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PROLOGUE
COMMENTRY EXPERTS' VIEWS INDIAN ECONOMY
MARKET DATA
FOR READY
REFERENCE
INDIAN
ECONOMY
AN OVERVIEW
India has entered the club of
top 20 exporters of goods and
reclaimed its position among top
10 services exporters in the world
during 2010-11.
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Gross domestic product by economic activity at constant 2004-05 prices (per cent)
2010-11 2009-10 2008-09 2007-08 2006-07
Agriculture, Forestry & Fishing 6.61 0.44 -0.15 5.80 4.16
Mining & Quarrying 5.78 6.95 1.30 3.69 7.47
Manufacturing 8.34 8.79 4.25 10.28 14.31
Electricity, Gas & Water Supply 5.65 6.37 4.93 8.27 9.29
Construction 8.07 7.02 5.44 10.74 10.33
Trade, hotel, transport & comm. 10.26 9.72 7.49 11.00 11.61
Financing, Insurance, Real Estate & Business Services 9.89 9.20 12.47 11.93 13.99
Community, Social & Personal Services 7.00 11.84 12.68 6.87 2.85
GDP at factor cost 8.50 8.00 6.80 9.30 9.60
Source: Central Statistical Organisation (CSO)
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India - Scheduled commercial bank's monthly outstanding - Food and Non-food credit (in Rs crore)
Month SCB credit Food credit Non-Food credit
Mar-11 3,942,083 64,283 3,877,800
Feb-11 3,813,016 65,292 3,747,724
Jan-11 3,737,677 61,182 3,676,495
Dec-10 3,765,372 65,948 3,699,424
Nov-10 3,568,380 59,125 3,509,255
Oct-10 3,526,665 50,683 3,475,982
Sep-10 3,425,228 50,232 3,374,996
Aug-10 3,353,977 47,285 3,306,692
Jul-10 3,379,999 51,427 3,328,572
Jun-10 3,354,193 53,710 3,300,483
May-10 3,247,061 50,592 3,196,469
Apr-10 3,234,595 54,273 3,180,322
Mar-10 3,244,788 48,489 3,196,299
Feb-10 3,092,750 47,891 3,044,859
Jan-10 3,031,224 43,915 2,987,309
Dec-09 2,971,932 45,239 2,926,693
Nov-09 2,909,141 42,355 2,866,786
Oct-09 2,887,191 39,904 2,847,287
Sep-09 2,874,670 42,418 2,832,252
Aug-09 2,806,741 49,111 2,757,630
Jul-09 2,805,224 48,891 2,756,333
Jun-09 2,777,576 56,416 2,721,160
May-09 2,745,978 58,780 2,687,198
Apr-09 2,744,490 48,976 2,695,514
Mar-09 2,775,549 46,211 2,729,338
Feb-09 2,667,928 48,430 2,619,498
Jan-09 2,637,780 45,521 2,592,259
Dec-08 2,647,241 53,123 2,594,118
Nov-08 2,642,543 50,394 2,592,149
Oct-08 2,648,660 51,473 2,597,187
Sep-08 2,551,026 45,175 2,505,851
Aug-08 2,460,754 44,343 2,416,411
Jul-08 2,399,347 43,891 2,355,456
Jun-08 2,414,025 50,636 2,363,388
May-08 2,371,579 48,379 2,323,200
Apr-08 2,325,134 41,024 2,284,110
Mar-08 2,361,914 44,399 2,317,515
Feb-08 2,254,761 44,311 2,210,449
Jan-08 2,185,898 39,817 2,146,081
Dec-07 2,149,285 41,011 2,108,274
Nov-07 2,097,007 38,967 2,058,041
Oct-07 2,026,708 35,867 1,990,842
Sep-07 2,037,479 37,008 2,000,471
Aug-07 1,962,309 38,490 1,923,820
Jul-07 1,914,514 41,059 1,873,455
Jun-07 1,916,378 44,228 1,872,149
May-07 1,883,720 44,864 1,838,856
Apr-07 1,887,837 49,887 1,837,950
Mar-07 1,931,189 46,521 1,884,668
Feb-07 1,818,843 43,898 1,774,945
Jan-07 1,780,725 42,071 1,738,654
Dec-06 1,770,015 42,161 1,727,854
Nov-06 1,683,257 33,458 1,649,799
Oct-06 1,654,089 36,633 1,617,456
Sep-06 1,661,491 33,458 1,628,033
Aug-06 1,578,585 36,366 1,542,219
Jul-06 1,556,343 36,076 1,520,267
Jun-06 1,551,482 37,955 1,513,527
May-06 1,493,433 39,062 1,454,371
Apr-06 1,485,777 37,258 1,448,520
Note: 1. Data relate to amount outstanding as on the last reporting Friday of the month; 2. SCB - scheduled commercial bank
Source: RBI Handbook of Statistics on Indian Economy
Nationalised Banks Direct Credit to Agri. Sector 139,642 112,971 94,945 81,433 22,254
Nationalised Banks Indirect Credit to Agri. Sector 64,395 44,833 37,139 40,342 9,694
Nationalised Banks Credit to Agri. Sector 204,037 157,804 132,084 121,776 31,948
Foreign Banks Direct Credit to Agri. Sector 275 101 186 2,787 22
Foreign Banks Indirect Credit to Agri. Sector 457 322 323 1,180 202
Foreign Banks Credit to Agri. Sector 732 423 509 3,966 224
Regional Rural Banks Direct Credit to Agri. Sector 42,845 34,976 30,803 25,090 8,403
Regional Rural Banks Indirect Credit to Agri. Sector 1,861 1,461 1,337 1,095 338
Regional Rural Banks Credit to Agri. Sector 44,706 36,438 32,140 26,185 8,741
Other SCBs Direct Credit to Agri. Sector 36,798 27,028 27,430 14,421 2,212
Other SCBs Indirect Credit to Agri. Sector 11,732 12,454 8,651 7,784 1,352
Other SCBs Credit to Agri. Sector 48,530 39,481 36,080 22,204 3,563
SCBs Direct Credit to Agri. Sector 296,850 238,703 212,567 171,497 47,430
SCBs Indirect Credit to Agri. Sector 93,449 70,767 61,574 58,694 16,578
SCBs total Credit to Agri. Sector 390,298 309,469 274,141 230,191 64,009
Source: RBI
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India major statewise - Pattern of land use India major statewise - Pattern of land use
for agricultural production (000 Hectares) for agricultural production (000 Hectares)
States 2007-08 2006-07 2001-02 States 2007-08 2006-07 2001-02
Punjab Rajasthan
Net sown area 4,187 4,184 4254 Net sown area 17,096 16,764 16,765
Area sown more than once 3,683 3,676 3687 Area sown more than once 5,113 4,770 4,033
Gross sown area 7,870 7,861 7941 Gross sown area 22,208 21,534 20,798
Forest area 287 298 306 Forest area 2,727 2,698 2,645
Area under non-agricultural uses 483 477 402 Area under non-agricultural uses 1,847 1,835 1,752
Barren and unculturable land 24 27 32 Barren and unculturable land 2,418 2,427 2,521
Not available for cultivation 507 504 434 Not available for cultivation 4,264 4,262 4,272
Permanent pasture and grazing lands 3 2 3 Permanent pasture and grazing lands 1,703 1,706 1,699
Land under misc. tree crops and 3 4 6 Land under misc. tree crops and 16 20 13
groves not included in net area sown groves not included in net area sown
Culturable waste land 3 4 4 Culturable waste land 4,573 4,611 4,731
Other uncultivated land excl. 10 10 13 Other uncultivated land excl. 6,292 6,337 6,442
fallow land fallow land
Current fallow 41 35 24 Current fallow 1,724 1,939 1,819
Other fallows 1 1 1 Other fallows 2,167 2,265 2,321
Fallow land 42 36 26 Fallow land 3,891 4,204 4,141
Reporting area 5,033 5,033 5033 Reporting area 34,270 34,265 34,265
Haryana Uttarakhand
Net sown area 3,594 3,556 3566 Net sown area 765 765 776
Area sown more than once 2,864 2,838 2752 Area sown more than once 496 445 445
Gross sown area 6,458 6,394 6318 Gross sown area 1,261 1,210 1,221
Forest area 40 39 45 Forest area 3,465 3,465 3,465
Area under non-agricultural uses 457 421 425 Area under non-agricultural uses 161 161 152
Barren and unculturable land 103 103 101 Barren and unculturable land 312 312 310
Not available for cultivation 561 524 526 Not available for cultivation 472 472 462
Permanent pasture and grazing lands 26 27 25 Permanent pasture and grazing lands 220 220 229
Land under misc. tree crops and 12 12 7 Land under misc. tree crops and 269 269 251
groves not included in net area sown groves not included in net area sown
Culturable waste land 28 65 30 Culturable waste land 367 367 386
Other uncultivated land excl. 66 104 61 Other uncultivated land excl. 856 856 866
fallow land fallow land
Current fallow 104 141 173 Current fallow 44 44 36
Other fallows 8 8 0 Other fallows 64 64 67
Fallow land 112 149 173 Fallow land 108 108 102
Reporting area 4,372 4,372 4372 Reporting area 5,667 5,667 5,672
India major statewise - Pattern of land use India major statewise - Pattern of land use
for agricultural production (000 Hectares) for agricultural production (000 Hectares)
States 2007-08 2006-07 2001-02 States 2007-08 2006-07 2001-02
Orissa Gujarat
Net sown area 5,624 5,654 5,845 Net sown area 9,747 9,747 9,622
Area sown more than once 3,392 3,306 2,954 Area sown more than once 2,478 2,428 1,112
Gross sown area 9,016 8,960 8,799 Gross sown area 12,224 12,175 10,734
Forest area 5,813 5,813 5,813 Forest area 1,854 1,854 1,706
Area under non-agricultural uses 1,298 1,298 999 Area under non-agricultural uses 1,147 1,147 1,131
Barren and unculturable land 840 840 843 Barren and unculturable land 2,608 2,608 2,595
Not available for cultivation 2,138 2,138 1,842 Not available for cultivation 3,754 3,754 3,726
Permanent pasture and grazing lands 494 494 443 Permanent pasture and grazing lands 851 851 850
Land under misc. tree crops and 342 342 482 Land under misc. tree crops and 4 4 4
groves not included in net area sown groves not included in net area sown
Culturable waste land 375 375 392 Culturable waste land 1,977 1,977 1,988
Other uncultivated land excl. 1,211 1,211 1,317 Other uncultivated land excl. 2,831 2,831 2,842
fallow land fallow land
Current fallow 556 526 320 Current fallow 670 670 733
Other fallows 229 229 434 Other fallows 12 12 11
Fallow land 785 755 754 Fallow land 682 682 744
Reporting area 15,571 15,571 15,571 Reporting area 18,868 18,868 18,639
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India major statewise - Pattern of land use India major statewise - Pattern of land use
for agricultural production (000 Hectares) for agricultural production (000 Hectares)
States 2007-08 2006-07 2001-02 States 2007-08 2006-07 2001-02
Chhattisgarh Kerala
Net sown area 4,727 4,722 4,800 Net sown area 2,089 2,101 2,191
Area sown more than once 1,020 1,010 796 Area sown more than once 672 816 802
Gross sown area 5,748 5,732 5,595 Gross sown area 2,761 2,918 2,992
Forest area 6,350 6,355 6,247 Forest area 1,082 1,082 1,082
Area under non-agricultural uses 687 683 687 Area under non-agricultural uses 463 449 392
Barren and unculturable land 312 313 342 Barren and unculturable land 26 26 30
Not available for cultivation 999 996 1,029 Not available for cultivation 488 475 422
Permanent pasture and grazing lands 857 857 849 Permanent pasture and grazing lands 0 0 0
Land under misc. tree crops and 1 1 4 Land under misc. tree crops and 6 9 14
groves not included in net area sown groves not included in net area sown
Culturable waste land 344 350 334 Culturable waste land 93 90 64
Other uncultivated land excl. 1,201 1,208 1,186 Other uncultivated land excl. 99 100 78
fallow land fallow land
Current fallow 255 271 243 Current fallow 83 82 79
Other fallows 258 238 231 Other fallows 45 47 34
Fallow land 513 509 474 Fallow land 128 129 114
Reporting area 13,790 13,790 13,736 Reporting area 3,886 3,886 3885
Selected state/crop-wise area insured & premium collected weather based crop insurance
scheme (during rabi)
2007-08 2008-09
States Crop Area Insured Premium Area Insured Premium
(In Hect.) (Rs. in Lakh) (In Hect.) (Rs. in Lakh)
Bihar Gram 10056 106.83 1593 19.12
Wheat 6334 73.23 126584 2278.52
Lentil - - 4437 53.24
Potato - - 7614 365.49
Total 16390 180.06 140228 2716.37
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India Nitrogen fertiliser cons. during rabi 8,008.93 7,699.69 7,474.58 7,198.15 5,912.83
India Phosphatic fertiliser cons. during rabi 3,606.76 3,178.22 2,783.66 2,868.92 2,469.47
India Potassic fertiliser cons. during rabi 1,867.28 1,530.80 1,295.03 1,330.66 892.76
India Total fertiliser cons. during rabi 13,482.97 12,408.72 11,553.27 11,397.73 9,275.06
Punjab Nitrogen fertiliser cons. during kharif 639.11 632.69 628.08 576.06 480.79
Punjab Phosphatic fertiliser cons. during kharif 207.31 152.11 120.28 111.82 105.52
Punjab Potassic fertiliser cons. during kharif 35.74 38.91 26.60 22.33 20.60
Punjab Total fertiliser cons. during kharif 882.15 823.71 774.96 710.21 606.91
Punjab Nitrogen fertiliser cons. during rabi 719.09 699.09 687.38 722.93 549.50
Punjab Phosphatic fertiliser cons. during rabi 226.29 227.18 223.64 236.03 185.87
Punjab Potassic fertiliser cons. during rabi 38.09 17.61 11.78 16.27 7.48
Punjab Total fertiliser cons. during rabi 983.46 943.88 922.80 980.99 742.84
Haryana Nitrogen fertiliser cons. during kharif 382.60 397.23 399.29 340.91 276.52
Haryana Phosphatic fertiliser cons. during kharif 128.07 139.42 88.53 83.43 71.47
Haryana Potassic fertiliser cons. during kharif 19.23 16.98 14.54 10.44 3.00
Haryana Total fertiliser cons. during kharif 529.90 553.63 502.36 434.78 350.98
Haryana Nitrogen fertiliser cons. during rabi 579.28 549.04 540.22 521.73 465.53
Haryana Phosphatic fertiliser cons. during rabi 205.09 174.09 168.74 160.68 160.69
Haryana Potassic fertiliser cons. during rabi 41.42 12.38 9.05 7.78 6.75
Haryana Total fertiliser cons. during rabi 825.79 735.51 718.00 690.20 632.98
Uttar Pradesh Nitrogen fertiliser cons. during kharif 1,214.59 1,221.96 1,135.26 1,153.29 1,157.04
Uttar Pradesh Phosphatic fertiliser cons. during kharif 41.84 378.09 280.41 281.29 216.76
Uttar Pradesh Potassic fertiliser cons. during kharif 74.97 121.82 80.84 56.13 39.25
Uttar Pradesh Total fertiliser cons. during kharif 1,331.40 1,721.87 1,496.51 1,490.71 1,413.05
Uttar Pradesh Nitrogen fertiliser cons. during rabi 1,673.84 1,660.48 1,618.17 1,563.75 1,346.50
Uttar Pradesh Phosphatic fertiliser cons. during rabi 648.98 523.36 540.83 566.15 533.00
Uttar Pradesh Potassic fertiliser cons. during rabi 166.83 128.23 101.20 105.47 59.58
Uttar Pradesh Total fertiliser cons. during rabi 2,489.65 2,312.07 2,260.20 2,175.63 1,939.08
Uttar Pradesh Total fertiliser cons. 4,197.61 4,033.94 3,756.49 3,726.07 3,352.13
Rajasthan Nitrogen fertiliser cons. during kharif 287.82 307.88 283.66 229.21 239.94
Rajasthan Phosphatic fertiliser cons. during kharif 170.95 187.26 136.40 133.54 117.18
Rajasthan Potassic fertiliser cons. during kharif 17.01 12.27 13.56 6.66 3.64
Rajasthan Total fertiliser cons. during kharif 475.78 507.40 433.61 369.41 360.75
Rajasthan Nitrogen fertiliser cons. during rabi 455.17 401.66 421.68 435.68 342.38
Rajasthan Phosphatic fertiliser cons. during rabi 159.12 131.76 124.06 124.71 82.52
Rajasthan Potassic fertiliser cons. during rabi 16.77 11.23 7.36 6.34 3.21
Rajasthan Total fertiliser cons. during rabi 631.06 544.65 553.10 566.72 428.11
Uttarakhand Nitrogen fertiliser cons. during rabi 60.06 52.74 54.78 48.34 36.56
Uttarakhand Phosphatic fertiliser cons. during rabi 14.96 14.97 15.20 16.59 14.03
Uttarakhand Potassic fertiliser cons. during rabi 5.08 5.59 6.55 5.26 4.47
Uttarakhand Total fertiliser cons. during rabi 80.10 73.30 76.54 70.19 55.05
Bihar Nitrogen fertiliser cons. during kharif 391.93 434.04 384.63 334.21 294.16
Bihar Phosphatic fertiliser cons. during kharif 96.32 110.42 71.38 70.21 51.99
Bihar Potassic fertiliser cons. during kharif 48.73 79.36 28.39 32.64 15.45
Bihar Total fertiliser cons. during kharif 536.98 623.81 484.40 437.06 361.60
Bihar Nitrogen fertiliser cons. during rabi 502.59 504.42 508.01 475.16 303.36
Bihar Phosphatic fertiliser cons. during rabi 151.12 142.59 112.53 108.86 59.43
Bihar Potassic fertiliser cons. during rabi 119.26 86.19 49.57 50.61 33.94
Bihar Total fertiliser cons. during rabi 772.97 733.20 670.11 634.63 396.73
Orissa Nitrogen fertiliser cons. during kharif 213.19 210.35 194.51 185.09 168.35
Orissa Phosphatic fertiliser cons. during kharif 101.45 89.83 76.47 64.56 49.30
Orissa Potassic fertiliser cons. during kharif 49.12 60.97 44.88 32.14 34.50
Orissa Total fertiliser cons. during kharif 363.75 361.16 315.87 281.79 252.15
Orissa Nitrogen fertiliser cons. during rabi 79.10 87.41 77.59 71.44 52.82
Orissa Phosphatic fertiliser cons. during rabi 47.14 58.10 40.29 28.21 22.65
Orissa Potassic fertiliser cons. during rabi 29.34 28.20 18.15 21.43 17.05
Orissa Total fertiliser cons. during rabi 155.58 173.71 136.04 121.09 92.52
West Bengal Nitrogen fertiliser cons. during kharif 305.43 281.63 263.44 263.19 230.70
West Bengal Phosphatic fertiliser cons. during kharif 209.60 173.45 168.98 157.79 112.21
West Bengal Potassic fertiliser cons. during kharif 136.73 180.95 128.07 88.17 98.91
West Bengal Total fertiliser cons. during kharif 651.75 636.03 560.50 509.15 441.81
West Bengal Nitrogen fertiliser cons. during rabi 425.27 416.61 421.10 415.25 356.14
West Bengal Phosphatic fertiliser cons. during rabi 257.75 241.97 216.78 228.46 217.57
West Bengal Potassic fertiliser cons. during rabi 309.80 224.70 176.36 212.30 162.65
West Bengal Total fertiliser cons. during rabi 992.82 883.28 814.24 856.01 736.37
West Bengal Total fertiliser cons. 1,644.57 1,519.31 1,374.74 1,365.15 1,178.18
Jharkhand Nitrogen fertiliser cons. during kharif 53.46 62.13 61.11 60.01 45.80
Jharkhand Phosphatic fertiliser cons. during kharif 27.87 31.32 30.24 28.26 28.30
Jharkhand Potassic fertiliser cons. during kharif 8.34 9.18 5.07 2.47 0.80
Jharkhand Total fertiliser cons. during kharif 89.66 102.63 96.42 90.73 74.90
Jharkhand Nitrogen fertiliser cons. during rabi 40.57 26.46 28.30 32.12 19.84
Jharkhand Phosphatic fertiliser cons. during rabi 25.97 14.63 15.59 14.19 13.17
Jharkhand Potassic fertiliser cons. during rabi 11.15 3.56 4.69 1.78 1.25
Jharkhand Total fertiliser cons. during rabi 77.70 44.64 48.58 48.09 34.25
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Gujarat Nitrogen fertiliser cons. during rabi 543.94 528.14 537.81 444.13 293.02
Gujarat Phosphatic fertiliser cons. during rabi 214.86 212.82 215.31 168.61 120.81
Gujarat Potassic fertiliser cons. during rabi 120.16 89.74 73.7 66.73 37.74
Gujarat Total fertiliser cons. during rabi 878.96 830.71 826.82 679.47 451.57
Maharashtra Nitrogen fertiliser cons. during kharif 915.87 828.2 797.84 681.71 591.86
Maharashtra Phosphatic fertiliser cons. during kharif 665.65 429.09 402.52 387.85 259.11
Maharashtra Potassic fertiliser cons. during kharif 269.64 266.66 242.67 158.51 121.89
Maharashtra Total fertiliser cons. during kharif 1,851.16 1,523.95 1,443.03 1,290.83 972.86
Maharashtra Nitrogen fertiliser cons. during rabi 562.73 512.7 465.67 493.74 400.81
Maharashtra Phosphatic fertiliser cons. during rabi 350.86 318.37 238.99 273.98 200.57
Maharashtra Potassic fertiliser cons. during rabi 300.71 211.09 178.18 200.41 114.98
Maharashtra Total fertiliser cons. during rabi 1,214.29 1,042.16 882.83 968.14 716.36
Madhya Pradesh Nitrogen fertiliser cons. during kharif 382.89 372.81 334.46 278.52 175.31
Madhya Pradesh Phosphatic fertiliser cons. during kharif 360.25 310.23 228.19 215.24 133.44
Madhya Pradesh Potassic fertiliser cons. during kharif 49.21 64.97 46.85 33.78 15.65
Madhya Pradesh Total fertiliser cons. during kharif 792.35 748 609.51 523.86 324.39
Madhya Pradesh Nitrogen fertiliser cons. during rabi 558.93 430.61 461.22 446.59 256.72
Madhya Pradesh Phosphatic fertiliser cons. during rabi 245.38 219.81 202.07 194.58 174.97
Madhya Pradesh Potassic fertiliser cons. during rabi 64.5 24.99 28.89 31.45 16.38
Madhya Pradesh Total fertiliser cons. during rabi 868.82 675.41 692.18 647.57 448.07
Madhya Pradesh Total fertiliser cons. 1,661.18 1,423.41 1,301.69 1,205.11 772.46
Chhattisgarh Nitrogen fertiliser cons. during kharif 259.36 212.57 216.82 218.03 155.55
Chhattisgarh Phosphatic fertiliser cons. during kharif 136.56 100.36 91.57 86.69 64.78
Chhattisgarh Potassic fertiliser cons. during kharif 45.07 47.23 42.56 35.84 16.93
Chhattisgarh Total fertiliser cons. during kharif 440.99 360.16 350.96 340.55 237.26
Chhattisgarh Nitrogen fertiliser cons. during rabi 56.47 55.04 55.43 54.19 18.14
Chhattisgarh Phosphatic fertiliser cons. during rabi 25.76 33.9 25.39 29.32 9.09
Chhattisgarh Potassic fertiliser cons. during rabi 13.92 13.72 10.09 12.17 2.56
Chhattisgarh Total fertiliser cons. during rabi 96.15 102.66 90.92 95.68 29.79
Karnataka Nitrogen fertiliser cons. during kharif 549.31 486.5 491.61 480.67 384.24
Karnataka Phosphatic fertiliser cons. during kharif 373.7 301.06 254.68 279.44 192.39
Karnataka Potassic fertiliser cons. during kharif 208.89 242.14 194.5 156.07 121.36
Karnataka Total fertiliser cons. during kharif 1,131.90 1,029.69 940.8 916.17 697.99
Karnataka Nitrogen fertiliser cons. during rabi 413.58 377.64 298.79 285.5 286.44
Karnataka Phosphatic fertiliser cons. during rabi 256.15 257.77 132.11 158.93 168.05
Karnataka Potassic fertiliser cons. during rabi 256.84 166.78 135.7 135.24 96.90
Karnataka Total fertiliser cons. during rabi 926.57 802.19 566.6 569.66 551.40
Kerala Nitrogen fertiliser cons. during rabi 53.2 48.06 44.67 39.18 36.30
Kerala Phosphatic fertiliser cons. during rabi 28 27.09 18.95 18.94 18.07
Kerala Potassic fertiliser cons. during rabi 43.89 38.34 35.28 35.87 28.31
Kerala Total fertiliser cons. during rabi 125.09 113.49 98.9 93.99 82.68
Tamil Nadu Nitrogen fertiliser cons. during kharif 251.05 264.28 213.07 280.91 187.47
Tamil Nadu Phosphatic fertiliser cons. during kharif 133.92 119.02 115.9 137.73 81.45
Tamil Nadu Potassic fertiliser cons. during kharif 121.87 167.33 143.02 100.69 92.46
Tamil Nadu Total fertiliser cons. during kharif 506.84 550.63 471.98 519.33 361.38
Tamil Nadu Nitrogen fertiliser cons. during rabi 373.91 382.41 330.27 305.27 317.52
Tamil Nadu Phosphatic fertiliser cons. during rabi 129.79 135.97 112.22 131.93 123.69
Tamil Nadu Potassic fertiliser cons. during rabi 202.74 196.22 161.18 169.66 135.44
Tamil Nadu Total fertiliser cons. during rabi 706.44 714.6 603.68 606.86 576.64
Tamil Nadu Total fertiliser cons. 1,213.27 1,265.22 1,075.66 1,126.18 938.02
Source: Ministry of Fertilizers
State wise Storage capacity available with different storage agencies in India in
lakh tonnes (2009-10)
States/UTs FCI CWC SWC Grand Total
Andhra Pradesh and A&N 38.18 15.04 20.32 73.54
Arunachal Pradesh 0.22 - - 0.22
Assam 2.73 0.65 2.5 5.88
Bihar 6.72 1.26 2.57 10.55
Chhatisgarh 8.43 2.84 10.24 21.51
Delhi 3.67 1.51 - 5.18
Goa 0.15 0.41 - 0.56
Gujarat 6.8 7.65 1.53 15.98
Haryana 24.45 5.37 16.24 46.06
Himachal Pradesh 0.25 0.07 - 0.32
Jammu & Kashmir 1.31 - - 1.31
Jharkhand 1.19 0.35 - 1.54
Karnataka 8.37 7.11 10.44 25.92
Kerala 5.37 1.23 2.25 8.85
Madhya Pradesh 9.5 5.17 20.82 35.49
Maharashtra 19.98 16.64 12.48 49.1
Manipur 0.2 - - 0.2
Meghalaya 0.26 - 0.14 0.4
Mizoram 0.23 - - 0.23
Nagaland 0.34 0.13 - 0.47
Orissa 6.43 3.17 4.06 13.66
Philippines 0.8 - 0.8
Puducherry UT/Chandigarh 3.55 0.19 - 3.74
Punjab 73.73 6.95 57 137.68
Rajasthan 16.08 4.01 7.72 27.81
Sikkim 0.11 - - 0.11
Tamil Nadu 9.7 6.31 6.47 22.48
Tripura 0.51 0.24 - 0.75
Uttar Pradesh 26.87 11.63 32.33 70.83
Uttra Khand 2.37 0.71 - 3.08
West Bengal 11.06 6.54 2.15 19.75
Grand total 288.36 105.98 209.26 603.6
Note: CWC's 105.98 lakh MT includes 0.80 lakh MT capacity at Philippines; The capacity of FCI includes 105.54 lakh MT capacity hired from CWC and SWCs. FCI - Food Corporation of
India; CWC - Central Warehousing Corporation; SWC - State Warehousing Corporation. Data as on 31.03.2010.
Source: Ministry of Consumer Affairs and PDS
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A PwC & MCX Joint Endeavour 71
Occupation-wise average daily wage rates in agricultural occupations in India (in Rs)
Zear Ploughing Sowing Weeding Transplanting Harvesting Winnowing Threshing Picking* Herdsman Well Digging Cane Crushing
2010-11
Men 153.07 130.79 115.39 123.04 127.18 115.11 122.68 122.31 79.62 177.87 129.45
Women 89.55 100.87 100.52 108.01 106.67 97.89 99.3 103.83 62.75 95.86 103.67
Children - 72.78 73.31 70.41 74.59 59.45 70.63 84.46 56.27 - @
2009-10
Men 123.35 130.79 95.49 102.72 103.6 98.64 100.22 99.39 63.33 143.02 97.08
Women 61.88 100.87 81.68 90.35 87.04 82.18 84.87 79.31 47.41 78.47 76.33
Children - 72.78 60.74 59.81 67.69 50.24 52.62 61.72 44.03 - -
2008-09
Men 102.9 90 80.15 83.28 87.05 81.23 85.06 81.1 53.48 116.28 87.27
Women 55.43 65 68.02 71.43 71.58 65.08 67.66 66.37 41.32 63.47 61.23
Children @ 48.91 49.46 52.51 50.49 43.4 46.06 45.78 36.22 @ @
2007-08
Men 91.38 79.28 70.07 73.79 75.24 71.06 73.5 72.46 47.64 106.96 77.92
Women 49.96 57.18 58.27 61.93 62.31 56.09 59.41 58.15 37.78 58.33 54.93
Children @ 44.72 42.35 45.7 42.54 40.79 40.18 40.9 31.4 @ @
2006-07
Men 81.79 73.29 64.97 69.47 68.45 66.18 67.4 67.45 43.46 99.48 72.46
Women 42.37 51.41 52.82 56.44 55.69 51.04 54.41 51.06 34.43 53.37 47.05
Children @ 41.32 37.81 42.67 38.69 40.95 40.71 34.39 29.62 @ @
Note: * : Picking including picking of cotton bolls/seed pods, Jute stalks and tea leaves etc.; @ : Quotations are Less than Five
Source : Ministry of Labour and Employment, Govt. of India.
Freight indices and world fleet size of crude oil vessels (International)
Baltic Freight Indices Vessel Fleet Status Crude Oil Tanker Total
Month Dry Index Capessize Panamax In Service DWT Weight On Order Under Launched Percentage Brokenup
Constructuion Orderbook (cumulative)
Mar-11 1530 1768 1968 2147 335114 296 90 42 25.99 613
Feb-11 1251 1310 1820 2147 334469 308 83 46 26.91 613
Jan-11 1107 1351 1310 2136 332225 344 72 40 28.09 609
Dec-10 1773 2346 1845 2124 328809 383 62 35 29.81 603
Nov-10 2099 2910 2377 2123 328633 374 61 35 29.46 601
Oct-10 2678 4262 2410 2118 326949 366 65 38 29.39 598
Sep-10 2446 3370 2462 2118 326553 402 59 24 30.16 587
Aug-10 2713 3516 2950 2121 326927 384 59 30 28.93 582
Jul-10 1967 1922 2632 2120 326711 373 59 37 28.87 581
Jun-10 2406 2711 2748 2095 322684 374 60 33 28.69 575
May-10 4078 5217 4247 2093 322365 356 61 34 28.07 573
Apr-10 3354 3936 3900 2087 320664 360 65 32 28.48 567
Mar-10 2998 3425 3674 2089 319958 373 64 33 29.2 552
Feb-10 2738 3174 3399 2090 319658 369 72 31 29.39 540
Jan-10 2848 3494 3420 2085 318903 383 76 24 30.11 534
Dec-09 3005 3887 3567 2083 317794 395 80 23 30.98 525
Nov-09 3887 6189 3757 2068 315474 402 85 28 31.99 521
Oct-09 3103 5047 3150 2107 321315 415 75 31 31.28 523
Sep-09 2220 2846 2276 2106 320506 431 78 27 32.34 512
Aug-09 2421 3946 2157 2106 320522 436 84 25 32.98 507
Jul-09 3350 5385 3183 2100 319597 462 73 18 32.85 504
Jun-09 3757 7241 2904 2082 316601 483 59 25 33.91 501
May-09 3494 6125 2900 2076 315154 487 70 24 34.91 498
Apr-09 1786 2348 1523 2060 312446 482 75 34 35.73 496
Mar-09 1615 2066 1374 2054 310930 493 77 23 36.26 492
Feb-09 1986 2963 1542 2035 308296 524 73 31 38.17 489
Jan-09 1070 1981 795 2022 305439 544 54 24 38.63 489
Dec-08 774 1337 558 2001 302016 549 73 22 40.16 486
Nov-08 715 838 622 1996 300858 555 75 25 40.97 485
Oct-08 851 1265 677 1987 298529 554 76 31 41.9 482
Sep-08 3217 4318 2382 1982 297905 576 74 16 42.67 480
Aug-08 6809 10506 5993 1979 296386 555 71 20 42.03 479
Jul-08 8341 13005 7517 1980 296453 538 75 15 40.14 476
Jun-08 9589 13978 9627 1982 296336 527 66 13 38.49 475
May-08 11440 18749 9912 1972 294504 508 62 21 37.37 472
Apr-08 9356 14173 8972 2000 298959 489 65 21 35.04 471
Mar-08 8081 11993 7867 1998 298202 489 59 11 33.91 461
Feb-08 7613 10743 7435 1997 297962 486 64 12 34.11 461
Jan-08 6052 8766 5686 1994 298218 471 63 22 32.94 459
Dec-07 9143 13603 8277 1988 297020 483 63 19 33.56 459
Nov-07 10210 15357 9967 1985 297159 473 69 17 32.95 459
Oct-07 10656 14078 11515 1976 295073 469 71 16 32.82 459
Sep-07 9474 14002 9410 1969 293941 478 68 17 33.41 458
Aug-07 7702 10715 7620 1973 294280 473 70 16 33.13 458
Jul-07 6967 8930 7384 1962 293405 457 77 19 33.12 457
Jun-07 6278 8643 6426 1950 291236 406 129 16 33.45 455
May-07 5971 8359 5601 1947 290457 388 129 13 32.21 451
Apr-07 6248 9127 5826 1938 289388 389 129 17 32.3 451
Mar-07 5388 7810 5003 1926 287261 440 83 14 32.98 448
Feb-07 4765 6917 4640 1919 285906 428 80 17 32.52 444
Jan-07 4225 6045 3923 1913 284398 420 82 18 32.38 441
Dec-06 4397 5972 4258 1900 282045 437 68 17 33 438
Nov-06 4336 6036 4211 1914 285419 418 69 17 31.8 437
Oct-06 4037 5616 3722 1886 279561 370 76 22 29.65 435
Sep-06 3944 5120 3881 1855 273887 363 80 14 29.93 433
Aug-06 3847 5182 3709 1853 273598 324 83 15 27.49 430
Jul-06 3285 4583 2960 N/A N/A N/A N/A N/A N/A N/A
Jun-06 2964 3645 3038 1843 271520 293 87 8 25.74 429
May-06 2436 2975 2335 1832 269891 281 90 13 25.41 422
Apr-06 2368 3040 2172 1829 269283 272 91 16 25.02 418
Note: In USD; DWT - Dead Weight Tonne; N/A - Not Available
Source: Baltic Freight Indices and Trade Sources
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A PwC & MCX Joint Endeavour 73
I
P
MARKET DATA
FOR READY
REFERENCE In
NON-AGRICULTURAL
COMMODITIES
The demand-supply equation of energy is playing an increasingly E
important role in national security and economic output of nations.
There are billions of people elsewhere (not just China) who have
been let out of their economic cages... have become investors and
consumers, consequently boosting demand for metals (precious
and industry metals), over the past two decades.
Jeffrey M. Christian, Managing Director, CPM Group
Inside...
Precious Metals >> 76
Gold >> 78
Platinum >> 85
Silver >> 91
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A PwC & MCX Joint Endeavour 75
Bullion:
A symbol of wealth
G
old, along with silver, categorized under the bullion downgrading of Spains sovereign debt rating, which came a day
segment, considered a symbol of wealth, good luck after S&P had slashed Greek debt to junk status and downgraded
and success over the centuries. Both precious Portugal, weaker than expected US econmic data raising fears
metals played a pivotal role in the growth about economic recovery, and political unrests in Korea
and functioning of large central banks worldwide. When we helped the rally in bullion, especially in gold prices.
Owing to scarcity, these metals have historically have gold we Subsequently, the upside was capped and the prices
have fear, and when
been considered a form of currency, and currently we have none, we slid a tad and traded flat as demand for physical
despite being regarded only as investment and are in danger bullion in India became slack on high prices and
industrial commodities, gold, silver, platinum and seasonal factors. Later, the prices rebounded soon
palladium possess an ISO4217 currency code. From (Old English and edged up on weaker-than-expected US jobs
proverb)
ancient times bullion has a special place in Indians data, raising doubts over global economic recovery,
heart. Naturally, the country has emerged as the largest and Fed Chairmans announcement of quantitative easing
consumer of gold and one of the top consumers of silver. (QE) worth $600 billion to provide impetus to the US economy,
According to World Gold Council, of about a total of 158,000 tonnes which caused inflation worries. Silver prices zoomed on strong
gold have been mined until today, Indians private holdings stand investment demand in addition to industrial demand. With the
the highest in the world at about 15,000 tonnes (almost 40% of its rally lasting right until the year-end, gold and silver futures on MCX
annual GDP) vis-a-vis Americans at a mere 4,000 tonnes. touched their all-time high of Rs.20,924/10 gm and Rs.46,383/
According to QNB Capital, Central bank gold reserves for all kg in the last month of 2010.
countries cumulatively rose by over 2% between 2008
and 2010. The central banks of Brazil, Russia, India Bullion price movement in 2010
and China, as well as those in the Middle East, are
21000 48000
major buyers of gold, while developed regions like the European debt
concerns & fragile
US and Eurozone hold more than 75% and 60% of their global economic
19500 recovery 41500
total reserves in the yellow metal.
