EXECUTIVE SUMMARYOur endeavor is to analyze impact of USD/INR on prices of different commodities as they stand in the overall economical, social and demographic picture. The impact in economical system is very much obvious and beyond any dispute as commodities are themselves economical propositions. Commodities are any agricultural or mining product which can be traded for cash in spot market and futures exchanges. Commodity markets provide an avenue for their sale. Commodity exchanges help in trading commodity in futures and option markets.We have chosen the commodity market for his project work because presently, it is the one of the most likely profitable investment area and having vast future scope in India. Commodity market is also the investment like other investment. And investment is not free from risk. There are low or high risk is available in every investment. In the commodity market the risk like price fluctuation, increase and decrease in demand and supply of the different commodity. But commodities are also subject matter of our social fabrication. Any society comprises of two set of people: Traders and Farmers. Commodities are affecting the lives of both set of people. Their business practices and strategies are rapidly changing and commodity market is very much influencing it. The commodity market also fluctuate with change in supply and demand; hope, fear and greed; inflation, interest rates, economic strength, currency rates; government policies, etc.With the world embracing the commodity market trading on a large scale, the Indian market obviously cannot remain aloof, especially after liberalization has been set in motion this study was undertaken in C9 FINANCIAL PVT. LTD. In my research work we include the objective of the study; introduction of how commodity market is work, what is risk level of different commodity, their fluctuation of selected commodity and dollar. Here, I have studied impact of dollar on price of different commodities by studying the relation between dollar and prices of different commodities like gold, silver, copper, nickel and crude oil with the help of Karl persons co-efficient of correlation and I have also measured the systematic risk by using beta.

Commodities market in IndiaIndia has a long history of futures trading in commodities. In India, trading in commodities futures has been I existence from the 19th century with organized trading in cotton, through the establishment of Bombay cotton trade association Ltd .in 1875. Over a period of time, other commodities were permitted to be trade in futures. Spot trading occurs mostly in regional midis and unorganized markets, which are fragmented and isolated.There were booming activities in this market and at one time as many as 110 exchanges were conduction forward trade in various commodities in the country. The securities market was poor cousins of this market a there were not many papers to be traded at the country.The ear of widespread shortages in many essential commodities resulting in inflationary pressures and the toward socialist policy, in which the role of market forces for resource allocation got diminished, saw the decline of this market since the mid-1960. This coupled with the regulatory constrain in 1960. Resulted I virtual dismantling of the commodities future markets. It is only un the last decade that commodity future exchanges have been actively encouraged. However have been than with poor liquidity and have not grown to any significant level.

A three-pronged approach has been adopted to review and revitalize this market. Firstly on policy front many legal and administrative hurdles in the functioning of the market have been removed. Forward trading was permitted in cotton and jute goods in 1998, followed by some oilseeds and their derivatives, such as groundnut, mustard seed, sesame, cottonseed etc. in 1999. A statement in the first ever national agricultural policy, issued in July, 2000by the government futures trading will be encouraged in increasing number of commodities was of welcome change in the government policy towered forward trading. Secondly, strengthening of infrastructure and intuitional capabilities of the regulator and the existing exchanges received priority.The year 2003 market the real turning point in the policy framework for commodity market when the government issued notification for withdrawing all prohibition and opening up forward in all the commodities. This period also witnessed other reform, such as, amendments to the essential commodities act, securities rules, which have reduced bottlenecks in the development and growth of commodity market. Of the countrys total GDP, commodities related industries constitute about roughly 50-60% , which itself cannot be ignored. Most of the existing Indian commodity exchanges are single commodity platforms are regional in nature, run mainly by entities which trade on them resulting in substantial conflict of interests opaque in their functioning and have not used technology to scale up their operations and reach to bring down their cost. But with the strong emergence of national multi-commodity exchange Ltd, Ahmadabad (NMCE), multi-commodity exchange Ltd., Mumbai (MCX), national commodities and derivatives exchange, Mumbai (NCDEX), and national boarded of trade, Indore (NBOT), all these shortcomings will be addressed rapidly. These exchanges are expected to be role model to other exchanges and likely to compete for trade not only among themselves but also with the existing exchanges.

MINISTRY OF CONSUMER AFEAIRS

FMC (FORWARDS MARKET COMMISSION)

COMMODITY EXCHANG

NATIONAL EXCHANGEREGIONAL EXCHANGE

NMCE MCXNCDEX20 OTHERNBOT

Figure No 2.1: Commodities Market In IndiaThe current mindset of the people in India is that the commodity exchanges are speculative and are not meant for actual user. One major reason being that the awareness is lacking amongst actual user. In Indian, interest rate, exchange rate risks are actively managed, but the same does not hold true for the commodity risks. Some additional impediments are centered on the safety, transparency and taxation issues.

DIFFERENT SEGEMEBTS IN COMODITIES MARKETThe commodities market in two distinct foams namely the over the counter (OTC) market and Exchange based market. Also, as in equities, there exists the spot and the derivatives segment. The sport market are essentially over the counter market and the participation is restricted to people who are involved with that commodity say the farmer, processor, wholesaler etc. derivative trading takes place through exchange-based market with standardized contracts, settlements etc.LEADING COMMODITY MARKETS OF WORLDSome of the leading exchanges of the world are:Table: 2.1 Leading Commodity Markets of WorldNo.Global Commodity Exchanges

1New York Mercantile Exchange (NYMEX)

2London Metal Exchange (LME)

3Chicago Board of Trade (CBOT)

4New York Board of Trade (NYBOT)

5Kansas Board of Trade

6Winnipeg Commodity Exchange, Manitoba

7Dalian Commodity Exchange, China

8Bursa Malaysia Derivatives Exchange

9Singapore Commodity Exchanges (SICOM)

10Chicago Mercantile Exchange (CME),US

11Tokyo Commodity Exchanges (TOCOM)

12Shanghai Futures Exchanges

13Sydney futures Exchanges

14London International Financial Futures and Options Exchanges (LIFFE)

15National Multi-Commodity Exchange in India (NMCE),India

16National Commodity and Derivatives Exchange (NCDEX),India

17Multi-Commodity Exchange of India Limited (MCX),India

18Dubai gold & Commodity Exchange (DGCX)

19Dubai Mercantile Exchange (DME), [joint venture between Dubai holding and the New York Mercantile Exchange (NYMEX)]

20London Metal Exchange

RegulatorsEach exchange is normally regulated by a national governmental (or semi-governmental) regulatory agency:Table 2.2: RegulatorsAustraliaAustralia securities and investment commission

Chinese mainlandChina securities regulatory commission

Hong KongSecurities and futures commission

IndiaSecurity and exchange board of India and forward market commission (FMC)

PakistanSecurity and exchange commission of Pakistan

SingaporeMonetary authority of Singapore

UKFinancial services authority

USACommodity future trading commission

MalaysiaSecurity commission

LEADING COMMODITY MARKET OF INDIAThe government has now allowed national commodity exchange, similar to the BSE & NSE , to come up and let them deal in commodity derivatives in an trading system. The forward market commission (FMC) will regulate theses exchanges.Table: 2.3: Leading Commodity Market of India No.Commodity Market in India

1Multi Commodity Exchange (MCX), Mumbai

2National Commodity and Derivatives Exchange Ltd (NCDEX), Mumbai

3National Board of Trade (NBOT), Indor

4National Multi Commodity Exchange (NMCE), Ahmadabad

Multi Commodity ExchangeMulti Commodity Exchange of India Ltd (MCX) (BSE:534091) is an independent commodity exchange based in India. It was established in 2003 and is based in Mumbai. The turnover of the exchange for the fiscal year 2009 was US$ 1.24 trillion, and in terms of contracts traded, it was in 2009 the world's sixth largest commodity exchange. MCX offers futures trading in bullion, ferrous and non-ferrous metals, energy, and a number of agricultural commodities (mentha oil, cardamom, potatoes, palm oil and others).In 2012, MCX has taken the third spot among the global commodity bourses in terms of the number of futures contracts traded. Based on the latest data from Futures Industry Association (FIA), during the period between January and June this year, about 127.8 million futures contracts were traded on MCX.[1]MCX has also set up in joint venture the MCX Stock Exchange. Earlier spin-offs from the company include the National Spot Exchange, an electronic spot exchange for bullion and agricultural commodities, and National Bulk Handling Corporation (NBHC) India's largest collateral management company which provides bulk storage and handling of agricultural products.In February 2012, MCX has come out with a public issue of 6,427,378 Equity Shares of Rs. 10 face value in price band of 860 - 1032 Rs. per equity share to raise around $134 million. MCX is India's No. 1 commodity exchange with 83% market share in 2009 The exchange's main competitor is National Commodity & Derivatives Exchange Ltd Globally, MCX ranks no. 1 in silver, no. 2 in natural gas, no. 3 in crude oil and gold in futures trading (But actual volume is far behind CME group volume as Silver is traded in 30kg lots on MCX whereas CME traded in Approx 155kg Lot size same in Gold 1kg: 3.kg Approx and Crude 100 Barrels: 1000 Barrels on CME) and major volume in manuplated as there in no strict regulation in Indian markets just to Excalate the prices of Shares of company. Also the major volume comes from Arbitration Of CME and MCX which is also not legal to do. As of early 2010, the normal daily turnover of MCX was about US$ 6 to 8 billion MCX now reaches out to about 800 cities and towns in India with the help of about 126,000 trading terminals MCX COMDEX is India's first and only composite commodity futures price indexTable: 2.4: Multi Commodity ExchangeMETALBULLION

