China's factories suffered their fastest drop in activity in a year in April as new orders shrank, a private business survey showed on Monday, hardening the case for fresh policy stimulus to halt a slowdown in the world's second-largest economy. The HSBC/Markit Purchasing Managers' Index (PMI) fell to 48.9 in April - the lowest level since April 2014 - from 49.6 in March, as demand faltered and deflationary pressures persisted.

2. ✍ NCDEX DAILY LEVELS
DAILY EXPIRY
DATE
R4 R3 R2 R1 PP S1 S2 S3 S4
SYOREFIDR 19 JUN 2015 617 610 604 601 597 595 591 584 578
SYBEANIDR 19 JUN 2015 4657 4554 4451 4387 4348 4284 4245 4142 4039
RMSEED 20 MAY 2015 4156 4085 4014 3977 3943 3906 3872 3801 3730
JEERAUNJHA 20 MAY 2015 20423 19463 18503 17886 17543 16926 26583 15623 14663
CHANA 20 MAY 2015 4968 4819 4670 4614 4521 4465 4372 4223 4074
CASTORSEED 20 MAY 2015 3852 3800 3748 3714 3696 3662 3644 3592 3540
✍ NCDEX WEEKLY LEVELS
WEEKLY EXPIRY
DATE
R4 R3 R2 R1 PP S1 S2 S3 S4
SYOREFIDR 19 JUN 2015 653 634 615 607 596 588 577 558 539
SYBEANIDR 19 JUN 2015 5070 4812 1554 4439 4296 4181 4038 3780 3522
RMSEED 20 MAY 2015 4359 4217 4075 4008 3933 3866 3791 3649 3507
JEERAUNJHA 20 MAY 2015 20423 19463 18503 17886 17543 16926 26583 15623 14663
CHANA 20 MAY 2015 5558 5200 4842 4700 4484 4342 4126 3768 3410
CASTORSEED 20 MAY 2015 4211 4046 3881 3780 3716 3615 3551 3385 3221

3. ✍ MCX DAILY LEVELS
DAILY EXPIRY DATE R4 R3 R2 R1 PP S1 S2 S3 S4
ALUMINIUM 29 MAY 2015 128 125 122 120 119 117 116 113 110
COPPER 30 JUN 2015 435 428 421 417 414 410 407 400 393
CRUDE OIL 18 MAY 2015 4103 3996 3889 3842 3782 3735 3675 3568 3461
GOLD 05 JUN 2015 2748
7
27294 27101 26995 26908 26802 26715 26522 26329
LEAD 29 MAY 2015 144 140 135 133 131 128 127 123 118
NATURAL GAS 26 MAY 2015 209 199 190 186 180 177 171 162 152
NICKEL 29 MAY 2015 975 954 933 923 912 902 891 870 849
SILVER 03 JUL 2015 3949
6
38966 38436 38193 37906 37663 37376 36846 36316

4. ✍ MCX WEEKLY LEVELS
WEEKLY EXPIRY R4 R3 R2 R1 PP S1 S2 S3 S4
ALUMINIUM 29 MAY 2015 141 134 128 123 121 116 114 107 100
COPPER 30 JUN 2015 444 434 424 419 415 409 405 395 386
CRUDE OIL 18 MAY 2015 4633 4367 4101 3948 3835 3682 3569 3303 3037
GOLD 05 JUN 2015 27911 27569 27227 27058 26885 26716 26543 26201 25859
LEAD 29 MAY 2015 158 149 141 135 132 127 124 116 107
NATURAL GAS 26 MAY 2015 210 200 190 187 180 177 170 160 150
NICKEL 29 MAY 2015 1083 1024 965 939 906 880 847 788 729
SILVER 03 JUL 2015 42092 40612 39132 38540 37652 37061 36172 34692 33212
✍ MCX - WEEKLY NEWS LETTERS
✍ INTERNATIONAL NEWS
✍ China April HSBC PMI
China's factories suffered their fastest drop in activity in a year in April as new orders shrank, a
private business survey showed on Monday, hardening the case for fresh policy stimulus to halt
a slowdown in the world's second-largest economy. The HSBC/Markit Purchasing Managers'
Index (PMI) fell to 48.9 in April - the lowest level since April 2014 - from 49.6 in March, as
demand faltered and deflationary pressures persisted.
The number was weaker than a preliminary reading of 49.2, and below the 50-point level that
separates growth from contraction compared with the previous month. The overall new orders
sub-index dipped to 48.7 in April, the sharpest contraction in a year, although new export orders