Continuing the bull run of the past few years, gold
18000 35000
and silver futures on MCX moved up almost through
the year. While gold futures prices clocked a yearly
rise of over 24%, silver futures jumped by over 72% in 16500 Strong investment 28500
demand in silver
2010. Enhancement in its appeal as a safe haven amid Weak physical demand and
seasonal slack period
fragile global economic recovery and rising inflation 15000 22000
23-Apr-10
13-Aug-10
1-Jan-10
26-Feb-10
26-Mar-10
21-May-10
8-Oct-10
5-Nov-10
3-Dec-10
31-Dec-10
29-Jan-10
18-Jun-10
16-Jul-10
10-Sep-10
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A PwC & MCX Joint Endeavour 77
Average daily volatility (MCX spot prices) 0.8% 1.1% 1.6% 0.8% 1.2% -
Note: * at year-end; Source: CPM Gold Yearbook 2011, World Gold Council, GFMS Gold Survey 2011, COMEX, MCX
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A PwC & MCX Joint Endeavour 79
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A PwC & MCX Joint Endeavour 81
Gold prices
Month MCX futures prices (Rs/10gms) Spot prices (Rs/10gms) COMEX futures prices (US$/troy ounce)
(1 kg contract) (Monthly average) (100 troy ounce contract)
Open High Low Close Mumbai Ahmd Delhi Kolkata Open High Low
Dec-10 20492 20924 20371 20728 20504 20503 - - 1386.8 1431.1 1362.5
Nov-10 19840 20624 19310 20538 20134 20073 - - 1359.7 1424.3 1325.5
Oct-10 19120 20028 18925 19807 19485 19478 - - 1309.0 1383.9 1309.0
Sep-10 19107 19257 18803 19035 19087 19102 - - 1249.0 1315.2 1236.5
Aug-10 17755 19147 17505 19134 18492 18479 - - 1181.8 1250.5 1174.7
Jul-10 18865 18875 17660 17770 18279 18253 - - 1243.0 1244.8 1155.6
Jun-10 18440 19198 18226 18852 18735 18710 - - 1215.5 1264.8 1196.9
May-10 17139 18648 17102 18385 18080 18032 - - 1181.0 1249.7 1156.2
Apr-10 16280 17140 16262 17125 16682 16479 - - 1112.9 1182.5 1111.3
Mar-10 16812 17095 16211 16295 16564 16592 - - 1119.7 1145.8 1084.8
Feb-10 16185 16889 15950 16789 16531 16520 - - 1081.0 1127.4 1045.2
Jan-10 16683 17104 16167 16200 16704 16686 - - 1099.0 1163.0 1073.2
Dec-09 17668 18294 16447 16686 17147 17128 - - 1181.0 1226.4 1075.0
Nov-09 15985 18047 15985 17614 17137 16990 - - 1043.4 1195.0 1042.2
Oct-09 15701 16066 15530 15957 15859 15842 - - 1007.4 1070.2 986.8
Sep-09 15102 16009 15068 15703 15726 15792 - - 951.4 1024.7 946.4
Aug-09 14803 15156 14690 15125 14962 14933 - - 952.6 971.1 931.5
Jul-09 14454 14993 14408 14802 14722 14681 - - 926.1 960.0 904.8
Jun-09 14885 14970 14381 14451 14639 14621 - - 978.8 990.3 917.3
May-09 14245 14940 14121 14923 14603 14610 - - 888.9 980.4 880.5
Apr-09 15115 15244 13931 14503 14477 14412 - - 918.6 932.5 865.0
Mar-09 15525 15968 14640 15132 15244 15265 - - 940.3 967.8 882.7
Feb-09 14370 16040 13890 15504 14779 14857 - - 929.0 1004.9 889.8
Jan-09 13699 14490 12731 14452 13492 13490 - - 883.0 930.3 801.5
Dec-08 13060 13790 11736 13630 12905 12859 12843 12868 817.2 886.0 740.0
Nov-08 11671 13240 11450 13125 12159 12130 12170 12242 719.0 833.5 698.2
Oct-08 13351 14320 11290 11630 12757 12649 12672 12648 878.0 925.7 681.0
Sep-08 11900 13576 11170 13192 12221 12193 12197 12247 817.6 922.0 736.4
Aug-08 12610 12733 11126 11895 11863 11804 11816 11821 904.9 916.1 780.9
Jul-08 12880 13764 12284 12618 13028 13004 13006 13014 928.0 989.6 893.3
Jun-08 12102 12996 11923 12879 12356 12329 12324 12324 887.3 937.7 858.2
May-08 11399 12999 11155 12199 12139 12107 12102 12117 879.0 935.4 846.4
Apr-08 11880 12287 11345 11370 11834 11827 11826 11847 915.0 948.7 864.1
Mar-08 12420 13397 11831 11920 12636 12615 12636 12648 975.6 1033.9 904.7
Feb-08 11700 12425 11321 12396 11889 11855 11869 11866 923.1 978.5 884.7
Jan-08 10609 11800 10582 11707 11284 11251 11245 11277 837.5 936.3 837.5
Dec-07 10086 10720 9938 10598 10293 10277 10263 10288 783.9 847.4 776.5
Nov-07 10092 10685 9882 10033 10358 10304 10249 10313 799.4 848.0 773.4
Oct-07 9540 10126 9200 10083 9695 9670 9645 9667 745.1 800.8 724.3
Sep-07 8934 9544 8927 9530 9322 9287 9272 9298 675.5 745.7 674.1
Aug-07 8701 8960 8650 8935 8828 8815 8798 8814 663.2 677.9 642.9
Jul-07 8656 8964 8542 8708 8749 8732 8725 8736 651.6 688.4 646.7
Jun-07 8714 8994 8595 8662 8707 8687 8690 8702 661.5 673.7 640.0
May-07 9192 9246 8594 8694 8883 8868 8867 8876 681.2 693.3 651.5
Apr-07 9261 9598 9052 9203 9331 9306 9300 9315 665.5 692.5 656.1
Mar-07 9648 9703 9196 9339 9366 9343 9380 9353 672.8 680.2 634.5
Feb-07 9251 9898 9171 9628 9541 9491 9507 9505 652.9 692.5 642.5
Jan-07 9251 9326 8775 9242 9072 9069 9094 9063 639.2 655.5 603.0
Dec-06 9250 9420 9022 9265 9127 9151 9161 9132 645.7 649.5 612.0
Nov-06 8904 9280 8904 9269 9141 9166 9175 9143 607.5 648.0 607.5
Oct-06 8860 8980 8320 8894 8699 8707 8760 8714 598.9 613.2 560.5
Sep-06 9568 9710 8671 8859 9016 9028 9073 9029 628.0 642.5 571.0
Aug-06 9625 9987 9328 9554 9539 9559 9552 9550 635.4 656.0 609.0
Jul-06 9223 10179 9214 9560 9570 9550 9565 9556 617.0 677.5 602.5
Jun-06 9500 9700 8315 9220 8958 8957 8960 8948 642.8 645.1 555.0
May-06 9630 10763 9382 9526 9928 9933 9828 9939 654.1 732.0 636.0
Apr-06 8410 9771 8350 9609 8963 8936 8958 8587 582.0 658.2 582.0
Note: Future prices are for near month continuous futures contract
Source: Exchanges' websites, RBI, LBMA, ICE
ce) US spot prices LBMA (monthly average) RBI Rate Dollar Gold-Silver
US$/troy ounce US$/troy ounce Euro/troy ounce GBP/troy ounce USD/INR index Ratio
Close (Monthly average) AM xing PM xing AM xing PM xing AM xing PM xing Monthly average
5 1421.4 1392.6 1393.5 1391.9 1053.2 1044.8 892.2 899.0 45.16 80.30 47.48
5 1385.0 1371.8 1371.8 1369.9 1003.2 1003.8 858.8 857.9 45.02 78.45 51.46
0 1357.6 1344.8 1343.2 1342.0 966.2 965.5 847.1 846.2 44.41 77.72 57.25
5 1307.8 1272.3 1271.5 1271.0 972.8 971.9 816.6 816.7 46.06 81.35 61.79
7 1249.0 1217.9 1213.5 1215.8 939.5 941.4 774.7 776.3 46.57 82.22 66.01
6 1181.7 1193.0 1196.0 1193.0 937.2 933.5 782.8 780.3 46.84 83.43 66.61
9 1245.9 1234.0 1232.4 1232.9 1008.9 1009.3 835.8 835.4 46.56 86.77 66.85
2 1212.2 1206.6 1204.3 1205.4 959.9 962.2 823.2 823.9 45.80 85.48 65.43
3 1180.7 1149.5 1148.5 1148.7 856.0 857.0 749.1 749.6 44.50 81.35 63.33
8 1113.3 1114.6 1115.6 1113.3 821.7 820.4 741.0 739.6 45.50 80.81 65.14
2 1118.9 1097.8 1095.8 1095.4 800.2 801.1 701.5 701.8 46.33 80.27 69.18
2 1083.0 1117.1 1119.6 1118.0 783.6 783.4 691.8 691.6 45.96 77.98 63.01
0 1096.2 1126.7 1135.0 1134.7 775.3 775.7 698.0 697.7 46.63 77.00 64.05
2 1181.1 1131.7 1126.1 1127.0 754.8 754.1 678.2 679.2 46.59 75.40 63.05
8 1040.4 1045.0 1043.5 1043.2 703.9 703.9 644.8 644.3 46.72 76.17 60.65
4 1008.0 998.0 996.4 996.6 684.3 684.5 610.5 610.7 48.39 77.19 60.56
5 952.2 949.7 949.5 949.4 665.7 665.9 573.6 573.9 48.36 78.53 65.95
8 953.7 935.1 934.3 934.2 663.3 663.4 571.2 571.0 48.47 79.71 69.78
3 927.4 945.6 947.8 945.7 676.3 675.1 579.5 578.5 47.78 80.26 64.63
5 978.8 930.4 926.9 928.6 679.9 680.1 601.8 602.4 48.61 82.11 65.75
0 891.2 890.8 892.7 890.2 676.7 674.8 608.0 605.4 50.08 85.55 71.21
7 922.6 927.2 926.3 924.6 710.1 708.5 652.5 652.0 51.23 86.71 70.44
8 942.5 941.8 939.8 943.2 734.5 737.7 652.3 655.0 49.22 86.84 70.06
5 927.3 862.7 857.7 858.7 647.0 648.5 594.9 595.9 48.83 84.83 75.52
0 884.3 826.0 819.9 816.1 608.9 607.6 551.6 547.6 48.64 83.65 79.41
2 816.2 760.5 757.9 760.9 594.7 597.1 493.8 496.6 49.00 86.77 77.07
0 718.2 805.0 815.3 806.6 609.4 605.9 480.0 476.2 48.64 83.53 77.69
4 874.2 828.7 824.9 829.9 573.9 577.2 458.6 460.8 45.56 78.37 67.57
9 831.2 836.8 840.4 839.0 560.4 560.2 444.0 444.0 42.94 76.21 57.70
3 913.9 940.1 941.2 939.8 596.5 596.2 473.3 472.6 42.84 72.79 52.00
2 928.3 890.6 889.5 889.5 571.9 571.8 453.0 452.5 42.82 73.41 52.33
4 887.3 890.8 889.1 888.7 571.5 571.5 452.5 452.6 42.13 73.05 52.12
1 865.1 910.5 911.6 909.7 578.1 577.5 460.3 459.2 40.02 72.38 51.99
7 916.2 960.9 971.1 968.4 625.2 623.8 484.5 483.3 40.36 72.72 50.31
7 975.0 925.6 924.3 922.3 626.6 625.6 470.6 469.7 39.73 75.77 52.43
5 922.7 888.4 887.8 890.4 603.8 604.1 451.0 451.7 39.37 76.00 55.61
5 838.0 807.1 803.6 803.2 551.9 551.2 397.7 397.0 39.44 76.79 56.18
4 782.2 806.2 808.3 806.2 550.7 549.1 390.1 389.3 39.44 75.67 54.99
3 795.3 756.9 754.5 754.6 530.2 530.2 369.2 369.1 39.51 77.78 55.20
1 742.8 713.6 710.6 712.7 511.4 512.4 352.3 353.1 40.34 79.14 55.39
9 675.8 665.9 664.5 665.4 488.0 488.5 330.9 331.0 40.82 80.87 54.09
7 666.9 665.6 665.3 665.3 485.1 484.9 327.1 327.1 40.42 80.61 51.52
0 650.9 655.4 655.7 655.5 488.9 488.5 330.2 330.0 40.77 82.21 49.98
5 661.0 667.6 668.3 666.9 494.4 493.4 337.0 336.2 40.78 82.01 50.73
1 683.5 679.8 680.0 679.4 503.2 502.6 341.7 341.3 42.15 81.95 49.46
5 663.0 654.5 655.9 654.9 495.4 494.6 336.8 336.3 44.03 83.17 49.85
5 672.5 665.2 665.1 664.7 508.8 508.3 340.0 339.6 44.16 84.28 47.73
0 652.0 631.3 630.4 631.2 484.8 486.0 321.7 322.3 44.33 84.58 49.09
0 638.0 628.5 629.5 629.8 476.3 476.5 320.5 320.7 44.63 83.07 47.55
5 646.9 628.2 626.8 627.8 486.5 487.1 327.8 328.4 44.85 84.72 48.33
5 606.8 587.0 586.6 585.8 465.1 464.4 312.9 312.4 45.47 86.11 50.56
0 598.6 598.6 600.2 598.2 471.1 470.1 318.2 317.4 46.12 85.25 51.55
0 628.2 630.6 631.6 632.6 492.8 493.2 333.7 333.7 46.54 84.91 51.48
5 634.2 633.7 633.1 633.7 499.1 499.4 343.4 343.5 46.46 85.61 56.42
0 616.0 596.3 597.9 596.1 471.8 470.8 324.1 323.3 46.06 85.37 55.34
0 642.5 673.0 676.8 675.4 529.6 528.5 361.9 361.0 45.41 84.69 50.06
0 654.5 611.9 611.9 610.7 498.2 497.4 346.2 345.5 44.95 88.13 48.10
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China India
14% 31%
Australia
10%
Others China
52% 19% Others
35%
USA
9%
Russia
USA
8% 8%
South
Africa Turkey Saudi
7% 4% Arabia
3%
1800 14
1600 12
1400 10
1200 8
1000 6
800 4
600 2
400 0
200 -2
0 -4
Jul-84
65
Jan-65
66
Jul-66
68
Jan-68
Jul-69
69
Jan-71
71
72
Jul-72
Jan-74
74
Jul-77
77
78
Jul-78
Jul-80
80
81
Jul-81
83
Jan-83
84
86
Jan-86
Jul-87
87
Jan-89
89
90
Jul-90
92
Jan-92
Jul-93
93
Jan-95
95
96
98
Jan-98
Jul-99
99
01
Jan-01
02
Jul-02
Jan-04
04
05
Jul-05
Jan-07
07
Jul-08
08
10
Jan-10
Jul-96
www.mcxindia.com / www.pwc.com/in/en
A PwC & MCX Joint Endeavour 85
www.mcxindia.com / www.pwc.com/in/en
A PwC & MCX Joint Endeavour 87
Platinum prices
MCX futures prices MCX spot prices NYMEX futures prices US spot
Month (Rs/gm) Mumbai (Rs/gm) (USD/oz) prices (USD/oz)
Open High Low Close Monthly average Open High Low Close Monthly average
Dec-10 2451 2475 2451 2475 2487 1664.2 1773.0 1658.4 1773.3 1716.0
Nov-10 2361 2553 2361 2451 2452 1709.6 1811.8 1628.0 1666.4 1693.7
Oct-10 2361 2361 2361 2361 2416 1658.6 1713.6 1658.6 1707.1 1691.9
Sep-10 2343 2361 2343 2361 2361 1524.1 1659.9 1518.8 1652.0 1597.4
Aug-10 2343 2343 2343 2343 2309 1576.8 1607.5 1491.1 1523.5 1540.9
Jul-10 2343 2343 2343 2343 2303 1516.0 1579.0 1493.3 1576.8 1526.1
Jun-10 2442 2442 2343 2343 2329 1542.5 1609.3 1492.4 1530.9 1554.5
May-10 2442 2442 2442 2442 2401 1744.6 1753.4 1446.2 1549.4 1625.9
Apr-10 2384 2524 2384 2442 2462 1649.1 1755.0 1648.5 1745.1 1715.2
Mar-10 2341 2530 2310 2384 2343 1540.0 1646.6 1540.0 1639.8 1602.8
Feb-10 2214 2356 2170 2341 2270 1505.0 1594.0 1452.0 1539.9 1524.5
Jan-10 2200 2355 2172 2214 2295 1477.2 1635.5 1477.2 1506.0 1562.1
Dec-09 2229 2236 2105 2200 2166 1458.2 1514.8 1382.0 1460.0 1445.9
Nov-09 2036 2240 2005 2146 2103 1325.1 1487.9 1323.0 1460.2 1407.1
Oct-09 1975 2069 1946 1964 2014 1298.5 1368.4 1270.3 1326.3 1334.1
Sep-09 1971 2088 1933 2000 2033 1241.0 1356.3 1205.3 1295.6 1292.9
Aug-09 1880 2017 1876 1963 1940 1215.9 1296.3 1208.5 1244.0 1247.8
Jul-09 1846 1939 1751 1885 1817 1173.1 1218.1 1090.0 1214.2 1166.4
Jun-09 1793 1975 1793 1850 1883 1197.2 1301.9 1155.6 1176.7 1220.3
May-09 1793 1793 1793 1793 1778 1105.5 1204.0 1075.0 1196.0 1137.0
Apr-09 1870 1945 1867 1867 1901 1129.4 1242.3 1078.1 1106.6 1170.3
Mar-09 1642 1879 1642 1870 1787 1078.8 1167.4 1030.5 1120.8 1084.0
Feb-09 1506 1780 1506 1709 1654 996.0 1119.9 956.7 1085.3 1040.9
Jan-09 1430 1572 1379 1506 1509 932.4 996.5 914.0 991.3 955.6
Dec-08 1321 1375 1270 1375 1319 881.9 943.3 783.0 936.2 846.9
Nov-08 1366 1376 1211 1376 1328 831.0 896.0 772.0 882.3 841.1
Oct-08 1702 1702 1366 1366 1441 1003.0 1045.0 761.8 831.6 914.1
Sep-08 2120 2120 1640 1640 1802 1490.0 1499.8 995.2 1015.1 1219.5
Aug-08 2342 2379 1863 2115 2071 1754.1 1759.0 1307.0 1489.8 1485.8
Jul-08 2881 2940 2280 2436 2644 2084.1 2089.6 1726.0 1761.9 1900.3
Jun-08 2845 2900 2770 2885 2824 2013.5 2125.0 1966.1 2069.5 2037.9
May-08 - - - - - 1930.0 2234.9 1835.0 2013.8 2059.9
Apr-08 - - - - - 1948.0 2055.0 1880.0 1935.2 1991.4
Mar-08 - - - - - 2164.0 2308.8 1802.2 2024.4 2030.2
Feb-08 - - - - - 1731.2 2214.5 1722.0 2180.7 2013.7
Jan-08 - - - - - 1529.9 1746.1 1523.6 1737.4 1592.2
Dec-07 - - - - - 1436.7 1551.5 1436.1 1528.4 1496.2
Nov-07 - - - - - 1454.9 1498.8 1384.1 1444.1 1448.5
Oct-07 - - - - - 1407.5 1473.3 1355.0 1447.6 1412.9
Sep-07 - - - - - 1271.5 1395.5 1269.8 1395.2 1311.3
Aug-07 - - - - - 1301.9 1308.9 1226.5 1271.6 1263.6
Jul-07 - - - - - 1282.9 1350.0 1271.0 1302.6 1304.0
Jun-07 - - - - - 1287.4 1320.0 1264.0 1279.0 1286.7
May-07 - - - - - 1298.0 1353.8 1255.1 1285.8 1302.8
Apr-07 - - - - - 1242.0 1348.0 1245.5 1298.4 1276.9
Mar-07 - - - - - 1255.0 1264.0 1164.0 1248.3 1217.7
Feb-07 - - - - - 1187.0 1269.9 1156.1 1256.4 1205.3
Jan-07 - - - - - 1135.0 1188.0 1119.0 1182.3 1148.5
Dec-06 - - - - - 1186.5 1186.5 1096.0 1139.3 1121.5
Nov-06 - - - - - 1085.2 1289.0 1085.0 1176.7 1182.2
Oct-06 - - - - - 1159.5 1159.5 1070.0 1086.5 1082.6
Sep-06 - - - - - 1253.0 1287.9 1124.0 1141.2 1183.6
Aug-06 - - - - - 1241.6 1268.0 1216.0 1251.2 1233.6
Jul-06 - - - - - 1245.0 1275.0 1203.0 1241.6 1229.9
Jun-06 - - - - - 1252.0 1263.5 1095.0 1246.7 1188.0
May-06 - - - - - 1163.7 1347.0 1163.0 1246.8 1259.5
Apr-06 - - - - - 1070.8 1163.8 1065.0 1163.3 1102.0
Note: Future prices are for near month continuous futures contract, LPPM - London Platinum and Palladium Market
Source: Exchanges' websites, RBI, ICE, The London Platinum and Palladium Market
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A PwC & MCX Joint Endeavour 89
South China
Africa 72%
75%
North
America
11%
Russia
13%
Europe
10%
Zimbabwe Others
5% 2% Others
5%
Canada Japan
3% USA 2%
2%
Source: USGS; e estimates Source: Platinum 2011, Johnson Matthey PLC
25
1500
20
1000 15
10
500
5
0 0
Nov-93
May-95
Apr-98
Jan-99
Aug-00
Mar-02
Jul-94
Jan-96
Jul-97
Oct-99
May-01
Jan-03
Oct-03
Jul-04
Apr-05
Jan-06
Oct-06
Jul-07
Mar-08
Dec-08
Sep-09
Jun-10
Mar-11
Oct-96
Average daily volatility (MCX spot prices) 1.5% 1.8% 2.0% 1.2% 2.2% -
Source: USGS, MCX, CPM Silver Yearbook 2011, CPM Silver Yearbook 2010, COMEX, www.silverinstitute.org
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A PwC & MCX Joint Endeavour 91
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A PwC & MCX Joint Endeavour 93
Silver prices
Month MCX futures prices (30 kgs contract) Spot prices (Rs/kg) COMEX futures prices
(Rs/kg) Monthly average (US$/troy ounce)
Open High Low Close Mumbai Ahmedabad Open High Low Close
Dec-10 42851 46383 42653 46217 45380 44426 28.10 30.90 28.01 30.91
Nov-10 37188 43231 35956 43009 41106 40006 24.75 29.34 23.94 28.19
Oct-10 32910 37193 32900 37105 36063 35223 21.77 24.95 21.73 24.56
Sep-10 30850 33390 30700 32962 32664 31912 19.39 22.13 19.30 21.82
Aug-10 28721 30964 28713 30915 29871 29309 18.00 19.40 17.74 19.40
Jul-10 29550 29569 28026 28636 29412 28783 18.59 18.66 17.43 18.00
Jun-10 29320 30118 28031 29604 29821 29293 18.41 19.46 17.20 18.67
May-10 28220 30163 26855 29292 29363 28876 18.63 19.80 17.09 18.42
Apr-10 26905 28360 26806 28304 28057 27517 17.51 18.77 17.48 18.61
Mar-10 25797 27309 25420 26935 27080 26611 16.50 17.65 16.32 17.53
Feb-10 25560 26340 23610 25767 25661 24981 16.17 16.95 14.65 16.50
Jan-10 26730 28680 25292 25500 28091 27408 16.89 18.80 16.02 16.19
Dec-09 28327 29580 26602 26771 28357 27697 18.47 19.43 16.76 16.82
Nov-09 26251 28860 25960 28300 28264 27616 16.51 18.94 16.25 18.50
Oct-09 26451 27680 25761 25933 26884 26769 16.67 18.18 15.92 16.26
Sep-09 23790 27960 23610 26486 25786 26231 14.89 17.56 14.65 16.66
Aug-09 22465 24270 22457 23822 23609 23172 13.90 15.19 13.50 14.90
Jul-09 21830 22820 21103 22468 22342 21865 13.60 14.05 12.48 13.94
Jun-09 24209 24690 21744 21768 23070 22807 15.77 16.25 13.44 13.57
May-09 20466 24217 20290 24195 22591 22284 12.34 15.80 12.04 15.61
Apr-09 21800 21990 19718 21319 21343 20847 12.96 13.24 11.73 12.31
Mar-09 22085 22936 20435 21855 22293 22084 13.09 13.85 11.94 12.99
Feb-09 19800 23681 19438 21820 21422 21431 12.66 14.60 12.14 13.09
Jan-09 18475 20038 17392 19893 18735 18501 11.20 12.66 10.37 12.57
Dec-08 16789 18450 15539 18355 17323 17024 10.24 11.41 9.14 11.27
Nov-08 16898 17610 15782 16779 17186 16741 9.84 10.80 8.77 10.19
Oct-08 20166 20770 16111 16858 18639 17859 12.14 13.08 8.40 9.73
Sep-08 20265 21389 17660 20109 20173 19476 13.77 13.77 10.28 12.28
Aug-08 24681 24705 18919 20232 22247 21454 17.77 17.81 12.20 13.61
Jul-08 24290 27234 23670 24720 25164 24943 17.44 19.38 16.85 17.79
Jun-08 23245 24909 23000 24260 24203 23855 16.88 17.88 16.25 17.42
May-08 22290 25494 21470 23376 23747 23450 16.97 18.29 16.00 16.87
Apr-08 22222 24265 21327 22121 23506 23007 17.26 18.77 16.30 16.50
Mar-08 24750 27500 21970 22274 24204 24093 19.78 21.19 16.77 17.31
Feb-08 21620 24965 20961 24707 21983 21798 16.95 19.93 16.23 19.81
Jan-08 19422 21770 19422 21676 20428 20278 15.34 17.09 15.09 17.00
Dec-07 18101 19633 17921 19463 19018 18732 13.96 14.83 13.60 14.80
Nov-07 19019 20925 17975 18159 19547 19233 14.55 16.28 13.76 13.96
Oct-07 18468 19079 17651 18981 18393 18032 13.94 14.65 13.15 14.44
Sep-07 16514 18489 16400 18479 17687 17283 12.10 14.00 12.00 13.92
Aug-07 17545 17858 15975 16523 17422 16941 12.91 13.25 11.06 12.06
Jul-07 16850 18250 16710 17583 17828 17429 12.41 13.39 12.41 13.02
Jun-07 18320 18760 16656 16786 18325 17913 13.50 13.87 12.13 12.35
May-07 18596 18972 17710 18300 18551 18089 13.42 13.59 12.79 13.47
Apr-07 19633 20039 18080 18508 19693 19316 13.46 14.17 13.02 13.45
Mar-07 20480 20650 18270 19622 19495 19247 14.23 14.31 12.47 13.45
Feb-07 19960 21174 19500 20486 20337 20058 13.60 14.75 13.26 14.10
Jan-07 19400 20062 18186 19933 19377 18922 12.73 13.70 12.20 13.57
Dec-06 20340 21502 18661 19424 19851 19618 13.90 14.19 12.35 12.82
Nov-06 18500 20449 18466 20395 19336 19168 12.29 14.00 12.29 13.93
Oct-06 18165 18537 16933 18484 18286 17764 11.55 12.31 10.65 12.27
Sep-06 19321 20486 16811 18115 18595 18073 12.87 13.26 10.45 11.54
Aug-06 17781 19595 17680 19344 19028 18785 11.40 12.93 11.33 12.90
Jul-06 17000 18333 16550 17748 17802 17327 10.91 11.78 10.65 11.37
Jun-06 19078 19175 14450 16651 16764 16426 12.48 12.58 9.45 10.83
May-06 20006 20890 19533 20381 20302 20155 13.58 14.97 12.00 12.46
Apr-06 16770 23148 16725 19786 19489 18780 11.49 14.69 11.47 13.51
Note: Future prices are for near month continuous futures contract
Source: Exchanges websites, RBI
US spot prices LBMA Silver xings (AM xing) RBI rate Dollar Gold-Silver
Monthly average Monthly average USD/INR Index ratio
(US$/troy ounce) US$/troy ounce Euro/troy ounce GBP/troy ounce Monthly average
91 29.33 29.35 22.18 18.80 45.16 80.30 47.48
9 26.66 26.54 19.43 16.62 45.02 78.45 51.46
6 23.49 23.39 16.83 14.75 44.41 77.72 57.25
2 20.59 20.55 15.71 13.20 46.06 81.35 61.79
0 18.45 18.36 14.22 11.72 46.57 82.22 66.01
0 17.91 17.96 14.07 11.75 46.84 83.43 66.61
67 18.46 18.45 15.11 12.50 46.56 86.77 66.85
2 18.44 18.42 14.69 12.59 45.80 85.48 65.43
61 18.15 18.10 13.50 11.81 44.50 81.35 63.33
3 17.11 17.11 12.60 11.37 45.50 80.81 65.14
0 15.87 15.87 11.60 10.16 46.33 80.27 69.18
9 17.73 17.79 12.46 11.00 45.96 77.98 63.01
2 17.59 17.67 12.08 10.87 46.63 77.00 64.05
0 17.95 17.82 11.94 10.74 46.59 75.40 63.05
6 17.23 17.24 11.63 10.65 46.72 76.17 60.65
6 16.48 16.39 11.25 10.03 48.39 77.19 60.56
0 14.40 14.35 10.06 8.67 48.36 78.53 65.95
4 13.40 13.36 9.48 8.17 48.47 79.71 69.78
7 14.63 14.65 10.45 8.94 47.78 80.26 64.63
61 14.15 14.03 10.28 9.10 48.61 82.11 65.75
31 12.51 12.51 9.48 8.51 50.08 85.55 71.21
9 13.16 13.12 10.06 9.24 51.23 86.71 70.44
9 13.44 13.41 10.49 9.31 49.22 86.84 70.06
7 11.42 11.29 8.52 7.84 48.83 84.83 75.52
7 10.40 10.29 7.64 6.92 48.64 83.65 79.41
9 9.87 9.87 7.74 6.42 49.00 86.77 77.07
3 10.36 10.44 7.82 6.16 48.64 83.53 77.69
8 12.26 12.37 8.61 6.88 45.56 78.37 67.57
61 14.50 14.69 9.78 7.75 42.94 76.21 57.70
9 18.08 18.03 11.43 9.07 42.84 72.79 52.00
2 17.02 16.97 10.91 8.64 42.82 73.41 52.33
87 17.09 17.05 10.96 8.68 42.13 73.05 52.12
0 17.51 17.50 11.10 8.83 40.02 72.38 51.99
31 19.10 19.51 12.56 9.73 40.36 72.72 50.31
81 17.65 17.57 11.91 8.94 39.73 75.77 52.43
0 15.97 15.96 10.85 8.10 39.37 76.00 55.61
0 14.37 14.30 9.82 7.07 39.44 76.79 56.18
6 14.66 14.70 10.02 7.10 39.44 75.67 54.99
4 13.71 13.67 9.61 6.69 39.51 77.78 55.20
92 12.88 12.83 9.23 6.36 40.34 79.14 55.39
6 12.31 12.36 9.08 6.15 40.82 80.87 54.09
2 12.92 12.91 9.41 6.35 40.42 80.61 51.52
5 13.11 13.14 9.80 6.62 40.77 82.21 49.98
7 13.16 13.15 9.73 6.63 40.78 82.01 50.73
5 13.74 13.74 10.16 6.90 42.15 81.95 49.46
5 13.13 13.18 9.96 6.77 44.03 83.17 49.85
0 13.94 13.91 10.64 7.11 44.16 84.28 47.73
7 12.86 12.84 9.88 6.55 44.33 84.58 49.09
2 13.22 13.36 10.11 6.80 44.63 83.07 47.55
3 13.00 12.93 10.04 6.76 44.85 84.72 48.33
7 11.61 11.56 9.16 6.16 45.47 86.11 50.56
4 11.61 11.68 9.17 6.19 46.12 85.25 51.55
0 12.25 12.18 9.50 6.43 46.54 84.91 51.48
7 11.23 11.23 8.86 6.09 46.46 85.61 56.42
3 10.78 10.80 8.52 5.85 46.06 85.37 55.34
6 13.44 13.45 10.53 7.19 45.41 84.69 50.06
51 12.72 12.61 10.28 7.14 44.95 88.13 48.10
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A PwC & MCX Joint Endeavour 95
Mexico USA
Peru 19% 20%
18%
India
14%
China Others
15% 46%
Others
33%
Japan
8%
Australia Italy
9% 6%
United Thailand
States 6%
6%
Source: USGS Source: CPM Silver Yearbook 2011
Silver Vs. Oil prices, Gold Silver Ratio and Dollar Index
USD/Oz
180 40
Silver prices (RHS) WTI Prices (USD/bbl)
160
Gold Silver Ratio Dollar Index 35
140
30
120
25
100
20
80
15
60
10
40
20 5
0 0
Mar-84
84
Jan-85
85
85
Nov-85
Sep-86
86
Jul-87
87
88
May-88
89
Mar-89
Jan-90
90
90
Nov-90
91
Sep-91
92
Jul-92
93
May-93
94
Mar-94
95
Jan-95
95
Nov-95
96
97
May-98
98
Mar-99
99
95
Jan-95
95
Nov-95
06
Sep-06
07
Jul-07
May-
y-
08
Mar-09
09
10
Jan-10
10
Nov-10
Sep-96
Jul-97
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A PwC & MCX Joint Endeavour 97
Metals
The base for development
C
urrently, there are over 85 known metals in the world. as a rise in jobless claims in the US and Chinas intent on curbing
People had been using only a few metals during BC, lending activity. Thereafter, the prices of base metals, particularly
but increased realisation of their utility led to rapid of copper, rose on upbeat US economic data: unemployment
discovery of new metals later (Material Science claims fell to a six-week low and orders of durables dropped
& Engineering, Carnegie Mellon University). Metals and more than expected in May 2010 and copper mining
metal alloys possess high structural strength per unit Put a coward to major BHP Billiton announced that its output could
mass, making them useful materials for carrying his metal an hell fall 5-10% in 2010 (www.erbakir.com.tr). Besides,
large loads or resisting impact damage. Metal alloys ght the deil news such as Escondida, the worlds largest
can be engineered to have high resistance to shear, copper mine, was expecting its output to dip 5-10%
torque and deformation. Strength and resilience
(An Irish Proverb) on lower ore grades aided a rally in copper www.
have led to metals frequent use in high-rise building, erbakir.com.tr). A halt in production, due to labour
bridge construction, vehicles, tools, pipes, non-illumi- disputes at Collahausi (Chile), the worlds third-largest
nated signs, railroad tracks and numerous other appliances. mine, helped metals edge up. Zinc prices also recovered
Thus, metals play a vital role in the developmental process. The as Chinas third-largest zinc producer closed down its smelter to
two most commonly used structural metals iron and aluminium comply with government pollution investigation in October 2010,
are also the most abundant metals in the earths crust. the full recovery could not materialize in early 2010. Finally, a rally
India produces 89 minerals, comprising four fuel minerals, 11 led copper futures prices on MCX to touch an all-time high of Rs.
metallic, 52 non-metallic and 22 minor minerals. Besides being 439.80 in the final trading session of the year.
the worlds largest producer of mica blocks, it is one
of the worlds top producers of iron ore, manganese,
MCX base metals futures prices (in Rs./kg) - 2010
aluminium, crude steel, etc.
