Commodity Insights Yearbook( Part 2)

DATA FOR READY REFERENCE

NON-AGRICULTURAL COMMODITIES

88 | A PUBLICATION BY MCX AND PRICEWATERHOUSECOOPERS

Gold Economic parameters impacting Gold prices

2008 2007 2006 2005 2004

Global total supply 3518 3400 3202 3336 3290

Mine supply 2320 2392 2384 2464 2439

Others (official supply and scraps) 1199 1008 818 872 851

Global Use 2408 2580 2510 2585 2519

Fabrication Jewellery 1891 2085 2106 2280 2228

Dental/Medical Use 73 75 75 76 77

Electronics 275 277 232 170 152

Other Industrial 169 144 97 60 63

World Gold Investment 1347 1369 1079 1418 1306

Indian mine production 3 3 3 3 4

Indian Consumption 961 918 974 930 780

Jewellery & Giftware 292 283 290 260 230

Industrial Use 171 155 84 70 50

Investment demand 498 480 600 600 500

Indian Imports 720 862 753 809 649

ETF Holdings

SPDR Trust-US NYSE 780 628 453 263 -

COMEX inventories 265 229 234 207 180

Official Reserves (Central Bank)

US 8134 8134 8134 8137 8137

IMF 3216 3216 3216 3216 3216

Germany 3412 3418 3421 3428 3434

India 358 358 358 358 358

World 29704 29884 30379 30743 31343

Average daily volatility spot prices (India) 1.6% 0.8% 1.2% 0.7% 0.7%

Source:Gold CPM yearbook 2009, World Gold Council, GFMS Gold Survey 2009, COMEX, MCX

2008 2007 2006 2005 2004

Real GDP (% change)

US 1.1 2 2.9 3.1 3.6

Japan -0.3 1.9 2.8 2.4 4

Eurozone 1 2.3 2.6 1.4 2

China 9 11.5 11.1 10.4 10.1

India 7.3 8.9 9.7 9 7.9

OECD 1 2.6 3.2 2.7 3.6

Consumer Price inflation (% change)

US 1 2.5 2.7 3.4 2.7

Japan 0.5 1.4 0.3 0.3 -2.3

Eurozone 1 3 2.2 2.2 2.1

China 3 5.9 2 1.4 3.2

India 5 7 6.7 5.3 4.6

OECD 1 3 2.2 2.1 1.8

Industrial Output (YoY % change )

US -8.9 1.7 1.5 2.9 3.3

Japan -20.7 1.5 5.4 3.4 1.7

Eurozone -12.2 1.4 5.3 2.5 0.8

China 5.7 17.4 14.7 16.5 14.4

India -0.2 8 13.4 5.7 8.9

Interest rates (%)

US ( Fed Funds Target) 0.25 4.25 5.25 4.25 2.25

Japan (12 month T-Bills) 0.249 0.581 0.618 0.066 0.003

Eurozone ( Refinance rates ) 2.5 4 3.5 2.25 2

China ( Lending Rate ) 5.31 7.47 6.12 5.58 5.58

India ( Repo rate ) 6.5 7.75 7.25 6.25 6

Money Supply ( YoY % change)

US 9.6 5.6 5.4 4.1 5.7

Japan 0.7 0.7 -0.6 0.3 1

Eurozone 7.5 11.6 9.9 7.4 6.6

China 17.82 16.72 16.9 17.6 14.63

India 19.6 22.84 19.33 17.79 13.49

Equity Index (points)

US ( DOW JONES) 8,776 13,265 12,463 10,718 10,783

India (SENSEX) 9,647 20,287 13,787 9,398 6,603

OECD Indicators

OECD Total Monetary Aggr. & Comp. Broad Money Index 127.3 116.9 107.6 100 93.9

OECD Total Purchasing power Index Manufacturing 113.83 106.9 103.7 100 96.16

OECD Total CPI OECD Groups Total Energy IPB 127.8 113.7 109.3 100 89.4

Source: OECD, IMF, CPM gold yearbook, World Bank, RBI

Gold Fundamentals (Tonnes)

DATA FOR READY REFERENCE | 89

DATA FOR READY REFERENCE | 9190 | A PUBLICATION BY MCX AND PRICEWATERHOUSECOOPERS

Table 2: Gold Prices

COMEX future prices (US$/Troy ounce) US Spot prices (US$/Troy ounce)Mumbai Ahmd Delhi Kolkata

Open High Low Close Open High Low Close US AM fixing PM FIXING USDN/INRMar-09 15525 15968 14640 15132 15244 15265 - - 940.3 967.8 882.7 922.6 927.2 926.3 924.6 51.23 86.71Feb-09 14370 16040 13890 15504 14779 14857 - - 929 1004.9 889.8 942.5 941.8 939.8 943.2 49.22 86.84Jan-09 13699 14490 12731 14452 13492 13490 - - 883 930.3 801.5 927.3 862.7 857.7 858.7 48.83 84.83Dec-08 13060 13790 11736 13630 12905 12859 12843 12868 817.2 886 740 884.3 826.0 819.9 816.1 48.64 83.65Nov-08 11671 13240 11450 13125 12159 12130 12170 12242 732.5 833.5 698.2 816.2 760.5 757.9 760.9 49.00 86.77Oct-08 13351 14320 11290 11630 12757 12649 12672 12648 878 925.7 681 718.2 805.0 815.3 806.6 48.64 83.53Sep-08 11900 13576 11170 13192 12221 12193 12197 12247 817.6 922 736.4 874.2 828.7 824.9 829.9 45.56 78.37Aug-08 12610 12733 11126 11895 11863 11804 11816 11821 904.9 916.1 780.9 831.2 836.8 840.4 839.0 42.94 76.21Jul-08 12880 13764 12284 12618 13028 13004 13006 13014 928 989.6 893.3 913.9 940.1 941.2 939.8 42.84 72.79Jun-08 12102 12996 11923 12879 12356 12329 12324 12324 887.3 937.7 858.2 928.3 890.6 889.5 889.5 42.82 73.41May-08 11399 12999 11155 12199 12139 12107 12102 12117 879 935.4 846.4 887.3 890.8 889.1 888.7 42.13 73.05Apr-08 11880 12287 11345 11370 11834 11827 11826 11847 915 948.7 864.1 865.1 910.5 911.6 909.7 40.02 72.38Mar-08 12420 13397 11831 11920 12636 12615 12636 12648 975.6 1033.9 904.7 916.2 960.9 971.1 968.4 40.36 72.72Feb-08 11700 12425 11321 12396 11889 11855 11869 11866 923.1 978.5 884.7 975 925.6 924.3 922.3 39.73 75.77Jan-08 10609 11800 10582 11707 11284 11251 11245 11277 837.5 936.3 837.5 922.7 888.4 887.8 890.4 39.37 76.00Dec-07 10086 10720 9938 10598 10293 10277 10263 10288 783.9 847.4 776.5 838 807.1 803.6 803.2 39.44 76.79Nov-07 10092 10685 9882 10033 10358 10304 10249 10313 799.4 848 773.4 782.2 806.2 808.3 806.2 39.44 75.67Oct-07 9540 10126 9200 10083 9695 9670 9645 9667 745.1 800.8 724.3 795.3 756.9 754.5 754.6 39.51 77.78Sep-07 8934 9544 8927 9530 9322 9287 9272 9298 675.5 745.7 674.1 742.8 713.6 710.6 712.7 40.34 79.14Aug-07 8701 8960 8650 8935 8828 8815 8798 8814 663.2 677.9 642.9 675.8 665.9 664.5 665.4 40.82 80.87Jul-07 8656 8964 8542 8708 8749 8732 8725 8736 651.6 688.4 646.7 666.9 665.6 665.3 665.3 40.42 80.61Jun-07 8714 8994 8595 8662 8707 8687 8690 8702 661.5 673.7 640 650.9 655.4 655.7 655.5 40.77 82.21May-07 9192 9246 8594 8694 8883 8868 8867 8876 681.2 693.3 651.5 661 667.6 668.3 666.9 40.78 82.01Apr-07 9261 9598 9052 9203 9331 9306 9300 9315 665.5 692.5 656.1 683.5 679.8 680.0 679.4 42.15 81.95Mar-07 9648 9703 9196 9339 9366 9343 9380 9353 672.8 680.2 634.5 663 654.5 655.9 654.9 44.03 83.17Feb-07 9251 9898 9171 9628 9541 9491 9507 9505 652.9 692.5 642.5 672.5 665.2 665.1 664.7 44.16 84.28Jan-07 9251 9326 8775 9242 9072 9069 9094 9063 639.2 655.5 603 652 631.3 630.4 631.2 44.33 84.58Dec-06 9250 9420 9022 9265 9127 9151 9161 9132 645.7 649.5 612 638 628.5 629.5 629.8 44.63 83.07Nov-06 8904 9280 8904 9269 9141 9166 9175 9143 607.5 648 607.5 646.9 628.2 626.8 627.8 44.85 84.72Oct-06 8860 8980 8320 8894 8699 8707 8760 8714 598.9 613.2 560.5 606.8 587.0 586.6 585.8 45.47 86.11Sep-06 9568 9710 8671 8859 9016 9028 9073 9029 628 642.5 571 598.6 598.6 600.2 598.2 46.12 85.25Aug-06 9625 9987 9328 9554 9539 9559 9552 9550 635.4 656 609 628.2 630.6 631.6 632.6 46.54 84.91Jul-06 9223 10179 9214 9560 9570 9550 9565 9556 617 677.5 602.5 634.2 633.7 633.1 633.7 46.46 85.61Jun-06 9500 9700 8315 9220 8958 8957 8960 8948 642.8 645.1 555 616 596.3 597.9 596.1 46.06 85.37May-06 9630 10763 9382 9526 9928 9933 9828 9939 654.1 732 636 642.5 673.0 676.8 675.4 45.41 84.69Apr-06 8410 9771 8350 9609 8963 8936 8958 8587 582 658.2 582 654.5 611.9 611.9 610.7 44.95 88.13Mar-06 8105 8648 7841 8382 8063 8103 8042 8052 563.1 589.6 534.5 581.8 558.3 557.2 557.1 44.48 89.58Feb-06 8139 8250 7792 8111 8030 8054 8016 8018 571.6 575.3 535.5 563.9 555.6 555.5 555.0 44.33 90.26Jan-06 7636 8180 7627 8166 7922 7954 7904 7915 519.9 572.7 519.2 570.8 550.2 549.4 549.9 44.40 88.83Dec-05 7630 8134 7263 7638 7585 7612 7570 7579 494.2 538.5 490.1 518.9 509.6 509.4 510.1 45.65 90.63Nov-05 6835 7500 6745 7416 7141 7143 7111 7121 466.5 502.3 456.1 494.6 477.8 476.7 476.7 45.73 91.37Oct-05 6771 6928 6572 6822 6878 6893 6854 6860 467.8 478.5 460.5 466.9 469.9 470.1 469.9 44.82 89.54Sep-05 6268 6850 6268 6731 6529 6561 6528 6529 436.6 475.7 436.4 469 456.8 455.9 456.0 43.92 87.99Aug-05 6090 6415 6090 6263 6248 6276 6248 6249 430 449.5 429.1 435.1 438.1 437.8 437.9 43.63 87.86Jul-05 6208 6218 5994 6084 6064 6091 6029 6004 436.5 438.2 418.2 429.9 424.6 424.7 424.5 43.54 89.55Jun-05 5958 6303 5941 6214 6142 6191 - - 416.4 442.5 414 437.1 431.2 430.3 430.7 43.59 88.33May-05 6222 6222 5925 5966 6036 - - - 436 436 413.2 416.3 422.5 422.9 421.9 43.49 85.63Apr-05 6109 6268 5951 6229 6151 - - - 428.3 438.2 422.7 436.1 429.7 429.1 429.2 43.74 84.24Mar-05 6243 6349 6051 6103 6269 - - - 437.6 448 423.4 428.7 433.7 434.3 434.3 43.69 82.81Feb-05 5987 6259 5877 6245 6105 - - - 422.2 439.3 410.1 437.6 424.3 423.4 423.4 43.68 83.76Jan-05 6301 6305 5984 6000 6147 - - - 438.9 438.9 417.1 421.8 424.3 424.1 424.0 43.76 83.19Dec-04 6564 6663 6273 6307 6444 - - - 451.6 456.5 432.6 438.4 442.6 443.0 442.1 43.98 81.69Nov-04 6333 6691 6238 6528 7266 - - - 430.5 454.8 418 451.3 439.9 439.1 439.4 45.13 83.72Oct-04 6382 6382 6165 6329 6360 - - - 419.1 430 410.3 429.4 421.0 420.2 420.5 45.78 86.99Sep-04 6162 6340 6026 6311 6174 - - - 410.5 418.8 395.4 418.7 406.1 405.4 405.3 46.10 88.89Aug-04 5990 6191 5875 6163 6120 - - - 394 412.8 388.8 410.9 401.6 400.1 400.5 46.34 88.97Jul-04 5918 6103 5905 5954 6058 - - - 393.3 409.6 385 391 398.1 398.4 398.1 46.04 88.54Jun-04 5872 6022 5710 5920 5862 - - - 397.1 405 383 393 391.9 391.8 392.4 45.52 89.46May-04 5775 5872 5600 5852 5766 - - - 388.9 396.3 371.3 394 384.5 384.0 383.8 45.26 90.69Apr-04 6049 6145 5620 5758 5820 - - - 427.2 432 377 387.5 404.5 404.9 403.3 43.93 90.12

Source: Exchanges' websites, RBI, LBMA, ICE

MCX futures prices (Rs/10 gm) Spot prices (Rs/10 gm) (Monthly Average) RBI rate (Monthly Average)

LBMA (US$/Troy ounce) (Monthly Average)

Dollar Index(Monthly Average)

DATA FOR READY REFERENCE | 9392 | A PUBLICATION BY MCX AND PRICEWATERHOUSECOOPERS

Gold Trading activity

TOCOM (1 Kg contracts)

Open Interest VolumeVolume

MCX (All contracts)

COMEX (100 troy ounce contracts)


LBMA Clearing turnover (Mn Ounce)

Volume Open Interest

Mar-09 4176328 52867 3384964 368618 1121167 90006 22.2Feb-09 3632601 64419 2292224 369553 1113024 76630 23.8Jan-09 3463904 90370 2824455 342626 805101 70479 18.8Dec-08 2994119 64129 1895603 306650 885274 72439 17.5Nov-08 2359220 51131 2638572 276092 786559 72074 18.3Oct-08 2871088 46060 3045145 305451 1225126 77819 24Sep-08 3174201 53205 3900044 336598 1013308 97273 24.8Aug-08 2413714 47655 3066120 384999 1115044 123825 23.3Jul-08 2608610 36732 4269942 430332 1201678 159550 21.5Jun-08 1758453 33433 2624030 428557 975924 175855 21.2May-08 1387762 22887 3282907 408860 825875 168656 22.1Apr-08 1224388 18626 2765541 431914 1152382 166773 21.1Mar-08 1508535 16330 3901752 405841 1441948 174243 25.7Feb-08 1669117 23009 2617556 493265 1671064 190515 22.9Jan-08 2032012 24137 4041693 498384 1958020 174809 24.3Dec-07 1070345 24216 1843919 541854 952206 177089 24Nov-07 1325455 16986 3837100 482278 2032490 195150 25.2Oct-07 1087049 19712 2645459 522284 2073433 173403 20.9Sep-07 792352 19352 2002773 436927 1426741 168213 21.5Aug-07 613491 16492 1753206 326255 1773281 201593 18.2Jul-07 724076 18187 2292306 351185 1395749 250607 17.5Jun-07 728887 26231 2301038 377361 1231713 247089 21.8May-07 793654 26378 3638335 364922 1014258 238085 19.5Apr-07 616063 21465 2570650 393709 1261194 216540 20.2Mar-07 948569 18024 3754756 341951 1607801 245403 20.6Feb-07 863504 21790 2604913 417316 1366050 285114 16Jan-07 803260 20534 3161609 351381 1218539 243325 17.1Dec-06 677338 33236 1302013 344915 973138 242743 19.9Nov-06 1012448 29009 1419569 349490 1248361 281686 19.3Oct-06 1158019 49129 953870 323481 1408481 245516 21.6Sep-06 1209212 36336 994310 326828 1729659 265587 20.5Aug-06 1004003 30383 897015 310762 1886384 318336 19.5Jul-06 1232612 13190 1527276 273099 2548380 135735 23.2Jun-06 964206 12903 1287299 292295 2508986 318328 25.8May-06 1121467 12953 2366489 292481 2488947 377593 24.5Apr-06 890491 16342 1508344 355700 2086257 332773 26.1Mar-06 1069988 20188 2234685 349951 1512646 288071 20.6Feb-06 772754 12988 1304814 339859 1888765 328609 19.7Jan-06 876385 14603 2212952 339645 1853039 348865 17.6Dec-05 748141 12577 1320898 323246 3260080 299973 20Nov-05 381449 17954 2008815 342504 2633382 453008 17.4Oct-05 329131 17079 1277160 343340 1624854 329703 18.4Sep-05 373604 8841 1502325 365357 1730369 290183 17.5Aug-05 169884 5542 1252349 287336 1148224 312072 15.2Jul-05 167877 8249 1437712 245530 881602 284691 14.6Jun-05 140685 6896 1239943 312922 1316506 256211 19.1May-05 121962 9267 1452065 255995 828845 305712 16.8Apr-05 87494 4917 857910 302614 835104 277179 14.3Mar-05 113959 4546 1642894 272663 1170399 303520 16Feb-05 94491 4392 1004047 283517 1155587 306967 13.9Jan-05 97577 8759 1563896 259174 1373288 339588 14.8Dec-04 120969 5881 1127437 327247 969974 344086 15.4Nov-04 150588 4861 1950973 355565 1081736 327867 16.6Oct-04 104739 5222 1143316 321039 1465226 315781 14.7Sep-04 125326 4798 991560 271496 1205483 274593 12.4Aug-04 133118 2179 1002417 268043 1111300 286463 13.8Jul-04 117558 1392 1466689 226692 1360939 311918 15.1Jun-04 69396 1717 987011 226747 1447007 319003 13.8May-04 36841 961 1403035 240373 1191147 343867 14.5Apr-04 22056 2107 1272382 247315 1660065 354525 17

Source: Exchanges' websites, LBMA

Open Interest13%

11%

10%

9%

7%

50%

Gold Mine Production ( 2008)

China

South Africa

USA

Australia

Russia

OthersSource: USGS

Graph-1

27%

16%

11%

9%

5%

32%

Gold Consumption (2008)

India

China

USA

Turkey

Saudi Arabia

Others

Source: WGC

Graph-2

-2

0

2

4

6

8

10

12

14

16

0

200

400

600

800

1000

1200

1400

1600

1800

2000

Jun

-70

Jan

-73

Au

g-7

5

Ma

r-7

8

Oct

-80

Ma

y-8

3

Jan

-86

Au

g-8

8

Ma

r-9

1

Oct

-93

Ma

y-9

6

Jan

-99

Au

g-0

1

Ma

r-0

4

Oct

-06

Gold Value and Inflation

Gold price (March '09 dollars)

Gold price (nominal)

CPI YoY (US) (RHS)

USD/oz %

Source: US Department of Labor

Graph-3

Aggregate Volume in all Contracts during the month- Cumulative open interest in all contracts at end of the month.

Silver Economic parameters impacting Silver prices

2008 2007 2006 2005 2004

Real GDP (% change)

US 1.1 2 2.9 3.1 3.6

Japan -0.3 1.9 2.8 2.4 4

Eurozone 1 2.3 2.6 1.4 2

China 9 11.5 11.1 10.4 10.1

India 7.3 8.9 9.7 9 7.9

OECD 1 2.6 3.2 2.7 3.6


US 1 2.5 2.7 3.4 2.7

Japan 0.5 1.4 0.3 0.3 -2.3

Eurozone 1 3 2.2 2.2 2.1

China 3 5.9 2 1.4 3.2

India 5 7 6.7 5.3 4.6

OECD 1 3 2.2 2.1 1.8


US -8.9 1.7 1.5 2.9 3.3

Japan -20.7 1.5 5.4 3.4 1.7

Eurozone -12.2 1.4 5.3 2.5 0.8

China 5.7 17.4 14.7 16.5 14.4

India -0.2 8 13.4 5.7 8.9

Interest rates (%)





India ( Repo rate ) 6.5 7.75 7.25 6.25 6


US 9.6 5.6 5.4 4.1 5.7

Japan 0.7 0.7 -0.6 0.3 1

Eurozone 7.5 11.6 9.9 7.4 6.6

China 17.82 16.72 16.9 17.6 14.63

India 19.6 22.84 19.33 17.79 13.49


US ( DOW JONES) 8,776 13,265 12,463 10,718 10,783

India (SENSEX) 9,647 20,287 13,787 9,398 6,603

OECD Indicators




ISM Manufacturing index 32.9 49.1 52.2 54.9 57.2

U.S Auto sales ( YoY % change ) -35.6% -2.9% -3.6% -3.7% 7.7%

US pending home sales ( YoY % change ) 5.7 -23.9 -6.3 -6.3 13.9Source: OECD, IMF, CPM gold yearbook, World Bank

Silver 2008 2007 2006 2005 2004

Global Production 24,982 24,432 24,366 24,217 22,892

Mine Supply 17,066 16,622 15,950 16,096 15,685

Others (official supply and scraps) 7,916 7,810 7,606 7,034 6,741

Global Consumption 22,687 23,060 22,877 25,620 25,477

Industrial demand 21,561 22,208 22,012 24,796 24,911

Others 1,126 852 865 824 566

Indian Mine Production 134 134 108 70 91

Indian Imports 4,150 2,500 1,300 3,250 2,000

Total Supply (Including scraps) 4,828 3,384 2,908 4,920 2,391

Industrial Use 2,750 2,662 2,258 2,199 1,141

Jewellery and Silverware 1,148 1,098 1,002 1,400 1,400

Fabrication Demand 3,897 3,760 3,260 3,599 2,541

ETF Physical Silver Holdings (Thousand troy ounce)

World 9,763 7,166 4,825 963 814

SLV (i-Shares ) Trust 6,793 5,246 3,768

COMEX Silver Inventories 3,972 4,125 3,455 3,732 3,222


Source: MCX, Silver CPM yearbook, COMEX, Silverinstitute.org

Silver Fundamentals (Thousand troy ounce)

DATA FOR READY REFERENCE | 95| A PUBLICATION BY MCX AND PRICEWATERHOUSECOOPERS94


Silver Prices

Spot prices (Rs/Kg) RBI rate USD/INR

Dollar IndexCOMEX futures prices ($/troy ounce)

Mar-09 22085 22936 20435 21855 22293 22084 13.090 13.850 11.940 12.985 13.164 13.12 51.23 86.71Feb-09 19800 23681 19438 21820 21422 21431 12.655 14.600 12.135 13.085 13.442 13.41 49.22 86.84Jan-09 18475 20038 17392 19893 18735 18501 11.195 12.660 10.370 12.565 11.424 11.29 48.83 84.83Dec-08 16789 18450 15539 18355 17323 17024 10.240 11.410 9.135 11.270 10.401 10.29 48.64 83.65Nov-08 16898 17610 15782 16779 17186 16741 9.840 10.800 8.770 10.185 9.869 9.87 49.00 86.77Oct-08 20166 20770 16111 16858 18639 17859 12.135 13.080 8.400 9.730 10.362 10.44 48.64 83.53Sep-08 20265 21389 17660 20109 20173 19476 13.770 13.770 10.280 12.275 12.264 12.37 45.56 78.37Aug-08 24681 24705 18919 20232 22247 21454 17.770 17.805 12.200 13.607 14.504 14.69 42.94 76.21Jul-08 24290 27234 23670 24720 25164 24943 17.440 19.375 16.845 17.790 18.077 18.03 42.84 72.79Jun-08 23245 24909 23000 24260 24203 23855 16.880 17.880 16.250 17.420 17.019 16.97 42.82 73.41May-08 22290 25494 21470 23376 23747 23450 16.970 18.290 15.995 16.865 17.090 17.05 42.13 73.05Apr-08 22222 24265 21327 22121 23506 23007 17.260 18.770 16.300 16.502 17.513 17.50 40.02 72.38Mar-08 24750 27500 21970 22274 24204 24093 19.780 21.185 16.770 17.310 19.101 19.51 40.36 72.72Feb-08 21620 24965 20961 24707 21983 21798 16.945 19.925 16.230 19.808 17.655 17.57 39.73 75.77Jan-08 19422 21770 19422 21676 20428 20278 15.340 17.090 15.085 16.995 15.974 15.96 39.37 76.00Dec-07 18101 19633 17921 19463 19018 18732 13.960 14.825 13.600 14.797 14.367 14.30 39.44 76.79Nov-07 19019 20925 17975 18159 19547 19233 14.550 16.275 13.760 13.963 14.660 14.70 39.44 75.67Oct-07 18468 19079 17651 18981 18393 18032 13.935 14.645 13.150 14.438 13.711 13.67 39.51 77.78Sep-07 16514 18489 16400 18479 17687 17283 12.100 14.000 12.000 13.920 12.884 12.83 40.34 79.14Aug-07 17545 17858 15975 16523 17422 16941 12.910 13.250 11.060 12.063 12.312 12.36 40.82 80.87Jul-07 16850 18250 16710 17583 17828 17429 12.405 13.390 12.405 13.017 12.918 12.91 40.42 80.61Jun-07 18320 18760 16656 16786 18325 17913 13.495 13.870 12.125 12.353 13.114 13.14 40.77 82.21May-07 18596 18972 17710 18300 18551 18089 13.420 13.585 12.785 13.470 13.158 13.15 40.78 82.01Apr-07 19633 20039 18080 18508 19693 19316 13.460 14.170 13.020 13.445 13.743 13.74 42.15 81.95Mar-07 20480 20650 18270 19622 19495 19247 14.230 14.305 12.470 13.450 13.129 13.18 44.03 83.17Feb-07 19960 21174 19500 20486 20337 20058 13.595 14.745 13.255 14.100 13.938 13.91 44.16 84.28Jan-07 19400 20062 18186 19933 19377 18922 12.730 13.700 12.200 13.570 12.859 12.84 44.33 84.58Dec-06 20340 21502 18661 19424 19851 19618 13.900 14.185 12.350 12.818 13.217 13.36 44.63 83.07Nov-06 18500 20449 18466 20395 19336 19168 12.285 14.000 12.285 13.925 12.998 12.93 44.85 84.72Oct-06 18165 18537 16933 18484 18286 17764 11.550 12.310 10.650 12.270 11.611 11.56 45.47 86.11Sep-06 19321 20486 16811 18115 18595 18073 12.870 13.260 10.450 11.540 11.612 11.68 46.12 85.25Aug-06 17781 19595 17680 19344 19028 18785 11.400 12.930 11.330 12.900 12.250 12.18 46.54 84.91Jul-06 17000 18333 16550 17748 17802 17327 10.910 11.780 10.650 11.370 11.231 11.23 46.46 85.61Jun-06 19078 19175 14450 16651 16764 16426 12.480 12.580 9.450 10.833 10.776 10.80 46.06 85.37May-06 20006 20890 19533 20381 20302 20155 13.580 14.970 12.000 12.455 13.444 13.45 45.41 84.69Apr-06 16770 23148 16725 19786 19489 18780 11.490 14.690 11.470 13.510 12.722 12.61 44.95 88.13Mar-06 14000 17628 13851 16770 14725 14959 9.735 11.940 9.640 11.520 10.442 10.38 44.48 89.58Feb-06 13770 14089 13197 14009 13452 13664 9.875 9.945 9.055 9.720 9.538 9.53 44.33 90.26Jan-06 13290 13867 13037 13793 12978 13562 9.030 9.950 8.805 9.885 9.173 9.15 44.40 88.83Dec-05 12284 14037 12159 13272 12685 12966 8.275 9.170 8.190 8.820 8.634 8.64 45.65 90.63Nov-05 11445 12569 11261 12285 12018 12017 7.590 8.375 7.410 8.280 7.896 7.87 45.73 91.37Oct-05 11122 11830 11011 11462 11608 11391 7.500 7.955 7.360 7.580 7.672 7.67 44.82 89.54Sep-05 10317 11260 10256 11126 10859 10672 6.825 7.645 6.810 7.512 7.179 7.15 43.92 87.99Aug-05 10699 10766 10146 10295 10705 10494 7.255 7.330 6.630 6.781 7.013 7.04 43.63 87.86Jul-05 10478 10709 10150 10686 10663 10479 7.050 7.270 6.810 7.262 7.021 7.01 43.54 89.55Jun-05 10839 11001 10442 10481 10924 10822 7.425 7.630 6.990 7.028 7.293 7.31 43.59 88.33May-05 10160 10903 10115 10844 10641 10485 6.900 7.500 6.770 7.452 7.051 7.02 43.49 85.63Apr-05 10775 10860 10160 10240 10756 10626 7.185 7.360 6.850 6.903 7.115 7.12 43.74 84.24Mar-05 10769 11173 10409 10779 10846 10836 7.345 7.640 6.860 7.180 7.232 7.26 43.69 82.81Feb-05 10220 11097 9900 10794 10711 10563 6.755 7.570 6.490 7.359 7.069 7.03 43.68 83.76Jan-05 10415 10417 9811 10209 10402 10062 6.740 6.890 6.415 6.747 6.622 6.61 43.76 83.19Dec-04 11650 11950 10021 10424 11129 10751 7.715 8.190 6.600 6.807 7.071 7.10 43.98 81.69Nov-04 11190 11820 10800 11610 11973 11550 7.340 7.820 6.920 7.723 7.499 7.49 45.13 83.72Oct-04 10800 11411 10537 11185 11358 11134 6.955 7.530 6.720 7.305 7.131 7.10 45.78 86.99Sep-04 10600 10923 9800 10775 10506 10277 6.735 6.980 6.065 6.938 6.399 6.39 46.10 88.89Aug-04 10278 10780 10207 10618 10854 - 6.585 7.010 6.460 6.771 6.676 6.66 46.34 88.97Jul-04 9320 10443 9310 10263 10192 - 5.835 6.750 5.830 6.560 6.345 6.31 46.04 88.54Jun-04 9531 9600 8990 9330 9490 - 6.170 6.200 5.600 5.776 5.845 5.86 45.52 89.46May-04 9200 9600 8950 9549 9582 - 6.070 6.250 5.495 6.110 5.874 5.85 45.26 90.69Apr-04 11448 12034 8654 9153 9954 - 7.930 8.500 5.545 6.078 7.111 7.06 43.93 90.12Source: Exchange's websites, RBI, LBMA, ICE

Open High Low Close Average AverageMumbai Ahmd

Open High Low Close

Spot prices (US$ /Troy ounce )

Monthly Average U.S.

LBMA (US$ /Troy ounce )Close

MCX futures prices (Rs/kg)

Monthly Average Monthly Average


Silver Trading activity


Open Interest Volume Open InterestVolume

MCX (All contracts)

COMEX (5000 troy ounce contracts)

TOCOM (30 Kgs contracts)

LBMA Clearing turnover (Mn Ounce)


Mar-09 2368782 19794 433757 94506 9873 2542 98.8Feb-09 2345494 16680 619633 94102 11291 3261 105.8Jan-09 2527274 37873 381837 92990 7956 5097 111.7Dec-08 1984421 25586 329047 85923 8839 5464 102.1Nov-08 1960673 27942 568072 86180 10553 5814 107.6Oct-08 2544248 52466 594307 93779 24442 5932 136.2Sep-08 2875765 43447 746310 103812 26444 6289 143.7Aug-08 2111397 25691 953123 115590 26066 7034 150Jul-08 2055536 15845 687936 131599 28139 9189 105.5Jun-08 1650314 11650 859976 126121 18213 9517 119.5May-08 1362887 11635 578951 124655 19417 8981 121.2Apr-08 1625961 12561 912952 123841 22390 8653 119.2Mar-08 1994755 13237 881776 146632 39811 10111 154.7Feb-08 1800439 27151 989601 166678 31184 9144 132.4Jan-08 1919723 30913 719316 185540 29806 8662 117.6Dec-07 1223221 20931 393272 152888 16447 9542 119.1Nov-07 1812705 23243 1018502 135914 38137 10329 129Oct-07 1549302 23997 596495 136393 38503 11118 106.4Sep-07 1229147 22494 463666 117643 32072 13006 108.1Aug-07 1290422 23786 738703 107421 63224 13948 120.8Jul-07 1034273 26378 404108 118550 44763 18388 114.9Jun-07 1098449 29349 900716 116705 58482 18683 112.4May-07 1038399 29994 712183 112563 34448 16388 137.5Apr-07 1093888 23182 1110891 111447 45414 15080 105.7Mar-07 1437994 23137 847073 110549 51524 12805 112Feb-07 1281590 13319 979174 124697 43178 14673 108.1Jan-07 1352259 19097 614161 114336 47299 14427 98.8Dec-06 1078773 19526 406389 101155 59949 15007 107.7Nov-06 1064886 16163 464305 106667 38652 13253 108.8Oct-06 1097901 15402 267464 110237 31319 9730 98.6Sep-06 1191386 20086 301048 99007 46359 9986 110.4Aug-06 1084692 12594 490047 108854 46033 13504 94.7Jul-06 879918 6645 281501 98942 48093 4328 169.5Jun-06 1050812 13198 557495 97874 56782 16386 164.3May-06 1166751 11865 581966 110238 86547 22084 205.7Apr-06 1413030 15346 939093 116254 183118 25296 238.1Mar-06 966405 25090 623919 139615 101464 19909 187.9Feb-06 539731 28378 654020 127839 85235 19953 152.9Jan-06 962543 30786 748873 133259 72035 16118 124.5Dec-05 921928 26986 406620 131226 117777 16897 131.3Nov-05 704006 32095 750869 140908 90211 22526 132Oct-05 753058 29652 424380 138138 56067 16447 124.7Sep-05 603709 17824 513528 126796 56716 15847 126.8Aug-05 458573 29735 600558 117356 58532 20332 104.4Jul-05 370023 17143 334832 124219 47735 17289 95.1Jun-05 510377 16853 637946 115020 67315 18305 123.4May-05 471292 17227 392263 113357 55423 18396 152.1Apr-05 471906 11919 491014 107256 57286 17625 87.6Mar-05 496209 10963 370379 99136 79271 16917 93.8Feb-05 447065 8404 530618 105222 73522 16761 77.5Jan-05 315245 13994 297898 96662 57769 16948 76.9Dec-04 401177 10222 372013 101101 87300 17204 102.2Nov-04 356189 8543 563589 117507 83106 19609 75.5Oct-04 343242 6636 390325 117083 96235 18111 92Sep-04 268402 5501 297680 85720 96581 19620 82.3Aug-04 279010 3064 447632 96395 96542 21713 82.5Jul-04 140856 2462 334886 91030 99824 23362 93.6Jun-04 61336 776 444033 90221 93624 24218 95.1May-04 21870 638 297528 85473 96770 25813 94.7Apr-04 19193 482 713347 101688 137879 27442 133.8Source: Exchanges' websites, LBMA

15

20

25

100

120

140

160

180

Silver Vs Oil prices, Gold Silver Ratio and Dollar Index

Silver prices (RHS) WTI Prices (USD/bbl)

Gold Silver Ratio Dollar Index

USD/oz

0

5

10

0

20

40

60

80

100

Mar-

84

Sep-8

6

Mar-

89

Sep-9

1

Mar-

94

Sep-9

6

Mar-

99

Sep-0

1

Mar-

04

Sep-0

6

Mar-

09

Source: COMEX, NYMEX, ICE

17%

15%

12%

8%8%

40%

Silver Mine Production (2008)

Preru

Mexico

China

Australia

Chile

Others

Source: CPM Silver Yearbook 2009

22%

19%

11%8%

7%

33%

Silver Consumption (2008)

USA

India

Japan

Italy

Thailand

Others

Source: CPM Silver Yearbook 2009

Monthly Average


Graph-1

Graph-2

Graph-3


Platinum Economic parameters impacting Platinum prices

2008 2007 2006 2005 2004

Real GDP (% change)

US 1.1 2 2.9 3.1 3.6

Japan -0.3 1.9 2.8 2.4 4

Eurozone 1 2.3 2.6 1.4 2

China 9 11.5 11.1 10.4 10.1

India 7.3 8.9 9.7 9 7.9

OECD 1 2.6 3.2 2.7 3.6


US 1 2.5 2.7 3.4 2.7

Japan 0.5 1.4 0.3 0.3 -2.3

Eurozone 1 3 2.2 2.2 2.1

China 3 5.9 2 1.4 3.2

India 5 7 6.7 5.3 4.6

OECD 1 3 2.2 2.1 1.8


US -8.9 1.7 1.5 2.9 3.3

Japan -20.7 1.5 5.4 3.4 1.7

Eurozone -12.2 1.4 5.3 2.5 0.8

China 5.7 17.4 14.7 16.5 14.4

India -0.2 8 13.4 5.7 8.9

Interest rates (%)

US (Fed Funds Target) 0.25 4.25 5.25 4.25 2.25


Eurozone (Refinance rates ) 2.5 4 3.5 2.25 2

China (Lending Rate ) 5.31 7.47 6.12 5.58 5.58

India (Repo rate ) 6.5 7.75 7.25 6.25 6

Money Supply (YoY % change)

US 9.6 5.6 5.4 4.1 5.7

Japan 0.7 0.7 -0.6 0.3 1

Eurozone 7.5 11.6 9.9 7.4 6.6

China 17.82 16.72 16.9 17.6 14.63

India 19.6 22.84 19.33 17.79 13.49


US (DOW JONES) 8,776 13,265 12,463 10,718 10,783

India (SENSEX) 9,647 20,287 13,787 9,398 6,603

OECD Indicators




Source: OECD, IMF, CPM gold yearbook, World Bank

Platinum (thousand ounces) 2008 2007 2006 2005 2004

World

Mine Production 6,151 6,583 7,006 6,635 6,490

Auto catalyst recycling 998 921 855 801 690

Old Jewellery Scrap 910 543 - - -

Total Supply 8,059 8047 7861 7437 7180

Consumption

Autocatalyst 3814 4,139 4,166 3,910 3,490

Jewelery 1646 1,872 1,700 1,842 2,160

Others 2334 1,950 1,849 1,827 1,580

Total Demand 7794 7,961 7,715 7,579 7,230

World Balance 265 86 146 -142 -50

Indian Imports in Kgs* 6459 6058 5476 6264

Indian Exports in Kgs* 1984 659 1077 404

Inventory levels

NYMEX (PL 50 troy ounces contracts) 1562 969 638 470 380

Average Daily Volatility (India Spot) 2.8% - - - -

Source: JOHNSON MATTHEY, PLC., GFMS Platinum, Palladium Survey - Presentation, USGS, DGCIS, MCX, NYMEX; * data for financial year

Fundamentals


Platinum Prices

Mar-09 1642 1879 1642 1870 1787 1078.8 1167.4 1030.5 1120.8 1084.0 3341 3653 3233 3578 51.23 86.71Feb-09 1506 1780 1506 1709 1654 996 1119.9 956.7 1085.3 1040.9 2859 3321 2736 3306 49.22 86.84Jan-09 1430 1572 1379 1506 1509 932.4 996.5 914 991.3 955.6 2848 3028 2624 2799 48.83 84.83Dec-08 1321 1375 1270 1375 1319 881.9 943.3 783 936.2 846.9 2749 2749 2374 2646 48.64 83.65Nov-08 1366 1376 1211 1376 1328 831 896 772 882.3 841.1 2612 2854 2325 2691 49.00 86.77Oct-08 1702 1702 1366 1366 1441 1003 1045 761.8 831.6 914.1 3485 3586 2306 2458 48.64 83.53Sep-08 2120 2120 1640 1640 1802 1490 1499.8 995.2 1015.1 1219.5 5165 5165 3485 3485 45.56 78.37Aug-08 2342 2379 1863 2115 2071 1754.1 1759 1307 1489.8 1485.8 6114 6114 4622 5134 42.94 76.21Jul-08 2881 2940 2280 2436 2644 2084.1 2089.6 1726 1761.9 1900.3 7059 7123 5939 6099 42.84 72.79Jun-08 2845 2900 2770 2885 2824 2013.5 2125 1966.1 2069.5 2037.9 6829 7270 6717 7027 42.82 73.41May-08 - - - - - 1930 2234.9 1835 2013.8 2059.9 6438 7395 6168 6675 42.13 73.05Apr-08 - - - - - 1948 2055 1880 1935.2 1991.4 6351 6807 6228 6415 40.02 72.38Mar-08 - - - - - 2164 2308.8 1802.2 2024.4 2030.2 7143 7584 5892 6499 40.36 72.72Feb-08 - - - - - 1731.2 2214.5 1722 2180.7 2013.7 5870 7575 5867 7209 39.73 75.77Jan-08 - - - - - 1529.9 1746.1 1523.6 1737.4 1592.2 5442 5896 5144 5752 39.37 76.00Dec-07 - - - - - 1436.7 1551.5 1436.1 1528.4 1496.2 5105 5584 5105 5534 39.44 76.79Nov-07 - - - - - 1454.9 1498.8 1384.1 1444.1 1448.5 5379 5441 4916 5116 39.44 75.67Oct-07 - - - - - 1407.5 1473.3 1355 1447.6 1412.9 5100 5386 5003 5312 39.51 77.78Sep-07 - - - - - 1271.5 1395.5 1269.8 1395.2 1311.3 4739 5066 4705 5048 40.34 79.14Aug-07 - - - - - 1301.9 1308.9 1226.5 1271.6 1263.6 4932 4932 4442 4733 40.82 80.87Jul-07 - - - - - 1282.9 1350 1271 1302.6 1304.0 5039 5200 4875 4934 40.42 80.61Jun-07 - - - - - 1287.4 1320 1264 1279 1286.7 5005 5161 4980 5038 40.77 82.21May-07 - - - - - 1298 1353.8 1255.1 1285.8 1302.8 4962 5151 4934 4962 40.78 82.01Apr-07 - - - - - 1242 1348 1245.5 1298.4 1276.9 4709 5082 4650 4954 42.15 81.95Mar-07 - - - - - 1255 1264 1164 1248.3 1217.7 4749 4759 4351 4709 44.03 83.17Feb-07 - - - - - 1187 1269.9 1156.1 1256.4 1205.3 4555 4837 4516 4663 44.16 84.28Jan-07 - - - - - 1135 1188 1119 1182.3 1148.5 4282 4604 4237 4544 44.33 84.58Dec-06 - - - - - 1186.5 1186.5 1096 1139.3 1121.5 4415 4418 4063 4282 44.63 83.07Nov-06 - - - - - 1085.2 1289 1085 1176.7 1182.2 4069 4852 4069 4376 44.85 84.72Oct-06 - - - - - 1159.5 1159.5 1070 1086.5 1082.6 4349 4396 4052 4069 45.47 86.11Sep-06 - - - - - 1253 1287.9 1124 1141.2 1183.6 4685 4760 4230 4355 46.12 85.25Aug-06 - - - - - 1241.6 1268 1216 1251.2 1233.6 4510 4660 4486 4644 46.54 84.91Jul-06 - - - - - 1245 1275 1203 1241.6 1229.9 4536 4659 4451 4500 46.46 85.61Jun-06 - - - - - 1252 1263.5 1095 1246.7 1188.0 4521 4563 4062 4488 46.06 85.37May-06 - - - - - 1163.7 1347 1163 1246.8 1259.5 4236 4695 4212 4596 45.41 84.69Apr-06 - - - - - 1070.8 1163.8 1065 1163.3 1102.0 4006 4281 4002 4198 44.95 88.13Mar-06 - - - - - 1059 1095 1002.5 1059.4 1042.7 3899 4116 3774 4085 44.48 89.58Feb-06 - - - - - 1085 1094 990.2 1054.7 1039.4 4078 4158 3730 3872 44.33 90.26Jan-06 - - - - - 972 1089.9 972 1085.3 1028.3 3709 4062 3641 4026 44.40 88.83Dec-05 - - - - - 982 1026 946 973 977.4 3752 3959 3475 3681 45.65 90.63Nov-05 - - - - - 943 1011 916 980.4 964.5 3471 3856 3450 3754 45.73 91.37Oct-05 - - - - - 925 950 915.5 943.2 930.7 3385 3506 3338 3470 44.82 89.54Sep-05 - - - - - 896 938.5 893 930.3 915.5 3173 3380 3160 3380 43.92 87.99Aug-05 - - - - - 899 930 883.3 894.5 899.9 3245 3306 3090 3174 43.63 87.86Jul-05 - - - - - 884 905 862.5 897.9 874.1 3145 3227 3071 3218 43.54 89.55Jun-05 - - - - - 864.8 905 862 883.5 881.4 3009 3320 2995 3122 43.59 88.33May-05 - - - - - 871.8 885.8 846.5 861.3 867.5 2926 3011 2920 3010 43.49 85.63Apr-05 - - - - - 874 884 859 868.6 866.0 2969 3035 2925 2940 43.74 84.24Mar-05 - - - - - 866 889 854.8 870.6 867.8 2916 2966 2888 2966 43.69 82.81Feb-05 - - - - - 871 885 847 866.1 864.6 2907 2948 2875 2935 43.68 83.76Jan-05 - - - - - 857.2 950 845 873.8 859.2 2827 2913 2787 2912 43.76 83.19Dec-04 - - - - - 872 887 813 863.7 851.6 2877 2921 2775 2848 43.98 81.69Nov-04 - - - - - 836 882.8 821.2 872.3 855.4 2830 2994 2825 2886 45.13 83.72Oct-04 - - - - - 861 869.5 815 833 841.7 3048 3086 2825 2851 45.78 86.99Sep-04 - - - - - 870.2 884.7 825 861 849.4 3033 3117 2903 3035 46.10 88.89Aug-04 - - - - - 819 885.8 819 868.1 849.8 2930 3115 2930 3035 46.34 88.97Jul-04 - - - - - 785 839 775 817.9 810.6 2750 2960 2708 2929 46.04 88.54Jun-04 - - - - - 846 849 767 791.5 807.2 2992 3026 2695 2754 45.52 89.46May-04 - - - - - 794 849 760.2 829.2 810.2 2837 3043 2750 2997 45.26 90.69Apr-04 - - - - - 905 954 756 794.2 882.9 3040 3279 2830 2834 43.93 90.12Source: Exchanges' websites, RBI, ICE

Open High Low CloseOpen High Low Close Average

NYMEX futures prices (USD/oz)Mumbai

US Spot prices (USD/oz)

Open High Low Close

TOCOM (JPY/gm) Dollar Index

Monthly Average U.S.

RBI rate USD/INR

MCX futures prices (Rs / gm) Spot prices (Rs/gm)



Mar-09 26 0 82949 20101 262139 35780Feb-09 8 0 35199 20440 207474 31494Jan-09 7 0 31090 18740 220137 33337Dec-08 6 0 69079 18217 288120 33863Nov-08 7 0 30011 17259 308803 34982Oct-08 16 7 38107 15319 456834 36321Sep-08 165 2 74165 14679 501954 43544Aug-08 276 80 47539 12524 528655 49169Jul-08 1320 75 43127 13284 644464 68862Jun-08 2000 136 66398 15094 604867 71714May-08 - - 53981 15760 570518 57714Apr-08 - - 41288 13668 576917 49411Mar-08 - - 84901 11864 463326 47325Feb-08 - - 71981 15277 986211 59916Jan-08 - - 54231 17684 780278 75212Dec-07 - - 66352 17562 581378 92721Nov-07 - - 36150 13203 799157 87854Oct-07 - - 34100 15661 947797 88887Sep-07 - - 58091 14595 552946 88963Aug-07 - - 35975 10452 924492 86329Jul-07 - - 35379 14773 677618 111907Jun-07 - - 66968 14472 906282 108704May-07 - - 35525 14319 845439 117695Apr-07 - - 26458 14399 754154 98070Mar-07 - - 59099 11566 737964 77781Feb-07 - - 25793 12527 568139 100684Jan-07 - - 20534 10091 537290 91819Dec-06 - - 34671 7978 706853 92344Nov-06 - - 45793 8394 969449 97786Oct-06 - - 21182 7648 814415 81563Sep-06 - - 44000 7832 997755 80238Aug-06 - - 21428 9740 790231 97528Jul-06 - - 16194 8682 969332 50503Jun-06 - - 45985 7383 938725 94845May-06 - - 34684 9500 1123087 109669Apr-06 - - 17215 9849 949161 127200Mar-06 - - 42804 9079 910069 121461Feb-06 - - 27572 8576 935610 121286Jan-06 - - 20604 11686 874586 130582Dec-05 - - 47809 9705 1153625 115669Nov-05 - - 30447 13270 1220620 151271Oct-05 - - 21825 13305 680040 131063Sep-05 - - 52535 13231 589783 122955Aug-05 - - 26324 11402 762686 121744Jul-05 - - 25132 9734 476136 129946Jun-05 - - 55588 11180 630696 129208May-05 - - 20135 7946 492822 132700Apr-05 - - 16263 8649 536213 143191Mar-05 - - 42310 7985 695727 152959Feb-05 - - 22100 7117 730855 153596Jan-05 - - 16643 7883 604110 160511Dec-04 - - 41238 6378 881178 169390Nov-04 - - 20225 8171 1078361 182953Oct-04 - - 25837 6055 944310 189471Sep-04 - - 35464 6672 1001064 183179Aug-04 - - 20283 6435 1105881 183335Jul-04 - - 17300 5299 1091117 173411Jun-04 - - 30154 5527 1102286 172572May-04 - - 14558 5417 1051746 178094Apr-04 - - 32197 6265 1404018 165039Source: Exchanges' websites

Platinum Trading activity

Volume Open InterestOpen InterestVolume

MCX NYMEX TOCOM


Aggregate volume in all contracts during the month. Cumulative open interest in all contracts at the end of the month.

