NCDEX DAILY LEVELS

DALLY

EXPIRY

R4

R3

R2

R1

PP

S1

S2

S3

S4

SYOREFIDR

20-01-2015

608

606

604

603

602

599

597

595

593

SYBEANIDR

20-01-2015

3360

3340

3320

3290

3270

3245

3220

3205

3185

RMSEED

20-01-2015

4235

4220

4205

4190

4170

4145

4130

4115

4100

JEERAUNJHA

20-01-2015

14400

14300 14200

14100

14000 13800 13700 13600 13500

DHANIYA

20-01-2015

12500

12400 12300

12200

12100 12000 11800 11700 11600

CASTORSEED

20-01-2015

4900

4880

4860

4840

4820

4790

4770

4750

4730

NCDEX WEEKLY LEVELS

WEEKLY

EXPIRY

R4

R3

R2

R1

PP

S1

S2

S3

S4

SYOREFIDR

20-01-2015

612

609

606

603

600

597

594

591

588

SYBEANIDR

20-01-2015

3410

3380

3350

3320

3280

3240

3200

3160

3120

RMSEED

20-01-2015

4270

4230

4200

4180

4140

4110

4070

4030

3990

JEERAUNJHA

20-01-2015

15000

14700 14400

14100

13800 13500 13200 12900 12600

DHANIYA

20-01-2015

13100

12900 12600

12300

12000 11700 11400 11100

10800

CASTORSEED

20-01-2015

4960

4930

4880

4850

4750

4900

4810

4790

4770

 MCX DAILY LEVELS

DALLY

EXPIRY

R4

R3

R2

R1

PP

S1

S2

S3

S4

ALUMINIUM

31-12-2014 125

124

123

122

121

120

119

118

117

COPPER

27-02-2015 415

414

413

412

411

409

407

405

403

CRUDE OIL

16-01-2015 3770

3750

3730

3710

3690

3660

3640

3620

3600

GOLD

05-02-2015 27300

27200

27100

27000

26900

26800

26700

26600

26500

LEAD

31-12-2014 123

122

121

120

119

118

117

116

115

NATURAL GAS 26-12-2014 223

221

219

217

215

213

211

209

207

NICKEL

995

980

965

950

930

910

890

870

31-12-2014 1015

MCX WEEKLY LEVELS

WEEKLY

EXPIRY

R4

R3

R2

R1

PP

S1

S2

S3

S4

ALUMINIUM

31-12-2014 131

129

127

125

123

121

119

117

115

COPPER

27-02-2015 421

418

415

412

409

406

403

400

396

CRUDE OIL

27-02-2015 3820

3780

3740

3700

3660

3620

3580

3540

3500

GOLD

05-02-2015 27800

27600

27400

27200

27000

26800

26600

26400 26200

LEAD

31-12-2014 127

125

123

121

119

117

115

113

111

NATURAL GAS

26-12-2014 228

224

220

216

212

208

204

200

196

NICKEL

31-12-2014 1070

1020

980

940

900

860

820

780

740

SILVER

05-03-2015 38100

37800

37500

37200

36900

36600

36300

36000 35700

ZINC

31-12-2014 152

149

147

145

143

141

139

137

135

 MCX - WEEKLY NEWS LETTERS

INTERNATIONAL NEWS
The Federal Reserve on Wednesday offered a strong signal that it was on track to raise interest
rates sometime next year, altering a pledge to keep rates near zero for a "considerable time" in a
show of confidence in the U.S. economy.
Russia's rouble strengthened sharply on Wednesday after dramatic falls on the previous two
days as the government pressured exporters not to hoard foreign-currency earnings and the
central bank announced new measures to support financial stability. Euro stat said consumer
prices in the 18 countries sharing the euro fell 0.2 percent month-on-month in November for a
0.3 percent year-on-year rise, as expected by markets.
Crude inventories fell by 847,000 barrels in the last week, compared with analysts' expectations
for a 2.4- million-barrel draw. Distillate stockpiles which include diesel and heating oil, fell by
207,000 barrels, versus expectations for a 340,000-barrel increase, the EIA data showed.
Gasoline stocks rose by 5.3 million barrels, compared with analysts' expectations in a Reuters
poll for a 1.8-million-barrel increase.
The US Dollar Index (DX) traded on a positive note and strengthened 0.2 percent in the
yesterdays trading session on the back of speculation that US Federal Reserve policy makers
will remove their pledge to keep borrowing costs low for a considerable period in their
statement. However, upside in the DX was capped due to upbeat market sentiments which led
to decline in demand for the low yielding currency. The currency touched an intra-day high of
89.62 and closed at 89.48 on Thursday.