Aluminium, Copper, Lead, Nickel, Steel Long (Bhavnagar), Steel Long (Govindgarh), Steel Flat, Tin, ZincGold, Gold HNI, Gold M, i-gold, Silver, Silver HNI, Silver M, Silver Micro

FIBERENERGY

Cotton L Staple, Cotton M Staple, Cotton S Staple, Cotton Yarn, Kapas, JuteBrent Crude Oil, Crude Oil, Furnace Oil, Natural Gas, M. E. Sour Crude Oil, ATF, Electricity(Now delisted), Carbon Credit

SPICESPLANTATIONS

Cardamom, Jeera, Pepper, Red Chilli, Turmeric, Cumin Seed, CorianderArecanut, Cashew Kernel, Coffee (Robusta), Rubber

PULSESPETROCHEMICALS

Chana, Masur, Yellow Peas, Tur, UradHDPE, Polypropylene(PP), PVC

OIL & OIL SEEDS

Castor Oil, Castor Seeds, Coconut Cake, Coconut Oil, Cotton Seed, Crude Palm Oil, Groundnut Oil, KapasiaKhalli, Mustard Oil, Mustard Seed (Jaipur), Mustard Seed (Sirsa), RBD Palmolein, Refined Soy Oil, Refined Sunflower Oil, Rice Bran DOC, Rice Bran Refined Oil, Sesame Seed, Soymeal, Soy Bean, Soy Seeds

CEREALSOTHERS

Maize, Barley, Rice, Sharbati Rice, Basmati Rice, WheatGuargum, Guar Seed, Gurchaku, Mentha Oil, Potato (Agra), Potato (Tarkeshwar)

National Commodity and Derivatives ExchangeNational Commodity & Derivatives Exchange Limited (NCDEX) is an online multi commodity exchange based in India. It is a public limited company incorporated on 23 April 2003 under the Companies Act, 1956. It obtained its Certificate for Commencement of Business on 9 May 2003. It has commenced its operations on 15 December 2003. NCDEX is the only commodity exchange in the country promoted by national level institutions. This unique parentage enables it to offer a bouquet of benefits, which are currently in short supply in the commodity markets. The institutional promoters and shareholders of NCDEX are prominent players in their respective fields and bring with them institutional building experience, trust, nationwide reach, technology and risk management skills. NCDEX is regulated by Forward Markets Commission (FMC) in respect of futures trading in commodities. Besides, NCDEX is subjected to various laws of the land like the Companies Act, Stamp Act, Contracts Act, Forward Commission (Regulation) Act and various other legislations, which impinge on its working.The NCDEX SystemEvery market system traction consists of three components i.e. Trading, Clearing, and Settlement. A brief overview of how transaction happen on the NCDEXs market.TRADINGThe trading system on the NCDEX provides a fully automated screen based trading for futures on commodities on a nationwide basis as well as online monitoring and surveillance mechanism. It supports an order driven market and provide complete transparency of trading operations. All contracts expire on the 20th of the expiry contracts would cease trading on the 20th of February. If the 20th of the expiry month holiday, the contract shall expire on the previous trading day. New contract will be introduced on the trading day following the expiry of the near month contract. CLEARINGNational Securities Clearing Corporation Limited (NSCCL) underrates clearing to trade executed on the NCDEX. The settlement guarantee fund is maintained and managed by NCDEX. Only clearing member including professional clearing member (PCMs) only are entitled to clear and settle contract through the clearing house. At NCDEX, after the trading hours on the expiry data, based on the available information, the matching for deliveries takes place firstly, on the basis of location and then randomly, keeping in view the factors such as available capacity of the vault/warehouse, commodities already deposited and dematerialized and offered for delivery etc.

SETTLEMENTFutures contracts have two types of settlement, the MTM settlement which happens on a continuous basis at the end of each day, and the final settlement which happens on the last trading day of the futures contact. On the NCDEX, daily MTM settlement and the final MTM settlement in respect of admitted deals in futures contracts are cash settled by debiting/crediting account of CMs with the respective clearing bank.MCX Stock ExchangeMCX Stock Exchange Limited (MCX-SXAT) is an Indian stock exchange. It commenced operations in the Currency Derivatives (CD) segment on October 7, 2008 under the regulatory framework of Securities & Exchange Board of (SEBI) and Reserve Bank of India (RBI). The Exchange is recognised by SEBI under Section 4 of Securities Contracts (Regulation) Act, 1956. In line with global best practices and regulatory requirements, clearing and settlement is conducted through a separate clearing corporation, MCX-SXAT Clearing Corporation Ltd. (MCX-SXAT CCL).At the end of June 2012, MCX-SX had 750 members and saw participation from 707 towns and cities across India.The Exchange received permissions to deal in Interest Rate Derivatives, Equity, Futures & Options on Equity and Wholesale Debt Segment, vide SEBIs letter dated July 10, 2012.MCX-SX was granted the status of a recognized stock exchange by the Ministry of Corporate Affairs (MCA),Government of India on December 21, 2012. It received commencement certificate from market regulator SEBI for trading in new segments such as Equity, Futures and Options on Equity, Interest Rate Derivatives and Wholesale Debt Market on December 19, 2012.SX40SX40 is the flagship Index of MCX-SXAT. A free float based index of 40 large caps - liquid stocks representing diversified sectors of the economy. It is designed to be a performance benchmark and to provide for efficient investment and risk management instrument. It would also help in structuring passive investment vehicles. ProductsMCX-SXAT currently Rupee (EURINR), Pound Sterling-Indian Rupee (GBPINR) and Japanese Yen-Indian Rupee (JPYINR). The currency futures contracts on MCX-SX enable Indian Importers, Exporters, Corporate, Banks and other participants to effectively hedge their risks arising out of volatile currency prices. These contracts also offer a better flexibility than the currency contracts traded on over-the-counter (OTC) market as the structure and pricing of an exchange-traded contract is more transparent.

C9 FINANCIAL PRIVATE LIMITEDMoney, its just not what it used to beA. VISION OF THE COMPANY C9 Financial Pvt. Ltd. Strive to be World Class Organization by providing expertise and leadership in its fields and delivering high quality, value added services to its customers with courtesy and respect. C9 Financial Pvt. Ltd. Continually improve its services through the optimum use of technology and systems, by collaborating partnerships, and by being responsive to changing needs. C9 Financial Pvt. Ltd. Advocate employee empowerment, decentralized decision making and responsible risk taking as they are essential for a strong positive future. C9 Financial Pvt. Ltd. grows by providing mentoring, encouragement and learning opportunities, by communicating openly, and by challenging themselves to excel. C9 Financial Pvt. Ltd. reward and celebrate success.

B. MISSION OF THE COMPANY: C9 Financial Pvt. Ltd. is dedicated to providing total financial solution. C9 Financial Pvt. Ltd. wishes to establish successful partnership with its client, its staff member, and its associates company, that respect the interest and goal of each party. Success will be measured by its client choosing it because of their belief in its ability to meet or exceed their expectation of service, and expertise. Achieving superior and consistent investment result. Institutionalizing system-approach in all aspect of functioning. Upholding highest standard of ethical values at all times.

C. VALUES OF THE COMPANY: Passion Time Commitment Fidelity Respect

D. SERVICES PROVIDED BY THE COMPANY:C9 Financial Pvt. Ltd. Provides a complete life-cycle of investment solution in Equities, Derivative, Commodities, IPO, Mutual Funds, Depository Services, Portfolio management Services, Life Insurance, General Insurance and Income Tax Consultancy. It also offers personalized wealth management services for high net worth individuals.

FIGURE NO 3.1: Service provided by the companyE. ORGANIZATIONAL STRUCTURE OF THE COMPANY:

FIGURE NO 3.2: Organizational structure of the company

F. ADDRESS OF THE COMPANY:C9 Financial Pvt. Ltd.2, Nilanjali Complex,Near Gail Tower,Anand-Mahal Road,Surat-395009

G. CONTACT DETAILS OF THE COMPANY:Phone: +91-261-3075054Email: C9financial@gmail.comVisit :www.C9financial.weebly.comWHAT IS COMMODITY?

In economics, a commodity is a marketable item produced to satisfy wants or needs. Economic commodities comprise goods and services.The exact definition of the term commodity is specifically applied to goods. It is used to describe a class of goods for which there demand is, but which is supplied without qualitative differentiation across a market. A commodity has full or partial fungibility; that is, the market treats its instances as equivalent or nearly so with no regard to who produced them. "From the taste of wheat it is not possible to tell who produced it, a Russian serf, a French peasant or an English capitalist." Petroleum and copper are other examples of such commodities, their supply and demand being a part of one universal market. Items such as stereo systems, on the other hand, have many aspects of product differentiation, such as the brand, the user interface and the perceived quality. The demand for one type of stereo may be much larger than demand for another.In contrast, one of the characteristics of a commodity good is that its price is determined as a function of its market as a whole. Well-established physical commodities have actively traded spot and derivative markets. Generally, these are basic resources and agricultural products such as iron ore, crude oil, coal, salt, sugar, tea, coffee beans, soybeans, aluminum, copper, rice, wheat, gold, silver, palladium, and platinum. Soft commodities are goods that are grown, while hard commodities are the ones that are extracted through mining.There is another important class of energy commodities which includes electricity, gas, coal and oil. Electricity has the particular characteristic that it is usually uneconomical to store; hence, electricity must be consumed as soon as it is produced.Commoditization (also called commoditization) occurs as a goods or services market loses differentiation across its supply base, often by the diffusion of the intellectual capital necessary to acquire or produce it efficiently. As such, goods that formerly carried premium margins for market participants have become commodities, such as generic pharmaceuticals and DRAM chips. Another example suggested by the New York Times is multivitamin supplements; a 50mg tablet of calcium is of equal value to a consumer no matter what company produces and markets it, and as such, multivitamins are now sold in bulk and are available at any supermarket with little differentiation among brands. Following this trend, nonmaterials are emerging from carrying premium profit margins for market participants to a status of commoditization. Different types of commodities tradedWorld over one will find that a market exits for almost all the commodities know to us. These commodities can be broadly classified into following:Agricultural (grains, and food and fiber) Table: 4.1: Different types of commodities tradedCommodityMain ExchangeContract SizeTrading Symbol

