- MCX daily and weekly levels are provided for various commodities like aluminum, copper, crude oil, gold, lead, natural gas, nickel, silver, zinc, soybean, jeera and castorseed. - International news highlights a strong US jobs report, Chinese commodity funds eyeing opportunities in agriculture and oil, and US dollar strengthening against other currencies. - On the commodities front, gold prices rose over 4% on safe haven demand. Crude oil prices declined over 10% to near 12-year lows on global oversupply. Copper prices fell over 4% on concerns over Chinese economic weakness.

2. ✍MCX DAILY LEVELS
DAILY EXPIRY
DATE
R4 R3 R2 R1 PP S1 S2 S3 S4
ALUMINIUM 29 JAN 2016 104.90 103.15 101.40 100.80 99.65 99 97.90 96.15 94.40
COPPER 29 FEB 2016 317.50 312.45 307.40 304.40 302.30 299.30 297.30 292.20 287.20
CRUDE OIL 19 JAN 2016 2508 2419 2330 2287 2241 2198 2158 2063 1974
GOLD 05 FEB 2016 26900 26582 26264 26123 25946 25805 25628 25310 24992
LEAD 29 JAN 2016 116.45 114.25 112.05 110.60 109.85 108.45 107.65 105.45 103.25
NATURAL GAS 25 JAN 2016 179 173.40 167.80 165.70 162.20 160.10 156.60 151 145.40
NICKEL 29 JAN 2016 609.40 595.50 581.60 575.70 567.70 561.80 553.80 539.90 526
SILVER 04 MAR 2016 36058 35364 34670 34247 33976 33553 33282 32588 31894
ZINC 29 JAN 2016 106 104.20 102.30 101.55 100.50 99.70 98.60 96.80 94.90
✍MCX WEEKLY LEVELS
WEEKLY EXPIRY R4 R3 R2 R1 PP S1 S2 S3 S4
ALUMINIUM 29 JAN 2016 107.95 105.10 102.25 101.20 99.40 98.35 96.55 93.70 90.85
COPPER 29 FEB 2016 362.30 343 323.80 312.60 304.50 293.30 285.30 266 246.80
CRUDE OIL 19 JAN 2016 3552 3142 2732 2488 2322 2078 1912 1502 1092
GOLD 05 FEB 2016 28980 27891 26802 26392 25713 25303 24624 23535 22446
LEAD 29 JAN 2016 141.40 131.50 121.70 115.45 111.80 105.60 102 92.10 82.30
NATURAL GAS 25 JAN 2016 203.30 188.60 179.90 168.70 159.20 154 144.50 129.80 115.10
NICKEL 29 JAN 2016 660.20 629.40 598.60 584.20 567.80 553.40 537 506.20 475.40
SILVER 04 MAR
2016
37600 36375 35150 34487 33925 33262 32700 31475 30250
ZINC 26 JAN 2016 124.85 117.10 109.35 105.05 101.60 97.30 93.85 86.10 78.35

3. WEEKLY MCX CALL
SELL CRUDEOIL JAN BELOW 2154 TGT 2000 SL 2306
BUY LEAD JAN ABOVE 111.30 TGT 113.30 SL 108.85
PREVIOUS WEEK CALL
SELL GOLD FEB BELOW 25000 TGT 24850 SL 25203 - NOT EXECUTED
✍FOREX DAILY LEVELS
DAILY EXPIRY
DATE
R4 R3 R2 R1 PP S1 S2 S3 S4
USDINR 27 JAN 2016 67.4
0
67.25 67.05 66.95 66.85 66.75 66.65 66.45 66.30
GBPINR 27 JAN 2016 73.8
5
73.50 73.15 72.90 72.75 72.55 72.40 72.05 71.65
EURINR 27 JAN 2016 99.1
5
98.70 98.25 98 97.85 97.55 97.40 96.95 96.50
JPYINR 27 JAN 2016 57.8
5
57.45 57 56.75 56.55 56.30 56.10 55.65 55.20
✍FOREX WEEKLY LEVELS
DAILY EXPIRY
DATE
R4 R3 R2 R1 PP S1 S2 S3 S4
USDINR 27 JAN 2016 68.9
0
68.20 67.50 67.15 66.80 66.50 66.10 65.40 64.75
GBPINR 27 JAN 2016 76.6
5
75.30 73.95 73.35 72.55 71.95 71.20 69.80 68.45
EURINR 27 JAN 2016 102.
35
100.95 99.50 98.60 98.10 97.20 96.65 95.25 93.80
JPYINR 27 JAN 2016 61.2
5
59.65 58 57.25 56.35 55.60 54.70 53.05 51.40
WEEKLY FOREX CALL
SELL EURINR JAN BELOW 72.79 TGT 72.06 SL 73.72
PREVIOUS WEEK CALLL
SELL EURINR JAN BELOW 72.20 TGT 71.40 SL 73.10 - NOT EXECUTED