PRECIOUS METALS
Silver climbed 0.8 percent to $15.79 an ounce. The Federal Reserve on Wednesday offered a
strong signal that it was on track to raise interest rates sometime next year, altering a pledge to
keep rates near zero for a "considerable time" in a show of confidence in the U.S. economy.
Closing out a two-day meeting against a backdrop of solid domestic growth but trouble
overseas, the U.S. central bank said it would take a "patient" approach in deciding when to
bump borrowing costs higher.
Fed Chair Janet Yellen told a news conference that "patient" meant the policy-setting Federal
Open Market Committee was unlikely to hike rates for "at least a couple of meetings," meaning
April of next year at the earliest.
Gold turned lower on Wednesday, after briefly climbing above $1,200 per ounce following the
U.S. Federal Reserve's signal that it remained on track to raise interest rates in 2015.
The Fed offered a strong message that it was on track to raise interest rates sometime next year,

altering a pledge to keep them near zero for a "considerable time" in a show of confidence in
the U.S. economy. Investors were also eyeing Russia after the rouble plunged more than 11
percent against the dollar on Tuesday despite a hefty interest rate hike. Russia's financial crisis
initially weighed on stocks on Wednesday, but European shares staged a late recovery
following the bounce higher in energy and as new signs of economic stimulus measures from
the European Central Bank lifted shares. Demand for physical gold in Asia was lackluster
overnight as traders awaited direction from the Fed, precious metals house MKS said in a note.
Holdings of the world's largest gold-backed exchange-traded fund, which last week posted their
biggest weekly rise since mid-July, saw a second consecutive daily outflow on Tuesday, of 1.8
tonnes.

BASE METAL
Base metals on the LME traded on a negative note yesterday as the outlook in top metals
consumer China remained gloomy following house price data. In addition, mixed economic
data from the US dragged prices lower. However, upbeat market sentiments after an upbeat
assessment of the U.S. economy and a promise to be patient in raising rates by the Federal
Reserve restricted sharp fall.
In the Indian markets, all the base metals traded lower in line with trend in the international
markets. Copper steadied on Wednesday on oil prices moving up from recent 5-1/2-year lows
and a relief rally in global equities, but the metal's gains were expected to be short-lived given
mounting evidence of rising supply.
Global equities stabilised from earlier falls as the oil price rebounded and as fears over a fullblown currency crisis in Russia subsided. Still copper was vulnerable, with the dollar up versus
a currency basket on expectations that the Federal Reserve would signal rate hikes were on
track in its policy statement later this session.
A stronger dollar makes dollar-priced meals costlier for European and other non-U.S. investors.
Also a concern for copper was rising supply, with the latest data from China showing copper
output rose 3.1 percent in November from the previous month, hitting a record for the fourth
straight month. Aluminum remains vulnerable to the plunge in the rouble, which could entice
Russian producers to lift production of the metal, which is sold in dollars, or it could lead to
lower sales in Russia, prompting producers to increase exports. Russia is the world's secondbiggest aluminum producer

ENERGY
U.S. natural gas futures on Wednesday ended up 2.3 percent on forecasts for cooler weather
over the next two weeks. Weather models for the lower 48 U.S. states moved from well above
normal to slightly above normal levels for the next two weeks, boosting the likelihood of

increased demand for gas for heating.

The models projected heating degree days would total 436 over the next two weeks, up from
the 416 forecast on Tuesday. That is still below the 444 norm for this time of year, according to
Thomson Reuters Analytic. With little cold so far this season, production remained near record
levels because gas was not trapped in frozen wells and new pipelines have entered service to
move more of the fuel out of the ground. Production forecasts eased to 73.1 billion cubic feet
per day from 73.3 bcfd on Tuesday, according to Thomson Reuters Analytics. That compares
with 66.1 bcfd a year ago and a 30-day moving average of 71.9 bcfd. Production peaked at 73.4
bcfd on Dec. 8.
World oil prices jumped as much as 6 percent on Wednesday before closing off their peaks as
weeks of nearly non-stop selling abruptly halted, and traders said failure to break below key
chart support levels meant a long rout may be running out. The surge came after weekly oil data
showed a big build in crude stockpiles at Cushing. When prices failed to make a new low
following the bearish data, speculators raced to buy up contracts or take profits on short
positions, setting off a frenzy of buying that took on its own momentum. The sudden spike on
Wednesday caught traders and analysts by surprise, and many speculated on causes ranging
from the surge in the value of the oversold Russian rouble to the U.S. decision to resume
diplomatic relations with Cuba. The biggest slide in oil prices since the 2008 financial crisis
had accelerated after OPEC met in November, when Gulf producers resisted calls to curb
output. The plunge has left market-watchers seeking a bottom, and unable to find one. The
latest spike has given buyers looking for a bottom a potential point at which to purchase crude.
It remains to be seen whether the intraday rally biggest in 2-1/2 months is a dead-cat bounce or
a definitive turning point after a six-month slide that has halved prices. With OPEC ministers
saying this week they are in no hurry to cut output, many see new lows ahead, although the
steep drop has opened up some short-term opportunities for chart-based traders.

