Gold prices are trading near the Friday’s closing level of $1230/ounce when it closed lower by more than 1.5 %, as the U.S. dollar rose to its highest level against the yen in three weeks on after a report said the Bank of Japan is considering expanding its negative rate policy to bank loans and could cut rates further at its two-day policy review in this week.

2. ✍ MCX DAILY LEVELS
DAILY EXPIRY DATE R4 R3 R2 R1 PP S1 S2 S3 S4
ALUMINIUM 29 APR 2016 116.90 114.40 111.90 110.80 109.40 108.30 106.90 104.40 101.90
COPPER 29 APR 2016 362.80 353.10 343.45 339 333.70 329.30 324 314.30 304.60
CRUDE OIL 19 MAY 2016 3200 3110 3020 2978 2930 2888 2840 2750 2660
GOLD 03 JUN 2016 30444 30010 29576 29298 29142 28864 28708 28274 27840
LEAD 29 APR 2016 127.40 124.60 121.80 120.60 119 117.80 116.20 113.40 110.60
NATURAL GAS 26 APR 2016 171.40 164.40 157.40 154.90 150.40 147.90 143.40 136.40 129.40
NICKEL 29 APR 2016 679.70 655.60 631.50 616.50 607.40 592.40 583.30 559.20 535.10
SILVER 05 MAY 2016 43258 42239 41220 40602 40201 39583 39182 38163 37144
ZINC 29 APR 2016 138.60 134.80 131 129 127.20 125.20 123.40 119.60 115.80
✍ MCX WEEKLY LEVELS
WEEKLY EXPIRY R4 R3 R2 R1 PP S1 S2 S3 S4
ALUMINIUM 29 APR 2016 131.30 123.40 115.50 112.60 107.60 104.70 99.70 91.80 83.90
COPPER 29 APR 2016 401.20 377.10 353 343.80 329.90 319.70 304.80 280.70 256.60
CRUDE OIL 19 MAY 2016 3838 3509 3180 3058 2851 2729 2522 2193 1864
GOLD 03 JUN 2016 31703 30881 30059 29540 29237 28718 28415 27593 26771
LEAD 29 APR 2016 139.55 132.20 124.85 122.10 117.50 114.80 110.10 102.80 95.45
NATURAL GAS 26 APR 2016 203.40
.
184.40 165.40 158.90 146.40 139.90 127.40 108.40 89.40
NICKEL 29 APR 2016 736.70 694.10 651.50 626.50 608.90 583.90 566.30 523.70 481.10
SILVER 05 MAY 2016 49665 46394 43123 41554 39852 38283 38283 33310 30039
ZINC 29 APR 2016 143.40 137.80 132.20 129.60 126.55 124 121 115.40 109.80
Monday, 25 April 2016

3. WEEKLY MCX CALL
SELL CRUDEOIL MAY BELOW 2870 TGT 2788 SL 2956
SELL ZINC APR BELOW 124.90 TGT 122.90 SL 127.10
PREVIOUS WEEK CALL
SELL NATURAL GAS APR BELOW 126 TGT 119 SL 135.60 - NOT EXECUTED.
SELL GOLD JUN BELOW 28714 TGT 28498 SL 28931 - NOT EXECUTED.
✍ FOREX DAILY LEVELS
DAILY EXPIRY DATE R4 R3 R2 R1 PP S1 S2 S3 S4
USDINR 27 MAY 2016 67.50 67.30 67.15 67.05 66.95 66.85 66.75 66.60 66.40
EURINR 27 MAY 2016 76.60 76.25 75.90 75.70 75.55 75.35 75.20 74.85 74.50
GBPINR 27 MAY 2016 97.50 97.05 96.60 96.40 96.15 96 95.70 95.25 94.80
JPYINR 27 MAY 2016 62.90 62.20 61.45 60.95 60.70 60.20 59.95 59.20 58.50
✍ FOREX WEEKLY LEVELS
DAILY EXPIRY DATE R4 R3 R2 R1 PP S1 S2 S3 S4
USDINR 27 MAY 2016 68.7
5
68.15 67.50 67.25 66.90 66.60 66.30 65.65 65
EURINR 27 MAY 2016 77.8
0
77.05 76.30 75.90 75.60 75.20 74.90 74.15 73.40
GBPINR 27 MAY 2016 100.
