✍ MCX DAILY LEVELS

DAILY EXPIRY

DATE

R4 R3 R2 R1 PP S1 S2 S3 S4

ALUMINIUM 31 DEC 2015 104.25

102.90 101.55 100.75 100.20 99.40 98.85 97.50 96.15

COPPER 29 FEB 2016 349.90

339 328 323.40 317 312.40 306.10 295.10 284.20

CRUDE OIL 18 DEC 2015 2665 2583 2501 2452 2419 2370 2337 2255 2173

GOLD 05 FEB 2016 26886

26442 25998 25838 25554 25394 25110 24666 24222

LEAD 31 DEC 2015 122.10

119.95 117.70 116.95 115.50 114.75 113.30 111.10 108.95

NATURAL GAS 28 DEC 2015 145.30

141.50 137.70 136 133.90 132.20 130.10 126.30 122.50

NICKEL 31 DEC 2015 635 618.50 602 595.50 585.50 579 569 552.50 534

SILVER 04 MAR 2016 35965

35299 34633 34308 33967 33642 33301 32635 31969

ZINC 31 DEC 2015 109.80

107.70 105.50 104.60 103.40 102.40 101.20 99.10 96.95

✍ MCX WEEKLY LEVELS

WEEKLY EXPIRY R4 R3 R2 R1 PP S1 S2 S3 S4

ALUMINIUM 31 DEC 2015 110.15 106.70 103.25 101.60 99.80 98.15 96.35 92.90 89.45

COPPER 29 FEB 2016 362.30 346.70 331.10 324.90 315.50 309.30 299.90 284.30 268.70

CRUDE OIL 18 DEC 2015 3305 3031 2757 2580 2483 2306 2209 1935 1661

GOLD 05 FEB 2016 26996 26519 26042 25860 25565 25383 25088 24611 24134

LEAD 31 DEC 2015 129.45 124.50 119.55 117.85 114.60 112.90 109.65 104.70 99.75

NATURAL GAS 28 DEC 2015 178.60 164.80 151 142.70 137.20 128.70 123.40 109.60 95.80

NICKEL 31 DEC 2015 709 669.40 629.80 609.40 590.20 569.80 550.60 511 471.40

SILVER 04 MAR 2016 39521 37788 36055 35019 34322 33286 32589 30856 29123

ZINC 31 DEC 2015 116.

30

111.75 107.30 105.45 102.75 101 98.30 93.80 89.30

WEEKLY MCX CALL

BUY GOLD FEB ABOVE 25750 TGT 25900 SL 25594

SELL ZINC DEC BELOW 102.20 TGT 100.20 SL 104.60

PREVIOUS WEEK CALL

SELL ZINC DEC BELOW 102 TGT 100 SL 104 - MADE LOW OF 100.10

FOREX✍ DAILY LEVELS

DAILY EXPIRY

DATE

R4 R3 R2 R1 PP S1 S2 S3 S4

USDINR 26 DEC 2015 67.5

0

67.35 67.20 67.10 67 66.95 66.85 66.70 66.55

GBPINR 26 DEC 2015 74.6

5

74.20 73.80 73.70 73.40 73.25 73 72.60 72.20

EURINR 26 DEC 2015 102.