LME INVENTORIES
LME Inventories

Copper

Lead

Zinc

Aluminum

Nickel

Current Stock

172200

219825

685275

4261750

406854

Change

-475

-2175

-10350

1680

% Change

-0.28%

0.00%

-0.32%

-0.24%

0.41%

NCDEX - WEEKLY NEWS LETTERS

CHANA
NCDEX Chana Jan. futures traded on a positive note (2.05% higher) on account of lower
arrivals due to rain noticed in northern part of India. Yesterday prices have touched the high of
3194 levels.
According to latest estimates of coverage under Rabi pulses has reached 107.85 lakh hectares
as on December 5, 2014 which is -11.56% lower as compared to previous year. Chana has been
sown over 69.43 lakh hectares as on December 05, 2014 which is -17.24% lower than the area
sown during the same period previous year. Chickpea/Chana production has been revised down
in Australia to 435 thousand tonnes in the latest production estimates by the Australian
Agricultural Department released on December 02, 2014. The production shall be -31.17%
lower year on year while estimate has been revised down by around 6% from the earlier crop
production estimate during September 2014. According to the USDA, USA pulses production
up by 17% to 28685 (in 000 cwt) in 2014 from 24576 (000 cwt) in 2013.

According to the ministry of Agriculture, the area under sowing of Gram is at 71.51
lakh hectares this year while the last years figure was 85.75 lakh hectares.

Area coverage under Total Pulses is at 111.13 lakh hectares while the last years sowing
are coverage was 124.78 lakh hectares. Official weekly data will be released tomorrow.

As per the 1st Advance Estimates from Ministry of Agriculture production of Kharif
Pulses isForecast to be 5.20 million MT in 2014-15 compared to 6.02 million MT (4th
Advance estimates) and 5.91 million MT in 2012-13.

SOYABEAN

Indian Soy complex prices closed mixed yesterday whereas RM Seed prices ended
sharply higher yesterday on firm overseas prices amid fears of lower crop. Rupee
weakness prevented bigger losses.

Traders estimate this years Soybean crop between 9 10 million MT. USDA estimates
Indian Soybean crop at 11.0 million MT.

According to 1st Advance estimates for 2014-15 released by GoI, Indias output for
Soybean is estimated at 11.82 million MT.

NCDEX Soybean Jan futures traded on a negative note (0.84% down) taking cues from
international market. .Weakness in CBOT soybeans and lower Malaysian palm oil remained
negative factors for the beans and the seed. The Malaysian palm oil extended losses Tuesday.

Total U.S. oilseed production for 2014/15 is projected at 117.0 million tons, down slightly due
to a small reduction in cottonseed. Soybean exports are increased 40 million bushels to 1,760
million reflecting the record export pace in recent weeks and prospects for additional sales and
shipments ahead of the South American harvest. With crush unchanged, soybean ending stocks
for 2014/15 are projected at 410 million bushels, down 40 million from last month but still the
highest since 2006/07.
Global oilseed production for 2014/15 is projected at a record 530.7 million tons, up 1.8 million
tons from last month. Global oilseed ending stocks are projected at 104.1 million tons, up 1.1
million from last month and 23.5 million above year-earlier levels.

REFI. SOYA
Ref soy oil Jan futures traded on a mixed note (0.19% lower) taking cues from negative
international market sentiments however depreciation in USDINR supported the prices. CPO at
BMD traded lower on Tuesday due to bearish international soybean complex market
fundamentals, losses in the crude oil prices and uncertain demand prospects for palm oil.
As per the latest government notification, Indian Government has revised the tariff value for
crude palm oil to US $699, RBD palm oil to US $723, Crude and refined palmolein to 731, 734
(US dollar per metric tons) respectively. Moreover, USD 849 per tons sets as a new base import
price for crude soybean oil. Tariff value is the base price at which the customs duty is
determined to prevent under-invoicing
Malaysian palm oil products exports for Dec. 1-15 rose 2.1 percent to 618,134 tons from
605,624 tons shipped during Nov. 1-15 - cargo surveyor Societe Generale de Surveillance.
Indian buyers imported 140,972 tons of palm oil products from Malaysia during fortnight of
Dec. v/s 106,000 tons same period last month(Source Agriwatch.com).

Soy meal exports from India rose to 110,806 MT in November from 29,071 MT in
October. India's oil meal exports in November 2014 were 157K MT vs. 238K MT in
previous month.

Veg. oil imports in November 2014 were at 1.149 million MT vs. 0.92 million MT in
Nov 2013

RM SEED

Mustard seed Jan futures traded on a mixed note (0.35% higher) due to short covering and
lower levels demand on expectation of lower acreage this year.
All India arrivals of RM seed remained flat at 1.15 lakh bags compared to Mondays level.
Besides, the seed arrivals of Rajasthan too remained steady at 65,000 bags compared to
Mondays level.
Global rapeseed production is projected at a record 71.9 million tons, up 1.2 million mainly on
increased production for Canada, which is estimated at 15.6 million tons based on the latest
survey results from Statistics Canada. Increased rapeseed stocks in Canada and higher soybean
stocks in Brazil and Argentina are only partly offset with lower soybean stocks in the United
States.

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