1

Inside this issue

Inside this issue

Ventura Column

Top Stories

Currency Update

May'13 Performance of Select Few Commodities

US Economy Update

Report on Aluminium

Event calendar

Call Performance

MCX

FUTURES

COMMODITYJune 20th, 2013 Monthly ReviewVolume 7, Issue 5

2

Volume Weighted Average Price (VWAP)

Ammar Roopawalla Technical Analyst- Research

Introduction

Tick versus Minute

Calculation

Characteristics

Uses for VWAP

Conclusions

Volume-Weighted Average Price (VWAP) is exactly what it sounds like: the average price weighted by volume. VWAP equals the dollar value of all trading periods divided by the total trading volume for the current day. Calculation starts when trading opens and ends when trading closes. Because it is good for the current trading day only, intraday periods and data are used in the calculation.

Traditional VWAP is based on tick data. As one can imagine, there are many ticks (trades) during each minute of the day. Active securities during active time periods can have 20-30 ticks in one minute alone. With 390 minutes in a typical commodity exchange trading day, many commodity end up with well over 5000 ticks per day. There are over 5000 commodity traded every day and these ticks start adding up exponentially. Needless to say, tick-data is very resource intensive.

There are five steps involved in the VWAP calculation. First, compute the typical price for the intraday period. This is the average of the high, low and close {(H+L+C)/3)}. Second, multiply the typical price by the period's volume. Third, create a running total of these values. This is also known as a cumulative total. Fourth, create a running total of volume (cumulative volume). Fifth, divide the running total of price-volume by the running total of volume.

Like moving averages, VWAP lags price because it is an average based on past data. The more data there is, the greater the lag. A commodity has been trading for some 331 minutes by 3PM. As a cumulative "average", this indicator is akin to a 330 period moving average. That is a lot of past data. The 1-minute VWAP value at the end of the day is often quite close to the ending value for a 390 minute moving average. Both moving averages are based on the 1 minute bars for that day. At the close, both are based on 390 minutes of data (one full day). One cannot compare the 390 minute moving average to VWAP during the day though. A 390 minute moving average at 12:00PM will include data from the previous day. VWAP will not. Remember, VWAP calculations start fresh at the open and end at the close. 150 minutes of trading have elapsed by 12:00PM. Therefore, VWAP at 12:00 would need to be compared with a 150 minute moving average.

VWAP is used to identify liquidity points. As a volume-weighted price measure, VWAP reflects price levels weighted by volume. This can help institutions with large orders. The idea is not to disrupt the market when entering large buy or sell orders. VWAP helps these institutions determine the liquid and illiquid price points for a specific security over a very short time period.

VWAP can also be used to measure trading efficiency. After buying or selling a security, institutions or individuals can compare their price to VWAP values. A buy order executed below the VWAP value would be considered a good fill because the security was bought at a below average price. Conversely, a sell order executed above the VWAP would be deemed a good fill because it was sold at an above average price.

VWAP serves as a reference point for prices for one day. As such, it is best suited for intraday analysis. Traders can compare current prices with the VWAP values to determine the intraday trend. VWAP can also be used to determine relative value. Prices below VWAP values are relatively low for that day or specific time. Prices above VWAP values are relatively high for that day or specific time. Keep in mind that VWAP is a cumulative indicator, which means the number of data points progressively increases throughout the day.

Top StoriesIndia raises gold duty to 8 pct, imports likely to drop

The import duty on gold has been raised to 8 percent.

India has increased import duty on gold by a third to 8 percent as the government of the world's biggest buyer of bullion seeks to halt a surge in demand that threatens to widen a record current account deficit yet further.

The increase was announced a day after the central bank acted to force domestic jewellers to buy only on a cash basis and is expected to slash imports, which had hit 162 tonnes in May, twice the monthly average of 2011 when they reached a record.

A combination of sliding global prices and regional festivals that traditionally call for gold as gifts prompted frenzied buying in April and May, mirrored in the world's other major bullion buyer, China. The price fall wiped out the impact of the government's January increase in import duty to 6 percent and the central bank's move in mid-May to make buying on credit more difficult.