76 %

12 %

4 %2 %

3 % 3 %

Platinum Mine Production (2008)

South Africa

Russia

Canada

USA

Zimbabwe

Others

Source: USGS; e estimates

Graph-1

55 %

15 %

14 %

14 %

2 %

Platinum Jewellery demand (2008)

China

Japan

Europe

North America

Others

Source: Platinum survey GFMS 2009

Graph-2

Graph-3

Copper Economic parameters impacting Copper prices

Copper 2008 2007 2006 2005 2004

Global

Production 18180 18048 17261 16545 15864

% change 0.70% 4.60% 4.30% 4.30% 4.50%

Ex-china 14584 14547 14264 13926 13653

Consumption 18021 18010 17368 16820 16704

% change 0.10% 3.70% 3.30% 0.70% 8.20%

Ex-china 13146 13370 13370 13010 13246

Western world stocks 706 547 560 468 469

India

Refined copper producton 705 642 519 408 396

Primary copper consumption 465 425 400 350

Copper and Copper Products Export 416 450 356 289 241

Copper and Copper Products Import 227 193 278 211 180

Inventory levels - End of the year

LME 339.8 197.5 182.8 89.6 48.9

SHFE 8.8 12.9 7.1 54.0 16.1


Source: ICSG, DGCIS, USGS, GFMS base metal report, LME, SHFE, MCX

2008 2007 2006 2005 2004

Real GDP (% change)

US 1.1 2 2.9 3.1 3.6

Japan -0.3 1.9 2.8 2.4 4

Eurozone 1 2.3 2.6 1.4 2

China 9 11.5 11.1 10.4 10.1

India 7.3 8.9 9.7 9 7.9

OECD 1 2.6 3.2 2.7 3.6


US 1 2.5 2.7 3.4 2.7

Japan 0.5 1.4 0.3 0.3 -2.3

Eurozone 1 3 2.2 2.2 2.1

China 3 5.9 2 1.4 3.2

India 5 7 6.7 5.3 4.6

OECD 1 3 2.2 2.1 1.8

AIndustrial Output (YoY % change )

US -8.9 1.7 1.5 2.9 3.3

Japan -20.7 1.5 5.4 3.4 1.7

Eurozone -12.2 1.4 5.3 2.5 0.8

China 5.7 17.4 14.7 16.5 14.4

India -0.2 8 13.4 5.7 8.9

Interest rates (%)





India ( Repo rate ) 6.5 7.75 7.25 6.25 6


US 9.6 5.6 5.4 4.1 5.7

Japan 0.7 0.7 -0.6 0.3 1

Eurozone 7.5 11.6 9.9 7.4 6.6

China 17.82 16.72 16.9 17.6 14.63

India 19.6 22.84 19.33 17.79 13.49


US ( DOW JONES) 8,776 13,265 12,463 10,718 10,783

India (SENSEX) 9,647 20,287 13,787 9,398 6,603

OECD Indicators






US pending home sales ( YoY % change ) 5.7 -23.9 -6.3 -6.3 13.9


Copper Fundamentals (000 tonnes)



Copper Prices

Dollar IndexLME futures price (USD/Tonne) LME cash(USD/Tonne)

RBI rate USD/INR

Mar-09 173.50 209.45 171.50 207.10 193.60 3390.00 4168.00 3340.00 4040.00 3749.75 51.23 86.71Feb-09 157.05 177.30 153.15 171.05 164.42 3224.50 3669.00 3096.00 3449.00 3314.73 49.22 86.84Jan-09 155.00 174.65 150.85 157.65 160.27 3055.00 3610.00 3025.00 3155.00 3220.69 48.83 84.83Dec-08 189.05 191.45 138.55 152.75 150.71 3640.00 3710.00 2817.25 3070.00 3071.98 48.64 83.65Nov-08 207.50 214.75 172.50 184.05 183.84 4215.00 4435.00 3375.00 3620.00 3717.00 49.00 86.77Oct-08 303.50 305.00 188.50 206.95 234.15 6395.00 6530.00 3590.00 4099.00 4925.70 48.64 83.53Sep-08 327.45 328.40 293.30 302.20 316.15 7520.00 7520.00 6170.00 6360.00 6990.86 45.56 78.37Aug-08 342.85 343.80 302.40 331.15 323.73 8065.00 8082.00 7120.00 7510.00 7634.70 42.94 76.21Jul-08 365.80 387.35 331.55 343.55 353.54 8530.00 8940.00 7840.00 8055.00 8414.04 42.84 72.79Jun-08 335.10 371.65 330.80 368.80 347.40 7945.00 8620.00 7760.00 8510.00 8260.60 42.82 73.41May-08 332.80 361.20 331.15 336.50 347.74 8585.00 8625.00 7855.00 7935.00 8382.75 42.13 73.05Apr-08 335.10 355.50 327.05 351.20 345.20 8380.00 8880.00 8160.00 8549.00 8684.93 40.02 72.38Mar-08 335.80 353.90 310.40 335.90 338.21 8415.00 8820.00 7611.00 8390.00 8439.29 40.36 72.72Feb-08 286.55 342.35 278.15 338.95 311.64 7299.75 8570.00 7025.00 8430.00 7887.69 39.73 75.77Jan-08 265.95 292.95 265.35 287.20 277.73 6750.00 7450.00 6675.00 7350.00 7061.02 39.37 76.00Dec-07 279.50 280.60 252.35 266.00 265.21 7050.00 7075.00 6317.00 6675.00 6587.67 39.44 76.79Nov-07 302.80 304.25 251.65 275.55 272.67 7760.00 7774.75 6430.00 7000.00 6966.70 39.44 75.67Oct-07 317.85 327.65 300.10 302.35 314.47 8025.50 8315.00 7645.00 7725.00 8008.43 39.51 77.78Sep-07 304.55 321.30 289.60 317.75 306.55 7480.00 8155.00 7085.00 8020.00 7648.98 40.34 79.14Aug-07 322.50 322.50 281.30 308.10 302.11 7980.25 7985.00 6730.00 7460.00 7513.50 40.82 80.87Jul-07 314.75 332.05 311.55 322.80 319.77 7580.00 8212.00 7550.00 8010.00 7973.91 40.42 80.61Jun-07 305.00 315.05 292.05 310.25 304.17 7455.00 7695.00 7050.00 7560.00 7475.88 40.77 82.21May-07 333.50 345.60 287.55 305.30 314.06 7760.00 8335.00 6952.00 7380.00 7682.17 40.78 82.01Apr-07 303.05 343.15 299.65 322.30 325.47 6900.00 8100.00 6807.00 7761.00 7766.47 42.15 81.95Mar-07 272.90 305.00 260.75 302.70 282.28 6100.00 6935.00 5796.00 6860.00 6452.48 44.03 83.17Feb-07 256.70 282.80 235.00 266.80 253.10 5760.00 6374.00 5250.00 6015.00 5676.45 44.16 84.28Jan-07 285.60 286.55 246.60 256.20 255.33 6300.00 6344.00 5430.00 5735.00 5669.66 44.33 84.58Dec-06 320.15 327.40 283.20 285.60 298.94 7095.00 7229.25 6250.00 6330.00 6675.11 44.63 83.07Nov-06 336.85 338.60 296.65 312.80 313.39 7420.00 7500.25 6645.00 7080.00 7029.18 44.85 84.72Oct-06 351.55 361.50 327.65 336.55 341.78 7602.00 7890.00 7002.00 7380.00 7500.39 45.47 86.11Sep-06 358.50 375.45 335.65 352.90 351.78 7615.00 8110.00 7150.00 7545.00 7602.36 46.12 85.25Aug-06 348.40 360.05 347.00 356.05 360.01 7800.00 8150.00 7180.00 7700.00 7695.66 46.54 84.91Jul-06 343.90 383.25 333.90 363.50 360.16 7475.00 8210.00 7000.00 7950.00 7712.10 46.46 85.61Jun-06 371.50 374.00 291.00 351.75 337.15 7915.00 8010.00 6410.00 7320.00 7197.61 46.06 85.37May-06 328.40 397.85 325.00 373.30 361.81 7240.00 8800.00 7060.00 7900.00 8045.86 45.41 84.69Apr-06 242.45 343.00 242.45 322.35 284.15 5405.00 7385.00 5390.00 6990.00 6387.78 44.95 88.13Mar-06 216.40 247.95 211.80 243.00 225.05 4780.00 5510.25 4650.00 5390.00 5102.85 44.48 89.58Feb-06 216.70 229.00 210.50 214.05 218.87 4830.00 5100.00 4645.00 4798.00 4982.40 44.33 90.26Jan-06 203.50 218.50 199.90 216.80 207.15 4400.00 4865.25 4330.00 4840.00 4734.33 44.40 88.83Dec-05 193.40 209.75 192.55 202.90 204.19 4243.00 4518.00 4240.00 4395.00 4576.78 45.65 90.63Nov-05 174.30 195.00 172.10 193.00 198.03 3915.00 4270.00 3853.00 4246.00 4269.34 45.73 91.37Oct-05 167.00 183.50 166.95 173.10 184.43 3790.00 4018.00 3750.00 3912.00 4059.76 44.82 89.54Sep-05 158.30 169.50 153.40 167.10 167.28 3615.00 3835.00 3489.85 3769.50 3857.84 43.92 87.99Aug-05 156.80 174.00 153.25 164.55 163.66 3520.00 3670.00 3454.00 3603.00 3797.75 43.63 87.86Jul-05 145.60 157.90 145.60 156.85 155.47 3311.00 3546.00 3185.00 3517.00 3614.21 43.54 89.55Jun-05 139.30 156.00 138.30 149.00 150.13 3045.00 3435.00 3025.00 3319.00 3524.07 43.59 88.33May-05 136.00 139.90 127.65 139.55 135.66 3190.00 3225.25 2960.00 3046.00 3249.10 43.49 85.63Apr-05 137.25 149.30 137.25 144.85 143.70 3287.00 3338.00 3110.00 3215.00 3394.48 43.74 84.24Mar-05 145.50 145.50 138.60 142.90 144.26 3223.00 3308.00 3135.00 3290.00 3379.60 43.69 82.81Feb-05 138.50 149.70 133.90 149.40 140.11 3084.00 3275.00 2953.00 3235.00 3253.70 43.68 83.76Jan-05 143.45 144.10 131.10 144.10 138.28 3115.00 3120.00 2875.00 3082.00 3170.00 43.76 83.19Dec-04 147.00 149.00 135.70 148.40 141.80 3102.00 3165.00 2852.00 3150.00 3145.45 43.98 81.69Nov-04 139.00 149.50 138.25 149.50 142.94 2852.00 3142.50 2830.00 3095.00 3122.80 45.13 83.72Oct-04 138.60 148.00 131.00 136.00 139.41 2995.00 3179.50 2650.00 2882.00 3012.24 45.78 86.99Sep-04 130.00 146.00 121.00 146.00 134.36 2780.00 3020.00 2685.00 2997.50 2894.86 46.10 88.89Aug-04 128.60 133.95 123.50 132.35 127.09 2834.00 2885.00 2687.00 2784.00 2846.10 46.34 88.97Jul-04 126.75 134.20 121.50 133.95 126.48 2665.00 2862.00 2648.00 2816.00 2808.43 46.04 88.54Jun-04 121.00 125.50 117.60 123.05 126.00 2783.00 2870.00 2490.00 2650.00 2686.70 45.52 89.46May-04 - - - - 126.00 2685.00 2788.00 2475.00 2774.00 2733.50 45.26 90.69Apr-04 - - - - - 2982.00 3044.00 2573.00 2652.00 2948.73 43.93 90.12Source: Exchanges' website, ICE, RBI

Open High Low Close Open High Low Close Monthly AverageMonthly Average

MCX futures prices (Rs/kg) MCX spot prices (Rs/kg)



Copper Trading activity

TOCOM (1 Kg contracts) MCX LME SHFE

Volume VolumeVolume

Mar-09 2175657 18590 2284177 411286 13334674 439066Feb-09 1877051 15178 1702722 481490 8621472 324534Jan-09 2141842 25082 2314469 491820 6108054 266182Dec-08 1495127 22176 1908795 486962 8676564 343614Nov-08 1847627 11984 2546098 550760 5197084 262170Oct-08 1694342 14105 3004252 521086 2353198 159046Sep-08 1044217 14983 2619189 496407 3274924 205972Aug-08 920891 9315 1863668 463749 2815716 177792Jul-08 914542 11792 2248126 450061 1313756 128874Jun-08 769001 16182 1828570 450316 1589422 146068May-08 896748 10514 1724399 444647 1747730 160086Apr-08 1032376 11164 2004746 467061 2037268 149586Mar-08 1007753 9144 1960112 486002 3049558 154856Feb-08 1378689 13275 2231546 497810 2665180 182148Jan-08 1276483 12604 2335854 481440 5158030 175908Dec-07 912928 15695 1424933 427225 5928002 183716Nov-07 1159320 10949 2165031 430963 4227808 199102Oct-07 1023183 16433 1735112 403830 1377392 131320Sep-07 1007536 13682 1674178 393590 1698136 133956Aug-07 1480144 12226 2214438 237662 3211484 138914Jul-07 1225331 15565 1713515 243282 3896062 155206Jun-07 1607857 13266 1739912 245422 3112020 126614May-07 1672952 12807 1711033 250544 2181252 115830Apr-07 1577270 10940 1661035 244262 2641610 120162Mar-07 1280007 10035 1711176 239035 1526036 117194Feb-07 1223224 11961 1538992 241525 734540 101622Jan-07 1205754 22864 1751103 239883 1146412 96362Dec-06 636579 19532 1289754 216457 610830 77744Nov-06 871936 18552 1516229 224000 701874 75848Oct-06 539737 11657 1320963 217759 304364 64456Sep-06 492788 7330 1580518 223339 1015788 70904Aug-06 572901 6606 1472340 223185 1303582 85376Jul-06 503552 4508 1238460 217765 1191158 56888Jun-06 660822 5323 1398156 225347 1252768 83430May-06 517588 7216 1706156 243177 765734 86976Apr-06 278370 6368 1785516 247115 1085446 84036Mar-06 115344 5242 1848574 251178 1062264 108698Feb-06 70652 2643 1708272 237243 574948 97870Jan-06 33695 2174 1729221 227253 677818 75868Dec-05 31556 2178 - - 1271624 105788Nov-05 37605 2855 - - 1634112 134036Oct-05 22505 2209 - - 948686 121872Sep-05 14942 1555 - - 1311456 126746Aug-05 24040 1556 - - 1903172 155662Jul-05 20362 2260 - - 2103100 163288Jun-05 25566 647 - - 2895970 181948May-05 5688 455 - - 2465668 214420Apr-05 212 11 - - 2722214 157026Mar-05 3642 11 - - 2487690 197344Feb-05 889 11 - - 1789458 229576Jan-05 1285 4 - - 3104998 251560Dec-04 271 1 - - 4218814 315822Nov-04 363 1 - - 4246086 338818Oct-04 1046 0 - - 2055374 254312Sep-04 383 0 - - 2769470 244560Aug-04 980 0 - - 3242450 323902Jul-04 48 1 - - 3522894 305002Jun-04 3530 3 - - 4238546 259120May-04 - - - - 3693710 256208Apr-04 - - - - 3323298 190938Source: Exchanges' Websites

Open Interest Open Interest

36%

8%

8%6%

5%

37%

Copper Mine Production (2008e)

Chile

United States

Peru

China

Australia

OthersSource: USGS; e estimates

27%

19%

14%

7%

21%

12%

Copper Consumption (2008e)

China

Western Europe

North America

Japan

Other Asia

Others

Source: GFMS Base Metal report

0

0.5

1

5000

6000

7000

8000

9000LME futures (USD/ton) - LHS

Chinese import (100 tons) - LHS

Rolling correlation prices vs. lme stocks - 1 yr

Copper Prices, Chinese Imports & Rolling correlation of LME Prices Vs Inventory

-1.5

-1

-0.5

0

1000

2000

3000

4000

5000

Ap

r-86

Mar-

87

Feb

-88

Ja

n-8

9

Dec-8

9

Nov-9

0

Oct-

91

Sep-9

2

Aug-9

3

Ju

l-9

4

Ju

n-9

5

May-

96

Ap

r-97

Mar-

98

Feb

-99

Ja

n-0

0

Dec-0

0

Nov-0

1

Oct-

02

Sep-0

3

Aug-0

4

Ju

l-0

5

Ju

n-0

6

May-

07

Ap

r-08

Mar-

09

Source: LME, China Customs Dept.

Open InterestGraph-1

Graph-1

Graph-2

Graph-3


Zinc Economic parameters impacting Zinc prices

Economic Indiacators 2008 2007 2006 2005 2004

Real GDP (% change)

US 1.1 2 2.9 3.1 3.6

Japan -0.3 1.9 2.8 2.4 4

Eurozone 1 2.3 2.6 1.4 2

China 9 11.5 11.1 10.4 10.1

India 7.3 8.9 9.7 9 7.9

OECD 1 2.6 3.2 2.7 3.6


US 1 2.5 2.7 3.4 2.7

Japan 0.5 1.4 0.3 0.3 -2.3

Eurozone 1 3 2.2 2.2 2.1

China 3 5.9 2 1.4 3.2

India 5 7 6.7 5.3 4.6

OECD 1 3 2.2 2.1 1.8


US -8.9 1.7 1.5 2.9 3.3

Japan -20.7 1.5 5.4 3.4 1.7

Eurozone -12.2 1.4 5.3 2.5 0.8

China 5.7 17.4 14.7 16.5 14.4

India -0.2 8 13.4 5.7 8.9

Interest rates (%)





India ( Repo rate ) 6.5 7.75 7.25 6.25 6


US 9.6 5.6 5.4 4.1 5.7

Japan 0.7 0.7 -0.6 0.3 1

Eurozone 7.5 11.6 9.9 7.4 6.6

China 17.82 16.72 16.9 17.6 14.63

India 19.6 22.84 19.33 17.79 13.49


US ( DOW JONES) 8,776 13,265 12,463 10,718 10,783

India (SENSEX) 9,647 20,287 13,787 9,398 6,603

OECD Indicators

OECD Total Monetary Aggr. & 127.3 116.9 107.6 100 93.9 Comp. Broad Money Index

OECD Total Purchasing power 113.83 106.9 103.7 100 96.16 Index Manufacturing



Zinc (Metric tonnes) 2008 2007 2006 2005 2004

World mine production 11777000 10900000 10300000 9930000 9600000 (zinc content of concentrate)

World smelter production 11666000 11500000 10800000 10400000 10600000

Of which:

Primary - 4780000 4670000 4520000 4660000

Secondary - 362000 416000 398000 384000

Undifferentiated - 6310000 5740000 5510000 5520000

Zinc Consumption^ 11496000 11333000 10995000 10540000 10309000

India mine production (zinc content of concentrate) - 572,300 535,500 477,200 347,100

India smelter production - 439,800 443,900 289,200 262,400

Of which: -

Primary - 416,800 420,900 266,200 238,400

Secondary - 23,000 23,000 23,000 24,000

Zinc Consumption (Primary) 450000 425000 394000 362000

Indian Imports * - 106216 179035 265444 193000

Indian Exports* - 81535 189245 20511 27041


LME 253500 89150 88450 394125 629425

Shanghai 63534 54404 - - -

Average Daily Volatility (India Spot) 2.7% 2.3% 3.9% - -

Source: ILZSG; USGS; Respective exchanges websites; GFMS base metal report; DGCIS, MCX^ 2008 figures are estimated * data for financial yearWorld totals, U.S. data, and estimated data are rounded to no more than three significant digits; may not add to totals shown.

Zinc Fundamentals


Zinc Prices

MCX futures prices (Rs/kg) Average spot prices (Rs./Kg)Mumbai (MCX)

LME 3 month future prices (USD/tonne)

Open High Low Close Monthly Average Open High Low Close Monthly Average Monthly AverageMar-09 57.5 67.5 56.75 66.3 62.4 1125 1359 1090 1320 1223 51.23Feb-09 54.25 59.15 52.6 54.6 54.8 1120 1229 1070 1128 1118 49.22Jan-09 58.6 65.9 53.3 54 57.8 1220 1365 1089.75 1096.5 1203 48.83Dec-08 60.8 62.15 49.85 54.35 53.4 1200 1225 1038 1208 1113 48.64Nov-08 58.5 63.95 52.4 59.6 56.4 1168 1310 1077 1210 1169 49.00Oct-08 80 80.3 52.5 53.9 62.0 1684 1699 1076 1125 1303 48.64Sep-08 79.95 86.95 75.25 77.7 79.4 1834.5 1905 1633 1680 1745 45.56Aug-08 81.6 82.05 68.9 75.35 74.4 1904.75 1905 1605 1811 1735 42.94Jul-08 84 90.7 76.25 81 79.3 1936 2120 1750 1902 1856 42.84Jun-08 85.35 86.25 79.6 80.35 81.1 2013 2025 1850 1932 1906 42.82May-08 88.8 99.9 82.25 84.25 91.3 2255 2374.5 1955 2005 2178 42.13Apr-08 92 96.45 87.5 88.8 90.4 2313 2420 2206 2230 2279 40.02Mar-08 110.1 116.75 90.85 92 101.3 2750 2900 2252 2320 2511 40.36Feb-08 98.05 112.1 91.7 108.6 96.7 2500 2824 2310 2740 2458 39.73Jan-08 93.35 102.6 85.4 94.2 92.2 2380 2605.95 2150 2515 2364 39.37Dec-07 102.35 103.35 89.3 90.15 93.3 2645 2645 2251 2370 2379 39.44Nov-07 113.4 113.9 86 100.4 100.8 2818 2870 2135 2595 2555 39.44Oct-07 124.2 126.5 109.45 109.85 117.7 3060 3205 2811 2825 2980 39.51Sep-07 128.15 128.85 113.2 121.55 116.8 3100 3120 2680 3050 2888 40.34Aug-07 144.75 145.9 123.45 125.65 132.5 3525 3570 2949.8 3110 3244 40.82Jul-07 142.5 152.85 137.5 145.2 143.3 3360 3780 3351 3545 3546 40.42Jun-07 151.3 157.2 133.95 134.45 146.6 3710 3850 3290 3350 3629 40.77May-07 161.6 170.85 143.8 150.05 156.6 3742 4170.5 3535 3695 3848 40.78Apr-07 144.6 158.8 140.25 152.3 149.9 3275 3845 3119.85 3756 3567 42.15Mar-07 157.1 160.1 138.2 142.9 144.0 3505 3575 3119.75 3255 3256 44.03Feb-07 159.6 162.75 137.6 153.7 146.3 3490 3775 2990 3480 3321 44.16Jan-07 191.1 191.9 149.75 151.95 170.0 4230 4270 3340 3480 3785 44.33Dec-06 199.6 205.5 185.5 191.5 195.9 4365 4548 4120.5 4230 4381 44.63Nov-06 190.7 208.3 182.45 196.5 196.4 4220 4580 3975 4375 4379 44.85Oct-06 155.5 196 152.85 193.25 174.8 3360 4290 3260 4220 3830 45.47Sep-06 158.65 172.1 147.25 154.15 157.4 3420 3740 3140 3330 3394 46.12Aug-06 158.6 164.35 150.6 155.65 154.5 3400 3545 3190 3450 3340 46.54Jul-06 150.45 168.75 145.6 157 155.6 3260 3620 3065 3415 3321 46.46Jun-06 171.25 173 132.1 150.15 149.0 3595 3670 2810 3220 3198 46.06May-06 154.25 180.95 136.5 180.55 161.8 3250 4000 3100 3670 3545 45.41Apr-06 130.5 171.2 123.7 144.65 138.1 2660 3445 2620 3175 3068 44.95Mar-06 118 130.5 118 130.2 117.3 2345 2705 2115 2645 2428 44.48Feb-06 - - - - - 2307 2420 1960 2359 2220 44.33Jan-06 - - - - - 1902 2335 1877 2306 2092 44.40Dec-05 - - - - - 1715 1925 1710 1909 1819 45.65Nov-05 - - - - - 1543 1726.15 1518 1715 1611 45.73Oct-05 - - - - - 1413 1566 1399 1545 1483 44.82Sep-05 - - - - - 1370 1460.15 1335 1420 1397 43.92Aug-05 - - - - - 1260.5 1386 1255 1366 1301 43.63Jul-05 - - - - - 1225 1282.75 1170 1265 1197 43.54Jun-05 - - - - - 1275 1347 1221.85 1230 1273 43.59May-05 - - - - - 1292 1292 1215 1285 1246 43.49Apr-05 - - - - - 1373 1392 1235 1299 1298 43.74Mar-05 - - - - - 1380 1450 1324 1375 1374 43.69Feb-05 - - - - - 1302 1415 1268 1389 1323 43.68Jan-05 - - - - - 1238 1307 1160 1297 1246 43.76Dec-04 - - - - - 1172 1262 1110 1246 1182 43.98Nov-04 - - - - - 1062 1187 1036 1170 1100 45.13Oct-04 - - - - - 1107 1195 1000 1063 1067 45.78Sep-04 - - - - - 972 1124 950 1108 980 46.10Aug-04 - - - - - 1040 1054 963 974 977 46.34Jul-04 - - - - - 994 1045 974 1042 988 46.04Jun-04 - - - - - 1116 1132 954 992 1019 45.52May-04 - - - - - 1047 1118 1009 1110 1031 45.26Apr-04 - - - - - 1112 1153.5 1000 1043 1029 43.93Source: Exchanges' websites, RBI

Spot prices (USD/tonne)LME Cash

RBI rate USD/INR

| A PUBLICATION BY MCX AND PRICEWATERHOUSECOOPERS114 DATA FOR READY REFERENCE | 115

Zinc Trading activity

TOCOM (1 Kg contracts) MCX LME SHFE

Volume Open Interest Volume Open Interest Volume Open InterestMar-09 208772 2740 884436 205238 4241702 234574Feb-09 155974 2601 780222 211605 3636084 240004Jan-09 254582 4146 957686 215257 3163662 150666Dec-08 170750 3620 758835 217239 3185326 127550Nov-08 214723 3334 880094 232572 2770670 94554Oct-08 215097 6478 965248 237594 2641524 114582Sep-08 261182 5835 990045 228207 2524492 114620Aug-08 281672 7203 708243 212678 2998404 144404Jul-08 344578 9196 827575 204878 3965520 179716Jun-08 211818 7839 765926 198036 3888514 182698May-08 252370 7324 833372 187565 3108752 156316Apr-08 225903 10752 959410 191892 3707804 105850Mar-08 323656 7420 912077 192412 5821132 125432Feb-08 345186 6722 647411 195029 5075648 148340Jan-08 319858 8510 832986 191205 6252516 106514Dec-07 244308 9439 783104 177383 5150590 58702Nov-07 305480 8775 941899 179233 3997610 78864Oct-07 309670 12169 1089690 162219 996644 98684Sep-07 346451 6563 1014805 155086 1734622 89672Aug-07 326264 8142 838075 149295 1520740 56184Jul-07 310111 6456 999716 145869 2731960 35704Jun-07 317771 7501 1068516 143914 1143186 42876May-07 383919 4926 1146266 148078 1298366 30168Apr-07 288371 4586 1235912 140736 1501988 32224Mar-07 262631 5716 1192616 142390 35414 10736Feb-07 237740 3772 1051089 140457 - -Jan-07 219193 4177 935311 131114 - -Dec-06 112724 2423 728803 131940 - -Nov-06 157018 2693 841226 132541 - -Oct-06 45350 1646 792861 129648 - -Sep-06 31366 648 770995 122949 - -Aug-06 21914 708 854086 120504 - -Jul-06 35279 351 901705 130010 - -Jun-06 46180 543 1177418 136708 - -May-06 58311 1483 984070 152560 - -Apr-06 53798 2110 823877 167512 - -Mar-06 707 28 983874 169045 - -Feb-06 - - 895591 164725 - -Jan-06 - - 1097725 149470 - -Dec-05 - - - - - -Nov-05 - - - - - -Oct-05 - - - - - -Sep-05 - - - - - -Aug-05 - - - - - -Jul-05 - - - - - -Jun-05 - - - - - -May-05 - - - - - -Apr-05 - - - - - -Mar-05 - - - - - -Feb-05 - - - - - -Jan-05 - - - - - -Dec-04 - - - - - -Nov-04 - - - - - -Oct-04 - - - - - -Sep-04 - - - - - -Aug-04 - - - - - -Jul-04 - - - - - -Jun-04 - - - - - -May-04 - - - - - -Apr-04 - - - - - -Source: Exchnages' websites

500

1000

1500

2000

2500

3000

3500

4000

4500

5000

-60

-40

-20

0

20

40

60

80

100

120

LME futures (USD/ton) - RHS OECD Total Composite Leading Ind.

Correlation with Cu (1 year) Source: LME, OECD

Zinc Prices, OECD Leading Indicator & Rolling correlation with Copper Price

De

c-8

9

No

v-9

0

Oct

-91

Se

p-9

2

Au

g-9

3

Jul-9

4

Jun-

95

Ma

y-9

6

Ap

r-9

7

Ma

r-9

8

Fe

b-9

9

Jan-

00

De

c-0

0

No

v-0

1

Oct

-02

Se

p-0

3

Au

g-0

4

Jul-0

5

Jun-

06

Ma

y-0

7

Ap

r-0

8

Ma

r-0

9

28%

13%

13%7%

6%

33%

Zinc Mine Production (2008e)

China

Australia

Peru

United

Canada

Others


34%

24%

19%

12%

4%7%

Zinc Consumption (2008e)

China

Other Asia

Western Europe

North America

South and Central America

Others

Source: GFMS Base Metals Report


Graph-1

Graph-2

Graph-3



Lead Economic Parameters impacting Lead Prices

Lead (Metric tonnes) 2008 2007 2006 2005 2004

World mine production (Lead content of concentrate) 3,800,000 3,770,000 3,650,000 3,520,000 3,200,000

World refinery production - 8,280,000 7,890,000 7,640,000 7,070,000

Of which:

Primary - 3,870,000 3,740,000 3,550,000 3,090,000

Secondary - 4,190,000 3,950,000 3,880,000 3,740,000

Undifferentiated - 222,000 204,000 211,000 237,000

Lead Consumption 8,527,000 8,243,000 8,017,000 7,613,000 7,261,000

India mine production lead concentrate - 77,600 69,200 60,400 51,300

India refinery production - 123,800 112,700 91,000 65,000

Of which:

Primary - 88,800 77,700 56,000 40,000

Secondary - 35,000 35,000 35,000 25,000

Imports* - 154290 184024 175416 166416

Exports* - 19806 15538 10008 6678

Inventory levels

LME (tonnes) year end 45150 45475 41125 43625 40700

Average Daily Volatility (India Spot) 3.4% 2.5% 2.2% - -

Source: GFMS base metal report, DGCIS; * Data for financial year

Parameters 2008 2007 2006 2005 2004Real GDP (% change)US 1.1 2 2.9 3.1 3.6Japan -0.3 1.9 2.8 2.4 4Eurozone 1 2.3 2.6 1.4 2China 9 11.5 11.1 10.4 10.1India 7.3 8.9 9.7 9 7.9OECD 1 2.6 3.2 2.7 3.6

Consumer Price inflation (% change)US 1 2.5 2.7 3.4 2.7Japan 0.5 1.4 0.3 0.3 -2.3Eurozone 1 3 2.2 2.2 2.1China 3 5.9 2 1.4 3.2India 5 7 6.7 5.3 4.6OECD 1 3 2.2 2.1 1.8

Industrial Output (YoY % change )US -8.9 1.7 1.5 2.9 3.3Japan -20.7 1.5 5.4 3.4 1.7Eurozone -12.2 1.4 5.3 2.5 0.8China 5.7 17.4 14.7 16.5 14.4India -0.2 8 13.4 5.7 8.9

Interest rates (%)US ( Fed Funds Target) 0.25 4.25 5.25 4.25 2.25Japan (12 month T-Bills) 0.249 0.581 0.618 0.066 0.003Eurozone ( Refinance rates ) 2.5 4 3.5 2.25 2China ( Lending Rate ) 5.31 7.47 6.12 5.58 5.58India ( Repo rate ) 6.5 7.75 7.25 6.25 6Money Supply ( YoY % change)US 9.6 5.6 5.4 4.1 5.7Japan 0.7 0.7 -0.6 0.3 1Eurozone 7.5 11.6 9.9 7.4 6.6China 17.82 16.72 16.9 17.6 14.63India 19.6 22.84 19.33 17.79 13.49Equity Index (points)US ( DOW JONES) 8,776 13,265 12,463 10,718 10,783 India (SENSEX) 9,647 20,287 13,787 9,398 6,603 OECD IndicatorsOECD Total Monetary Aggr. & Comp. Broad Money Index 127.3 116.9 107.6 100 93.9OECD Total Purchasing power Index Manufacturing 113.83 106.9 103.7 100 96.16OECD Total CPI OECD Groups Total Energy IPB 127.8 113.7 109.3 100 89.4


Fundamentals


Lead Prices

Mar-09 54.05 70.25 53.15 64.8 63.4 1050 1380 1025 1270 1238 51.23Feb-09 55.65 59.3 47.8 52 54.3 1135 1219 980 1046 1100 49.22Jan-09 49.35 60.3 48.1 56.45 54.8 980 1230 957 1120.5 1145 48.83Dec-08 57 57.6 40.5 45.95 46.4 1095 1140 851 999 968 48.64Nov-08 76 76 53.15 53.8 63.8 1525 1557 1073 1103 1286 49.00Oct-08 87.2 88.2 57.75 72.35 70.9 1845 1873 1145 1508 1494 48.64Sep-08 87.2 94.5 79.5 84.55 85.2 1975 2080 1729.75 1830 1872 45.56Aug-08 94.3 95.45 70.7 85.75 83.0 2215 2222.5 1626 1975 1903 42.94Jul-08 77.2 98.85 66.4 94.7 83.0 1780 2293.75 1531 2210 1960 42.84Jun-08 83.9 88.9 74.45 74.5 79.7 2000 2090 1745 1790 1861 42.82May-08 104.6 107 80.75 82.6 93.8 2700 2730 1912 1975 2216 42.13Apr-08 113.25 120.4 107.4 108.4 113.1 2780 3000 2677 2714 2835 40.02Mar-08 133.85 140.65 107.1 111.55 121.7 3335 3480 2655 2790 3013 40.36Feb-08 109.65 137.7 107.65 135.5 121.8 2810 3420 2719 3330 3090 39.73Jan-08 101.3 109.15 96 108.05 102.4 2555 2831 2405 2820 2622 39.37Dec-07 121.25 121.7 94.35 99.8 103.4 3060 3060 2371 2550 2616 39.44Nov-07 144.95 148.95 110.15 120.95 132.2 3680 3775 2805 3060 3320 39.44Oct-07 136.5 154.35 134.1 145.15 148.0 3380 3890.15 3345 3660 3723 39.51Sep-07 127.8 142.05 117.4 137.15 130.5 3120 3520 2845 3380 3228 40.34Aug-07 127.05 139.25 115.65 134.5 127.7 3110 3355 2760 3110 3115 40.82Jul-07 115.6 142.3 112.6 126.05 124.6 2680 3500 2670 3105 3072 40.42Jun-07 91.15 109.8 91.15 108.1 98.9 2360 2745 2231 2660 2437 40.77May-07 82.1 92.45 82.1 92 85.7 2015 2360 1980 2331 2106 40.78Apr-07 84.55 86.5 80.15 82.75 84.6 1920 2045 1905 2015 1984 42.15Mar-07 84.6 88 84.6 84.85 84.1 1825 1975.15 1771.85 1920 1909 44.03Feb-07 77 84.65 70.9 83.85 78.5 1680 1955 1525 1820 1775 44.16Jan-07 74.25 77.3 69 77.3 74.1 1685 1725.25 1505 1679 1664 44.33Dec-06 72 80.95 72 78.4 77.0 1660 1785 1580 1665 1709 44.63Nov-06 72.5 75 70 74 72.9 1615 1755 1440 1663 1626 44.85Oct-06 64.85 73.5 64.85 73.5 69.9 1390 1630 1340 1617 1526 45.47Sep-06 57.25 64.75 54.5 64.75 61.9 1220 1410.5 1214 1380 1347 46.12Aug-06 51.35 55 51.35 55 54.7 1095 1250 1082.25 1210 1179 46.54Jul-06 44 53.45 43 50.5 48.9 1020 1180 995 1092 1053 46.46Jun-06 54.1 54.1 42.5 43.2 44.3 1065 1080 924.75 1015 964 46.06May-06 56.35 59 51.4 53.35 52.8 1230 1360 1060 1071 1168 45.41Apr-06 54.5 58 51.9 56.35 52.6 1180 1260 1139.85 1210 1171 44.95Mar-06 52.95 57.3 52.55 54.5 54.2 1185 1255 1130 1185 1194 44.48Feb-06 - - - - - 1325 1435 1124.85 1182 1267 44.33Jan-06 - - - - - 1053 1420 1049 1322 1258 44.40Dec-05 - - - - - 1036 1125 1035 1051 1120 45.65Nov-05 - - - - - 960 1045.2 923.85 1043 1018 45.73Oct-05 - - - - - 940 1018 937.75 963 999 44.82Sep-05 - - - - - 863 970 841 938 933 43.92Aug-05 - - - - - 855 895 824 863 887 43.63Jul-05 - - - - - 885 888 812 855.5 858 43.54Jun-05 - - - - - 962 986 880 880 983 43.59May-05 - - - - - 950 983 915 962 985 43.49Apr-05 - - - - - 985 996 890 950 980 43.74Mar-05 - - - - - 950 990 935 989 1002 43.69Feb-05 - - - - - 930 991 904 954.5 973 43.68Jan-05 - - - - - 1002 1002 867 935 954 43.76Dec-04 - - - - - 955 1019 885 1004 972 43.98Nov-04 - - - - - 878 996 870 952 966 45.13Oct-04 - - - - - 930 982 805 879 933 45.78Sep-04 - - - - - 860 940 831 925 932 46.10Aug-04 - - - - - 876 912 822 858 917 46.34Jul-04 - - - - - 840 925 825 879 931 46.04Jun-04 - - - - - 831 862 750 837 864 45.52May-04 - - - - - 731 862 710 833 804 45.26Apr-04 - - - - - 835 841 651 731 747 43.93Source: Exchanges' websites, RBI

MCX futures prices (Rs/Kg)

Spot prices (Rs/Kg)

LME 3 month futures prices (USD/tonne)

Spot prices LME Cash(USD/Tonne)

MumbaiOpen High Low Close Open High Low Close

RBI rateUSDNIR




Lead Trading activity

Mar-09 130344 1380 535331 93619Feb-09 72614 1550 402582 102852Jan-09 146851 1354 534515 102959Dec-08 144343 3235 483905 109344Nov-08 128765 3994 470743 117209Oct-08 114594 2276 610973 123930Sep-08 156400 1765 540511 139610Aug-08 158614 1301 609001 143131Jul-08 226034 2740 729273 142077Jun-08 126749 5245 482949 116295May-08 139900 3449 483893 113582Apr-08 78768 1255 423544 105527Mar-08 110436 866 415194 102617Feb-08 139959 1817 454711 98288Jan-08 129851 1980 428100 96419Dec-07 167541 1933 341485 96146Nov-07 180997 1898 494098 102672Oct-07 259390 2829 493731 98587Sep-07 179574 1557 406280 92649Aug-07 213613 1652 434971 66274Jul-07 90279 847 374775 66822Jun-07 339 19 382190 64802May-07 4 4 366261 66439Apr-07 9 5 302402 63116Mar-07 8 0 323205 63240Feb-07 8 2 330473 60786Jan-07 54 0 371393 58260Dec-06 116 0 320163 57662Nov-06 552 1 374854 61192Oct-06 28 0 356364 58032Sep-06 336 0 396199 56693Aug-06 46 1 379169 55523Jul-06 1774 20 318504 57775Jun-06 430 29 308105 62057May-06 1691 16 440203 62315Apr-06 628 8 343260 59505Mar-06 2940 10 434491 65955Feb-06 - - 353575 60198Jan-06 - - 471560 64511Dec-05 - - - -Nov-05 - - - -Oct-05 - - - -Sep-05 - - - -Aug-05 - - - -Jul-05 - - - -Jun-05 - - - -May-05 - - - -Apr-05 - - - -Mar-05 - - - -Feb-05 - - - -Jan-05 - - - -Dec-04 - - - -Nov-04 - - - -Oct-04 - - - -Sep-04 - - - -Aug-04 - - - -Jul-04 - - - -Jun-04 - - - -May-04 - - - -Apr-04 - - - -Source: Exchanges' websites

LME

Volume

MCX

Open InterestVolume Open Interest

35 %

22 %

18 %

25 %

China

Europe

USA

Others


Lead Mine Consumption (2008e)

40 %

15 %

12 %

9 %

4 %

20 %

China

Australia

United States

Peru

Mexico

Others


Lead Mine Production (2008e)

2000

2500

3000

3500

4000

100

150

200

250

Lead Prices, Inventory and Spread Between Cash & Futures PricesInventory & Spread

0

500

1000

1500

-50

0

50

100

Nov-

95

Sep-9

6

Jul-

97

May-

98

Mar-

99

Jan-0

0

Nov-

00

Sep-0

1

Jul-

02

May-

03

Mar-

04

Jan-0

5

Nov-

05

Sep-0

6

Jul-

07

May-

08

Mar-

09

LME futures (USD/ton) - RHS Lead invetory (000s metric tonne)

Source: LME


Graph-1

Graph-2

Graph-3


Nickel Economic Parameters impacting Nickel Prices

Nickel (Metric tonne) 2008 2007 2006 2005 2004

World mine production 1,610,000 1,660,000 1,580,000 1,500,000 1,420,000

Content of concentrate - - 487,000 453,000 427,000

Content of ore and ore milled - - 594,000 563,000 538,000

Content of laterite ore - - 336,000 327,000 301,000

Content of ferronickel produced - - 10,900 8,100 5,300

Content of nickel sulfate - - 80 199 130

Content, unspecified and/or undifferentiated - - 157,000 146,000 148,000

World plant production 1,342,000 1,436,000 1,350,000 1,300,000 1,280,000

Of which:

Ferronickel 302,000 295,000 278,000

Metal 761,000 740,000 710,000

Oxide sinter 102,000 101,000 104,000

Chemicals 21,700 20,000 24,700

Unspecified 165,000 149,000 162,000

World Refined Nickel Consumption 1,299,000 1,341,000 1,405,000 1,244,000 1,262,000

Refined Nickel Balance 43000 95000 -91000 10000 -18000

India nickel consumption (primary) 33000 31000 28000 27000

Indian Imports * 22785.7 23251.9 18828.6 26450.8

Indian Exports 1679.7 1673.4 1951.6 1041.9

Inventory levels

LME (tonnes) year end 78390 47946 6648 35742 20892

Average Daily Volatility (India Spot) 3.2% 2.5% 2.6% 4.6% 3.4%

Source: USGS, INSG, DGCIS, GFMS base metal report;MCX, LME; * data is for financial year

2008 2007 2006 2005 2004Real GDP (% change)US 1.1 2 2.9 3.1 3.6Japan -0.3 1.9 2.8 2.4 4Eurozone 1 2.3 2.6 1.4 2China 9 11.5 11.1 10.4 10.1India 7.3 8.9 9.7 9 7.9OECD 1 2.6 3.2 2.7 3.6


Industrial Output (YoY % change)US -8.9 1.7 1.5 2.9 3.3Japan -20.7 1.5 5.4 3.4 1.7Eurozone -12.2 1.4 5.3 2.5 0.8China 5.7 17.4 14.7 16.5 14.4India -0.2 8 13.4 5.7 8.9

Interest rates (%)US ( Fed Funds Target) 0.25 4.25 5.25 4.25 2.25Japan (12 month T-Bills) 0.249 0.581 0.618 0.066 0.003Eurozone ( Refinance rates ) 2.5 4 3.5 2.25 2China ( Lending Rate ) 5.31 7.47 6.12 5.58 5.58India ( Repo rate ) 6.5 7.75 7.25 6.25 6

Money Supply ( YoY % change)US 9.6 5.6 5.4 4.1 5.7Japan 0.7 0.7 -0.6 0.3 1Eurozone 7.5 11.6 9.9 7.4 6.6China 17.82 16.72 16.9 17.6 14.63India 19.6 22.84 19.33 17.79 13.49

Equity Index (points)US ( DOW JONES) 8,776 13,265 12,463 10,718 10,783 India (SENSEX) 9,647 20,287 13,787 9,398 6,603

OECD IndicatorsOECD Total Monetary Aggr. & Comp. Broad Money Index 127.3 116.9 107.6 100 93.9OECD Total Purchasing power Index Manufacturing 113.83 106.9 103.7 100 96.16OECD Total CPI OECD Groups Total Energy IPB 127.8 113.7 109.3 100 89.4


Fundamentals


Nickel Prices

Mar-09 504.1 533.5 478.3 479.3 495.8 9975 10420 9425 9850 9707 51.23Feb-09 545 585 462 488.6 512.5 11180 12051 9250 10000 10404 49.22Jan-09 576 654.8 498.1 537.6 550.8 11700 13550 10180 11200 11285 48.83Dec-08 515 540.8 442.3 522.8 470.5 10000 11900 9000 11700 9638 48.64Nov-08 623.8 649.3 476.2 484.8 526.3 12675 13125 9720 10200 10698 49.00Oct-08 764.4 769 447.8 556.5 579.0 16050 16400 8850 12100 12133 48.64Sep-08 906 906.5 721 741.9 807.2 20250 20350 15588 15850 17840 45.56Aug-08 795.1 935 736.6 887.8 819.2 18599 21525 17370 20225 18917 42.94Jul-08 960 974.5 763 791.6 863.4 21950 22599 18049 18350 20102 42.84Jun-08 935 1073.5 914.5 930.5 967.9 22290 24950 21400 21950 22539 42.82May-08 1160 1180 927 942.5 1077.0 28725 29149 21355 22100 25854 42.13Apr-08 1183.5 1205.5 1127.5 1169.5 1149.5 29750 30325 27900 28550 28756 40.02Mar-08 1259 1416 1126 1190.5 1260.9 31500 35150 28000 29755 31208 40.36Feb-08 1086.5 1275 1042 1258 1109.3 27650 32050 26250 31500 27711 39.73Jan-08 1040.5 1203 1038.5 1084 1089.2 26650 30750 26350 27400 27646 39.37Dec-07 1088 1104.5 998 1017.5 1030.3 27450 27800 25177 26300 25921 39.44Nov-07 1277 1350 1042 1047.5 1211.2 32380 34250 26752 27095 30600 39.44Oct-07 1230 1306 1188 1212.9 1228.5 30849 33490 29701 32050 31017 39.51Sep-07 1217 1362 1101.7 1232.9 1195.3 29800 34500 26612.5 30500 29526 40.34Aug-07 1279 1286 1035 1237.9 1120.1 31450 31450 24800 29800 27748 40.82Jul-07 1495 1519.9 1223.4 1275.7 1350.6 36450 37500 30199 31445 33417 40.42Jun-07 1941.1 2009 1430.2 1460.8 1700.7 46100 50448.5 35350 36200 41705 40.77May-07 2105 2185.5 1925 2073.2 2130.9 48000 51800 44900 46000 52161 40.78Apr-07 2007.8 2253.9 1953.9 2066.5 2133.3 45000 50200 44950 47800 50249 42.15Mar-07 1891.1 2247 1790 1982.8 2036.7 40800 48500 39000 44800 46303 44.03Feb-07 1945 1990 1925 1967.6 1817.1 36500 41990 34350 41395 41171 44.16Jan-07 1504 1855 1355 1727 1626.6 33350 38950 30000 37000 36795 44.33Dec-06 1498 1603 1433 1512.9 1543.5 33750 34950 31999 33325 34576 44.63Nov-06 1429.8 1547.3 1267.3 1539 1439.7 31400 34100 28650 33950 32100 44.85Oct-06 1408.3 1640 1327.1 1420.2 1491.9 29375 32625 28000 31350 32693 45.47Sep-06 1515 1524.2 1205 1430.5 1394.6 28000 29450 25500 29350 30117 46.12Aug-06 1287.5 1618.5 1210 1581.3 1445.0 25400 29950 24175 28800 30728 46.54Jul-06 976.1 1380 976.1 1324.3 1234.2 21400 26900 21400 25500 26569 46.46Jun-06 1080 1081 844.1 1031.2 954.0 21500 21750 17050 21350 20747 46.06May-06 905 1064 821 1064 956.8 19175 23050 18600 21900 21065 45.41Apr-06 675 832.7 675 827.9 801.7 15200 20250 15150 19275 17932 44.95Mar-06 676.9 698 626 679.5 663.0 14900 15520 14450 15250 14893 44.48Feb-06 699.1 750 645 666 665.8 15050 15802 14625 14950 14975 44.33Jan-06 705 705 680 695.8 642.9 13450 15500 13300 15225 14550 44.40Dec-05 585 718 543 637 611.8 12750 14451 12599 13500 13426 45.65Nov-05 - - - - 544.8 12125 13225 11480 12800 12111 45.73Oct-05 613 690 538 538 555.9 13510 13602 11650 12020 12397 44.82Sep-05 624 689 597 597 624.8 14900 15350 12825 13500 14223 43.92Aug-05 608 675 585 658.5 650.6 14200 15450 13899 14850 14887 43.63Jul-05 660 678.5 630 643 635.4 14400 15050 13850 14250 14571 43.54Jun-05 667.5 750.5 609 639 705.3 16150 16901 14325 14590 16154 43.59May-05 701 773 690 735 738.8 15850 16851 15299 16250 16920 43.49Apr-05 680 739 611 734 711.8 15875 16500 14850 15850 16136 43.74Mar-05 711 718 608 714 711.7 16250 16350 15225 15900 16185 43.69Feb-05 655 732 627 719 673.9 14450 16250 14400 16250 15345 43.68Jan-05 642 645 570 637 642.0 14650 15100 13700 14525 14501 43.76Dec-04 615 688 585 688 625.2 14400 15550 12350 14875 13769 43.98Nov-04 645 658 611 655 643.3 13700 14700 13300 14260 14045 45.13Oct-04 735 740 600 621 668.8 16200 17200 12450 13840 14404 45.78Sep-04 610 704 578 702 - 12400 16500 11850 16425 13271 46.10Aug-04 650 676 605 602 - 13625 14375 12250 12400 13680 46.34Jul-04 694 745 650 650.5 - 15200 16000 13600 13675 15023 46.04Jun-04 575.5 692 575.5 688 - 12200 15400 11780 15175 13534 45.52May-04 - - - - - 11200 12300 10400 12175 11118 45.26Apr-04 - - - - - 13950 14800 10650 11150 12848 43.93Source: Exchanges' websites, RBI

MCX futures prices (Rs/Kg)

Average Spot prices Mumbai (Rs/Kg)

LME 3 month futures prices (USD/tonne)

Spot prices LME Cash (USD/tonne)

