Achiievers Equities Daily Commodity Report

Daily Commodity Report as on Friday, January 30, 2015

Date : Friday, January 30, 2015 URL : www.achiieversequitiesltd.com Page No - 1

Open High Low Close % Cng OI

Gold 27729 27819 27382 27419 -1.22 4088Silver 39350 39350 37166 37286 -5.54 10596

Alum. 112.7 113.25 111.7 112.25 -0.49 1505Copper 337.35 338.5 332.8 337.25 -0.15 16539Lead 114.05 114.5 112.7 114.1 -0.39 1695Nickel 912.6 923.6 906.1 921.1 0.56 3455Zinc 129.5 129.7 127.85 129.15 -0.31 1814

Crude 2759 2798 2720 2754 -0.65 40804Nat. Gas 174.4 181.5 166.8 167.6 -3.51 10395

Chana 27729 27819 27382 27419 -1.22 4088

Cardamom 1041 1078 1033.6 1073.6 3.00 1143Turmeric 8130 8310 8130 8274 1.62 31970

Jeera 14800 14840 14365 14610 -0.78 13773Dhaniya 7830 7849 7670 7807 0.93 18490

Wheat 1670 1678 1659 1670 -0.06 3230

Soyabean 3320 3344 3308 3333 -0.12 64630Ref. Oil 611.7 615.45 607 609.1 -0.60 50070CPO 425.8 430.6 420.7 422.8 -1.28 2727RMSeed 3311 3338 3290 3312 -0.48 33590Menthol 740.7 746.6 740.1 741.1 0.19 9205Cotton 14560 14900 14560 14870 1.92 5018

USDINR 61.77 62.20 61.74 62.16 0.79 1536316EURINR 69.78 70.38 69.58 70.29 0.31 39032GBPINR 93.62 94.09 93.34 94.01 0.26 25314JPYINR 52.37 52.80 52.31 52.74 0.73 13444

Chana prices gained as support seen due to lower sowing reports from the major producing belts.

Turmeric prices gained tracking a firm trend at spot market on rising demand in the spot market.Currency

Jeera prices ended with losses due to lower demand in the spot market.


Natural gas dropped after data showed that U.S. natural gas supplies fell less than forecast.

Ref soyoil ended with losses as pressure seen after Oil World trimmed estimates for Indian meal crushing demand.Cereals

Mentha oil prices gained on tight stock positions in the physical market.Oil and Oilseeds & Others

Soyabean ended with losses on weak demand for the crop in domestic and international market and on higher supply of the crop.

Energy Copper dropped amid indications the Federal Reserve remains on track to raise rates this year and as concerns over Greece's future in the euro zone re-emerged.

Zinc prices dropped after crude oil dropped as the USD rose, damping demand for commodities priced in the greenback.Pulses

Nickel prices ended with gains as support seen after as nickel ore stocks at Chinese ports have declined for 10 consecutive weeksSpices

Market Round upPrecious Metals

Gold extended losses as traders reassessed their expectations for the timing of the first U.S. rate

Base MetalSilver prices dropped as the dollar firmed after the Federal Reserve signalled it was on track to lift interest rates this year.

Crude oil dropped after data showing record U.S. stockpiles sent prices dropped and a global glut would continue to keep the market under pressure.

