Plunging iron ore prices are providing a lifeline for some of China's biggest steel mills, but raising the prospect of a rising tide of exports and increased friction with the European Union and countries such as India.

2. ✍ NCDEX DAILY LEVELS
DAILY EXPIRY
DATE
R4 R3 R2 R1 PP S1 S2 S3 S4
SYOREFIDR 19 JUN 2015 595 591 587 584 583 580 579 575 571
SYBEANIDR 19 JUN 2015 4299 4215 4131 4099 4047 4015 3963 3879 3795
RMSEED 20 MAY 2015 3928 3889 3850 3834 3811 3795 3770 3733 3694
JEERAUNJHA 20 MAY 2015 20300 19410 18520 18080 17630 17190 16740 15850 14960
CHANA 20 MAY 2015 4382 4325 4268 4236 4211 4179 4154 4097 4040
CASTORSEED 20 MAY 2015 3845 3795 3745 3720 3695 3670 3645 3595 3545
✍ NCDEX WEEKLY LEVELS
WEEKLY EXPIRY
DATE
R4 R3 R2 R1 PP S1 S2 S3 S4
SYOREFIDR 19 JUN 2015 634 618 602 592 586 576 570 554 538
SYBEANIDR 19 JUN 2015 4604 4422 4240 4157 4058 3975 3876 3694 3512
RMSEED 20 MAY 2015 4149 4042 3935 3876 3828 3769 3721 3614 3507
JEERAUNJHA 20 MAY 2015 21380 20120 18860 18020 17600 16760 16340 15080 13820
CHANA 20 MAY 2015 4755 4568 4381 4291 4194 4084 4007 3820 3633
CASTORSEED 20 MAY 2015 4238 4070 3902 3798 3734 3630 3566 3398 3230

3. ✍ MCX DAILY LEVELS
DAILY EXPIRY DATE R4 R3 R2 R1 PP S1 S2 S3 S4
ALUMINIUM 29-MAY-15 125 124 122 121 120 119 118 117 116
COPPER 30-JUN-15 450 435 420 414 404 399 389 374 359
CRUDE OIL 18-MAY-15 3974 3907 3840 3816 3773 3749 3706 3639 3571
GOLD 5-JUN-15 2875
3
28129 27502 27105 26880 26485 26255 25630 25000
LEAD 29-MAY-15 140 138 136 134 133 132 130 128 126
NATURAL GAS 26-MAY-15 218 202 187 181 172 166 157 141 126
NICKEL 29-MAY-15 940 919 895 885 870 863 847 823 795
SILVER 3-JUL-15 4173
9
40069 38399 37398 36729 35728 35059 33389 31719

4. ✍ MCX WEEKLY LEVELS
WEEKLY EXPIRY R4 R3 R2 R1 PP S1 S2 S3 S4
ALUMINIUM 29-MAY-15 137 131 125 123 119 117 113 108 102
COPPER 30-JUN-15 465 444 423 415 402 394 381 360 339
CRUDE OIL 18-MAY-15 4392 4168 3944 3863 3720 3644 3496 3272 3048
GOLD 5-JUN-15 28735 28770 27485 27070 26860 26440 26240 25615 24990
LEAD 29-MAY-15 146 142 138 136 133 132 129 125 121
NATURAL GAS 26-MAY-15 238 215 192 183 169 160 146 123 100
NICKEL 29-MAY-15 1000 955 910 895 865 850 820 775 730
SILVER 3-JUL-15 42056 40282 35808 37453 35479 34960 33786 31412 3100
ALUMINIUM 29-MAY-15 137 131 125 123 119 117 113 108 102
COPPER 30-JUN-15 465 444 423 415 402 394 381 360 339

