The document provides daily and weekly price levels and analysis for various commodities trading on the MCX, NCDEX and forex markets. It includes the following key points: - Most metals rose led by zinc and nickel, while natural gas and crude oil prices were mixed for the week. - The FOMC minutes signaled a likely rate hike in June boosting the US dollar and weighing on gold and silver. - Supply disruptions in Nigeria, Venezuela and US shale bankruptcies are tightening oil supplies despite global inventories remaining high.

2. ✍ MCX DAILY LEVELS
DAILY EXPIRY DATE R4 R3 R2 R1 PP S1 S2 S3 S4
ALUMINIUM 31MAY 2016 111.05 108.95 106.85 105.50 104.75 103.40 102.65 100.55 98.45
COPPER 30 JUN 2016 326.60 321.05 315.55 312 310.10 306.50 304.55 299.10 293.60
CRUDE OIL 20 JUN 2016 3537 3454 3371 3326 3288 3243 3205 3122 3039
GOLD 03 JUN 2016 30389 30172 29955 29823 29738 29606 29521 29304 29087
LEAD 31MAY 2016 120.80 118.30 115.80 114.25 113.30 111.75 110.80 108.30 105.80
NATURAL GAS 27 JUN 2016 161.50 157.50 153.50 151.40 149.50 147.40 145.50 141.50 137.50
NICKEL 31MAY 2016 611.80 599.70 587.60 579.90 575.50 567.80 563.40 551.30 539.20
SILVER 05 JUL 2016 41287 40821 40355 40094 39889 39628 39423 38957 38491
ZINC 31MAY 2016 131.50 129.65 127.80 126.65 125.95 124.80 124.10 122.25 120.40
✍ MCX WEEKLY LEVELS
WEEKLY EXPIRY R4 R3 R2 R1 PP S1 S2 S3 S4
ALUMINIUM 31MAY 2016 114.90 111.35 107.80 105.95 104.25 102.40 100.70 97.15 93.60
COPPER 30 JUN 2016 333.35 325.40 317.45 312.90 309.50 305 301.55 293.60 285.65
CRUDE OIL 20 JUN 2016 3713 3564 3415 3348 3266 3199 3117 2968 2819
GOLD 03 JUN 2016 31799 31153 30507 30099 29861 29453 29215 28569 27923
LEAD 31MAY 2016 128.50 123.70 118.90 115.75 114.10 111 109.30 104.50 99.70
NATURAL GAS 27 JUN 2016 174 165.30 156.60 153 147.90 144.30 139.20 130.50 121.80
NICKEL 31MAY 2016 632.50 614.20 595.90 584 577.60 565.70 559.30 541 522.70
SILVER 05 JUL 2016 45938 44064 42190 41012 40316 39138 38442 36568 34694
ZINC 31MAY 2016 134 131.25 128.45 127 125.65 124.15 122.85 120.05 117.25
Monday, 23 May 2016

3. WEEKLY MCX CALL
SELL ZINC MAY BELOW 123.95 TGT 120.90 SL 126.15
BUY GOLD AUG ABOVE 30130 TGT 30430 SL 29897
PREVIOUS WEEK CALL
BUY GOLD JUN ABOVE 30200 TGT 30500 SL 29900 - SL
BUY CRUDEOIL JUN ABOVE 3200 TGT 3300 SL 3094 - TGT
✍ FOREX DAILY LEVELS
DAILY EXPIRY DATE R4 R3 R2 R1 PP S1 S2 S3 S4
USDINR 27 MAY 2016 68.15 67.95 67.75 67.65 67.50 67.45 67.30 67.10 66.90
EURINR 27 MAY 2016 76.90 76.55 76.15 76 75.75 75.60 75.40 75 74.65
GBPINR 27 MAY 2016 99.55 99.15 98.80 98.65 98.40 98.25 98.05 97.70 97.30
JPYINR 27 MAY 2016 62 61.80 61.55 61.40 61.30 61.15 61.05 60.85 60.60
✍ FOREX WEEKLY LEVELS
DAILY EXPIRY DATE R4 R3 R2 R1 PP S1 S2 S3 S4
USDINR 27 MAY 2016 69.7
0
68.90 68.10 67.85 67.30 67.05 66.55 65.75 64.95
EURINR 27 MAY 2016 77.2
5
76.75 76.25 76.05 75.75 75.55 75.30 74.80 74.30
GBPINR 27 MAY 2016 106.
