MCX DAILY LEVELS

DAILY

ALUMINIUM
COPPER

EXPIRY DATE

R4

R3

R2

R1

29 FEB 2016 113.60 111.40 109.20 108.40

PP

S2

S3

S4

106.20 104.80 102.60

100.40

29 FEB 2016 328.05 324.05 320.05 318.05 316.05 314.05 312.05 308.05

304.05

2437

2329

CRUDE OIL

18 MAR 2016

2545

2005

1897

GOLD

05 APR 2016

30525 30177 29829 29672 29481 29324 29133 28785

28437

LEAD

29 FEB 2016 129.40 126.15 122.90 121.10 119.65 117.80 116.40 113.15

109.90

NATURAL GAS 28 MAR 2016 146.60 141.50 126.40

2266

107

S1

133

2221

2158

2113

131.30 127.90 126.20 121.10

NICKEL

29 FEB 2016 646.50 626.60 606.70 599.40 586.80 579.50 566.90

SILVER

04 MAR 2016 38867 38419 37971 37744 37523 37296 37075 36627

36179

29 FEB 2016 128.65 125.50 122.35 121.20 119.20

109.75

ZINC

118

547

116

116.05 112.90

527.10

MCX WEEKLY LEVELS

WEEKLY

ALUMINIUM
COPPER
CRUDE OIL

EXPIRY

R4

29 FEB 2016 120.90

R3

R2

116

111

R1

320

18 MAR 2016

2333

2696

2463

S1

S2

S3

109.30 106.10 104.40 101.10 96.15

29 FEB 2016 343.65 333.80 323.95

2929

PP

314.10 310.15 304.25 294.40

2230

2100

1997

S4

91.20
284.55

1764

1531

GOLD

05 APR 2016 32831 31618 30405 29960 29192 28747 27979 26766

25553

LEAD

29 FEB 2016 151.30 141.20 131.10 125.20

121

115.10 110.90 100.80

90.70

NATURAL GAS

28 MAR 2016 163.90 153.60 143.30 136.50

133

126.20 122.70 112.40

102.10

NICKEL

29 FEB 2016 732.10 680.10 628.10 610.10 576.10 558.10 524.10 472.10

420.10

SILVER

04 MAR 2016 40267 39294 38321 37919 37348 36946 36375 35402

34429

ZINC

29 FEB 2016 142.40 134.10 125.80 122.90 117.50 114.60 109.15 100.90

92.60

 FOREX DAILY LEVELS

DAILY

EXPIRY DATE

R4

R3

R2

R1

PP

S1

S2

S3

S4

USDINR

29 MAR 2016 69.7 68.50

5

69.20

69.05

68.90

68.80

68.65

68.35

68.05

GBPINR

29 MAR 2016 77.6 77.35

5

77

76.80

76.70

76.50

76.35

76.05

75.70

EURINR

29 MAR 2016 100. 100.05 99.35

75

99.10

98.70

98.40

98

97.30

96.60

JPYINR

29 MAR 2016 61.6 61.25

5

60.80

60.60

60.40

60.15

60

59.55

59.15

R2

R1

PP

S1

S2

S3

S4

FOREX WEEKLY LEVELS

DAILY

EXPIRY DATE

R4

R3

USDINR

29 MAR 2016 70.7 70.10

0

69.50

69.20

68.85

68.60

68.25

67.65

67

GBPINR

29 MAR 2016 80.4 79.25

0

78.10

77.35

76.95

76.20

75.80

74.65

73.50

EURINR

29 MAR 2016 103. 102.15 100.55 99.70

75

99

98.10

97.40

95.80

94.20

JPYINR

29 MAR 2016 64.2 62.85

0

60.25

59.65

58.90

57.60

56.25

61.55

60.95

 NCDEX DAILY LEVELS

DAILY

EXPIRY DATE

R4

R3

R2

R1

PP

S1

S2

S3

S4

SYOREFIDR

18 MAR 2016

616

607

598

593

589

584

580

571

562

SYBEANIDR

18 MAR 2016

3870

3831

3792

3771

3753

3732

3714

3675

3636

RMSEED

20 APR 2016

4162

4105

4048

4017

3991

3960

3934

3877

3820

JEERAUNJHA

18 MAR 2016

15875 15375 14865

14560

14360 14055 13850 13350

12845

CHANA

20 APR 2016

4529

4442

4355

4305

4268

4218

4181

4094

4007

NCDEX WEEKLY LEVELS

WEEKLY

EXPIRY DATE

R4

R3

R2

R1

PP

S1

S2

S3

S4

SYOREFIDR

18 MAR 2016

643

630

617

609

604

596

591

578

565

SYBEANIDR

18 MAR 2016

3951

3885

3819

3784

3753

3718

3687

3621

3555

RMSEED

20 APR2016

4412

4278

4144

4065

4010

3931

3876

3742

3608

JEERAUNJHA

18 MAR 2016

17560 16550 15545

14890

14530 13885 13520 12510

11500

CHANA

20 APR2016

4883

4376

4304

3725

4690

4497

4183

4111

3918

MCX - WEEKLY NEWS LETTERS

INTERNATIONAL NEWS

SPDR Gold Trust GLD, the world's largest gold-backed exchange Traded fund, said its holdings stood at