Futures prices of base metals on MCX were a mixed 450 Expectations of Chinese labour union disputes at 125
monetary tightening Collahausi, Copper mine
bag in 2010. While copper futures jumped 28%, zinc 115
416
futures fell 9%, y-o-y. As 2010 dawned, combination
382 Greek debt Crisis 105
of factors concerns over market regulation in the
US, expectations of monetary tightening in China and
348 95
increases in LME stocks triggered a sharp fall in
the prices of base metals, including copper and zinc. 314 labour union disputes at 85
Collahausi, Copper mine
However, upbeat global economic data lent support
280 75
for a short-term revival. Later, in June, metals prices,
26-Mar-10
23-Apr-10
13-Aug-10
3-Dec-10
31-Dec-10
1-Jan-10
26-Feb-10
21-May-10
8-Oct-10
5-Nov-10
29-Jan-10
18-Jun-10
16-Jul-10
10-Sep-10
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A PwC & MCX Joint Endeavour 99
Average daily volatility (MCX spot prices) 1.50% 1.90% 1.80% 1.20% 1.60% -
Source: USGS, IAI, WBMS, DGCIS, GFMS, LME, SHFE, MCX
www.mcxindia.com / www.pwc.com/in/en
A PwC & MCX Joint Endeavour 101
Aluminium prices
Month MCX futures price (Rs./kg)^ MCX spot price (Rs/kg) LME 3-month price (USD/tonne) L
Open High Low Close Monthly average Open High Low Close
Dec-10 104.40 111.40 101.65 110.50 106.15 2285.00 2488.00 2253.00 2470.00
Nov-10 105.80 110.10 100.75 103.25 104.83 2360.00 2500.00 2185.00 2275.00
Oct-10 104.70 107.95 101.20 102.05 104.05 2337.00 2459.00 2273.50 2344.00
Sep-10 97.05 104.10 96.60 103.90 99.89 2048.00 2354.00 2048.00 2351.00
Aug-10 99.90 103.20 93.15 95.95 98.23 2165.00 2249.00 1982.25 2058.00
Jul-10 91.55 99.10 90.45 98.85 93.41 1961.00 2175.25 1921.75 2175.00
Jun-10 94.25 94.65 85.90 89.95 89.88 2031.00 2043.00 1828.00 1977.50
May-10 99.10 99.70 89.85 94.40 94.03 2237.00 2239.00 1950.00 2043.00
Apr-10 103.95 109.20 92.90 96.80 103.56 2325.00 2494.00 2110.00 2255.00
Mar-10 97.60 103.70 97.10 103.45 100.53 2150.00 2343.00 2112.00 2323.00
Feb-10 95.50 98.95 91.60 94.75 94.81 2086.00 2179.00 1967.50 2134.00
Jan-10 104.25 108.50 94.10 95.55 102.52 2248.00 2394.00 2069.00 2079.00
Dec-09 94.85 106.30 94.50 103.05 101.71 2057.00 2305.00 2051.00 2230.00
Nov-09 89.75 95.40 88.30 93.25 90.56 1908.00 2095.00 1882.00 2058.00
Oct-09 89.60 93.40 83.95 89.15 87.85 1885.00 2030.00 1776.00 1908.00
Sep-09 91.00 93.90 82.55 89.10 89.23 1878.00 1978.00 1778.00 1890.00
Aug-09 91.45 99.45 88.40 91.85 93.57 1889.00 2115.00 1840.00 1899.50
Jul-09 77.95 90.40 75.45 89.75 80.69 1630.00 1914.75 1545.00 1890.00
Jun-09 68.15 80.75 67.55 77.20 75.54 1440.00 1701.00 1440.00 1630.00
May-09 75.25 77.60 64.65 65.40 70.90 1499.00 1605.00 1383.00 1440.00
Apr-09 71.00 78.90 68.10 70.40 71.44 1395.00 1555.00 1350.00 1494.00
Mar-09 67.70 73.95 66.05 69.50 68.61 1335.00 1492.00 1292.25 1392.00
Feb-09 65.10 70.95 62.20 65.50 65.96 1349.00 1479.00 1279.00 1342.00
Jan-09 74.40 78.75 63.15 64.30 69.28 1525.00 1648.00 1316.50 1349.00
Dec-08 87.45 88.50 67.40 70.80 72.42 1770.00 1787.00 1430.50 1540.00
Nov-08 101.00 102.45 84.75 84.85 91.03 2076.00 2130.00 1744.00 1772.00
Oct-08 114.80 114.80 91.50 97.05 102.66 2442.00 2450.00 1925.00 2040.00
Sep-08 119.40 120.45 110.50 112.35 115.01 2723.00 2725.00 2404.85 2425.00
Aug-08 125.30 125.70 115.50 117.45 118.74 2971.00 2975.00 2714.00 2714.00
Jul-08 132.00 144.20 122.70 124.35 131.79 3119.00 3380.15 2928.25 2979.00
Jun-08 122.85 136.90 121.10 132.00 126.80 2935.00 3169.00 2859.00 3114.00
May-08 115.00 130.40 114.55 122.75 122.06 2930.00 3071.00 2828.00 2931.00
Apr-08 117.00 123.40 114.05 117.05 118.28 2990.00 3133.00 2875.00 2907.00
Mar-08 124.80 130.25 112.25 117.30 121.40 3095.00 3255.00 2805.00 2990.00
Feb-08 105.50 125.50 102.30 123.20 110.16 2708.00 3160.25 2591.00 3106.00
Jan-08 94.25 104.60 93.25 104.05 96.00 2410.00 2717.00 2377.00 2710.00
Dec-07 98.90 98.90 92.55 92.60 94.05 2512.00 2512.00 2393.00 2409.00
Nov-07 99.30 103.25 96.40 97.80 98.92 2545.00 2661.00 2472.00 2500.00
Oct-07 99.30 100.20 94.15 97.85 96.47 2512.00 2573.00 2376.00 2545.00
Sep-07 103.60 103.60 93.65 96.85 96.71 2550.00 2550.00 2375.00 2520.00
Aug-07 110.85 110.85 99.85 102.30 102.66 2744.00 2760.00 2450.00 2544.00
Jul-07 111.10 113.90 105.60 109.15 110.31 2725.00 2870.00 2712.00 2751.00
Jun-07 113.20 114.10 107.65 109.45 109.24 2790.00 2829.00 2657.75 2725.00
May-07 118.05 119.40 108.30 111.25 114.09 2853.00 2927.00 2745.00 2790.00
Apr-07 121.30 127.50 112.30 116.75 118.89 2789.50 2932.00 2734.75 2860.00
Mar-07 125.20 126.45 117.30 121.60 121.52 2838.00 2856.75 2664.00 2780.00
Feb-07 123.75 130.50 116.50 127.95 124.99 2730.00 2905.00 2614.00 2815.00
Jan-07 125.75 131.65 114.60 124.75 124.38 2802.00 2847.00 2550.00 2730.00
Dec-06 122.20 127.80 122.20 126.05 125.56 2732.00 2875.00 2727.00 2803.00
Nov-06 129.80 129.80 115.90 120.25 121.16 2788.00 2848.00 2566.00 2738.00
Oct-06 118.35 128.70 113.00 125.05 120.89 2581.00 2835.00 2440.75 2790.00
Sep-06 116.00 121.85 109.00 116.95 114.27 2495.00 2687.00 2405.00 2584.00
Aug-06 118.70 119.50 110.00 112.65 114.55 2553.00 2595.25 2440.00 2505.00
Jul-06 121.80 125.00 111.30 116.25 116.65 2625.00 2710.00 2449.85 2570.00
Jun-06 126.50 126.80 107.00 117.60 114.16 2670.00 2687.00 2413.00 2630.00
May-06 133.20 151.45 116.80 125.15 129.33 2768.00 3310.00 2644.00 2650.00
Apr-06 113.10 144.00 111.50 123.85 117.71 2456.00 2845.00 2446.00 2755.00
Note: Future prices are for near month continuous futures contract; ^ till Feb 2009, prices are for 2MT contract, later 5 MT contract
Source: Exchanges websites, RBI
LME cash (USD/tonne) RBI rate - USD/INR SHFE futures price (Yuan/tonne) CNY/INR spot Dollar Index
Monthly average Open High Low Close Monthly average
0 2356.67 45.16 15860.00 16500.00 15840.00 16430.00 6.79 80.30
0 2324.05 45.02 16270.00 16795.00 15300.00 15860.00 6.76 78.45
0 2342.18 44.41 15600.00 16500.00 15600.00 16135.00 6.66 77.72
0 2171.24 46.06 15330.00 15705.00 15185.00 15590.00 6.83 81.35
0 2110.44 46.57 15360.00 15510.00 15000.00 15220.00 6.86 82.22
0 1989.05 46.84 14500.00 15320.00 14100.00 15165.00 6.91 83.43
0 1929.41 46.56 14830.00 14990.00 13750.00 14490.00 6.83 86.77
0 2044.71 45.80 15890.00 15890.00 14500.00 14985.00 6.72 85.48
0 2314.28 44.50 16210.00 16715.00 15350.00 15880.00 6.52 81.35
0 2210.53 45.50 16530.00 16630.00 16020.00 16220.00 6.66 80.81
0 2053.27 46.33 15995.00 16790.00 15675.00 16400.00 6.78 80.27
0 2230.11 45.96 16620.00 18010.00 15705.00 15900.00 6.73 77.98
0 2181.26 46.63 15400.00 16850.00 15300.00 16700.00 6.83 77.00
0 1956.55 46.59 14930.00 15580.00 14820.00 15315.00 6.83 75.40
0 1875.66 46.72 15000.00 15210.00 14620.00 15065.00 6.84 76.17
0 1835.60 48.39 15000.00 15370.00 13880.00 14825.00 7.09 77.19
0 1927.64 48.36 15100.00 15390.00 14250.00 14980.00 7.08 78.53
0 1670.56 48.47 13550.00 15180.00 13500.00 15005.00 7.09 79.71
0 1579.63 47.78 12850.00 13850.00 12850.00 13555.00 6.99 80.26
0 1466.67 48.61 13000.00 13100.00 12670.00 12800.00 7.12 82.11
0 1431.81 50.08 13550.00 14900.00 12560.00 12825.00 7.34 85.55
0 1338.08 51.23 12000.00 13720.00 11885.00 13495.00 7.50 86.71
0 1338.06 49.22 11760.00 12560.00 11610.00 12045.00 7.21 86.84
0 1420.36 48.83 12120.00 12690.00 11405.00 11715.00 7.14 84.83
0 1504.42 48.64 12450.00 12600.00 10040.00 11520.00 7.11 83.65
0 1857.13 49.00 13960.00 14065.00 12510.00 12565.00 7.18 86.77
0 2122.03 48.64 14635.00 14635.00 13020.00 13780.00 7.12 83.53
0 2524.15 45.56 17440.00 17450.00 14930.00 15245.00 6.67 78.37
0 2762.56 42.94 18750.00 18820.00 17200.00 17450.00 6.28 76.21
0 3067.46 42.84 18735.00 19500.00 18340.00 18820.00 6.26 72.79
0 2967.87 42.82 18460.00 19020.00 18400.00 18735.00 6.22 73.41
0 2908.28 42.13 18500.00 19200.00 18120.00 18465.00 6.04 73.05
0 2968.03 40.02 19000.00 19200.00 18505.00 18545.00 5.72 72.38
0 3012.05 40.36 19650.00 20900.00 18700.00 19180.00 5.70 72.72
0 2784.89 39.73 18750.00 19850.00 18590.00 19760.00 5.55 75.77
0 2456.13 39.37 17780.00 19600.00 17700.00 19440.00 5.43 76.00
0 2382.83 39.44 17820.00 18490.00 17500.00 17820.00 5.35 76.79
0 2507.15 39.44 17820.00 18600.00 16710.00 17750.00 5.32 75.67
0 2444.53 39.51 19230.00 19260.00 17740.00 17880.00 5.27 77.78
0 2394.96 40.34 19450.00 19460.00 19200.00 19380.00 5.36 79.14
0 2512.60 40.82 19680.00 19750.00 18990.00 19440.00 5.38 80.87
0 2738.09 40.42 19850.00 20260.00 19500.00 19730.00 5.34 80.61
0 2681.31 40.77 20470.00 20600.00 19610.00 19830.00 5.34 82.21
0 2804.60 40.78 20700.00 21650.00 20050.00 20250.00 5.32 82.01
0 2817.05 42.15 19290.00 20490.00 19110.00 20330.00 5.46 81.95
0 2757.08 44.03 19750.00 19800.00 19260.00 19310.00 5.68 83.17
0 2839.05 44.16 19900.00 20220.00 19520.00 19730.00 5.69 84.28
0 2799.06 44.33 21000.00 21090.00 19590.00 19730.00 5.69 84.58
0 2823.67 44.63 20970.00 21390.00 20680.00 21320.00 5.70 83.07
0 2702.14 44.85 19950.00 21730.00 19810.00 20770.00 5.70 84.72
0 2657.15 45.47 21400.00 21810.00 19960.00 20210.00 5.75 86.11
0 2484.38 46.12 19500.00 22360.00 19500.00 20980.00 5.81 85.25
0 2461.55 46.54 18600.00 19880.00 18470.00 19580.00 5.84 84.91
0 2511.83 46.46 19690.00 19780.00 18200.00 18590.00 5.82 85.61
0 2490.95 46.06 20950.00 21250.00 19340.00 19640.00 5.75 85.37
0 2852.07 45.41 21640.00 24000.00 20710.00 21150.00 5.66 84.69
0 2623.86 44.95 19580.00 21570.00 19550.00 20810.00 5.61 88.13
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A PwC & MCX Joint Endeavour 103
Others
34% Others
36%
China
Russia China United 39%
9% 41% States
11%
Canada Japan
7% 5%
Germany
United Australia India
5%
States 5% 4%
4%
LME Aluminium Prices and U.S. & China Industrial Production YoY
in % Prices
40 3500
LME Prices ( USD tonne ) -RHS
RHS US IP YOY China IP YOY
30 33000
20 22500
10 22000
0 11500
-10 11000
-20 5500
-30 0
Jun-87
87
Feb-88
88
Oct-88
88
89
Feb-90
90
Oct-90
90
91
Feb-92
92
Oct-92
92
Jun-93
93
Feb-94
94
Oct-94
94
Jun-95
95
Feb-96
96
Oct-96
96
Jun-97
97
Feb-98
98
Oct-98
98
Jun-99
99
02
Oct-02
02
Jun-03
03
Jun-89
Jun-91
00
Feb-00
Oct-00
00
Jun-01
01
Feb-02
04
Feb-04
Oct-04
04
Jun-05
05
06
Feb-06
Oct-06
06
Jun-07
07
08
Feb-08
Oct-08
08
Jun-09
09
Feb-10
10
Oct-10
10
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A PwC & MCX Joint Endeavour 105
Average daily volatility (MCX spot prices) 1.70% 1.90% 3.30% 2.50% 2.20% -
Source: Ministry of Mines, ICSG, DGCIS, USGS, GFMS Copper Survey 2009, base metal report, LME, SHFE, MCX, ICA
www.mcxindia.com / www.pwc.com/in/en
A PwC & MCX Joint Endeavour 107
www.mcxindia.com / www.pwc.com/in/en
A PwC & MCX Joint Endeavour 109
Copper prices
Month MCX futures price (Rs./kg) MCX spot price (Rs/kg) LME 3-month price (USD/tonne) L
Open High Low Close Monthly average Open High Low Close
Dec-10 388.05 439.80 387.00 439.50 413.25 8353.25 9687.00 8338.00 9600.00
Nov-10 368.50 399.40 367.70 388.05 381.40 8266.50 8966.00 7920.00 8360.00
Oct-10 362.65 382.40 359.40 369.10 369.81 8042.00 8554.00 8015.00 8200.00
Sep-10 350.00 363.65 347.80 362.15 358.52 7430.00 8075.00 7415.00 8014.00
Aug-10 338.60 352.75 329.80 348.90 340.64 7290.00 7527.00 7028.25 7440.00
Jul-10 305.00 338.70 298.60 338.35 316.28 6460.00 7310.00 6318.00 7296.50
Jun-10 318.55 320.50 284.10 301.65 301.36 6890.00 6892.00 6037.50 6515.00
May-10 330.05 330.05 296.05 319.30 315.47 7288.00 7342.00 6415.00 6939.00
Apr-10 351.75 359.00 325.40 327.00 347.68 7820.00 8043.75 7341.00 7430.00
Mar-10 338.15 355.50 332.55 351.35 340.79 7521.75 7878.00 7245.25 7790.00
Feb-10 310.50 344.40 290.90 332.50 317.67 6755.00 7450.00 6225.00 7195.00
Jan-10 343.95 354.20 311.10 311.45 339.68 7405.00 7796.00 6700.00 6745.00
Dec-09 324.30 347.15 318.10 344.00 328.57 6940.00 7423.75 6762.75 7375.00
Nov-09 308.80 325.45 300.60 322.70 311.67 6502.00 7060.00 6372.25 6930.00
Oct-09 297.80 315.40 280.80 307.95 297.10 6180.00 6732.00 5810.00 6480.00
Sep-09 308.00 319.20 286.50 297.10 301.79 6310.00 6530.00 5855.25 6159.00
Aug-09 276.25 317.15 276.20 302.60 299.65 5781.00 6549.00 5765.00 6475.00
Jul-09 242.50 278.00 234.70 276.30 253.47 4984.00 5755.00 4710.00 5719.00
Jun-09 229.85 256.75 229.85 238.30 240.68 4819.75 5388.00 4685.00 4967.00
May-09 228.20 241.75 212.65 229.20 224.96 4450.00 4848.00 4315.00 4830.00
Apr-09 206.50 242.75 202.15 222.55 225.30 4040.00 4925.00 3960.75 4431.00
Mar-09 173.50 209.45 171.50 207.10 193.60 3390.00 4168.00 3340.00 4040.00
Feb-09 157.05 177.30 153.15 171.05 164.42 3224.50 3669.00 3096.00 3449.00
Jan-09 155.00 174.65 150.85 157.65 160.27 3055.00 3610.00 3025.00 3155.00
Dec-08 189.05 191.45 138.55 152.75 150.71 3640.00 3710.00 2817.25 3070.00
Nov-08 207.50 214.75 172.50 184.05 183.84 4215.00 4435.00 3375.00 3620.00
Oct-08 303.50 305.00 188.50 206.95 234.15 6395.00 6530.00 3590.00 4099.00
Sep-08 327.45 328.40 293.30 302.20 316.15 7520.00 7520.00 6170.00 6360.00
Aug-08 342.85 343.80 302.40 331.15 323.73 8065.00 8082.00 7120.00 7510.00
Jul-08 365.80 387.35 331.55 343.55 353.54 8530.00 8940.00 7840.00 8055.00
Jun-08 335.10 371.65 330.80 368.80 347.40 7945.00 8620.00 7760.00 8510.00
May-08 332.80 361.20 331.15 336.50 347.74 8585.00 8625.00 7855.00 7935.00
Apr-08 335.10 355.50 327.05 351.20 345.20 8380.00 8880.00 8160.00 8549.00
Mar-08 335.80 353.90 310.40 335.90 338.21 8415.00 8820.00 7611.00 8390.00
Feb-08 286.55 342.35 278.15 338.95 311.64 7299.75 8570.00 7025.00 8430.00
Jan-08 265.95 292.95 265.35 287.20 277.73 6750.00 7450.00 6675.00 7350.00
Dec-07 279.50 280.60 252.35 266.00 265.21 7050.00 7075.00 6317.00 6675.00
Nov-07 302.80 304.25 251.65 275.55 272.67 7760.00 7774.75 6430.00 7000.00
Oct-07 317.85 327.65 300.10 302.35 314.47 8025.50 8315.00 7645.00 7725.00
Sep-07 304.55 321.30 289.60 317.75 306.55 7480.00 8155.00 7085.00 8020.00
Aug-07 322.50 322.50 281.30 308.10 302.11 7980.25 7985.00 6730.00 7460.00
Jul-07 314.75 332.05 311.55 322.80 319.77 7580.00 8212.00 7550.00 8010.00
Jun-07 305.00 315.05 292.05 310.25 304.17 7455.00 7695.00 7050.00 7560.00
May-07 333.50 345.60 287.55 305.30 314.06 7760.00 8335.00 6952.00 7380.00
Apr-07 303.05 343.15 299.65 322.30 325.47 6900.00 8100.00 6807.00 7761.00
Mar-07 272.90 305.00 260.75 302.70 282.28 6100.00 6935.00 5796.00 6860.00
Feb-07 256.70 282.80 235.00 266.80 253.10 5760.00 6374.00 5250.00 6015.00
Jan-07 285.60 286.55 246.60 256.20 255.33 6300.00 6344.00 5430.00 5735.00
Dec-06 320.15 327.40 283.20 285.60 298.94 7095.00 7229.25 6250.00 6330.00
Nov-06 336.85 338.60 296.65 312.80 313.39 7420.00 7500.25 6645.00 7080.00
Oct-06 351.55 361.50 327.65 336.55 341.78 7602.00 7890.00 7002.00 7380.00
Sep-06 358.50 375.45 335.65 352.90 351.78 7615.00 8110.00 7150.00 7545.00
Aug-06 348.40 360.05 347.00 356.05 360.01 7800.00 8150.00 7180.00 7700.00
Jul-06 343.90 383.25 333.90 363.50 360.16 7475.00 8210.00 7000.00 7950.00
Jun-06 371.50 374.00 291.00 351.75 337.15 7915.00 8010.00 6410.00 7320.00
May-06 328.40 397.85 325.00 373.30 361.81 7240.00 8800.00 7060.00 7900.00
Apr-06 242.45 343.00 242.45 322.35 284.15 5405.00 7385.00 5390.00 6990.00
Note: Future prices are for near month continuous futures contract
Source: Exchanges' websites, ICE, RBI
LME cash (USD/tonne) RBI rate - USD/INR SHFE futures price (Yuan/tonne) CNY/INR spot Dollar Index
Monthly average Open High Low Close Monthly average
0 9147.26 45.16 62700.00 71000.00 62600.00 70440.00 6.79 80.30
0 8469.89 45.02 62750.00 68970.00 61000.00 62060.00 6.76 78.45
0 8292.40 44.41 60000.00 67460.00 60000.00 62750.00 6.66 77.72
0 7709.30 46.06 58960.00 61100.00 57620.00 59920.00 6.83 81.35
0 7283.95 46.57 56750.00 59450.00 56250.00 58680.00 6.86 82.22
0 6735.25 46.84 52200.00 56450.00 51610.00 56190.00 6.91 83.43
0 6499.30 46.56 54560.00 54790.00 49300.00 52160.00 6.83 86.77
0 6837.68 45.80 58050.00 58070.00 52000.00 55470.00 6.72 85.48
0 7745.08 44.50 60990.00 63130.00 57360.00 58400.00 6.52 81.35
0 7462.83 45.50 60690.00 61400.00 57220.00 60890.00 6.66 80.81
0 6848.18 46.33 55100.00 58920.00 51610.00 57800.00 6.78 80.27
0 7386.25 45.96 59400.00 63000.00 55500.00 56240.00 6.73 77.98
0 6981.71 46.63 54350.00 60380.00 53330.00 59440.00 6.83 77
0 6675.60 46.59 50210.00 55000.00 50100.00 54210.00 6.83 75.4
0 6287.98 46.72 49320.00 51580.00 48400.00 51100.00 6.84 76.17
0 6196.43 48.39 49100.00 50930.00 46000.00 47680.00 7.09 77.19
0 6165.30 48.36 46920.00 51490.00 45940.00 49860.00 7.08 78.53
0 5215.54 48.47 40500.00 45520.00 38820.00 45260.00 7.09 79.71
0 5013.95 47.78 38400.00 43000.00 37500.00 40710.00 6.99 80.26
0 4568.63 48.61 38850.00 40720.00 35100.00 37400.00 7.12 82.11
0 4406.55 50.08 34450.00 45000.00 34420.00 37280.00 7.34 85.55
0 3749.75 51.23 28540.00 35810.00 27400.00 34140.00 7.50 86.71
0 3314.73 49.22 26400.00 30200.00 25400.00 28640.00 7.21 86.84
0 3220.69 48.83 26080.00 30100.00 25900.00 26370.00 7.14 84.83
0 3071.98 48.64 29350.00 29800.00 23650.00 24610.00 7.11 83.65
0 3717.00 49.00 32410.00 34200.00 28550.00 29530.00 7.18 86.77
0 4925.70 48.64 53820.00 53820.00 31140.00 32350.00 7.12 83.53
0 6990.86 45.56 59750.00 59910.00 53850.00 56070.00 6.67 78.37
0 7634.70 42.94 61650.00 61800.00 57500.00 59920.00 6.28 76.21
0 8414.04 42.84 63200.00 64800.00 61260.00 61980.00 6.26 72.79
0 8260.60 42.82 61100.00 63440.00 59930.00 63160.00 6.22 73.41
0 8382.75 42.13 64700.00 65510.00 60130.00 60900.00 6.04 73.05
0 8684.93 40.02 65450.00 66960.00 63750.00 65210.00 5.72 72.38
0 8439.29 40.36 68000.00 69880.00 63430.00 66040.00 5.70 72.72
0 7887.69 39.73 62800.00 69300.00 62000.00 67900.00 5.55 75.77
0 7061.02 39.37 58900.00 64480.00 58000.00 61990.00 5.43 76.00
0 6587.67 39.44 61180.00 63000.00 54850.00 58730.00 5.35 76.79
0 6966.70 39.44 64500.00 64560.00 52700.00 59540.00 5.32 75.67
0 8008.43 39.51 67310.00 67450.00 64140.00 65130.00 5.27 77.78
0 7648.98 40.34 65400.00 67850.00 64060.00 67610.00 5.36 79.14
0 7513.50 40.82 68030.00 68150.00 61360.00 65240.00 5.38 80.87
0 7973.91 40.42 63100.00 70340.00 62900.00 67820.00 5.34 80.61
0 7475.88 40.77 64720.00 66200.00 60100.00 63150.00 5.34 82.21
0 7682.17 40.78 71730.00 72900.00 60320.00 63890.00 5.32 82.01
0 7766.47 42.15 62900.00 74930.00 62620.00 68980.00 5.46 81.95
0 6452.48 44.03 57650.00 63300.00 55040.00 62090.00 5.68 83.17
0 5676.45 44.16 55500.00 59980.00 52140.00 57740.00 5.69 84.28
0 5669.66 44.33 61390.00 61390.00 52150.00 54470.00 5.69 84.58
0 6675.11 44.63 66610.00 66700.00 59990.00 61090.00 5.70 83.07
0 7029.18 44.85 69800.00 70200.00 62100.00 66010.00 5.70 84.72
0 7500.39 45.47 71250.00 72800.00 69100.00 69600.00 5.75 86.11
0 7602.36 46.12 69700.00 75200.00 68340.00 71030.00 5.81 85.25
0 7695.66 46.54 68120.00 70280.00 65610.00 67630.00 5.84 84.91
0 7712.10 46.46 64000.00 72100.00 60540.00 67270.00 5.82 85.61
0 7197.61 46.06 71500.00 72000.00 54050.00 61440.00 5.75 85.37
0 8045.86 45.41 70120.00 83770.00 69920.00 73370.00 5.66 84.69
0 6387.78 44.95 50200.00 69990.00 50200.00 67430.00 5.61 88.13
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A PwC & MCX Joint Endeavour 111
Chile
34% Others
37%
Peru China
Others United 37%
8% States
38%
9%
United
States Germany
7% 7%
China
7% Australia
Japan South
6% 5% Korea
5%
8000
0
6000
-0.5
-
4000
-1
2000
0 -1.5
-1
Apr-8686
Jan-8787
Oct-8787
Jul-88
88
Apr-8989
Jan-90
90
Oct-90
90
91
Apr-9292
Jan-9393
Oct-9393
Jul-94
94
Apr-9595
96
Oct-9696
Jul-97
97
Apr-9898
Jan-99
99
Oct-99
99
Jul-00
00
Apr-0101
Jan-0202
Oct-0202
03
Jul-03
Apr-04
04
Jan-0505
Oct-0505
Jul-06
06
Apr-0707
Jan-08
08
Oct-08
08
Jul-09
09
Apr-1010
Jan-11
-11
Jul-91
Jan-96
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A PwC & MCX Joint Endeavour 113
Australia
18%
Brazil
15%
China
67%
Others
Others China 17%
15% 37%
India
India 7%
11%
Japan
Russia
5% Brazil
4% South Korea 2%
2%
Source: USGS Source: World Steel in Figures 2011
400
300
300
200
200
100
100
0 0
2004 2005 2006 2007 2008 2009 2010
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A PwC & MCX Joint Endeavour 115
Spot prices - Chennai - Rs. /dmtu Chinese imported prices - Brazilian pig iron RBI Rate USD/ INR Dollar Index
Monthly average 62% Fe nes (USD/dmtu) export prices (US$/tonne) Monthly average
6671.19 169 421 45.16 80.30
6133.76 161 425 45.02 78.45
5705.79 149 455 44.41 77.72
5609.77 141 455 46.06 81.35
5973.94 145 463 46.57 82.22
5136.82 126 476 46.84 83.43
5871.29 144 483 46.56 86.77
5953.01 161 407 45.80 85.48
6462.07 173 417 44.50 81.35
5010.42 140 390 45.50 80.81
4672.20 128 338 46.33 80.27
4402.57 126 334 45.96 77.98
- 105 317 46.63 77.00
- 99 316 46.59 75.4
- 87 335 46.72 76.17
- 81 309 48.39 77.19
- 98 294 48.36 78.53
- 84 246 48.47 79.71
- 72 309 47.78 80.26
- 63 239 48.61 82.11
- 60 471 50.08 85.55
- 64 366 51.23 86.71
- 76 395 49.22 86.84
- 73 527 48.83 84.83
- 61 614 48.64 83.65
- 61 596 49.00 86.77
- 61 699 48.64 83.53
- 61 653 45.56 78.37
- 61 605 42.94 76.21
- 61 537 42.84 72.79
- 61 471 42.82 73.41
- 61 403 42.13 73.05
- 61 366 40.02 72.38
- 61 353 40.36 72.72
- 61 346 39.73 75.77
- 61 339 39.37 76.00
- - 335 39.44 76.79
- - 331 39.44 75.67
- - 330 39.51 77.78
- - 332 40.34 79.14
- - 333 40.82 80.87
- - 333 40.42 80.61
- - 322 40.77 82.21
- - 311 40.78 82.01
- - 299 42.15 81.95
- - 292 44.03 83.17
- - 273 44.16 84.28
- - 269 44.33 84.58
- - 275 44.63 83.07
- - 284 44.85 84.72
- - 288 45.47 86.11
- - 302 46.12 85.25
- - 284 46.54 84.91
- - 259 46.46 85.61
- - 253 46.06 85.37
- - 236 45.41 84.69
- - 230 44.95 88.13
rest in all contracts at the month-end.
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A PwC & MCX Joint Endeavour 117
Average daily volatility (MCX spot prices) 2.30% 2.90% 3.40% 2.50% 2.20% -
Source: Ministry of Mines, ILZSG, WBMS, DGFT, MCX, LME
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A PwC & MCX Joint Endeavour 119
Lead prices
Month MCX futures prices - 5 MT contract (Rs/tonne) MCX spot prices (Rs/kg)
Open High Low Close Monthly average
Dec-10 102.75 115.95 102.70 115.65 108.67
Nov-10 110.80 116.75 98.20 101.60 106.58
Oct-10 101.65 114.70 97.80 108.30 105.95
Sep-10 97.15 103.75 97.05 101.60 100.53
Aug-10 95.80 102.80 90.95 94.95 96.44
Jul-10 81.20 95.95 80.00 95.45 86.49
Jun-10 85.85 85.90 72.55 78.90 79.19
May-10 98.05 98.90 79.10 84.75 86.82
Apr-10 97.20 105.60 96.10 96.55 100.66
Mar-10 100.00 105.15 90.90 95.75 98.83
Feb-10 93.50 108.65 90.20 98.80 98.28
Jan-10 113.50 121.95 93.05 95.20 108.85
Dec-09 107.90 115.85 104.80 111.65 108.43
Nov-09 107.60 112.20 100.30 106.40 107.44
Oct-09 108.05 113.90 98.55 109.10 104.98
Sep-09 102.10 121.45 97.65 109.35 107.38
Aug-09 89.80 103.80 83.95 103.50 92.37
Jul-09 81.45 89.70 75.20 88.65 81.18
Jun-09 74.65 86.30 73.85 82.80 80.28
May-09 66.90 74.60 65.60 72.35 69.97
Apr-09 64.30 77.85 62.35 66.55 69.39
Mar-09 54.05 70.25 53.15 64.80 63.38
Feb-09 55.65 59.30 47.80 52.00 54.28
Jan-09 49.35 60.30 48.10 56.45 54.81
Dec-08 57.00 57.60 40.50 45.95 46.43
Nov-08 76.00 76.00 53.15 53.80 63.85
Oct-08 87.20 88.20 57.75 72.35 70.93
Sep-08 87.20 94.50 79.50 84.55 85.20
Aug-08 94.30 95.45 70.70 85.75 82.97
Jul-08 77.20 98.85 66.40 94.70 82.96
Jun-08 83.90 88.90 74.45 74.50 79.67
May-08 104.60 107.00 80.75 82.60 93.80
Apr-08 113.25 120.40 107.40 108.40 113.08
Mar-08 133.85 140.65 107.10 111.55 121.65
Feb-08 109.65 137.70 107.65 135.50 121.82
Jan-08 101.30 109.15 96.00 108.05 102.41
Dec-07 121.25 121.70 94.35 99.80 103.41
Nov-07 144.95 148.95 110.15 120.95 132.18
Oct-07 136.50 154.35 134.10 145.15 147.98
Sep-07 127.80 142.05 117.40 137.15 130.49
Aug-07 127.05 139.25 115.65 134.50 127.70
Jul-07 115.60 142.30 112.60 126.05 124.65
Jun-07 91.15 109.80 91.15 108.10 98.91
May-07 82.10 92.45 82.10 92.00 85.66
Apr-07 84.55 86.50 80.15 82.75 84.56
Mar-07 84.60 88.00 84.60 84.85 84.11
Feb-07 77.00 84.65 70.90 83.85 78.52
Jan-07 74.25 77.30 69.00 77.30 74.05
Dec-06 72.00 80.95 72.00 78.40 77.00
Nov-06 72.50 75.00 70.00 74.00 72.93
Oct-06 64.85 73.50 64.85 73.50 69.92
Sep-06 57.25 64.75 54.50 64.75 61.91
Aug-06 51.35 55.00 51.35 55.00 54.67
Jul-06 44.00 53.45 43.00 50.50 48.92
Jun-06 54.10 54.10 42.50 43.20 44.32
May-06 56.35 59.00 51.40 53.35 52.76
Apr-06 54.50 58.00 51.90 56.35 52.65
Note: Future prices are for near month continuous futures contract
Source: Exchanges websites, RBI.
