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2. ✍ NCDEX DAILY LEVELS
DALLY EXPIRY R4 R3 R2 R1 PP S1 S2 S3 S4
SYOREFIDR 20-01-2015 640 639 638 637 636 633 632 631 630
SYBEANIDR 20-01-2015 3490 3470 3450 3430 3400 3380 3360 3340 3320
RMSEED 20-01-2015 4370 4350 4330 4310 4270 4250 4230 4210 4190
JEERAUNJHA 20-01-2015 15400 15300 15200 15100 15000 14900 14800 14700 14600
DHANIYA 20-01-2015 13400 13300 13200 13100 13000 12900 12800 12700 12600
CASTORSEED 20-01-2015 5420 5400 5380 5360 5330 5310 5280 5260 5240
✍ NCDEX WEEKLY LEVELS
WEEKLY EXPIRY R4 R3 R2 R1 PP S1 S2 S3 S4
SYOREFIDR 20-01-2015 650 647 643 640 637 634 631 628 625
SYBEANIDR 20-01-2015 3540 3510 3480 3440 3400 3370 3340 3310 3280
RMSEED 20-01-2015 4420 4380 4340 4300 4260 4220 4180 4140 3990
JEERAUNJHA 20-01-2015 15900 15700 15500 15300 15100 14800 14600 14400 14200
DHANIYA 20-01-2015 13800 13500 13200 12800 12600 12400 12200 11900 11600
CASTORSEED 20-01-2015 5460 5420 5380 5340 5300 5260 5220 5180 5140

3. ✍ MCX DAILY LEVELS
DALLY EXPIRY R4 R3 R2 R1 PP S1 S2 S3 S4
ALUMINIUM 31-12-2014 121 120 119 118 117 116 115 114 113
COPPER 27-02-2015 406 405 404 403 402 401 400 399 398
CRUDE OIL 16-01-2015 3640 3620 3600 3580 3540 3500 3480 3460 3440
GOLD 05-02-2015 27500 27400 27300 27200 27100 27000 26900 26800 26700
LEAD 31-12-2014 121 120 119 118 117 116 115 114 113
NATURAL GAS 26-12-2014 204 202 200 198 196 194 192 190 188
NICKEL 31-12-2014 1040 1020 1000 980 960 940 920 900 880
✍ MCX WEEKLY LEVELS
WEEKLY EXPIRY R4 R3 R2 R1 PP S1 S2 S3 S4
ALUMINIUM 31-12-2014 128 126 124 122 120 118 116 114 112
COPPER 27-02-2015 411 408 405 402 399 397 395 392 389
CRUDE OIL 27-02-2015 3710 3670 3640 3610 3570 3540 3510 3470 3440
GOLD 05-02-2015 28000 27800 27600 27400 27200 26900 26600 26300 26000
LEAD 31-12-2014 125 123 121 119 117 115 113 111 109
NATURAL GAS 26-12-2014 210 207 204 201 197 193 190 187 183
NICKEL 31-12-2014 1100 1060 1020 980 940 900 860 820 780
SILVER 05-03-2015 38500 38200 37900 37600 37200 36900 36600 36300 36000
ZINC 31-12-2014 144 142 140 138 136 134 132 130 128

4. ✍ MCX - WEEKLY NEWS LETTERS
INTERNATIONAL NEWS
• Initial claims for state unemployment benefits dropped 9,000 to a seasonally adjusted
280,000 for the week ended Dec. 20, the Labor Department said on Wednesday. It was
the lowest reading since Nov. 1 and marked the fourth straight week of declines.
• Crude inventories rose by 7.3 million barrels in the last week, compared with analysts'
expectations for an decrease of 2.3 million barrels. U.S. crude imports rose last week by
1.174 million barrels per day. U.S. crude oil futures extended losses to more than $2 a
barrel after the data. Gasoline stocks rose by 4.1 million barrels, compared with
analysts' expectations in a Reuters poll for a 600,000 barrels gain. Distillate stockpiles,
which include diesel and heating oil, rose by 2.3 million barrels, versus expectations for
a 900,000 barrels drop, the EIA data showed.
• The EIA said U.S. utilities drew 49 billion cubic feet of natural gas from storage in the
week ended Dec. 19.
PRECIOUS METALS
The spot gold is opened today and trading at $1185, therefore the electronic traded COMEX
gold is up this morning by $10 and trading at $1185. Since the US markets are closed today we
have only the electronic trading platform opened so therefore, very thin trading session is
expected today. As far as view is concerned we believe since the USD index is trading down a
tad pulling gold to rebound and as per the chart study we see a resistance near $1190/1195
levels or say near $1200 levels. We believe as long as these resistance levels are not breached
we shall not turn completely bullish on the counter. In line with gold, silver is also seen trading
marginally positive this morning at $15.95 up by 1.51% from its previous close.
Silver was up 0.3 percent at $15.71 an ounce. The number of Americans filing new claims for
unemployment benefits unexpectedly fell last week, underscoring the economy's sustained
strength. The report came a day after the government reported the economy expanded at its
fastest pace in 11 years in the third quarter and consumer spending increased solidly in
November. Economists polled by Reuters had forecast claims ticking up to 290,000 last week.
The prior week's data was unrevised.
Gold fell near a three-week low on Wednesday as the latest piece of strong U.S. economic data
fed the view that the Federal Reserve may bring forward the timing of a hike in U.S. interest
rates. U.S. Labor Department data showed initial claims for state unemployment benefits
dropped for the fourth straight week. A day earlier, the Commerce Department said the U.S.
economy grew in the third quarter at its quickest pace in 11 years.

