✍ NCDEX DAILY LEVELS

DALLY EXPIRY R4 R3 R2 R1 PP S1 S2 S3 S4

SYOREFIDR 20-02-2014 652 650 648 646 643 640 638 636 634

SYBEANIDR 20-02-2014 3440 3420 3400 3380 3360 3340 3320 3300 3280

RMSEED 20-02-2014 4320 4300 4280 4260 4240 4210 4190 4170 4150

JEERAUNJHA 20-02-2014 15990 15890 15790 15690 15590 15490 15390 15290 15190

CHANA 20-02-2014 3560 3540 3520 3500 3480 3450 3430 3410 3390

CASTORSEED 20-02-2014 5100 5080 5060 5040 5000 4970 4950 4930 4910

✍ NCDEX WEEKLY LEVELS

WEEKLY EXPIRY R4 R3 R2 R1 PP S1 S2 S3 S4

SYOREFIDR 20-02-2014 660 656 652 648 644 640 636 632 628

SYBEANIDR 20-02-2014 3520 3480 3440 3400 3360 3320 3180 3140 3100

RMSEED 20-02-2014 4370 4330 4300 4280 4240 4200 4160 4120 4080

JEERAUNJHA 20-02-2014 16300 16100 15900 15700 15500 15300 15100 14900 14700

CHANA 20-02-2014 3620 3580 3540 3500 3460 3420 3380 3340 3300

CASTORSEED 20-02-2014 5150 5100 5050 5000 4950 4900 4850 4800 4750

✍ MCX DAILY LEVELS

DALLY EXPIRY R4 R3 R2 R1 PP S1 S2 S3 S4

ALUMINIUM 30-01-2015 119 118 117 116 115 114 113 112 111

COPPER 27-02-2015 404 402 400 398 396 394 392 390 388

CRUDE OIL 16-01-2015 3450 3430 3410 3390 3370 3350 3330 3310 3290

GOLD 05-02-2015 27400 27300 27200 27100 27000 26800 26700 26600 26500

LEAD 30-01-2015 121 120 119 118 117 115 114 113 112

NATURAL GAS 27-01-2015 204 203 202 201 200 199 198 197 196

NICKEL 30-01-2015 975 950 930 910 880 860 840 820 800

SILVER 05-03-2015 37400 37200 37000 36800 36600 36400 36200 36000 35800

ZINC 30-01-2015 143 142 141 140 139 138 137 136 135

✍ MCX WEEKLY LEVELS

WEEKLY EXPIRY R4 R3 R2 R1 PP S1 S2 S3 S4

ALUMINIUM 30-01-2015 123 121 119 117 115 113 111 109 107

COPPER 27-02-2015 410 406 402 399 396 393 390 387 384

CRUDE OIL 16-01-2015 3520 3490 3460 3430 3400 3270 3240 3210 3180

GOLD 05-02-2015 27900 27700 27500 27300 27100 26800 26600 26400 26200

LEAD 30-01-2015 124 122 120 118 116 114 112 110 108

NATURAL GAS 27-01-2015 208 206 204 202 200 198 196 194 192

NICKEL 30-01-2015 1050 1010 980 940 900 860 840 800 760

SILVER 05-03-2015 38100 37700 37300 37000 36600 36300 36000 35700 35400

ZINC 30-01-2015 147 145 143 141 139 137 135 133 131

✍ MCX - WEEKLY NEWS LETTERS

INTERNATIONAL NEWS

US Unemployment Claims rose to 298,000 in the last week. Chicago PMI fell to 58.3-mark inDecember from 60.8 levels in November. Pending Home Sales gained 0.8 percent in Novemberas compared to a decline of 1.2 percent in October.

Activity in China's factory sector shrank for the first time in seven months in December, aprivate survey showed on Wednesday, highlighting the urgency behind a series of surpriseeasing moves by Beijing in the past two months.

Crude inventories fell by 1.8 million barrels in the last week, compared with analysts'expectations for an decrease of 67,000 barrels. Gasoline stocks rose by 3.0 million barrels,compared with analysts' expectations in a Reuters poll for a gain of 2.1 million barrels.Distillate stockpiles, which include diesel and heating oil, rose by 1.9 million barrels, versusexpectations for a 1.5 million barrel increase, the EIA data showed.

European Central Bank President Mario Draghi said the risk of the central bank not fulfillingits mandate of preserving price stability was higher now than half a year ago, and reiterated itsreadiness to act early this year should it become necessary.

1. Major global markets remain closed yesterday on New Year’s Eve. 1. LME Copper stocks jumped by a whopping 2.8 percent on Tuesday. 2. US Unemployment Claims rose to 298,000 in the last week. 3. Selling of the greenback by exporters supports Indian Rupee

The US Dollar Index (DX) traded higher by 0.4 percent on Wednesday owing to rise in riskaversion in the market sentiments that led to rise in demand for the low yielding currency.However, mixed economic data restricted sharp upside. The currency touched an intra day highof 90.67 and closed at 90.65 on Wednesday.