India has taken a number of steps in the last two years, including hiking the impor t duty three times, to stem the demand for gold, but has been unable to do so. Gold imports rose 138% to $7.5 billion in April, exerting pressure on the country’s CAD, which is expected to have touched a record 5.1% of gross domestic product in the 2012-13 fiscal year.

Finance minister P. Chidambaram has repeatedly stressed on the need for controlling India’s gold demand. Gold is the second most expensive import for the country after crude oil. The government also worries that large amounts of savings locked up in gold curtail liquidity and therefore investment in infrastructure and other drivers of the economy.

This continues to demonstrate that the Indian government is determined to reduce gold imports into India. Clearly they'd like to stimulate the local market and get people mobilising reserves within India as opposed to importing them.

India has for centuries relied on gold for savings, dowries and as a display of wealth. As banks have made few inroads into rural areas and consumer inflation is high, it remains the investment of choice for many. Some warned that the duty increase would simply encourage smuggling, something Chidambaran has also warned about.

This is not going to help reduce import but smuggling will increase ... From the last few months all the wrong decisons are being taken by the government to tackle gold imports," Mohit Kamboj, president of the Bombay Bullion Association, said in a statement.

1

Rupee hits record low against Dollar

EURO hits 4 month high against Dollar

Rupee hits record low against dollar ahead of the US Federal Reserve's meeting to decide on keeping interest rates low. The rupee on hit an all-time closing low of 58.77 a dollar.

Besides global factors, domestic issues like dollar demand from oil companies and a large public-sector bank buying dollars to fund a defence-related deal also exerted pressure on the currency. Any effort from the US Fed to scale back efforts to keep interest rates low will turn investors towards dollar, weakening all currencies. Market participants have been seeking government steps to attract foreign inflows to support the rupee.

Foreign institutional investors have net-sold debt of $4.7 billion over 18 sessions, while outflows from the equity market have also been picking pace. In its mid-quarter review of the monetary policy, RBI said a sudden withdrawal or halt of FII inflows could be key risk for the rupee. The rupee has depreciated 9.22 per cent against the greenback since May and has been the worst-performing Asian currency during this period. Among BRICS nations, only the South African rand has depreciated more against the dollar since May.

India's high level of current account deficit (CAD) — at 6.7 per cent of GDP in the quarter ended December — is also being cited as a major reason for the rupee's recent weakness.

The euro rose to fresh four-month highs against the dollar after a report showed that the ZEW index of German economic sentiment rose more-than-expected in the current month.

EUR/USD hit 1.3398, the pair's highest since February 20; the pair subsequently consolidated at 1.3382, gaining 0.13%.

Currency Update

3

US Economy Update

2

MAY '13 PERFORMANCE OF SELECT FEW COMMODITIES

Commodity Contract 1stMay Rate 31st May Rate % Change

Gold 05th Aug 26910 27046

Silver 05th Jul 44052 43616

Crude Oil 19th Jun 4902 5273

Natural Gas 25th Jun 237.2 227.7

Copper 28th Jun 367.95 413.05

0.51

7.57

12.26

-0.99

-4.01

March ISM index drops to 50.7 from 51.3

U.S. trade gap narrows in March on weak imports

Retail Sales in U.S. Unexpectedly Increase on Broad-Based Gains

April new home sales up 2% to 454,000

Housing Starts in U.S. Fell in April to Five-Month Low

The Institute for Supply Management's factory index dropped to 50.7 from the prior month's 51.3. A reading of 50 is the dividing line between expansion and contraction. Other reports may show companies hired about as many workers in April as in the prior month and construction spending rose in March. Manufacturing, which makes up about 12 percent of the economy, is cooling as the need to rebuild inventories wanes and across-the-board federal budget cuts take hold.

The U.S. trade deficit fell more than expected in March as imports recorded their biggest drop since 2009, the latest sign of slowing domestic demand. The Commerce Department said that the trade gap narrowed 11.0 percent to $38.8 billion. A narrower trade gap can boost growth if U.S. companies are earning more from overseas sales while U.S. consumers and businesses are spending less on foreign products.