Silver settled down -5.54% at 37286 sliding nearly 6 percent in its deepest fall since September 2013, on concern over a looming increase in U.S. interest rates, with bullion remaining on track for its biggest weekly drop intwo months. In Wednesday's policy statement, the Fed said the U.S. economy was expanding "at a solid pace" but reiterated it would be patient in deciding when to increase benchmark borrowing costs. Investors alsoweighed the Federal Reserve's monetary policy announcement yesterday. As was widely expected, the Fed left interest rates unchanged, reiterating its pledge to remain patient in its efforts to normalize monetary policy. TheFed upgraded its assessment of the economy, indicating economic activity has been expanding at a solid pace since its December meeting. The Federal Reserve said, "Based on its current assessment, the Committee judgesthat it can be patient in beginning to normalize the stance of monetary policy." The statement suggests the Fed is unlikely to raise interest rates until at least June, but probably later. A stronger dollar has also weighed onbullion, even as the euro also rebounded to trade higher on some upbeat economic news from the eurozone with German unemployment ate declined to a record low. In an encouraging sign for the economy, a report fromthe U.S. Labor Department on Thursday showed first-time claims for U.S. unemployment benefits dropped to their lowest level in over fourteen years in the week ended January 24. Technically market is under fresh sellingas market has witnessed gain in open interest by 5.57% to settled at 10596 while prices down -2186 rupee, now Silver is getting support at 36518 and below same could see a test of 35750 level, And resistance is now likelyto be seen at 38702, a move above could see prices testing 40118.


CLOSE 37286 RES-1 38702 The U.S. Department of Labor said the number of individuals filing for initial jobless benefits decreased by 43,000 to 265,000 last week.

% CNG -5.54 RES-2 40118 SELL SILVER MAR @ 37700 SL 38200 TGT 37300-36600.MCX

HIGH 39350 SUP-1 36518 Silver prices dropped as the dollar firmed after the Federal Reserve signalled it was on track to lift interest rates this year.

LOW 37166 P.P. 37934 The Fed said it would take "financial and international developments" into account when determining when to raise rates.

Gold settled down -1.22% at 27419 tumbled tracking weakness in Comex Gold which dropped more than 2 percent to a two-week low plunged $31.30 to settle at $1,255.90 an ounce, while silver saw its biggest decline in 1-1/2 years after the Fed signaled it was still on track to lift U.S. interest rates this year. In Wednesday's policy statement, the Fed said the U.S. economy was expanding "at a solid pace" but reiterated it would be patient indeciding when to increase benchmark borrowing costs. Investors also weighed the Fed's monetary policy announcement yesterday. As was widely expected, the Fed left interest rates unchanged, reiterating its pledge toremain patient in its efforts to normalize monetary policy. The Fed upgraded its assessment of the economy, indicating economic activity has been expanding at a solid pace since its December meeting. The Fed said, "Basedon its current assessment, the Committee judges that it can be patient in beginning to normalize the stance of monetary policy." The statement suggests the Fed is unlikely to raise interest rates until at least June, butprobably later. In an encouraging sign for the economy, a report from the U.S. Labor Department on Thursday showed first-time claims for U.S. unemployment benefits dropped to their lowest level in over fourteen years inthe week ended January 24. Holdings of SPDR Gold Trust, remained unchanged at 752.70 tons on Thursday from its previous close of 743.44 tons. Technically market is under long liquidation as market has witnessed drop inopen interest by -33.86% to settled at 4088 while prices down -340 rupee, now Gold is getting support at 27261 and below same could see a test of 27103 level, And resistance is now likely to be seen at 27698, a moveabove could see prices testing 27977.

MCX Silver Mar 2015 TRADING IDEA

OPEN 39350 SUP-2 35750 Silver trading range for the day is 35750-40118.

CLOSE 27419 RES-1 27698 SPDR gold trust holdings gained by 5.67 tonnes i.e. 0.75% to 758.37 tonnes from 752.7 tonnes.

% CNG -1.22 RES-2 27977 SELL GOLD FEB @ 27550 SL 27750 TGT 27400-27260.MCX

HIGH 27819 SUP-1 27261 Gold extended losses as traders reassessed their expectations for the timing of the first U.S. rate

LOW 27382 P.P. 27540 The Fed said it would keep rates on hold at least until June and reiterated its pledge to be "patient" on raising interest rates.

MCX Gold Feb 2015 TRADING IDEA

OPEN 27729 SUP-2 27103 Gold trading range for the day is 27103-27977.