15
103.35 100.55 99.50 97.70 96.70 94.90 92.10 89.30
JPYINR 27 MAY 2016 63.3
5
62.65 62 61.60 61.30 60.95 60.65 59.95 59.25
WEEKLY FOREX CALL
BUY GBPINR MAY ABOVE 98.30 TGT 99.30 SL 97.30
SELL JPYINR MAY BELOW 61.16 TGT 60.70 SL 61.70
PREVIOUS WEEK CALL
BUY JPYINR MAY ABOVE 61.70 TGT 62.10 SL 61.40 - NOT EXECUTED.
BUY EURINR MAY ABOVE 76 TGT 76.40 SL 75.60 - NOT EXECUTED.

4. ✍NCDEX DAILY LEVELS
DAILY EXPIRY DATE R4 R3 R2 R1 PP S1 S2 S3 S4
SYOREFIDR 20 JUN 2016 650 646 642 640 638 636 634 630 626
SYBEANIDR 20 JUN 2016 4161 4095 4029 4002 3963 3936 2897 3831 3765
RMSEED 20 JUN 2016 4526 4486 4446 4428 4406 4388 4366 4326 4286
JEERAUNJHA 20 JUN 2016 17155 16980 16805 16705 16630 16530 16455 16280 16105
CHANA 20 JUN 2016 6078 6018 5958 5926 5898 5866 5838 5778 5718
✍NCDEX WEEKLY LEVELS
WEEKLY EXPIRY DATE R4 R3 R2 R1 PP S1 S2 S3 S4
SYOREFIDR 20 JUN 2016 708 686 664 651 642 629 620 598 576
SYBEANIDR 20 JUN 2016 4496 4323 4150 4063 3977 3890 3804 3631 3458
RMSEED 20 JUN 2016 4703 4609 4515 4463 4421 4369 4327 4233 4139
JEERAUNJHA 20 JUN 2016 18170 17635 17100 16850 16565 16310 16030 15495 14965
CHANA 20 JUN 2016 6630 6392 6154 6024 5916 5786 5678 5440 5202
WEEKLY NCDEX CALL
SELL JEERA JUN BELOW 16200 TGT 15800 SL 16600
SELL GUARSEED JUN BELOW 3070 TGT 3000 SL 3151
PREIOUS WEEEK CALL
SELL CHANA JUN BELOW 5800 TGT 5700 SL 5902 - NOT EXECUTED.
BUY JEERA JUN ABOVE 17000 TGT 17300 SL 16698 - NOT EXECUTED.

5. MCX - WEEKLY NEWS LETTERS
INTERNATIONAL NEWS
✍ Bullion
Gold prices fell by 0.19 per cent on Friday as market players continued to price in the improved chances of
multiple rate increases from the Federal Reserve this year following hawkish comments from the US central
bank on the likelihood of a June rate hike. Federal Open Market Committee (FOMC) said in the minutes from its
April meeting that it will likely raise short-term rates at its next meeting in June if the economy continues to
improve as expected. Gold futures for June 2016 contract, at MCX, were trading at Rs. 29,740 per 10 grams,
down by 0.19 per cent after opening at Rs. 29,718 against the previous closing price of Rs. 29,797. It touched the
intra-day low of Rs. 29,698 till the trading. (At 12.40 PM today). However, a weaker dollar raised the appeal of
gold as an alternative asset. Weaker greenback makes the bullion cheaper for those holding other currencies,
thus increasing demand.Downward pressure briefly increased after U.S. data showed the number of Americans
filing for unemployment aid fell last week, the latest sign that the economy was regaining speed after stumbling
in the first quarter. The U.S. central bank will likely raise interest rates next month if economic data points to
stronger second-quarter growth as well as firming inflation and employment, according to minutes from the U.S.
