ADMISI Commodities Research Sriram Iyer: sriram@admisi.in March 24, 2015

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Economic Data March 23, 2015

Country Economic Data Actual Expected PreviousGBP CBI Trends Total Orders Mar 0 9 10USD Existing Home Sales Feb 4.88M 4.94M 4.82MEUR Eurozone Consumer Confidence Mar A -4 -6 -6.7USD Fed Vice Chair Stanley Fischer Speaks in New York

March 24, 2015

Country Economic Data Actual Expected PreviousAUD Conference Board Leading Index Jan 0.40% 0.40%JPY Manufacturing PMI Mar P 50.4 52.1 51.6CNY HSBC Manufacturing PMI Mar P 49.2 50.3 50.7CNY Conference Board Leading Economic Index Feb 1.50% 0.90%EUR France Manufacturing PMI Mar P 48.2 48.9 47.6EUR France Services PMI Mar P 52.8 53.1 53.4EUR Germany Manufacturing PMI Mar P 52.4 51.5 51.1EUR Germany Services PMI Mar P 55.3 55 54.7EUR Eurozone Manufacturing PMI Mar P 51.6 51EUR Eurozone Services PMI Mar P 53.9 53.7GBP CPI M/M Feb 0.30% -0.90%GBP CPI Y/Y Feb 0.10% 0.30%GBP Core CPI Y/Y Feb 1.30% 1.40%GBP RPI M/M Feb 0.50% -0.80%GBP RPI Y/Y Feb 1.00% 1.10%GBP PPI Input M/M Feb 1.60% -3.70%GBP PPI Input Y/Y Feb -12.40% -14.20%GBP PPI Output M/M Feb 0.10% -0.50%GBP PPI Output Y/Y Feb -1.90% -1.80%GBP PPI Output Core M/M Feb 0.10% 0.20%GBP PPI Output Core Y/Y Feb 0.40% 0.50%GBP DCLG UK House Prices Y/Y Jan 9.80%USD CPI M/M Feb 0.20% -0.70%USD CPI Y/Y Feb -0.10% -0.10%USD CPI Core M/M Feb 0.10% 0.20%USD CPI Core Y/Y Feb 1.70% 1.60%USD House Price Index M/M Jan 0.50% 0.80%USD New Home Sales Feb 475K 481K

ADMISI Commodities Research Sriram Iyer: sriram@admisi.in March 24, 2015

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International Market Recap

LME Previous Close Open High Low Net Chg. %

Chg. Volume% Vol. Chg.

Copper 6040.50 6150.00 6053.50 6154.00 6045.50 109.50 1.81 23663 -35.77 Nickel 14135.00 14290.00 14200.00 14365.00 14100.00 155.00 1.10 4333 -30.25 Aluminium 1797.00 1795.00 1797.00 1809.00 1786.00 -2.00 -0.11 11956 -23.85 Lead 1776.50 1836.50 1775.00 1839.00 1772.00 60.00 3.38 8269 4.68 Zinc 2055.00 2085.00 2054.00 2092.00 2047.00 30.00 1.46 12025 1.89

Comex Copper Previous Close Open High Low

Net Chg.

% Chg.

MAR5 2.775 2.808 2.801 2.924 2.785 0.033 1.19 APR5 2.767 2.797 2.775 2.913 2.765 0.031 1.10 MAY5 2.761 2.790 2.761 2.915 2.755 0.028 1.03 JUN5 2.761 2.790 2.760 2.904 2.760 0.028 1.03 JUL5 2.759 2.788 2.755 2.911 2.754 0.029 1.05

Spread APR5 MAY5 JUN5 JUL5 MAR5 0.011 0.019 0.019 0.020 APR5 0.008 0.008 0.009 MAY5 - 0.002 JUN5 0.002

Indian Market Recap

Copper Previous Close Open High Low Net Chg. %

Chg. Volume % Vol. Chg. OI

OI Chg.

Apr-15 382.25 386.20 384.20 387.30 381.80 3.95 1.03 46232 -34.76 13898 777 Jun-15 386.85 390.95 388.90 391.65 386.55 4.10 1.06 991 -40.87 915 84 Aug-15 389.45 394.70 393.70 395.90 391.90 5.25 1.35 71 222.73 248 35

Net OI Change = 896

Spread Jun-15 Aug-15 Apr-15 -4.75 -8.50 Jun-15 -3.75

Nickel Previous Close Open High Low Net Chg. %

Chg. Volume % Vol. Chg. OI

OI Chg.

Mar-15 880.10 885.90 881.60 893.50 878.20 5.80 0.66 25228 -28.22 6651 -498 Apr-15 887.40 893.40 888.70 900.50 885.70 6.00 0.68 826 -23.52 1011 13 May-15 893.10 897.60 895.20 903.00 893.20 4.50 0.50 21 10.53 39 9

Net OI Change = -476

Spread Apr-15 May-15Mar-15 -7.50 -11.70 Apr-15 -4.20

ADMISI Commodities Research Sriram Iyer: sriram@admisi.in March 24, 2015

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Aluminium Previous Close Open High Low Net Chg. %

Chg. Volume % Vol.