Copper settled down -0.15% at 337.25 recovered from the day's low as support seen from Rupee weakness against Dollar while outlook remain weak as stronger dollar and investor concerns that China's slowing economywould hamper demand for the industrial metal. LME Copper prices traded near the lowest level in six years on Thursday, amid indications the Federal Reserve remains on track to raise rates this year and as concerns overGreece's future in the euro zone re-emerged. The red metal is down approximately 12% so far in January as concerns over the global economic outlook and the impact on future demand prospects dampened the appeal ofthe commodity. Following its policy meeting on Wednesday, the Federal Reserve said it would keep rates on hold at least until June and reiterated its pledge to be "patient" on raising interest rates, while acknowledging thesolid economic recovery and strong growth in the labor market. Meanwhile, the euro remained under pressure after Greece’s new government moved Wednesday to roll back deeply unpopular austerity policies underpinningthe county’s €240 billion international bailout, fuelling fears over a clash with its international creditors. Greek borrowing costs continued to climb on Thursday, with the yield on 10-Year government bonds rising above 11%,the highest level since July 2013. Ahead of the election, the 10-year yield was below 9%. Technically market is under fresh selling as market has witnessed gain in open interest by 1.26% to settled at 16539 while pricesdown -0.5 rupee, now Copper is getting support at 333.9 and below same could see a test of 330.5 level, And resistance is now likely to be seen at 339.6, a move above could see prices testing 341.9.


CLOSE 337.3 RES-1 339.6 Inventories of copper in London Metal Exchange continued to increase, evidence of the ample supply.

% CNG -0.15 RES-2 341.9 SELL COPPER FEB @ 338-340 SL ABV 343.80 TGT 334.80-331.50-326.50. MCX (STBT)

HIGH 338.5 SUP-1 333.9 Copper dropped amid indications the Federal Reserve remains on track to raise rates this year and as concerns over Greece's future in the euro zone re-emerged.

LOW 332.8 P.P. 336.2 The Fed maintained its existing policy but had more global consideration, rate progress still depends on upcoming indicators.

Crudeoil settled down -0.65% at 2754 recovered from earlier losses in volatile trade, but gains were likely to remain limited amid ongoing fears over a glut in global supplies. Support seen after some upbeat economic datafrom the U.S. showed first-time claims for unemployment benefits to have declined more than expected, igniting hopes of growth in demand for oil. In an encouraging sign, a report from the U.S. Labor Department showedfirst-time claims for U.S. unemployment benefits dropped to their lowest level in over fourteen years in the week ended January 24. Meanwhile, eurozone economic confidence strengthened to a 6-month high in January, onmarked increases in consumer and retail trade confidence. As well, Germany's unemployment rate declined to a record low at the start of the year, reflecting an improvement in the labor market, expanding the most in threeyears during 2014. Investors also weighed the Fed's monetary policy announcement yesterday. As was widely expected, the Fed left interest rates unchanged, reiterating its pledge to remain patient in its efforts to normalizemonetary policy. The Fed upgraded its assessment of the economy, indicating economic activity has been expanding at a solid pace since its December meeting. Nevertheless, concerns of oversupply continue to worryinvestors after Wednesday's official weekly oil report from the EIA showed crude oil stockpiles in the U.S. to have surged more than expected last week. Technically market is under long liquidation as market has witnesseddrop in open interest by -9.85% to settled at 40804 while prices down -18 rupee, now Crudeoil is getting support at 2716 and below same could see a test of 2679 level, And resistance is now likely to be seen at 2794, amove above could see prices testing 2835.

MCX Copper Feb 2015 TRADING IDEA

OPEN 337.4 SUP-2 330.5 Copper trading range for the day is 330.5-341.9.

CLOSE 2754 RES-1 2794 Saudi Arabia has said it is unwilling to balance the market alone and will maintain output in hopes low prices will drive higher-cost producers to cut their output.