CornCBOT5000 buC/ZC (Electronic)

CornEURONEXT50 tonsEMA

OatsCBOT5000 buO/ZO (Electronic)

Rough RiceCBOT2000 cwtRR

SoybeansCBOT5000 buS/ZS (Electronic)

RapeseedEURONEXT50 tonsECO

Soybean MealCBOT100 short tonsSM/ZM (Electronic)

Soybean OilCBOT60,000lbBO/ZL (Electronic)

WheatCBOT5000 buW/ZW (Electronic)

MilkChicago Mercantile Exchange200,000lbsDC

CocoaICE10 tonsCC

Coffee CICE37,500lbKC

Cotton No.2ICE50,000lbCT

Sugar No.11ICE112,000lbSB

Sugar No.14ICE112,000lbSE

Frozen Concentrated Orange JuiceICE15,000lbsFCOJ-A

Livestock and meatTable: 4.2: Livestock and meatCommodityContract SizeCurrencyMain ExchangeTrading Symbol

Lean Hogs40,000 lb (20 tons)USD ($)Chicago Mercantile ExchangeLH

Live Cattle40,000 lb (20 tons)USD ($)Chicago Mercantile ExchangeLC

Feeder Cattle50,000 lb (25 tons)USD ($)Chicago Mercantile ExchangeFC

EnergyTable: 4.3: EnergyCommodityMain ExchangeContract SizeTrading Symbol

WTI Crude OilNYMEX, ICE1000 bbl (42,000 U.S. gal)CL (NYMEX), WTI (ICE)

Brent CrudeICE1000 bbl (42,000 U.S. gal)B

EthanolCBOT29,000 U.S. galAC (Open Auction) ZE (Electronic)

Natural gasNYMEX10,000 mmBTUNG

Heating OilNYMEX1000 bbl (42,000 U.S. gal)HO

Gulf Coast GasolineNYMEX1000 bbl (42,000 U.S. gal)LR

RBOB Gasoline (reformulated gasoline blend stock for oxygen blending)NYMEX1000 bbl (42,000 U.S. gal)RB

PropaneNYMEX1000 bbl (42,000 U.S. gal)PN

Purified Terephthalic Acid (PTA)ZCE5 TonsTA

Precious metalsTable: 4.4: Precious metalsCommodityUnitCurrencyMain Exchange

Goldtroy ounceUSD ($)COMEX

Platinumtroy ounceUSD ($)COMEX

Palladiumtroy ounceUSD ($)COMEX

Silvertroy ounceUSD ($)COMEX

Industrial metalsTable: 4.5: Industrial metalsCommodityUnitCurrencyMain Exchange

CopperMetric TonUSD ($)London Metal Exchange, New York

LeadMetric TonUSD ($)London Metal Exchange

ZincMetric TonUSD ($)London Metal Exchange

TinMetric TonUSD ($)London Metal Exchange

AluminumMetric TonUSD ($)London Metal Exchange, New York

Aluminum alloyMetric TonUSD ($)London Metal Exchange

NickelMetric TonUSD ($)London Metal Exchange

CobaltMetric TonUSD ($)London Metal Exchange

MolybdenumMetric TonUSD ($)London Metal Exchange.,

RecycledsteelMetric TonUSD ($)Rotterdam

OtherTable: 4.6: OtherCommodityUnitCurrencyBourse

Rubber1kgUS cents ()*Singapore Commodity Exchange

Palm Oil1000kgMalaysian Ringgit (RM)Bursa Malaysia

Wool1kgAUD ($)ASX

Polypropylene1000kgUSD ($)London Metal Exchange

Linear Low Density Polyethylene (LL)1000kgUSD ($)London Metal Exchange

INTRODUCTION OF COMMODITY MARKET IN INDIA The evolution of the organized futures market in India commenced in 1875 with the setting up of the Bombay Cotton Trade Association Ltd. Following widespread discontent among leading cotton mill owners and merchants over the functioning of the Bombay Cotton Trade Association, a separate association, Futures trading in Bombay Cotton Exchange Ltd., was constituted in 1983. Oilseeds originated with the setting up of the Gujarati V yapari Mandali in 1900, which carried out futures trading in ground nuts, castor seeds and cotton. The Calcutta Hessian Exchange Ltd. and the East India Jute Association Ltd. were set up in 1919 and 1927 respectively for futures trade in raw jute. Futures markets in Bullion began in Mumbai in 1920, and later, similar markets were established in Rajkot, Jaipur, Jamnagar, Kanpur, Delhi and Calcutta. In due course, several other exchanges were established in the country, facilitating trade in diverse commodities such as pepper, turmeric, the futures trade in spices was first organized by potato, sugar and jiggery. The India Pepper and Spices Trade Association (IPSTA) in Cochin in 1957. However, in order to monitor the price movements of several agricultural and essential commodities, futures trade was completely banned by the government in Subsequent to the ban of futures trade, many traders resorted to1966. Unofficial and informal trade in futures. However, in Indias liberalization epoch as per the June. The commodity futures traded in commodity exchanges are REGULATING BODY regulated by the Government under the Forward Contracts Regulations Act, 1952 and the Rules framed there under. The regulator for the commodities trading is the Forward Markets Commission, situated at Mumbai, which comes under the Forward Markets Ministry of Consumer Affairs Food and Public Distribution. ABOUT COMMODITY FUTURESMeaning of commodity futuresAny product that can be used for commerce or an article of commerce which is traded on an authorized commodity exchange is known as commodity. The article should be movable of value, something which is bought or sold and which is produced or used as the subject or barter or sale. In short commodity includes all kinds of goods. Forward Contracts (Regulation) Act (FCRA), 1952 defines goods as every kind of movable property other than actionable claims, money and securities.In current situation, all goods and products of agricultural (including plantation), mineral and fossil origin are allowed for commodity trading recognized under the FCRA. The national commodity exchanges, recognized by the Central Government permits commodities which include precious (gold and silver) and non-ferrous metals, cereals and pulses, ginned and cotton, oilseeds, oils and oilcakes; raw jute and jute goods; sugar; potatoes and onions; coffee and tea; rubber and spices etc.Commodity futures are still a relatively unknown asset class, despite being traded in the India for over 3 years. This may be because commodity futures are strikingly different from stocks, bonds, and other conventional assets. Among these differences are: (1) commodity futures are derivative securities; they are not claims on long-lived corporations; (2) they are short maturity claims on real assets; (3) unlike financial assets, many commodities have pronounced seasonality in price levels and volatilities. The economic function of corporate securities such as stocks and bonds, that is, liabilities of firms, is to raise external resources for the firm. Investors are bearing the risk that the future cash flows of the firm may be low and may occur during bad times, like recessions. These claims represent the discounted value of cash flows over very long horizons. Their value depends on decisions of management. Investors are compensated for these risks. Commodity futures are quite different; they do not raise resources for firms to invest. Rather, commodity futures allow firms to obtain insurance for the future value of their outputs (or inputs). Investors in commodity futures receive compensation for bearing the risk of short-term commodity price fluctuations.Commodity futures do not represent direct exposures to actual commodities. Futures prices represent bets on the expected future spot price. Inventory decisions link current and future scarcity of the commodity and consequently provide a connection between the spot price and the expected futures spot price, hence commodity futures, display many differences.OBJECTIVE OF COMMODITY FUTURES: Hedging - price risk management by risk mitigation Speculation - take advantage of favorable price movement Leverage - pay low margin to enjoy large exposure Liquidity - ease of entry and exit of market Price stabilization along with balancing demand and supply position Flexibility, certainty and transparency in purchasing commodities facilitate bank financing.Explain about the following in objectives as:Hedging:The hedger is a trader who enters the futures market in order to reduce a pre-existing risk position. Having a position does not mean that the trader must actually own a commodity. An individual or a firm who anticipates the need for a certain commodity in the future or a person who plans to acquire a certain commodity later also has a position in that commodity. In many cases, the hedger has a certain hedging horizon the future date when the hedge will terminate. The hedge can be a long hedge or a short hedge. If the hedger buys futures contract to hedge, it will be a long hedge. For example, a roller flourmill owner may like to lock-in the price of the wheat that he wants to purchase three months later by purchasing wheat futures. If three months later the wheat prices rise, carrying futures prices along with them, the flourmill owner will purchase wheat from the spot market at a higher price. The loss that he may suffer in the cash market will be compensated by sale of futures at a higher price. Similarly, a farmer can sell three-month futures at the prevailing price and lock-in his profits at that level. If the prices fall, the loss suffered by the farmer in the cash market will be compensated by the profit that the farmer will earn by squaring the transaction in the futures market.In practice, hedging solutions are not as neat as the ones described above. In the above example, the goods in question were exactly the same both in the cash and the futures market, the amounts purchased / sold in the cash market matched the futures contract amounts, and the hedging horizons of the farmer and the mill owner matched the delivery dates of the futures contracts. It will be rare for all factors to match perfectly; they will differ in time span covered, the amount of commodity or the physical characteristics of the commodity that are traded in the cash and the futures markets. Such hedges are known as cross-hedges. In such cases, the hedger must trade the right number and kind of futures contract to control the risk in hedged positions as much as possible. There can be situations where the hedger does not have any definite hedging horizon and may enter into what is known as risk-minimizing hedge. The hedger has many incentives. Tax is a major incentive. In an un-hedged situation, the profits fluctuate widely and the person / firm may have to pay taxes in the high profit years while he is not able to utilize the tax credits when he runs into losses. Hedging also serves to minimize the cost of financial distress. Widely fluctuating profits may drive many persons / firms to bankruptcy. In an idealized world with no transaction costs, which is inhabited by homo-economics this may not be a factor. In the real world, bankruptcy involves avoidable human misery and prolonged winding up procedures.Role of Speculators: Derivative markets have long been viewed with suspicion as speculators are the most visible players. We consider it appropriate to emphasize that functioning derivative markets will have speculators who need to be viewed from the point of view of their economic usefulness and who need to be regulated with a view to preventing systemic instability.A speculator is a trader who enters the futures market in search of profit and, by so doing, willingly accepts increased risks. Different types of speculators may be categorized by the length of time they plan to hold a position. Traditionally, there are three kinds of speculators: scalpers, day traders and position traders.Scalpers time horizon is the shortest, ranging from the next few seconds to the next few minutes and they make profits that may be only one or two ticks, the minimum allowable price movement. If the prices do not move in the scalpers direction within a few minutes of assuming a position, the scalper will like to close the position and begin looking for a new opportunity. It is understood that scalpers do not go by the demand and supply positions of the underlying commodity but act on the sentiment. They generate enormous amounts of transactions and are able to survive as they pay minimum transaction cost. Besides earning profits for themselves, their main role is to provide liquidity in the market. They provide a party willing to take the opposite side of a trade for other traders; hedgers know that their orders can be executed. By actively trading, they generate price quotations thereby allowing markets to discover prices more effectively. By competing for trades, they help close the bid-ask spread. Day Traders close their position before the end of trading each day. Their strategy is to guess the price movements on account of developments during the day, including announcement of government policies and release of data. Position Traders maintain overnight positions, which may run into weeks or even months. They may hold outright positions in which they run huge risks and may also earn big profits. The more risk averse among them assume spread positions which may involve relative price movements in different contracts on the same underlying commodities or commodities which are closely related. It is pertinent to examine whether hedgers need speculators. Theoretically, if there are sufficiently large numbers of short and long hedgers, they may fulfill each others need and the speculators may have no role. However, in practice, there is always a mismatch between the time when the short and long hedgers would approach the market and the speculators fill in this gap. Leading commodity markets of world:Some of the leading exchanges of the world are New York Mercantile Exchange (NYMEX), the London Metal Exchange (LME) and the Chicago Board of Trade (CBOT). Leading commodity markets of India: The government has now allowed national commodity exchanges, similar to the BSE & NSE, to come up and let them deal in commodity derivatives in an electronic trading environment. These exchanges are expected to offer a nation-wide anonymous, order driven; screen based trading system for trading. The Forward Markets Commission (FMC) will regulate these exchanges.How commodity markets work?There are two kinds of treads in commodities. The first is the spot tread, in which one pays as and carries away the goods. The second future treads. The underpinning for future is the warehouse receipts. A person deposit certain amount of say, good X in a ware house and gets a warehouse receipts. Which allow in asking for physical delivery of the good form the warehouse? But some trading of commodity future need not necessarily process such a receipts to strike a deal. A person can buy sell a commodity future an exchange based on his expectation of where the price will go. Futures have something called an expiry data, by when the buyer and seller either causes his account or give/take delivery of commodity. The broker maintains an account of all dealing parities in which daily profit or loss due to changes in the future price is record. Squaring off is done by taking an opposite contract so that the net outstanding is nil.Following diagram give idea about working of the commodity market.