Sales at U.S. retailers unexpectedly advanced in April, helping ease concern of a sustained pullback in consumer spending that would stifle the economy. The 0.1 percent gain followed a 0.5 percent decrease in March. Retail purchases climbed by the most in four months minus receipts from service stations, where cheaper gasoline prices depressed the dollar value of sales. Lower fuel costs combined with rising stock and home values are boosting buying power. Resilient sales indicate the effects on spending from a higher payroll tax will prove temporary, corroborating forecasts of a pickup in the economy after a second-quarter soft spot.

Sales of new U.S. homes edged up in April to the second-highest post-recession level, as pent-up demand, low interest rates and tight inventories of older homes lift demand. New home sales reached a seasonally adjusted annual rate of 454,000, up 2.3% from an upwardly revised level of 444,000 in March. April's gain represents a 29% improvement from the same period of 2012. Median prices jumped 15% year-on-year to $271,600, a record level. At the end of April, there were 155,000 new homes for sale.

Starts of new U.S. homes fell more than forecast in April to a five-month low,

The ZEW index of German economic sentiment rose by 2.1 points to 38.5 in June from May's reading of 36.4. However, the index of current conditions fell to 8.6 from 8.9 in May. Index of euro zone economic sentiment improved to 30.6 in June from 27.6 in May, above expectations for a reading of 29.4.

In the U.K., official data showed that the rate of consumer price inflation

accelerated at a seasonally adjusted 2.7% in May, above expectations for a 2.6% increase and up from a seven month low of 2.4% in April. Core CPI, which excludes energy, food and tobacco costs, rose 2.2% up from 2% in April. Consumer prices rose 0.2% from a month earlier, compared to expectations for a 0.1% increase, after rising 0.2% in April.

indicating a pause in the industry's progress as builders slowed work on apartments. Building permits surged to an almost five-year high. Housing starts slumped 16.5 percent, the most since February 2011, to an 853,000 annualized rate after a revised 1.02 million pace in March. Building applications that are higher than the level of starts signal residential construction will rebound as near record-low mortgage rates and improving job opportunities draw buyers. A limited supply of land is a hurdle for housing even as recent strength in real estate extends beyond builders to boost lenders and suppliers of construction materials.

Orders for U.S. durable goods increased more than forecast in April, indicating the world's largest economy will get a lift in the second half of the year as business investment strengthens. Bookings for equipment meant to last at least three years

increased 3.3 percent last month after dropping 5.9 percent in March. Gains in residential construction, growing demand for autos and the need to update equipment will probably ripple throughout manufacturing, helping the economy recover from a slowdown this quarter. At the same time, government cutbacks and cooling exports are restraining demand, which means the rebound will be slow to develop.

Confidence among U.S. consumers climbed in May to the highest level in more than five years as views on the economy and labor market improved. The Conference Board's index rose to 76.2, the strongest since February 2008 and exceeding the highest. The gain in sentiment coincides with rising property values and stocks that are providing a boost for household balance sheets at the same time the

job market heals. The Conference Board's gauge of consumer present conditions advanced to 66.7 in May, the highest since May 2008.

Gross domestic product, a measure of the country's total economic output, expanded at a 2.4 percent annual rate during the first quarter. A drop in government spending dragged more on the U.S. economy than initially thought in the first three months of the year, although consumer spending looked relatively resilient. The reports pointed to an economy that has held up reasonably well despite government constraints, but nevertheless faced headwinds severe enough to dissuade the U.S. Federal Reserve from trimming its monetary stimulus in the immediate future.