PRECIOUS METALS

Spot silver prices declined by 3.7 percent and closed at $15.7/oz. The fall was in tandem withfalling gold prices. Strength in the dollar index coupled with weakness in the base metals packexerted downside pressure on prices.

On the MCX, silver prices gained by 3.65 percent on Thursday and closed at Rs.36210/10 gms.

Gold fell 1.5 percent on pressure from weak oil prices and gains in the U.S. dollar onWednesday, and was poised to end 2014 down a slight 2 percent after falling below $1,200 anounce.

The impact of a stronger dollar was partially offset by demand from investors worried abouttensions in Russia and political uncertainty in Greece. Bullion was on track for a small fall thisyear after a turbulent 2013, when prices fell by a third following 12 years of gains.

Gold's main driver in 2014 has been a buoyant dollar, which was poised to post its biggestyearly gain since 2005, and anticipated U.S. interest rate hikes may strengthen the greenback'sappeal in the coming year. Higher rates weigh on non-interest-bearing bullion.

BASE METAL

Copper was set to end 2014 with a loss of nearly 15 percent, its worst annual decline in threeyears, on concerns that a supply surplus will hit the market next year just as Chinese economicgrowth shifts down another gear.

Losses in copper, the most widely followed metal, were set to be exceeded only by lead - amarket that was in surplus in the year to September - while nickel was poised to be the bestperforming metal with gains of 8 percent for the year thanks to Indonesia's ore export ban.

Copper prices ended 2014 with a loss of 14 percent, their biggest annual decline in three years,on concerns that a supply surplus will hit the market next year just as Chinese economic growthshifts down another gear. Losses in copper, the most widely followed metal, were matched bytin and exceeded only by lead - a market that was in surplus in the year to September - whilenickel was the best-performing metal thanks to Indonesia's ore export ban. Year endadjustments to market positions helped copper bounce off 4-1/2-year lows of $6,230 a tonneearlier this week, but it resumed its decline on Wednesday, ending down 0.41 percent on theday at $6,299 a tonne.

Weighing on the metal this year, the global copper market is expected to record a surplus ofabout 390,000 tonnes in 2015, according to an industry group. That would follow five straightyears of deficit. Data on Wednesday showed activity in China's factory sector shrank for thefirst time in seven months in December, highlighting the urgency behind a series of surpriseeasing moves by Beijing in the past two months.

ENERGY

Oil prices fell on Wednesday to a 5-1/2-year low and ended with their second-biggest annualdecline ever, down by half since June under pressure from a global glut of crude.

Just before the close, Brent and U.S. oil futures bounced off session lows. But prices stillsettled at their lowest since May 2009. Weekly U.S. data showed crude oil stockpiles fell morethan expected, but inventories at the oil hub at Cushing, Oklahoma, grew, keeping pricesdepressed.

Oil prices have collapsed this year as the Organization of the Petroleum Exporting Countriesopted to maintain the same level of output despite a global glut caused by expanding U.S. shaleoutput and diminished demand growth from China.

U.S. crude closed with its second-largest annual decline on record. The biggest came in 2008,when prices collapsed in the wake of the financial crisis. The last round of OPEC output cutseventually brought them off lows near $30 a barrel. In contrast, OPEC at a Nov. 27 meeting thisyear decided against cutting output. Despite its own forecasts of a growing surplus, the groupopted to defend its market share against shale oil and other rival supply sources. Turmoil inLibya dented OPEC supply in December to a six-month low, a Reuters survey showed,although forecasts still point to a glut.

U.S. natural gas prices ended the year down more than 30 percent for their worst performancesince 2011 after unseasonably warm weather raised questions on whether gas in storage wasexcessive for the heating required in coming months. While weather forecasts from this weekonward have turned cold, price rebounds have been restrained by worries about whether gas instorage was possibly higher than needed when cold weather peaks in January and February.Latest weekly consumption numbers for gas from the U.S. Energy Information Administrationshowed a draw of 26 billion cubic feet (bcf) for the Christmas week ended Dec. 26. A Reuterspoll of analysts had predicted a 38-bcf draw.

LME INVENTORIES

LME Inventories Copper Lead Zinc Aluminium Nickel

Current Stock 177025 221975 691600 4210275 413148

Change 4775 -25 -3300 -6575 444

% Change 2.77% -0.01% -0.47% -0.16% 0.11%

NCDEX - WEEKLY NEWS LETTERS

JEERA

Jeera traded with high volatility as the initial uptrend was followed by massive profit bookingby end of the day. Rains in parts of Rajasthan and Gujarat are creating a selling pressure asrains at this stage are good for the sown crop. Closure on many International markets too hasadversely affected the export demand for the time being. Short term trend likely to show somemore dips but as skies clear and exports rise next week, sentiments likely to firm up again as afall in production this year keeps long term sentiments Bullish.