Monthly AverageOpen High Low Close Open High Low Close

RBI rateUSD/INR



Nickel Trading activity

Mar-09 326281 16168 429271 112738Feb-09 222376 4650 381938 124755Jan-09 324454 2263 528894 120817Dec-08 203662 3948 439020 117669Nov-08 206015 3039 405158 117387Oct-08 216060 3571 537443 126983Sep-08 148790 6332 509484 118006Aug-08 188189 3395 408295 121245Jul-08 186886 10310 393348 113786Jun-08 161359 5512 446347 107684May-08 113308 4291 432582 103674Apr-08 81540 2169 443789 97002Mar-08 147596 2152 349587 97320Feb-08 170479 4324 447305 95674Jan-08 198392 4466 353678 91977Dec-07 121275 5055 329927 88395Nov-07 117293 5294 362858 84517Oct-07 244786 4987 342322 77624Sep-07 250183 4288 274793 74882Aug-07 311290 5999 310368 54439Jul-07 315797 8279 266692 49576Jun-07 293894 3554 347708 45144May-07 144002 2764 278647 44480Apr-07 115707 1228 282269 41779Mar-07 128971 1354 268325 46467Feb-07 76841 710 291690 45936Jan-07 49710 527 353496 49227Dec-06 14522 74 292342 48765Nov-06 1307 10 235072 47665Oct-06 688 10 312979 47660Sep-06 288 4 264161 47852Aug-06 288 0 340962 47247Jul-06 1281 1 357523 53816Jun-06 2109 23 397067 55640May-06 356 13 379303 62328Apr-06 67 10 471598 66705Mar-06 7590 8 409840 66611Feb-06 1824 25 310083 57826Jan-06 662 14 328888 56220Dec-05 944 3 - -Nov-05 879 1 - -Oct-05 1013 0 - -Sep-05 370 0 - -Aug-05 224 1 - -Jul-05 680 16 - -Jun-05 4950 17 - -May-05 690 0 - -Apr-05 75 0 - -Mar-05 2811 6 - -Feb-05 522 32 - -Jan-05 860 0 - -Dec-04 176 5 - -Nov-04 87 5 - -Oct-04 102 8 - -Sep-04 151 5 - -Aug-04 210 5 - -Jul-04 276 13 - -Jun-04 42 4 - -May-04 0 0 - -Apr-04Source: Exchanges' websites

LME

Volume

MCX

Open InterestVolume Open Interest17%

16%

13%

11%

6%

37%Russia

Canada

Indonesia

Australia

New Caledonia

Others


Nickel Mine Production (2008e)

30%

27%13%

12%

10%

8%

Western Europe

China

Other Asia

Japan

North America

Others


Nickel Consumption (2008e)

24000

32000

40000

2200

2600

3000

Nickel Prices, Consumption & Steel ProductionPrices

0

8000

16000

1000

1400

1800

Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08

Average LME prices USD/ton (RHS) Nickel Consumption (000s tonnes)

Steel global production (0000s tonnes) Source: IISF, INSG, LME


Graph-1

Graph-2

Graph-3


Aluminium Economic parameters impacting Aluminium prices

2008 2007 2006 2005 2004

Real GDP (% change)

US 1.1 2 2.9 3.1 3.6

Japan -0.3 1.9 2.8 2.4 4

Eurozone 1 2.3 2.6 1.4 2

China 9 11.5 11.1 10.4 10.1

India 7.3 8.9 9.7 9 7.9

OECD 1 2.6 3.2 2.7 3.6


US 1 2.5 2.7 3.4 2.7

Japan 0.5 1.4 0.3 0.3 -2.3

Eurozone 1 3 2.2 2.2 2.1

China 3 5.9 2 1.4 3.2

India 5 7 6.7 5.3 4.6

OECD 1 3 2.2 2.1 1.8


US -8.9 1.7 1.5 2.9 3.3

Japan -20.7 1.5 5.4 3.4 1.7

Eurozone -12.2 1.4 5.3 2.5 0.8

China 5.7 17.4 14.7 16.5 14.4

India -0.2 8 13.4 5.7 8.9

Interest rates (%)





India ( Repo rate ) 6.5 7.75 7.25 6.25 6


US 9.6 5.6 5.4 4.1 5.7

Japan 0.7 0.7 -0.6 0.3 1

Eurozone 7.5 11.6 9.9 7.4 6.6

China 17.82 16.72 16.9 17.6 14.63

India 19.6 22.84 19.33 17.79 13.49


US ( DOW JONES) 8,776 13,265 12,463 10,718 10,783

India (SENSEX) 9,647 20,287 13,787 9,398 6,603

OECD Indicators





(thousand tonnes) 2008 2007 2006 2005 2004

Global

Total Production 39,437 38,150 33,942 31,968 29,920

Production Ex China 26,387 25529 24593 24162 23231

Total Production Capacity 44,300 42700 37400 36100 32300

Total Consumption 38278 37,761 34,336 31,842 30,305

Consumption Ex China 25624 25,710 25,546 24,680 24,240

World Balance 1159 389 -394 126 -385

Total Stocks 4416 3,257 2,868 3,262 3,666

India

Primary Aluminium Production 1236.7 1,153 1,003 883 817

Primary Aluminium Consumption 1239.8 1140.4 1033 828.7 792.6

Indian Imports 169.8 111.8 126.3 76 77.4

Indian Exports 166.6 123.8 96.4 130.6 102


LME 2328.9 930.0 699.3 644.9 694.8

Average Daily Volatility (India Spot) 1.8% 1.2% 1.6% 1.1% -

Source: USGS, DGCIS, GFMS base metal report, LME, MCX;

Fundamentals


Aluminium Prices

Mar-09 67.7 73.95 66.05 69.5 68.6 1335 1492 1292.25 1392 1338 51.23Feb-09 65.1 70.95 62.2 65.5 66.0 1349 1479 1279 1342 1338 49.22Jan-09 74.4 78.75 63.15 64.3 69.3 1525 1648 1316.5 1349 1420 48.83Dec-08 87.45 88.5 67.4 70.8 72.4 1770 1787 1430.5 1540 1504 48.64Nov-08 101 102.45 84.75 84.85 91.0 2076 2130 1744 1772 1857 49.00Oct-08 114.8 114.8 91.5 97.05 102.7 2442 2450 1925 2040 2122 48.64Sep-08 119.4 120.45 110.5 112.35 115.0 2723 2725 2404.85 2425 2524 45.56Aug-08 125.3 125.7 115.5 117.45 118.7 2971 2975 2714 2714 2763 42.94Jul-08 132 144.2 122.7 124.35 131.8 3119 3380.15 2928.25 2979 3067 42.84Jun-08 122.85 136.9 121.1 132 126.8 2935 3169 2859 3114 2968 42.82May-08 115 130.4 114.55 122.75 122.1 2930 3071 2828 2931 2908 42.13Apr-08 117 123.4 114.05 117.05 118.3 2990 3133 2875 2907 2968 40.02Mar-08 124.8 130.25 112.25 117.3 121.4 3095 3255 2805 2990 3012 40.36Feb-08 105.5 125.5 102.3 123.2 110.2 2708 3160.25 2591 3106 2785 39.73Jan-08 94.25 104.6 93.25 104.05 96.0 2410 2717 2377 2710 2456 39.37Dec-07 98.9 98.9 92.55 92.6 94.1 2512 2512 2393 2409 2383 39.44Nov-07 99.3 103.25 96.4 97.8 98.9 2545 2661 2472 2500 2507 39.44Oct-07 99.3 100.2 94.15 97.85 96.5 2512 2573 2376 2545 2445 39.51Sep-07 103.6 103.6 93.65 96.85 96.7 2550 2550 2375 2520 2395 40.34Aug-07 110.85 110.85 99.85 102.3 102.7 2744 2760 2450 2544 2513 40.82Jul-07 111.1 113.9 105.6 109.15 110.3 2725 2870 2712 2751 2738 40.42Jun-07 113.2 114.1 107.65 109.45 109.2 2790 2829 2657.75 2725 2681 40.77May-07 118.05 119.4 108.3 111.25 114.1 2853 2927 2745 2790 2805 40.78Apr-07 121.3 127.5 112.3 116.75 118.9 2789.5 2932 2734.75 2860 2817 42.15Mar-07 125.2 126.45 117.3 121.6 121.5 2838 2856.75 2664 2780 2757 44.03Feb-07 123.75 130.5 116.5 127.95 125.0 2730 2905 2614 2815 2839 44.16Jan-07 125.75 131.65 114.6 124.75 124.4 2802 2847 2550 2730 2799 44.33Dec-06 122.2 127.8 122.2 126.05 125.6 2732 2875 2727 2803 2824 44.63Nov-06 129.8 129.8 115.9 120.25 121.2 2788 2848 2566 2738 2702 44.85Oct-06 118.35 128.7 113 125.05 120.9 2581 2835 2440.75 2790 2657 45.47Sep-06 116 121.85 109 116.95 114.3 2495 2687 2405 2584 2484 46.12Aug-06 118.7 119.5 110 112.65 114.6 2553 2595.25 2440 2505 2462 46.54Jul-06 121.8 125 111.3 116.25 116.6 2625 2710 2449.85 2570 2512 46.46Jun-06 126.5 126.8 107 117.6 114.2 2670 2687 2413 2630 2491 46.06May-06 133.2 151.45 116.8 125.15 129.3 2768 3310 2644 2650 2852 45.41Apr-06 113.1 144 111.5 123.85 117.7 2456 2845 2446 2755 2624 44.95Mar-06 114.25 118.45 102.15 112.05 108.0 2397 2564 2293 2471 2432 44.48Feb-06 110 122.45 99.1 105.4 108.8 2515 2678.15 2258 2420 2453 44.33Jan-06 110 110 110 110 105.2 2275 2526 2227 2516 2383 44.40Dec-05 97 115.4 95 100.9 102.6 2135 2289.5 2131 2277 2251 45.65Nov-05 91 94.4 84.25 91.85 93.7 1971 2148 1950 2139 2057 45.73Oct-05 86 93 86 91 87.9 1852 2005 1843.75 1984 1934 44.82Sep-05 - - - - - 1859 1900 1777 1851 1838 43.92Aug-05 - - - - - 1855 1951 1839.5 1853 1871 43.63Jul-05 - - - - - 1714 1874.5 1681 1858 1783 43.54Jun-05 - - - - - 1740 1804 1700 1719.5 1732 43.59May-05 - - - - - 1809 1813 1702 1740 1741 43.49Apr-05 - - - - - 1975 1989 1797 1822 1892 43.74Mar-05 - - - - - 1908 2016 1888 1973 1988 43.69Feb-05 - - - - - 1846 1987.5 1798 1911 1883 43.68Jan-05 - - - - - 1929 1930 1782 1850 1836 43.76Dec-04 - - - - - 1843 1972 1773 1958 1853 43.98Nov-04 - - - - - 1811 1859 1760 1840 1817 45.13Oct-04 - - - - - 1849 1883 1685 1817 1830 45.78Sep-04 - - - - - 1697 1850 1645 1845.5 1731 46.10Aug-04 - - - - - 1692 1743 1660 1697 1692 46.34Jul-04 - - - - - 1722 1767 1652 1696 1708 46.04Jun-04 - - - - - 1686 1737 1614 1722 1682 45.52May-04 - - - - - 1675 1696 1556 1693 1625 45.26Apr-04 - - - - - 1723 1847 1635 1670 1732 43.93Source: Exchanges' websites, RBI

MCX futures prices (Rs /kg)

Open High Low Close Monthly Average

MCX spot prices (Rs./Kg)Mumbai

LME 3 month futures price (USD/tonne)

Open High Low Close

LME average cash (USD/tonne)

RBI Ref RateUSD/INR

Monthly AverageMonthly Average


Mar-09 12510 936 4184796 714350 3562884 315454Feb-09 9048 469 3216033 701820 4025304 206854Jan-09 13079 844 3959205 656537 5407652 204064Dec-08 12505 1047 4204059 694360 8998316 218308Nov-08 5683 311 3794206 696415 3116358 230090Oct-08 5177 296 4210281 698442 5765682 175042Sep-08 6624 629 4244709 690491 1632002 143888Aug-08 6900 451 3738016 689550 875690 127142Jul-08 15815 656 4196113 706594 1294954 145812Jun-08 5284 455 4028080 707773 629052 142952May-08 6797 482 3533976 711564 834904 155630Apr-08 4243 476 4032506 720560 965516 183126Mar-08 13706 516 3460258 732430 2784906 236440Feb-08 12397 752 4384315 719049 1213886 206642Jan-08 16673 882 4127718 705858 594998 104892Dec-07 5746 1260 2791050 671107 539118 86032Nov-07 13924 1448 3742283 685883 956700 104408Oct-07 21255 1821 3359945 656595 493336 137620Sep-07 22316 1673 3180400 644357 249952 118706Aug-07 14390 1540 4021300 635458 426996 117186Jul-07 15098 1326 2807651 566710 497166 101156Jun-07 24668 1409 3215757 562689 512580 129698May-07 32568 3376 2587235 564858 1047936 127224Apr-07 27444 2499 3212847 560428 1378792 143506Mar-07 74211 1172 3207987 533236 659546 132196Feb-07 30987 1141 3610848 529480 598492 151094Jan-07 24888 1350 3640875 535288 1742964 145130Dec-06 16114 1242 2800578 524261 1124100 154058Nov-06 19143 1298 3650881 543009 2898718 155678Oct-06 13345 781 3272968 545710 2797230 190772Sep-06 25935 450 2889999 543871 3581738 221444Aug-06 15608 708 2646140 512097 1403808 194320Jul-06 14583 526 2495379 541154 1403150 179538Jun-06 15868 1844 2660208 546958 2275784 159588May-06 37094 2187 2994439 564572 3196230 226270Apr-06 24303 1246 3028866 549561 3249358 244188Mar-06 7714 60 3225367 554487 1976040 180500Feb-06 1566 14 3213906 525705 1757542 159134Jan-06 3697 13 2946074 479493 1356892 181700Dec-05 907 1 1320932 78866Nov-05 676 4 270652 45042Oct-05 14 1 238188 40230Sep-05 - - 101830 35112Aug-05 - - 126428 37930Jul-05 - - 218478 36606Jun-05 - - 265326 31038May-05 - - 127398 31228Apr-05 - - 210304 33622Mar-05 - - 620154 57678Feb-05 - - 202396 46662Jan-05 - - 487722 45760Dec-04 - - 731262 75208Nov-04 - - 653854 57950Oct-04 - - 489596 74584Sep-04 - - 852418 110420Aug-04 - - 582446 85944Jul-04 - - 396150 80542Jun-04 - - 1008190 82772May-04 - - 1367706 114300Apr-04 - - 3688578 192914Source: Exchanges' websites; Aggregate volume in all contracts during the month. Cumulative open interest in all contracts at the end of the month.

Aluminium Trading activity

Volume Open InterestOpen InterestVolume

MCX LME SHFE


34%

10%

8%7%

5%

36%

Aluminium Mine Production (2008e)

China

Russia

Canada

United States

Australia

Others


33 %

18 %17 %

6 %

14 %

12 %

Aluminium Consumption (2008e)

China

Western Europe

North America

Japan

Other Asia

Others


Graph-1

Graph-2

Graph-3

Source: LME, Federal Reserve, National Bureau of Statistics


Steel Economic Parameters impacting Steel prices

Steel (Million Metric tons) 2008 2007 2006 2005 2004

Global

Crude Steel Production 1,354 1,344 1,250 1,146 1,069

Crude Steel Production Ex China 863 855 827 790 788

Operating rate - Crude steel (Global) in % 83 88 88 87 88

Crude Steel Consumption 1378 1,328 1,239 1,131 1,072

Crude Steel Consumption Ex China 821 800 763 700 701

Finished Steel Consumption 1254 1,209 1,125 1,031 977

Ratio Finished/Crude - % 91 91 91 91 91

Steel Use per Capita (in Kgs) 190.4 195.1 184.1 170.7 162.1

India

Crude Steel Production 56 53 49 46 33

Finished Steel Consumption 56 51 46 40 35

Steel Use per Capita (in Kgs) 44.3 42.4 39.6 35.2 31.6

Indian Imports - 7.7 5.7 5.3 2.8

Indian Exports (semi finished and finished steel products) - 6.6 6.9 6.0 5.5

Inventory levels

LME (tonnes) year end 50765 - - - -

Average Daily Volatility (India Spot - Bhavnagar) 1.7% 0.6% 0.7% 1.6% -

Source: Steel Statistical Year Book 2008 and World Steel in figures 2009 by World Steel Association, USGS, DGCIS, MCX, LME


Real GDP (% change)

US 1.1 2 2.9 3.1 3.6

Japan -0.3 1.9 2.8 2.4 4

Eurozone 1 2.3 2.6 1.4 2

China 9 11.5 11.1 10.4 10.1

India 7.3 8.9 9.7 9 7.9

OECD 1 2.6 3.2 2.7 3.6


US 1 2.5 2.7 3.4 2.7

Japan 0.5 1.4 0.3 0.3 -2.3

Eurozone 1 3 2.2 2.2 2.1

China 3 5.9 2 1.4 3.2

India 5 7 6.7 5.3 4.6

OECD 1 3 2.2 2.1 1.8


US -8.9 1.7 1.5 2.9 3.3

Japan -20.7 1.5 5.4 3.4 1.7

Eurozone -12.2 1.4 5.3 2.5 0.8

China 5.7 17.4 14.7 16.5 14.4

India -0.2 8 13.4 5.7 8.9

Interest rates (%)





India ( Repo rate ) 6.5 7.75 7.25 6.25 6


US 9.6 5.6 5.4 4.1 5.7

Japan 0.7 0.7 -0.6 0.3 1

Eurozone 7.5 11.6 9.9 7.4 6.6

China 17.82 16.72 16.9 17.6 14.63

India 19.6 22.84 19.33 17.79 13.49


US ( DOW JONES) 8,776 13,265 12,463 10,718 10,783

India (SENSEX) 9,647 20,287 13,787 9,398 6,603

OECD Indicators





Fundamentals (Million Metric tons)


Steel Prices

Steel Flat - Mumbai Steel Long - Govindgargh Steel Long - BhavnagarMonthly Average Monthly Average Average Mediterian Far East Monthly Average

MCX spot prices (Rs/tonne) RBI Ref. RateUSD/INR

Mar-09 28746.4 23994.0 23229.5 275 329 255 325 303.8 310.3 51.23Feb-09 29077.9 23875.0 24286.1 320 336 282 295 323.0 315.0 49.22Jan-09 30493.5 23891.0 25275.0 385 385 305 340 331.5 314.9 48.83Dec-08 31469.6 24796.9 26241.9 330 390 320 380 340.3 319.7 48.64Nov-08 33698.3 24749.3 26794.3 290 445 279 320 327.0 316.5 49.00Oct-08 39318.8 25269.2 27575.0 515 515 260 290 358.5 343.7 48.64Sep-08 44000.4 30859.8 33484.0 700 700 470 515 624.2 579.6 45.56Aug-08 46249.2 31793.8 35121.2 960 960 685 685 916.6 759.7 42.94Jul-08 45685.6 35268.1 39732.2 1170 1200 965 950 1018.3 911.3 42.84Jun-08 41267.2 34717.8 38567.4 1175 1270 1175 1195 - - 42.82May-08 36203.0 31200.0 33346.4 1030 1185 1030 1192.5 - - 42.13Apr-08 35869.6 - 35613.8 1005 1010 985 1015 - - 40.02Mar-08 34782.9 - 36557.9 - - - - - - 40.36Feb-08 31102.9 - 31865.6 - - - - - - 39.73Jan-08 29095.0 - 28416.2 - - - - - - 39.37Dec-07 28042.8 - 25830.4 - - - - - - 39.44Nov-07 28057.6 - 25452.4 - - - - - - 39.44Oct-07 28290.4 - 25478.1 - - - - - - 39.51Sep-07 28472.5 - 24813.8 - - - - - - 40.34Aug-07 27730.0 - 23763.1 - - - - - - 40.82Jul-07 27663.1 24331.9 22472.3 - - - - - - 40.42Jun-07 28238.1 25001.0 23190.0 - - - - - - 40.77May-07 29248.5 25097.4 24160.4 - - - - - - 40.78Apr-07 29830.4 25349.6 25022.1 - - - - - - 42.15Mar-07 29385.8 24304.6 23968.1 - - - - - - 44.03Feb-07 27342.9 23693.8 23292.5 - - - - - - 44.16Jan-07 26391.5 23401.2 22804.2 - - - - - - 44.33Dec-06 26444.4 22528.4 21661.6 - - - - - - 44.63Nov-06 26716.2 22315.8 21413.8 - - - - - - 44.85Oct-06 26469.2 22380.8 21426.2 - - - - - - 45.47Sep-06 26737.3 21717.7 20827.3 - - - - - - 46.12Aug-06 27232.3 21463.1 19416.9 - - - - - - 46.54Jul-06 26954.4 21021.6 19009.2 - - - - - - 46.46Jun-06 26045.8 20390.8 19041.2 - - - - - - 46.06May-06 26019.3 20937.4 20071.1 - - - - - - 45.41Apr-06 24874.5 21848.3 21438.3 - - - - - - 44.95Mar-06 23214.4 21454.4 20664.1 - - - - - - 44.48Feb-06 20407.1 20181.3 19350.4 - - - - - - 44.33Jan-06 20204.0 19436.4 18966.0 - - - - - - 44.40Dec-05 20410.4 19033.0 19243.0 - - - - - - 45.65Nov-05 21056.5 19303.5 19071.9 - - - - - - 45.73Oct-05 22183.1 20039.2 19224.4 - - - - - - 44.82Sep-05 23609.2 21299.6 20665.1 - - - - - - 43.92Aug-05 23177.7 20746.9 20170.4 - - - - - - 43.63Jul-05 23890.4 19770.4 18998.4 - - - - - - 43.54Jun-05 26595.8 22301.3 20542.7 - - - - - - 43.59May-05 27688.1 22375.8 21366.2 - - - - - - 43.49Apr-05 31300.5 23876.0 22973.3 - - - - - - 43.74Mar-05 31064.6 23461.0 - - - - - - - 43.69Feb-05 30562.5 22197.9 - - - - - - - 43.68Jan-05 30176.0 22355.6 - - - - - - - 43.76Dec-04 26840.0 21768.5 - - - - - - - 43.98Nov-04 26941.7 21871.9 - - - - - - - 45.13Oct-04 27387.5 21133.3 - - - - - - - 45.78Sep-04 - - - - - - - - - 46.10Aug-04 - - - - - - - - - 46.34Jul-04 - - - - - - - - - 46.04Jun-04 - - - - - - - - - 45.52May-04 - - - - - - - - - 45.26Apr-04 - - - - - - - - - 43.93

Source: Exchanges' websites, RBI

Open High Low Close

LME 3 month futures price mediterranean (USD/tonne)

LME monthly Average Cash Prices


Steel Trading activity

TOCOM (1 Kg contracts) MCX (includes all variety) LME (far east + mediterranean) SHFE

Mar-09 24 0 1756 704 46458 14028Feb-09 0 0 2156 640 - -Jan-09 1 0 1994 922 - -Dec-08 5 0 1424 856 - -Nov-08 6 0 3165 1118 - -Oct-08 0 0 2302 1239 - -Sep-08 0 0 4203 1024 - -Aug-08 5 0 1740 826 - -Jul-08 12 4 761 550 - -Jun-08 60 3 517 358 - -May-08 100 14 475 186 - -Apr-08 0 0 311 85 - -Mar-08 0 0 162 - - -Feb-08 0 0 128 - - -Jan-08 2 0 - - - -Dec-07 0 0 - - - -Nov-07 0 0 - - - -Oct-07 0 0 - - - -Sep-07 0 0 - - - -Aug-07 0 0 - - - -Jul-07 0 0 - - - -Jun-07 0 0 - - - -May-07 0 0 - - - -Apr-07 0 0 - - - -Mar-07 0 0 - - - -Feb-07 0 0 - - - -Jan-07 441 0 - - - -Dec-06 1111 110 - - - -Nov-06 1101 41 - - - -Oct-06 2270 4 - - - -Sep-06 2038 27 - - - -Aug-06 1364 58 - - - -Jul-06 1828 108 - - - -Jun-06 2013 49 - - - -May-06 940 43 - - - -Apr-06 1162 87 - - - -Mar-06 47535 138 - - - -Feb-06 13622 78 - - - -Jan-06 5926 61 - - - -Dec-05 7179 32 - - - -Nov-05 5889 13 - - - -Oct-05 506 0 - - - -Sep-05 1084 0 - - - -Aug-05 651 1 - - - -Jul-05 24 7 - - - -Jun-05 366 11 - - - -May-05 486 42 - - - -Apr-05 9442 19 - - - -Mar-05 1044 12 - - - -Feb-05 277 10 - - - -Jan-05 605 6 - - - -Dec-04 1130 6 - - - -Nov-04 9 7 - - - -Oct-04 53 7 - - - -Sep-04 41 5 - - - -Aug-04 6 5 - - - -Jul-04 42 4 - - - -Jun-04 366 5 - - - -May-04 463 13 - - - -Apr-04 530 11 - - - -

Source: Exchanges' websites

Volume VolumeVolumeOpen Interest Open Interest Open Interest

38%

9%

7%5%

4%

37%

Crude Steel Production (2008)

China

Japan

USA

Russia

India (e)

Others

Source: World Steel In Figures 2009

36%

8%

6%5%4%

41%

Finished Steel Consumption (2008)

China

USA

Japan

South Korea

India

Others

Source: World Steel in Figures 2009

500

650

800

950

1100

1250

1400

2

3

4

5

6

7

8

Dec-98 Dec-99 Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08

Steel Demand & GDP Growth Around World & in Developing Market

Global Demand (crude steel) Global GDP (%) Global GDP - developing market (%)

CAGR: 5.9%

Average: 4.0%

Average: 5.9%

YoY (%) Million tons

Source: WSA, World Bank


Graph-1

Graph-2

Graph-3


Crude Oil Economic Parameters impacting Crude oil prices

Crude Oil 2008 2007 2006 2005 2004

World

Oil Production 81820 81443 81497 81089 80256

Oil Consumption 84455 84878 83797 83065 81796

Refinery capacity 88627 87794 86542 85565 85051

Refinery Throughput 75179 75432 74707 74093 73018

Proven oil reserves (thousand Mn barrels) 1258 1261 1241 1220 1211

Reserves from Canadian oil sands (thousand Mn barrels) 151 151 152 164 164

Department of Energy US, inventory data (Mn bbls) 319 290 320 322 292

OPEC

Oil Production 36705 35714 36007 35736 34658


OECD

Oil Production 18400 19148 19458 19861 20766

Oil Consumption 47303 48830 49274 49490 49073


Refinery Throughput 38787 39578 40072 40269 40456


India

Oil Production 766 770 762 738 773

Oil Consumption 2882 2748 2580 2569 2573



Indian Net Imports* - 2500 2291 2043 1970

Average Daily Volatility (India Spot) 2.8% 1.6% 1.7% 2.0% -

Source: BP statistical, Ministry of Petroleum & Natural Gas, EIA. *Financial year

Parameters 2008 2007 2006 2005 2004(Mn barrels)U.S. Crude oil stocks (excluding SPR stocks) 325.8 286.1 312.3 323.7 285.7US crude oil stocks in SPR 701.8 696.9 688.6 684.5 675.6US Gasoline inventories 213.4 218.1 211.8 208.3 217.6US Distillate inventories 145.9 133.9 143.7 136.0 126.3

Hurricance Activity - North Atlantic OceanTotal Cyclones Recorded 17 17 10 31 15Total Landfalls 32 16 7 29 22Approximate Damage (in US$ Bn) 41.934 3 0.5 130 50OPEC surplus crude oil production capacity (Mn barrels per day) 1.52 2.1 1.45 1.02 1.27Days of supply of OECD commercial oil stocks 57 52 53 49 49US crude oil wells drilled (explanatory and development) 17292 13016 13127 10645 8707

Real GDP (% change)US 1.1 2 2.9 3.1 3.6Japan -0.3 1.9 2.8 2.4 4Eurozone 1 2.3 2.6 1.4 2China 9 11.5 11.1 10.4 10.1India 7.3 8.9 9.7 9 7.9OECD 1 2.6 3.2 2.7 3.6


Industrial Output (YoY % change )US -8.9 1.7 1.5 2.9 3.3Japan -20.7 1.5 5.4 3.4 1.7Eurozone -12.2 1.4 5.3 2.5 0.8China 5.7 17.4 14.7 16.5 14.4India -0.2 8 13.4 5.7 8.9

Interest rates (%)US ( Fed Funds Target) 0.25 4.25 5.25 4.25 2.25Japan (12 month T-Bills) 0.249 0.581 0.618 0.066 0.003Eurozone ( Refinance rates ) 2.5 4 3.5 2.25 2China ( Lending Rate ) 5.31 7.47 6.12 5.58 5.58India ( Repo rate ) 6.5 7.75 7.25 6.25 6

Money Supply ( YoY % change)US 9.6 5.6 5.4 4.1 5.7Japan 0.7 0.7 -0.6 0.3 1Eurozone 7.5 11.6 9.9 7.4 6.6China 17.82 16.72 16.9 17.6 14.63India 19.6 22.84 19.33 17.79 13.49

Equity Index (points)US (DOW JONES) 8,776 13,265 12,463 10,718 10,783 India (SENSEX) 9,647 20,287 13,787 9,398 6,603

OECD IndicatorsOECD Total Monetary Aggr. & Comp. Broad Money Index 127.3 116.9 107.6 100 93.9OECD Total Purchasing power Index Manufacturing 113.83 106.9 103.7 100 96.16OECD Total CPI OECD Groups Total Energy IPB 127.8 113.7 109.3 100 89.4ISM Manufacturing index 32.9 49.1 52.2 54.9 57.2U.S Auto sales ( YoY % change ) -35.6% -2.9% -3.6% -3.7% 7.7%US pending home sales ( YoY % change ) 5.7 -23.9 -6.3 -6.3 13.9

Source: EIA, BP stats, Gold CPM year book, IMF, OECD, World Bank

Fundamentals (Data in thousand barrels/day unless otherwise specified)


Crude Oil Prices

RBI rate USD/INR

Mar-09 2250 2758 2071 2481 2468 44.34 54.66 39.44 49.66 45.56 53.86 41.30 49.23 47.98 51.23 86.71Feb-09 2061 2284 1649 2259 1955 41.75 45.30 33.55 44.76 46.06 48.42 39.35 46.35 39.15 49.22 86.84Jan-09 2015 2452 1626 2058 2079 43.72 50.47 32.70 41.68 43.85 52.21 41.60 45.88 41.74 48.83 84.83Dec-08 2738 2738 1751 1996 2100 54.62 54.62 32.40 44.60 53.00 53.00 36.20 45.59 41.44 48.64 83.65Nov-08 3225 3419 2498 2746 2853 67.37 71.77 48.25 54.43 64.30 67.76 47.40 53.49 57.29 49.00 86.77Oct-08 4746 4799 3167 3207 3741 101.86 102.84 61.30 67.81 99.45 100.31 59.02 65.32 76.61 48.64 83.53Sep-08 5139 5179 4251 4744 4741 117.89 130.00 90.51 100.64 115.50 115.56 88.90 98.17 103.94 45.56 78.37Aug-08 5277 5450 4745 5123 5021 124.06 128.60 111.34 115.46 123.42 127.94 110.31 114.05 116.64 42.94 76.21Jul-08 6061 6333 5106 5278 5774 140.18 147.27 120.42 124.08 140.44 147.50 120.88 123.98 133.38 42.84 72.79Jun-08 5380 6174 5212 6078 5725 127.63 143.67 121.61 140.00 127.22 143.91 121.32 139.83 133.93 42.82 73.41May-08 4613 5822 4476 5403 5261 114.60 135.09 110.30 127.35 112.74 135.14 108.42 127.78 125.37 42.13 73.05Apr-08 4040 4785 3984 4628 4490 101.57 119.93 99.55 113.46 100.50 117.56 98.99 111.36 112.62 40.02 72.38Mar-08 4060 4485 3961 4027 4257 101.63 111.80 98.65 101.58 100.12 108.02 96.92 100.30 105.47 40.36 72.72Feb-08 3571 4083 3409 4058 3763 91.36 103.05 86.24 101.84 91.50 101.27 86.83 100.10 95.38 39.73 75.77Jan-08 3772 3935 3395 3559 3671 96.05 100.09 86.11 91.75 94.47 98.50 85.00 92.21 92.98 39.37 76.00Dec-07 3551 3847 3401 3763 3605 88.79 97.92 85.82 95.98 88.74 95.87 86.56 93.85 91.36 39.44 76.79Nov-07 3699 3915 3510 3556 3750 95.15 99.29 88.45 88.71 90.94 96.65 87.55 88.26 94.76 39.44 75.67Oct-07 3238 3698 3090 3687 3385 81.75 95.28 78.35 94.53 79.25 91.18 75.64 90.63 85.90 39.51 77.78Sep-07 3017 3307 3008 3247 3197 74.24 83.90 73.48 81.66 72.69 81.05 72.69 79.17 79.91 40.34 79.14Aug-07 3140 3168 2818 3019 2963 77.94 78.77 68.63 74.04 76.95 77.16 68.14 72.69 72.38 40.82 80.87Jul-07 2863 3145 2821 3137 2986 70.52 78.28 69.57 78.21 71.22 78.40 70.92 77.05 74.14 40.42 80.61Jun-07 2587 2869 2587 2863 2742 64.23 71.06 63.80 70.68 68.15 72.25 67.61 71.41 67.49 40.77 82.21May-07 2736 2736 2492 2582 2597 65.66 66.38 60.68 64.01 67.53 71.80 63.80 68.04 63.45 40.78 82.01Apr-07 2920 2947 2671 2744 2712 66.03 66.70 61.34 65.71 67.91 69.59 64.76 67.65 63.94 42.15 81.95Mar-07 2765 2957 2653 2930 2659 61.82 68.09 56.10 65.87 61.78 69.14 59.79 68.10 60.60 44.03 83.17Feb-07 2582 2790 2527 2755 2613 57.89 62.25 56.62 61.79 57.20 62.18 56.10 61.89 59.25 44.16 84.28Jan-07 2729 2732 2302 2563 2430 60.98 61.55 49.90 58.14 60.88 61.64 50.75 57.40 54.24 44.33 84.58Dec-06 2811 2883 2672 2730 2776 62.85 64.15 59.90 61.05 63.85 64.92 60.04 60.86 62.00 44.63 83.07Nov-06 2616 2828 2605 2816 2635 58.60 63.77 54.86 63.13 58.85 64.77 57.75 64.26 59.13 44.85 84.72Oct-06 2854 2854 2591 2611 2675 62.80 63.32 56.55 58.73 62.70 62.82 57.39 59.03 58.85 45.47 86.11Sep-06 3267 3298 2744 2882 2973 70.29 70.66 59.52 62.91 70.42 70.66 59.32 62.48 63.82 46.12 85.25Aug-06 3468 3605 3217 3256 3406 74.40 77.45 68.65 70.26 75.15 78.64 68.82 70.25 73.04 46.54 84.91Jul-06 3398 3703 3362 3460 3455 73.92 78.40 71.65 74.40 73.26 78.18 72.11 75.15 74.40 46.46 85.61Jun-06 3299 3404 3130 3395 3263 71.26 74.15 68.10 73.93 70.25 73.69 66.33 73.51 70.93 46.06 85.37May-06 3265 3382 3081 3284 3211 71.70 74.99 67.42 71.29 71.98 74.97 67.63 70.41 70.93 45.41 84.69Apr-06 2952 3418 2933 3239 3116 66.43 75.35 65.60 71.88 66.69 74.79 65.73 72.02 69.54 44.95 88.13Mar-06 2831 2986 2735 2939 2787 61.58 67.30 59.25 66.63 61.95 67.05 59.26 65.91 62.89 44.48 89.58Feb-06 2970 3033 2596 2603 2741 67.80 69.00 57.55 61.41 65.76 67.27 57.90 61.76 61.62 44.33 90.26Jan-06 2842 3048 2797 2974 2891 61.04 69.20 60.81 67.92 59.35 67.32 59.08 65.99 65.48 44.40 88.83Dec-05 2614 2844 2613 2744 2704 57.40 61.90 56.90 61.04 55.00 60.40 54.63 58.98 59.41 45.65 90.63Nov-05 2708 2789 2587 2609 2672 59.76 62.15 55.40 57.32 58.07 60.65 53.75 55.05 58.28 45.73 91.37Oct-05 2899 2925 2684 2714 2806 66.20 66.62 59.15 59.76 63.63 63.96 57.05 58.10 62.36 44.82 89.54Sep-05 2995 3043 2750 2891 2880 68.75 69.66 62.55 66.24 66.70 67.88 61.00 63.48 65.54 43.92 87.99Aug-05 2609 3106 2609 2982 2818 60.51 70.85 60.51 68.94 59.85 68.89 59.37 67.02 64.96 43.63 87.86Jul-05 2436 2673 2436 2606 2558 56.56 62.10 56.10 60.57 55.70 60.70 55.25 59.37 58.67 43.54 89.55Jun-05 2248 2614 2248 2433 2453 51.95 60.95 51.93 56.50 50.85 59.59 50.85 55.58 56.39 43.59 88.33May-05 2262 2345 2104 2244 2165 49.28 53.10 46.20 51.97 51.78 52.43 47.47 50.73 49.81 43.49 85.63Apr-05 2442 2474 2185 2209 2329 55.25 58.28 49.50 49.72 54.52 57.65 50.35 51.09 52.96 43.74 84.24Mar-05 2221 2398 2193 2381 2366 51.77 57.60 50.65 55.40 50.08 56.15 49.05 54.29 54.17 43.69 82.81Feb-05 2050 2242 1974 2223 2129 48.21 52.28 44.60 51.75 45.48 50.34 42.46 50.06 47.96 43.68 83.76Jan-05 - - - - - 43.10 49.75 41.25 48.20 39.40 47.35 38.81 45.92 46.82 43.76 83.19Dec-04 - - - - - 49.07 49.12 40.25 43.45 45.35 45.43 37.00 40.46 43.23 43.98 81.69Nov-04 - - - - - 51.82 52.50 45.25 49.13 49.20 49.60 40.05 45.51 48.45 45.13 83.72Oct-04 - - - - - 49.64 55.67 49.20 51.76 46.20 51.95 45.80 48.98 53.25 45.78 86.99Sep-04 - - - - - 42.11 50.47 42.11 49.64 39.90 46.80 39.70 46.38 45.93 46.10 88.89Aug-04 - - - - - 43.69 49.40 41.30 42.12 39.70 45.15 39.20 39.61 44.92 46.34 88.97Jul-04 - - - - - 37.05 43.85 36.69 43.80 34.25 40.05 34.18 40.03 40.82 46.04 88.54Jun-04 - - - - - 40.40 42.45 35.52 37.05 37.15 39.12 33.08 34.50 38.03 45.52 89.46May-04 - - - - - 37.39 41.85 37.25 39.88 35.22 38.90 34.95 36.58 40.29 45.26 90.69Apr-04 - - - - - 35.82 38.30 33.30 37.38 32.23 35.00 29.95 34.48 36.72 43.93 90.12

Source: MCX, RBI, Exchanges' websites, ICE

MCX spot prices (in Rs/bbl)

Monthly NYMEX futures prices (USD/bbl)

Monthly ICE Brent Crude oil (USD/bbl) US Dollar Index

Monthly averageOpen High Low Close Open High Low CloseOpen High Low Close

US Spot prices (USD/bbl)

Monthly MCX futures prices (in Rs/bbl)

Monthly AverageMonthly Average Monthly Average


Crude Oil Trading activity

TOCOM (1 Kg contracts) MCX (Crude Oil WTI) NYMEX (Crude Oil WTI) ICE (Brent Crude oil)

Volume VolumeVolumeOpen Interest Open Interest Open Interest

Mar-09 4379692 20786 11340347 1148687 6158270 677979Feb-09 3434198 23224 11411434 1191502 5495062 662850Jan-09 3774301 18972 11369073 1243967 6536771 637728Dec-08 3117157 28141 9910170 1189046 5107284 595295Nov-08 1883187 16189 8662209 1141336 5336546 565654Oct-08 1598334 11287 11638267 1108362 6417718 549842Sep-08 1900925 10052 12045565 1092411 5948919 525080Aug-08 1485585 10346 10589479 1182917 5044833 550431Jul-08 1877485 11922 11321293 1267200 5472918 563588Jun-08 1968091 15496 12452986 1285567 5778596 526467May-08 1745803 16121 13439173 1368551 6683008 562258Apr-08 1216976 20935 11065563 1366639 5682939 556070Mar-08 1251741 12317 12576859 1396612 5663793 594544Feb-08 1188877 19620 10100249 1445328 5421638 583335Jan-08 1272840 11188 10811520 1395278 5619214 541479Dec-07 1436288 12814 8694012 1361258 4035606 537359Nov-07 1388335 11593 11307522 1404579 5383219 578509Oct-07 1392318 23019 12389575 1468958 5575011 623051Sep-07 1003894 19668 10670194 1420823 4989287 647298Aug-07 1378084 15400 10646980 1466129 4980801 596662Jul-07 1175924 22988 9655899 1521237 5114738 645675Jun-07 1014159 21143 9862305 1474661 4912169 662755May-07 933112 11576 9486584 1396811 5427377 627008Apr-07 922023 11020 9286616 1329295 4296685 657327Mar-07 1220169 18463 10068962 1354924 5179846 686982Feb-07 1040775 10199 9092076 1286745 4290867 584786Jan-07 1033732 11230 10367198 1294571 5454265 611593Dec-06 586612 17186 6801761 1190543 3329011 548654Nov-06 629447 18622 7446062 1214068 4319084 588243Oct-06 610963 13743 7492383 1158612 4608117 577446Sep-06 429136 8435 6067095 1167337 3875739 487653Aug-06 243508 11344 5408568 1166144 4000533 478985Jul-06 175149 3022 4496916 1101492 3680839 347628Jun-06 129799 3164 5129950 1027066 3741729 455114May-06 200439 8127 5854647 1028165 3513993 440309Apr-06 234414 8996 5280355 1057804 2928362 464857Mar-06 474103 13634 5931697 962657 3742399 433550Feb-06 425591 11418 5588122 941616 3052743 399238Jan-06 327377 8263 5475525 951012 3363144 384829Dec-05 392588 8447 4179866 816246 2542491 390615Nov-05 540111 28385 4482251 849986 2797075 396554Oct-05 723130 19795 5013086 815525 2778698 336205Sep-05 933607 17623 5241849 871903 2900312 337952Aug-05 1019288 29019 6086342 909349 3173053 355318Jul-05 763996 30632 4627294 816113 2621453 357296Jun-05 417471 25166 5315872 788730 2805214 355842May-05 183038 5057 5040218 783449 2427391 326814Apr-05 117502 3838 5396965 801863 2066471 290932Mar-05 56075 3761 5896732 838201 2137282 379101Feb-05 27031 1340 4213448 779237 1687600 351673Jan-05 - - 4557502 736055 1571569 334076Dec-04 - - 4327326 662484 1376054 319479Nov-04 - - 4774694 690418 1751573 329656Oct-04 - - 5109270 716721 2069209 367996Sep-04 - - 4971656 702652 2209234 335267Aug-04 - - 5230044 688882 2106636 350958Jul-04 - - 4246071 705826 2128751 338504Jun-04 - - 4894139 698380 2341633 332007May-04 - - 4494915 717956 2029421 350270Apr-04 - - 4522422 706682 2134160 371574

Source: MCX, Exchanges' websites

13%

12%

8%

5%

5%

57%

Crude Oil Production (2008)

Saudi Arabia

Russian Federation

US

Iran

China

Others

Source: BP Statistical Review 2009

23%

10%

6%

3%3%

55%

Crude Oil Consumption (2008)

US

China

Japan

India

Russian Federation

Others


120

135

150

165

180

80

100

120

140

160

Crude Oil (WTI) prices in USD & Euro and Dollar Index

Dollar Index (RHS)

Crude oil WTI Prices in USD

Crude Oil WTI prices in EURO

price/bb

60

75

90

105

120

0

20

40

60

80

Mar-

83

Mar-

85

Mar-

87

Mar-

89

Mar-

91

Mar-

93

Mar-

95

Mar-

97

Mar-

99

Mar-

01

Mar-

03

Mar-

05

Mar-

07

Mar-

09

Source: ICE, NYMEXAggregate Volume in all Contracts during the month- Cumulative open interest in all contracts at end of the month.

