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NCDEX DAILY LEVELS
DALLY EXPIRY R4 R3 R2 R1 PP S1 S2 S3 S4
!"#$%&'($ 20-)#*-1 603 5+, 5+1 5,7 5,5 5,1 57+ 573 567
!"-%.)'($ 20-)#*-1 3065 3030 2+7, 2+60 2+0 2+25 2,+0 2,55 2+23
$M!%%( 20-)#*-1 3705 36,5 3665 3650 360 3630 3620 3605 35,2
/%%$.0)/1. 20-)#*-1 10,0 10760 1065 105,0 1050 10,0 1060 10355 1020
(1.)'". 20-)#*-1 12600 1250 12300 12151 12075 12000 11,50 11700 11106
C.!2#$!%%( 20-)#*-1 73 650 56 516 7+ 30 3+5 30+ 22
NCDEX WEEKLY LEVELS
WEEKLY EXPIRY R4 R3 R2 R1 PP S1 S2 S3 S4
!"#$%&'($ 20-)#*-1 633 61, 603 5+3 5,, 57, 573 55, 53
!"-%.)'($ 20-)#*-1 3132 3076 3021 2+,, 2+66 2+33 2+11 2,56 2,00
$M!%%( 20-)#*-1 3+35 3775 3715 3675 3656 3617 35+6 3536 376
/%%$.0)/1. 20-)#*-1 1123 1113, 10,53 10716 1056, 1031 102,3 +++, +713
(1.)'". 20-)#*-1 1370 13060 12650 1205 1220 11++0 11,30 1120 11012
C.!2#$!%%( 20-)#*-1 5105 +00 700 5+ 500 3+5 300 102 3+02
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%CX DAILY LEVELS
DALLY EXPIRY R4 R3 R2 R1 PP S1 S2 S3 S4
.30M')'0M 31- #C2-1 126 123 120 11, 117 115 11 111 10,
C#44%$ 2,- )#*-1 30 2 1, 16 12 10 06 00 3+
C$0(% #'3 20-#C2-1 5737 5571 505 536 523+ 51,0 5073 +07 71
5#3( 05-(%C-1 27565 27360 2715, 27065 26+55 26,60 26750 26550 2630
3%.( 31-#C2-1 133 131 12+ 12, 127 126 125 123 121
.
).20$.3 5.! 2,-#C2-1 26 23 20 23, 237 235 23 231 22,
)'C6%3 31-#C2-1 1066 107 1026 1017 100+ ++, ++0 +71 +52
%CX WEEKLY LEVELS
WEEKLY EXPIRY R4 R3 R2 R1 PP S1 S2 S3 S4
.30M')'0M 31- #C2-1 12+ 125 121 11+ 117 115 113 10+ 105
C#44%$ 2,- )#*-1 0 31 22 1, 13 0+ 0 3+5 3,6
C$0(% #'3 20-#C2-1 6653 6212 5771 552+ 5330 50,, ,,+ , 007
5#3( 05-(%C-1 2,111 27703 272+5 2713 26,,7 26726 267+ 26071 25663
3%.( 31-#C2-1 13 13, 133 130 12, 125 123 11, 113
).20$.3 5.! 2,-#C2-1 26, 25, 2, 22 23, 232 22, 21, 20,
)'C6%3 31-#C2-1 113 1101 105+ 1032 1017 ++0 +75 +33 ,+1
!'3*%$ 5-(%C-1 165 0630 3+615 3+070 3,600 3,05, 375,7 36573 3555+
7')C 31-#C2-1 157 152 17 1 12 13+ 137 132 127
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%CX + WEEKLY NEWS LE..ERS
IN.ERNA.I2NAL NEWS
289:s;ay<s 0.!. Wo:= (i>ision info:mation in;icate; to a li?8te: pe:specti>e@ wit8 t8e n9mbe:
of in;i>i;9als p:ocessin? new e>e:y wee= statements fo: lac= of employment a;>anta?es
;:oppin? to nea:ly t8e minim9m le>el since befo:e t8e 2007-0+ economic ;ownt9:n.