central bank's April policy meeting. The indications followed a Fed policymaker's comment on Tuesday he
would push for an interest rate hike in June or July, and two other Fed officials, who predicted up to three rate
increases this year
Last week spot silver prices declined by 3.4 percent to
close at $16.5 per barrel. The fall in silver prices is in line with declined in gold prices and fall in the base metals
complex.Silver futures were trading higher during noon trade in the domestic market on Friday tracking a bullish
trend in the global market as the sharp losses in the previous session amid bets of a Fed rate hike in June, offered
a good bargain buying opportunity, to traders, in the precious metal, at existing levels. New York Fed President
William Dudley stressed that the world’s top central bank is moving closer to tightening interest rates at one of
its two upcoming meetings while Richmond Fed’s Jeffrey Lacker also called for higher interest rates. Silver, a
non-interest bearing asset, loses sheen during a rising interest rate scenario. At the MCX, Silver futures for July
2016 contract is trading at Rs. 39,910 per Kg, up by 0.22 per cent, after opening at Rs. 39,773, against a previous
close of Rs 39,824. It touched the intra-day high of Rs. 39,945
✍Energy
Crude oil prices rose by 1.16 per cent on Friday on a rebound from overnight losses with US rig count data later
in the day expected to set the tone. At the MCX, crude oil futures for May 2016 contract were trading at Rs.
3,317 per barrel, up by 1.16 per cent, after opening at Rs. 3,291 against the previous closing price of Rs. 3,279. It
touched the intra-day high of Rs. 3,326 till the trading. (At 12.15 PM today). Prices rose as turmoil in Nigeria,
shale bankruptcies in the United States and crisis in Venezuela all contributed to tightening supplies. Despite
this, brimming inventories across the world were preventing supply shortfalls and sharper price spikes, traders
said. ANZ bank said that unexpected supply disruptions across the world, excluding output falls in the United
States, amounted to around 2.5 million barrels of daily production, virtually erasing a production overhang that
had pulled down prices by over 70 percent between 2014 and early 2016.The prospect of a U.S. rate increase in
June prompted investors earlier on Thursday to cash out of long positions in Brent and U.S. crude's West Texas
Intermediate (WTI) futures. Suncor extended a force majeure that will prevent any more shipping of oil this

6. month from its Syncrude facility. The decision came amid a raging wildfire in Canada's oil sands region that has
shut output capacity by more than 1 million barrels per day. In Nigeria, ExxonMobil said operations at its Qua
Iboe crude oil terminal were disrupted by "criminal" activity, although the plant was still producing.
Natural Gas futures fell in the domestic market during noon trade
on Friday as investors and speculators exited positions in the energy commodity as rising US supplies signaled
weak demand for the power plant fuel in the world’s biggest gas consuming nation. The EIA on Thursday said
that US gas stockpiles climbed by 73 billion cubic feet to 2.754 trillion cubic feet in the week ended May 13,
2016. Total gas storage in the US is 28.8 per cent higher than the levels a year ago and 28.9 per cent above the
five-year average. At the MCX, Natural gas futures for June 2016 contract were trading at Rs.138 per mmBtu,
down by 0.22 per cent, after opening at Rs. 136.8, against the previous closing price of Rs. 138.3. It touched the
intra-day low of Rs. 136.10 till the trading.
✍Base Metal
Copper prices declined by 0.5 percent last week to close at $4578 per tonne as latest FOMC minutes showed the
central bank was likely to raise rates in June if economic data pointed to stronger secondquarter growth and
firmer inflation and employment. Further, Philly Fed manufacturing index fell to -1.8 in May, weighed on the
recovery in the manufacturing sector.Copper prices rose by 0.64 per cent on Friday after the number of
residential building permits granted in Germany jumped by nearly a third to over 84,000 in the first three months
of 2016, boosting expectations that construction will continue to support growth in Europe's largest economy
which raised the demand outlook for the industrial metal. The Federal Statistics Office said authorities issued
permits for 72,335 new residential buildings and approved construction work at 12,454 existing buildings. At the
MCX, copper futures for June 2016 contract were trading at Rs.312.70 per 1 kg, up by 0.64 per cent, after
opening at Rs. 310.95 against the previous closing price of Rs. 310.70. It touched the intra-day high of Rs.