Orders for U.S. Durable Goods Rose More Than Forecast in April

Consumer Confidence in U.S. Rises to Highest Since February 2008

First quarter GDP revised slightly lower; austerity bites

Commodity Contract 1stMay Rate 31st May Rate % Change

Nickel 28th Jun 800.9 842

Zinc 28th Jun 99.1 108.2

Kapas 30th Apr 1056.5 1100

Jeera 20th Jun 13075 13182.5

Ref.Soya oil 20th Jun 690 715.05

5.13

9.18

4.12

0.82

3.63

4

3

Due to unmatched growth rates, China, which now plays the

dominant role in the global aluminium market, is expected to remain

the world's largest aluminium consumer throughout the next 10-15

years. Already accounting for 41% of global aluminium consumption,

China is forecast to boost this share to 52% by 2025.

China is now seeing a growth of the middle class – the major

consumer of aluminium products. According to McKinsey Global

Institute, from 2007 to 2025, the growing Chinese cities will account

for 30% of global GDP growth.

The transport and construction industries jointly account for 35% of

total aluminium consumption in China.

China - Aluminium Balance Sheet

Overview

Soaring Chinese Demand

Aluminium prices that peaked in 2011 have since retreated by over a

third.

Aluminum prices ended last year near 18-month lows on concerns

about weakening global demand for the metal, which is used in drink

cans, car parts, planes and iPads.

After a robust start at the beginning of this year, industrial

commodities fell substantially due to lack of a clear direction from the

US, the world's largest economy.

Softer economic data from the US and China have depressed

commodity prices, especially cyclical commodities, such as oil, base

metals and most precious metals.

This year, the three-month aluminium rates on London Metal

Exchange (LME) have fallen over 10 per cent to $1,857 a tonne. The

price fall of close to five per cent on the Shanghai Futures Exchange

(SHFE) is comparatively modest.

There have been 2 key developments in aluminium markets since

2009. The first was the expansion of China's demand until 2011. The

second has been the enormous growth in the role of financial players.

China is the world's fastest growing and second largest economy.

Over 46% of China's soaring GDP comes from the country's rapid

industrial growth. This industrial growth is predominantly driven by the

massive urbanization taking place which is increasing demand for

aluminium and the raw materials used in its production.

China - Aluminium Consumption by Industries

5

4

The Chinese domestic production, which grows by 9.8% per year is

behind the local consumption growth, estimated at 12.9% per year,

which results in the increasing share of imported aluminium. By 2015,

the import of aluminium to China is expected to increase by more than

25 times, reaching 3-4 million tonnes.

Aluminum's growing role in many markets may support the metal

going forward. Many analysts and leading aluminum producers are

pointing to the increased use of aluminum in the automotive industry

as the main catalyst for growth.

Aluminum is increasingly being used to reduce the weight of vehicles

thereby reducing fuel consumption. Increasing CAFE standards

worldwide will only increase the total aluminum content per vehicle.

A “typical lightweight automobile uses around 330 pounds of aluminum

and estimated that aluminum will contribute close to 500 pounds in

lightweight autos going forward,” according the report on Forbes.

Accelerating Demand from Automotive & Aviation Industry

The increased use of aluminum in the automotive industry has

prompted Alcoa to expand one of their plants in Iowa. The aluminum

giant will invest roughly $300 million to expand the capacity of the

plant because of the increasing use of aluminum in automobiles. The

plant will boast a 220-inch wide mill, the largest in the world

Air travel simply wouldn't be possible without the use of aluminum. It

makes up about 80 %of the airframe of a modern commercial aircraft.

Its lightweight strength has made it invaluable to the aviation industry

since 1903, when the Wright brothers used it for their famous first

flight.

Aluminum alloys are tailor-made for air travel as they are resistant to

pressure that comes from high altitudes and trapped heat. Because

the alloys are resistant to corrosion, many aviation companies elect

not to paint their entire aircraft, reducing the weight and saving the

company money.

Aluminum is also an essential element in the construction of high-

speed trains, subway cars, ships and rockets. In fact, the first satellite

launched in 1957 was made of aluminum.

Aluminum, by weight, is about five times more expensive than steel,

but is about 40 %lighter. As a result, manufacturers still rely on steel

for car parts like the chassis and the body, though Audi does have two

models that have 100-%aluminum bodies.

The $80 billion aluminium market is starting to crack under the weight

of finance deals that have locked up millions of tonnes of the metal as

collateral in warehouses.

