Commodity Insights Yearbook (Part 2)

DATA
FOR READY
REFERENCE
NON-AGRICULTURAL COMMODITIES
Gold
Economic parameters impacting Gold prices
Gold Fundamentals (Tonnes)
Global total supply
2008
2008
2007
2006
2005
2004
Real GDP (% change)
3518
3400
3202
3336
3290
US
Japan
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
73
75
75
76
77
Electronics
275
277
232
170
152
Other Industrial
169
144
97
60
63
1347
1369
1079
1418
1306
Dental/Medical Use
World Gold Investment
Indian mine production
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
265
229
234
207
180
2.9
3.1
3.6
2.8
2.4
2.3
2.6
1.4
11.1
10.4
10.1
7.3
8.9
9.7
7.9
2.6
3.2
2.7
3.6
India
OECD
Consumer Price inflation (% change)
US
2.5
2.7
3.4
2.7
0.5
1.4
0.3
0.3
-2.3
Eurozone
2.2
2.2
2.1
China
5.9
1.4
3.2
India
6.7
5.3
4.6
OECD
2.2
2.1
1.8
-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
13.4
5.7
8.9
0.25
4.25
5.25
4.25
2.25
0.249
0.581
0.618
0.066
0.003
2.5
3.5
2.25
5.31
7.47
6.12
5.58
5.58
6.5
7.75
7.25
6.25
5.6
5.4
4.1
5.7
Japan
Industrial Output (YoY % change )

US
Eurozone ( Refinance rates )

China ( Lending Rate )
India ( Repo rate )
Official Reserves (Central Bank)
2
1.9
11.5
Japan (12 month T-Bills)

COMEX inventories
1.1
-0.3
9
SPDR Trust-US NYSE
263
2004
Interest rates (%)

453
2005
China
US ( Fed Funds Target)
628
2006
Eurozone
ETF Holdings
780
2007
Money Supply ( YoY % change)
US
8134
8134
8134
8137
8137
US
9.6
IMF
3216
3216
3216
3216
3216
Japan
0.7
0.7
-0.6
0.3
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
127.3
116.9
107.6
100
93.9
113.83
106.9
103.7
100
96.16
127.8
113.7
109.3
100
89.4
Germany
India
World
Average daily volatility spot prices (India)
3412
3418
3421
3428
3434
358
358
358
358
358
29704
29884
30379
30743
31343
1.6%
0.8%
1.2%
0.7%
0.7%
Source:Gold CPM yearbook 2009, World Gold Council, GFMS Gold Survey 2009, COMEX, MCX
Equity Index (points)
OECD Indicators
OECD Total Monetary Aggr. & Comp. Broad Money Index
OECD Total Purchasing power Index Manufacturing
OECD Total CPI OECD Groups Total Energy IPB
Source: OECD, IMF, CPM gold yearbook, World Bank,
88 | A PUBLICATION BY MCX AND PRICEWATERHOUSECOOPERS
RBI
DATA FOR READY REFERENCE
| 89
Table 2: Gold Prices

Spot prices (Rs/10 gm) (Monthly Average)
Mumbai
Ahmd
Delhi
Kolkata
MCX futures prices (Rs/10 gm)
Mar-09
Feb-09
Jan-09
Dec-08
Nov-08
Oct-08
Sep-08
Aug-08
Jul-08
Jun-08
May-08
Apr-08
Mar-08
Feb-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
Open
15525
14370
13699
13060
11671
13351
11900
12610
12880
12102
11399
11880
12420
11700
10609
10086
10092
9540
8934
8701
8656
8714
9192
9261
9648
9251
9251
9250
8904
8860
9568
9625
9223
9500
9630
8410
8105
8139
7636
7630
6835
6771
6268
6090
6208
5958
6222
6109
6243
5987
6301
6564
6333
6382
6162
5990
5918
5872
5775
6049
High
15968
16040
14490
13790
13240
14320
13576
12733
13764
12996
12999
12287
13397
12425
11800
10720
10685
10126
9544
8960
8964
8994
9246
9598
9703
9898
9326
9420
9280
8980
9710
9987
10179
9700
10763
9771
8648
8250
8180
8134
7500
6928
6850
6415
6218
6303
6222
6268
6349
6259
6305
6663
6691
6382
6340
6191
6103
6022
5872
6145
Low
14640
13890
12731
11736
11450
11290
11170
11126
12284
11923
11155
11345
11831
11321
10582
9938
9882
9200
8927
8650
8542
8595
8594
9052
9196
9171
8775
9022
8904
8320
8671
9328
9214
8315
9382
8350
7841
7792
7627
7263
6745
6572
6268
6090
5994
5941
5925
5951
6051
5877
5984
6273
6238
6165
6026
5875
5905
5710
5600
5620
Close
15132
15504
14452
13630
13125
11630
13192
11895
12618
12879
12199
11370
11920
12396
11707
10598
10033
10083
9530
8935
8708
8662
8694
9203
9339
9628
9242
9265
9269
8894
8859
9554
9560
9220
9526
9609
8382
8111
8166
7638
7416
6822
6731
6263
6084
6214
5966
6229
6103
6245
6000
6307
6528
6329
6311
6163
5954
5920
5852
5758
15244
14779
13492
12905
12159
12757
12221
11863
13028
12356
12139
11834
12636
11889
11284
10293
10358
9695
9322
8828
8749
8707
8883
9331
9366
9541
9072
9127
9141
8699
9016
9539
9570
8958
9928
8963
8063
8030
7922
7585
7141
6878
6529
6248
6064
6142
6036
6151
6269
6105
6147
6444
7266
6360
6174
6120
6058
5862
5766
5820
15265
14857
13490
12859
12130
12649
12193
11804
13004
12329
12107
11827
12615
11855
11251
10277
10304
9670
9287
8815
8732
8687
8868
9306
9343
9491
9069
9151
9166
8707
9028
9559
9550
8957
9933
8936
8103
8054
7954
7612
7143
6893
6561
6276
6091
6191
-
12843
12170
12672
12197
11816
13006
12324
12102
11826
12636
11869
11245
10263
10249
9645
9272
8798
8725
8690
8867
9300
9380
9507
9094
9161
9175
8760
9073
9552
9565
8960
9828
8958
8042
8016
7904
7570
7111
6854
6528
6248
6029
-
12868
12242
12648
12247
11821
13014
12324
12117
11847
12648
11866
11277
10288
10313
9667
9298
8814
8736
8702
8876
9315
9353
9505
9063
9132
9143
8714
9029
9550
9556
8948
9939
8587
8052
8018
7915
7579
7121
6860
6529
6249
6004
-
COMEX future prices (US$/Troy ounce)

Open
940.3
929
883
817.2
732.5
878
817.6
904.9
928
887.3
879
915
975.6
923.1
837.5
783.9
799.4
745.1
675.5
663.2
651.6
661.5
681.2
665.5
672.8
652.9
639.2
645.7
607.5
598.9
628
635.4
617
642.8
654.1
582
563.1
571.6
519.9
494.2
466.5
467.8
436.6
430
436.5
416.4
436
428.3
437.6
422.2
438.9
451.6
430.5
419.1
410.5
394
393.3
397.1
388.9
427.2
High
967.8
1004.9
930.3
886
833.5
925.7
922
916.1
989.6
937.7
935.4
948.7
1033.9
978.5
936.3
847.4
848
800.8
745.7
677.9
688.4
673.7
693.3
692.5
680.2
692.5
655.5
649.5
648
613.2
642.5
656
677.5
645.1
732
658.2
589.6
575.3
572.7
538.5
502.3
478.5
475.7
449.5
438.2
442.5
436
438.2
448
439.3
438.9
456.5
454.8
430
418.8
412.8
409.6
405
396.3
432
Low
882.7
889.8
801.5
740
698.2
681
736.4
780.9
893.3
858.2
846.4
864.1
904.7
884.7
837.5
776.5
773.4
724.3
674.1
642.9
646.7
640
651.5
656.1
634.5
642.5
603
612
607.5
560.5
571
609
602.5
555
636
582
534.5
535.5
519.2
490.1
456.1
460.5
436.4
429.1
418.2
414
413.2
422.7
423.4
410.1
417.1
432.6
418
410.3
395.4
388.8
385
383
371.3
377
Close
922.6
942.5
927.3
884.3
816.2
718.2
874.2
831.2
913.9
928.3
887.3
865.1
916.2
975
922.7
838
782.2
795.3
742.8
675.8
666.9
650.9
661
683.5
663
672.5
652
638
646.9
606.8
598.6
628.2
634.2
616
642.5
654.5
581.8
563.9
570.8
518.9
494.6
466.9
469
435.1
429.9
437.1
416.3
436.1
428.7
437.6
421.8
438.4
451.3
429.4
418.7
410.9
391
393
394
387.5
US Spot prices
(US$/Troy ounce)
US
927.2
941.8
862.7
826.0
760.5
805.0
828.7
836.8
940.1
890.6
890.8
910.5
960.9
925.6
888.4
807.1
806.2
756.9
713.6
665.9
665.6
655.4
667.6
679.8
654.5
665.2
631.3
628.5
628.2
587.0
598.6
630.6
633.7
596.3
673.0
611.9
558.3
555.6
550.2
509.6
477.8
469.9
456.8
438.1
424.6
431.2
422.5
429.7
433.7
424.3
424.3
442.6
439.9
421.0
406.1
401.6
398.1
391.9
384.5
404.5
RBI rate
Dollar Index
LBMA (US$/Troy ounce)
(Monthly Average) (Monthly Average)
(Monthly Average)
AM fixing
PM FIXING
USDN/INR
926.3
924.6
51.23
86.71
939.8
943.2
49.22
86.84
857.7
858.7
48.83
84.83
819.9
816.1
48.64
83.65
757.9
760.9
49.00
86.77
815.3
806.6
48.64
83.53
824.9
829.9
45.56
78.37
840.4
839.0
42.94
76.21
941.2
939.8
42.84
72.79
889.5
889.5
42.82
73.41
889.1
888.7
42.13
73.05
911.6
909.7
40.02
72.38
971.1
968.4
40.36
72.72
924.3
922.3
39.73
75.77
887.8
890.4
39.37
76.00
803.6
803.2
39.44
76.79
808.3
806.2
39.44
75.67
754.5
754.6
39.51
77.78
710.6
712.7
40.34
79.14
664.5
665.4
40.82
80.87
665.3
665.3
40.42
80.61
655.7
655.5
40.77
82.21
668.3
666.9
40.78
82.01
680.0
679.4
42.15
81.95
655.9
654.9
44.03
83.17
665.1
664.7
44.16
84.28
630.4
631.2
44.33
84.58
629.5
629.8
44.63
83.07
626.8
627.8
44.85
84.72
586.6
585.8
45.47
86.11
600.2
598.2
46.12
85.25
631.6
632.6
46.54
84.91
633.1
633.7
46.46
85.61
597.9
596.1
46.06
85.37
676.8
675.4
45.41
84.69
611.9
610.7
44.95
88.13
557.2
557.1
44.48
89.58
555.5
555.0
44.33
90.26
549.4
549.9
44.40
88.83
509.4
510.1
45.65
90.63
476.7
476.7
45.73
91.37
470.1
469.9
44.82
89.54
455.9
456.0
43.92
87.99
437.8
437.9
43.63
87.86
424.7
424.5
43.54
89.55
430.3
430.7
43.59
88.33
422.9
421.9
43.49
85.63
429.1
429.2
43.74
84.24
434.3
434.3
43.69
82.81
423.4
423.4
43.68
83.76
424.1
424.0
43.76
83.19
443.0
442.1
43.98
81.69
439.1
439.4
45.13
83.72
420.2
420.5
45.78
86.99
405.4
405.3
46.10
88.89
400.1
400.5
46.34
88.97
398.4
398.1
46.04
88.54
391.8
392.4
45.52
89.46
384.0
383.8
45.26
90.69
404.9
403.3
43.93
90.12
Source: Exchanges' websites, RBI, LBMA, ICE
| 91
Gold Trading activity
Source: Exchanges' websites, LBMA

13%
China
50%
11%
South Africa
USA
10%
Australia
Russia
9%
7%
Others
Source: USGS
Graph-2
Gold Consumption (2008)
India
27%
32%
China
USA
Turkey
Saudi Arabia
5%
16%
Others
9%
11%
Source: WGC
Graph-3
USD/oz
Gold Value and Inflation
2000
16
1800
14
Gold price (March '09 dollars)
1600
12
Gold price (nominal)
1400
10
CPI YoY (US) (RHS)
1200
1000
6
800
600
400
200
Oct -06
Mar -04
Aug -01
Jan -99
May -96
Oct -93
-2
Mar -91
0
Aug -88
22.2
23.8
18.8
17.5
18.3
24
24.8
23.3
21.5
21.2
22.1
21.1
25.7
22.9
24.3
24
25.2
20.9
21.5
18.2
17.5
21.8
19.5
20.2
20.6
16
17.1
19.9
19.3
21.6
20.5
19.5
23.2
25.8
24.5
26.1
20.6
19.7
17.6
20
17.4
18.4
17.5
15.2
14.6
19.1
16.8
14.3
16
13.9
14.8
15.4
16.6
14.7
12.4
13.8
15.1
13.8
14.5
17
Gold Mine Production ( 2008)
Jan -86
Open Interest
90006
76630
70479
72439
72074
77819
97273
123825
159550
175855
168656
166773
174243
190515
174809
177089
195150
173403
168213
201593
250607
247089
238085
216540
245403
285114
243325
242743
281686
245516
265587
318336
135735
318328
377593
332773
288071
328609
348865
299973
453008
329703
290183
312072
284691
256211
305712
277179
303520
306967
339588
344086
327867
315781
274593
286463
311918
319003
343867
354525
May -83
Volume
1121167
1113024
805101
885274
786559
1225126
1013308
1115044
1201678
975924
825875
1152382
1441948
1671064
1958020
952206
2032490
2073433
1426741
1773281
1395749
1231713
1014258
1261194
1607801
1366050
1218539
973138
1248361
1408481
1729659
1886384
2548380
2508986
2488947
2086257
1512646
1888765
1853039
3260080
2633382
1624854
1730369
1148224
881602
1316506
828845
835104
1170399
1155587
1373288
969974
1081736
1465226
1205483
1111300
1360939
1447007
1191147
1660065
Oct -80
Open Interest
368618
369553
342626
306650
276092
305451
336598
384999
430332
428557
408860
431914
405841
493265
498384
541854
482278
522284
436927
326255
351185
377361
364922
393709
341951
417316
351381
344915
349490
323481
326828
310762
273099
292295
292481
355700
349951
339859
339645
323246
342504
343340
365357
287336
245530
312922
255995
302614
272663
283517
259174
327247
355565
321039
271496
268043
226692
226747
240373
247315
Mar -78
Volume
3384964
2292224
2824455
1895603
2638572
3045145
3900044
3066120
4269942
2624030
3282907
2765541
3901752
2617556
4041693
1843919
3837100
2645459
2002773
1753206
2292306
2301038
3638335
2570650
3754756
2604913
3161609
1302013
1419569
953870
994310
897015
1527276
1287299
2366489
1508344
2234685
1304814
2212952
1320898
2008815
1277160
1502325
1252349
1437712
1239943
1452065
857910
1642894
1004047
1563896
1127437
1950973
1143316
991560
1002417
1466689
987011
1403035
1272382
Aug -75
Open Interest
52867
64419
90370
64129
51131
46060
53205
47655
36732
33433
22887
18626
16330
23009
24137
24216
16986
19712
19352
16492
18187
26231
26378
21465
18024
21790
20534
33236
29009
49129
36336
30383
13190
12903
12953
16342
20188
12988
14603
12577
17954
17079
8841
5542
8249
6896
9267
4917
4546
4392
8759
5881
4861
5222
4798
2179
1392
1717
961
2107
Jan -73
Mar-09
Feb-09
Jan-09
Dec-08
Nov-08
Oct-08
Sep-08
Aug-08
Jul-08
Jun-08
May-08
Apr-08
Mar-08
Feb-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
Volume
4176328
3632601
3463904
2994119
2359220
2871088
3174201
2413714
2608610
1758453
1387762
1224388
1508535
1669117
2032012
1070345
1325455
1087049
792352
613491
724076
728887
793654
616063
948569
863504
803260
677338
1012448
1158019
1209212
1004003
1232612
964206
1121467
890491
1069988
772754
876385
748141
381449
329131
373604
169884
167877
140685
121962
87494
113959
94491
97577
120969
150588
104739
125326
133118
117558
69396
36841
22056
Graph-1
TOCOM (1 Kg contracts)
LBMA Clearing turnover
TOCOM
(Mn Ounce)
(1 Kg contracts)
Jun -70
COMEX
(100 troy ounce contracts)
MCX
(All contracts)
Source: US Department of Labor
Aggregate Volume in all Contracts during the month- Cumulative open interest in all contracts at end of the month.
| 93
Silver
Economic parameters impacting Silver prices
Silver Fundamentals (Thousand troy ounce)

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
2008
2007
2006
2005
2004
1.1
2.9
3.1
3.6
Real GDP (% change)

US
-0.3
1.9
2.8
2.4
Eurozone
Japan
2.3
2.6
1.4
China
11.5
11.1
10.4
10.1
7.3
8.9
9.7
7.9
2.6
3.2
2.7
3.6
2.5
2.7
3.4
2.7
0.5
1.4
0.3
0.3
-2.3
Global Consumption
22,687
23,060
22,877
25,620
25,477
India
Industrial demand
21,561
22,208
22,012
24,796
24,911
OECD
1,126
852
865
824
566
134
134
108
70
91
Indian Imports
4,150
2,500
1,300
3,250
2,000
Eurozone
2.2
2.2
2.1
Total Supply (Including scraps)
4,828
3,384
2,908
4,920
2,391
China
5.9
1.4
3.2
India
6.7
5.3
4.6
Industrial Use
2,750
2,662
2,258
2,199
1,141
OECD
2.2
2.1
1.8
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
US
-8.9
1.7
1.5
2.9
3.3
Japan
-20.7
1.5
5.4
3.4
1.7
Eurozone
Others

US
Indian Mine Production
ETF Physical Silver Holdings (Thousand troy ounce)

World
9,763
7,166
4,825
SLV (i-Shares ) Trust
6,793
5,246
3,768
COMEX Silver Inventories
3,972
4,125
2.0%
1.2%
Source: MCX, Silver CPM yearbook, COMEX, Silverinstitute.org
Japan
-12.2
1.4
5.3
2.5
0.8
China
5.7
17.4
14.7
16.5
14.4
India
-0.2
13.4
5.7
8.9
0.25
4.25
5.25
4.25
2.25
0.249
0.581
0.618
0.066
0.003
2.5
3.5
2.25
5.31
7.47
6.12
5.58
5.58
6.5
7.75
7.25
6.25
963
814
3,455
3,732
3,222
Interest rates (%)
2.2%
1.2%
1.7%

India ( Repo rate )
US
9.6
5.6
5.4
4.1
5.7
Japan
0.7
0.7
-0.6
0.3
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
127.3
116.9
107.6
100
93.9
OECD Indicators
ISM Manufacturing index
U.S Auto sales ( YoY % change )
US pending home sales ( YoY % change )
113.83
106.9
103.7
100
96.16
127.8
113.7
109.3
100
89.4
32.9
49.1
52.2
54.9
57.2
-35.6%
-2.9%
-3.6%
-3.7%
7.7%
5.7
-23.9
-6.3
-6.3
13.9
Source: OECD, IMF, CPM gold yearbook, World Bank
| 95
Silver Prices
MCX futures prices (Rs/kg)
Mar-09
Feb-09
Jan-09
Dec-08
Nov-08
Oct-08
Sep-08
Aug-08
Jul-08
Jun-08
May-08
Apr-08
Mar-08
Feb-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
Open
22085
19800
18475
16789
16898
20166
20265
24681
24290
23245
22290
22222
24750
21620
19422
18101
19019
18468
16514
17545
16850
18320
18596
19633
20480
19960
19400
20340
18500
18165
19321
17781
17000
19078
20006
16770
14000
13770
13290
12284
11445
11122
10317
10699
10478
10839
10160
10775
10769
10220
10415
11650
11190
10800
10600
10278
9320
9531
9200
11448
High
22936
23681
20038
18450
17610
20770
21389
24705
27234
24909
25494
24265
27500
24965
21770
19633
20925
19079
18489
17858
18250
18760
18972
20039
20650
21174
20062
21502
20449
18537
20486
19595
18333
19175
20890
23148
17628
14089
13867
14037
12569
11830
11260
10766
10709
11001
10903
10860
11173
11097
10417
11950
11820
11411
10923
10780
10443
9600
9600
12034
Low
20435
19438
17392
15539
15782
16111
17660
18919
23670
23000
21470
21327
21970
20961
19422
17921
17975
17651
16400
15975
16710
16656
17710
18080
18270
19500
18186
18661
18466
16933
16811
17680
16550
14450
19533
16725
13851
13197
13037
12159
11261
11011
10256
10146
10150
10442
10115
10160
10409
9900
9811
10021
10800
10537
9800
10207
9310
8990
8950
8654
Close
21855
21820
19893
18355
16779
16858
20109
20232
24720
24260
23376
22121
22274
24707
21676
19463
18159
18981
18479
16523
17583
16786
18300
18508
19622
20486
19933
19424
20395
18484
18115
19344
17748
16651
20381
19786
16770
14009
13793
13272
12285
11462
11126
10295
10686
10481
10844
10240
10779
10794
10209
10424
11610
11185
10775
10618
10263
9330
9549
9153
Spot prices (Rs/Kg)

Mumbai
Ahmd
Average
Average
22293
22084
21422
21431
18735
18501
17323
17024
17186
16741
18639
17859
20173
19476
22247
21454
25164
24943
24203
23855
23747
23450
23506
23007
24204
24093
21983
21798
20428
20278
19018
18732
19547
19233
18393
18032
17687
17283
17422
16941
17828
17429
18325
17913
18551
18089
19693
19316
19495
19247
20337
20058
19377
18922
19851
19618
19336
19168
18286
17764
18595
18073
19028
18785
17802
17327
16764
16426
20302
20155
19489
18780
14725
14959
13452
13664
12978
13562
12685
12966
12018
12017
11608
11391
10859
10672
10705
10494
10663
10479
10924
10822
10641
10485
10756
10626
10846
10836
10711
10563
10402
10062
11129
10751
11973
11550
11358
11134
10506
10277
10854
10192
9490
9582
9954
-
COMEX futures prices ($/troy ounce)

Open
13.090
12.655
11.195
10.240
9.840
12.135
13.770
17.770
17.440
16.880
16.970
17.260
19.780
16.945
15.340
13.960
14.550
13.935
12.100
12.910
12.405
13.495
13.420
13.460
14.230
13.595
12.730
13.900
12.285
11.550
12.870
11.400
10.910
12.480
13.580
11.490
9.735
9.875
9.030
8.275
7.590
7.500
6.825
7.255
7.050
7.425
6.900
7.185
7.345
6.755
6.740
7.715
7.340
6.955
6.735
6.585
5.835
6.170
6.070
7.930
High
13.850
14.600
12.660
11.410
10.800
13.080
13.770
17.805
19.375
17.880
18.290
18.770
21.185
19.925
17.090
14.825
16.275
14.645
14.000
13.250
13.390
13.870
13.585
14.170
14.305
14.745
13.700
14.185
14.000
12.310
13.260
12.930
11.780
12.580
14.970
14.690
11.940
9.945
9.950
9.170
8.375
7.955
7.645
7.330
7.270
7.630
7.500
7.360
7.640
7.570
6.890
8.190
7.820
7.530
6.980
7.010
6.750
6.200
6.250
8.500
Low
11.940
12.135
10.370
9.135
8.770
8.400
10.280
12.200
16.845
16.250
15.995
16.300
16.770
16.230
15.085
13.600
13.760
13.150
12.000
11.060
12.405
12.125
12.785
13.020
12.470
13.255
12.200
12.350
12.285
10.650
10.450
11.330
10.650
9.450
12.000
11.470
9.640
9.055
8.805
8.190
7.410
7.360
6.810
6.630
6.810
6.990
6.770
6.850
6.860
6.490
6.415
6.600
6.920
6.720
6.065
6.460
5.830
5.600
5.495
5.545
Close
12.985
13.085
12.565
11.270
10.185
9.730
12.275
13.607
17.790
17.420
16.865
16.502
17.310
19.808
16.995
14.797
13.963
14.438
13.920
12.063
13.017
12.353
13.470
13.445
13.450
14.100
13.570
12.818
13.925
12.270
11.540
12.900
11.370
10.833
12.455
13.510
11.520
9.720
9.885
8.820
8.280
7.580
7.512
6.781
7.262
7.028
7.452
6.903
7.180
7.359
6.747
6.807
7.723
7.305
6.938
6.771
6.560
5.776
6.110
6.078
Spot prices
(US$ /Troy ounce )
LBMA (US$ /Troy ounce )

Close
Dollar Index
Monthly Average Monthly Average
Monthly Average U.S.

13.164
13.442
11.424
10.401
9.869
10.362
12.264
14.504
18.077
17.019
17.090
17.513
19.101
17.655
15.974
14.367
14.660
13.711
12.884
12.312
12.918
13.114
13.158
13.743
13.129
13.938
12.859
13.217
12.998
11.611
11.612
12.250
11.231
10.776
13.444
12.722
10.442
9.538
9.173
8.634
7.896
7.672
7.179
7.013
7.021
7.293
7.051
7.115
7.232
7.069
6.622
7.071
7.499
7.131
6.399
6.676
6.345
5.845
5.874
7.111
RBI rate
USD/INR
13.12
13.41
11.29
10.29
9.87
10.44
12.37
14.69
18.03
16.97
17.05
17.50
19.51
17.57
15.96
14.30
14.70
13.67
12.83
12.36
12.91
13.14
13.15
13.74
13.18
13.91
12.84
13.36
12.93
11.56
11.68
12.18
11.23
10.80
13.45
12.61
10.38
9.53
9.15
8.64
7.87
7.67
7.15
7.04
7.01
7.31
7.02
7.12
7.26
7.03
6.61
7.10
7.49
7.10
6.39
6.66
6.31
5.86
5.85
7.06
51.23
49.22
48.83
48.64
49.00
48.64
45.56
42.94
42.84
42.82
42.13
40.02
40.36
39.73
39.37
39.44
39.44
39.51
40.34
40.82
40.42
40.77
40.78
42.15
44.03
44.16
44.33
44.63
44.85
45.47
46.12
46.54
46.46
46.06
45.41
44.95
44.48
44.33
44.40
45.65
45.73
44.82
43.92
43.63
43.54
43.59
43.49
43.74
43.69
43.68
43.76
43.98
45.13
45.78
46.10
46.34
46.04
45.52
45.26
43.93
86.71
86.84
84.83
83.65
86.77
83.53
78.37
76.21
72.79
73.41
73.05
72.38
72.72
75.77
76.00
76.79
75.67
77.78
79.14
80.87
80.61
82.21
82.01
81.95
83.17
84.28
84.58
83.07
84.72
86.11
85.25
84.91
85.61
85.37
84.69
88.13
89.58
90.26
88.83
90.63
91.37
89.54
87.99
87.86
89.55
88.33
85.63
84.24
82.81
83.76
83.19
81.69
83.72
86.99
88.89
88.97
88.54
89.46
90.69
90.12
Source: Exchange's websites, RBI, LBMA, ICE
| 97
Silver Trading activity

Graph-1
Source: Exchanges' websites, LBMA
Silver Mine Production (2008)
Monthly Average
17%
Preru
Mexico
40%
China
15%
Australia
Chile
12%
8%
Others
8%
Source: CPM Silver Yearbook 2009

Graph-2
Silver Consumption (2008)
22%
USA
33%
India
Japan
Italy
19%
Thailand
7%
Others
8%
11%
Source: CPM Silver Yearbook 2009
Graph-3
Silver Vs Oil prices, Gold Silver Ratio and Dollar Index

180
160
Silver prices (RHS)
WTI Prices (USD/bbl)
Gold Silver Ratio
Dollar Index
USD/oz
25
20
140
120
15
100
80
10
60
40
20
Sep-06
Mar-04
Sep-01
Mar-09
0
Mar-99
98.8
105.8
111.7
102.1
107.6
136.2
143.7
150
105.5
119.5
121.2
119.2
154.7
132.4
117.6
119.1
129
106.4
108.1
120.8
114.9
112.4
137.5
105.7
112
108.1
98.8
107.7
108.8
98.6
110.4
94.7
169.5
164.3
205.7
238.1
187.9
152.9
124.5
131.3
132
124.7
126.8
104.4
95.1
123.4
152.1
87.6
93.8
77.5
76.9
102.2
75.5
92
82.3
82.5
93.6
95.1
94.7
133.8
Sep-96
Open Interest
2542
3261
5097
5464
5814
5932
6289
7034
9189
9517
8981
8653
10111
9144
8662
9542
10329
11118
13006
13948
18388
18683
16388
15080
12805
14673
14427
15007
13253
9730
9986
13504
4328
16386
22084
25296
19909
19953
16118
16897
22526
16447
15847
20332
17289
18305
18396
17625
16917
16761
16948
17204
19609
18111
19620
21713
23362
24218
25813
27442
Mar-94
Volume
9873
11291
7956
8839
10553
24442
26444
26066
28139
18213
19417
22390
39811
31184
29806
16447
38137
38503
32072
63224
44763
58482
34448
45414
51524
43178
47299
59949
38652
31319
46359
46033
48093
56782
86547
183118
101464
85235
72035
117777
90211
56067
56716
58532
47735
67315
55423
57286
79271
73522
57769
87300
83106
96235
96581
96542
99824
93624
96770
137879
Sep-91
Open Interest
94506
94102
92990
85923
86180
93779
103812
115590
131599
126121
124655
123841
146632
166678
185540
152888
135914
136393
117643
107421
118550
116705
112563
111447
110549
124697
114336
101155
106667
110237
99007
108854
98942
97874
110238
116254
139615
127839
133259
131226
140908
138138
126796
117356
124219
115020
113357
107256
99136
105222
96662
101101
117507
117083
85720
96395
91030
90221
85473
101688
Mar-89
Volume
433757
619633
381837
329047
568072
594307
746310
953123
687936
859976
578951
912952
881776
989601
719316
393272
1018502
596495
463666
738703
404108
900716
712183
1110891
847073
979174
614161
406389
464305
267464
301048
490047
281501
557495
581966
939093
623919
654020
748873
406620
750869
424380
513528
600558
334832
637946
392263
491014
370379
530618
297898
372013
563589
390325
297680
447632
334886
444033
297528
713347
LBMA Clearing turnover
TOCOM
(Mn Ounce)
(30 Kgs contracts)
Sep-86
Mar-09
Feb-09
Jan-09
Dec-08
Nov-08
Oct-08
Sep-08
Aug-08
Jul-08
Jun-08
May-08
Apr-08
Mar-08
Feb-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
Volume Open Interest