40

102.10 101.80 101.65 101.45 101.30 101.15 100.80 100.50

JPYINR 26 DEC 2015 55.1

0

55 54.90 54.80 54.70 54.55 54.45 54.30 54.15

FOREX✍ WEEKLY LEVELS

DAILY EXPIRY

DATE

R4 R3 R2 R1 PP S1 S2 S3 S4

USDINR 26 DEC 2015 68.05

67.70 67.35 67.20 67 66.85 66.65 66.30 65.95

GBPINR 26 DEC 2015 78.10

76.45 74.85 74.20 73.20 72.60 71.60 70 68.40

EURINR 26 DEC 2015 105.10

103.80 102.50 102 101.25 100.75 100 98.70 97.40

JPYINR 26 DEC 2015 58.10

57 55.95 55.60 54.90 54.50 53.80 52.75 51.70

WEEKLY FOREX CALL

SELL GBPINR DEC BELOW 101.80 TGT 101 SL 103.10

SELL JPYINR DEC BELOW 55.30 TGT 55 SL 54.05

PREVIOUS WEEK CALL

SELL EURINR DEC BELOW 72.50 TGT 71.50 SL 73.50 - NOT EXECUTED

✍ NCDEX DAILY LEVELS

DAILY EXPIRY

DATE

R4 R3 R2 R1 PP S1 S2 S3 S4

SYOREFIDR 20 JAN 2015 653 646 639 636 632 629 625 618 611

SYBEANIDR 20 JAN 2015 3900 3846 3792 3767 3738 3713 3684 3630 3576

RMSEED 20 JAN 2015 4953 4860 4767 4713 4674 4620 4581 4488 4395

JEERAUNJHA 20 JAN 2015 16213 15908 15603 15436 15298 15131 14993 14688 14383

CHANA 20 JAN 2015 5071 4970 4869 4827 4768 4726 4667 4566 4465

CASTORSEED 20 JAN 2015 4106 4020 3934 3904 3848 3818 3762 3676 3590

✍ NCDEX WEEKLY LEVELS

WEEKLY EXPIRY

DATE

R4 R3 R2 R1 PP S1 S2 S3 S4

SYOREFIDR 20 JAN 2015 688 670 652 642 634 624 616 598 580

SYBEANIDR 20 JAN 2015 4211 4062 3913 3827 3764 3678 3615 3466 3317

RMSEED 20 JAN 2015 5472 5221 4970 4803 4719 4552 4468 4217 3966

JEERAUNJHA 20 JAN 2015 18243 17303 16363 15816 15423 14876 14483 13543 12603

CHANA 20 JAN 2015 5173 5041 4909 4847 4777 4715 4645 4513 4381

CASTORSEED 20 JAN 2015 4923 4550 4177 4026 3804 3653 3431 3058 2685

WEEKLY NCDEX CALL

SELL TMC APR BELOW 10300 TGT 9950 SL 10502

BUY RM SEED JAN ABOVE 4756 TGT 4860 SL 4652

PREVIOUS WEEK CALL

SELL TMC APR BELOW 10050 TGT 9750 SL 10350

MCX - WEEKLY NEWS LETTERS

INTERNATIONAL NEWS

✍ PRECIOUS METAL

✍ Gold

Gold drifted lower on Friday and was headed for the seventh weekly drop in eight weeks as

investors positioned for a looming US rate hike. A strong US nonfarm payrolls report last week

cemented expectations of a rate hike at the Federal Reserve's policy meeting on December 15-

16. The first hike in nearly a decade is expected to dent demand for gold, a non-interest paying

asset. Spot gold fell 0.4% to $1,067.20 an ounce by 0331 GMT, after closing flat over the last

two sessions. For the week, bullion is down nearly 2%. "The path of the euro-dollar may be the

most visible influence on gold, at least until the Fed meeting," said HSBC analyst James Steel.

"If the Fed raises rates, gold may be in for a knee-jerk reaction lower," said Steel, adding that

the metal will be range bound until next week's meeting. A robust dollar was limiting interest in

gold. The greenback rose for a second session on Friday, extending a rebound from a one-

month low on expectations of a rate hike. A higher dollar makes greenback-denominated gold

more expensive for holders of other currencies.Weakness in oil was also hurting bullion. A

slide in oil could trigger fears of deflation, a bearish factor for gold, which is often used as a

hedge against oil-led inflation. U.S. crude prices remained near 2009 lows in early Asian

trading on Friday as oil output in the Middle East continued to rise despite an existing global

glut. The outlook for gold looked bearish Short positions in COMEX gold futures and options

are at record highs, while assets in SPDR Gold Trust, the top bullion exchange traded fund, are

at their lowest since September 2008. Investors have boosted bets that the gold price will soon

drop to $1,000 an ounce, options data show. Gold, on track for a third straight annual decline,

has lost 9.8% of its value this year. The technical picture for gold looks neutral in the $1,064-

$1,084 range, but a break below $1,064 could take the metal to a near-six-year low of

$1,045.85, according to Reuters technical analyst Wang Tao. Among other precious metals,

silver and platinum were also headed for a seventh weekly loss in eight weeks, with declines of

more than 3%.

✍ Silver

Taking weak cues from overseas markets, silver prices fell by Rs 114 to Rs 34,518 per kg in

futures trade today, as participants trimmed positions. In futures trading at the Multi

Commodity Exchange, silver for delivery in far-month May next year shed Rs 114 or 0.33% to

Rs 34,518 per kg in a business turnover of 7 lots.Similarly, the white metal for delivery in

March declined by Rs 100 or 0.29% to Rs 34,115 per kg in a business volume of 297 lots. In

the international market, silver fell 0.35% to $14.05 an ounce in Singapore today. Marketmen

attributed the fall in silver prices at futures trade was largely in line with a weak trend in

precious metals in global markets.