20
98.75 97.25 96.75 95.80 95.30 94.35 92.85 91.40
JPYINR 27 MAY 2016 66.0
5
64.40 62.70 61.60 61 59.90 59.35 57.65 55.95
WEEKLY FOREX CALL
BUY EURINR APR ABOVE 75.35 TGT 76.35 SL 74.30
PREVIOUS WEEK CALL
SELL JPYINR APR BELOW 61.60 TGT 60.95 SL 62.10 - TGT ACHEIVED
SELL EURINR APR BELOW 75.25 TGT 74.30 SL 76.40 - CLOSED AT 75.03

4. ✍NCDEX DAILY LEVELS
DAILY EXPIRY DATE R4 R3 R2 R1 PP S1 S2 S3 S4
SYOREFIDR 20 MAY 2016 697.90 690.50 683.10 679.80 675.70 672.50 668.30 660.90 653.50
SYBEANIDR 20 MAY 2016 4406 4348 4304 4259 4213 4167 4107 4057 4004
RMSEED 20 MAY 20165 4743 4679 4615 4591 4551 4527 4487 4423 4359
JEERAUNJHA 20 MAY 2016 18933 18243 17553 17296 16863 16606 16173 15483 14793
CHANA 20 MAY 2016 6092 5886 5680 5611 5474 5405 5268 5062 4856
✍NCDEX WEEKLY LEVELS
WEEKLY EXPIRY DATE R4 R3 R2 R1 PP S1 S2 S3 S4
SYOREFIDR 20 MAY 2016 750.80 724.50 698.20 687.45 671.90 661.15 645.60 619.30 593
SYBEANIDR 20 MAY 2016 4633 4505 4377 4302 4249 4174 4121 3993 3865
RMSEED 20 MAY 2016 5079 4907 4735 4651 4563 4479 4391 4219 4047
JEERAUNJHA 20 MAY 2016 19786 18776 17766 17403 16756 16393 15746 14736 13726
CHANA 20 MAY 2016 6501 6142 5783 5663 5424 5304 5065 4706 4347
WEEKLY NCDEX CALL
SELL RM SEED MAY BELOW 4450 TGT 4350 SL 4551
PREIOUS WEEEK CALL
BUY JEERA MAY ABOVE 16550 TGT 16900 SL 16238 - TGT ACHEIVED
BUY SOYABEAN JUN ABOVE 4270 TGT 4350 SL 4194 - MADE HIGH OF 4309

5. MCX - WEEKLY NEWS LETTERS
INTERNATIONAL NEWS
✍Bullion
Gold prices are trading near the Friday’s closing level of $1230/ounce when it closed lower by more than 1.5 %,
as the U.S. dollar rose to its highest level against the yen in three weeks on after a report said the Bank of Japan
is considering expanding its negative rate policy to bank loans and could cut rates further at its two-day policy
review in this week. Separately, Gold imports declined by about 8% to $31.72 billion in 2015-16 due to weak
global price. India is the largest importer of gold in the world ,with most demand by the jewellery segment.
Gold prices moved down by 0.26 per cent to Rs 29,250 per 10 ten grams in futures
trading as participants booked profits at prevailing higher levels amid weak global cues. At the Multi
Commodity Exchange, gold for delivery in June fell by Rs 76, or 0.26 per cent to Rs 29,250 per ten grams in a
business turnover of 3,735 lots.Likewise, the yellow metal for delivery in far-month August traded lower by Rs
70, or 0.24 per cent to Rs 29,472 per ten grams in 81 lots. Analysts attributed the fall in gold futures to profit-
booking by traders at existing levels and a weak global trend. Globally, gold fell 0.23 per cent to $1,247.40 an
ounce in Singapore. It's 20 days since jewellers ended their 40-day national strike against a new excise duty but
the demand for gold has not improved. However, the discounts that were quoted on the prices compared to its
cost of import have fallen sharply, from a high of $37.5 an ounce in mid-February and $25 in March to $5 now.