Graph-1

Graph-2

Graph-3


Natural Gas Economic Parameters impacting Natural Gas prices

Natural Gas 2008 2007 2006 2005 2004

World

Natural Gas Production 3066 2945 2876 2778 2694

Natural Gas Consumption 3019 2938 2843 2770 2684

Dry Natural Gas (LNG) Imports - - 912 877 822

Dry Natural Gas (LNG) Exports - - 884 838 799

Proven Gas reserves 185020 177050 173800 172920 172450

Proven Gas reserves - Former Soviet Union 57000 51500 51700 51690 51580

Proven Gas reserves - OECD 16630 16560 15700 15770 15960

India

Proven Gas reserves 1090 1060 1080 1100 920

Natural Gas Production 31 30 30 29 29

Natural Gas Consumption 41 40 37 36 32

Natural Gas (LNG) Imports 11 10 8 6 3

Natural Gas Exports - - - - -

Average daily volatility (India Spot) 2.69% 2.68% 4.21% - -Source: BP statistical & Ministry of Petroleum & Natural Gas, EIA

Parameters 2008 2007 2006 2005 2004

U.S. Working Natural Gas in Storage (Billion Cubic Metre) 80.56 81.79 86.07 73.95 75.54

Five year average (Billion Cubic Metre) 67.63 65.11 63.98 60.33 57.09

Hurricance Activity - North Atlantic Ocean

Total Cyclones Recorded 17 17 10 31 15

Total Landfalls 32 16 7 29 22

Approaimate Damage (in US$ billion) 41.9 3 0.5 130 50

Real GDP (% change)

US 1.1 2 2.9 3.1 3.6

Japan -0.3 1.9 2.8 2.4 4

Eurozone 1 2.3 2.6 1.4 2

China 9 11.5 11.1 10.4 10.1

India 7.3 8.9 9.7 9 7.9

OECD 1 2.6 3.2 2.7 3.6


US 1 2.5 2.7 3.4 2.7

Japan 0.5 1.4 0.3 0.3 -2.3

Eurozone 1 3 2.2 2.2 2.1

China 3 5.9 2 1.4 3.2

India 5 7 6.7 5.3 4.6

OECD 1 3 2.2 2.1 1.8


US -8.9 1.7 1.5 2.9 3.3

Japan -20.7 1.5 5.4 3.4 1.7

Eurozone -12.2 1.4 5.3 2.5 0.8

China 5.7 17.4 14.7 16.5 14.4

India -0.2 8 13.4 5.7 8.9

Interest rates (%)

US (Fed Funds Target) 0.25 4.25 5.25 4.25 2.25


Eurozone (Refinance rates ) 2.5 4 3.5 2.25 2

China (Lending Rate ) 5.31 7.47 6.12 5.58 5.58

India (Repo rate ) 6.5 7.75 7.25 6.25 6

Money Supply (YoY % change)

US 9.6 5.6 5.4 4.1 5.7

Japan 0.7 0.7 -0.6 0.3 1

Eurozone 7.5 11.6 9.9 7.4 6.6

China 17.82 16.72 16.9 17.6 14.63

India 19.6 22.84 19.33 17.79 13.49


US (DOW JONES) 8,776 13,265 12,463 10,718 10,783

India (SENSEX) 9,647 20,287 13,787 9,398 6,603

OECD Indicators






US pending home sales ( YoY % change ) 5.7 -23.9 -6.3 -6.3 13.9

Source: OECD, EIA, NOAA, Gold CPM year book, IMF, World Bank, RBI

U.S. Summer Cooling Degree-Days (Population-weighted)

MONTH 2008 2007 2006 2005 Normal

APR 31 23 53 - 33

MAY 91 119 109 - 104

JUN 263 236 236 - 216

JUL 334 310 388 - 323

AUG 283 366 337 - 292

SEP 171 191 138 - 160

Total Summer 1,174 1,246 1,261 - 1,128

U.S. Winter Heating Degree-Days (Population-weighted)

MONTH 2008/09 2007/08 2006/07 2005/06 Normal

OCT 286 175 305 236 282

NOV 537 521 467 466 539

DEC 824 800 690 866 817

JAN 953 892 841 687 917

FEB 700 741 853 731 732

MAR 582 617 502 600 593

Total Winter 3,882 3,746 3,657 3,586 3,880Source: National Oceanic and Atmospheric Administration, National Weather Service

Fundamentals (Billion Cubic Metre)

DATA FOR READY REFERENCE | 151 | A PUBLICATION BY MCX AND PRICEWATERHOUSECOOPERS150

Natural Gas Prices

Mar-09 218.8 226.8 185.1 190.9 206.6 4.27 4.42 3.60 3.78 3.98 34.5 37.5 29 31.97 51.23 86.71Feb-09 216 236.9 198.6 214.9 216.2 4.32 4.88 3.90 4.20 4.51 63 63.6 33 33.52 49.22 86.84Jan-09 272.8 303.8 214.5 217.4 250.9 5.55 6.24 4.40 4.42 5.23 60 68.3 52 62.25 48.83 84.83Dec-08 324.9 337.4 251.4 270.7 282.6 6.55 6.69 5.20 5.62 5.84 58.8 65.5 53 58.53 48.64 83.65Nov-08 324 350.3 298.7 324.4 328.1 6.69 7.36 6.10 6.51 6.70 75.8 77.9 58 60.97 49.00 86.77Oct-08 354 368.7 312.5 321.6 329.4 7.52 7.94 6.00 6.78 6.74 81.8 84 66 76.11 48.64 83.53Sep-08 353 385.7 314.5 354.5 344.8 7.50 8.32 7.00 7.44 7.62 78.3 87 71 85.26 45.56 78.37Aug-08 388.2 404.2 336.1 355.1 359.5 9.12 9.60 7.60 7.94 8.25 61.5 79.7 0 78.64 42.94 76.21Jul-08 574.8 591.8 374.1 388.3 487.3 13.40 13.70 8.80 9.12 11.08 72.8 72.8 55 62.24 42.84 72.79Jun-08 494.3 577.6 492.5 573.8 545.4 11.80 13.40 12.00 13.35 12.68 65 73.6 64 73.3 42.82 73.41May-08 440 522.6 426.5 497.3 478.9 10.90 12.10 10.00 11.70 11.27 60 66.3 59 65.38 42.13 73.05Apr-08 400.7 459 373 439.5 411.0 10.00 11.40 9.30 10.84 10.18 57.7 67 58 60.58 40.02 72.38Mar-08 373.8 416.2 366 399.6 388.2 9.39 10.30 8.70 10.10 9.41 53.3 58.3 51 57.93 40.36 72.72Feb-08 314.5 377.8 300.3 373.8 340.3 8.07 9.50 7.60 9.37 8.55 50.3 55 47 53.54 39.73 75.77Jan-08 293.5 331.8 292.5 314 312.3 7.57 8.48 7.50 8.07 7.98 52 61 51 51.18 39.37 76.00Dec-07 292.5 297.6 274.6 296.3 283.3 7.21 7.54 6.80 7.48 7.11 50.4 56.9 50 52.28 39.44 76.79Nov-07 325.9 342.2 291.5 294 311.2 8.38 8.71 7.20 7.30 7.11 52.5 60.8 45 50.58 39.44 75.67Oct-07 274 329.1 266.2 324.7 598.4 6.86 8.48 6.60 8.33 6.74 44.7 55.3 41 54.27 39.51 77.78Sep-07 228.6 287.7 215.3 273.9 251.4 5.32 7.04 5.20 6.87 6.07 27.5 42.8 27 42.55 40.34 79.14Aug-07 252 294.5 225.1 230.6 254.3 6.20 7.19 5.20 5.47 6.23 26.8 28 24 27.51 40.82 80.87Jul-07 276.5 277.4 237.7 252.7 261.3 6.72 6.85 5.80 6.19 6.22 23.3 32.6 22 28.07 40.42 80.61Jun-07 321.5 332.3 270.6 277.3 308.4 7.96 8.21 6.60 6.77 7.35 21.4 21.8 17 21.36 40.77 82.21May-07 324 335 310 320.6 319.7 7.83 8.23 7.50 7.94 7.64 17.9 26 18 20.88 40.78 82.01Apr-07 335.5 343.4 305.1 325.2 322.4 7.77 8.01 7.30 7.86 7.60 20 20.2 14 17.15 42.15 81.95Mar-07 322.3 337.8 298 334 318.1 7.22 7.77 6.80 7.73 7.11 20 24.5 18 20.29 44.03 83.17Feb-07 341.1 354 311.3 324 335.2 7.71 8.04 7.10 7.30 8.00 22.9 23 16 18.81 44.16 84.28Jan-07 282.1 351.7 268.6 339.2 295.8 6.30 7.97 6.00 7.67 6.53 31.3 33.6 23 23.27 44.33 84.58Dec-06 390 391.5 271.1 282.7 327.3 8.73 8.75 5.70 6.30 6.73 45 45.4 32 32.22 44.63 83.07Nov-06 342.6 403.5 327.5 391.6 359.1 7.60 9.05 7.30 8.84 7.41 57.4 57.4 38 46.89 44.85 84.72Oct-06 257.9 386.2 253.2 341.3 308.2 5.61 7.93 5.50 7.53 5.84 51.9 58 43 56.27 45.47 86.11Sep-06 286.8 288.8 213.6 261.7 246.7 5.89 6.13 4.10 5.62 4.90 43.4 56.5 33 54.82 46.12 85.25Aug-06 379.3 398.9 286.8 288.3 330.8 8.25 8.62 5.90 6.05 7.13 37.4 43.6 33 43.46 46.54 84.91Jul-06 265.5 364.7 264.9 364.7 295.4 6.10 8.26 5.40 8.21 6.17 39 42 38 37.71 46.46 85.61Jun-06 - - - - - 6.42 7.33 5.80 6.10 6.20 39.1 40.2 36 39.57 46.06 85.37May-06 - - - - - 6.53 7.13 5.80 6.38 6.24 39 39.5 31 38.8 45.41 84.69Apr-06 - - - - - 7.20 8.28 6.50 6.56 7.17 43.6 44.1 39 39.46 44.95 88.13Mar-06 - - - - - 6.71 7.56 6.50 7.21 6.88 45 62 44 43.74 44.48 89.58Feb-06 - - - - - 9.33 9.82 6.60 6.71 7.53 59.3 71 45 45.02 44.33 90.26Jan-06 - - - - - 10.70 11.00 7.80 9.32 8.69 85 90 61 61.44 44.40 88.83Dec-05 - - - - - 12.60 15.80 11.00 11.23 13.05 108 114 80 81.8 45.65 90.63Nov-05 - - - - - 12.20 12.70 11.00 12.59 10.30 59.4 117 57 107.5 45.73 91.37Oct-05 - - - - - 13.80 14.80 12.00 12.21 13.63 48.5 60.3 44 60 44.82 89.54Sep-05 - - - - - 11.40 14.60 11.00 13.92 12.42 41 49 35 48.52 43.92 87.99Aug-05 - - - - - 7.90 12.30 7.90 11.47 9.52 34.7 40.8 31 40.78 43.63 87.86Jul-05 - - - - - 6.98 8.29 6.90 7.89 7.62 31.9 35 31 34.86 43.54 89.55Jun-05 - - - - - 6.38 7.92 6.40 6.98 7.18 29.4 32.3 26 32.03 43.59 88.33May-05 - - - - - 6.52 6.84 6.00 6.38 6.47 30 31.4 30 29.67 43.49 85.63Apr-05 - - - - - 7.65 7.90 6.60 6.59 7.18 30.2 31.2 29 29.19 43.74 84.24Mar-05 - - - - - 6.72 7.74 6.60 7.65 6.96 30 34.8 30 29.98 43.69 82.81Feb-05 - - - - - 6.31 6.80 5.90 6.73 6.14 28.4 44.2 26 30.38 43.68 83.76Jan-05 - - - - - 5.95 6.81 5.70 6.32 6.15 32.3 32.8 28 28.58 43.76 83.19Dec-04 - - - - - 7.62 7.78 6.10 6.15 6.58 42.3 42.3 33 33.78 43.98 81.69Nov-04 - - - - - 8.83 9.20 6.60 7.62 6.19 40 44.3 34 43.11 45.13 83.72Oct-04 - - - - - 6.79 9.20 6.40 8.73 6.38 37.8 43 30 40.29 45.78 86.99Sep-04 - - - - - 5.06 7.23 4.50 6.80 5.17 29.7 39.5 26 39.22 46.10 88.89Aug-04 - - - - - 6.05 6.05 5.00 5.07 5.41 20.7 29.7 21 29.61 46.34 88.97Jul-04 - - - - - 6.16 6.46 5.80 6.11 5.94 22.3 22.3 21 20.86 46.04 88.54Jun-04 - - - - - 6.50 6.73 6.00 6.16 6.27 21.2 22.4 20 22.34 45.52 89.46May-04 - - - - - 5.86 6.76 5.80 6.44 6.34 20.1 22 20 21.33 45.26 90.69Apr-04 - - - - - 5.91 6.03 5.50 5.86 5.72 18.9 20.7 19 19.98 43.93 90.12

Source: Exchanges' websites, RBI,

Monthly MCX futures prices (in Rs/mmBtu)

MCX spot prices (in Rs/mmBtu)

Monthly NYMEX Futures Prices (USD/mmbtu)

US Spot prices (USD/mmbtu)

ICE (UK) Natural Gas (GBP/therm)

Monthly averageOpen High Low Close Open High Low CloseMonthly AverageOpen High Low Close

RBI rate USD/INR


US Dollar Index

Natural Gas Trading activity

TOCOM (1 Kg contracts) MCX NYMEX ICE (UK) Natural Gas

Volume VolumeVolume

Mar-09 239186 5402 2989920 624397 120325 75270Feb-09 118124 1505 2780551 671554 146665 56060Jan-09 88800 1903 2343719 682516 150775 46270Dec-08 76673 884 2384252 679760 65100 43869Nov-08 57192 457 2539865 718799 75045 43701Oct-08 37573 288 3151675 766597 91455 45475Sep-08 114983 1229 3458479 881561 71460 51974Aug-08 80679 823 3756124 919430 68850 49680Jul-08 75181 820 4273971 942703 77440 51210Jun-08 48145 508 3379074 974174 58310 45480May-08 40258 645 3141953 898031 59920 41635Apr-08 35838 901 3382892 872489 82985 36815Mar-08 50629 1008 2983598 865871 62185 34695Feb-08 58270 1456 3330580 928172 79120 28041Jan-08 72085 1170 2741217 898698 78945 28450Dec-07 52889 1333 2390939 849704 69925 24180Nov-07 75330 1689 2474062 818517 101725 25700Oct-07 145212 1828 3155437 748047 117705 29645Sep-07 220683 2046 2486465 750875 105870 31350Aug-07 194097 6720 3069117 765421 124230 32525Jul-07 116498 4646 2346727 809913 100110 31515Jun-07 56638 3060 2703626 803710 65570 27515May-07 64735 2560 2285014 760212 76305 28185Apr-07 72435 2172 2181057 732753 69025 27180Mar-07 214038 2467 1938669 740862 90755 27665Feb-07 252161 2870 2431720 758890 77970 24840Jan-07 268043 3433 2617276 899420 59125 20830Dec-06 264821 7209 1844836 874752 25860 18640Nov-06 350058 6538 1775475 889654 60255 18215Oct-06 266576 4992 1935134 907876 61575 18065Sep-06 383188 10178 2017651 943162 77810 19990Aug-06 546150 9012 2428749 927572 45850 17360Jul-06 142963 4519 1786249 908412 41925 13390Jun-06 - - 1920553 852733 36330 14675May-06 - - 2272497 833675 44765 13219Apr-06 - - 1911616 728557 34735 9795Mar-06 - - 1682199 645100 31250 9265Feb-06 - - 1833896 607619 39790 9650Jan-06 - - 1609894 533212 45450 12360Dec-05 - - 1458655 539226 35655 13270Nov-05 - - 1449478 538843 52420 17220Oct-05 - - 1433396 525282 34155 15845Sep-05 - - 1587595 546532 34110 17245Aug-05 - - 2044365 501270 29755 20340Jul-05 - - 1519793 499993 36150 21470Jun-05 - - 1931946 470677 26080 21657May-05 - - 1504071 476850 25350 19365Apr-05 - - 1585960 471311 29220 17535Mar-05 - - 1688612 465474 26555 17090Feb-05 - - 1543851 416731 41895 19290Jan-05 - - 1499368 394614 48635 17705Dec-04 - - 1270898 389750 40365 18825Nov-04 - - 1381087 366893 50620 22040Oct-04 - - 1520352 394157 69300 21495Sep-04 - - 1969769 376370 53635 20425Aug-04 - - 1788365 375995 38865 21710Jul-04 - - 1559145 368330 46255 24035Jun-04 - - 1683301 363947 38175 23099May-04 - - 1637189 375092 42295 22678Apr-04 - - 1480825 341015 55135 24715

Source: Exchanges' websites Aggregate Volume in all Contracts during the month- Cumulative open interest in all contracts at end of the month.

Open Interest Open Interest Open Interest

U.S. Summer Cooling Degree-Days (Population-weighted)

MONTH 2008 2007 2006 2005 Normal

APR 31 23 53 - 33

MAY 91 119 109 - 104

JUN 263 236 236 - 216

JUL 334 310 388 - 323

AUG 283 366 337 - 292

SEP 171 191 138 - 160

Total Summer 1,174 1,246 1,261 - 1,128

U.S. Winter Heating Degree-Days (Population-weighted)

MONTH 2008/09 2007/08 2006/07 2005/06 Normal

OCT 286 175 305 236 282

NOV 537 521 467 466 539

DEC 824 800 690 866 817

JAN 953 892 841 687 917

FEB 700 741 853 731 732

MAR 582 617 502 600 593

Total Winter 3,882 3,746 3,657 3,586 3,880

Source: National Oceanic and Atmospheric Administration, National Weather Service


| A PUBLICATION BY MCX AND PRICEWATERHOUSECOOPERS154

22%

14%

4%

3%3%

54%

Natural Gas Consumption (2008)

US

Russian Federation

Iran

Canada

United Kingdom

Others


19%

19%

6%

4%3%

49%

Natural Gas Production (2008)

Russian Federation

US

Canada

Iran

Norway

Others


0 5

1

1.5

2

2.5

12

14

16

18

20

Natural Gas Prices, Oil Gas Ratio and Spread Between Natural Gas Second and First Month Contract

-2.5

-2

-1.5

-1

-0.5

0

.

0

2

4

6

8

10

12

Feb

91

Sep

91

Ap

r9

2

No

v9

2

Jun

93

Jan

94

Au

g9

4

Mar

95

Oct

95

May

96

Dec

96

Jul

97

Feb

98

Sep

98

Ap

r9

9

No

v9

9

Jun

00

Jan

01

Au

g0

1

Mar

02

Oct

02

May

03

Dec

03

Jul

04

Feb

05

Sep

05

Ap

r0

6

No

v0

6

Jun

07

Jan

08

Au

g0

8

Mar

09

Source: NYMEX

Oil Gas ratioNatural Gas Prices Spread (NG2-NG1) RHS

Graph-1

Graph-2

Graph-3


Carbon Economic Parameters impacting Carbon prices

Project based transactions

Primary CDM 389 6519 552 7433 450 4,813 341 2,417

Secondary CDM 1072 26277 240 5451 25 444 10 221

Sub total (including JI and voluntary market) 1535 33487 876 13646 508 5477 382 2894

Allowances market

EU ETS 3093 91910 2060 49065 1101 24357 321 7908

New South Wales 31 183 25 224 20 225 6 59

Chicago Climate Exchange 69 309 23 72 10 38 1 3

Sub total (including others) 3276 92859 2108 49361 1131 24620 328 7971

Total carbon market 4811 126346 2984 63007 1639 30097 710 10865

Source: State and Trends of the Carbon Market 2008, 2007,2006 by World Bank


Real GDP (% change)

US 1.1 2 2.9 3.1 3.6

Japan -0.3 1.9 2.8 2.4 4

Eurozone 1 2.3 2.6 1.4 2

China 9 11.5 11.1 10.4 10.1

India 7.3 8.9 9.7 9 7.9

OECD 1 2.6 3.2 2.7 3.6


US 1 2.5 2.7 3.4 2.7

Japan 0.5 1.4 0.3 0.3 -2.3

Eurozone 1 3 2.2 2.2 2.1

China 3 5.9 2 1.4 3.2

India 5 7 6.7 5.3 4.6

OECD 1 3 2.2 2.1 1.8


US -8.9 1.7 1.5 2.9 3.3

Japan -20.7 1.5 5.4 3.4 1.7

Eurozone -12.2 1.4 5.3 2.5 0.8

China 5.7 17.4 14.7 16.5 14.4

India -0.2 8 13.4 5.7 8.9

Interest rates (%)





India ( Repo rate ) 6.5 7.75 7.25 6.25 6


US 9.6 5.6 5.4 4.1 5.7

Japan 0.7 0.7 -0.6 0.3 1

Eurozone 7.5 11.6 9.9 7.4 6.6

China 17.82 16.72 16.9 17.6 14.63

India 19.6 22.84 19.33 17.79 13.49


US (DOW JONES) 8,776 13,265 12,463 10,718 10,783

India (SENSEX) 9,647 20,287 13,787 9,398 6,603

OECD Indicators





Carbon Market 2005

Vol (MtCO2e)

Val (MUS$)

2006

Vol (MtCO2e)

Val (MUS$)

2007

Vol (MtCO2e)

Val (MUS$)

2008

Vol (MtCO2e)

Val (MUS$)

Fundamentals (Million Metric tons)

Status of CDM projects Number

At validation 2575

Request for registration 57

Request for review 57

Correction requested 66

Under review 13

Total in the process of registration 193

Withdrawn 30

Rejected by EB 112

Rejected by DOEs 480

Registered, no issuance of CERs 1174

Registered. CER issued 40.41636364

Total registered 1214.416364

Total number of projects (incl. rejected & withdrawn) 4604.416364

Title Number of CERs

AIssued CERs 316,818,951

Total CERs Requested 324,998,220

Source:UNFCCC

Title Annual Average CERs* Expected CERs until end of 2012**CDM

CDM project pipeline: > 4200 of which: N/A > 2,900,000,000

--- 1760 are registered 310,521,163 > 1,630,000,000

--- 104 are requesting registration 12,982,558 > 40,000,000

* Assumption: All activities deliver simultaneously their expected annual average emission reductions

** Assumption: No renewal of crediting periods

Source:UNFCCC


Carbon Prices

EUA spot(EUR/metric tonne)

Mar-09 695.16 10.75 11.20 9.50 10.46 11.9 51.23Feb-09 561.63 10.25 10.25 7.75 8.96 9.95 49.22Jan-09 770.63 13.10 13.10 10.05 10.66 11.93 48.83Dec-08 874.17 14.25 14.40 12.90 13.64 15.95 48.64Nov-08 928.63 14.95 16.39 13.25 13.91 15.55 49.00Oct-08 1177.42 19.00 20.45 14.25 15.05 17.85 48.64Sep-08 1309.23 21.10 21.10 17.30 18.45 22.4 45.56Aug-08 1267.12 17.74 21.25 16.75 21.20 25.3 42.94Jul-08 1437.83 21.60 23.38 17.20 17.72 21.85 42.84Jun-08 1353.50 17.85 21.00 17.78 20.86 28.63 42.82May-08 - - 17.95 16.85 17.85 26.05 42.13Apr-08 - - 16.50 15.25 16.07 23.85 40.02Mar-08 - - 16.61 15.31 15.43 22.15 40.36Feb-08 - - - - - 21.57 39.73Jan-08 - - - - - 19.3 39.37Dec-07 - - - - - 21.9 39.44Nov-07 - - - - - 0.02 39.44Oct-07 - - - - - 0.08 39.51Sep-07 - - - - - 0.08 40.34Aug-07 - - - - - 0.1 40.82Jul-07 - - - - - 0.1 40.42Jun-07 - - - - - 0.13 40.77May-07 - - - - - 0.26 40.78Apr-07 - - - - - 0.53 42.15Mar-07 - - - - - 1.33 44.03Feb-07 - - - - - 0.98 44.16Jan-07 - - - - - 2.4 44.33Dec-06 - - - - - 6.5 44.63Nov-06 - - - - - 8.15 44.85Oct-06 - - - - - 11.15 45.47Sep-06 - - - - - 12.95 46.12Aug-06 - - - - - 16.05 46.54Jul-06 - - - - - 16.9 46.46Jun-06 - - - - - 15.95 46.06May-06 - - - - - 16.55 45.41Apr-06 - - - - - 13.45 44.95Mar-06 - - - - - 27.3 44.48Feb-06 - - - - - 26.45 44.33Jan-06 - - - - - 26.85 44.40Dec-05 - - - - - 21.7 45.65Nov-05 - - - - - 19.85 45.73Oct-05 - - - - - 21.95 44.82Sep-05 - - - - - 22.75 43.92Aug-05 - - - - - 23.63 43.63Jul-05 - - - - - 22.95 43.54Jun-05 - - - - - 25.35 43.59May-05 - - - - - 19.65 43.49Apr-05 - - - - - 16.18 43.74Mar-05 - - - - - 14.08 43.69Feb-05 - - - - - 9.52 43.68Jan-05 - - - - - 7.18 43.76Dec-04 - - - - - 8.4 43.98Nov-04 - - - - - 8.36 45.13Oct-04 - - - - - 8.68 45.78Sep-04 - - - - - 9.13 46.10Aug-04 - - - - - 8.88 46.34Jul-04 - - - - - 8.48 46.04Jun-04 - - - - - 9 45.52May-04 - - - - - 9.25 45.26Apr-04 - - - - - 6.88 43.93Source: Exchanges' websites, RBI

CER Spot prices ICE-ECX (EUR/metric tonne)CER

RBI rate

MCX (Rs/tonne) Open High Close Monthly Average

USDNIR

Low

Buyer countries Number of projects

Austria 80

Belgium 24

Canada 74

Czech Republic 3

Denmark 63

Finland 34

France 71

Germany 202

Greece

Hungary

Iceland

Ireland 14

Italy 92

Japan 464

Latvia

Luxembourg 24

Netherlands 433

New Zealand 1

Norway 36

Portugal 5

Spain 133

Sweden 220

Switzerland 560

United K. 1155

CDCF 4

WBCF 1

NEFCO

IBRD 1

CCAC16

n.a. 1479

Total 5173Note: In some project more than one investor country participate.Projects rejected by DOEs or EB or withdrawn are not included.

Monthly Average


Carbon Trading activity

Mar-09 2250 15 50315 110589Feb-09 2556 0 79498 114383Jan-09 1815 108 44013 111772Dec-08 561 152 40079 103556Nov-08 219 2 90272 112772Oct-08 85 111 65675 104717Sep-08 129 106 61724 87541Aug-08 1139 120 59537 71846Jul-08 14293 161 84508 62298Jun-08 18771 131 56597 48823May-08 - - 23142 29672Apr-08 - - 17656 16613Mar-08 - - 8240 5259Feb-08 - - - -Jan-08 - - - -Dec-07 - - - -Nov-07 - - - -Oct-07 - - - -Sep-07 - - - -Aug-07 - - - -Jul-07 - - - -Jun-07 - - - -May-07 - - - -Apr-07 - - - -Mar-07 - - - -Feb-07 - - - -Jan-07 - - - -Dec-06 - - - -Nov-06 - - - -Oct-06 - - - -Sep-06 - - - -Aug-06 - - - -Jul-06 - - - -Jun-06 - - - -May-06 - - - -Apr-06 - - - -Mar-06 - - - -Feb-06 - - - -Jan-06 - - - -Dec-05 - - - -Nov-05 - - - -Oct-05 - - - -Sep-05 - - - -Aug-05 - - - -Jul-05 - - - -Jun-05 - - - -May-05 - - - -Apr-05 - - - -Mar-05 - - - -Feb-05 - - - -Jan-05 - - - -Dec-04 - - - -Nov-04 - - - -Oct-04 - - - -Sep-04 - - - -Aug-04 - - - -Jul-04 - - - -Jun-04 - - - -May-04 - - - -Apr-04 - - - -

Source: Exchanges' websites

MCX CER ICE-ECX CERIn lots

Volume Open InterestVolume Open Interest

0

5

10

15

20

25

30

35

-10

-8

-6

-4

-2

0

2

4

EUAs, CERs & Their Spread Vs US GDP

ICE EUAs futures (euro/tonne) ICE CERs futures (euro/tonne)

CER EUA Spread US GDP QOQ (LHS)

Source: Exchanges' Website, US Department of Commerce

in % in Euro

Ap

r-0

8

Ma

y-0

8

Jun

-08

Jul-0

8

Au

g-0

8

Se

p-0

8

Oct

-08

No

v-0

8

De

c-0

8

Jan

-09

Fe

b-0

9

Ma

r-0

9

39%

9%5%4%

2%

41%

Primary CDM and JI Buyers (2008)

UK

Italy

Japan

Spain and Portugal

Austria

Others

Source: State and Trends of the Carbon Market 2009 - World Bank report

84%

4%3%

4%2% 3%

Primary CERs Producers (2008)

China

India

Brazil

Rest of Asia

Rest of Latin America

Others

Source: State and Trends of the Carbon Market 2009 - World Bank report


Graph-1

Graph-2

Graph-3


Power/Electricity Economic Parameters impacting Power/Electricity prices

Power/Electricity 2008 2007 2006 2005 2004

World Electricity generation (Terawatt-hours) 20201.8 19889.5 19038.3 19038.3 17563.9

Hydroelectricity: Consumption (Million tonnes oil equivalent) 717.5 695.8 683.8 658.2 633.7

Primary Energy - Consumption by fuel (Million tonnes oil equivalent)

Oil 3928 3,939 3,911 3,861 3,799

Natural Gas 2726 2,652 2,558 2,512 2,425

Coal 3304 3,194 3,042 2,957 2,799

Nuclear Energy 620 623 635 627 625

Hydro electric 718 696 697 667 643

Total 11295 11,104 10,843 10,624 10,291

India Electricity generation (Terawatt-hours) 834.3 808.8 759.7 708.7 673.8

Hydroelectricity: Consumption (Million tonnes oil equivalent) 26.2 27.7 25.4 22.0 19.0

Primary Energy - Consumption by fuel (Million tonnes oil equivalent)

Oil 135.0 128.5 120 120 120

Natural Gas 37.2 36.0 34 34 30

Coal 231.4 212.9 195 222 204

Nuclear Energy 3.5 4.0 4 4 4

Hydro electric 26.2 27.7 25 22 19

Total 433.3 409.2 379 402 376

Source: British Statistical Review, figures may not tally due to rounding


Real GDP (% change)

US 1.1 2 2.9 3.1 3.6

Japan -0.3 1.9 2.8 2.4 4

Eurozone 1 2.3 2.6 1.4 2

China 9 11.5 11.1 10.4 10.1

India 7.3 8.9 9.7 9 7.9

OECD 1 2.6 3.2 2.7 3.6


US 1 2.5 2.7 3.4 2.7

Japan 0.5 1.4 0.3 0.3 -2.3

Eurozone 1 3 2.2 2.2 2.1

China 3 5.9 2 1.4 3.2

India 5 7 6.7 5.3 4.6

OECD 1 3 2.2 2.1 1.8


US -8.9 1.7 1.5 2.9 3.3

Japan -20.7 1.5 5.4 3.4 1.7

Eurozone -12.2 1.4 5.3 2.5 0.8

China 5.7 17.4 14.7 16.5 14.4

India -0.2 8 13.4 5.7 8.9

Interest rates (%)





India ( Repo rate ) 6.5 7.75 7.25 6.25 6


US 9.6 5.6 5.4 4.1 5.7

Japan 0.7 0.7 -0.6 0.3 1

Eurozone 7.5 11.6 9.9 7.4 6.6

China 17.82 16.72 16.9 17.6 14.63

India 19.6 22.84 19.33 17.79 13.49


US (DOW JONES) 8,776 13,265 12,463 10,718 10,783

India (SENSEX) 9,647 20,287 13,787 9,398 6,603

OECD Indicators





Total Installed Capacity (India)

Sector MW %age

State Sector 76,115.67 52.5

Central Sector 48,970.99 34

Private Sector 24305.25 13.5

Total 1,49,391.91

As on May 31, 2009 Source:Central Electricity Authority

Total Installed Capacity (India)

Fuel MW %age

Total Thermal 95,151.74 64.6

Coal 77,948.88 53.3

Gas 16,003.11 10.5

Oil 1,199.75 0.9

Hydro (Renewable) 36,877.76 24.7

Nuclear 4,120.00 2.9

RES** (MNRE) 13242.41 7.7

Total 1,49,391.91

Renewable Energy Sources(RES) include SHP, BG, BP, U&I and Wind Energy.

SHP= Small Hydro Project, BG= Biomas Gasfier, BP= Biomass Power, U & I=Urban & Industrial Water Power, RES=Renewable SourcesFigures at second place of decimal may not tally due to rounding off by computer.Source:Central Electricity Authority

Power/Electricity Fundamentals (Million Metric tons)


Electricity Prices

On-Peak Day Ahead LMP Electricity Spot Price/New England (NEPOOL)

Mar-09 36.25 30 1730 11.37 40.62 30.16 362,173 8,357Feb-09 35.87 75 910 11.23 51.83 42.48 182,824 6,966Jan-09 54.12 60 1000 11.03 54.1 44 296,151 6,053Dec-08 60.64 - 1170 11.00 71.33 60.57 359,574 6,866Nov-08 62.77 10 1635 11.52 67 48 450,643 7,496Oct-08 76.4 30 1800 11.91 65.5 51.67 375,190 8,476Sep-08 130 - 2055 11.99 66.61 56.5 278,597 7,951Aug-08 89.5 210 1720 12.15 85.9 57 223,372 7,562Jul-08 81.27 40 955 12.14 102.37 69 74,917 7,673Jun-08 85.02 70 650 11.84 140.44 94 424 7,113May-08 76.57 - 690 11.48 105.38 79.5 - -Apr-08 64.87 - 760 11.02 107.89 79.79 - -Mar-08 57.8 - 830 10.57 92.62 69.45 - -Feb-08 56.74 - 820 10.28 80.61 83.85 - -Jan-08 53.3 10 875 10.24 78.2 58.63 - -Dec-07 60.16 30 920 10.33 106.18 55.6 - -Nov-07 56.2 40 1025 10.70 84.76 61.68 - -Oct-07 50.11 110 930 10.82 65.88 51.55 - -Sep-07 36.79 20 735 10.96 63.4 44 - -Aug-07 26.73 70 800 11.07 66.58 44.5 - -Jul-07 26 40 1135 11.07 85.83 55.95 - -Jun-07 24.45 40 1575 11.09 61.77 51 - -May-07 26.6 30 1830 10.77 81.05 55 - -Apr-07 22.55 180 2070 10.63 76.67 44.55 - -Mar-07 20.88 40 2345 10.27 78.49 47.15 - -Feb-07 20.35 140 2915 9.89 71.33 52.76 - -Jan-07 24.7 250 3430 10.06 78.63 59.8 - -Dec-06 35.37 180 3630 9.84 51.32 32.44 - -Nov-06 44.65 280 3770 10.18 75.7 46 - -Oct-06 49.17 650 3385 10.58 70.99 49.53 - -Sep-06 46.75 345 3110 10.94 49.37 32 - -Aug-06 40.43 175 3050 10.94 67.05 33.15 - -Jul-06 37 235 2735 10.96 107.87 65 - -Jun-06 37.38 170 2755 10.85 68.9 46.8 - -May-06 35.57 170 2920 10.61 71.6 38.5 - -Apr-06 36.95 265 2820 10.32 67.13 48 - -Mar-06 43.38 370 2765 9.87 67 50.5 - -Feb-06 42.87 575 2980 9.80 75.22 57 - -Jan-06 52.38 290 2550 9.55 79.85 55.03 - -Dec-05 66.25 280 2795 9.25 81.75 60 - -Nov-05 80.33 70 3175 9.74 91.33 67.5 - -Oct-05 50.7 180 2350 9.73 111.77 100 - -Sep-05 44.32 390 1390 9.91 119.25 75 - -Aug-05 39.95 360 1180 9.91 141 95 - -Jul-05 36.63 70 810 9.75 81.62 64 - -Jun-05 37.33 60 1080 9.77 85.2 45.15 - -May-05 31.8 10 1350 9.55 60.5 44.17 - -Apr-05 30.5 50 1500 9.21 67.31 52.93 - -Mar-05 29.52 220 2170 8.86 68 52.5 - -Feb-05 26.28 550 2140 8.74 67.5 - - -Jan-05 24.4 220 1640 8.50 66.19 - - -Dec-04 29.03 280 1050 8.58 57.05 - - -Nov-04 35.09 180 880 8.96 61.75 - - -Oct-04 33.55 420 660 9.05 61.39 - - -Sep-04 31.75 180 460 9.39 57.14 - - -Aug-04 - - - 9.50 50.73 - - -Jul-04 - - - 9.36 60.5 - - -Jun-04 - - - 9.29 57.46 - - -May-04 - - - 9.07 60 - - -Apr-04 - - - 8.93 57.25 - - -*Minimum Clearing volume (Matched & Cleared) | *IEX commenced Operations on June 28, 2009 | Source: Exchanges' websites

ICE UK Base Electricity Futures U.S. Residential Electricity Price

Average monthly unit value (in Rs)

Off-Peak Day Ahead LMP Electricity Spot Price/New England (NEPOOL)

IEX MCV (MW)*

Close Price (gbp/mwh) Aggregate Vol (lots) Month End OI (lots) (Cents per kilowatt hour) Price Units USD/mwh Price Units USD/mwh



NORTHERN 13425.1 19764.5 3531.2 13 23308.7 1180 1766.4 39680.2WESTERN 7448.5 25937.7 7365.8 17.5 33320.3 1840 4023.6 46632.4SOUTHERN 10954.2 16982.5 3870.2 939.3 21792 1100 7047.9 40894.2EASTERN 3933.9 15063.2 190 17.2 15270.4 0 227.4 19431.7N.EASTERN 1116 201 766 142.7 1109.7 0 171 2396.7ISLANDS 0 0 0 70 70 0 6.1 76.1ALL-INDIA 36877.7 77948.9 15722.5 1199.8 94871.9 4120 13242.4 149111.2INSTALLED CAPACITY AS ON 31.5.2009Source: Central Electricity Authority

TOCOM (1 Kg contracts) Hydro Thermal Nuclear

Diesel

Region

Coal Total

R.E.S. (MNRE) Total

Gas

Power Scenario At A Glance For All Regions (figures In Mw)

Peak Demand (MW)

Peak Met(MW)

Peak Deficit/Surplus (%)

Period Energy requirement (MU)

Energy availability (MU)

Peak Deficit/Surplus (MW)

Energy deficit/surplus (MU)

Energy deficit/surplus (%)

2004-05 26834 24125 -2709 -10.1 175498 159358 -16140 -9.22005-06 28154 25200 -2954 -10.5 188794 168611 -20183 -10.72006-07 31516 26644 -4872 -15.5 202125 179986 -22139 -112007-08 32462 29495 -2967 -9.1 219797 196147 -23650 -10.82008-09 33034 29504 -3530 -10.7 224218 199928 -24290 -10.8

NOTE :- PEAK DEMAND - 38021 MW , ENERGY REQUIREMENT - 239807 MU FOR THE YEAR 2008-2009(AS PER 17TH EPS. REPORT),OCCURENCE OF PEAK AS PER ACTUAL POWER SUPPLY POSITION IN THE MONTH(S) - JUNE, JULY & AUGUSTSource: Central Electricity Authority

VOLUME OF ELECTRICITY TRADED BY THE TRADING LICENSEES 2006-07 2007-08

% to total volumeVolume of Trade (MUs)PTC India Ltd 6575.41 43.77 9552.79 45.57NTPC Vidyut Vyapar Nigam Ltd 2662.98 17.73 3324.07 15.86Adani Enterprises Ltd 1844.66 12.28 1321.88 6.31Tata Power Trading Company (P) Ltd 1206.38 8.03 1681.95 8.02Reliance Energy Trading (P) Ltd 878.29 5.85 776.25 3.7Subhash Kabini Powor Corporation Ltd 36.61 0.24 0 0Lanco Electric Utility Ltd 744 4.95 2600.02 12.4JSW Power Trading Company Ltd 967.94 6.44 1478.57 7.05Karam Chand Thapar & Bros Ltd. 106.47 0.71 108.29 0.52Vinergy International Private Ltd 59.52 0.28Visa Power Ltd 15.56 0.07Kalyani Power Development (P) Ltd 39.31 0.19Patni Projects Private Ltd 6.58 0.03Total 15022.74 100 20964.77 100

Source: CERC Annual Report 2007-08

Name of the Trading Licensee % to total volumeVolume of Trade (MUs)

4

5

6

7

8

9

10

Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09

Price of Short-Term Transaction of Electricity

IEX RTC* Peak* Off-Peak* New Grid# SR Grid#

Source: CERC, * Bilateral through traders, # Unscheduled Interchange

(Rs/Kwh)

21 %

17 %

6 %

5 %4 %

47 %

Electricity Generation (2008)

US

China

Japan

Russian

Federation

India

Others


22 %

18 %

6 %6 %3 %

45 %

Electricity Consumption (2008)

US

China

Japan

Russia

Germany

Others

Source: CIA

Graph-1

Graph-2

Graph-3

Correlation Matrix – Non agricultural commodities - MCX Spot prices (CY 2008)

Gold Silver Copper Zinc Nickel Lead Aluminium Crude oil Natural Gas Platinum* Steel CER* CFI* Electricity# USDINR ** Dollar Index ##

Gold 1 0.1669 -0.0726 -0.2193 -0.3082 0.0790 -0.3046 0.1493 0.0757 0.2033 0.1040 0.1448 0.2303 -0.1302 0.3986 0.0295

Silver 0.1669 1 0.8848 0.7249 0.7400 0.8480 0.6013 0.9576 0.7977 0.7597 0.8208 0.7171 0.8628 0.0331 -0.7291 -0.9361

Copper -0.0726 0.8848 1 0.7752 0.7822 0.9343 0.6693 0.8796 0.8925 0.7058 0.9399 0.8001 0.8414 0.2129 -0.7288 -0.8980

Zinc -0.2193 0.7249 0.7752 1 0.9603 0.6057 0.9157 0.7992 0.4732 0.3395 0.8793 0.3766 0.5119 0.2076 -0.8825 -0.8099

Nickel -0.3082 0.7400 0.7822 0.9603 1 0.6089 0.9026 0.8714 0.4786 0.3980 0.8702 0.3862 0.5201 0.1808 -0.9226 -0.8373

Lead 0.0790 0.8480 0.9343 0.6057 0.6089 1 0.5127 0.8781 0.9301 0.7838 0.9332 0.8497 0.8562 0.2425 -0.5207 -0.7754

Aluminium -0.3046 0.6013 0.6693 0.9157 0.9026 0.5127 1 0.6022 0.3073 0.1408 0.7794 0.1842 0.3911 0.3255 -0.8502 -0.6789

Crude oil 0.1690 0.9605 0.8771 0.7904 0.8574 0.8748 0.6216 1 0.9009 0.8848 0.8303 0.8816 0.9236 0.0616 -0.8831 -0.9157

Natural Gas 0.0757 0.7977 0.8925 0.4732 0.4786 0.9301 0.3073 0.9019 1 0.8348 0.9442 0.9471 0.8321 0.2020 -0.4395 -0.7431

Platinum 0.2033 0.7597 0.7058 0.3395 0.3980 0.7838 0.1408 0.9015 0.8348 1 0.7166 0.8214 0.7259 -0.0151 -0.3082 -0.6401

Steel 0.1040 0.8208 0.9399 0.8793 0.8702 0.9332 0.7794 0.8303 0.9442 0.7166 1 0.9666 0.8464 0.3096 -0.7807 -0.8436

CER 0.1448 0.7171 0.8001 0.3766 0.3862 0.8497 0.1842 0.8816 0.9471 0.8214 0.9666 1 0.7909 0.2764 -0.3671 -0.6903

CFI 0.2303 0.8628 0.8414 0.5119 0.5201 0.8562 0.3911 0.9253 0.8321 0.7259 0.8464 0.7909 1 0.1250 -0.5191 -0.8057

Electricity -0.1302 0.0331 0.2129 0.2076 0.1808 0.2425 0.3255 0.0616 0.2020 -0.0151 0.3096 0.2764 0.1250 1 -0.0868 -0.0555

USDINR 0.3986 -0.7291 -0.7288 -0.8825 -0.9226 -0.5207 -0.8502 -0.8831 -0.4395 -0.3082 -0.7807 -0.3671 -0.5191 -0.0868 1 0.8539

Dollar Index 0.0295 -0.9361 -0.8980 -0.8099 -0.8373 -0.7754 -0.6789 -0.9160 -0.7431 -0.6401 -0.8436 -0.6903 -0.8057 -0.0555 0.8539 1

* Prices from the inception of trading at MCX

# Avg prices of volume cleared at IEX since its inception

** RBI reference rate

## Dollar index (released by ICE)

Data Source: MCX, RBI, ICE


DATA FOR READY REFERENCE

AGRICULTURAL COMMODITIES

Global and Indian fundamentals of Refined soybean oil (in thousand metric tonnes)

World 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10e

Production 32,631 34,615 36,352 37,544 35,699 37295

Consumption 31,654 33,573 35,798 37,677 35,754 37131

Beginning stocks 2,518 3,176 3,451 3,341 2,880 2566

Ending Stocks 3,176 3,451 3,341 2,880 2,566 2522

Exports 9,171 9,844 10,565 10,863 9,326 9833

Imports 8,883 9,070 9,889 10,484 8,959 9666

India

Production 900 1,070 1,180 1,458 1,392 1552

Consumption 2,627 2,933 2,598 2,300 2,240 2275

Beginning stocks 98 386 232 208 90 -

Ending Stocks 386 232 208 90 98 240

Exports 11 18 9 9 9 -

Imports 2,026 1,727 1,403 733 865 850

Average Daily Volatility 0.77% 0.60% 0.64% 0.53% 1.37% -

CBOT price 239.78 223.35 267.41 379.74 451.15 -(Rs/10 Kg)

Indian Price 462.09 382.54 400.35 480.17 593.35 -(Rs/10 Kg)

Source: USDA, *Estimated, June 2009-10

Soybean Oil

Global Yearly Balance Sheets (Estimated June 2009 – 10) in Thousand Metric Tonnes

Argentina 6,712 203 0 1,100 250 5,565

Brazil 6,060 331 50 4,300 291 1,850

China 7,709 115 2,400 9,994 120 110

EU-27 2,267 111 800 2,883 125 170

India 1,552 122 850 2,275 240 9

US 8,623 1,367 34 7,484 1,202 1,338

Others 4,372 317 5,532 9,095 294 791

Grand Total 37,295 2,566 9,666 37,131 2,522 9,833

Source: USDA

Country Supply

ProductionPrevious

Year Stocks Import ConsumptionStocks for Next Year Export

Demand


Soyabean Oil

Apr-04 454.00 460.00 431.90 460.00 726.00 70.00 N/A N/A N/A 463.59 138.80May-04 467.00 467.00 430.50 436.90 7,836.00 120.00 N/A N/A N/A 466.13 138.80Jun-04 439.30 444.90 409.00 431.70 35,674.00 904.00 N/A N/A N/A 445.24 138.80Jul-04 429.00 466.00 429.00 454.30 31,950.00 752.00 N/A N/A N/A 462.37 137.70Aug-04 449.00 470.10 445.00 462.00 38,010.00 625.00 N/A N/A N/A 477.74 137.40Sep-04 462.50 466.00 404.80 409.70 19,626.00 845.00 431.86 439.00 420.00 452.96 137.20Oct-04 410.00 429.60 401.20 414.30 23,098.00 942.00 422.45 437.00 411.00 422.94 137.20Nov-04 416.10 420.50 405.60 411.40 29,496.00 1,601.00 414.54 418.00 409.00 416.93 137.40Dec-04 411.60 412.00 387.10 397.60 44,250.00 1,992.00 401.38 413.00 391.00 408.05 138.20Jan-05 397.40 398.10 351.00 357.70 52,356.00 2,226.00 384.28 403.00 358.00 391.83 138.20Feb-05 358.30 389.50 352.60 382.00 86,731.00 2,693.00 370.55 384.00 359.00 375.59 138.20Mar-05 381.50 399.50 369.50 397.50 140,147.00 2,995.00 384.29 390.00 375.00 387.12 138.20Apr-05 397.10 397.10 379.40 381.40 86,681.00 2,540.00 384.75 390.00 376.40 387.44 138.20May-05 380.40 381.50 366.60 377.00 85,172.00 4,543.00 374.43 377.20 369.50 376.90 138.20Jun-05 376.40 387.20 362.00 371.50 97,414.00 4,517.00 371.38 378.60 363.70 374.55 138.20Jul-05 371.00 386.50 369.40 373.00 62,520.00 4,593.00 372.85 378.40 367.20 376.52 138.20Aug-05 372.50 375.60 363.50 373.50 49,577.00 3,779.00 366.73 372.80 361.50 366.79 138.20Sep-05 372.40 374.50 359.00 363.40 55,920.00 3,350.00 361.93 368.30 357.30 360.71 138.20Oct-05 364.50 369.20 354.65 357.95 56,619.00 4,084.00 359.48 368.00 350.50 363.62 138.20Nov-05 346.85 350.60 337.40 339.55 42,750.00 3,747.00 346.61 354.30 340.50 363.86 138.20Dec-05 338.30 345.90 337.05 343.20 37,583.00 2,038.00 341.86 345.90 338.20 359.38 138.20Jan-06 358.40 384.20 358.40 373.90 35,901.00 2,391.00 342.69 344.30 338.00 351.30 138.20Feb-06 376.90 383.60 364.50 375.10 69,539.00 1,966.00 357.73 370.30 342.70 366.43 128.40Mar-06 374.00 425.10 372.70 422.45 61,946.00 2,956.00 367.06 373.40 363.50 384.51 128.40Apr-06 422.45 426.00 406.20 413.90 64,534.00 2,762.00 393.10 415.40 369.90 395.44 128.90May-06 414.00 417.60 398.40 406.90 66,688.00 4,363.00 412.02 417.40 407.20 412.71 129.50Jun-06 408.10 433.50 399.50 429.55 42,389.00 2,437.00 401.88 408.60 395.60 412.81 129.50Jul-06 428.00 455.10 427.30 436.20 60,904.00 2,316.00 411.10 422.80 397.00 424.47 129.50Aug-06 438.00 440.85 418.30 423.00 102,580.00 3,199.00 433.74 442.10 423.50 446.60 129.50Sep-06 422.10 433.00 416.10 428.95 79,548.00 2,574.00 428.28 436.60 419.00 439.94 129.50Oct-06 427.70 475.10 424.85 465.60 64,930.00 4,665.00 423.12 426.70 420.20 430.82 129.50Nov-06 465.00 477.15 447.50 468.65 134,142.00 6,558.00 444.24 469.70 420.50 462.31 131.90Dec-06 466.65 473.55 446.70 452.15 104,632.00 4,609.00 455.36 463.60 443.30 471.33 141.50Jan-07 453.15 455.15 432.15 443.15 92,888.00 4,579.00 453.79 460.10 444.60 474.49 141.50Feb-07 443.00 469.65 435.90 468.35 68,630.00 4,881.00 437.80 448.50 428.30 455.75 140.00Mar-07 469.80 491.60 469.00 488.25 83,427.00 5,427.00 445.11 463.50 433.10 462.39 137.20Apr-07 489.10 496.30 469.05 486.70 85,188.00 5,204.00 479.73 488.40 469.70 483.07 140.20May-07 485.20 497.85 479.00 496.55 85,738.00 4,382.00 484.76 494.15 475.50 484.98 141.70Jun-07 496.65 510.90 491.00 505.60 94,699.00 4,583.00 485.23 490.10 480.40 485.32 141.80Jul-07 506.45 507.20 474.00 479.15 92,430.00 4,683.00 499.58 507.70 490.10 503.45 141.80Aug-07 478.00 497.90 474.60 487.05 66,662.00 4,196.00 487.73 503.65 473.65 492.25 141.90Sep-07 485.40 510.60 476.00 505.15 62,809.00 4,795.00 481.52 490.40 473.75 489.75 142.60Oct-07 508.30 540.50 496.00 532.15 84,054.00 5,206.00 487.26 507.35 476.25 496.25 143.10Nov-07 531.65 558.00 523.60 550.80 83,184.00 4,568.00 518.75 535.15 499.45 530.22 145.50Dec-07 551.30 595.80 550.90 586.95 69,720.00 3,916.00 533.13 550.10 522.00 550.02 147.00Jan-08 588.00 671.25 587.50 671.20 95,697.00 4,446.00 574.07 588.80 548.00 593.13 145.90Feb-08 678.00 725.70 584.90 589.00 79,864.00 3,752.00 607.23 669.15 583.05 616.21 153.80Mar-08 571.35 594.50 542.85 570.20 107,951.00 2,868.00 666.93 725.90 606.90 676.67 156.80Apr-08 570.20 586.80 563.80 583.30 48,162.00 1,555.00 574.12 589.65 565.90 576.91 151.40May-08 N/A N/A N/A N/A 4,856.00 1,728.00 611.84 652.50 570.50 601.98 156.00Jun-08 N/A N/A N/A N/A N/A N/A 683.10 709.45 648.55 659.54 160.40Jul-08 N/A N/A N/A N/A N/A N/A 680.19 704.10 637.00 654.37 160.50Aug-08 N/A N/A N/A N/A N/A N/A 613.62 637.35 597.50 592.77 157.90Sep-08 N/A N/A N/A N/A N/A N/A 584.92 606.30 563.70 564.92 157.60Oct-08 N/A N/A N/A N/A N/A N/A 509.91 578.25 476.50 497.11 148.10Nov-08 N/A N/A N/A N/A N/A N/A 443.37 488.80 387.75 434.93 148.10Dec-08 457.00 478.70 438.40 470.00 19,477.00 1,858.00 483.06 498.80 456.45 467.08 148.10Jan-09 473.80 520.00 454.55 457.00 33,721.00 2,526.00 492.98 514.30 468.40 481.76 148.10Feb-09 454.95 471.00 435.90 451.80 25,230.00 2,187.00 465.14 475.65 450.70 441.17 148.10Mar-09 451.90 464.20 438.00 447.20 27,676.00 1,192.00 453.28 462.00 445.90 447.50 148.10

Source : MCX, AgmarkNet; Trading suspended between May 08 to Dec 08; N/A-Not availableÂggregate volume in all contracts during the month; ^^Cumulative open interest in all contracts at the end of month.

MCX Futures Prices (Rs/10 Kg)MCX Spot (Rs/10 Kg) (Indore) WPI OF

Soybean OilOpen High Low CloseOther market spot prices

Mumbai Rs/10 kgMonthly Average Month’s High Month’s LowOpen Interest

in lots^^Volume in lots^


Soyabean Oil International Exchanges:

Apr-04 34.03 670,460.00 156,665.00May-04 28.05 576,678.00 139,677.00Jun-04 28.18 570,815.00 134,254.00Jul-04 22.00 618,359.00 144,446.00Aug-04 26.10 512,305.00 135,601.00Sep-04 20.52 505,132.00 132,226.00Oct-04 21.50 517,734.00 149,886.00Nov-04 20.62 576,170.00 148,929.00Dec-04 20.61 551,822.00 142,917.00Jan-05 19.36 428,386.00 171,583.00Feb-05 23.22 751,486.00 151,922.00Mar-05 22.90 549,243.00 161,519.00Apr-05 22.59 615,394.00 145,656.00May-05 23.15 565,555.00 135,246.00Jun-05 23.61 852,371.00 162,398.00Jul-05 24.31 548,380.00 138,679.00Aug-05 22.41 637,179.00 138,626.00Sep-05 23.72 594,924.00 147,402.00Oct-05 22.86 607,182.00 172,298.00Nov-05 21.05 673,069.00 182,941.00Dec-05 21.30 670,487.00 174,217.00Jan-06 22.35 531,969.00 181,295.00Feb-06 23.59 611,448.00 179,042.00Mar-06 22.79 597,630.00 189,517.00Apr-06 25.54 866,900.00 238,374.00May-06 25.16 688,808.00 249,518.00Jun-06 26.36 1,024,547.00 240,817.00Jul-06 26.72 803,595.00 281,211.00Aug-06 25.21 816,795.00 257,433.00Sep-06 23.77 729,122.00 248,970.00Oct-06 26.83 938,242.00 261,414.00Nov-06 29.18 1,018,050.00 286,888.00Dec-06 29.26 857,922.00 260,307.00Jan-07 29.34 704,802.00 261,714.00Feb-07 30.25 1,091,931.00 285,130.00Mar-07 32.48 764,997.00 317,340.00Apr-07 33.35 1,218,347.00 304,326.00May-07 35.71 805,278.00 316,781.00Jun-07 36.63 1,442,726.00 293,689.00Jul-07 37.76 1,115,308.00 297,131.00Aug-07 36.54 1,092,034.00 262,507.00Sep-07 39.49 947,459.00 278,132.00Oct-07 42.31 1,213,635.00 291,463.00Nov-07 45.64 1,288,911.00 308,026.00Dec-07 48.85 1,337,864.00 291,089.00Jan-08 53.72 1,294,663.00 283,859.00Feb-08 68.15 1,541,373.00 301,932.00Mar-08 51.48 1,291,023.00 283,980.00Apr-08 57.67 1,551,109.00 263,931.00May-08 61.31 1,106,828.00 252,276.00Jun-08 66.04 1,567,629.00 258,997.00Jul-08 58.26 1,624,174.00 246,175.00Aug-08 53.40 1,386,920.00 252,080.00Sep-08 44.00 1,441,656.00 247,229.00Oct-08 33.60 1,396,847.00 253,519.00Nov-08 32.58 1,252,370.00 241,056.00Dec-08 33.29 1,455,913.00 208,108.00Jan-09 32.73 1,211,893.00 208,505.00Feb-09 30.85 1,518,553.00 211,794.00Mar-09 33.62 1,189,876.00 207,505.00Source: Exchanges’ websitesÂggregate volume in all contracts during the month; ^^Cumulative open interest in all contracts at the end of month.