C8ina was also b9yin? mo:e oil@ wit8 a ;e>ice of state-owne; 4et:o C8ina ta=in? t8e
compa:ati>e of 17 ca:?oes of 500@000 ;:9ms eac8 of Cente: !o9t8e:n bitte: :aw o>e: A9st siB
;ealin? ;ays t8is mont8
.lcoa 'nc 8as :e;9ce; its calc9late fo: t8e inte:national metal ma:=et lac= t8is season ;9e to
smelte: :eboots in C8ina s9pplie:s@ t8e wo:l;<s )o. 1 man9fact9:e:.
28e 0.!. metal man9fact9:e: ;esi:es :eC9i:ement to o9tpace p:o>i;e by 671@000 tonnes t8is
season@ ;own f:om a past calc9late of +30@000 tonnes .
.l9min9m 4:ice w8ic8 inc:ease; 27 pe:cent in t8e fi:st se>en mont8s of t8e season to an 1,-
mont8 optim9m 8a>e pe:s9a;e; some C8ina smelte:s to ?i>e 9p man9fact9:in? cost :e;9ction
p:o?:ams an; a:e seen :es9ltin? in :eboots of ot8e: >e?etation@ c:ac=in? away at w8at was
p:e;icte; to be t8e fi:st inte:national lac= afte: yea:s of o>e:s9pply.
PRECI23S %E.ALS
!il>e: 4:ice ;:oppe; by 0.2 D ta=en cl9es f:om ?ol; 4:ices. !t:en?t8 in t8e ;olla: in;eB also
se:>e; as a ne?ati>e facto:.
#n t8e MCE@ !il>e: 4:ice inc:ease; by 1.0 D an; s89t at $s.3,615F=?
5ol; 4:ice inc:ease; to a two wee= 8i?8 on &:i;ay as safe 8ome b9yin? inc:ease; afte: 0.!.
stoc=s t9mble; on iss9es o>e: t8e spee; of financial ;e>elopment.
Min9tes of t8e latest 0.!. &e;e:al $ese:>e policy meetin? pe:s9a;e; in>esto:s to :ebel t8ei:
obAecti>es fo: t8e moment of a &e; inte:est :ate :ise. !lo9c8in? 5e:man eBpo:t an; ?:a;9al
in;9st:ial o9tcome t8e:e also stim9late; iss9es o>e: t8e spee; of financial ;e>elopment.
#n t8e MCE@ ?ol; 4:ice inc:ease; by a:o9n; 0., D an; close; at $s.26+5,F10 ?ms.
4ASE %E.AL
-ase Metals on t8e 3M% eBc8an?e; 8i?8e: last ni?8t ;9e to wea= point in t8e (E in t8e ea:lie:
pa:t of t:a;e t8at imp:o>e; t8e appeal of in;9st:ial mate:ials as alte:nati>e in>estment
st:ate?ies.
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'n t8e in;ian ma:=et@ base metals on a miBe; note an; $9pee a;mi:ation assi?ne; ;istinct
benefits.
3M% coppe: ?aine; by 0.+ D on &:i;ay afte: 0.!. cent:al ban= :e?9lato:s si?nale; t8ey wo9l;
not 89::y to boost attention le>els@ inc:easin? a inte:>al of c8eap capital fo: in;9st:y an;
t:a;e:s.
4e:9@ a top wo:l; eBpo:te: of coppe:@ p:ecio9s metal@ p9blis8e; a 1.65 D financial ;e>elopment
in t8e secon; one fo9:t8 f:om t8e same inte:>al in 2013 - t8e wo:st :ea;in? since t8e t8i:; one
fo9:t8 of 200+.
1owe>e:@ symptoms t8at Malaysia is seein? a :ecession ;:i>en se:io9s conce:ns abo9t ;eman;
fo: t8e steel. .lso@ ?ain in 3M% stoc=s by 0.2 D se:>e; as a ne?ati>e facto:. 28e :e; steel s89t
at G6702Ftonne in t8e last inte:>al.