% CNG -0.65 RES-2 2835 SELL CRUDE OIL FEB @ 2770-2785 SL ABV 2824 TGT 2738-2702-2675. MCX (STBT)

HIGH 2798 SUP-1 2716 Crude oil dropped after data showing record U.S. stockpiles sent prices dropped and a global glut would continue to keep the market under pressure.

LOW 2720 P.P. 2757 The U.S. EIA said domestic crude oil stocks rose by almost 9 million barrels last week to reach nearly 407 million.

MCX Crudeoil Feb 2015 TRADING IDEA

OPEN 2759 SUP-2 2679 Crudeoil trading range for the day is 2679-2835.

Nickel settled up 0.56% at 921.1 as support seen after as nickel ore stocks at Chinese ports have declined for 10 consecutive weeks. Major economic indicators from Europe were in line with market expectations. The numberof US initial jobless claims last week topped market expectations, hitting a new low in 15 years, allowing the US dollar index to stabilize. Market continued to digest the results of the Fed’s January policy meeting onThursday. The Fed restated that it would have patience on interest rate hike, but suggested a potential rate increase around mid-2015. Gold slumped 2.4% as a result and the US dollar index hovered at highs. The USCommerce Department reported that the seasonal-adjusted home ownership rate for Q4 2014 fell to 63.9%, down from 64.3% in Q3 and hitting a new low since Q3 1994. Jinchuan Group raised nickel ex-works prices to108,000 yuan per tonne on January 29. LME nickel prices opened at USD 14,965/mt, but lacked ability to rise further due to a strengthening US dollar index, but finding support from the 20-day moving average, andfluctuating between USD 14,800-14,900/mt. During European trading hours, LME nickel prices gained ground and touched as high as USD 14,975/mt. Though prices fell back, they stayed above the 20-day moving average.LME nickel prices then inched down to USD 14,750/mt, and clawed back early gains. LME nickel inventories grew 1,836 to 42,256 mt. Technically market is under fresh buying as market has witnessed gain in open interestby 0.17% to settled at 3455 while prices up 5.1 rupee, now Nickel is getting support at 910.2 and below same could see a test of 899.4 level, And resistance is now likely to be seen at 927.7, a move above could see pricestesting 934.4.


CLOSE 921.1 RES-1 927.7 China's factory growth likely inched up from a 1-1/2-year low in January, helped by a slight pick-up in momentum the previous month

% CNG 0.56 RES-2 934.4 SELL NICKEL JAN @ 898-908 SL 924 TGT 886-872-856. MCX (STBT)

HIGH 923.6 SUP-1 910.2 Nickel prices ended with gains as support seen after as nickel ore stocks at Chinese ports have declined for 10 consecutive weeks

LOW 906.1 P.P. 916.9 However upside was limited after U.S. central bank authorities gave more signals of a looming rate hike which could tighten market liquidity.

Zinc settled down -0.31% at 129.15 after crude oil dropped as the USD rose, damping demand for commodities priced in the greenback. Germany’s January CPI and PPI hit a new low since July 2009, pointing to a growingdeflationary pressure. US initial jobless claims for the week ending January 23 fell almost to a 15-year low of 265,000, helping allaying worries about a slowdown in the country’s economy early this year. Nevertheless,pending homes sales fell 3.7% in December, missing a 0.5% rise expected. Genscape, an energy data service company, stated that one Oklahoma storage hub saw its crude storage up by 1.6 million barrels in only 5 days. Inresponse, US benchmark oil prices fell below USD 44/bbl to a new 6-year low before rebounding on Thursday. LME zinc prices opened at USD 2,116/mt, and dropped to as low as USD 2,075/mt during European tradinghours, then rebounded. But the number of US initial jobless claims last week were upbeat, causing the US dollar index to rebound. This pushed down LME zinc prices to close at USD 2,093/mt, down USD 24/mt or 1.13%.LME zinc inventories fell 3,550 to 633,175 mt. US Q4 growth slated for release today is expected to fall short of market expectations. Upbeat data should accelerate interest rate hike by the Fed, which will boost the US dollarindex whilst pushing down base metals. Technically market is under long liquidation as market has witnessed drop in open interest by -15.9% to settled at 1814 while prices down -0.4 rupee, now Zinc is getting support at128.1 and below same could see a test of 127 level, And resistance is now likely to be seen at 130, a move above could see prices testing 130.8.

