✍ NCDEX DAILY LEVELS

✍ NCDEX DAILY LEVELS

DAILY EXPIRY R4 R3 R2 R1 PP S1 S2 S3 S4

SYOREFIDR 20 APR 15 629.83 620.33 610.83 604.67 601.33 595.17 591.83 582.33 572.83

SYBEANIDR 20 APR 15 3,512.67 3,474.67

3,436.67 3,413.33 3,398.67

3,375.33

3,360.67

3,322.67

3,284.67

RMSEED 20 APR 15 3,485.67 3,447.67

3,409.67 3,392.33 3,371.67

3,354.33

3,333.67

3,295.67

3,257.67

JEERAUNJHA 20 MAR 15 16,236.67 15,896.67

15,556.67

15,423.33

15,216.67

15,083.33

14,876.67

14,536.67

14,196.6

CHANA 20 APR 15 3,790.67 3,750.67

3,710.67 3,691.33 3,670.67

3,651.33

3,630.67

3,590.67

3,550.67

CASTORSEED 20 MAR 15 3,996.00 3,922.00

3,848.00 3,806.00 3,774.00

3,732.00

3,700.00

3,626.00

3,552.00

✍ NCDEX WEEKLY LEVELS

WEEKLY EXPIRY R4 R3 R2 R1 PP S1 S2 S3 S4

SYOREFIDR 20 APR 15 649.85 634.35 618.85 608.70 603.35 593.20 587.85 572.35 556.85

SYBEANIDR 20 APR 15 3,674.00 3,586.00

3,498.00 3,444.00 3,410.0 3,356.00

3,322.00

3,234.00

3,146.00

RMSEED 20 APR 15 3,682.33 3,583.33

3,484.33 3,429.67 3,385.33

3,330.67

3,286.33

3,187.33

3,088.33

JEERAUNJHA 20 MAR 15 19,016.67 17,711.67

16,406.67

15,848.33

15,101.67

14,543.33

13,796.67

12,491.67

11,186.67

CHANA 20 APR 15 4,025.33 3,908.33

3,791.33 3,731.67 3,674.33

3,614.67

3,557.33

3,440.33

3,323.33

CASTORSEED 20 MAR15 4,342.67 4,164.67

3,986.67 3,875.33 3,808.67

3,697.33

3,630.67

3,452.67

3,274.67

✍ MCX DAILY LEVELS

ALUMINIUM 27 FEB 15 116.32 114.77 113.22 112.28 111.67 110.73 110.12 108.57 107.02

COPPER 27 FEB 15 375.43 369.28 363.13 359.97 356.98 353.82 350.83 344.68 338.53

CRUDE OIL 19 MAR15 3,521.67 3,426.67 3,331.67 3,273.33 3,236.67 3,178.33 3,141.67 3,046.67 2,951.67

GOLD 03APR 15 27,019.6 26,771.6 26,523.6 26,400.3 26,275.6 26,152.3 26,027.6 25,779.6 25,531.67

LEAD 27 FEB 15 117.95 115.25 112.55 110.80 109.85 108.10 107.15 104.45 101.75

NATURAL GAS 24 FEB 15 217.33 205.33 193.33 188.67 181.33 176.67 169.33 157.33 145.33

NICKEL 27 FEB 15 927.17 908.77 890.37 881.63 871.97 863.23 853.57 835.17 816.77

SILVER 05 MAR 15 38,032.6 37,499.6 36,966.6 36,640.3 36,433.6 36,107.3 35,900.6 35,367.6 34,834.67

ZINC 27 FEB 15 135.73 133.03 130.33 128.62 127.63 125.92 124.93 122.23 119.53

✍ MCX WEEKLY LEVELS

WEEKLY EXPIRY R4 R3 R2 R1 PP S1 S2 S3 S4

ALUMINIUM 27 FEB 15 122.82 119.32 115.82 113.58 112.32 110.08 108.82 105.32 101.82

COPPER 27 FEB 15 392.83 380.83 368.83 362.82 356.83 350.82 344.83 332.83 320.83

CRUDE OIL 19 MAR15 4,057.00 3,787.00 3,517.00 3,366.00 3,247.00 3,096.00 2,977.00 2,707.0 2,437.00

GOLD 03 APR 15 28,805.6 28,005.6 27,205.6 26,741.3 26,405.6 25,941.3 25,605.6 24,805. 24,005.67

LEAD 27 FEB 15 128.12 122.37 116.62 112.83 110.87 107.08 105.12 99.37 93.62

NATURAL GAS 24 FEB 15 233.33 215.33 197.33 190.67 179.33 172.67 161.33 143.33 125.33

NICKEL 27 FEB 15 1,042.00 989.10 936.20 904.60 883.30 851.70 830.40 777.50 724.60

SILVER 05 MAR 15 38,564.6 38,260.6 37,956.6 37,135.3 37,652.6 36,831.3 37,348.6 37,044. 36,740.67

ZINC 27 FEB 15 152.23 144.58 136.93 131.92 129.28 124.27 121.63 113.98 106.33

✍ MCX - WEEKLY NEWS LETTERS

India Budget 2015-16: Oil and Gas sector hopes for clarity on subsidysharing formula