5. BASE METAL
Copper fell on Wednesday as a strong dollar, weak oil prices and dimming demand prospects in
top consumer China more than offset a brightening U.S. economic picture.
U.S. jobless claims data beat forecasts, while data on Tuesday showed the economy grew at 5.0
percent in the third quarter, its quickest pace in 11 years and the strongest sign yet that growth
has decisively shifted into higher gear. Also weighing on copper, sharp falls in oil prices
tempted investors to sell commodity basket holdings, while concerns over growth in China
persisted after Chinese equities closed down 2 percent despite broad gains in other global
equities.
ENERGY
This morning oil is seen trading at $56.12 up by half per cent from its previous close. We have
been seeing a range bound trade in oil despite the rise in oil inventories, data released by the
DOE on Wednesday. We believe the commodity may trade in the same range at the electronic
platform while due to closure of NYMEX exchange we might not see much of movement in the
prices. Our view shall remain bearish on for the day with strict stop loss.
At the local market the Indian rupee is trading flat 63.53 no major change from its previous
close. So, we may also not see much of change in the prices due to Indian rupee. However,
overall we hold a bearish outlook on oil and recommend selling from higher levels.
Natural Gas for January future at NYMEX traded down while it was shut on 25th and this
morning the same is seen trading at $3.072 higher by 1.39% from its previous close. The gains
noticed this morning could be mere recovery while the overall trend is still down so we
recommend selling the counter from higher levels. However, from the derivatives front we see
that all three variable – price, volume and open interests have declined indicating soon the
contract may witness short covering in the prices. Also, 29th is the last date for the contract
expiry hence, short covering could be expected. We recommend those who are on sell side
might have to exit/book profit on the trades
U.S. natural gas futures tumbled to 27-month lows on Wednesday after mild winter weather led
to a smaller-than-expected storage draw and fueled worries about a stock buildup. Weekly
consumption of natural gas across America is at its lowest since 2006 at least, data shows, and
weather forecasts indicate little cold ahead in the U.S. Northeast, the region that consumes the
bulk of gas for heat. The EIA said U.S. utilities drew 49 billion cubic feet of natural gas from
storage in the week ended Dec. 19. Analysts polled by Reuters had expected a 64-bcf draw,
which itself would have been the lowest for the week since 2006, according to EIA data.
MDA Weather Services' six-to-ten day forecast shows "a very limited strong cold risk to the
East Coast," with cold temperatures likely only toward the end of the forecast period.
Global oil markets fell again on Wednesday in holiday-thin trade, extending more than a week

6. of see-saw volatility as traders jousted over whether a growing supply glut had been fully
priced in. Oil whipped lower early in the day and tested new lows after U.S. data showed crude
inventories unexpectedly rose by 7.3 million barrels last week to their highest December level
on record. Analysts had expected a seasonal draw. Oil prices slid throughout the day, reversing
all the previous day's gains that were triggered by data showing the U.S. economy had grown 5
percent in the third quarter, the fastest pace since 2003 and much faster than the 3.9 percent
annual rate previously reported by the Commerce Department.
LME INVENTORIES
LME Inventories Copper Lead Zinc Aluminium Nickel
Current Stock 171850 221025 694000 4231275 410880
Change -375 300 16075 -9875 1890
% Change -0.22% 0.14% 2.37% -0.23% 0.46%
✍ NCDEX - WEEKLY NEWS LETTERS
JEERA
As expected on Wednesday Jeera Dec. futures traded on a positive note (3.97% higher) as
speculators enlarged their positions, supported by good demand in the spot market against tight
supplies from producing belts. Jeera of Indian origin in the international markets was quoting
around $1900-2000/ton.
According to Gujarat government data releases on 22nd Dec 14, Jeera recorded 44% less
sowing compared to last year’s 4.4 lakh hac. Sowing of the spice has almost over both in
Gujarat and Rajasthan reported lower acreage. The tight supply and good demand in spot
market coupled with the slight expected delay of new crop due to late sowing support the prices
during the period.
Export orders are diverted to India due to Geo-political tensions in Syria and Turkey. .Jeera
(cumin) exports have been 87,500 tonnes in the first six months (Apr-Sep) of 2014-15, a rise of
25% from the corresponding period of the previous.