LME 3-month prices (USD/tonne) LME cash (USD/tonne) RBI rate USD/ INR Dollar Index
Open High Low Close Monthly average
2231.00 2569.75 2231.00 2550.00 2413.20 45.16 80.30
2440.00 2650.00 2150.00 2230.00 2364.98 45.02 78.45
2270.00 2619.00 2205.00 2449.00 2383.55 44.41 77.72
2060.00 2321.00 2060.00 2278.00 2192.85 46.06 81.35
2070.00 2250.00 1952.00 2070.00 2082.80 46.57 82.22
1735.00 2081.00 1697.50 2077.50 1843.97 46.84 83.43
1820.00 1860.15 1535.00 1750.00 1707.28 46.56 86.77
2210.00 2230.00 1721.25 1850.00 1876.79 45.80 85.48
2141.00 2400.00 2130.00 2230.00 2272.15 44.50 81.35
2217.00 2333.75 2007.00 2147.00 2163.00 45.50 80.81
2020.00 2368.00 1911.00 2165.00 2126.00 46.33 80.27
2464.00 2690.00 2010.00 2025.00 2352.00 45.96 77.98
2340.00 2525.50 2255.00 2432.00 2326.00 46.63 77.00
2275.00 2447.75 2145.00 2345.00 2303.00 46.59 75.40
2280.00 2485.00 2070.00 2305.00 2228.00 46.72 76.17
2095.50 2517.25 2025.00 2284.00 2205.00 48.39 77.19
1878.00 2149.00 1741.00 2107.00 1893.00 48.36 78.53
1690.00 1879.00 1548.00 1879.00 1674.00 48.47 79.71
1570.00 1833.50 1570.00 1690.00 1667.00 47.78 80.26
1325.00 1570.25 1320.00 1570.00 1447.00 48.61 82.11
1270.00 1570.00 1219.80 1330.00 1394.00 50.08 85.55
1050.00 1380.00 1025.00 1270.00 1247.00 51.23 86.71
1135.00 1219.00 980.00 1046.00 1099.63 49.22 86.84
980.00 1230.00 957.00 1120.50 1144.90 48.83 84.83
1095.00 1140.00 851.00 999.00 968.17 48.64 83.65
1525.00 1557.00 1073.00 1103.00 1286.43 49.00 86.77
1845.00 1873.00 1145.00 1508.00 1494.26 48.64 83.53
1975.00 2080.00 1729.75 1830.00 1872.31 45.56 78.37
2215.00 2222.50 1626.00 1975.00 1902.85 42.94 76.21
1780.00 2293.75 1531.00 2210.00 1960.04 42.84 72.79
2000.00 2090.00 1745.00 1790.00 1860.51 42.82 73.41
2700.00 2730.00 1912.00 1975.00 2216.09 42.13 73.05
2780.00 3000.00 2677.00 2714.00 2834.88 40.02 72.38
3335.00 3480.00 2655.00 2790.00 3012.93 40.36 72.72
2810.00 3420.00 2719.00 3330.00 3089.61 39.73 75.77
2555.00 2831.00 2405.00 2820.00 2621.78 39.37 76.00
3060.00 3060.00 2371.00 2550.00 2616.08 39.44 76.79
3680.00 3775.00 2805.00 3060.00 3319.91 39.44 75.67
3380.00 3890.15 3345.00 3660.00 3722.61 39.51 77.78
3120.00 3520.00 2845.00 3380.00 3228.03 40.34 79.14
3110.00 3355.00 2760.00 3110.00 3115.19 40.82 80.87
2680.00 3500.00 2670.00 3105.00 3072.43 40.42 80.61
2360.00 2745.00 2231.00 2660.00 2436.64 40.77 82.21
2015.00 2360.00 1980.00 2331.00 2106.00 40.78 82.01
1920.00 2045.00 1905.00 2015.00 1984.16 42.15 81.95
1825.00 1975.15 1771.85 1920.00 1908.98 44.03 83.17
1680.00 1955.00 1525.00 1820.00 1775.08 44.16 84.28
1685.00 1725.25 1505.00 1679.00 1664.34 44.33 84.58
1660.00 1785.00 1580.00 1665.00 1709.16 44.63 83.07
1615.00 1755.00 1440.00 1663.00 1626.02 44.85 84.72
1390.00 1630.00 1340.00 1617.00 1525.66 45.47 86.11
1220.00 1410.50 1214.00 1380.00 1346.53 46.12 85.25
1095.00 1250.00 1082.25 1210.00 1179.32 46.54 84.91
1020.00 1180.00 995.00 1092.00 1053.26 46.46 85.61
1065.00 1080.00 924.75 1015.00 963.61 46.06 85.37
1230.00 1360.00 1060.00 1071.00 1167.50 45.41 84.69
1180.00 1260.00 1139.85 1210.00 1170.56 44.95 88.13
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A PwC & MCX Joint Endeavour 121
Others
21%
Others China
31% 45%
Australia
15%
China
43% United
United States
States 15%
11%
Peru
7%
Germany
Mexico 4% Spain
4% South Korea 2%
3%
Source: Source: USGS; e estimates Source: GFMS
0 500
-50 0
May-94
May-96
Jan-87
Sep-87
May-88
Jan-89
Sep-89
May-90
Jan-91
Sep-91
May-92
Jan-93
Sep-93
Jan-95
Sep-95
May-98
Jan-99
Sep-99
May-00
Jan-01
Sep-01
May-02
Jan-03
Sep-03
May-04
Jan-05
Sep-05
may-06
Jan-07
Sep-07
May-08
Jan-09
Sep-09
May-10
Jan-11
Jan-97
Sep-97
Source: LME
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A PwC & MCX Joint Endeavour 123
Plant production (refined) Of which: 1,425,000 1,380,000 1,400,000 1,440,000 1,350,000 1,190,000
Ferronickel, including ferronickel magnesium - 363,000 350,000 395,000 332,000 232,000
Metal - 775,000 742,000 748,000 741,000 683,000
Oxide sinter - 91,700 89,400 100,000 95,700 104,000
Chemicals, including nickel sulfate - 13,800 14,600 14,800 16,200 16,900
Unspecified - 138,000 203,000 179,000 168,000 152,000
Average daily volatility (MCX spot prices) 2.10% 2.90% 3.20% 2.50% 2.60% -
Source: USGS, INSG, DGCIS, MCX, LME, GFMS, 7economy.com, World Bureau of Metal Statistics, China Customs General Administration
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A PwC & MCX Joint Endeavour 125
Nickel prices
Month MCX futures prices (Rs/tonne) MCX spot prices (Rs/kg)
Open High Low Close Monthly average
Dec-10 1053.0 1135.0 1051.2 1111.8 1085.7
Nov-10 1039.0 1097.4 957.9 1037.7 1028.4
Oct-10 1053.2 1120.7 1005.8 1010.3 1054.7
Sep-10 983.7 1082.7 983.7 1047.3 1041.6
Aug-10 981.0 1055.7 940.7 969.3 994.8
Jul-10 917.0 976.6 881.5 953.3 916.1
Jun-10 984.0 984.0 823.6 900.0 900.4
May-10 1169.1 1178.3 935.3 1002.2 1015.2
Apr-10 1121.1 1224.7 1081.6 1145.4 1163.0
Mar-10 985.0 1128.0 958.1 1125.2 1025.1
Feb-10 857.3 955.8 796.2 946.3 881.7
Jan-10 878.7 891.8 795.5 866.5 849.6
Dec-09 758.1 908.4 736.0 863.1 798.9
Nov-09 853.0 866.5 732.0 744.8 791.0
Oct-09 852.3 918.1 819.0 866.7 866.1
Sep-09 924.5 938.3 796.5 833.0 839.2
Aug-09 859.0 1022.4 859.0 956.4 948.0
Jul-09 744.0 858.4 702.2 851.1 773.6
Jun-09 660.0 768.9 651.4 762.5 717.3
May-09 589.0 666.6 572.6 650.4 616.6
Apr-09 502.0 637.1 494.7 565.6 558.4
Mar-09 504.1 533.5 478.3 479.3 495.8
Feb-09 545.0 585.0 462.0 488.6 512.5
Jan-09 576.0 654.8 498.1 537.6 550.8
Dec-08 515.0 540.8 442.3 522.8 470.5
Nov-08 623.8 649.3 476.2 484.8 526.3
Oct-08 764.4 769.0 447.8 556.5 579.0
Sep-08 906.0 906.5 721.0 741.9 807.2
Aug-08 795.1 935.0 736.6 887.8 819.2
Jul-08 960.0 974.5 763.0 791.6 863.4
Jun-08 935.0 1073.5 914.5 930.5 967.9
May-08 1160.0 1180.0 927.0 942.5 1077.0
Apr-08 1183.5 1205.5 1127.5 1169.5 1149.5
Mar-08 1259.0 1416.0 1126.0 1190.5 1260.9
Feb-08 1086.5 1275.0 1042.0 1258.0 1109.3
Jan-08 1040.5 1203.0 1038.5 1084.0 1089.2
Dec-07 1088.0 1104.5 998.0 1017.5 1030.3
Nov-07 1277.0 1350.0 1042.0 1047.5 1211.2
Oct-07 1230.0 1306.0 1188.0 1212.9 1228.5
Sep-07 1217.0 1362.0 1101.7 1232.9 1195.3
Aug-07 1279.0 1286.0 1035.0 1237.9 1120.1
Jul-07 1495.0 1519.9 1223.4 1275.7 1350.6
Jun-07 1941.1 2009.0 1430.2 1460.8 1700.7
May-07 2105.0 2185.5 1925.0 2073.2 2130.9
Apr-07 2007.8 2253.9 1953.9 2066.5 2133.3
Mar-07 1891.1 2247.0 1790.0 1982.8 2036.7
Feb-07 1945.0 1990.0 1925.0 1967.6 1817.1
Jan-07 1504.0 1855.0 1355.0 1727.0 1626.6
Dec-06 1498.0 1603.0 1433.0 1512.9 1543.5
Nov-06 1429.8 1547.3 1267.3 1539.0 1439.7
Oct-06 1408.3 1640.0 1327.1 1420.2 1491.9
Sep-06 1515.0 1524.2 1205.0 1430.5 1394.6
Aug-06 1287.5 1618.5 1210.0 1581.3 1445.0
Jul-06 976.1 1380.0 976.1 1324.3 1234.2
Jun-06 1080.0 1081.0 844.1 1031.2 954.0
May-06 905.0 1064.0 821.0 1064.0 956.8
Apr-06 675.0 832.7 675.0 827.9 801.7
Note: Future prices are for near month continuous futures contract
Source: Exchanges websites, RBI
LME 3-month prices (USD/tonne) LME cash (USD/tonne) RBI rate USD/ INR Dollar Index
Open High Low Close Monthly average
22850 25001 22850 24750 24111 45.16 80.30
23090 24849 20450 23050 22909 45.02 78.45
23300 25200 22661 22990 23807 44.41 77.72
20775 23570 20775 23400 22643 46.06 81.35
21025 22898 20000 20700 21413 46.57 82.22
19358 21204 18401 21150 19518 46.84 83.43
21050 21051 17375 19745 19389 46.56 86.77
26150 26469 20450 21350 22008 45.80 85.48
25001 27595 24269 26300 26031 44.50 81.35
21188 25085 20990 24995 22461 45.50 80.81
18550 21176 16975 21175 18976 46.33 80.27
18800 19400 17325 18500 18439 45.96 77.98
16200 19450 15720 18525 17066 46.63 77.00
18180 18400 15751 16400 16991 46.59 75.40
17800 19750 16900 18250 18525 46.72 76.17
18800 19150 16282 17895 17473 48.39 77.19
17900 21325 17900 19030 19642 48.36 78.53
15350 17950 14120 17950 15985 48.47 79.71
13945 16100 13800 15375 14960 47.78 80.26
11700 13950 11625 13945 12635 48.61 82.11
9800 12850 9625 11680 11166 50.08 85.55
9975 10420 9425 9850 9696 51.23 86.71
11180 12051 9250 10000 10409 49.22 86.84
11700 13550 10180 11200 11307 48.83 84.83
10000 11900 9000 11700 9686 48.64 83.65
12675 13125 9720 10200 10702 49.00 86.77
16050 16400 8850 12100 12140 48.64 83.53
20250 20350 15588 15850 17795 45.56 78.37
18599 21525 17370 20225 18928 42.94 76.21
21950 22599 18049 18350 20160 42.84 72.79
22290 24950 21400 21950 22549 42.82 73.41
28725 29149 21355 22100 25735 42.13 73.05
29750 30325 27900 28550 28763 40.02 72.38
31500 35150 28000 29755 31225 40.36 72.72
27650 32050 26250 31500 27955 39.73 75.77
26650 30750 26350 27400 27690 39.37 76.00
27450 27800 25177 26300 25992 39.44 76.79
32380 34250 26752 27095 30610 39.44 75.67
30849 33490 29701 32050 31055 39.51 77.78
29800 34500 26612.5 30500 29538 40.34 79.14
31450 31450 24800 29800 27652 40.82 80.87
36450 37500 30199 31445 33426 40.42 80.61
46100 50448.5 35350 36200 41719 40.77 82.21
48000 51800 44900 46000 52179 40.78 82.01
45000 50200 44950 47800 50267 42.15 81.95
40800 48500 39000 44800 46325 44.03 83.17
36500 41990 34350 41395 41184 44.16 84.28
33350 38950 30000 37000 36811 44.33 84.58
33750 34950 31999 33325 34570 44.63 83.07
31400 34100 28650 33950 32114 44.85 84.72
29375 32625 28000 31350 32703 45.47 86.11
28000 29450 25500 29350 30131 46.12 85.25
25400 29950 24175 28800 30744 46.54 84.91
21400 26900 21400 25500 26586 46.46 85.61
21500 21750 17050 21350 20755 46.06 85.37
19175 23050 18600 21900 21077 45.41 84.69
15200 20250 15150 19275 17942 44.95 88.13
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A PwC & MCX Joint Endeavour 127
Russia
17%
Others
30%
Indonesia
15%
Japan
12%
Canada Others
10% 40% China
United 37%
New States
Caledonia 8%
9%
South Korea
Australia 7%
Germany
9% 6%
26000
1225
1125
19000
1025
12000
925
825 5000
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
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A PwC & MCX Joint Endeavour 129
China
Crude steel production 627 574 500 489 419 152
Finished steel consumption 576 548 435 423 378 158
Finished steel use per capita (in kg) 427 409 327 320 287.4 133.2
Exports of semi-finished and finished 41,646 23,969 56,304 66,357 51,706 7,276
steel products (thousand tonne)
Imports of semi-finished and finished 1,718 2,235 1,562 17,185 19,105 25,608
steel products (thousand tonne)
Steel scrap import (thousand tonne) 5,877 13,692 3,590 3,395 5,385 9,776
India
Crude steel production 68 64 58 53 49 27
Finished steel consumption 64 58 51 51 46 29
Finished steel use per capita (in kg) 51.7 47.8 45.1 45.8 41.2 30.2
Exports of semi-finished and finished 5850 5552 7485 6590 6870 3187
steel products (thousand tonne)
Imports of semi-finished and finished 9128 8288 6973 7700 5660 1775
steel products (thousand tonne)
Exports of finished steel products (thousand tonne) 4028 5011 5160 5479 4815 2394
Imports of finished steel products (thousand tonne) 8078 5872 6872 5338 4633 1143
Steel scrap import (thousand tonne) 3606 4727 4579 2990 3145 1100
Inventory levels - year-end (tonnes)
LME (billets) 56,485 20,020 45,955 - - -
SHFE (both rebar and wire rod) - on warrant 25,548 98,155 - - - -
Average daily price volatility (MCX spot prices) 1.00% 1.70% 1.70% 0.60% 0.70% -
Note: Average daily price volatility is for Bhavnagar variety except for Govindgargh variety for year 2010
Source: Steel Statistical Yearbook 2008, 2009, 2010, 2011 and World Steel in gures 2011 by World Steel Association, USGS, DGCIS, MCX
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A PwC & MCX Joint Endeavour 131
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A PwC & MCX Joint Endeavour 133
Steel prices
Month MCX spot prices (Rs/tonne) - monthly average LME 3-month steel billet prices (USD/tonne)
Steel at Steel long Steel long Steel long Open High Low Close cash
Mumbai Govindgargh* Bhavnagar Ghaziabad* M
Dec-10 - 27036.0 - 26890.4 523.0 565.0 510.0 570.0
Nov-10 - 25896.2 - 25828.1 515.0 523.0 506.5 520.0
Oct-10 - 26058.0 - 25743.6 460.0 508.0 430.0 500.5
Sep-10 - 25825.6 - 25060.8 500.0 529.0 440.0 457.5
Aug-10 - 25425.4 - 24534.6 495.0 513.0 490.0 501.0
Jul-10 31414.1 25077.4 26487.0 24154.8 430.0 500.0 420.0 499.5
Jun-10 32091.9 25170.2 26051.2 24191.2 430.0 445.0 400.0 430.0
May-10 35066.8 25528.4 26739.2 25009.2 530.0 530.0 419.0 465.0
Apr-10 36859.6 27464.4 29698.8 26996.0 600.0 620.0 485.0 525.0
Mar-10 33500.0 26555.0 28794.8 26368.8 450.0 617.5 448.0 586.5
Feb-10 30864.6 24420.8 26014.6 23550.4 415.0 450.0 415.0 448.5
Jan-10 31512.0 25626.8 27350 25305.6 418.0 448.0 412.0 412.5
Dec-09 30394.2 23819.2 24493.5 23656.2 400.0 413.0 390.0 409.5
Nov-09 29891.3 21765.4 21680.8 20884.2 370.0 430.0 370.0 405.0
Oct-09 30555.8 22646.2 21244 21708.1 395.0 395.0 365.0 370.0
Sep-09 31791.2 23698.6 23973.1 23355.8 410.0 420.5 405.0 435.0
Aug-09 30840.8 22521.2 22542.4 21490.0 400.0 415.0 400.0 405.0
Jul-09 29895.6 21825.9 21645.6 20828.1 390.0 391.0 356.5 385.0
Jun-09 28941.2 23045.8 22721.1 25131.9 339.0 395.0 339.0 385.0
May-09 29228.4 24907.6 24169.2 24959.7 330.0 350.0 325.0 322.5
Apr-09 28988.7 24268.7 24018.7 - 309.0 335.0 295.0 325.0
Mar-09 28746.4 23994.0 23288.0 - 275.0 329.0 255.0 325.0
Feb-09 29077.9 23875.0 24286.1 - 320.0 336.0 282.0 295.0
Jan-09 30493.5 23891.0 25275.0 - 385.0 385.0 305.0 340.0
Dec-08 31469.6 24796.9 26241.9 - 330.0 390.0 320.0 380.0
Nov-08 33698.3 24749.3 26794.3 - 290.0 445.0 279.0 320.0
Oct-08 39318.8 25269.2 27575.0 - 515.0 515.0 260.0 290.0
Sep-08 44000.4 30859.8 33484.0 - 700.0 700.0 470.0 515.0
Aug-08 46249.2 31793.8 35121.2 - 960.0 960.0 685.0 685.0
Jul-08 45685.6 35268.1 39732.2 - 1170.0 1200.0 965.0 950.0
Jun-08 41267.2 34717.8 38567.4 - 1175.0 1270.0 1175.0 1195.0
May-08 36203.0 31200.0 33346.4 - 1030.0 1185.0 1030.0 1192.5
Apr-08 35869.6 - 35613.8 - 1005.0 1010.0 985.0 1015.0
Mar-08 34782.9 - 36557.9 - - - - -
Feb-08 31102.9 - 31865.6 - - - - -
Jan-08 29095.0 - 28416.2 - - - - -
Dec-07 28042.8 - 25830.4 - - - - -
Nov-07 28057.6 - 25452.4 - - - - -
Oct-07 28290.4 - 25478.1 - - - - -
Sep-07 28472.5 - 24813.8 - - - - -
Aug-07 27730.0 - 23763.1 - - - - -
Jul-07 27663.1 24331.9 22472.3 - - - - -
Jun-07 28238.1 25001.0 23190.0 - - - - -
May-07 29248.5 25097.4 24160.4 - - - - -
Apr-07 29830.4 25349.6 25022.1 - - - - -
Mar-07 29385.8 24304.6 23968.1 - - - - -
Feb-07 27342.9 23693.8 23292.5 - - - - -
Jan-07 26391.5 23401.2 22804.2 - - - - -
Dec-06 26444.4 22528.4 21661.6 - - - - -
Nov-06 26716.2 22315.8 21413.8 - - - - -
Oct-06 26469.2 22380.8 21426.2 - - - - -
Sep-06 26737.3 21717.7 20827.3 - - - - -
Aug-06 27232.3 21463.1 19416.9 - - - - -
Jul-06 26954.4 21021.6 19009.2 - - - - -
Jun-06 26045.8 20390.8 19041.2 - - - - -
May-06 26019.3 20937.4 20071.1 - - - - -
Apr-06 24874.5 21848.3 21438.3 - - - - -
Note: * Monthly average for March 2011 is for daily spot prices till Mar 18 2011; LME Mediterranean variety has been renamed as Steel billet; Future prices are for near month continuous futures cont
Source: Exchanges websites, RBI
LME steel billet SHFE rebar steel futures price (CNY/tonne) CNY/INR spot RBI rate USD/ INR Dollar index
e cash price (USD/tonne) Open High Low Close Monthly average
Monthly average
0 525.3 4800 5130 4745 4901 6.79 45.16 80.30
0 505.0 4265 4975 4265 4734 6.76 45.02 78.45
5 467.5 4190 4389 4190 4334 6.66 44.41 77.72
5 471.2 4230 4470 4156 4168 6.83 46.06 81.35
0 492.3 3980 4220 3980 4177 6.86 46.57 82.22
5 434.3 3805 3978 3710 3956 6.91 46.84 83.43
0 424.1 4013 4058 3783 3826 6.83 46.56 86.77
0 460.9 4290 4316 3901 4026 6.72 45.80 85.48
0 543.2 4311 4520 4234 4274 6.52 44.50 81.35
5 505.9 3899 4391 3850 4328 6.66 45.50 80.81
5 432.1 3882 4086 3681 3891 6.78 46.33 80.27
5 414.9 3899 4055 3775 3884 6.73 45.96 77.98
5 379.0 3630 3940 3622 3896 6.83 46.63 77.00
0 368.1 3582 3765 3580 3663 6.83 46.59 75.40
0 356.9 3420 3728 3420 3619 6.84 46.72 76.17
0 399.0 4107 4107 3400 3483 7.09 48.39 77.19
0 396.5 4804 4996 4107 4154 7.08 48.36 78.53
0 370.9 3826 4579 3820 4490 7.09 48.47 79.71
0 356.8 3630 3940 3622 3828 6.99 47.78 80.26
5 335.2 3573 3678 3570 3610 7.12 48.61 82.11
0 324.3 3560 3648 3410 3543 7.34 50.08 85.55
0 303.8 3550 3663 3513 3549 7.50 51.23 86.71
0 323.0 - - - - 7.21 49.22 86.84
0 331.5 - - - - 7.14 48.83 84.83
0 340.3 - - - - 7.11 48.64 83.65
0 327.0 - - - - 7.18 49.00 86.77
0 358.5 - - - - 7.12 48.64 83.53
0 624.2 - - - - 6.67 45.56 78.37
0 916.6 - - - - 6.28 42.94 76.21
0 1018.3 - - - - 6.26 42.84 72.79
0 - - - - - 6.22 42.82 73.41
5 - - - - - 6.04 42.13 73.05
0 - - - - - 5.72 40.02 72.38
- - - - - - 5.70 40.36 72.72
- - - - - - 5.55 39.73 75.77
- - - - - - 5.43 39.37 76.00
- - - - - - 5.35 39.44 76.79
- - - - - - 5.32 39.44 75.67
- - - - - - 5.27 39.51 77.78
- - - - - - 5.36 40.34 79.14
- - - - - - 5.38 40.82 80.87
- - - - - - 5.34 40.42 80.61
- - - - - - 5.34 40.77 82.21
- - - - - - 5.32 40.78 82.01
- - - - - - 5.46 42.15 81.95
- - - - - - 5.68 44.03 83.17
- - - - - - 5.69 44.16 84.28
- - - - - - 5.69 44.33 84.58
- - - - - - 5.70 44.63 83.07
- - - - - - 5.70 44.85 84.72
- - - - - - 5.75 45.47 86.11
- - - - - - 5.81 46.12 85.25
- - - - - - 5.84 46.54 84.91
- - - - - - 5.82 46.46 85.61
- - - - - - 5.75 46.06 85.37
- - - - - - 5.66 45.41 84.69
- - - - - - 5.61 44.95 88.13
ures contract
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Others Others
32% 35%
China China
44% 45%
Japan United
8% States
6%
USA
6% Japan
India
5%
5% Russia India South
5% 5% Korea
4%
Source: World Steel In Figures 2011 Source: World Steel in Figures 2011
950
9
3
Average : 3.7%
800
8
1
650
6
-1 500
50
Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10
Source: Steel Statistical Year Book 2011, The Conference Board, WSA, World Bank
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A PwC & MCX Joint Endeavour 137
Average daily volatility (MCX spot prices) 2.20% 2.30% 2.70% 2.30% 3.90% -
Source: ILZSG; USGS; WBMS; Exchanges' websites; Thomson Reuters GFMS; DGCIS
Top zinc miners in Western World - 2010 Top refined zinc producers in WesternWorld - 2010
Rank Name Production Rank Name Production
1 Glencore 734 1 Nyrstar 1077
2 Hindustan Zinc 714 2 Korea Zinc Group 940
3 Xstrata (free float) 666 3 Hindustan Zinc 669
4 Minmetals Australia (MMG) 664 4 Votorantim 488
5 Teck Resources 646 5 Boliden 456
Source: ILZSG, CRU Group, Reuters Source: ILZSG, CRU Group, Reuters
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A PwC & MCX Joint Endeavour 139
Zinc prices
Month MCX futures prices - 5 MT contract (Rs/kg) MCX spot price (Rs/kg) LME 3-month price (USD/tonne) L
Open High Low Close Monthly average Open High Low Close
Dec-10 98.30 109.05 97.70 108.85 102.78 2115.00 2455.00 2110.00 2454.00
Nov-10 109.50 114.65 93.40 96.85 102.55 2430.00 2599.00 2019.50 2112.00
Oct-10 99.25 115.60 98.45 106.45 105.32 2186.00 2638.75 2186.00 2423.00
Sep-10 97.50 103.40 96.80 97.55 99.45 2066.00 2284.75 2066.00 2195.00
Aug-10 93.10 99.55 90.65 96.00 95.13 2005.00 2179.00 1951.00 2065.00
Jul-10 82.70 92.05 81.55 91.40 86.56 1771.00 2025.00 1736.50 2025.00
Jun-10 88.90 89.05 74.35 80.60 80.88 1930.00 1930.00 1577.00 1792.50
May-10 101.20 101.85 83.45 88.40 90.71 2275.00 2290.00 1823.75 1936.00
Apr-10 106.45 111.85 99.10 100.05 105.69 2370.00 2550.00 2260.00 2285.00
Mar-10 101.90 108.80 99.15 106.45 103.50 2245.00 2425.00 2175.00 2375.00
Feb-10 97.55 109.45 90.85 99.70 99.80 2110.00 2394.00 1935.00 2195.00
Jan-10 118.70 123.20 96.65 98.35 111.90 2588.00 2736.00 2097.00 2110.00
Dec-09 106.10 120.65 104.75 120.00 111.40 2310.00 2615.00 2260.00 2560.00
Nov-09 102.40 106.55 98.60 103.50 102.00 2160.00 2328.75 2126.25 2322.00
Oct-09 92.75 109.00 87.85 102.95 97.00 1950.00 2365.75 1855.00 2160.00
Sep-09 89.80 97.15 87.10 91.85 91.00 1850.00 2015.00 1781.00 1969.00
Aug-09 83.60 92.40 83.60 88.90 87.80 1750.00 1948.00 1750.00 1881.00
Jul-09 74.80 83.70 71.05 83.20 76.30 1543.00 1764.00 1440.00 1750.00
Jun-09 73.35 80.90 71.00 74.30 74.70 1567.00 1720.25 1487.00 1549.00
May-09 72.90 80.05 67.35 71.35 72.20 1425.00 1638.00 1420.00 1567.00
Apr-09 66.30 76.80 65.15 69.05 69.10 1322.00 1566.00 1281.50 1425.00
Mar-09 57.50 67.50 56.75 66.30 62.41 1125.00 1359.00 1090.00 1320.00
Feb-09 54.25 59.15 52.60 54.60 54.79 1120.00 1229.00 1070.00 1128.00
Jan-09 58.60 65.90 53.30 54.00 57.82 1220.00 1365.00 1089.75 1096.50
Dec-08 60.80 62.15 49.85 54.35 53.43 1200.00 1225.00 1038.00 1208.00
Nov-08 58.50 63.95 52.40 59.60 56.44 1168.00 1310.00 1077.00 1210.00
Oct-08 80.00 80.30 52.50 53.90 62.00 1684.00 1699.00 1076.00 1125.00
Sep-08 79.95 86.95 75.25 77.70 79.36 1834.50 1905.00 1633.00 1680.00
Aug-08 81.60 82.05 68.90 75.35 74.41 1904.75 1905.00 1605.00 1811.00
Jul-08 84.00 90.70 76.25 81.00 79.25 1936.00 2120.00 1750.00 1902.00
Jun-08 85.35 86.25 79.60 80.35 81.14 2013.00 2025.00 1850.00 1932.00
May-08 88.80 99.90 82.25 84.25 91.32 2255.00 2374.50 1955.00 2005.00
Apr-08 92.00 96.45 87.50 88.80 90.44 2313.00 2420.00 2206.00 2230.00
Mar-08 110.10 116.75 90.85 92.00 101.29 2750.00 2900.00 2252.00 2320.00
Feb-08 98.05 112.10 91.70 108.60 96.67 2500.00 2824.00 2310.00 2740.00
Jan-08 93.35 102.60 85.40 94.20 92.18 2380.00 2605.95 2150.00 2515.00
Dec-07 102.35 103.35 89.30 90.15 93.32 2645.00 2645.00 2251.00 2370.00
Nov-07 113.40 113.90 86.00 100.40 100.76 2818.00 2870.00 2135.00 2595.00
Oct-07 124.20 126.50 109.45 109.85 117.68 3060.00 3205.00 2811.00 2825.00
Sep-07 128.15 128.85 113.20 121.55 116.75 3100.00 3120.00 2680.00 3050.00
Aug-07 144.75 145.90 123.45 125.65 132.46 3525.00 3570.00 2949.80 3110.00
Jul-07 142.50 152.85 137.50 145.20 143.25 3360.00 3780.00 3351.00 3545.00
Jun-07 151.30 157.20 133.95 134.45 146.60 3710.00 3850.00 3290.00 3350.00
May-07 161.60 170.85 143.80 150.05 156.58 3742.00 4170.50 3535.00 3695.00
Apr-07 144.60 158.80 140.25 152.30 149.88 3275.00 3845.00 3119.85 3756.00
Mar-07 157.10 160.10 138.20 142.90 143.98 3505.00 3575.00 3119.75 3255.00
Feb-07 159.60 162.75 137.60 153.70 146.27 3490.00 3775.00 2990.00 3480.00
Jan-07 191.10 191.90 149.75 151.95 170.02 4230.00 4270.00 3340.00 3480.00
Dec-06 199.60 205.50 185.50 191.50 195.90 4365.00 4548.00 4120.50 4230.00
Nov-06 190.70 208.30 182.45 196.50 196.45 4220.00 4580.00 3975.00 4375.00
Oct-06 155.50 196.00 152.85 193.25 174.83 3360.00 4290.00 3260.00 4220.00
Sep-06 158.65 172.10 147.25 154.15 157.41 3420.00 3740.00 3140.00 3330.00
Aug-06 158.60 164.35 150.60 155.65 154.45 3400.00 3545.00 3190.00 3450.00
Jul-06 150.45 168.75 145.60 157.00 155.60 3260.00 3620.00 3065.00 3415.00
Jun-06 171.25 173.00 132.10 150.15 149.05 3595.00 3670.00 2810.00 3220.00
May-06 154.25 180.95 136.50 180.55 161.84 3250.00 4000.00 3100.00 3670.00
Apr-06 130.50 171.20 123.70 144.65 138.15 2660.00 3445.00 2620.00 3175.00
Note: Future prices are for near month continuous futures contract
Source: Exchanges websites, RBI
LME cash (USD/tonne) RBI rate - USD/INR SHFE futures price (Yuan/tonne) CNY/INR spot Dollar Index
Monthly average Open High Low Close Monthly average
0 2287.32 45.16 17000 19240 16995 19070 6.79 80.30
0 2283.30 45.02 19000 20500 16005 16885 6.76 78.45
0 2373.56 44.41 17745 21100 17650 19255 6.66 77.72
0 2150.94 46.06 16950 17945 16360 17310 6.83 81.35
0 2047.48 46.57 16250 17440 16150 16895 6.86 82.22
0 1847.03 46.84 14570 16100 14350 15950 6.91 83.43
0 1746.51 46.56 15570 15620 12655 14405 6.83 86.77
0 1969.79 45.80 17720 17845 14435 15650 6.72 85.48
0 2367.50 44.50 18520 19205 17640 17940 6.52 81.35
0 2277.00 45.50 18380 18830 17600 18475 6.66 80.81
0 2159.00 46.33 17210 19090 16515 17950 6.78 80.27
0 2415.00 45.96 21095 21990 17100 17610 6.73 77.98
0 2374.00 46.63 18100 20930 17360 20805 6.83 77.00
0 2197.00 46.59 16240 18145 15705 17690 6.83 75.40
0 2071.00 46.72 15715 16980 15200 16470 6.84 76.17
0 1879.00 48.39 14800 15510 14360 15045 7.09 77.19
0 1818.00 48.36 14500 15600 13700 14740 7.08 78.53
0 1581.00 48.47 13230 14365 12625 14255 7.09 79.71
0 1557.00 47.78 12900 14000 12765 13325 6.99 80.26
0 1493.00 48.61 12900 13395 12315 12645 7.12 82.11
0 1388.00 50.08 11800 13890 11740 12405 7.34 85.55
0 1223.22 51.23 10425 11940 10410 11675 7.50 86.71
0 1118.00 49.22 11290 11290 10080 10430 7.21 86.84
0 1202.52 48.83 10625 11600 10220 10565 7.14 84.83
0 1112.90 48.64 9420 10290 8780 10025 7.11 83.65
0 1169.36 49.00 9080 9760 8850 9395 7.18 86.77
0 1303.00 48.64 13880 13880 8420 8930 7.12 83.53
0 1744.52 45.56 14320 14450 13495 14045 6.67 78.37
0 1734.65 42.94 15400 15800 13465 14180 6.28 76.21
0 1856.45 42.84 16300 16870 15000 15535 6.26 72.79
0 1906.17 42.82 15625 17000 15500 16130 6.22 73.41
0 2178.33 42.13 18000 19140 16625 16625 6.04 73.05
0 2278.51 40.02 19000 19495 18000 18220 5.72 72.38
0 2511.18 40.36 21600 22815 18650 19350 5.70 72.72
0 2458.48 39.73 20495 21990 18785 21530 5.55 75.77
0 2364.41 39.37 19645 20900 17455 19710 5.43 76.00
0 2378.60 39.44 19450 20005 17900 19245 5.35 76.79
0 2554.60 39.44 25280 25305 17000 19795 5.32 75.67
0 2979.99 39.51 27000 27300 24780 25620 5.27 77.78
0 2887.60 40.34 28650 28790 26520 27315 5.36 79.14
0 3244.17 40.82 28750 29235 26330 28385 5.38 80.87
0 3546.30 40.42 26480 29700 25780 28660 5.34 80.61
0 3628.65 40.77 31010 31095 24315 26480 5.34 82.21
0 3847.52 40.78 33705 35590 28900 30520 5.32 82.01
0 3566.86 42.15 29390 34100 28660 32410 5.46 81.95
0 3256.18 44.03 28600 29870 28580 29365 5.68 83.17
0 3321.38 44.16 - - - - 5.69 84.28
0 3784.86 44.33 - - - - 5.69 84.58
0 4381.45 44.63 - - - - 5.70 83.07
0 4378.61 44.85 - - - - 5.70 84.72
0 3829.60 45.47 - - - - 5.75 86.11
0 3394.06 46.12 - - - - 5.81 85.25
0 3339.97 46.54 - - - - 5.84 84.91
0 3320.74 46.46 - - - - 5.82 85.61
0 3197.59 46.06 - - - - 5.75 85.37
0 3544.64 45.41 - - - - 5.66 84.69
0 3068.34 44.95 - - - - 5.61 88.13
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A PwC & MCX Joint Endeavour 141
China
29%
Others
Australia 38%
12%
China
43%
Peru Others
34% United
13% States
7%
Japan
United
States
4%
6% Canada India South
6% 4% Korea
4%
Zinc Prices, OECD Leading Indicator & Rolling correlation with Copper
USD/tonne
120 5000
LME Zinc prices (RHS) OECD Total Composite Leading Index Correlation with Copper(1 year)
100 4500
80 4000
3500
60
3000
40
2500
20
2000
0
1500
-20 1000
-40 500
-60 0
Dec-89
Mar-91
Jun-92
Sep-93
Dec-94
Mar-96
Sep-98
Dec-99
Mar-01
Jun-02
Sep-03
Dec-04
Mar-06
Jun-07
Sep-08
Dec-09
Mar-11
Jun-97
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A PwC & MCX Joint Endeavour 143
Energy
The economy mover
E
nergy is a vital force that powers business, manufac- economies. By year-end, reports of rising crude oil imports in
turing, and transportation of goods to serve economies China, and colder temperatures (heating demand) and upbeat
worldwide. The demand-supply equation of energy data in the US pushed oil to a year high of Rs.4,173.
is playing an increasingly key role in national MCX futures of natural gas, whose fundamentals
security and economic output of a nation. Sources are largely driven by local factors than global factors,
of energy vary from coal and crude oil to natural The oil can is slipped almost through the year. Consequently,
mightier than the
gas to renewables. Crude oil (petroleum) is chara- sword gas futures clocked a year high at Rs.279.40 in
terised by high demand and limited supply (Russia the first fortnight of the year itself. Thereafter,
is the leading producer) and is the most traded - Mr. Everett Dirksen forecasts of unusually low temperatures in the
energy commodity in the world, which makes oil a (An American senator) US, raising prospects for lower demand, pushed
highly politically sensitive commodity. The petroleum gas prices down. Later, by mid-year, gas prices
industry generally classifies crude oil by it geographic briefly recovered taking cues from some economic data
location it is produced in (West Texas Intermediate, Brent, or releases, concerns over effects of an oil spill in the Gulf of
Oman), its API gravity (an oil industry measure of density) and Mexico and cooling demand due to hot summers in the US.
its sulfur content. Another energy commodity, natural gas is an However, the increase in gas prices quickly fizzled out, as
important fuel source and major feedstock for fertilizers, with robust inventories and lack of a major hurricane-led disruptions
the US being the leading producer. A clean and safe source pushed the prices down. Eventually, gas futures registered a
of energy, this combustible mixture of hydrocarbon gases is year low of Rs.144.70 in late October.
gaining a lot of importance in the backdrop of a rising
global chorus on climate change. MCX energy futures prices in 2010
As in 2009, MCX crude oil and natural gas futures
4200 Oil: Upbeat US Oil & gas: Concerns 285
prices traded in opposite directions even in 2010. economic data release on oil spil
Oil: Increasing
Chinese oil
While oil futures rose by 9.7% annually, natural gas 4000 imports, up- 260
beat US data
futures dipped by 23.8%. After an initial period of releases
3800 235
uncertainty, oil prices rose on upbeat US economic
data and intermittent geopolitical tensions (e.g. 3600 210
Nigeria). But then, renewed debt concerns in Europe 3400 185
pulled oil down to a year low of Rs.3,127 in May.
3200 160
Later, the prices firmed up, after hitting a year low in Gas: Forecast for low Oil: Renewed European Gas: Ample
temperatures in US debt concerns inventories
May, on concerns over effects of an oil spill in the Gulf 3000 135
23-Apr-10
13-Aug-10
3-Dec-10
1-Jan-10
26-Feb-10
26-Mar-10
21-May-10
8-Oct-10
5-Nov-10
31-Dec-10
29-Jan-10
18-Jun-10
16-Jul-10
10-Sep-10
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A PwC & MCX Joint Endeavour 145
Carbon fundamentals
2010 2009 2008 2007 2006 2005
Carbon market Vol Val Vol Val Vol Val Vol Val Vol Val Vol Val
(MtCO2e) (MUS$) (MtCO2e) (MUS$) (MtCO2e) (MUS$) (MtCO2e) (MUS$) (MtCO2e) (MUS$) (MtCO2e) (MUS$)
Project based transactions
Primary CDM 149 1.3 211 2.7 404 6.5 552 7.4 450 4.8 341 2.4
Secondary CDM 1004 15.8 1055 17.5 1072 26.3 240 5.5 25 0.4 10 0.2
Sub total (including JI and 1153 17.1 1338 20.9 1558 33.6 876 13.6 508 5.5 382 2.9
voluntary market)
Allowances market
EU ETS 5505 105.1 6326 118.5 3093 100.5 2060 49.1 1101 24.4 321 7.9
New South Wales 29 - 34 0.1 31 0.2 25 0.2 20 0.2 6 0.1
Chicago Climate Exchange 1.6 - 41 0.1 69 0.3 23 0.1 10 0.0 1 -
Sub total (including others) 5732 105.1 7362 122.8 3278 101.5 2108 49.4 1131 24.6 328 8.0
Total carbon market 6885 122.2 8700 143.7 4836 135.1 2984 63.0 1639 30.1 710 10.9
Source: State and Trends of the Carbon Market 2010, 2009, 2008, 2007, 2006 by The World Bank, Bloomberg New Energy Finance
Host country Registered All years 2004 2005 2006 2007 2008 2009 2010 2011 Country's
projects share of
Investments in million US$ investments
China 1510 88191 0 62 1440 5697 11160 19788 31512 18532 68.6%
India 705 20907 5 110 1367 4137 1306 4248 6805 2930 16.3%
Latin America 540 9343 18 449 2646 1640 1610 1296 555 1129 7.3%
Rest of Asia 446 5668 0 84 1033 434 347 985 1837 949 4.4%
Africa 66 2467 0 119 373 301 73 329 660 612 1.9%
Middle-East 39 1637 0 0 3 305 64 523 27 714 1.3%
Europe and 31 400 0 6 124 5 5 84 44 132 0.3%
Central Asia
Total 3337 128612 23 830 6985 12518 14566 27253 41440 24998 100.0%
(Rejected projects excluded)
Source: www.cdmpipeline.org, as on 1st August, 2011
CDM projects in the pipeline Expected issuance from CDM projects in Pipeline CDM project with CERs issued
Projects 1000 CERs 2012 kCERs 2020 kCERs Projects Issued kCERs Issuance
Type (rejected projects excluded) success
Afforestation 11 411 2161 5292
Agriculture 1 10 18 100
Biomass energy 771 48917 171116 533435 151 19231 84%
Cement 49 8549 33598 86419 9 1544 53%
CO2 usage 4 116 287 1268 1 10 31%
Coal bed/mine methane 81 35226 106660 387146 16 6167 44%
Energy distribution 22 5810 11094 58703 1 316 83%
EE households 72 2947 5218 29845 2 28 60%
EE industry 132 5252 17959 52501 28 1650 82%
EE own generation 473 58303 204856 606851 79 30528 80%
EE service 26 317 1007 3172 1 6 63%
EE supply side 105 57813 61889 581934 9 667 81%
Fossil fuel switch 132 54053 173980 580702 37 17458 56%
Fugitive 44 21474 70486 225052 3 7767 124%
Geothermal 18 4636 13402 48153 5 1977 64%
HFCs 23 81727 476504 1082475 19 315892 105%
Hydro 1714 200921 442438 2070146 335 49128 86%
Landfill gas 352 53545 202638 595372 73 16947 41%
Methane avoidance 671 31083 108267 325443 90 7891 49%
N2O 76 51102 253263 658215 33 152282 115%
PFCs and SF6 18 5050 11796 50929 4 405 68%
Reforestation 52 4273 18636 57428
Solar 121 3839 5389 37311 5 107 108%
Tidal 1 315 1104 3631
Transport 42 4796 10492 49993 2 359 47%
Wind 1548 138135 326489 1408258 232 39769 86%
Total 6559 878620 2730745 9539775 1135 670128 93.5%
Note: Projects rejected by DOEs or EB or withdrawn are not included; 1 k CERs = 1000 CER
Source: www.cdmpipeline.org, as on 1st August, 2011
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Historic Value in the Voluntary Carbon Historic Transacted and Retired Volumes,
Markets(US$ Millions) OTC Voluntary Market (MtCO2e)
Year OTC OTC CCX CCX Exchanges Total Year Sold OTC Retired
-single sale (Other) Pre-2002 44 7
(outlier) 2002 11 4
Pre-2002 180 - - - 180 2003 6 4
2002 44 - - - 44 2004 10 5
2003 27 - 0.3 - 27 2005 11 8
2004 42 - 3 - 45 2006 18 7
2005 44 - 3 - 47 2007 45 13
2006 72 - 38 - 110 2008 61 16
2007 275 - 72 1 348 2009 55 14
2008 447 - 307 2 755 2010 69 13
2009 354 50 12 415 Note: Based on 153 survey respondents
2010 413 0.2 - 10 424 Source: Back to the Future State of the Voluntary Carbon Markets 2011 by Ecosystem
Notes: Based on 125 survey respondents Marketplace & Bloomberg New energy Finance.
