✍ MCX DAILY LEVELS

DALLY EXPIRY DATE R4 R3 R2 R1 PP S1 S2 S3 S4

ALUMINIUM 31 JUL 2015 109 108 107 106 105 104 103 102 101

COPPER 31 AUG 2015 382 378 374 372 370 368 366 362 358

CRUDE OIL 20 JUL 2015 4018 3945 3872 3843 3799 3770 3726 3653 3580

GOLD 05 AUG 2015 27040

26863 26686 26606 26509 26429 26332 26155 25978

LEAD 31 JUL 2015 118 116 114 112 110 108 106 104 102

NATURAL GAS 28 JUL 2015 197 191 185 181 179 175 173 167 161

NICKEL 31 JUL 2015 849 831 813 801 795 783 777 759 741

SILVER 03 JUL 2015 38179

37405 36631 36298 35857 35524 35083 34309 33535

ZINC 31 JUL 2015 131

130 129 128 127 126 125 124 123

✍ MCX WEEKLY LEVELS

WEEKLY EXPIRY R4 R3 R2 R1 PP S1 S2 S3 S4

ALUMINIUM 31 JUL 2015 115 112 109 106 104 103 100 97 95

COPPER 31 AUG 2015 406 393 380 375 367 362 354 341 328

CRUDE OIL 20 JUL 2015 4371 4192 4013 3913 3834 3734 3655 3476 3297

GOLD 05 AUG 2015 28540 27913 27286 26906 26659 26279 26032 25405 24778

LEAD 31 JUL 2015 121 118 115 113 112 110 109 106 103

NATURAL GAS 28 JUL 2015 210 199 188 182 177 171 166 155 144

NICKEL 31 JUL 2015 905 870 835 812 800 777 765 730 695

SILVER 03 JUL 2015 40545 39061 37577 36771 36093 35287 34609 33125 31641

✍ NCDEX DAILY LEVELS

DAILY EXPIRYDATE

R4 R3 R2 R1 PP S1 S2 S3 S4

SYOREFIDR 20 AUG 2015 601 596 591 588 586 583 581 576 571

SYBEANIDR 20 AUG 2015 3630 3580 3530 3506 3480 3456 3430 3380 3330

RMSEED 20 JUL 2015 4287 4242 4197 4178 4152 4133 4107 4062 4017

JEERAUNJHA 20 JUL 2015 18416 17741 17066 16783 16391 16108 15716 15041 14366

CHANA 20 JUL 2015 4364 4299 4234 4205 4169 4140 4104 4039 3974

CASTORSEED 20 JUL 2015 4166 4122 4078 4057 4034 4013 3990 3946 3902

✍ NCDEX WEEKLY LEVELS

WEEKLY EXPIRYDATE

R4 R3 R2 R1 PP S1 S2 S3 S4

SYOREFIDR 20 AUG 2015 625 611 597 591 583 577 569 555 541

SYBEANIDR 20 AUG 2015 3806 3694 3582 3532 3470 3420 3358 3246 3134

RMSEED 20 JUL 2015 4697 4498 4299 4229 4100 4030 3901 3702 3503

JEERAUNJHA 20 JUL 2015 19723 18558 17393 16946 16228 15781 15063 13898 12733

CHANA 20 JUL 2015 4999 4722 4445 4311 4168 4034 3891 3614 3337

CASTORSEED 20 JUL 2015 4408 4273 4138 4087 4003 3952 3868 3733 3598

MCX - WEEKLY NEWS LETTERS

INTERNATIONAL NEWS

✍ China

China’s factory activity showed some signs of stabilizing in June but still contracted for thefourth straight month, according to a preliminary private survey, suggesting more stimulusmeasures may be needed to support the world’s second-largest economy.

The HSBC Flash China Manufacturing Purchasing Managerial Index (PMI) edged up to 49.6, athree-month high, from 49.2, but remained below the 50 mark which separates contraction fromexpansion.