732.96 up 19.33 tonnes, from previous business day. Holdings of the largest silver backed exchange-tradedfund (ETF), New York's iShares Silver Trust SLV, stood at 9671.69 tonnes, remain unchanged from previous

Gold prices were poised to form a "golden cross", a closely-watched technical signal, potentially giving a
further boost to bullion's biggest rally in years amid growing concerns about a global economic slowdown,
technical analysts said on Friday.

Aluminium Bahrain (Alba), owner of one of the world's largest aluminium smelters, has cut its dividend for

Chinese zinc refineries have agreed to take sharply lower fees for processing raw material into metal as a long
awaited shortage rears its head following the closure of several giant mines, industry sources said this week.

Bullion
The Centre has called a meeting on Monday to finalize a proposal to set up a National Bullion Board, an
umbrella body to implement gold policies and reforms, as well as a gold spot exchange. Industry stakeholders,
representatives from the Indian Institute of Management Ahmadabad (IIM-A)'s India Gold Policy Centre and
officials from the commerce and finance ministry will attend the meeting, which comes a week ahead of the
Union Budget for 2016-17. According to sources, finance minister Arun Jaitley will announce several
measures in the meeting, intended to reform the gold trade.
Read our full coverage on Union Budget 2016 Apart from these two major issues, the finance ministry will
also consider duty on dore (unrefined gold) imports, in view of some cases of misuse of concessions in import
duty by some refineries in excise-free zones. The move is aimed at ending a one per cent arbitrage by way of
lower duty to refineries in excise-free zones. According to sources, the ministry is also considering a proposal
to relax the Gold Monetisation Scheme (GMS) to ensure a better response. The Central Board of Direct Taxes
had clarified that during raids by the income tax department, gold up

to 500g cannot be seized. The finance ministry might allow such gold to be monetize under GMS without
producing evidence of purchase. Sudheesh Nambiath, lead analyst-precious metals, GFMS, Thomson Reuters,
however, says certain factors might be missing in deliberation on gold policies. "In these deliberations, I
haven't noticed willingness by policymakers to allow banks to buy gold bars from the market, allow banks to
export refined gold bars and make banks operate as a bullion bank, instead of just being a channelization agent.
Unless these basics are worked out, the concept of a spot gold exchange or the need to have a bullion board is
not worth it."

Gold prices rallied sharply in yesterdays session as the softness in equities clubbed with the dovish tone of
the Fed policy meet helped the gold to build on the gains. Some of the Fed members sounded dovish and
acknowledged that the slowdown in the emerging markets and global market uncertainty can weigh on their
economys recovery. Also the optimism remained higher in the speculative positions that showed a 35 percent
increase to 98,428 contracts fresh buying accounted for 24,786 contracts. The weakness in the dollar after the
fed minutes has helped gold to move up, however, the prices are once again trading lower from the previous
sessions high suggesting that the lack of conviction in the investors to take it beyond the technical resistance
levels. The markets will be eyeing for CPI data from US today for fresh cues on inflation that remains one of
the catalyst in deciding the fate of the rates going ahead.