This is an important period in the India oil sector given the falling global crude prices. Theupcoming Union budget would be critical in this regard. Falling crude prices have resulted inlower under-recoveries and working capital requirements for oil marketing companies (OMC).However, it has affected the profitability of upstream companies such as ONGC and OIL.Theoil ministry has proposed a new subsidy sharing proposal by which upstream companies wouldnot make any contributions towards subsidy burden if crude prices are at or below $60 perbarrel, would bear 85% subsidy burden when crude oil prices exceed $60 a barrel and is lessthan or equal to $100 a barrel, and would bear 90% subsidy burden if crude oil price exceeds$100 per barrel.

A concrete subsidy sharing formula would provide visibility over earnings of upstream oilcompanies and hence, it would be positive for them (ONGC, Oil India and GAIL), the reportsaid.The government is also likely to re-introduce 2.5-5% customs duty on import of crude oil,which will be positive for Cairn India and negative for private refiners and OMCs.

✍ Gold drops to 1-1/2 month low on sliding demand; silver gains

Gold prices drifted to hit its lowest levels in 1-1/2 month at the domestic bullion market heredue to sluggish demand from jewellery stockists as well as poor local buying sentiment.

On the other hand, silver moved up marginally on the back of stray industrial demand.

Standard Gold (99.5 purity) declined by Rs 95 to end at Rs 26,625 per 10 grams fromWednesday's closing level of Rs 26,720.

Pure gold (99.9 purity) also fell by a similar margin to finish at Rs 26,775 per 10 gramscompared to Rs 26,870.

However, price of silver (.999 fineness) edged up by Rs 25 to settle at Rs 37,685 per kg asagainst Rs 37,660 previously.

On the global front, the shiny-metal regained some lost ground on safe-haven demand amidcontinued uncertainty over Greece.Spot gold was bid higher at USD 1,211.45 an ounce in early European trade, while silverinched up to 16.42 an ounce.

✍ Gold Holding Above $1,200 as Macro Uncertainties Abound

The U.S. Comex gold futures rose 0.62% on Thursday to $1,207.60 after dropping to an intra-day low of $1,197.20 on Wednesday. Week-to-date, the gold futures fell 1.59% while the S&P500 Index was flat, the Euro Stoxx Index rose 1.17%, and the CRB Commodities Index fell1.28%. The Dollar Index continues to be in a narrow range of 93.80 to 94.50 all week. The U.S.ten-year Treasury yield rose 6bp to 2.1142% while the German ten-year Bund yield rose 4bpthis week to 0.38% on Thursday.

Macro and Political EventsThe market will monitor the discussions among the finance ministers in Brussels on Friday onthe Greeceôs request to extend the loan agreement with fewer conditions. At the same time, theECB plans to ask the Greek banks to lower their holdings of government bonds if the talks fail,thus putting more pressure on the Greek government. The Fed minutes released on Wednesdayhad a dovish tone given many Fed governors preferred not to hike interest rates prematurely asthe strong dollar hurts net exports while the economic recovery is still moderate. Dealersôexpectations of a June rate hike declined from 23% a week ago to 18% after the Fed minutesrelease according to Bloomberg. Elsewhere in Japan, the central bank has decided not to easemonetary policy further saying that the inflation expectations have not dropped more becauseof the lower oil prices.