Source: Back to the Future State of the Voluntary Carbon Markets 2011 by Ecosystem
Marketplace & Bloomberg New energy Finance.
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A PwC & MCX Joint Endeavour 149
Carbon prices
Month MCX CER spot prices ICE-ECX CER futures prices (EUR/tonne)
(Rs/tonne) Open High Low Close
Monthly average
Dec-10 695.52 11.82 12.01 11.35 11.78
Nov-10 757.42 12.4 12.53 11.6 11.76
Oct-10 827.83 13.74 14.06 12.4 12.44
Sep-10 828.9 13.36 13.99 13.36 13.69
Aug-10 767.17 - - - 13.42
Jul-10 726.98 - - - 12
Jun-10 739.08 - - - 13.01
May-10 759.4 - - - 12.5
Apr-10 759.1 - - - 14.25
Mar-10 717.63 11.96 12.26 11.32 11.5
Feb-10 736.71 11.85 11.85 11.85 11.68
Jan-10 759.64 11.35 12.08 10.08 11.32
Dec-09 820.17 12.21 13.83 12.18 11.03
Nov-09 882 13.51 13.63 11.75 12.2
Oct-09 896.38 11.95 13.9 11.68 13.62
Sep-09 894.96 12.44 12.44 11.65 11.99
Aug-09 889.5 12.68 13.48 12.62 13.35
Jul-09 847.89 11.96 13.05 11.85 12.29
Jun-09 780.38 12.74 12.74 10.61 11.81
May-09 813.24 11.52 12.94 11.52 12.71
Apr-09 720.13 10.92 11.59 10.31 11.51
Mar-09 695.16 10.75 11.2 9.5 10.46
Feb-09 561.63 10.25 10.25 7.75 8.96
Jan-09 770.63 13.1 13.1 10.05 10.66
Dec-08 874.17 14.25 14.4 12.9 13.64
Nov-08 928.63 14.95 16.39 13.25 13.91
Oct-08 1177.42 19 20.45 14.25 15.05
Sep-08 1309.23 21.1 21.1 17.3 18.45
Aug-08 1267.12 17.74 21.25 16.75 21.2
Jul-08 1437.83 21.6 23.38 17.2 17.72
Jun-08 1353.5 17.85 21 17.78 20.86
May-08 - 16.9 17.95 16.85 17.85
Apr-08 - 15.5 16.5 15.25 16.07
Mar-08 - 16.46 16.61 15.31 15.43
Feb-08 - - - - -
Jan-08 - - - - -
Dec-07 - - - - -
Nov-07 - - - - -
Oct-07 - - - - -
Sep-07 - - - - -
Aug-07 - - - - -
Jul-07 - - - - -
Jun-07 - - - - -
May-07 - - - - -
Apr-07 - - - - -
Mar-07 - - - - -
Feb-07 - - - - -
Jan-07 - - - - -
Dec-06 - - - - -
Nov-06 - - - - -
Oct-06 - - - - -
Sep-06 - - - - -
Aug-06 - - - - -
Jul-06 - - - - -
Jun-06 - - - - -
May-06 - - - - -
Apr-06 - - - - -
Note: *Standard Certied Emission Reduction Forward Agreement Year 1 -contract month 2010; Future prices are for near month continuous futures contract
Source: Exchanges websites, RBI
ICE-ECX EUA futures prices (EUR/tonne) CER OTC* EUA spot RBI rate -
Open High Low Close (EUR/tonne) OTC (EUR/tonne) USD/INR
Monthly average
14.7 15.07 13.7 14.02 11.13 14.04 45.16
14.59 15.37 14.15 14.76 12.17 14.76 45.02
15.37 15.9 14.59 14.63 13.36 15.2 44.41
15.03 15.76 15.03 15.41 13.57 15.17 46.06
- - - 15.22 12.71 14.6 46.57
- - - 14.08 12.15 14.17 46.84
15.55 15.55 15.55 15.19 12.87 15.21 46.56
- - - 15.02 12.86 15.2 45.8
- - - 15.84 12.7 14.2 44.5
- - - 12.71 11.53 12.76 45.5
13.2 13.2 13.2 12.86 11.48 12.77 46.33
13.49 13.49 13.49 12.71 11.51 12.91 45.96
13.27 14.93 12.97 12.31 12.9 12.99 46.63
14.71 14.71 12.47 13.14 12.57 13.6 46.59
13.45 15.04 12.92 14.54 12.92 13.96 46.72
13.8 13.9 12.9 13.36 12.8 14.02 48.39
15.05 15.3 15.05 14.89 13.05 14.43 48.36
- - - 13.66 12.41 13.54 48.47
- - - 13.15 11.41 13 47.78
- - - 14.65 12.31 14.28 48.61
- - - 13.92 10.82 12.83 50.08
10.5 12.05 10.05 11.45 10.45 11.1 51.23
11.07 11.07 8.5 9.96 8.86 9.47 49.22
15.05 15.05 11.7 11.57 11.44 12.69 48.83
15.3 16.1 13.5 15.45 13.45 14.9 48.64
18.25 19.2 14.78 15.52 14.86 16.93 49
22.95 23.62 17.1 17.94 17.85 20.89 48.64
25.17 25.43 21.57 22.35 19.75 23.67 45.56
21.4 25.47 20.41 25.19 19.77 23.05 42.94
28.78 29.69 21.75 22.06 21.06 25.23 42.84
26.1 28.88 25.89 28.77 20.06 26.71 42.82
23.71 26.85 23.52 26.1 17.07 24.58 42.13
21.9 25.67 21.8 23.88 16.03 23.54 40.02
0.01 0.03 0.01 0.02 15.92 0.01 40.36
0.01 0.01 0.01 0.01 15.19 0.01 39.73
0.03 0.03 0.03 0.02 16.58 0.01 39.37
0.04 0.04 0.01 0.02 55.62 0.01 39.44
0.08 0.12 0.01 0.01 56.74 0.06 39.44
0.06 0.12 0.06 0.09 52.52 0.03 39.51
0.07 0.08 0.07 0.08 48.04 0.06 40.34
- - - 0.1 46.46 0.08 40.82
- - - 0.12 14.61 0.1 40.42
- - - 0.12 0 0.17 40.77
- - - 0.28 0 0.34 40.78
- - - 0.51 0 0.66 42.15
1 1.1 1 1.26 4.02 1.06 44.03
2.2 1.55 0 0.9 4.12 1.22 44.16
5.9 5.9 0 2.3 5.51 3.69 44.33
7.5 7.85 6.3 6.45 41.53 6.67 44.63
11.2 11.4 7.2 8.1 44.51 8.95 44.85
12.55 13.05 10.4 11.05 47.04 11.99 45.47
16.35 16.55 11.5 12.95 48 14.79 46.12
15.65 16.65 15.65 15.8 48.52 15.72 46.54
16.85 16.85 16.85 16.05 47.19 16.14 46.46
15.85 15.95 14.3 15.65 48.55 14.92 46.06
13.4 13.4 13.4 17.05 50.52 14.89 45.41
27.2 28.9 27.2 13.3 51.46 26.42 44.95
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United
Kingdom
India 24%
15%
China Switzerland
Republic 58% 14% Others
of Korea 44%
11%
Japan
8%
Brazil
8%
Netherlands
Others 6% Sweden
8% 6%
-8 5
-10 0
Apr-08
08
May-08
08
Jul-08
08
Sep-08
08
08
Oct-08
Dec-08
08
9
Feb-09
9
Mar-09
May-09
9
9
Jul-09
Aug-09
9
9
Oct-09
Dec-09
9
Jan-10
0
Mar-10
0
May-10
0
Jun-10
0
Aug-10
0
0
Oct-10
Nov-10
0
Jan-11
11
Mar-11
11
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Average daily volatility (MCX spot prices) 1.7% 2.3% 2.8% 1.6% 1.7% -
World marketed energy consumption by country grouping - Outlook 2015 (Quadrillion Btu)
Region Forecast release year
Global 2011 2010 2009 2008
OECD 250.4 246.0 252.4 260.5
Americas 126.1 124.3 125.9 132.3
Europe 83.6 82.0 84.8 86.5
Asia 40.7 39.7 41.8 41.4
Non-OECD 323.1 297.5 299.1 302.5
Europe & Eurasia 51.4 52.4 57.6 59.5
Asia 188.1 159.3 163.2 164.2
Middle East 31.0 32.9 30.3 29.5
Africa 21.5 20.8 17.7 18.9
Central & South America 31.0 32.1 30.3 30.5
Total World 573.5 543.5 551.5 563.0
Note: Totals may not equal sum of components due to independent rounding.
Source: Energy Information Administration
Top 5 countries with crude oil refinery capacities (thousand barrels per day)
Country 2010 2009 2008 2007 2006 2001
US 17594 17688 17672 17594 17443 16785
China 10121 9479 8722 8399 7865 5643
Russian Federation 5555 5527 5549 5596 5599 5628
Japan 4463 4621 4650 4598 4542 4705
India 3703 3574 2992 2983 2872 2261
Source: BP statistical Review 2011
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OECD annual Oil Stocks 4200.5 4181.2 4181.8 4054.8 4130.1 3912.0
OECD Government Oil Stocks 1559.0 1562.0 1525.0 1522.0 1497.0 -
Hurricance activity - North Atlantic Ocean
Dates active Jun 25 - May 28 - May 30 - May 9 - Jun 10 - Jun 5 -
Nov 7 Nov 10 Nov 10 Dec 13 Oct 2 Dec 4
Number of cyclones recorded 21 11 17 17 10 17
Total landfalls 10 4 33 16 7 11
Number of hurricanes recorded 12 3 8 6 5 9
Approximate damage (in US$ billion) 12.04 0.077 47.5 3.0 0.5 7.9
Deaths 259 6 855 394 7 93
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A PwC & MCX Joint Endeavour 157
bbl) ICE Brent crude oil futures prices (USD/bbl) US WTI spot Monthly international OPEC basket RBI Rate USD/INR US Dollar Index
prices (USD/bbl) prices of Indian prices (US$/bbl)
Open High Low Close Monthly average crude oil basket Monthly average
8 85.71 95.2 85.41 94.75 89.15 89.77 88.46 45.16 80.30
1 83.13 89.7 82.43 85.92 84.24 84.26 82.83 45.02 78.45
3 82.21 86.02 80.75 83.15 81.90 81.11 79.86 44.41 77.72
7 74.46 82.4 74.42 82.31 75.29 76.09 74.63 46.06 81.35
2 78.11 82.86 71.75 74.64 76.60 75.13 74.15 46.57 82.22
5 74.65 78.31 70.77 78.18 76.35 73.54 72.51 46.84 83.43
3 74.82 79.86 70.5 75.01 75.35 74.33 72.97 46.56 86.77
7 87.44 89.58 68.15 74.65 73.73 76.16 74.48 45.80 85.48
5 82.44 87.75 82.22 87.44 84.48 84.08 82.47 44.50 81.35
6 77.69 82.82 76.21 82.7 81.07 78.02 77.21 45.50 80.81
6 71.35 78.94 67.87 77.59 76.06 73.69 72.99 46.33 80.27
9 78.49 82.45 71.02 71.46 78.36 76.61 76.01 45.96 77.98
6 78.42 79.91 71.02 77.93 74.49 75.02 74.01 46.63 77.00
8 75.24 80.14 73.7 78.47 78.00 77.39 76.29 46.59 75.40
0 68.92 80.26 65.9 75.2 75.77 73.07 72.67 46.72 76.17
1 69.65 72.2 64.08 69.07 69.44 67.70 67.17 48.39 77.19
6 71.98 76 68.85 69.65 71.06 71.98 71.35 48.36 78.53
5 69.9 72.12 59.49 71.7 64.12 64.83 64.59 48.47 79.71
9 65.77 73.5 64.91 69.3 69.62 69.12 68.47 47.78 80.26
1 50.7 65.8 49.96 65.52 59.13 58.00 56.98 48.61 82.11
2 48.37 54.31 47.26 50.8 49.81 50.14 50.21 50.08 85.55
6 45.56 53.86 41.30 49.23 47.98 46.02 45.78 51.23 86.71
6 46.06 48.42 39.35 46.35 39.15 43.22 41.38 49.22 86.84
8 43.85 52.21 41.60 45.88 41.74 43.99 41.23 48.83 84.83
0 53.00 53.00 36.20 45.59 41.44 40.61 38.60 48.64 83.65
3 64.30 67.76 47.40 53.49 57.29 50.91 49.26 49.00 86.77
1 99.45 100.31 59.02 65.32 76.61 69.12 69.17 48.64 83.53
4 115.50 115.56 88.90 98.17 103.94 96.81 96.85 45.56 78.37
6 123.42 127.94 110.31 114.05 116.64 113.05 112.41 42.94 76.21
8 140.44 147.50 120.88 123.98 133.38 132.47 131.22 42.84 72.79
0 127.22 143.91 121.32 139.83 133.93 129.72 128.34 42.82 73.41
5 112.74 135.14 108.42 127.78 125.37 120.91 119.43 42.13 73.05
6 100.50 117.56 98.99 111.36 112.62 105.77 105.06 40.02 72.38
8 100.12 108.02 96.92 100.30 105.47 99.76 98.97 40.36 72.72
4 91.50 101.27 86.83 100.10 95.38 92.37 90.78 39.73 75.77
5 94.47 98.50 85.00 92.21 92.98 89.52 88.56 39.37 76.00
8 88.74 95.87 86.56 93.85 91.36 87.92 87.18 39.44 76.79
1 90.94 96.65 87.55 88.26 94.76 89.11 88.99 39.44 75.67
3 79.25 91.18 75.64 90.63 85.90 79.33 78.98 39.51 77.78
6 72.69 81.05 72.69 79.17 79.91 74.78 74.15 40.34 79.14
4 76.95 77.16 68.14 72.69 72.38 68.97 68.65 40.82 80.87
1 71.22 78.40 70.92 77.05 74.14 72.58 71.65 40.42 80.61
8 68.15 72.25 67.61 71.41 67.49 68.10 66.77 40.77 82.21
1 67.53 71.80 63.80 68.04 63.45 65.76 64.37 40.78 82.01
1 67.91 69.59 64.76 67.65 63.94 65.48 63.51 42.15 81.95
7 61.78 69.14 59.79 68.10 60.60 60.27 58.44 44.03 83.17
9 57.20 62.18 56.10 61.89 59.25 56.49 54.77 44.16 84.28
4 60.88 61.64 50.75 57.40 54.24 52.63 50.84 44.33 84.58
5 63.85 64.92 60.04 60.86 62.00 60.35 57.95 44.63 83.07
3 58.85 64.77 57.75 64.26 59.13 57.80 55.41 44.85 84.72
3 62.70 62.82 57.39 59.03 58.85 57.26 54.99 45.47 86.11
1 70.42 70.66 59.32 62.48 63.82 60.94 59.64 46.12 85.25
6 75.15 78.64 68.82 70.25 73.04 70.87 68.80 46.54 84.91
0 73.26 78.18 72.11 75.15 74.40 71.29 68.91 46.46 85.61
3 70.25 73.69 66.33 73.51 70.93 66.90 64.60 46.06 85.37
9 71.98 74.97 67.63 70.41 70.93 67.33 65.12 45.41 84.69
8 66.69 74.79 65.73 72.02 69.54 67.06 64.45 44.95 88.13
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Russian
Federation USA
13% 22%
Others
Saudi 56% Others
Arabia 55%
12%
China
10%
USA Japan
9% 5%
Iran India Russian
China 4%
5% Federation
5%
4%
Source: BP Statistical Review 2011 Source: BP Statistical Review 2011
Crude Oil (WTI) prices in USD & Euro and Dollar Index
price/bbl
160 180
Dollar Index Crude oil WTI Prices in USD Crude Oil WTI prices in EURO
140 160
1
140
1
120
120
1
100
100
1
80
80
8
60
60
6
40
40
4
20 20
2
0 0
May-94
May-83
83
Apr-84
84
Mar-85
85
Feb-86
86
Jan-87
87
87
Dec-87
88
Nov-88
89
Oct-89
Sep-90
90
91
Aug-91
92
Jul-92
Jun-93
93
94
95
Apr-95
96
Mar-96
97
Feb-97
98
Jan-98
Dec-98
98
99
Nov-99
00
Oct-00
01
Sep-01
02
Aug-02
Jul-03
03
04
Jun-04
May-05
05
06
Apr-06
07
Mar-07
08
Feb-08
Jan-09
09
Dec-09
09
10
Nov-10
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OECD natural gas prodution 1160 1126 1134 1102 1093 1097
OECD natural gas consumption 1546 1453 1500 1476 1425 1340
India
Proven gas reserves 1500 1101 1101 1101 1101 763
Natural gas production 51 39 31 30 29 26
Natural gas consumption 62 51 41 40 37 26
Natural gas (LNG) imports 12 13 11 10 8 -
Natural gas exports - - - - - -
Average daily volatility (MCX spot prices) 3.0% 5.1% 2.7% 2.7% 4.2% -
Note: LNG: Liquied Natural Gas
Source: Annual BP Statistical Review 2011, 2010, 2009, 2008, 2007, 2006, 2005, 2002; Ministry of Petroleum & Natural Gas; Energy Information Administration; MCX
World natural gas production by region & country - Outlook for 2015 (Quadrillion Btu)
Region Forecast release year
World 2011 2010 2009 2008
OECD North America 31.3 25 27.9 27.1
United States* 22.4 19.4 20.5 19.6
Canada 7.0 5.6 5.4 5.7
Mexico 1.9 - 2.1 1.8
OECD Europe 8.1 9.6 11 11.2
OECD Asia 2.8 3.5 2.8 2.9
Japan 0.2 - 0.2 0.2
South Korea 0.0 - 0 0
Australia/New Zealand 2.6 3.5 2.6 2.7
Other OECD 0.1 2.1 - -
Total OECD 42.3 40.2 41.7 41.2
Non-OECD Europe & Eurasia 30.5 32.2 35 36.1
Russia 23 23 26.7 26.9
Other 7.5 9.2 8.3 9.3
Non-OECD Asia 15.6 15.8 15.6 17.2
China 3.1 2.9 3.4 3.2
India 2.5 - 2 2
Other non-OECD Asia 10 12.9 10.3 12
Middle East 19.7 20.9 17.8 16.9
Africa 9.7 11.3 9.6 10.7
Central & South America 5.8 6.6 7 7.3
Brazil 1 - 1 0.7
Other Central/South America 4.8 - 6 6.5
Total Non-OECD 81.3 86.8 85 88.3
Total World 123.6 126.9 126.7 129.5
Note: * includes supplemental production or forecast discrepancy
Source: Energy Information Administration
World Liquid Gas carrier fleet size and type, 2010 (1,000 cu m)
No LPG Ccpacity No LNG capacity Total no Total capacity
Up to 999 61 42 - - 61 42
1,000 - 1,999 274 396 - - 274 396
2,000 - 4,999 316 1,053 - - 316 1,053
5,000 - 9,999 208 1,414 - - 208 1,414
10,000 - 19,999 63 876 13 133 76 1,009
20,000 - 39,999 105 3,043 3 94 108 3,137
40,000 - 59,999 20 1,164 3 122 23 1,286
60,000 - 99,999 142 11,367 17 1,295 159 12,662
100,000 and over - - 326 50,254 326 50,254
Total World 1,189 19,355 362 51,898 1,551 71,253
Note: Figures as at year-end. Totals may not add due to independent rounding.
Source: OPEC Annual Statistical Bulletin - 2010/11 edition
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US spot prices (USD/mmbtu) ICE (UK) futures prices (GBP/therm) RBI rate USD/INR Dollar Index
Monthly average Open High Low Close Monthly average
4.25 55.25 62.70 55.25 61.07 45.16 80.30
3.71 47.40 55.50 45.50 54.20 45.02 78.45
3.43 48.00 48.80 45.40 47.61 44.41 77.72
3.89 41.20 49.20 41.15 47.32 46.06 81.35
4.31 39.85 43.00 36.90 41.83 46.57 82.22
4.63 45.49 51.50 38.75 40.66 46.84 83.43
4.80 37.50 46.75 36.55 45.49 46.56 86.77
4.14 36.00 43.25 35.60 36.63 45.80 85.48
4.03 29.70 36.85 29.05 33.13 44.50 81.35
4.29 31.55 31.90 28.35 29.71 45.50 80.81
5.32 36.25 37.30 31.27 31.34 46.33 80.27
5.82 37.00 41.75 32.50 38.77 45.96 77.98
5.34 29.49 35.00 27.45 33.72 46.63 77.00
3.68 36.80 36.90 27.15 29.57 46.59 75.40
4.00 32.00 38.90 30.50 36.81 46.72 76.17
2.99 25.75 34.50 21.50 32.42 48.39 77.19
3.14 21.50 26.90 18.20 26.10 48.36 78.53
3.38 26.00 26.45 19.60 22.29 48.47 79.71
3.80 26.25 28.00 24.75 25.99 47.78 80.26
3.83 27.90 29.60 24.75 26.19 48.61 82.11
3.49 34.25 35.50 25.50 28.51 50.08 85.55
3.96 34.50 37.50 29.00 31.97 51.23 86.71
4.51 63.00 63.60 33.00 33.52 49.22 86.84
5.23 60.00 68.30 52.00 62.25 48.83 84.83
5.84 58.80 65.50 53.00 58.53 48.64 83.65
6.70 75.80 77.90 58.00 60.97 49.00 86.77
6.74 81.80 84.00 66.00 76.11 48.64 83.53
7.62 78.30 87.00 71.00 85.26 45.56 78.37
8.25 61.50 79.70 51.75 78.64 42.94 76.21
11.08 72.80 72.80 55.00 62.24 42.84 72.79
12.68 65.00 73.60 64.00 73.30 42.82 73.41
11.27 60.00 66.30 59.00 65.38 42.13 73.05
10.18 57.70 67.00 58.00 60.58 40.02 72.38
9.41 53.30 58.30 51.00 57.93 40.36 72.72
8.55 50.30 55.00 47.00 53.54 39.73 75.77
7.98 52.00 61.00 51.00 51.18 39.37 76.00
7.11 50.40 56.90 50.00 52.28 39.44 76.79
7.11 52.50 60.80 45.00 50.58 39.44 75.67
6.74 44.70 55.30 41.00 54.27 39.51 77.78
6.07 27.50 42.80 27.00 42.55 40.34 79.14
6.23 26.80 28.00 24.00 27.51 40.82 80.87
6.22 23.30 32.60 22.00 28.07 40.42 80.61
7.35 21.40 21.80 17.00 21.36 40.77 82.21
7.64 17.90 26.00 18.00 20.88 40.78 82.01
7.60 20.00 20.20 14.00 17.15 42.15 81.95
7.11 20.00 24.50 18.00 20.29 44.03 83.17
8.00 22.90 23.00 16.00 18.81 44.16 84.28
6.53 31.30 33.60 23.00 23.27 44.33 84.58
6.73 45.00 45.40 32.00 32.22 44.63 83.07
7.41 57.40 57.40 38.00 46.89 44.85 84.72
5.84 51.90 58.00 43.00 56.27 45.47 86.11
4.90 43.40 56.50 33.00 54.82 46.12 85.25
7.13 37.40 43.60 33.00 43.46 46.54 84.91
6.17 39.00 42.00 38.00 37.71 46.46 85.61
6.20 39.10 40.20 36.00 39.57 46.06 85.37
6.24 39.00 39.50 31.00 38.80 45.41 84.69
7.17 43.60 44.10 39.00 39.46 44.95 88.13
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A PwC & MCX Joint Endeavour 167
US
19%
USA
22%
Others
Russian Others 55%
Federation 49%
19% Russian
Federation
13%
Canada
5% Iran
4%
Iran China Japan
Qatar
4% 3% 3%
4%
1
20
0.5
15 0
-0
-0.5
10
-1
-1.
-1.5
5
-2
0 -2
-2.5
91
Jan-91
91
Dec-91
92
Nov-92
Oct-93
93
94
95
Aug-95
96
97
May-98
98
Apr-99
99
00
Mar-00
01
Feb-01
Jan-02
02
Dec-02
02
Nov-03
03
Aug-06
Sep-94
Jul-96
Jun-97
04
Oct-04
Sep-05
05
06
07
Jul-07
08
Jun-08
May-09
09
10
Apr-10
11
Mar-11
Power/Electricity fundamentals
2010 2009 2008 2007 2006 2001
Global
Electricity generation (Terawatt-hours) 21325.1 20135.5 20342.0 19943.2 19056.0 15639.7
Electricity consumption (Terawatt-hours) 18330.5 17220.3 17390.1 17055.2 16255.8 13355.6
Primary energy - consumption by fuel (Million tonnes oil equivalent)
Oil 4028.1 3908.7 3927.9 3939.4 3910.9 3510.6
Natural gas 2858.1 2661.4 2726.1 2652.2 2558.3 2164.3
Coal 3555.8 3305.6 3303.7 3194.5 3041.7 2255.1
Nuclear energy 626.2 614.0 619.7 622.5 634.9 601.2
Hydro electric 775.6 736.3 717.5 695.8 697.2 594.5
Total 11843.7 11225.9 11294.9 11104.4 10843.0 9124.8
OECD
Electricity generation (Terawatt-hours) 10904.8 10513.1 10965.4 10919.2 10693.7 9734.7
Electricity consumption (Terawatt-hours) 9476.8 9129.7 9509.2 9502.0 9289.1 8534.6
Electricity balance of trade (Terawatt-hours) 11.6 12.1 11.1 3.1 14.5 13.8
Primary energy - consumption by fuel (Million tonnes oil equivalent)
Oil 2113.8 2094.8 2182.7 2246.1 2270.2 2189.6
Natural gas 1397.6 1313.9 1346.9 1328.1 1274.3 1167.2
Coal 1103.6 1049.5 1159.2 1189.4 1169.7 1108.2
Nuclear energy 520.9 511.5 516.2 520.7 536.3 518.8
Hydro electric 309.5 299.4 301.9 283.9 301.9 291.0
Total 5445.3 5269.0 5507.0 5568.3 5552.4 5274.5
India
Electricity generation (Terawatt-hours) 922.2 869.8 824.5 797.9 738.7 574.6
Electricity consumption (Terawatt-hours) 669.1 642.8 601.6 577.0 521.9 372.8
Electricity balance of trade (Terawatt-hours) 6.9 8.0 8.9 4.9 2.7 1.3
Primary energy - consumption by fuel (Million tonnes oil equivalent)
Oil 155.5 151.0 135.0 128.5 120.4 97.1
Natural gas 55.7 45.9 37.2 36.0 33.6 23.7
Coal 277.6 250.6 231.4 212.9 195.1 173.5
Nuclear energy 5.2 3.8 3.5 4.0 4.0 4.4
Hydroelectric 25.2 24.0 26.2 27.7 25.4 16.1
Total 519.2 475.4 433.3 409.2 378.5 314.7
Source: Enerdata Yearbook 2011, British Statistical Review, gures may not tally due to rounding
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A PwC & MCX Joint Endeavour 169
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A PwC & MCX Joint Endeavour 171
Power scenario - Installed capaciy for all regions at a glance (MW), as on April 30, 2011
Sr. No. Region Thermal Nuclear Hydro Renewables TOTAL
Coal Gas Oil Total (MNRE)
1 Northern 24232.50 4134.76 12.99 28380.25 1620 13822.75 3165.55 46988.55
2 Western 31130.50 7903.81 17.48 39051.79 1840 7447.50 5357.96 53697.25
3 Southern 20482.50 4690.78 939.32 26112.60 1320 11299.03 9341.67 48073.30
4 Eastern 18747.88 190.00 17.20 18955.08 0 3882.12 359.64 23196.84
5 N. Eastern 60.00 787.00 142.74 989.74 0 1116.00 223.60 2329.34
6 Islands 0.00 0.00 70.02 70.02 0 0.00 6.10 76.12
7 All India 94653.38 17706.35 1199.75 113559.48 4780 37567.4 18454.52 174361.4
Note: Installed capacity as on 30.04.2011; MNRE - Ministry of New and Renewable Energy
Source: Central Electricity Authority
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A PwC & MCX Joint Endeavour 173
rice On-Peak day ahead LMP electricity Off-Peak day ahead LMP electricity IEX
spot price/New England (NEPOOL) spot price/New England (NEPOOL)
MCV* (MW) Monthly average unit value (Rs)
USD/mwh USD/mwh
47.66 38.50 1,121,375 2,458
47.39 38.88 865,617 2,025
40.49 29.59 1,089,461 2,731
45.96 33.09 1,127,849 2,520
93.60 38.65 1,181,299 3,412
58.00 38.00 888,049 3,365
44.79 42.50 748,389 3,499
50.92 35.00 591,861 4,544
49.43 33.00 579,198 7,802
36.94 27.00 687,345 5,482
48.68 36.00 727,207 3,232
69.05 48.23 783,705 3,560
77.12 57.00 623,545 3,240
48.24 35.94 647,156 3,163
47.73 33.38 555,345 4,950
34.97 22.60 500,179 4,002
28.53 18.56 514,637 7,383
38.29 26.00 577,176 4,812
39.26 30.00 530,333 7,391
39.03 29.50 373,725 6,843
33.65 25.00 408,705 10,099
40.62 30.16 362,173 8,407
51.83 42.48 182,824 6,840
54.10 44.00 296,151 6,182
71.33 60.57 359,574 6,873
67.00 48.00 450,643 7,474
65.50 51.67 375,190 8,317
66.61 56.50 278,597 7,951
85.90 57.00 223,372 7,648
102.37 69.00 74,917 7,682
140.44 94.00 424 7,143
105.38 79.50 - -
107.89 79.79 - -
92.62 69.45 - -
80.61 83.85 - -
78.20 58.63 - -
106.18 55.60 - -
84.76 61.68 - -
65.88 51.55 - -
63.40 44.00 - -
66.58 44.50 - -
85.83 55.95 - -
61.77 51.00 - -
81.05 55.00 - -
76.67 44.55 - -
78.49 47.15 - -
71.33 52.76 - -
78.63 59.80 - -
51.32 32.44 - -
75.70 46.00 - -
70.99 49.53 - -
49.37 32.00 - -
67.05 33.15 - -
107.87 65.00 - -
68.90 46.80 - -
71.60 38.50 - -
67.13 48.00 - -
ed); IEX commenced operations on June 28, 2009, Note: Future prices are for near month continuous futures contract
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A PwC & MCX Joint Endeavour 175
US USA
20% 21%
China
China Others 20% Others
20% 46% 45%
Japan Japan
5% 5%
Russia Russia
5% India India
5% 4%
4%
0
Aug-08
08
Aug-09
08
Oct-08
08
Dec-08
Feb-09
09
Apr-09
09
Jun-09
09
09
09
Oct-09
Dec-09
09
10
Feb-10
10
Apr-10
10
Jun-10
10
Aug-10
10
Oct-10
10
Dec-10
11
Feb-11
Source: CERC
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A PwC & MCX Joint Endeavour 177
AGRICULTURAL
COMMODITIES
IIn n IIndia,
ndia, dduring
uring 22010-11,
010-11, tthe
he iimpact
mpact ofof
ggood
ood monsoon
monsoon was was vvisible
isible iin
n rrobust
obust
ggrowth
rowth iin n aagriculture
griculture aand
nd aallied
llied aactivities.
ctivities
The south-west monsoon (June 1-Sept
30) showered a cumulative rainfall of
912.8mm, 2% above normal.
Prices of agri-commodities
were affected by higher energy
prices, more frequent than usual
adverse weather conditions,
and the diversion of some food
commodities to the production of
biofuels (notably, maize in the US
and edible oils in Europe).
John Baffes, Senior Economist, World Bank
Inside...
Oil and oilseeds >> 180
Crude palm oil >> 182
Refined soybean oil >> 187
Soybean fundamentals >> 192
Rapeseed/Mustard seeds >> 196
Castor seeds >> 202
Fibres >>
Cotton fundamentals >> 210
Jute fundamentals >> 218
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A PwC & MCX Joint Endeavour 179
3-Dec-10
1-Jan-10
26-Feb-10
26-Mar-10
23-Apr-10
21-May-10
8-Oct-10
5-Nov-10
31-Dec-10
29-Jan-10
18-Jun-10
16-Jul-10
10-Sep-10
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A PwC & MCX Joint Endeavour 181
Crude palm oil fundamentals - World and India (in `000' tonnes)
2011-12e 2010-11 2009-10 2008-09 2007-08 2006-07 2001-02
World
Beginning stocks 4,427 5,237 4,885 4,132 4,389 4,211 3,201
Production 50,261 47,260 45,862 43,992 41,084 37,329 25,312
Imports 37,991 35,424 34,751 33,664 30,284 26,432 16,480
Consumption 49,896 47,292 44,629 42,108 39,318 35,981 24,510
Exports 38,820 36,202 35,632 34,795 32,307 27,602 17,693
Total Supply 92,679 87,921 85,498 81,788 75,757 67,972 44,993
Ending Stocks 3,963 4,427 5,237 4,885 4,132 4,389 2,790
India
Beginning stocks 605 940 727 40 52 24 440
Production 50 50 50 50 50 50 35
Imports 7,100 6,500 6,603 6,867 5,013 3,650 3,400
Consumption 7,550 6,885 6,440 6,230 5,075 3,670 3,725
Exports - - - - - 2 -
Total Supply 7,755 7,490 7,380 6,957 5,115 3,724 3,875
Ending Stocks 205 605 940 727 40 52 150
Crude palm oil balance sheet 2011-12e - World (in `000' tonnes)
Supply Demand
Country Begining Production Imports Consumption Exports Ending
stocks stocks
Indonesia 302 25,400 60 6,280 19,150 332
Malaysia 1,588 18,400 1,400 4,070 15,800 1,518
Thailand 146 1,450 50 1,418 90 138
Nigeria 108 850 408 1,240 18 108
Columbia 6 880 125 890 100 21
Others 2,277 3,281 35,948 35,998 3,662 1,846
Grand Total 4,427 50,261 37,991 49,896 38,820 3,963
Note: e - Source estimates, data retrieved on 29 July, 2011;
Source: USDA
Selected State-wise Quantity of Crude Palm Oil Obtained under Oil Palm Development
Programme in India (in tonnes)
State 2009-10* 2008-09 2007-08 2006-07 2001-02
Andhra Pradesh 57,402 50,190 38,000 35,509 18,974
Karnataka 1,165 1,081 1,037 974 574
Tamil Nadu 365 366 266 249 0
Kerala 6,605 7,371 5,732 6,888 980
Others 952 0 0 345 2,086
All India 66,488 59,007 45,036 43,965 22,614
Source : Ministry of Agriculture, Govt. of India
Crude palm oil - BRICS Nations fact sheet (in `000' tonnes)
World Production Import Export Consumption Total Population Per capita Per capita
Supply (in million) availability consumption
(kg) (kg)
Brazil 275.00 175.00 20.00 435.00 488.00 206.47 2.36 2.11
Russia 0.00 550.00 0.00 574.00 599.00 137.97 4.34 4.16
2011-12e India 50.00 7,100.00 0.00 7,550.00 7,755.00 1,208.36 6.42 6.25
China 0.00 6,650.00 1.00 6,599.00 6,950.00 1,341.85 5.18 4.92
South Africa 0.00 380.00 2.00 378.00 380.00 49.83 7.63 7.59
450 2100
300 1400
150 700
0 0
2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11
Source: BMD & USDA. ES - ending stock, Indian prices Rs/20 kg, Int. prices MYR/tonne
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A PwC & MCX Joint Endeavour 183
MCX Spot prices -Mumbai/Kandla (Rs/10 Kg) Prices of Crude palm oil Bursa Malaysia
palm oil Closing price Volume Open
Monthly Months high Monthslow RBD: Mumbai (Malaysian in lots^ interest
average (Rs./10 kg) Ringgit/MT in lots^
527.66 549.40 514.90 563.00 3,814 365,042 87,668
483.88 503.50 450.70 519.50 3,506 451,843 79,484
423.13 452.50 405.00 476.77 3,040 367,371 72,436
418.92 423.60 412.00 462.09 2,737 303,856 68,718
417.56 428.00 400.00 464.31 2,720 409,878 66,585
379.09 401.00 363.30 415.77 2,589 356,832 69,684
369.11 379.50 363.70 402.50 2,425 297,667 72,242
371.42 381.20 365.00 397.48 2,499 248,503 68,982
361.81 367.40 356.30 391.00 2,577 306,657 63,654
365.98 373.50 359.60 400.00 2,628 342,862 77,494
359.16 365.00 343.30 391.60 2,595 222,712 82,428
355.76 373.60 344.60 391.66 2,450 358,707 74,332
350.22 357.40 341.00 388.10 2,578 325,668 81,268
326.73 346.00 313.50 365.28 2,436 300,242 91,125
314.47 323.50 303.60 353.04 2,160 373,498 94,956
330.56 343.00 318.00 372.38 2,136 305,961 95,200
350.60 363.00 328.80 393.34 2,440 379,373 84,990
312.16 332.20 296.00 359.37 2,274 355,283 83,906
348.73 371.20 326.50 392.88 2,244 330,732 63,973
384.08 408.30 352.70 431.60 2,615 378,381 79,041
359.55 385.10 323.20 415.93 2,716 450,600 87,025
306.92 314.90 293.10 362.18 2,103 328,707 88,926
282.87 290.30 274.80 329.39 1,938 264,317 87,143
280.54 298.50 266.50 332.68 1,780 237,543 83,343
257.36 265.70 248.50 317.04 1,685 159,101 83,481
254.70 276.20 240.00 316.83 1,610 242,097 91,820
300.10 340.80 271.40 366.43 1,560 277,318 90,371
352.97 384.00 333.70 437.66 2,073 290,468 65,273
397.08 435.60 381.90 478.65 2,541 278,401 53,343
488.13 517.80 439.50 556.17 3,050 267,300 58,317
515.40 522.40 509.20 580.60 3,540 198,086 43,929
N/A N/A N/A 561.22 3,525 141,155 38,800
N/A N/A N/A 548.76 3,370 240,709 39,394
N/A N/A N/A 619.10 3,385 316,453 42,793
N/A N/A N/A 573.51 3,972 183,121 43,659
N/A N/A N/A 550.67 3,211 251,331 43,477
N/A N/A N/A 512.02 3,070 148,480 38,080
N/A N/A N/A 509.76 2,925 209,562 41,391
N/A N/A N/A 492.59 2,890 254,044 44,706
N/A N/A N/A 486.54 2,687 188,042 46,707
N/A N/A N/A 487.13 2,490 233,178 54,169
N/A N/A N/A 487.60 2,691 244,979 71,720
N/A N/A N/A 484.61 2,513 321,556 76,191
N/A N/A N/A 476.28 2,725 268,481 93,214
N/A N/A N/A 474.23 2,320 254,288 82,693
228.83 230.50 227.90 454.81 2,064 151,078 66,969
227.59 233.10 223.80 452.59 1,952 148,172 55,358
228.92 235.30 223.10 473.77 1,902 301,233 70,211
222.75 237.70 214.20 468.10 1,976 224,765 74,882
206.96 225.70 195.00 453.56 1,901 360,870 77,172
188.79 197.50 184.50 431.40 1,622 228,531 75,583
188.14 195.10 181.50 440.45 1,542 199,569 65,115
197.71 204.80 191.30 459.71 1,557 275,379 64,384
184.81 196.20 174.70 434.14 1,590 226,687 43,069
174.84 178.20 172.20 415.63 1,429 124,941 44,186
172.55 175.50 170.90 411.39 1,411 140,586 36,515
170.16 173.70 164.20 396.67 1,441 117,864 31,949
ive open interest in all contracts at the end of month, Future prices are for near month continuos futures contract.