Energy
C
showed just 11 cents gains, registering at $30.77/bbl, whereas Brent crude oil moved down by 22 cents,
registering at $34.28/bbl .MCX crude prices managed gaining Rs.11, registering at Rs.2125/bbl
Total crude stockpiles in the US region moved up more than 504 million barrels, whereas stocks at Cushing
also showed third weekly buildup. From products side, distillates stocks moved up for the second consecutive
week and thus fading seasonal demand was the major concern. Gasoline moved up for the 14th straight week
and within 7 weeks more than 37 million barrels buildup was observed. Weekly US crude productions were
below 9.20 mbpd for the second consecutive week.
Natural Gas futures tumbled by over 3 per cent in the domestic market on Friday as investors and speculators
exited positions in the energy commodity amide a weak trend in the overseas market as forecasts calling for
less cooler weather in the US Northeast over the next two weeks threatened to curb the demand outlook for the
heating fuel in the worlds biggest gas consuming nation. Latest weather forecasting models signaled higherthan-normal temperatures in the US later in February and in early March, threatening to curb demand for gasfired heating at offices and homes. About 49 per cent of US households use natural gas for heating purposes.
November to March is the peak US gas heating season. At the MCX, Natural Gas futures for February 2016
contract closed at Rs 123.8 per mm Btu, down by 3.28 per cent, after opening at Rs 128, against the previous
closing price of Rs 128. It touched an intra-day low of 123.5

 Metals
Copper prices rose by 0.33 per cent on Friday in the midst of hopes that fresh measures by China, the worlds
biggest metals consumer, to bolster growth in the countrys economy may lift demand. The Chinese central
bank relaxed curbs on the amount that banks can pay as deposits and charge for loans, while the countrys
cabinet discussed reducing the minimum ratio of provisions that lenders can set aside for bad loans. A t the
MCX, copper futures for February 2016 contract were trading at Rs.315.85 per 1 kg, up by 0.33 per cent, after
opening at Rs. 314.90 against the previous closing price of Rs. 314.80. It touched the intra-day high of Rs.
318.05 till the trading. (At 4.55 PM today). Prices also rose due to the decline in the copper stockpiles at the
London Metal Exchange (LME) on account of the strong demand for the commodity. LME copper stocks fell
by 1425 metric tonnes to 208525 metric tonnes as on February 19, 2016.

As the Chinese data showed a gentle decline, though better than the previous data, some negativity was
observed in the sector. As per Nickel International Study Group, global nickel market observed fourth straight
year oversupply in 2015, with a surplus of 80,700 tones. Today, London copper edged up and is all set to show
fourth weekly gain in five. Asian markets today during early morning session are showing some tad losses.
The Chinese environment minister has mentioned of closing heavily polluting zinc and lead smelters.
Indonesian minister referring to countrys revision in mining laws mentioned of changing rules that bans
exports of unprocessed minerals including nickel ore and bauxite. Today, US CPI data would get released
during late evening upon which the market is keeping an eye for the inflation details.

Amid weak global cues and muted domestic demand, lead prices were down by 0.38% to Rs 118.85 per kg in
futures trading today as participants cut down their bets. Lead for delivery this month declined by 45 , or
0.38% to Rs 118.85 per kg in a business turnover of 244 lots. On similar lines, the metal for delivery in March
contracts declined by 40 paise or 0.33% to Rs 119.40 per kg in 17 lots. Market-men said the fall in lead futures
was due to a weak trend overseas as industrial metals retreated and sluggish demand at the domestic spot
markets from battery-makers.

NCDEX - WEEKLY NEWS LETTERS

Almost a month after having suspended derivatives trading in castor, the National Commodity and Derivatives
Exchange (NCDEX) wishes to re-launch it. Before doing so, it has decided to review the systems for
surveillance and risk management, with a comprehensive audit of what had gone wrong, internal audits of four
members who were put on square off mode and forensic audit of whole episode what went wrong.A forensic
audit (forensic here means the results are suitable to be used in a court of law) began last week and its report is
expected next month. It will look into all aspects of castor seed futures, including the trading pattern, whether
there was an earlier use of proxies to build positions and so on.