MCX Nickel Jan 2015 TRADING IDEA

OPEN 912.6 SUP-2 899.4 Nickel trading range for the day is 899.4-934.4.

CLOSE 129.2 RES-1 130.0 Zinc daily stocks at Shanghai exchange came down by 300 tonnes.

% CNG -0.31 RES-2 130.8 SELL ZINC JAN @ 130.80 SL ABV 131.80 TGT 129.60-128.60-127.80.MCX

HIGH 129.7 SUP-1 128.1 Zinc prices dropped after crude oil dropped as the USD rose, damping demand for commodities priced in the greenback.

LOW 127.9 P.P. 128.9 The Federal Reserve said the U.S. economy was expanding "at a solid pace" with strong job gains.

MCX Zinc Jan 2015 TRADING IDEA

OPEN 129.5 SUP-2 127.0 Zinc trading range for the day is 127-130.8.

Turmeric settled up by 1.62% at 8274 tracking a firm trend at spot market on rising demand in the spot market. Moreover, decline in supplies from producing regions also supported the uptrend. The new crop has now hitthe markets in Maharashtra, Andhra Pradesh and Karnataka. There are concerns over crop loss due to cyclone ‘Hudhud’ that hit Andhra Pradesh in Oct 2014. Demand for the commodity has been increasing rapidly from NorthIndia and from the medicinal and cosmetic industry. Sowing of Turmeric in AP for the 2014-15 season is reported at 0.13 lakh ha, as against 0.1 lakh ha last year. The area in Telangana stood at 0.446 lakh ha against 0.431lakh ha last year. Exports in turmeric have increased by 10% to 43,000 tonnes during Apr-Sep 2014 as compared to last year. The export target for the 2014-15 is 80,000 tonnes according to Spice Board. Prices of the hybridturmeric increased in Erode markets due to arrivals of fine quality produce. The arrival of new turmeric crop was low. Yesterday only 100 bags of new crop arrived for sale. We expected more arrival but turmeric growersbrought low quantity after processing them. This may be due to expectation of increased price. Further, growers also having adequate stock of old crop with them. If the upcountry demand increases traders will buy moreturmeric. In Nizamabad, a major spot market in AP, the price ended at 7655.6 rupees remains unchanged at0 rupees.Technically market is under fresh buying as market has witnessed gain in open interest by 1.46% tosettled at 31970, now Turmeric is getting support at 8166 and below same could see a test of 8058 level, And resistance is now likely to be seen at 8346, a move above could see prices testing 8418.


CLOSE 8274 RES-1 8346 NCDEX accredited warehouses turmeric stocks gained by 242 tonnes to 530 tonnes.

% CNG 1.62 RES-2 8418 BUY TURMERIC APR ABV 8180 SL BELOW 8000 TGT 8280-8480-8600.NCDEX (BTST)

HIGH 8310 SUP-1 8166 Turmeric prices gained tracking a firm trend at spot market on rising demand in the spot market.

LOW 8130 P.P. 8238 The new crop has now hit the markets in Maharashtra, Andhra Pradesh and Karnataka.