5. ✍ MCX - WEEKLY NEWS LETTERS
✍ INTERNATIONAL NEWS
✍ China export fell
Plunging iron ore prices are providing a lifeline for some of China's biggest steel mills, but
raising the prospect of a rising tide of exports and increased friction with the European Union
and countries such as India.
Even as China's domestic steel demand shrinks and the industry battles chronic overcapacity,
lower iron ore prices have helped many large mills post better earnings in 2014 than a year
earlier, supported by record exports.
China boosted exports of the alloy by some 50 percent last year to a record 94 million tonnes,
and western industry bodies see little sign of a major rationalisation of the industry.
Seaborne iron ore prices tumbled 50 percent over the course of the year amid a push by mega
iron ore miners to ramp up supply and win market share. BIG MILLS BENEFIT Big Chinese
mills are able to ship in cheaper seaborne ore direct to their coastal steelmaking operations,
selling to customers nearby or shipping steel overseas.
The European Union is imposing anti-dumping duties on imports of cold-rolled flat stainless
steel from China and Taiwan. India's trade ministry has also recommended anti-dumping duties
against China, Malaysia and South Korea for some industrial grade steel imports.
EXPORT CONCERN China aims to cut the number of steel mills by more than 40 percent to
below 300 by 2017, and plans to have three to five giant steel players by 2025. It wants the top
10 mills to account for 60 percent of output, up from 37 percent of 2014's production of 823
million tonnes. Investors are backing the plan, pushing the shares of some big companies up
sharply in 2014, led by Maanshan Iron & Steel whose shares have more than trebled in the past
year.
✍ Fed holds rate at zero, no hint for hike
The FOMC indicated after its March meeting that a rate hike in April was unlikely. The US
central bank has kept its key funds rate anchored near zero since late 2008, amid the financial
crisis. Officials have indicated a desire to raise rates at some point this year, with the market
now anticipating a September increase.

6. The move came amid a struggling US economy that barely registered any growth at all in the
first three months of the year- a meager 0.2 percent increase in gross domestic product, thanks
to a stubbornly frugal consumer, strengthening dollar and rough winter. However, many market
participants believe the Fed is still on its course of tightening, though the timing remains a
question. "It's the long-term trend that matters to the Fed," said Michael Arone, chief
investment strategist for State Street Global Advisors' US intermediary business. "They've been
very consistent on the idea of data dependence.:"
"Growth in household spending declined; households' real incomes rose strongly, partly
reflecting earlier declines in energy prices, and consumer sentiment remains high," the FOMC
said.
"They are willing to look through that weakness," said John Bellows, portfolio manager at
Western Asset Management. "They think it's oil, they think it's the dollar and they think the
economy is going to be stronger in the second and third quarter. And whether or not we hike in
September or later really depends on whether they are right on that call."
✍ BULLION
* Gold retains overnight gains of nearly 2 percent.
* Fed's two-day policy meet begins Tuesday.
Gold clung to sharp overnight gains on Tuesday, bolstered by a weaker dollar and
short-covering on rising expectations the Federal Reserve would not hint at a June rate increase
at its policy meeting this week.
Spot gold was steady at $1,200.90 an ounce at 0645 GMT after jumping nearly 2 percent in the
previous session. The metal rose to its highest in a week at $1,207.01 on Monday on
short-covering ahead of the Fed's two-day meeting, which kicks off on Tuesday. A statement
will be released on Wednesday.
"Nobody thinks an interest rate hike is going to come in June because of weak economic data,"
said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong.
Expectations had centred on a rate rise in June, but after recent sluggish economic data, many
now believe the U.S. Central bank will probably not act until later in the year.

7. If the Fed continues to hold rates near rock-bottom levels, gold prices could be supported.
Higher rates, however, could dent demand for bullion, a non-interest-paying asset.
A soft dollar was also helping gold on Tuesday. It fell to a three-week low against a basket of
major currencies as the euro gained on hopes Greece was a step closer to securing fresh
funding. Weakness in the greenback typically boosts gold, seen as a safe haven at times of
financial turbulence. Options-related buying also buoyed prices on Monday as U.S.
Recent sluggish economic data from the United States led the market to expect the Fed will
probably not act until later in the year. A rate hike could dent demand for bullion as investors'
appetite for non-yielding assets diminish.
✍ BASE METAL
Copper prices rallied to a five-week high on Thursday, as the U.S. dollar tumbled with a June
rate hike now looking less likely.
On the Comex division of the New York Mercantile Exchange, copper for July delivery
touched an intraday peak of $2.834 a pound, the most since March 26, before trading at $2.833
during European morning hours, up 3.4 cents, or 1.21%.
A day earlier, copper tacked on 1.2 cents, or 0.45%, to end at $2.799. Futures were likely to
find support at $2.735, the low from April 27, and resistance at $2.868, the high from March
26.
The U.S. dollar index, which measures the greenback's strength against a trade-weighted
basket of six major currencies, was down 0.8% to trade at 94.57 early on Thursday, the weakest
level since February 26.
The Federal Reserve kept interest rates on hold following the conclusion of its Federal Open
Market Committee meeting on Wednesday, but offered little hints on the timing of its first rate
hike in nearly a decade. In its policy statement, the Fed said it will take into account labor
market conditions, inflationary pressures and expectations of international financial
developments when it decides on the timing of a rate increase.
The central bank removed all calendar references on a potential window for raising rates from
its statement, adding to uncertainty over the timing of a Fed rate hike. The statement came after
data on Wednesday showed that the U.S. economy grew just 0.2% in the three months to
March, slowing sharply from 2.2% in the final quarter of 2014.
Zinc prices rose by 0.98 per cent on Monday at the domestic markets due to the decline in the
zinc stockpiles at the London Metal Exchange (LME) on account of the strong demand for the