2368782
19794
2345494
16680
2527274
37873
1984421
25586
1960673
27942
2544248
52466
2875765
43447
2111397
25691
2055536
15845
1650314
11650
1362887
11635
1625961
12561
1994755
13237
1800439
27151
1919723
30913
1223221
20931
1812705
23243
1549302
23997
1229147
22494
1290422
23786
1034273
26378
1098449
29349
1038399
29994
1093888
23182
1437994
23137
1281590
13319
1352259
19097
1078773
19526
1064886
16163
1097901
15402
1191386
20086
1084692
12594
879918
6645
1050812
13198
1166751
11865
1413030
15346
966405
25090
539731
28378
962543
30786
921928
26986
704006
32095
753058
29652
603709
17824
458573
29735
370023
17143
510377
16853
471292
17227
471906
11919
496209
10963
447065
8404
315245
13994
401177
10222
356189
8543
343242
6636
268402
5501
279010
3064
140856
2462
61336
776
21870
638
19193
482
COMEX
(5000 troy ounce contracts)
Mar-84
MCX
(All contracts)
Source: COMEX, NYMEX, ICE
| 99
Platinum
Economic parameters impacting Platinum prices
Fundamentals
Platinum (thousand ounces)
2008
2007
2006
2005
2004
World
Mine Production
6,583
7,006
6,635
6,490
Auto catalyst recycling
998
921
855
801
690
Old Jewellery Scrap
910
543
8,059
8047
7861
7437
7180
Total Supply
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
Japan
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
2005
2004
1.1
2.9
3.1
3.6
-0.3
1.9
2.8
2.4
2.3
2.6
1.4
China
11.5
11.1
10.4
10.1
7.3
8.9
9.7
7.9
2.6
3.2
2.7
3.6
2.5
2.7
3.4
2.7
0.5
1.4
0.3
0.3
-2.3
Eurozone
2.2
2.2
2.1
China
5.9
1.4
3.2
India
US
Japan
India
6.7
5.3
4.6
OECD
2.2
2.1
1.8
-8.9
1.7
1.5
2.9
3.3
Japan
-20.7
1.5
5.4
3.4
1.7
Eurozone

US
NYMEX (PL 50 troy ounces contracts)
2006
Eurozone
OECD
Consumption
2007
Real GDP (% change)

US
6,151
2008
-12.2
1.4
5.3
2.5
0.8
China
5.7
17.4
14.7
16.5
14.4
India
-0.2
13.4
5.7
8.9
0.25
4.25
5.25
4.25
2.25
0.249
0.581
0.618
0.066
0.003
2.5
3.5
2.25
5.31
7.47
6.12
5.58
5.58
6.5
7.75
7.25
6.25
Interest rates (%)

US (Fed Funds Target)
Eurozone (Refinance rates )
China (Lending Rate )
India (Repo rate )
Money Supply (YoY % change)
US
9.6
5.6
5.4
4.1
5.7
Japan
0.7
0.7
-0.6
0.3
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
127.3
116.9
107.6
100
93.9
113.83
106.9
103.7
100
96.16
127.8
113.7
109.3
100
89.4
OECD Indicators
| 101
Platinum Prices
MCX futures prices (Rs / gm)
Mar-09
Feb-09
Jan-09
Dec-08
Nov-08
Oct-08
Sep-08
Aug-08
Jul-08
Jun-08
May-08
Apr-08
Mar-08
Feb-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
Open
1642
1506
1430
1321
1366
1702
2120
2342
2881
2845
-
High
1879
1780
1572
1375
1376
1702
2120
2379
2940
2900
-
Low
1642
1506
1379
1270
1211
1366
1640
1863
2280
2770
-
Close
1870
1709
1506
1375
1376
1366
1640
2115
2436
2885
-
Spot prices (Rs/gm)

Mumbai
Average
1787
1654
1509
1319
1328
1441
1802
2071
2644
2824
-
US Spot prices (USD/oz)
NYMEX futures prices (USD/oz)

Open
1078.8
996
932.4
881.9
831
1003
1490
1754.1
2084.1
2013.5
1930
1948
2164
1731.2
1529.9
1436.7
1454.9
1407.5
1271.5
1301.9
1282.9
1287.4
1298
1242
1255
1187
1135
1186.5
1085.2
1159.5
1253
1241.6
1245
1252
1163.7
1070.8
1059
1085
972
982
943
925
896
899
884
864.8
871.8
874
866
871
857.2
872
836
861
870.2
819
785
846
794
905
High
1167.4
1119.9
996.5
943.3
896
1045
1499.8
1759
2089.6
2125
2234.9
2055
2308.8
2214.5
1746.1
1551.5
1498.8
1473.3
1395.5
1308.9
1350
1320
1353.8
1348
1264
1269.9
1188
1186.5
1289
1159.5
1287.9
1268
1275
1263.5
1347
1163.8
1095
1094
1089.9
1026
1011
950
938.5
930
905
905
885.8
884
889
885
950
887
882.8
869.5
884.7
885.8
839
849
849
954
Low
1030.5
956.7
914
783
772
761.8
995.2
1307
1726
1966.1
1835
1880
1802.2
1722
1523.6
1436.1
1384.1
1355
1269.8
1226.5
1271
1264
1255.1
1245.5
1164
1156.1
1119
1096
1085
1070
1124
1216
1203
1095
1163
1065
1002.5
990.2
972
946
916
915.5
893
883.3
862.5
862
846.5
859
854.8
847
845
813
821.2
815
825
819
775
767
760.2
756
Close
1120.8
1085.3
991.3
936.2
882.3
831.6
1015.1
1489.8
1761.9
2069.5
2013.8
1935.2
2024.4
2180.7
1737.4
1528.4
1444.1
1447.6
1395.2
1271.6
1302.6
1279
1285.8
1298.4
1248.3
1256.4
1182.3
1139.3
1176.7
1086.5
1141.2
1251.2
1241.6
1246.7
1246.8
1163.3
1059.4
1054.7
1085.3
973
980.4
943.2
930.3
894.5
897.9
883.5
861.3
868.6
870.6
866.1
873.8
863.7
872.3
833
861
868.1
817.9
791.5
829.2
794.2
Monthly Average U.S.

1084.0
1040.9
955.6
846.9
841.1
914.1
1219.5
1485.8
1900.3
2037.9
2059.9
1991.4
2030.2
2013.7
1592.2
1496.2
1448.5
1412.9
1311.3
1263.6
1304.0
1286.7
1302.8
1276.9
1217.7
1205.3
1148.5
1121.5
1182.2
1082.6
1183.6
1233.6
1229.9
1188.0
1259.5
1102.0
1042.7
1039.4
1028.3
977.4
964.5
930.7
915.5
899.9
874.1
881.4
867.5
866.0
867.8
864.6
859.2
851.6
855.4
841.7
849.4
849.8
810.6
807.2
810.2
882.9
RBI rate
USD/INR
TOCOM (JPY/gm)
Open
3341
2859
2848
2749
2612
3485
5165
6114
7059
6829
6438
6351
7143
5870
5442
5105
5379
5100
4739
4932
5039
5005
4962
4709
4749
4555
4282
4415
4069
4349
4685
4510
4536
4521
4236
4006
3899
4078
3709
3752
3471
3385
3173
3245
3145
3009
2926
2969
2916
2907
2827
2877
2830
3048
3033
2930
2750
2992
2837
3040
High
3653
3321
3028
2749
2854
3586
5165
6114
7123
7270
7395
6807
7584
7575
5896
5584
5441
5386
5066
4932
5200
5161
5151
5082
4759
4837
4604
4418
4852
4396
4760
4660
4659
4563
4695
4281
4116
4158
4062
3959
3856
3506
3380
3306
3227
3320
3011
3035
2966
2948
2913
2921
2994
3086
3117
3115
2960
3026
3043
3279
Low
3233
2736
2624
2374
2325
2306
3485
4622
5939
6717
6168
6228
5892
5867
5144
5105
4916
5003
4705
4442
4875
4980
4934
4650
4351
4516
4237
4063
4069
4052
4230
4486
4451
4062
4212
4002
3774
3730
3641
3475
3450
3338
3160
3090
3071
2995
2920
2925
2888
2875
2787
2775
2825
2825
2903
2930
2708
2695
2750
2830
Close
3578
3306
2799
2646
2691
2458
3485
5134
6099
7027
6675
6415
6499
7209
5752
5534
5116
5312
5048
4733
4934
5038
4962
4954
4709
4663
4544
4282
4376
4069
4355
4644
4500
4488
4596
4198
4085
3872
4026
3681
3754
3470
3380
3174
3218
3122
3010
2940
2966
2935
2912
2848
2886
2851
3035
3035
2929
2754
2997
2834
Monthly Average
51.23
49.22
48.83
48.64
49.00
48.64
45.56
42.94
42.84
42.82
42.13
40.02
40.36
39.73
39.37
39.44
39.44
39.51
40.34
40.82
40.42
40.77
40.78
42.15
44.03
44.16
44.33
44.63
44.85
45.47
46.12
46.54
46.46
46.06
45.41
44.95
44.48
44.33
44.40
45.65
45.73
44.82
43.92
43.63
43.54
43.59
43.49
43.74
43.69
43.68
43.76
43.98
45.13
45.78
46.10
46.34
46.04
45.52
45.26
43.93
Dollar Index
Monthly Average
86.71
86.84
84.83
83.65
86.77
83.53
78.37
76.21
72.79
73.41
73.05
72.38
72.72
75.77
76.00
76.79
75.67
77.78
79.14
80.87
80.61
82.21
82.01
81.95
83.17
84.28
84.58
83.07
84.72
86.11
85.25
84.91
85.61
85.37
84.69
88.13
89.58
90.26
88.83
90.63
91.37
89.54
87.99
87.86
89.55
88.33
85.63
84.24
82.81
83.76
83.19
81.69
83.72
86.99
88.89
88.97
88.54
89.46
90.69
90.12
Source: Exchanges' websites, RBI, ICE
| 103
Platinum Trading activity

MCX
Mar-09
Feb-09
Jan-09
Dec-08
Nov-08
Oct-08
Sep-08
Aug-08
Jul-08
Jun-08
May-08
Apr-08
Mar-08
Feb-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

26
0
8
0
7
0
6
0
7
0
16
7
165
2
276
80
1320
75
2000
136
-
Source: Exchanges' websites
NYMEX
Volume
82949
35199
31090
69079
30011
38107
74165
47539
43127
66398
53981
41288
84901
71981
54231
66352
36150
34100
58091
35975
35379
66968
35525
26458
59099
25793
20534
34671
45793
21182
44000
21428
16194
45985
34684
17215
42804
27572
20604
47809
30447
21825
52535
26324
25132
55588
20135
16263
42310
22100
16643
41238
20225
25837
35464
20283
17300
30154
14558
32197
Open Interest
20101
20440
18740
18217
17259
15319
14679
12524
13284
15094
15760
13668
11864
15277
17684
17562
13203
15661
14595
10452
14773
14472
14319
14399
11566
12527
10091
7978
8394
7648
7832
9740
8682
7383
9500
9849
9079
8576
11686
9705
13270
13305
13231
11402
9734
11180
7946
8649
7985
7117
7883
6378
8171
6055
6672
6435
5299
5527
5417
6265
TOCOM
Volume
262139
207474
220137
288120
308803
456834
501954
528655
644464
604867
570518
576917
463326
986211
780278
581378
799157
947797
552946
924492
677618
906282
845439
754154
737964
568139
537290
706853
969449
814415
997755
790231
969332
938725
1123087
949161
910069
935610
874586
1153625
1220620
680040
589783
762686
476136
630696
492822
536213
695727
730855
604110
881178
1078361
944310
1001064
1105881
1091117
1102286
1051746
1404018
Open Interest
35780
31494
33337
33863
34982
36321
43544
49169
68862
71714
57714
49411
47325
59916
75212
92721
87854
88887
88963
86329
111907
108704
117695
98070
77781
100684
91819
92344
97786
81563
80238
97528
50503
94845
109669
127200
121461
121286
130582
115669
151271
131063
122955
121744
129946
129208
132700
143191
152959
153596
160511
169390
182953
189471
183179
183335
173411
172572
178094
165039
Graph-1
Platinum Mine Production (2008)
2%
3% 3%
4%
South Africa
12 %
Russia
Canada
USA
Zimbabwe
Others
76 %
Source: USGS; e estimates

Graph-2
Platinum Jewellery demand (2008)
2%
14 %
China
Japan
14 %
Europe
North America
55 %
15 %
Others
Source: Platinum survey GFMS 2009

Graph-3
Aggregate volume in all contracts during the month. Cumulative open interest in all contracts at the end of the month.
| 105
Copper
Economic parameters impacting Copper prices
Copper Fundamentals (000 tonnes)

Copper
2008
2007
2006
2005
2004
Global
Production
18048
17261
16545
1.1
2.9
3.1
3.6
1.9
2.8
2.4
2.3
2.6
1.4
11.5
11.1
10.4
10.1
7.3
8.9
9.7
7.9
2.6
3.2
2.7
3.6
2.5
2.7
3.4
2.7
4.60%
4.30%
4.30%
4.50%
Ex-china
14584
14547
14264
13926
13653
China
Consumption
18021
18010
17368
16820
16704
India
% change
0.10%
3.70%
3.30%
0.70%
8.20%
OECD
Ex-china
13146
13370
13370
13010
13246
706
547
560
468
469

US
Japan
India
Primary copper consumption
2004
-0.3
0.70%
705
2005
Japan
% change
Refined copper producton
2006
15864
Eurozone
Western world stocks
2007
Real GDP (% change)

US
18180
2008
642
519
408
396
465
425
400
350
0.5
1.4
0.3
0.3
-2.3
Eurozone
2.2
2.2
2.1
China
5.9
1.4
3.2
India
6.7
5.3
4.6
OECD
2.2
2.1
1.8
Copper and Copper Products Export
416
450
356
289
241
Copper and Copper Products Import
227
193
278
211
180
-8.9
1.7
1.5
2.9
3.3
339.8
197.5
182.8
89.6
48.9
Japan
-20.7
1.5
5.4
3.4
1.7
8.8
12.9
7.1
54.0
16.1
Eurozone
-12.2
1.4
5.3
2.5
0.8
3.3%
2.5%
2.2%
1.9%
1.7%
China
5.7
17.4
14.7
16.5
14.4
India
-0.2
13.4
5.7
8.9
0.25
4.25
5.25
4.25
2.25
0.249
0.581
0.618
0.066
0.003
2.5
3.5
2.25
5.31
7.47
6.12
5.58
5.58
6.5
7.75
7.25
6.25
US
9.6
5.6
5.4
4.1
5.7
Japan
0.7
0.7
-0.6
0.3
Inventory levels - End of the year

LME
SHFE
AIndustrial Output (YoY % change )

US
Source: ICSG, DGCIS, USGS, GFMS base metal report, LME, SHFE, MCX
Interest rates (%)

India ( Repo rate )
7.5
11.6
9.9
7.4
6.6
China
Eurozone
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. & Comp. Broad Money Index 127.3
116.9
107.6
100
93.9
113.83
106.9
103.7
100
96.16
127.8
113.7
109.3
100
89.4
32.9
49.1
52.2
54.9
57.2
-35.6%
-2.9%
-3.6%
-3.7%
7.7%
5.7
-23.9
-6.3
-6.3
13.9

| 107
Copper Prices
MCX spot prices (Rs/kg)
Mar-09
Feb-09
Jan-09
Dec-08
Nov-08
Oct-08
Sep-08
Aug-08
Jul-08
Jun-08
May-08
Apr-08
Mar-08
Feb-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
Open
173.50
157.05
155.00
189.05
207.50
303.50
327.45
342.85
365.80
335.10
332.80
335.10
335.80
286.55
265.95
279.50
302.80
317.85
304.55
322.50
314.75
305.00
333.50
303.05
272.90
256.70
285.60
320.15
336.85
351.55
358.50
348.40
343.90
371.50
328.40
242.45
216.40
216.70
203.50
193.40
174.30
167.00
158.30
156.80
145.60
139.30
136.00
137.25
145.50
138.50
143.45
147.00
139.00
138.60
130.00
128.60
126.75
121.00
-
High
209.45
177.30
174.65
191.45
214.75
305.00
328.40
343.80
387.35
371.65
361.20
355.50
353.90
342.35
292.95
280.60
304.25
327.65
321.30
322.50
332.05
315.05
345.60
343.15
305.00
282.80
286.55
327.40
338.60
361.50
375.45
360.05
383.25
374.00
397.85
343.00
247.95
229.00
218.50
209.75
195.00
183.50
169.50
174.00
157.90
156.00
139.90
149.30
145.50
149.70
144.10
149.00
149.50
148.00
146.00
133.95
134.20
125.50
-
Low
171.50
153.15
150.85
138.55
172.50
188.50
293.30
302.40
331.55
330.80
331.15
327.05
310.40
278.15
265.35
252.35
251.65
300.10
289.60
281.30
311.55
292.05
287.55
299.65
260.75
235.00
246.60
283.20
296.65
327.65
335.65
347.00
333.90
291.00
325.00
242.45
211.80
210.50
199.90
192.55
172.10
166.95
153.40
153.25
145.60
138.30
127.65
137.25
138.60
133.90
131.10
135.70
138.25
131.00
121.00
123.50
121.50
117.60
-
Close
207.10
171.05
157.65
152.75
184.05
206.95
302.20
331.15
343.55
368.80
336.50
351.20
335.90
338.95
287.20
266.00
275.55
302.35
317.75
308.10
322.80
310.25
305.30
322.30
302.70
266.80
256.20
285.60
312.80
336.55
352.90
356.05
363.50
351.75
373.30
322.35
243.00
214.05
216.80
202.90
193.00
173.10
167.10
164.55
156.85
149.00
139.55
144.85
142.90
149.40
144.10
148.40
149.50
136.00
146.00
132.35
133.95
123.05
-
Monthly Average
193.60
164.42
160.27
150.71
183.84
234.15
316.15
323.73
353.54
347.40
347.74
345.20
338.21
311.64
277.73
265.21
272.67
314.47
306.55
302.11
319.77
304.17
314.06
325.47
282.28
253.10
255.33
298.94
313.39
341.78
351.78
360.01
360.16
337.15
361.81
284.15
225.05
218.87
207.15
204.19
198.03
184.43
167.28
163.66
155.47
150.13
135.66
143.70
144.26
140.11
138.28
141.80
142.94
139.41
134.36
127.09
126.48
126.00
126.00
-
LME futures price (USD/Tonne)

Open
3390.00
3224.50
3055.00
3640.00
4215.00
6395.00
7520.00
8065.00
8530.00
7945.00
8585.00
8380.00
8415.00
7299.75
6750.00
7050.00
7760.00
8025.50
7480.00
7980.25
7580.00
7455.00
7760.00
6900.00
6100.00
5760.00
6300.00
7095.00
7420.00
7602.00
7615.00
7800.00
7475.00
7915.00
7240.00
5405.00
4780.00
4830.00
4400.00
4243.00
3915.00
3790.00
3615.00
3520.00
3311.00
3045.00
3190.00
3287.00
3223.00
3084.00
3115.00
3102.00
2852.00
2995.00
2780.00
2834.00
2665.00
2783.00
2685.00
2982.00
High
4168.00
3669.00
3610.00
3710.00
4435.00
6530.00
7520.00
8082.00
8940.00
8620.00
8625.00
8880.00
8820.00
8570.00
7450.00
7075.00
7774.75
8315.00
8155.00
7985.00
8212.00
7695.00
8335.00
8100.00
6935.00
6374.00
6344.00
7229.25
7500.25
7890.00
8110.00
8150.00
8210.00
8010.00
8800.00
7385.00
5510.25
5100.00
4865.25
4518.00
4270.00
4018.00
3835.00
3670.00
3546.00
3435.00
3225.25
3338.00
3308.00
3275.00
3120.00
3165.00
3142.50
3179.50
3020.00
2885.00
2862.00
2870.00
2788.00
3044.00
Low
3340.00
3096.00
3025.00
2817.25
3375.00
3590.00
6170.00
7120.00
7840.00
7760.00
7855.00
8160.00
7611.00
7025.00
6675.00
6317.00
6430.00
7645.00
7085.00
6730.00
7550.00
7050.00
6952.00
6807.00
5796.00
5250.00
5430.00
6250.00
6645.00
7002.00
7150.00
7180.00
7000.00
6410.00
7060.00
5390.00
4650.00
4645.00
4330.00
4240.00
3853.00
3750.00
3489.85
3454.00
3185.00
3025.00
2960.00
3110.00
3135.00
2953.00
2875.00
2852.00
2830.00
2650.00
2685.00
2687.00
2648.00
2490.00
2475.00
2573.00
Close
4040.00
3449.00
3155.00
3070.00
3620.00
4099.00
6360.00
7510.00
8055.00
8510.00
7935.00
8549.00
8390.00
8430.00
7350.00
6675.00
7000.00
7725.00
8020.00
7460.00
8010.00
7560.00
7380.00
7761.00
6860.00
6015.00
5735.00
6330.00
7080.00
7380.00
7545.00
7700.00
7950.00
7320.00
7900.00
6990.00
5390.00
4798.00
4840.00
4395.00
4246.00
3912.00
3769.50
3603.00
3517.00
3319.00
3046.00
3215.00
3290.00
3235.00
3082.00
3150.00
3095.00
2882.00
2997.50
2784.00
2816.00
2650.00
2774.00
2652.00
LME cash
(USD/Tonne)
Monthly Average
3749.75
3314.73
3220.69
3071.98
3717.00
4925.70
6990.86
7634.70
8414.04
8260.60
8382.75
8684.93
8439.29
7887.69
7061.02
6587.67
6966.70
8008.43
7648.98
7513.50
7973.91
7475.88
7682.17
7766.47
6452.48
5676.45
5669.66
6675.11
7029.18
7500.39
7602.36
7695.66
7712.10
7197.61
8045.86
6387.78
5102.85
4982.40
4734.33
4576.78
4269.34
4059.76
3857.84
3797.75
3614.21
3524.07
3249.10
3394.48
3379.60
3253.70
3170.00
3145.45
3122.80
3012.24
2894.86
2846.10
2808.43
2686.70
2733.50
2948.73
RBI rate
Dollar Index
USD/INR
Monthly Average Monthly Average
51.23
86.71
49.22
86.84
48.83
84.83
48.64
83.65
49.00
86.77
48.64
83.53
45.56
78.37
42.94
76.21
42.84
72.79
42.82
73.41
42.13
73.05
40.02
72.38
40.36
72.72
39.73
75.77
39.37
76.00
39.44
76.79
39.44
75.67
39.51
77.78
40.34
79.14
40.82
80.87
40.42
80.61
40.77
82.21
40.78
82.01
42.15
81.95
44.03
83.17
44.16
84.28
44.33
84.58
44.63
83.07
44.85
84.72
45.47
86.11
46.12
85.25
46.54
84.91
46.46
85.61
46.06
85.37
45.41
84.69
44.95
88.13
44.48
89.58
44.33
90.26
44.40
88.83
45.65
90.63
45.73
91.37
44.82
89.54
43.92
87.99
43.63
87.86
43.54
89.55
43.59
88.33
43.49
85.63
43.74
84.24
43.69
82.81
43.68
83.76
43.76
83.19
43.98
81.69
45.13
83.72
45.78
86.99
46.10
88.89
46.34
88.97
46.04
88.54
45.52
89.46
45.26
90.69
43.93
90.12
Source: Exchanges' website, ICE, RBI
| 109
Copper Trading activity

Graph-1
Chile
36%
37%
United States
Peru
China
Australia
5%
8%
6%
Others
8%

Graph-2
Copper Consumption (2008e)
China
12%
27%
Western Europe
North America
21%
Japan
Other Asia
19%
7%
Others
14%
Source: GFMS Base Metal report
Graph-3
Copper Prices, Chinese Imports & Rolling correlation of LME Prices Vs Inventory
9000
LME futures (USD/ton) - LHS

Chinese import (100 tons) - LHS
Rolling correlation prices vs. lme stocks - 1 yr
8000
7000
0.5
6000
0
5000
4000
-0.5
3000
2000
-1
1000
Mar-09
Apr-08
May-07
Jun-06
Jul-05
Aug-04
Sep-03
Oct-02
Nov-01
Dec-00
Jan-00
Feb-99
Mar-98
Apr-97
May-96
Jun-95
-1.5
Jul-94
0
Aug-93
439066
324534
266182
343614
262170
159046
205972
177792
128874
146068
160086
149586
154856
182148
175908
183716
199102
131320
133956
138914
155206
126614
115830
120162
117194
101622
96362
77744
75848
64456
70904
85376
56888
83430
86976
84036
108698
97870
75868
105788
134036
121872
126746
155662
163288
181948
214420
157026
197344
229576
251560
315822
338818
254312
244560
323902
305002
259120
256208
190938
Sep-92
Open Interest
13334674
8621472
6108054
8676564
5197084
2353198
3274924
2815716
1313756
1589422
1747730
2037268
3049558
2665180
5158030
5928002
4227808
1377392
1698136
3211484
3896062
3112020
2181252
2641610
1526036
734540
1146412
610830
701874
304364
1015788
1303582
1191158
1252768
765734
1085446
1062264
574948
677818
1271624
1634112
948686
1311456
1903172
2103100
2895970
2465668
2722214
2487690
1789458
3104998
4218814
4246086
2055374
2769470
3242450
3522894
4238546
3693710
3323298
Oct-91
Volume
411286
481490
491820
486962
550760
521086
496407
463749
450061
450316
444647
467061
486002
497810
481440
427225
430963
403830
393590
237662
243282
245422
250544
244262
239035
241525
239883
216457
224000
217759
223339
223185
217765
225347
243177
247115
251178
237243
227253
-
Nov-90
Open Interest
2284177
1702722
2314469
1908795
2546098
3004252
2619189
1863668
2248126
1828570
1724399
2004746
1960112
2231546
2335854
1424933
2165031
1735112
1674178
2214438
1713515
1739912
1711033
1661035
1711176
1538992
1751103
1289754
1516229
1320963
1580518
1472340
1238460
1398156
1706156
1785516
1848574
1708272
1729221
-
Jan-89
Volume
18590
15178
25082
22176
11984
14105
14983
9315
11792
16182
10514
11164
9144
13275
12604
15695
10949
16433
13682
12226
15565
13266
12807
10940
10035
11961
22864
19532
18552
11657
7330
6606
4508
5323
7216
6368
5242
2643
2174
2178
2855
2209
1555
1556
2260
647
455
11
11
11
4
1
1
0
0
0
1
3
-
Dec-89
Open Interest
Feb-88
Volume
2175657
1877051
2141842
1495127
1847627
1694342
1044217
920891
914542
769001
896748
1032376
1007753
1378689
1276483
912928
1159320
1023183
1007536
1480144
1225331
1607857
1672952
1577270
1280007
1223224
1205754
636579
871936
539737
492788
572901
503552
660822
517588
278370
115344
70652
33695
31556
37605
22505
14942
24040
20362
25566
5688
212
3642
889
1285
271
363
1046
383
980
48
3530
-
Source: Exchanges' Websites
Copper Mine Production (2008e)
Graph-1
Mar-87
Mar-09
Feb-09
Jan-09
Dec-08
Nov-08
Oct-08
Sep-08
Aug-08
Jul-08
Jun-08
May-08
Apr-08
Mar-08
Feb-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
SHFE
LME
Apr-86
MCX
Source: LME, China Customs Dept.
| 111
Zinc
Economic parameters impacting Zinc prices
Zinc Fundamentals
Economic Indiacators
Zinc (Metric tonnes)
2008
2007
2006
2005
2004
World mine production

(zinc content of concentrate)
11777000
10900000
10300000
9930000
9600000
World smelter production
11666000
11500000
10800000
10400000
10600000
US
2.4
4
2
China
11.5
11.1
10.4
10.1
7.3
8.9
9.7
7.9
2.6
3.2
2.7
3.6
2.5
2.7
3.4
2.7
0.5
1.4
0.3
0.3
-2.3
2.2
2.2
2.1
362000
416000
398000
384000
OECD
Undifferentiated
6310000
5740000
5510000
5520000
11496000
11333000
10995000
10540000
10309000

US
India mine production (zinc content of concentrate)
572,300
535,500
477,200
347,100
Japan
India smelter production
439,800
443,900
289,200
262,400
Eurozone
Of which:
23,000
23,000
23,000
24,000
450000
425000
394000
362000
Zinc Consumption (Primary)

Indian Imports *
106216
179035
265444
193000
Indian Exports*
81535
189245
20511
27041
253500
89150
88450
394125
629425
63534
54404
2.7%
2.3%
3.9%

LME
Shanghai
Source: ILZSG; USGS; Respective exchanges websites; GFMS base metal report; DGCIS, MCX
^ 2008 figures are estimated * data for financial year
World totals, U.S. data, and estimated data are rounded to no more than three significant digits; may not add to totals shown.
3.6
1.4
Secondary
Secondary
3.1
2.8
India
238,400
2.9
2.6
4660000
266,200
2
1.9
4520000
420,900
1.1
2.3
4670000
416,800
2004
4780000
2005
-0.3
Primary
2006
Eurozone
Primary
Zinc Consumption^
2007
Real GDP (% change)

Japan
Of which:
2008
China
5.9
1.4
3.2
India
6.7
5.3
4.6
OECD
2.2
2.1
1.8
-8.9
1.7
1.5
2.9
3.3

US
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
13.4
5.7
8.9
Interest rates (%)

0.25
4.25
5.25
4.25
2.25
0.249
0.581
0.618
0.066
0.003
2.5
3.5
2.25
5.31
7.47
6.12
5.58
5.58
6.5
7.75
7.25
6.25
US
9.6
5.6
5.4
4.1
5.7
Japan
0.7
0.7
-0.6
0.3
Eurozone
7.5
11.6
9.9
7.4
6.6

India ( Repo rate )
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 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
127.8
113.7
109.3
100
89.4
OECD Indicators

| 113
Zinc Prices
Mar-09
Feb-09
Jan-09
Dec-08
Nov-08
Oct-08
Sep-08
Aug-08
Jul-08
Jun-08
May-08
Apr-08
Mar-08
Feb-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
Open
57.5
54.25
58.6
60.8
58.5
80
79.95
81.6
84
85.35
88.8
92
110.1
98.05
93.35
102.35
113.4
124.2
128.15
144.75
142.5
151.3
161.6
144.6
157.1
159.6
191.1
199.6
190.7
155.5
158.65
158.6
150.45
171.25
154.25
130.5
118
-
High
67.5
59.15
65.9
62.15
63.95
80.3
86.95
82.05
90.7
86.25
99.9
96.45
116.75
112.1
102.6
103.35
113.9
126.5
128.85
145.9
152.85
157.2
170.85
158.8
160.1
162.75
191.9
205.5
208.3
196
172.1
164.35
168.75
173
180.95
171.2
130.5
-
Low
56.75
52.6
53.3
49.85
52.4
52.5
75.25
68.9
76.25
79.6
82.25
87.5
90.85
91.7
85.4
89.3
86
109.45
113.2
123.45
137.5
133.95
143.8
140.25
138.2
137.6
149.75
185.5
182.45
152.85
147.25
150.6
145.6
132.1
136.5
123.7
118
-
Close
66.3
54.6
54
54.35
59.6
53.9
77.7
75.35
81
80.35
84.25
88.8
92
108.6
94.2
90.15
100.4
109.85
121.55
125.65
145.2
134.45
150.05
152.3
142.9
153.7
151.95
191.5
196.5
193.25
154.15
155.65
157
150.15
180.55
144.65
130.2
-
Average spot prices (Rs./Kg)

