As China's economy slows and Beijing becomes more relaxed about letting its companies fail, a rising number of foreign bondholders risk being caught up in the country's unpredictable court system.

2. ✍ NCDEX DAILY LEVELS
DAILY EXPIRY
DATE
R4 R3 R2 R1 PP S1 S2 S3 S4
SYOREFIDR 19 JUN 2015 614 608 602 598 596 592 590 584 578
SYBEANIDR 19 JUN 2015 4359 4246 4133 4085 4020 3972 3907 3794 3681
RMSEED 19 JUN 2015 4592 4472 4352 4309 4232 4189 4112 3992 3872
JEERAUNJHA 19 JUN 2015 19600 19310 19020 18860 18730 18570 18440 18150 17860
CHANA 19 JUN 2015 4858 4801 4744 4722 4687 4665 4630 4573 4516
CASTORSEED 19 JUN 2015 4268 4168 4068 4027 3968 3927 3868 3768 3668
✍ NCDEX WEEKLY LEVELS
WEEKLY EXPIRY
DATE
R4 R3 R2 R1 PP S1 S2 S3 S4
SYOREFIDR 19 JUN 2015 639 625 611 603 597 589 583 569 555
SYBEANIDR 19 JUN 2015 4723 4501 4279 4158 4057 3936 3835 3613 3391
RMSEED 19 JUN 2015 4978 4713 4448 4357 4183 4092 3918 3653 3388
JEERAUNJHA 19 JUN 2015 22933 21403 19873 19286 18343 17756 16813 15283 13753
CHANA 19 JUN 2015 5053 4930 4807 4753 4684 4630 4561 4438 4315
CASTORSEED 19 JUN 2015 4609 4381 1453 4070 3925 3842 3697 3469 3241

3. ✍ MCX DAILY LEVELS
DAILY EXPIRY DATE R4 R3 R2 R1 PP S1 S2 S3 S4
ALUMINIUM 29 MAY 2015 116 114 112 111 110 109 108 106 104
COPPER 30 JUN 2015 424 415 406 401 397 392 388 379 370
CRUDE OIL 19 JUN 2015 4099 4009 3919 3865 3829 3775 3739 3649 3559
GOLD 05 JUN 2015 2787
4
27630 27386 27231 27142 26987 26898 26654 26410
LEAD 29 MAY 2015 135 131 127 125 123 121 119 115 111
NATURAL GAS 26 MAY 2015 200 195 190 187 185 182 180 175 170
NICKEL 29 MAY 2015 889 864 839 824 814 799 789 764 739
SILVER 03 JUL 2015 4136
3
40598 39833 39364 39068 38599 38303 37538 36773
✍ MCX WEEKLY LEVELS
WEEKLY EXPIRY R4 R3 R2 R1 PP S1 S2 S3 S4
ALUMINIUM 29 MAY 2015 132 125 118 114 111 107 104 97 90
COPPER 30 JUN 2015 461 441 421 408 401 388 381 361 341
CRUDE OIL 19 JUN 2015 4307 4141 3975 3893 3809 3727 3643 3477 3311
GOLD 05 JUN 2015 29167 28535 27903 27490 27271 26858 26639 26007 25375
LEAD 29 MAY 2015 138 133 128 125 123 120 118 113 108
NATURAL GAS 26 MAY 2015 233 218 203 193 188 178 173 158 143
NICKEL 29 MAY 2015 1086 1002 918 863 834 779 750 666 582
SILVER 05 JUL 2015 44851 43050 41249 40124 39448 38323 37647 35846 34045

4. MCX - WEEKLY NEWS LETTERS
INTERNATIONAL NEWS
✍ China slowdown
As China's economy slows and Beijing becomes more relaxed about letting its companies fail,
a rising number of foreign bondholders risk being caught up in the country's unpredictable
court system.
Last month, solar producer Baoding Tianwei Baobian Electric became China's first ever
state-owned company to default on a bond coupon payment, showing Beijing's increasing
willingness to let companies go bust in a bid to reform its corporate market.
"This is in contrast to other jurisdictions like the U.S., where the key question is whether the
legal issues have been satisfied."Courts also have wide discretion on whether to accept
bankruptcy filings and must work closely with local government officials, who are generally
more concerned about jobs, local tax revenues and social stability than creditors.
INCONSISTENCIES
Even though overseas investors represent a tiny fraction of China domestic bond ownership,
their number is expected to increase as China moves to open up its corporate bond market,
which is the largest in the world.Foreign ownership in China's onshore bond market is expected
to rise to 3-4 percent by the end of 2015, from 2.6 percent, according to Standard Chartered
Bank, but the numbers could grow exponentially once China lifts current investment quotas.
✍ FOMC Minutes
The Federal Reserve could look at a rate hike in June if the economy is strong enough, Chicago
Fed President Charles Evans said in the Swedish capital on Monday.
Evans, who in his speech argued for rates to start rising in early 2016, told reporters if the
FOMC had confidence that inflation was going to move up and that first quarter economic
softness was temporary, "you could imagine a case being made for a rate increase in June".
"I think we are going to go meeting-by-meeting to make that decision," Evans, a voter this year
on Fed policy and among the most dovish of U.S. central bankers, said after taking part in a
panel debate.The Fed's policy making Federal Open Market Committee meets next on June
16-17.