New orders returned to positive territory at 50.3 and new export orders fell at a much slowerpace, but companies stepped up layoffs, shedding jobs at the fastest pace in over six years, atrend which is sure to alarm Beijing. Factories were also forced to cut prices for their productsmore deeply, pressuring profit margins.

Despite a flurry of stimulus and easing measures over the past year, economic growth slowed toa six-year low of 7 percent in the first quarter and analysts believe further momentum was lostin April-June. Sluggish demand at home and abroad has left many factories, particularly inheavy industries, laden with overcapacity.

The PMI reading follows small signs of recovering demand, reflected in other private surveysand in public statements by officials, but China is still struggling to get monetary easing totranslate into investment in growth. Part of the problem is that central bank moves to addliquidity into the system are being absorbed by a stock market rally that began in November,and now by the bond market, which is being force-fed a massive plate of municipal bondsbeing issued as part of a debt swap programmed.

“Real interest rates are double digits, 11 or 12 percent. This is the real issue for the economy.You can cut nominal rates to zero and you are still seeing real rates around 5 percent. The profitmargin is only around 3-4 percent,” said Zhou Hao, economist at ANZ Bank in Shanghai. “Weare still seeking new engines for the economy. Basically we need to deleverage first,” he said,adding that the recent stock market rally was being used by many executives to retire

outstanding debt.

✍ ECB Meeting

European Central Bank chiefs will discuss whether to extend Greece's funding lifeline againafter the meeting of euro zone leaders on Monday, officials said. With nervous Greek saversand firms withdrawing billions of euros in cash from accounts, the country's banks are almostentirely dependant on central bank funding to avoid collapse and potentially dragging down thecountry with them.

After hiking emergency credit for Greek lenders to about 86 billion euros last week, the ECBagreed to a further 2 billion euros of such Emergency Liquidity Assistance (ELA) on Monday,people with knowledge of the matter told Reuters.

This won breathing space for Athens, allowing teetering banks to stay open as Greece's PrimeMinister Alexis Tsipras sought to clinch a deal with euro zone backers at a meeting inBrussels.Austria's central bank chief Ewald Nowotny later said the Governing Council, whichis made up of central bank chiefs from around the euro zone and the ECB's executive, wouldtalk again to discuss the outcome of the leaders' summit. This was confirmed by other peoplefamiliar with the matter.

✍ US GDP

The US economy contracted slightly in the first quarter as it struggled with bad weather, astrong dollar, spending cuts in the energy sector and disruptions at West Coast ports.There aresigns, however, that growth is accelerating in the second quarter as the temporary drag fromunusually heavy snowfalls and the ports dispute fade. Retailers reported strong sales in Mayand employers stepped up hiring. Housing is also firming.

The Commerce Department said on Wednesday gross domestic product fell at a 0.2 percentannual rate in the January-March quarter instead of the 0.7 percent pace of contraction itreported last month. A fairly stronger pace of consumer spending than previously estimatedaccounted for much of the upward revision. Consumer spending, which accounts for more thantwo thirds of US economic activity, was revised up to 2.1 percent growth pace from the 1.8percent rate reported last month. With personal savings increasing at a robust USD 720.2billion pace, consumer spending could accelerate in the second quarter. While export growthwas revised higher, that was offset by an upward revision to imports, leaving a still-large deficitthat subtracted almost 2 percentage points from GDP. The GDP revision was in line witheconomists' expectations.

The economy expanded at a 2.2 percent rate in the fourth quarter. But the first-quarter slump inoutput likely is not a true reflection of the economy's health. Economists, including those at theSan Francisco Federal Reserve Bank, say a problem with the model the government uses tosmooth the data for seasonal fluctuations also contributed to depressing the GDP number. Thevalue of inventory accumulated in the first quarter was revised up to an increase of USD 99.5

billion from the USD 95 billion rise reported last month. That meant inventories contributed0.45 percentage point to GDP instead of the previously reported 0.33 percentage point.