Mumbai (MCX)
Monthly Average
62.4
54.8
57.8
53.4
56.4
62.0
79.4
74.4
79.3
81.1
91.3
90.4
101.3
96.7
92.2
93.3
100.8
117.7
116.8
132.5
143.3
146.6
156.6
149.9
144.0
146.3
170.0
195.9
196.4
174.8
157.4
154.5
155.6
149.0
161.8
138.1
117.3
-
LME 3 month future prices (USD/tonne)

Open
1125
1120
1220
1200
1168
1684
1834.5
1904.75
1936
2013
2255
2313
2750
2500
2380
2645
2818
3060
3100
3525
3360
3710
3742
3275
3505
3490
4230
4365
4220
3360
3420
3400
3260
3595
3250
2660
2345
2307
1902
1715
1543
1413
1370
1260.5
1225
1275
1292
1373
1380
1302
1238
1172
1062
1107
972
1040
994
1116
1047
1112
High
1359
1229
1365
1225
1310
1699
1905
1905
2120
2025
2374.5
2420
2900
2824
2605.95
2645
2870
3205
3120
3570
3780
3850
4170.5
3845
3575
3775
4270
4548
4580
4290
3740
3545
3620
3670
4000
3445
2705
2420
2335
1925
1726.15
1566
1460.15
1386
1282.75
1347
1292
1392
1450
1415
1307
1262
1187
1195
1124
1054
1045
1132
1118
1153.5
Low
1090
1070
1089.75
1038
1077
1076
1633
1605
1750
1850
1955
2206
2252
2310
2150
2251
2135
2811
2680
2949.8
3351
3290
3535
3119.85
3119.75
2990
3340
4120.5
3975
3260
3140
3190
3065
2810
3100
2620
2115
1960
1877
1710
1518
1399
1335
1255
1170
1221.85
1215
1235
1324
1268
1160
1110
1036
1000
950
963
974
954
1009
1000
Close
1320
1128
1096.5
1208
1210
1125
1680
1811
1902
1932
2005
2230
2320
2740
2515
2370
2595
2825
3050
3110
3545
3350
3695
3756
3255
3480
3480
4230
4375
4220
3330
3450
3415
3220
3670
3175
2645
2359
2306
1909
1715
1545
1420
1366
1265
1230
1285
1299
1375
1389
1297
1246
1170
1063
1108
974
1042
992
1110
1043
Spot prices (USD/tonne)

LME Cash
Monthly Average
1223
1118
1203
1113
1169
1303
1745
1735
1856
1906
2178
2279
2511
2458
2364
2379
2555
2980
2888
3244
3546
3629
3848
3567
3256
3321
3785
4381
4379
3830
3394
3340
3321
3198
3545
3068
2428
2220
2092
1819
1611
1483
1397
1301
1197
1273
1246
1298
1374
1323
1246
1182
1100
1067
980
977
988
1019
1031
1029
RBI rate
USD/INR
Monthly Average
51.23
49.22
48.83
48.64
49.00
48.64
45.56
42.94
42.84
42.82
42.13
40.02
40.36
39.73
39.37
39.44
39.44
39.51
40.34
40.82
40.42
40.77
40.78
42.15
44.03
44.16
44.33
44.63
44.85
45.47
46.12
46.54
46.46
46.06
45.41
44.95
44.48
44.33
44.40
45.65
45.73
44.82
43.92
43.63
43.54
43.59
43.49
43.74
43.69
43.68
43.76
43.98
45.13
45.78
46.10
46.34
46.04
45.52
45.26
43.93
Source: Exchanges' websites, RBI
| 115
Zinc Trading activity

Graph-1
Source: Exchnages' websites
Zinc Mine Production (2008e)
28%
China
33%
Australia
Peru
United
Canada
6%
13%
Others
7%
13%
Graph-2
Zinc Consumption (2008e)
7%
4%
China
34%
12%
Other Asia
Western Europe
North America
19%
South and Central

America
Others
24%
Source: GFMS Base Metals Report
Graph-3
Zinc Prices, OECD Leading Indicator & Rolling correlation with Copper
Price
LME futures (USD/ton)- RHS

Correlation with Cu 1( year)
Mar-09
Apr-08
May-07
Jul-05
Jun-06
Sep-03
Aug-04
Oct-02
Nov-01
Dec-00
Jan-00
Feb-99
Apr-97
Mar-98
5000
4500
4000
3500
3000
2500
2000
1500
1000
500
Jun-95
120
100
80
60
40
20
0
-20
-40
-60
May-96
Open Interest
234574
240004
150666
127550
94554
114582
114620
144404
179716
182698
156316
105850
125432
148340
106514
58702
78864
98684
89672
56184
35704
42876
30168
32224
10736
-
Jul-94
Volume
4241702
3636084
3163662
3185326
2770670
2641524
2524492
2998404
3965520
3888514
3108752
3707804
5821132
5075648
6252516
5150590
3997610
996644
1734622
1520740
2731960
1143186
1298366
1501988
35414
-
Aug-93
Open Interest
205238
211605
215257
217239
232572
237594
228207
212678
204878
198036
187565
191892
192412
195029
191205
177383
179233
162219
155086
149295
145869
143914
148078
140736
142390
140457
131114
131940
132541
129648
122949
120504
130010
136708
152560
167512
169045
164725
149470
-
Sep-92
Volume
884436
780222
957686
758835
880094
965248
990045
708243
827575
765926
833372
959410
912077
647411
832986
783104
941899
1089690
1014805
838075
999716
1068516
1146266
1235912
1192616
1051089
935311
728803
841226
792861
770995
854086
901705
1177418
984070
823877
983874
895591
1097725
-
Oct-91
Open Interest
2740
2601
4146
3620
3334
6478
5835
7203
9196
7839
7324
10752
7420
6722
8510
9439
8775
12169
6563
8142
6456
7501
4926
4586
5716
3772
4177
2423
2693
1646
648
708
351
543
1483
2110
28
-
Dec-89
Mar-09
Feb-09
Jan-09
Dec-08
Nov-08
Oct-08
Sep-08
Aug-08
Jul-08
Jun-08
May-08
Apr-08
Mar-08
Feb-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
Volume
208772
155974
254582
170750
214723
215097
261182
281672
344578
211818
252370
225903
323656
345186
319858
244308
305480
309670
346451
326264
310111
317771
383919
288371
262631
237740
219193
112724
157018
45350
31366
21914
35279
46180
58311
53798
707
-
SHFE
Nov-90
LME
MCX
OECD Total Composite Leading Ind.

Source: LME, OECD
| 117
Lead
Economic Parameters impacting Lead Prices
Fundamentals
Lead (Metric tonnes)
Parameters
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
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
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
Primary
88,800
77,700
56,000
40,000
Secondary
35,000
35,000
35,000
25,000
Of which:
Lead Consumption
Of which:
Imports*
154290
184024
175416
166416
Exports*
19806
15538
10008
6678
45150
45475
41125
43625
40700
3.4%
2.5%
2.2%
Inventory levels
LME (tonnes) year end

Source: GFMS base metal report, DGCIS; * Data for financial year
Real GDP (% change)

US
Japan
Eurozone
China
India
OECD
US
Japan
Eurozone
China
India
OECD
US
Japan
Eurozone
China
India
Interest rates (%)
India ( Repo rate )
US
Japan
Eurozone
China
India
US ( DOW JONES)
India (SENSEX)
OECD Indicators
2008
2007
2006
2005
2004
1.1
-0.3
1
9
7.3
1
2
1.9
2.3
11.5
8.9
2.6
2.9
2.8
2.6
11.1
9.7
3.2
3.1
2.4
1.4
10.4
9
2.7
3.6
4
2
10.1
7.9
3.6
1
0.5
1
3
5
1
2.5
1.4
3
5.9
7
3
2.7
0.3
2.2
2
6.7
2.2
3.4
0.3
2.2
1.4
5.3
2.1
2.7
-2.3
2.1
3.2
4.6
1.8
-8.9
-20.7
-12.2
5.7
-0.2
1.7
1.5
1.4
17.4
8
1.5
5.4
5.3
14.7
13.4
2.9
3.4
2.5
16.5
5.7
3.3
1.7
0.8
14.4
8.9
0.25
0.249
2.5
5.31
6.5
4.25
0.581
4
7.47
7.75
5.25
0.618
3.5
6.12
7.25
4.25
0.066
2.25
5.58
6.25
2.25
0.003
2
5.58
6
9.6
0.7
7.5
17.82
19.6
5.6
0.7
11.6
16.72
22.84
5.4
-0.6
9.9
16.9
19.33
4.1
0.3
7.4
17.6
17.79
5.7
1
6.6
14.63
13.49
8,776
9,647
13,265
20,287
12,463
13,787
10,718
9,398
10,783
6,603
127.3
113.83
127.8
116.9
106.9
113.7
107.6
103.7
109.3
100
100
100
93.9
96.16
89.4
| 119
Lead Prices
Mar-09
Feb-09
Jan-09
Dec-08
Nov-08
Oct-08
Sep-08
Aug-08
Jul-08
Jun-08
May-08
Apr-08
Mar-08
Feb-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
Open
54.05
55.65
49.35
57
76
87.2
87.2
94.3
77.2
83.9
104.6
113.25
133.85
109.65
101.3
121.25
144.95
136.5
127.8
127.05
115.6
91.15
82.1
84.55
84.6
77
74.25
72
72.5
64.85
57.25
51.35
44
54.1
56.35
54.5
52.95
-
MCX futures prices

(Rs/Kg)
High
Low
70.25
53.15
59.3
47.8
60.3
48.1
57.6
40.5
76
53.15
88.2
57.75
94.5
79.5
95.45
70.7
98.85
66.4
88.9
74.45
107
80.75
120.4
107.4
140.65
107.1
137.7
107.65
109.15
96
121.7
94.35
148.95
110.15
154.35
134.1
142.05
117.4
139.25
115.65
142.3
112.6
109.8
91.15
92.45
82.1
86.5
80.15
88
84.6
84.65
70.9
77.3
69
80.95
72
75
70
73.5
64.85
64.75
54.5
55
51.35
53.45
43
54.1
42.5
59
51.4
58
51.9
57.3
52.55
-

Close
64.8
52
56.45
45.95
53.8
72.35
84.55
85.75
94.7
74.5
82.6
108.4
111.55
135.5
108.05
99.8
120.95
145.15
137.15
134.5
126.05
108.1
92
82.75
84.85
83.85
77.3
78.4
74
73.5
64.75
55
50.5
43.2
53.35
56.35
54.5
-
Spot prices
(Rs/Kg)
Mumbai
63.4
54.3
54.8
46.4
63.8
70.9
85.2
83.0
83.0
79.7
93.8
113.1
121.7
121.8
102.4
103.4
132.2
148.0
130.5
127.7
124.6
98.9
85.7
84.6
84.1
78.5
74.1
77.0
72.9
69.9
61.9
54.7
48.9
44.3
52.8
52.6
54.2
-
Open
1050
1135
980
1095
1525
1845
1975
2215
1780
2000
2700
2780
3335
2810
2555
3060
3680
3380
3120
3110
2680
2360
2015
1920
1825
1680
1685
1660
1615
1390
1220
1095
1020
1065
1230
1180
1185
1325
1053
1036
960
940
863
855
885
962
950
985
950
930
1002
955
878
930
860
876
840
831
731
835
LME 3 month futures prices

(USD/tonne)
High
Low
Close
1380
1025
1270
1219
980
1046
1230
957
1120.5
1140
851
999
1557
1073
1103
1873
1145
1508
2080
1729.75
1830
2222.5
1626
1975
2293.75
1531
2210
2090
1745
1790
2730
1912
1975
3000
2677
2714
3480
2655
2790
3420
2719
3330
2831
2405
2820
3060
2371
2550
3775
2805
3060
3890.15
3345
3660
3520
2845
3380
3355
2760
3110
3500
2670
3105
2745
2231
2660
2360
1980
2331
2045
1905
2015
1975.15
1771.85
1920
1955
1525
1820
1725.25
1505
1679
1785
1580
1665
1755
1440
1663
1630
1340
1617
1410.5
1214
1380
1250
1082.25
1210
1180
995
1092
1080
924.75
1015
1360
1060
1071
1260
1139.85
1210
1255
1130
1185
1435
1124.85
1182
1420
1049
1322
1125
1035
1051
1045.2
923.85
1043
1018
937.75
963
970
841
938
895
824
863
888
812
855.5
986
880
880
983
915
962
996
890
950
990
935
989
991
904
954.5
1002
867
935
1019
885
1004
996
870
952
982
805
879
940
831
925
912
822
858
925
825
879
862
750
837
862
710
833
841
651
731
Spot prices LME Cash

(USD/Tonne)
RBI rate
USDNIR
Monthly Average
Monthly Average
1238
1100
1145
968
1286
1494
1872
1903
1960
1861
2216
2835
3013
3090
2622
2616
3320
3723
3228
3115
3072
2437
2106
1984
1909
1775
1664
1709
1626
1526
1347
1179
1053
964
1168
1171
1194
1267
1258
1120
1018
999
933
887
858
983
985
980
1002
973
954
972
966
933
932
917
931
864
804
747
51.23
49.22
48.83
48.64
49.00
48.64
45.56
42.94
42.84
42.82
42.13
40.02
40.36
39.73
39.37
39.44
39.44
39.51
40.34
40.82
40.42
40.77
40.78
42.15
44.03
44.16
44.33
44.63
44.85
45.47
46.12
46.54
46.46
46.06
45.41
44.95
44.48
44.33
44.40
45.65
45.73
44.82
43.92
43.63
43.54
43.59
43.49
43.74
43.69
43.68
43.76
43.98
45.13
45.78
46.10
46.34
46.04
45.52
45.26
43.93
| 121
Lead Trading activity

Graph-1
Open Interest
20 %
China
40 %
Australia
4%
United States
Peru
9%
Mexico
12 %
Others
15 %

Graph-2
Lead Mine Consumption (2008e)
25 %
China
35 %
Europe
USA
Others
18 %
22 %
Graph-3
Inventory & Spread
250
Lead Prices, Inventory and Spread Between Cash & Futures

LME futures (USD/ton) - RHS
Prices
4000
Lead invetory (000s metric tonne)
3500
200
3000
150
2500
100
2000
1500
50
1000
0
500
Mar-09
May-08
Jul-07
Sep-06
Nov-05
Jan-05
Mar-04
May-03
0
Jul-02
-50
Sep-01
93619
102852
102959
109344
117209
123930
139610
143131
142077
116295
113582
105527
102617
98288
96419
96146
102672
98587
92649
66274
66822
64802
66439
63116
63240
60786
58260
57662
61192
58032
56693
55523
57775
62057
62315
59505
65955
60198
64511
-
Nov-00
535331
402582
534515
483905
470743
610973
540511
609001
729273
482949
483893
423544
415194
454711
428100
341485
494098
493731
406280
434971
374775
382190
366261
302402
323205
330473
371393
320163
374854
356364
396199
379169
318504
308105
440203
343260
434491
353575
471560
-
Jan-00
Volume
Mar-99
1380
1550
1354
3235
3994
2276
1765
1301
2740
5245
3449
1255
866
1817
1980
1933
1898
2829
1557
1652
847
19
4
5
0
2
0
0
1
0
0
1
20
29
16
8
10
-
May-98
Open Interest
Jul-97
130344
72614
146851
144343
128765
114594
156400
158614
226034
126749
139900
78768
110436
139959
129851
167541
180997
259390
179574
213613
90279
339
4
9
8
8
54
116
552
28
336
46
1774
430
1691
628
2940
-
Sep-96
Volume
Mar-09
Feb-09
Jan-09
Dec-08
Nov-08
Oct-08
Sep-08
Aug-08
Jul-08
Jun-08
May-08
Apr-08
Mar-08
Feb-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
Lead Mine Production (2008e)
LME
Nov-95
MCX
Source: LME
| 123
Nickel
Economic Parameters impacting Nickel Prices
Fundamentals
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
1,342,000
1,436,000
1,350,000
1,300,000
1,280,000
Ferronickel
302,000
295,000
278,000
Metal
761,000
740,000
710,000
Oxide sinter
102,000
101,000
104,000
21,700
20,000
24,700
165,000
149,000
162,000
World plant production

Of which:
Chemicals
Unspecified
World Refined Nickel Consumption
Refined Nickel Balance
1,299,000
1,341,000
1,405,000
1,244,000
1,262,000
43000
95000
-91000
10000
-18000
33000
31000
28000
27000
22785.7
23251.9
18828.6
26450.8
1679.7
1673.4
1951.6
1041.9
India nickel consumption (primary)

Indian Imports *
Indian Exports
Inventory levels
78390
47946
6648
35742
20892
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
2004
1.1
-0.3
1
9
7.3
1
2
1.9
2.3
11.5
8.9
2.6
2.9
2.8
2.6
11.1
9.7
3.2
3.1
2.4
1.4
10.4
9
2.7
3.6
4
2
10.1
7.9
3.6
1
0.5
1
3
5
1
2.5
1.4
3
5.9
7
3
2.7
0.3
2.2
2
6.7
2.2
3.4
0.3
2.2
1.4
5.3
2.1
2.7
-2.3
2.1
3.2
4.6
1.8
Industrial Output (YoY % change)

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

India ( Repo rate )
0.25
0.249
2.5
5.31
6.5
4.25
0.581
4
7.47
7.75
5.25
0.618
3.5
6.12
7.25
4.25
0.066
2.25
5.58
6.25
2.25
0.003
2
5.58
6

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

US ( DOW JONES)
India (SENSEX)
8,776
9,647
13,265
20,287
12,463
13,787
10,718
9,398
10,783
6,603
127.3
113.83
127.8
116.9
106.9
113.7
107.6
103.7
109.3
100
100
100
93.9
96.16
89.4
Real GDP (% change)

US
Japan
Eurozone
China
India
OECD
US
Japan
Eurozone
China
India
OECD
OECD Indicators
| 125
Nickel Prices
Mar-09
Feb-09
Jan-09
Dec-08
Nov-08
Oct-08
Sep-08
Aug-08
Jul-08
Jun-08
May-08
Apr-08
Mar-08
Feb-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
Open
504.1
545
576
515
623.8
764.4
906
795.1
960
935
1160
1183.5
1259
1086.5
1040.5
1088
1277
1230
1217
1279
1495
1941.1
2105
2007.8
1891.1
1945
1504
1498
1429.8
1408.3
1515
1287.5
976.1
1080
905
675
676.9
699.1
705
585
613
624
608
660
667.5
701
680
711
655
642
615
645
735
610
650
694
575.5
-
MCX futures prices

(Rs/Kg)
High
Low
533.5
478.3
585
462
654.8
498.1
540.8
442.3
649.3
476.2
769
447.8
906.5
721
935
736.6
974.5
763
1073.5
914.5
1180
927
1205.5
1127.5
1416
1126
1275
1042
1203
1038.5
1104.5
998
1350
1042
1306
1188
1362
1101.7
1286
1035
1519.9
1223.4
2009
1430.2
2185.5
1925
2253.9
1953.9
2247
1790
1990
1925
1855
1355
1603
1433
1547.3
1267.3
1640
1327.1
1524.2
1205
1618.5
1210
1380
976.1
1081
844.1
1064
821
832.7
675
698
626
750
645
705
680
718
543
690
538
689
597
675
585
678.5
630
750.5
609
773
690
739
611
718
608
732
627
645
570
688
585
658
611
740
600
704
578
676
605
745
650
692
575.5
-
Close
479.3
488.6
537.6
522.8
484.8
556.5
741.9
887.8
791.6
930.5
942.5
1169.5
1190.5
1258
1084
1017.5
1047.5
1212.9
1232.9
1237.9
1275.7
1460.8
2073.2
2066.5
1982.8
1967.6
1727
1512.9
1539
1420.2
1430.5
1581.3
1324.3
1031.2
1064
827.9
679.5
666
695.8
637
538
597
658.5
643
639
735
734
714
719
637
688
655
621
702
602
650.5
688
-
Average Spot prices

Mumbai (Rs/Kg)
Monthly Average
495.8
512.5
550.8
470.5
526.3
579.0
807.2
819.2
863.4
967.9
1077.0
1149.5
1260.9
1109.3
1089.2
1030.3
1211.2
1228.5
1195.3
1120.1
1350.6
1700.7
2130.9
2133.3
2036.7
1817.1
1626.6
1543.5
1439.7
1491.9
1394.6
1445.0
1234.2
954.0
956.8
801.7
663.0
665.8
642.9
611.8
544.8
555.9
624.8
650.6
635.4
705.3
738.8
711.8
711.7
673.9
642.0
625.2
643.3
668.8
-
Open
9975
11180
11700
10000
12675
16050
20250
18599
21950
22290
28725
29750
31500
27650
26650
27450
32380
30849
29800
31450
36450
46100
48000
45000
40800
36500
33350
33750
31400
29375
28000
25400
21400
21500
19175
15200
14900
15050
13450
12750
12125
13510
14900
14200
14400
16150
15850
15875
16250
14450
14650
14400
13700
16200
12400
13625
15200
12200
11200
13950
LME 3 month futures prices

(USD/tonne)
High
Low
10420
9425
12051
9250
13550
10180
11900
9000
13125
9720
16400
8850
20350
15588
21525
17370
22599
18049
24950
21400
29149
21355
30325
27900
35150
28000
32050
26250
30750
26350
27800
25177
34250
26752
33490
29701
34500
26612.5
31450
24800
37500
30199
50448.5
35350
51800
44900
50200
44950
48500
39000
41990
34350
38950
30000
34950
31999
34100
28650
32625
28000
29450
25500
29950
24175
26900
21400
21750
17050
23050
18600
20250
15150
15520
14450
15802
14625
15500
13300
14451
12599
13225
11480
13602
11650
15350
12825
15450
13899
15050
13850
16901
14325
16851
15299
16500
14850
16350
15225
16250
14400
15100
13700
15550
12350
14700
13300
17200
12450
16500
11850
14375
12250
16000
13600
15400
11780
12300
10400
14800
10650
Close
9850
10000
11200
11700
10200
12100
15850
20225
18350
21950
22100
28550
29755
31500
27400
26300
27095
32050
30500
29800
31445
36200
46000
47800
44800
41395
37000
33325
33950
31350
29350
28800
25500
21350
21900
19275
15250
14950
15225
13500
12800
12020
13500
14850
14250
14590
16250
15850
15900
16250
14525
14875
14260
13840
16425
12400
13675
15175
12175
11150
Spot prices
LME Cash (USD/tonne)
RBI rate
USD/INR
Monthly Average
Monthly Average
9707
10404
11285
9638
10698
12133
17840
18917
20102
22539
25854
28756
31208
27711
27646
25921
30600
31017
29526
27748
33417
41705
52161
50249
46303
41171
36795
34576
32100
32693
30117
30728
26569
20747
21065
17932
14893
14975
14550
13426
12111
12397
14223
14887
14571
16154
16920
16136
16185
15345
14501
13769
14045
14404
13271
13680
15023
13534
11118
12848
51.23
49.22
48.83
48.64
49.00
48.64
45.56
42.94
42.84
42.82
42.13
40.02
40.36
39.73
39.37
39.44
39.44
39.51
40.34
40.82
40.42
40.77
40.78
42.15
44.03
44.16
44.33
44.63
44.85
45.47
46.12
46.54
46.46
46.06
45.41
44.95
44.48
44.33
44.40
45.65
45.73
44.82
43.92
43.63
43.54
43.59
43.49
43.74
43.69
43.68
43.76
43.98
45.13
45.78
46.10
46.34
46.04
45.52
45.26
43.93
| 127
Nickel Trading activity

Graph-1
MCX
Mar-09
Feb-09
Jan-09
Dec-08
Nov-08
Oct-08
Sep-08
Aug-08
Jul-08
Jun-08
May-08
Apr-08
Mar-08
Feb-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
LME
Volume
Open Interest
Volume
326281
222376
324454
203662
206015
216060
148790
188189
186886
161359
113308
81540
147596
170479
198392
121275
117293
244786
250183
311290
315797
293894
144002
115707
128971
76841
49710
14522
1307
688
288
288
1281
2109
356
67
7590
1824
662
944
879
1013
370
224
680
4950
690
75
2811
522
860
176
87
102
151
210
276
42
0
16168
4650
2263
3948
3039
3571
6332
3395
10310
5512
4291
2169
2152
4324
4466
5055
5294
4987
4288
5999
8279
3554
2764
1228
1354
710
527
74
10
10
4
0
1
23
13
10
8
25
14
3
1
0
0
1
16
17
0
0
6
32
0
5
5
8
5
5
13
4
0
429271
381938
528894
439020
405158
537443
509484
408295
393348
446347
432582
443789
349587
447305
353678
329927
362858
342322
274793
310368
266692
347708
278647
282269
268325
291690
353496
292342
235072
312979
264161
340962
357523
397067
379303
471598
409840
310083
328888
-
Nickel Mine Production (2008e)
Open Interest
112738
124755
120817
117669
117387
126983
118006
121245
113786
107684
103674
97002
97320
95674
91977
88395
84517
77624
74882
54439
49576
45144
44480
41779
46467
45936
49227
48765
47665
47660
47852
47247
53816
55640
62328
66705
66611
57826
56220
-
17%
Russia
37%
Canada
16%
Indonesia
Australia
New Caledonia
Others
6%
13%
11%

Graph-2
Nickel Consumption (2008e)

8%
10%
Western Europe
30%
China
Other Asia
12%
Japan
North America
13%
27%
Others
Graph-3
Nickel Prices, Consumption & Steel Production
3000
Prices
40000
2600
32000
2200
24000
1800
16000
1400
8000
0
1000
Dec-01
Dec-02
Dec-03
Dec-04
Average LME prices USD/ton (RHS)

Steel global production (0000s tonnes)
Dec-05
Dec-06
Dec-07
Dec-08
Nickel Consumption (000s tonnes)

Source: IISF, INSG, LME
| 129
Aluminium
Economic parameters impacting Aluminium prices
Fundamentals
(thousand tonnes)
2008
2007
2006
2005
2004
Total Production
39,437
38,150
33,942
31,968
2007
2006
2005
2004
1.1
2.9
3.1
3.6
Real GDP (% change)

US
Global
2008
29,920
Japan
-0.3
1.9
2.8
2.4
2.3
2.6
1.4
11.5
11.1
10.4
10.1
7.3
8.9
9.7
7.9
2.6
3.2
2.7
3.6
2.5
2.7
3.4
2.7
0.5
1.4
0.3
0.3
-2.3
Eurozone
2.2
2.2
2.1
China
5.9
1.4
3.2
Production Ex China
26,387
25529
24593
24162
23231
Eurozone
Total Production Capacity
44,300
42700
37400
36100
32300
China
Total Consumption
38278
37,761
34,336
31,842
30,305
India
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
Primary Aluminium Production
1236.7
1,153
1,003
883
817
Primary Aluminium Consumption
1239.8
1140.4
1033
828.7
792.6
India
6.7
5.3
4.6
Indian Imports
169.8
111.8
126.3
76
77.4
OECD
2.2
2.1
1.8
Indian Exports
166.6
123.8
96.4
130.6
102

-8.9
1.7
1.5
2.9
3.3
Japan
-20.7
1.5
5.4
3.4
1.7
Eurozone
India

LME
Source: USGS, DGCIS, GFMS base metal report, LME, MCX;
OECD
US
Japan
US
2328.9
930.0
699.3
644.9
694.8
1.8%
1.2%
1.6%
1.1%
-12.2
1.4
5.3
2.5
0.8
China
5.7
17.4
14.7
16.5
14.4
India
-0.2
13.4
5.7
8.9
0.25
4.25
5.25
4.25
2.25
0.249
0.581
0.618
0.066
0.003
2.5
3.5
2.25
5.31
7.47
6.12
5.58
5.58
6.5
7.75
7.25
6.25
Interest rates (%)

India ( Repo rate )
US
9.6
5.6
5.4
4.1
5.7
Japan
0.7
0.7
-0.6
0.3
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
127.3
116.9
107.6
100
93.9
OECD Indicators
113.83
106.9
103.7
100
96.16
127.8
113.7
109.3
100
89.4
| 131
Aluminium Prices
MCX futures prices (Rs /kg)
Mar-09
Feb-09
Jan-09
Dec-08
Nov-08
Oct-08
Sep-08
Aug-08
Jul-08
Jun-08
May-08
Apr-08
Mar-08
Feb-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
Open
67.7
65.1
74.4
87.45
101
114.8
119.4
125.3
132
122.85
115
117
124.8
105.5
94.25
98.9
99.3
99.3
103.6
110.85
111.1
113.2
118.05
121.3
125.2
123.75
125.75
122.2
129.8
118.35
116
118.7
121.8
126.5
133.2
113.1
114.25
110
110
97
91
86
-
High
73.95
70.95
78.75
88.5
102.45
114.8
120.45
125.7
144.2
136.9
130.4
123.4
130.25
125.5
104.6
98.9
103.25
100.2
103.6
110.85
113.9
114.1
119.4
127.5
126.45
130.5
131.65
127.8
129.8
128.7
121.85
119.5
125
126.8
151.45
144
118.45
122.45
110
115.4
94.4
93
-
Low
66.05
62.2
63.15
67.4
84.75
91.5
110.5
115.5
122.7
121.1
114.55
114.05
112.25
102.3
93.25
92.55
96.4
94.15
93.65
99.85
105.6
107.65
108.3
112.3
117.3
116.5
114.6
122.2
115.9
113
109
110
111.3
107
116.8
111.5
102.15
99.1
110
95
84.25
86
-
Close
69.5
65.5
64.3
70.8
84.85
97.05
112.35
117.45
124.35
132
122.75
117.05
117.3
123.2
104.05
92.6
97.8
97.85
96.85
102.3
109.15
109.45
111.25
116.75
121.6
127.95
124.75
126.05
120.25
125.05
116.95
112.65
116.25
117.6
125.15
123.85
112.05
105.4
110
100.9
91.85
91
-
MCX spot prices (Rs./Kg)

Mumbai
Monthly Average
68.6
66.0
69.3
72.4
91.0
102.7
115.0
118.7
131.8
126.8
122.1
118.3
121.4
110.2
96.0
94.1
98.9
96.5
96.7
102.7
110.3
109.2
114.1
118.9
121.5
125.0
124.4
125.6
121.2
120.9
114.3
114.6
116.6
114.2
129.3
117.7
108.0
108.8
105.2
102.6
93.7
87.9
-
LME 3 month futures price (USD/tonne)