Financial institutions have been buying physical aluminium and

simultaneously selling futures. Stock financing is particularly

attractive for banks and other such institutions, which have access to

cheap funding to pay for the inventory.

For years a handful of banks have been buying up aluminium and

simultaneously selling it forward for instant profit to futures market

speculators, then taking advantage of cheap funding to store it at low

cost in warehouses.

Deutsche Bank and Standard Chartered Bank have been the two

biggest participants with millions of tonnes of the metal under

financing, metals and banking sources said. Credit Suisse had a

sizeable holding too.

Aluminium financing deals can earn an investor an assured yield of at

least 5 percent, not bad with interest rates around historic lows and

with returns on equities and debt uncertain.

The deals rest on banks or traders buying metal from producers, using

money borrowed at a low interest rate, and selling it forward, making

use of a 'contango' market structure in which futures prices are higher

than for immediate delivery.

They then negotiate a discounted rent deal to store it in a warehouse.

But the best way to profit from the trade, and get the cheapest storage

deals, is to own a warehouse registered by the LME, the world's

biggest marketplace for industrial metals.

Banks Goldman Sachs and JPMorgan and trading houses Trafigura,

Glencore and Noble have bought LME-registered warehouse firms in

the last three years.

Barclays bought a stake in one in 2011, and a source said the bank is

committed to developing the investment.

An official of Russian aluminium producer Rusal says up to 70 per

cent of the white metal stored at LME warehouses are marked for

financial transactions.

Aluminium prices are determined today not only by an equilibrium of

supply and demand, but also by the large amount of financial

transactions that involve the metal. About 60–70 %of aluminium

stored at the LME's warehouses is intended for financial transactions.

The amount in storage, at around 5 million tonnes, has remained

virtually unchanged for several years.

Financing Deals

5

Capacity Overhang & Structural Oversupply

In recent times, large capacity expansions undertaken by the primary

aluminium players outweighed anticipated growth in demand and

created surplus capacity.

Aluminium have steepest upward sloping curve as compared to other

base metals which suggests that the metal is in excessive supply.

6

Despite ever more abundant surplus, producers have not taken

adequate measures to balance the aluminum market. The surplus

reached 889,000 tonnes in 2011, 1.5 million tonnes (Mt) in 2012 and

expected to peak at 1.8 Mt in 2013. In this context, the average price of

aluminium has fallen year on year by 16% in 2012 to 2,017 dollars per

tonne, its lowest level since 2009, when it collapsed under the impact

of the financial crisis.

The World Bureau of Metal Statistics estimated aluminium

overproduction in January and February 2013 at 317,100 tonnes,

despite a fairly rapid increase in demand by 472,000 to 7.6 million

tonnes over the same period.

The aluminum market had an estimated glut of 900,000 tons last year,

the sixth consecutive year of surplus and will be oversupplied until at

least 2018, according to Morgan Stanely.

The good news was that stocks remained flat since the start of 2013.

Although inventories at LME warehouses did not change much since

January, total aluminium stocks are still at an all-time record high.

Total reported LME stocks currently represent approximately 10-11

weeks of consumption.

Hence, a bearish bearing on the market is also bloated LME inventory

of over 5.20 mt. A Rusal official does not foresee the possibility of

reduction in LME stockpiles before 2014.

A CRU official, however, puts it at 4.6 mt. Much more non-China

capacity would have bled had not physical aluminium premiums

stayed in the range of $260 to $290 a tonne.

Record High Inventories

A Barclays paper says world aluminium production this year will climb

to 50.8 mt. This will then be 1.2 mt in excess of demand. Aluminium

inventories in warehouses monitored by the London Metal Exchange

(LME) hit a record high of 5.28 million tonnes on June 17, 2013.

LME data showed stocks rose by 59,600 tonnes to 5,279,425

tonnes, the highest since inventories touched a record of 5,241,525

tonnes on Dec. 20, 2012 The aluminium sector is burdened by over-

production and market surpluses.