The discount has fallen more as the arbitrage window between the spot market and futures on the Multi
Commodity Exchange (MCX) was shrinking, rather than demand coming in. Ajay Kedia, director, Kedia
commodities, said: “In the past fortnight, traders were buying gold from the spot market as it was quoted much
lower compared to the futures price and selling on the MCX at a higher price. As a result, the MCX price came
under pressure, while the discount in spot was getting reduced. It is now only $3.75 an oz."However, buyers are
still staying away because prices are still high. On Friday, standard gold closed at Rs 29,555 per 10g at the spot
market in Zaveri Bazar here, up Rs 5 from Thursday. Consumers have kept away from buying for two months.
In February, this was because there were wide expectation of the import duty being cut in the Union Budget.
March was lost in strike. Says a director of the Indian Bullion and Jewellers Association: “Due to drought, rural
demand is almost absent. The marriage season demand, usually from March to early May, is lower at present
because of the strike." If gold prices stay high as at present “even the Akshaya Tritiya demand might be
subdued". The latter occasion, on May 9, is considered a most auspicious occasion to buy gold.
Silver prices cooled on Friday after testing fresh 11 month highs and closed lower by 1.11 % on COMEX.
In data released Friday, the US flash manufacturing PMI for April came in at 50.8, below the forecast of 51.9
and under the previous reading of 51.5. Hedge funds and money managers raised their bullish position in
COMEX silver contracts to a record high in the week to April 19 when prices surged to an 11-month peak, U.S.
Commodity Futures Trading Commission data showed on Friday.Silver has recovered sharply to become the
best performing metal in the current round of commodity price spurt. However, investors who have not seen it
go above Rs 40,000 a kg in the past 19 months should either hold or book a profit, as their buying price would
have been lower. Silver has emerged in India as an alternative to gold in the past few years, especially since
import restrictions on the latter three years earlier. In the current calendar year, it has given a 23 per cent return;
gold's is 21 per cent.However, from a medium-term perspective, it is still trading at much lower prices. This is
because 55 per cent of the demand for it is in industrial use and the slowdown in China and other parts of the
world has lowered this. Data compiled by Sudheesh Nambiath, lead analyst with GFMS Thomson Reuters,
indicates import of 7,954 tonnes of silver in 2015, a rise of 16 per cent over 2014 and a third year of a record
high. In the past three years, India imported 20,615 tonnes and this is 25 per cent of the total silver mined over

6. those years. Cameron Alexander, manager, precious metals demand, Asia-GFMS TR, said: "Recent economic
data, especially from China, points to a slightly brighter outlook and a pick-up in consumer spending has raised
hope of a recovery across the broad commodities sector, with silver a beneficiary. Investors have also recognised
that silver has remain undervalued in comparison to gold." Recent recovery in the white metal was also reflected
in a falling gold to silver price ratio, the latter representing an ounce of silver that can be bought with one ounce
of gold. This has been rising continuously in recent years and on
✍Crude Oil
On 22nd April i.e. Friday, MCX crude oil hit an intraday high of Rs.2973, which was highest since 10th
s
week The advances come just days after the collapse of weekend talks aimed at negotiating an output freeze,
which had fuelled worries a global supply glut would continue.Upbeat economic readings from China -- the
world's biggest energy user -- expectations the Federal Reserve will not hike interest rates before June, and a
series of easing measures by central banks have fuelled optimism in world markets recently. Prices surged 4% to
near five-month highs Wednesday after the US energy department revealed the dip production last week to
levels not seen since October 2014. And at about 0400 today in Asia US benchmark West Texas Intermediate for
delivery in June was up 12 cents, or 0.27%, at $44.30 while Brent crude for June added eight cents, or 0.17%, to
$45.88. "The panic associated with the Doha meeting failure gradually faded away and the market has started to
look forward," said Margaret Yang, an analyst with CMC Markets in Singapore. Rising US shale production has
been a key contributor to the global oversupply, along with elevated output from other producers including Saudi
Arabia and Russia. However, gains were limited following dovish comments from European Central Bank
president Mario Draghi on the possibility of future interest rate cuts before the end of the year.
