Commodity report by Ways2Capital 24 nov 2014

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✍ NCDEX DAILY LEVELS
DALLY EXPIRY
DATE
R4 R3 R2 R1 PP S1 S2 S3 S4
SYOREFIDR 19-12-2014 603 601 599 597 595 593 591 589 587
SYBEANIDR 19-12-2014 3425 3405 3390 3375 3360 3340 3320 3305 3285
RMSEED 19-12-2014 3940 3925 3905 3890 3860 3840 3820 3805 3790
JEERAUNJHA 19-12-2014 12750 12650 12550 12450 12350 12200 12100 12000 11900
DHANIYA 19-12-2014 13500 13400 13300 13200 13100 13000 12900 12800 12700
CASTORSEED 19-12-2014 4930 4910 4890 4870 4850 4830 4810 4790 4770
✍ NCDEX WEEKLY LEVELS
WEEKLY EXPIRY
DATE
R4 R3 R2 R1 PP S1 S2 S3 S4
SYOREFIDR 19-12-2014 616 612 608 604 600 596 592 589 585
SYBEANIDR 19-12-2014 3540 3500 3460 3420 3390 3350 3310 3290 3260
RMSEED 19-12-2014 3990 3960 3930 3900 3885 3855 3825 3785 3760
JEERAUNJHA 19-12-2014 13200 12900 12750 12450 12100 11800 11650 11300 10900
DHANIYA 19-12-2014 14200 13800 13400 13000 12600 12200 11800 11400 11000
CASTORSEED 19-12-2014 5050 5020 4990 4960 4930 4900 4870 4840 4810
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✍ MCX DAILY LEVELS
DAILY EXPIRY
DATE
R4 R3 R2 R1 PP S1 S2 S3 S4
ALUMINIUM 28-11-2014 132 131 130 129 128 127 126 125 124
COPPER 28-11-2014 423 421 419 416 414 411 409 407 405
CRUDE OIL 19-11-2014 4850 4830 4810 4790 4770 4745 4730 4705 4680
GOLD 05-12-2014 26900 26800 26700 26600 26500 26400 26300 26200 26100
LEAD 28-11-2014 131 130 129 128 127 126 125 124 123
NATURAL GAS 24-11-2014 266 264 262 260 258 255 253 251 249
NICKEL 28-11-2014 1110 1080 1060 1040 1020 990 970 950 930
SILVER 05-12-2014 36900 36700 36500 36300 36000 35700 35400 35100 34900
ZINC 28-11-2014 145 143 142 141 140 139 138 137 136
✍ MCX WEEKLY LEVELS
WEEKLY EXPIRY
DATE
R4 R3 R2 R1 PP S1 S2 S3 S4
ALUMINIUM 28-11-2014 138 136 134 132 130 127 125 123 121
COPPER 28-11-2014 450 445 440 435 430 425 420 415 410
CRUDE OIL 19-11-2014 5010 4970 4930 4890 4850 4810 4770 4730 4690
GOLD 05-12-2014 27800 27500 27200 26900 26700 26350 26100 25900 25600
LEAD 28-11-2014 135 133 131 129 126 124 122 120 118
NATURAL GAS 24-11-2014 270 266 264 260 257 253 249 246 243
NICKEL 28-11-2014 1160 1120 1080 1040 1000 960 920 880 840

SILVER 05-12-2014 37500 37100 36800 36400 36000 35600 35200 34800 34400
ZINC 28-11-2014 151 149 147 145 143 141 139 137 135
✍ MCX - WEEKLY NEWS LETTERS
INTERNATIONAL NEWS
1. The minutes of the meeting released on Wednesday reflected a complex discussion at
the U.S. central bank. Staff cut their estimates for near-term U.S. economic growth, and
Fed policymakers wrestled with the pros and cons of acknowledging market turbulence
and overseas developments in their statement.
2. A solid core of officials said the Fed needed to remain vigilant that public and market
expectations about inflation could shift down - a worrisome development that might
increase the risk of a damaging period of stagnation or outright declines in wages and
prices. The soft pace of inflation has become a central concern at the Fed and other major
central banks.
3. U.S. housing starts unexpectedly fell in October, but a jump in permits to near a
6-1/2-year high suggested the housing market was steadily regaining strength.
4. The head of the Bank of Japan warned on Wednesday that the government is solely
responsible for maintaining trust in the country's finances, in a thinly veiled show of
discontent over premier Shinzo Abe's decision to postpone a sales tax increase.
5. BoE Minutes of the Monetary Policy Committee's Nov. 5-6 meeting showed its
members voted 7-2 for the fourth month in a row to maintain rates at their record low 0.5
percent, where they have been since early 2009 when the financial crisis was raging.