NCDEX suspended castor seed futures on January 27. The decision met with several complaints of favoring
the long side players, as castor prices were falling and some big position holders were not able to pay the
margin money. The exchange after suspending all castor contracts, which were contributing a fifth of its
volumes, also put four members under 'compulsory square off mode'; they were not allowed to enter any new

positions in any commodity. NCDEX says it is also strengthening its surveillance systems and has asked its
people to track developments in the physical market, as that is much bigger than futures and developments
there impact derivatives.The exchange was observing position build-up two weeks before the suspension. The
February contract was trading at a discount and the March and April ones at a premium. However, traders were
seen selling February futures.The exchange has also set up a grievance redressal cell on complaints relating to
castor seed futures. Also, NCDEX e markets Ltd, a subsidiary for spot market trading, has offered its platform
for sale and delivery of castor seed stocks held in exchange-approved warehouses.With castor contracts being
suspended by National Commodity and Derivatives Exchange (NCDEX) for now, daily volumes of the
commodity have moved up sharply on the regional Rajkot Commodity Exchange (RCX).

After NCDEX suspended castor contracts from January 27, volumes on RCX have increased to 5,310 tonnes
from 920 tonnes in two weeks. What's more, in terms of value, the daily turnover of the exchange has moved
up eight-fold, from Rs two core to Rs 16 crore, during this period.Currently, there are two exchanges that run
castor seed contracts in India. but with NCDEX suspending the contracts, several traders or participants mainly
from Gujarat resorted to trading at RCX, which resulted in volumes rising substantially.After NCDEX closed
the castor seed contracts, RCX turned out to be the only destination for traders in India for the same and this
resulted in increased volumes .
NCDEX suspended futures trading in castor seed on January 27, in a bid to maintain market equilibrium,
safeguard market integrity and in general interest.
It should be mentioned here that RCX is not an electronic platform and runs contract in traditional way.
Trading method in regional commodity exchange is traditionally called 'ring'. It is an open space where sellers
loudly offer their stocks and similarly buyers present in the ring area demand for the needed quantity they wish
to buy.There are 101 registered members in RCX but only 12 are active. The exchange has about 300
registered non-members who are trading through registered members. Activity of non members has increased
in recent times which also reflects on the increased volumes.

Jeera prices closed lower by 2.43 per cent on Friday at the National Commodity & Derivatives Exchange
Limited (NCDEX) on account of a surge in the supply from the producing regions in the midst of a decline in
the export demand. At the NCDEX, jeera futures for March 2016 contract closed at Rs. 14,265 per quintal,
down 2.43 per cent, after opening at Rs. 14,625 against the previous closing price of Rs. 14,620. It touched the
intra-day low of Rs. 14,165.

Mustard Seed prices closed lower by 0.67 per cent on Friday at the National Commodity & Derivatives
Exchange Limited (NCDEX) as a result of the profit booking by the traders on account of the weak crushing
and export demand of mustard meal. At the NCDEX, Mustard Seed futures for April 2016 contract closed at
Rs. 3,984 per quintal, down by 0.67 per cent, after opening at Rs. 4,017 against the previous closing price of
Rs. 4,011. It touched the intra-day low of Rs. 3,966.
Sentiment weakened further due to the sluggish export demand as a result of the weak demand for the
commodity.

Chana ends lower as demand weakens

Chana prices closed lower by 1.96 per cent on Thursday at the National Commodity & Derivatives Exchange
Limited (NCDEX) as a result of the steady sowing progress of pulses along with high supplies in major
producing states. At the NCDEX, chana futures for April 2016 contract closed at Rs. 4,302 per quintal, down
by 1.96 per cent, after opening at Rs. 4,400 against the previous closing price of Rs. 4,388. It touched the intraday low of Rs. 4,261

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