Inventories could be a drag on second-quarter GDP. After-tax corporate profits were a bitweaker in the first quarter than previously thought. Profits after tax with inventory valuationand capital consumption adjustments were revised to show a 8.8 percent decline instead of the8.7 percent drop reported last month.

✍ BULLION

✍ Gold

Gold prices gained in Asia on Friday as events surrounding Greece's debt talks lookincreasingly close to collapse, though meetings are seen through the weekend.

Talks between Greece and its creditors remained inconclusive, as discussions continued overthe latest proposed reforms from Greece’s creditors and Greece’s counter-proposal.Greece'sPrime Minister, Alexis Tsipras, told European Union Leaders Thursday in Brussels that anydeal with creditors "must be viable and have adequate funding" a Greek official toldjournalists.Tsipras spoke during the Leaders' dinner where the Greek issue was discussed andaccording to the official some leaders were "more favorable and some more harsh."Nonetheless, Tsipras expressed his optimism that a deal could be reached by the end of theweek.The Greek premier said that his government presented adequate and credible proposals inline with creditors' demands and that "Greece does not need more austerity but a growthagenda, investments and structural reforms."

On the Comex division of the New York Mercantile Exchange, gold for August delivery rose0.18% to $1,173.90 a troy ounce. Gold is viewed as a safe-haven for investors in periods ofsevere economic instability.Elsewhere, initial jobless claims remained near historic lows evenas the level increased by 3,000 last week to 271,000. More critically, the four-week average fellby 3,250 to 273,750 moving lower from monthly averages throughout the spring.

While Gold futures retreated in the domestic market on Thursday in the midst of strong USconsumption data and a lack of progress in Greek Debt negotiations. the US Department ofCommerce said consumer spending surged in May by 0.9 per cent, the highest monthly gain innearly six years and above expectations for a 0.7 per cent rise.

Bolstered by a 0.5 per cent spike in personal income, the surge reflects an increase in consumerspending in auto purchases and retail goods. Meanwhile, the two sides in longstanding GreekDebt negotiations concluded talks without reaching a deal. During the emergency two-daymeeting, both sides presented revised proposals that could unlock critical stimulus aid toGreece thought to be necessary in order to avoid bankruptcy. Gold may bounce back friday asworries over Greece spur safe haven demand for the precious metal. At the MCX, Gold futuresfor August 2015 contract closed at Rs 26,485 per 10 gram, down by 0.18 per cent after opening

at Rs 26,570, against the previous closing price of Rs 26,533. It touched the intra-day low of Rs26,460 till the closing

✍ ENERGY

✍ Natural gas

Natural gas trimmed gains on Thursday, despite data showing that U.S. natural gas suppliesrose less than expected last week.Natural gas for delivery in August rose 2.4 cents, or 0.88%,on the New York Mercantile Exchange to trade at $2.806 per million British thermal unitsduring U.S. morning hours. Prices were at around $2.846 prior to the release of the supplydata.A day earlier, natural gas prices fell to $2.733, the lowest level since June 9, before turninghigher to end at $2.782, up 3.6 cents, or 1.31%. Futures were likely to find support at $2.733,the low from June 25, and resistance at $2.905, the high from June 18.

The U.S. Energy Information Administration said in its weekly report that Natural gas storagein the U.S. in the week ended June 19 rose by 75 billion cubic feet, compared to expectationsfor an increase of 77 billion and following a build of 89 billion cubic feet in the precedingweek. Supplies rose by 110 billion cubic feet in the same week last year, while the five-yearaverage change is an increase of 86 billion cubic feet.Total U.S. natural gas storage stood at2.508 trillion cubic feet as of last week. Stocks were 695 billion cubic feet higher than last yearat this time and 35 billion cubic feet above the five-year average of 2.473 trillion cubic feet forthis time of year.