Open
1335
1349
1525
1770
2076
2442
2723
2971
3119
2935
2930
2990
3095
2708
2410
2512
2545
2512
2550
2744
2725
2790
2853
2789.5
2838
2730
2802
2732
2788
2581
2495
2553
2625
2670
2768
2456
2397
2515
2275
2135
1971
1852
1859
1855
1714
1740
1809
1975
1908
1846
1929
1843
1811
1849
1697
1692
1722
1686
1675
1723
High
1492
1479
1648
1787
2130
2450
2725
2975
3380.15
3169
3071
3133
3255
3160.25
2717
2512
2661
2573
2550
2760
2870
2829
2927
2932
2856.75
2905
2847
2875
2848
2835
2687
2595.25
2710
2687
3310
2845
2564
2678.15
2526
2289.5
2148
2005
1900
1951
1874.5
1804
1813
1989
2016
1987.5
1930
1972
1859
1883
1850
1743
1767
1737
1696
1847
Low
1292.25
1279
1316.5
1430.5
1744
1925
2404.85
2714
2928.25
2859
2828
2875
2805
2591
2377
2393
2472
2376
2375
2450
2712
2657.75
2745
2734.75
2664
2614
2550
2727
2566
2440.75
2405
2440
2449.85
2413
2644
2446
2293
2258
2227
2131
1950
1843.75
1777
1839.5
1681
1700
1702
1797
1888
1798
1782
1773
1760
1685
1645
1660
1652
1614
1556
1635
Close
1392
1342
1349
1540
1772
2040
2425
2714
2979
3114
2931
2907
2990
3106
2710
2409
2500
2545
2520
2544
2751
2725
2790
2860
2780
2815
2730
2803
2738
2790
2584
2505
2570
2630
2650
2755
2471
2420
2516
2277
2139
1984
1851
1853
1858
1719.5
1740
1822
1973
1911
1850
1958
1840
1817
1845.5
1697
1696
1722
1693
1670
LME average cash

(USD/tonne)
Monthly Average
1338
1338
1420
1504
1857
2122
2524
2763
3067
2968
2908
2968
3012
2785
2456
2383
2507
2445
2395
2513
2738
2681
2805
2817
2757
2839
2799
2824
2702
2657
2484
2462
2512
2491
2852
2624
2432
2453
2383
2251
2057
1934
1838
1871
1783
1732
1741
1892
1988
1883
1836
1853
1817
1830
1731
1692
1708
1682
1625
1732
RBI Ref Rate

USD/INR
Monthly Average
51.23
49.22
48.83
48.64
49.00
48.64
45.56
42.94
42.84
42.82
42.13
40.02
40.36
39.73
39.37
39.44
39.44
39.51
40.34
40.82
40.42
40.77
40.78
42.15
44.03
44.16
44.33
44.63
44.85
45.47
46.12
46.54
46.46
46.06
45.41
44.95
44.48
44.33
44.40
45.65
45.73
44.82
43.92
43.63
43.54
43.59
43.49
43.74
43.69
43.68
43.76
43.98
45.13
45.78
46.10
46.34
46.04
45.52
45.26
43.93
| 133
Aluminium Trading activity

Graph-1
LME
MCX
Mar-09
Feb-09
Jan-09
Dec-08
Nov-08
Oct-08
Sep-08
Aug-08
Jul-08
Jun-08
May-08
Apr-08
Mar-08
Feb-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

12510
936
9048
469
13079
844
12505
1047
5683
311
5177
296
6624
629
6900
451
15815
656
5284
455
6797
482
4243
476
13706
516
12397
752
16673
882
5746
1260
13924
1448
21255
1821
22316
1673
14390
1540
15098
1326
24668
1409
32568
3376
27444
2499
74211
1172
30987
1141
24888
1350
16114
1242
19143
1298
13345
781
25935
450
15608
708
14583
526
15868
1844
37094
2187
24303
1246
7714
60
1566
14
3697
13
907
1
676
4
14
1
-
Source: Exchanges' websites;
Volume
4184796
3216033
3959205
4204059
3794206
4210281
4244709
3738016
4196113
4028080
3533976
4032506
3460258
4384315
4127718
2791050
3742283
3359945
3180400
4021300
2807651
3215757
2587235
3212847
3207987
3610848
3640875
2800578
3650881
3272968
2889999
2646140
2495379
2660208
2994439
3028866
3225367
3213906
2946074
Open Interest
714350
701820
656537
694360
696415
698442
690491
689550
706594
707773
711564
720560
732430
719049
705858
671107
685883
656595
644357
635458
566710
562689
564858
560428
533236
529480
535288
524261
543009
545710
543871
512097
541154
546958
564572
549561
554487
525705
479493
Aluminium Mine Production (2008e)
SHFE
Volume
3562884
4025304
5407652
8998316
3116358
5765682
1632002
875690
1294954
629052
834904
965516
2784906
1213886
594998
539118
956700
493336
249952
426996
497166
512580
1047936
1378792
659546
598492
1742964
1124100
2898718
2797230
3581738
1403808
1403150
2275784
3196230
3249358
1976040
1757542
1356892
1320932
270652
238188
101830
126428
218478
265326
127398
210304
620154
202396
487722
731262
653854
489596
852418
582446
396150
1008190
1367706
3688578
Open Interest
315454
206854
204064
218308
230090
175042
143888
127142
145812
142952
155630
183126
236440
206642
104892
86032
104408
137620
118706
117186
101156
129698
127224
143506
132196
151094
145130
154058
155678
190772
221444
194320
179538
159588
226270
244188
180500
159134
181700
78866
45042
40230
35112
37930
36606
31038
31228
33622
57678
46662
45760
75208
57950
74584
110420
85944
80542
82772
114300
192914
34%
36%
China
Russia
Canada
United States
Australia
5%
Others
10%
7%
8%

Graph-2
Aluminium Consumption (2008e)
12 %
China
33 %
Western Europe
14 %
North America
Japan
6%
Other Asia
17 %
Others
18 %

Graph-3
Source: LME, Federal Reserve, National Bureau of Statistics
Aggregate volume in all contracts during the month. Cumulative open interest in all contracts at the end of the month.
| 135
Steel
Economic Parameters impacting Steel prices
Fundamentals (Million Metric tons)

Steel (Million Metric tons)
2008
2007
2006
2005
2004
US
Global
Crude Steel Production
Crude Steel Production Ex China
Operating rate - Crude steel (Global) in %
Crude Steel Consumption
Crude Steel Consumption Ex China
Finished Steel Consumption
Ratio Finished/Crude - %
Steel Use per Capita (in Kgs)
2008
2007
2006
2005
2004
Real GDP (% change)

Japan
1.1
2.9
3.1
3.6
-0.3
1.9
2.8
2.4
1,354
1,344
1,250
1,146
1,069
Eurozone
2.3
2.6
1.4
863
855
827
790
788
China
11.5
11.1
10.4
10.1
83
88
88
87
88
India
7.3
8.9
9.7
7.9
1378
1,328
1,239
1,131
1,072
2.6
3.2
2.7
3.6
821
800
763
700
701
1254
1,209
1,125
1,031
977
91
91
91
91
91
190.4
195.1
184.1
170.7
162.1
India
OECD
US
Japan
Eurozone
2.5
2.7
3.4
2.7
0.5
1.4
0.3
0.3
-2.3
2.2
2.2
2.1
China
5.9
1.4
3.2
India
6.7
5.3
4.6
OECD
2.2
2.1
1.8
-8.9
1.7
1.5
2.9
3.3
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
Japan
-20.7
1.5
5.4
3.4
1.7
Indian Imports
7.7
5.7
5.3
2.8
Eurozone
-12.2
1.4
5.3
2.5
0.8
Indian Exports (semi finished and finished steel products)
6.6
6.9
6.0
5.5
China
5.7
17.4
14.7
16.5
14.4
India
-0.2
13.4
5.7
8.9
0.25
4.25
5.25
4.25
2.25
0.249
0.581
0.618
0.066
0.003
2.5
3.5
2.25
Inventory levels
Average Daily Volatility (India Spot - Bhavnagar)
50765
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

US
Interest rates (%)

India ( Repo rate )
5.31
7.47
6.12
5.58
5.58
6.5
7.75
7.25
6.25

US
9.6
5.6
5.4
4.1
5.7
Japan
0.7
0.7
-0.6
0.3
7.5
11.6
9.9
7.4
6.6
China
Eurozone
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
127.3
116.9
107.6
100
93.9
OECD Indicators
113.83
106.9
103.7
100
96.16
127.8
113.7
109.3
100
89.4
| 137
Steel Prices
Mar-09
Feb-09
Jan-09
Dec-08
Nov-08
Oct-08
Sep-08
Aug-08
Jul-08
Jun-08
May-08
Apr-08
Mar-08
Feb-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
Steel Flat - Mumbai

Monthly Average
28746.4
29077.9
30493.5
31469.6
33698.3
39318.8
44000.4
46249.2
45685.6
41267.2
36203.0
35869.6
34782.9
31102.9
29095.0
28042.8
28057.6
28290.4
28472.5
27730.0
27663.1
28238.1
29248.5
29830.4
29385.8
27342.9
26391.5
26444.4
26716.2
26469.2
26737.3
27232.3
26954.4
26045.8
26019.3
24874.5
23214.4
20407.1
20204.0
20410.4
21056.5
22183.1
23609.2
23177.7
23890.4
26595.8
27688.1
31300.5
31064.6
30562.5
30176.0
26840.0
26941.7
27387.5
-
MCX spot prices (Rs/tonne)

Steel Long - Govindgargh
Monthly Average
23994.0
23875.0
23891.0
24796.9
24749.3
25269.2
30859.8
31793.8
35268.1
34717.8
31200.0
24331.9
25001.0
25097.4
25349.6
24304.6
23693.8
23401.2
22528.4
22315.8
22380.8
21717.7
21463.1
21021.6
20390.8
20937.4
21848.3
21454.4
20181.3
19436.4
19033.0
19303.5
20039.2
21299.6
20746.9
19770.4
22301.3
22375.8
23876.0
23461.0
22197.9
22355.6
21768.5
21871.9
21133.3
-
Steel Long - Bhavnagar

Average
23229.5
24286.1
25275.0
26241.9
26794.3
27575.0
33484.0
35121.2
39732.2
38567.4
33346.4
35613.8
36557.9
31865.6
28416.2
25830.4
25452.4
25478.1
24813.8
23763.1
22472.3
23190.0
24160.4
25022.1
23968.1
23292.5
22804.2
21661.6
21413.8
21426.2
20827.3
19416.9
19009.2
19041.2
20071.1
21438.3
20664.1
19350.4
18966.0
19243.0
19071.9
19224.4
20665.1
20170.4
18998.4
20542.7
21366.2
22973.3
-
LME 3 month futures price mediterranean

(USD/tonne)
Open
High
Low
Close
275
329
255
325
320
336
282
295
385
385
305
340
330
390
320
380
290
445
279
320
515
515
260
290
700
700
470
515
960
960
685
685
1170
1200
965
950
1175
1270
1175
1195
1030
1185
1030
1192.5
1005
1010
985
1015
-
LME monthly Average Cash Prices

Mediterian
303.8
323.0
331.5
340.3
327.0
358.5
624.2
916.6
1018.3
-
Far East
310.3
315.0
314.9
319.7
316.5
343.7
579.6
759.7
911.3
-
RBI Ref. Rate

USD/INR
Monthly Average
51.23
49.22
48.83
48.64
49.00
48.64
45.56
42.94
42.84
42.82
42.13
40.02
40.36
39.73
39.37
39.44
39.44
39.51
40.34
40.82
40.42
40.77
40.78
42.15
44.03
44.16
44.33
44.63
44.85
45.47
46.12
46.54
46.46
46.06
45.41
44.95
44.48
44.33
44.40
45.65
45.73
44.82
43.92
43.63
43.54
43.59
43.49
43.74
43.69
43.68
43.76
43.98
45.13
45.78
46.10
46.34
46.04
45.52
45.26
43.93
| 139
Steel Trading activity

Graph-1
MCX (includes all variety)
Mar-09
Feb-09
Jan-09
Dec-08
Nov-08
Oct-08
Sep-08
Aug-08
Jul-08
Jun-08
May-08
Apr-08
Mar-08
Feb-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
SHFE
LME (far east + mediterranean)
Volume
Open Interest
Volume
24
0
1
5
6
0
0
5
12
60
100
0
0
0
2
0
0
0
0
0
0
0
0
0
0
0
441
1111
1101
2270
2038
1364
1828
2013
940
1162
47535
13622
5926
7179
5889
506
1084
651
24
366
486
9442
1044
277
605
1130
9
53
41
6
42
366
463
530
0
0
0
0
0
0
0
0
4
3
14
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
110
41
4
27
58
108
49
43
87
138
78
61
32
13
0
0
1
7
11
42
19
12
10
6
6
7
7
5
5
4
5
13
11
1756
2156
1994
1424
3165
2302
4203
1740
761
517
475
311
162
128
-
Open Interest
704
640
922
856
1118
1239
1024
826
550
358
186
85
-
Crude Steel Production (2008)
Volume
Open Interest
46458
-
14028
-
China
38%
37%
Japan
USA
Russia
India (e)
Others
4%
9%
5%
7%
Source: World Steel In Figures 2009

Graph-2
Finished Steel Consumption (2008)
China
USA
41%
36%
Japan
South Korea
India
8%
4%
Others
6%
5%
Source: World Steel in Figures 2009

Graph-3
Steel Demand & GDP Growth Around World & in Developing Market
YoY (%)
Million tons
1400
1250
Average: 5.9%
CAGR: 5.9%
1100
950
800
Average: 4.0%
650
2
Dec-98
500
Dec-99
Dec-00
Dec-01
Global Demand (crude steel)
Dec-02
Dec-03
Dec-04
Global GDP (%)
Dec-05
Dec-06
Dec-07
Dec-08
Global GDP - developing market (%)
Source: WSA, World Bank
| 141
Crude Oil
Economic Parameters impacting Crude oil prices
Fundamentals (Data in thousand barrels/day unless otherwise specified)

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
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
Proven oil reserves (thousand Mn barrels)
OPEC
Oil Production
36705
35714
36007
35736
34658
956
957
940
931
923
Oil Production
18400
19148
19458
19861
20766
Oil Consumption
47303
48830
49274
49490
49073
Refinery capacity
45271
45145
44916
44692
44645
Refinery Throughput
38787
39578
40072
40269
40456
89
90
90
82
82
766
770
762
738
773
Oil Consumption
2882
2748
2580
2569
2573
Refinery capacity
2992
2983
2872
2558
2558
Indian Net Imports*
2500
2291
2043
1970
2.8%
1.6%
1.7%
2.0%

OECD

India
Oil Production

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)
US crude oil stocks in SPR
US Gasoline inventories
US Distillate inventories
325.8
701.8
213.4
145.9
286.1
696.9
218.1
133.9
312.3
688.6
211.8
143.7
323.7
684.5
208.3
136.0
285.7
675.6
217.6
126.3
17
32
41.934
1.52
57
17292
17
16
3
2.1
52
13016
10
7
0.5
1.45
53
13127
31
29
130
1.02
49
10645
15
22
50
1.27
49
8707
1.1
-0.3
1
9
7.3
1
2
1.9
2.3
11.5
8.9
2.6
2.9
2.8
2.6
11.1
9.7
3.2
3.1
2.4
1.4
10.4
9
2.7
3.6
4
2
10.1
7.9
3.6
1
0.5
1
3
5
1
2.5
1.4
3
5.9
7
3
2.7
0.3
2.2
2
6.7
2.2
3.4
0.3
2.2
1.4
5.3
2.1
2.7
-2.3
2.1
3.2
4.6
1.8

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

India ( Repo rate )
0.25
0.249
2.5
5.31
6.5
4.25
0.581
4
7.47
7.75
5.25
0.618
3.5
6.12
7.25
4.25
0.066
2.25
5.58
6.25
2.25
0.003
2
5.58
6

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

US (DOW JONES)
India (SENSEX)
8,776
9,647
13,265
20,287
12,463
13,787
10,718
9,398
10,783
6,603
127.3
113.83
127.8
32.9
-35.6%
5.7
116.9
106.9
113.7
49.1
-2.9%
-23.9
107.6
103.7
109.3
52.2
-3.6%
-6.3
100
100
100
54.9
-3.7%
-6.3
93.9
96.16
89.4
57.2
7.7%
13.9
Hurricance Activity - North Atlantic Ocean

Total Cyclones Recorded
Total Landfalls
Approximate Damage (in US$ Bn)
OPEC surplus crude oil production capacity (Mn barrels per day)
Days of supply of OECD commercial oil stocks
US crude oil wells drilled (explanatory and development)
Real GDP (% change)
US
Japan
Eurozone
China
India
OECD
US
Japan
Eurozone
China
India
OECD
OECD Indicators
Source: EIA, BP stats, Gold CPM year book, IMF, OECD, World Bank
| 143
Crude Oil Prices
Mar-09
Feb-09
Jan-09
Dec-08
Nov-08
Oct-08
Sep-08
Aug-08
Jul-08
Jun-08
May-08
Apr-08
Mar-08
Feb-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
Monthly MCX futures prices

(in Rs/bbl)
Open
High
Low
2250
2758
2071
2061
2284
1649
2015
2452
1626
2738
2738
1751
3225
3419
2498
4746
4799
3167
5139
5179
4251
5277
5450
4745
6061
6333
5106
5380
6174
5212
4613
5822
4476
4040
4785
3984
4060
4485
3961
3571
4083
3409
3772
3935
3395
3551
3847
3401
3699
3915
3510
3238
3698
3090
3017
3307
3008
3140
3168
2818
2863
3145
2821
2587
2869
2587
2736
2736
2492
2920
2947
2671
2765
2957
2653
2582
2790
2527
2729
2732
2302
2811
2883
2672
2616
2828
2605
2854
2854
2591
3267
3298
2744
3468
3605
3217
3398
3703
3362
3299
3404
3130
3265
3382
3081
2952
3418
2933
2831
2986
2735
2970
3033
2596
2842
3048
2797
2614
2844
2613
2708
2789
2587
2899
2925
2684
2995
3043
2750
2609
3106
2609
2436
2673
2436
2248
2614
2248
2262
2345
2104
2442
2474
2185
2221
2398
2193
2050
2242
1974
-
Close
2481
2259
2058
1996
2746
3207
4744
5123
5278
6078
5403
4628
4027
4058
3559
3763
3556
3687
3247
3019
3137
2863
2582
2744
2930
2755
2563
2730
2816
2611
2882
3256
3460
3395
3284
3239
2939
2603
2974
2744
2609
2714
2891
2982
2606
2433
2244
2209
2381
2223
-
MCX spot prices

(in Rs/bbl)
Monthly average
2468
1955
2079
2100
2853
3741
4741
5021
5774
5725
5261
4490
4257
3763
3671
3605
3750
3385
3197
2963
2986
2742
2597
2712
2659
2613
2430
2776
2635
2675
2973
3406
3455
3263
3211
3116
2787
2741
2891
2704
2672
2806
2880
2818
2558
2453
2165
2329
2366
2129
-
Open
44.34
41.75
43.72
54.62
67.37
101.86
117.89
124.06
140.18
127.63
114.60
101.57
101.63
91.36
96.05
88.79
95.15
81.75
74.24
77.94
70.52
64.23
65.66
66.03
61.82
57.89
60.98
62.85
58.60
62.80
70.29
74.40
73.92
71.26
71.70
66.43
61.58
67.80
61.04
57.40
59.76
66.20
68.75
60.51
56.56
51.95
49.28
55.25
51.77
48.21
43.10
49.07
51.82
49.64
42.11
43.69
37.05
40.40
37.39
35.82
Monthly NYMEX futures prices

(USD/bbl)
High
Low
Close
54.66
39.44
49.66
45.30
33.55
44.76
50.47
32.70
41.68
54.62
32.40
44.60
71.77
48.25
54.43
102.84
61.30
67.81
130.00
90.51
100.64
128.60
111.34
115.46
147.27
120.42
124.08
143.67
121.61
140.00
135.09
110.30
127.35
119.93
99.55
113.46
111.80
98.65
101.58
103.05
86.24
101.84
100.09
86.11
91.75
97.92
85.82
95.98
99.29
88.45
88.71
95.28
78.35
94.53
83.90
73.48
81.66
78.77
68.63
74.04
78.28
69.57
78.21
71.06
63.80
70.68
66.38
60.68
64.01
66.70
61.34
65.71
68.09
56.10
65.87
62.25
56.62
61.79
61.55
49.90
58.14
64.15
59.90
61.05
63.77
54.86
63.13
63.32
56.55
58.73
70.66
59.52
62.91
77.45
68.65
70.26
78.40
71.65
74.40
74.15
68.10
73.93
74.99
67.42
71.29
75.35
65.60
71.88
67.30
59.25
66.63
69.00
57.55
61.41
69.20
60.81
67.92
61.90
56.90
61.04
62.15
55.40
57.32
66.62
59.15
59.76
69.66
62.55
66.24
70.85
60.51
68.94
62.10
56.10
60.57
60.95
51.93
56.50
53.10
46.20
51.97
58.28
49.50
49.72
57.60
50.65
55.40
52.28
44.60
51.75
49.75
41.25
48.20
49.12
40.25
43.45
52.50
45.25
49.13
55.67
49.20
51.76
50.47
42.11
49.64
49.40
41.30
42.12
43.85
36.69
43.80
42.45
35.52
37.05
41.85
37.25
39.88
38.30
33.30
37.38
Open
45.56
46.06
43.85
53.00
64.30
99.45
115.50
123.42
140.44
127.22
112.74
100.50
100.12
91.50
94.47
88.74
90.94
79.25
72.69
76.95
71.22
68.15
67.53
67.91
61.78
57.20
60.88
63.85
58.85
62.70
70.42
75.15
73.26
70.25
71.98
66.69
61.95
65.76
59.35
55.00
58.07
63.63
66.70
59.85
55.70
50.85
51.78
54.52
50.08
45.48
39.40
45.35
49.20
46.20
39.90
39.70
34.25
37.15
35.22
32.23
Monthly ICE Brent Crude oil

(USD/bbl)
High
Low
53.86
41.30
48.42
39.35
52.21
41.60
53.00
36.20
67.76
47.40
100.31
59.02
115.56
88.90
127.94
110.31
147.50
120.88
143.91
121.32
135.14
108.42
117.56
98.99
108.02
96.92
101.27
86.83
98.50
85.00
95.87
86.56
96.65
87.55
91.18
75.64
81.05
72.69
77.16
68.14
78.40
70.92
72.25
67.61
71.80
63.80
69.59
64.76
69.14
59.79
62.18
56.10
61.64
50.75
64.92
60.04
64.77
57.75
62.82
57.39
70.66
59.32
78.64
68.82
78.18
72.11
73.69
66.33
74.97
67.63
74.79
65.73
67.05
59.26
67.27
57.90
67.32
59.08
60.40
54.63
60.65
53.75
63.96
57.05
67.88
61.00
68.89
59.37
60.70
55.25
59.59
50.85
52.43
47.47
57.65
50.35
56.15
49.05
50.34
42.46
47.35
38.81
45.43
37.00
49.60
40.05
51.95
45.80
46.80
39.70
45.15
39.20
40.05
34.18
39.12
33.08
38.90
34.95
35.00
29.95
Close
49.23
46.35
45.88
45.59
53.49
65.32
98.17
114.05
123.98
139.83
127.78
111.36
100.30
100.10
92.21
93.85
88.26
90.63
79.17
72.69
77.05
71.41
68.04
67.65
68.10
61.89
57.40
60.86
64.26
59.03
62.48
70.25
75.15
73.51
70.41
72.02
65.91
61.76
65.99
58.98
55.05
58.10
63.48
67.02
59.37
55.58
50.73
51.09
54.29
50.06
45.92
40.46
45.51
48.98
46.38
39.61
40.03
34.50
36.58
34.48
US Spot prices
(USD/bbl)
RBI rate
USD/INR
US Dollar Index
Monthly Average
Monthly Average
Monthly Average
47.98
39.15
41.74
41.44
57.29
76.61
103.94
116.64
133.38
133.93
125.37
112.62
105.47
95.38
92.98
91.36
94.76
85.90
79.91
72.38
74.14
67.49
63.45
63.94
60.60
59.25
54.24
62.00
59.13
58.85
63.82
73.04
74.40
70.93
70.93
69.54
62.89
61.62
65.48
59.41
58.28
62.36
65.54
64.96
58.67
56.39
49.81
52.96
54.17
47.96
46.82
43.23
48.45
53.25
45.93
44.92
40.82
38.03
40.29
36.72
51.23
49.22
48.83
48.64
49.00
48.64
45.56
42.94
42.84
42.82
42.13
40.02
40.36
39.73
39.37
39.44
39.44
39.51
40.34
40.82
40.42
40.77
40.78
42.15
44.03
44.16
44.33
44.63
44.85
45.47
46.12
46.54
46.46
46.06
45.41
44.95
44.48
44.33
44.40
45.65
45.73
44.82
43.92
43.63
43.54
43.59
43.49
43.74
43.69
43.68
43.76
43.98
45.13
45.78
46.10
46.34
46.04
45.52
45.26
43.93
86.71
86.84
84.83
83.65
86.77
83.53
78.37
76.21
72.79
73.41
73.05
72.38
72.72
75.77
76.00
76.79
75.67
77.78
79.14
80.87
80.61
82.21
82.01
81.95
83.17
84.28
84.58
83.07
84.72
86.11
85.25
84.91
85.61
85.37
84.69
88.13
89.58
90.26
88.83
90.63
91.37
89.54
87.99
87.86
89.55
88.33
85.63
84.24
82.81
83.76
83.19
81.69
83.72
86.99
88.89
88.97
88.54
89.46
90.69
90.12
Source: MCX, RBI, Exchanges' websites, ICE
| 145
Crude Oil Trading activity

Graph-1
Source: MCX, Exchanges' websites
13%
Saudi Arabia
57%
12%
Russian
Federation
US
Iran
8%
China
5%
Others
5%
Source: BP Statistical Review 2009
Graph-2
Crude Oil Consumption (2008)
23%
US
55%
China
Japan
10%
India
Russian
Federation
6%
Others
3%
3%
Graph-3
Crude Oil (WTI) prices in USD & Euro and Dollar Index
price/bb
160
180
Dollar Index (RHS)
140
165
Crude oil WTI Prices in USD
120
150
Crude Oil WTI prices in EURO

120
60
105
40
90
20
75
60
Mar-09
80
Mar-07
135
Mar-05
100
Mar-03
677979
662850
637728
595295
565654
549842
525080
550431
563588
526467
562258
556070
594544
583335
541479
537359
578509
623051
647298
596662
645675
662755
627008
657327
686982
584786
611593
548654
588243
577446
487653
478985
347628
455114
440309
464857
433550
399238
384829
390615
396554
336205
337952
355318
357296
355842
326814
290932
379101
351673
334076
319479
329656
367996
335267
350958
338504
332007
350270
371574
Mar-01
6158270
5495062
6536771
5107284
5336546
6417718
5948919
5044833
5472918
5778596
6683008
5682939
5663793
5421638
5619214
4035606
5383219
5575011
4989287
4980801
5114738
4912169
5427377
4296685
5179846
4290867
5454265
3329011
4319084
4608117
3875739
4000533
3680839
3741729
3513993
2928362
3742399
3052743
3363144
2542491
2797075
2778698
2900312
3173053
2621453
2805214
2427391
2066471
2137282
1687600
1571569
1376054
1751573
2069209
2209234
2106636
2128751
2341633
2029421
2134160
Mar-99
1148687
1191502
1243967
1189046
1141336
1108362
1092411
1182917
1267200
1285567
1368551
1366639
1396612
1445328
1395278
1361258
1404579
1468958
1420823
1466129
1521237
1474661
1396811
1329295
1354924
1286745
1294571
1190543
1214068
1158612
1167337
1166144
1101492
1027066
1028165
1057804
962657
941616
951012
816246
849986
815525
871903
909349
816113
788730
783449
801863
838201
779237
736055
662484
690418
716721
702652
688882
705826
698380
717956
706682
Mar-97
11340347
11411434
11369073
9910170
8662209
11638267
12045565
10589479
11321293
12452986
13439173
11065563
12576859
10100249
10811520
8694012
11307522
12389575
10670194
10646980
9655899
9862305
9486584
9286616
10068962
9092076
10367198
6801761
7446062
7492383
6067095
5408568
4496916
5129950
5854647
5280355
5931697
5588122
5475525
4179866
4482251
5013086
5241849
6086342
4627294
5315872
5040218
5396965
5896732
4213448
4557502
4327326
4774694
5109270
4971656
5230044
4246071
4894139
4494915
4522422
Crude Oil Production (2008)
Open Interest
Mar-95
20786
23224
18972
28141
16189
11287
10052
10346
11922
15496
16121
20935
12317
19620
11188
12814
11593
23019
19668
15400
22988
21143
11576
11020
18463
10199
11230
17186
18622
13743
8435
11344
3022
3164
8127
8996
13634
11418
8263
8447
28385
19795
17623
29019
30632
25166
5057
3838
3761
1340
-
Volume
Mar-93
4379692
3434198
3774301
3117157
1883187
1598334
1900925
1485585
1877485
1968091
1745803
1216976
1251741
1188877
1272840
1436288
1388335
1392318
1003894
1378084
1175924
1014159
933112
922023
1220169
1040775
1033732
586612
629447
610963
429136
243508
175149
129799
200439
234414
474103
425591
327377
392588
540111
723130
933607
1019288
763996
417471
183038
117502
56075
27031
-
Open Interest
Mar-91
Volume
Mar-89
Open Interest
Mar-87
Volume
Mar-85
Mar-09
Feb-09
Jan-09
Dec-08
Nov-08
Oct-08
Sep-08
Aug-08
Jul-08
Jun-08
May-08
Apr-08
Mar-08
Feb-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
NYMEX (Crude Oil WTI)
Mar-83
MCX (Crude Oil WTI)
ICE (Brent Crude oil)
Source: ICE, NYMEX
| 147
Natural Gas
Economic Parameters impacting Natural Gas prices
Fundamentals (Billion Cubic Metre)
Parameters
2008
2007
2006
2005
2004
Natural Gas
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
2008
2007
2006
2005
2004
World
Hurricance Activity - North Atlantic Ocean
Natural Gas Production
3066
2945
2876
2778
2694
Natural Gas Consumption
3019
2938
2843
2770
2684
Dry Natural Gas (LNG) Imports
912
877
822
Approaimate Damage (in US$ billion)
Dry Natural Gas (LNG) Exports
884
838
799
Real GDP (% change)
Total Cyclones Recorded
17
17
10
31
15
Total Landfalls
32
16
29
22
41.9
0.5
130
50
1.1
2.9
3.1
3.6
US
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
-0.3
1.9
2.8
2.4
Eurozone
Japan
2.3
2.6
1.4
China
11.5
11.1
10.4
10.1
India
OECD
8.9
9.7
7.9
2.6
3.2
2.7
3.6
India
Proven Gas reserves
7.3
US
1090
1060
1080
1100
920
Natural Gas Production
31
30
30
29
29
Eurozone
Natural Gas Consumption
41
40
37
36
32
China
Natural Gas (LNG) Imports
11
10
India
OECD
Natural Gas Exports
2.5
2.7
3.4
2.7
0.5
1.4
0.3
0.3
-2.3
2.2
2.2
2.1
5.9
1.4
3.2
6.7
5.3
4.6
2.2
2.1
1.8
-8.9
1.7
1.5
2.9
3.3
Japan

US
Average daily volatility (India Spot)
2.69%
2.68%
4.21%
Source: BP statistical & Ministry of Petroleum & Natural Gas, EIA
U.S. Summer Cooling Degree-Days (Population-weighted)