✍Base Metals
Commodities prices have been lifted by a wave of speculative investment, backed by a credit-driven pickup in
Chinese demand, with base metals caught up in a surge in iron ore prices, said analyst Lachlan Shaw at UBS in
Melbourne.Aluminium hit the highest in over eight months on Friday and copper touched a one-month peak, but
many analysts were wary that prices were stretched and could be due a correction lower with demand still
patchy. Strong buying lifted metals in the European afternoon as stops were hit and speculators chased prices
higher after they rallied on Thursday, partly on optimism about an economic rebound in top metals consumer
China. But many analysts have said underlying supply and demand do not justify the extent of the price gains.
The extent of speculators pushing up aluminium was highlighted by estimates from Marex Spectron showing the
speculative long on the LME this week had grown to 4.7 percent of open interest, the largest long seen since
November 2014. Metals also got support from firmer oil prices, heading for a third straight week of gains as
market sentiment turned more upbeat despite persistent oversupply.
Nickel prices were up by Rs 8.60 to Rs 627.90 per kg in futures market
today as speculators raised their bets amid a firming trend overseas and domestic demand. At the Multi
Commodity Exchange, nickel for delivery in May was trading notably higher by Rs 8.60, or 1.39%, to Rs 627.90
per kg, in a business turnover of 152 lots. The metal for delivery in April rose by Rs 8, or 1.30%, to trade at Rs
621.20 per kg in 4,199 lots. Analysts said apart from increased domestic demand from alloy-makers, firmness in
the base metals pack at the London Metal Exchange, supported the upside in nickel prices at the futures trade.
Amid a better trend at the spot market on rising demand from battery makers, lead rose
0.64% to Rs 118.60 per kg in futures trade today as speculators built up positions. Furthermore, a firming trend
in base metals overseas supported the upside in metal prices. At the Multi Commodity Exchange, lead for

7. delivery in May was up 75 paise, or 0.64%, at Rs 118.60 per kg, in a business turnover of 46 lots. Likewise, the
metal for delivery in April traded up by 65 paise, or 0.55%, at Rs 118 per kg in 296 lots. According to
marketmen, rising demand from battery makers at domestic spot markets and strength in base metals at the
London Metal Exchange helped lead futures trade higher.
Zinc up by 0.3% on global cues
Zinc futures traded higher by 0.32% to Rs 127.15 per kg today as traders created speculative positions,
tracking a firm trend overseas and uptick in demand in the domestic spot markets. At the Multi Commodity
Exchange, zinc for delivery in current month traded higher by 40 paise, or 0.32% to Rs 127.15 per kg in a
business turnover of 2,159 lots.Likewise, the metal for delivery in May edged up by 30 paise, or 0.23% to Rs
128.10 per kg in 84 lots. Market analysts attributed the rise in zinc futures to a firm trend at spot market on pick
up in demand from consuming industries and a firming trend on shrinking inventories.
✍ NCDEX - WEEKLY NEWS LETTERS
✍ Turmeric
Turmeric futures continued to trade higher during previous trade on steady sentiments in the market. May futures
traded higher on short covering while June and July futures closed higher as traders built fresh positions
expecting export demand. Upcountry buying is still limited in the spot markets. May futures closed the trade at
Rs.8548/quintal, up by 1.14% from its previous close while June and July posted gains of 0.99% and 1.51%
respectively. At Erode market, finger and gattah traded unchanged at Rs.8800- 9000/quintal and Rs.8600-
8800/quintal respectively and arrivals increased to 9500 bags, higher by 2000 bags. Arrivals (in tonnes) at major
spot markets: Duggirala-61.2, Chamarajnagar- 27, Nanded-53, Sangli-278. NCDEX accredited warehouses have