5. ✍ BULLION
✍ Gold
Gold was little changed above USD 1,200 an ounce on Thursday, as minutes from the Federal
Reserve's policy meet showed the US central bank was unlikely to hike interest rates in June, in
line with market expectations.
Spot gold was firm at USD 1,208.95 an ounce by 0042 GMT, after gaining 0.2 percent in the
previous session. Minutes of the Fed's April meeting, released on Wednesday, showed
policymakers believed it would be premature to hike interest rates in June, a view that is
already widely held in the market following disappointing US economic data. The minutes
showed Fed officials pushing the prospect of a rate hike later into the year. The minutes also
highlighted the quandary the Fed faces in trying to avoid the market volatility tied to a rate hike
while sticking to its meeting-by-meeting guidance on when that move will come. Rising rates
tend to weigh on gold because they increase the opportunity cost of holding non-yielding
bullion while boosting the dollar, in which it is priced. Gold prices have struggled to break out
of a USD 1,170-USD 1,230 an ounce range since mid-March, hamstrung by uncertainty over
the timing of an expected rise in US interest rates
Investor sentiment has turned bearish in recent days, as the metal prices have fallen off from
three-month highs reached earlier this week. SPDR Gold Trust, the world's largest gold-backed
exchange-traded fund, said its holdings fell 0.41 percent to 715.26 tonnes on Wednesday - the
lowest in four months. Russia's gold reserves rose to 40.1 million troy ounces as of May 1
compared with 39.8 million ounces a month earlier, the central bank said on Wednesday.
✍ Silver
MCX SILVER July contract was trading at Rs 39133 down Rs 143, or 0.36 percent. The
SILVER rate touched an intraday high of Rs 39250 and an intraday low of Rs 39131.So far
1506 contracts have been traded. SILVER prices have moved up Rs 255, or 0.66 percent in the
July series so far. MCX SILVER September contract was trading at Rs 39684 down Rs 131, or
0.33 percent. The SILVER rate touched an intraday high of Rs 39757 and an intraday low of Rs
39683. So far 12 contracts have been traded. SILVER prices have moved down Rs 1411, or
3.43 percent in the September series so far.
✍ ENERGY
✍ Crude Oil
US crude futures rose on Wednesday after a more than three percent slide in the previous
session, supported by a larger than expected drop in crude inventories, although a firmer dollar

6. capped gains.
US crude for July delivery rose 45 cents to USD 58.44 a barrel as of 0002 GMT. The June
contract, which expired on Tuesday, settled down USD 2.17 at USD 57.26. Front month Brent
futures rose 50 cents to USD 64.52 after falling USD 2.25 in the previous session to close at
USD 64.02 a barrel.US crude inventories fell by 5.2 million barrels to 476.7 million in the
week to May 15, data from industry group the American Petroleum Institute showed on
Tuesday. Analysts had expected a drop of 1 million barrels. Official inventory numbers are due
on Wednesday from the US government. Iraqi security forces deployed tanks and artillery
around Ramadi on Tuesday ready for a counterattack against Islamic State fighters who
captured the Anbar provincial capital on Sunday
Yemen's exiled government ruled out peace talks, scheduled for the end of May, with Houthi
rebels until they implement a U.N. Security Council resolution that included handing over
captured weapons, its vice president said on Tuesday. Islamist-led insurgents seized an army
base at Idlib, northwestern Syria following heavy clashes with the Syrian military, a rebel
leader said on Tuesday. Oil prices are expected to rise by the beginning of the second half of
this year, while demand would also increase, Mustafa Sanallah, head of Libya's National Oil
Corp said on Tuesday. Libya's National Oil Corp hopes to boost production by 200,000 barrels
per day in the next two months, up from the current 436,000 bpd, NOC head Mustafa Sanallah
said on Tuesday.
China will need to exceed its official targets for installed solar and wind capacity if it's to reach
its goal of raising the share of non-fossil fuels in primary energy use to 15 percent in 2020, an
energy official said on Tuesday.
✍ Natural Gas
Natural Gas prices rallied sharply in the domestic and overseas market on Thursday as
investors and speculators booked fresh positions in the energy commodity as a smaller than
expected uptick in US gas supplies last week signaled a pickup in demand for the fuel used for
firing up power plants. US gas stockpiles climbed by 92 billion cubic feet to 1.989 trillion cubic
feet in the week ended May 15, 2015, the EIA said, against expectations of a 96 billion cubic
feet rise. The five-year average gain stood at 89 billion cubic feet. At the MCX, Natural Gas
futures for May 2015 contract closed at Rs 188.4 per 1 kg, up by 1.29 per cent after opening at
Rs 186.10, against the previous closing price of Rs 186.
✍ BASE METAL
✍ Copper
Copper prices fell as weak China factory activity reinforced views that Beijing will roll out
fresh stimulus measures for the world's second-largest economy. Data released earlier showed
that China's HSBC Flash Manufacturing Purchasing Managers' Index inched up to 49.1 this
month from 48.9 in April. At the MCX, copper futures for June 2015 contract were trading at
Rs.402.35 per 1 kg, up by 0.39 per cent, after opening at Rs. 402.25 against the previous
closing price of Rs. 400.80. However, losses were curbed 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 2650 metric tonnes to 335200 metric tonnes as on May