Figure 4.1: Working Of the Commodity MarketToday commodity trading system is full computerized. Traders need not visit a commodity market to speculate. With online commodity trading they could sit in the confines of their home or office and call the shots.Step the commodity trading system consists of certain prescribed steps or stages as follows:1. Trading: - At this stage the following is the system implemented: Order receiving Execution Matching Reporting Surveillance Price limits Position limits2. Clearing house: -At this stage the following is the system in place: Matching Registration Clearing Limit Notation Margining Price limits Position limit Clearing house3. Settlement: -At this stage the following is the system follows: Marking to market Receipts to payment Reporting Delivery upon expiration or maturity. About Commodity Trading Exchanges in India:Brief descriptions of commodity exchanges are those which trade in particular commodities, neglecting the trade of securities, stock index futures and options etc. In India there are 25 recognized future exchanges, of which there are three national level multi-commodity exchanges. After a gap of almost three decades, Government of India has allowed forward transactions in commodities through Online Commodity Exchanges, a modification of traditional business known as Adhat and Vayda Vyapar to facilitate better risk coverage and delivery of commodities.

The three exchanges are: National Commodity & Derivatives Exchange Limited (NCDEX) Multi Commodity Exchange of India Limited (MCX) National Multi-Commodity Exchange of India Limited (NMCEIL)THE DOLLAR MOVES INVERSELY TO COMMODITY PRICES Gold

Gold (also called bullion) is primarily a monetary asset and partly a commodity. Gold is the world's oldest international currency. It is an important element of global monetary reserves. It is considered as a commodity as it can be acquired and stored in the form of Jewellery, Bars, Coins and Gold Deposits. It is also called precious metal, which means it does not rust (oxidise) at normal conditions. It is resistant against many acids and a good electric conductor, which makes it useful for electronic circuits. It is useful for jewelry because of its inertness.

Economic Importance

Gold has mainly three types of uses- Jewelery Demand, Investment Demand and Industrial uses

Medium of monetary exchange

It is an important element of global monetary reserves.

It is an effective portfolio diversifier.

Global Scenario

South Africa, the United States and Australia are the three largest gold producing countries. Other major producers are Canada, China, Indonesia, and Russia. However in recent years, China has become the worlds largest producer of gold, overtaking South Africas top position in 2007.Turkey has become an important net exporter. Vietnam, usually a large buyer; and Thailand are also exporting gold now. Demand for gold is widely spread around the world. East Asia, the Indian sub-continent and the Middle East accounted for 72% of world demand in 2007. 55% of demand is attributable to just five countries - India, Italy, Turkey, USA and China. India is the worlds largest gold consumer, followed by China.

Domestic Scenario

India is arguably the largest bullion market in the world. It has been until now, the undisputed single-largest Gold bullion consumer. In spite of being the largest consumer of gold, India plays no major role globally in influencing this precious metal's pricing. Gold production in India is very low. Karnataka, Jharkhand and Gujarat produce small quantity of Gold. There is a huge mismatch between demand and primary supply in India, the balance being made up by imports. India imports around 500-80every year.

Silver

Silver (Chemical symbol Ag) is a brilliant grey-white metal that is quite soft and malleable. Silver is unique amongst metals due to the fact that it can be classified as both a precious metal and an industrial metal. Silver has a number of unique properties including its strength, malleability and ductility, its sensitivity to and high reflectance of light and the ability to endure extreme temperature ranges. Its combination of unique properties makes it exceptional amongst metals and difficult to substitute. The main source of silver is in lead ore, although it can also be found associated with copper, zinc and gold and produced as a by-product of base metal mining activities.

Economic Importance

Silver is sought as valuable and practical industrial commodity.

The four main uses of Silver are industrial, photography, silverware & jewelry and coins & medals production.

It is an important element of global monetary reserves.

It is an effective portfolio diversifier.

Global Scenario

Peru is the world's biggest silver mining country with 3,557,000 tonnes of silver, accounting for 17% of total mined silver production. Other major silver mining countries are Mexico, China, Chile and Australia. Mexico and Peru are very old silvers country (since 1500), and their silvers production remains among the top five nations of silver for decades, even centuries.

Domestic Scenario

India hardly produces any silver and is basically a silver importing country. The country is one of the largest importers of the white metal in the world. The three major silver producing states in India are Rajasthan, Gujarat & Jharkhand. Rajasthan is the leading silver producing state in India. Silver supply comes 77.1 % from imports, 18.8 % from secondary silver and 2.5% from Hindustan Zinc. Hindrance too shares about 1.7% of market.

Copper

Copper, also known as Cu, is one of the oldest elements. It is reddish with a bright metallic lustre colored solid. Copper occurs naturally in the Earths crust in a variety of forms. It can be found in sulfide deposits, carbonate deposits, in silicate deposits and as pure Native copper. From these, copper is obtained by smelting, leaching, and electrolysis. 80% of copper cathodes outputs are refined from the sulfide concentrate, though the copper content is only 2-3%.

Economic importance

Copper is ductile, corrosion resistant, malleable and an excellent conductor of heat and electricity.

It is very durable metal.

It has major applications in electrical and construction industries.

Global Scenario

Chile remains by far the largest mine producer of copper in the world. However, China is the biggest producer of refined copper in the world closely followed by Chile. Other major copper producing countries are Peru, Australia, Indonesia, Russia, China, Canada, Zambia and Poland. In terms of consumption, Asia consumes over half of the world copper. China is the single largest consumer with about 25% of the total global demand.