Closing Price (cents/pound)

Volume in lots^

Open Interest in lots^^

CBOT

0

10

20

30

40

50

60

70

0

50100

150

200250

300

350

400450

2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09

Soybean Oil: Ending Stock & Prices

India ES World ES (in 10s) Mumbai Prices (RHS) CBOT prices (RHS)

Source: Source: ES ending stock, Indian prices Rs/kg, Int. prices cents/lb-

000 tons Prices

23%

21%

18%

16%

6%

16%

Soybean Production (2009-10)

United States

China

Argentina

Brazil

EU-27

Others

Source: USDA

Soyabean Oil

27%

20%

12%

8%

6%

27%

Soybean Consumption (2009-10)

China

United States

Brazil

EU-27

India

Others

Source: USDA

Graph-1

Graph-2

Graph-3



World 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10e

Production 33,529 35,980 37,329 40,989 42,763 44,953

Consumption 32,539 35,212 37,572 39,724 42,286 44,581

Beginning stocks 3,147 3,586 3,720 3,835 4,199 4,017

Ending Stocks 3616 3,774 3,863 4,228 4,039 3,791

Exports 24,545 26,889 27,115 30,879 32,539 34,076

Imports 23,944 26,279 27,447 29,979 31,823 33,478

India

Production 40 40 50 50 50 50

Consumption 3,406 3,125 3,769 4,612 5,085 5,440

Beginning stocks 50 208 20 100 65 225

Ending Stocks 208 20 100 65 225 130

Exports 1 2 1 5 5 5

Imports 3,525 2,899 3,800 4,532 5,200 5,300

Average daily volatility of MCX spot prices 0.49% 4.13% 18.64% 0.98% 6.32% -


Crude Palm Oil

Country Supply DemandProduction Previous Year Stocks Import Consumption Stocks for Next Year Export

Columbia 800 40 10 555 20 275

Nigeria 820 - - 1150 - -

Thailand 1,300 - - 963 151 480

Indonesia 20,750 1,018 20 5,005 1,203 15,580

Malaysia 18,500 1,600 700 3,640 1,460 15,700

Others 4,228 1,108 27,444 29,547 962 2,271

Grand Total 44,953 4,017 33,478 44,581 3,791 34,076Source: USDA

Global Yearly Palm Oil Balance Sheets (Estimated June 2009 – 10) in Thousand Metric Tonnes

Bursa MalaysiaClosing Price (Malaysian Ringgit per metric ton) Volume in lots^ Open Interest in lots^^

Apr-04 1,974.00 91,806.00 21,445.00May-04 1,640.00 136,325.00 27,351.00Jun-04 1,560.00 135,119.00 23,284.00Jul-04 1,444.00 138,089.00 28,293.00Aug-04 1,550.00 114,500.00 25,905.00Sep-04 1,491.00 144,882.00 36,889.00Oct-04 1,465.00 141,496.00 35,206.00Nov-04 1,452.00 92,412.00 31,427.00Dec-04 1,384.00 94,361.00 29,212.00Jan-05 1,275.00 97,965.00 28,105.00Feb-05 1,403.00 100,007.00 25,874.00Mar-05 1,455.00 135,474.00 29,904.00Apr-05 1,427.00 79,210.00 27,709.00May-05 1,411.00 100,305.00 27,956.00Jun-05 1,410.00 109,598.00 25,079.00Jul-05 1,365.00 86,069.00 27,288.00Aug-05 1,358.00 85,972.00 31,561.00Sep-05 1,449.00 109,404.00 27,342.00Oct-05 1,445.00 97,787.00 23,698.00Nov-05 1,389.00 73,042.00 27,616.00Dec-05 1,397.00 83,677.00 29,559.00Jan-06 1,428.00 72,396.00 25,759.00Feb-06 1,470.00 104,701.00 29,747.00Mar-06 1,390.00 126,341.00 29,108.00Apr-06 1,441.00 117,864.00 31,949.00May-06 1,411.00 140,586.00 36,515.00Jun-06 1,429.00 124,941.00 44,186.00Jul-06 1,590.00 226,687.00 43,069.00Aug-06 1,557.00 275,379.00 64,384.00Sep-06 1,542.00 199,569.00 65,115.00Oct-06 1,622.00 228,531.00 75,583.00Nov-06 1,901.00 360,870.00 77,172.00Dec-06 1,976.00 224,765.00 74,882.00Jan-07 1,902.00 301,233.00 70,211.00Feb-07 1,952.00 148,172.00 55,358.00Mar-07 2,064.00 151,078.00 66,969.00Apr-07 2,320.00 254,288.00 82,693.00May-07 2,725.00 268,481.00 93,214.00Jun-07 2,513.00 321,556.00 76,191.00Jul-07 2,691.00 244,979.00 71,720.00Aug-07 2,490.00 233,178.00 54,169.00Sep-07 2,687.00 188,042.00 46,707.00Oct-07 2,890.00 254,044.00 44,706.00Nov-07 2,925.00 209,562.00 41,391.00Dec-07 3,070.00 148,480.00 38,080.00Jan-08 3,211.00 251,331.00 43,477.00Feb-08 3,972.00 183,121.00 43,659.00Mar-08 3,385.00 316,453.00 42,793.00Apr-08 3,370.00 240,709.00 39,394.00May-08 3,525.00 141,155.00 38,800.00Jun-08 3,540.00 198,086.00 43,929.00Jul-08 3,050.00 267,300.00 58,317.00Aug-08 2,541.00 278,401.00 53,343.00Sep-08 2,073.00 290,468.00 65,273.00Oct-08 1,560.00 277,318.00 90,371.00Nov-08 1,610.00 242,097.00 91,820.00Dec-08 1,685.00 159,101.00 83,481.00Jan-09 1,780.00 231,064.00 83,343.00Feb-09 1,938.00 235,567.00 83,483.00Mar-09 2,103.00 301,587.00 89,634.00Source: Exchanges’ websitesÂggregate volume in all contracts during the month; ^^Cumulative open interest in all contracts at the end of month.

Crude Palm Oil Trading Activities

Global and Indian fundamentals for Crude Palm oil (in thousand metric tonnes)



Open High Low Close Volume in lots^ Open Interest in lots^^ Monthly Average Month’s High Month’s LowApr-04 N/A N/A N/A N/A N/A N/A N/T N/T N/T 442.37May-04 N/A N/A N/A N/A N/A N/A N/T N/T N/T 440.09Jun-04 N/A 390.90 390.90 379.20 0.00 N/A N/T N/T N/T 421.38Jul-04 390.50 390.50 379.00 379.00 0.00 N/A N/T N/T N/T 434.90Aug-04 N/A N/A N/A N/A N/A N/A N/T N/T N/T 447.83Sep-04 404.70 404.70 381.00 381.00 0.00 N/A 362.07 365.00 357.50 442.64Oct-04 369.00 369.00 359.30 369.00 0.00 N/A 357.83 365.00 354.00 413.20Nov-04 352.00 369.00 352.00 369.00 0.00 N/A 353.75 356.00 350.00 405.36Dec-04 342.00 379.60 342.00 369.30 36.00 N/A 340.15 353.00 335.00 386.67Jan-05 379.00 380.00 344.70 372.50 2418.00 N/A 329.72 335.00 326.00 374.05Feb-05 362.70 381.40 310.00 310.00 592.00 N/A 319.08 336.00 303.00 370.93Mar-05 301.20 328.30 290.10 307.40 5329.00 23.00 341.29 348.00 336.00 387.17Apr-05 345.30 345.30 338.00 338.00 2.00 N/A 343.65 346.00 338.00 385.56May-05 335.00 335.00 328.00 328.00 0.00 N/A 332.29 338.00 327.00 374.12Jun-05 324.80 324.80 324.80 330.00 0.00 N/A 329.57 335.00 324.70 374.41Jul-05 328.00 333.00 328.00 333.00 0.00 N/A 331.49 334.50 328.50 380.89Aug-05 328.00 328.00 158.80 159.00 137.00 2.00 237.31 330.00 158.60 375.59Sep-05 154.20 170.00 154.20 170.00 54.00 2.00 164.04 170.00 160.30 374.18Oct-05 169.00 176.00 169.00 173.80 54.00 N/A 172.61 174.70 169.40 382.62Nov-05 N/A N/A N/A N/A 96.00 N/A 173.43 176.50 170.20 386.62Dec-05 173.00 173.00 168.00 168.00 0.00 N/A 170.15 174.00 167.50 385.70Jan-06 N/A N/A N/A N/A 10.00 N/A 166.90 168.10 165.10 373.82Feb-06 N/A N/A N/A N/A 394.00 N/A 171.19 174.80 167.20 381.27Mar-06 179.00 179.10 157.00 170.10 2684.00 N/A 226.86 1736.00 164.20 393.99Apr-06 178.10 178.10 163.10 171.00 330.00 N/A 170.16 173.70 164.20 396.67May-06 176.40 181.50 171.10 176.30 214.00 N/A 172.55 175.50 170.90 411.39Jun-06 176.30 181.10 171.10 175.90 26.00 N/A 174.84 178.20 172.20 415.63Jul-06 177.80 193.00 177.80 193.00 N/A N/A 184.81 196.20 174.70 434.14Aug-06 193.00 203.00 191.30 191.30 N/A N/A 197.71 204.80 191.30 459.71Sep-06 191.30 191.30 181.50 181.50 N/A N/A 188.14 195.10 181.50 440.45Oct-06 188.00 193.00 188.00 193.00 N/A N/A 188.79 197.50 184.50 431.40Nov-06 197.50 218.20 197.50 218.20 N/A N/A 206.96 225.70 195.00 453.56Dec-06 224.70 234.20 218.00 234.20 N/A N/A 222.75 237.70 214.20 468.10Jan-07 234.20 234.20 227.00 227.00 N/A N/A 228.92 235.30 223.10 473.77Feb-07 N/A N/A N/A N/A N/A N/A 227.59 233.10 223.80 452.59Mar-07 N/A N/A N/A N/A N/A N/A 228.83 230.50 227.90 454.81Apr-07 N/A N/A N/A N/A N/A N/A N/A N/A N/A 474.23May-07 N/A N/A N/A N/A N/A N/A N/A N/A N/A 476.28Jun-07 N/A N/A N/A N/A N/A N/A N/A N/A N/A 484.61Jul-07 N/A N/A N/A N/A N/A N/A N/A N/A N/A 487.60Aug-07 N/A N/A N/A N/A N/A N/A N/A N/A N/A 487.13Sep-07 N/A N/A N/A N/A N/A N/A N/A N/A N/A 486.54Oct-07 N/A N/A N/A N/A N/A N/A N/A N/A N/A 492.59Nov-07 N/A N/A N/A N/A N/A N/A N/A N/A N/A 509.76Dec-07 N/A N/A N/A N/A N/A N/A N/A N/A N/A 512.02Jan-08 N/A N/A N/A N/A N/A N/A N/A N/A N/A 550.67Feb-08 N/A N/A N/A N/A N/A N/A N/A N/A N/A 573.51Mar-08 N/A N/A N/A N/A N/A N/A N/A N/A N/A 619.10Apr-08 N/A N/A N/A N/A N/A N/A N/A N/A N/A 548.76May-08 N/A N/A N/A N/A N/A N/A N/A N/A N/A 561.22Jun-08 526.30 534.80 505.40 515.30 19462.00 1903.00 N/A N/A N/A 580.60Jul-08 516.00 519.20 439.00 444.30 17452.00 3339.00 488.13 517.80 439.50 556.17Aug-08 437.70 441.80 359.60 377.50 22972.00 2436.00 397.08 435.60 381.90 478.65Sep-08 377.50 385.60 324.00 345.60 20622.00 2858.00 352.97 384.00 333.70 437.66Oct-08 335.90 337.00 269.60 272.60 22639.00 2708.00 300.10 340.80 271.40 366.43Nov-08 275.90 287.50 228.50 254.50 23386.00 3398.00 254.70 276.20 240.00 316.83Dec-08 263.60 267.00 248.50 263.60 8037.00 1824.00 257.36 265.70 248.50 317.04Jan-09 274.80 305.00 264.60 267.00 8156.00 1643.00 280.54 298.50 266.50 332.68Feb-09 275.40 292.00 270.70 283.50 6615.00 1663.00 282.87 290.30 274.80 329.39Mar-09 291.00 316.90 290.20 309.50 8828.00 1260.00 306.92 314.90 293.10 362.18Source : MCX, AgmarkNet, Ministry of Commerce and Industry; Sept 04 –March 07- Mumbai marketJuly 08 till date- Kandla market N/T-Traded, N/A- Not AvailableÂggregate volume in all contracts during the month; ^^Cumulative open interest in all contracts at the end of month.

Monthly average futures and spot prices of Crude Palm Oil in India

MCX Futures Prices (Rs/10 Kg) MCX Spot (Rs/10 Kg) (Mumbai/Kandla) Prices of Palm Oil RBD: Mumbai Rs./10 kg

46%

41%

3%2%

2%6%

Palm Oil Production (2009-10)

Indonesia

Malaysia

Thailand

Colombia

Nigeria

Others

Source: USDA

14%

13%

11%

10%8%

44%

Palm Oil Consumption (2008e)

India

China

Indonesia

EU-27

Malaysia

Others

Source: USDA

Crude Palm Oil

Graph-1

Graph-2

300

600

900

1200

1500

1800

2100

2400

2700

3000

3300

0

50

100

150

200

250

300

350

400

450

500

2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09

Palm Oil: Ending Stock & Prices

India ES World ES (in 10s) Mumbai Prices (RHS) Int. prices (RHS)

Source: Agmark Net & USDA. ES-ending stock, Indian prices Rs/ 20 kg, Int. prices $/tonne

‘000 tonnes Prices

Graph-1


World 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10e

Production 46,085 48,504 45,093 48,294 58,168 55,484

Consumption 43,556 47,444 46,324 48,923 54,832 57,206


Ending Stocks 4,746 5,506 4,660 3,386 6,584 4,596

Exports 4,900 6,984 6,627 8,207 11,744 10,233

Imports 5,018 6,684 7,012 7,562 11,606 10,023

India

Production 6,500 7,000 5,800 5,450 7,000 7,100

Consumption 6,365 6,637 6,449 5,866 6,640 7,061

Beginning stocks 591 742 1,124 495 100 476

Ending Stocks 742 1,124 495 100 476 530

Exports 2 8 5 4 4 5

Imports 18 27 25 25 20 20

Average Daily Volatility of MCX Spot Price 0.82% 0.97% 0.28% 1.19% 1.23% -

MSP (Rs/Qtl) 1,700 1715 1715 1800 1830 -


Rapeseed Rapeseed Trading Activity

Closing Price (Euro/tonnes) Volume in lots^ Open Interest in lots^Âpr-04 251.75 9,931.00 12,897.00May-04 234.00 13,462.00 13,316.00Jun-04 235.00 14,636.00 14,646.00Jul-04 207.00 29,938.00 12,261.00

Aug-04 232.50 20,057.00 17,227.00Sep-04 211.75 17,441.00 18,354.00Oct-04 204.00 22,893.00 16,072.00Nov-04 209.00 9,423.00 15,053.00Dec-04 208.50 12,745.00 604.00Jan-05 188.00 22,135.00 15,520.00Feb-05 204.50 16,571.00 18,368.00Mar-05 203.75 16,672.00 19,204.00Apr-05 198.00 17,385.00 13,552.00May-05 213.00 11,039.00 16,601.00Jun-05 212.00 15,027.00 19,475.00Jul-05 212.25 26,331.00 19,428.00

Aug-05 222.50 13,915.00 20,427.00Sep-05 231.00 27,470.00 22,072.00Oct-05 223.00 22,985.00 21,728.00Nov-05 222.50 19,103.00 20,684.00Dec-05 216.25 16,033.00 21,855.00Jan-06 219.25 26,724.00 20,753.00Feb-06 227.25 12,881.00 19,265.00Mar-06 230.25 21,082.00 20,599.00Apr-06 235.00 19,366.00 18,500.00May-06 253.25 25,265.00 23,445.00Jun-06 243.00 23,680.00 26,288.00Jul-06 258.50 30,469.00 17,072.00



Aug-08 396.00 57,792.00 41,097.00Sep-08 346.75 75,613.00 41,814.00Oct-08 321.25 84,012.00 34,406.00Nov-08 299.75 34,407.00 40,489.00Dec-08 263.75 58,232.00 38,138.00Jan-09 285.00 70,280.00 31,883.00Feb-09 269.00 36,745.00 34,138.00Mar-09 266.75 50,231.00 35,144.00

Source: Exchanges’ websites; Âggregate volume in all contracts during the month; ^^Cumulative open interest in all contracts at the end of month.

Supply Demand

World Production Previous Year Import Consumption Stocks for ExportStocks Next Year

Australia 1,700 257 0 675 232 1,050

Canada 10,300 2,530 150 5,350 1,130 6,500

China 13,200 700 950 14,060 790 0

EU-27 18,500 1,853 2,350 21,385 1,218 100

India 7,100 476 20 7,061 530 5

Ukraine 2,100 7 5 279 13 1,820

Others 2,584 705 6,548 8,396 683 758

Grand Total 55,484 6,528 10,023 57,206 4,596 10,233

Source: USDA

Global Yearly Rapeseed Balance Sheets (Estimated June 2009 -10) in thousand metric tonnes

Rapeseed EOP-NYSE LIFFE ParisGlobal and Indian fundamentals of Rapeseed (in thousand metric tonnes)


Rapeseed Spot Prices

Month Monthly Average Month's High Month's Low Jaipur(Average) Udaypur(Average) WPI of Mustard oilApr-04 N/A N/A N/A 1,426.30 1,395.72 165.80May-04 N/A N/A N/A 1,452.73 1,412.94 165.30Jun-04 N/A N/A N/A 1,432.38 1,396.05 167.80Jul-04 N/A N/A N/A 1,483.33 1,496.85 172.30

Aug-04 N/A N/A N/A 1,549.57 1,626.92 179.20Sep-04 409.93 412.50 407.00 1,575.00 1,658.17 181.80Oct-04 410.29 415.00 401.00 1,474.69 1,680.38 181.50Nov-04 413.35 418.00 409.00 1,445.33 1,635.00 182.20Dec-04 395.77 410.00 384.00 1,502.25 1,660.83 178.00Jan-05 365.32 392.00 355.00 1,534.06 1,571.54 173.10Feb-05 347.54 365.00 330.00 1,483.57 1,437.22 162.80Mar-05 335.57 345.00 328.00 1,371.39 1,297.14 156.60Apr-05 332.85 338.00 329.00 1,322.37 1,280.83 159.80May-05 340.65 348.80 330.20 1,329.05 1,259.57 165.30Jun-05 345.93 352.90 338.60 1,320.25 1,261.94 162.90Jul-05 367.39 376.40 353.50 1,374.29 1,289.47 166.30

Aug-05 364.32 369.80 355.80 1,336.50 1,292.50 168.90Sep-05 359.63 367.00 356.00 1,341.39 1,315.88 169.90Oct-05 352.59 357.60 345.50 1,350.83 1,314.64 169.60Nov-05 346.88 348.50 342.70 1,361.92 1,250.91 168.70Dec-05 343.11 346.20 336.90 1,345.79 1,216.56 164.10Jan-06 341.61 345.00 335.90 1,269.58 1,218.33 164.00Feb-06 328.30 331.50 325.10 1,242.86 1,204.75 160.60Mar-06 322.92 332.10 317.20 1,230.59 1,184.69 156.90Apr-06 323.94 330.40 319.10 1,304.50 1,237.78 159.70May-06 329.87 332.70 325.40 1,363.24 1,326.18 162.60Jun-06 328.13 332.60 323.40 1,347.50 1,341.50 165.70Jul-06 327.60 330.00 324.00 1,337.22 1,343.47 163.60



Aug-08 621.33 632.10 602.55 2,630.68 2,480.00 264.00Sep-08 610.87 630.45 589.55 2,629.17 2,528.68 262.10Oct-08 609.02 623.10 598.20 2,643.75 2,801.56 264.20Nov-08 616.43 637.10 594.80 2,652.78 2,913.75 263.90Dec-08 621.25 638.00 597.70 2,644.74 2,988.33 264.50Jan-09 557.49 593.50 500.00 2,736.76 2,685.00 258.50Feb-09 485.34 528.80 427.20 2,342.65 1,986.25 233.50Mar-09 449.17 461.35 430.00 1,972.50 1,925.38 229.50

Source: MCX, AgmarkNet|Sept 04 – Mar 05- Hapur market|April 05 – Jan 06- Jaipur market|Feb 06- Mar 06- Sirsa market|April 07- till date- Jaipur market; Ministry of Commerce & Industry

Monthly average spot prices of Rapeseed at MCX and other major physical markets in IndiaMCX Spot (Rs/20 Kg)Hapur/ Jaipur/ Sirsa

Other market monthly average spot prices (Rs/qtl)

0.0

500.0

1000.0

1500.0

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3000.0

0

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6000

7000

2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09

Mustard (rapeseed ): Ending Stock & Prices

India ES World ES India price (RHS) Winnipeg prices (RHS)

Source: Agmark Net, & USDA. ES - ending stock, Indian prices Rs/qtl, Int. prices of -Winnepeg Futures Exchange in Rs/qtl


45%

29%

15%

11%

Mustard (Rapeseed)Consumption (2009-10)

EU-27

China

India

Canada

Source: USDA

35%

23%

18%

13%

3%8%

Mustard (Rapeseed) Production (2009-10)

EU--27

China

Canada

India

Ukraine

Others

Source: USDA

Graph-1

Graph-2

Graph-3



World and Indian production, imports and exports of Castor Seeds

World (‘000 tonnes) 2004/05 2005/06 2006/07 2007/08 2008/09

Production 1300 1503 1,182 1512 -

Imports (castor seeds) 23 12 18 - -

Exports (castor seeds) 24 18 21 - -

India (‘000 tonnes)

Production 797 793 991 762 1036

Exports (castor seeds) 1.34 0.84 0.12 - -

Exports (castor oil) 208.18 182.16 186.61 176.18 308.62

Average Daily Volatility of MCX spot price 1.58% 1.19% 0.82% 0.59% 0.84%

Source: FAO Stat & Solvent Extractors' Association of India

Selected State-wise Production for Castor seeds in India (2003-2004 to 2007-2008)

States 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-08

Gujarat 465.1 283.1 541.1 563.3 665.0 533.0 680.0

Rajasthan 66.1 21.9 89.8 86.1 135.4 104.4 159.0

Andhra Pradesh 83.0 86.0 132.0 105.0 140.0 87.0 129.0

Karnataka 16.1 15.7 15.4 0.2 27.0 16.0 15.0

Others 22.4 20.8 18.4 38.8 23.3 21.9 28

Total 652.7 427.5 796.7 793.4 990.7 762.3 1011

Source: Ministry of Agriculture, Govt. of India. Production : ' 000 Tonnes

Castor Seeds

0

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1200

2004/05 2005/06 2006/07 2007/08 2008/09

Castor: Seeds Production, Oil Exports & Prices

Seeds production Oil exports Prices (RHS)

Rs/qntlin ‘000 tonnes

Source: SEA of India & Agmarknet. Average Prices of India for the month of March

Global and Indian fundamentals of Castor Seeds



Monthly average futures & spot prices of Castor Seeds in India

Open High Low Close Volume in lots^ Open Interest in lots^^ Monthly Month's Month's Mumbai Avg. Gadag Avg Raichur Avg WPI of castor seedsAverage High Low Variety Variety Variety

Apr-04 N/A N/A N/A N/A N/A N/A N/A N/A N/A 1789.7 1439.0 1499.0 153.7May-04 1555.0 1555.0 1555.0 1555.0 N/A N/A N/A N/A N/A 1708.8 1273.0 1378.2 143.5Jun-04 N/A N/A N/A 1570.0 N/A N/A N/A N/A N/A 1697.3 1352.0 1387.2 144.7Jul-04 1617.0 1922.0 1570.0 1875.0 20.0 6.0 N/A N/A N/A 1831.1 1361.0 N/A 154.5

Aug-04 1818.8 1884.0 1800.0 1874.5 114.0 0.0 N/A N/A N/A 1912.0 N/A 1512.1 159.6Sep-04 1911.0 2093.0 1911.0 1982.5 628.0 11.0 N/A N/A N/A 1981.9 N/A 1571.5 168.2Oct-04 1924.0 2060.0 1752.0 1822.0 2206.0 42.0 N/A N/A N/A 1940.7 N/A 1590.5 166.8Nov-04 1845.0 1875.0 1670.0 1732.5 371.0 27.0 N/A N/A N/A 1908.8 1248.8 1514.0 162.2Dec-04 1700.0 1810.0 1583.0 1606.5 2768.0 44.0 N/A N/A N/A 1764.2 1365.3 1404.2 154.1Jan-05 1596.0 1632.0 1496.0 1508.5 10203.0 39.0 N/A N/A N/A 1712.8 N/A 1319.1 149.9Feb-05 1503.0 1770.0 1495.0 1724.0 3916.0 87.0 N/A N/A N/A 1730.5 N/A 1265.5 140.2Mar-05 1705.0 1780.0 1632.0 1668.5 888.0 37.0 N/A N/A N/A 1746.8 1276.0 1309.9 143.0Apr-05 1646.0 1735.0 1561.0 1680.0 55.0 32.0 N/A N/A N/A 1712.7 1176.0 1307.0 139.3May-05 N/A N/A N/A N/A N/A N/A N/A N/A N/A 1663.7 1405.0 1219.5 137.9Jun-05 N/A N/A N/A N/A N/A N/A N/A N/A N/A 1715.5 1223.7 1150.9 140.7Jul-05 N/A N/A N/A N/A N/A N/A N/A N/A N/A 1712.2 1232.2 1054.0 141.0

Aug-05 N/A N/A N/A N/A N/A N/A N/A N/A N/A 1628.6 1239.1 1019.0 137.3Sep-05 N/A N/A N/A N/A N/A N/A N/A N/A N/A 1548.5 1136.7 1212.2 136.6Oct-05 N/A N/A N/A N/A N/A N/A N/A N/A N/A 1400.8 1150.8 1128.0 130.5Nov-05 N/A N/A N/A N/A N/A N/A N/A N/A N/A 1396.1 1166.5 1097.2 129.3Dec-05 N/A N/A N/A N/A N/A N/A N/A N/A N/A 1457.2 N/A 1130.9 129.7Jan-06 1490.0 1559.5 1440.0 1459.0 306.0 15.0 N/A N/A N/A 1455.5 1144.3 1162.9 130.4Feb-06 1500.0 1607.5 1401.0 1600.0 1208.0 3.0 N/A N/A N/A 1446.4 1240.3 1142.5 132.7Mar-06 1651.0 1684.0 1505.0 1551.0 11831.0 24.0 N/A N/A N/A 1481.1 1207.1 1155.7 135.3Apr-06 1551.0 1560.0 1496.0 1560.0 373.0 14.0 N/A N/A N/A 1485.9 1196.3 1124.8 133.9May-06 1560.0 1560.0 1400.0 1400.0 5.0 3.0 N/A N/A N/A 1475.8 1168.8 1136.7 127.0Jun-06 1442.0 1525.0 1435.0 1525.0 301.0 11.0 N/A N/A N/A 1472.9 1114.5 1094.5 125.8Jul-06 1525.0 1632.0 1525.0 1585.0 96.0 13.0 N/A N/A N/A 1572.1 1134.5 1132.0 128.1

Aug-06 1585.0 1585.0 1524.0 1524.0 84.0 9.0 N/A N/A N/A 1640.0 1086.2 1322.5 128.0Sep-06 1670.0 1743.0 1604.0 1660.0 67.0 7.0 1620.3 1638.0 1582 1744.5 1233.5 1291.8 133.5Oct-06 1875.0 1947.5 1820.0 1928.0 N/A 8.0 1716.8 1859.0 1634.0 1811.0 1281.6 1302.8 141.1Nov-06 1925.0 1945.0 1795.0 1854.0 N/A N/A 1801.4 1855.0 1760.0 1945.0 1224.7 1492.7 155.5Dec-06 1863.0 1863.0 1780.0 1800.0 N/A N/A 1765.0 1813.0 1732.0 1912.5 1144.3 1391.8 155.0Jan-07 1903.0 1948.0 1845.0 1940.0 N/A N/A 1801.9 1844.0 1767.0 1939.0 1408.0 1573.0 162.2Feb-07 1952.0 1960.0 1824.0 1831.0 N/A N/A 1891.2 1925.0 1850.0 1993.6 1292.7 1684.6 171.4Mar-07 1858.0 2080.0 1800.0 1999.0 N/A N/A 1931.6 2023.0 1857.0 2033.8 1346.5 1623.3 168.2Apr-07 2120.0 2230.0 2075.0 2112.0 N/A N/A 2043.5 2078.0 2008.0 2151.6 1359.0 1620.0 174.1May-07 2075.0 2075.0 1880.0 1945.0 N/A N/A 1974.7 2019.0 1923.0 2036.0 1607.5 1497.1 176.8Jun-07 1955.0 2055.0 1950.0 2015.0 N/A N/A 1967.5 2013.0 1904.0 2010.0 1305.0 1658.9 174.2Jul-07 2139.0 2176.0 2046.0 2094.0 N/A N/A 2006.2 2028.5 1949.0 2077.7 1504.0 1570.4 179.8

Aug-07 2101.0 2104.0 1950.0 2013.5 N/A N/A 2003.5 2016.0 1989.0 2073.8 N/A N/A 179.5Sep-07 2015.0 2056.5 1980.0 2005.5 N/A N/A 2011.6 2046.5 1989.0 2091.7 N/A 1410.0 178.0Oct-07 1953.0 2036.0 1908.0 2030.0 N/A N/A 2020.1 2076.5 1966.0 2026.9 1354.0 1454.3 177.8Nov-07 2040.0 2135.0 2007.0 2126.5 N/A N/A 2091.0 2155.5 2063.5 2056.7 1420.1 1669.6 180.4Dec-07 2129.0 2251.0 2090.0 2237.5 N/A N/A 2172.9 2207.5 2140.0 2192.8 1966.9 1795.6 185.9Jan-08 2158.0 2301.0 2156.0 2260.0 N/A N/A 2265.2 2309.5 2203.0 2324.6 1643.0 1904.6 192.6Feb-08 2260.0 2575.0 2260.0 2555.0 N/A N/A 2429.5 2576.5 2302.0 2503.6 1760.1 2005.1 202.5Mar-08 2600.0 2703.5 2548.0 2615.0 N/A N/A 2628.1 2658.0 2569.0 2737.4 1890.9 2151.6 214.3Apr-08 2675.0 2675.0 2675.0 2675.0 N/A N/A 2629.0 2659.0 2586.5 2749.4 1571.1 1980.2 210.5May-08 2675.0 2675.0 2569.0 2569.0 N/A N/A 2595.4 2627.0 2541.0 2806.5 1725.9 2130.3 207.6Jun-08 2569.0 2781.0 2569.0 2781.0 N/A N/A 2716.2 2886.5 2582.5 2887.6 1899.6 2404.5 215.9Jul-08 2800.0 3281.0 2800.0 3151.0 N/A N/A 3086.2 3289.0 2883.0 3210.4 2144.3 2714.3 236.3

Aug-08 3151.0 3278.5 3085.5 3147.0 N/A N/A 3135.2 3216.5 3060.5 3271.0 2361.3 2639.0 239.3Sep-08 3147.0 3147.0 3147.0 3147.0 N/A N/A 3115.5 3163.0 3085.5 3243.6 2702.0 2257.0 246.4Oct-08 N/A N/A N/A N/A N/A N/A 2917.7 3113.5 2781.0 3060.3 2551.5 2581.3 240.0Nov-08 N/A N/A N/A N/A N/A N/A 2930.7 3014.0 2781.0 3109.2 2414.0 2711.5 227.5Dec-08 N/A N/A N/A N/A N/A N/A 2877.4 2942.5 2672.0 3050.7 2376.0 2550.8 230.1Jan-09 N/A N/A N/A N/A N/A N/A 2349.3 2628.0 2205.0 2695.0 1871.0 2040.6 217.0Feb-09 2075.0 2224.5 2070.0 2107.0 N/A N/A 2244.9 2366.0 2122.0 N/A N/A 2116.0 215.6Mar-09 2100.0 2273.0 2100.0 2273.0 N/A N/A 2255.0 2289.0 2163.0 N/A 1867.0 1980.9 218.6

Source: MCX, Agmarknet & Ministry of Commerce and Industry Âggregate volume in all contracts during the month; ^^Cumulative open interest in all contracts at the end of month.N/A-Not Available

Monthly MCX Futures Prices (Rs/qtl) MCX Spot (Rs/qtl) Rajkot Other markets monthly average spot (Rs/qtl)


World 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10e

Production 714,726 698,764 712,203 791,603 788,635 789,833

Consumption 687,050 704,414 724,235 769,663 777,513 792,769


Ending Stocks 131,476 124,178 109,002 130,699 138,538 125,459

Exports 77,643 80,976 93,931 98,611 77,934 81,492

Imports 76,676 79,328 90,787 98,368 76,018 79,726

India

Production 14,180 14,710 15,100 18,960 18,480 18,500

Consumption 13,900 14,200 13,900 14,200 17,600 17,400

Beginning stocks 436 271 264 260 551 856

Ending Stocks 271 264 260 551 856 961

Exports 448 521 1,208 4,473 400 1,000

Imports 3 4 4 4 5 5

Average Daily Volatility 1.10% 0.80% 1.50% 0.60% 1.15% 1.98% of MCX Spot Prices

MSP (Rs. / qtl) 515 525 540 600 915 -Source: USDA, Ministry of Agriculturee-estimates

Global Yearly Maize Balance Sheets (Estimated June 2009 – 10) in Thousand Metric Tonnes


Argentina 15,000 1,410 25 5,900 1,535 9,000

Brazil 54,000 8,579 500 45,500 7,579 10,000

China 162,500 52,694 50 158,000 56,744 500

EU 56,502 6,193 2,500 59,100 4,095 2,000

India 18,500 856 5 17,400 961 1,000

Mexico 24,000 3,831 7,500 32,200 3,081 50

US 303,163 40,652 381 268,237 27,697 48,262

Others 147,791 24,323 68,765 206,432 23,767 10,680

Grand Total 781,456 138,538 79,726 792,769 125,459 81,492Source: USDA

Maize

Global and Indian fundamentals for Maize (in Thousand Metric Tons)

0

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2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09

Corn: Ending Stock & Prices

India ES World ES (in 000s) Int. prices (RHS) India prices (RHS)

Source: AgmarkNet, & USDA. ES-ending stock, Indian prices Rs/Qtl, Intl. prices cents/bu


34%

20%7%

6%

4%

29%

Maize Consumption (2009-10)

United States

China

EU-27

Brazil

Mexico

Others

Source: USDA

41%

20%

7%

7%

3%

22%

Maize Production (2009-10)

United States

China

EU-27

Brazil

Mexico

Others

Source: USDA

Graph-1

Graph-2

Graph-3


Average High Low Average Average Average Average AverageApr-04 N/T N/T N/T 618.89 477.08 487.65 472.17 478.89 181.50May-04 N/T N/T N/T 641.82 505.23 509.96 499.44 522.56 188.20Jun-04 N/T N/T N/T 633.48 496.00 506.53 484.11 494.70 182.30Jul-04 N/T N/T N/T 642.69 540.64 544.86 524.00 537.07 186.10Aug-04 N/T N/T N/T 705.76 577.05 591.20 558.96 553.65 194.90Sep-04 N/T N/T N/T 620.83 571.94 556.30 566.46 551.95 190.40Oct-04 495.04 513.00 488.00 516.27 530.43 523.20 476.27 516.75 183.40Nov-04 499.50 525.00 488.00 515.13 541.17 511.40 464.58 523.32 180.60Dec-04 516.96 530.00 505.00 503.25 562.31 556.85 511.14 538.07 185.70Jan-05 511.40 525.00 505.00 512.25 565.15 524.04 492.47 534.75 189.10Feb-05 509.58 515.00 500.00 522.50 576.21 548.26 483.43 629.50 194.60Mar-05 523.67 530.00 518.00 535.00 599.25 552.60 530.11 558.40 197.90Apr-05 531.33 542.00 525.00 556.02 583.00 594.86 530.47 582.90 202.20May-05 522.87 530.00 518.00 558.91 580.25 579.06 540.39 602.62 201.00Jun-05 537.92 558.00 520.00 564.38 604.38 628.85 549.36 654.08 202.90Jul-05 573.76 595.00 552.00 569.44 633.20 657.55 576.74 608.78 206.50Aug-05 593.92 605.00 570.00 567.50 591.20 623.38 580.41 634.08 204.30Sep-05 570.20 580.00 560.00 567.81 630.44 681.06 559.50 623.90 206.30Oct-05 553.35 585.00 537.00 555.36 559.42 597.81 557.73 550.15 203.50Nov-05 546.50 570.00 530.00 544.17 564.00 571.25 480.38 537.00 199.40Dec-05 559.52 567.00 555.00 534.60 563.70 584.53 510.64 540.74 204.70Jan-06 557.32 562.00 553.00 525.00 580.10 577.46 560.31 579.25 209.20Feb-06 557.88 562.00 555.00 552.35 568.77 574.44 562.83 575.06 211.20Mar-06 556.89 561.00 551.00 568.96 599.93 584.97 578.68 566.50 208.20Apr-06 539.06 561.00 523.00 563.06 600.25 635.88 594.56 599.09 209.30May-06 539.87 545.00 536.00 604.38 599.92 628.30 608.50 602.90 209.00Jun-06 596.42 627.00 550.00 630.66 668.21 660.42 637.33 647.92 213.40Jul-06 630.36 648.00 615.00 685.83 663.50 673.89 654.94 664.70 211.30Aug-06 757.27 878.00 642.00 805.80 721.27 753.62 695.33 729.24 218.90Sep-06 658.85 800.00 610.00 852.62 689.35 747.29 698.68 729.94 221.10Oct-06 637.77 656.00 614.00 754.29 672.00 678.30 637.68 728.75 215.90Nov-06 737.62 770.00 652.00 743.48 757.38 793.40 695.76 785.60 226.80Dec-06 724.96 743.00 720.00 734.25 768.39 797.10 679.35 815.21 239.30Jan-07 717.75 726.00 710.00 750.31 843.27 792.86 681.13 801.15 240.20Feb-07 745.69 756.00 728.00 804.23 841.36 790.69 694.52 809.86 244.80Mar-07 727.56 752.00 713.50 801.90 786.00 712.00 700.46 883.00 249.30Apr-07 750.00 764.50 724.00 823.81 N/A 774.07 760.52 859.83 248.80May-07 707.00 748.50 695.50 823.54 693.14 751.00 726.48 843.94 244.00Jun-07 734.60 780.00 694.50 825.00 753.53 767.57 720.71 834.50 242.60Jul-07 754.63 769.50 749.50 823.91 786.44 787.35 730.88 776.69 240.70Aug-07 711.98 745.00 672.50 825.00 739.81 783.96 715.60 747.76 236.00Sep-07 677.17 688.00 663.00 825.00 636.43 729.46 672.37 708.92 228.80Oct-07 669.29 688.00 660.00 703.41 656.89 755.97 643.92 625.72 228.30Nov-07 689.78 705.50 670.00 654.78 652.82 667.45 626.97 632.50 225.00Dec-07 701.18 714.50 693.50 662.95 692.84 673.52 659.71 665.89 223.40Jan-08 729.12 751.50 695.50 709.72 725.85 723.07 734.46 735.22 234.30Feb-08 734.36 747.50 724.50 760.83 725.97 735.33 716.28 727.75 237.20Mar-08 759.44 768.00 747.50 757.67 743.39 697.92 714.05 776.73 244.50Apr-08 733.23 764.00 700.00 793.64 757.56 717.29 703.43 750.69 246.00May-08 744.89 824.00 693.00 792.50 701.25 752.13 706.07 826.42 246.40Jun-08 888.40 952.50 815.50 847.39 798.89 789.43 807.91 802.24 254.60Jul-08 994.80 1100.00 923.00 970.38 829.37 827.70 854.57 848.52 252.50Aug-08 1026.10 1090.50 983.50 1069.58 806.17 801.90 860.17 843.23 252.60Sep-08 1010.34 1060.00 879.00 1038.04 768.83 805.95 836.07 809.73 249.80Oct-08 890.06 908.00 870.00 974.29 729.21 798.35 739.74 741.53 254.40Nov-08 877.28 906.50 860.00 900.00 733.50 795.77 745.30 701.95 258.90Dec-08 848.35 865.50 809.00 877.08 726.52 745.08 728.62 709.67 254.40Jan-09 835.54 914.00 809.00 839.13 772.06 767.96 798.21 771.50 264.50Feb-09 830.54 852.50 810.00 872.27 778.50 783.59 799.85 775.67 268.40Mar-09 806.22 812.00 801.00 855.43 794.07 774.47 794.88 773.77 269.40Source: MCX, AgmarkNet; Ministry of Commerce

Maize Spot Prices

MCX Spot Nizamabad (Rs. /qtl)Bangalore Ratlam, Jaora Chhindwar Dewas

WPI of MaizeIndore

Other Market Spot (Rs. /qtl.) US Cents per bushel CBOT Open InterestClosing Price Volume in Lots^ in Lots^^

Apr-04 316.50 2,543,518.00 656,122.00May-04 304.00 1,656,957.00 632,224.00Jun-04 257.50 2,288,028.00 569,918.00Jul-04 217.25 1,654,232.00 578,473.00Aug-04 227.75 1,755,030.00 529,003.00Sep-04 205.50 1,286,296.00 578,165.00Oct-04 202.50 1,356,658.00 632,961.00Nov-04 192.50 2,277,395.00 583,915.00Dec-04 204.75 1,065,094.00 603,401.00Jan-05 197.00 1,268,108.00 652,845.00Feb-05 214.50 2,534,672.00 637,651.00Mar-05 213.00 2,159,160.00 673,523.00Apr-05 204.75 2,452,387.00 654,172.00May-05 222.00 2,188,315.00 685,364.00Jun-05 212.25 3,446,275.00 697,419.00Jul-05 236.50 2,626,115.00 745,191.00Aug-05 201.50 2,993,647.00 711,196.00Sep-05 205.50 1,618,706.00 741,239.00Oct-05 196.25 1,504,356.00 856,707.00Nov-05 187.50 2,892,360.00 779,442.00Dec-05 215.75 1,672,671.00 786,205.00Jan-06 218.75 2,494,775.00 974,780.00Feb-06 228.00 3,599,175.00 1,067,528.00Mar-06 236.00 3,041,084.00 1,095,836.00Apr-06 238.25 3,512,898.00 1,182,714.00May-06 251.25 3,773,153.00 1,348,989.00Jun-06 235.50 4,693,780.00 1,335,969.00Jul-06 239.00 3,757,979.00 1,394,572.00Aug-06 232.00 4,226,906.00 1,316,964.00Sep-06 262.50 3,626,114.00 1,294,494.00Oct-06 320.75 5,300,239.00 1,374,999.00Nov-06 377.00 6,369,947.00 1,390,522.00Dec-06 390.25 2,774,348.00 1,402,433.00Jan-07 404.00 4,984,664.00 1,483,792.00Feb-07 425.25 5,111,676.00 1,477,908.00Mar-07 374.50 4,959,185.00 1,422,407.00Apr-07 358.00 6,239,483.00 1,252,177.00May-07 390.25 4,519,983.00 1,274,581.00Jun-07 329.50 6,014,846.00 1,184,697.00Jul-07 325.75 4,194,403.00 1,218,657.00Aug-07 324.00 4,344,211.00 1,076,382.00Sep-07 373.00 3,128,903.00 1,156,068.00Oct-07 375.50 3,306,485.00 1,206,085.00Nov-07 384.50 4,553,031.00 1,119,824.00Dec-07 455.50 3,145,918.00 1,291,091.00Jan-08 501.25 4,213,195.00 1,425,914.00Feb-08 546.00 5,808,164.00 1,457,997.00Mar-08 567.25 4,350,811.00 1,391,618.00Apr-08 600.25 6,501,066.00 1,413,722.00May-08 599.25 4,876,851.00 1,410,564.00Jun-08 724.75 7,593,798.00 1,321,717.00Jul-08 587.50 5,402,237.00 1,228,618.00Aug-08 568.25 4,989,108.00 1,070,206.00Sep-08 487.50 3,934,661.00 1,035,263.00Oct-08 401.50 4,549,393.00 989,541.00Nov-08 349.50 4,448,998.00 869,865.00Dec-08 407.00 3,266,457.00 809,779.00Jan-09 379.00 3,042,100.00 819,228.00Feb-09 350.75 4,487,506.00 736,567.00Mar-09 404.75 3,685,395.00 808,613.00Source: Exchanges’ websitesÂggregate volume in all contracts during the month; ^^Cumulative open interest in all contracts at the end of month.

Maize Trading Activity


World 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10e

Production 625,577 619,563 595,620 609,697 682,184 656,062

Consumption 605,415 616,926 618,194 612,852 632,385 636,586


Ending Stocks 146,664 126,981 119,965 168,397 181,904 182,650

Imports 109,728 110,968 114,527 113,651 130,889 117,995

Exports 111,668 116,602 111,636 117,512 132,256 123,218

India

Production 72,150 68,640 69,350 75,810 78,600 77,500

Consumption 72,838 69,980 73,365 76,345 70,300 72,500


Ending Stocks 2,000 4,500 5,800 13,910 16,910 16,910

Imports 8 41 6,715 1,885 10 -

Exports 2,120 801 200 50 200 2,000

Average Daily Volatility 0.41% 0.68% 1.28% 1.28% - 1.24% of MCX Price

CBOT price 542.08 532.95 715.22 1142.16 1130.97 -

Indian Price (Rs. /qtl) Delhi Mkt. 760.21 821.89 983.03 1040.37 1130.42 -

MSP (Rs. /qtl) 640 650$ 750$$ 1000 1080 -Source: USDA, AgmarkNet, e - estimates$:- An additional incentive bonus of Rs. 50 per quintal was payable over the Minimum Support Price (MSP).$$:- An additional incentive bonus of Rs. 100 per quintal is payable over the Minimum Support Price (MSP).

Wheat

Global and Indian fundamentals for wheat (In thousand metric tonnes)

Wheat

Public Distribution System: Procurement, Off-take and stocks (Mn tonnes)

Year Procurement Procurement Issue Price (Rs/qtl) Offtake Stocksprice (Rs/qtl) under TPDS

APL BPL AAY

2004-05 16.80 640 610 415 200 12.89 2.01

2005-06 14.79 650 610 415 200 12.04 4.70

2006-07 9.23 750 610 415 200 10.25 5.80

2007-08 11.13 1000 610 415 200 10.83 13.91

2008-09 18.58 1080 610 415 200 4.28* 16.91

2009-10 21.99** - 610 415 200 - 17.02Source: Food Corporation of India, USDA, Ministry of food and Public Distribution*upto August 2008** As on 11 May 2009$:- An additional incentive bonus of Rs. 50 per quintal was payable over the Minimum Support Price(MSP).$$:- An additional incentive bonus of Rs. 100 per quintal is payable over the Minimum Support Price (MSP).