Chana settled up by 2.28% at 3416 as support seen due to lower sowing reports from the major producing belts. Pickup in demand at the lower levels also added support to chana prices uptrend. Domestic demand for chanais weak in local mandis as the quality available is of inferior variety. Chana arrivals were steady at 30 trucks as compared to previous day. There is an expectation of new crop arrivals in less than a month’s time. Overallsentiments look mixed for Chana amid expected lower output and duty-free export allowed till Mar 2015. As per the Govt data, Chana has been sown over 81.98 lakh hectares which is less 16.5 % As on Jan 28, 2015 ascompared to last year’s 98.16 lakh hac. The Weather so far has been conducive to the growth of Chana crop in the growing states. Considering favorable weather conditions in the coming days and thereby a normal yield, weexpect Chana production to hover around 84-86 lakh tonnes in 2014-15. Meanwhile, according to Australian Bureau of Agriculture and Resource Economics (ABARE) total acreage in Australia was down by 33% to 339,000hectare as compared to previous year. In Delhi spot market, chana gained by 37.5 rupee to end at 3445.6 rupee per 100 kgs.Technically market is under fresh buying as market has witnessed gain in open interest by15.63% to settled at 106000 while prices up 76 rupee, now Chana is getting support at 3369 and below same could see a test of 3321 level, And resistance is now likely to be seen at 3445, a move above could see pricestesting 3473.

NCDEX Turmeric Apr 2015 TRADING IDEA

OPEN 8130 SUP-2 8058 Turmeric trading range for the day is 8058-8418.

CLOSE 3416 RES-1 3445 NCDEX accredited warehouses chana stocks gained by 122 tonnes to 36276 tonnes.

% CNG 2.28 RES-2 3473 BUY CHANA FEB @ 3340-3350 SL BELOW 3310 TGT 3380-3410-3440. NCDEX (BTST)

HIGH 3425 SUP-1 3369 Chana prices gained as support seen due to lower sowing reports from the major producing belts.

LOW 3349 P.P. 3397 Domestic demand for chana is weak in local mandis as the quality available is of inferior variety.

NCDEX Chana Feb 2015 TRADING IDEA

OPEN 3361 SUP-2 3321 Chana trading range for the day is 3321-3473.

116.7115.6114.9

111.3112.0113.1

1695

113.8

1.2


Positive Positive

SPREAD 67 621 73.00 1.30 4.50 0.50 5.10

TREND Positive Positive Positive Positive Positive Positive Positive

0.20

899.4 110.927261 36518 2716 162.5 333.9

OI 4088 10596 40804 10395 16539 1814 3455 1505126.2 892.7 110.1

128.1 910.2 111.6127.0

P. POINT 27540 37934 2757 172.0 336.2

26824 34334 2638 147.8 328.2SUPPORT 27103 35750 2679 157.3 330.5

339.6 130.0 927.7 113.1128.9 916.9 112.4

RESISTANCE28135 40886 2872 191.9 345.3 131.9 945.2 114.627977 40118 2835 186.7 341.9 130.8 934.4 113.927698 38702 2794 177.2

CLOSE 27419 37286 2754 167.6 337.25 129.15 921.1 112.25

Mentha oil settled up by 0.19% at 741.1 on tight stock positions in the physical market. Demand from pharmaceutical Industries and rise in exports could support the prices at the lower levels. Though, some gains werecapped by the reports of rains in some areas in growing state of UP kept trend slight weak for Mentha Oil as the sowing is set to start from February onwards. At Sambhal market arrivals were reported at 60 Drums(1-drum=180kg), higher by 10 Drums(1-drum=180kg) as against previous day. At Barabanki market estimated market supply was at 150 Drums(1-drum-180kg), up by 50 Drums(1-drum-180kg) as compared to previous day.At Bareilly market total arrivals are at 2 Drums(1-drum-180kg), up by 1 Drums(1-drum-180kg) from previous day’s arrivals. At Rampur market arrivals were reported at 4 Drums(1-drum=180kg), steady as against previousday’s arrival. Mentha oil production is expected to fall this year by 30 per cent to 40,000 tonnes from 55,000 tonnes a year ago, with acreage under the commodity declining as farmers sentiment were dampened due tolower prices. Mentha oil arrivals to the spot market, especially from the Chandausi in Uttar Pradesh, have increased substantially. The resulting fall in prices was capped due to lower production of the commodity this season.Acreage is expected to fall by 20 per cent this year, to 17,500 hectare on the back of a large carry-over stock from last year, which also had an impact on prices. Technically market is under fresh buying as market haswitnessed gain in open interest by 11.62% to settled at 9205 while prices up 1.4 rupee, now Menthaoil is getting support at 738.6 and below same could see a test of 736.1 level, And resistance is now likely to be seen at745.1, a move above could see prices testing 749.1.