MONTH
2008
2007
2006
2005
Normal
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
13.4
5.7
8.9
Interest rates (%)

US (Fed Funds Target)
APR
31
23
53
33
MAY
91
119
109
104
China (Lending Rate )
JUN
263
236
236
216
India (Repo rate )
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
0.25
4.25
5.25
4.25
2.25
0.249
0.581
0.618
0.066
0.003
Eurozone (Refinance rates )
2.5
3.5
2.25
5.31
7.47
6.12
5.58
5.58
6.5
7.75
7.25
6.25
Money Supply (YoY % change)

US
9.6
5.6
5.4
4.1
5.7
Japan
0.7
0.7
-0.6
0.3
7.5
11.6
9.9
7.4
6.6
China
Eurozone
17.82
16.72
16.9
17.6
14.63
India
19.6
22.84
19.33
17.79
13.49
2008/09
2007/08
2006/07
2005/06
Normal
US (DOW JONES)
8,776
13,265
12,463
10,718
10,783
OCT
286
175
305
236
282
India (SENSEX)
9,647
20,287
13,787
9,398
6,603
NOV
537
521
467
466
539
OECD Indicators
DEC
824
800
690
866
817

JAN
953
892
841
687
917
FEB
700
741
853
731
732
MAR
582
617
502
600
593
3,882
3,746
3,657
3,586
3,880
Total Winter
Source: National Oceanic and Atmospheric Administration, National Weather Service

127.3
116.9
107.6
100
93.9
113.83
106.9
103.7
100
96.16
127.8
113.7
109.3
100
89.4
32.9
49.1
52.2
54.9
57.2
-35.6%
-2.9%
-3.6%
-3.7%
7.7%
5.7
-23.9
-6.3
-6.3
13.9

Source: OECD, EIA, NOAA, Gold CPM year book, IMF, World Bank, RBI
| 149
Natural Gas Prices
Mar-09
Feb-09
Jan-09
Dec-08
Nov-08
Oct-08
Sep-08
Aug-08
Jul-08
Jun-08
May-08
Apr-08
Mar-08
Feb-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
Monthly MCX futures prices

(in Rs/mmBtu)
Open
High
Low
218.8
226.8
185.1
216
236.9
198.6
272.8
303.8
214.5
324.9
337.4
251.4
324
350.3
298.7
354
368.7
312.5
353
385.7
314.5
388.2
404.2
336.1
574.8
591.8
374.1
494.3
577.6
492.5
440
522.6
426.5
400.7
459
373
373.8
416.2
366
314.5
377.8
300.3
293.5
331.8
292.5
292.5
297.6
274.6
325.9
342.2
291.5
274
329.1
266.2
228.6
287.7
215.3
252
294.5
225.1
276.5
277.4
237.7
321.5
332.3
270.6
324
335
310
335.5
343.4
305.1
322.3
337.8
298
341.1
354
311.3
282.1
351.7
268.6
390
391.5
271.1
342.6
403.5
327.5
257.9
386.2
253.2
286.8
288.8
213.6
379.3
398.9
286.8
265.5
364.7
264.9
-
Close
190.9
214.9
217.4
270.7
324.4
321.6
354.5
355.1
388.3
573.8
497.3
439.5
399.6
373.8
314
296.3
294
324.7
273.9
230.6
252.7
277.3
320.6
325.2
334
324
339.2
282.7
391.6
341.3
261.7
288.3
364.7
-
MCX spot prices

(in Rs/mmBtu)
Monthly average
206.6
216.2
250.9
282.6
328.1
329.4
344.8
359.5
487.3
545.4
478.9
411.0
388.2
340.3
312.3
283.3
311.2
598.4
251.4
254.3
261.3
308.4
319.7
322.4
318.1
335.2
295.8
327.3
359.1
308.2
246.7
330.8
295.4
-
Open
4.27
4.32
5.55
6.55
6.69
7.52
7.50
9.12
13.40
11.80
10.90
10.00
9.39
8.07
7.57
7.21
8.38
6.86
5.32
6.20
6.72
7.96
7.83
7.77
7.22
7.71
6.30
8.73
7.60
5.61
5.89
8.25
6.10
6.42
6.53
7.20
6.71
9.33
10.70
12.60
12.20
13.80
11.40
7.90
6.98
6.38
6.52
7.65
6.72
6.31
5.95
7.62
8.83
6.79
5.06
6.05
6.16
6.50
5.86
5.91
Monthly NYMEX Futures Prices

(USD/mmbtu)
High
Low
4.42
3.60
4.88
3.90
6.24
4.40
6.69
5.20
7.36
6.10
7.94
6.00
8.32
7.00
9.60
7.60
13.70
8.80
13.40
12.00
12.10
10.00
11.40
9.30
10.30
8.70
9.50
7.60
8.48
7.50
7.54
6.80
8.71
7.20
8.48
6.60
7.04
5.20
7.19
5.20
6.85
5.80
8.21
6.60
8.23
7.50
8.01
7.30
7.77
6.80
8.04
7.10
7.97
6.00
8.75
5.70
9.05
7.30
7.93
5.50
6.13
4.10
8.62
5.90
8.26
5.40
7.33
5.80
7.13
5.80
8.28
6.50
7.56
6.50
9.82
6.60
11.00
7.80
15.80
11.00
12.70
11.00
14.80
12.00
14.60
11.00
12.30
7.90
8.29
6.90
7.92
6.40
6.84
6.00
7.90
6.60
7.74
6.60
6.80
5.90
6.81
5.70
7.78
6.10
9.20
6.60
9.20
6.40
7.23
4.50
6.05
5.00
6.46
5.80
6.73
6.00
6.76
5.80
6.03
5.50
Close
3.78
4.20
4.42
5.62
6.51
6.78
7.44
7.94
9.12
13.35
11.70
10.84
10.10
9.37
8.07
7.48
7.30
8.33
6.87
5.47
6.19
6.77
7.94
7.86
7.73
7.30
7.67
6.30
8.84
7.53
5.62
6.05
8.21
6.10
6.38
6.56
7.21
6.71
9.32
11.23
12.59
12.21
13.92
11.47
7.89
6.98
6.38
6.59
7.65
6.73
6.32
6.15
7.62
8.73
6.80
5.07
6.11
6.16
6.44
5.86
US Spot prices
(USD/mmbtu)
Monthly Average
3.98
4.51
5.23
5.84
6.70
6.74
7.62
8.25
11.08
12.68
11.27
10.18
9.41
8.55
7.98
7.11
7.11
6.74
6.07
6.23
6.22
7.35
7.64
7.60
7.11
8.00
6.53
6.73
7.41
5.84
4.90
7.13
6.17
6.20
6.24
7.17
6.88
7.53
8.69
13.05
10.30
13.63
12.42
9.52
7.62
7.18
6.47
7.18
6.96
6.14
6.15
6.58
6.19
6.38
5.17
5.41
5.94
6.27
6.34
5.72
Open
34.5
63
60
58.8
75.8
81.8
78.3
61.5
72.8
65
60
57.7
53.3
50.3
52
50.4
52.5
44.7
27.5
26.8
23.3
21.4
17.9
20
20
22.9
31.3
45
57.4
51.9
43.4
37.4
39
39.1
39
43.6
45
59.3
85
108
59.4
48.5
41
34.7
31.9
29.4
30
30.2
30
28.4
32.3
42.3
40
37.8
29.7
20.7
22.3
21.2
20.1
18.9
ICE (UK) Natural Gas

(GBP/therm)
High
Low
37.5
29
63.6
33
68.3
52
65.5
53
77.9
58
84
66
87
71
79.7
0
72.8
55
73.6
64
66.3
59
67
58
58.3
51
55
47
61
51
56.9
50
60.8
45
55.3
41
42.8
27
28
24
32.6
22
21.8
17
26
18
20.2
14
24.5
18
23
16
33.6
23
45.4
32
57.4
38
58
43
56.5
33
43.6
33
42
38
40.2
36
39.5
31
44.1
39
62
44
71
45
90
61
114
80
117
57
60.3
44
49
35
40.8
31
35
31
32.3
26
31.4
30
31.2
29
34.8
30
44.2
26
32.8
28
42.3
33
44.3
34
43
30
39.5
26
29.7
21
22.3
21
22.4
20
22
20
20.7
19
Close
31.97
33.52
62.25
58.53
60.97
76.11
85.26
78.64
62.24
73.3
65.38
60.58
57.93
53.54
51.18
52.28
50.58
54.27
42.55
27.51
28.07
21.36
20.88
17.15
20.29
18.81
23.27
32.22
46.89
56.27
54.82
43.46
37.71
39.57
38.8
39.46
43.74
45.02
61.44
81.8
107.5
60
48.52
40.78
34.86
32.03
29.67
29.19
29.98
30.38
28.58
33.78
43.11
40.29
39.22
29.61
20.86
22.34
21.33
19.98
RBI rate
USD/INR
US Dollar Index
Monthly Average
51.23
49.22
48.83
48.64
49.00
48.64
45.56
42.94
42.84
42.82
42.13
40.02
40.36
39.73
39.37
39.44
39.44
39.51
40.34
40.82
40.42
40.77
40.78
42.15
44.03
44.16
44.33
44.63
44.85
45.47
46.12
46.54
46.46
46.06
45.41
44.95
44.48
44.33
44.40
45.65
45.73
44.82
43.92
43.63
43.54
43.59
43.49
43.74
43.69
43.68
43.76
43.98
45.13
45.78
46.10
46.34
46.04
45.52
45.26
43.93
Monthly Average
86.71
86.84
84.83
83.65
86.77
83.53
78.37
76.21
72.79
73.41
73.05
72.38
72.72
75.77
76.00
76.79
75.67
77.78
79.14
80.87
80.61
82.21
82.01
81.95
83.17
84.28
84.58
83.07
84.72
86.11
85.25
84.91
85.61
85.37
84.69
88.13
89.58
90.26
88.83
90.63
91.37
89.54
87.99
87.86
89.55
88.33
85.63
84.24
82.81
83.76
83.19
81.69
83.72
86.99
88.89
88.97
88.54
89.46
90.69
90.12
Source: Exchanges' websites, RBI,
| 151
Natural Gas Trading activity
U.S. Summer Cooling Degree-Days (Population-weighted)
MCX
Mar-09
Feb-09
Jan-09
Dec-08
Nov-08
Oct-08
Sep-08
Aug-08
Jul-08
Jun-08
May-08
Apr-08
Mar-08
Feb-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
ICE (UK) Natural Gas
NYMEX
Volume
Open Interest
Volume
Open Interest
239186
118124
88800
76673
57192
37573
114983
80679
75181
48145
40258
35838
50629
58270
72085
52889
75330
145212
220683
194097
116498
56638
64735
72435
214038
252161
268043
264821
350058
266576
383188
546150
142963
-
5402
1505
1903
884
457
288
1229
823
820
508
645
901
1008
1456
1170
1333
1689
1828
2046
6720
4646
3060
2560
2172
2467
2870
3433
7209
6538
4992
10178
9012
4519
-
2989920
2780551
2343719
2384252
2539865
3151675
3458479
3756124
4273971
3379074
3141953
3382892
2983598
3330580
2741217
2390939
2474062
3155437
2486465
3069117
2346727
2703626
2285014
2181057
1938669
2431720
2617276
1844836
1775475
1935134
2017651
2428749
1786249
1920553
2272497
1911616
1682199
1833896
1609894
1458655
1449478
1433396
1587595
2044365
1519793
1931946
1504071
1585960
1688612
1543851
1499368
1270898
1381087
1520352
1969769
1788365
1559145
1683301
1637189
1480825
624397
671554
682516
679760
718799
766597
881561
919430
942703
974174
898031
872489
865871
928172
898698
849704
818517
748047
750875
765421
809913
803710
760212
732753
740862
758890
899420
874752
889654
907876
943162
927572
908412
852733
833675
728557
645100
607619
533212
539226
538843
525282
546532
501270
499993
470677
476850
471311
465474
416731
394614
389750
366893
394157
376370
375995
368330
363947
375092
341015
Volume
120325
146665
150775
65100
75045
91455
71460
68850
77440
58310
59920
82985
62185
79120
78945
69925
101725
117705
105870
124230
100110
65570
76305
69025
90755
77970
59125
25860
60255
61575
77810
45850
41925
36330
44765
34735
31250
39790
45450
35655
52420
34155
34110
29755
36150
26080
25350
29220
26555
41895
48635
40365
50620
69300
53635
38865
46255
38175
42295
55135
Open Interest
75270
56060
46270
43869
43701
45475
51974
49680
51210
45480
41635
36815
34695
28041
28450
24180
25700
29645
31350
32525
31515
27515
28185
27180
27665
24840
20830
18640
18215
18065
19990
17360
13390
14675
13219
9795
9265
9650
12360
13270
17220
15845
17245
20340
21470
21657
19365
17535
17090
19290
17705
18825
22040
21495
20425
21710
24035
23099
22678
24715
MONTH
APR
2008
2007
2006
2005
Normal
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
Total Summer
171
191
138
160
1,174
1,246
1,261
1,128
2006/07
2005/06
Normal
U.S. Winter Heating Degree-Days (Population-weighted)

MONTH
2008/09
2007/08
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
Total Winter
582
617
502
600
593
3,882
3,746
3,657
3,586
3,880
Source: National Oceanic and Atmospheric Administration, National Weather Service
| 153
Graph-1
Natural Gas Production (2008)
19%
Russian
Federation
49%
US
Canada
Iran
19%
Norway
Others
6%
3%
4%

Graph-2
Natural Gas Consumption (2008)
22%
US
54%
Russian
Federation
Iran
Canada
14%
United Kingdom
4%
Others
3%
3%
Graph-3
Natural Gas Prices, Oil Gas Ratio and Spread Between Natural Gas Second and First Month Contract
20
Natural Gas Prices
18
2.5
Spread (NG2-NG1) RHS
Oil Gas ratio
16
1.5
14
12
0 .5
10
0
-0.5
Source: NYMEX
Mar 09
Jan 08
Aug 08
Jun 07
Apr 06
Nov 06
Sep 05
Jul 04
Feb 05
Dec 03
May 03
Oct 02
Aug 01
Mar 02
Jan 01
Jun 00
Nov 99
Apr 99
Sep 98
Feb 98
Jul 97
Dec 96
May 96
Oct 95
Mar 95
Aug 94
-2.5
Jan 94
Jun 93
-2
Nov 92
Apr 92
-1.5
Sep 91
-1
Feb 91
Carbon
Economic Parameters impacting Carbon prices
Fundamentals (Million Metric tons)
2008
Carbon Market
Vol
(MtCO2e)
2007
Val
(MUS$)
Vol
(MtCO2e)
2006
Val
(MUS$)
Vol
(MtCO2e)
2005
Val
(MUS$)
Vol
(MtCO2e)
Val
(MUS$)
Project based transactions

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
US
Japan
Eurozone
Primary CDM
China
India
91910
2060
49065
1101
24357
321
7908
New South Wales
31
183
25
224
20
225
59
Chicago Climate Exchange
69
309
23
72
10
38
Sub total (including others)
3276
92859
2108
49361
1131
24620
328
7971
Total carbon market
4811
126346
2984
63007
1639
30097
710
10865
OECD
Japan
Eurozone
Number
At validation
2575
3.6
2.9
3.1
2.8
2.4
2.3
2.6
1.4
11.5
11.1
10.4
10.1
7.3
8.9
9.7
7.9
2.6
3.2
2.7
3.6
2.5
2.7
3.4
2.7
0.5
1.4
0.3
0.3
-2.3
2.2
2.2
2.1
1.4
3.2
6.7
5.3
4.6
OECD
2.2
2.1
1.8

-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
13.4
5.7
8.9
0.25
4.25
5.25
4.25
2.25
0.249
0.581
0.618
0.066
0.003
2.5
3.5
2.25
5.31
7.47
6.12
5.58
5.58
6.5
7.75
7.25
6.25
6
5.7
Correction requested
66
13
30
2
1.9
5.9
57
193
1.1
-0.3
Request for review
Withdrawn
2004
57
Total in the process of registration
2005
China
Request for registration
Under review
2006
India
US
Source: State and Trends of the Carbon Market 2008, 2007,2006 by World Bank
Status of CDM projects
2007

US
3093
2008
Real GDP (% change)
Interest rates (%)


India ( Repo rate )
Rejected by EB
112
US
9.6
5.6
5.4
4.1
Rejected by DOEs
480
Japan
0.7
0.7
-0.6
0.3
Eurozone
7.5
11.6
9.9
7.4
6.6
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
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
127.3
116.9
107.6
100
93.9
OECD Indicators
Source:UNFCCC
113.83
106.9
103.7
100
96.16
127.8
113.7
109.3
100
89.4
Title
CDM project pipeline: > 4200 of which:
--- 1760 are registered
--- 104 are requesting registration
Annual Average CERs* Expected CERs until end of 2012**CDM

N/A
> 2,900,000,000
310,521,163
> 1,630,000,000
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
| 157
Carbon Prices
ICE-ECX (EUR/metric tonne)
CER
CER Spot prices
Mar-09
Feb-09
Jan-09
Dec-08
Nov-08
Oct-08
Sep-08
Aug-08
Jul-08
Jun-08
May-08
Apr-08
Mar-08
Feb-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
MCX (Rs/tonne)
695.16
561.63
770.63
874.17
928.63
1177.42
1309.23
1267.12
1437.83
1353.50
-
Open
10.75
10.25
13.10
14.25
14.95
19.00
21.10
17.74
21.60
17.85
-
High
11.20
10.25
13.10
14.40
16.39
20.45
21.10
21.25
23.38
21.00
17.95
16.50
16.61
-
Low
9.50
7.75
10.05
12.90
13.25
14.25
17.30
16.75
17.20
17.78
16.85
15.25
15.31
-
EUA spot
(EUR/metric tonne)
Close
10.46
8.96
10.66
13.64
13.91
15.05
18.45
21.20
17.72
20.86
17.85
16.07
15.43
-
Monthly Average
11.9
9.95
11.93
15.95
15.55
17.85
22.4
25.3
21.85
28.63
26.05
23.85
22.15
21.57
19.3
21.9
0.02
0.08
0.08
0.1
0.1
0.13
0.26
0.53
1.33
0.98
2.4
6.5
8.15
11.15
12.95
16.05
16.9
15.95
16.55
13.45
27.3
26.45
26.85
21.7
19.85
21.95
22.75
23.63
22.95
25.35
19.65
16.18
14.08
9.52
7.18
8.4
8.36
8.68
9.13
8.88
8.48
9
9.25
6.88
RBI rate
USDNIR
Monthly Average
51.23
49.22
48.83
48.64
49.00
48.64
45.56
42.94
42.84
42.82
42.13
40.02
40.36
39.73
39.37
39.44
39.44
39.51
40.34
40.82
40.42
40.77
40.78
42.15
44.03
44.16
44.33
44.63
44.85
45.47
46.12
46.54
46.46
46.06
45.41
44.95
44.48
44.33
44.40
45.65
45.73
44.82
43.92
43.63
43.54
43.59
43.49
43.74
43.69
43.68
43.76
43.98
45.13
45.78
46.10
46.34
46.04
45.52
45.26
43.93
Buyer countries
Number of projects
Austria
80
Belgium
24
Canada
74
Czech Republic
Denmark
63
Finland
34
France
Germany
71
202
Greece
Hungary
Iceland
Ireland
Italy
Japan
14
92
464
Latvia
Luxembourg
24
Netherlands
433
New Zealand
Norway
36
Portugal
Spain
133
Sweden
220
Switzerland
560
United K.
1155
CDCF
WBCF
NEFCO
IBRD
CCAC16
n.a.
1479
Total
5173
Note: In some project more than one investor country participate.Projects rejected by DOEs or EB or
withdrawn are not included.
| 159
Carbon Trading activity

Graph-1
China
3%
4%
India
Brazil
Rest of Asia
Rest of Latin
America
84%
Others
Source: State and Trends of the Carbon Market 2009 - World Bank report
Graph-2
Primary CDM and JI Buyers (2008)
UK
41%
39%
Italy
Japan
Spain and
Portugal
Austria
Others
2%
4%
9%
5%
Source: State and Trends of the Carbon Market 2009 - World Bank report
Graph-3
EUAs, CERs & Their Spread Vs US GDP
in %
4
in Euro
35
20
-4
15
-6
10
-8
-10
ICE EUAs futures (euro/tonne)

CER EUA Spread
Mar-09
-2
Feb-09
25
Jan-09
Dec-08
30
Nov-08
Oct-08
110589
114383
111772
103556
112772
104717
87541
71846
62298
48823
29672
16613
5259
-
2% 3%
Sep-08
50315
79498
44013
40079
90272
65675
61724
59537
84508
56597
23142
17656
8240
-
4%
Aug-08
15
0
108
152
2
111
106
120
161
131
-
Open Interest
Jul-08
2250
2556
1815
561
219
85
129
1139
14293
18771
-
Volume
Jun-08
Mar-09
Feb-09
Jan-09
Dec-08
Nov-08
Oct-08
Sep-08
Aug-08
Jul-08
Jun-08
May-08
Apr-08
Mar-08
Feb-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
Open Interest
May-08
Volume
Primary CERs Producers (2008)
ICE-ECX CER
MCX CER
Apr-08
In lots
ICE CERs futures (euro/tonne)

US GDP QOQ (LHS)
Source: Exchanges' Website, US Department of Commerce

| 161
Power/Electricity
Economic Parameters impacting Power/Electricity prices
Power/Electricity Fundamentals (Million Metric tons)

Power/Electricity
World Electricity generation (Terawatt-hours)
2008
2007
2006
2005
2004
17563.9
2008
2007
2006
2005
2004
20201.8
19889.5
717.5
695.8
683.8
658.2
633.7
Eurozone
2.3
2.6
1.4
Oil
3928
3,939
3,911
3,861
3,799
China
11.5
11.1
10.4
10.1
Natural Gas
2726
2,652
2,558
2,512
2,425
India
7.3
8.9
9.7
7.9
Coal
3304
3,194
3,042
2,957
2,799
2.6
3.2
2.7
3.6
Hydroelectricity: Consumption (Million tonnes oil equivalent)
19038.3 19038.3
Real GDP (% change)
Primary Energy - Consumption by fuel (Million tonnes oil equivalent)
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
128.5
120
120
120
37.2
36.0
34
34
30
231.4
212.9
195
222
204
Nuclear Energy
3.5
4.0
Hydro electric
26.2
27.7
25
22
19
433.3
409.2
379
402
376
Coal
Total
OECD
1.1
2.9
3.1
3.6
-0.3
1.9
2.8
2.4

US
Japan
Eurozone
2.5
2.7
3.4
2.7
0.5
1.4
0.3
0.3
-2.3
2.2
2.2
2.1
China
5.9
1.4
3.2
India
6.7
5.3
4.6
OECD
2.2
2.1
1.8
-8.9
1.7
1.5
2.9
3.3
135.0
Natural Gas
US
Japan
US
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
13.4
5.7
8.9
0.25
4.25
5.25
4.25
2.25
0.249
0.581
0.618
0.066
0.003
2.5
3.5
2.25
Interest rates (%)

Source: British Statistical Review, figures may not tally due to rounding
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
India ( Repo rate )
5.31
7.47
6.12
5.58
5.58
6.5
7.75
7.25
6.25

US
9.6
5.6
5.4
4.1
5.7
Japan
0.7
0.7
-0.6
0.3
7.5
11.6
9.9
7.4
6.6
China
Eurozone
17.82
16.72
16.9
17.6
14.63
India
19.6
22.84
19.33
17.79
13.49
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
36,877.76
24.7
4,120.00
2.9
13242.41
7.7
Hydro (Renewable)
Nuclear
RES** (MNRE)
Total
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
127.3
116.9
107.6
100
93.9
OECD Indicators
113.83
106.9
103.7
100
96.16
127.8
113.7
109.3
100
89.4
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 Sources
Figures at second place of decimal may not tally due to rounding off by computer.
Source:Central Electricity Authority
| 163
Electricity Prices
ICE UK Base Electricity Futures
Mar-09
Feb-09
Jan-09
Dec-08
Nov-08
Oct-08
Sep-08
Aug-08
Jul-08
Jun-08
May-08
Apr-08
Mar-08
Feb-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
Close Price (gbp/mwh)

36.25
35.87
54.12
60.64
62.77
76.4
130
89.5
81.27
85.02
76.57
64.87
57.8
56.74
53.3
60.16
56.2
50.11
36.79
26.73
26
24.45
26.6
22.55
20.88
20.35
24.7
35.37
44.65
49.17
46.75
40.43
37
37.38
35.57
36.95
43.38
42.87
52.38
66.25
80.33
50.7
44.32
39.95
36.63
37.33
31.8
30.5
29.52
26.28
24.4
29.03
35.09
33.55
31.75
-
Aggregate Vol (lots)

30
75
60
10
30
210
40
70
10
30
40
110
20
70
40
40
30
180
40
140
250
180
280
650
345
175
235
170
170
265
370
575
290
280
70
180
390
360
70
60
10
50
220
550
220
280
180
420
180
-
U.S. Residential
Electricity Price
Month End OI (lots)
1730
910
1000
1170
1635
1800
2055
1720
955
650
690
760
830
820
875
920
1025
930
735
800
1135
1575
1830
2070
2345
2915
3430
3630
3770
3385
3110
3050
2735
2755
2920
2820
2765
2980
2550
2795
3175
2350
1390
1180
810
1080
1350
1500
2170
2140
1640
1050
880
660
460
-
*Minimum Clearing volume (Matched & Cleared) | *IEX commenced Operations on June 28, 2009 | Source: Exchanges' websites
(Cents per kilowatt hour)

11.37
11.23
11.03
11.00
11.52
11.91
11.99
12.15
12.14
11.84
11.48
11.02
10.57
10.28
10.24
10.33
10.70
10.82
10.96
11.07
11.07
11.09
10.77
10.63
10.27
9.89
10.06
9.84
10.18
10.58
10.94
10.94
10.96
10.85
10.61
10.32
9.87
9.80
9.55
9.25
9.74
9.73
9.91
9.91
9.75
9.77
9.55
9.21
8.86
8.74
8.50
8.58
8.96
9.05
9.39
9.50
9.36
9.29
9.07
8.93
On-Peak Day Ahead LMP Electricity

Spot Price/New England (NEPOOL)
Price Units USD/mwh
40.62
51.83
54.1
71.33
67
65.5
66.61
85.9
102.37
140.44
105.38
107.89
92.62
80.61
78.2
106.18
84.76
65.88
63.4
66.58
85.83
61.77
81.05
76.67
78.49
71.33
78.63
51.32
75.7
70.99
49.37
67.05
107.87
68.9
71.6
67.13
67
75.22
79.85
81.75
91.33
111.77
119.25
141
81.62
85.2
60.5
67.31
68
67.5
66.19
57.05
61.75
61.39
57.14
50.73
60.5
57.46
60
57.25
Off-Peak Day Ahead LMP Electricity

Spot Price/New England (NEPOOL)
Price Units USD/mwh
30.16
42.48
44
60.57
48
51.67
56.5
57
69
94
79.5
79.79
69.45
83.85
58.63
55.6
61.68
51.55
44
44.5
55.95
51
55
44.55
47.15
52.76
59.8
32.44
46
49.53
32
33.15
65
46.8
38.5
48
50.5
57
55.03
60
67.5
100
75
95
64
45.15
44.17
52.93
52.5
-
IEX MCV (MW)*
362,173
182,824
296,151
359,574
450,643
375,190
278,597
223,372
74,917
424
-
Average monthly
unit value (in Rs)
8,357
6,966
6,053
6,866
7,496
8,476
7,951
7,562
7,673
7,113
-
| 165
Power Scenario At A Glance For All Regions (figures In Mw)

Graph-1
Region
Hydro
NORTHERN
WESTERN
SOUTHERN
EASTERN
N.EASTERN
ISLANDS
ALL-INDIA
INSTALLED CAPACITY AS ON 31.5.2009
13425.1
7448.5
10954.2
3933.9
1116
0
36877.7
Nuclear
Thermal
Coal
Gas
19764.5
25937.7
16982.5
15063.2
201
0
77948.9
3531.2
7365.8
3870.2
190
766
0
15722.5
Diesel
Total
13
17.5
939.3
17.2
142.7
70
1199.8
23308.7
33320.3
21792
15270.4
1109.7
70
94871.9
1180
1840
1100
0
0
0
4120
R.E.S. (MNRE)
Total
1766.4
4023.6
7047.9
227.4
171
6.1
13242.4
39680.2
46632.4
40894.2
19431.7
2396.7
76.1
149111.2
Electricity Generation (2008)
21 %
US
China
Japan
47 %
Source: Central Electricity Authority
Russian
Federation
17 %
India
Period
2004-05
2005-06
2006-07
2007-08
2008-09
Peak Demand
(MW)
26834
28154
31516
32462
33034
Peak Met
(MW)
24125
25200
26644
29495
29504
Peak Deficit/
Surplus (MW)
-2709
-2954
-4872
-2967
-3530
Peak Deficit/
Surplus (%)
Energy
requirement (MU)
-10.1
-10.5
-15.5
-9.1
-10.7
Energy
Energy deficit/ Energy deficit/
availability (MU) surplus (MU)
surplus (%)
175498
188794
202125
219797
224218
159358
168611
179986
196147
199928
-16140
-20183
-22139
-23650
-24290
6%
4%
-9.2
-10.7
-11
-10.8
-10.8
Others
5%
Graph-2
Electricity Consumption (2008)
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 & AUGUST
22 %
Source: Central Electricity Authority
US
China
45 %
2006-07
VOLUME OF ELECTRICITY TRADED BY THE TRADING LICENSEES