With many commodity prices in retreat over the past six months, the

newly elevated production cost base will prevent further substantial

falls in prices for most industrial commodities.

Historically, cost factors appear to have been highly dynamic, with the

marginal cost of production tending to move up with spot prices and

then falling as the cycle turns down.

Perhaps the largest driver of costs remains the value of exchange

rates in the big producing countries. As millions of tonnes of global

capacity are losing money thanks to high production costs and low

metals prices.

Aluminum producers have been sheltered somewhat by record high

physical premiums, which are paid over the benchmark London Metal

Exchange cash price to secure physical aluminum for delivery.

While premiums are coming to the rescue of smelters, the fact

remains that reliance on these makes the industry incredibly

vulnerable. After all, premiums will stay high as long as financing

deals find favour with funds and speculators.

However, the reliance on high physical premiums makes the industry

incredibly vulnerable. Premiums will stay high until so-called

financing deals break down or delivery backlogs at warehouses

approved by the LME are reduced.

Rising energy prices and the availability of bauxite and alumina are

cited as other reason for the rising cost of production. Labor and

energy costs have put European aluminum companies at a

disadvantage with Spanish smelters the least productive in Europe.

Prices Below Production Costs

7

6

Reigning in the Supply Glut

Skyrocketing aluminium output growth, predominantly in China, has

led to a global crisis and market overheating. Prices have fallen (to $1800

per tonne), while global output shrank to a four-month low in March. At

present, the market price is at a level where about 30 % of producers

are unprofitable. This means that people are forced to significantly

reduce capital expenditures, which leads to stagnation of the industry.

Even though Chinese manufacturers incurred big losses due to

overcapacity and falling prices, output of primary aluminium

continued to grow in China at the beginning of this year. If it hadn't been

for China, output of the metal would have dropped by 3 percent,

according to International Aluminium Institute experts.

Global companies, excluding Chinese producers, have cut output by

about 1.3 million metric tons of since December 2011.

The Russian aluminium giant – number one in the world in terms of

output – promised to slash 300,000 tonnes of capacity -.a 7 % drop -

and production dropped 4 % in the first quarter of this year. Overall, the

company expects closures of 1–1.5 million tonnes of capacity

worldwide, with the exception of China, which should help increase

prices to $2200–2300 per tonne and see a real decrease in output as

soon as in the second quarter.

But rival Alcoa said this month it could shut down as much as another 11%

of smelting capacity - 460,000 tonnes targeting higher-cost facilities amid

weak prices. The company, which already has 568,000 tonnes, or 13 percent,

of its annual smelting capacity sitting idle, said it will review 460,000

tonnes of operating capacity for curtailment over the next 15 months.

Now, China is getting more serious about tackling a glut of aluminium

production capacity and is likely to block plans to build more than 10

million tonnes of new capacity in the far western region of Xinjiang

China has cut output 1 million metric tons this year and will probably

reduce it 2 million tons by 2015, with about 24 million tons produced

this year Chalco, the Chinese state aluminium giant that is one of the

world's top producers of the metal, announced that it planned to close

down temporarily 380,000 tonnes of production capacity – or a tenth

of its total output.

In another sign of Beijing getting more serious, the powerful National

Development and Reform Commission and the Ministry of Industry

and Information Technology issued a joint notice in early May

reinforcing the policy. Local governments must stop new projects and

report any illegally built existing projects to the central government by

the end of June, according to the notice.

The planning commission and the industry ministry are also working

on another set of guidelines to spell out penalties that could be

released within two months.

A subdued trend is likely to continue in industrial commodities until the

third quarter of the current calendar year, due to weak global economic

sentiment which has reduced their demand from consumer industries.

The current year will remain challenging for the aluminium industry.

Negative sentiment, uncertainty about the global economy,

overcapacity and high stocks weigh heavily on the aluminium sector.

The aluminium market struggles with oversupply. Several initiatives

have already been taken to tackle the problem, but it will take some

time before they sort their full effect.