Global Yearly Wheat Balance Sheets in Thousand Metric Tons (Estimated June 2009 – 10)

Country Supply Demand

Production Previous Year Stocks Import Consumption Stocks for Next Year Export

Australia 23,000 5,462 - - 5,987 14,500

Canada 25,000 6,831 - 8,800 6,531 18,000

China 113,500 48,563 - 101,000 59,713 1,500

EU-27 135,961 19,083 6,500 127,500 17,443 18,000

India 77,500 13,910 - 72,500 16,910 2,000

Russia 59,000 8,469 - 40,000 10,269 18,000

United States 54,859 18,154 3,100 34,102 17,610 24,500

Others 167,242 46,883 111,724 257,907 48,187 24,824

World Total 656,062 167,355 121,324 641,809 182,650 121,324Source: USDA


Open High Low Close Volume^ Open Interest^^ Average Monthly’s High Monthly’s Low Delhi Khanna Karnal ShahjahanpurApr-04 N/T N/T N/T N/T N/T N/T N/T N/T N/T N/A N/A N/A N/A 180.30May-04 N/T N/T N/T N/T N/T N/T N/T N/T N/T N/A N/A N/A N/A 178.00Jun-04 N/T N/T N/T N/T N/T N/T N/T N/T N/T 679.26 641.02 645.20 N/A 179.40Jul-04 N/T N/T N/T N/T N/T N/T N/T N/T N/T 719.82 710.25 689.76 N/A 179.80Aug-04 N/T N/T N/T N/T N/T N/T N/T N/T N/T 759.64 793.21 742.35 N/A 183.90Sep-04 N/A N/A N/A N/A N/A N/A N/A N/A N/A 750.35 788.78 738.55 N/A 183.70Oct-04 745.00 783.00 745.00 772.00 546.00 72.00 752.87 764.00 740.00 756.58 796.56 737.97 N/A 184.60Nov-04 776.00 800.00 760.00 791.00 219.00 43.00 767.58 771.00 757.00 772.91 825.53 743.22 N/A 186.70Dec-04 795.00 795.00 750.00 753.00 128.00 31.00 761.23 769.00 754.00 767.22 838.56 749.60 N/A 187.70Jan-05 753.00 797.00 731.00 771.00 1,665.00 11.00 764.56 775.00 756.00 774.07 840.80 747.22 N/A 188.50Feb-05 750.00 785.00 730.00 730.00 677.00 3.00 775.75 786.00 750.00 780.66 839.24 753.46 N/A 189.60Mar-05 715.00 729.00 669.00 688.00 2,065.00 4.00 750.29 770.00 697.00 750.33 831.12 775.22 N/A 187.20Apr-05 680.00 725.00 671.00 692.00 351.00 4.00 687.07 700.00 675.00 686.80 724.23 729.85 N/A 180.90May-05 671.00 769.00 671.00 760.00 1,132.00 216.00 723.57 756.00 696.00 723.90 739.85 731.17 N/A 180.00Jun-05 740.00 786.00 740.00 773.00 362.00 143.00 757.07 770.00 740.00 757.15 769.94 789.25 766.18 183.60Jul-05 779.00 789.00 745.00 770.00 378.00 218.00 763.52 768.00 755.00 764.38 786.20 820.55 783.34 186.10Aug-05 768.00 774.00 736.00 753.00 183.00 86.00 757.07 760.00 752.00 758.39 774.58 816.40 769.06 184.80Sep-05 754.00 770.00 744.00 770.00 136.00 2.00 759.88 771.00 750.00 761.28 775.94 815.92 772.65 184.90Oct-05 785.00 842.00 780.00 811.00 1,166.00 - 800.87 815.00 773.00 803.65 812.16 841.71 807.41 187.00Nov-05 865.20 940.00 793.00 842.90 5,525.00 63.00 855.08 893.00 814.00 862.56 869.46 890.18 871.59 191.00Dec-05 842.90 898.00 802.00 860.00 11,104.00 13.00 892.38 920.00 870.50 893.61 880.16 843.48 887.25 196.20Jan-06 N/A N/A N/A N/A 6,854.00 847.00 977.34 1,046.00 897.00 981.38 963.42 926.62 975.16 205.50Feb-06 N/A N/A N/A N/A 12,757.00 1,710.00 959.15 1,019.00 925.00 959.74 933.79 932.75 976.22 209.00Mar-06 828.00 855.50 790.00 800.90 31,695.00 4,287.00 928.37 990.90 817.00 921.15 972.07 899.99 957.99 209.40Apr-06 800.00 913.00 776.00 877.30 18,778.00 1,990.00 796.47 847.50 755.00 791.79 782.68 777.96 834.82 198.90May-06 877.30 920.00 864.00 877.60 12,670.00 1,835.00 852.55 873.00 823.00 850.39 833.34 852.26 876.92 199.20Jun-06 874.10 895.00 821.40 848.70 5,406.00 1,520.00 860.49 869.30 839.40 859.91 825.55 848.25 889.31 200.00Jul-06 851.00 891.00 842.00 889.20 2,507.00 1,026.00 872.50 893.00 861.00 871.38 818.21 840.62 889.53 201.10Aug-06 895.00 1,004.00 885.10 977.50 1,278.00 199.00 949.06 1,007.90 885.00 949.46 923.79 924.54 973.00 207.40Sep-06 971.00 998.00 963.10 998.00 194.00 56.00 998.45 1,008.70 980.90 998.50 990.62 968.67 1,030.18 216.80Oct-06 1,015.00 1,090.00 975.00 1,090.00 303.00 9.00 1,039.66 1,109.00 1,001.50 1,039.62 1,037.22 1,009.27 1,063.56 221.20Nov-06 1,080.00 1,149.00 1,040.00 1,149.00 2.00 4.00 1,133.33 1,163.90 1,107.10 1,135.53 1,114.63 1,105.38 1,125.29 228.40Dec-06 1,130.00 1,135.00 1,086.90 1,086.90 104.00 - 1,107.09 1,135.00 1,075.00 1,113.23 1,063.35 1,060.50 1,098.76 233.70Jan-07 1,086.90 1,130.00 1,044.00 1,045.00 8.00 - 1,079.86 1,101.00 1,014.30 1,084.85 1,077.33 1,036.21 1,081.09 234.50Feb-07 1,045.00 1,102.40 1,017.90 1,059.90 329.00 - 1,067.58 1,098.00 1,038.70 1,070.45 1,067.99 1,023.02 1,086.38 232.10Mar-07 N/T N/T N/T N/T N/T N/T N/T N/T N/T 1,042.28 1,044.19 1,007.04 1,065.45 224.50Apr-07 N/T N/T N/T N/T N/T N/T N/T N/T N/T 965.52 984.71 970.90 970.94 218.50May-07 N/T N/T N/T N/T N/T N/T N/T N/T N/T 934.47 954.68 957.24 967.30 217.00Jun-07 N/T N/T N/T N/T N/T N/T N/T N/T N/T 958.61 992.11 950.01 1,003.59 217.10Jul-07 N/T N/T N/T N/T N/T N/T N/T N/T N/T 1,030.23 1,066.00 1,012.98 1,091.16 222.60Aug-07 N/T N/T N/T N/T N/T N/T N/T N/T N/T 1,024.93 1,040.23 1,005.64 1,072.42 224.30Sep-07 N/T N/T N/T N/T N/T N/T N/T N/T N/T 1,020.02 1,028.84 990.82 1,046.80 224.20Oct-07 N/T N/T N/T N/T N/T N/T N/T N/T N/T 1,057.72 1,058.03 1,025.38 1,053.60 227.10Nov-07 N/T N/T N/T N/T N/T N/T N/T N/T N/T 1,069.62 1,046.43 1,046.65 1,039.77 230.20Dec-07 N/T N/T N/T N/T N/T N/T N/T N/T N/T 1,057.77 1,042.08 1,037.64 1,034.27 229.80Jan-08 N/T N/T N/T N/T N/T N/T N/T N/T N/T 1,108.17 1,073.32 1,061.89 1,105.57 231.40Feb-08 N/T N/T N/T N/T N/T N/T N/T N/T N/T 1,124.53 1,088.81 1,082.33 1,100.47 232.60Mar-08 N/T N/T N/T N/T N/T N/T N/T N/T N/T 1,132.86 1,113.79 1,101.04 1,107.71 233.40Apr-08 N/T N/T N/T N/T N/T N/T N/T N/T N/T 1,101.26 1,117.86 1,112.40 1,112.16 233.40May-08 N/T N/T N/T N/T N/T N/T N/T N/T N/T 1,103.53 1,119.85 1,123.55 1,092.58 232.60Jun-08 N/T N/T N/T N/T N/T N/T N/T N/T N/T 1,100.26 1,120.58 1,123.85 1,100.85 233.80Jul-08 N/T N/T N/T N/T N/T N/T N/T N/T N/T 1,085.93 1,123.45 1,113.84 1,106.88 240.80Aug-08 N/T N/T N/T N/T N/T N/T N/T N/T N/T 1,081.39 1,112.64 1,085.27 1,082.59 239.90Sep-08 N/T N/T N/T N/T N/T N/T N/T N/T N/T 1,079.72 1,101.21 1,057.43 1,072.15 241.70Oct-08 N/T N/T N/T N/T N/T N/T N/T N/T N/T 1,118.92 1,115.16 1,070.10 1,083.88 238.50Nov-08 N/T N/T N/T N/T N/T N/T N/T N/T N/T 1,149.62 1,129.30 1,099.76 1,107.68 239.30Dec-08 N/T N/T N/T N/T N/T N/T N/T N/T N/T 1,169.17 1,147.79 1,105.54 1,141.02 240.90Jan-09 N/T N/T N/T N/T N/T N/T N/T N/T N/T 1,186.06 1,149.94 1,117.55 1,178.29 243.60Feb-09 N/T N/T N/T N/T N/T N/T N/T N/T N/T 1,211.65 1,174.03 1,125.11 1,225.58 246.80Mar-09 N/T N/T N/T N/T N/T N/T N/T N/T N/T 1,182.58 1,162.62 1,123.29 1,168.43 244.20Source: MCX, AgmarkNet, Ministry of Commerce and Industry. Trading suspended since Feb 28, 2007. N/T-Not traded, N/A-Not availableÂggregate volume in all contracts during the month. ^^Cumulative open interest in all contracts at the end of month.

Monthly Average Futures & Spot of Wheat in India

MCX Futures Price (Rs / qtl) MCX Spot (Rs / qtl)(Delhi) WPI of WheatMonthly Major markets spot prices (Rs/qtl)


CBOTClosing Price (US cents per bushel) Volume (in lots)^ Open Interest (in lots)^^

Apr-04 381.50 743,990.00 133,700.00May-04 362.00 568,090.00 125,828.00Jun-04 338.00 749,184.00 147,103.00Jul-04 312.25 489,286.00 158,950.00Aug-04 309.75 731,884.00 164,488.00Sep-04 306.75 494,497.00 153,515.00Oct-04 316.50 470,400.00 159,452.00Nov-04 289.75 842,557.00 171,459.00Dec-04 307.50 400,322.00 184,262.00Jan-05 291.00 561,122.00 221,405.00Feb-05 337.25 1,043,684.00 220,899.00Mar-05 331.00 822,502.00 225,305.00Apr-05 318.00 935,308.00 196,618.00May-05 331.75 694,712.00 218,420.00Jun-05 321.50 1,088,086.00 224,882.00Jul-05 327.75 690,469.00 252,672.00Aug-05 301.50 1,024,814.00 258,536.00Sep-05 346.25 659,955.00 290,720.00Oct-05 317.00 717,505.00 304,963.00Nov-05 304.00 1,164,594.00 294,869.00Dec-05 339.25 605,797.00 301,884.00Jan-06 343.25 889,233.00 349,250.00Feb-06 370.25 1,421,392.00 390,981.00Mar-06 347.75 1,059,648.00 385,116.00Apr-06 346.25 1,305,630.00 380,052.00May-06 393.50 1,511,472.00 546,729.00Jun-06 371.50 1,617,060.00 454,904.00Jul-06 397.50 1,056,984.00 409,236.00Aug-06 404.00 1,657,109.00 446,462.00Sep-06 443.00 1,365,891.00 494,862.00Oct-06 483.00 1,938,085.00 456,287.00Nov-06 502.00 1,613,732.00 420,656.00Dec-06 501.00 761,291.00 446,611.00Jan-07 467.50 1,260,310.00 460,924.00Feb-07 474.50 1,505,977.00 417,970.00Mar-07 438.00 1,147,973.00 408,591.00Apr-07 485.50 2,082,527.00 367,462.00May-07 517.00 1,170,475.00 378,103.00Jun-07 582.00 2,310,189.00 392,849.00Jul-07 630.00 1,498,320.00 437,376.00Aug-07 767.00 2,111,348.00 369,951.00Sep-07 939.00 1,320,262.00 395,231.00Oct-07 808.00 1,648,353.00 424,380.00Nov-07 867.00 2,109,675.00 406,861.00Dec-07 885.00 1,281,761.00 426,936.00Jan-08 929.50 1,861,299.00 448,651.00Feb-08 1,073.00 2,527,668.00 400,399.00Mar-08 929.00 1,398,683.00 387,432.00Apr-08 787.25 1,558,648.00 362,265.00May-08 761.50 1,121,566.00 362,356.00Jun-08 843.50 2,185,659.00 341,562.00Jul-08 783.75 1,314,165.00 335,565.00Aug-08 779.25 2,093,613.00 305,592.00Sep-08 680.00 1,228,113.00 287,361.00Oct-08 536.25 1,139,035.00 280,125.00Nov-08 542.50 1,644,604.00 255,933.00Dec-08 610.75 939,081.00 250,604.00Jan-09 568.00 986,983.00 285,967.00Feb-09 510.50 1,505,806.00 281,066.00Mar-09 532.75 1,213,933.00 313,891.00Source :Exchanges’ websites. Âggregate volume in all contracts during the month^^Cumulative open interest in all contracts at the end of month.

Wheat Trading Activity

0

200

400

600

800

1000

1200

1400

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09

Wheat: Ending Stock & Prices

India ES World ES (in 10X) India prices (RHS) CBOT prices (RHS)

Source: AgmarkNet & USDA. ES-ending stock, Indian prices Rs/qtl, Int. prices cents/bu

000’ tonnes Prices

21%

17%

12%9%

9%

32%

Wheat Production (2009-10)

EU-27

China

India

United States

Russia

Others

Source: USDA

Graph-1

20%

16%

12%6%

5%

41%

Wheat Consumption (2009-10)

EU-27

China

India

Russia

United States

Others

Source: USDA

Graph-2

Graph-3


Production of major pulses in India (2004-05 to 2008-09) (in Mn tonnes)

Tur Urad* Chana Total pulses*

2004-05 2.35 1.33 5.47 13.13

2005-06 2.74 1.25 5.60 13.39

2006-07 2.31 1.44 6.33 14.20

2007-08 3.08 1.46 5.75 14.76

2008-09$ 2.31 1.11 7.05 14.66

Note $ : 4th Advanced estimates, Ministry of Agriculture Govt of India; *includes Kharif and Rabi season crop

Source: Agricultural Statistics Division, Directorate of Economics & Statistics Department of Agriculture & Cooperation Govt of India

Pulses

State-wise Production of Total Pulses in India (2001-2002 to 2007-2008) (Production: Mn Tonnes)

States/UTs 2003-04 2004-05 2005-06 2006-07 2007-08

Andhra Pradesh 1.24 1.02 1.38 1.35 1.75

Karnataka 0.57 0.79 0.96 0.89 1.22

Madhya Pradesh 3.49 3.43 3.23 3.20 2.42

Maharashtra 1.96 1.66 2.01 2.30 3.13

Rajasthan 2.28 1.34 0.90 1.48 1.53

Uttar Pradesh 2.40 2.38 2.23 1.98 1.54

others 2.97 2.51 2.68 2.99 3.53

India 14.91 13.13 13.38 14.20 15.11

Source: Ministry of Agriculture, Govt of India

Pulses

Country-wise Import of Pulses by India (2002-03 to 2006-07) (Qty. in Tonnes, Value in Rs. Lakh)

Countries Apr.2004-Mar.2005 Apr.2005-Mar.2006 Apr.2006-Mar.2007 Apr.2007-Oct.2007(P)

Qty Value Qty Value Qty Value Qty Value

Australia 78,095 9,566.95 91,629 14,187.75 1,94,198 36,374.57 68,217 13,323.58

Canada 4,74,002 51,855.5 6,72,887 67,343.08 9,05,325 1,06,396.6 7,65,273 1,19,573.87

China 27,278 4,957.85 39,280 8,187.73 59,423 18,228.05 6,494 2,165.94

Ethiopia 4,431 671.32 4,627 708.81 6,111 1,469.13 1,541 361.08

France 72,297 84,26.31 32,266 3,125.26 1,06,965 12,205.92 93,716 13,571.15

Myanmar 4,79,229 67,904.3 4,91,030 91,329.8 6,15,622 159,458.00 3,88,247 98,419.12

Russia 4,773 615.64 14,844 2,131.42 21,864 2,489.06 12,923 1,833.44

Tanzania 28,019 4,585.25 48,450 8,025.73 33,267 7,171.81 18,883 4,353.82

Turkey 18,995 4,125.23 18,284 5,115.86 2,970 1,095.08 1,397 382.5

Ukraine 14,875 1,531.21 31,169 2,928.44 1,21,526 13,426.42 21,003 2,993.59

U.S.A. 4,935 717.43 5,22,48 6,274.46 1,46,350 18,584.35 1,18,968 17,821.78

Others 142,276 24,256.8 1,99,613 38,354.69 57,345 12,292.12 34,042 7,058.54

Total 1,349,205 179,214 1,696,327 247,713 2,270,966 389,191 1,530,704 281,858

Compiled from the statistics released by: Lok Sabha Unstarred Question No. 124 dated 20.02.2006 and Lok Sabha Starred Question No. 81 dated 04.03.2008.

Import of Pulses by India (2003-04 to 2007-08)

(Quantity: '000 Tonnes; Value: Rs. in Crore; Unit Value: Rs per Kg.)

Year Qty. Value Unit Value

2003-04 1725.51 2288.28 13.26

2004-05 1312.17 1741.72 13.27

2005-06 1628.24 2346.90 14.41

2006-07 2270.97 3891.91 17.13

2007-08 2791.09 5278.01 18.91

Note : Source : Ministry of Agriculture, Govt. of India

Rajya Sabha Unstarred Question No. 829, dated 24.10.2008.

Export of Pulses from India (2003-04 to 2006-07)

(Quantity: '000 Tonnes; Value: Rs. in Crore; Unit Value: Rs. per Kg.)

Year Qty. Value Unit Value

2003-04 154.09 329.12 21.36

2004-05 277.04 607.73 21.94

2005-06 447.8 1116.07 24.92

2006-07* (April-Oct.'06) 183.78 553.14 30.1

Note: *: Provisional; Source: Ministry of Agriculture, Govt. of India

Avg daily volatility of MCX spot prices

Volatility 2004 2005 2006 2007 2008 2009

Chana 1.14% 1.05% 1.70% 1.54% 1.59% 1.29%

Tur 1.53% 1.15% 1.58% 2.13% - -

Urad 1.26% 1.42% 1.78% 1.39% - -

Source: MCX


Apr-04 N/T N/T N/T N/T N/T N/T N/T N/T N/T 1363 1280 1272 1227 1292 1210 137.1May-04 N/T N/T N/T N/T N/T N/T N/T N/T N/T 1396 1334 1261 1226 1284 1225 136.8Jun-04 1426 1465 1426 1463 76 4 N/T N/T N/T 1372 1326 1227 1158 1301 1196 136.3Jul-04 1511 1680 1486 1610 738 78 N/T N/T N/T 1375 1360 1306 1229 1323 1220 136.4Aug-04 1581 1645 1542 1567 3924 358 N/T N/T N/T 1417 1339 1390 1296 1320 1284 138.7Sep-04 1563 1629 1538 1557 5758 516 1523 1540 1500 1402 1329 1403 1273 1446 1277 139.1Oct-04 1552 1570 1450 1471 3592 458 1507 1550 1440 1348 1326 1395 1252 1462 1245 138.6Nov-04 1472 1535 1425 1495 1964 341 1466 1501 1425 1307 1320 1232 1204 1436 1218 137.6Dec-04 1500 1503 1457 1465 1629 376 1463 1489 1441 1299 1322 1231 1235 1383 1199 136.1Jan-05 1465 1551 1450 1508 3384 258 1490 1548 1445 1323 1349 1247 1106 1370 1241 136.8Feb-05 1528 1530 1455 1480 3679 293 1489 1520 1465 1348 1372 1266 1229 1394 1239 135.9Mar-05 1513 1534 1450 1514 1537 375 1497 1520 1470 1361 1353 1282 1229 1404 1296 135.8Apr-05 1540 1564 1478 1480 2573 336 1491 1535 1440 1382 1376 1383 1282 1404 1332 136.9May-05 1514 1514 1450 1495 2435 614 1494 1607 1450 1338 1379 1331 1319 1478 1350 139.8Jun-05 1619 1816 1596 1779 18790 740 1691 1774 1601 1528 1537 1472 1501 1542 1534 143.3Jul-05 1778 1926 1775 1858 78801 3503 1844 1903 1752 1642 1696 1598 1670 1749 1586 148.9Aug-05 1860 1940 1781 1905 38991 1030 1837 1901 1777 1637 1661 1598 1582 1668 1567 152.5Sep-05 1929 1929 1740 1805 13328 1394 1816 1865 1770 1617 1652 1614 1519 1745 1599 156.1Oct-05 1813 1956 1813 1951 43295 2270 1890 1931 1816 1687 1669 1718 1610 1635 1703 158.3Nov-05 1962 2205 1932 1961 52636 3875 2030 2128 1914 1883 1852 1689 1725 1841 1728 164.7Dec-05 2085 2085 1711 1741 79814 4552 1979 2028 1902 1787 1797 1620 1654 1726 1646 172.4Jan-06 1748 2000 1745 1854 68316 5169 1987 2046 1804 1795 1842 1659 1516 1775 1676 172.1Feb-06 1895 2207 1895 2071 193089 3326 1933 2072 1846 1641 1674 1585 1480 1647 1530 169.1Mar-06 2065 2368 2047 2295 100099 2821 1940 2110 1855 1657 1755 1650 1539 1720 1585 170.1Apr-06 2295 2603 2241 2447 42321 1824 2144 2206 1980 1926 1967 1938 1737 1977 1761 174.4May-06 2439 2630 2057 2190 36466 1647 2410 2520 2167 2114 2199 2117 1975 2131 1978 183.3Jun-06 2195 2476 2105 2424 25726 1284 2365 2473 2120 2207 2187 2144 2023 2124 2003 187.8Jul-06 2420 2766 2327 2664 14254 1020 2326 2432 2188 2106 2157 2082 1989 2113 2010 189.4Aug-06 2655 3356 2635 3335 6291 701 2570 2759 2360 2374 2342 2298 2148 2251 2184 196.7Sep-06 3318 3362 3108 3235 6024 416 3054 3330 2700 2722 2721 2640 2717 3130 2706 217.0Oct-06 3255 3278 2805 2902 3390 402 3183 3270 3054 2953 3021 2871 2616 2949 2799 237.4Nov-06 2871 2953 2450 2471 10683 407 2955 3190 2791 2827 2916 2705 2394 2836 2499 240.1Dec-06 2435 2604 2255 2522 9118 171 2759 2910 2460 2572 2696 2523 2065 2576 2265 235.6Jan-07 2580 2595 2077 2125 16636 156 2539 2822 2350 2235 2502 2238 2026 2403 2095 224.2Feb-07 2102 2417 2011 2404 16235 116 2442 2605 2263 2132 2261 2044 1787 2164 2021 217.9Mar-07 2350 2424 2200 2254 54570 76 2301 2509 2084 1899 2073 1969 1874 2009 2010 200.7Apr-07 2265 2342 2079 2185 3256 273 2315 2502 2167 2104 2168 2130 2129 2442 2373 199.3May-07 2184 2216 2147 2206 14886 379 2200 2249 2124 2027 2052 2016 2006 2263 2229 196.4Jun-07 2355 2355 2245 2254 10661 436 2233 2355 2177 2054 2097 1976 1980 2329 2141 196.2Jul-07 2247 2355 2205 2256 11363 323 2347 2386 2285 2134 2208 2071 2064 2345 2165 199.9Aug-07 2255 2320 2150 2312 9755 490 2322 2368 2276 2097 2153 2057 1939 2504 2196 200.1Sep-07 2318 2429 2243 2370 12345 354 2307 2340 2248 2065 2076 2053 1907 2513 2222 200.3Oct-07 2369 2389 2264 2264 15495 283 2391 2449 2320 2191 2072 2146 1940 2536 2220 203.0Nov-07 2278 2278 2115 2118 21302 224 2353 2407 2305 2135 2127 2070 1869 2285 2134 204.1Dec-07 2118 2263 2104 2242 38003 317 2208 2301 2112 1995 2024 1996 1689 1992 1920 199.7Jan-08 2240 2884 2240 2883 72574 1286 2199 2244 2156 1974 1997 1939 1764 2104 1918 191.4Feb-08 2900 3013 2659 2732 83144 1601 2526 2891 2228 2235 2292 2144 2065 2309 2154 196.8Mar-08 2660 2693 2379 2630 53060 405 2733 2870 2630 2512 2579 2361 2303 2400 2698 212.4Apr-08 2630 2630 2498 2502 7817 420 2511 2665 2355 2342 2436 2190 2132 2188 2210 212.5May-08 2488 2488 2395 2409 261 0 2376 2515 2300 2324 2262 2141 1991 2114 2129 206.1Jun-08 N/A N/A N/A N/A N/A N/A 2415 2500 2325 2337 2291 2154 1991 2086 2145 208.0Jul-08 N/A N/A N/A N/A N/A N/A 2533 2635 2375 2380 2353 2295 2122 2053 2203 209.9Aug-08 N/A N/A N/A N/A N/A N/A 2546 2610 2500 2345 2343 2245 2076 2003 2246 215.9Sep-08 N/A N/A N/A N/A N/A N/A 2481 2530 2415 2283 2290 2109 2003 2298 2191 215.3Oct-08 N/A N/A N/A N/A N/A N/A 2307 2440 2150 2138 2249 2056 1890 2331 2016 214.3Nov-08 N/A N/A N/A N/A N/A N/A 2250 2340 2170 2055 2128 1902 1824 2100 1949 207.7Dec-08 2250 2262 2003 2076 9366 136 2203 2295 2062 1976 2041 1809 1821 1872 1951 211.8Jan-09 2082 2402 2060 2388 18928 721 2151 2301 2000 1938 1960 1773 1894 2245 1925 203.3Feb-09 2370 2405 2197 2207 27492 473 2190 2255 2105 2038 2083 1920 1837 N/A 2010 205.3Mar-09 2192 2279 2175 2185 35173 813 2137 2179 2094 1930 1959 1888 1864 2108 2055 201.8Source: MCX, AgmarkNet, Ministry of Commerce and Industry; Âggregate volume in all contracts during the month; ^^Cumulative open interest in all contracts at the end of month.Trading in chana futures were suspended from May 7, 2008 to December 3, 2008

Open High Low Close Volume in lotsÔpen Interest

in lots^^ Monthly Average Month's High Month's LowGanganagar (Raisinghnagar)

Avg varietyJaipur Avg

varietyChhindwara Desi variety

Indore Desi variety

Ganjbasoda Desi variety

WPI of chanaUdaipur Avg

variety

Other markets monthly average spot prices (Rs/qtl)MCX Spot (Rs/qtl) DelhiMonthly MCX Futures Prices (Rs/qtl)

Monthly Average Futures & Spot of Chana in India


Apr-04 N/T N/T N/T 2008 N/T 1541 1722 1530 173May-04 N/T N/T N/T 2135 1474 1590 1770 1584 175.8Jun-04 N/T N/T N/T 2107 N/A 1597 1756 1446 179.7Jul-04 N/T N/T N/T 2216 1579 1808 1936 1411 184.6Aug-04 N/T N/T N/T 2251 1660 1772 2103 1540 188.1Sep-04 2023 2061 1986 2268 1644 1924 2175 1525 197.1Oct-04 1871 1975 1691 2089 1543 1840 1811 1064 193Nov-04 1688 1741 1641 1815 1100 N/A 1601 1491 182.7Dec-04 1588 1651 1525 1599 1318 1258 1599 1600 179.1Jan-05 1574 1615 1516 1596 1341 1269 1516 1512 171.3Feb-05 1500 1575 1425 1671 1264 1244 1485 1469 165.8Mar-05 1546 1575 1525 1714 1337 1226 1512 1425 161.1Apr-05 1741 1873 1579 1852 1396 1527 1603 1492 165.4May-05 1824 1902 1772 1976 1542 1526 1640 1516 167.2Jun-05 1948 2022 1861 2164 1655 1602 1856 1603 169.1Jul-05 2035 2083 1975 2220 1700 1612 2045 1523 174.7Aug-05 1805 1952 1646 2041 1594 1424 1943 1428 174.7Sep-05 1642 1697 1572 1865 1413 1354 1769 1224 172.4Oct-05 1645 1721 1560 1899 1535 1580 1723 1084 174.1Nov-05 1655 1787 1532 1911 1450 N/A 1481 1212 174.9Dec-05 1576 1621 1533 1801 1339 1313 1587 1562 170.3Jan-06 1574 1622 1492 1820 1444 1379 1588 1503 171.1Feb-06 1671 1827 1506 1919 1548 1476 1603 1518 164.5Mar-06 1817 1981 1665 1984 1655 1554 1764 1635 171.3Apr-06 1855 1892 1768 2028 1676 1510 1794 1611 179.2May-06 1870 1975 1779 2053 1670 1670 1806 1516 179.1Jun-06 1707 1837 1528 1991 1546 1581 1702 1435 176.9Jul-06 1569 1593 1528 1931 1494 1477 1684 1413 175.1Aug-06 1600 1713 1474 1953 1537 1535 1717 1395 175Sep-06 1784 1911 1675 2157 1550 1569 1944 1514 182.9Oct-06 1904 1970 1833 1980 1505 1555 1750 1544 185.4Nov-06 1877 1946 1826 1923 1438 1635 1782 1445 182.2Dec-06 1847 1916 1786 1963 1527 1304 N/A 1782 181.6Jan-07 2029 2405 1810 2244 1854 1666 N/A 1988 185.6Feb-07 N/A N/A N/A 2331 1986 1968 N/A 1983 191.7Mar-07 N/A N/A N/A 2410 2086 1844 N/A 2000 189.6Apr-07 N/A N/A N/A 2488 2096 1759 N/A 1997 194May-07 N/A N/A N/A 2449 2019 1797 2052 1754 195.4Jun-07 N/A N/A N/A 2518 1959 2016 2050 1841 196Jul-07 N/A N/A N/A 2550 2139 2130 2242 1962 204.8Aug-07 N/A N/A N/A 2626 2035 1979 2271 1647 211.8Sep-07 N/A N/A N/A 2512 1831 1813 2230 1718 206.1Oct-07 N/A N/A N/A 2806 1861 2559 2280 2089 208.1Nov-07 N/A N/A N/A 2902 2007 2568 2315 2096 210.5Dec-07 N/A N/A N/A 2738 2061 N/A 2350 2409 212.4Jan-08 N/A N/A N/A 2466 2063 1997 2112 2131 219Feb-08 N/A N/A N/A 2666 2319 2359 2228 2231 212.3Mar-08 N/A N/A N/A 2826 2380 2169 2380 2409 218.5Apr-08 N/A N/A N/A 2673 2203 2253 2321 2117 216.5May-08 N/A N/A N/A 2695 2128 2103 2290 2057 213.4Jun-08 N/A N/A N/A 2858 2439 2250 2491 2033 216.1Jul-08 N/A N/A N/A 3074 2573 2414 2914 2397 223.6Aug-08 N/A N/A N/A 3166 2591 2212 3999 2232 226.6Sep-08 N/A N/A N/A 3207 2561 2184 2897 2167 228.8Oct-08 N/A N/A N/A 3256 2444 2504 2986 2524 227.3Nov-08 N/A N/A N/A 2863 2321 2053 2597 2298 228.5Dec-08 N/A N/A N/A 2697 2410 2050 2694 2801 227.5Jan-09 N/A N/A N/A 3115 2579 2630 3035 3141 228.6Feb-09 N/A N/A N/A 3307 2791 2781 3167 3119 251.2Mar-09 N/A N/A N/A 3235 3001 2516 3181 3069 253.8Source: MCX, AgmarkNet & Ministry of Commerce and IndustryNote: Futures trading Tur/Arhar is suspended since Feb 2007

Tur Spot Prices

Monthly Average

MCX Spot (Rs/qtl)Month's

HighMonth's

LowCentral Delhi Avg variety

Bhopal Avg variety

Bidar (Basavakalyam)FAQ variety

RaichurFAQ variety

WPI of TurIndore Avg variety

Other market's monthly average spot prices (Rs/qtl)

Apr-04 N/T N/T N/T 999 1322 211.8May-04 N/T N/T N/T 1037 1378 207.8Jun-04 N/T N/T N/T 1069 1351 206.9Jul-04 N/T N/T N/T 1380 1393 215.6Aug-04 N/T N/T N/T 1451 1466 218.8Sep-04 1638 1673 1625 1745 1490 220.8Oct-04 1599 1651 1555 1876 1409 222.7Nov-04 1548 1611 1480 1761 1389 225.1Dec-04 1520 1585 1451 1740 1336 220.6Jan-05 1503 1541 1445 1768 1371 219.2Feb-05 1403 1445 1361 1711 1367 215.3Mar-05 1476 1546 1440 1768 1346 210.5Apr-05 1728 1886 1531 1930 1381 217.2May-05 1807 1861 1769 1980 1364 229.8Jun-05 1838 1869 1798 2091 1567 234.7Jul-05 1829 1872 1779 2177 1654 242.2Aug-05 1826 1866 1756 2059 1635 244.5Sep-05 1799 1911 1718 2139 1577 248.9Oct-05 2508 2961 1938 2656 1629 254.4Nov-05 2945 3150 2713 2850 1895 282.9Dec-05 2679 2793 2594 2766 1927 299.5Jan-06 2763 3042 2514 2970 1631 313.7Feb-06 2797 3097 2530 3122 1665 340.9Mar-06 3164 3540 2988 3396 1651 335.9Apr-06 3335 3552 3136 3697 1935 381.0May-06 3277 3451 3086 3770 2316 385.5Jun-06 3124 3212 2947 3272 2135 396.4Jul-06 3086 3175 2947 3251 2099 396.2Aug-06 3282 3580 2980 3503 2458 387.6Sep-06 3630 3992 3375 3782 2757 403.2Oct-06 3817 4009 3660 3583 2976 450.5Nov-06 3644 3740 3499 3416 N/A 433.8Dec-06 3408 3550 3225 3188 N/A 423.7Jan-07 3360 3608 3235 3343 2328 401.8Feb-07 N/A N/A N/A 3323 2031 407.1Mar-07 N/A N/A N/A 3123 2461 378.5Apr-07 N/A N/A N/A 2631 2081 380.5May-07 N/A N/A N/A 2269 1997 368.1Jun-07 N/A N/A N/A 2184 2072 362.9Jul-07 N/A N/A N/A 2291 2208 362.6Aug-07 N/A N/A N/A 2314 2169 360.7Sep-07 N/A N/A N/A 2301 N/A 354.4Oct-07 N/A N/A N/A 2381 N/A 344.2Nov-07 N/A N/A N/A 2087 N/A 313.9Dec-07 N/A N/A N/A 1997 2003 303.1Jan-08 N/A N/A N/A 1963 2027 294.5Feb-08 N/A N/A N/A 2196 N/A 293.1Mar-08 N/A N/A N/A 2367 N/A 305.0Apr-08 N/A N/A N/A 2261 N/A 312.8May-08 N/A N/A N/A 2418 N/A 304.8Jun-08 N/A N/A N/A 2482 N/A 308.6Jul-08 N/A N/A N/A 2887 N/A 328.1Aug-08 N/A N/A N/A 2869 N/A 344.2Sep-08 N/A N/A N/A 2884 N/A 345.6Oct-08 N/A N/A N/A 2944 N/A 348.9Nov-08 N/A N/A N/A 2749 N/A 349.2Dec-08 N/A N/A N/A 2668 N/A 345.6Jan-09 N/A N/A N/A 2823 N/A 351.8Feb-09 N/A N/A N/A 2997 N/A 359.2Mar-09 N/A N/A N/A 3001 N/A 362.7Source: MCX, AgmarkNet & Ministry of Commerce and IndustryNote: Futures trading Urad is suspended since Feb 2007

Urad Spot Price

Monthly Average

MCX Spot (Rs/qtl)Month's

HighMonth's

LowCentral Delhi Avg. variety

Ganganagar Desi variety

Other market's monthly average spot prices (Rs/qtl)WPI of Urad


Pulses Pulses

0

5

10

15

20

25

30

35

0

2

4

6

8

10

12

14

16

2004-05 2005-06 2006-07 2007-08 2008-09$

India's Pulses Production & Imports

Other Pulses Chana Urad* Tur Pulses Import (RHS)

in Mn Tonnes

Source: Dept. of Agriculture. *Kharif & Rabi $fourth advance estimates

in lakh tonnes

16%

23%

10%14%

10%

6%

21%

21%

16%

12%10%

10%

8%

23%

Statewise Pulses Production in India

Maharashtra

Madhya Pradesh

Andhra Pradesh

Uttar Pradesh

Rajasthan

Karnataka

others

2006-07

2007-08

Source: Ministry of Agriculture

1200

1400

1600

1800

2000

2200

1

1.5

2

2.5

3

3.5

2004-05 2005-06 2006-07 2007-08 2008-09^

Tur Production & MSP

MSP (RHS) Production

Source: Ministry of Agriculture; ^fourth advance estimate

Rs/qntlin Mn tonnes

800

1200

1600

2000

2400

2800

11.05

1.11.15

1.21.25

1.31.35

1.41.45

1.5

2004-05 2005-06 2006-07 2007-08 2008-09^

Urad* Production & MSP


Source: Ministry of Agriculture; ^fourth advance estimates *Kharif & Rabi

Rs/qntlin Mn tonnes

1200

1300

1400

1500

1600

1700

1800

1900

4

4.5

5

5.5

6

6.5

7

7.5

2004-05 2005-06 2006-07 2007-08 2008-09^

Chana Production & MSP


Source: Ministry of Agriculture; ^fourth advance estimates

Rs/qntlin Mn tonnes

Graph-1

Graph-2

Graph-3

Graph-4

Graph-5


World 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10e

Production 140,664 144,666 164,470 166,480 148,732 159,924

Consumption 141,343 143,639 150,301 152,822 155,129 156,650


Ending Stocks 34,710 30,244 36,916 41,061 31,971 31,210

Imports 44,820 45,300 45,144 44,966 47,955 49,611

Exports 46,955 50,020 50,634 52,116 48,248 51,260

India

Production 14,210 21,140 30,780 28,630 16,780 20,750

Consumption 19,500 21,235 22,425 23,550 23,000 23,000


Ending Stocks 5,730 4,175 9,850 9,100 4,540 4,770

Imports 2,000 50 0 0 1,800 2,500

Exports 50 1,510 2,680 5,830 140 20

Average daily volatility of MCX spot prices

Sugar Medium - 0.61% 0.70% 0.48% 0.72% -

Sugar Small - 0.40% 0.71% 0.65% 0.87% -

Source: USDA Extracted on August 6, 2009; E = Estimated

Sugar Sugar Trading Activity

Month Closing Price (USD/MT) Volume in lots^ Open Interest in lots^Âpr-04 228.30 111,003.00 60,844.00May-04 218.50 56,087.00 56,699.00Jun-04 223.00 102,827.00 56,493.00Jul-04 251.90 143,426.00 54,222.00





Aug-08 398.00 104,971.00 70,758.00Sep-08 379.60 152,409.00 61,627.00Oct-08 334.20 120,137.00 47,924.00Nov-08 327.90 70,673.00 44,510.00Dec-08 318.00 51,330.00 49,159.00Jan-09 373.50 112,425.00 60,153.00Feb-09 401.00 138,964.00 61,168.00Mar-09 392.80 151,055.00 72,150.00

Source : Exchanges’ websites; Âggregate volume in all contracts during the month; ^^Cumulative open interest in all contracts at the end of month.

White Sugar LIFFE

Country Beginning Total Sugar Total Total Domestic EndingStocks Production Imports Exports Consumption Stocks

Brazil 665 36,850 24,300 12,250 965

China 3,395 14,500 900 40 15,410 3,345

EU-27 3,668 17,000 4,500 1,505 18,800 3,363

India 4,540 20,750 2,500 20 23,000 4,770

Thailand 2,351 7,500 5,700 2,100 2,051

Others 17,352 63,324 41,711 19,695 85,090 16,716

World Total 31,971 159,924 49,611 51,260 156,650 31,210

Source: USDA Extracted on August 6, 2009

Supply Demand

Global Sugar Balance Sheet (Estimated 2009-10) in thousand metric tonnes

Global and Indian sugar fundamentals (in thousand metric tonnes)


Sugar Spot Prices

Month Monthly Average Month's High Month's Low Monthly Average Month's High Month's Low Delhi Mumbai WPI of SugarApr-04 N/T N/T N/T N/T N/T N/T N/A N/A 133.90May-04 N/T N/T N/T N/T N/T N/T N/A N/A 140.00Jun-04 N/T N/T N/T N/T N/T N/T N/A N/A 141.30Jul-04 N/T N/T N/T N/T N/T N/T N/A 1,541.00 141.10

Aug-04 N/T N/T N/T N/T N/T N/T 1,648.00 1,618.00 144.30Sep-04 N/T N/T N/T N/T N/T N/T 1,661.00 1,606.00 148.30Oct-04 N/T N/T N/T N/T N/T N/T 1,653.00 1,617.00 147.50Nov-04 N/T N/T N/T N/T N/T N/T 1,626.00 1,610.00 147.60Dec-04 N/T N/T N/T N/T N/T N/T 1,739.00 1,709.00 149.80Jan-05 N/T N/T N/T N/T N/T N/T 1,894.00 1,850.00 162.60Feb-05 1,809.00 1,840.00 1,780.00 1,772.00 1,790.00 1,760.00 1,825.00 1,779.00 160.40Mar-05 1,851.00 1,900.00 1,800.00 1,796.00 1,810.00 1,780.00 1,834.00 1,799.00 161.00Apr-05 1,796.00 1,830.00 1,775.00 1,800.00 1,830.00 1,765.00 1,788.00 1,812.00 160.60May-05 1,772.00 1,807.00 1,760.00 1,772.00 1,795.00 1,761.00 1,759.00 1,790.00 159.40Jun-05 1,770.00 1,807.00 1,718.00 1,758.00 1,785.00 1,735.00 1,757.00 1,776.00 158.30Jul-05 1,854.00 1,872.00 1,800.00 1,821.00 1,858.00 1,755.00 1,840.00 1,849.00 161.40

Aug-05 1,859.00 1,875.00 1,845.00 1,850.00 1,883.00 1,813.00 1,848.00 1,898.00 163.40Sep-05 1,835.00 1,848.00 1,820.00 1,780.00 1,809.00 1,750.00 1,824.00 1,811.00 162.30Oct-05 1,870.00 1,900.00 1,805.00 1,800.00 1,815.00 1,758.00 1,864.00 1,830.00 163.00Nov-05 1,868.00 1,923.00 1,805.00 1,828.00 1,845.00 1,810.00 1,854.00 1,857.00 164.90Dec-05 1,830.00 1,849.00 1,802.00 1,806.00 1,823.00 1,798.00 1,814.00 1,837.00 162.90Jan-06 1,957.00 2,024.00 1,850.00 1,862.00 1,915.00 1,798.00 1,946.00 1,888.00 166.30Feb-06 2,052.00 2,108.00 2,008.00 1,919.00 1,984.00 1,865.00 2,050.00 1,958.00 173.40Mar-06 1,981.00 2,026.00 1,937.00 1,819.00 1,875.00 1,794.00 1,955.00 1,872.00 171.90Apr-06 2,017.00 2,064.00 1,982.00 1,890.00 1,930.00 1,814.00 2,004.00 1,940.00 171.90May-06 2,018.00 2,052.00 1,939.00 1,918.00 2,046.00 1,868.00 2,015.00 1,945.00 173.30Jun-06 1,971.00 2,016.00 1,919.00 1,871.00 1,900.00 1,830.00 1,964.00 1,901.00 173.20Jul-06 1,943.00 1,964.00 1,923.00 1,833.00 1,852.00 1,822.00 1,921.00 1,874.00 171.60



Aug-08 1,935.00 1,995.00 1,790.00 1,807.00 1,901.00 1,641.00 1,918.00 1,884.00 158.30Sep-08 1,884.00 1,968.00 1,839.00 1,700.00 1,800.00 1,663.00 1,840.00 1,775.00 160.60Oct-08 1,943.00 1,976.00 1,897.00 1,709.00 1,735.00 1,683.00 1,858.00 1,778.00 160.60Nov-08 1,920.00 1,933.00 1,908.00 1,760.00 1,772.00 1,716.00 1,854.00 1,824.00 160.90Dec-08 1,941.00 1,990.00 1,884.00 1,833.00 1,890.00 1,770.00 1,936.00 1,885.00 161.00Jan-09 2,142.00 2,300.00 2,000.00 1,946.00 2,024.00 1,864.00 2,120.00 2,009.00 167.40Feb-09 2,337.00 2,351.00 2,304.00 2,102.00 2,125.00 2,084.00 2,278.00 2,147.00 179.20Mar-09 2,247.00 2,290.00 2,218.00 2,023.00 2,092.00 1,967.00 2,215.00 2,113.00 180.30

Source: MCX, AgmarkNet, Ministry of Commerce & IndustryNT-Not traded, N/-Not Available

MCX Spot (Rs/qtl) Other markets spot pricesMedium Small


22%

11%

11%

9%5%

42%

Sugar Production (2008-09)

Brazil

EU-27

India

China

Thailand

Others

Source: USDA

15%

12%

9%

8%

6%

50%

Sugar Consumption (2008-09)

India

EU-27

China

Brazil

United States

Others

Source: USDA

0

200

400600

80010001200

1400

1600

18002000

0

2,000

4,000

6,000

8,000

10,000

12,000

2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09

Sugar: Ending Stock & Prices

India ES World ES (5x) Mumbai prices (RHS) London prices (RHS)

Source: AgmarkNet, USDA. ES-ending stock, Indian prices Rs/Qtl, Int. prices Rs/Qtl


Sugar

Graph-1

Graph-2

Graph-3



Coffee

World 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10

Beginning Stocks 42,807 46,006 38,611 42,838 37,729 40,063

Total Production 122,616 116,951 133,465 122,838 134,768 127,443

Total Imports 82,571 83,153 88,000 87,349 89,612 87,885

Total Exports 93,482 92,723 101,725 96,202 101,159 99,039

Domestic Use 108,506 114,776 115,513 119,094 120,887 121,059

Ending Stocks 46,006 38,611 42,838 37,729 40,063 35,293

India

Beginning Stocks 406 1,734 1,812 2,228 1,985 1,773

Total Production 4,672 4,617 4,800 4,665 4,375 4,900

Total Imports 696 376 334 330 200 200

Total Exports 2,790 3,580 3,664 3,664 3,167 3,810

Domestic Use 1,250 1,335 1,054 1,574 1,620 1,620

Ending Stocks 1,734 1,812 2,228 1,985 1,773 1,443

Volatility (Robusta) - - - 1.92% 2.02% 1.74%

Indian PriceSource: USDA, *Estimated, June 2009-10

Global Yearly Balance Sheet (Estimated June 2009 – 10) in thousand 60 Kg bags

Country Supply DemandBeginning Stocks Total Production Total Imports Total Exports Domestic Use Ending Stocks

Brazil 6,011 43,500 0 28,100 18,470 2,941

Colombia 461 12,200 400 11,370 1,250 441

Indonesia 183 7,600 400 5,680 2,350 153

India 1,773 4,900 200 3,810 1620 1,443

Vietnam 2,611 18,350 101 18,028 995 2,039

Others 29,024 40,893 86,784 32,051 96,374 28,276

Grand Total 40,063 1,27,443 87,885 99,039 1,21,059 35,293Source: USDA

Selected State/District-wise Production of Coffee in India (2005-2006 to 2008-2009)(In Tonnes)

States/Districts 2005-06# 2006-07# 2007-08# 2008-09#Total Total Total Total

Karnataka Chikmagalur 65,400.00 72,550.00 63,700.00 71,750.00 Kodagu* 105,050.00 107,500.00 108,700.00 114,370.00 Hassan 25,825.00 25,975.00 19,175.00 28,050.00 Sub Total 196,275.00 206,025.00 191,575.00 214,170.00 Kerala Wyanad 46,675.00 49,000.00 40,325.00 47,510.00 Travancore 7,825.00 8,150.00 6,675.00 7,815.00 Nelliampathies 2,325.00 2,325.00 2,000.00 1,875.00 Sub Total 56,825.00 59,475.00 49,000.00 57,200.00 Tamil Nadu Pulneys 8,200.00 7,900.00 8,000.00 5,825.00 Nilgiris 5,025.00 5,100.00 4,850.00 5,200.00 Shevroys (Salem) 3,600.00 3,225.00 3,150.00 3,100.00 Anamalais (Coimbatore) 2,000.00 2,000.00 2,100.00 2,500.00 Sub Total 18,825.00 18,225.00 18,100.00 16,625.00 Non Traditional Areas Andhra Pradesh & Orissa 1,825.00 4,085.00 3,175.00 4,880.00 North Eastern Region 250.00 190.00 150.00 125.00 Sub Total 2,075.00 4,275.00 3,325.00 5,005.00 Non Conventional Areas - - - - Grand Total (India) 274,000.00 288,000.00 262,000.00 293,000.00

Note: * : Including Mysore; # : Post-Monsoon Estimate; @: Post Blossom Estimate; Compiled from the statistics released by: Coffee Board.