5. showed tentative signs of improvement. Both input and output prices declined for a ninth
month in April, while manufacturing employment contracted for an 18th month, auguring
poorly for an economy that grew at its weakest rate for six years in the first quarter.
✍ UK election
Prime Minister David Cameron's Conservatives and the opposition Labour Party are tied at 34
percent popular support ahead of Britain's general election on Thursday, according to a YouGov
opinion poll for the Sun newspaper published on Wednesday. The results showed both the
Conservatives and Labour unchanged from Tuesday's poll numbers, YouGov said. The election
is expected to be the tightest in decades. The two main parties have been neck and neck in most
polls since the start of the year, with neither establishing a sustained lead exceeding the
three-point margin of error. Opinion polls have consistently shown that neither of the two main
parties is likely to win an overall majority in the 650-seat Parliament.
✍ China's imports & exports
China's exports unexpectedly fell 6.4 percent in April from a year earlier, while imports
tumbled by a deeper-than-forecast 16.2 percent, fueling expectations that Beijing will quickly
roll out more stimulus to avert a sharper economic slowdown.
April imports tumbled 16.2 percent from a year earlier, following a 12.7 percent drop in March
that highlighted tepid domestic demand as the world's second-largest economy slows. That left
the country with a trade surplus of USD 34.13 billion for the month, the General
Administration of Customs said on Friday.
Analysts polled by Reuters had expected exports to rise 2.4 percent in April from a year earlier,
and predicted imports would fall 12 percent. "This is bad. I expect an interest rate cut this
weekend," said economist Tim Condon at ING in Singapore.
✍ BULLION
✍ GOLD
Gold imports surged 19.5 percent to reach USD 34.32 billion in 2014-15 due to declining prices
and easing of restrictions by the Reserve Bank. Imports of the metal were USD 28.7 billion the
previous fiscal, 2013-14. Increase in gold imports impacts the country's trade deficit, which has

6. reached USD 137 billion in 2014-15, and the current account deficit (CAD).
The imports almost doubled in March to USD 4.98 billion which pushed the trade deficit to a
four-month high of USD 11.79 billion for the month, according to the Commerce Ministry data.
India is the largest importer of gold, which mainly caters to the demand of the jewellery
industry.
The Reserve Bank and the government have maintained that the CAD level is comfortable, but
the spike in gold imports may spark fresh worries. It has narrowed to 1.7 percent for the first
nine months of the previous fiscal. According to the Reserve Bank data, in the April-December
period of last fiscal, CAD stood at USD 31.1 billion or 2.3 percent of GDP. On November 28,
RBI had scrapped the controversial 80:20 scheme.
Under the programme, which was put in place in August 2013 to put a tight leash on gold
inflows, at least 20 percent of the imported gold had to be exported before bringing in new lots.
Taking cues from overseas markets, gold futures prices today fell 0.22 percent to Rs 27,120 per
10 grammes as speculators offloaded their positions. At the Multi Commodity Exchange, gold
prices for delivery in far-month August shed Rs 59, or 0.22 percent , to Rs 27,120 per 10 gm in
business turnover of seven lots.
Also, metal prices for delivery in June declined by Rs 54, or 0.20 percent , to Rs 26,880 per ten
gm in 292 lots. Analysts said the fall in gold futures was attributed to trimming of positions by
speculators, tracking with trend overseas after data on US jobless claims showed an improving
labour market ahead of the release of non-farm payroll figures for April, boosting speculation
that interest rates will rise this year. Meanwhile, gold traded at USD 1,183.29 an ounce in
Singapore from USD 1,184.51 yesterday.
✍ BASE METAL
✍ COPPER
Copper prices swung between small gains and losses on Thursday, as traders monitored the
direction of the dollar while awaiting key U.S. employment data for further clues on the timing
of a Federal Reserve rate hike.
On the Comex division of the New York Mercantile Exchange, copper for July delivery shed
0.2 cents, or 0.07%, to trade at $2.924 a pound during European morning hours. Futures held in
a range between $2.905 and $2.934. A day earlier, copper dipped 0.9 cents, or 0.31%, to close
at $2.926.
On Tuesday, futures rallied to $2.956, the highest level since November 28. Futures were likely

7. to find support at $2.892, the low from May 4, and resistance at $2.956, the high from May 5.
The U.S. dollar index, which measures the greenback's strength against a trade-weighted basket
of six major currencies, was at 94.20, not far from the two-month trough of 93.96 set on
Wednesday.
✍ LEAD
Lead futures rose 0.78 per cent to Rs 136.45 per kg today on rising demand in spot markets and
positive global cues. Besides strong demand from battery-makers, a firm trend in copper and
other base metals overseas influenced lead prices at futures trade. At the MCX, Lead futures,
for the April 2015 contract, is trading at Rs 136.45 per kg, up by 0.78 per cent, after opening at
Rs 134.85, against a previous close of Rs 135.40. Sentiment improved further due to the
decline in the lead stockpiles at the London Metal Exchange (LME) on account of the strong
demand for the commodity. LME lead stocks fell by 1325 metric tonnes to 173450 metric
tonnes as on May 5, 2015.
✍ ZINC
Zinc prices rose by 1 per cent to Rs 151.65 per kg in futures trade today due to the decline in
the zinc stockpiles at the London Metal Exchange (LME) on account of the strong demand for
the commodity. LME zinc stocks fell by 2475 metric tonnes to 468500 metric tonnes as on May
5, 2015. Zinc futures for April 2015 contract, at MCX, were trading at Rs 151.65 per kg, up by
1 per cent after opening at Rs. 149.95 against the previous closing price of Rs. 150.15. Major
refined zinc exporting countries are Canada, Australia and Rep. of Korea, while major refined
zinc importing countries are China, USA and Germany.
✍NICKEL
Nickel futures soared in the domestic market on Wednesday as investors and speculators
booked fresh positions in the industrial metal as services activity accelerated in China and the
US, two of the world’s biggest metals consumers, while growth estimate in the Euro area for
2015 was upwardly revised to 1.5 per cent from 1.3 per cent, lifting the demand outlook for the
base metal. The China services gauge rose to 52.9 in April from 52.3 in March, with a reading
above 50 signaling expansion, while the ISM Services PMI climbed to 57.8 in April from 56.5
in March. At the MCX, Nickel futures for May 2015 contract is trading at Rs 927.50 per 1 kg,
up by 2.24 per cent after opening at Rs 909.7, against the previous closing price of Rs 907.20.