8. commodity. LME zinc stocks fell by 2650 metric tonnes to 478725 metric tonnes as on April
27, 2015. Zinc futures for April 2015 contract, at MCX, were trading at Rs 144.50 per kg, up by
0.98 per cent after opening at Rs. 143.30 against the previous closing price of Rs. 143.10.
Major refined zinc exporting countries are Canada, Australia and Rep. of Korea, while major
refined zinc importing countries are China, USA and Germany.
Lead futures rose 0.19 per cent to Rs 132 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 132 per kg, up by 0.19 per cent, after opening at Rs
132.20, against a previous close of Rs 131.75. 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 4000 metric tonnes to 179100 metric tonnes as on
April 29, 2015.
✍ ENERGY
✍ Crude Oil
Fell more than 1 percent on Tuesday ahead of weekly U.S. crude inventory data that is expected
to hit another high and as Saudi Arabia pledged to supply more oil to China if needed. U.S.
commercial crude stockpiles were expected to have risen last week for the 16th straight week,
up from a record 489 million barrels, even though drilling activity fell, a preliminary survey by
Reuters showed on Monday.
Comments from top Saudi oil officials on Monday reiterated the country's position of keeping
production high to meet demand as it maintains its market share. Brent June crude futures had
dropped 84 cents to USD 63.99 a barrel by 0702 GMT. US June crude fell 84 cents to USD
56.14 a barrel.
The fall in prices "reflects the major gains that have been made in the last few weeks and a little
bit of concern over what the inventory numbers in the U.S. might show", said Michael
McCarthy, chief strategist at CMC Markets in Sydney.
Brent crude hit a 4-1/2 month high last week, while West Texas Intermediate (WTI) has risen
for six consecutive weeks, underpinned by net long positions on both contracts as speculators
bet on a decline in U.S. shale output.
While a roughly 50 percent drop in global oil prices since June last year has helped economies
in Asia, it has posed "difficult challenges" for many oil producers, Saudi Arabian Oil Minister

9. Ali al-Naimi said on Tuesday. "Sudden rises or falls in the cost of oil are not welcome ... It's in
all our interests to ensure stable prices," he said in Beijing.
Geopolitical tension, mainly in Yemen and Syria, and unplanned production outages, including
in the North Sea and Brazil, have prompted Barclays to raise its oil price forecast.
While maritime laws allow innocent passage into the strait, much of the area is still located in
Iranian territory. When the Iranian patrol ordered the commercial vessel deeper into Iran
waters, the captain of the ship reportedly refused, prompting the firing of several rounds of
shots. The ship then sent out a distressed call, according to NBC News, that caused the U.S.
Navy to dispatch a destroyer – the U.S.S. Farragut and several planes to observe the situation.
The UN reportedly became close to brokering a deal between Saudi Arabia and a group of
Shiite-led Houthi rebels last month, before talks collapsed amid a series of Saudi air strikes.
More than 3,000 people in Yemen are feared dead from the month-long air campaign.
✍ Natural Gas
Futures plummeted in the domestic and overseas market on Monday as investors and
speculators exited positions in the energy commodity amid bets that the end of the winter
season may curb demand for the heating fuel. Latest weather forecasting models called for
mostly mild weather across the US. About 49 per cent of American households use natural gas
for heating purposes. At the MCX, Natural Gas futures for April 2015 contract closed at Rs
157.3 per 1 kg, down by 2.48 per cent after opening at Rs 160, against the previous closing
price of Rs 161.3.
Natural Gas futures closed higher in the domestic and overseas market on Tuesday as the sharp
losses in the energy commodity in the previous session offered investors and speculators good
bargain buying opportunity, at existing levels. Prices had plummeted on Monday amid
speculation that the end of the winter season in the US may cut heating demand for the fuel in
the world’s biggest economy. About 49 per cent of US households use natural gas for heating
purposes. At the MCX, Natural Gas futures for April 2015 contract closed at Rs 161.5 per 1 kg,
up by 0.75 per cent after opening at Rs 159.7, against the previous closing price of Rs 160.3.
✍ NCDEX - WEEKLY NEWS LETTERS
✍ NCDC DISBURSES OVER RS 5,700 CR TO AGRI CO-OPERATIVE SOCIETIES