Updated weather forecasting models called for higher-than-normal temperatures across mostparts of the U.S. in the next three days. However, a cooler weather system from Canada wasexpected to push readings to near normal across much of Northeast and Midwest early nextweek.Demand for natural gas tends to fluctuate in the summer based on hot weather and airconditioning use. Natural gas accounts for about a quarter of U.S. electricitygeneration.Elsewhere on the Nymex, crude oil for delivery in August shed 60 cents, or 1%, totrade at $59.67 a barrel, while heating oil for July delivery declined 0.79% to trade at $1.861per gallon.

✍ Crude Oil

Crude oil fell to one-week lows on Friday, as the U.S. dollar remained supported by theprevious session's upbeat U.S. data and amid growing concerns over the outcome of Greek debtnegotiations. On the New York Mercantile Exchange, crude oil for August delivery hit $59.45during European early afternoon hours, down 26 cents, or 0.41%. A day earlier, Nymex oilprices dropped 57 cents, or 0.95%, to end at $59.70.

The dollar found support after data on Thursday showed that U.S. Personal spending rose by0.9% in May, above expectations for a gain of 0.7%. The report also showed personal incomerose by 0.5% in May, in line with forecasts and after rising 0.5% in April.In addition, the U.S.

Department of Labor said the number of individuals filling fir initial jobless benefits in theweek ending June 20 increased by 3,000 to 271,000 from the previous week’s total of 268,000.Analysts had expected initial jobless claims to rise by 4,000 to 272,000 last week.

Separately, energy traders have been paying close attention to gasoline stockpiles in recentweeks as the U.S. driving season entered its peak gasoline demand period.Total crude oilinventories fell by 4.9 million barrels last week to 463.0 million, compared to expectations for adrop of 2.1 million barrels to 465.8 million.Meanwhile, market participants continued tomonitor the Greek debt situation after negotiations between Athens and its creditors brokedown once again on Thursday.Time is running out for the Greek government to secure a deal tounlock bailout funds ahead of the looming deadline for a €1.6 billion repayment to theInternational Monetary Fund on June 30.If Greece misses the payment it risks going intodefault, which could trigger the country’s exit from the euro area.Elsewhere, on the ICEFutures Exchange in London, Brent oil for August delivery inched down 5 cents, or 0.06%, totrade at $63.16 a barrel. On Thursday, London-traded Brent futures fell by 29 cents, or 0.46%,to settle at $63.20.The spread between the Brent and the WTI crude contracts stood at $3.71 abarrel.

✍ BASE METAL

✍ Copper

Copper prices rose by 0.11 per cent on Friday after US consumer spending recorded its largestincrease in nearly six years in May on strong demand for automobiles and other big-ticketitems, further evidence that economic growth was accelerating in the second quarter whichraised the demand outlook for the metal. The Commerce Department said consumer spendingrose 0.9 percent last month, the biggest gain since August 2009, after a 0.1 percent rise in April.

At the MCX, copper futures for June 2015 contract were trading at Rs.368.70 per 1 kg, up by0.11 per cent, after opening at Rs. 369.30 against the previous closing price of Rs. 368.30. Ittouched the intra-day high of Rs. 369.95 till the trading. (At 12.45 PM today).

While Copper prices jumpeded in Asia on Tuesday as China PMI data from Market came inbetter than expected, raising hopes for a turn upwards in the economy.

In China the June Markit Flash Manufacturing PMI rose to 49.6, better than May's final of 49.2and the first without HSBC following the end of their distribution deal."The latest Flash ChinaManufacturing PMI survey provided a mixed bag of data in June," said Annabel Fiddes,Economist at Markit.