PRECIOUS METALS
Silver edged down 0.2 percent at $16.12 an ounce. GFMS analysts at Thomson Reuters said on
Tuesday that silver demand would fall 7 percent in 2014 because of a slower pace of buying by
jewelers and industrial fabricators. Demand for silver will post a 7 percent decline in 2014
because of a slower pace of buying by jewelers and industrial fabricators in the first three
quarters of the year, metals consultant Thomson Reuters GFMS said on Tuesday. Harmonized
European sales tax rates that started in January have driven up retail silver investment product
prices, reducing demand on the continent, the Thomson Reuters unit said in an interim market
review. Silver industrial demand is forecast to drop 1.8 percent as the electronics sector keeps
shifting to cheaper metals. Jewelry consumption should fall 4.4 percent because retailers are
pushing more gold products to take advantage of lower bullion prices, GFMS said.
Gold fell more than 1 percent in choppy trade on Wednesday after a poll showed weaker
support among Swiss voters for a referendum that would force the central bank to boost its gold
reserves. Bullion also came under pressure after the minutes of the Federal Reserve's late
October policy meeting showed policymakers were concerned about weakening inflation
pressure, dampening the metal's appeal as a hedge. The metal's price slid as much as 1.8
percent after the opinion poll showed support for the Swiss gold proposal slipped to 38 percent
from 44 percent in October, dashing hopes that the Swiss National Bank needed to buy gold in
the open market.
BASE METAL
Copper rose on Wednesday, supported by signs of physical supply tightness and hopes for
another wave of stimulus in Japan and Europe. Longer term however, the market is still
expected to move into surplus next year, with analysts polled by Reuters in October pegging
the excess supply versus demand at 350,000 tonnes next year. News of a snap election and a
delayed tax increase in Japan bolstered hopes for new stimulus measures, while the European
Central Bank president said it was ready for more action if current efforts do not speed up the
euro zone recovery. Nickel was the biggest LME mover, closing 3.2 percent higher at $16,145,
having earlier hit its highest level in a month at $16,300, as some investors bet on shortages
developing next year.

ENERGY
Oil prices fell for a third straight day on Wednesday, as early gains on talk of a possible OPEC
output cut vanished after the Federal Reserve released minutes of last month's policy meeting
revealing worries that U.S. inflation could remain below target for "quite some time." The Fed
minutes showed central bankers concerned about the economy's strength but reluctant to issue a
statement reflecting too much pessimism. OPEC, or the Organization of the Petroleum
Exporting Countries, will meet in Vienna to consider adjusting its output target of 30 million
bpd. Fears of an oil glut and a 30 percent drop in Brent prices since June has made a few
producers clamor for sharp output cuts. But OPEC heavyweight Saudi Arabia has not said if it
will support that. U.S. crude stockpiles rose 2.6 million barrels for the week ended Nov. 14,
compared with forecasts of a 800,000-barrel draw, as imports rose to meet demand from
refineries hiking runs after seasonal maintenance, data from the Energy Information
Administration (EIA) showed. Despite the unexpectedly large build, oil prices rose by midday
as investors focused on the OPEC meeting. Unseasonably cold weather across America, and a
2-million barrel draw in distillate supplies last week, also supported prices of U.S. heating oil
before late profit-taking in that market.
U.S. natural gas futures ended up 3 percent on Wednesday on forecasts that colder-than-normal
weather will continue through at least early December, keeping heating demand high. Earlier
Wednesday, front-month prices were up over 6 percent, continuing the recent trend of big price
swings seen over the past few weeks due primarily to changes in how much cold is expected in
the 15-day weather forecast. The latest U.S. weather models showed arctic weather would
continue over the next two weeks in the lower 48 states, with 377 heating degree days, down a
bit from 385 forecast on Tuesday. But that is still well over normal HDDs of 330 for this time
of year, according to Thomson Reuters Analytics. Analysts estimated utilities withdrew 12
billion cubic feet of gas from storage last week, the first draw of the heating season. That
compares with a 40-bcf build the previous week, a draw of 36 bcf in the same week last year,
and a five-year average draw of 10 bcf.