10. The government's agri-financing body National Co-operative Development Corporation today
said it disbursed over Rs 5,700 crore to cooperative societies during the last financial year.
The disbursal was about 8-9 per cent higher than the 2013-14 fiscal.
"We disbursed over Rs 5,700 crore during last fiscal, of which about Rs 3,600 crore was for
marketing and procurement of agricultural produce,
NCDC was established by an Act of Parliament in 1963 as a statutory corporation under the
Union Agriculture Ministry for developing rural economic activities through co-operatives.
Minister of State for Agriculture Mohanbhai Kundaria presented NCDC award for
Co-operative Excellence-2014 to 31 best performing co-operatives from different states.
NCDC gave 28 state-level awards and 3 national awards this year.
Underlining the key role of NCDC, Kundaria said the schemes are helping co-operatives build
infrastructure for storage, cold storage and agro-based processing units in the rural areas. It also
assists them in distribution of agriculture inputs and marketing of agriculture produce to give
better price to farmers.
The minister said that NCDC has so far disbursed more than Rs 52,000 crore for various
co-operatives development programmes.
The period of repayment of loan ranges from 3 to 8 years. The rate of interest varies from time
to time.
✍ CHANA
Chana fell by 0.98% to Rs 4,238 per quintal in futures trade Tuesday after speculators booked
profits at prevailing higher levels amid a decline in demand in the spot market.
However, lower output reports due to unseasonal rains in key producing areas, capped the fall.
At the National Commodity and Derivative Exchange, chana for delivery in June dropped by
Rs 42, or 0.98%, to Rs 4,238 per quintal with an open interest of 76,450 lots.
Similarly, the commodity for delivery in May declined by Rs 39, or 0.92%, to Rs 4,187 per
quintal in 99,060 lots.
Besides profit-booking by speculators at existing levels, fall in demand in the spot market
against adequate stocks position mainly pulled down chana prices at futures trade.
✍ JEERA
Amid profit-booking by participants, jeera prices declined by 0.68% to Rs 18,160 per quintal in

11. futures trading on thursdsay.
However, expectations of lower output due to unseasonal rains in major growing regions
restricted the fall.
At the National Commodity and Derivatives Exchange, jeera for delivery in June month moved
down by Rs 125, or 0.68% to Rs 18,160 per quintal with an open interest of 12,396 lots.
Similarly, the spice for delivery in May contracts traded lower by Rs 105, or 0.59% to Rs
17,790 per quintal in 17,076 lots.
Besides profit-booking by speculators at existing levels, fall in demand in the spot market
against adequate stocks position, weighed on jeera
prices at futures trade.
✍ REFINED SOYA
Refined soya oil prices fell further by 0.67 per cent to Rs 572.80 per 10 kg in futures trade on
Wednesday as speculators trimmed positions following subdued demand in spot market against
adequate stocks.
At the National Commodity and Derivatives Exchange, refined soya oil for delivery in August
eased by Rs 3.85, or 0.67 per cent to Rs 572.80 per 10 kg with an open interest of 1,53,870 lots.
Similarly, oil for delivery in June shed Rs 2.45, or 0.42 per cent to Rs 584.70 per 10 kg in
1,11,705 lots.
Market analysts said offloading of positions by speculators, driven by sluggish demand in spot
market against adequate stocks position mainly kept refined soya oil prices lower at futures
trade.

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