'n in;ian ma:=et Coppe: 4:ice inc:ease; by 0.2 D b9t ;istinct benefits we:e limite; ;9e to
$9pee a;mi:ation an; close; at $s.13F=? in t8e last session
ENER5Y
0.!.)at9:al ?as ;:oppe; by 0.7 D on 289:s;ay as p:e;ictions fo: poo: 8eatin? :eC9i:ement
o>e: t8e neBt two wee=s balance; o9t a sli?8tly smalle:-t8an-eBpecte; sto:a?e space ;e>elop.
28e 0.!. %ne:?y 'nfo:mation .;minist:ation sai; :eso9:ces a;;e; 105 billion ;olla:s c9bic feet
of ?as into sto:a?e space a co9ple wee=s a?o t8at was also less t8e 112-bcf ;e>elop in t8e
p:e>io9s 7 ;ays.
W2' C:9;e #il 4:ice ;:oppe; by a:o9n; 1., D as %9:ope<s ;iffic9lt o9tloo= an; :isin? oil
stoc=s ;est:oye; powe: ma:=etplaces. Conce:ns abo9t wo:l; financial systems sent 0.!. an;
ot8e: stoc= ma:=etplaces lowe:@ :e>e:sin? a mo>e f:om a ;ay a?o stim9late; by t8e &e;e:al
$ese:>e<s ca9tion abo9t :aisin? inte:est le>els soon.
(ata s8owe; %9:ope<s )o. 1 economy 5e:many @ in .9? eBpe:ience; its la:?est pl9n?e in
eBpo:ts since t8e 8ei?8t of t8e economic c:isis. 'n C8ina@ a $e9te:Hs st9;y p:e;iction t8at soft
;omestic :eC9i:ement p:obably bo??e; ;own impo:ts@ in>estment an; :etail sales to m9lti-
mont8 o: m9lti-yea: lows in !ept.
#n t8e MCE@C:9;e oil 4:ice ;:oppe; by 2.2 D ta=in? 8ints f:om poo: inte:national
ma:=etplaces an; close; at $s.526Fbbl.
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L%E INVEN.2RY *1+1*+2*14
3ast 9p;ate; at #C2 10 01:30 pm '!2
NCDEX + WEEKLY NEWS LE..ERS
S2YA4EAN 6 RE/I. S2YA
!oyabeanHs new c:ops wit8 8i?8 C9ality 8a>e been :e>eale; in man;is in M4. 28is imp:o>e;
appea:ance st:ess co9l; =eep st:ess on t8e o>e:all sentiments@ as Wo:l;wi;e ma:=ets t:a;e bac=
an; fo:t8. 'mp:o>e; man9fact9:in? lea;s amon? lac= of ;eman; a:e =eepin? p:ices ;own.
.s pe: 1st .;>ance $e>iews fo: 201-15 la9nc8e; by 5o>e:nment of 'n;ian@ complete
man9fact9:in? of =8a:if #ilsee;s is eBpecte; to fall to 1+.66 t8o9san; plenty@ ;own 2.75
t8o9san; plenty f:om 2013-1 68a:if season. (9e to ;ec:ease in place an; efficiency in
59Aa:at@ complete man9fact9:in? of 5:o9n;n9t 8as eBpe:ience; an; ;:oppe; to 5.02 t8o9san;
loa;s as in compa:ison to its :eco:; man9fact9:in? of 7.,1 t8o9san; loa;s ;9:in? 2013-1.
Man9fact9:e of !oy bean app:oBimate; at 11.,2 t8o9san; loa;s is also pa:tially lowe: t8an last
season.
&a:me:s ac:oss t8e wo:l; may 8a:>est 310., t8o9san; plenty of soy beans in 201-15 f:om
2,5.2 t8o9san; plenty t8e season befo:e@ acco:;in? to #il Wo:l;. 28e pe:specti>e was :aise;
f:om 306.7 t8o9san; plenty last mont8.
0.!. soybean man9fact9:in? is seen :isin? to 106.5 t8o9san; plenty f:om +2.1 t8o9san; plenty@
w8ile 8o9se8ol; finis8in? stoc=s a:e eBpecte; to ?o 9p to 12 t8o9san; plenty by en; of .9?