Name of the Trading Licensee
PTC India Ltd

NTPC Vidyut Vyapar Nigam Ltd
Adani Enterprises Ltd
Tata Power Trading Company (P) Ltd
Reliance Energy Trading (P) Ltd
Subhash Kabini Powor Corporation Ltd
Lanco Electric Utility Ltd
JSW Power Trading Company Ltd
Karam Chand Thapar & Bros Ltd.
Vinergy International Private Ltd
Visa Power Ltd
Kalyani Power Development (P) Ltd
Patni Projects Private Ltd
Total
Source: CERC Annual Report 2007-08
2007-08
Volume of Trade (MUs)
% to total volume
6575.41
2662.98
1844.66
1206.38
878.29
36.61
744
967.94
106.47
43.77
17.73
12.28
8.03
5.85
0.24
4.95
6.44
0.71
15022.74
100
Volume of Trade (MUs)
9552.79
3324.07
1321.88
1681.95
776.25
0
2600.02
1478.57
108.29
59.52
15.56
39.31
6.58
20964.77
Japan
% to total volume
45.57
15.86
6.31
8.02
3.7
0
12.4
7.05
0.52
0.28
0.07
0.19
0.03
100
Russia
Germany
18 %
Others
3%
Source: CIA
6%
6%
Graph-3
Price of Short-Term Transaction of Electricity
(Rs/Kwh)
10
IEX
RTC*
Peak*
Off -Peak*
New Grid#
SR Grid#
9
8
7
6
5
4
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Jan-09
Feb-09
Mar-09
Source: CERC, * Bilateral through traders, # Unscheduled Interchange
| 167
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
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
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
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
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
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
0.5127
0.8781
0.9301
0.7838
0.9332
0.8497
0.8562
0.2425
-0.5207
-0.7754
-0.3046
0.6013
0.6693
0.9157
0.9026
0.5127
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
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
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
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
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
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
0.1250
-0.5191
-0.8057
-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
-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
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
Aluminium
Electricity
* 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
| 169
DATA
FOR READY
REFERENCE
AGRICULTURAL COMMODITIES
Soybean Oil
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
900
1,070
1,180
1,458
1,392
1552
2,627
2,933
2,598
2,300
2,240
2275
98
386
232
208
90
386
232
208
90
98
240
Exports
11
18
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
(Rs/10 Kg)
239.78
223.35
267.41
379.74
451.15
Indian Price
(Rs/10 Kg)
462.09
382.54
400.35
480.17
593.35
India
Production
Consumption
Beginning stocks
Ending Stocks
Source: USDA, *Estimated, June 2009-10
Global Yearly Balance Sheets (Estimated June 2009 10) in Thousand Metric Tonnes
Country
Supply
Production
Previous
Year Stocks
Import
Consumption
Demand
Stocks for
Next Year
Export
Argentina
6,712
203
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
US
8,623
1,367
34
7,484
1,202
1,338
Others
4,372
317
5,532
9,095
294
791
37,295
2,566
9,666
37,131
2,522
9,833
Grand Total
Source: USDA
| 173
Soyabean Oil
MCX Futures Prices (Rs/10 Kg)
Apr-04
May-04
Jun-04
Jul-04
Aug-04
Sep-04
Oct-04
Nov-04
Dec-04
Jan-05
Feb-05
Mar-05
Apr-05
May-05
Jun-05
Jul-05
Aug-05
Sep-05
Oct-05
Nov-05
Dec-05
Jan-06
Feb-06
Mar-06
Apr-06
May-06
Jun-06
Jul-06
Aug-06
Sep-06
Oct-06
Nov-06
Dec-06
Jan-07
Feb-07
Mar-07
Apr-07
May-07
Jun-07
Jul-07
Aug-07
Sep-07
Oct-07
Nov-07
Dec-07
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Jan-09
Feb-09
Mar-09
Open
454.00
467.00
439.30
429.00
449.00
462.50
410.00
416.10
411.60
397.40
358.30
381.50
397.10
380.40
376.40
371.00
372.50
372.40
364.50
346.85
338.30
358.40
376.90
374.00
422.45
414.00
408.10
428.00
438.00
422.10
427.70
465.00
466.65
453.15
443.00
469.80
489.10
485.20
496.65
506.45
478.00
485.40
508.30
531.65
551.30
588.00
678.00
571.35
570.20
N/A
N/A
N/A
N/A
N/A
N/A
N/A
457.00
473.80
454.95
451.90
High
460.00
467.00
444.90
466.00
470.10
466.00
429.60
420.50
412.00
398.10
389.50
399.50
397.10
381.50
387.20
386.50
375.60
374.50
369.20
350.60
345.90
384.20
383.60
425.10
426.00
417.60
433.50
455.10
440.85
433.00
475.10
477.15
473.55
455.15
469.65
491.60
496.30
497.85
510.90
507.20
497.90
510.60
540.50
558.00
595.80
671.25
725.70
594.50
586.80
N/A
N/A
N/A
N/A
N/A
N/A
N/A
478.70
520.00
471.00
464.20
Low
431.90
430.50
409.00
429.00
445.00
404.80
401.20
405.60
387.10
351.00
352.60
369.50
379.40
366.60
362.00
369.40
363.50
359.00
354.65
337.40
337.05
358.40
364.50
372.70
406.20
398.40
399.50
427.30
418.30
416.10
424.85
447.50
446.70
432.15
435.90
469.00
469.05
479.00
491.00
474.00
474.60
476.00
496.00
523.60
550.90
587.50
584.90
542.85
563.80
N/A
N/A
N/A
N/A
N/A
N/A
N/A
438.40
454.55
435.90
438.00
Close
460.00
436.90
431.70
454.30
462.00
409.70
414.30
411.40
397.60
357.70
382.00
397.50
381.40
377.00
371.50
373.00
373.50
363.40
357.95
339.55
343.20
373.90
375.10
422.45
413.90
406.90
429.55
436.20
423.00
428.95
465.60
468.65
452.15
443.15
468.35
488.25
486.70
496.55
505.60
479.15
487.05
505.15
532.15
550.80
586.95
671.20
589.00
570.20
583.30
N/A
N/A
N/A
N/A
N/A
N/A
N/A
470.00
457.00
451.80
447.20
Volume
in lots^
726.00
7,836.00
35,674.00
31,950.00
38,010.00
19,626.00
23,098.00
29,496.00
44,250.00
52,356.00
86,731.00
140,147.00
86,681.00
85,172.00
97,414.00
62,520.00
49,577.00
55,920.00
56,619.00
42,750.00
37,583.00
35,901.00
69,539.00
61,946.00
64,534.00
66,688.00
42,389.00
60,904.00
102,580.00
79,548.00
64,930.00
134,142.00
104,632.00
92,888.00
68,630.00
83,427.00
85,188.00
85,738.00
94,699.00
92,430.00
66,662.00
62,809.00
84,054.00
83,184.00
69,720.00
95,697.00
79,864.00
107,951.00
48,162.00
4,856.00
N/A
N/A
N/A
N/A
N/A
N/A
19,477.00
33,721.00
25,230.00
27,676.00
Open Interest
in lots^^
70.00
120.00
904.00
752.00
625.00
845.00
942.00
1,601.00
1,992.00
2,226.00
2,693.00
2,995.00
2,540.00
4,543.00
4,517.00
4,593.00
3,779.00
3,350.00
4,084.00
3,747.00
2,038.00
2,391.00
1,966.00
2,956.00
2,762.00
4,363.00
2,437.00
2,316.00
3,199.00
2,574.00
4,665.00
6,558.00
4,609.00
4,579.00
4,881.00
5,427.00
5,204.00
4,382.00
4,583.00
4,683.00
4,196.00
4,795.00
5,206.00
4,568.00
3,916.00
4,446.00
3,752.00
2,868.00
1,555.00
1,728.00
N/A
N/A
N/A
N/A
N/A
N/A
1,858.00
2,526.00
2,187.00
1,192.00
MCX Spot (Rs/10 Kg) (Indore)

Monthly Average
N/A
N/A
N/A
N/A
N/A
431.86
422.45
414.54
401.38
384.28
370.55
384.29
384.75
374.43
371.38
372.85
366.73
361.93
359.48
346.61
341.86
342.69
357.73
367.06
393.10
412.02
401.88
411.10
433.74
428.28
423.12
444.24
455.36
453.79
437.80
445.11
479.73
484.76
485.23
499.58
487.73
481.52
487.26
518.75
533.13
574.07
607.23
666.93
574.12
611.84
683.10
680.19
613.62
584.92
509.91
443.37
483.06
492.98
465.14
453.28
Months High
N/A
N/A
N/A
N/A
N/A
439.00
437.00
418.00
413.00
403.00
384.00
390.00
390.00
377.20
378.60
378.40
372.80
368.30
368.00
354.30
345.90
344.30
370.30
373.40
415.40
417.40
408.60
422.80
442.10
436.60
426.70
469.70
463.60
460.10
448.50
463.50
488.40
494.15
490.10
507.70
503.65
490.40
507.35
535.15
550.10
588.80
669.15
725.90
589.65
652.50
709.45
704.10
637.35
606.30
578.25
488.80
498.80
514.30
475.65
462.00
Months Low
N/A
N/A
N/A
N/A
N/A
420.00
411.00
409.00
391.00
358.00
359.00
375.00
376.40
369.50
363.70
367.20
361.50
357.30
350.50
340.50
338.20
338.00
342.70
363.50
369.90
407.20
395.60
397.00
423.50
419.00
420.20
420.50
443.30
444.60
428.30
433.10
469.70
475.50
480.40
490.10
473.65
473.75
476.25
499.45
522.00
548.00
583.05
606.90
565.90
570.50
648.55
637.00
597.50
563.70
476.50
387.75
456.45
468.40
450.70
445.90
Other market spot prices

Mumbai Rs/10 kg
463.59
466.13
445.24
462.37
477.74
452.96
422.94
416.93
408.05
391.83
375.59
387.12
387.44
376.90
374.55
376.52
366.79
360.71
363.62
363.86
359.38
351.30
366.43
384.51
395.44
412.71
412.81
424.47
446.60
439.94
430.82
462.31
471.33
474.49
455.75
462.39
483.07
484.98
485.32
503.45
492.25
489.75
496.25
530.22
550.02
593.13
616.21
676.67
576.91
601.98
659.54
654.37
592.77
564.92
497.11
434.93
467.08
481.76
441.17
447.50
WPI OF
Soybean Oil
138.80
138.80
138.80
137.70
137.40
137.20
137.20
137.40
138.20
138.20
138.20
138.20
138.20
138.20
138.20
138.20
138.20
138.20
138.20
138.20
138.20
138.20
128.40
128.40
128.90
129.50
129.50
129.50
129.50
129.50
129.50
131.90
141.50
141.50
140.00
137.20
140.20
141.70
141.80
141.80
141.90
142.60
143.10
145.50
147.00
145.90
153.80
156.80
151.40
156.00
160.40
160.50
157.90
157.60
148.10
148.10
148.10
148.10
148.10
148.10
Source : MCX, AgmarkNet; Trading suspended between May 08 to Dec 08; N/A-Not available
Âggregate volume in all contracts during the month; ^^Cumulative open interest in all contracts at the end of month.
| 175
Soyabean Oil International Exchanges:
Soyabean Oil
Graph-1
CBOT
Closing Price
Volume
Open Interest
(cents/pound)
in lots^
in lots^^
Apr-04
34.03
670,460.00
156,665.00
May-04
28.05
576,678.00
139,677.00
Jun-04
28.18
570,815.00
134,254.00
Jul-04
22.00
618,359.00
144,446.00
Aug-04
26.10
512,305.00
135,601.00
Sep-04
20.52
505,132.00
132,226.00
Oct-04
21.50
517,734.00
149,886.00
Nov-04
20.62
576,170.00
148,929.00
Dec-04
20.61
551,822.00
142,917.00
Jan-05
19.36
428,386.00
171,583.00
Feb-05
23.22
751,486.00
151,922.00
Mar-05
22.90
549,243.00
161,519.00
Apr-05
22.59
615,394.00
145,656.00
May-05
23.15
565,555.00
135,246.00
Jun-05
23.61
852,371.00
162,398.00
Jul-05
24.31
548,380.00
138,679.00
Aug-05
22.41
637,179.00
138,626.00
Sep-05
23.72
594,924.00
147,402.00
Oct-05
22.86
607,182.00
172,298.00
Nov-05
21.05
673,069.00
182,941.00
Dec-05
21.30
670,487.00
174,217.00
Jan-06
22.35
531,969.00
181,295.00
Feb-06
23.59
611,448.00
179,042.00
Mar-06
22.79
597,630.00
189,517.00
Apr-06
25.54
866,900.00
238,374.00
May-06
25.16
688,808.00
249,518.00
Jun-06
26.36
1,024,547.00
240,817.00
Jul-06
26.72
803,595.00
281,211.00
Aug-06
25.21
816,795.00
257,433.00
Sep-06
23.77
729,122.00
248,970.00
Oct-06
26.83
938,242.00
261,414.00
Nov-06
29.18
1,018,050.00
286,888.00
Dec-06
29.26
857,922.00
260,307.00
Jan-07
29.34
704,802.00
261,714.00
Feb-07
30.25
1,091,931.00
285,130.00
Mar-07
32.48
764,997.00
317,340.00
Apr-07
33.35
1,218,347.00
304,326.00
May-07
35.71
805,278.00
316,781.00
Jun-07
36.63
1,442,726.00
293,689.00
Jul-07
37.76
1,115,308.00
297,131.00
Aug-07
36.54
1,092,034.00
262,507.00
Sep-07
39.49
947,459.00
278,132.00
Oct-07
42.31
1,213,635.00
291,463.00
Nov-07
45.64
1,288,911.00
308,026.00
Dec-07
48.85
1,337,864.00
291,089.00
Jan-08
53.72
1,294,663.00
283,859.00
Feb-08
68.15
1,541,373.00
301,932.00
Mar-08
51.48
1,291,023.00
283,980.00
Apr-08
57.67
1,551,109.00
263,931.00
May-08
61.31
1,106,828.00
252,276.00
Jun-08
66.04
1,567,629.00
258,997.00
Jul-08
58.26
1,624,174.00
246,175.00
Aug-08
53.40
1,386,920.00
252,080.00
Sep-08
44.00
1,441,656.00
247,229.00
Oct-08
33.60
1,396,847.00
253,519.00
Nov-08
32.58
1,252,370.00
241,056.00
Dec-08
33.29
1,455,913.00
208,108.00
Jan-09
32.73
1,211,893.00
208,505.00
Feb-09
30.85
1,518,553.00
211,794.00
Mar-09
33.62
1,189,876.00
207,505.00
Source: Exchanges websites
Soybean Production (2009-10)

16%
United States
23%
China
6%
Argentina
Brazil
16%
EU-27
21%
Others
18%
Source: USDA
Graph-2
Soybean Consumption (2009-10)
27%
27%
China
United States
Brazil
EU-27
6%
India
20%
8%
Source: USDA
Others
12%
Graph-3
000 tons
Soybean Oil: Ending Stock & Prices
Prices
450
400
350
300
250
200
150
100
50
0
70
60
50
40
30
20
10
0
2002 -03 2003 -04 2004 -05 2005 -06 2006 -07 2007 -08 2008 -09
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
| 177
Crude Palm Oil
Crude Palm Oil Trading Activities
Global and Indian fundamentals for Crude Palm oil (in thousand metric tonnes)
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
40
40
50
50
50
50
3,406
3,125
3,769
4,612
5,085
5,440
50
208
20
100
65
225
208
20
100
65
225
130
Exports
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%
India
Production
Consumption
Beginning stocks
Ending Stocks
Global Yearly Palm Oil Balance Sheets (Estimated June 2009 10) in Thousand Metric Tonnes
Country
Production
Supply
Previous Year Stocks
Import
Consumption
Demand
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
4,228
1,108
27,444
29,547
962
2,271
44,953
4,017
33,478
44,581
3,791
34,076
Others
Grand Total
Source: USDA
Apr-04
May-04
Jun-04
Jul-04
Aug-04
Sep-04
Oct-04
Nov-04
Dec-04
Jan-05
Feb-05
Mar-05
Apr-05
May-05
Jun-05
Jul-05
Aug-05
Sep-05
Oct-05
Nov-05
Dec-05
Jan-06
Feb-06
Mar-06
Apr-06
May-06
Jun-06
Jul-06
Aug-06
Sep-06
Oct-06
Nov-06
Dec-06
Jan-07
Feb-07
Mar-07
Apr-07
May-07
Jun-07
Jul-07
Aug-07
Sep-07
Oct-07
Nov-07
Dec-07
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Jan-09
Feb-09
Mar-09
Closing Price (Malaysian Ringgit per metric ton)

1,974.00
1,640.00
1,560.00
1,444.00
1,550.00
1,491.00
1,465.00
1,452.00
1,384.00
1,275.00
1,403.00
1,455.00
1,427.00
1,411.00
1,410.00
1,365.00
1,358.00
1,449.00
1,445.00
1,389.00
1,397.00
1,428.00
1,470.00
1,390.00
1,441.00
1,411.00
1,429.00
1,590.00
1,557.00
1,542.00
1,622.00
1,901.00
1,976.00
1,902.00
1,952.00
2,064.00
2,320.00
2,725.00
2,513.00
2,691.00
2,490.00
2,687.00
2,890.00
2,925.00
3,070.00
3,211.00
3,972.00
3,385.00
3,370.00
3,525.00
3,540.00
3,050.00
2,541.00
2,073.00
1,560.00
1,610.00
1,685.00
1,780.00
1,938.00
2,103.00
Bursa Malaysia
Volume in lots^
91,806.00
136,325.00
135,119.00
138,089.00
114,500.00
144,882.00
141,496.00
92,412.00
94,361.00
97,965.00
100,007.00
135,474.00
79,210.00
100,305.00
109,598.00
86,069.00
85,972.00
109,404.00
97,787.00
73,042.00
83,677.00
72,396.00
104,701.00
126,341.00
117,864.00
140,586.00
124,941.00
226,687.00
275,379.00
199,569.00
228,531.00
360,870.00
224,765.00
301,233.00
148,172.00
151,078.00
254,288.00
268,481.00
321,556.00
244,979.00
233,178.00
188,042.00
254,044.00
209,562.00
148,480.00
251,331.00
183,121.00
316,453.00
240,709.00
141,155.00
198,086.00
267,300.00
278,401.00
290,468.00
277,318.00
242,097.00
159,101.00
231,064.00
235,567.00
301,587.00
Open Interest in lots^^

21,445.00
27,351.00
23,284.00
28,293.00
25,905.00
36,889.00
35,206.00
31,427.00
29,212.00
28,105.00
25,874.00
29,904.00
27,709.00
27,956.00
25,079.00
27,288.00
31,561.00
27,342.00
23,698.00
27,616.00
29,559.00
25,759.00
29,747.00
29,108.00
31,949.00
36,515.00
44,186.00
43,069.00
64,384.00
65,115.00
75,583.00
77,172.00
74,882.00
70,211.00
55,358.00
66,969.00
82,693.00
93,214.00
76,191.00
71,720.00
54,169.00
46,707.00
44,706.00
41,391.00
38,080.00
43,477.00
43,659.00
42,793.00
39,394.00
38,800.00
43,929.00
58,317.00
53,343.00
65,273.00
90,371.00
91,820.00
83,481.00
83,343.00
83,483.00
89,634.00

| 179
Monthly average futures and spot prices of Crude Palm Oil in India
Apr-04
May-04
Jun-04
Jul-04
Aug-04
Sep-04
Oct-04
Nov-04
Dec-04
Jan-05
Feb-05
Mar-05
Apr-05
May-05
Jun-05
Jul-05
Aug-05
Sep-05
Oct-05
Nov-05
Dec-05
Jan-06
Feb-06
Mar-06
Apr-06
May-06
Jun-06
Jul-06
Aug-06
Sep-06
Oct-06
Nov-06
Dec-06
Jan-07
Feb-07
Mar-07
Apr-07
May-07
Jun-07
Jul-07
Aug-07
Sep-07
Oct-07
Nov-07
Dec-07
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Jan-09
Feb-09
Mar-09
Open
N/A
N/A
N/A
390.50
N/A
404.70
369.00
352.00
342.00
379.00
362.70
301.20
345.30
335.00
324.80
328.00
328.00
154.20
169.00
N/A
173.00
N/A
N/A
179.00
178.10
176.40
176.30
177.80
193.00
191.30
188.00
197.50
224.70
234.20
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
526.30
516.00
437.70
377.50
335.90
275.90
263.60
274.80
275.40
291.00
High
N/A
N/A
390.90
390.50
N/A
404.70
369.00
369.00
379.60
380.00
381.40
328.30
345.30
335.00
324.80
333.00
328.00
170.00
176.00
N/A
173.00
N/A
N/A
179.10
178.10
181.50
181.10
193.00
203.00
191.30
193.00
218.20
234.20
234.20
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
534.80
519.20
441.80
385.60
337.00
287.50
267.00
305.00
292.00
316.90
MCX Futures Prices (Rs/10 Kg)

Low
Close
N/A
N/A
N/A
N/A
390.90
379.20
379.00
379.00
N/A
N/A
381.00
381.00
359.30
369.00
352.00
369.00
342.00
369.30
344.70
372.50
310.00
310.00
290.10
307.40
338.00
338.00
328.00
328.00
324.80
330.00
328.00
333.00
158.80
159.00
154.20
170.00
169.00
173.80
N/A
N/A
168.00
168.00
N/A
N/A
N/A
N/A
157.00
170.10
163.10
171.00
171.10
176.30
171.10
175.90
177.80
193.00
191.30
191.30
181.50
181.50
188.00
193.00
197.50
218.20
218.00
234.20
227.00
227.00
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
505.40
515.30
439.00
444.30
359.60
377.50
324.00
345.60
269.60
272.60
228.50
254.50
248.50
263.60
264.60
267.00
270.70
283.50
290.20
309.50
Volume in lots^
N/A
N/A
0.00
0.00
N/A
0.00
0.00
0.00
36.00
2418.00
592.00
5329.00
2.00
0.00
0.00
0.00
137.00
54.00
54.00
96.00
0.00
10.00
394.00
2684.00
330.00
214.00
26.00
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
19462.00
17452.00
22972.00
20622.00
22639.00
23386.00
8037.00
8156.00
6615.00
8828.00

N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
23.00
N/A
N/A
N/A
N/A
2.00
2.00
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
1903.00
3339.00
2436.00
2858.00
2708.00
3398.00
1824.00
1643.00
1663.00
1260.00
Monthly Average
N/T
N/T
N/T
N/T
N/T
362.07
357.83
353.75
340.15
329.72
319.08
341.29
343.65
332.29
329.57
331.49
237.31
164.04
172.61
173.43
170.15
166.90
171.19
226.86
170.16
172.55
174.84
184.81
197.71
188.14
188.79
206.96
222.75
228.92
227.59
228.83
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
488.13
397.08
352.97
300.10
254.70
257.36
280.54
282.87
306.92
MCX Spot (Rs/10 Kg) (Mumbai/Kandla)

Months High
N/T
N/T
N/T
N/T
N/T
365.00
365.00
356.00
353.00
335.00
336.00
348.00
346.00
338.00
335.00
334.50
330.00
170.00
174.70
176.50
174.00
168.10
174.80
1736.00
173.70
175.50
178.20
196.20
204.80
195.10
197.50
225.70
237.70
235.30
233.10
230.50
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
517.80
435.60
384.00
340.80
276.20
265.70
298.50
290.30
314.90
Months Low
N/T
N/T
N/T
N/T
N/T
357.50
354.00
350.00
335.00
326.00
303.00
336.00
338.00
327.00
324.70
328.50
158.60
160.30
169.40
170.20
167.50
165.10
167.20
164.20
164.20
170.90
172.20
174.70
191.30
181.50
184.50
195.00
214.20
223.10
223.80
227.90
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
439.50
381.90
333.70
271.40
240.00
248.50
266.50
274.80
293.10
Prices of Palm Oil RBD:

Mumbai Rs./10 kg
442.37
440.09
421.38
434.90
447.83
442.64
413.20
405.36
386.67
374.05
370.93
387.17
385.56
374.12
374.41
380.89
375.59
374.18
382.62
386.62
385.70
373.82
381.27
393.99
396.67
411.39
415.63
434.14
459.71
440.45
431.40
453.56
468.10
473.77
452.59
454.81
474.23
476.28
484.61
487.60
487.13
486.54
492.59
509.76
512.02
550.67
573.51
619.10
548.76
561.22
580.60
556.17
478.65
437.66
366.43
316.83
317.04
332.68
329.39
362.18
Source : MCX, AgmarkNet, Ministry of Commerce and Industry;

Sept 04 March 07- Mumbai market
July 08 till date- Kandla market
N/T-Traded, N/A- Not Available
| 181
Crude Palm Oil

Graph-1
Palm Oil Production (2009-10)
2%
2%
6%
3%
46%
Indonesia
Malaysia
Thailand
Colombia
41%
Nigeria
Others
Source: USDA
Graph-2
Palm Oil Consumption (2008e)

14%
44%
India
13%
China
Indonesia
EU-27
11%
Malaysia
Others
8%
10%
Source: USDA
Graph-1
000 tonnes
Palm Oil: Ending Stock & Prices
Prices
500
450
400
350
300
250
200
150
100
50
0
3300
3000
2700
2400
2100
1800
1500
1200
900
600
300
2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09
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
| 183
Rapeseed
Rapeseed Trading Activity

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

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
Beginning stocks
2,099
4,746
5,506
4,660
3,386
6,528
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
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
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
India
Global Yearly Rapeseed Balance Sheets (Estimated June 2009 -10) in thousand metric tonnes
Supply
World
Demand
Production
Previous Year
Stocks
Import
Consumption
Stocks for
Next Year
Export
Australia
1,700
257
675
232
1,050
Canada
10,300
2,530
150
5,350
1,130
6,500
China
13,200
700
950
14,060
790
EU-27
18,500
1,853
2,350
21,385
1,218
100
India
7,100
476
20
7,061
530
Ukraine
2,100
279
13
1,820
Others
2,584
705
6,548
8,396
683
758
55,484
6,528
10,023
57,206
4,596
10,233
Grand Total
Source: USDA
Apr-04
May-04
Jun-04
Jul-04
Aug-04
Sep-04
Oct-04
Nov-04
Dec-04
Jan-05
Feb-05
Mar-05
Apr-05
May-05
Jun-05
Jul-05
Aug-05
Sep-05
Oct-05
Nov-05
Dec-05
Jan-06
Feb-06
Mar-06
Apr-06
May-06
Jun-06
Jul-06
Aug-06
Sep-06
Oct-06
Nov-06
Dec-06
Jan-07
Feb-07
Mar-07
Apr-07
May-07
Jun-07
Jul-07
Aug-07
Sep-07
Oct-07
Nov-07
Dec-07
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Jan-09
Feb-09
Mar-09
Source: Exchanges websites;
Closing Price (Euro/tonnes)

251.75
234.00
235.00
207.00
232.50
211.75
204.00
209.00
208.50
188.00
204.50
203.75
198.00
213.00
212.00
212.25
222.50
231.00
223.00
222.50
216.25
219.25
227.25
230.25
235.00
253.25
243.00
258.50
262.75
257.50
267.25
280.50
278.00
268.50
271.00
249.00
263.00
276.00
291.50
309.00
350.00
360.75
382.00
394.75
429.75
435.50
507.00
425.00
434.00
432.50
454.50
412.25
396.00
346.75
321.25
299.75
263.75
285.00
269.00
266.75
Volume in lots^
9,931.00
13,462.00
14,636.00
29,938.00
20,057.00
17,441.00
22,893.00
9,423.00
12,745.00
22,135.00
16,571.00
16,672.00
17,385.00
11,039.00
15,027.00
26,331.00
13,915.00
27,470.00
22,985.00
19,103.00
16,033.00
26,724.00
12,881.00
21,082.00
19,366.00
25,265.00
23,680.00
30,469.00
13,899.00
18,616.00
32,288.00
17,125.00
14,824.00
33,742.00
18,380.00
31,915.00
32,545.00
21,301.00
38,423.00
58,493.00
35,289.00
45,219.00
52,393.00
39,234.00
36,670.00
63,190.00
41,993.00
55,473.00
48,234.00
30,832.00
46,265.00
86,016.00
57,792.00
75,613.00
84,012.00
34,407.00
58,232.00
70,280.00
36,745.00
50,231.00

12,897.00
13,316.00
14,646.00
12,261.00
17,227.00
18,354.00
16,072.00
15,053.00
604.00
15,520.00
18,368.00
19,204.00
13,552.00
16,601.00
19,475.00
19,428.00
20,427.00
22,072.00
21,728.00
20,684.00
21,855.00
20,753.00
19,265.00
20,599.00
18,500.00
23,445.00
26,288.00
17,072.00
26,083.00
27,547.00
24,661.00
27,779.00
29,746.00
29,985.00
29,396.00
32,435.00
31,884.00
36,108.00
40,033.00
39,509.00
38,994.00
40,313.00
34,795.00
31,734.00
35,098.00
38,676.00
41,568.00
38,449.00
33,755.00
32,963.00
39,334.00
33,136.00
41,097.00
41,814.00
34,406.00
40,489.00
38,138.00
31,883.00
34,138.00
35,144.00
Âggregate volume in all contracts during the month;

^^Cumulative open interest in all contracts at the end of month.
| 185
Rapeseed Spot Prices

Graph-1
Month
Apr-04
May-04
Jun-04
Jul-04
Aug-04
Sep-04
Oct-04
Nov-04
Dec-04
Jan-05
Feb-05
Mar-05
Apr-05
May-05
Jun-05
Jul-05
Aug-05
Sep-05
Oct-05
Nov-05
Dec-05
Jan-06
Feb-06
Mar-06
Apr-06
May-06
Jun-06
Jul-06
Aug-06
Sep-06
Oct-06
Nov-06
Dec-06
Jan-07
Feb-07
Mar-07
Apr-07
May-07
Jun-07
Jul-07
Aug-07
Sep-07
Oct-07
Nov-07
Dec-07
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Jan-09
Feb-09
Mar-09
Monthly average spot prices of Rapeseed at MCX and other major physical markets in India
MCX Spot (Rs/20 Kg)
Other market monthly average
Hapur/ Jaipur/ Sirsa
spot prices (Rs/qtl)
Monthly Average
Month's High
Month's Low
Jaipur(Average)
Udaypur(Average)
N/A
N/A
N/A
1,426.30
1,395.72
N/A
N/A
N/A
1,452.73
1,412.94
N/A
N/A
N/A
1,432.38
1,396.05
N/A
N/A
N/A
1,483.33
1,496.85
N/A
N/A
N/A
1,549.57
1,626.92
409.93
412.50
407.00
1,575.00
1,658.17
410.29
415.00
401.00
1,474.69
1,680.38
413.35
418.00
409.00
1,445.33
1,635.00
395.77
410.00
384.00
1,502.25
1,660.83
365.32
392.00
355.00
1,534.06
1,571.54
347.54
365.00
330.00
1,483.57
1,437.22
335.57
345.00
328.00
1,371.39
1,297.14
332.85
338.00
329.00
1,322.37
1,280.83
340.65
348.80
330.20
1,329.05
1,259.57
345.93
352.90
338.60
1,320.25
1,261.94
367.39
376.40
353.50
1,374.29
1,289.47
364.32
369.80
355.80
1,336.50
1,292.50
359.63
367.00
356.00
1,341.39
1,315.88
352.59
357.60
345.50
1,350.83
1,314.64
346.88
348.50
342.70
1,361.92
1,250.91
343.11
346.20
336.90
1,345.79
1,216.56
341.61
345.00
335.90
1,269.58
1,218.33
328.30
331.50
325.10
1,242.86
1,204.75
322.92
332.10
317.20
1,230.59
1,184.69
323.94
330.40
319.10
1,304.50
1,237.78
329.87
332.70
325.40
1,363.24
1,326.18
328.13
332.60
323.40
1,347.50
1,341.50
327.60
330.00
324.00
1,337.22
1,343.47
330.99
335.80
327.90
1,427.79
1,386.92
327.42
329.90
324.10
1,405.00
1,380.62
328.82
343.70
325.30
1,344.33
1,376.43
361.29
375.30
348.10
1,430.00
1,513.00
358.95
372.00
352.50
1,504.74
1,538.53
350.28
352.40
347.35
1,460.00
1,480.50
349.47
355.30
340.50
1,448.68
1,402.94
357.39
381.50
345.50
1,477.37
1,475.00
398.13
402.00
394.75
1,670.65
1,697.37
400.51
405.30
396.75
1,543.80
1,623.53
421.72
436.00
406.65
1,677.50
1,618.33
444.97
450.80
437.90
1,652.08
1,688.12
436.75
445.90
424.50
1,614.50
1,705.36
431.92
439.15
423.50
1,670.26
1,678.64
449.64
471.80
429.20
1,705.83
1,702.31
475.63
487.05
462.25
1,756.19
1,778.00
483.06
491.10
475.80
1,766.67
1,845.83
502.10
516.70
487.85
1,842.39
1,903.75
523.68
586.10
502.50
1,898.89
1,996.25
582.62
628.90
539.85
2,257.94
2,155.62
521.73
540.50
500.45
2,253.50
2,030.26
562.71
604.10
525.05
2,478.96
2,445.65
631.07
655.20
603.00
2,698.40
2,636.05
648.10
662.00
628.00
2,621.74
2,649.76
621.33
632.10
602.55
2,630.68
2,480.00
610.87
630.45
589.55
2,629.17
2,528.68
609.02
623.10
598.20
2,643.75
2,801.56
616.43
637.10
594.80
2,652.78
2,913.75
621.25
638.00
597.70
2,644.74
2,988.33
557.49
593.50
500.00
2,736.76
2,685.00
485.34
528.80
427.20
2,342.65
1,986.25
449.17
461.35
430.00
1,972.50
1,925.38
Mustard (Rapeseed) Production (2009-10)
8%
3%
WPI of Mustard oil