8. ✍ ENERGY
✍ CRUDE OIL
Crude oil futures surged by Rs 66 to Rs 3,923 per barrel on Wednesday as speculators engaged
in creating positions amid a firm trend overseas. In futures trading at the Multi Commodity
Exchange, crude oil for delivery in May shot up by Rs 66, or 1.71 percent , to Rs 3,923 per
barrel, with a business turnover of 3,292 lots. The oil for delivery in June also climbed by Rs 62
or 1.57 percent to Rs 4,010 per barrel in a turnover of 250 lots. Analysts said the rise in crude
oil futures was largely in tandem with a firming trend in Asian trade on signs the US supply
glut is easing. Meanwhile, West Texas Intermediate crude prices for June delivery rose USD
1.29 to USD 61.69, while Brent crude for June was up USD 1.01 or 1.5 percent at USD 68.53
per barrel at the New York Mercantile Exchange.
✍ NATURAL GAS
Natural gas futures ended higher on Monday in the domestic and overseas market as investors
and speculators booked fresh positions in the energy commodity as speculation of warmer than
unusual weather in mid-May lifted the demand for the fuel from gas-fired power plants. The
Global Forecast System said that it expects “well-above normal temperatures” in the US
Midwest and Northeast into early next week. At the MCX, Natural Gas futures for May 2015
contract closed at Rs 179.10 per 1 kg, up by 0.28 per cent after opening at Rs 176.6, against the
previous closing price of Rs 178.6.
✍ NCDEX - WEEKLY NEWS LETTERS
✍ Chana up 4%, hits upper limit on lower output concerns
Chana prices surged by Rs 168, or 4 per cent, hit upper circuit at Rs 4,372 per quintal in
futures trade on tuesday as participants enlarged speculative positions, driven by lower output
concerns due to unseasonal rains in key growing belts. Pick-up in demand in the spot market
supported the up trend.
At the National Commodity and Derivatives Exchange, chana for delivery in May reached Rs
168, or 4 per cent to Rs 4,372 per quintal with an open interest of 89,740 lots. Likewise, the
commodity for delivery in June traded higher by Rs 170, or 3.99 per cent to Rs 4,435 per
quintal in 99,070 lots.
✍ Refined soya oil down 0.3% on low spot demand

9. Refined soya oil prices eased 0.26 per cent to Rs 600.90 per 10 kg in futures trade on
Wednesday as speculators trimmed positions due to subdued demand in spot market against
adequate stocks.
At National Commodity and Derivatives Exchange, refined soya oil for delivery in June
declined Rs 1.55, or 0.26 per cent, to Rs 600.90 per 10 kg with an open interest of 1,00,250
lots.
Likewise, the oil for delivery in August contracts fell 25 paise, or 0.04 per cent, to Rs 593.40
per 10 kg in 1,58,265 lots.
Off-loading of positions by speculators amid fall in demand in spot market against adequate
stock position mainly influenced refined soya oil prices at futures trade.
✍ Castorseed futures gain on rising demand
Castorseed futures gained on the National Commodity & Derivatives Exchange Limited
(NCDEX)after speculators enlarged positions following rising demand from consuming
industries, including paint, soap and lubricant. Further, pick-up in export demand also
supported castorseed prices’ uptrend. At the NCDEX, castor seed futures for May 2015 contract
were trading at Rs. 3,725 per quintal tonnes, up by 0.27 per cent, after opening at Rs. 3,708
against the previous closing price of Rs. 3,715. It touched the intra-day low of Rs. 3,705 till the
trading. Castor is a non-edible oilseed crop; basically a cash crop, with average 46 per cent oil
recovery.
✍ Jeera ends lower on demand woes
Jeera prices closed lower by 2.82 per cent on Wednesday 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 May 2015 contract closed at Rs. 17,395 per quintal, down by 2.82 per cent, after opening at
Rs. 17,750 against the previous closing price of Rs. 17,900. It touched the intra-day low of Rs.
17,815. Global output of Jeera is around 2.2 lakh MT per year, of which India produces about
1.5 lakh MT per year. India exports Jeera mainly to the US, UK, UAE, Japan, Brazil,
Bangladesh, Singapore and many other countries. Other Major exporters are Syria and Turkey.

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