7. CHANA
NCDEX Chana Jan. futures traded on positive note (1.20% higher) taking clue from the spot
market on raising demand against restricted arrivals. There is also strong demand for Dal from
the wholesalers increased the prices. Overall sentiments have turned positive for Chana amid
lower sowing this season and expected lower output in 2014-15. On the futures platform too,
Chana prices have gained sharply during the week (5.12%) as sowing lags behind last year’s
level. Also, reports that department of revenue has proposed 10% import duty on Chana
supported prices during the week.
As on Dec 19, 2014, Chana has been sown over 75.15 lakh hectares less 16.6% as compared to
last year. Sowing will continue till the 2nd week of Jan 15 and expected to be about 14-15%
lower Y-o-Y.
Weather so far has been conducive for the growth of Chana crop. Considering favorable
weather conditions in the coming days and thereby a normal yield, we expect Chana production
to hover around 84-86 lakh tonnes in 2014-15.
SOYABEAN
NCDEX Soybean Jan futures traded on a positive note (0.39% higher) in expectation of
increasing export duty of crude and ref oils. In the international markets, soybean was down by
0.94% in the previous trading session. First three contracts at CBOT posted losses between 10
-10.6 cents on a bushel on Wednesday.
For soybeans, the USDA cut prices by $0.35 to $8.50 a bushel its estimate for the mean price
next season, a level not seen in Chicago futures since March 2009, and on a year-average basis
since 2006.
Global Soybean production is projected at a record 312.8 mt in Dec 2014/15 up 9.6% compared
to 2013/14 estimates. During the month there is gain in production data for Canada, Ukraine
and Paraguay. Global oilseed production for 2014/15 is projected at a record 530.7 million tons,
up 1.8 million tons from last month. Global oilseed ending stocks are projected at 104.1 million
tons, up 1.1 million from last month and 23.5 million above year-earlier levels.
The USDA’s baseline forecast calls for a small decline in 2015 soybean plantings, to 84.0

8. million acres. Exports are increased 40 million bushels to 1,760 ahead of the South American
harvest expected in Feb onwards.
REFI. SOYA
Yesterday Ref soy oil Jan futures traded on a mixed note (0.1% lower) as limited buying
support at higher prices.
The edible oils market traded on the mixed note on Wednesday on anticipation of import duty
hike, flat physical demand led by mixed overseas and domestic futures. Stockists tried to fill
the pipeline by placing bulk orders. On the Bombay Commodity Exchange, major edible oils
rose marginally in the range of 2-10 for 10 kg. Soybean refined oil witnessed a hefty jump of₹
17.₹
The customs duty on crude oil has been increased to 7.5 per cent from 2.5 per cent earlier,
while the duty on refined edible oil has been raised to 15 per cent from 10 per cent, as per the
notification issued by the Central Board of Excise and Customs.
In month of Nov 14, there is an increase of 700% import of Crude soybean oil to 121,097
tonnes as compared to last year. It is mainly due to high prices of soybean and lesser realization
for oil and soybean meal in export market, resulted in lower crushing and availability of
domestic oil coupled with anticipated increase in import duty by the GOI.
RM SEED
Yesterday Mustard seed Jan futures traded on a positive note (0.24% higher) taking cues from
reports of decline in sowing area and improved winter demand leading to a steep rise in prices
since last week. There is strong winter demand and slack availability, prices of mustard and its
oil are on the boil in mandis across Madhya Pradesh, Rajasthan and Gujarat.
The acreage in the country so far is down by about 5% at about 62.9 lakh hectares (lh). The
acreage in Rajasthan has dropped by 11% at 26.4 lh. Traders expect rapeseed output to drop to
7.0 million tonnes in the 2014-15 crop year (July-June) from 7.4 million last year.
Global rapeseed production is projected at a record 71.9 million tons, up 1.2 million mainly on
increased production for Canada (15.6 million tons).

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