As per latest Govt reports, in Gujarat, normal area for Jeera crop is approximately 388,000hectares. Till 17.11.2014, 60,900 ha have sown as compared to 74100 ha last year. The sowingarea during the According to Gujarat government data releases on 29th Dec 14, Jeera recorded42% less sowing compared to last year’s 4.4 lakh hac. Sowing of the spice has almost over bothin Gujarat and Rajasthan reported lower acreage. The tight supply and good demand in spotmarket coupled with the slight expected delay of new crop due to late sowing support the pricesduring the period.

Export orders are diverted to India due to Geo-political tensions in Syria and Turkey. .Jeera(cumin) exports have been 87,500 tonnes in the first six months (Apr-Sep) of 2014-15, a rise of25% from the corresponding period of the previous (Source: Spices Board)

Current year likely to go down in Gujarat and Rajasthan growing regions due to lower price ascompared to Coriander. Area may shift to Coriander and Fenugreek seed. Total Jeera area islikely to go down by 25 -30% during the current period as per trader estimates.

The latest report from Spice Board of India indicates a pickup in ex-ports during April-Sept2014 period at 87500 tonnes (up from 70243 in April-Sept 2013) – a rise of 25% in Quantityand 2% in value (due to fall in rates during that time). The targeted Export for 2014-15 periodis 1,00,000 tonnes. With Indian produce being of superior quality, they fetch a premium w.r.t.International market producing countries. Adverse reports from International producers wouldbe beneficial for the Indian markets in the long term. The exports have already shot up 40%during the 1st half of the quarter. It is expected to remain high in coming months too – whichcould create a Bullish sentiment in the long term for the commodity. Finally a fall in area asreported amid adverse weather conditions in growing areas could help keep market sentimentsfirm in the medium term.

CHANA

Rains in many parts of North-West and Central India keeps market sentiments weak onanticipations of that being good for the standing crop. Extending Duty-free import for Pulsestill March 31 created a further selling pressure for Pulses complex. Profit booking at the higherlevels amidst reports that Government may not be willing to impose 10% import duty on Pulsesalso kept trend weak. Domestic demand however likely to pick up again at the lower levels asoverall market sentiments remain firm. Fall in Rabi sowing area for Rabi Pulses and lowerInternational production prospects could support prices in medium to long term however.

As per USDA, expected pulses production in USA is up by 8% to 2,232,630 metric tonneduring 2014 from last year. Reports from Canada indicate chickpea production there expectedto fall to 0.14 million MT in 2014-15—down from 0.18 million MT in 2013-14due to loweryield. Reports from Australia indicate a 22.5% fall in Pulses production and more than 30% fallin Chick Peas production in 2014-15 vs that in 2013-14.

Latest report from AP Agri Dept indicate Rabi Pulses sowing down 6% from 6.43 lakh ha as on24.12.2013 to 6.02 lakh ha as on 24.12.2014. Rajasthan Agri Dept for Rabi Pulses indicatessowing indicates area at 15.36 lakh ha as on 19.12.2014, vs 15.28 lakh ha as on 19.12.2013. MPAgri Dept indicates Rabi Pulses sowing at 35.81 lakh ha as on 19.12.2014 vs 42.44 lakh haprevious year—down by 15.6%. As per 1st Advanced crop estimates for 2014-15 by Govt ofIndia, India is likely to produce Kharif Food grains of 120.27 million tonnes, which is down by8.97 million tonnes from the record 129.24 million tonnes achieved in Kharif 2013-14.

SOYABEAN

Rains in MP and Rajasthan keep sentiments down for the counter even as International marketsremained closed. Overall weakness in International markets due to increased global productionare likely to keep further pressure on the market sentiments.

USDA raised its forecast for global production, and expects inventories to reach an all-timehigh. Bigger global grain and oilseed supplies have pushed world food costs to a 4-year low.Soybean futures are heading for second straight annual losses, the longest slides since 1999.The market analysts are of the opinion that even with record demand, the leftover supply ofsoybeans before next year’s harvest will be record large. Brazil’s government forecast agencyConab raised its outlook for the domestic crop to a record 9.58 crore tons. That’s bigger than

the USDA estimate for 9.4 crore tons.

Expectation of fall in soymeal export from April 14 to March 15. Soymeal export likely to fallby 29 % to 20 lakh ton. Last year export 28 lakh ton Low export may pressurize the sentiments.