At the current (relatively) low aluminium price, the profitability of high-

cost producers is at risk. However, physical aluminium demand is

expected to stay robust, with aluminium consumption in China to rise by

11% y-o-y in 2013 and demand in the US to increase by 4%. Prices will

rise from their current low levels. Demand in Europe will remain

sluggish.

The industry will get back into shape only if aluminium prices claw

back to $2,200 to $2,300 a tonne. That will, however, call for a much

tighter production discipline both within and outside China.

The Chinese government wants to tackle overcapacity and states that

it will eliminate obsolete aluminium plants.

By the end of 2015, the top 10 smelters must account for 90% of the

country's total production capacity. Despite the high stock situation

and the burden of overcapacity, we think aluminium price will

strengthen during the forecast period, but the pace will be slow.

Global demand is expected to grow by 6.1% on average until 2015.

Not only demand from the aerospace industry in emerging countries

will increase, also demand from other sectors will get an impulse. The

car manufacturing sector is becoming an increasingly important end

user of aluminium. Fuel efficiency of cars is important and this can be

accomplished by reducing the weight of cars (by replacing steel for

aluminium).

Positive changes are also expected for packaging and electric

engineering. The aluminium can and foil sectors (which account for a

combined 13 % of primary aluminium consumption) will keep

growing as a result of population growth and the increased use of

aluminium in those sectors. Rusal estimates growth in that sector at

4–5 % in 2013.

Outlook

6NAME TREND CMP SUPPORT KEY LEVELS RESISTANCE

S1 S2 S3 R1 R2 R3

ALUMINUM BULLISH 105.9 101.5 96 90 112 120 131 140

8

67747555 / 67547298

CALL PERFOMANCE FOR MAY 2013

Total No. of Calls : .................................................... 114

Target Achieved : ....................................................... 68

Stoploss Triggered: .................................................... 46

Success Ratio : ...................................................... 60%

US Event Calendar for the period 21st June to 20th July 20138th July •

•

•

15th July •

•

•

China CPI y/y

China GDP q/y

German Industrial Production m/m

Core Retail Sales m/m

Empire State Manufacturing Index

TIC Long-Term Purchases

25th June •

•

•

•

2nd July •

Core Durable Goods Orders m/m

CB Consumer Confidence

New Home Sales

Richmond Manufacturing Index

Factory Orders m/m

16th July •

•

•

EUR CPI m/m

Core CPI m/m

Industrial Production m/m

26th June •

•

3rd July •

•

•

•

•

Crude Oil Inventories

Final GDP q/q

EUR Retail Sales m/m

ADP Non-Farm Employment Change

Trade Balance

ISM Non-Manufacturing PMI

Crude Oil Inventories

10th July •

•

•

•

17th July •

•

•

•

China Trade Balance

Crude Oil Inventories

FOMC Meeting Minutes

Federal Budget Balance

Building Permits

Housing Starts

Crude Oil Inventories

Beige Book

27th June •

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•

•

•

•

•

4th July •

•

•

German Retail Sales m/m

German Unemployment Change

EU Economic Summit

Unemployment Claims

Personal Spending m/m

Pending Home Sales m/m

Natural Gas Storage

Minimum Bid Rate

ECB Press Conference

Unemployment Claims

11th July •

•

•

18th July •

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•

Unemployment Claims

Import Prices m/m

Natural Gas Storage

Unemployment Claims

Philly Fed Manufacturing Index

Natural Gas Storage

21st June •

28th June •

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•

EU Current Account

German Prelim CPI m/m

Chicago PMI

Revised UoM Consumer Sentiment

5th July •

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•

•

German Factory Orders m/m

Non-Farm Employment Change

Unemployment Rate

Average Hourly Earnings m/m

12th July •

•

19th July •

•

PPI m/m

PrelimUoMConsumer Sentiment

German PPI m/m

German ZEW Economic Sentiment

24th June •

1st July •

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•

German Ifo Business Climate

China Manufacturing PMI

HSBC Final Manufacturing PMI

EUR Unemployment Rate

ISM Manufacturing PMI

MONDAY

TUESDAY

WEDNESDAY

THURSDAY

FRIDAY