Global and Indian fundamentals (thousand 60Kg bags)


Monthly Average Month’s High Month’s Low Rs./50 kg Rs./50kgApr-04 N/T N/T N/T 2,740.00 1,510.00 89.80May-04 N/T N/T N/T 2,550.00 1,638.00 101.90Jun-04 N/T N/T N/T 2,683.00 1,772.00 103.50Jul-04 N/T N/T N/T 2,620.00 1,806.00 107.30Aug-04 N/T N/T N/T 2,493.00 1,889.00 105.70Sep-04 N/T N/T N/T 2,787.00 1,870.00 105.70Oct-04 N/T N/T N/T 2,728.00 1,872.00 105.70Nov-04 N/T N/T N/T 3,193.00 1,819.00 105.70Dec-04 N/T N/T N/T 3,700.00 1,928.00 111.40Jan-05 N/T N/T N/T 4,073.00 1,850.00 128.60Feb-05 N/T N/T N/T 4,500.00 2,093.33 128.60Mar-05 N/T N/T N/T 5,066.00 3,200.50 128.60Apr-05 N/T N/T N/T 5,029.00 3,375.00 128.60May-05 N/T N/T N/T 4,921.00 3,004.00 128.60Jun-05 N/T N/T N/T 4,800.00 2,911.00 128.60Jul-05 N/T N/T N/T 4,084.67 2,939.11 128.60Aug-05 N/T N/T N/T 3,706.67 2,750.00 139.40Sep-05 N/T N/T N/T 3,900.00 2,575.00 172.10Oct-05 N/T N/T N/T 3,665.50 2,722.50 171.70Nov-05 N/T N/T N/T 4,028.00 2,779.66 171.70Dec-05 N/T N/T N/T 3,701.00 2,934.67 171.70Jan-06 N/T N/T N/T 4,625.00 3,156.50 164.90Feb-06 N/T N/T N/T 4,255.00 2,975.00 171.90Mar-06 N/T N/T N/T 4,150.00 3,100.00 171.90Apr-06 N/T N/T N/T 4,250.00 2,725.00 171.90May-06 N/T N/T N/T N/T 2,925.00 172.50Jun-06 N/T N/T N/T 4,100.00 2,819.33 172.30Jul-06 N/T N/T N/T 4,375.00 2,988.33 172.30Aug-06 N/T N/T N/T 4,400.00 3,102.00 172.30Sep-06 N/T N/T N/T N/A 3,550.00 172.30Oct-06 N/T N/T N/T 4,600.00 3,387.50 192.20Nov-06 N/T N/T N/T N/A 3,535.00 196.20Dec-06 N/T N/T N/T 4,400.00 3,553.50 196.20Jan-07 70.06 70.17 69.95 4,841.00 N/A 196.20Feb-07 69.14 71.33 66.19 5,100.00 3,607.00 196.20Mar-07 66.28 68.04 64.24 4,675.00 3,534.00 196.20Apr-07 66.03 67.89 63.45 5,000.00 3,557.00 196.20May-07 68.08 70.47 64.33 4,589.00 3,565.60 199.30Jun-07 75.46 78.04 69.81 4,614.00 3,822.00 197.70Jul-07 74.51 77.18 70.99 4,025.00 3,935.00 197.70Aug-07 70.95 74.21 67.91 4,635.00 3,889.33 197.70Sep-07 75.11 80.73 70.31 N/A 3,800.00 197.70Oct-07 81.11 88.33 72.82 N/A 3,897.00 204.30Nov-07 74.23 77.83 71.03 4,888.00 3,972.00 205.10Dec-07 72.57 75.66 69.51 5,100.00 3,987.00 205.10Jan-08 78.76 83.43 75.15 5,105.00 3,954.00 205.10Feb-08 92.36 106.41 82.85 5,850.00 4,975.00 205.10Mar-08 102.14 112.82 91.02 5,403.00 N/A 215.50Apr-08 90.19 92.90 88.17 5,276.33 N/A 218.10May-08 93.87 100.11 86.42 5,650.00 4,750.00 226.00Jun-08 97.96 104.41 93.91 5,461.00 4,775.00 234.60Jul-08 102.07 111.80 97.50 5,845.00 5,055.60 234.60Aug-08 98.74 103.00 93.10 6,000.00 5,108.33 234.60Sep-08 97.77 102.30 93.90 6,050.00 5,300.00 239.60Oct-08 83.56 93.90 76.70 5,900.00 5,000.00 248.60Nov-08 88.47 101.00 76.20 N/A 4,929.33 248.00Dec-08 90.08 99.70 83.30 N/A 4,800.00 246.60Jan-09 81.02 84.60 74.90 4,800.00 4,348.66 246.60Feb-09 79.02 81.10 76.90 5,450.00 4,800.00 246.60Mar-09 78.36 80.30 73.90 5,450.00 4,150.00 246.60Source: MCX, AgmarkNet, Ministry of Commerce & IndustryN/T-Not Traded, N/A-Not Available

MCX Spot, Kaushal Nagar (in Rs/Kg) (Arabica Cherry AB) (Robusta Cherry AB) WPI of Coffee Close Price (US sents/lb) Volume in lots^ Open Interest in lots^^ Closing Price Volume in lots^ Open Interest in lots^Âpr-04 67.15 395,552.00 96,811.00 N/T N/T N/TMay-04 85.55 324,849.00 108,638.00 N/T N/T N/TJun-04 73.10 518,037.00 86,614.00 N/T N/T N/TJul-04 66.45 246,084.00 89,603.00 N/T N/T N/TAug-04 69.30 366,171.00 81,082.00 N/T N/T N/TSep-04 82.35 305,196.00 88,838.00 N/T N/T N/TOct-04 74.40 280,733.00 76,529.00 N/T N/T N/TNov-04 94.45 451,475.00 97,071.00 N/T N/T N/TDec-04 103.75 305,055.00 110,371.00 N/T N/T N/TJan-05 105.35 363,364.00 104,804.00 N/T N/T N/TFeb-05 119.15 640,446.00 109,652.00 N/T N/T N/TMar-05 126.40 369,200.00 116,274.00 N/T N/T N/TApr-05 125.15 459,018.00 99,695.00 N/T N/T N/TMay-05 118.35 247,690.00 94,661.00 N/T N/T N/TJun-05 104.65 428,227.00 90,240.00 N/T N/T N/TJul-05 103.15 242,083.00 93,417.00 N/T N/T N/TAug-05 97.75 404,307.00 83,083.00 N/T N/T N/TSep-05 93.45 259,147.00 86,490.00 N/T N/T N/TOct-05 96.65 266,697.00 85,315.00 N/T N/T N/TNov-05 93.00 376,844.00 77,243.00 N/T N/T N/TDec-05 107.10 223,997.00 82,113.00 N/T N/T N/TJan-06 118.20 357,994.00 114,017.00 N/T N/T N/TFeb-06 111.80 416,964.00 94,778.00 N/T N/T N/TMar-06 107.00 337,826.00 106,998.00 N/T N/T N/TApr-06 107.20 429,249.00 98,131.00 N/T N/T N/TMay-06 98.95 339,432.00 118,730.00 N/T N/T N/TJun-06 99.50 476,542.00 118,862.00 N/T N/T N/TJul-06 99.35 297,457.00 121,336.00 N/T N/T N/TAug-06 104.00 481,870.00 100,373.00 N/T N/T N/TSep-06 107.65 257,090.00 107,757.00 N/T N/T N/TOct-06 108.25 313,459.00 116,804.00 N/T N/T N/TNov-06 119.70 492,904.00 117,787.00 N/T N/T N/TDec-06 126.20 286,833.00 127,610.00 N/T N/T N/TJan-07 117.65 348,992.00 133,332.00 N/T N/T N/TFeb-07 117.70 462,586.00 129,905.00 N/T N/T N/TMar-07 109.25 225,244.00 154,784.00 N/T N/T N/TApr-07 103.15 308,547.00 147,305.00 N/T N/T N/TMay-07 111.90 160,544.00 163,121.00 N/T N/T N/TJun-07 111.00 185,738.00 155,308.00 N/T N/T N/TJul-07 114.30 150,116.00 175,837.00 N/T N/T N/TAug-07 112.65 192,560.00 157,247.00 N/T N/T N/TSep-07 128.65 156,480.00 169,316.00 N/T N/T N/TOct-07 121.35 208,369.00 169,660.00 N/T N/T N/TNov-07 125.95 303,557.00 154,516.00 N/T N/T N/TDec-07 136.20 213,118.00 165,819.00 N/T N/T N/TJan-08 138.15 419,096.00 184,344.00 N/T N/T N/TFeb-08 164.60 676,655.00 194,260.00 2,718.00 16.00 3.00Mar-08 127.40 515,528.00 162,285.00 2,234.00 5.00 20.00Apr-08 134.55 556,004.00 150,031.00 2,220.00 10.00 25.00May-08 133.90 354,887.00 152,312.00 2,212.00 N/A 25.00Jun-08 150.90 642,074.00 146,413.00 2,396.00 413.00 355.00Jul-08 139.35 317,917.00 146,712.00 2,317.00 1,115.00 1,132.00Aug-08 141.90 503,521.00 128,405.00 2,275.00 1,851.00 2,140.00Sep-08 130.45 376,407.00 137,031.00 1,992.00 12,300.00 9,340.00Oct-08 113.00 379,524.00 126,400.00 1,558.00 37,083.00 20,735.00Nov-08 114.10 380,032.00 109,212.00 1,746.00 48,169.00 37,971.00Dec-08 112.05 245,826.00 122,856.00 1,522.00 103,124.00 70,433.00Jan-09 118.90 289,485.00 136,200.00 1,715.00 119,578.00 73,992.00Feb-09 109.45 402,125.00 124,939.00 1,543.00 239,134.00 76,791.00Mar-09 115.75 319,572.00 142,245.00 1,524.00 144,470.00 80,239.00Source: Exchanges' websitesN/T-Not Traded, N/A-Not AvailableÂggregate volume in all contracts during the month; ^^Cumulative open interest in all contracts at the end of month.

Coffee Trading Activity

Coffee Arabica ICE futures Coffee Robusta NYSE-LIFFE London (USD/MT)

Coffee Prices

Monthly Average Domestic Prices



Coffee

0

20

40

60

80

100

120

140

0

500

1000

1500

2000

2500

2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09

Coffee: Ending Stock & Prices

India ES World ES (in 50s) India prices (RHS) Robusta New York (RHS)

Source: Agmarknet & USDA. ES - ending stock, Indian prices Rs/kg, Int. prices Rs/kg,

000 tonnes Prices

36%

18%

15%

6%

2%

23%

Coffee Consumption (2009-10)

EU-27

United States

Brazil

Japan

Indonesia

Others

Source: USDA

38%

15%8%

6%

3%

30%

Coffee Production (2009-10)

Brazil

Vietnam

Colombia

Indonesia

Ethiopia

Others

Source: USDA

Graph-1

Graph-2

Graph-3

World 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10e

Production 121,504 116,691 121,953 120,528 106,929 105,952

Consumption 107,519 114,811 121,261 120,206 107,851 110,075


Ending Stocks 60,457 62,245 63,282 63,260 61,945 57,814

Exports 35,014 44,584 37,037 38,313 29,112 31,662

Imports 33,429 44,492 37,382 37,989 28,339 31,654

India

Production 19,000 19,050 21,800 24,600 22,500 25,000

Consumption 14,800 16,700 18,100 18,300 17,750 18,300


Ending Stocks 8,764 8,064 7,664 7,384 11,084 12,084

Exports 660 3,450 4,565 7,030 2,100 6,400

Imports 1,038 400 465 450 550 400

Average Daily Volatility of MCX Spot Prices

Cotton Long - 0.43% 26.27% 0.50% 1.06% -

Cotton Medium - 1.00% 0.66% 0.80% 0.90% -

MSP (F-414/H-777/J34) 1760 1760 1770* 1800* 2500a -

MSP (H-4) 1960 1980 1990** 2030** 3000aa -Source: USDA

*: Medium Staple

**: Long Staple

a : Staple length (mm) of 245 - 25.5 and Micronaire value of 4.3 - 5.1

aa : Staple length (mm) of 29.5 - 30.5 and Micronaire value of 3.5 - 4.3

e : Estimates

Cotton Global Yearly Cotton Balance Sheets (Estimated June2009 – 10) in Thousand 480 lb bales


China 33,000 19,224 8,500 44,500 16,149 75

India 25,000 11,084 400 18,000 12,084 6,400

US 13,250 6,600 5 3,455 5,600 10,800

Pakistan 9,200 3,388 3,500 12,525 3,363 200

Brazil 5,500 5,251 100 4,050 4,901 1,900

Uzbekistan 4,500 2,448 900 2,048 4,000

Others 15,809 13,160 20,149 27,445 12,396 9,277

Grand Total 106,259 61155 32,654 110,875 56,541 32,652Source: USDA

Selected State-wise Purchases Made by CCI under Support Price and Commercial Operations in India (2003-04 to 2006-07) in bales of 170 Kg Each

Selected State-wise Purchases Made by CCI under Support Price and Commercial Operations in India (2003-04 to 2006-07) In bales of 170 Kg Each

States 2003-04 2004-05 2005-06 2006-07*MaharashtraSupport - 167,367 295,206 534,358Commercial 328,246 3,068 29,883 2,964Total 328,246 170,435 325,089 537,322Andhra PradeshSupport - 1,210,635 350,058 525,516Commercial 184,520 63 489Total 184,520 1,210,698 350,547 525,516GujaratSupport - 482,556 293,167Commercial 231,416 6,895 45,400 140,256Total 231,416 489,451 338,567 140,256Madhya PradeshSupport - 153,307 118,267 89,510Commercial 25,886 696 2,361 1,209Total 25,886 154,003 120,628 90,719RajasthanSupport - 259,815 70,159 -Commercial 83,852 20,917 1,526 60,215Total 83,852 280,732 71,685 60,215Abbr. : CCI : Cotton Corporation of India.Note : * : Provisional upto 24th February, 2007.Compiled from the statistics released by: Ministry of Agriculture, Govt. of India.

Global and Indian fundamentals of Cotton (in Thousand 480 Lb bales)


Mumbai Mumbai MumbaiMonthly Average Month's High Month's Low Monthly Average Month's High Month's Low DCH - 32 (Si) Shankar-6 / Shankar-4 V-797

Apr-04 N/T N/T N/T N/T N/T N/T 85.79 66.19 43.92 185.00 May-04 N/T N/T N/T N/T N/T N/T 85.79 65.94 44.22 184.80 Jun-04 N/T N/T N/T N/T N/T N/T 85.79 66.16 45.20 184.70 Jul-04 N/T N/T N/T N/T N/T N/T 85.79 66.37 47.36 185.60 Aug-04 N/T N/T N/T N/T N/T N/T 85.79 64.89 47.52 185.50 Sep-04 N/T N/T N/T N/T N/T N/T 85.79 64.81 47.52 182.80 Oct-04 N/T N/T N/T N/T N/T N/T 83.52 52.98 43.98 159.30 Nov-04 N/T N/T N/T N/T N/T N/T 79.86 49.49 39.72 153.30 Dec-04 N/T N/T N/T N/T N/T N/T 80.70 46.12 33.60 144.30 Jan-05 N/T N/T N/T N/T N/T N/T 80.48 46.01 32.12 142.10 Feb-05 N/T N/T N/T N/T N/T N/T 84.01 44.78 30.09 139.60 Mar-05 N/T N/T N/T N/T N/T N/T 87.14 45.98 31.21 140.60 Apr-05 16,336.88 16,400.00 16,300.00 1,554.18 1,590.00 1,525.00 88.58 46.79 31.50 142.80 May-05 16,338.85 16,480.00 16,200.00 1,658.46 1,680.00 1,600.00 88.58 46.12 30.09 143.20 Jun-05 16,475.00 16,700.00 16,350.00 1,684.23 1,710.00 1,665.00 88.58 45.84 29.81 143.50 Jul-05 16,716.00 16,910.00 16,550.00 1,667.80 1,680.00 1,645.00 88.58 45.84 29.81 144.50 Aug-05 16,561.54 16,600.00 16,500.00 1,643.85 1,650.00 1,635.00 88.58 45.84 29.81 144.30 Sep-05 16,816.00 17,200.00 16,400.00 1,599.12 1,655.00 1,535.00 89.22 46.70 30.86 141.70 Oct-05 16,868.52 17,100.00 16,600.00 1,571.81 1,620.00 1,525.00 88.92 48.82 31.55 141.40 Nov-05 16,973.08 17,500.00 16,800.00 1,660.27 1,740.00 1,610.00 88.58 49.00 31.99 143.70 Dec-05 17,788.89 18,100.00 17,150.00 1,753.22 1,845.00 1,695.00 105.45 49.61 36.33 150.70 Jan-06 18,046.00 18,300.00 18,000.00 1,706.33 1,745.00 1,628.00 119.52 50.57 39.79 150.70 Feb-06 18,079.17 18,200.00 18,000.00 1,657.58 1,680.00 1,635.00 113.19 50.13 37.33 143.80 Mar-06 18,003.26 18,100.00 17,988.00 1,636.74 1,725.00 1,590.00 101.25 49.49 31.70 140.90 Apr-06 18,139.58 18,300.00 18,000.00 1,802.71 1,860.00 1,725.00 102.36 50.13 32.34 144.60 May-06 17,824.07 18,100.00 17,450.00 1,798.89 1,840.00 1,775.00 104.04 48.62 32.06 142.90 Jun-06 17,083.08 17,950.00 1,760.00 1,810.42 1,820.00 1,800.00 104.04 47.99 31.92 144.00 Jul-06 18,379.60 18,800.00 17,950.00 1,831.48 1,845.00 1,820.00 103.48 49.17 33.80 149.90 Aug-06 19,572.69 20,200.00 18,850.00 1,871.73 1,905.00 1,835.00 102.29 51.38 37.61 159.10 Sep-06 18,715.77 19,900.00 2,000.00 1,816.62 1,900.00 1,755.00 106.43 52.68 38.58 160.50 Oct-06 18,463.46 19,200.00 18,100.00 1,725.27 1,762.00 1,705.00 100.17 50.80 37.26 155.20 Nov-06 18,221.88 18,440.00 17,800.00 1,710.42 1,720.00 1,693.00 101.23 51.18 36.56 154.30 Dec-06 18,035.20 18,150.00 17,800.00 1,727.52 1,750.00 1,710.00 90.56 50.17 36.84 150.80 Jan-07 17,841.31 18,050.00 17,650.00 1,689.14 1,740.00 1,635.00 90.00 49.85 36.28 148.00 Feb-07 18,565.88 19,110.00 17,919.00 1,773.15 1,884.50 1,694.00 90.70 51.47 38.74 152.10 Mar-07 19,185.65 19,440.00 18,705.00 1,951.65 2,024.50 1,850.50 92.81 54.17 42.75 158.90 Apr-07 19,611.50 20,030.00 19,000.00 1,983.00 2,024.50 1,927.00 91.05 54.98 44.09 172.90 May-07 18,987.52 19,230.00 18,720.00 1,977.72 2,036.00 1,924.50 90.00 53.01 41.76 166.00 Jun-07 19,054.54 19,260.00 18,895.00 2,019.85 2,036.00 2,004.50 90.00 53.78 42.86 170.20 Jul-07 20,352.69 21,080.00 19,460.00 2,135.89 2,186.50 2,055.00 88.59 57.07 45.98 180.50 Aug-07 20,485.77 20,760.00 20,290.00 2,084.23 2,172.00 2,025.00 90.00 57.66 45.07 178.30 Sep-07 20,747.67 20,930.00 20,570.00 2,013.17 2,070.00 1,901.00 90.00 57.83 44.33 178.60 Oct-07 19,653.31 20,500.00 19,140.00 1,847.90 1,954.00 1,759.00 84.37 55.31 44.25 174.10 Nov-07 19,926.88 20,090.00 19,840.00 1,970.82 2,020.00 1,926.00 80.16 55.50 43.24 175.10 Dec-07 19,843.20 20,210.00 19,650.00 2,008.30 2,070.00 1,960.00 80.16 55.29 43.03 179.10 Jan-08 20,945.46 21,424.00 20,232.00 2,147.54 2,200.00 2,077.50 82.03 58.50 45.14 184.00 Feb-08 21,425.92 22,210.00 21,259.00 2,177.82 2,246.00 2,139.00 82.67 59.05 46.40 185.60 Mar-08 22,383.54 23,190.00 21,760.00 2,223.35 2,270.00 2,170.00 84.48 60.18 46.85 193.00 Apr-08 22,491.58 22,860.00 22,160.00 2,313.14 2,418.50 2,220.00 87.19 60.22 47.81 198.00 May-08 23,496.67 24,520.00 22,830.00 2,523.80 2,636.00 2,418.50 89.30 64.76 50.06 207.10 Jun-08 25,486.80 27,360.00 24,340.00 2,703.10 2,894.00 2,584.00 91.55 72.21 55.48 224.90 Jul-08 27,682.59 28,480.00 27,360.00 2,809.43 2,910.00 2,703.50 94.08 78.47 60.33 238.20 Aug-08 27,904.40 28,790.00 27,420.00 2,772.18 2,842.50 2,746.00 94.33 79.76 62.15 243.10 Sep-08 28,530.80 29,000.00 28,100.00 2,753.22 2,855.00 2,628.50 91.41 79.59 62.44 246.60 Oct-08 23,440.00 27,350.00 22,020.00 2,453.96 2,648.50 2,347.00 90.00 68.27 56.88 228.20 Nov-08 22,224.78 22,900.00 21,510.00 2,251.80 2,361.50 2,150.00 87.75 62.66 53.16 220.60 Dec-08 21,783.85 22,000.00 21,330.00 2,204.12 2,247.00 2,175.00 82.47 61.17 53.16 218.40 Jan-09 21,417.31 21,740.00 21,160.00 2,197.67 2,243.00 2,136.00 79.43 60.64 53.16 215.60 Feb-09 20,696.36 21,540.00 20,330.00 2,108.67 2,178.00 2,028.00 75.94 57.94 42.19 205.40 Mar-09 N/A N/A N/A 2,126.62 2,257.00 2,018.50 76.99 58.85 40.64 196.60 *:-Taken as sum of volumes of Cotton Long, Medium and ShortSource: MCX, AgmarkNet, Ministry of Commerce & Industry1 Maund: 40Kg & 1Candy:356 Kg N/T=Not traded N/A= Not available

MCX Spot, Kadi (Long Cotton) (in Rs/candy)MCX Spot, Abohar (Medium Cotton) (Rs/ maund) Other market spot (Rs/Kg) WPI of Raw Cotton

Cotton Spot Prices


Cotton NYB – ICE futuresClosing Price (US cents/lb) Volume(in Lots)^ Open Interest(in Lots)^^

Apr-04 59.50 377,111.00 84,930.00May-04 61.19 184,869.00 81,285.00Jun-04 48.25 398,059.00 72,507.00Jul-04 43.83 159,924.00 79,808.00Aug-04 53.80 195,886.00 69,292.00Sep-04 48.10 196,739.00 71,920.00Oct-04 44.98 224,431.00 83,808.00Nov-04 48.65 355,037.00 80,690.00Dec-04 44.77 196,583.00 81,149.00Jan-05 43.76 474,017.00 90,961.00Feb-05 50.30 536,122.00 107,077.00Mar-05 53.03 328,143.00 122,443.00Apr-05 58.00 465,210.00 121,159.00May-05 48.64 315,313.00 97,413.00Jun-05 52.00 456,584.00 92,057.00Jul-05 50.99 178,299.00 94,011.00Aug-05 48.15 189,584.00 104,454.00Sep-05 51.50 271,268.00 110,069.00Oct-05 51.87 305,389.00 116,155.00Nov-05 49.19 408,580.00 92,211.00Dec-05 54.19 201,221.00 88,697.00Jan-06 55.72 311,926.00 128,666.00Feb-06 56.00 495,729.00 122,363.00Mar-06 52.65 389,249.00 138,009.00Apr-06 49.90 530,001.00 147,886.00May-06 50.94 338,300.00 179,676.00Jun-06 49.75 601,971.00 160,069.00Jul-06 53.45 204,799.00 163,583.00Aug-06 53.05 259,259.00 172,081.00Sep-06 49.30 268,847.00 182,562.00Oct-06 49.28 324,911.00 185,353.00Nov-06 48.90 587,710.00 159,914.00Dec-06 56.19 264,396.00 170,421.00Jan-07 54.00 381,099.00 191,874.00Feb-07 55.55 711,346.00 202,169.00Mar-07 53.57 326,818.00 232,652.00Apr-07 47.25 650,531.00 220,781.00May-07 51.05 278,518.00 223,814.00Jun-07 58.50 421,689.00 204,192.00Jul-07 63.00 217,426.00 213,491.00Aug-07 58.87 215,267.00 203,217.00Sep-07 62.05 200,552.00 231,769.00Oct-07 64.08 278,600.00 248,032.00Nov-07 58.20 514,179.00 210,389.00Dec-07 68.01 338,439.00 231,807.00Jan-08 67.79 684,489.00 270,994.00Feb-08 79.66 929,808.00 301,645.00Mar-08 69.34 730,160.00 268,675.00Apr-08 68.74 651,281.00 246,983.00May-08 65.74 427,731.00 273,411.00Jun-08 71.40 690,183.00 215,451.00Jul-08 71.65 281,522.00 222,053.00Aug-08 67.53 293,429.00 213,856.00Sep-08 55.50 403,688.00 195,316.00Oct-08 44.29 387,846.00 170,969.00Nov-08 45.75 423,372.00 127,006.00Dec-08 49.02 169,346.00 125,564.00Jan-09 49.41 253,550.00 129,490.00Feb-09 42.06 316,713.00 116,304.00Mar-09 46.47 260,781.00 140,318.00Source: Exchanges' websitesÂggregate volume in all contracts during the month; ^^Cumulative open interest in all contracts at the end of month.

Cotton Trading Activity

32%

23%13%

9%

5%

18%

Cotton Production (2009-10)

China

India

United States

Pakistan

Brazil

Others

Source: USDA

40%

17%

11%

4%

4%

24%

Cotton Consumption (2008)

China

India

Pakistan

Turkey

Brazil

Others

Source: USDA

0

5

10

15

20

25

30

35

40

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09

Cotton: Ending Stock & Prices

India ES World ES India prices (RHS) New York Cotton no 2 (RHS)

Source: Agmarknet & USDA. ES - ending stock, Indian prices Rs/kg, Int. prices Rs/lb

in 000 tonnes in Rs

Graph-1

Graph-2

Graph-3


World and Indian production, imports and exports of Jute

World (Thousand Tonnes) 2004/05 2005/06 2006/07 2007/08 (E) 2008/09 (P)

Production 2564 2778 2914 2878 NA

Imports 290 345 359 NA NA

Exports 306 360 364 NA NA

India (Thousand Tonnes)

Production 1691.82 1794.6 1857.06 1839.78 1734.12

Raw jute imports 85.98 136.22 94.36 171.80 59.04

Jute product imports 32.17 77.02 60.93 57.69 70.94

Consumption 1764 1764 1602 1800 NA

Beginning stocks 594 252 144 414 NA

Ending Stocks 252 144 414 396 NA

Imports 72 126 72 72 NA

Average daily volatility of MCX spot prices - - - 0.77% -

MSP (In Rs/Quintal) 890 910 1000 1055 1250

Source: Ministry of Textiles, Fourth Advanced Estimates of production, Govt. of India FAOSTAT, E-Estimates, P-ProjectionNote: India's jute exports are negligible.P- Provisional, E-Estimates

Indian Fundamentals for Rubber (tons)

Procurement of Raw Jute by Jute Corporation of India (2003-04 to 2007-08) (Qty in Thousand Bales of 180 kgs each)

Year At support price (MSP) At Commercial rates Total

2003-04 1118 0 1118

2004-05 352 0 352

2005-06 0 141 141

2006-07 136 348 484

2007-08 444 0 444

Source: Jute Corporation of India & Ministry of Textiles, Govt. of India.; MSP: Minimum Support Price;

Global and Indian fundamentals of Jute

0

200

400

600

800

1000

1200

1400

1600

1450

1500

1550

1600

1650

1700

1750

1800

1850

1900

2004 /05 2005 /06 2006 /07 2007 /08 2008 /09

Jute: Production, Consumption & Prices

Production Consumption Prices (RHS)

Rs/qntlin 000 tonnes

Source: Ministry of Textiles & Agmarknet. Average Prices of India for the month of March


Jute Prices

Month Open High Low Close Volume in lots^ Open Interest in lots^^ Monthly Month's Month's T.D.-5 T.D.-5 T.D.-5 Raw Jute WPI of JuteAverage High Low Barddhaman Medinipur Nadia Kolkata

Apr-04 N/A N/A N/A N/A N/A N/A N/A N/A N/A 788.6 736.7 N/A N/A 142.5May-04 N/A N/A N/A N/A N/A N/A N/A N/A N/A 753.8 761.1 N/A N/A 142.0Jun-04 N/A N/A N/A N/A N/A N/A N/A N/A N/A 835.4 830.0 N/A N/A 147.9Jul-04 N/A N/A N/A N/A N/A N/A N/A N/A N/A 819.4 825.6 N/A 951.7 147.5

Aug-04 N/A N/A N/A N/A N/A N/A N/A N/A N/A 810.6 811.9 N/A 968.9 147.3Sep-04 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 974.3 146.3Oct-04 N/A N/A N/A N/A N/A N/A N/A N/A N/A 805.0 870.0 N/A 1010.1 151.3Nov-04 N/A N/A N/A N/A N/A N/A N/A N/A N/A 874.6 900.7 903.3 1094.9 166.1Dec-04 N/A N/A N/A N/A N/A N/A N/A N/A N/A 1009.4 1068.2 1053.8 1271.0 176.7Jan-05 N/A N/A N/A N/A N/A N/A N/A N/A N/A 1137.5 1100.0 N/A 1302.7 177.0Feb-05 N/A N/A N/A N/A N/A N/A N/A N/A N/A 1088.9 1116.2 1195.0 1369.8 183.1Mar-05 N/A N/A N/A N/A N/A N/A N/A N/A N/A 1245.9 1289.7 1244.2 1455.8 191.2Apr-05 N/A N/A N/A N/A N/A N/A N/A N/A N/A 1299.6 1306.3 1293.3 1517.1 195.3May-05 N/A N/A N/A N/A N/A N/A N/A N/A N/A 1335.9 1353.5 1344.3 1526.6 197.9Jun-05 N/A N/A N/A N/A N/A N/A N/A N/A N/A 1377.6 1407.9 1380.0 1596.4 203.3Jul-05 N/A N/A N/A N/A N/A N/A N/A N/A N/A 1239.6 1312.5 N/A 1432.6 184.8

Aug-05 N/A N/A N/A N/A N/A N/A N/A N/A N/A 1077.1 1129.4 1037.5 1344.4 178.3Sep-05 N/A N/A N/A N/A N/A N/A N/A N/A N/A 1122.2 1150.0 1135.9 1320.5 174.8Oct-05 N/A N/A N/A N/A N/A N/A N/A N/A N/A 1224.6 1303.1 1243.9 1458.9 184.8Nov-05 N/A N/A N/A N/A N/A N/A N/A N/A N/A 1303.6 1358.9 1298.2 1525.0 192.9Dec-05 N/A N/A N/A N/A N/A N/A N/A N/A N/A 1376.3 1377.9 1332.5 1557.8 201.1Jan-06 N/A N/A N/A N/A N/A N/A N/A N/A N/A 1521.0 1508.3 1510.0 N/A 218.9Feb-06 N/A N/A N/A N/A N/A N/A N/A N/A N/A 1532.7 1561.5 1533.9 N/A 225.7Mar-06 N/A N/A N/A N/A N/A N/A N/A N/A N/A 1573.8 1592.9 1545.2 N/A 227.4Apr-06 N/A N/A N/A N/A N/A N/A N/A N/A N/A 1565.0 1500.0 1517.2 N/A 224.0May-06 N/A N/A N/A N/A N/A N/A N/A N/A N/A 1558.0 1610.0 1529.9 N/A 223.8Jun-06 N/A N/A N/A N/A N/A N/A N/A N/A N/A 1463.4 1528.1 1433.4 N/A 219.6Jul-06 N/A N/A N/A N/A N/A N/A N/A N/A N/A 1481.5 1375.0 1448.8 1604.5 216.9

Aug-06 N/A N/A N/A N/A N/A N/A N/A N/A N/A 1156.7 1174.7 1098.3 1308.6 205.1Sep-06 N/A N/A N/A N/A N/A N/A N/A N/A N/A 1280.5 1224.3 1303.4 1438.0 204.4Oct-06 N/A N/A N/A N/A N/A N/A N/A N/A N/A 1319.5 1343.8 1303.0 1463.7 198.2Nov-06 N/A N/A N/A N/A N/A N/A N/A N/A N/A 1301.0 1337.5 1254.0 1440.6 197.4Dec-06 N/A N/A N/A N/A N/A N/A N/A N/A N/A 1241.5 1280.0 1175.5 1381.1 196.1Jan-07 N/A N/A N/A N/A N/A N/A N/A N/A N/A 1208.8 1236.9 1142.2 1295.1 187.9Feb-07 N/A N/A N/A N/A N/A N/A N/A N/A N/A 1120.0 1200.0 1062.7 1265.6 187.1Mar-07 N/A N/A N/A N/A N/A N/A N/A N/A N/A 1096.4 1194.4 1027.9 1247.6 183.9Apr-07 N/A N/A N/A N/A N/A N/A N/A N/A N/A 1068.6 1150.0 1009.2 1190.9 182.1May-07 N/A N/A N/A N/A N/A N/A N/A N/A N/A 1009.7 N/A 916.3 1105.0 178.7Jun-07 N/A N/A N/A N/A N/A N/A N/A N/A N/A 970.9 950.0 927.7 1113.6 178.5Jul-07 1189.0 1217.0 1181.0 1217.0 629.0 240.0 1143.0 1143.0 1143.0 967.8 N/A 920.0 1115.5 178.8

Aug-07 1237.0 1430.0 1235.5 1338.5 19042.0 1131.0 1240.6 1313.0 1146.0 1046.1 N/A 1073.3 1226.3 191.4Sep-07 1401.0 1401.0 1230.0 1247.5 15487.0 1479.0 1241.4 1298.5 1194.0 1059.5 N/A 1060.0 1239.1 195.2Oct-07 1302.0 1343.5 1243.0 1305.5 14081.0 1408.0 1215.2 1239.0 1171.0 984.3 N/A 978.0 1195.2 193.8Nov-07 1341.0 1356.5 1286.0 1223.0 7645.0 1304.0 1232.2 1252.5 1221.0 967.4 N/A 986.9 1204.4 196.8Dec-07 1368.0 1374.0 1283.0 1216.0 10272.0 1169.0 1218.1 1231.5 1208.5 960.0 N/A 957.5 1199.9 197.2Jan-08 1332.0 1332.0 1273.5 1297.5 9483.0 1125.0 1209.6 1234.5 1184.0 929.4 N/A 972.1 1211.7 196.7Feb-08 1324.0 1335.0 1261.0 1319.5 6589.0 767.0 1217.1 1256.0 1192.0 940.0 N/A 991.7 1216.2 198.4Mar-08 1383.0 1485.0 1372.0 1482.0 7769.0 629.0 1338.3 1408.0 1258.5 1051.7 N/A 1113.0 1339.2 201.3Apr-08 1525.0 1578.0 1495.0 1574.5 7354.0 498.0 1431.9 1493.5 1400.0 1159.2 N/A 1243.7 1429.2 203.8May-08 1613.5 1643.0 1493.0 1512.5 10289.0 1208.0 1455.2 1497.5 1414.0 1150.2 N/A 1230.4 1463.3 203.1Jun-08 1614.0 1628.0 1555.0 1583.5 12733.0 1489.0 1477.5 1514.5 1455.5 1187.1 N/A 1245.0 1487.0 206.6Jul-08 1550.0 1550.0 1420.0 1466.0 11265.0 1507.0 1403.7 1448.0 1364.0 1230.7 N/A 1254.3 1489.1 206.6

Aug-08 1620.0 1649.0 1533.0 1542.5 11749.0 1102.0 1538.9 1564.5 1512.5 1286.7 N/A 1304.3 1540.5 207.0Sep-08 1617.0 1640.0 1581.0 1584.0 9008.0 767.0 1548.9 1590.5 1518.5 1248.5 N/A 1302.2 1546.0 207.6Oct-08 1675.0 1679.5 1557.5 1571.0 5372.0 607.0 1560.9 1582.0 1540.5 1266.1 N/A 1276.0 1559.2 207.3Nov-08 1620.0 1643.0 1580.0 1596.5 5178.0 664.0 1552.6 1571.0 1529.5 1282.5 N/A 1305.6 1559.1 207.3Dec-08 1632.0 1810.0 1625.0 1798.0 6393.0 957.0 1618.8 1787.5 1570.0 1384.8 N/A 1342.1 1655.8 207.3Jan-09 1904.0 2017.0 1895.0 1995.5 11376.0 950.0 1925.2 1970.5 1836.0 1705.3 N/A N/A 1972.4 207.3Feb-09 2090.0 2093.0 2003.5 2041.0 7088.0 1062.0 1979.5 2015.0 1961.5 1784.6 N/A N/A 2035.9 207.3Mar-09 2133.0 2248.0 2128.0 2219.5 9576.0 868.0 2137.6 2197.0 2036.0 1897.5 N/A N/A 2185.3 207.3

Source: MCX, Agmarknet & Ministry of Commerce and Industry Âggregate volume in all contracts during the month; ^^Cumulative open interest in all contracts at the end of month.N/A-Not Available

Monthly MCX Futures Prices (Rs/qtl) MCX Spot (Rs/qtl) Kolkata Other markets monthly average spot prices (Rs/qtl)


World 2004/05 2005/06 2006/07 2007/08 2008/09

Production 331.21 319.86 299.33 309.34 NA

Imports 9.09 9.11 9.57 10.30 NA

Exports 9.05 8.93 9.74 10.50 NA

India

Production 26.34 26.88 27.02 30.44 31.46

Exports 0.006 0.007 0.009 0.008 0.017


Potato Agra - 0.94% 2.78% 1.06% -

Tarkeshwar - 1.21% 7.21% 3.20% -

Source: FAOSTAT, India’s imports are negligible; Indian production & exports data are sourced from

National Horticulture Research & Development Foundation

Potato

Country 2004/05 2005/06 2006/07 2007/08

China 72.25 70.91 54.07 56.19

Russia 35.91 37.28 38.57 36.78

Ukraine 20.75 19.46 19.47 19.10

United States 20.68 19.23 19.71 20.37

Others 158.53 149.35 143.60 154.78

World Total 331.21 319.86 299.33 309.34

Source: FAOSTAT

Global Yearly Production Sheets (In Mn Tonnes)Major potato producing countries

39%

27%

7%

5%

22%

43%

22%

7%

5%

23%

Statewise Potato Production in India

Uttar Pradesh

West Bengal

Bihar

Gujarat

Others

2007-08

2008-09

Source: NHRDF

Global and Indian production, imports and exports of potato (in Mn tonnes)


Potato Prices

Apr-04 NT NT NT NT NT NT NT NT NT NT NT NT NA NA NA NA NA NA 340.6 394.6 319.4 434.2 437.2 128.2May-04 NT NT NT NT NT NT NT NT NT NT NT NT NA NA NA NA NA NA 462.7 447.1 412.3 480.0 498.8 163.1Jun-04 NT NT NT NT NT NT NT NT NT NT NT NT NA NA NA NA NA NA 463.0 433.3 425.9 499.0 510.0 184.7Jul-04 NT NT NT NT NT NT NT NT NT NT NT NT NA NA NA NA NA NA 488.2 461.1 430.4 520.0 527.0 183.0Aug-04 NT NT NT NT NT NT NT NT NT NT NT NT NA NA NA NA NA NA 510.8 500.0 489.8 591.5 647.7 200.6Sep-04 NT NT NT NT NT NT NT NT NT NT NT NT NA NA NA NA NA NA 557.1 493.4 505.8 522.8 521.4 223.0Oct-04 NT NT NT NT NT NT NT NT NT NT NT NT NA NA NA NA NA NA 540.6 481.3 465.8 513.3 563.4 229.1Nov-04 NT NT NT NT NT NT NT NT NT NT NT NT NA NA NA NA NA NA 483.3 425.0 315.3 NA 499.8 191.5Dec-04 NT NT NT NT NT NT NT NT NT NT NT NT NA NA NA NA NA NA 312.5 209.1 195.8 NA 350.0 126.7Jan-05 NT NT NT NT NT NT NT NT NT NT NT NT NA NA NA NA NA NA 332.5 239.6 199.3 417.1 388.9 127.7Feb-05 NT NT NT NT NT NT NT NT NT NT NT NT NA NA NA NA NA NA 297.1 272.9 210.5 391.5 370.6 138.3Mar-05 NT NT NT NT NT NT NT NT NT NT NT NT NA NA NA NA NA NA 259.6 294.4 257.7 363.4 361.5 141.5Apr-05 NT NT NT NT NT NT NT NT NT NT NT NT NA NA NA NA NA NA 353.6 426.9 345.3 422.8 463.2 174.2May-05 NT NT NT NT NT NT NT NT NT NT NT NT NA NA NA NA NA NA 415.0 448.2 412.1 515.0 578.4 192.1Jun-05 NT NT NT NT NT NT NT NT NT NT NT NT NA NA NA NA NA NA 445.3 460.0 399.8 565.1 573.3 194.7Jul-05 NT NT NT NT NT NT NT NT NT NT NT NT NA NA NA NA NA NA 445.8 480.0 409.1 586.0 560.2 201.2Aug-05 NT NT NT NT NT NT NT NT NT NT NT NT NA NA NA NA NA NA 469.0 453.1 382.4 540.8 519.7 198.4Sep-05 NT NT NT NT NT NT NT NT NT NT NT NT NA NA NA NA NA NA 425.4 403.1 386.8 423.0 383.3 193.8Oct-05 NT NT NT NT NT NT NT NT NT NT NT NT NA NA NA NA NA NA 481.8 455.0 466.4 492.5 474.1 196.2Nov-05 NT NT NT NT NT NT NT NT NT NT NT NT NA NA NA NA NA NA 823.1 675.0 753.1 533.3 583.1 238.1Dec-05 NT NT NT NT NT NT NT NT NT NT NT NT NA NA NA NA NA NA 576.9 625.0 592.9 735.7 803.1 232.9Jan-06 NT NT NT NT NT NT NT NT NT NT NT NT NA NA NA NA NA NA 420.0 500.0 429.1 769.9 743.7 200.3Feb-06 NT NT NT NT NT NT NT NT NT NT NT NT NA NA NA NA NA NA 425.0 512.5 433.3 584.2 638.5 178.6Mar-06 642.0 757.0 612.0 662.0 26682 1192 NT NT NT NT NT NT 655.6 670.5 617.9 NA NA NA 437.5 512.5 461.1 526.8 577.5 194.2Apr-06 668.0 675.0 576.2 586.1 28061 2887 NT NT NT NT NT NT 584.5 624.0 561.5 NA NA NA 451.8 587.5 487.9 489.6 581.3 192.7May-06 586.1 642.8 551.0 553.0 68644 4760 NT NT NT NT NT NT 555.6 567.7 541.1 NA NA NA 475.0 609.4 508.6 578.2 647.1 202.4Jun-06 552.5 584.0 533.3 549.6 44662 4738 NT NT NT NT NT NT 542.6 549.2 538.0 NA NA NA 532.5 579.6 505.3 585.4 671.7 244.4Jul-06 547.0 556.4 522.1 539.4 40902 5619 NT NT NT NT NT NT 543.4 549.8 537.8 NA NA NA 552.1 602.8 510.7 663.3 683.6 255.1Aug-06 536.1 613.8 536.1 592.0 95004 3963 NT NT NT NT NT NT 560.6 576.0 541.5 NA NA NA 559.6 606.3 561.4 598.0 611.3 262.4Sep-06 595.5 765.3 592.5 732.1 57589 2119 499.0 538.0 499.1 517.4 15023 350 664.7 725.9 592.6 464.3 475.6 449.5 583.3 670.0 658.7 579.8 587.5 293.8Oct-06 735.0 756.3 546.4 580.6 9069 547 513.7 578.8 485.5 542.4 13525 895 752.0 888.9 720.2 481.8 503.7 463.8 664.3 844.4 773.1 612.1 595.5 325.7Nov-06 575.0 575.0 512.5 528.4 15484 1340 540.1 542.9 464.9 474.9 11756 495 NA NA NA 463.5 494.6 424.0 650.0 675.0 625.1 627.0 561.0 314.3Dec-06 528.2 538.5 497.0 500.8 11811 1420 443.8 499.0 372.4 385.3 12063 757 NA NA NA NA NA NA 331.3 325.0 394.5 658.5 664.1 209.8Jan-07 501.9 521.0 455.1 518.3 24980 2439 361.0 394.4 356.1 391.9 14899 1740 NA NA NA NA NA NA 258.3 352.8 266.3 590.8 599.7 166.3Feb-07 510.6 635.0 488.0 626.5 82971 3326 392.8 580.0 379.0 568.4 37916 1021 610.6 615.0 605.6 558.4 564.7 548.7 373.1 434.6 343.1 588.7 577.8 162.7Mar-07 632.0 682.0 552.0 561.9 140509 3685 572.0 673.7 540.0 585.9 80392 1270 597.4 651.6 516.5 603.0 626.1 577.5 403.6 526.9 378.3 557.7 653.5 190.2Apr-07 564.0 616.5 552.1 593.8 44993 2706 588.0 611.7 558.1 604.6 7725 943 541.0 552.7 508.8 576.0 600.4 545.0 393.1 600.6 404.0 560.6 715.0 202.7May-07 594.4 611.3 563.7 594.2 25509 2222 607.5 652.0 587.5 625.6 19515 871 554.8 561.2 552.7 604.1 631.0 585.9 479.4 611.7 422.0 622.4 780.7 227.4Jun-07 592.6 639.0 561.0 638.4 19119 1533 625.9 701.8 621.5 692.3 6813 705 580.3 603.9 562.6 619.5 648.9 593.3 640.8 700.0 536.4 719.7 861.4 257.5Jul-07 639.0 675.0 609.0 644.5 35138 2059 691.0 711.9 655.4 673.6 7535 735 619.8 627.0 604.2 640.0 658.8 631.4 713.5 702.6 570.4 750.0 900.0 279.2Aug-07 643.0 659.6 617.2 628.6 28411 1893 670.5 685.0 641.5 665.7 4796 719 624.6 628.3 619.8 631.8 639.3 624.8 758.3 733.3 593.4 748.8 852.5 289.5Sep-07 629.2 660.0 587.2 633.7 11990 1017 665.5 673.0 633.1 655.8 2546 674 623.1 630.1 619.0 625.6 636.2 621.2 718.1 746.2 609.3 713.3 847.8 291.3Oct-07 636.3 673.4 506.7 514.0 5176 403 651.0 654.9 613.0 643.9 3206 667 638.2 641.5 630.7 613.1 643.2 308.5 713.2 800.0 678.1 760.5 953.3 296.3Nov-07 511.0 529.0 488.0 512.9 1424 509 646.0 677.0 419.0 434.7 2007 298 NA NA NA 642.7 647.9 639.1 723.6 790.9 614.2 815.5 658.0 285.4Dec-07 510.0 547.0 505.5 516.9 2503 582 431.5 465.0 431.0 445.6 698 292 NA NA NA NA NA NA 544.6 507.5 519.4 836.7 824.5 260.2Jan-08 522.0 601.5 520.0 588.6 7324 922 446.2 551.5 446.2 530.9 2305 481 NA NA NA NA NA NA 476.6 408.3 414.0 618.3 626.6 246.7Feb-08 586.2 656.5 584.0 650.0 6541 1118 525.0 562.0 522.0 536.5 2520 689 NA NA NA NA NA NA 429.7 477.5 410.0 572.2 579.4 216.6Mar-08 648.0 660.8 486.7 492.6 14421 1493 534.9 538.0 318.9 322.9 6612 1263 557.2 643.2 489.9 379.7 454.5 340.9 443.4 434.6 375.5 496.1 883.7 226.1Apr-08 490.1 510.0 472.0 488.2 8998 1537 316.0 376.0 272.0 348.8 8524 1451 481.8 489.4 473.1 285.4 306.8 262.1 433.9 411.4 293.8 401.8 478.1 214.9May-08 488.2 496.7 482.7 485.8 1071 1466 348.8 358.3 340.5 342.1 1071 1541 460.9 474.2 444.5 311.3 338.9 287.3 423.5 463.6 311.6 428.8 540.7 214.1Jun-08 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 427.4 444.3 393.5 264.6 284.3 246.8 472.2 NA 324.3 490.4 560.3 211.3Jul-08 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 372.5 392.9 340.7 249.5 267.5 231.0 456.3 383.3 270.0 597.0 517.3 231.0Aug-08 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 356.1 383.2 344.6 224.7 242.2 215.7 464.7 392.3 261.7 566.7 530.5 237.3Sep-08 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 399.8 409.0 386.8 225.4 228.7 222.5 475.0 403.9 321.1 577.9 545.9 241.4Oct-08 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 392.9 407.0 384.0 225.8 241.8 213.5 438.6 400.0 328.3 641.7 454.4 243.6Nov-08 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 356.6 390.5 317.0 232.5 251.6 213.5 454.2 354.2 253.3 668.5 472.1 240.9Dec-08 439.7 546.0 432.1 511.3 654 146 270.4 453.0 270.4 418.5 124 75 321.8 325.0 320.0 240.6 249.6 235.6 394.6 341.7 198.2 662.8 401.4 195.8Jan-09 512.0 622.4 510.1 601.0 2045 496 420.1 591.7 419.5 586.5 1258 314 NA NA NA NA NA NA 333.3 254.2 231.7 634.5 528.0 177.0Feb-09 603.6 641.0 582.7 636.1 4486 1153 575.0 715.0 575.0 709.6 3087 457 599.6 599.6 599.6 687.8 687.8 687.8 321.2 265.4 281.1 534.6 487.5 178.1Mar-09 642.0 720.0 618.2 718.4 16089 2175 711.1 790.0 694.1 788.7 6885 394 636.3 672.7 601.3 718.5 774.4 648.3 403.6 393.2 444.6 520.0 591.6 201.9

Monthly MCX Futures Prices (Rs/qtl) Agra

Open High Low CloseVolume in lots^


Monthly MCX Futures Prices (Rs/qtl) Tarkeshwar

Open High Low CloseVolume in lots^

O Iin lots^^

MCX Spot (Rs/qtl) AgraMonthly Average

Month’s High

Month’s Low

MCX Spot (Rs/qtl)TarkeshwarMonthly Average

Month’s High

Month’s Low

Other markets monthly average spot prices (Rs/qtl)

Ajmer Bikaner Jaipur Belgaum Dharwad WPI



Natural Rubber 2004/05 2005/06 2006/07 2007/08 (E) 2008/09 (P)

Production 749,665 802,625 852,895 825,345 864,000

Consumption 755,405 801,110 820,305 861,455 865,000

Ending stocks 88,940 93,095 99,991 143,523 167,600

Imports 72,835 45,285 89,799 86,394 79,927

Exports 46,150 73,830 56,545 60,353 45,538

Volatility 0.83% 0.97% 1.21% 1.15% 2.01%

TOCOM price (Rs/qtl) 5,778.46 7,477.14 9,702.08 9,526.58 10,258.81

Indian Price (Rs/qtl) 5,575.94 6,682.41 9,202.29 90,88.57 10,103.1

Source: AgmarkNet, Economic Survey 2008-09P- Provisional, E-Estimates

Rubber

4500

5700

6900

8100

9300

10500

680000

700000

720000

740000

760000

780000

800000

820000

840000

860000

880000

2004 -05 2005 -06 2006 -07 2007 -08 2008 -09 e

Rubber Production, Consumption & Prices

Production Consumption Rss-4 Kottayam prices (RHS)

Source: Economic Survey 2008 - 09, Agmarknet

in tons Rs/qntl

International Exchanges

Closing Price (Yen/kg) Volume in lots^ Open Interest in lots^Âpr-04 142.70 169,301.00 42,336.00 May-04 153.20 132,653.00 33,590.00 Jun-04 158.90 121,575.00 34,969.00 Jul-04 141.40 160,042.00 36,543.00

Aug-04 137.90 107,624.00 35,841.00 Sep-04 140.50 101,455.00 29,956.00 Oct-04 135.60 104,979.00 28,668.00 Nov-04 123.00 124,694.00 35,683.00 Dec-04 125.30 119,076.00 22,075.00 Jan-05 130.00 218,578.00 41,815.00 Feb-05 135.00 451,437.00 53,285.00 Mar-05 144.70 343,609.00 63,115.00 Apr-05 138.10 458,788.00 64,619.00 May-05 153.50 353,460.00 63,371.00 Jun-05 173.20 470,822.00 70,169.00 Jul-05 204.60 1,014,655.00 104,137.00

Aug-05 177.10 1,059,311.00 87,412.00 Sep-05 190.60 669,308.00 94,645.00 Oct-05 186.10 785,803.00 97,377.00 Nov-05 190.80 610,378.00 95,374.00 Dec-05 205.00 720,076.00 81,683.00 Jan-06 251.40 799,465.00 94,029.00 Feb-06 246.50 1,049,677.00 82,700.00 Mar-06 250.10 742,443.00 80,155.00 Apr-06 242.10 543,428.00 64,854.00 May-06 307.20 909,052.00 76,383.00 Jun-06 322.90 1,099,210.00 64,768.00 Jul-06 278.60 780,079.00 16,132.00

Aug-06 230.50 728,756.00 53,082.00 Sep-06 208.30 867,923.00 48,345.00 Oct-06 208.40 777,801.00 49,847.00 Nov-06 188.10 536,706.00 49,663.00 Dec-06 239.20 748,253.00 52,821.00 Jan-07 275.00 760,361.00 55,921.00 Feb-07 260.20 743,497.00 55,797.00 Mar-07 274.00 719,804.00 51,731.00 Apr-07 266.60 609,519.00 48,276.00 May-07 284.10 605,962.00 53,906.00 Jun-07 257.10 683,104.00 48,428.00 Jul-07 260.30 662,162.00 54,142.00

Aug-07 248.60 486,623.00 46,338.00 Sep-07 255.80 346,079.00 44,312.00 Oct-07 278.40 376,156.00 47,570.00 Nov-07 258.30 431,433.00 36,574.00 Dec-07 294.20 288,746.00 38,147.00 Jan-08 282.00 331,672.00 33,820.00 Feb-08 292.50 545,876.00 50,406.00 Mar-08 277.80 491,985.00 38,788.00 Apr-08 297.80 393,003.00 44,400.00 May-08 312.20 484,445.00 47,365.00 Jun-08 340.40 643,926.00 51,635.00 Jul-08 336.40 487,494.00 46,373.00

Aug-08 342.80 435,425.00 40,613.00 Sep-08 262.70 363,528.00 41,041.00 Oct-08 169.70 537,697.00 32,350.00 Nov-08 125.80 353,015.00 30,824.00 Dec-08 135.00 403,148.00 34,574.00 Jan-09 130.10 349,022.00 28,088.00 Feb-09 133.30 289,620.00 29,503.00 Mar-09 148.00 237,447.00 28,267.00

Source: Exchanges' websitesÂggregate volume in all contracts during the month^^Cumulative open interest in all contracts at the end of month.