Global oilseed production for 2014/15 is projected at a record 530.7 million tons, up 1.8 milliontons from last month. Foreign oilseed production accounts for most of the change on increasesfor soybeans, rapeseed, and sunflowerseed. Global soybean production is project-ed at a record312.8 million tons with gains this month for Canada, Ukraine, and Paraguay. Global rapeseedproduction is projected at a record 71.9 million tons, up 1.2 million mainly on increasedproduction for Canada, which is estimated at 15.6 million tons based on the latest survey resultsfrom Statistics Canada.

Global oilseed ending stocks are projected at 104.1 million tons, up 1.1 million from last monthand 23.5 million above year-earlier levels. Increased rapeseed stocks in Canada and highersoybean stocks in Brazil and Argentina are only partly offset with lower soybean stocks in theUnited States.

REFI. SOYA

Moderate weakness was noted for Soy Oil as the higher levels recently touched from hike inImport Duty on Crude Edible Oil and refined edible oil were not sustainable. Profit bookingwas noted at the higher levels. Some more short term dips may be likely as Internationalmarkets cool down. Import Duty on Crude Edible Oil hiked from 2.5% to 7.5% and on RefinedEdible Oil hiked to 15% from 10%.

Fall in International markets had so far kept pressure on the market sentiments while domesticmarkets traded firm. Rates however continue to find strong psychological Resistance at the 600level.

Recently, the customs duty on crude oil has been increased to 7.5 per cent from 2.5 per centearlier, while the duty on refined edible oil has been raised to 15 per cent from 10 per cent, asper the notification issued by the Central Board of Excise and Customs.

In month of Nov 14, there is an increase of 700% import of Crude soybean oil to 121,097tonnes as compared to last year. It is mainly due to high prices of soybean and lesser realizationfor oil and soybean meal in export market, resulted in lower crushing and availability of

domestic oil coupled with anticipated increase in import duty by the GOI. Total U.S. oilseedproduction for 2014/15 is projected at 117.0 million tons, down slightly due to a smallreduction in cottonseed.

Soybean exports are increased 40 million bushels to 1,760 million reflecting the recordexport pace in recent weeks and prospects for additional sales and shipments ahead of theSouth American harvest.With crush unchanged, soybean ending stocks for 2014/15 areprojected at 410 million bushels, down 40 million from last month but still the highest since2006/07.

India imported 11.62 million tonnes of edible oil during Sep-Oct 2013/14 compared to 10.68million tonnes during the same period previous season, stated the Solvent Extrac-tors'Association (SEA). India’s 2013/14 soyoil imports stood at 1.95 Mn T against 1.09 Mn T in2012/13 season. Palm oil purchases were slightly lower at 7.29 Mn T against 8.29 Mn T lastseason. Sunflower oil imports were recorded at 1.51 Mn T against 0.97 Mn T in 2012/13

RM SEED

Rains in growing states of Rajasthan, Gujarat and UP kept trend weak for RMSeed as that isreportedly good for the sown crop. Short term some more dips may be there but overallsentiments likely to remain firm however as good demand for Mustard Oil continued. Reportsof crop damage from parts of Rajasthan from recent rains also kept prices firm. Demand rosefurther for Mustard Oil amidst falling stocks ahead of the Festival season. Cool weather ingrowing states keep production prospects good though reports of damage to crop in some areasin Rajasthan from the recent rains supported the market sentiments.

As per Ministry of Agriculture, Rajasthan area coverage in Rabi season 2014-15 till 24December was 26.40 lakh ha vs 29.73 lakh ha in 2013-14. The government has set a target of29 lakh for this year. The fall in area was due to high temperature in Oct and lack of rains.Farmer are reportedly shifting to Barley and Wheat. Crops also faced germination problem dueto the high Temperature.

Haryana area coverage in Rabi 2014-15 till 24 December was reportedly 5.25 lakh ha while itwas 5.47 lakh ha in 2013-14 during this time. The reason is again the high temperature duringOct. MP area coverage in Rabi 2014-15 till 24 December was 6.46 lakh ha while it was 7.87 in2013-14. Due to good rains in Oct and fields being unused, early sowing was possible there. UParea coverage in Rabi 2014-15 till 24 December was 11.42 lakh ha while it was 10.37 lakh ha

in 2013-14 during this period. As fields this year were unused in kharif season, so farmers hadsown Mustard early in UP.

European Union rapeseed output rose to 22.5 million tons this year from 20.9 million tons,datafrom the 28-nation bloc show. Gains for EU are partly offset by a reduction for Australia wheredry conditions in the southeast have reduced yield prospects. Global sunflowerseed productionis reduced 0.4 million tons to 39.8 million on lower fore-casts for Russia and Kazakhstan.

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