DAILY MARKET LEVEL FOR METAL AND ENERGY

COMMODITIES GOLD SILVER CRUDE NAT.GAS COPPER ZINC NICKEL ALUMINUM LEAD

114.1

CLOSE 741.1 RES-1 745.1 Demand from pharmaceutical Industries and rise in exports could support the prices at the lower levels.

% CNG 0.19 RES-2 749.1 BUY MENTHA OIL FEB ABV 740.50 SL BELOW 732 TGT 752-760-768. MCX (BTST)

HIGH 746.6 SUP-1 738.6 Menthaoil spot is at 858/-. Spot market remains unchanged.

LOW 740.1 P.P. 742.6 Mentha oil prices gained on tight stock positions in the physical market.

MCX Menthaoil Feb 2015 TRADING IDEA

OPEN 740.7 SUP-2 736.1 Menthaoil trading range for the day is 736.1-749.1.

12:30pm EUR 0.004 0.011:15pm EUR 0.003 0.0041:30pm EUR -0.015 -0.0111:30pm EUR 0.005 0.0052:30pm EUR 0.135 0.1343:30pm EUR -0.005 -0.0023:30pm EUR 0.006 0.0073:30pm EUR 0.115 0.1157:00pm USD 0.03 0.057:00pm USD 0.009 0.0147:00pm USD 0.006 0.0078:15pm USD 57.7 58.38:30pm USD 98.5 98.2

8

The IMF set a June deadline for making progress on reforms that would give emerging countries moresay in how the world lender is run, an attempt to break a standoff created by U.S. failure to ratify thechanges. The governance reforms were adopted by the IMF in 2010, which initially set a 2012deadline for all member countries to endorse them. The administration of U.S. President BarackObama has so far been unable to persuade Republicans in Congress to act on the measure. The boardof the International Monetary Fund said Wednesday the institution’s 188 member countries shouldagree on steps that could make “meaningful progress” toward the reforms by June 30, withoutproviding details. Finance chiefs around the world had previously given the United States until Jan. 1to act and threatened to move without it if it failed to do so. The reforms would double the fund'sresources and give more say to emerging markets like China and Brazil. The changes would alsorevamp the IMF's board to reduce the dominance of Western Europe. Many U.S. Republicanlawmakers complain the IMF reforms would cost too much at a time of high U.S. deficits and budgetcuts, and would lessen U.S. influence at the IMF. Others see it as leverage to use in negotiations withthe White House on other Republican priorities.

U.K. economic growth slowed more than expected in the fourth quarter due to weakness in theproduction and construction sectors but the economy logged its strongest growth in seven years in2014 as a whole, preliminary data from the Office for National Statistics showed. Gross domesticproduct grew 0.5 percent sequentially, slower than the 0.7 percent expansion seen in the thirdquarter and a 0.6 percent rise forecast by economists. This was the slowest growth in a year butmarked the eighth straight quarter of expansion. The preliminary estimate is based only on the outputside of the economy and excludes expenditure-side breakdown of GDP. At this stage, data content isless than half of the total required for the final output estimate, the ONS said. Output decreased 1.8percent in construction and by 0.1 percent in production. Meanwhile, production of the dominantservice sector increased by 0.8 percent. Agricultural output was up 1.3 percent. IHS Global InsightChief UK Economist Howard Archer said it is worth noting that on the expenditure side, consumerspending was likely strong in the fourth quarter given the overall strength of retail sales. Nonetheless,Archer said there is the very real risk that growth could take a significant hit in 2015 from heightenedpolitical uncertainty in the run-up to May's general election weighing down on business confidenceand investment.