313.65 till the trading. (At 4.45 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
2875 metric tonnes to 155725 metric tonnes as on May 20, 2016.
Nickel futures surged in the domestic market during evening trade on Friday as investors and
speculators booked fresh positions in the industrial metal amid a pickup in physical demand for Nickel from
alloy-makers in the domestic spot market. Upbeat US economic data also signaled improved demand prospects
for the industrial metal in the world’s biggest economy. US jobless claims fell by 16,000 to 278,000 last week, a
sign that the US labour market recovery remains intact while a leading index climbed 0.6 per cent in April from
the previous month, data showed on Thursday. At the MCX, Nickel futures for June 2016 contract were trading
at Rs.580.50 per 1 kg, up by 0.29 per cent, after opening at Rs. 579.20, against the previous closing price of Rs.
578.80. It touched the intra-day high of Rs. 583.30 till the trading
Zinc futures rose by 1.12 per cent to Rs 126.75 per kg 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 600 metric tonnes to 386750 metric tonnes as on May 20, 2016.
Zinc futures for May 2016 contract, at MCX, were trading at Rs 126.75 per kg, up by 1.12 per cent after opening
at Rs. 125.35 against the previous closing price of Rs. 125.35. It touched the intra-day high of Rs. 127 till the
trading. (At 4.10 PM today). Prices also rose as speculators raised positions in the midst of a strong trend
globally. Besides, strong demand in domestic spot markets fueled the uptrend. Major refined zinc exporting
countries are Canada, Australia and Rep. of Korea, while major refined zinc importing countries are China, USA
and Germany.

7. ✍ NCDEX - WEEKLY NEWS LETTERS
 India Meteorological Department said on Monday the late arrival of the monsoon will not delay crop
sowing and that rains are expected to make rapid progress after their arrival around June 7.
Monsoon rains, the lifeblood for agriculture-dependent India, typically arrive on the southern tip of
Kerala state by around June 1 and cover the entire country by mid-July. On Sunday the IMD said the
monsoon would arrive by June 7. Pre-monsoon showers will set the stage for sowing and rains are
expected to gather momentum once monsoon arrives by June 7. Millions of farmers plant rice, cane,
corn, cotton and soybean crops in the rainy months of June and July. Harvesting starts from October.
The monsoon season delivers about 70 per cent of India's annual rainfall. It is critical for the country's
263 million farmers because nearly half of their farmland lacks irrigation. Bountiful rains could keep
a lid on inflation and also encourage the Reserve Bank of India to cut interest rates after the central
bank in April eased its repo rate by 25 basis points to its lowest in more than five years.
 United Nation's International Fund for Agricultural Development ( IFAD ) will provide grants worth
$150 million (about Rs 1,001 crore) to India in the next three years to aid the farm sector, a top
official said. The Rome-based agency has been working in India since 1978. It has provided $17.7
billion in grants and low-interest loans to projects reaching about 45.9 crore people in rural areas to
reduce poverty. We see that the projects take longer time to run, around 16 months on an average.
That affects the performance of the overall project. We understand the reasons why this happens,
because we are working in remote areas where sometimes the state capacity is not that strong. The
agency has shared the concern with the government, and both of them are working collectively on the
issue. Garcia said IFAD wants to make sure that benefits of its interventions in the rural areas remain
once the projects are over to ensure sustainability of the work. The Lead Evaluation Officer, IOE,
IFAD Fabrizio Felloni said there is a need for better linkages of farm produces with markets that will
improve the efficiency and make households self sufficient. The agency is also introducing
technological solutions so that farmers can fetch better prices of their produces, he said. On the
recurring drought conditions in India, there is a need for more sustainable use of water resources in
rural areas as well as more conscious approach towards natural resources management.
✍ Jeera
Jeera prices closed higher by 0.36 per cent on Friday 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 June 2016 contract closed at Rs. 16,630 per quintal, up by 0.36 per cent, after opening
at Rs. 16,570 against the previous closing price of Rs. 16,570. It touched the intra-day high of Rs. 16,730.Sentiment
improved further as a result of reduced domestic supplies in the physical markets and some export enquiries. As per
third advance estimate of Gujarat State for 2015-16, production is pegged at 2.13 lt higher by about 7% forecasted in
revised fourth advance estimate of 1.97 lt. In 2013-14, production was 3.46 lt. According to Dept of Commerce data, the
export of jeera during first 11 month of 2015-16 (Apr-Feb) is 78,965 tonnes compared to 1.46 lt exported last year same
period. The exports for 2015-16 shows a declining trend compared to last year. Devaluation of currencies in the buying
countries and appreciation of Indian currency combined with high prices have led to a steep decline in jeera exports in
2015-16.