2015 f:om 3. t8o9san; plenty t8e season befo:e.
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Metal C8an?e f:om p:e>io9s ;ay
.l9mini9m -+550
Coppe: -250
3ea; -250
)ic=el 1+,6
2in -20
7inc -2,50
'n;ia<s soymeal eBpo:ts in .9? ;:oppe; to 2@77, loa;s in cont:ast to 1,3@+65 loa;s a season
a?o.
.s pe: t8e latest 68a:if plantin? st9;y :epo:t la9nc8e; by !ec:eta:y of state fo: .?:i-c9lt9:e@
t8e complete plante; place as on 5t8 !ept@ as pe: :epo:ts obtaine; f:om !tates@ appea:s at
+,6.5+ la=8 8ecta:e as in compa:ison to 1020.7, la=8 8ecta:e at t8is time last season@ w8ic8 is a
si?nificant imp:o>ement ;9e to stable :ainfalls in most st:aps. 28e oilsee;s place 8as imp:o>e;
to 173.3 la=8 8a in compa:ison to 1,,.+3 la=8 8a of last season. 'n;ia<s soybean plants place
was stan;in? at 10+.6 la=8 8ecta:es a?ainst 121.72 la=8 8ecta:es last season.
.s pe: !ol9tion %Bt:acto:sH #:?aniIation of 'n;ian t8e complete t:a;e of oilmeals ;9:in? .p:il-
/9ly 201 is at 721@577 plenty in compa:ison to 1@03,@,1+ plenty i.e. ;own by 31D. 'n 28is
s9mme: 201 t:a;e of oilmeals was stan;in? at 115@0+ plenty com-pa:e; to 1,2@133 plenty in
28is s9mme: 2013 i.e. ;own by 37D. %Bpo:t of soybean foo; :e;9ce; in last 3 mont8s ;9e to
8ea>y cost of soybean in local in;9st:y lea; to complete ;iffe:ence fo: soybean foo; in
inte:national in;9st:y.
RAPE6%3S.ARD SEED
$M !ee; as lac= of powe:f9l :eC9i:ement =ept p:ess9:e on t8e p:ice. &esti>e yea: :eC9i:ement
fo: #il =ept assistin? t8e p:ice 8owe>e:. .n p:e;icte; ;e>elopment of plantin? a:ea fo: t8e new
plants is a>oi;in? any powe:f9l ;e>elopment of :ates. !owin? will sta:t in $aAast8an an;
1a:yana base; on t8e weat8e:. &a:m owne:s a:e inte:este; in plantin? of $Msee; as t8ey a:e
alle?e;ly ?ettin? ?:eate: p:ice
.s pe: fi:st .;>ance $epo:ts fo: 201-15 :elease; by (i>ision of &a:min? J Collabo:ation@
total man9fact9:in? of =8a:if #ilsee;s is p:e;icte; to ;ec:ease to 1+.66 t8o9san; plenty@ ;own
2.75 t8o9san; plenty f:om 2013-1 68a:if yea:.
.s pe: !ol9tion %Bt:acto:sH .ssocia-tion of 'n;ian K!%.L ;ata ban=@ t8e impo:ts of !eB9al
assa9lt oil a:e contin9o9sly inc:easin? an; 8a>e si?nificantly imp:o>e; by mo:e t8an 11 times
f:om 7@+3 M2 to 103@003 M2. 28o9?8 oilmeal eBpo:ts ;ec:ease; fo: t8e t8i:; s9ccessi>e
mont8 ;9e to ;e>elopment of soy bean costs@ b9t t8e :apesee; meal 8as imp:o>e; 53 pe: cent to
0,@10 loa;s f:om 267@61 loa;s in last fo9: mont8s.