LME INVENTORIES DATA
Metal Date: 21-11-2014 Friday
Aluminium -8750
Copper -675
Lead -100
Nickel +1446
Tin -65
Zinc -2000
✍ NCDEX - WEEKLY NEWS LETTERS
JEERA
As expected yesterday Jeera Dec. futures traded on a mixed to positive note 0.12% higher on
lower level demand due to good exports enquirer. Arrivals Stood at 12,000 bags as compared to
11000 bags previous day. Sowing of the spice has commenced both in Gujarat and Rajasthan.
Area under jeera in Gujarat was reported at 455,000 ha as against 335,200 ha last year while

about 390,000 ha were sown in Rajasthan. Export orders are diverted to India due to
Geo-political tensions in Syria and Turkey. Production is also expected to fall in Syria and
Turkey due to crop failure. Exports of Jeera between Apr-July 2014 stood at 58,000 tn, up 40%
as against 43,898 tn between Apr-July 2013. (Source: Spices Board)
SOYABEAN
Weakness in International markets prevented any strong recovery for Soybean in the Futures
markets even as overall Spot market sentiments remained firm. Improved International
production forecasts had been keeping sentiments weak there. Traders expect downtrend to be
limited how-ever as domestic demand is expected to improve in coming weeks for the good
quality produce. Soybeans rebounded from the lowest price in more than a week after a
government report showed increasing demand for supplies from the U.S., the world’s top
grower.U.S. Oil seed production for 2014/15 is projected at 117.2 million tons, up 0.9 million
from last month on increased soybean, peanut, and cottonseed production. Soybean production
is forecast at 3,958 million bushels, up 31 million on higher yields. The soybean yield is
projected at a record 47.5 bushels per acre, up 0.4 bushels mainly on gains for Iowa and South
Dakota. Soybean supplies for 2014/15 are projected 1 percent above the October forecast. U.S.
soybean exports for 2014/15 are raised 20 million bushels to 1,720 million reflecting the record
pace of export sales through late October. Soybean crush is raised 10 million bushels to 1,780
million mostly due to increased soybean meal exports.
REFI. SOYA
Moderate recovery was noted for Ref Soy Oil as prices found some strong support at these
lower levels. Short term trend likely to remain volatile as prices continued to find strong
psychological Resistance at the 600 level. India imported 11.62 million tonnes of edible oil
during Sep-Oct 2013/14 compared to 10.68 million 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 in 2012/14 season. Palm oil purchases were slightly lower at

7.29 Mn T against 8.29 Mn T last season. Sunflower oil imports were recorded at 1.51 Mn T
against 0.97 Mn T in 2012/13. Reports on apprehensions of India considering raising import
taxes on crude and refined vegetable oils to protect local farmers and the refin-ing industry kept
trend firm in Indian markets .In order to improve realizations for farmers and to bring in
transparency in soybean selling, the Madhya Pradesh government has introduced sample-based
auction for the commodity. The pilot project will be implement-ed at Ujjain, one of the biggest
mandis (wholesale agricultural markets) in Madhya Pradesh, and once the new system is found
to be successful, it will be extended to 10 other mandis. The sample-based auction will not only
save post-harvest losses, but also encourage farmers to produce fair average quality
commodities that ensure better return on their yield. Madhya Pradesh has been the biggest
producer of soybean.
RM SEED
No strong sentiments emerged for RMSeed as markets recovered moderately after the recent
fall. A fall in other Oil complex kept pressurizing RMSeed rates also. Overall sentiments
remained firm however as reports of lower sowing area, lower stocks in warehouses and high
demand from stockists are likely to keep supporting the prices in the near term. Pick up in
demand is expected in coming weeks that could check the falling market trend. Global rapeseed
production is raised to 70.7 million tons on a record EU harvest. Gains for EU are partly offset
by a reduction for Australia where dry conditions in the southeast have reduced yield
prospects.Global sun flower seed production is reduced 0.4 million tons to 39.8 million on
lower forecasts for Russia and Kazakhstan As per Ministry of Agriculture, Rajasthan area
coverage in Rabi season 2014-15 till 30thOct 2014 was 9.07 lakh ha vs 11.88 lakh ha in
2013-14. 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 due to the high
Temperature. Mustard area coverage in All over India is 18.64 lakh Ha during Rabi 2014-15
and 14.08 lakh ha in 2013-14, area coverage during Rabi 2014-15 is higher by 4.56 lakh ha
com-pared to corresponding period of Rabi 2013-14

This Document has been prepared by Ways2Capital (A Division of High Brow Market
Research Investment Advisory Pvt Ltd). The information, analysis and estimates contained
herein are based on Ways2Capital Equity/Commodities Research assessment and have been
obtained from sources believed to be reliable. This document is meant for the use of the
intended recipient only. This document, at best, represents Ways2Capital Equity/Commodities
Research opinion and is meant for general information only. Ways2Capital
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expressly disclaims any and all liabilities that may arise from information, errors or omissions
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buy any securities or commodities.
All information, levels & recommendations provided above are given on the basis of technical
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Commodity report by Ways2Capital 24 nov 2014

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Commodity report by Ways2Capital 24 nov 2014