4. ✍NCDEX DAILY LEVELS
DAILY EXPIRY
DATE
R4 R3 R2 R1 PP S1 S2 S3 S4
SYOREFIDR 19 FEB 2016 614 609 604 601 599 596 594 589 584
SYBEANIDR 19 FEB 2016 3955 3889 3823 3785 3757 3719 3691 3625 3559
RMSEED 20 APR
20165
4449 4355 4261 4203 4167 4109 4073 3979 3885
JEERAUNJHA 18 MAR 2016 15221 14886 14551 14343 14216 14008 13881 13546 13210
CHANA 20 APR 2016 4670 4579 4488 4431 4397 4340 4306 4215 4124
CASTORSEED 19 FEB 2016 3841 3789 3737 3709 3685 3657 3633 3581 3529
✍NCDEX WEEKLY LEVELS
WEEKLY EXPIRY
DATE
R4 R3 R2 R1 PP S1 S2 S3 S4
SYOREFIDR 19 FEB 2016 670 647 624 611 601 588 578 555 532
SYBEANIDR 19 FEB 2016 4274 4106 3938 3842 3770 3674 3602 3434 3266
RMSEED 20 APR 2016 4589 4453 4317 4231 4181 4095 4045 3909 3773
JEERAUNJHA 18 MAR 2016 15880 15345 14805 14470 14265 13930 13725 13185 12645
CHANA 20 APR 2016 4987 4801 4615 4495 4423 4057 3871 3775 3589
CASTORSEED 19 FEB 2016 4035 3923 3811 3746 3699 3634 3587 3475 3363
WEEKLY NCDEX CALL
SELL JEERA JAN BELOW 14000 TGT 13600 SL 14630
BUY DHANIYA APR ABOVE 7940 TGT 8100 SL 7734
PREVIOUS WEEK CALL
SELL JEERA JAN BELOW 14000 TGT 13550 SL 14610 - NOT EXECUTED.

5. MCX - WEEKLY NEWS LETTERS
INTERNATIONAL NEWS
U.S. payrolls surged in December and the job count for the prior two months was revised
sharply higher, showing the economy on solid ground despite a troubling international
backdrop. Nonfarm payrolls increased by 292,000 last month, the Labor Department said on
Friday, as hiring got a boost from unseasonably warm weather. The unemployment rate held
steady at a 7-1/2-year low of 5 percent even as more people entered the labor force, a sign of
confidence in the job market.
Chinese commodity funds see further falls in metal prices in 2016, but are eyeing potential
buying opportunities in agricultural products and oil as beaten-down prices near the bottom of
the cycle, fund sources said. As turmoil around China's falling yuan hits world share markets,
many fund managers expect further weakness in the currency, and plan to increase their
hedging or start taking out currency protection for the first time.
The US Dollar Index strengthened by 0.3 percent in the last week owing to the robust release of
Non-Farm Employment Change and unemployment rate data from the nation. Moreover,
concerns with respect to the six-month selling ban for major stakeholders that was expected to
expire in the last week and had sparked heavy selling thereby keeping the Chinese markets
volatile Chinese volatility continued to subside.
✍ BULLION
On the MCX, gold prices rose by 4.1 percent last week to close at Rs.25982 per 10 gms. A
wave of risk aversion due to growth worries in China and rising tensions in the Middle East
triggered demand for the metal, despite the stronger U.S. dollar. A 7 percent slide in China
stocks on Monday sparked by weak economic data rekindled worries over global growth and
sent European and U.S. stocks diving.
Amid a weakening global trend and profit-booking by speculators, gold futures traded lower by
Rs 127 at Rs 25,973 per 10 gram . Gold for delivery in February contract eased Rs 127, or
0.49% to Rs 25,973 per 10 gram in a business turnover of 423 lots at the Multi Commodity
Exchange. In a similar fashion, the metal for delivery in far-month April was trading down Rs
127, or 0.48% to Rs 26,100 per 10 gram in 3 lots. Analysts said the fall in gold futures was
mostly in tune with a weak trend overseas where the precious metal pared its best weekly
advance since August as global markets rallied after China reassured investors by refraining
from a further cut in its exchange rate, halting an equity slump that had seen US shares post
their worst ever four-day start to the year. Meanwhile, gold prices fell 0.50% to $1,103.53 an
ounce in Singapore. Prices are up 4% this week. Gold climbed above $1,100 an ounce for the
first time in nine weeks on Thursday as the dollar fell and investors channeled money into safer
assets for a fourth straight day after worries about the Chinese economy hit global stocks.
Shares on major exchanges fell for a sixth consecutive day while crude oil prices bounced back
from multiyear lows as volatile markets digested another move lower in the yuan and China's
efforts to stabilize its sinking stock market. "Gold's strength is probably going to be relatively
short term, but there is an upside risk to gold, if the view that China is going to pull the whole
world into recession becomes stronger," Citigroup metals strategist David Wilson said. "But if
the U.S. and Europe continue to grow, gold will go weaker ... Chinese stock markets had got