7. 21, 2015.
✍ Zinc
Zinc futures declined 1.05 per cent to Rs 141.20 per kg today due to the surge in the zinc
stockpiles at the London Metal Exchange (LME) on account of the weak demand for the
commodity. LME zinc stocks rose by 33775 metric tonnes to 469700 metric tonnes as on May
20, 2015. Zinc futures for May 2015 contract, at MCX, were trading at Rs 141.20 per kg, down
by 1.05 per cent after opening at Rs. 142.35 against the previous closing price of Rs. 142.70.
Major refined zinc exporting countries are Canada, Australia and Rep. of Korea, while major
refined zinc importing countries are China, USA and Germany.
✍ Lead
Lead futures fell by 1.01 percent at the domestic markets taking weak cues from global markets
in the midst of low demand at domestic spot market. At the MCX, Lead futures, for the May
2015 contract, is trading at Rs 122.35 per kg, down by 1.01 per cent, after opening at Rs
123.25, against a previous close of Rs 123.60. . However, losses were curbed 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 250 metric tonnes to 162525 metric tonnes as on
May 20, 2015.
NCDEX - WEEKLY NEWS LETTERS
✍ Chana
Commodity & Derivatives Exchange Limited (NCDEX) as the traders enlarged their holdings
in the commodity on account of the good demand in the market. At the NCDEX, chana futures
for May 2015 contract closed at Rs. 4,693 per quintal, up by 2.87 per cent, after opening at Rs.
4,632 against the previous closing price of Rs. 4,562. It touched the intra-day high of Rs. 4,712.
Moreover, the restricted arrivals of the commodity in the physical market due to lower
estimated output also influenced the chana prices. India is the largest producer of chickpea
followed by Pakistan, Turkey and Iran. India produces around 6 to 8 million tonnes and
contributes around 70 per cent of the total world production.
Befor closing this week Chana prices closed lower by 1.15 per cent on Tuesday 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 May 2015 contract closed at Rs. 4,635 per quintal, down by 1.15 per cent, after
opening at Rs. 4,681 against the previous closing price of Rs. 4,689. It touched the intra-day
low of Rs. 4,625.
✍ Jeera
Jeera prices closed higher by 4 per cent on Monday at the National Commodity & Derivatives
Exchange Limited (NCDEX) as the investors increased their holdings in the commodity in the
midst limited arrivals from growing regions. At the NCDEX, jeera futures for May 2015

8. contract closed at Rs. 17,950 per quintal, up by 4 per cent, after opening at Rs. 17,400 against
the previous closing price of Rs. 17,260. It touched the intra-day high of Rs. 17,950. Sentiment
improved further as a result of reduced domestic supplies in the physical markets and some
export enquiries. Global output of Jeera is around 2.2 lakh MT per year, of which India
produces about 1.5 lakh MT per year.
✍ Castorseed
Castorseed rose by 0.41 per cent in futures trade as speculators enlarged position triggered by a
firming trend in the physical markets. At the NCDEX, castor seed futures for May 2015
contract were trading at Rs. 3,930 per quintal tonnes, down by 0.41 per cent, after opening at
Rs. 3,958 against the previous closing price of Rs. 3,946. It touched the intra-day low of Rs.
3,925 till the trading. (At 12.20 PM today). Traders attributed rise in castorseed prices to strong
demand from consuming industries in physical markets but higher output estimates limited the
gains. Besides, rising export demand also influenced castorseed prices. Meanwhile, production
in 2014-15 estimated higher at over 15 lakh tonne as compared to 11.30 lakh tonne in previous
year. Castor is a non-edible oilseed crop; basically a cash crop, with average 46 per cent oil
recovery.
On Thursday at the National Commodity & Derivatives Exchange Limited (NCDEX) as a
result of the rise in demand from consuming industries against restricted arrivals in domestic
markets which in turn encouraged the investors to enlarge their holdings. At the NCDEX,
castor seed futures for June 2015 contract were trading at Rs. 3,942 per quintal tonnes, up by
0.36 per cent, after opening at Rs. 3,918 against the previous closing price of Rs. 3,928. It
touched the intra-day high of Rs. 3,945 till the trading.
✍ Mustard seed
Mustard Seed prices closed lower by 1.23 per cent on Tuesday 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 May 2015 contract closed at Rs. 4,015 per quintal, down by 1.23 per cent, after
opening at Rs. 4,035 against the previous closing price of Rs. 4,065. It touched the intra-day
low of Rs. 4,010 Sentiment weakened further due to the sluggish export demand as a result of
the weak demand for the commodity.

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