a thin
liquidity. The changes made by Sebi will help in increasing of positions in far months.
In some commodities, with a higher circuit filter in futures, traders used to rig prices in the spot
market, too, and this would get some check with tighter norms, said a sectoral official. The
near-month limits are still higher than a year before, is another justification.To encourage
hedging on commodity derivatives, FMC had a year before liberalised the limits. Hedgers who
were selling and depositing goods in exchange-accredited warehouses were given margin
relaxations. The hedging positions would continue as before, a major relief for hedgers, said an
exchange official.Sebi was tracking commodity derivatives for the past three months, after this
came under its purview. During the period, volatility was quite high, as most agri commodity
prices went up after an erratic monsoon and less sowing.

Chana

Chana prices were up by 0.26% to Rs 4,273 per quintal in futures trade on Friday as
participants created fresh positions, driven by pick up in demand at the spot market.At the
National Commodity and Derivatives Exchange, chana for delivery in April rose by Rs 11, or
0.26%, to Rs 4,273 per quintal, with an open interest of 26,820 lots.On similar lines, the
commodity for delivery in far-month May edged up by Rs 7, or 0.16%, to Rs 4,325 per quintal
in 5,420 lots.Fresh positions built up by traders on the back of pick up in demand in the spot
market led to the rise in chana prices at futures trade.

Turmeric

Turmeric prices were down 5.17% to Rs 8,224 per quintal in futures trade on Thursday on
subdued demand in the spot market against adequate stocks position.At the National
Commodity and Derivatives Exchange, turmeric for delivery in April month declined by Rs
448, or 5.17% to Rs 8,224 per quintal with an open interest of 20,620 lots.Similarly, the spice
for delivery in May contracts traded lower by Rs 412, or 4.72% to Rs 8,320 per quintal in 4,740
lots.Offloading of positions by traders, triggered by low demand at the spot market against
adequate stocks position, mainly kept pressure on the turmeric prices at the futures trade.

Jeera

Jeera prices closed higher by 0.11 per cent on Friday at the National Commodity & Derivatives
Exchange Limited (NCDEX) as the investors increased their holdings in the commodity in the
midst limited arrivals from growing regions. At the NCDEX, jeera futures for March 2016
contract closed at Rs. 13,600 per quintal, up by 0.11 per cent, after opening at Rs. 13,605
against the previous closing price of Rs. 13,585. It touched the intra-day high of Rs. 13,675.
Sentiment improved further as a result of reduced domestic supplies in the physical markets
and some export enquiries.

Mustard seed

Mustard Seed prices closed lower by 1.21 per cent on Thursday 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 April 2016 contract closed at Rs. 4,004 per quintal, down by 1.21 per cent,
after opening at Rs. 4,042 against the previous closing price of Rs. 4,053. It touched the intraday low of Rs. 3,994. Sentiment weakened further due to the sluggish export demand as a result
of the weak demand for the commodity.

Coriander

Coriander prices fell 2.32 per cent to Rs 9,301 per quintal in futures trade today as speculators
offloaded their positions, tracking muted spot demand.Besides, ample stock position on account
of rising arrivals from major producing belts too weighed on coriander futures.At the National

Commodity and Derivatives Exchange, coriander prices for delivery in November fell Rs 221,
or 2.32 per cent, to Rs 9,301 per quintal with open interest of 10,830 lots. The price for
December delivery declined by Rs 184, or 1.84 per cent to Rs 9,811 per quintal with open
interest of 21,400 lots.Market analysts said adequate stocks in the physical market against
subdued demand mainly led to the fall in coriander futures prices.

Cardamom

Cardamom prices tumbled 2.56 per cent to Rs 620 per kg in futures trading today after
speculators locked-in gains at prevailing higher levels.
Furthermore, weak demand in the spot markets too weighed on prices.At the Multi Commodity
Exchange, cardamom for delivery in November plunged by Rs 16.30, or 2.56 per cent, to Rs
620 per kg in a business turnover of 2 lots.Similarly, the spice for delivery in December
weakened by Re 1, or 0.13 per cent, to Rs 758 per kg in 43 lots.Marketmen attributed fall in
cardamom at futures market to profit-booking by traders at existing levels amid easing demand
in the spot market.

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