Domestic Scenario

India accounts for 3 percent of the global copper output. The annual production of copper is approx. 708,000 tons in 2008. India is largely dependent in import of raw material to manufacture copper and involved in importing copper ores and extracts copper out of them. However, small quantities of copper that are produced in India are extracted from the copper mines situated at Khetri and Malanjkhand in the country.

Nickel

Major Characteristics: Nickel is used in various industries such as engineering, electrical, & electronics, infrastructure, automobile & automobile components, packaging, batteries etc. Among all Basemetals, Nickel is the most volatile owing to its strong demand & tight supply. Nickel demand is derived demand based on growth of different industrial sector thus exhibits high volatility. 65% of nickel is used in manufacturing of stainless steels & 20% in other steel & non-ferrous including Super alloys; often for highly specialized industrial, aerospace & military applications.Global Scenario: More than 54%, if world total supply comes from only five companies. Global nickel consumption is growing by an average 3% a year.Supply & Demand: Major producers of nickel are Russia, Australia, New Caledonia, Canada, and Indonesia, which represents over 65% of total world production. World primary nickel consumption is about 1million tons. Consumption centers are Japan 2 Lakh tons & European Union 3.74 Lakh tons. Rapid expansion of global stainless steel production is fuelling demand for primary nickel.Important Nickel Market: LME- London Metal ExchangeIndian Nickel Market: Nickel Market in India is of total import dependent. India Imports around 30,000 tons of Nickel. Import duty on nickel is 15%. With the growth in the stainless steel sector. Nickel import demand is expected to increase in coming years.Frequency distribution of Nickel at LME:% Change > 5 2.5% 2%

% Terms 2% 21.9% 76%

Factors influencing Nickel Markets: Above ground supply from scrap. New mines discovery. Nickel demand is derived demand thus the situation in various industries.Crude oil

Crude oil is a mixture of hydrocarbons that exists in a liquid phase in natural underground reservoirs. Crude oil is the most important energy carrier at a global scale and since all kinds of transport rely heavily on oil, the future availability of crude oil is of paramount interest. Crude oil is classified by the location of its origin (e.g. West Texas Intermediate, WT or Brent) and often by its relative weight or viscosity (light, intermediate or heavy).

Economic importance

Worlds primary energy consumption is supplied by crude oil.

Crude oil is used as diesel fuel (petrol-diesel), fuel oils, gasoline (petrol), jet fuel, kerosene and liquefied petroleum gas (LPG).

Transport relies to well over 90 percent on oil.

Global Scenario

Saudi Arabia, Russia and United States are the top three crude oil producing countries in the world. OPEC countries account for more than three quarters of oil reserves in the world. OPEC has great influence on the world crude oil market. Saudi Arabia is also the major exporter of crude oil followed by Russia, Iran, UAE and Nigeria. Among major consumers of crude oil, the US tops the list followed by China, Japan, USSR and India.

Domestic Scenario

India reserves second highest crude oil deposits in Asia-Pacific after China. It is the sixth largest consumer of crude oil in the world with about 70% of its local requirement met through imports. The country consumed average of about 2.7 million barrels per day during 2006 and 2008. The country currently stands at third largest importer of crude oil in the world. Currently, state-owned Oil and Natural Gas Corporation Ltd is the biggest producer of crude oil (largely from the Mumbai High offshore fields). Dollar

On 15 January 1520, the kingdom of Bohemia began minting coins from silver mined locally in Joachimsthal. The coins were called "Joachimsthaler," which became shortened in common usage to thaler or taler. The German name Joachimsthal literally means Joachim's valley or Joachim's dale. This name found its way into other languages: Czech tolar, Hungarian tallr, Danish and Norwegian (rigs) daler, Swedish (riks) daler, Icelandic dalur, Dutch (rijks)daalder or daler, Ethiopian ("talari"), Italian tallero, Flemish daelder, Polish Talar, Persian Dare, as well as - via Dutch - into English as dollar.A later Dutch coin depicting a lion was called the leeuwendaler or leeuwendaalder, literally 'lion dealer'. The Dutch Republic produced these coins to accommodate its booming international trade. The leeuwendaler circulated throughout the Middle East and was imitated in several German and Italian cities. This coin was also popular in the Dutch East Indies and in the Dutch New Netherland Colony (New York). It was in circulation throughout the Thirteen Colonies during the 17th and early 18th centuries and was popularly known as lion (or Lyon) dollar. The modern American-English pronunciation of dollar is still remarkably close to the 17th century Dutch pronunciation of dealer. Some well-worn examples circulating in the Colonies were known as "dog dollars".Spanish pesos - having the same weight and shape - came to be known as Spanish dollars. By the mid-18th century, the lion dollar had been replaced by Spanish dollar, the famous "piece of eight", which was distributed widely in the Spanish colonies in the New World and in the Philippines. CORRELATION:If the change in values of two variables are simultaneous and when the changes in one are due to changes in other, the variable are said to be correlation.

Correlation coefficient rThe correlation coefficient r is a measure of the linear relationship between two attributes or columns of data. The correlation coefficient is also known as the person product moment correlation coefficient. The value of r can range from -1 to +1 and is independent of the unit of measurement. A value of r near 0 indicates little correlation between attributes, a value near +1 0r -1 indicates a high level of correlation.Interpretation or r:The value of the correlation of coefficient always lies between -1 to +1. The interpretation of the value of r is given below:Value of r is positive implies that there is positives correlation between the variable.When r =1, it means there is perfect positive correlation between the variable.When r is negative it means there is negative correlation between the variable.When r = -1, it means there is perfect negative correlation between the variable.When r = 0, it means there is no correlation.Types of correlationPositive correlation:If x and y have a strong positive linear correlation, r is close to +1. An r value of exactly +1 indicates a perfect positive fit. Positive value indicates a relationship between x and y variable such that as values for x increases, value for y also increases.Negative correlation:If x and y have a strong negative linear correlation, r is close to -1. An r value of exactly -1 indicates a perfect negative fit. Negative value syndicates a relationship between x and y such that as values for x increases, value for y also decreases.No correlation:If there is no linear correlation or a weak linear correlation, r is close to 0. A value near zero means that there is a random, nonlinear relationship between the two variables. Note, that r is a dimensionless quantity, it does not depend on the units employed.A perfect correlation of 1 occurs only when the data point all ile exactly on a straight line. If r = +1, the slope of this line is positive. If r = -1, the slope of this line is negative. A correlation greater than 0.8 is generally described as strong, where as a correlation less than 0.5 are generally described as week.BETA:It is a measure of volatility, or systematic risk, of a security or a portfolio in comparison to the market as a whole. But is used in the capital asset pricing model (CAPM), a model that calculates the expected return of an asset based on its beta and expected market return.Beta is calculated using regression analysis, and you can think of beta as the tendency of a securitys returns to respond to swings in the market. A beta of 1 indicates that the securitys price will move with the market. A beta of less than 1 means that the security will be less volatile than the market. A beta of greater than 1 indicates that the securitys price will be more volatile than the market.

RESEARCH:Research always starts with problem, its purpose to find the answer of the question with application of scientific method, it is systematic and intensive study directed towards more complex knowledge of the subject studied.RESEARCH METHODOLOGY:The system of collecting data for research projects is known as methodology. The data may be collected for either theoretical or practical research for example management research may be strategically conceptualized along with operational planning methods and change management.1) MAIN OBJECTIVE: To analyze impact of dollar on price of different commodities.2) SUBSIDERY OBJECTIVE: To find out the correlation between dollar and price of different commodities. To find out risk between dollar and price of different commodities on the basis of beta. To analysis price fluctuation on the basis of graph to represent its affects.Research plan: RESEARCH DESIGN:The research design is the method and process for the conducting particular study. Broadly speaking, it is can be grouped in the three main category-exploratory, descriptive, causal. EXPLORATORY:An exploratory research is the discovery on new idea and generally based on the secondary data. DESCRIPTIVE:Descriptive study is use when researcher interested in knowing the features of certain group like sex, age, educational level, occupation etc. CAUSAL:As the name implies a causal design investigates the cause and effect relationship between two or more variable.In this report as a research design the CAUSAL DESIGN is well suitable, because a whole report is based on to find out impact of exchange rate on IT sector equity share prices.SOURCES OF DATA:SOURCES OF DATA:In the research it is very important to determine the research had collected primary data or secondary data. Sometimes, the research study is based on both data.The source of data can be divided in the two categories.a) Primary data: The primary data are those data which are collected by the any researcher first time and before it no one have collected those data is known as the primary data.b) Secondary data:The secondary data are those which are already collected and used for some other context.This report is based on secondry data. Here, data is collected from MCX and MCX-SX web-sites from internet and MCX annual report.SAMPLING SIZE: Monthly closing price of exchange rate (USD-INR) from 2009 to 2013. Monthly closing price of selected commodities from 2009 to 2013.