InvestorsôDemandThe holdings of the largest gold-backed ETF, the SPDR Gold Trust, rose about eight percentthis year by 60 metric tons to 769.46 metric tons on Wednesday, down about 30 tons since ayear ago. The gold investorsô sentiments have rebounded somewhat this year given theuncertainty in the currencies, interest rates, and politics around the world. Dealers are expectingthe physical demand to rise starting at the end of February when the Chinese New Yearholidays end. The gold prices may jump on the positive expectations of a cut in Indiaôs goldimport duty. A lifting of the ban on consignment deals by the Indian government has also givenhope to more gold imports in the coming months.

Greece, euro zone agree four-month loan extension, avert crunchFinance ministers agreed inprinciple on Friday to extend Greeceôs financial rescue by four months, averting a potentialcash crunch in March that could have forced the country out of the currency area.The deal, to be ratified once Greece's creditors are satisfied with a list of reforms it will submitnext week, ends weeks of uncertainty since the election of a leftist-led government in Athenswhich pledged to reverse austerity.

"Tonight was a first step in this process of rebuilding trust," Jeroen Dijsselbloem, chairman ofthe 19-nation Eurogroup, told a news conference. "We have established common ground againto reach agreement on this statement."

The agreement, clinched after the third ministerial meeting in two weeks of acrimonious publicexchanges, offers a breathing space for the new Greek government to try to negotiate longer-term debt relief with its official creditors.

But it also forced radical young Prime Minister Alexis Tsipras into a major climbdown since hehad vowed to scrap the bailout, end cooperation with the "troika" of international lenders androll back austerity.

European Union paymaster Germany, Greece's biggest creditor, had demanded "significantimprovements" in reform commitments by Athens before it would accept an extension ofeurozone funding.

The two main combatants around the table put a radically different gloss on the result.

"Being in government is a date with reality, and reality is often not as nice as a dream," GermanFinance Minister Wolfgang Schaeuble told reporters, stressing Athens would get no aidpayments until its bailout programme was properly completed.

"The Greeks certainly will have a difficult time to explain the deal to their voters," theconservative veteran said.

Greek Finance Minister Yanis Varoufakis said the talks had shown elections could bringchange to Europe. He insisted he had averted "recessionary measures" and said the governmentstill hoped to raise the minimum wage and rehire some public sector workers.

"Nobody is going to ask us to impose upon our economy and society measures that we don'tagree with," Varoufakis said.

The euro rebounded against the dollar and global equity markets surged to record closing highswhile Greek government bond yields fell on optimism for a debt deal.

✍ REFORM LIST

The accord requires Greece to submit by Monday a letter to the Eurogroup listing all the policymeasures it plans to take during the remainder of the bailout period.

If the European Commission, the European Central Bank and the International Monetary Fundare satisfied, euro zone member states will ratify the extension, where necessary through theirparliaments.

Euro finance ministers may sign off on the deal on Tuesday via a teleconference. However, ifthere are doubts they would reconvene in Brussels, officials said, a conditions insisted uponby Spain, whose government also faces a radical leftist insurgency at an election later this yearand is keen that Tsipras gets no special treatment.

Irish Finance Minister Michael Noonan voiced caution, telling reporters: "It's an important firststep that we hope will lead to a successful second step on Monday night/Tuesday morning, butthen of course there's a third step with ratifications in parliament."

With the 240 billion euro (178 billion pounds) EU/IMF bailout programme due to expire inlittle more than a week, Tsipras had requested a six-month extension of a loan agreementbut Germany and its allies objected to the initial formulation of the request.

Greece's partners insisted on the shorter period and tied further disbursements to a satisfactoryreview at the end. They also obliged Athens to commit to fully funding any new spendingmeasures and obtaining approval from its lenders.

The ECB said there would be no need for Greece to impose capital controls restricting cashwithdrawals after the deal.

An ECB source said the bank's governing council was ready to resume accepting Greekgovernment bonds as collateral for lending once necessary steps were taken for the extensionand the bank determined there was a "great likelihood" that Greece would achieve a "positiveconclusion" to its rescue programme.