Chg. OI OI

Chg. Mar-15 111.55 111.45 111.65 112.50 111.05 -0.10 -0.09 7793 -23.50 2991 165 Apr-15 112.50 112.40 112.50 113.35 112.10 -0.10 -0.09 460 8.24 486 86 May-15 112.85 114.05 114.00 114.15 114.00 1.20 1.06 6 -25.00 19 Unch

Net OI Change = 251

Spread Apr-15 May-15Mar-15 -0.95 -2.60 Apr-15 -1.65

Lead Previous Close Open High Low Net Chg. %

Chg. Volume % Vol.

Chg. OI OI

Chg. Mar-15 111.40 114.90 111.30 115.10 111.10 3.50 3.14 17839 10.07 2876 134 Apr-15 111.75 115.25 111.85 115.40 111.60 3.50 3.13 1245 11.66 775 -278 May-15 111.05 115.45 112.30 115.45 112.30 4.40 3.96 34 183.33 101 -13

Net OI Change = -157

Spread Apr-15 May-15Mar-15 -0.35 -0.55 Apr-15 -0.20

Zinc Previous Close Open High Low Net Chg. %

Chg. Volume % Vol.

Chg. OI OI

Chg. Mar-15 127.95 129.55 127.70 129.90 127.40 1.60 1.25 11804 4.59 2597 124 Apr-15 128.75 130.35 128.45 130.55 128.30 1.60 1.24 737 99.19 953 215 May-15 128.80 130.20 128.95 130.80 128.95 1.40 1.09 11 1000.00 13 8

Net OI Change = 347

Spread Apr-15 May-15Mar-15 -0.80 -0.65 Apr-15 0.15

Copper futures extended gains on Monday amid speculation demand for the industrial metal will

increase as a result of accommodative central bank policies in the U.S., Europe and China. Nickel, Zinc and Lead moved higher on Monday. Lead prices upside was supported amid concern

about potential shortages after a dramatic drop in available inventories. Aluminium ends flat. The Dollar remained broadly lower against a basket of other major currencies on Monday, after

data showed that U.S. existing home sales rose less-than-expected in February. The Dollar also fell as investors remained uncertain over the timing of a U.S. rate hike. This also

supported prices. The Euro rallied against the Dollar on Monday amid hopes for progress on the Greek debt front. The daily inventory data released by the London Metal Exchange (LME) showed a rise in the

inventory levels of Aluminium and Lead. Meanwhile, the inventory levels of Copper, Nickel and Zinc fell on Monday.

The weekly inventory data released by the Shanghai Futures Exchange (SHFE) showed a rise in the inventory levels of Lead and Zinc. Meanwhile, the inventory levels of Copper and Aluminium fell on Friday.

Except for Aluminium, rest of the base metals futures moved higher on Monday on MCX.

ADMISI Commodities Research Sriram Iyer: sriram@admisi.in March 24, 2015

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LME Official Stocks in MT Commodity 20-Mar-15 23-Mar-15 Net Chg. % Chg. Aluminium 3,976,650 3,983,725 7,075 0.18 Copper 341,750 340,925 -825 -0.24 Nickel 430,482 430,008 -474 -0.11 Lead 234,875 238,050 3,175 1.35 Zinc 524,075 521,400 -2,675 -0.51

SHFE Official Stocks in MT Commodity 13-Mar-15 20-Mar-15 Net Chg. % Chg. Aluminium 217,917 208,318 -9,599 -4.40 Copper 241,616 239,349 -2,267 -0.94 Lead 49,023 49,045 22 0.04 Zinc 138,364 139,196 832 0.60

Commitment of Traders - 3/10/2015 - 3/17/2015 Non-Commercial Commercial Non-Reportable

Net

Position

Weekly Net Position

Weekly Net Position

WeeklyNet

ChangeNet

ChangeNet

ChangeFutures -17,547 3,981 28,170 -4,184 -10,623 203 and Options -17,527 3,983 28,155 -4,176 -10,628 193 and Options - Disaggregated NaN NaN NaN NaN NaN NaN

ADMISI Commodities Research Sriram Iyer: sriram@admisi.in March 24, 2015

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Left CFTC net positions of copper, Right LME Copper Source: Reuters

LME Copper - (6138.00) Trade Recommendations None.

Source: Reuters

MCX Copper April - (386.9) Trade Recommendations Buy above 380.00 with targets 389.10-393.40 and an S/L at 374.50. Book profits and exit this call. Outlook LME Copper could trade range bound to weak as weak data from china could weaken demand from the country. Resistance is at 6208. Support is at 6059. MCX could trade range bound to weak, tracking weak overseas prices. A strong Rupee could support prices. Support is at 383.75. Resistance is at 390.00.

ADMISI Commodities Research Sriram Iyer: sriram@admisi.in March 24, 2015

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Left LME warehouse inventories, Right LME Nickel Source: Reuters LME Nickel - (14155.00) Trade Recommendations None.

Source: Reuters

MCX Nickel March - (879.7) Trade Recommendations None. Outlook LME Nickel could trade range bound to weak. Support is at 13970. Resistance is at 14530. MCX Nickel could track overseas market and move higher. Support is at 866.15. Resistance is at 894.95.

ADMISI Commodities Research Sriram Iyer: sriram@admisi.in March 24, 2015

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