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A PwC & MCX Joint Endeavour 185
2007-08
2008-09
2009-10
2010-11
2011-12e
0 10000 20000 30000 40000 50000 60000
Indonesia Malaysia Thailand Nigeria Colombia Others
Note: e - source estimates, Source: USDA
Imports
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0 10000 20000 40000
India China EU-27 Pakistan Malaysia Others
Note: e - source estimates, Source: USDA
Exports
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0 10000 20000 30000 40000 50000
Indonesia Malaysia Papua New Guinea Benin UAE Others
Note: e - source estimates, Source: USDA
Consumption
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0 10000 20000 30000 40000 50000 60000
India China Indonesia EU-27 Malaysia Others
Note: e - source estimates, Source: USDA
Avg. daily volatility MCX spot prices - 0.92% 1.00% 2.31% 0.77% 0.63% -
CBOT price (Rs/10 Kg) - 578 379 376 455 311 177
Indian Price (Rs/10 Kg) - 450 450 593 480 400 -
Note: e - source estimates provided by USDA, data retrieved on July 28, 2011; market year (India): October to September
Source: USDA, Dept. of Agriculture, GOI
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A PwC & MCX Joint Endeavour 187
375 60
250 40
125 20
0 0
2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11
Source:Agmarknet & USDA. ES - ending stock, Indian prices Rs/kg, Int. prices Rs/kg
2007-08
2008-09
2009-10
2010-11
2011-12e
0 10,000 20,000 30,000 40,000 50,000
China United States Argentina Brazil EU-27 Others
Note: e - source estimates, Source: USDA
Imports
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0 2,000 4,000 6,000 8,000 10,000 12,000
China India EU-27 Algeria Iran Other
Note: e - source estimates, Source: USDA
Exports
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0 2,000 4,000 6,000 8,000 10,000 12,000
Argentina Brazil United States EU-27 Paraguay Others
Note: e - source estimates, Source: USDA
Consumption
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0 10,000 20,000 30,000 40,000 50,000
China United States Brazil EU-27 India Others
Note: e - source estimates, Source: USDA
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A PwC & MCX Joint Endeavour 189
MCX spot prices - Indore (Rs/10 Kg) Other market CBOT futures
t Monthly Month High Month Low spot prices - WPI of Closing price Volume Open interest
Average Mumbai RSO (cents/pound) in lots^ in lots^^
(Rs/10 kg)
584.0 626.2 567.4 614.0 126.5 57.7 2,242,986 358,042
555.0 574.8 518.2 557.6 125.2 50.7 2,313,891 326,408
506.6 526.3 470.9 500.4 121.7 49.3 1,588,915 352,772
480.7 492.0 470.0 474.3 120.8 44.7 1,561,754 315,355
496.6 512.1 483.3 482.5 120.6 39.5 1,646,780 260,040
459.6 484.1 437.6 444.4 119.5 39.8 1,713,903 283,462
441.5 449.6 437.8 421.0 119.0 36.3 2,198,238 293,070
448.1 453.3 443.5 420.5 118.8 37.6 1,224,385 325,947
446.1 450.0 441.7 421.2 119.0 38.6 1,909,897 278,039
455.4 461.0 450.7 438.3 117.5 38.3 1,414,232 283,263
456.4 463.0 441.8 440.5 117.4 39.3 1,787,054 279,876
468.7 488.0 445.2 450.9 118.2 36.2 1,184,364 245,355
485.0 502.1 473.1 470.6 119.5 40.4 1,554,533 210,781
470.7 504.4 443.7 454.6 116.6 40.2 1,527,138 256,432
434.8 447.2 420.9 420.0 114.5 36.4 1,342,334 235,314
434.5 448.1 429.6 423.5 114.7 34.0 1,217,988 209,594
465.5 476.0 447.7 451.5 117.1 35.0 1,400,423 229,215
452.4 468.3 438.2 434.7 117.4 35.1 1,537,569 251,364
474.6 485.4 463.8 455.9 119.5 35.0 1,993,454 241,726
496.2 518.1 480.8 470.4 119.4 39.1 1,191,159 230,614
489.0 507.0 465.7 470.1 119.3 36.2 1,414,682 200,649
453.3 462.0 445.9 447.5 119.7 33.6 1,189,876 207,505
465.1 475.7 450.7 441.2 120.2 30.9 1,518,553 211,794
493.0 514.3 468.4 481.8 121.3 32.7 1,211,893 208,505
483.1 498.8 456.5 467.1 124.1 33.3 1,455,913 208,108
443.4 488.8 387.8 434.9 123.6 32.6 1,252,370 241,056
509.9 578.3 476.5 497.1 127.1 33.6 1,396,847 253,519
584.9 606.3 563.7 564.9 130.1 44.0 1,441,656 247,229
613.6 637.4 597.5 592.8 130.6 53.4 1,386,920 252,080
680.2 704.1 637.0 654.4 130.4 58.3 1,624,174 246,175
683.1 709.5 648.6 659.5 129.6 66.0 1,567,629 258,997
611.8 652.5 570.5 602.0 127.9 61.3 1,106,828 252,276
574.1 589.7 565.9 576.9 129.5 57.7 1,551,109 263,931
666.9 725.9 606.9 676.7 130.8 51.5 1,291,023 283,980
607.2 669.2 583.1 616.2 126.2 68.2 1,541,373 301,932
574.1 588.8 548.0 593.1 124.3 53.7 1,294,663 283,859
533.1 550.1 522.0 550.0 120.5 48.9 1,337,864 291,089
518.8 535.2 499.5 530.2 118.2 45.6 1,288,911 308,026
487.3 507.4 476.3 496.3 116.6 42.3 1,213,635 291,463
481.5 490.4 473.8 489.8 115.2 39.5 947,459 278,132
487.7 503.7 473.7 492.3 115.6 36.5 1,092,034 262,507
499.6 507.7 490.1 503.5 115.3 37.8 1,115,308 297,131
485.2 490.1 480.4 485.3 114.2 36.6 1,442,726 293,689
484.8 494.2 475.5 485.0 113.9 35.7 805,278 316,781
479.7 488.4 469.7 483.1 113.0 33.4 1,218,347 304,326
445.1 463.5 433.1 462.4 107.3 32.5 764,997 317,340
437.8 448.5 428.3 455.8 106.5 30.3 1,091,931 285,130
453.8 460.1 444.6 474.5 107.4 29.3 704,802 261,714
455.4 463.6 443.3 471.3 106.3 29.3 857,922 260,307
444.2 469.7 420.5 462.3 104.2 29.2 1,018,050 286,888
423.1 426.7 420.2 430.8 104.1 26.8 938,242 261,414
428.3 436.6 419.0 439.9 104.3 23.8 729,122 248,970
433.7 442.1 423.5 446.6 103.5 25.2 816,795 257,433
411.1 422.8 397.0 424.5 100.6 26.7 803,595 281,211
401.9 408.6 395.6 412.8 98.8 26.4 1,024,547 240,817
412.0 417.4 407.2 412.7 97.8 25.2 688,808 249,518
393.1 415.4 369.9 395.4 95.9 25.5 866,900 238,374
ble, WPI - Wholesale Price Index; Future prices are for near month continuos futures contract.
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India
Beginning stocks 600 1,695 766 146 218 75 134
Production 9800 9,600 9,700 9,100 9,470 7,690 5,400
Imports 0 0 0 0 0 0 0
Consumption 10125 10,685 8,761 8,425 9,530 7,546 5,377
Exports 10 10 10 55 12 1 1
Net Availability 10,400 11,295 10,466 9,246 9,688 7,765 5,534
Ending Stocks 265 600 1,695 766 146 218 156
Area (1000 Ha) 9600 9,400 9,600 9,600 8,800 8,120 6,000
Yield (MT/Ha) 1.02 1.02 1.01 0.95 1.08 0.95 0.90
Avg daily volatility MCX spot prices - 1.03% 2.20%* 1.04%^ 1.07% 0.83% -
CBOT price (Rs/qntl) - 2,475 1,664 1,901 1,891 1,303 915
India, Madhya Pradesh Price (Rs/qntl) - 2,195 1,905 2,188 2,121 1,405 1,018
MSP Soyabean Black (Rs. /qtl) 1650 1400 1350 1350 910 900 795
MSP Soyabean Yellow (Rs. /qtl) 1690 1440 1390 1390 1050 1020 885
Note: e - source estimates provided by USDA, data retrieved on July 28, 2011; market year (India): October to September; *: volatility calculated for the period from 9/9/2009 to
31/3/2010; ^: Volatility calculated for the period from 4/1/2008 to 9/22/2008;
Source: USDA, Dept. of Agriculture, GOI, Agmarknet
Production
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0 50,000 100,000 200,000 250,000 300,000
United States Brazil Argentina China India Others
Note: e - source estimates; Source: USDA
Consumption
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0 50,000 100,000 200,000 250,000 300,000
China United States Argentina Brazil EU-27 Other
Note: e - source estimates; Source: USDA
Exports
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0 20,000 40,000 60,000 80,000 100,000 120,000
United States Brazil Argentina Paraguay Canada Others
Note: e - source estimates; Source: USDA
Imports
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0 20,000 40,000 60,000 80,000 100,000 120,000
China EU-27 Mexico Japan Taiwan Others
Note: e - source estimates; Source: USDA
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World ES
4800 2100
3200 1400
1600 700
0 0
2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11
Source: Agmarknet, & USDA. ES - ending stock, Indian prices Rs/Qntl, Int. prices of Winnepeg Futures Exchange in Rs/qntl
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Rapeseed/Mustard seeds - All India sowing progress during rabi (in lakh ha)
Average Area Sown reported Change vis-a vis prev year
Date area in As on date % of average Same period Absolute %
rabi last year
8-Apr-11 67.01 72.47 108.1 65.56 6.9 6.2
1-Apr-11 67.01 72.48 108.2 65.5 7 6.2
25-Mar-11 67.01 72.48 108.2 64.77 7.7 6.2
18-Mar-11 67.01 72.47 108.1 64.62 7.8 6.2
11-Mar-11 67.01 72.45 108.1 65.25 7.7 6.3
4-Mar-11 67.01 72.45 108.1 64.76 7.7 6.3
25-Feb-11 67.01 72.55 108.3 65.38 7.2 6.6
18-Feb-11 67.01 72.51 108.2 65.35 7.2 6.6
4-Feb-11 67.01 72.51 108.2 65.35 7.2 6
28-Jan-11 67.01 72.47 108.1 65.28 7.2 6
21-Jan-11 67.01 72.46 108.1 65.28 7.2 6
14-Jan-11 67.01 71.12 106.1 64.08 7 4.8
24-Dec-10 67.01 69.22 103.3 62.86 6.4 4
10-Dec-10 67.01 62.07 92.6 60.86 1.2 -1.2
26-Nov-10 67.01 55.52 82.8 59.68 -4.2 -2.9
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2007-08
2008-09
2009-10
2010-11
2011-12e
0 10,000 20,000 30,000 40,000 50,000 60,000 70,000
EU-27 Canada China India Australia Others
Note: e - source estimates; Source: USDA
Imports
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0 2,000 4,000 6,000 8,000 10,000 12,000 14,000
EU-27 Japan Mexico China Pakistan Others
Note: e - source estimates; Source: USDA
Exports
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0 2,000 4,000 6,000 8,000 10,000 12,000 14,000
Canada Ukraine Australia United States EU-27 Others
Note: e - source estimates; Source: USDA
Consumption
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0 10,000 20,000 30,000 40,000 50,000 60,000 70,000
EU-27 China India Canada Japan Others
Note: e - source estimates; Source: USDA
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Average daily volatility of MCX spot prices* 0.22% 0.73% 0.99% 0.65% 0.76% -
India Average Price (Rs. /qtl) 3738.51 2611.39 2090.71 2097.25 1815.54 -
Note: World data is for calendar year; data retrieved on May 4, 2011; * Kadi prices - 23rd Sept 2004-3rd May 2005, Ahmedabad prices - 2nd Jan 2006-14th Oct 2006, Rajkot prices
16th Oct 2006-31st March 2010;
Source: FAO Stat; Solvent Extractors' Association of India; MCX
Castor:
Castor: Seeds
Seeds Prodn., OilOil
Production, Exports &&
Exports Prices
Prices
in 000 tons Rs/qntl
1400 Seeds production 4000
Oil exports
1200 3500
Prices
1000 3000
800 2500
600 2000
400 1500
200 1000
0 500
2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11
Source: SEA of India & Agmarknet. Average Prices of India for the month of March
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Major country-wise & commodity-wise distribution of edible oil production, imports, exports and consumption
Malaysia
Cumulative prod in 000 tonnes
2008-11 58,775
2000-03 41,570
1990-93 21,874
1980-83 10,142
1970-73 2,315
0% 20% 40% 60% 80% 100%
Palm Palm Kernel
Source: USDA
India China
Cumulative consumption in 000 tonnes Cumulative consumption in 000 tonnes
2008-11 46,238 2008-11 79,626
USA
Cumulative consumption in 000 tonnes
2008-11 29,263
2000-03 27,868
1990-93 21,054
1980-83 15,181
1970-73 11,447
0% 20% 40% 60% 80% 100%
Coconut Cottonseed Olive Rapeseed Soybean
Source: USDA
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USA
Cumulative imports in 000 tonnes
2008-11 6.669
2000-03 4,149
1990-93 3,146
1980-83 1,734
1970-73 1,155
0% 20% 40% 60% 80% 100%
Coconut Olive Palm Kernel Peanut Rapeseed
Source: USDA
Argentina Indonesia
Cumulative imports in 000 tonnes Cumulative imports in 000 tonnes
2008-11 16,824 2008-11 57,178
Malaysia
Cumulative imports in 000 tonnes
2008-11 49,551
2000-03 34,861
1990-93 18,681
1980-83 9,068
1970-73 2,285
0% 20% 40% 60% 80% 100%
Coconut Palm Palm Kernel
Source: USDA
Type-wise world distribution of edible oil production, imports, exports and consumption
Production
Avg. Production
2008-11 153,251
2000-03 101,914
1990-93 62,506
1980-83 41,406
1970-73 19,962
0% 20% 40% 60% 80% 100%
Soybean Palm Rapeseed Sunowerseed Palm Kernel
Peanut Cottonseed Coconut Olive
Imports
Avg. Imports
2008-11 55,553
2000-03 32,065
1990-93 18,662
1980-83 11,785
1970-73 4,638
0% 20% 40% 60% 80% 100%
Palm Soybean Sunowerseed Rapeseed Palm Kernel
Coconut Olive Peanut Cottonseed
Exports
Avg. Exports
2008-11 64,273
2000-03 39,107
1990-93 21,341
1980-83 13,507
1970-73 4,745
0% 20% 40% 60% 80% 100%
Palm Soybean Sunowerseed Rapeseed Palm Kernel
Coconut Olive Peanut Cottonseed
Consumption
Avg. Prodn.
2008-11 144,430
2000-03 94,923
1990-93 59,550
1980-83 39,606
1970-73 19,801
0% 20% 40% 60% 80% 100%
Soybean Palm Rapeseed Sunowerseed Palm Kernel
Peanut Cottonseed Coconut Olive
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Major country-wise & commodity-wise distribution of oilseeds meal consumption, exports and production
Consumption
Brazil China
Cumulative Consumption in 000 tonnes Cumulative Consumption in 000 tonnes
2008-11 80,479 2008-11 164,276
US
Cumulative Consumption in 000 tonnes
2008-11 92,378
2000-03 94,135
1990-93 69,207
1980-83 54,505
1970-73 40,295
0% 20% 40% 60% 80% 100%
Cottonseed Rapeseed Soybean
Source: USDA
Export
Argentina Brazil
Cumulative exports in 000 tonnes Cumulative exports in 000 tonnes
2008-11 173,442 2008-11 84,552
US
Cumulative exports in 000 tonnes
2008-11 26,506
2000-03 20,620
1990-93 17,566
1980-83 19,057
1970-73 11,943
0% 20% 40% 60% 80% 100%
Cottonseed Soybean
Source: USDA
Production
Argentina Brazil
Cumulative production in 000 tonnes Cumulative production in 000 tonnes
2008-11 167,117 2008-11 160,715
China
Cumulative production in 000 tonnes
2008-11 163,671
2000-03 91,330
1990-93 35,086
1980-83 18,517
1970-73 9,739
0% 20% 40% 60% 80% 100%
Cottonseed Peanut Rapeseed Soybean
Source: USDA
Type-wise world distribution of oilseed meal production, imports, exports and consumption
Production
Avg. Production
2008-11 296,782
2000-03 218,585
1990-93 140,476
1980-83 102,885
1970-73 49,964
0% 20% 40% 60% 80% 100%
Soybean Rapeseed Cottonseed Sunowerseed Palm Kernel
Peanut Fish Copra
Imports
Avg. Imports
2008-11 69,567
51,359
2000-03
1990-93 37,533
1980-83 27,533
1970-73 13,150
0% 20% 40% 60% 80% 100%
Soybean palm Kernel Rapeseed Sunowerseed Fish
Copra Cottonseed Peanut
Exports
Avg. Exports
2008-11 111,850
2000-03 81,846
1990-93 52,076
1980-83 37,248
1970-73 12,500
0% 20% 40% 60% 80% 100%
Soybean Palm Kernel Sunowerseed Rapeseed Fish
copra Cottonseed Peanut
Consumption
Avg. Prodn.
2008-11 252,862
2000-03 188,629
1990-93 125,864
1980-83 92,869
1970-73 50,735
0% 20% 40% 60% 80% 100%
Soybean Rapeseed Cottonseed Sunowerseed Peanut
Palm Kernel Fish Copra
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Cotton fundamentals - World and India (in `000' 480 lbs bales)
2011-12e 2010-11 2009-10 2008-09 2007-08 2006-07 2001-02
World
Beginning stocks 44,399 44,275 60,540 60,725 62,270 61,887 49,408
Production 123,156 114,555 101,384 107,081 119,676 121,812 98,703
Imports 38,287 35,767 36,244 30,176 38,921 38,045 29,304
Consumption 116,548 114,787 118,323 107,377 121,137 121,998 93,736
Total Supply 205,842 194,597 198,168 197,982 220,867 221,744 177,415
Exports 38,294 35,411 35,570 30,065 39,005 37,476 29,149
Ending Stocks 51,000 44,399 44,275 60,540 60,725 62,270 54,530
Area Under Production (000 Ha) 35,557 33,502 30,114 30,591 32,898 34,562 33,716
Yield (Kg/Ha) 754 744 733 762 792 767 637
India
Beginning stocks 5,849 6,399 8,919 5,629 7,129 7,839 3,773
Production 27,000 24,500 23,000 22,600 24,000 21,800 12,300
Imports 500 450 480 800 600 465 2,388
Consumption 21,000 20,500 19,450 17,750 18,600 18,100 13,275
Exports 5,000 5,000 6,550 2,360 7,500 4,875 60
Total Supply 33,349 31,349 32,399 29,029 31,729 30,104 18,461
Ending Stocks 7,349 5,849 6,399 8,919 5,629 7,129 5,126
Area Under Production (000 Ha) 12,000 11,160 10,310 9,406 9,439 9,166 8,730
Yield (Kg/Ha) 490 478 486 523 554 518 307
Certified Seed Distribution - - 22.7 18.9 24.5 26.2
Average daily volatility of MCX spot prices
Cotton Long - 0.80%# 0.87% 1.07% 0.59% 0.47% -
Cotton Medium^ - 0.71%# 1.73% 0.90% 0.77% 0.67% -
MSP Medium Staple) 2,800 2,500 2,500 2,500 1,800 1,770 1675
MSP (Long Staple) 3,300 3,000 3,000 3,000 2,030 1,990 1875
Note: e - source estimates provided by USDA, data retrieved on July 29, 2011; ^ 1st Apr 2004 - 10th Oct 2009 - Abohar prices and 12th Oct 2009 - 31st March 2010 - Sriganganagar
prices; # volatility calculated from 1st April 2010 to 31st July 2010.
Source: USDA; Dept. of Agriculture, GOI; MCX; Press Information Bureau.
Cotton balance sheet 2011-12e - World (in `000' 480 lbs bales)
Supply Demand
Country Begining Production Imports Consumption Exports Ending
stocks stocks
China 11,621 33,000 15,250 46,500 50 13,321
India 5,849 27,000 500 21,000 5,000 7,349
US 2,750 16,000 5 3,755 12,000 3,000
Pakistan 2,657 10,300 1,150 10,525 400 3,182
Brazil 8,153 9,300 100 4,450 4,400 8,703
Uzbekistan 1,148 4,500 - 1,250 3,150 1,248
Others 12,221 23,056 21,282 29,068 13,294 14,197
World Total 44,399 123,156 38,287 116,548 38,294 51,000
Note: e - source estimates provided by USDA, data retrieved on July 29, 2011;
Source: USDA
Cotton - BRICS Nations fact sheet (in `000' 480 lbs bales)
Production Import Export Consumption Total Population Per capita Per capita
Supply (in million) availability consumption
(kg) (kg)
Brazil 9,300 100 4,400 4,450 17,553 206.47 85.02 21.55
Russia 0 600 0 600 717 137.97 5.20 4.35
2011-12e India 27,000 500 5,000 21,000 33,349 1,208.36 27.60 17.38
China 33,000 15,250 50 46,500 59,871 1,341.85 44.62 34.65
South Africa 100 110 0 190 295 49.83 5.92 3.81
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Cotton - All India sowing progress during kharif (in lakh ha)
Average Area Sown reported Change vis-a vis prev year
Date area in As on date % of Same period Absolute %
kharif average last year
15-Oct-10 90.86 108.47 119.4 100.09 8.4 8.4
8-Oct-10 90.86 107.84 118.7 98.97 8.9 9.0
1-Oct-10 90.86 107.55 118.4 98.79 8.8 8.9
10-Sep-10 90.86 106.47 117.2 98.48 8.0 8.1
3-Sep-10 90.86 106.14 116.8 97.7 8.4 8.6
20-Aug-10 90.86 105.67 116.3 95.59 10.1 10.5
13-Aug-10 90.86 104.97 115.5 94.96 10.0 10.5
6-Aug-10 90.86 103.37 113.8 94.59 8.8 9.3
30-Jul-10 90.86 95.05 104.6 80.63 14.4 17.9
23-Jul-10 90.86 95.05 104.6 80.63 14.4 17.9
16-Jul-10 90.86 82.78 91.1 68.75 14.0 20.4
9-Jul-10 90.86 66.09 72.7 48.47 17.6 36.4
2-Jul-10 90.86 43.68 48.1 29.17 14.5 49.7
Castor: SeedsEnding
Cotton: Prodn.,Stock
Oil Exports
& Price& Prices
in 000 Tons in Rs
70000 India ES World ES India Prices New York Cotton no 2 100
90
60000
80
50000 70
60
40000
50
30000 40
30
20000
20
10000
10
0 0
2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11
Source: Agmarknet, & USDA. ES - ending stock, Indian prices Rs/kg, Int. prices Rs/lb
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2007-08
2008-09
2009-10
2010-11
2011-12e
0 20,000 40,000 60,000 80,000 100,000 120,000 140,000
China India United States Pakistan Brazil Others
Note: e - source estimates, Source: USDA
Imports
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0 10,000 20,000 30,000 40,000
China Bangladesh Turkey Indonesia Vietnam Other
Note: e - source estimates, Source: USDA
Exports
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0 10000 20000 30000 40000 50000
United States India Brazil Australia Uzbekistan Others
Note: e - source estimates, Source: USDA
Consumption
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0 50000 100000 150000
China India Pakistan Turkey Brazil Others
Note: e - source estimates, Source: USDA
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A PwC & MCX Joint Endeavour 215
MCX Spot prices, Kapas- Other market spot prices, WPI of Cotton NYBOT ICE futures
Surendra Nagar (in Rs/20kg) Mumbai (Rs/Kg) Raw Closing Volume Open
DCH - Shankar-6/ cotton price (US (in lots)^ interest
Average High Low V-797
32 (Si) Shankar-4 cents/lb) (in lots^^)
N/A N/A N/A 145.82 117.42 76.99 219.5 144.81 402,298 206,824
N/A N/A N/A 145.19 125.44 75.23 204.3 126.23 816,199 194,575
N/A N/A N/A 131.32 112.57 72.61 189.6 125.26 565,286 237,632
N/A N/A N/A 124.43 103.13 71.00 180.2 104.18 411,504 238,117
1,123.46 1,127.00 1,119.30 118.24 89.70 61.80 153.1 89.08 307,433 219,593
N/A N/A N/A 115.41 82.51 57.20 153.1 82.36 314,480 172,451
N/A N/A N/A 117.69 82.67 58.14 155.7 82.60 472,619 164,188
584.39 588.40 582.00 120.20 80.10 56.87 152.0 80.05 341,874 189,901
603.90 632.10 581.90 117.77 79.73 59.41 150.8 82.76 505,420 190,005
600.36 618.50 582.40 118.12 77.56 56.74 149.0 80.55 322,185 192,841
589.38 601.40 575.60 111.80 74.32 54.70 146.2 82.61 487,297 173,772
568.83 574.20 564.00 113.38 75.26 60.05 148.2 69.03 274,990 171,178
N/A N/A N/A 118.47 74.88 59.77 148.8 75.60 204,646 187,081
N/A N/A N/A 101.81 67.36 52.10 139.4 70.75 433,337 176,564
N/A N/A N/A 92.53 64.69 50.74 131.9 67.64 327,499 187,299
N/A N/A N/A 92.67 63.35 50.76 133.2 61.34 220,480 146,055
N/A N/A N/A 93.09 66.09 51.41 135.4 57.76 170,995 123,789
N/A N/A N/A 92.81 67.15 51.12 135.3 57.93 176,482 125,074
N/A N/A N/A 90.21 65.18 49.71 132.7 53.30 344,591 108,256
509.90 509.90 509.90 90.73 66.26 48.82 132.7 56.97 261,923 133,749
506.03 518.20 498.30 89.86 62.72 45.70 129.8 53.49 330,268 121,436
461.51 502.00 434.60 76.99 58.85 40.64 124.2 46.47 260,781 140,318
452.92 482.90 441.40 75.94 57.94 42.19 129.9 42.06 316,713 116,304
N/A N/A N/A 79.43 60.64 53.16 137.4 49.41 253,550 129,490
N/A N/A N/A 82.47 61.17 53.16 139.2 49.02 169,346 125,564
N/A N/A N/A 87.75 62.66 53.16 140.9 45.75 423,372 127,006
N/A N/A N/A 90.00 68.27 56.88 147.0 44.29 387,846 170,969
N/A N/A N/A 91.41 79.59 62.44 160.9 55.50 403,688 195,316
N/A N/A N/A 94.33 79.76 62.15 158.3 67.53 293,429 213,856
N/A N/A N/A 94.08 78.47 60.33 154.7 71.65 281,522 222,053
N/A N/A N/A 91.55 72.21 55.48 144.8 71.40 690,183 215,451
N/A N/A N/A 89.30 64.76 50.06 131.8 65.74 427,731 273,411
504.36 510.90 500.50 87.19 60.22 47.81 125.2 68.74 651,281 246,983
505.16 508.10 501.20 84.48 60.18 46.85 121.7 69.34 730,160 268,675
N/A N/A N/A 82.67 59.05 46.40 116.3 79.66 929,808 301,645
N/A N/A N/A 82.03 58.50 45.14 115.1 67.79 684,489 270,994
N/A N/A N/A 80.16 55.29 43.03 111.3 68.01 338,439 231,807
N/A N/A N/A 80.16 55.50 43.24 108.6 58.20 514,179 210,389
N/A N/A N/A 84.37 55.31 44.25 107.9 64.08 278,600 248,032
N/A N/A N/A 90.00 57.83 44.33 112.5 62.05 200,552 231,769
N/A N/A N/A 90.00 57.66 45.07 113.5 58.87 215,267 203,217
N/A N/A N/A 88.59 57.07 45.98 113.1 63.00 217,426 213,491
N/A N/A N/A 90.00 53.78 42.86 106.7 58.50 421,689 204,192
N/A N/A N/A 90.00 53.01 41.76 105.2 51.05 278,518 223,814
452.11 472.50 424.20 91.05 54.98 44.09 109.7 47.25 650,531 220,781
451.39 466.90 440.10 92.81 54.17 42.75 99.2 53.57 326,818 232,652
N/A N/A N/A 90.70 51.47 38.74 93.2 55.55 711,346 202,169
N/A N/A N/A 90.00 49.85 36.28 95.0 54.00 381,099 191,874
N/A N/A N/A 90.56 50.17 36.84 96.2 56.19 264,396 170,421
N/A N/A N/A 101.23 51.18 36.56 97.9 48.90 587,710 159,914
N/A N/A N/A 100.17 50.80 37.26 99.9 49.28 324,911 185,353
N/A N/A N/A 106.43 52.68 38.58 103.8 49.30 268,847 182,562
N/A N/A N/A 102.29 51.38 37.61 102.5 53.05 259,259 172,081
N/A N/A N/A 103.48 49.17 33.80 96.0 53.45 204,799 163,583
N/A N/A N/A 104.04 47.99 31.92 91.8 49.75 601,971 160,069
334.70 334.70 334.70 104.04 48.62 32.06 91.3 50.94 338,300 179,676
333.28 344.90 324.00 102.36 50.13 32.34 92.7 49.90 530,001 147,886
is from Sriganganagar, WPI - Wholesale Price Index; Future prices are for near month continuos futures contract.