165.80
165.30
167.80
172.30
179.20
181.80
181.50
182.20
178.00
173.10
162.80
156.60
159.80
165.30
162.90
166.30
168.90
169.90
169.60
168.70
164.10
164.00
160.60
156.90
159.70
162.60
165.70
163.60
166.70
168.70
168.30
175.80
183.30
184.90
182.70
182.90
191.20
193.30
194.10
196.00
196.80
197.40
197.80
204.10
205.80
215.50
219.80
241.40
226.80
231.90
257.80
264.80
264.00
262.10
264.20
263.90
264.50
258.50
233.50
229.50
EU--27
13%
China
35%
Canada
India
18%
Ukraine
Others
23%
Source: USDA
Graph-2
Mustard (Rapeseed)Consumption (2009-10)
11%
EU-27
15%
45%
China
India
Canada
29%
Source: USDA
Graph-3
Mustard (rapeseed ): Ending Stock & Prices
000 tonnes
Prices
7000
3000 .0
6000
2500 .0
5000
2000 .0
4000
1500 .0
3000
1000 .0
2000
500.0
1000
0
0.0
2002 -03 2003 -04 2004 -05 2005 -06 2006 -07 2007 -08 2008 -09
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
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
| 187
Castor Seeds
Global and Indian fundamentals of Castor Seeds
World and Indian production, imports and exports of Castor Seeds
World (000 tonnes)
2004/05
2005/06
2006/07
2007/08
2008/09
1300
1503
1,182
1512
Imports (castor seeds)
23
12
18
Exports (castor seeds)
24
18
21
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%
Production
India (000 tonnes)
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
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
652.7
427.5
796.7
793.4
990.7
762.3
1011
Gujarat
Total
Source: Ministry of Agriculture, Govt. of India. Production : ' 000 Tonnes
in 000 tonnes
Castor: Seeds Production, Oil Exports & Prices

Rs/qntl
1200
2500
1000
2000
800
1500
600
1000
400
500
200
0
0
2004/05
2005/06
Seeds production
2006/07
2007/08
Oil exports
2008/09
Prices (RHS)
Source: SEA of India & Agmarknet. Average Prices of India for the month of March
| 189
Monthly average futures & spot prices of Castor Seeds in India
Apr-04
May-04
Jun-04
Jul-04
Aug-04
Sep-04
Oct-04
Nov-04
Dec-04
Jan-05
Feb-05
Mar-05
Apr-05
May-05
Jun-05
Jul-05
Aug-05
Sep-05
Oct-05
Nov-05
Dec-05
Jan-06
Feb-06
Mar-06
Apr-06
May-06
Jun-06
Jul-06
Aug-06
Sep-06
Oct-06
Nov-06
Dec-06
Jan-07
Feb-07
Mar-07
Apr-07
May-07
Jun-07
Jul-07
Aug-07
Sep-07
Oct-07
Nov-07
Dec-07
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Jan-09
Feb-09
Mar-09
Open
High
N/A
1555.0
N/A
1617.0
1818.8
1911.0
1924.0
1845.0
1700.0
1596.0
1503.0
1705.0
1646.0
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
1490.0
1500.0
1651.0
1551.0
1560.0
1442.0
1525.0
1585.0
1670.0
1875.0
1925.0
1863.0
1903.0
1952.0
1858.0
2120.0
2075.0
1955.0
2139.0
2101.0
2015.0
1953.0
2040.0
2129.0
2158.0
2260.0
2600.0
2675.0
2675.0
2569.0
2800.0
3151.0
3147.0
N/A
N/A
N/A
N/A
2075.0
2100.0
N/A
1555.0
N/A
1922.0
1884.0
2093.0
2060.0
1875.0
1810.0
1632.0
1770.0
1780.0
1735.0
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
1559.5
1607.5
1684.0
1560.0
1560.0
1525.0
1632.0
1585.0
1743.0
1947.5
1945.0
1863.0
1948.0
1960.0
2080.0
2230.0
2075.0
2055.0
2176.0
2104.0
2056.5
2036.0
2135.0
2251.0
2301.0
2575.0
2703.5
2675.0
2675.0
2781.0
3281.0
3278.5
3147.0
N/A
N/A
N/A
N/A
2224.5
2273.0
Monthly MCX Futures Prices (Rs/qtl)

Low
Close
Volume in lots^
N/A
1555.0
N/A
1570.0
1800.0
1911.0
1752.0
1670.0
1583.0
1496.0
1495.0
1632.0
1561.0
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
1440.0
1401.0
1505.0
1496.0
1400.0
1435.0
1525.0
1524.0
1604.0
1820.0
1795.0
1780.0
1845.0
1824.0
1800.0
2075.0
1880.0
1950.0
2046.0
1950.0
1980.0
1908.0
2007.0
2090.0
2156.0
2260.0
2548.0
2675.0
2569.0
2569.0
2800.0
3085.5
3147.0
N/A
N/A
N/A
N/A
2070.0
2100.0
N/A
1555.0
1570.0
1875.0
1874.5
1982.5
1822.0
1732.5
1606.5
1508.5
1724.0
1668.5
1680.0
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
1459.0
1600.0
1551.0
1560.0
1400.0
1525.0
1585.0
1524.0
1660.0
1928.0
1854.0
1800.0
1940.0
1831.0
1999.0
2112.0
1945.0
2015.0
2094.0
2013.5
2005.5
2030.0
2126.5
2237.5
2260.0
2555.0
2615.0
2675.0
2569.0
2781.0
3151.0
3147.0
3147.0
N/A
N/A
N/A
N/A
2107.0
2273.0
N/A
N/A
N/A
20.0
114.0
628.0
2206.0
371.0
2768.0
10203.0
3916.0
888.0
55.0
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
306.0
1208.0
11831.0
373.0
5.0
301.0
96.0
84.0
67.0
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A

N/A
N/A
N/A
6.0
0.0
11.0
42.0
27.0
44.0
39.0
87.0
37.0
32.0
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
15.0
3.0
24.0
14.0
3.0
11.0
13.0
9.0
7.0
8.0
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Monthly
Average
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
1620.3
1716.8
1801.4
1765.0
1801.9
1891.2
1931.6
2043.5
1974.7
1967.5
2006.2
2003.5
2011.6
2020.1
2091.0
2172.9
2265.2
2429.5
2628.1
2629.0
2595.4
2716.2
3086.2
3135.2
3115.5
2917.7
2930.7
2877.4
2349.3
2244.9
2255.0
MCX Spot (Rs/qtl) Rajkot

Month's
Month's
High
Low
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
1638.0
1582
1859.0
1634.0
1855.0
1760.0
1813.0
1732.0
1844.0
1767.0
1925.0
1850.0
2023.0
1857.0
2078.0
2008.0
2019.0
1923.0
2013.0
1904.0
2028.5
1949.0
2016.0
1989.0
2046.5
1989.0
2076.5
1966.0
2155.5
2063.5
2207.5
2140.0
2309.5
2203.0
2576.5
2302.0
2658.0
2569.0
2659.0
2586.5
2627.0
2541.0
2886.5
2582.5
3289.0
2883.0
3216.5
3060.5
3163.0
3085.5
3113.5
2781.0
3014.0
2781.0
2942.5
2672.0
2628.0
2205.0
2366.0
2122.0
2289.0
2163.0
Other markets monthly average spot (Rs/qtl)

Mumbai Avg.
Variety
1789.7
1708.8
1697.3
1831.1
1912.0
1981.9
1940.7
1908.8
1764.2
1712.8
1730.5
1746.8
1712.7
1663.7
1715.5
1712.2
1628.6
1548.5
1400.8
1396.1
1457.2
1455.5
1446.4
1481.1
1485.9
1475.8
1472.9
1572.1
1640.0
1744.5
1811.0
1945.0
1912.5
1939.0
1993.6
2033.8
2151.6
2036.0
2010.0
2077.7
2073.8
2091.7
2026.9
2056.7
2192.8
2324.6
2503.6
2737.4
2749.4
2806.5
2887.6
3210.4
3271.0
3243.6
3060.3
3109.2
3050.7
2695.0
N/A
N/A
Gadag Avg
Variety
1439.0
1273.0
1352.0
1361.0
N/A
N/A
N/A
1248.8
1365.3
N/A
N/A
1276.0
1176.0
1405.0
1223.7
1232.2
1239.1
1136.7
1150.8
1166.5
N/A
1144.3
1240.3
1207.1
1196.3
1168.8
1114.5
1134.5
1086.2
1233.5
1281.6
1224.7
1144.3
1408.0
1292.7
1346.5
1359.0
1607.5
1305.0
1504.0
N/A
N/A
1354.0
1420.1
1966.9
1643.0
1760.1
1890.9
1571.1
1725.9
1899.6
2144.3
2361.3
2702.0
2551.5
2414.0
2376.0
1871.0
N/A
1867.0
Raichur Avg
Variety
1499.0
1378.2
1387.2
N/A
1512.1
1571.5
1590.5
1514.0
1404.2
1319.1
1265.5
1309.9
1307.0
1219.5
1150.9
1054.0
1019.0
1212.2
1128.0
1097.2
1130.9
1162.9
1142.5
1155.7
1124.8
1136.7
1094.5
1132.0
1322.5
1291.8
1302.8
1492.7
1391.8
1573.0
1684.6
1623.3
1620.0
1497.1
1658.9
1570.4
N/A
1410.0
1454.3
1669.6
1795.6
1904.6
2005.1
2151.6
1980.2
2130.3
2404.5
2714.3
2639.0
2257.0
2581.3
2711.5
2550.8
2040.6
2116.0
1980.9
WPI of castor seeds

153.7
143.5
144.7
154.5
159.6
168.2
166.8
162.2
154.1
149.9
140.2
143.0
139.3
137.9
140.7
141.0
137.3
136.6
130.5
129.3
129.7
130.4
132.7
135.3
133.9
127.0
125.8
128.1
128.0
133.5
141.1
155.5
155.0
162.2
171.4
168.2
174.1
176.8
174.2
179.8
179.5
178.0
177.8
180.4
185.9
192.6
202.5
214.3
210.5
207.6
215.9
236.3
239.3
246.4
240.0
227.5
230.1
217.0
215.6
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
| 191
Maize
Graph-1
Global and Indian fundamentals for Maize (in Thousand Metric Tons)
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
Beginning stocks
104,767
131,476
124,178
109,002
130,699
143,821
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
Maize Production (2009-10)
22%
United States
41%
China
3%
EU-27
Brazil
7%
Mexico
India
Production
14,180
Consumption
14,710
15,100
18,960
18,480
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
1.10%
0.80%
1.50%
0.60%
1.15%
1.98%
515
525
540
600
915

of MCX Spot Prices
7%
18,500
Others
20%
Source: USDA
Graph-2
Maize Consumption (2009-10)
29%
34%
United States
China
MSP (Rs. / qtl)
EU-27
Source: USDA, Ministry of Agriculture

e-estimates
Brazil
4%
Mexico
6%
Global Yearly Maize Balance Sheets (Estimated June 2009 10) in Thousand Metric Tonnes
Country
Production
Supply
Consumption
Demand
Import
Export
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
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
81,492
Source: USDA
Others
20%
7%
Source: USDA
Graph-3
000 tonnes
900
800
Corn: Ending Stock & Prices
Prices
900
800
700
600
500
700
600
500
400
300
400
300
200
100
200
100
0
2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09
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
| 199
Maize Spot Prices
Maize Trading Activity
MCX Spot Nizamabad (Rs. /qtl)

Apr-04
May-04
Jun-04
Jul-04
Aug-04
Sep-04
Oct-04
Nov-04
Dec-04
Jan-05
Feb-05
Mar-05
Apr-05
May-05
Jun-05
Jul-05
Aug-05
Sep-05
Oct-05
Nov-05
Dec-05
Jan-06
Feb-06
Mar-06
Apr-06
May-06
Jun-06
Jul-06
Aug-06
Sep-06
Oct-06
Nov-06
Dec-06
Jan-07
Feb-07
Mar-07
Apr-07
May-07
Jun-07
Jul-07
Aug-07
Sep-07
Oct-07
Nov-07
Dec-07
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Jan-09
Feb-09
Mar-09
Average
N/T
N/T
N/T
N/T
N/T
N/T
495.04
499.50
516.96
511.40
509.58
523.67
531.33
522.87
537.92
573.76
593.92
570.20
553.35
546.50
559.52
557.32
557.88
556.89
539.06
539.87
596.42
630.36
757.27
658.85
637.77
737.62
724.96
717.75
745.69
727.56
750.00
707.00
734.60
754.63
711.98
677.17
669.29
689.78
701.18
729.12
734.36
759.44
733.23
744.89
888.40
994.80
1026.10
1010.34
890.06
877.28
848.35
835.54
830.54
806.22
High
N/T
N/T
N/T
N/T
N/T
N/T
513.00
525.00
530.00
525.00
515.00
530.00
542.00
530.00
558.00
595.00
605.00
580.00
585.00
570.00
567.00
562.00
562.00
561.00
561.00
545.00
627.00
648.00
878.00
800.00
656.00
770.00
743.00
726.00
756.00
752.00
764.50
748.50
780.00
769.50
745.00
688.00
688.00
705.50
714.50
751.50
747.50
768.00
764.00
824.00
952.50
1100.00
1090.50
1060.00
908.00
906.50
865.50
914.00
852.50
812.00
Source: MCX, AgmarkNet; Ministry of Commerce
Low
N/T
N/T
N/T
N/T
N/T
N/T
488.00
488.00
505.00
505.00
500.00
518.00
525.00
518.00
520.00
552.00
570.00
560.00
537.00
530.00
555.00
553.00
555.00
551.00
523.00
536.00
550.00
615.00
642.00
610.00
614.00
652.00
720.00
710.00
728.00
713.50
724.00
695.50
694.50
749.50
672.50
663.00
660.00
670.00
693.50
695.50
724.50
747.50
700.00
693.00
815.50
923.00
983.50
879.00
870.00
860.00
809.00
809.00
810.00
801.00
Bangalore
Average
618.89
641.82
633.48
642.69
705.76
620.83
516.27
515.13
503.25
512.25
522.50
535.00
556.02
558.91
564.38
569.44
567.50
567.81
555.36
544.17
534.60
525.00
552.35
568.96
563.06
604.38
630.66
685.83
805.80
852.62
754.29
743.48
734.25
750.31
804.23
801.90
823.81
823.54
825.00
823.91
825.00
825.00
703.41
654.78
662.95
709.72
760.83
757.67
793.64
792.50
847.39
970.38
1069.58
1038.04
974.29
900.00
877.08
839.13
872.27
855.43
Other Market Spot (Rs. /qtl.)

Indore
Chhindwar
Average
Average
487.65
472.17
509.96
499.44
506.53
484.11
544.86
524.00
591.20
558.96
556.30
566.46
523.20
476.27
511.40
464.58
556.85
511.14
524.04
492.47
548.26
483.43
552.60
530.11
594.86
530.47
579.06
540.39
628.85
549.36
657.55
576.74
623.38
580.41
681.06
559.50
597.81
557.73
571.25
480.38
584.53
510.64
577.46
560.31
574.44
562.83
584.97
578.68
635.88
594.56
628.30
608.50
660.42
637.33
673.89
654.94
753.62
695.33
747.29
698.68
678.30
637.68
793.40
695.76
797.10
679.35
792.86
681.13
790.69
694.52
712.00
700.46
774.07
760.52
751.00
726.48
767.57
720.71
787.35
730.88
783.96
715.60
729.46
672.37
755.97
643.92
667.45
626.97
673.52
659.71
723.07
734.46
735.33
716.28
697.92
714.05
717.29
703.43
752.13
706.07
789.43
807.91
827.70
854.57
801.90
860.17
805.95
836.07
798.35
739.74
795.77
745.30
745.08
728.62
767.96
798.21
783.59
799.85
774.47
794.88
Ratlam, Jaora
Average
477.08
505.23
496.00
540.64
577.05
571.94
530.43
541.17
562.31
565.15
576.21
599.25
583.00
580.25
604.38
633.20
591.20
630.44
559.42
564.00
563.70
580.10
568.77
599.93
600.25
599.92
668.21
663.50
721.27
689.35
672.00
757.38
768.39
843.27
841.36
786.00
N/A
693.14
753.53
786.44
739.81
636.43
656.89
652.82
692.84
725.85
725.97
743.39
757.56
701.25
798.89
829.37
806.17
768.83
729.21
733.50
726.52
772.06
778.50
794.07
Dewas
Average
478.89
522.56
494.70
537.07
553.65
551.95
516.75
523.32
538.07
534.75
629.50
558.40
582.90
602.62
654.08
608.78
634.08
623.90
550.15
537.00
540.74
579.25
575.06
566.50
599.09
602.90
647.92
664.70
729.24
729.94
728.75
785.60
815.21
801.15
809.86
883.00
859.83
843.94
834.50
776.69
747.76
708.92
625.72
632.50
665.89
735.22
727.75
776.73
750.69
826.42
802.24
848.52
843.23
809.73
741.53
701.95
709.67
771.50
775.67
773.77
WPI of Maize
181.50
188.20
182.30
186.10
194.90
190.40
183.40
180.60
185.70
189.10
194.60
197.90
202.20
201.00
202.90
206.50
204.30
206.30
203.50
199.40
204.70
209.20
211.20
208.20
209.30
209.00
213.40
211.30
218.90
221.10
215.90
226.80
239.30
240.20
244.80
249.30
248.80
244.00
242.60
240.70
236.00
228.80
228.30
225.00
223.40
234.30
237.20
244.50
246.00
246.40
254.60
252.50
252.60
249.80
254.40
258.90
254.40
264.50
268.40
269.40
Apr-04
May-04
Jun-04
Jul-04
Aug-04
Sep-04
Oct-04
Nov-04
Dec-04
Jan-05
Feb-05
Mar-05
Apr-05
May-05
Jun-05
Jul-05
Aug-05
Sep-05
Oct-05
Nov-05
Dec-05
Jan-06
Feb-06
Mar-06
Apr-06
May-06
Jun-06
Jul-06
Aug-06
Sep-06
Oct-06
Nov-06
Dec-06
Jan-07
Feb-07
Mar-07
Apr-07
May-07
Jun-07
Jul-07
Aug-07
Sep-07
Oct-07
Nov-07
Dec-07
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Jan-09
Feb-09
Mar-09
US Cents per bushel

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

| 201
Wheat
Wheat
Global and Indian fundamentals for wheat (In thousand metric tonnes)
World
Public Distribution System: Procurement, Off-take and stocks (Mn tonnes)
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
Beginning stocks
131,439
149,661
146,664
126,981
119,965
168,397
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
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
Beginning stocks
6,900
4,100
2,000
4,500
5,800
13,910
Ending Stocks
2,000
4,500
5,800
13,910
16,910
16,910
Imports
41
6,715
1,885
10
Exports
2,120
801
200
50
200
2,000

of MCX Price
0.41%
0.68%
1.28%
1.28%
1.24%
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
640
650$
750$$
1000
1080
India
MSP (Rs. /qtl)
Year
Procurement
Procurement
price (Rs/qtl)
Issue Price (Rs/qtl)
Offtake
under TPDS
APL
BPL
AAY
Stocks
2004-05
16.80
640
610
415
200
12.89
2.01
2005-06
14.79
650
610
415
200
12.04
4.70
2006-07
9.23
750
610
415
200
10.25
5.80
2007-08
11.13
1000
610
415
200
10.83
13.91
2008-09
18.58
1080
610
415
200
4.28*
16.91
2009-10
21.99**
610
415
200
17.02
Source: Food Corporation of India, USDA, Ministry of food and Public Distribution
*upto August 2008
** As on 11 May 2009
$:- An additional incentive bonus of Rs. 50 per quintal was payable over the Minimum Support Price(MSP).
$$:- An additional incentive bonus of Rs. 100 per quintal is payable over the Minimum Support Price (MSP).
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).
Global Yearly Wheat Balance Sheets in Thousand Metric Tons (Estimated June 2009 10)
Country
Supply
Demand
Production
Import
Consumption
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
121,324
Source: USDA
| 193
Monthly Average Futures & Spot of Wheat in India

MCX Futures Price (Rs / qtl)
Apr-04
May-04
Jun-04
Jul-04
Aug-04
Sep-04
Oct-04
Nov-04
Dec-04
Jan-05
Feb-05
Mar-05
Apr-05
May-05
Jun-05
Jul-05
Aug-05
Sep-05
Oct-05
Nov-05
Dec-05
Jan-06
Feb-06
Mar-06
Apr-06
May-06
Jun-06
Jul-06
Aug-06
Sep-06
Oct-06
Nov-06
Dec-06
Jan-07
Feb-07
Mar-07
Apr-07
May-07
Jun-07
Jul-07
Aug-07
Sep-07
Oct-07
Nov-07
Dec-07
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Jan-09
Feb-09
Mar-09
Open
N/T
N/T
N/T
N/T
N/T
N/A
745.00
776.00
795.00
753.00
750.00
715.00
680.00
671.00
740.00
779.00
768.00
754.00
785.00
865.20
842.90
N/A
N/A
828.00
800.00
877.30
874.10
851.00
895.00
971.00
1,015.00
1,080.00
1,130.00
1,086.90
1,045.00
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
High
N/T
N/T
N/T
N/T
N/T
N/A
783.00
800.00
795.00
797.00
785.00
729.00
725.00
769.00
786.00
789.00
774.00
770.00
842.00
940.00
898.00
N/A
N/A
855.50
913.00
920.00
895.00
891.00
1,004.00
998.00
1,090.00
1,149.00
1,135.00
1,130.00
1,102.40
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
Low
N/T
N/T
N/T
N/T
N/T
N/A
745.00
760.00
750.00
731.00
730.00
669.00
671.00
671.00
740.00
745.00
736.00
744.00
780.00
793.00
802.00
N/A
N/A
790.00
776.00
864.00
821.40
842.00
885.10
963.10
975.00
1,040.00
1,086.90
1,044.00
1,017.90
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
Close
N/T
N/T
N/T
N/T
N/T
N/A
772.00
791.00
753.00
771.00
730.00
688.00
692.00
760.00
773.00
770.00
753.00
770.00
811.00
842.90
860.00
N/A
N/A
800.90
877.30
877.60
848.70
889.20
977.50
998.00
1,090.00
1,149.00
1,086.90
1,045.00
1,059.90
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
Volume^
N/T
N/T
N/T
N/T
N/T
N/A
546.00
219.00
128.00
1,665.00
677.00
2,065.00
351.00
1,132.00
362.00
378.00
183.00
136.00
1,166.00
5,525.00
11,104.00
6,854.00
12,757.00
31,695.00
18,778.00
12,670.00
5,406.00
2,507.00
1,278.00
194.00
303.00
2.00
104.00
8.00
329.00
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
Open Interest^^
N/T
N/T
N/T
N/T
N/T
N/A
72.00
43.00
31.00
11.00
3.00
4.00
4.00
216.00
143.00
218.00
86.00
2.00
63.00
13.00
847.00
1,710.00
4,287.00
1,990.00
1,835.00
1,520.00
1,026.00
199.00
56.00
9.00
4.00
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
Monthly
Average
N/T
N/T
N/T
N/T
N/T
N/A
752.87
767.58
761.23
764.56
775.75
750.29
687.07
723.57
757.07
763.52
757.07
759.88
800.87
855.08
892.38
977.34
959.15
928.37
796.47
852.55
860.49
872.50
949.06
998.45
1,039.66
1,133.33
1,107.09
1,079.86
1,067.58
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
MCX Spot (Rs / qtl)(Delhi)

Monthlys High
N/T
N/T
N/T
N/T
N/T
N/A
764.00
771.00
769.00
775.00
786.00
770.00
700.00
756.00
770.00
768.00
760.00
771.00
815.00
893.00
920.00
1,046.00
1,019.00
990.90
847.50
873.00
869.30
893.00
1,007.90
1,008.70
1,109.00
1,163.90
1,135.00
1,101.00
1,098.00
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
Monthlys Low
N/T
N/T
N/T
N/T
N/T
N/A
740.00
757.00
754.00
756.00
750.00
697.00
675.00
696.00
740.00
755.00
752.00
750.00
773.00
814.00
870.50
897.00
925.00
817.00
755.00
823.00
839.40
861.00
885.00
980.90
1,001.50
1,107.10
1,075.00
1,014.30
1,038.70
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
Major markets spot prices (Rs/qtl)

Delhi
N/A
N/A
679.26
719.82
759.64
750.35
756.58
772.91
767.22
774.07
780.66
750.33
686.80
723.90
757.15
764.38
758.39
761.28
803.65
862.56
893.61
981.38
959.74
921.15
791.79
850.39
859.91
871.38
949.46
998.50
1,039.62
1,135.53
1,113.23
1,084.85
1,070.45
1,042.28
965.52
934.47
958.61
1,030.23
1,024.93
1,020.02
1,057.72
1,069.62
1,057.77
1,108.17
1,124.53
1,132.86
1,101.26
1,103.53
1,100.26
1,085.93
1,081.39
1,079.72
1,118.92
1,149.62
1,169.17
1,186.06
1,211.65
1,182.58
Khanna
N/A
N/A
641.02
710.25
793.21
788.78
796.56
825.53
838.56
840.80
839.24
831.12
724.23
739.85
769.94
786.20
774.58
775.94
812.16
869.46
880.16
963.42
933.79
972.07
782.68
833.34
825.55
818.21
923.79
990.62
1,037.22
1,114.63
1,063.35
1,077.33
1,067.99
1,044.19
984.71
954.68
992.11
1,066.00
1,040.23
1,028.84
1,058.03
1,046.43
1,042.08
1,073.32
1,088.81
1,113.79
1,117.86
1,119.85
1,120.58
1,123.45
1,112.64
1,101.21
1,115.16
1,129.30
1,147.79
1,149.94
1,174.03
1,162.62
Karnal
N/A
N/A
645.20
689.76
742.35
738.55
737.97
743.22
749.60
747.22
753.46
775.22
729.85
731.17
789.25
820.55
816.40
815.92
841.71
890.18
843.48
926.62
932.75
899.99
777.96
852.26
848.25
840.62
924.54
968.67
1,009.27
1,105.38
1,060.50
1,036.21
1,023.02
1,007.04
970.90
957.24
950.01
1,012.98
1,005.64
990.82
1,025.38
1,046.65
1,037.64
1,061.89
1,082.33
1,101.04
1,112.40
1,123.55
1,123.85
1,113.84
1,085.27
1,057.43
1,070.10
1,099.76
1,105.54
1,117.55
1,125.11
1,123.29
Shahjahanpur
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
766.18
783.34
769.06
772.65
807.41
871.59
887.25
975.16
976.22
957.99
834.82
876.92
889.31
889.53
973.00
1,030.18
1,063.56
1,125.29
1,098.76
1,081.09
1,086.38
1,065.45
970.94
967.30
1,003.59
1,091.16
1,072.42
1,046.80
1,053.60
1,039.77
1,034.27
1,105.57
1,100.47
1,107.71
1,112.16
1,092.58
1,100.85
1,106.88
1,082.59
1,072.15
1,083.88
1,107.68
1,141.02
1,178.29
1,225.58
1,168.43
WPI of Wheat
180.30
178.00
179.40
179.80
183.90
183.70
184.60
186.70
187.70
188.50
189.60
187.20
180.90
180.00
183.60
186.10
184.80
184.90
187.00
191.00
196.20
205.50
209.00
209.40
198.90
199.20
200.00
201.10
207.40
216.80
221.20
228.40
233.70
234.50
232.10
224.50
218.50
217.00
217.10
222.60
224.30
224.20
227.10
230.20
229.80
231.40
232.60
233.40
233.40
232.60
233.80
240.80
239.90
241.70
238.50
239.30
240.90
243.60
246.80
244.20
Source: MCX, AgmarkNet, Ministry of Commerce and Industry. Trading suspended since Feb 28, 2007. N/T-Not traded, N/A-Not available
Âggregate volume in all contracts during the month. ^^Cumulative open interest in all contracts at the end of month.
| 195
Wheat Trading Activity

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

Âggregate volume in all contracts during the month
Wheat Production (2009-10)
21%
EU-27
32%
China
India
United States
17%
Russia
9%
Others
12%
9%
Source: USDA
Graph-2
Wheat Consumption (2009-10)
20%
EU-27
41%
China
India
16%
Russia
United States
Others
12%
5%
6%
Source: USDA
Graph-3
000 tonnes
18,000
16,000
14,000
12,000
10,000
8,000
6,000
4,000
2,000
0
Wheat: Ending Stock & Prices
Prices
1400
1200
1000
800
600
400
200
0
2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09