✍ TRUST IN SHORT SUPPLY

The complex document was crafted in preliminary talks among Varoufakis, Schaeuble,Dijsselbloem and IMF Managing Director Christine Lagarde.

Finance ministers from other euro zone states insisted on more guarantees that Greecewouldmeet the bailout's strict conditions on budget discipline and economic reforms.

Tsipras had a long telephone call with Germany's Angela Merkel on Thursday and has spokenrepeatedly to the leaders of France and Italy in the search for a solution that allows his radicalgovernment to fulfil election promises.

Euro zone officials said Greece's track record and the combative behaviour of its new leadershad undermined their confidence in whether Athens would deliver what it agrees to in talkswith the other countries sharing the euro.

That drove ministers to make Greece hand over custody of nearly 11 billion euros in aidearmarked for stabilising its banks to the euro zone's rescue fund.

Some pointed comments were directed at Varoufakis, an outspoken Marxist economist andblogger, and his casual style. "Even hardliners like us have to give the benefit of the doubt to acommunist in a Burberry scarf," an official of one hawkish European country joked.

Adding to pressure to reach a deal, Greek savers have withdrawn their money from the banks atan accelerating pace despite government assurances that there is no plan to introduce capitalcontrols to stem the outflows.

Chinaôs crude steel production for January 2015 was 65.5 Mt, a decrease of -4.7% compared toJanuary 2014. The crude steel capacity utilisation ratio for the 65 countries in January 2015 was72.5%.World crude steel production for the 65 countries reporting to the World Steel Association(worldsteel) was 133 million tonnes (Mt) in January 2015, a -2.9% decrease compared toJanuary 2014.

Chinaôs crude steel production for January 2015 was 65.5 Mt, a decrease of -4.7% compared toJanuary 2014. Elsewhere in Asia, Japan produced 9.0 Mt of crude steel in January 2015, adecrease of -4.0% compared to January 2014.

In the EU, Germany produced 3.7 Mt of crude steel in January 2015, an increase of 0.5%compared to January 2014. Italy produced 1.9 Mt of crude steel, down by -11.3% on January2014. Franceôs crude steel production was 1.3 Mt, a decrease of -10.6% compared to January2014. Spain produced 1.3 Mt of crude steel, up by 11.8% compared to January 2014.

Turkeyôs crude steel production for January 2015 was 2.6 Mt, down by -10.4% on January2014. In January 2015, Russia produced 6.1 Mt of crude steel, up by 6.0% over January 2014.Ukraine produced 1.9 Mt of crude steel, down by -25.2% compared to the same month 2014.

The US produced 7.4 Mt of crude steel in January 2015, an increase of 0.4% compared toJanuary 2014. Brazilôs crude steel production for January 2015 was 3.0 Mt, up by 7.7% onJanuary 2014.

The crude steel capacity utilisation ratio for the 65 countries in January 2015 was 72.5%. It is -4.4 percentage points lower than January 2014. Compared to December 2014, it is -0.4percentage points lower.

Chinese housing data sideswipes copper priceDeclining properties values in China are hammering copper. The release on Tuesday ofChinese government data showed the prices of new homes fell in 64 of 70 cities.Saw the biggest drop since Feb. 10, with copper futures for May delivery falling 1 percent to$2.85 a pound on the Comex in New York.

Copper, lead, aluminum, tin and nickel also fell on the LME, with nickel dropping for a seventhstraight session in the worst slump since November 2013.

ñMore and more reports are indicating that the slowdown is not getting any better,ò MikeDragosits, a senior commodity strategist at TD Securities in Toronto, told the news outlet.ñPrices will probably remain under pressure until we see China taking some aggressive steps toboost growth.ò

2015 is turning out to be an ugly year for the red metal, having declined 8.7 percent so far onconcerns of an oversupplied market and ebbing demand for key consumption markets Chinaand Europe.

✍ NCDEX - WEEKLY NEWS LETTERS

✍ India Budget 2015-16: The expectations for Agri commodities

As the budget is around the corner India's farm sector will be waiting to see what is in its storefor them. These are a critical times for the sector as agriculture is witnessing its importancediminishing in the economy. One big relief is that the new government under Narendra Modihas given special stress on the farm sector while it took charge at the office last year.The agriculture sector contributes to 15 percent of India's Gross Domestic Product (GDP). Butit is important to note that over 50 percent of the population is still dependent on it.