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A PwC & MCX Joint Endeavour 217
Raw jute procurement by Jute Corporation of India (in '000' bales of 180 kgs each)
Year At support price (MSP) At commercial rates Total
2010-11 9.6 0 9.6
2009-10 0 0 0
2008-09 103.7 0 103.7
2007-08 756 0 756
2006-07 136 348 484
2005-06 0 141 141
2004-05 352 0 352
Note: MSP: Minimum Support Price; Source: Jute Corporation of India
Jute - All India sowing progress during kharif (in lakh ha)
Average Area Sown reported Change vis-a vis prev year
area
in kharif As on date % of Same period Absolute %
average last year
1-Oct-10 7.85 7.59 96.7 6.92 0.7 9.7
10-Sep-10 7.85 7.57 96.4 6.92 0.7 9.4
3-Sep-10 7.85 7.58 96.5 6.92 0.7 9.5
20-Aug-10 7.85 7.56 96.3 6.92 0.6 9.2
13-Aug-10 7.85 7.56 96.3 6.92 0.6 9.2
6-Aug-10 7.85 7.56 96.3 6.92 0.6 9.2
30-Jul-10 7.85 7.55 96.1 6.91 0.6 9.3
23-Jul-10 7.85 7.6 96.8 6.89 0.7 10.3
16-Jul-10 7.85 7.59 96.7 6.89 0.7 10.2
9-Jul-10 7.85 7.59 96.7 6.89 0.7 10.2
2-Jul-10 7.85 7.59 96.7 6.89 0.7 10.2
2000
1500
1500
1000
1000
500
500
0 0
2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11
Source: Source: SEA of India & Agmarknet. Average Prices of India for the month of March
Source: Ministry of Textiles & Agmarknet. Average Prices of India for the month of March
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A PwC & MCX Joint Endeavour 219
Jute monthly spot prices at MCX and other major physical markets in India Jute state-wise
MCX Spot prices - Kolkata (Rs/qtl) Other markets monthly average monthly arrivals
Month spot prices (Rs/qtl) WPI of
Jute (in tonnes)
Monthly Months Months T.D.-5 T.D.-5 Raw Jute
average high low Barddhaman Medinipur Kolkata West Bengal Orissa
Dec-10 3474.7 3608.0 3352.5 2904.4 3150.0 3436.0 234.4 21603.66 2.5
Nov-10 3518.9 3597.0 3398.0 2622.1 3066.7 3484.3 234.9 24961.53 30.1
Oct-10 3406.8 3486.5 3265.5 2819.3 3000.0 3384.7 239.3 21082.02 615
Sep-10 3235.2 3461.0 2945.0 2822.5 3175.0 3247.4 218.0 32183.28 60.1
Aug-10 2786.3 2993.0 2656.5 2422.2 N/A 2817.0 187.3 50599.25 N/A
Jul-10 2983.4 3261.5 2636.0 2703.6 N/A 2960.8 189.8 25917.63 5
Jun-10 3334.0 3580.0 2824.5 3022.2 N/A 3260.7 178.1 4715.35 6.99
May-10 3272.3 3411.0 3158.0 2982.7 3100.0 3233.0 175.1 6031.78 43.8
Apr-10 3149.9 3219.0 2936.0 2895.0 2800.0 3114.1 172.1 7382.05 15
Mar-10 3106.2 3247.0 2910.5 2838.9 3000.0 3065.8 173.0 7867.5 6
Feb-10 2760.3 2971.0 2683.0 2500.0 2525.0 2717.2 167.2 10153.53 6
Jan-10 2685.0 2685.0 2685.0 2532.5 2500.0 2684.1 164.1 10216.79 9.2
Dec-09 2679.2 2689.5 2619.0 2400.8 N/A 2675.4 162.7 10644.21 36
Nov-09 2394.2 2601.5 2227.5 2163.3 N/A 2407.4 167.8 9781.8 46.74
Oct-09 2306.5 2384.0 2220.0 2067.7 N/A 2322.9 178.2 18132.69 24.5
Sep-09 2109.9 2267.0 1898.5 1766.7 N/A 2097.9 151.6 41026.21 41.52
Aug-09 2196.3 2700.0 1894.5 1822.7 N/A 2235.8 152.4 41047.49 3
Jul-09 2700.9 2790.0 2644.0 2440.7 N/A 2765.5 153.3 24594.69 N/A
Jun-09 2704.7 2811.5 2550.0 2478.6 N/A 2771.5 155.0 7724.13 N/A
May-09 2464.1 2542.0 2369.0 2239.0 N/A 2519.7 154.0 4890 4
Apr-09 2311.2 2454.0 2183.0 2051.0 N/A 2377.5 146.1 4865.81 15
Mar-09 2137.6 2197.0 2036.0 1897.5 N/A 2185.3 141.6 6966.67 122.55
Feb-09 1979.5 2015.0 1961.5 1784.6 N/A 2035.9 140.1 10847.52 94.48
Jan-09 1925.2 1970.5 1836.0 1705.3 N/A 1972.4 139.5 21213.58 244.86
Dec-08 1618.8 1787.5 1570.0 1384.8 N/A 1655.8 139.4 16428.13 244.46
Nov-08 1552.6 1571.0 1529.5 1282.5 N/A 1559.1 138.5 24921.52 776.6
Oct-08 1560.9 1582.0 1540.5 1266.1 N/A 1559.2 138.8 29691.27 780.98
Sep-08 1548.9 1590.5 1518.5 1248.5 N/A 1546.0 138.8 29476.85 291.98
Aug-08 1538.9 1564.5 1512.5 1286.7 N/A 1540.5 137.8 46022.35 204
Jul-08 1403.7 1448.0 1364.0 1230.7 N/A 1489.1 136.6 26731.59 155.92
Jun-08 1477.5 1514.5 1455.5 1187.1 N/A 1487.0 135.9 5104.89 308.12
May-08 1455.2 1497.5 1414.0 1150.2 N/A 1463.3 134.8 7692.64 258.93
Apr-08 1431.9 1493.5 1400.0 1159.2 N/A 1429.2 132.8 9531.93 285.42
Mar-08 1338.3 1408.0 1258.5 1051.7 N/A 1339.2 129.5 8535.6 380.05
Feb-08 1217.1 1256.0 1192.0 940.0 N/A 1216.2 126.6 7202.03 1536.79
Jan-08 1209.6 1234.5 1184.0 929.4 N/A 1211.7 125.4 8531.78 80.05
Dec-07 1218.1 1231.5 1208.5 960.0 N/A 1199.9 126.1 0 173.3
Nov-07 1232.2 1252.5 1221.0 967.4 N/A 1204.4 126.5 18199.43 9
Oct-07 1215.2 1239.0 1171.0 984.3 N/A 1195.2 122.9 11977.7 215.31
Sep-07 1241.4 1298.5 1194.0 1059.5 N/A 1239.1 126.6 21381.19 201
Aug-07 1240.6 1313.0 1146.0 1046.1 N/A 1226.3 123.8 23857.79 154.04
Jul-07 1143.0 1143.0 1143.0 967.8 N/A 1115.5 114.3 13849.46 93.7
Jun-07 N/A N/A N/A 970.9 950.0 1113.6 115.5 11986.27 182.96
May-07 N/A N/A N/A 1009.7 N/A 1105.0 114.0 10755.59 406.71
Apr-07 N/A N/A N/A 1068.6 1150.0 1190.9 117.8 11515.34 182.96
Mar-07 N/A N/A N/A 1096.4 1194.4 1247.6 118.3 9640.66 94.87
Feb-07 N/A N/A N/A 1120.0 1200.0 1265.6 120.9 8236.03 237.96
Jan-07 N/A N/A N/A 1208.8 1236.9 1295.1 124.4 5884.87 106.08
Dec-06 N/A N/A N/A 1241.5 1280.0 1381.1 130.4 16376.06 94.24
Nov-06 N/A N/A N/A 1301.0 1337.5 1440.6 131.0 10605.13 101.55
Oct-06 N/A N/A N/A 1319.5 1343.8 1463.7 132.6 25678.7 234.12
Sep-06 N/A N/A N/A 1280.5 1224.3 1438.0 134.6 26317.46 196.6
Aug-06 N/A N/A N/A 1156.7 1174.7 1308.6 130.1 36406.27 15
Jul-06 N/A N/A N/A 1481.5 1375.0 1604.5 145.5 25149.51 0
Jun-06 N/A N/A N/A 1463.4 1528.1 N/A 153.5 6582.27 8
May-06 N/A N/A N/A 1558.0 1610.0 N/A 154.8 5123.88 4
Apr-06 N/A N/A N/A 1565.0 1500.0 N/A 155.5 4954.15 166.24
4785.92 165
Note: N/A - Not Available, WPI - Wholesale Price Index
Source: MCX, Agmarknet & Ministry of Commerce and Industry Note: N/A - Not Available
Source: Department of Agriculture, GOI
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A PwC & MCX Joint Endeavour 221
Cereals
Feeding the world
T
he term cereals is derived from Latin Cerealis harvest. By April 6, 2010, this pushed wheat prices to a year
meaning belonging to Ceres, the Roman goddess low of Rs.1,138.3/qntl.
of agriculture. Cereals, a type of grass such During the peak arrivals (late April-early May)
as wheat, oat, or maize cultivated for Wheat prices wheat prices consolidated in a narrow range of
edible grains, are by far the most important group of consolidated in the Rs.1,150 to Rs.1,175/qntl and remained stable.
range of Rs.1,200-
crops. Cereal crops constitute carbohydrates, mainly Given the lower prices, after selling a part of the
Rs.1,300/qntl during
starches, which act as a vital nutrient element along May to November produce, initially, for meeting immediate cash need,
with a little amount of protein and fat. 2010. farmers held back the remaining portion for selling
Cereals are particularly important to humans later in expectations of gains from a seasonal rise
because of their role as staple food crops in many parts in prices. Their strategy paid-off, as the prices actually
of the world. Besides, they are used to produce animal feed, rose since mid-May. Supply pressure was such that the prices
oils, starch, flour, etc. The grass family, Poaceae or Gramineae, again consolidated, though in a higher range of Rs.1,200-
has five subfamilies with about 10,000 species. Grasses are Rs.1,300/qntl during May to November 2010. In the second half
believed to have evolved more than 60-70 million years ago and of November, wheat prices breached the Rs.1,300 mark as at
the diverse members of this family vary widely in appearance, that time of season availability begins to dwindle and demand for
mating habit, zones of adaptation, physiology, number of chromo- wheat for use as seed increases. Wheat prices closed the year at
somes and genome size. The European Union is the worlds Rs.1,323.3/qntl, a fall of 7% year-on-year.
largest producer of wheat, followed by China. India,
which produces around 84 million tonnes every year, MCX wheat spot prices in 2010
stands at No. 3.
The wheat market for the first four months of 2010 1600 Expectation of a bumper
harvest for the third Huge inventories kept a check
had a downtrend, except a short period in mid-January year in a row stockiest
1500 ofoading inventories
on price increases
where price movements showed an upward blip due
1400
to increased demand in north India pushing the
prices to a year high of Rs.1,488.30/quintal. Wheat 1300
3-Dec-10
1-Jan-10
26-Feb-10
26-Mar-10
23-Apr-10
21-May-10
8-Oct-10
5-Nov-10
31-Dec-10
29-Jan-10
18-Jun-10
16-Jul-10
10-Sep-10
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A PwC & MCX Joint Endeavour 223
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A PwC & MCX Joint Endeavour 225
Rice - All India sowing progress during kharif/rabi (in lakh ha)
Date Average a Area Sown reported Change vis-a vis
Season are in As on % of Same prev year
kharif/rabi date average period
last year Absolute %
Rabi [2010-11] 4/8/2011 42.57 44.51 104.60 44.30 0.20 -2.60
Rabi [2010-11] 4/1/2011 42.57 43.98 103.30 43.93 0.00 -2.50
Rabi [2010-11] 3/25/2011 42.57 43.48 102.10 43.12 0.40 -3.00
Rabi [2010-11] 3/18/2011 42.57 42.82 100.60 42.64 0.20 -1.80
Rabi [2010-11] 3/11/2011 42.57 41.61 97.70 41.74 -0.10 -3.00
Rabi [2010-11] 3/4/2011 42.57 39.79 93.50 40.57 -0.80 -3.20
Rabi [2010-11] 2/25/2011 42.57 35.77 84.00 36.53 -0.80 0.20
Rabi [2010-11] 2/18/2011 42.57 30.53 71.70 35.08 -4.60 -2.70
Rabi [2010-11] 2/4/2011 42.57 24.12 56.70 26.93 -2.80 -0.60
Rabi [2010-11] 1/28/2011 42.54 19.46 45.70 21.88 -2.40 6.30
Rabi [2010-11] 1/21/2011 42.54 13.40 31.50 17.57 -4.20 0.30
Rabi [2010-11] 1/14/2011 42.54 9.21 21.70 12.67 -3.50 -1.00
Rabi [2010-11] 12/24/2010 42.57 2.74 6.40 4.22 -1.50 0.60
Rabi [2010-11] 12/10/2010 42.57 1.87 4.40 3.03 -1.20 -0.10
Rabi [2010-11] 11/26/2010 42.57 0.96 2.30 2.05 -1.10 0.10
Rice - All India sowing progress during kharif/rabi (in lakh ha)
Date Average a Area Sown reported Change vis-a vis
Season are in As on % of Same prev year
kharif/rabi date average period Absolute %
last year
Kharif [2009-10] 8/7/2009 391.97 228.19 58.20 285.94 -57.80 -20.20
Kharif [2009-10] 7/31/2009 391.97 191.30 48.80 256.76 -65.50 -25.50
Kharif [2009-10] 7/24/2009 391.97 168.34 42.90 223.12 -54.80 -24.60
Kharif [2009-10] 7/17/2009 391.97 114.63 29.20 145.21 -30.60 -21.10
Kharif [2009-10] 7/10/2009 391.97 74.28 19.00 106.46 -32.20 -30.20
Kharif [2009-10] 6/26/2009 391.97 18.28 4.70 25.20 -6.90 -27.50
Kharif [2009-10] 6/19/2009 391.97 8.01 2.00 7.15 0.90 12.00
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A PwC & MCX Joint Endeavour 227
Rice - All India sowing progress during kharif/rabi (in lakh ha)
Date Average a Area Sown reported Change vis-a vis
Season are in As on % of Same prev year
kharif/rabi date average period
Absolute %
last year
Rabi [2007-08] 4/25/2008 37.32 42.22 113.10 42.12 0.10 0.24
Rabi [2007-08] 4/11/2008 37.32 43.41 116.30 41.37 2.04 4.90
Rabi [2007-08] 4/4/2008 37.32 43.17 115.70 40.70 2.47 6.10
Rabi [2007-08] 3/28/2008 37.32 42.84 114.80 40.70 2.14 5.30
Rabi [2007-08] 3/14/2008 37.32 40.66 109.00 39.15 1.51 3.90
Rabi [2007-08] 3/7/2008 37.32 38.87 104.20 37.47 1.40 3.70
Rabi [2007-08] 2/29/2008 37.32 38.08 102.00 35.92 2.16 6.00
Rabi [2007-08] 2/22/2008 37.32 34.91 93.60 33.23 1.68 5.10
Rabi [2007-08] 2/15/2008 37.32 34.10 91.40 32.41 1.69 5.20
Rabi [2007-08] 2/8/2008 37.32 21.49 57.60 21.74 -0.25 -1.10
Rabi [2007-08] 2/1/2008 37.32 19.84 53.20 20.06 -0.22 -1.10
Rabi [2007-08] 1/25/2008 37.32 15.84 42.40 15.98 -0.14 -0.90
Rabi [2007-08] 1/18/2008 37.32 8.54 22.90 9.05 -0.51 -5.60
Rabi [2007-08] 1/4/2008 37.32 4.01 10.70 3.99 0.02 0.50
Rabi [2007-08] 12/28/2007 37.32 4.01 10.70 3.99 0.02 0.50
Rabi [2007-08] 12/14/2007 37.32 2.52 6.80 2.58 -0.06 -2.30
Rabi [2007-08] 12/7/2007 37.32 1.94 5.20 1.84 0.10 5.40
Rabi [2007-08] 11/30/2007 37.32 1.47 3.90 1.53 -0.10 -3.90
Rabi [2007-08] 11/23/2007 37.32 0.90 2.40 1.18 -0.30 -23.70
Rabi [2007-08] 11/16/2007 37.32 0.35 0.90 0.36 0.00 -2.80
Rabi [2007-08] 11/2/2007 37.32 0.18 0.50 0.06 0.10 -
Rice public distribution system: procurement, off-take and stocks (in million tonnes)
Procurement Procurement Issue Price (Rs/qtl) Offtake Stocks under
Year price paddy under PDS
Grade A APL BPL AAY TPDS %
(Rs/qtl)
2010-11 25.35* 1100.00 830.00 565.00 300.00 - -
2009-10 32.03 1080.00 830.00 565.00 300.00 23.40 22.88
2008-09 34.10 1000.00 830.00 565.00 300.00 22.10 21.60
2007-08 28.74 850.00 830.00 565.00 300.00 22.50 13.84
2006-07 25.08 700.00 830.00 565.00 300.00 21.10 13.17
Note: *: Oct-Apr 2010-11; APL - Above Poverty Line; BPL - Below Poverty Line; AAY - Antodaya Anna Yojana; TPDS - Targeted Public Distribution System; PDS - Public Distribution System
Source: Food Corporation of India; Ministry of food and public Distribution Reserve Bank of India, GOI
Rice - Marketing year wise (April - March) procurement in major producing states
(in `000' tonnes)
State 2010-11* 2009-10^ 2008-09 2007-08 2006-07 2001-02
Punjab 8,630 9,275 8,554 7,981 7,828 7,282
Andhra Pradesh 4,140 7,555 9,058 7,597 5,327 6,425
Uttar Pradesh 2,150 2,901 4,007 2,891 2,549 1,936
Orissa 1,550 2,497 2,801 2,357 1,993 1,253
West Bengal 810 1,240 1,744 1,429 644 48
Others 7,900 8,566 7,940 6,485 6,734 5,184
All-India 25,180 32,034 34,104 28,740 25,075 22,128
Note: *: Data for Oct to Apr; ^:Position as on 15.11.2010,
Source: Department of Food & Public Distribution, GOI
15000 1500
10000 1000
5000 500
0 0
2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11
Source: Agmarknet, CME & USDA. ES - ending stock, Indian prices Rs/qntl, Int. prices cents/CWT
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A PwC & MCX Joint Endeavour 229
2007-08
2008-09
2009-10
2010-11
2011-12e
0 100,000 200,000 300,000 400,000 500,000
China India Indonesia Bangladesh Vietnam Others
Note: e - source estimates; Source: USDA
Imports
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0 5,000 10,000 15,,000 20,000 20,000 30,000 35,000
Philippines Nigeria Iran Indonesia Iraq Other
Note: e - source estimates; Source: USDA
Exports
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0 5,000 10,000 15,,000 20,000 20,000 30,000 35,000
Thailand Vietnam Pakistan India United States Others
Note: e - source estimates; Source: USDA
Consumption
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0 100,000 200,000 300,000 400,000 500,000
China India Indonesia Bangladesh Vietnam Other
Note: e - source estimates; Source: USDA
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A PwC & MCX Joint Endeavour 231
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A PwC & MCX Joint Endeavour 233
India
Beginning stocks 14,445 16,120 13,430 5,800 4,500 2,000 21,500
Production 84,000 80,800 80,680 78,570 75,810 69,350 69,680
Imports 300 300 218 7 1,962 6,721 32
Consumption 84,700 82,525 78,150 70,924 76,423 73,477 65,125
Exports 300 250 58 23 49 94 3,087
Total Supply 98,745 97,220 94,328 84,377 82,272 78,071 91,212
Ending Stocks 13,745 14,445 16,120 13,430 5,800 4,500 23,000
Area Harvested (1000 Ha) 29,400 28,360 27,750 28,150 28,000 26,400 25,700
Yield (MT/Ha) 2.86 2.85 2.91 2.79 2.71 2.63 2.71
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A PwC & MCX Joint Endeavour 235
Wheat - All India sowing progress during rabi (in lakh ha)
Date Average area Area Sown reported Change vis-a vis prev year
in rabi As on date % of average Same period Absolute %
last year
25-Feb-11 273.30 292.83 107.10 283.60 9.20 3.20
18-Feb-11 273.30 292.83 107.10 283.60 9.20 3.20
4-Feb-11 273.30 291.80 106.80 283.24 8.60 3.00
28-Jan-11 273.30 291.36 106.60 282.41 8.90 3.20
21-Jan-11 273.30 290.59 106.30 281.23 9.40 3.30
14-Jan-11 273.30 288.43 105.50 279.12 9.30 3.30
24-Dec-10 273.30 264.13 96.60 253.05 11.10 4.40
10-Dec-10 273.30 207.11 75.80 212.90 -5.80 -2.70
26-Nov-10 273.30 123.89 45.30 148.20 -24.30 -16.40
Wheat public distribution system: procurement, off-take and stocks (in million tonnes)
Procurement Issue Price (Rs/qtl) Offtake
Year Procurement Stocks
price (Rs/qtl) APL BPL AAY under TPDS
2010-11 22.53 1120 610 415 200 14.26* 32.05
2009-10 25.38 1100 610 415 200 18.99 16.13
2008-09 22.68 1080 610 415 200 12.53 13.43
2007-08 11.13 1000 610 415 200 10.83 5.8
2006-07 9.19 750 610 415 200 10.25 4.7
Note: *: Upto Feb' 2011; APL - Above Poverty Line; BPL - Below Poverty Line; AAY - Antodaya Anna Yojana; TPDS - Targeted Public Distribution System
Source: Food Corporation of India; Ministry of food and public Distribution, GOI
Wheat - Marketing year wise (April - March) procurement in major producing states (in `000' tonnes)
State 2010-11 2009-10 2008-09 2007-08 2006-07 2001-02
Punjab 9,676 10,725 9,937 6,781 6,946 10,560
Haryana 6,115 6,924 5,231 3,350 2,229 6,407
Uttar Pradesh 598 3,882 2,887 546 49 2,446
Rajasthan 359 1,152 932 383 20 676
Uttaranchal 59 145 830 20 Neg 0
Others 5,723 2,554 2,863 48 0 541
All-India 22,530 25,382 22,680 11,128 9,190 20,630
Note: Figures may not tally due to rounding
Source: Department of Food & Public Distribution, GOI
20000 1200
15000 900
10000 600
5000 300
0 0
Source:Agmarknet, & USDA. ES - ending stock, Indian prices Rs/qntl, Int. prices cents/bu
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A PwC & MCX Joint Endeavour 237
2007-08
2008-09
2009-10
2010-11
2011-12e
100,000 200,000 300,000 400,000 500,000 600,000 700,000
EU-27 China India United States Russia Others
Note: e - source estimates; Source: USDA
Imports
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0 50,000 100,000 150,000
Egypt Brazil Indonesia Japan Algeria Other
Note: e - source estimates; Source: USDA
Exports
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0 50,000 100,000 150,000
United States EU-27 Canada Australia Argentina Other
Note: e - source estimates; Source: USDA
Consumption
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0 200,000 400,000 600,000 800,000
EU-27 China India Russia United States Other
Note: e - source estimates; Source: USDA
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A PwC & MCX Joint Endeavour 239
Major markets spot prices (Rs/qtl) WPI of Wheat CBOT trading activity
s Whea Futures Open
Delhi Khanna Karnal Shahjahanpur closing price Volume interest
(US cents per (in lots)^ in lots^^
bushel)
1,304 1,343 1,375 1,309 173 794 1,402,949 491,535
1,282 1,359 1,353 1,278 173 650 2,355,425 459,421
1,266 1,330 1,351 1,283 168 717 1,527,845 531,320
1,233 1,325 1,359 1,240 172 674 1,501,613 500,360
1,233 1,325 1,366 1,233 173 653 3,386,788 469,222
1,231 1,318 1,348 1,233 168 662 2,394,908 508,193
1,243 1,255 1,251 1,242 169 465 2,547,457 456,953
1,163 1,232 1,212 1,179 168 458 1,392,393 500,807
1,117 1,229 1,220 1,096 169 492 2,024,980 447,458
1,234 1,272 1,317 1,259 173 451 1,289,960 450,357
1,365 1,432 1,385 1,410 179 507 1,936,477 417,588
1,396 1,486 1,396 1,416 182 474 1,297,988 414,891
1,415 1,433 1,395 1,389 181 542 904,437 362,341
1,401 1,463 1,390 1,369 174 568 1,952,629 350,706
1,269 1,289 1,196 1,256 163 494 1,451,439 339,083
1,183 1,193 1,133 1,183 159 458 1,040,296 333,314
1,134 1,182 1,130 1,152 157 471 1,926,485 308,686
1,083 N/A 1,139 1,083 158 528 1,295,811 324,441
1,054 1,202 1,152 1,052 158 511 2,351,042 312,850
1,088 1,204 1,182 1,066 158 637 1,296,532 333,757
1,105 1,199 1,180 1,037 156 524 1,736,079 288,755
1,183 1,163 1,123 1,168 151 533 1,213,933 313,891
1,212 1,174 1,125 1,226 152 511 1,505,806 281,066
1,186 1,150 1,118 1,178 151 568 986,983 285,967
1,169 1,148 1,106 1,141 147 611 939,081 250,604
1,150 1,129 1,100 1,108 146 543 1,644,604 255,933
1,119 1,115 1,070 1,084 145 536 1,139,035 280,125
1,080 1,101 1,057 1,072 147 680 1,228,113 287,361
1,081 1,113 1,085 1,083 147 779 2,093,613 305,592
1,086 1,123 1,114 1,107 147 784 1,314,165 335,565
1,100 1,121 1,124 1,101 146 844 2,185,659 341,562
1,104 1,120 1,124 1,093 146 762 1,121,566 362,356
1,101 1,118 1,112 1,112 147 787 1,558,648 362,265
1,133 1,114 1,101 1,108 140 929 1,398,683 387,432
1,125 1,089 1,082 1,100 139 1,073 2,527,668 400,399
1,108 1,073 1,062 1,106 138 930 1,861,299 448,651
1,058 1,042 1,038 1,034 137 885 1,281,761 426,936
1,070 1,046 1,047 1,040 138 867 2,109,675 406,861
1,058 1,058 1,025 1,054 136 808 1,648,353 424,380
1,020 1,029 991 1,047 133 939 1,320,262 395,231
1,025 1,040 1,006 1,072 133 767 2,111,348 369,951
1,030 1,066 1,013 1,091 132 630 1,498,320 437,376
959 992 950 1,004 128 582 2,310,189 392,849
934 955 957 967 129 517 1,170,475 378,103
966 985 971 971 130 486 2,082,527 367,462
1,042 1,044 1,007 1,065 129 438 1,147,973 408,591
1,070 1,068 1,023 1,086 135 475 1,505,977 417,970
1,085 1,077 1,036 1,081 136 468 1,260,310 460,924
1,113 1,063 1,061 1,099 137 501 761,291 446,611
1,136 1,115 1,105 1,125 135 502 1,613,732 420,656
1,040 1,037 1,009 1,064 127 483 1,938,085 456,287
999 991 969 1,030 126 443 1,365,891 494,862
949 924 925 973 119 404 1,657,109 446,462
871 818 841 890 116 398 1,056,984 409,236
860 826 848 889 116 372 1,617,060 454,904
850 833 852 877 114 394 1,511,472 546,729
792 783 778 835 112 346 1,305,630 380,052
^^Cumulative open interest in all contracts at the end of month; Future prices are for near month continuos futures contract.
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A PwC & MCX Joint Endeavour 241
Castor:
MaizeSeeds Prodn.,
(Corn): OilStock
Ending Exports & Prices
& Prices
000 tones Prices
800 India ES 1200
World ES (in 000s)
Int. prices
600 India prices 900
400 600
200 300
0 0
2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11
Source: Source: SEA of India & Agmarknet. Average Prices of India for the month of March
Source: Agmarknet, & USDA. ES - ending stock, Indian prices Rs/Qntl, Int. prices cents/bu
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A PwC & MCX Joint Endeavour 243
Maize - All India sowing progress during kharif/rabi (in lakh ha)
Date Average Area Sown reported Change vis-a vis
Season area in As on % of Same prev year
kharif/rabi date average period Absolute %
Rabi (2010-11) 3/11/2011 9.76 12.32 126.3 12.25 0.1 0.6
Rabi (2010-11) 3/4/2011 9.76 11.98 122.8 12.24 -0.3 -2.1
Rabi (2010-11) 2/25/2011 9.76 11.98 122.8 12.24 -0.3 -2.1
Rabi (2010-11) 2/18/2011 9.76 11.25 115.3 11.74 -0.5 -4.3
Rabi (2010-11) 2/4/2011 9.76 11.25 115.3 11.74 -0.5 -4.3
Rabi (2010-11) 1/28/2011 9.76 10.92 111.9 11.05 -0.1 -0.9
Rabi (2010-11) 1/21/2011 9.76 10.34 106 10.8 -0.5 -4.6
Rabi (2010-11) 1/7/2011 9.76 10.34 106 10.8 -0.5 -4.6
Rabi (2010-11) 12/24/2010 9.76 9.17 94 9.21 0 0.0
Rabi (2010-11) 12/10/2010 9.76 6.69 68.6 7.85 -1.2 -15.3
Rabi (2010-11) 11/26/2010 9.76 3.23 33.1 4.3 -1.1 -25.6
Contd...
Maize - All India sowing progress during kharif/rabi (in lakh ha)
Date Average Area Sown reported Change vis-a vis
Season area in As on % of Same prev year
kharif/rabi date average period Absolute %
Rabi (2008-09) 3/27/2009 8.15 12.22 150 10.62 1.6 15.1
Rabi (2008-09) 2/27/2009 8.15 11.37 139.6 10.38 1 9.5
Rabi (2008-09) 1/30/2009 8.15 11.37 139.6 10.38 1 9.5
Rabi (2008-09) 1/23/2009 8.15 10.58 129.9 10.11 0.5 4.6
Rabi (2008-09) 1/16/2009 8.15 10.58 129.9 10.11 0.5 4.6
Rabi (2008-09) 1/9/2009 8.15 9.22 113.2 8.83 0.4 4.4
Rabi (2008-09) 1/2/2009 8.15 9.22 113.2 8.83 0.4 4.4
Rabi (2008-09) 12/26/2008 8.15 8.97 110.1 8.71 0.3 3
Rabi (2008-09) 12/19/2008 8.15 8.18 100.4 7.55 0.6 8.3
Rabi (2008-09) 12/12/2008 8.15 6.79 83.4 6.34 0.5 7.1
Rabi (2008-09) 12/5/2008 8.15 5.02 61.6 4.04 1 24.3
Rabi (2008-09) 11/28/2008 8.15 4.75 58.3 3.52 1.2 34.9
Rabi (2008-09) 11/21/2008 8.15 3.96 48.6 2.92 1 35.6
Rabi (2008-09) 11/14/2008 8.15 2.32 28.5 1.77 0.6 31.1
Rabi (2008-09) 11/7/2008 8.15 1.77 21.7 1.13 0.6 56.6
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A PwC & MCX Joint Endeavour 245
2007-08
2008-09
2009-10
2010-11
2011-12e
0 200,000 400,000 600,000 800,000 1,000,000
United States China EU-27 Brazil Argentina Others
Source: eestimates of USDA ,Source: USDA
Imports
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0 20,000 40,000 60,000 80,000 100,000 120,000
Japan Mexico Korea, South Egypt Taiwan Other
Source: eestimates of USDA ,Source: USDA
Exports
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0 20,000 40,000 60,000 80,000 100,000 120,000
United States Argentina Brazil Ukraine Serbia Others
Source: eestimates of USDA ,Source: USDA
Consumption
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0 200,000 400,000 600,000 800,000 1,000,000
United States China EU-27 Brazil Mexico Other
Source: eestimates of USDA ,Source: USDA
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A PwC & MCX Joint Endeavour 247
Consumption
China USA
Cumulative consumption Cumulative consumption
2008-11 1,204,535 2008-11 960,692
India
Cumulative consumption
2008-11 551,479
2000-03 500,487
1990-93 448,385
1980-83 326,082
1970-73 256,866
0% 20% 40% 60% 80% 100%
Millet Rice Milled Sorghum Wheat
Source: USDA
Export
USA Canada
Cumulative exports Cumulative exports
2008-11 253,653 2008-11 63,632
Australia
Cumulative exports
2008-11 59,542
2000-03 53,598
1990-93 36,795
1980-83 34,795
1970-73 28,229
0% 20% 40% 60% 80% 100%
Barley Oats Wheats Others
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A PwC & MCX Joint Endeavour 249
Import
Egypt Mexico
Cumulative import Cumulative import
2008-11 46,663 2008-11 32,682
Japan
Cumulative import
2008-11 74,102
2000-03 77,802
1990-93 83,018
1980-83 73,213
1970-73 48,082
0% 20% 40% 60% 80% 100%
Barley Corn Sorghum Wheat Others
Source: USDA; Others: Millet, Oats, Rye, Wheat (Durum)
Production
China India
Cumulative production Cumulative production
2008-11 1,248,899 2008-11 575,420
USA
Cumulative production
2008-11 1,178,663
2000-03 918,073
1990-93 892,086
1980-83 880,737
1970-73 609,367
0% 20% 40% 60% 80% 100%
Corn Oats Sorghum Wheat
Source: USDA
Production
Avg. Prodn.
2008-11 2,227,004
2000-03 1,849,048
1990-93 1,765,664
1980-83 1,485,680
1970-73 1,132,191
0% 20% 40% 60% 80% 100%
Corn Wheat Rice Milled Barley Sorghum
Millet Oats Mixed Grains Rye
Imports
Avg. Imports
2008-11 275,768
2000-03 228,773
1990-93 208,378
1980-83 202,813
1970-73 122,301
0% 20% 40% 60% 80% 100%
Wheat Corn Rice, Milled Barley Sorghum
Oats Rye Millet
Exports
Avg. Prodn.
2008-11 284,736
2000-03 233,785
1990-93 221,182
1980-83 208,586
1970-73 126,479
0% 20% 40% 60% 80% 100%
Wheat Corn Rice, Milled Barley Sorghum
Oats Rye Millet
Consumption
Avg. Prodn.
2008-11 2,187,857
2000-03 1,891,307
1990-93 1,723,989
1980-83 1,460,032
1970-73 1,143,849
0% 20% 40% 60% 80% 100%
Corn Wheat Rice, Milled Barley Sorghum
Millet Oats Mixed Grain Rye
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A PwC & MCX Joint Endeavour 251
Pulses
The miracle food
P
ulses are the edible seeds of plants in the legume stocks to make way for new crop. Since late March, the prices
family such as pea, lentil, bean and chickpea, according went up on fears of crop damage and delay in arrivals. Later, as
to Pulse Canada. The term pulse is derived from the the arrival pressure set in, in the market, with a bumper crop, it
Latin words puls or pultis meaning thick soup. Due to weighed down on the prices.
their high content of complex carbohydrates and dietary fibres, Looking at the fall in prices, farmers began holding back
as well as their low fat and salt percentage, truly make pulses their produce, expecting to sell it before the Ramadan season.
miracle food. The term pulse, as used by the Food and During the Ramadan the besan (chana flour) demand increases
Agricultural Organization (FAO), is reserved for crops harvested so does the demand for chana. With a rise in the prices since
solely for the dry seed. Pulses are important food crops due to July, farmers began releasing their produce. Once the stocks for
their high protein and essential amino acid content. Like many the Ramadan were over, chana prices dipped to a year low of
leguminous crops, pulses play a key role in crop rotation due to Rs.2,062 on Sept 15.
their ability to fix nitrogen. Pulses are 20-25% protein by weight, Early October, as usual, saw demand for stocking for Diwali
which is double the protein content of wheat and three times and, thus, provided support to chana prices. The higher prices
that of rice. of imported chana also pushed up the prices, in general, in a
India is the worlds largest producer and consumer of pulses. domestic market. Higher prices of competing pulses such as tur
Canada, Myanmar, Australia and the US are other leading and urad also provided a boost to chana prices. By the end of
exporters, as well as major suppliers to India. Of the numerous November the prices hit a month high of Rs.2,546. The prices
types of pulses in the Leguminosae family, chickpea or chana retreated from the year high as the new sowing season set in.
is the most important pulse grown in the Indian subcontinent, Expectations that the prevailing high prices would lead to an
accounting for around 40% of the total pulse crops produced in increase in chana acreage helped easing of prices to some
India and making it the leading chickpea producing
country in the world. Besides chana, tur or pigeon MCX Chana futures prices in 2010
pea is consumed as a popular staple diet in India.