✍ Crude oil

Crude oil prices remained at levels not seen since early 2009 on Friday as output in the Middle

East continued to rise despite an already huge global glut, with analysts saying the price

outlook for the rest of the year and into 2016 remained weak. Brent crude futures were down 29

cents at $39.44 a barrel at 0551 GMT, a touch above a near-seven-year low hit earlier in the

session at $39.38 a barrel.US crude futures were at $36.52 per barrel, down 24 cents and just

above Thursday's bottom of $36.38 - the benchmark's lowest mark since February 2009. "The

next quarter is going to be particularly tough as we go from a high-demand to a low-demand

quarter," said Richard Gorry, director of consultancy JBC Energy Asia. "Can you rule out $20

per barrel? No, you can't," he said, although adding that prices would not likely fall that far.

Gorry said he expected a slow rebalancing of the market towards the end of next year, with

production remaining stubbornly high despite low benchmark prices. "A lot of producers are

trying to maintain positive cash-flows and that means maximising output, and Iranian barrels

are also coming back to the market," he said. The price rout is a result of a huge overhang in

production that is fast filling onshore storage sites, which some analysts expect to run out in

early 2016. ANZ bank said on Friday that "crude oil markets will remain subdued in 2016,

though prospects for a recovery look better in the second half of the year." Jefferies bank said

that an "inventory overhang is likely to expand significantly through the first half of 2016 and

will likely suppress oil prices in the near-term.

✍ Zinc

Taking positive cues from global market and pick up in domestic demand, zinc futures edged

higher by 0.49 per cent to Rs 103.55 per kg today as speculators indulged in creating positions.

In futures trading at Multi Commodity Exchange, zinc for delivery in January 2016 was up 50

paise, or 0.49 per cent, to Rs 103.55 per kg in a business turnover of 13 lots. Also, the metal for

delivery this month was trading 45 paise, or 0.44 per cent higher at Rs 102.50 per kg in a

business volume of 495 lots. Zinc prices strengthened on pick up in demand at domestic spot

markets and a firm trend in the base metals pack at London Metal Exchange, market analysts

said.

✍ Nickle

Nickel prices rose by 0.68 per cent to Rs 590.30 per kg in futures market today as participants

enlarged bets tracking rising demand from alloy makers in the spot market. However, nickel

retreated 0.3 per cent at the London Metal Exchange and capped the gains.Nickel for delivery

in January contracts gained Rs 4 or 0.68 per cent to Rs 590.30 per kg in a business turnover of

27 lots at Multi Commodity Exchange. The current month contract rose Rs 3.60 or 0.68 per

cent to Rs 584.20 per kg in 617 lots. Analysts said increased domestic demand from alloy

makers and other consuming industries in the spot markets, influenced nickel futures here.

✍ Aluminium

Aluminium prices were up by 0.46 per cent to Rs 99.15 per kg in futures trade today, largely in

tune with a firming trend in base metals at the London Metal Exchange (LME). Besides,

increased demand at domestic spot markets also influenced prices. At Multi Commodity

Exchange, aluminium for delivery this month rose 45 paise or 0.46 per cent to Rs 99.15 per kg

in a business turnover of 274 lots. Metal for delivery in January also rose by 40 paise or 0.40

per cent to trade at Rs 100.05 per kg in two lots. Globally, aluminum added 0.1 per cent at the

LME. Analysts said the rise in aluminium prices in futures trade was mostly in line with a

firming trend in base metals at the LME after China's consumer inflation increased more than

estimated, signaling demand in the world's second-largest economy may be stabilising after

accelerated fiscal stimulus and a year of interest rate cuts.

✍ Lead

Lead prices weakened 0.18 per cent to Rs 113.60 per kg in futures trade today as speculators

cut down their bets prompted by subdued demand in the spot market. At Multi Commodity

Exchange, lead for delivery in current month was trading down by 20 paise, of 0.18 per cent at

Rs 113.60 per kg in a business turnover of 513 lots. Metal for delivery in January 2016

contracts shed 20 paise or 0.17 per cent to trade at Rs 114.25 per kg in 8 lots. Market analysts

said apart from slakened demand from battery-makers in the spot markets, metal's weakness at

the London Metal Exchange, weighed on lead futures prices here. In the international market,

lead fell at least 0.3 per cent at the London Metal Exchange.