Sampling designA) Probability Probability of every unit in the population being included in the sample size is known. There are four types of this method:a) Sample random samplingb) Systematic samplingc) Stratified samplingd) Cluster samplingB) Non probabilityThere aer foue thpes of this method:a) Convenience samplingb) Judgments samplingc) Quota samplingd) Snowballs samplingMethod used in this study:In this report,the non probability converience sampling design has been used because selecting whatever sampling unit are conveniently avaible.Benefits of study:The study carried out under the title of An analysis of impact of dollar on prices of different commodities will give benefits are as under: Investor can have an idea about how dollar affects price of different commodities This study will help the investor correlate dollar and price of commodity so they can easily identify the correlation between them and invest easily. By reflecting the factors investors can take the decision about any trading in gold, silver, crude oil, copper, nickel, etc. The study will be helpful in knowing that what the risk level of dollar to price of different commodity. Limitation of study That their can be some limitations in this report that may be due to knowledge level or some other factors which are as follow. The various sources utilized for this study, which include, website, information from commodity takers, market watchers and economists, are subjects to personal basis. There are manufacturers affects price of commodities but in this study only dollar is considered and other factors are constant. The study was not intended as research project as it involves substantial data collected and data analysis

1. Correlation between USD/INR and Gold for JAN-09 to DEC-12Table- 6.1: Correlation between USD/INR and Gold

YEAR/XiYiXYXYX2Y2

MONTHUSD/GOLDS%CHANGE%CHANGE

INRPRICEININ

(Rs.)(Rs.)USD/INRGOLD

9-Jan49.021427600000

9-Feb50.73152163.486.58 22.96 12.1643.35

9-Mar50.95150660.43-0.98 -0.420.180.97

9-Apr50.2214220-1.43-5.618.042.0531.53

9-May47.2914845-5.834.39-25.6434.0319.31

9-Jun47.87145581.22-1.93-2.371.503.73

9-Jul48.16146800.600.830.500.360.70

9-Aug48.88151601.493.264.882.2310.69

9-Sep48.0415020-1.71-0.921.582.950.85

9-Oct46.9615965-2.246.29-14.145.0539.58

9-Nov46.4817650-1.0210.55-10.781.04111.38

9-Dec46.68164050.43-7.05-3.030.1849.75

10-Jan46.3716230-0.66-1.060.700.441.137

10-Feb46.2316589-0.302.21-0.660.094.89

10-Mar45.1416300-2.35-1.744.105.553.03

10-Apr44.4417015-1.554.38-6.802.4019.24

10-May46.45181774.526.8230.8820.4546.63

10-Jun46.6181050.32-0.39-0.120.100.15

10-Jul46.4617768-0.30-1.860.550.093.46

10-Aug47.08182201.332.543.391.786.47

10-Sep44.9219165-4.585.18-23.7921.0426.90

10-Oct44.5419680-0.842.68-2.270.717.22

10-Nov46.04201003.362.137.1811.344.55

10-Dec44.8120575-2.672.36-6.317.135.58

11-Jan45.95196202.54-4.64-11.806.4721.54

11-Feb45.1820800-1.646.01-10.072.8036.17

11-Mar44.6520360-1.17-2.112.481.374.47

11-Apr44.3822715-0.6011.56-6.990.36133.79

11-May45.03221051.46-2.68-3.932.147.21

11-Jun44.7221041-0.68-4.813.310.4723.16

11-Jul44.1523211-1.2710.31-13.141.68106.34

11-Aug46.02267614.2315.2964.7817.93233.92

11-Sep48.92253516.30-5.26-33.2039.7127.76

11-Oct48.8727201-0.107.29-0.740.0153.25

11-Nov52.17284416.754.5530.7845.5920.78

11-Dec53.27271702.10-4.46-9.424.4419.97

12-Jan49.1528117-7.733.48-26.9559.8112.14

12-Feb49.37280470.44-0.24-0.110.200.06

12-Mar50.75280102.79-0.13-0.367.810.017

12-Apr52.28291563.014.0912.339.0816.73

12-May56.1291527.30-0.01-0.1053.380.0001

12-Jun55.829661-0.531.74-0.930.283.04

12-Jul55.6529835-0.260.58-0.150.070.34

12-Aug55.85311610.354.441.590.1219.75

12-Sep52.2731223-6.410.19-1.2741.080.03

12-Oct53.92311433.15-0.25-0.809.960.06

12-Nov54.17311500.460.020.010.210.0005

12-Dec54.96307631.45-1.24-1.812.121.54

13-Jan54.3130727-1.18-0.110.131.390.01

13-Feb53.7730270-0.95-1.491.470.982.21

13-Mar54.4299511.17-1.05-1.231.371.11

13-Apr54.3727705-0.05-7.490.410.0356.23

13-May55.01268151.17-3.21-3.781.3810.31

13-Jun58.39272706.141.6910.4237.752.87

13-Jul59.77269122.36-1.31-3.105.581.72

13-Aug63.2301615.7312.0869.2832.93145.7

13-Sep63.75306730.871.691.470.752.88

13-Oct61.6129584-3.35-3.5511.9911.2612.60

13-Nov62.68299891.731.362.373.011.87

13-Dec61.930120-1.240.43-0.541.540.19

26.09181.47870.746538.131421.16

Xi = USD/INR Yi = GOLDS PRICEX = % CHANGE IN USD/INRY = % CHANGE IN GOLDS PRICEn = 59r = = = 0.41

= = 0.06

Interpretation:The above table 6.1 calculations in correlation & regression and beta are as:1. The magnitude of the correlation for the time period of JAN-2009 to DEC-2013 between USD/INR and golds price is = 0.412. This indicates that USD/INR and price of gold are related to one another in a positive manner. That means appreciation in USD/INR leads to rise in golds price and vice-versa.3. Here, beta is 0.06 that indicates that if USD/INR appreciates by is reflected by 0.06 price increase in gold.

2. Correlation between USD/INR and Silver for JAN-09 to DEC-12Table-6.2: Correlation between USD/INR and SilverYEAR/XiYiXYXYX2Y2

MONTHUSD/SILVERS%CHANGE%CHANGE

INRPRICEININ

(Rs.)(Rs.)USD/INRSILVER

9-Jan49.021968200000

9-Feb50.73217093.4810.2935.9212.16106.06

9-Mar50.95218900.430.830.360.180.69

9-Apr50.2220884-1.43-4.596.582.0521.12

9-May47.2923205-5.8311.11-64.8434.03123.51

9-Jun47.87223571.22-3.65-4.481.5913.35

9-Jul48.16221550.60-0.90-0.540.360.81

9-Aug48.88235751.496.409.582.2341.08

9-Sep48.0426040-1.7110.45-17.962.95109.32

9-Oct46.9625999-2.24-0.150.355.050.024

9-Nov46.4828250-1.028.65-8.841.0574.96

9-Dec46.68268700.43-4.88-2.100.1823.86

10-Jan46.3725500-0.66-5.093.380.4425.99

10-Feb46.2325839-0.301.32-0.400.091.76

10-Mar45.1426875-2.354.00-9.455.5816.07

10-Apr44.4428235-1.555.06-7.842.4025.60

10-May46.45292634.523.6416.4620.4513.25

10-Jun46.6295750.321.060.340.101.13

10-Jul46.4628644-0.30-3.140.940.0909.90

10-Aug47.08301401.335.226.961.7827.27

10-Sep44.9233350-4.5810.65-48.8621.04113.40

10-Oct44.5437075-0.8411.16-9.440.71124.75

10-Nov46.04418053.3612.7542.9911.34162.76

10-Dec44.8146065-2.6710.19-27.227.13103.83

11-Jan45.95429502.54-6.76-17.206.4745.72

11-Feb45.1849600-1.6715.48-25.942.80239.72

11-Mar44.6555900-1.1712.70-14.901.37161.33

11-Apr44.3870837-0.6026.720-16.150.36714.00

11-May45.03579101.46-18.24-26.722.19333.02

11-Jun44.7251820-0.68-10.517.230.47110.59

11-Jul44.1558218-1.2712.34-15.731.62152.43

11-Aug46.02615234.235.6724.0417.9332.22

11-Sep48.92514696.30-16.39-102.9739.71267.05

11-Oct48.8756003-0.1028.80-0.9000.0177.60

11-Nov52.17545056.75-2.67-18.0645.597.15

11-Dec53.27500102.10-8.24-17.384.4468.01

12-Jan49.1556423-7.7312.82-99.1759.81164.44

12-Feb49.37581500.443.061.370.209.36

12-Mar50.75567832.79-2.35-6.577.815.52

12-Apr52.28555253.01-2.21-6.679.084.90

12-May56.1542577.30-2.28-16.6853.385.26

12-Jun55.852051-0.53-4.062.170.2816.53

12-Jul55.6554025-0.263.79-1.010.0714.38

12-Aug55.85582040.357.7352.770.1259.83

12-Sep52.2762819-6.417.92-50.8241.0862.86

12-Oct53.92598223.15-4.77-15.069.9622.76

12-Nov54.17616930.463.191.450.219.78

12-Dec54.96577001.45-6.47-9.432.1241.89

13-Jan54.3158699-1.181.73-2.041.392.99

13-Feb53.7757656-0.99-1.771.760.983.15

13-Mar54.4544811.17-5.50-6.451.3730.32

13-Apr54.3747344-0.05-13.090.720.003171.60

13-May55.01440841.17-6.88-8.101.3847.41

13-Jun58.39427046.14-3.13-19.2337.759.79

13-Jul59.77416862.36-2.38-5.635.585.68

13-Aug63.2495565.73818.87108.34132.93356.42

13-Sep63.75515670.874.053.510.7516.409

13-Oct61.6148716-3.35-5.5218.5511.2630.56

13-Nov62.68491121.730.811.413.0170.66

13-Dec61.950212-1.242.23-2.781.545.01

26.003115.089-410.47538.134447.1

Xi = USD/INRYi = SILVERS PRICEX = % CHANGE IN USD/INRY = % CHANGE IN SILVERS PRICEn = 59

r == = -0.30

= = -0.087

Interpretation:The above table 6.3 calculations in correlation & regression and beta are as:1. The magnitude of the correlation for the time period of JAN-2009 to DEC-2013 between USD/INR and silvers price is = -0.302. This indicates that USD/INR and price of silver are related to one another in a positive manner. That means appreciation in USD/INR leads to rise in golds price and vice-versa.3. Here, beta is -0.087 that indicates that if USD/INR appreciates by is reflected by 0.087 price decrease in silver.