The intense winter this year might benefit wheat growers, with procurement likely to be scaled up bythe Food Corporation of India (FCI). Sources in the corporation said a meeting of state foodsecretaries had been convened on February 16 to prepare procurement estimates for the 2014-15kharif season. The sources confirmed the estimate would be higher than last year’s procurement,owing to favourable weather. For 2013-14, procurement stood at 28 million tonnes (mt), against theestimated 31 mt, while sowing was 31.2 million hectares. With no major change expected in sowingthis year, the projected higher production is attributed to higher yields. Paddy procurement,estimated at 30 mt for the 2014 kharif season, is likely to meet the target. Till January 26,procurement was 26.4 mt, against 27.1 mt in the year-ago period. As of January 16, foodgrain stockstood at 36.8 mt (12.8 mt of wheat and 24 mt of rice), against the required strategic reserve of 25 mtas of January 1. Despite a shortfall in paddy production in a few areas due to an insufficient and latemonsoon, an official said, “We should procure at least 29 mt of paddy or more.”

The Food Ministry is in favour of extending export subsidy for only 1.4 million tonnes of raw sugar inthe ongoing 2014-15 marketing year. “A cabinet proposal to extend export subsidy on raw sugar for2014-15 marketing year (October-September) has been sent for inter-ministerial views. The FoodMinistry has proposed a cap on quantity at 1.4 million tonnes,” sources said. Last year, the Centrehad announced a subsidy for exports of raw sugar up to 4 million tonnes in order to help the cash-starved industry clear sugarcane arrears to farmers. The subsidy scheme ended in September 2014.It had reviewed the quantum of subsidy every two months. The Food Ministry had first fixed subsidyat Rs. 3,300 per tonne for February-March, and later reduced it to Rs. 2,277 for April-May. The samewas reinstated at Rs. 3,300 for June- July before hiking it to Rs. 3,371 for August-September periodof last marketing year. Sugar mills exported about 750,000 tonnes of raw sugar in 2013-14 marketingyear (October-September) with an incentive of about Rs. 200 crore. The sugar industry is seekingextension of the export subsidy for this year as mills are facing liquidity crunch to make cane payment in the wake of depressed local prices due to higher production in the last few years. Indian Sugar MillsAssociation (ISMA) said that domestic sugar prices are substantially below the cost of production andit has become difficult for mills to even pay the cane price to farmers

Date : Friday, January 30, 2015 URL : www.achiieversequitiesltd.com Page No -

Unemployment RateAdvance GDP q/qAdvance GDP Price Index q/qEmployment Cost Index q/qChicago PMIRevised UoM Consumer Sentiment

PREV

The Federal Reserve said the U.S. economy was expanding "at a solid pace" with strong job gains in asignal that the central bank remains on track with its plans to raise interest rates this year. The Fedrepeated it would be "patient" in deciding when to raise benchmark borrowing costs from zero,though it also acknowledged a decline in certain inflation measures. After a two-day meeting of theFederal Open Market Committee, policymakers struck an upbeat tone on the U.S. economy'sprospects and held to their view that energy-led weakness in inflation would dissipate. "Thecommittee, in fact, was downright bullish on current economic conditions and the outlook," said PaulEdelstein, director of financial economics at IHS Global Insight. In making its announcement, the Fedlargely skirted slumping economies in Europe and Asia, saying only that it would take "financial andinternational developments" into account when determining when to raise rates, adding a reference toglobal markets for the first time since January 2013. "Economic activity has been expanding at a solidpace," the Fed said in a statement that marked an upgrade to its prior assessment of a "moderatepace" of growth. "Labor market conditions have improved further, with strong job gains and a lowerunemployment rate."

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