6. massively over inflated because a lot of money piled into it and now people have come back to
reality."Spot gold rose to a nine-week high of $1,109.94 an ounce at one stage and was up 1.3%
at $1,108.45 an ounce at 2:03 p.m. EST (1903 GMT). U.S. gold futures settled up 1.5 percent at
$1,107.80 an ounce.
Taking weak cues from overseas markets, silver prices dropped by Rs 285 to Rs 34,246 per kg
in futures trade .as participants cut down their bets. Moreover, profit-booking at prevailing
levels by speculators weighed on silver prices. At the Multi Commodity Exchange, silver for
delivery in March was trading lower by Rs 285, or 0.83%, to Rs 34,246 per kg, in a business
turnover of 808 lots. Similarly, the white metal for delivery in far-month May declined by Rs
262, or 0.75%, to Rs 34,649 per kg, in a business volume of 15 lots. In the international market,
silver fell 0.66% to $14.21 an ounce in Singapore today. Traders said the fall in silver prices at
futures trade was largely in tandem with a weak trend in precious metals in global markets
profit-booking by speculators.
✍ ENERGY
On the MCX, oil prices declined by 10 percent to close at Rs.2244 per barrel Global oil
benchmark Brent and U.S. crude futures fell to nearly $32 a barrel on Thursday, their lowest
since at least 2004, after another free fall in the Chinese stock market rattled investors already
concerned by the world glut in oil. U.S. government data on Wednesday showed a 10.6
million-barrel surge in gasoline supplies, the biggest weekly build since 1993, rattling investors
already concerned by near-record production and massive stockpiles around the world.
Relations between Saudi Arabia and Iran collapsed in acrimony last week after the Kingdom's
execution of a Shi'ite cleric set off a storm of protests in Tehran.
The Indian basket of crude oils dived sharply to the $30 a barrel mark as sweet grade UK Brent
prices fell on Thursday's trade to levels last seen in 2004, pulled down this time by a falling
Chinese currency and a second emergency halt in China's stock trading this week that spooked
Asian markets. The Indian basket, composed of 73% sour grade Dubai and Oman crudes and
the rest by Brent, closed at $31.33 per barrel of 159 litres on Wednesday, falling from $32.51
on the previous trading day The US crude output increased unexpectedly last week to 9.219
million barrels a day according to the US Energy Information Agency. Adding to investors'
worries was the lack of signs that US shale oil producers would start to cut production in face
of the plunging prices. The West Texas Intermediate (WTI) for February delivery moved down
$2 to settle at $33.97 a barrel on the New York Mercantile Exchange, the lowest close since
December 2008. Brent crude for February delivery decreased $2.19 to close at $34.23 a barrel
on the London ICE Futures Exchange, the lowest close since June 2004. China further
depreciated the yuan on Thursday, leading to regional currencies and stock markets tumbling as
investors feared China's moves could trigger competitive currency devaluations from trading
partners. The benchmark Shanghai Composite Index declined by 7.32 %, which led to a halt in
trading, as the circuit breaker mechanism was triggered. Commodity prices, too, plunged as the
economy of the world's largest consumer struggled. China's service activity grew at a slower
pace in December, fuelling worries about a slowdown in the world's second biggest oil
consuming economy. Meanwhile, Prime Minister Narendra Modi met here on Tuesday with
global oil and gas experts to discuss ways of boosting investments in the exploration and skill
development at a time of low oil prices. Among the foreign invitees to the meeting were British
oil major BP's chief executive Bob Dudley, International Energy Agency (IEA) executive
director Fatih Birol, and Royal Dutch Shell's director (Projects) Harry Brekelmans.The
discussions focused, among other things, on subjects such as increasing the share of gas in
India's energy mix, fresh investment in oil and gas exploration in India, regulatory frameworks,
international acquisition of oil and gas assets, the Prime Minister's Office said.