3604 MT of valid stock and 40 MT of stock in process as on 22nd Apr 2016.
✍ Coriander
Coriander futures all contracts traded strong during Friday’s trading session on prevailing bullish factors. On
spot market front, at Kota market, Coriander Eagle and Badami variety prices remained unchanged at Rs. 7100,
Rs. 6600 per quintal respectively. On arrivals front, at Kota market total arrivals reported at around 7000
quintals, down by 3000 quintals from previous day's arrivals. Tailing from the spot market, coriander futures
traded positively and settled the day at Rs.17070 per quintal up by with 2.9% gains.Stock positions at the
NCDEX accredited warehouses are 418 tonnes and 0 MT are in process as on 21 Apr 2016.Overall, futures as
well as spot market traded on a higher note and settled the day in green.
✍ Cardamom
Cardamom futures traded higher to reach upper circuit as expectations of fresh export orders from Saudi Arabia
supported the prices to trade higher. Drought like conditions in growing regions of Kerala and the expected
delay in harvesting of next year crop also supported the bullish movement. May futures closed at Rs.803.40/kg,
up by 3.77% while June and July futures posted gains of 3.45% and 2.95% respectively. Spot market is
witnessing steady buying activities even though arrivals are comparatively more during current time period.
During previous auctions, arrivals were at 144 tonnes, higher by 16 tonnes; max prices they traded during
auctions were Rs.1232/kg, higher by Rs.200 from its previous trade. As on 21st April 2016, MCX warehouses
have 35.20 MT stocks eligible for delivery.

8. ✍ Jeera
Jeera futures all contracts traded strong during Friday’s trading session on prevailing bullish factors.On spot
market front, at Unjha market jeera prices traded at Rs.17500 per quintal for machine cleaned variety and
Rs.15200 per quintal for raw during the day. On arrivals front, total arrivals reported around 28000 bags at
Unjha market. Tailing from the spot market, jeera futures traded positively and settled the day at Rs.17070 per
quintal up by with 2.9% gains.Stock positions at the NCDEX accredited warehouses are 2960 tonnes and 288
MT are in process as on 21 Apr 2016.On a cumulative note, both the futures as well as spot markets witnessed a
positive trend and settled the day in green
✍Chana
During Friday’s trading session NCDEX Chana May opened positive and traded upside during whole day. At the
end of the day it closed northward by taking strong cues from the spot markets.NCDEX Chana May futures
ended the day at Rs 5543 per quintal which is about 3.99% up against the previous day.Government agencies
have made procurement of about 50,000 MT pulses from the farmers during the Kharif Marketing Season, 2015-
16 and has contracted 25,000 MT of pulses for import.Center is also initiating procurement of Rabi pulses and
has targeted to procure around 1 00,000 MT of Chana and Masur to build the buffer stocks.SEBI has also
decided to implement various regulatory measures on Chana contracts which include increase in the margin for
controlling the speculation and price volatility in the market.For increasing pulses production government has
already increased MSP for pulses, by Rs.275 per qtl for Tur & Urad, and by Rs.250 per qtl for Moong.According
to the government's second advanced estimate for 2015-16, total pulses production has fallen short of the 20.05
million tonne target by 16%.
✍Guar Seed
Guar seed futures traded on higher note after traders raised their bets amid a firm trend in physical markets. The
most active guar seed future ended the day at Rs. 3,557/quintal by posting a gain of 3.52% during Friday’s
trading session.Similarly, guar gum also traded up as demand was seen from domestic industrial users which
supported the futures prices to move up on Friday. Near month guar gum contract settled at Rs. 6,210 per quintal
up by 3.85%.Total arrivals were reported around 105 MT at major trading centers in Rajasthan, whereas spot
prices of guar seed at Jodhpur spot market quoted at Rs. 3,200/quintal on Friday’s trading day.Stock position of
guar seed and guar gum at NCDEX warehouses were reported 33,716 MT and 33,908 MT respectively, whereas
187 MT and 70 MT were in process as on 22 April 2016.According to NCDEX circular, from futures of
November onwards lot size of guar gum will be 5 MT instead of 10 MT. Similarly, tick size will be Rs. 1 instead
of Rs. 10. Futures contract will be known as Guar gum 5.

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