3. Correlation between USD/INR and Copper for JAN-09 to DEC-12Table-6.3: Correlation between USD/INR and CopperYEARXiYiXYXYX2Y2

MONTHUSD/COPPERS%CHANGE%CHANGE

INRPRICEININ

(Rs.)(Rs.)USD/INRCOPPER

9-Jan49.02158.700000

9-Feb50.73170.653.487.5226.2612.1656.69

9-Mar50.95198.850.4316.527.160.18273.07

9-Apr50.22213.05-1.437.14-10.232.05250.99

9-May47.29229.1-5.887.53-43.9534.0356.75

9-Jun47.87245.751.227.268.911.5052.81

9-Jul48.16274.10.6011.536.980.36133.08

9-Aug48.88314.91.4914.8822.252.23221.56

9-Sep48.04289.05-1.71-8.2014.102.9567.38

9-Oct46.96306-2.245.86-13.185.0534.38

9-Nov46.48319.25-1.024.33-4.421.0418.74

9-Dec46.68344.60.437.943.410.1863.05

10-Jan46.37312.05-0.66-9.446.270.4489.22

10-Feb46.23333.1-0.306.74-2.030.0945.50

10-Mar45.14353.05-2.355.98-14.125.5535.87

10-Apr44.44327.55-1.55-7.2211.202.4052.16

10-May46.45318.554.52-2.74-12.4220.457.54

10-Jun46.62990.32-6.13-1.980.1037.66

10-Jul46.46339.2-0.3013.44-4.030.09180.76

10-Aug47.08347.41.332.413.221.785.84

10-Sep44.92362.6-4.584.37-20.0721.0419.14

10-Oct44.54366.6-0.841.10-0.930.711.21

10-Nov46.04379.553.363.5311.8911.3412.47

10-Dec44.81431.85-2.6713.79-36.817.13189.89

11-Jan45.95440.952.542.105.366.474.44

11-Feb45.18413.7-1.67-6.1710.352.8038.19

11-Mar44.65421.85-1.171.97-2.311.373.88

11-Apr44.38407.55-0.60-3.382.040.3611.49

11-May45.03417.251.462.383.482.145.66

11-Jun44.72417.05-0.68-0.0470.0320.470.008

11-Jul44.15436.05-1.294.55-5.801.6220.75

11-Aug46.02418.34.23-4.07-17.2417.9316.57

11-Sep48.92350.16.30-16.30-102.7839.71265.823

11-Oct48.87398.9-0.1013.93-1.420.019194.29

11-Nov52.17386.56.75-3.10-20.9945.599.66

11-Dec53.27403.52.104.399.274.4419.34

12-Jan49.15417.15-7.733.38-26.1659.8111.44

12-Feb49.37417.70.440.130.050.200.017

12-Mar50.75431.652.793.339.337.8111.15

12-Apr52.28443.93.012.838.559.088.05

12-May56.1428.857.30-3.39-24.7753.3811.49

12-Jun55.8429.4-0.5340.12-0.060.280.019

12-Jul55.65422.55-0.26-1.500.420.072.54

12-Aug55.85424.30.350.410.140.120.17

12-Sep52.27441.05-6.413.94-25.3041.0815.58

12-Oct53.92419.73.15-4.84-15.289.9623.43

12-Nov54.17436.050.463.891.800.2115.17

12-Dec54.96443.751.451.762.572.123.11

13-Jan54.31442.95-1.18-0.180.211.390.039

13-Feb53.77438.53-0.99-0.990.990.980.99

13-Mar54.4422.231.17-3.71-4.351.3713.81

13-Apr54.37394.44-0.05-6.580.360.00343.315

13-May55.01407.641.173.343.931.3811.19

13-Jun58.39415.446.141.9111.7537.753.66

13-Jul59.77422.672.361.744.115.583.02

13-Aug63.2465.055.7310.0257.5432.93100.53

13-Sep63.75469.190.870.890.770.750.79

13-Oct61.61450.44-3.35-3.9913.4111.2615.97

13-Nov62.68451.461.730.220.393.0160.051

13-Dec61.9452.3-1.240.18-0.231.540.034

26.003117.302-142.235538.132591.62

Xi = USD/INR Yi = COPPERS PRICEX = % CHANGE IN USD/INRY = % CHANGE IN COPPERS PRICEn = 59r =

= -0.17

= = -0.036

Interpretation:The above table 6.2 calculations in correlation & regression and beta are as:1. The magnitude of the correlation for the time period of JAN-2009 to DEC-2012 between USD/INR and coppers price is = -0.172. This indicates that USD/INR and price of copper are related to one another in a negative manner. That means appreciation in USD/INR leads to fall in coppers price and vice-versa.3. Here, beta is -0.036 that indicates that if USD/INR appreciates by is reflected by 0.036 price decrease in copper.

4. Correlation between USD/INR and Nickel for JAN-09 to DEC-12Table-6.4: Correlation between USD/INR and NickelYEAR/XiYiXYXYX2Y2

MONTHUSD/NICKELS%CHANGE%CHANGE

INRPRICEININ

(Rs.)(Rs.)USD/INRNICKEL

9-Jan49.02532.700000

9-Feb50.73490.23.48-7.97-27.8312.1663.65

9-Mar50.95479.10.43-2.26-0.980.185.127

9-Apr50.22556.8-1.4316.21-23.232.05263.02

9-May47.29650.9-5.8316.9-98.6034.03285.61

9-Jun47.87766.21.2217.7121.721.50313.78

9-Jul48.16894.40.6016.7310.130.36279.95

9-Aug48.88957.51.497.0510.542.2349.77

9-Sep48.04832.7-1.71-13.0922.392.95169.88

9-Oct46.96867-2.244.11-9.265.0516.96

9-Nov46.48757-1.02-12.6812.961.044160.97

9-Dec46.68862.50.4313.935.990.18194.22

10-Jan46.37868.4-0.660.68-0.4140.440.46

10-Feb46.23947.4-0.3019.09-2.7410.09182.75

10-Mar45.141125.7-2.3518.81-44.375.55354.19

10-Apr44.441146.6-1.551.85-2.872.403.447

10-May46.451003.14.52-12.51-56.6020.45156.63

10-Jun46.6905.30.32-9.78-3.140.1095.058

10-Jul46.46955.1-0.305.50-1.650.09030.26

10-Aug47.08974.91.332.0732.761.784.29

10-Sep44.921050.6-4.587.76-35.6521.0460.29

10-Oct44.541010.5-0.84-3.813.220.7114.56

10-Nov46.041040.23.362.939.8911.348.653

10-Dec44.811118-2.677.47-19.987.1355.94

11-Jan45.9512442.5411.2728.676.47127.01

11-Feb45.181302.8-1.674.72-7.922.8022.34

11-Mar44.651164.4-1.17-10.2312.461.37112.85

11-Apr44.381179.5-0.601.29-0.780.361.68

11-May45.031042.61.46-11.60-16.992.14134.71

11-Jun44.721033.6-0.694-0.860.590.4730.745

11-Jul44.151081.6-1.274.64-5.911.6721.09

11-Aug46.021014.64.23-6.19-26.2317.9338.37

11-Sep48.92895.56.30-11.73-73.9739.71137.79

11-Oct48.87939.5-0.104.91-0.500.01024.14

11-Nov52.17883.36.75-5.98-40.3945.5935.78

11-Dec53.27973.62.10810.2221.554.44104.51

12-Jan49.151057-7.738.55-66.2559.8173.37

12-Feb49.37976.60.44-7.60-3.400.2057.85

12-Mar50.75917.42.79-6.06-16.947.8136.74

12-Apr52.28938.63.0332.316.969.0885.34

12-May56.1928.67.30-1.04-7.7853.381.13

12-Jun55.8935.4-0.530.73-0.390.280.53

12-Jul55.65892-0.26-4.631.240.0721.52

12-Aug55.858870.35-0.56-0.200.120.31

12-Sep52.27978.5-6.4110.31-66.1241.08106.41

12-Oct53.92876.23.15-10.45-33.0079.96109.30

12-Nov54.17932.60.466.432.980.21441.43

12-Dec54.96936.41.450.400.592.120.16

13-Jan54.31952.6-1.181.79-2.041.392.99

13-Feb53.77960.7-0.990.85-0.8450.980.72

13-Mar54.4951.81.17-0.92-1.081.370.85

13-Apr54.37854.6-0.055-10.210.5630.003104.28

13-May55.01832.11.177-2.63-3.091.386.93

13-Jun58.39838.16.140.724.4337.750.51

13-Jul59.778712.363.929.275.5815.40

13-Aug63.2898.15.733.1117.8532.939.68

13-Sep63.75914.70.871.841.600.753.41

13-Oct61.61845-3.35-7.6225.5711.2658.06

13-Nov62.68855.91.731.282.2493.011.66

13-Dec61.9862.7-1.240.79-0.981.540.63

26.00368.17-465.97538.134090.38

Xi = USD/INR Yi = NICKELS PRICEX = % CHANGE IN USD/INRY = % CHANGE IN NICKELS PRICEn = 59r = = = -0.34

= = -0.09

Interpretation:The above table 6.4 calculations in correlation & regression and beta are as:1. The magnitude of the correlation for the time period of JAN-2009 to DEC-2013 between USD/INR and nickels price is = -0.342. This indicates that USD/INR and price of nickel are related to one another in a negative manner. That means appreciation in USD/INR leads to fall in nickels price and vice-versa.3. Here, beta is -0.09 that indicates that if USD/INR appreciates by is reflected by 0.09 price decreases in nickel.