7. ✍ COPPER
LME Copper prices plunged by 4.7 percent last week to close at $4485 per tonne as the
People's Bank of China set the Yuan’s official midpoint rate at its weakest level in four and a
half years, signaling that the economy is weaker than expected. China’s stock market tumbled
by 7 percent and trading was halted for the second day this week as devaluation in the yuan
raised further questions about the Chinese economy and increased concerns over capital flight.
Further, Copper production in Peru, the world's third-largest supplier, surged 37 percent in
November. The country is poised to become the world's second-biggest copper producer this
year. Also, data showed the country's forex reserves dropped by nearly $108 billion in
December, the biggest decline on record bringing total holdings to $3.3 trillion, lowest level in
three years. Besides, State Reserve Bureau, which is in charge of building the country’s
strategic reserves of commodities is likely to buy up to 150,000 tonnes of copper to support
falling prices
Extending its slide, copper futures fell by another 0.84% to Rs 313.25 per kg today as
speculators engaged in cutting down their bets after China lowered the yuan against the dollar
amid subdued demand at the domestic spot markets. Copper for delivery in far-month April fell
by Rs 2.65, or 0.84% to Rs 313.25 per kg at the Multi Commodity Exchange in a business
turnover of 20 lots. The metal for delivery in February shed Rs 2.50, or 0.80%, to Rs 308.60
per kg in a business volume of 1,695 lots. Analysts said a weakening trend in base metals
overseas after China devalued its currency against the dollar amid worries over slowing growth
in the world's second-largest economy, which have roiled investors worldwide, and with
pressure on its currency from capital outflows, put pressure on copper futures here. China's
central bank lowered its currency yuan by 0.51% to 6.5646 per dollar, the lowest since March
2011. Globally, copper for delivery in three months was trading 0.6% lower at London Metal
Exchange.
✍ NICKEL
Buoyed by rising demand from alloy-makers in domestic spot markets, nickel futures traded a
shade higher at Rs 569.30 per kg as speculators widened their positions even as base metals
weakened overseas. In restricted movements, nickel for delivery in February moved up by 70
paise, or 0.12%, to Rs 569.30 per kg, in a business turnover of 38 lots at Multi Commodity
Exchange. Similarly, the metal for delivery in current month traded higher by 50 paise, or
0.09%, to Rs 563.40 per kg in 605 lots. Analysts attributed the rise in nickel prices to enlarging
of exposure by speculators, driven by rising demand from alloy-makers in the spot market, but
the metal's weakness at the London Metal Exchange (LME) limited the gains.
✍NCDEX - WEEKLY NEWS LETTERS
✍ Crop insurance scheme in 2016-17
India will launch its first major crop damage insurance scheme for farmers in the fiscal year
starting April 1, the Agriculture minister Radha Mohan Singh said on Friday, in what could be
Prime Minister Narendra Modi's first significant move to address the distress plaguing the
country's agricultural sector. The impact of unseasonal rains and two straight years of drought
on agriculture that sustains over two-thirds of India's 1.25 billion people has dented Modi's

8. popularity in the countryside, contributing to a humiliating loss for the premier in elections last
year in the largely rural state of Bihar. India will launch a new farm crop insurance scheme in
2016 and use drones and other technologies to assess crop damage.
✍ CHANA
Chana prices closed higher 0.31 per cent on Thursday at the National 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
January 2016 contract closed at Rs. 4,870 per quintal, up by 0.31 per cent, after opening at Rs.
4,845 against the previous closing price of Rs. 4,855. It touched the intra-day high of Rs. 4,890.
Moreover, the restricted arrivals of the commodity in the physical market due to lower
estimated output also influenced the chana prices.
As per data release by Agriculture Ministry on Jan1, Chana planted 81.08 lakh tonnes (lt) so
far, compared with 79.95 lt last year. Recently, Government has offloaded over 1.12 lakh
tonnes of pulses, seized from hoarders, in the retail market to improve availability and tame
prices Income tax department raided traders dealing in pulses, especially chana (chickpea), in
Delhi and Mumbai on Tuesday to check the irregularities in importing. The acreage under
chana reported higher in Maharashtra (12.72 lh Vs 9.6 lh), Andhra Pradesh (3.32 lh Vs 2.67 lh)
and Karnataka compared to last year’s acreage but slightly lower in Rajasthan (12.35 lh Vs
12.56 lh) and MP as per data released by respective state agriculture department. India has
imported 3.07 lt of Chana until September in the current financial year.
✍ MUSTARD SEED
Mustard seed prices closed higher by 0.52 per cent on Thursday 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 January 2016
contract closed at Rs. 4,242 per quintal, up by 0.52 per cent, after opening at Rs. 4,201 against
the previous closing price of Rs. 4,220. It touched the intra-day high of Rs. 4,268.
The prices of mustard have been witnessing a downward trend even as the harvesting of the
new crop will begin by the end of February and go on till May. The spot prices have been
fluctuating between Rs 4,400 a quintal and Rs 4,500 a quintal. In Rajas-than, the largest grower
of mustard, prices have been varying in the range of Rs 4,000 to Rs 4,300 per quintal. The
arrivals, which normally are around 1,000 tonne a day, had come down to about 125 tonne on
January 8. Despite the high quality of oil and meal and also its wide adaptability for varied
agroclimatic conditions, the area, production and yield of mustard in India have been
fluctuating due to various biotic and abiotic stresses coupled with the domestic price support
scheme.
✍ REFINED SOYA OIL
Amid muted demand in the spot markets, refined soya oil prices dropped by 0.59% to Rs
602.65 per 10 kg in futures market on Wednesday as participants trimmed positions.Moreover,
adequate stocks position too weighed on refined soya oil prices.At the National Commodity