"On the one hand, the sector shows signs of improvement as output stabilised amid a slight pickup in total new work, while purchasing activity also rose slightly over the month. On the otherhand, manufacturers continued to cut their staff numbers, with the latest reduction the sharpest

in over six years. This suggests that companies have relatively muted growth expectations asdemand conditions both at home and abroad remain relatively subdued. The data add toevidence that the sector has lost growth momentum in Q2 as a whole, and suggests that theauthorities may step up their efforts to stimulate growth and job creation in the second half ofthe year."Sentiment improved further after household spending in Japan rosemore-than-expected last month signaling improving sentiment in the region which raised thedemand outlook for the metal. In a report, Statistics Bureau said that Japanese HouseholdSpending rose to a seasonally adjusted 4.8 per cent, from -1.3 per cent in the preceding month.

✍ Lead

Lead prices fell 0.26 per cent to Rs 113.15 per kg in futures trade Friday after participantsreduced exposure amid a weak trend at the spot market on sluggish domestic demand. At theMCX, Lead futures, for the June 2015 contract, is trading at Rs 113.15 per kg, down by 0.26per cent, after opening at Rs 113.45, against a previous close of Rs 113.45. It touched anintra-day low of Rs 112.90 till the trading. (At 1.40 PM today)Traders said besides subdueddemand from battery-makers in the domestic spot market, profit-booking at current levels byspeculators weighed on lead futures.

✍ Zinc

Zinc futures fell by 0.46 per cent to Rs 128.95 per kg friday due to the surge in the zincstockpiles at the London Metal Exchange (LME) on account of the weak demand for thecommodity. LME zinc stocks rose by 2100 metric tonnes to 312825 metric tonnes as on June25, 2015. Zinc futures for June 2015 contract, at MCX, were trading at Rs 128.95 per kg, downby 0.46 per cent after opening at Rs. 129.80 against the previous closing price of Rs. 129.55. Ittouched the intra-day low of Rs. 128.80 till the trading. (At 4.00 PM today). Major refined zincexporting countries are Canada, Australia and Rep. of Korea, while major refined zincimporting countries are China, USA and Germany.

✍ Nickel

Nickel futures were trading tad lower in the domestic market on Monday as investors andspeculators stuck to a cautious approach ahead of EU emergency talks to discuss Greece’s fatein the euro. The Mediterranean nation is in a race against time as it needs to strike a debt dealwith its creditors before the June 30 loan repayment deadline expires. Greece is due to make apayment of 1.5 billion euro to the IMF before or on June 30, 2015. All eyes are on theemergency meet of EU on Monday where policymakers are expected to make a last ditch effortto help avert a messy Greek default. At the MCX, Nickel futures for June 2015 contract istrading at Rs 803.30 per 1 kg, down by 0.01 per cent after opening at Rs 806, against theprevious closing price of Rs 803.40. It touched the intra-day low of Rs 803.30. (At 12:24 PM).

✍ NCDEX - WEEKLY NEWS LETTERS

✍ Monsoon Update

But the government is likely to draw heavily from its warehouses this year if monsoon rains,critical for farm irrigation, turn out to be deficient, thereby fueling food inflation. India'sweather office has cut this year's monsoon forecast to 88 percent of a long-term average, raisingfears of the first drought in six years.Industry and government officials estimate this year'swheat output at about 90 million tonnes, nearly 5 percent lower than the 2014 harvest but stillexceeding domestic demand of about 72 million tonnes.Since wheat is largely grown in India'scentral and northern plains, flour millers from southern states, hemmed in by the Indian Ocean,sometimes find it attractive to import high-protein grades from Australia.

✍ India’s wheat import deals

Indian flour millers and global trading companies have sewn up deals to import 500,000 tonnesof premium Australianwheat since March, It is the biggest such purchases in more than adecade despite surplus stocks at home.Concerns that untimely rains in February and Marchwould cut wheat output, especially of high-protein varieties used to make pizzas and pasta, firstdrove millers in India’s southern ports to place the orders.