5. Correlation between USD/INR and Crude oil for JAN-09 to DEC-12Table- 6.5: Correlation between USD/INR and Crude oilYEARXiYiXYXYX2Y2

MONTHUSD/CRUDE OILS%CHANGE%CHANGE

INRPRICEININ

(Rs.)(Rs.)USD/INRCRUDE OIL

9-Jan49.02204300000

9-Feb50.7322713.4811.1638.9312.16124.54

9-Mar50.9524730.438.893.850.1879.11

9-Apr50.222540-1.432.70-3.882.057.34

9-May47.293136-5.8323.46-136.9034.03550.58

9-Jun47.8734031.228.5110.441.5872.48

9-Jul48.1631420.60-7.66-4.640.3658.82

9-Aug48.8835551.4913.1419.652.23172.77

9-Sep48.043205-1.71-9.8416.912.9596.92

9-Oct46.963616-2.2412.82-28.825.05164.44

9-Nov46.483560-1.02-1.551.581.042.39

9-Dec46.6837260.434.662.0060.1821.74

10-Jan46.373380-0.66-9.286.160.4486.23

10-Feb46.233683-0.308.96-2.700.0980.36

10-Mar45.143768-2.352.30-5.445.555.32

10-Apr44.443816-1.551.27-1.972.401.62

10-May46.4534364.52-9.95-45.0320.4599.16

10-Jun46.635590.323.571.150.1012.81

10-Jul46.463668-0.303.06-0.920.0909.37

10-Aug47.0834991.33-4.60-6.141.7821.22

10-Sep44.923563-4.581.82-8.3921.043.34

10-Oct44.543627-0.841.79-1.510.713.22

10-Nov46.0439113.367.8326.3711.3461.31

10-Dec44.814034-2.673.14-8.407.139.89

11-Jan45.9540862.541.283.276.471.66

11-Feb45.184441-1.678.68-14.552.8075.48

11-Mar44.654668-1.175.11-5.991.3726.12

11-Apr44.385056-0.6048.31-5.020.3669.08

11-May45.0345481.46-10.04-14.712.14100.95

11-Jun44.724259-0.68-6.354.370.4740.37

11-Jul44.154226-1.27-0.770.981.620.60

11-Aug46.0240914.239-3.19-13.5317.9310.20

11-Sep48.9240196.30-1.76-11.0939.713.097

11-Oct48.874556-0.1013.36-1.360.010178.53

11-Nov52.1751826.7513.7492.7845.59188.79

11-Dec53.2752642.101.583.334.442.50

12-Jan49.154927-7.73-6.4049.5159.8140.9

12-Feb49.3752270.446.082.720.2037.07

12-Mar50.7552742.790.892.517.810.80

12-Apr52.2855143.014.5513.7199.0820.70

12-May56.150977.30-7.59-55.2553.3857.19

12-Jun55.84695-0.53-7.884.210.2862.20

12-Jul55.654921-0.264.81-1.290.07223.17

12-Aug55.8553580.358.883.190.1278.85

12-Sep52.274887-6.41-8.7956.3441.0877.27

12-Oct53.9246663.15-4.52-14.279.9620.45

12-Nov54.1748380.463.681.700.2113.58

12-Dec54.9650151.453.655.332.1213.38

13-Jan54.315172-1.1823.13-3.701.399.80

13-Feb53.775153-0.99-0.360.360.980.134

13-Mar54.450661.17-1.68-1.971.32.85

13-Apr54.375003-0.05-1.240.060.0031.54

13-May55.0152601.175.136.041.3826.38

13-Jun58.3956116.146.6741.0037.7544.52

13-Jul59.7761272.369.1921.735.5884.57

13-Aug63.268855.7312.3770.9932.93153.05

13-Sep63.7568110.87-1.07-0.930.751.15

13-Oct61.616226-3.35-8.5828.8311.2673.77

13-Nov62.6862961.731.121.953.011.26

13-Dec61.96381-1.241.35-1.681.541.82

26.003129.634141.902538.133289.112

Xi = USD/INR Yi = CRYDE OILS PRICEX = % CHANGE IN USD/INRY = % CHANGE IN GOLDS PRICEn = 59

r = = = 0.06

= = 0.01

Interpretation:The above table 6.5 calculations in correlation & regression and beta are as:1. The magnitude of the correlation for the time period of JAN-2009 to DEC-2013 between USD/INR and crude oils price is = 0.062. This indicates that USD/INR and price of crude oil are related to one another in a negative manner. That means appreciation in USD/INR leads to fall in crude oils price and vice-versa.3. Here, beta is 0.01 that indicates that if USD/INR appreciates by is reflected by 0.01 price increase in crude oil.

FINDINGSThe study carried out under the title of An analysis of impact of dollar on prices of different commodities following point are found. It is found that the relation between Dollar and Golds price through the correlation function, there is positive relationship between them and also found the systematic risk between Dollar-Golds by using beta which is as follows.Table- 7.1: Impact of exchange rate on gold priceCorrelationBeta

Dollar and Gold0.410.06

From above tabal-7.1, it can be interpreted that the relationship between USD/INR and prices of previous metal like gold and silver are positive because appreciation in dollar lead to fall in its demand which in turn result in rise in commodities price. It is also found there is negative relation between Dollar and Silvers price, Dollar and Coppers price, Dollar and Nickels price, Dollar and Cured oils price and also found the systematic risk between, Dollar and Silver, Dollar-Copper, Dollar-Nickel and Dollar-Crude oil by using beta which are as follows.Table- 7.2: Impact of exchange rate on silver, copper, nickel, crude oil price CorrelationBeta

Dollar and Silver-0.3-0.08

Dollar and Copper -0.17-0.03

Dollar and Nickel-0.34-0.09

Dollar and Crude oil-0.06-0.01

Here, form above table-7.2, the correlation between USD/INR and Nickels price is more negative as compare to other non-precious and the systematic risk in Dollar-Copper is higher as compare to non-precious metals which are above in table.

CONCLUSION Investment in India has traditionally meant property, gold and bank deposits. The more risk taking investors choose equity trading. But commodity form a part of conventional investment instrument. It is evident from the above data analyses that commodities are additively correlated with dollar. On the basis of the observations of the correlation and beta it is found that any appreciation or depreciation in dollar leads to international currency market so that any change in dollar affect the Indian commodity market. To investing in gold and silver is high level of price fluctuation so the change in price of gold and silver may affect the investor investment. The investing in commodity market is requiring the more money so the small investor is not able to invest in commodity market. As seen the present scenario, there is a fluctuation due to global factor in dollar that is likely to continue in future so, price of commodities will be also affected by it in future. A soft invest rate raging and a weak US dollar have increased the demand for the commodities. A rising dollar is noninflationary. As a result a rising dollar eventually produces product lower commodity prices. Lower commodity prices, in turn, lead to lower rates and higher bond prices. Higher bond prices are bullish for stocks. A falling dollar has the exact; it is bullish for commodities and bearish for bound and equities. Why, then cant we say that a rising dollar is bullish for bound and stock just forget about commodities? The reason lies with long lead time in these relationships and with the troublesome question of inflation.

RECOMMENDATION Form the result that are obtained it is advisable to investor that can invest in either of the commodity looking at the trend of any one to them. Because there dollar and commodities prices are negatively correlated with each other so, if one dollar become stung then commodities pieces will be down. So, when there is highly fluctuation in dollar, it is recommended investor to take care in investing in commodities. Precious metals like gold and silver have performed well since we identified the beginning of the bull market in gold and continues to look like a good long-term bet. I suspect that people will make money in precious and other precious metal investment this with remember that there is negative relation between Dollar and Commodities price. As we know that there is negative relationship between dollar and price of commodities so, any change in dollar leads to inverse change in commodities price so, it is recommended investees to keep it in mind while investing in commodity market. In India currently the mostly tread sector in bullion, metal and currency market. So, it very good sector for investment for investor. One has to consider the social & national characteristics while investing in the commodities like gold & silver as in countries like India people do investment in such commodities considering such metal as good option for wealth creation without considering price fluctuation. In the last I want to recommend that every inventor have to see the current factors and then invest.

BIBLIOGRAPHYBooks:G.C.Beri. (2006), Marketing Research Third Edition, New Delhi, Tata McGraw-Hill Publishing Company Limited. Page no: 52-60.Naresh k. malhotra Marketing Research Third Edition, New Delhi, Tata McGraw-Hill Publishing Company Limited. Page no: 108, 109, 110, 112, 119, 120, 121, 122, 123.

Websites:-1. http://www.mcxina.com/market data2. http://www.myiris.com/commodities/statidata.php?icode=gold3. http://en.wikipedia.org/wiki/beta_coefficient4. http://www.commodityonline.com/commodities/bullion/1.html5. http://www.mcx-sxindia.com/market data6. http://www.commoditytrademantra.com/commodity-markets/closing-prices-mcx7. http://www.commodityonline.com/commodity-market/commodity-prices/gold8. http://www.commodityonline.com/commodity-market/commodity-prices/nikal9. http://www.commodityonline.com/commodity-market/commodity-prices/silver10. http://www.commodityonline.com/commodity-market/commodity-prices/crudeoil11. http://www.commodityonline.com/commodity-market/commodity-prices/copper62