✍ Chana
Chana prices closed lower by 0.64 per cent on Friday at the National Commodity & Derivatives Exchange Limited

8. (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 June 2016 contract closed at Rs. 5,890 per quintal, down by 0.64 per cent, after opening at
Rs. 5,920 against the previous closing price of Rs. 5,928. It touched the intra-day low of Rs. 5,871. India has imported
9.93 lt of Chana until February in the current financial year (Apr 2015-Feb 2016). In Feb 2016, country imported over
79,000 lt of chana higher than 38,000 tones imports last year in Feb. To boost supply and bring down rates Centre asked
state governments not to levy local taxes like VAT and mandi fees on dals, besides taking stern action against hoarders.
Earlier, agri-commodity bourse NCDEX hiked the cash margin to 45% on chana (gram) buyers and 10% on sellers to
curb speculation
✍ Soyabean
Soybean futures jumped on Friday on reports that government is considering narrowing import duty of crude and refine
oil. However, lower crushing demand by oil mills may weigh on prices if monsoon arrives as predicted. Soybean Jun’16
contract closed 1.27% higher to settle at Rs. 3,976 per quintal. USDA forecasts India soybean production for 2016/17 at
11.70 mt, up 58% from last year. The increase is based on the assumption of normal yields. In 2015-16, SOPA forecast
production at 69.29 lt but government in third estimate forecasts 89.2 lt. Global update CBOT soybean futures closed
mixed on Friday, driven by a surge in July soymeal. Soymeal futures rose on concerns about the size and quality of the
soybean crop in Argentina, the world's biggest soymeal exporter, following excessive rains last month. According to the
WASDE report, U.S soybean production for 2016/17 is projected at 103.4 mt, down 0.35 mt from the previous year on
lower harvested area and yields. US Soybean exports are forecast at 51.3 mt, up 3.95 mt from the revised 2015/16
projection. However, global soybean production in 2016/17 forecast to rise to a record 324 mt.
Refined soy oil futures recover of Friday on reports of import duty rise for refine oil. However, overall downtrend is
intact on anticipating supply glut in physical market on report of higher imports on vegetable oil. Ref Soy oil Jun’16
expiry closed 0.59 % higher to settle at Rs. 638.6/ 10 kg. There is a steady physical demand from stockists amid increase
retail demand ahead of festival season. As per SEA data, lower landed cost of refined oils against crude veg oils pushed
up refined oil imports by 168 % to 13.23 lt during Nov 2015 to Apr2016 period as against 4.92 lt in the same period
previous year. Moreover, Import of soyoil during Apr increased by over 86 % to 3.5 lt in April from 1.87 lt in the year-
ago period.
✍ RM Seed
Mustard seed prices closed higher by 0.36 per cent on Friday at the National Commodity & Derivatives Exchange
Limited (NCDEX) as a result of the decline in the supply for the commodity in the major markets. At the NCDEX,
mustard seed futures for June 409 contract closed at Rs. 4,410 per quintal, up by 0.36 per cent, after opening at Rs.
4,455 against the previous closing price of, Market participants’ are active at lower prices due to steady demand from
stockists as arrivals may dwindle in coming weeks. Forecast of good monsoon may pressurize oilseeds on expectations
that there will be bumper crop in next season. Global updates In Canada, farmers were expected to cut sowings of the
rapeseed variant by 4% this year to a five-year low of 7.8m hectares due to attack of disease and pests. The EU’s
rapeseed harvest will fall this summer after frost hit crops in Poland while insect damage is causing concern in France
and Britain. According to latest Apr’16 USDA report, global rapeseed production is forecast to decline in 2016/17 to
66.15 mt. In 2015-16, the production is pegged at 68.23 mt.

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