✍ NCDEX - WEEKLY NEWS LETTERS

Since the start of 2014, the average landed cost of crude imported by Indian refiners has fallen

from $ 108.76 to $ 36.65 a barrel. The same period has seen the London Metal Exchange Index

that tracks prices of six primary non-ferrous metals — aluminium, copper, zinc, lead, nickel

and tin — shed nearly a third of its value, even as benchmark US Midwest hot rolled coil steel

rates have collapsed from around $ 680 to $ 365 per tonne.

But it’s not just energy and industrial metals. The same holds true for precious metals and

agricultural commodities. Gold on Friday traded in London at $ 1,072.5 per ounce, compared to

$ 1,225 in early 2014, and the peak of $ 1,895 reached on September 5, 2011. The UN Food

and Agriculture Organisation’s food price index, at 156.7 in November, is also down from its

December 2013 level of 206.2, and the all-time-high of 237.7 for February 2011.

There are broadly three reasons for this commodity meltdown, of which two are relatively easy

to understand.

The first, of course, is China. The slowdown in the world’s largest manufacturing economy has

hit demand for everything from copper, nickel and aluminium to coal and iron ore. Given its

share of global consumption, ranging between 50% and 75% in these industrial raw materials,

the dragon sneezing has naturally led to Brazil, Australia, Indonesia, Chile and many others

catching cold. Worse, the excess steelmaking and aluminium, zinc and copper smelting/refining

capacities that came up during the boom have today become a source of dumping, as Chinese

producers are increasingly pushing overseas sales to offset stalling local demand growth.

The second is a strengthening US economy, alongside its emergence as a surplus oil producer,

courtesy the shale revolution. In October 2013, US crude oil output hit 7.7 million barrels per

day (mbpd), surpassing imports of 7.5 mbpd. Since then, its production has gone up further to

an average of 9.4 mbpd, while imports have hovered at 7.3-7.4 mbpd. This turnaround in

fortunes for a country that consumes a fifth of the world’s oil — in addition to the current hype

over solar and wind energy, amidst growing pressure for phasing out fossil fuels — has been a

significant contributor to the tumbling of crude prices. Simultaneously, the US economic

recovery and the prospect of an imminent Federal Reserve interest rate hike have fostered a

strong dollar, in turn, diminishing gold’s safe-haven appeal.

The third factor is somewhat more complex, having to do with commodities being lumped

together as a distinct ‘asset class’. From the early 2000s, commodities became trading vehicles

for not just chocolate manufacturers, jewellers or airline companies wanting to hedge against

volatility in prices of cocoa beans, bullion or fuel, but even for exchange-traded funds and other

‘pure’ investors having no direct production or dealing interests in them. At the height of the so-

called emerging markets boom, the notional value of net ‘long’ or bullish investments in

commodity index products monitored by the US Commodity Futures Trading Commission

(USCFTC) totaled $ 256 billion in end-April 2011.

That tide has turned in the past two years, though, as index, pension and hedge funds have

sharply cut their commodity exposures — the last USCFTC data for October 30 shows net long

index positions at only $ 138.3 billion. The mounting selling pressure from funds has

aggravated the crisis in commodity markets and also for governments, whether in Russia and

Brazil or Argentina and Venezuela (where recent elections have seen seemingly secure socialist

regimes being dislodged). Even the apparent rural backlash being faced by the Narendra Modi

dispensation can be traced quite a bit to the global commodity crash affecting realizations for

sugarcane, cotton, rubber, rice, soyabean or milk producers in India as well.

While the meltdown has impacted commodities across the board, the idea that they can be

lumped together as an asset class could, nevertheless, come under challenge in the months

ahead. The one distinction that markets may well end up making is between commodities

whose prices in the near- to medium-term are largely a function of demand, and those for

whom there could be supply-side issues, too. In the former category would be energy, base

metals or gold and silver whose production is not amenable to sudden increases or decreases.

It’s safe to assume that their prices would remain under pressure, so long as the Chinese

slowdown continues and India does not provide the new fuel for global growth that Modi’s

election initially promised.

Agricultural commodities fall in the latter category. In their case — at least for food, even if not

for cotton, guar-gum or bio-ethanol demand is stable or unchanging at worst. At the same time,

supply is more prone to fluctuations, in response to both weather conditions as well as prices: it

may be easier for farmers to expand or contract wheat acreages from season to season than for

BHP Billiton, Rio Tinto, Glencore and Vale to open and shut down mines.