TOCOMIndian Fundamentals for Rubber (tonnes)


Rubber Prices

Month Open High Low Close Volume in lots^ Open Interest in lots^^ Monthly Average Month’s High Month’s Low WPI of RubberApr-04 5,675.00 5,675.00 5,675.00 5,750.00 2.00 N/A N/A N/A N/A 5,796.88 194.60May-04 5,900.00 6,010.00 5,900.00 5,993.00 540.00 N/A N/A N/A N/A 5,873.53 201.20Jun-04 6,120.00 6,745.00 6,120.00 6,715.00 426.00 1.00 N/A N/A N/A 6,336.36 216.20Jul-04 6,700.00 7,240.00 5,670.00 5,795.00 2,176.00 7.00 N/A N/A N/A 6,580.68 222.10

Aug-04 5,565.00 5,940.00 5,100.00 5,450.00 5,710.00 8.00 N/A N/A N/A 5,573.53 189.80Sep-04 5,375.00 5,425.00 5,050.00 5,344.00 4,449.00 4.00 5,157.14 5,200.00 5,050.00 5,147.22 176.80Oct-04 5,300.00 5,582.00 5,073.00 5,450.00 740.00 4.00 5,291.66 5,425.00 5,150.00 5,267.11 179.00Nov-04 5,325.00 5,450.00 5,120.00 5,238.00 57.00 N/A 5,216.66 5,350.00 5,050.00 5,215.00 178.70Dec-04 5,081.00 5,550.00 5,081.00 5,533.00 2,557.00 37.00 5,190.76 5,450.00 5,000.00 5,206.82 180.70Jan-05 5,530.00 5,555.00 5,090.00 5,256.00 11,440.00 104.00 5,323.00 5,475.00 5,200.00 5,313.24 181.40Feb-05 5,235.00 5,400.00 5,000.00 5,302.00 14,759.00 246.00 5,149.50 5,300.00 5,075.00 5,160.94 176.30Mar-05 5,251.00 5,990.00 5,200.00 5,900.00 24,914.00 209.00 5,468.75 5,650.00 5,300.00 5,440.00 187.50Apr-05 5,850.00 6,100.00 5,650.00 5,908.00 20,307.00 167.00 5,845.84 6,000.00 5,650.00 5,833.93 198.60May-05 5,860.00 6,440.00 5,860.00 6,304.00 10,008.00 149.00 6,236.07 6,475.00 5,930.00 6,193.75 214.20Jun-05 6,280.00 6,450.00 5,940.00 6,099.00 14,915.00 115.00 6,185.53 6,425.00 5,975.00 6,160.00 211.40Jul-05 6,100.00 7,250.00 6,050.00 6,905.00 15,323.00 317.00 6,579.76 7,025.00 6,069.00 6,509.38 223.40

Aug-05 7,000.00 7,020.00 5,550.00 5,935.00 24,795.00 225.00 6,071.57 6,850.00 5,550.00 5,973.61 204.30Sep-05 5,850.00 6,485.00 5,802.00 6,316.00 25,697.00 525.00 6,078.36 6,405.00 5,800.00 6,060.94 203.20Oct-05 6,275.00 6,900.00 6,275.00 6,700.00 10,910.00 439.00 6,594.69 6,890.00 6,350.00 6,546.05 222.70Nov-05 6780.00 6875.00 6250.00 6557.00 7,509.00 344.00 6,599.96 6,841.00 6,329.00 6,533.82 222.20Dec-05 6,775.00 7,350.00 6,775.00 7,155.00 445.00 132.00 6,960.70 7,209.00 6,587.00 6,897.50 234.70Jan-06 7,100.00 8,217.00 6,950.00 8,168.00 657.00 101.00 7,400.44 8,013.00 7,019.00 7,366.25 253.70Feb-06 8,285.00 8,478.00 7,500.00 7,752.00 6,113.00 136.00 8,069.58 8,321.00 7,834.00 8,031.58 276.90Mar-06 7,950.00 8,475.00 7,800.00 8,475.00 2,434.00 69.00 8,088.07 8,394.00 7,843.00 8,082.14 277.10Apr-06 8,475.00 9,300.00 8,405.00 9,167.00 83.00 6.00 8,671.54 9,051.00 8,370.00 8,652.94 296.10May-06 9,167.00 11,536.00 9,167.00 11,075.00 60.00 8.00 9,910.77 11,419.00 9,010.00 9,841.00 328.50Jun-06 11,000.00 11,120.00 10,384.00 10,625.00 125.00 24.00 10,711.15 11,050.00 10,478.00 10,691.67 358.60Jul-06 10,675.00 10,920.00 8,870.00 9,225.00 154.00 3.00 9,806.68 10,685.00 8,870.00 9,821.15 344.00

Aug-06 9,225.00 9,510.00 8,763.00 8,763.00 92.00 4.00 9,199.38 9,510.00 8,700.00 9,181.73 317.80Sep-06 8,700.00 8,710.00 7,850.00 7,850.00 100.00 1.00 8,221.57 8,806.00 7,800.00 8,169.00 281.60Oct-06 7,850.00 9,146.00 7,850.00 8,905.00 871.00 8.00 8,753.80 9,301.00 7,865.00 8,685.71 299.10Nov-06 9,000.00 9,048.00 7,182.00 7,931.00 12,848.00 667.00 8,277.50 9,153.00 7,600.00 8,225.00 285.60Dec-06 7,950.00 9,400.00 7,540.00 9,250.00 30,014.00 1,255.00 8,673.80 9,518.00 7,659.00 8,614.58 290.60Jan-07 10,060.00 10,606.00 9,852.00 10,479.00 20,066.00 1,519.00 9,785.00 10,170.00 9,530.00 9,716.35 324.60Feb-07 10,529.00 10,529.00 9,021.00 9,219.00 7,914.00 1,165.00 9,786.83 10,129.00 9,431.00 9,757.29 334.60Mar-07 9,162.00 9,575.00 8,191.00 9,258.00 6,130.00 670.00 9,037.23 9,440.00 8,668.00 9,071.00 313.00Apr-07 9,260.00 9,495.00 8,285.00 8,416.00 3,057.00 544.00 8,994.08 9,486.00 8,293.00 8,979.17 306.90May-07 8,485.00 9,290.00 8,189.00 8,742.00 2,987.00 479.00 8,713.81 9,206.00 8,247.00 8,685.19 300.00Jun-07 8,770.00 8,770.00 7,476.00 7,617.00 3,303.00 557.00 8,099.07 8,705.00 7,445.00 8,093.27 279.20Jul-07 7,472.00 8,682.00 7,369.00 8,674.00 4,061.00 570.00 7,966.00 8,744.00 7,284.00 7,943.27 275.30

Aug-07 8,650.00 9,499.00 7,925.00 8,752.00 4,244.00 397.00 8,779.51 9,285.00 8,033.00 8,742.39 294.00Sep-07 8,764.00 9,050.00 8,450.00 8,984.00 1,976.00 217.00 8,882.00 9,096.00 8,696.00 8,856.00 302.50Oct-07 8,985.00 10,200.00 8,760.00 9,838.00 1,412.00 128.00 9,510.15 10,042.00 8,938.00 9,423.96 326.60Nov-07 9,900.00 10,250.00 9,350.00 9,533.00 583.00 100.00 9,681.28 10,017.00 9,323.00 9,603.00 333.40Dec-07 9,391.00 9,698.00 9,222.00 9,625.00 303.00 130.00 9,255.88 9,450.00 9,104.00 9,221.00 316.60Jan-08 9,640.00 9,747.00 9,260.00 9,339.00 262.00 109.00 9,465.65 9,584.00 9,308.00 9,440.63 325.40Feb-08 9,434.00 10,195.00 9,385.00 10,177.00 304.00 99.00 9,714.84 10,088.00 9,393.00 9,717.50 330.80Mar-08 10,177.00 10,550.00 9,899.00 9,899.00 233.00 53.00 10,114.25 10,145.00 10,085.00 10,357.50 355.70Apr-08 9,899.00 11,503.00 9,899.00 11,241.00 226.00 72.00 10,984.92 11,887.00 10,104.00 10,963.10 375.10May-08 11,241.00 11,667.00 11,241.00 11,658.00 75.00 73.00 12,287.31 13,600.00 11,573.00 12,259.52 414.20Jun-08 N/T N/T N/T N/T N/T N/T 12,764.48 13,106.00 12,440.00 12,712.50 434.80Jul-08 N/T N/T N/T N/T N/T N/T 13,373.44 14,114.00 12,971.00 13,348.86 454.40

Aug-08 N/T N/T N/T N/T N/T N/T 13,871.52 14,296.00 13,454.00 13,773.68 474.70Sep-08 N/T N/T N/T N/T N/T N/T 13,612.76 14,150.00 11,400.00 13,533.33 476.70Oct-08 N/T N/T N/T N/T N/T N/T 9,143.44 11,513.00 8,100.00 8,959.52 323.70Nov-08 N/T N/T N/T N/T N/T N/T 7,691.00 8,900.00 6,000.00 7,688.75 269.00Dec-08 6,100.00 7,653.00 5,806.00 7,450.00 268.00 41.00 6,525.92 7,428.00 5,914.00 6,502.27 219.10Jan-09 7,670.00 7,673.00 6,596.00 6,998.00 102.00 57.00 7,079.85 7,487.00 6,679.00 7,029.76 242.20Feb-09 6,998.00 7,059.00 6,720.00 6,890.00 36.00 38.00 6,921.25 7,215.00 6,754.00 6,900.00 236.40Mar-09 6,850.00 8,490.00 6,850.00 8,490.00 45.00 9.00 7,626.56 8,533.00 6,996.00 7,565.91 258.50

Source: MCX, AgmarkNet, Ministry of Commerce & IndustryTrading suspended from May 7, 08 to Dec 3, 08N/T-Not Traded, N/A-Not AvailableÂggregate volume in all contracts during the month; ^^Cumulative open interest in all contracts at the end of month.

Monthly MCX Futures Prices (Rs/qtl) MCX monthly spot prices (Rs/qtl) Kottayam Average Prices of Rubber (RSS-4) (Kottayam market) Rs./qtl


Mentha Oil - India 2004/05 2005/06 2006/07e 2007/08e 2008/09e

Production (tonnes) 14,000 22,000 25,000 33,000 32,000

Exports (tonnes) 11,143 14,544 16,250 21,100 20,500

Average daily volatility of MCX spot prices Sambhal market - 2.39% 3.53% 0.98% -

Source: Indian Spices Board, MCX & Industry sources for production.e - estimates

Mentha oil Futures and spot prices of Mentha oil at MCX

Apr-04 N/T N/T N/T N/T N/T N/T N/T N/T N/TMay-04 N/T N/T N/T N/T N/T N/T N/T N/T N/TJun-04 N/T N/T N/T N/T N/T N/T N/T N/T N/TJul-04 N/T N/T N/T N/T N/T N/T N/T N/T N/TAug-04 N/T N/T N/T N/T N/T N/T N/T N/T N/TSep-04 N/T N/T N/T N/T N/T N/T N/T N/T N/TOct-04 N/T N/T N/T N/T N/T N/T N/T N/T N/TNov-04 N/T N/T N/T N/T N/T N/T N/T N/T N/TDec-04 N/T N/T N/T N/T N/T N/T N/T N/T N/TJan-05 N/T N/T N/T N/T N/T N/T N/T N/T N/TFeb-05 N/T N/T N/T N/T N/T N/T N/T N/T N/TMar-05 N/T N/T N/T N/T N/T N/T N/T N/T N/TApr-05 358.00 358.00 343.20 343.80 1107 86 372.75 374.40 368.40May-05 347.00 367.90 342.00 360.70 12038 262 381.17 385.60 376.00Jun-05 358.00 502.00 355.50 451.60 16660 442 410.23 460.80 366.20Jul-05 478.00 583.00 475.10 536.60 41892 1052 483.41 546.20 459.70Aug-05 587.90 596.90 436.10 451.20 82437 3649 489.37 531.80 447.20Sep-05 479.00 515.00 388.00 425.10 118053 5023 431.49 468.20 400.30Oct-05 422.20 446.00 416.60 437.60 77373 4141 428.21 440.00 415.00Nov-05 446.20 563.00 441.80 497.30 161688 4918 477.08 511.10 434.20Dec-05 535.50 849.00 533.50 733.60 371835 6731 606.54 761.40 509.20Jan-06 654.60 659.70 647.20 649.30 308428 13447 723.15 780.80 624.10Feb-06 742.60 794.80 430.50 446.00 359277 18565 595.90 686.60 478.30Mar-06 452.20 452.50 370.00 426.80 192699 14938 457.46 475.40 434.80Apr-06 426.80 464.90 423.90 438.20 84834 9347 477.51 491.50 451.40May-06 441.40 534.40 419.00 452.20 102777 6779 488.80 510.30 465.40Jun-06 460.00 510.50 411.00 510.50 109564 5313 464.59 511.00 429.00Jul-06 513.00 594.90 513.00 547.90 208836 6498 547.52 570.20 505.10Aug-06 558.60 588.90 542.00 550.10 84591 6264 552.12 560.00 534.50Sep-06 571.80 743.50 571.70 706.20 320442 6784 664.12 725.70 563.60Oct-06 733.90 737.80 631.90 646.80 193166 8607 674.36 701.60 652.80Nov-06 664.00 692.30 578.60 654.10 238784 8769 646.81 695.80 593.00Dec-06 672.10 682.40 583.00 596.70 224832 9025 664.87 941.80 639.40Jan-07 584.90 586.40 516.00 571.90 230527 6403 612.74 641.10 596.10Feb-07 575.00 614.40 556.50 561.30 124854 4492 606.67 615.40 596.20Mar-07 575.00 578.80 526.00 550.30 92361 5071 580.88 603.00 554.70Apr-07 558.50 637.00 557.00 633.60 92450 4310 588.33 608.20 560.90May-07 584.20 601.50 480.00 487.40 41988 3185 576.89 593.90 508.00Jun-07 500.00 569.20 487.30 558.20 46059 3307 519.45 530.70 504.80Jul-07 510.00 520.40 482.20 504.90 30499 2361 506.46 519.10 484.20Aug-07 515.10 556.50 510.70 522.60 44321 3575 534.04 547.10 513.40Sep-07 534.50 540.70 481.00 488.90 40186 5957 525.15 539.30 506.80Oct-07 502.10 517.00 465.00 479.60 31074 5313 517.72 526.30 512.40Nov-07 488.20 491.70 422.50 448.30 22061 4520 494.18 516.90 479.70Dec-07 441.50 456.20 415.10 420.50 20369 3125 490.89 499.40 478.70Jan-08 429.20 456.80 421.10 442.20 38471 2404 493.80 511.00 481.00Feb-08 448.20 464.00 417.50 423.50 51737 1881 504.58 512.40 497.20Mar-08 423.00 459.90 414.00 435.30 32690 1726 497.37 510.50 477.10Apr-08 439.50 449.10 431.20 437.80 3491 1017 499.99 504.60 496.90May-08 443.00 487.00 443.00 448.00 8173 976 513.54 520.40 501.60Jun-08 458.50 537.20 449.80 524.00 18170 1818 525.54 564.80 497.80Jul-08 532.00 775.90 528.50 689.10 73301 3725 704.02 791.90 549.80Aug-08 700.00 700.00 608.00 621.40 44356 4922 648.66 703.60 622.60Sep-08 627.50 634.40 564.00 586.40 35041 5446 625.35 641.40 612.30Oct-08 601.40 610.00 464.00 497.70 30086 5710 591.01 619.60 562.30Nov-08 517.00 529.90 446.00 506.90 34368 5557 540.83 566.80 497.80Dec-08 521.00 619.00 506.50 537.60 55139 5352 594.63 637.10 554.70Jan-09 546.00 578.90 518.00 523.90 35485 3082 588.08 614.80 573.20Feb-09 537.00 541.00 497.20 517.00 15937 2741 563.52 572.20 550.70Mar-09 522.70 603.90 521.50 550.90 24443 2814 588.85 611.30 575.90Source: MCX , N/T-Not traded, N/A-Not availableÂggregate volume in all contracts during the month; ^^Cumulative open interest in all contracts at the end of month.

Monthly MCX Futures Prices (Rs/Kg) MCX spot prices (Rs/Kg) SambhalOpen High Low Close Volume

in lotsÔpen Interest

in lots^^Monthly Average

Month's High

Month's Low

0

100

200

300

400

500

600

700

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

2004/05 2005/06 2006/07 2007/08 2008/09

Mentha Oil: Production, Exports & Prices

Production Exports Prices (RHS)

Rs/qntlin tonnes

Source: Spices Board, MCX & Industry Sources. Average Spot Prices of MCX for the month of March

Mentha Oil Fundamentals (in Tonnes)

Production of spices in India (2003-04 to 2006-07) in thousand tonnes

Turmeric Pepper Small Cardamom Red Chilli Cumin seed Total Spices

2003-04 587.13 65.00 11.58 1289.34 202.98 4221.00

2004-05 751.87 62.00 11.41 1376.58 176.06 4423.00

2005-06 867.07 50.00 12.54 1023.12 199.85 4182.0

2006-07 856.46 50.00 11.23 1325.27 176.51 4664.00Source : Spices Board, India

SPICES


Volatility 2004 2005 2006 2007 2008

Cardamom - - 3.33% 0.46% 1.27%

Cumin Seed - 0.82% 0.95% 0.94% 1.10%

Pepper 1.70% 0.94% 1.38% 1.27% 1.06%

Red Chilli 1.94% 2.39% 18.40% 1.74% 1.17%

Turmeric 2.08% 2.27% - 2.10% 1.05%

Source: MCX

SPICES

Item 2005-06 2006-07 2007-08 2008-09^

Item wise Exports of Spices from India (2005-06 to 2008-09) Quantity: ' 000 Tonne; Value: Rs. in Crore

Qty Value Qty Value Qty Value Qty Value

Pepper 17.36 150.95 28.75 306.20 35.00 519.50 35.00 520.00

Cardamom small 0.86 26.82 0.65 22.36 0.50 24.75 0.55 25.00

Chilli 11.317 403.01 148.50 807.75 209.00 1098.00 200.00 1000.00

Turmeric 46.40 152.86 51.50 164.80 49.25 157.00 50.00 160.00

Cumin 12.87 98.19 26.00 201.50 28.00 291.50 28.00 275.00

Others# 159.68 1795.81 118.35 2073.17 122.50 2345.80 121.45 2370.00

Total 350.36 2627.64 373.75 3575.78 444.25 4436.55 435.00 4350.00

#: Include Asafoetida, Cassia, Saffron, Tamarinda, Ajvanseed, Dill Seed, Poppy Seed, Aniseed, Ginger, vanilla, fennel, coriander oils and oleoresins Etc.Note: ^ estimated. Source: Spices Board, India.

Item-wise import of spices into India (qty. In thousand tonnes & value in Rs. Lakhs)

Spices Qty Value Qty Value Qty Value Qty Value Qty Value

Pepper 14.34 9923.30 17.73 11610.45 16.87 10358.39 15.75 13642.17 13.50 19388.75

Cardamom(small) 0.06 136.77 0.35 393.72 0.43 432.40 0.62 570.42 0.87 868.00

Chilli 2.13 1224.43 0.68 300.71 0.93 444.09 1.25 803.11 0.47 361.00

Turmeric 3.00 841.29 1.61 702.25 4.02 1676.14 6.70 2391.19 4.65 1227.30

Cumin black/white 2.59 1479.90 1.13 631.58 0.90 624.05 1.00 878.66 2.00 1850.00

Other spices # 104.09 42,758.00 80.72 42,673.00 67.24 40,389.00 70.08 42,102.00 6850.00 40,855.00

Total 126.23 56363.72 102.24 56311.80 90.41 53923.56 95.40 60386.70 90.00 64550.00

Value (USD in million) 122.82 125.50 121.45 133.40 160.60

# include aniseed, asafoetida, cinnamon, pepper long, cambodge, herbal spices, ginger, cardamom large, coriander, etc

E=estimates. Source: DGCIS., Kolkata/Delhi

2003-04 2004-05 2005-06 2006-07 (E) 2007-08 (E)Item


Apr-04 N/T N/T N/T N/T N/T N/T N/T N/T N/T 136.2May-04 N/T N/T N/T N/T N/T N/T N/T N/T N/T 136.2Jun-04 N/T N/T N/T N/T N/T N/T N/T N/T N/T 137.8Jul-04 N/T N/T N/T N/T N/T N/T N/T N/T N/T 140.7Aug-04 N/T N/T N/T N/T N/T N/T N/T N/T N/T 136.2Sep-04 N/T N/T N/T N/T N/T N/T N/T N/T N/T 132.1Oct-04 N/T N/T N/T N/T N/T N/T N/T N/T N/T 134.5Nov-04 N/T N/T N/T N/T N/T N/T N/T N/T N/T 122.2Dec-04 N/T N/T N/T N/T N/T N/T N/T N/T N/T 121.6Jan-05 N/T N/T N/T N/T N/T N/T N/T N/T N/T 127.5Feb-05 N/T N/T N/T N/T N/T N/T N/T N/T N/T 126.6Mar-05 N/T N/T N/T N/T N/T N/T N/T N/T N/T 112.7Apr-05 N/T N/T N/T N/T N/T N/T N/T N/T N/T 108.6May-05 N/T N/T N/T N/T N/T N/T N/T N/T N/T 104.1Jun-05 N/T N/T N/T N/T N/T N/T N/T N/T N/T 109.8Jul-05 N/T N/T N/T N/T N/T N/T N/T N/T N/T 116.8Aug-05 N/T N/T N/T N/T N/T N/T N/T N/T N/T 111.6Sep-05 N/T N/T N/T N/T N/T N/T N/T N/T N/T 109.4Oct-05 N/T N/T N/T N/T N/T N/T N/T N/T N/T 112.6Nov-05 N/T N/T N/T N/T N/T N/T N/T N/T N/T 109.1Dec-05 N/T N/T N/T N/T N/T N/T N/T N/T N/T 105.8Jan-06 N/T N/T N/T N/T N/T N/T N/T N/T N/T 108.4Feb-06 288.0 296.8 262.5 277.2 1190 254 273.8 280.6 267.0 102.0Mar-06 277.0 279.8 259.5 272.1 13416 492 262.0 268.7 255.3 99.5Apr-06 272.0 276.0 229.0 233.1 15672 916 254.8 266.4 232.3 103.7May-06 233.1 265.0 206.1 244.4 21569 1862 240.4 324.1 229.4 106.0Jun-06 243.7 273.5 243.6 258.7 7034 1915 249.2 259.8 239.3 114.6Jul-06 259.7 354.0 255.0 337.1 11166 1447 255.5 281.6 245.9 115.0Aug-06 338.0 494.7 305.0 482.4 112243 4550 333.9 426.1 279.4 127.0Sep-06 481.1 638.0 465.0 527.0 192464 3440 469.0 500.0 409.2 126.8Oct-06 529.8 534.0 385.0 444.5 87695 1986 436.4 475.0 413.5 117.8Nov-06 443.0 450.0 348.0 391.0 55818 1822 375.3 407.5 354.0 115.6Dec-06 391.0 423.0 327.5 405.5 53890 2986 348.6 372.5 336.5 123.9Jan-07 406.5 449.0 362.0 444.1 103540 6294 384.6 399.0 373.5 134.7Feb-07 444.0 474.5 410.2 460.4 94541 5616 414.6 421.5 405.9 144.9Mar-07 458.6 498.0 395.8 484.0 68358 6487 418.9 435.7 412.2 141.6Apr-07 487.4 505.5 415.2 468.7 66021 5203 448.0 457.1 437.1 144.3May-07 467.9 514.8 466.0 478.7 43511 2619 464.7 474.2 454.3 138.1Jun-07 479.7 492.5 449.0 485.7 18558 1833 457.8 464.9 454.0 137.8Jul-07 486.2 573.9 463.6 523.6 39128 2275 478.3 491.3 466.8 141.4Aug-07 522.7 561.0 504.5 514.5 21418 981 479.8 484.0 473.5 139.3Sep-07 516.5 575.0 492.5 563.5 13791 1527 478.6 485.5 474.5 140.8Oct-07 563.0 592.5 458.0 511.5 15904 671 484.3 488.0 478.5 136.8Nov-07 513.5 605.5 484.5 591.0 11718 662 509.2 541.0 490.0 146.3Dec-07 589.5 643.5 560.0 640.0 10446 829 559.9 597.0 540.0 156.1Jan-08 639.5 718.0 629.0 688.0 18088 649 633.8 656.5 605.0 170.9Feb-08 689.0 723.5 684.5 692.5 12364 555 645.8 651.5 641.5 168.5Mar-08 694.0 709.5 551.0 617.5 8971 421 626.6 647.5 593.0 165.3Apr-08 612.5 687.5 599.0 627.0 4140 295 618.1 628.5 609.0 165.0May-08 627.0 698.5 604.0 692.0 4990 495 646.3 664.5 625.0 165.7Jun-08 689.0 762.0 654.5 654.5 4644 533 671.4 681.5 613.5 169.5Jul-08 635.0 740.0 621.0 662.3 10365 437 642.4 660.0 616.0 162.8Aug-08 664.5 747.0 658.5 691.5 6792 471 672.4 698.3 653.5 165.7Sep-08 695.0 773.0 683.0 729.8 6392 370 693.0 721.5 671.5 164.3Oct-08 730.0 732.8 600.5 619.0 3864 304 637.5 699.0 606.8 165.9Nov-08 617.3 668.0 540.0 565.8 3347 243 587.6 623.0 513.5 160.0Dec-08 560.0 643.8 530.3 553.5 3951 311 558.4 590.3 537.8 149.6Jan-09 554.5 594.8 487.0 567.8 3198 207 561.9 599.5 538.8 151.6Feb-09 583.8 611.0 530.0 604.5 2366 210 593.9 612.5 572.0 157.0Mar-09 606.8 645.0 595.3 639.0 4237 230 587.3 605.8 570.8 156.1Source: MCX, & Ministry of Commerce and Industry Âggregate volume in all contracts during the month; ^^Cumulative open interest in all contracts at the end of month.

SPICES: Cardamom

Open High Low Close

MCX Spot (Rs/kg)

Apr-04 N/T N/T N/T 6191 112.0May-04 N/T N/T N/T 5690 109.4Jun-04 N/T N/T N/T 5970 112.7Jul-04 N/T N/T N/T 6733 119.5Aug-04 N/T N/T N/T 6409 115.8Sep-04 N/T N/T N/T 6371 116.9Oct-04 N/T N/T N/T 5992 115.1Nov-04 N/T N/T N/T 6012 113.3Dec-04 N/T N/T N/T 6528 119.3Jan-05 7050 7150 7000 6578 118.7Feb-05 7308 7950 6900 6614 118.1Mar-05 7746 7900 7630 7197 116.8Apr-05 7718 7880 7600 6761 116.3May-05 7439 7650 7240 6476 112.1Jun-05 7498 7640 7260 6500 112.3Jul-05 7538 7620 7450 6598 116.6Aug-05 7163 7465 6920 6261 114.7Sep-05 6683 7085 6455 5942 118.2Oct-05 6279 6510 6040 5926 114.6Nov-05 6498 6584 6360 6417 116.4Dec-05 6444 6540 6372 6042 117.7Jan-06 6352 6450 6189 6064 116.8Feb-06 5987 6257 5778 5708 113.8Mar-06 5703 5859 5610 5728 112.1Apr-06 5661 5748 5560 5820 110.9May-06 6364 6705 5748 6115 112.5Jun-06 6556 6618 6477 6039 108.1Jul-06 7061 7730 6575 6326 112.8Aug-06 7821 8226 7613 7269 120.4Sep-06 8756 9000 8341 7600 127.7Oct-06 8546 8781 8347 7391 122.9Nov-06 8514 8703 8212 7691 127.6Dec-06 8503 8570 8415 7825 131.8Jan-07 8576 8735 8379 7772 133.9Feb-07 9177 10043 8466 8224 137.8Mar-07 10660 11423 9847 9992 158.7Apr-07 12146 12531 11583 11052 166.5May-07 11596 12183 10985 10358 158.2Jun-07 11590 11931 11282 10661 151.9Jul-07 11306 11445 11085 10500 155.7Aug-07 10880 11138 10402 10555 156.8Sep-07 10301 10664 9928 10288 147.9Oct-07 10265 10445 9940 10350 151.6Nov-07 10195 10360 9925 10386 153.5Dec-07 9835 9995 9625 9966 154.7Jan-08 10084 10369 9856 10278 152.1Feb-08 9693 10192 9393 9388 148.0Mar-08 9333 9475 9150 9289 145.3Apr-08 9192 9903 8770 9148 133.7May-08 9960 10130 9710 10165 147.1Jun-08 10750 11646 9928 10267 151.4Jul-08 12046 12675 11417 10582 162.2Aug-08 12444 12662 12192 10489 169.2Sep-08 11996 12457 11624 10145 157.1Oct-08 11029 11935 10591 9460 154.9Nov-08 10779 11075 10531 10024 152.7Dec-08 10680 10853 10556 9303 151.2Jan-09 10967 11655 10592 10294 155.0Feb-09 11321 11597 10968 11365 156.2Mar-09 11300 11552 11086 11500 149.6Source: MCX, Agmarknet & Ministry of Commerce and Industry; N/T: Not Traded

SPICES: Cumin Seed

Volume in lots^


Monthly MCX Futures Prices (Rs/kg)WPI of

CardamomMonth's

LowMonth's

HighMonthly Average

MCX Spot (Rs/Kg)VandanmeduMonthly Average

Month's High

Month's Low Jaipur

WPI of Cumin seeds

Other market monthly average spot (Rs/qtl)

MCX Spot Prices (Rs/qtl)


Apr-04 N/T N/T N/T 7600 7081 7327 6679 212.1May-04 N/T N/T N/T 7600 7025 7070 6634 203.4Jun-04 N/T N/T N/T 7600 6817 6867 6474 199.0Jul-04 N/T N/T N/T 7600 6700 6794 6390 196.1Aug-04 N/T N/T N/T 7600 6625 6713 6401 196.4Sep-04 6607 6700 6500 7600 6363 6492 6346 188.9Oct-04 6360 6600 6100 7600 6175 6049 5990 186.9Nov-04 6063 6300 5700 7600 5680 6159 5717 174.5Dec-04 6698 7300 6300 7600 5930 6461 6057 180.6Jan-05 7018 7300 6500 7600 6110 6375 6078 202.1Feb-05 6442 6600 6300 7600 5612 6168 6104 178.8Mar-05 6650 7000 6300 7600 5862 6528 6070 186.6Apr-05 6764 7100 6400 7600 5947 6108 5592 185.9May-05 6435 6585 6240 7574 5674 5927 5309 176.3Jun-05 6343 6500 6200 7600 5386 5478 5230 175.5Jul-05 6097 6240 5988 7467 5065 5264 5216 171.1Aug-05 6340 6400 6233 7000 5553 5443 5497 175.2Sep-05 6353 6405 6275 7000 5492 5537 5468 174.4Oct-05 6366 6500 6271 7000 5630 5877 5699 178.9Nov-05 6688 7144 6450 7000 N/A 6592 5779 182.8Dec-05 7293 7450 7025 7000 N/A 6702 5917 192.0Jan-06 6897 7125 6714 7000 N/A 6351 5695 187.6Feb-06 7045 7489 6738 7000 N/A 6309 6017 190.1Mar-06 7202 7444 7071 8522 N/A 7013 6817 237.1Apr-06 7150 7264 6985 7833 N/A 7082 6942 185.8May-06 6989 7167 6763 8802 N/A 7037 6538 190.9Jun-06 6975 7291 6830 8993 N/A 6977 6298 184.1Jul-06 8246 10500 7291 8394 N/A 7557 6715 201.1Aug-06 10425 11460 9993 8050 N/A 8808 7920 253.0Sep-06 12894 14000 11475 8050 N/A 11309 10092 304.2Oct-06 12436 13400 11210 8050 N/A 10398 10413 305.2Nov-06 10984 11300 10776 8050 N/A 9681 8878 285.7Dec-06 10150 10838 9867 8150 9153 9001 8735 270.5Jan-07 11377 12579 10600 8150 10404 10106 N/A 289.9Feb-07 12354 12535 12140 8150 11123 11303 N/A 326.6Mar-07 12173 13381 11681 13217 11202 11041 N/A 326.8Apr-07 14977 15634 13629 13285 13088 12967 N/A 349.8May-07 14932 15741 14200 15000 12790 12525 11910 383.1Jun-07 14486 15295 13928 14868 13017 12437 11439 376.2Jul-07 14875 15505 14144 13900 13559 13052 11852 383.8Aug-07 13378 14165 12400 15544 12678 12234 11767 365.9Sep-07 12725 13255 12429 16050 12281 12292 11249 350.4Oct-07 14017 15600 12402 14164 13235 13173 11475 369.1Nov-07 13964 15215 13195 14300 12857 12972 63635 380.5Dec-07 13376 13600 13162 14300 12839 12703 12073 367.5Jan-08 14383 14932 13446 14322 13335 13556 12093 379.1Feb-08 14660 15546 14123 12500 13117 13415 12252 384.0Mar-08 15048 15650 14750 12500 13859 14399 13204 414.0Apr-08 14550 14875 14280 11000 12833 13438 11861 418.1May-08 14571 15282 14112 11000 13376 13762 12457 404.9Jun-08 14423 14613 14240 11000 13443 13974 12688 405.0Jul-08 14388 14775 14136 11871 13212 12800 12257 399.7Aug-08 14385 14505 14225 13750 13685 13662 12734 404.6Sep-08 13597 14292 12780 13750 15752 13359 12054 380.4Oct-08 13052 13895 11495 13583 12850 12669 11722 375.4Nov-08 11682 12165 11435 10250 11079 11284 10885 350.6Dec-08 10739 11440 10220 10250 9934 10672 10775 323.9Jan-09 11873 12520 10723 11489 11029 11252 10155 344.8Feb-09 11455 12315 10675 11750 10636 9799 10785 354.7Mar-09 11010 11450 10632 9776 12218 11346 10926 342.6Source : MCX, Agmarknet & Ministry of Commerce and IndustryN/T: Not Traded; N/A: Not Available

SPICES: Pepper

Monthly Average

MCX spot prices (Rs/qtl) Kochi

Apr-04 N/T N/T N/T 5596 262.6May-04 N/T N/T N/T 5500 231.3Jun-04 N/T N/T N/T 5825 222.0Jul-04 N/T N/T N/T 5390 220.9Aug-04 N/T N/T N/T 5419 219.3Sep-04 N/T N/T N/T 5204 227.1Oct-04 2942 3000 2900 5097 228.4Nov-04 2919 2950 2850 5283 226.8Dec-04 2817 2950 2550 5169 227.8Jan-05 2629 2750 2550 5217 217.8Feb-05 2304 2550 2000 4720 219.5Mar-05 2159 2200 2088 5254 207.0Apr-05 1868 2100 1765 4749 197.7May-05 1564 1792 1494 4376 185.3Jun-05 1716 1951 1500 3716 185.6Jul-05 1893 2002 1785 3623 184.3Aug-05 1839 1887 1773 3833 188.9Sep-05 1872 2055 1793 4047 201.6Oct-05 2453 2882 2055 4903 212.7Nov-05 2931 3150 2792 N/A 224.6Dec-05 2804 2883 2562 N/A 236.2Jan-06 2842 2863 2830 N/A 241.3Feb-06 2943 3175 2814 N/A 246.3Mar-06 3369 3593 3133 N/A 256.1Apr-06 3738 4630 3350 N/A 281.7May-06 4960 5092 4475 N/A 299.3Jun-06 4862 5107 4705 N/A 311.3Jul-06 4916 5025 4778 N/A 320.0Aug-06 5300 5956 4914 N/A 325.2Sep-06 6391 6942 6003 N/A 339.4Oct-06 6541 7112 693 N/A 358.7Nov-06 6902 7415 6546 N/A 391.3Dec-06 6489 7423 5887 7960 393.9Jan-07 6365 6865 5980 7354 393.0Feb-07 4550 6296 3875 7336 379.6Mar-07 4491 4832 4209 6916 347.2Apr-07 4763 5089 4371 6992 342.6May-07 4452 4569 4338 6880 321.3Jun-07 4693 4914 4424 6462 341.5Jul-07 4556 4789 4372 6295 350.3Aug-07 4617 4753 4458 6250 356.3Sep-07 4666 4763 4588 6264 359.7Oct-07 4618 4763 4508 6436 364.1Nov-07 4226 4530 3808 6320 353.1Dec-07 3939 4175 3734 6295 342.9Jan-08 3924 4113 3783 6278 339.4Feb-08 4027 4220 3864 6365 344.6Mar-08 4003 4262 3854 7477 350.9Apr-08 4491 4744 4195 7250 362.7May-08 4766 4997 4517 7924 388.2Jun-08 5049 5281 4997 8750 406.9Jul-08 5930 6378 5257 9385 407.8Aug-08 6425 6525 6313 9438 434.1Sep-08 6401 6455 6325 9293 429.9Oct-08 6413 6457 6348 10647 431.4Nov-08 6592 6692 6446 11321 431.4Dec-08 6522 6623 6450 11739 430.1Jan-09 6045 6443 5858 12155 433.9Feb-09 5255 5388 5094 11819 426.9Mar-09 5430 5549 5287 10276 487.2Source: MCX, Agmarknet & Ministry of Commerce and IndustryN/T: Not Traded; N/A: Not Available

SPICES: Red Chilli

Monthly Average

Month's High

Month's Low Dakshina Kannada (Puttur)

WPI of Chillies DryOther market Spot

(Rs./Qtl)Month’s High Month's Low Bangalore Dakshina Kannada Uttara Kannada

(Sirsi)Uttara Kannada

(Yellapur)WPI of Pepper

Other market monthly average spot prices (Rs/qtl) MCX Spot prices (Rs/Qtl) Guntur


Apr-04 N/T N/T N/T 2191 1979 2995 221.8May-04 N/T N/T N/T 2436 2284 3182 225.5Jun-04 N/T N/T N/T 2404 2443 2986 230.1Jul-04 N/T N/T N/T N/A N/A 3005 229.3Aug-04 N/T N/T N/T N/A N/A 2914 223.4Sep-04 N/T N/T N/T N/A N/A 3147 229.1Oct-04 N/T N/T N/T N/A N/A 3204 230.4Nov-04 N/T N/T N/T N/A N/A 3117 229.8Dec-04 2689 2750 2600 N/A N/A 2803 226.8Jan-05 2602 2750 2450 N/A N/A 2788 216.6Feb-05 2538 2625 2450 N/A N/A 2521 214.6Mar-05 2383 2475 2275 N/A N/A 2321 211.7Apr-05 2257 2438 2150 N/A N/A 2277 206.8May-05 2154 2230 2125 1669 1769 2281 200.6Jun-05 2190 2280 2110 1706 1741 2290 200.5Jul-05 2238 2303 2200 N/A N/A 2467 193.7Aug-05 2308 2420 2225 N/A N/A 2738 200.2Sep-05 2492 2565 2388 N/A N/A 2899 202.4Oct-05 2612 2882 2275 N/A N/A 2772 205.8Nov-05 2760 2825 2275 N/A N/A 2890 208.4Dec-05 2759 2825 2685 N/A N/A 2754 204.0Jan-06 N/A N/A N/A N/A N/A 2530 202.3Feb-06 N/A N/A N/A N/A N/A 2385 198.9Mar-06 N/A N/A N/A N/A N/A 2347 197.2Apr-06 N/A N/A N/A 1718 1880 2309 196.6May-06 N/A N/A N/A 1995 1955 2460 197.5Jun-06 N/A N/A N/A N/A N/A 2374 192.9Jul-06 N/A N/A N/A 1792 1880 2459 192.5Aug-06 N/A N/A N/A 2008 1975 2423 195.7Sep-06 N/A N/A N/A 1725 1976 2411 200.9Oct-06 N/A N/A N/A 1636 1738 2319 194.9Nov-06 N/A N/A N/A N/A 1705 2211 189.2Dec-06 N/A N/A N/A 1611 1613 2069 181.8Jan-07 N/A N/A N/A N/A 1588 2170 185.1Feb-07 N/A N/A N/A N/A 1691 2053 186.0Mar-07 N/A N/A N/A 1905 N/A 2048 171.8Apr-07 N/A N/A N/A 1781 1821 2044 179.6May-07 N/A N/A N/A 1646 1797 2005 177.8Jun-07 2108 2135 2081 1709 1812 2014 161.9Jul-07 2148 2189 2117 N/A N/A 2139 173.0Aug-07 2147 2179 2114 1657 2065 175.9Sep-07 2075 2118 2052 1585 1736 2086 175.6Oct-07 2039 2078 1979 N/A 1815 2136 174.9Nov-07 2117 2298 2040 1750 1860 2335 172.1Dec-07 2437 2685 2297 N/A N/A 2701 178.0Jan-08 2641 2673 2604 2357 2222 2848 174.9Feb-08 2791 2995 2630 2503 2348 2884 174.1Mar-08 3073 3110 2995 2691 2635 3314 179.5Apr-08 3077 3116 3043 2517 2656 3139 188.4May-08 3399 4006 3072 2866 2791 3218 186.0Jun-08 4051 4161 3989 3264 3075 N/A 195.7Jul-08 4407 4645 4105 3318 3580 N/A 207.4Aug-08 4127 4595 3806 2773 3263 N/A 214.4Sep-08 3827 3908 3735 2829 3217 N/A 217.1Oct-08 3762 3955 3570 2698 3095 N/A 213.6Nov-08 3782 3897 3570 N/A 3195 3968 210.6Dec-08 3862 3890 3830 N/A N/A 4047 208.9Jan-09 3992 4198 3850 N/A N/A N/A 208.5Feb-09 4189 4278 4080 N/A N/A N/A 209.0Mar-09 4514 4720 4250 N/A N/A N/A 210.5Source: MCX, Agmarknet & Ministry of Commerce and IndustryN/T: Not Traded; N/A: Not Available

SPICES: Turmeric

Monthly Average

SPICES

Month’s High Month's Low

MCX Spot prices (Rs/Qtl) Nizamabad

Cuddapah Duggirala ErodeWPI of

Turmeric

Other market monthly average spot prices (Rs./Qtl)

0

100

200

300

400

500

600

0

5

10

15

20

25

30

35

40

2005-06 2006 -07 2007 -08 2008 -09e

India's Pepper Exports in Volume & Value

Qty 000 tonnes (LHS) Value (In Rs crore) RHS

Source: Spices Board, India e - estimates

20

21

22

23

24

25

26

27

28

0

0.2

0.4

0.6

0.8

1

2005-06 2006-07 2007-08 2008-09e

India's Cardamom Exports in Volume & Value



200

400

600

800

1000

1200

100

150

200

250

2005-06 2006-07 2007-08 2008-09e

India's Red Chilli Exports in Volume & Value



50

0


SPICES SPICES

140

145

150

155

160

165

170

175

180

41

43

45

47

49

51

53

55

2005-06 2006-07 2007-08 2008-09e

India's Turmeric Exports in Volume & Value



50

100

150

200

250

300

350

5

10

15

20

25

30

35

2005-06 2006-07 2007-08 2008-09e

India's Cumin (Jeera) Exports in Volume & Value



12%0%

25%

3%7%

53%

12%

1%

23%

4%

6%

54%

Share of Different Spices in Total Spices Exports from India (in value terms)

Pepper

Cardamom (S)

Chilli

Turmeric

Cumin

Others#

2007-08

2008-09e

Source: Spices Board, India


Correlation Matrix – Agricultural commodities - MCX Spot prices (CY 2008)

Wheat Maize Arhar Gram Urad Rapeseed Potatoes Coriander Pepper Cumin seed Turmeric Cotton Chillies Sugar (Small) Sugar (Medium) Refined Soy Oil Jute Raw Rubber Crude oil USDINR*

Wheat 1 -0.0726 -0.0343 0.0285 -0.0058 0.1557 -0.3925 0.4681 -0.0098 -0.0917 0.1281 -0.3829 0.0705 -0.0577 -0.1773 0.0903 0.1666 0.0176 0.2689 -0.0513

Maize -0.0726 1 0.1832 0.1002 0.2006 0.1163 0.0908 -0.0527 0.0948 0.2909 0.2338 0.1997 0.1929 0.2599 0.1656 0.0526 0.1322 0.1419 -0.0231 0.1959

Arhar -0.0343 0.1832 1 0.1073 0.9905 0.4274 0.0684 -0.0350 0.4206 0.1458 0.1281 -0.0248 0.3818 0.1313 0.1447 0.1217 0.0884 0.6599 0.0364 0.1064

Gram 0.0285 0.1002 0.1073 1 0.0947 0.1330 0.0066 0.2496 0.2927 0.4532 0.5474 0.0501 0.0967 0.2995 0.5695 0.4343 0.3003 0.1416 0.1593 -0.1513

Urad -0.0058 0.2006 0.9905 0.0947 1 0.4520 0.0711 -0.0796 0.3920 0.1656 0.1778 -0.0345 0.4219 0.1663 0.1892 0.0813 0.1351 0.6417 0.0121 0.1971

Rapeseed 0.1557 0.1163 0.4274 0.1330 0.4520 1 -0.0279 0.0866 0.1844 0.3243 0.2131 -0.0754 0.3287 0.1359 0.0931 0.0284 0.1305 0.3754 0.1274 0.0956

Potatoes -0.3925 0.0908 0.0684 0.0066 0.0711 -0.0279 1 -0.2074 -0.1127 0.0827 0.0746 0.1598 0.0257 0.0274 0.0964 -0.0193 -0.0227 0.0024 0.0477 0.2826

Coriander 0.4681 -0.0527 -0.0350 0.2496 -0.0796 0.0866 -0.2074 1 0.2188 0.1137 -0.0177 -0.2287 -0.1017 -0.2438 -0.3145 0.4649 -0.1031 0.1780 0.5305 -0.5753

Pepper -0.0098 0.0948 0.4206 0.2927 0.3920 0.1844 -0.1127 0.2188 1 0.0557 -0.0241 0.0683 0.1488 -0.0314 -0.0122 0.2155 -0.0147 0.5282 0.0033 -0.3261

Cumin seed -0.0917 0.2909 0.1458 0.4532 0.1656 0.3243 0.0827 0.1137 0.0557 1 0.4878 -0.0235 0.2002 0.4037 0.4279 0.3045 0.2755 0.1595 0.1255 0.1374

Turmeric 0.1281 0.2338 0.1281 0.5474 0.1778 0.2131 0.0746 -0.0177 -0.0241 0.4878 1 -0.1194 0.2714 0.5193 0.5748 0.2854 0.4547 0.0649 0.1780 0.3673

Cotton -0.3829 0.1997 -0.0248 0.0501 -0.0345 -0.0754 0.1598 -0.2287 0.0683 -0.0235 -0.1194 1 0.0452 0.0996 0.1065 -0.0999 -0.0066 -0.2201 -0.4347 0.1225

Chillies 0.0705 0.1929 0.3818 0.0967 0.4219 0.3287 0.0257 -0.1017 0.1488 0.2002 0.2714 0.0452 1 0.1844 0.1957 -0.0646 0.2459 0.2347 -0.1251 0.3754

Sugar (Small) -0.0577 0.2599 0.1313 0.2995 0.1663 0.1359 0.0274 -0.2438 -0.0314 0.4037 0.5193 0.0996 0.1844 1 0.5830 0.1739 0.3781 -0.0667 -0.1957 0.3727

Sugar (Medium) -0.1773 0.1656 0.1447 0.5695 0.1892 0.0931 0.0964 -0.3145 -0.0122 0.4279 0.5748 0.1065 0.1957 0.5830 1 0.1221 0.4965 -0.0698 -0.2474 0.4220

Refined Soy Oil 0.0903 0.0526 0.1217 0.4343 0.0813 0.0284 -0.0193 0.4649 0.2155 0.3045 0.2854 -0.0999 -0.0646 0.1739 0.1221 1 0.1242 0.1620 0.4259 -0.4041

Jute Raw 0.1666 0.1322 0.0884 0.3003 0.1351 0.1305 -0.0227 -0.1031 -0.0147 0.2755 0.4547 -0.0066 0.2459 0.3781 0.4965 0.1242 1 -0.0515 -0.0256 0.2940

Rubber 0.0176 0.1419 0.6599 0.1416 0.6417 0.3754 0.0024 0.1780 0.5282 0.1595 0.0649 -0.2201 0.2347 -0.0667 -0.0698 0.1620 -0.0515 1 0.3198 -0.1577

Crude oil 0.2689 -0.0231 0.0364 0.1593 0.0121 0.1274 0.0477 0.5305 0.0033 0.1255 0.1780 -0.4347 -0.1251 -0.1957 -0.2474 0.4259 -0.0256 0.3198 1 -0.4202

USDINR* -0.0513 0.1959 0.1064 -0.1513 0.1971 0.0956 0.2826 -0.5753 -0.3261 0.1374 0.3673 0.1225 0.3754 0.3727 0.4220 -0.4041 0.2940 -0.1577 -0.4204 1

*RBI Reference Rate; Source: MCX, Agmarknet


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Commodity Insights Yearbook( Part 2)

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