Attractive prices then prompted traders such as Cargill, Louis Dreyfus and Glencore to follow.The traders and millers could import a further 500,000 tonnes from France and Russia, whereharvests are around the corner.The deals could push up benchmark prices that have alreadyjumped on recent concerns about crop quality in the United States.There are strong chancesFrench and Russian wheat will find their way to India because of attractive prices.Althoughrains and hailstorms wilted the Indian wheat crop, the world's second-biggest producer andconsumer of the grain has large stockpiles accumulated after eight straight years of bumperharvests.

✍ Edible oil imports

Edible oil imports may rise about 16 per cent to 13.5 million tonnes (mt) this year, endingOctober, due to cheaper shipments from Indonesia and lower domestic crushing, industry bodySolvent Extractors Association .The country is estimated to have imported 11.6 mt of edible oilin the 2013-14 marketing year (November -October).Imports are likely to increase by almosttwo mt, taking advantage of cheaper shipments from Indonesia and Malaysia, which haveimposed zero export duty on palm products to clear surplus stock.The high price of soyabeanand lower realizations also led to lower crushing and lesser availability of edible oil in themarket, resulting in higher imports of soybean oil and sunflower oil, he added. Mehta said that

stocks of imported edible oils at ports have built up. The inventory at present is more than themonthly requirement of about 1.6 mt.The country meets 60 per cent of its annual edible oildemand via imports. Much of the imports comprise palm oils.India imports palm oil mainlyfrom Indonesia and Malaysia and a small quantity of crude soft oils, including soyabean oil,from Latin America.

✍ Chana

Chana prices rose by one per cent to Rs 4,340 per quintal in futures trade on thursday as tradersenlarged their holdings on account of good demand at the spot market.Besides, restrictedarrivals in the market due to lower estimated output also increased the chana prices.At theNational Commodity and Derivatives Exchange, chana for August delivery rose by Rs 43, orone per cent, to Rs 4,340 per quintal, with an open interest of 1,35,770 lots.Similarly, chana fordelivery in July was trading higher by Rs 38, or 0.91 per cent, to Rs 4,212 per quintal, with anopen interest of 1,30,830 lots.The rise in chana prices at futures trade to rising demand at thespot market amid fall in supplies from the producing regions.

✍ Castorseed

Castorseed prices rose by 0.25 per cent on Thursday at the National Commodity & DerivativesExchange Limited (NCDEX) as a result of the rise in demand from consuming industriesagainst restricted arrivals in domestic markets which in turn encouraged the investors to enlargetheir holdings. At the NCDEX, castor seed futures for November 2014 contract were trading atRs. 3,996 per quintal tonnes, up by 0.25 per cent, after opening at Rs. 3,978 against theprevious closing price of Rs. 3,986. Castor is a non-edible oilseed crop; basically a cash crop,with average 46 per cent oil recovery.

✍ Mustard seed

Mustard seed prices closed higher by 0.39 per cent on Wednesday at the National Commodity& Derivatives Exchange Limited (NCDEX) as a result of the decline in the supply for thecommodity in the major markets. At the NCDEX, mustard seed futures for July 2015 contractclosed at Rs. 4,082 per quintal, up by 0.39 per cent, after opening at Rs. 4,070 against theprevious closing price of Rs. 4,066. India produces 5.5 million MT to7 million MT annuallyand about 0.15 million MT is retained for sowing and direct consumption as seed which leavesabout 4.8-5.1 million MT for crushing and extracting oil.

✍ Jeera

Jeera prices closed higher by 1.16 per cent on Wednesday at the National Commodity &Derivatives Exchange Limited (NCDEX) as the investors increased their holdings in thecommodity in the midst limited arrivals from growing regions. At the NCDEX, jeera futures forJuly 2015 contract closed at Rs. 16,090 per quintal, up by 1.16 per cent, after opening at Rs.15,920 against the previous closing price of Rs. 15,905. Sentiment improved further as a resultof reduced domestic supplies in the physical markets and some export enquiries. Global outputof Jeera is around 2.2 lakh MT per year, of which India produces about 1.5 lakh MT per year.

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