5lobal man9fact9:in? of :apesee; an; canola will ;ec:ease to 6,.7 t8o9san; plenty f:om 6+.7
t8o9san; plenty as. 28e collect in )o:t8 ame:ica@ t8e top eBpo:t-e:@ is p:e;icte; to ;ec:ease 20
pe:cent f:om t8e p:io: yea: to 1. t8o9san; plenty. %0 o9tcome will :eac8 a 8isto:y 23.5
t8o9san; plenty f:om 21.25 t8o9san; plenty t8e yea: befo:e amon?st inc:easin? bo9nty in
Malaysia@ 'taly@ -el?i9m an; t8e 0.6. $ape-see; costs in %0 ;ec:ease; ;9e to spillo>e: wea=
point f:om soy beans.
$omaniaHs :ape see;s plants t8is yea: is t8e best in t8e last 3 yea:s. 28e ;e>elopment ac8ie>e;
1.1 t8o9san; plenty@ almost ;o9ble in compa:ison to last yea:. 28e p:e>io9s 8isto:y was in
2010@ w8en man9fact9:in? ;est:oye; +3@000 plenty. 'n 2013@ t8e :ape see;s man9fact9:in?
Web: www.ways2capia!.c"# $ %ai!: i&'"(ways2capia!.c"# $ C"&ac: 1)**+3*1*+2**, -."!! /0ee1
was 67@,11 plenty. 28e 8isto:y man9fact9:in? was ;9e to la:?e: a:eas 8a:>este; wit8 :ape
see;s@ 23@000 8ecta:es in compa:ison to 2,@000 8ecta:es in 2013@ b9t also ;9e to ?:eate:
s8ows pe: 8ecta:e@ 2.6 plenty t8is yea:@ com-pa:e; to 2.2 plenty in 2013.
C7ANA
C8ana in t8e !pot an; t8e &9t9:es t:a;in? ma:=et at positi>e way ;9e to $e;9ce; :o9tes in
man;is ami;st :e?9la: /oyf9l season ;eman; . Wit8 p:ices at >e:y low sta?es@ t:a;e:s anticipate
some mo:e :esto:ation in t8e nea: p8:ase e>en as ?:eate: stoc=s may :est:ict t8e 9pt:en; to
some eBtent.
3ea;s of an en8ance; sowin? fo: C8ana in t8e a::i>in? se>e:al wee=s ;9e to fa>o:able climate
in t8e ?:owin? states =ept t8e 9pt:en; :est:icte;. &esti>e season :eC9i:ement 8as sta:te; :isin?.
1owe>e:@ ?:eate: s8a:es an; imp:o>e; :o9tes of 68a:if 'mp9lses in man;is con;ense; t8e
costs. $epo:ts of p:omotin? of s8a:es by ).&%( in $aAast8an too p:e>ente; any powe:f9l
9pt:en;.
28e 8o9se8ol; :eC9i:ement 8as inc:ease; in t8e man;is b9t t8e psyc8olo?ical :esistance sta?es
of 3000 s8own to be too powe:f9l fo: t8e ma:=etplaces to b:ea= so fa:.
.pa:t f:om t8ese aspects@ :epeate; effo:ts by t8e 5o>e:nment to =eep tab on 8oa:;e:sMmainly
fo: impo:tant &oo; items a:e also maintainin? t8e 9pt:en; limite;.
.s pe: newest :e>iews of plantin? of =8a:if plants as on 26t8 !ept@ =8a:if plantin? place was
stan;in? at 101+.26 la=8 8ecta:e. 't is :e>eale; t8at p9lses 8as been plante; in 101.05 la=8 8a >s
10,.13 la=8 8a same time last season.
.s pe: 1st 'nno>ati>e plants estimates fo: 201-15 by 5o>e:nment of 'n;ian@ 'n;ian is li=ely to
?ene:ate 68a:if &oo;?:ains of 120.27 t8o9san; loa;s@ w8ic8 is ;own by ,.+7 t8o9san; loa;s
f:om t8e 8isto:y 12+.2 t8o9san; tonnes ac8ie>e; in 68a:if 2013-1. (ecline in place 9n;e:
29: an; Moon? 8as also impacte; man9fact9:in? of 68a:if 49lses w8ic8 is app:oBimate; at
5.20 million loa;s as a?ainst t8ei: p:o;9ction of 6.02 t8o9san; tonnes ;9:in? 68a:if 2013-1.