It is for this reason that the effects of the current El Niño — already the strongest since 1997-98

and expected to last through the winter and early spring — on the supply of farm produce

cannot be written off. In the last three months, global prices of palm oil and sugar have climbed

by 12.5% and 25% respectively, while cocoa futures are ruling 17.5 per cent higher over last

year at this time. Dry weather in Indonesia, Australia, West Africa and India is clearly causing

supply concerns at least in these commodities.

The world may still be awash in corn, wheat and soyabean, but we still aren’t sure about the

extent of drop in rabi plantings and the likely moisture stress to the already-sown crop in India.

By the time the picture becomes clearer towards January-end or so, the markets may start

treating agricultural commodities a little differently from the other constituents of a generic,

undifferentiated ‘asset class’.

✍ Chana

Chana price were down by 0.47% to Rs 5,050 per quintal in futures trade on Friday as traders

reduced their positions amid adequate stocks in the spot markets on higher supplies.At the

National Commodity and Derivatives Exchange, chana for delivery in December month fell Rs

24, or 0.47% to Rs 5,050 per quintal with an open interest of 35,200 lots.Similarly, the

commodity for delivery in far-month January 2016 traded lower by Rs 17, or 0.36% to Rs

4,719 per quintal in 26,930 lots.The fall in chana prices at futures trade to higher supplies in the

physical market against subdued demand.3

✍ Refined soya oil

Refined soya oil prices were up by 0.29 per cent to Rs 634.50 per 10 kg in futures trading today

as speculators created fresh positions, amid rising domestic demand.At the National

Commodity and Derivatives Exchange, refined soya oil for delivery in December edged up by

Rs 1.85 or 0.29 per cent to Rs 634.50 per 10 kg with an open interest of 25,840 lots.The

January contract traded higher by Rs 1.15 or 0.18 per cent to Rs 635.60 per 10 kg in 85,890

lots.The rise in refined soya oil prices at futures trade to pick up in demand in the spot market

against restricted supplies from producing belts.

✍ Jeera

Jeera prices dropped by 1.78% to Rs 15,445 per quintal in futures trading on Tuesday as

speculators cut down on their bets amid slackened demand in the spot market against ample

stocks.At the National Commodity and Derivatives Exchange, jeera for delivery in far-month

January 2016 fell by Rs 280, or 1.78% to Rs 15,445 per quintal with an open interest of 7,332

lots.Likewise, the spice for delivery in December contracts traded lower by Rs 270 or 1.74% to

Rs 15,275 per quintal in 5,934 lots.Offloading of positions by traders, driven by muted

domestic as well as exports demand in the spot market, mainly pulled down jeera prices at

futures trade.

✍ Mustard Seed

Mustard Seed prices closed lower by 3.99 per cent on Thursday at the National Commodity &

Derivatives Exchange Limited (NCDEX) as a result of the profit booking by the traders on

account of the weak crushing and export demand of mustard meal. At the NCDEX, Mustard

Seed futures for December 2015 contract closed at Rs. 4,429 per quintal, down by 3.99 per

cent, after opening at Rs. 4,594 against the previous closing price of Rs. 4,613. It touched the

intra-day low of Rs. 4,429. Sentiment weakened further due to the sluggish export demand as a

result of the weak demand for the commodity.

LEGAL DISCLAIMER

This Document has been prepared by Ways2Capital (A Division of High Brow Market

Research Investment Advisor Pvt Ltd). The information, analysis and estimates contained

herein are based on Ways2Capital Equity/Commodities Research assessment and have been

obtained from sources believed to be reliable. This document is meant for the use of the

intended recipient only. This document, at best, represents Ways2Capital Equity/Commodities

Research opinion and is meant for general information only. Ways2Capital

Equity/Commodities Research, its directors, officers or employees shall not in any way to be

responsible for the contents stated herein. Ways2Capital Equity/Commodities Research

expressly disclaims any and all liabilities that may arise from information, errors or omissions

in this connection. This document is not to be considered as an offer to sell or a solicitation to

buy any securities or commodities.

All information, levels & recommendations provided above are given on the basis of technical

& fundamental research done by the panel of expert of Ways2Capital but we do not accept any

liability for errors of opinion. People surfing through the website have right to opt the product

services of their own choices.

Any investment in commodity market bears risk, company will not be liable for any loss done

on these recommendations. These levels do not necessarily indicate future price moment.

Company holds the right to alter the information without any further notice. Any browsing

through website means acceptance of disclaimer.