Union Budget Expectations for Agri Commodities:. Exemption of CTT for processed agricultural commodities to ensure a pickup in volumes inthe futures market. Passing on benefits of a fall in petrol/diesel prices to ensure reduction in freight charges. Investment funds in warehousing sector to prevent wastage of food. Bank accounts for farmers for each and every household for direct transfer of subsidies andloans. Subsidized loans to farmers and safeguarding them from crop losses through crop insurance. Availability of quality agri inputs like fertilizers, seeds and advanced technology inputs

. Providing irrigation facilities and electricity at cheap rates to farmers

. Upgrading weather forecasting system ï IMD, for accurate monsoon forecasts which couldenable farmer to take informed decisions.. Investments in transportation and infrastructure like roads and railways to reducetransportation costs for farmers for their produce

Soybean April contract is likely to trade bullish for short term and sideways for intra day. Shortterm support is seen at 3320 and resistance at 3530.Soybean April contract is likely to trade bullish for short term and sideways for intra day. Shortterm support is seen at 3320 and resistance at 3530. ñIntra day support is seen at 3400 and andresistance at 3450.Global oilseed production for 2014/15 is projected at a record 532.1 million tons, down slightlyfrom last month. Global soybean production is raised 0.7 million tons to a record 315.1 million.Prospects for the Argentina soybean crop have improved with ample moisture and mildtemperatures.

As a result, the crop is projected at a record 56.0 million tons, up 1.0 million. Soybeanproduction is also raised for China, Russia, and Ukraine. Soybean production for Brazil isprojected at 94.5 million tons, down 1.0 million on lower yields reflecting the impact of limitedrainfall in eastern growing areas.soybean supplies are increased 10 million bushels to 4,086 million on higher projected imports.Exports for 2014/15 are projected at 1,790 million bushels, up 20 million. Soybean crush israised 15 million bushels to 1,795 million on increased domestic soybean meal disappearance.Soybean oil production gains from additional crush are mostly offset with a lower extractionrate.With increased production and reduced exports, soybean oil ending stocks are project-ed at1.505 billion pounds, up 75 million. Soybean ending stocks are projected at 385 million bushels,down 25 million from last month.Soybean output may rise by 40 lakh tons this year. It has estimated 31.20 crore tons outputglobally in 2014-15. Previously, it is estimated 30.8 crore tons in its projection released inNovember.

✍ Castor seed futures trade lower on increased supplies

Castor seed futures traded marginally lower on NCDEX on account of increased supplies ofnew crops in the markets. Besides, fall in demand at domestic as well as export markets alsoweighed on castor seed prices.

The contract for February delivery was trading at Rs 3770.00, down by 0.19% or Rs 7.00 fromits previous closing of Rs 3777.00. The open interest of the contract stood at 3530 lots.

The contract for March delivery was trading at Rs 3792.00, down by 0.13% or Rs 5.00 from its

previous closing of Rs 3797.00. The open interest of the contract stood at 102960 lots onNCDEX.

✍ Chana futures decline on sluggish demand

Chana futures traded lower on NCDEX due to sluggish demand in spot market against adequatestocks position. However, expected lower output from the new crop capped some losses inchana prices.

The contract for April delivery was trading at Rs 3665.00, down by 0.79% or Rs 29.00 from itsprevious closing of Rs 3694.00. The open interest of the contract stood at 174130 lots.

The contract for May delivery was trading at Rs 3673.00, down by 0.97% or Rs 36.00 from itsprevious closing of Rs 3709.00. The open interest of the contract stood at 83110 lots onNCDEX.

✍ Jeera future edge lower on subdued demand

Jeera future traded down on NCDEX due to subdued demand from retailers and stockists atexisting levels. Further, weakening trend at futures market also put pressure on prices at futuretrade.

The contract for March delivery was trading at Rs 15240.00, down by 0.26% or Rs 40.00 fromits previous closing of Rs 15280.00. The open interest of the contract stood at 17547.00 lots.

The contract for April delivery was trading at Rs 15515.00, down by 0.29% or Rs 45.00 fromits previous closing of Rs 15560.00. The open interest of the contract stood at 4983.00 lots onNCDEX.

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