Tur originated in Asian continent and is said to be 2600
a native to India for as long as 3,000 years. India 2500 Increased Stocking
sowing Arrival pressure demand ahead
shares 85% of the worlds total tur production. Urad weighing down of Ramadan
2400
or black gram is one of the most important and highly on the prices
26-Feb-10
26-Mar-10
23-Apr-10
21-May-10
8-Oct-10
5-Nov-10
3-Dec-10
31-Dec-10
29-Jan-10
18-Jun-10
16-Jul-10
10-Sep-10
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A PwC & MCX Joint Endeavour 253
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A PwC & MCX Joint Endeavour 255
Gram (Chana) - All India sowing progress during rabi (in lakh ha)
Average Area Sown reported Change vis-a vis prev year
Date area in As on date % of average Same period Absolute %
rabi last year
8-Apr-11 73.14 96.68 132.2 85.1 11.6 13.6
1-Apr-11 73.14 96.03 131.3 85.1 10.9 12.8
25-Mar-11 73.14 96.02 131.3 85.1 10.9 12.8
18-Mar-11 73.14 96.02 131.3 85.1 10.9 12.8
11-Mar-11 73.14 95.98 131.2 85.1 10.9 12.8
4-Mar-11 73.14 95.76 130.9 85.1 10.7 12.5
25-Feb-11 73.14 95.64 130.8 85.1 10.5 12.4
18-Feb-11 73.14 95.58 130.7 85.07 10.5 12.4
4-Feb-11 73.14 95.36 130.4 85.64 9.7 11.3
28-Jan-11 73.14 95.12 130 85.55 9.6 11.2
21-Jan-11 73.14 94.92 129.8 85.42 9.5 11.1
7-Jan-11 73.14 93.6 128 85.3 8.3 9.7
24-Dec-10 73.14 87.79 120 81.89 5.9 7.2
10-Dec-10 73.14 80.6 110.2 76.98 3.6 4.7
26-Nov-10 73.14 62.19 85 63.26 -1.1 -1.7
Tur (Arhar) - All India sowing progress during kharif (in lakh ha)
Average Area Sown reported Change vis-a vis prev year
Date area in As on date % of average Same period Absolute %
rabi last year
22-Oct-10 35.53 44.86 126.3 36.48 8.38 23.0
15-Oct-10 35.53 44.75 125.9 36.47 8.28 22.7
8-Oct-10 35.53 44.42 125.0 33.75 10.67 31.6
1-Oct-10 35.53 43.83 123.4 32.5 11.33 34.9
10-Sep-10 35.53 43.56 122.6 32.26 11.3 35.0
3-Sep-10 35.53 43.38 122.1 32.23 11.15 34.6
20-Aug-10 35.53 41.71 117.4 31.91 9.8 30.7
13-Aug-10 35.53 40.42 113.8 30.39 10.03 33.0
6-Aug-10 35.53 34.13 96.1 27.62 6.51 23.6
30-Jul-10 35.53 33.61 94.6 27.25 6.36 23.3
23-Jul-10 35.53 26.56 74.8 21.76 4.8 22.1
16-Jul-10 35.53 20.81 58.6 16.85 3.96 23.5
9-Jul-10 35.53 2.85 8.0 2.51 0.34 13.5
2-Jul-10 35.53 1.45 4.1 1.46 -0.01 -0.7
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A PwC & MCX Joint Endeavour 257
Urad (Black Gram) - All India sowing progress during rabi (in lakh ha)
Average Area Sown reported Change vis-a vis prev year
Date area in As on date % of average Same period Absolute %
rabi last year
8-Apr-11 7.20 11.45 159.1 11.1 0.3 3.2
1-Apr-11 7.20 11.39 158.3 11.1 0.3 2.6
25-Mar-11 7.20 11.00 152.8 10.9 0.1 0.9
18-Mar-11 7.20 10.92 151.7 10.76 0.2 1.5
11-Mar-11 7.20 10.92 151.7 10.76 0.2 1.5
4-Mar-11 7.20 9.33 129.6 9.47 -0.1 -1.5
25-Feb-11 7.20 9.20 127.8 9.15 0.0 0.5
18-Feb-11 7.20 8.96 124.5 9.19 -0.2 -2.5
4-Feb-11 7.20 8.95 124.4 9.09 -0.1 -1.5
28-Jan-11 7.16 8.12 113.4 8.16 0.0 -0.5
21-Jan-11 7.16 7.91 110.5 8.13 -0.2 -2.7
14-Jan-11 7.16 7.35 102.7 7.67 -0.3 -4.2
24-Dec-10 7.16 5.49 76.7 5.24 0.3 4.8
10-Dec-10 7.16 4.84 67.6 4.47 0.4 8.3
26-Nov-10 7.16 10.85 151.6 8.92 1.9 21.6
21
12
14
8
7
0 0
2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11$
25%
27%
Madhya Pradesh
17%
30% Uttar Pradesh
Rajasthan
11%
2008-09 2007-08 Maharashtra
Andhra Pradesh
10%
12% Others
10%
20% 14%
11%
13%
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A PwC & MCX Joint Endeavour 259
3 2800
2 2000
1 1200
2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11^
1.5 2400
1 1600
0.5 800
0 0
2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11^
6 1800
5 1500
4 1200
0 0
2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11^
No Processing
this season
Celebrate
Concession
Charges
Interest
with
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A PwC & MCX Joint Endeavour 261
Urad Chana
h Rajasthan Orissa Andhra Pradesh Rajasthan Maharashtra Madhya Pradesh Uttar Pradesh
3,325.04 697.34 14,279.68 10,694.39 61,181.69 58,117.32 16,956.46
2,988.91 477.22 27,557.24 2,971.60 40,048.96 3,052.11 13,408.77
15,033.51 491.48 22,338.14 2,417.80 5,900.23 2,740.30 22,989.63
15,103.14 1,331.46 3,979.84 2,429.27 6,142.46 9,403.68 21,796.09
19,027.91 976.36 5,590.94 2,126.95 6,836.94 11,972.77 19,381.52
23,458.92 1,215.46 6,580.89 5,905.09 10,067.38 12,054.48 16,725.57
1,677.00 1,100.02 44,510.27 6,249.72 7,343.21 10,889.30 17,498.63
261.14 1,224.61 9,465.05 5,487.25 10,630.83 14,924.57 13,279.23
555.12 1,186.34 9,434.93 10,071.10 13,725.52 24,273.81 16,447.61
1,881.43 1,038.97 8,908.03 5,155.94 17,845.44 32,746.46 13,402.27
9,706.18 589.78 7,336.17 7,630.39 30,288.91 38,332.42 23,872.04
24,507.23 877.28 13,613.94 36,297.03 55,223.25 42,685.21 22,237.04
N/A 958.91 17,268.07 4,514.33 74,100.56 58,517.82 10,809.56
N/A 601.31 17,921.51 1,197.10 44,150.51 13,770.36 7,984.98
N/A 291.11 3,521.28 368.76 12,659.37 3,269.88 11,201.38
N/A 369.11 1,002.59 724.63 7,568.23 3,228.88 12,136.36
N/A 65.80 1,713.49 976.63 9,080.76 5,602.73 12,931.81
N/A 86.71 5,784.02 1,345.90 10,756.67 9,684.22 16,552.09
N/A 175.94 4,322.60 2,283.95 6,258.12 9,873.11 16,553.59
N/A 100.99 777.49 1,312.32 9,164.78 5,143.60 11,639.87
N/A 45.62 1,672.39 3,952.43 13,756.04 4,013.96 13,054.57
N/A 207.62 3,501.39 6,615.99 15,448.22 3,581.21 18,669.05
N/A 299.08 1,156.60 14,038.85 27,852.73 5,255.92 17,605.35
N/A 690.01 1,632.08 54,569.68 37,512.87 7,325.68 21,252.36
N/A 1,602.91 1,833.26 6,225.59 41,722.88 4,213.21 36,140.38
N/A 1,550.57 1,089.96 1,043.05 37,922.18 973.69 7,426.43
N/A 1,140.97 564.42 867.80 13,615.67 2,860.01 5,429.01
3,425.95 3,011.97 106.41 1,212.63 4,043.66 880.57 8,490.04
5,033.74 680.77 94.00 3,607.89 3,778.59 709.20 10,164.79
7,709.44 553.51 260.14 1,031.01 5,251.67 529.24 7,188.55
N/A 2,716.32 197.92 2,429.70 3,304.92 928.75 7,609.95
4,641.13 312.62 0.75 1,338.58 3,255.73 1,285.31 5,488.91
8,726.76 623.52 0.52 5,556.41 5,964.19 1,851.37 9,050.45
13,655.27 776.20 0.95 6,077.65 15,298.62 2,377.20 6,297.60
16,411.21 937.91 1.08 22,199.63 23,749.90 3,681.21 8,809.48
15,362.62 812.84 0.81 30,419.13 17,312.47 5,480.34 9,503.34
4,418.10 1,243.41 0.97 1,808.83 35,006.80 4,958.56 8,314.65
3,780.60 1,068.76 2.33 616.51 50,680.81 10,591.43 3,820.10
4,225.97 1,026.73 2.32 678.69 11,692.31 3,857.08 3,668.24
3,499.44 956.59 266.46 393.16 2,190.89 1,646.03 7,910.15
5,559.06 936.30 426.28 521.04 2,673.87 2,872.39 3,386.66
8,503.83 491.80 854.07 1,901.28 4,632.76 2,550.09 4,194.58
2,703.09 893.80 144.38 598.28 2,134.20 9,784.60 4,754.16
1,164.19 704.94 11.72 1,710.98 4,870.63 1,502.59 5,312.63
1,865.18 664.01 56.99 2,217.22 6,475.31 1,926.36 4,956.76
5,152.58 2,491.80 95.47 5,069.43 11,248.73 2,840.89 6,835.38
23,185.44 511.14 391.95 20,320.10 17,179.89 3,419.77 6,205.72
36,778.27 587.55 516.76 18,273.81 37,722.69 14,189.12 5,874.73
2,076.61 623.36 986.39 850.17 30,576.17 15,281.56 586,076.36
130.80 685.09 861.84 243.46 39,634.72 5,456.27 4,028.14
242.21 632.07 1,390.69 77.05 9,192.10 625.26 6,699.60
564.46 416.44 319.94 64.55 1,250.90 2,084.60 8,550.32
1,792.26 221.48 88.81 127.97 1,710.94 2,503.14 7,852.72
3,723.51 249.60 407.30 257.54 2,307.48 3,459.27 5,997.48
1,099.27 75.70 982.60 324.05 2,341.42 4,024.00 6,393.26
600.82 463.89 1,677.94 525.29 2,286.42 4,403.98 6,347.27
176.98 473.77 681.17 452.69 2,192.49 5,821.21 10,953.65
374.68 111.34 818.17 1,415.68 6,074.45 8,782.24 22,115.67
1,254.93 864.56 1,069.60 4,592.57 12,273.62 17,274.11 25,060.28
2,423.76 1,892.52 328.66 11,194.51 23,591.83 25,435.29 30,183.86
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Tur (Arhar)
Tur (Arhar) prices
Other market's monthly average spot prices (Rs/qtl)
Month Central Delh Bhopal Indore Bidar Raichur WPI of Tur
Avg variety Avg variety Avg variety (Basavakalyam) FAQ variety
FAQ variety
Mar-11 - - - - - 199.5
Feb-11 - - - - - 202.8
Jan-11 - - - - - 190.4
Dec-10 - - - - - 181.7
Nov-10 - - - - - 185.6
Oct-10 - - - - - 196.9
Sep-10 - - - - - 203.2
Aug-10 - - - - - 199.4
Jul-10 - - - - - 222.8
Jun-10 - - - - - 225.6
May-10 - - - - - 228.6
Apr-10 - - - - - 224.3
Mar-10 N/A N/A N/A N/A N/A 220.1
Feb-10 N/A 2991 3019 N/A N/A 231
Jan-10 4350 3183 3464 N/A N/A 262.7
Dec-09 4350 3047 3530 N/A N/A 236.2
Nov-09 4350 3185 4550 N/A N/A 237.2
Oct-09 4350 N/A N/A N/A N/A 224.7
Sep-09 4350 N/A N/A N/A N/A 221.3
Aug-09 4424 3505 N/A N/A 3510 220.3
Jul-09 4333 3960 N/A 5335 3623 206.8
Jun-09 3235 3174 3405 3768 3244 181.1
May-09 3235 3305 2886 4021 3131 170.1
Apr-09 3235 3156 2962 3337 3271 164.9
Mar-09 3235 3001 2516 3181 3069 156.4
Feb-09 3307 2791 2781 3167 3119 153.8
Jan-09 3115 2579 2630 3035 3141 148.7
Dec-08 2697 2410 2050 2694 2801 148.4
Nov-08 2863 2321 2053 2597 2298 148.4
Oct-08 3256 2444 2504 2986 2524 148.9
Sep-08 3207 2561 2184 2897 2167 147.1
Aug-08 3166 2591 2212 3999 2232 146.3
Jul-08 3074 2573 2414 2914 2397 138.3
Jun-08 2858 2439 2250 2491 2033 131.8
May-08 2695 2128 2103 2290 2057 129.7
Apr-08 2673 2203 2253 2321 2117 133.5
Mar-08 2826 2380 2169 2380 2409 136.2
Feb-08 2666 2319 2359 2228 2231 128.6
Jan-08 2466 2063 1997 2112 2131 130.2
Dec-07 2738 2061 N/A 2350 2409 131.4
Nov-07 2902 2007 2568 2315 2096 131.2
Oct-07 2806 1861 2559 2280 2089 127.4
Sep-07 2512 1831 1813 2230 1718 126.2
Aug-07 2626 2035 1979 2271 1647 126.3
Jul-07 2550 2139 2130 2242 1962 121.7
Jun-07 2518 1959 2016 2050 1841 117.9
May-07 2449 2019 1797 2052 1754 117.9
Apr-07 2488 2096 1759 N/A 1997 118
Mar-07 2410 2086 1844 N/A 2000 115.4
Feb-07 2331 1986 1968 N/A 1983 118
Jan-07 2244 1854 1666 N/A 1988 112
Dec-06 1963 1527 1304 N/A 1782 110.6
Nov-06 1923 1438 1635 1782 1445 110.3
Oct-06 1980 1505 1555 1750 1544 113.2
Sep-06 2157 1550 1569 1944 1514 111
Aug-06 1953 1537 1535 1717 1395 102.8
Jul-06 1931 1494 1477 1684 1413 100.7
Jun-06 1991 1546 1581 1702 1435 103.2
May-06 2053 1670 1670 1806 1516 101.4
Apr-06 2028 1676 1510 1794 1611 101.1
Note: N/A - Not Available, Futures trading Tur/Arhar is suspended since Feb 2007, Avg - Average;
Source: MCX, Agmarknet; Ministry of Commerce and Industry
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A PwC & MCX Joint Endeavour 267
Spices
Flavouring the dish
A
spice is a dried seed, fruit, root, bark, or vegetative export and domestic demand, in the wake of lower output in
substance. Used in nutritionally insignificant quantities Guatemala Indias lone competitor in the cardamom segment
as a food additive for flavor, color, or as a preservative, and the worlds largest producer of the small variant, buoyed
spices kill harmful bacteria or prevent their growth. A cardamom prices in the domestic market. The prices touched
spice may be used to flavour a dish or to hide other obnoxious an all-time high of Rs.2,097 on June 11, 2010. Thereafter, the
flavours. In the kitchen, spices are distinguished from herbs, prices began to decline on expectations of an increase of 20%
which are leafy, green plant parts used for flavoring or as garnish. year-on-year in production on the back of good monsoon rains.
The word spice comes from the Old French word espice, The estimated increased output, according to trade sources,
which became epice and which came from the Latin root stood at around 12,000 tonnes in 20010-11.
spec, the noun referring to appearance. In India, spices are During the harvest season, the prices remained under
mainly used to rustle up scrumptious delicacies. Many spices pressure because buyers were waiting for the prices to come
are also used for other purposes, such as medicine, religious down before they began buying cardamom for the new season.
rituals, cosmetics, and perfumery or for eating as vegetables. As a result, by October-end, futures prices of cardamom touched
For example, turmeric is also used as a preservative; liquorice a low of Rs.868 a kg.
as a medicine; garlic as a vegetable. The flavour of a spice is Attracted by lower prices, traders began stocking the spice
derived in part from compounds that oxidise or evaporate when for the forthcoming festive season. However, with the season,
exposed to air. especially Diwali, approaching, both spot and futures prices of
India is known as the home of spices and produces a wide cardamom started to rise again. This was followed by the export
variety of spices like black pepper, cardamom (small and large), season of November and December. Overall, cardamom prices
ginger, garlic, turmeric, chilli, etc. It is the largest producer, increased by 38.9% year-on-year.
consumer and exporter of spices and spice products.
India is the only country that produces all major MCX Cardamom futures prices in 2010
spices: 75 variants of the 109 listed with the Interna-
2300
tional Organization for Standardization (ISO). Year high at Rs.2,097/kg on
Higher export
2100 lower production in Guate-
demand and farm-
Spices play an important role in the Indian mala and robust domestic
ers reluctance to
1900 and export demand
economy. The country produces about 5 million sell the produce at
1700 lower prices
tonnes of spices every year and exports more than
10% of the produce or about 500,000 tonnes, 1500
including value-added products. The world import of 1300
spices is estimated at a little over 1 million tonnes, 1100
Year low at Rs.868/kg on expectations
of which India shares about 48%, according to the 900 of a rise of 20% y-o-y in production
owing to good monsoon
Spices Board of India. 700
23-Apr-10
13-Aug-10
3-Dec-10
31-Dec-10
1-Jan-10
26-Feb-10
26-Mar-10
21-May-10
16-Jul-10
8-Oct-10
5-Nov-10
29-Jan-10
18-Jun-10
10-Sep-10
Kotak Ginning & Pressing Industries, now a division of Kotak Commodity Services Ltd, trades in raw cotton
globally as well as in domestic markets. KCSL also offers marketing service for products like cotton seeds,
waste, all types of yarn, fabrics, made-ups & garments etc.
Registered Office: Kotak Commodity Services Ltd., Nirlon house, 1st Floor, Dr. Annie Besant Road, Opp. Sasmira,Near Passport Office , Worli, Mumbai - 400025.
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A PwC & MCX Joint Endeavour 269
Spices - Item wise exports from India (in `000' tonnes & value in Rs crores)
Item 2010-11 (E) 2009-10 2008-09 2007-08 2006-07 2001-02
Qty Value Qty Value Qty Value Qty Value Qty Value Qty Value
Pepper 18.85 383.19 19.75 313.93 25.25 413.74 35.00 519.50 28.75 306.20 22.88 203.69
Cardamom small 1.18 132.16 1.98 165.70 7.50 47.27 0.50 24.75 0.65 22.36 1.03 61.68
Chilli 240.00 1535.54 204.00 1291.73 188.00 1080.95 209.00 1097.50 148.50 807.75 70.00 252.44
Turmeric 49.25 702.85 50.75 381.23 52.50 248.58 49.25 157.00 51.50 164.80 37.78 90.74
Cumin 32.50 395.98 49.75 548.25 52.55 544.00 28.00 291.50 26.00 201.50 17.25 148.18
Others# 183.98 3690.99 176.53 2859.67 144.72 2965.73 122.50 2345.25 118.35 2073.14 94.27 1183.83
Total 525.75 6840.71 502.75 5560.50 470.52 5300.26 444.25 4435.50 373.75 3575.75 243.20 1940.55
Note: #: Include Asafoetida, Cassia, Saffron, Tamarinda, Ajvanseed, Dill Seed, Poppy Seed, Aniseed, Ginger, vanilla, fennel, coriander oils and oleoresins Etc.
Source: DGCI&S., Kolkata
Spices - Item wise imports into India (in '000' tonnes & value in Rs crores)
Item 2010-11 (E) 2009-10 2008-09 2007-08 2006-07 2001-02
Qty Value Qty Value Qty Value Qty Value Qty Value Qty Value
Pepper 16.10 270.11 18.10 234.66 10.75 176.65 13.50 193.89 15.70 135.97 6.33 56.36
Cardamom(small) 0.08 6.57 0.10 3.36 0.18 3.09 0.88 8.68 0.62 5.69 0.32 8.26
Chilli 0.45 4.08 1.30 7.50 0.82 6.57 0.48 3.61 1.60 10.30 1.11 4.31
Turmeric 3.90 42.21 4.45 20.87 2.53 8.20 4.65 12.27 7.00 25.20 0.12 0.12
Cumin black/white 0.52 5.93 1.60 16.31 0.19 2.42 2.00 18.50 1.19 10.10 0.96 7.29
Other spices # 65.74 846.61 81.16 817.77 69.08 568.45 68.50 403.55 100.68 601.82
Total 86.78 1175.51 106.70 1100.46 83.55 765.39 90.00 645.50 126.79 789.08 86.34 505.08
Value (USD in million) 257.00 232.33 167.55 160.60 174.32
Note: # include aniseed, asafoetida, cinnamon, pepper long, cambodge, herbal spices, ginger, cardamom large, coriander, etc; E=estimates.
Source: DGCI&S., Kolkata
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Pepper prices
MCX Spot prices Kochi (Rs/qtl) Other market monthly
Month average spot prices WPI of
Monthly Months high Months low (Rs/qtl) pepper
average Kozhikode
Dec-10 N/A N/A N/A 21,350 268.9
Nov-10 N/A N/A N/A 21,100 260.0
Oct-10 N/A N/A N/A 19,400 246.7
Sep-10 N/A N/A N/A 19,600 248.6
Aug-10 N/A N/A N/A 19,600 241.9
Jul-10 19,341 20,650 17,623 17,700 226.1
Jun-10 16,269 17,757 15,520 15,743 207.5
May-10 16,378 16,845 15,680 15,604 200.2
Apr-10 15,297 16,025 14,960 14,972 196.9
Mar-10 13,767 14,900 13,025 14,171 186.2
Feb-10 13,315 13,720 13,060 13,768 187.3
Jan-10 13,756 14,300 13,378 13,700 192.5
Dec-09 14,532 15,683 13,984 N/A 197.1
Nov-09 15,012 15,500 14,775 N/A 197.3
Oct-09 14,310 14,832 13,925 14,264 191.5
Sep-09 14,333 14,911 14,156 14,679 189.9
Aug-09 14,438 15,521 13,258 14,326 187.4
Jul-09 12,618 13,189 12,433 12,600 174.5
Jun-09 12,830 13,033 12,568 12,992 174.2
May-09 12,774 13,168 12,442 13,150 176.9
Apr-09 12,590 13,445 11,980 12,575 180.4
Mar-09 11,010 11,450 10,632 11,324 169.9
Feb-09 11,455 12,315 10,675 11,917 168.0
Jan-09 11,873 12,520 10,723 12,065 169.2
Dec-08 10,739 11,440 10,220 11,580 157.9
Nov-08 11,682 12,165 11,435 12,344 167.9
Oct-08 13,052 13,895 11,495 13,575 180.3
Sep-08 13,597 14,292 12,780 13,917 186.1
Aug-08 14,385 14,505 14,225 15,110 193.4
Jul-08 14,388 14,775 14,136 14,471 192.9
Jun-08 14,423 14,613 14,240 14,533 194.2
May-08 14,571 15,282 14,112 14,320 194.6
Apr-08 14,550 14,875 14,280 14,472 195.2
Mar-08 15,048 15,650 14,750 14,752 197.9
Feb-08 14,660 15,546 14,123 14,291 190.3
Jan-08 14,383 14,932 13,446 14,110 187.9
Dec-07 13,376 13,600 13,162 13,562 182.9
Nov-07 13,964 15,215 13,195 14,121 186.6
Oct-07 14,017 15,600 12,402 13,410 180.8
Sep-07 12,725 13,255 12,429 12,338 172.1
Aug-07 13,378 14,165 12,400 12,840 180.0
Jul-07 14,875 15,505 14,144 14,020 188.9
Jun-07 14,486 15,295 13,928 13,776 184.3
May-07 14,932 15,741 14,200 14,158 188.5
Apr-07 14,977 15,634 13,629 14,200 175.3
Mar-07 12,173 13,381 11,681 11,700 160.3
Feb-07 12,354 12,535 12,140 11,733 160.8
Jan-07 11,377 12,579 10,600 10,675 147.3
Dec-06 10,150 10,838 9,867 9,455 140.5
Nov-06 10,984 11,300 10,776 9,913 143.9
Oct-06 12,436 13,400 11,210 10,944 152.9
Sep-06 12,894 14,000 11,475 11,383 153.1
Aug-06 10,425 11,460 9,993 9,883 125.7
Jul-06 8,246 10,500 7,291 7,915 106.8
Jun-06 6,975 7,291 6,830 7,088 99.4
May-06 6,989 7,167 6,763 7,052 100.3
Apr-06 7,150 7,264 6,985 7,175 98.4
Note: N/A: Not Available
Source : MCX, Agmarknet & Ministry of Commerce and Industry
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A PwC & MCX Joint Endeavour 275
Turmeric prices
MCX Spot prices Nizamabad (Rs/Qtl) Other market monthly
Month average spot prices (Rs/qtl) WPI of
Monthly Month's high Month's low Turmeric
average Cuddapah Duggirala
Dec-10 16,777 17,000 16,325 15,002 14,143 458.6
Nov-10 15,435 17,025 14,675 13,493 13,184 416.3
Oct-10 14,525 15,174 13,950 12,596 12,161 406.4
Sep-10 13,721 14,088 13,463 11,233 12,157 403.8
Aug-10 14,701 15,163 14,100 11,530 12,857 402.0
Jul-10 15,172 15,822 14,588 N/A 12,719 406.8
Jun-10 14,850 15,125 14,650 N/A 12,308 406.8
May-10 15,112 15,856 14,644 12,424 12,216 375.3
Apr-10 12,447 14,650 11,344 10,811 10,963 326.9
Mar-10 10,182 11,600 8,725 9,459 8,928 309.8
Feb-10 9,755 10,577 8,842 N/A 8,400 299.9
Jan-10 10,449 10,900 9,975 N/A 7,200 281.5
Dec-09 10,493 11,244 10,150 N/A 9,007 284.1
Nov-09 12,013 13,092 9,913 N/A N/A 289.3
Oct-09 9,340 11,100 8,096 7,229 N/A 210.9
Sep-09 8,096 8,134 7,956 7,532 N/A 180.2
Aug-09 7,983 8,363 6,950 N/A N/A 160.8
Jul-09 5,849 6,950 5,368 N/A N/A 141.3
Jun-09 5,299 5,384 5,235 4,867 N/A 132.2
May-09 5,392 5,579 5,093 N/A N/A 120.0
Apr-09 5,301 5,510 5,071 N/A N/A 113.8
Mar-09 4,514 4,720 4,250 N/A N/A 112.3
Feb-09 4,189 4,278 4,080 3,658 N/A 110.7
Jan-09 3,992 4,198 3,850 N/A N/A 110.2
Dec-08 3,862 3,890 3,830 N/A N/A 109.5
Nov-08 3,782 3,897 3,570 N/A 3,195 109.8
Oct-08 3,762 3,955 3,570 3,570 3,095 110.7
Sep-08 3,827 3,908 3,735 2,829 3,305 110.8
Aug-08 4,127 4,595 3,806 2,773 3,341 112.5
Jul-08 4,407 4,645 4,105 3,318 3,580 102.9
Jun-08 4,051 4,161 3,989 3,264 3,075 96.5
May-08 3,399 4,006 3,072 2,866 2,791 89.8
Apr-08 3,077 3,116 3,043 2,517 2,656 89.4
Mar-08 3,073 3,110 2,995 2,691 2,635 85.9
Feb-08 2,791 2,995 2,630 2,503 2,348 82.8
Jan-08 2,641 2,673 2,604 2,357 2,222 83.9
Dec-07 2,437 2,685 2,297 N/A N/A 81.0
Nov-07 2,117 2,298 2,040 1,750 1,860 80.8
Oct-07 2,039 2,078 1,979 N/A 1,815 81.9
Sep-07 2,075 2,118 2,052 1,585 1,736 82.7
Aug-07 2,147 2,179 2,114 1,657 N/A 84.3
Jul-07 2,148 2,189 2,117 N/A N/A 80.9
Jun-07 2,108 2,135 2,081 1,709 1,812 78.0
May-07 N/A N/A N/A 1,646 1,797 84.7
Apr-07 N/A N/A N/A 1,781 1,821 86.4
Mar-07 N/A N/A N/A 1,905 N/A 82.1
Feb-07 N/A N/A N/A N/A 1,691 89.5
Jan-07 N/A N/A N/A N/A 1,588 90.0
Dec-06 N/A N/A N/A 1,611 1,613 84.8
Nov-06 N/A N/A N/A N/A 1,705 87.7
Oct-06 N/A N/A N/A 1,636 1,738 89.2
Sep-06 N/A N/A N/A 1,725 1,976 90.4
Aug-06 N/A N/A N/A 2,008 1,975 88.8
Jul-06 N/A N/A N/A 1,792 1,880 87.9
Jun-06 N/A N/A N/A N/A N/A 87.9
May-06 N/A N/A N/A 1,995 1,955 90.0
Apr-06 N/A N/A N/A 1,718 1,880 89.4
Note: N/T: Not Traded; N/A: Not Available; WPI revised from Apr 05; From Mar 05 Other Market Prices are for Turmeric (Bulb)
Source: MCX, Agmarknet & Ministry of Commerce and Industry
2%
6%
22%
3%
6% Pepper
23%
Cardamom (s)
Chilli
2010-11e 2009-10 7% 10% Turmeric
51% Cumin
10% Others#
54%
6%
Note: Include Asafoetida, Cassia, Saffron, Tamarinda, Ajvanseed, Dill Seed, Poppy Seed, Aniseed, Ginger, vanilla,
fennel, coriander oils and oleoresins Etc. Source: Spices Board, India, e - source estimates
24 360
16 240
8 120
0 0
2005-06 2006-07 2007-08 2008-09 2009-10 2010-11e
225 1350
150 900
75 450
0 0
2005-06 2006-07 2007-08 2008-09 2009-10 2010-11e
Source: Spices Board, India e - source estimates
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A PwC & MCX Joint Endeavour 277
52 600
48 400
44 200
40 0
2005-06 2006-07 2007-08 2008-09 2009-10 2010-11e
1.5 120
1 80
0.5 40
0
0
2005-06 2006-07 2007-08 2008-09 2009-10 2010-11e
36 360
24 240
12 120
0 0
2005-06 2006-07 2007-08 2008-09 2009-10 2010-11e
Other
Commodities
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A PwC & MCX Joint Endeavour 279
Item-wise exports of Mint products from India (in tonnes and in Rs. crores)
Commodity/Item 2010-11E 2009-10E 2008-09E
Quantity Value Quantity Value Quantity Value
Mint products
Peppermint oil 3,651.00 292.80 2,856.20 168.04 4,493.10 290.86
Spearmint oil 34.00 4.10 91.30 8.41 262.20 27.75
Other mint oil 2,558.00 211.20 4,229.50 258.70 5,159.60 395.66
Menthol crystal 5,457.00 579.20 4,728.00 323.40 3,973.90 271.79
Menthol 5,750.00 609.50 7,095.00 431.18 6,611.30 434.19
Total 17,450.00 1,696.80 19,000.00 1,189.72 20,500.00 1,420.25
Note: e - source estimates
Source: Indian Spices Board
Item-wise exports of Mint products from India (in tonnes and Rs. in crores)
Commodity/Item 2010-11E 2009-10E 2008-09E
Quantity Value Quantity Value Quantity Value
Mint products
Peppermint oil 6,117.20 316.02 2,803.40 173.49 1,341.00 35.19
Spearmint oil 400.00 37.35 291.60 25.27 137.00 7.51
Other mint oil 1,829.00 94.80 3,437.00 173.06 - -
Menthol crystal 4,760.40 331.38 3,552.60 276.10 3,466.00 157.77
Menthol 8,725.50 540.66 7,557.50 561.16 4,524.00 213.90
Total 21,100.00 1,280.50 17,642.10 1,209.09 11,295.00 484.74
Note: e - source estimates
Source: Indian Spices Board
24000 900
16000 600
8000 300
0 0
2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11
Source: Spices Board, MCX & Industry Sources. Average Spot Prices of MCX for the month of March
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Potato fundamentals - World and India (in million tonnes, area in million hectares, yield in tonnes)
2010-11 2009-10 2008-09 2007-08 2006-07 2001-02
World
Area under production NA 18.33 18.08 18.64 18.49 19.67
Production NA 329.56 325.56 322.41 305.96 311.07
Imports NA NA 10.18 10.3 9.57 8.25
Exports NA NA 9.91 10.5 9.74 8.06
India
Area 1.89 1.86 1.81 1.55 1.48 1.21
Production 40.24 35.89 29.97 28.47 22.18 23.92
Yield (tonnes/Ha) 17.14 15.35 14.14 11.19 10.7 14.65
Exports 0.06 0 0.02 0.01 0.01 0.008
Potato price in Uttar Pradesh (Rs. /qtl) 399.54 323.88 409.08 315.44 362.79 -
Certified Seed Distribution (`000' tonnes) - - 105.5 53.5 51.2 63.3
Note: World data is for calander year and data may be ofcial, semi ofcial or estimated. Area, Production and Yield on India for 2008-09 and 2009-10 are sourced from traders; NA -
data not available; Source: FAOSTAT, India's imports are negligible; Indian production & exports data are sourced from National Horticulture Research & Development Foundation
26%
35%
22% Uttar Pradesh
32%
West Bengal
2010-11 4% 2009-10 Bihar
3% Gujarat
17%
Others
25%
14%
22%
Source:NHRDF
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India
Beginning stocks 6994 4,664 3,510 9,150 9,850 4,175 10,710
Production 28300 26,650 20,637 15,950 28,630 30,780 20,480
Imports 100 1,200 4,247 2,786 0 0 0
Consumption 26500 25,500 23,500 24,200 23,500 22,425 17,845
Exports 1800 20 230 176 5,830 2,680 1,360
Net availability 35394 32,514 28,394 27,886 38,480 34,955 31,190
Ending stocks 7094 6,994 4,664 3,510 9,150 9,850 11,985
Area under production
(Sugarcane-'000 Ha) - 5,060 4,175 4,415 5,043 5,151 4411.6
Sugarcane yield (tonnes/Ha) - - 70.00 64.66 68.88 69.02 67.40
Average daily volatility of MCX spot prices
Sugar medium - 1.02% 2.02% 0.74% 0.46% 0.67% -
Sugar small - 1.43% 2.01% 0.90% 0.60% 0.77% -
Indian price in Rs/qntl - 3061 2259 1508 1491 1880 -
LIFFE prices in Rs/qntl - 3202 2293 2012 1351 1462 1011
Sugarcane SAP Rs/qntl 145 139 130 81 81 80 62
Note: e - source estimates provided by USDA, Data extracted on July 28, 2011; SAP: State Advisory Price
Source: USDA, Indian Sugar Mills Association
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Number of Sugar Factories in Operation, Sugarcane Crushed /Recovered and Capacity in India
2009-10 2008-09 2007-08 2006-07 2001-02
No. of factories in operation 490 488 516 504 434
Average Actual Capacity (tonne) Per 24 hrs 3,825 3,725 3,546 3,474 3,238
Total Cane Crushed ('000 tonnes) 185,548 144,978 249,906 279,249 180,321
Recovery of Sugarcane (%) 10.2 10.03 10.55 10.17 10.27
Average Duration (Days) 108 87 149 174 140
Note: e - estimated; p: provisional
Source: Indian Sugar Mills Association
9600 2800
7200 2100
4800 1400
2400 700
0 0
2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11
SourceSource: Source: SEA of India & Agmarknet. Average Prices of India for the month of March
: USDA. ES - ending stock, Indian prices Rs/Qntl, Int. prices Rs/Qntl
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2007-08
2008-09
2009-10
2010-11
2011-12e
0 50,000 100,000 150,000 200,000
Brayil India EU+27 China Thailand Other
Note: e - source estimates; Source: USDA
Imports
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0 10,000 20,000 30,000 50,000 60,000
United States EU-27 Indonesia Russia United Arab Emirates Other
Note: e - source estimates; Source: USDA
Exports
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0 10,000 20,000 30,000 50,000 60,000
Brazil Thailand Australia Guatemala United Arab Emirates Others
Note: e - source estimates; Source: USDA
Consumption
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0 50,000 100,000 150,000 200,000
India EU-27 China Brazil United States Other
Note: e - source estimates; Source: USDA
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Rubber state-wise monthly arrivals (in tonnes) Rubber marketed by co-operative societies
Month Kerala Tamil Nadu inIndia (in tonnes)
Mar-11 279.16 51.38 Year No. of Societies Rubber Marketed
Feb-11 262.12 136.51
Jan-11 267.72 113.63 2009-10 P 263 34345
Dec-10 186.46 42.50 2008-09 P 267 38500
Nov-10 219.06 108.48 2007-08 P 270 58055
Oct-10 200.09 44.80
Sep-10 254.28 120.25 2006-07 P 279 73030
Aug-10 411.64 109.70 2001-02 285 103611
Jul-10 436.87 129.78
Jun-10 492.56 12.89 Note: P - Provisional.
May-10 536.86 63.20 Source: Rubber Board of India.
Apr-10 796.21 62.91
Mar-10 782.78 104.60
Feb-10 391.91 158.55 Rubber state-wise monthly arrivals (in tonnes)
Jan-10 466.49 162.18 Month Kerala Tamil Nadu
Dec-09 358.07 201.06
Nov-09 322.40 185.28 Sep-07 79.12 169.62
Oct-09 261.44 49.52 Aug-07 71.28 145.26
Sep-09 175.51 118.68
Aug-09 145.80 149.60 Jul-07 90.98 112.54
Jul-09 195.90 138.49 Jun-07 65.66 N/A
Jun-09 189.82 308.57 May-07 122.20 N/A
May-09 180.80 217.04
Apr-09 152.52 333.24 Apr-07 70.43 132.80
Mar-09 158.89 265.65 Mar-07 90.06 135.44
Feb-09 73.63 154.96 Feb-07 75.08 184.87
Jan-09 57.05 339.51
Dec-08 45.49 57.51 Jan-07 132.75 177.04
Nov-08 52.58 24.00 Dec-06 145.04 151.69
Oct-08 28.60 42.21 Nov-06 151.64 324.34
Sep-08 45.30 40.08
Aug-08 59.18 N/A Oct-06 57.05 195.97
Jul-08 64.96 16.20 Sep-06 107.83 52.38
Jun-08 1662.00 60.06 Aug-06 107.83 302.05
May-08 41.37 53.06
Apr-08 59.66 137.48 Jul-06 97.68 237.99
Mar-08 1586.99 291.40 Jun-06 167.16 111.57
Feb-08 55.06 248.17 May-06 165.62 178.95
Jan-08 107.71 241.71
Dec-07 92.44 139.72 Apr-06 57.75 49.64
Nov-07 74.81 164.76 Note: N/A - Not available
Oct-07 100.22 165.10 Source: Dept. of Agriculture, GOI
Castor:Production,
Rubber Seeds Prodn., Oil Exports && Prices
Consumption Prices
in tonnes Price Rs/qntl
1000000 Production Consumption 21000
Rss -4 Kottayam Prices (RHS)
750000 16500
500000 12000
250000 7500
0 3000
2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11
Source: Source: SEA of India & Agmarknet. Average Prices of India for the month of March
Source: Economic Survey 2010-11, Rubber Board, Agmarknet
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Rubber monthly spot prices at MCX and other major physical market in India
Month Spot price (RSS-4)
MCX monthly spot prices Kottayam (Rs/qtl)
Rs./Quintal WPI of Rubber
Monthly Average Month's High Month's Low Kottayam
Dec-10 20,199 20,752 19,573 20,194 359.3
Nov-10 19,952 20,493 19,260 19,873 352.0
Oct-10 18,102 19,055 16,970 18,143 319.5
Sep-10 16,627 16,970 16,166 16,653 298.8
Aug-10 17,988 18,889 16,520 17,981 315.6
Jul-10 18,403 18,566 18,126 18,217 327.4
Jun-10 17,098 18,053 16,674 17,103 307.5
May-10 15,995 17,110 15,074 15,983 290.2
Apr-10 16,497 17,011 15,822 16,396 293.3
Mar-10 14,954 15,674 14,155 14,952 268.8
Feb-10 13,702 14,229 13,282 13,686 246.9
Jan-10 13,773 14,061 13,140 13,795 246.2
Dec-09 13,501 14,073 12,221 13,433 238.1
Nov-09 11,287 12,125 10,925 11,271 200.9
Oct-09 10,885 11,207 10,635 10,889 192.7
Sep-09 10,646 10,835 10,510 10,653 190.2
Aug-09 10,261 10,753 10,011 10,250 183.5
Jul-09 9,832 9,995 9,660 9,825 177.0
Jun-09 9,926 10,019 9,712 9,910 178.4
May-09 9,824 10,200 9,399 9,786 177.3
Apr-09 9,591 10,200 8,662 9,564 168.4
Mar-09 7,627 8,533 6,996 7,566 135.6
Feb-09 6,921 7,215 6,754 6,900 124.0
Jan-09 7,080 7,487 6,679 7,030 127.0
Dec-08 6,526 7,428 5,914 6,502 114.9
Nov-08 7,691 8,900 6,000 7,689 141.0
Oct-08 9,143 11,513 8,100 8,960 169.8
Sep-08 13,613 14,150 11,400 13,533 250.2
Aug-08 13,872 14,296 13,454 13,774 249.1
Jul-08 13,373 14,114 12,971 13,349 238.6
Jun-08 12,764 13,106 12,440 12,713 228.0
May-08 12,287 13,600 11,573 12,260 217.3
Apr-08 10,985 11,887 10,104 10,963 196.8
Mar-08 10,114 10,145 10,085 10,358 186.6
Feb-08 9,715 10,088 9,393 9,718 173.6
Jan-08 9,466 9,584 9,308 9,441 170.7
Dec-07 9,256 9,450 9,104 9,221 166.0
Nov-07 9,681 10,017 9,323 9,603 174.9
Oct-07 9,510 10,042 8,938 9,424 171.3
Sep-07 8,882 9,096 8,696 8,856 158.6
Aug-07 8,780 9,285 8,033 8,742 154.2
Jul-07 7,966 8,744 7,284 7,943 144.5
Jun-07 8,099 8,705 7,445 8,093 146.5
May-07 8,714 9,206 8,247 8,685 157.5
Apr-07 8,994 9,486 8,293 8,979 161.1
Mar-07 9,037 9,440 8,668 9,071 164.3
Feb-07 9,787 10,129 9,431 9,757 175.3
Jan-07 9,785 10,170 9,530 9,716 169.8
Dec-06 8,674 9,518 7,659 8,615 152.3
Nov-06 8,278 9,153 7,600 8,225 149.7
Oct-06 8,754 9,301 7,865 8,686 156.9
Sep-06 8,222 8,806 7,800 8,169 147.7
Aug-06 9,199 9,510 8,700 9,182 166.6
Jul-06 9,807 10,685 8,870 9,821 180.4
Jun-06 10,711 11,050 10,478 10,692 187.8
May-06 9,911 11,419 9,010 9,841 172.2
Apr-06 8,672 9,051 8,370 8,653 155.4
Note: Trading suspended from May 7, 08 to Dec 3, 08, WPI - Wholesale Price Index;
Source: MCX, Agmarknet; Ministry of Comerce and Industry.
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300 2100
200 1400
100 700
0 0
2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11
Source:Agmarknet & USDA. ES - ending stock, Indian prices Rs/kg, Int. prices Rs/kg
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2007-08
2008-09
2009-10
2010-11
2011-12e
0 50000 100000 150000
Brazil Vietnam Indonesia Colombia India Other
Note: e - source estimates; Source: USDA
Imports
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0 20000 40000 60000 80000 100000 120000
EU-27 United States Japan Russia Algeria Others
Note: e - source estimates; Source: USDA
Exports
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0 20000 40000 60000 80000 100000 120000
Brazil Vietnam Colombia Indonesia India Others
Note: e - source estimates; Source: USDA
Consumption
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0 20000 40000 60000 80000 100000 120000 140000
EU-27 United States Brazil Japan Russia Others
Note: e - source estimates; Source: USDA
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A
Joint Endeavour
Commodity Insights
Yearbook 2011
Joint Endeavour
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