29: p:o;9ction estimate; at 2.7 t8o9san; tonnes an; 0:a; at 1.15 t8o9san; tonne
8ee0a
1i?8e: :o9tes a>oi;e; any f9:t8e: :esto:ation in p:ice e>en as en8ance; :eC9i:ement in man;is
too :einfo:ce; t8e costs. .ll eyes wo9l; be on t8e plantin? of t8e new plants planne; to be?in
afte: (iwali. .n p:e;icte; c8oose 9p in plantin? place co9l; a>oi; too powe:f9l :esto:ation fo:
t8e p:o;9ct.
(own po9:s seen few wee=s bac= in 59Aa:at an; $aAast8an 8a>e im-p:o>e; wetness mate:ial of
t8e ?:o9n; an; t8is can 8a>e a >al9able effect on t8e plantin? of new plants sta:tin? #ct.
Web: www.ways2capia!.c"# $ %ai!: i&'"(ways2capia!.c"# $ C"&ac: 1)**+3*1*+2**, -."!! /0ee1
Wit8 plantin? of new plants to be?in in #ct@ :ains wo9l; be >al9able fo: t8e plants plantin? as
t8at inc:eas-es t8e wetness mate:ial. !o weat8-e: in 59Aa:at an; $aAast8an :e-mains c:9cial.
%ffect of Money >s $e wo9l; be impo:tant in met8o; te:m w8en eBpo:ts c8oose 9p. -9t 9ntil
t8at 8ap-pens some mo:e falls not ;eci;e; o9t
1i?8 C9ality :o9tes 8a>e ass9:e; /ee:a :ates a:e ?ettin? top C9ality w.:.t. Wo:l;wi;e
ma:=etplaces. 3ow s8a:es in inte:national b9siness an; ?o>e:nmental anBiety in 4o9lt:y an;
!y:ia 8a>e fo:ce; b9siness :eC9i:ement to 'n;ian. 'n;ian will stay t8e p:ima:y eBpo:t-e: fo: t8is
p:o;9ct as of now.
/ee:a man9fact9:in? in 'n;ian is eB-pecte; to inc:ease to 6.5-7 t8o9san; p9:ses of 55 =? eac8 in
201@ f:om .5-5 million p9:ses t8e season befo:e@ ;9e to an eBten;e; place 9n;e: fa:min? an;
beneficial >a:yin? climate ci:c9mstances.
.s pe: !pices o: 8e:bs -oa:; of 'n;ian statis-tics@ 'n;ian :elease; +6@500 tonne of c9min see;s
o: /ee:a ;9:in? .p:il-(ecembe: 2013@ 9p f:om 50@+ tonne :elease; in simila: pe:io;@ past
season.
Web: www.ways2capia!.c"# $ %ai!: i&'"(ways2capia!.c"# $ C"&ac: 1)**+3*1*+2**, -."!! /0ee1
28is (oc9ment 8as been p:epa:e; by Ways2Capital K. (i>ision of 1i?8 -:ow Ma:=et
$esea:c8 'n>estment .;>iso:y 4>t 3t;L. 28e info:mation@ analysis an; estimates containe;
8e:ein a:e base; on Ways2Capital %C9ityFCommo;ities $esea:c8 assessment an; 8a>e been
obtaine; f:om so9:ces belie>e; to be :eliable. 28is ;oc9ment is meant fo: t8e 9se of t8e
inten;e; :ecipient only. 28is ;oc9ment@ at best@ :ep:esents Ways2Capital %C9ityFCommo;ities
$esea:c8 opinion an; is meant fo: ?ene:al info:mation only. Ways2Capital
%C9ityFCommo;ities $esea:c8@ its ;i:ecto:s@ office:s o: employees s8all not in any way to be
:esponsible fo: t8e contents state; 8e:ein. Ways2Capital %C9ityFCommo;ities $esea:c8
eBp:essly ;isclaims any an; all liabilities t8at may a:ise f:om info:mation@ e::o:s o: omissions
in t8is connection. 28is ;oc9ment is not to be consi;e:e; as an offe: to sell o: a solicitation to
b9y any sec9:ities o: commo;ities.
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