9. and Derivatives Exchange, refined soya oil for delivery in far-month February declined by Rs
3.60, or 0.59%, to Rs 602.65 per 10 kg, with an open interest of 98,460 lots.Similarly, the oil
for delivery in January shed Rs 3.15, or 0.52%, to Rs 606.70 per 10 kg in 58,350 lots.The fall in
refined soya oil futures to tepid demand at the spot market against adequate stocks on higher
supplies from producing belts.
Disparity in prices and continuous high prices in the domestic market has thrown Indian
oilmeals almost out of the international market. The latest data compiled by the Solvent
Extractors’ Association of India (SEA) revealed that export of soyameal has touched a record
low at 61,556 tonnes in the first nine months of 2015-16 – down 86 per cent from 4,44,736
tonnes in the same period last year. The soyameal exports had touched a peak of 20,10,788
tonnes in 2013-14. The sharp decline in the exports is attributed to non-competitive price of the
domestic oilmeals. The export of soyameal during the month of December 2015 stood at 5,667
tonnes (1,94,012 tonnes) showing a steep fall of 97 per cent over the same period last year. In a
separate compilation by The Soyabean Processors Association of India, India’s total exports
during the current oil year, (October-September 2015-16), only 18,814 tonnes has been
exported as against 3,34,508 tonnes last year, showing a decrease of 94.37 per cent. Due to
higher prices, Indian soyameal remained noncompetitive in the international markets.
✍ JEERA
Tracking a weak trend at the spot markets on sluggish demand, jeera prices declined by 1% to
Rs 13,870 per quintal in futures trading on Wednesday as speculators lightened their
positions.At the National Commodity and Derivatives Exchange, jeera for delivery in January
fell by Rs 140, or 1% to Rs 13,870 per quintal with an open interest of 4998 lots.Likewise, the
spice for delivery in far-month March traded lower by Rs 105, or 0.73% to Rs 14,190 per
quintal in 5,043 lots.Offloading of positions by participants, driven by sluggish demand in the
spot market against sufficient stocks on higher supplies from producing regions, led to the fall
in jeera prices at the futures trade.
According to Dept of Commerce data, the export of jeera during first 6 month of 2015-16 (Apr-
Sep) is 44,140 tonnes, which is, lower as compared to last year same period. Jeera (cumin)
exports have been 1.55 lt in 2014-15. According to govt data, exports for 2015-16 shows a
decline trend compared to last year until September. Jeera exports from India are likely to
decline by about 40-45 per cent to around 85,000-1,00,000 tonnes during 2015-16 compared to
an estimated exports of around 1.55 lt last year. As per final estimate of Gujarat State for 2014-
15, production is pegged at 1.97 lt higher by about 24.7 % forecasted in its fourth advance
estimate of 1.58 lt. Last years’ production was 3.46 lt, down 43 %.
Gujarat, the top cumin producing state, has planted more cumin until Jan 05, 2016 compared to
last year sowing progress. In Gujarat, jeera is planted about 7% more area at 2,83,000 hectares
compared to 2,64,400 hectares last year same time. As per Agmarknet data, arrivals of Jeera in
Gujarat markets for the calendar year 2015 till Oct is lower by 217 per cent at about 1.23 lt
compared to 3.9 lt last year

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