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
| 197
Pulses
Pulses
Production of major pulses in India (2004-05 to 2008-09) (in Mn tonnes)
State-wise Production of Total Pulses in India (2001-2002 to 2007-2008) (Production: 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
2006-07
2.31
1.44
2007-08
3.08
2008-09$
2.31
States/UTs
2003-04
2004-05
2005-06
2006-07
2007-08
Andhra Pradesh
1.24
1.02
1.38
1.35
1.75
13.39
Karnataka
0.57
0.79
0.96
0.89
1.22
6.33
14.20
Madhya Pradesh
3.49
3.43
3.23
3.20
2.42
1.46
5.75
14.76
Maharashtra
1.96
1.66
2.01
2.30
3.13
1.11
7.05
14.66
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
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
Source: Ministry of Agriculture, Govt of India
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
Country-wise Import of Pulses by India (2002-03 to 2006-07) (Qty. in Tonnes, Value in Rs. Lakh)
2004-05
1312.17
1741.72
13.27
Countries
2005-06
1628.24
2346.90
14.41
2006-07
2270.97
3891.91
17.13
2007-08
2791.09
5278.01
18.91
Australia
Canada
China
Note : Source : Ministry of Agriculture, Govt. of India
Ethiopia
Rajya Sabha Unstarred Question No. 829, dated 24.10.2008.
Value
Qty
Value
Qty
Value
Qty
Value
78,095
9,566.95
91,629
14,187.75
1,94,198
36,374.57
68,217
13,323.58
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
27,278
4,957.85
39,280
8,187.73
59,423
18,228.05
6,494
2,165.94
4,627
708.81
6,111
1,469.13
1,541
361.08
32,266
3,125.26
1,06,965
12,205.92
93,716
13,571.15
4,79,229
67,904.3
4,91,030
91,329.8
6,15,622
159,458.00
3,88,247
98,419.12
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
4,935
717.43
5,22,48
6,274.46
1,46,350
18,584.35
1,18,968
17,821.78
142,276
24,256.8
1,99,613
38,354.69
57,345
12,292.12
34,042
7,058.54
1,349,205
179,214
1,696,327
247,713
2,270,966
389,191
1,530,704
281,858
Value
Unit Value
2003-04
154.09
329.12
21.36
U.S.A.
2004-05
277.04
607.73
21.94
Others
2005-06
447.8
1116.07
24.92
Total
183.78
553.14
30.1
Note: *: Provisional;
Qty
671.32
Qty.
2006-07* (April-Oct.'06)
Apr.2007-Oct.2007(P)
84,26.31
Russia
Year
Apr.2006-Mar.2007
4,431
Myanmar
(Quantity: '000 Tonnes; Value: Rs. in Crore; Unit Value: Rs. per Kg.)
Apr.2005-Mar.2006
72,297
France
Export of Pulses from India (2003-04 to 2006-07)
Apr.2004-Mar.2005
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.
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
| 203
Monthly Average Futures & Spot of Chana in India

Apr-04
May-04
Jun-04
Jul-04
Aug-04
Sep-04
Oct-04
Nov-04
Dec-04
Jan-05
Feb-05
Mar-05
Apr-05
May-05
Jun-05
Jul-05
Aug-05
Sep-05
Oct-05
Nov-05
Dec-05
Jan-06
Feb-06
Mar-06
Apr-06
May-06
Jun-06
Jul-06
Aug-06
Sep-06
Oct-06
Nov-06
Dec-06
Jan-07
Feb-07
Mar-07
Apr-07
May-07
Jun-07
Jul-07
Aug-07
Sep-07
Oct-07
Nov-07
Dec-07
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Jan-09
Feb-09
Mar-09
Open
High
Low
Close
N/T
N/T
1426
1511
1581
1563
1552
1472
1500
1465
1528
1513
1540
1514
1619
1778
1860
1929
1813
1962
2085
1748
1895
2065
2295
2439
2195
2420
2655
3318
3255
2871
2435
2580
2102
2350
2265
2184
2355
2247
2255
2318
2369
2278
2118
2240
2900
2660
2630
2488
N/A
N/A
N/A
N/A
N/A
N/A
2250
2082
2370
2192
N/T
N/T
1465
1680
1645
1629
1570
1535
1503
1551
1530
1534
1564
1514
1816
1926
1940
1929
1956
2205
2085
2000
2207
2368
2603
2630
2476
2766
3356
3362
3278
2953
2604
2595
2417
2424
2342
2216
2355
2355
2320
2429
2389
2278
2263
2884
3013
2693
2630
2488
N/A
N/A
N/A
N/A
N/A
N/A
2262
2402
2405
2279
N/T
N/T
1426
1486
1542
1538
1450
1425
1457
1450
1455
1450
1478
1450
1596
1775
1781
1740
1813
1932
1711
1745
1895
2047
2241
2057
2105
2327
2635
3108
2805
2450
2255
2077
2011
2200
2079
2147
2245
2205
2150
2243
2264
2115
2104
2240
2659
2379
2498
2395
N/A
N/A
N/A
N/A
N/A
N/A
2003
2060
2197
2175
N/T
N/T
1463
1610
1567
1557
1471
1495
1465
1508
1480
1514
1480
1495
1779
1858
1905
1805
1951
1961
1741
1854
2071
2295
2447
2190
2424
2664
3335
3235
2902
2471
2522
2125
2404
2254
2185
2206
2254
2256
2312
2370
2264
2118
2242
2883
2732
2630
2502
2409
N/A
N/A
N/A
N/A
N/A
N/A
2076
2388
2207
2185
MCX Spot (Rs/qtl) Delhi

Volume in lots^
N/T
N/T
76
738
3924
5758
3592
1964
1629
3384
3679
1537
2573
2435
18790
78801
38991
13328
43295
52636
79814
68316
193089
100099
42321
36466
25726
14254
6291
6024
3390
10683
9118
16636
16235
54570
3256
14886
10661
11363
9755
12345
15495
21302
38003
72574
83144
53060
7817
261
N/A
N/A
N/A
N/A
N/A
N/A
9366
18928
27492
35173
Open Interest
in lots^^
Monthly Average
Month's High
Month's Low
N/T
N/T
4
78
358
516
458
341
376
258
293
375
336
614
740
3503
1030
1394
2270
3875
4552
5169
3326
2821
1824
1647
1284
1020
701
416
402
407
171
156
116
76
273
379
436
323
490
354
283
224
317
1286
1601
405
420
0
N/A
N/A
N/A
N/A
N/A
N/A
136
721
473
813
N/T
N/T
N/T
N/T
N/T
1523
1507
1466
1463
1490
1489
1497
1491
1494
1691
1844
1837
1816
1890
2030
1979
1987
1933
1940
2144
2410
2365
2326
2570
3054
3183
2955
2759
2539
2442
2301
2315
2200
2233
2347
2322
2307
2391
2353
2208
2199
2526
2733
2511
2376
2415
2533
2546
2481
2307
2250
2203
2151
2190
2137
N/T
N/T
N/T
N/T
N/T
1540
1550
1501
1489
1548
1520
1520
1535
1607
1774
1903
1901
1865
1931
2128
2028
2046
2072
2110
2206
2520
2473
2432
2759
3330
3270
3190
2910
2822
2605
2509
2502
2249
2355
2386
2368
2340
2449
2407
2301
2244
2891
2870
2665
2515
2500
2635
2610
2530
2440
2340
2295
2301
2255
2179
N/T
N/T
N/T
N/T
N/T
1500
1440
1425
1441
1445
1465
1470
1440
1450
1601
1752
1777
1770
1816
1914
1902
1804
1846
1855
1980
2167
2120
2188
2360
2700
3054
2791
2460
2350
2263
2084
2167
2124
2177
2285
2276
2248
2320
2305
2112
2156
2228
2630
2355
2300
2325
2375
2500
2415
2150
2170
2062
2000
2105
2094
Other markets monthly average spot prices (Rs/qtl)

Udaipur Avg Chhindwara
Indore Desi
Ganganagar (Raisinghnagar) Jaipur Avg
variety
variety
Desi variety
variety
Avg variety
1363
1396
1372
1375
1417
1402
1348
1307
1299
1323
1348
1361
1382
1338
1528
1642
1637
1617
1687
1883
1787
1795
1641
1657
1926
2114
2207
2106
2374
2722
2953
2827
2572
2235
2132
1899
2104
2027
2054
2134
2097
2065
2191
2135
1995
1974
2235
2512
2342
2324
2337
2380
2345
2283
2138
2055
1976
1938
2038
1930
1280
1334
1326
1360
1339
1329
1326
1320
1322
1349
1372
1353
1376
1379
1537
1696
1661
1652
1669
1852
1797
1842
1674
1755
1967
2199
2187
2157
2342
2721
3021
2916
2696
2502
2261
2073
2168
2052
2097
2208
2153
2076
2072
2127
2024
1997
2292
2579
2436
2262
2291
2353
2343
2290
2249
2128
2041
1960
2083
1959
1272
1261
1227
1306
1390
1403
1395
1232
1231
1247
1266
1282
1383
1331
1472
1598
1598
1614
1718
1689
1620
1659
1585
1650
1938
2117
2144
2082
2298
2640
2871
2705
2523
2238
2044
1969
2130
2016
1976
2071
2057
2053
2146
2070
1996
1939
2144
2361
2190
2141
2154
2295
2245
2109
2056
1902
1809
1773
1920
1888
1227
1226
1158
1229
1296
1273
1252
1204
1235
1106
1229
1229
1282
1319
1501
1670
1582
1519
1610
1725
1654
1516
1480
1539
1737
1975
2023
1989
2148
2717
2616
2394
2065
2026
1787
1874
2129
2006
1980
2064
1939
1907
1940
1869
1689
1764
2065
2303
2132
1991
1991
2122
2076
2003
1890
1824
1821
1894
1837
1864
1292
1284
1301
1323
1320
1446
1462
1436
1383
1370
1394
1404
1404
1478
1542
1749
1668
1745
1635
1841
1726
1775
1647
1720
1977
2131
2124
2113
2251
3130
2949
2836
2576
2403
2164
2009
2442
2263
2329
2345
2504
2513
2536
2285
1992
2104
2309
2400
2188
2114
2086
2053
2003
2298
2331
2100
1872
2245
N/A
2108
WPI of chana
Ganjbasoda
Desi variety
1210
1225
1196
1220
1284
1277
1245
1218
1199
1241
1239
1296
1332
1350
1534
1586
1567
1599
1703
1728
1646
1676
1530
1585
1761
1978
2003
2010
2184
2706
2799
2499
2265
2095
2021
2010
2373
2229
2141
2165
2196
2222
2220
2134
1920
1918
2154
2698
2210
2129
2145
2203
2246
2191
2016
1949
1951
1925
2010
2055
137.1
136.8
136.3
136.4
138.7
139.1
138.6
137.6
136.1
136.8
135.9
135.8
136.9
139.8
143.3
148.9
152.5
156.1
158.3
164.7
172.4
172.1
169.1
170.1
174.4
183.3
187.8
189.4
196.7
217.0
237.4
240.1
235.6
224.2
217.9
200.7
199.3
196.4
196.2
199.9
200.1
200.3
203.0
204.1
199.7
191.4
196.8
212.4
212.5
206.1
208.0
209.9
215.9
215.3
214.3
207.7
211.8
203.3
205.3
201.8
Source: MCX, AgmarkNet, Ministry of Commerce and Industry;

Trading in chana futures were suspended from May 7, 2008 to December 3, 2008
| 205
Tur Spot Prices

Monthly
Average
Apr-04
May-04
Jun-04
Jul-04
Aug-04
Sep-04
Oct-04
Nov-04
Dec-04
Jan-05
Feb-05
Mar-05
Apr-05
May-05
Jun-05
Jul-05
Aug-05
Sep-05
Oct-05
Nov-05
Dec-05
Jan-06
Feb-06
Mar-06
Apr-06
May-06
Jun-06
Jul-06
Aug-06
Sep-06
Oct-06
Nov-06
Dec-06
Jan-07
Feb-07
Mar-07
Apr-07
May-07
Jun-07
Jul-07
Aug-07
Sep-07
Oct-07
Nov-07
Dec-07
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Jan-09
Feb-09
Mar-09
N/T
N/T
N/T
N/T
N/T
2023
1871
1688
1588
1574
1500
1546
1741
1824
1948
2035
1805
1642
1645
1655
1576
1574
1671
1817
1855
1870
1707
1569
1600
1784
1904
1877
1847
2029
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Urad Spot Price

MCX Spot (Rs/qtl)
Month's Month's
High
Low
N/T
N/T
N/T
N/T
N/T
2061
1975
1741
1651
1615
1575
1575
1873
1902
2022
2083
1952
1697
1721
1787
1621
1622
1827
1981
1892
1975
1837
1593
1713
1911
1970
1946
1916
2405
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Source: MCX, AgmarkNet & Ministry of Commerce and Industry

Note: Futures trading Tur/Arhar is suspended since Feb 2007
N/T
N/T
N/T
N/T
N/T
1986
1691
1641
1525
1516
1425
1525
1579
1772
1861
1975
1646
1572
1560
1532
1533
1492
1506
1665
1768
1779
1528
1528
1474
1675
1833
1826
1786
1810
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Other market's monthly average spot prices (Rs/qtl)

Central Delhi
Bhopal
Bidar (Basavakalyam) Raichur
Indore
FAQ variety
Avg variety Avg variety
FAQ variety
Avg variety
2008
2135
2107
2216
2251
2268
2089
1815
1599
1596
1671
1714
1852
1976
2164
2220
2041
1865
1899
1911
1801
1820
1919
1984
2028
2053
1991
1931
1953
2157
1980
1923
1963
2244
2331
2410
2488
2449
2518
2550
2626
2512
2806
2902
2738
2466
2666
2826
2673
2695
2858
3074
3166
3207
3256
2863
2697
3115
3307
3235
N/T
1474
N/A
1579
1660
1644
1543
1100
1318
1341
1264
1337
1396
1542
1655
1700
1594
1413
1535
1450
1339
1444
1548
1655
1676
1670
1546
1494
1537
1550
1505
1438
1527
1854
1986
2086
2096
2019
1959
2139
2035
1831
1861
2007
2061
2063
2319
2380
2203
2128
2439
2573
2591
2561
2444
2321
2410
2579
2791
3001
1541
1590
1597
1808
1772
1924
1840
N/A
1258
1269
1244
1226
1527
1526
1602
1612
1424
1354
1580
N/A
1313
1379
1476
1554
1510
1670
1581
1477
1535
1569
1555
1635
1304
1666
1968
1844
1759
1797
2016
2130
1979
1813
2559
2568
N/A
1997
2359
2169
2253
2103
2250
2414
2212
2184
2504
2053
2050
2630
2781
2516
1722
1770
1756
1936
2103
2175
1811
1601
1599
1516
1485
1512
1603
1640
1856
2045
1943
1769
1723
1481
1587
1588
1603
1764
1794
1806
1702
1684
1717
1944
1750
1782
N/A
N/A
N/A
N/A
N/A
2052
2050
2242
2271
2230
2280
2315
2350
2112
2228
2380
2321
2290
2491
2914
3999
2897
2986
2597
2694
3035
3167
3181
1530
1584
1446
1411
1540
1525
1064
1491
1600
1512
1469
1425
1492
1516
1603
1523
1428
1224
1084
1212
1562
1503
1518
1635
1611
1516
1435
1413
1395
1514
1544
1445
1782
1988
1983
2000
1997
1754
1841
1962
1647
1718
2089
2096
2409
2131
2231
2409
2117
2057
2033
2397
2232
2167
2524
2298
2801
3141
3119
3069
WPI of Tur
173
175.8
179.7
184.6
188.1
197.1
193
182.7
179.1
171.3
165.8
161.1
165.4
167.2
169.1
174.7
174.7
172.4
174.1
174.9
170.3
171.1
164.5
171.3
179.2
179.1
176.9
175.1
175
182.9
185.4
182.2
181.6
185.6
191.7
189.6
194
195.4
196
204.8
211.8
206.1
208.1
210.5
212.4
219
212.3
218.5
216.5
213.4
216.1
223.6
226.6
228.8
227.3
228.5
227.5
228.6
251.2
253.8
Monthly
Average
Apr-04
May-04
Jun-04
Jul-04
Aug-04
Sep-04
Oct-04
Nov-04
Dec-04
Jan-05
Feb-05
Mar-05
Apr-05
May-05
Jun-05
Jul-05
Aug-05
Sep-05
Oct-05
Nov-05
Dec-05
Jan-06
Feb-06
Mar-06
Apr-06
May-06
Jun-06
Jul-06
Aug-06
Sep-06
Oct-06
Nov-06
Dec-06
Jan-07
Feb-07
Mar-07
Apr-07
May-07
Jun-07
Jul-07
Aug-07
Sep-07
Oct-07
Nov-07
Dec-07
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Jan-09
Feb-09
Mar-09
N/T
N/T
N/T
N/T
N/T
1638
1599
1548
1520
1503
1403
1476
1728
1807
1838
1829
1826
1799
2508
2945
2679
2763
2797
3164
3335
3277
3124
3086
3282
3630
3817
3644
3408
3360
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
MCX Spot (Rs/qtl)

Month's
High
Month's
Low
N/T
N/T
N/T
N/T
N/T
1673
1651
1611
1585
1541
1445
1546
1886
1861
1869
1872
1866
1911
2961
3150
2793
3042
3097
3540
3552
3451
3212
3175
3580
3992
4009
3740
3550
3608
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/T
N/T
N/T
N/T
N/T
1625
1555
1480
1451
1445
1361
1440
1531
1769
1798
1779
1756
1718
1938
2713
2594
2514
2530
2988
3136
3086
2947
2947
2980
3375
3660
3499
3225
3235
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Other market's monthly average spot prices (Rs/qtl)

Central Delhi
Ganganagar
Avg. variety
Desi variety
999
1037
1069
1380
1451
1745
1876
1761
1740
1768
1711
1768
1930
1980
2091
2177
2059
2139
2656
2850
2766
2970
3122
3396
3697
3770
3272
3251
3503
3782
3583
3416
3188
3343
3323
3123
2631
2269
2184
2291
2314
2301
2381
2087
1997
1963
2196
2367
2261
2418
2482
2887
2869
2884
2944
2749
2668
2823
2997
3001
1322
1378
1351
1393
1466
1490
1409
1389
1336
1371
1367
1346
1381
1364
1567
1654
1635
1577
1629
1895
1927
1631
1665
1651
1935
2316
2135
2099
2458
2757
2976
N/A
N/A
2328
2031
2461
2081
1997
2072
2208
2169
N/A
N/A
N/A
2003
2027
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
WPI of Urad
211.8
207.8
206.9
215.6
218.8
220.8
222.7
225.1
220.6
219.2
215.3
210.5
217.2
229.8
234.7
242.2
244.5
248.9
254.4
282.9
299.5
313.7
340.9
335.9
381.0
385.5
396.4
396.2
387.6
403.2
450.5
433.8
423.7
401.8
407.1
378.5
380.5
368.1
362.9
362.6
360.7
354.4
344.2
313.9
303.1
294.5
293.1
305.0
312.8
304.8
308.6
328.1
344.2
345.6
348.9
349.2
345.6
351.8
359.2
362.7
Source: MCX, AgmarkNet & Ministry of Commerce and Industry

Note: Futures trading Urad is suspended since Feb 2007
| 207
Pulses
Pulses
Graph-3
Tur Production & MSP
in Mn tonnes
Rs/qntl
3.5
Graph-1
2200
MSP (RHS)
Production
2000
2.5
1800
1600
1.5
1400
1200
India's Pulses Production & Imports

in lakh tonnes
in Mn Tonnes
16
35
14
30
12
25
10
20
8
15
6
4
10
2004-05
2005-06
Source: Ministry of Agriculture;
2006-07
2007-08
2008-09^
^fourth advance estimate
0
2004-05
2005-06
Other Pulses
2006-07
Chana
Urad*
2007-08
Tur
2008-09$
Graph-4
Pulses Import (RHS)
Urad* Production & MSP

Source: Dept. of Agriculture. *Kharif & Rabi $fourth advance estimates
in Mn tonnes
1.5
1.45
1.4
1.35
1.3
1.25
1.2
1.15
1.1
1.05
1
Graph-2
Statewise Pulses Production in India
2007-08
23%
21%
21%
16%
Maharashtra
2006-07
Andhra Pradesh
10%
16%
14%
10%
10%
12%
2400
2000
1600
1200
800
2004-05
2005-06
Rajasthan
Karnataka
2007-08
2008-09^
^fourth advance estimates
*Kharif & Rabi
Chana Production & MSP
others
in Mn tonnes
Rs/qntl
MSP (RHS)
1900
Production
1800
6.5
1700
1600
5.5
1500
1400
4.5
1300
1200
2004-05
2005-06

2006-07
Graph-5
7.5
Source: Ministry of Agriculture
2800
Production
Uttar Pradesh
23%
10%
MSP (RHS)
Madhya Pradesh
6%
8%
Rs/qntl
2006-07
2007-08
2008-09^
^fourth advance estimates

| 209
Sugar
Sugar Trading Activity
Global and Indian sugar fundamentals (in thousand metric tonnes)

World
White Sugar LIFFE
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
Beginning stocks
38,456
34,710
30,244
36,916
41,061
31,971
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
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
Beginning stocks
9,070
5,730
4,175
9,850
9,100
4,540
Ending Stocks
5,730
4,175
9,850
9,100
4,540
4,770
Imports
2,000
50
1,800
2,500
Exports
50
1,510
2,680
5,830
140
20
India
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
Global Sugar Balance Sheet (Estimated 2009-10) in thousand metric tonnes

Supply
Country
Beginning
Stocks
Total Sugar
Production
Brazil
665
36,850
China
3,395
14,500
EU-27
3,668
India
Thailand
Demand
Total
Exports
Domestic
Consumption
Ending
Stocks
24,300
12,250
965
900
40
15,410
3,345
17,000
4,500
1,505
18,800
3,363
4,540
20,750
2,500
20
23,000
4,770
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
Total
Imports
Month
Apr-04
May-04
Jun-04
Jul-04
Aug-04
Sep-04
Oct-04
Nov-04
Dec-04
Jan-05
Feb-05
Mar-05
Apr-05
May-05
Jun-05
Jul-05
Aug-05
Sep-05
Oct-05
Nov-05
Dec-05
Jan-06
Feb-06
Mar-06
Apr-06
May-06
Jun-06
Jul-06
Aug-06
Sep-06
Oct-06
Nov-06
Dec-06
Jan-07
Feb-07
Mar-07
Apr-07
May-07
Jun-07
Jul-07
Aug-07
Sep-07
Oct-07
Nov-07
Dec-07
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Jan-09
Feb-09
Mar-09
Source : Exchanges websites;
Closing Price (USD/MT)

228.30
218.50
223.00
251.90
246.00
239.40
239.00
254.70
259.30
269.50
266.00
254.40
247.80
246.00
279.60
286.20
311.80
298.00
282.50
309.80
355.20
424.00
451.10
471.70
474.00
447.00
465.90
439.50
380.00
377.90
400.00
369.40
342.80
336.90
332.90
332.00
308.00
339.00
320.50
309.40
279.50
280.20
283.60
287.70
315.00
350.20
387.20
334.70
337.50
320.00
383.70
386.20
398.00
379.60
334.20
327.90
318.00
373.50
401.00
392.80
Volume in lots^
111,003.00
56,087.00
102,827.00
143,426.00
75,966.00
150,718.00
87,545.00
90,941.00
93,719.00
138,913.00
155,721.00
106,019.00
108,817.00
51,696.00
158,251.00
118,577.00
121,052.00
171,029.00
148,287.00
126,010.00
92,948.00
159,487.00
166,128.00
137,170.00
162,367.00
152,157.00
135,250.00
145,956.00
125,948.00
160,910.00
111,884.00
147,349.00
79,346.00
131,374.00
128,619.00
174,770.00
166,403.00
175,963.00
185,962.00
213,241.00
156,009.00
217,764.00
205,544.00
227,327.00
111,053.00
279,977.00
207,453.00
142,331.00
139,804.00
92,807.00
153,428.00
137,739.00
104,971.00
152,409.00
120,137.00
70,673.00
51,330.00
112,425.00
138,964.00
151,055.00

60,844.00
56,699.00
56,493.00
54,222.00
53,864.00
50,633.00
59,795.00
48,309.00
52,992.00
65,391.00
46,897.00
51,566.00
40,015.00
41,278.00
42,881.00
42,214.00
56,597.00
52,449.00
59,029.00
61,361.00
76,133.00
76,438.00
68,086.00
65,912.00
63,902.00
65,199.00
71,051.00
61,199.00
63,148.00
54,203.00
58,778.00
50,378.00
53,621.00
63,857.00
60,469.00
77,833.00
82,018.00
91,830.00
77,307.00
63,379.00
78,309.00
85,966.00
105,791.00
81,738.00
82,420.00
87,017.00
66,707.00
59,961.00
56,083.00
53,217.00
71,539.00
61,107.00
70,758.00
61,627.00
47,924.00
44,510.00
49,159.00
60,153.00
61,168.00
72,150.00
| 211
Sugar Spot Prices

MCX Spot (Rs/qtl)
Month
Apr-04
May-04
Jun-04
Jul-04
Aug-04
Sep-04
Oct-04
Nov-04
Dec-04
Jan-05
Feb-05
Mar-05
Apr-05
May-05
Jun-05
Jul-05
Aug-05
Sep-05
Oct-05
Nov-05
Dec-05
Jan-06
Feb-06
Mar-06
Apr-06
May-06
Jun-06
Jul-06
Aug-06
Sep-06
Oct-06
Nov-06
Dec-06
Jan-07
Feb-07
Mar-07
Apr-07
May-07
Jun-07
Jul-07
Aug-07
Sep-07
Oct-07
Nov-07
Dec-07
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Jan-09
Feb-09
Mar-09
Monthly Average
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
1,809.00
1,851.00
1,796.00
1,772.00
1,770.00
1,854.00
1,859.00
1,835.00
1,870.00
1,868.00
1,830.00
1,957.00
2,052.00
1,981.00
2,017.00
2,018.00
1,971.00
1,943.00
1,919.00
1,868.00
1,891.00
1,855.00
1,739.00
1,647.00
1,579.00
1,543.00
1,492.00
1,444.00
1,455.00
1,447.00
1,432.00
1,476.00
1,489.00
1,499.00
1,480.00
1,537.00
1,562.00
1,630.00
1,617.00
1,598.00
1,570.00
1,686.00
1,935.00
1,884.00
1,943.00
1,920.00
1,941.00
2,142.00
2,337.00
2,247.00
Medium
Month's High
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
1,840.00
1,900.00
1,830.00
1,807.00
1,807.00
1,872.00
1,875.00
1,848.00
1,900.00
1,923.00
1,849.00
2,024.00
2,108.00
2,026.00
2,064.00
2,052.00
2,016.00
1,964.00
1,955.00
1,903.00
1,916.00
1,890.00
1,780.00
1,713.00
1,621.00
1,554.00
1,552.00
1,478.00
1,475.00
1,474.00
1,443.00
1,495.00
1,499.00
1,506.00
1,497.00
1,574.00
1,587.00
1,667.00
1,662.00
1,614.00
1,586.00
1,800.00
1,995.00
1,968.00
1,976.00
1,933.00
1,990.00
2,300.00
2,351.00
2,290.00
Month's Low
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
1,780.00
1,800.00
1,775.00
1,760.00
1,718.00
1,800.00
1,845.00
1,820.00
1,805.00
1,805.00
1,802.00
1,850.00
2,008.00
1,937.00
1,982.00
1,939.00
1,919.00
1,923.00
1,870.00
1,837.00
1,875.00
1,785.00
1,700.00
1,611.00
1,527.00
1,529.00
1,432.00
1,401.00
1,442.00
1,434.00
1,419.00
1,442.00
1,478.00
1,491.00
1,450.00
1,473.00
1,539.00
1,551.00
1,591.00
1,585.00
1,558.00
1,560.00
1,790.00
1,839.00
1,897.00
1,908.00
1,884.00
2,000.00
2,304.00
2,218.00
Monthly Average
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
1,772.00
1,796.00
1,800.00
1,772.00
1,758.00
1,821.00
1,850.00
1,780.00
1,800.00
1,828.00
1,806.00
1,862.00
1,919.00
1,819.00
1,890.00
1,918.00
1,871.00
1,833.00
1,833.00
1,772.00
1,707.00
1,662.00
1,555.00
1,470.00
1,396.00
1,436.00
1,361.00
1,245.00
1,252.00
1,299.00
1,255.00
1,285.00
1,292.00
1,273.00
1,274.00
1,354.00
1,330.00
1,435.00
1,417.00
1,404.00
1,401.00
1,525.00
1,807.00
1,700.00
1,709.00
1,760.00
1,833.00
1,946.00
2,102.00
2,023.00
Other markets spot prices

Small
Month's High
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
1,790.00
1,810.00
1,830.00
1,795.00
1,785.00
1,858.00
1,883.00
1,809.00
1,815.00
1,845.00
1,823.00
1,915.00
1,984.00
1,875.00
1,930.00
2,046.00
1,900.00
1,852.00
1,852.00
1,810.00
1,680.00
1,690.00
1,630.00
1,495.00
1,437.00
1,454.00
1,456.00
1,269.00
1,307.00
1,333.00
1,272.00
1,294.00
1,303.00
1,287.00
1,287.00
1,378.00
1,358.00
1,464.00
1,468.00
1,420.00
1,404.00
1,641.00
1,901.00
1,800.00
1,735.00
1,772.00
1,890.00
2,024.00
2,125.00
2,092.00
Month's Low
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
1,760.00
1,780.00
1,765.00
1,761.00
1,735.00
1,755.00
1,813.00
1,750.00
1,758.00
1,810.00
1,798.00
1,798.00
1,865.00
1,794.00
1,814.00
1,868.00
1,830.00
1,822.00
1,809.00
1,745.00
1,658.00
1,633.00
1,500.00
1,423.00
1,335.00
1,394.00
1,269.00
1,224.00
1,233.00
1,276.00
1,238.00
1,266.00
1,281.00
1,255.00
1,260.00
1,289.00
1,314.00
1,350.00
1,394.00
1,396.00
1,399.00
1,406.00
1,641.00
1,663.00
1,683.00
1,716.00
1,770.00
1,864.00
2,084.00
1,967.00
Delhi
N/A
N/A
N/A
N/A
1,648.00
1,661.00
1,653.00
1,626.00
1,739.00
1,894.00
1,825.00
1,834.00
1,788.00
1,759.00
1,757.00
1,840.00
1,848.00
1,824.00
1,864.00
1,854.00
1,814.00
1,946.00
2,050.00
1,955.00
2,004.00
2,015.00
1,964.00
1,921.00
1,906.00
1,854.00
1,878.00
1,841.00
1,731.00
1,636.00
1,559.00
1,518.00
1,452.00
1,412.00
1,420.00
1,415.00
1,410.00
1,446.00
1,469.00
1,472.00
1,445.00
1,498.00
1,537.00
1,615.00
1,603.00
1,582.00
1,559.00
1,690.00
1,918.00
1,840.00
1,858.00
1,854.00
1,936.00
2,120.00
2,278.00
2,215.00
Mumbai
N/A
N/A
N/A
1,541.00
1,618.00
1,606.00
1,617.00
1,610.00
1,709.00
1,850.00
1,779.00
1,799.00
1,812.00
1,790.00
1,776.00
1,849.00
1,898.00
1,811.00
1,830.00
1,857.00
1,837.00
1,888.00
1,958.00
1,872.00
1,940.00
1,945.00
1,901.00
1,874.00
1,870.00
1,807.00
1,780.00
1,757.00
1,644.00
1,558.00
1,476.00
1,512.00
1,444.00
1,337.00
1,334.00
1,373.00
1,328.00
1,356.00
1,379.00
1,358.00
1,356.00
1,422.00
1,410.00
1,509.00
1,500.00
1,479.00
1,479.00
1,580.00
1,884.00
1,775.00
1,778.00
1,824.00
1,885.00
2,009.00
2,147.00
2,113.00
WPI of Sugar
133.90
140.00
141.30
141.10
144.30
148.30
147.50
147.60
149.80
162.60
160.40
161.00
160.60
159.40
158.30
161.40
163.40
162.30
163.00
164.90
162.90
166.30
173.40
171.90
171.90
173.30
173.20
171.60
170.60
169.00
166.60
164.80
161.50
155.20
152.30
149.30
148.20
143.80
141.10
140.90
140.20
141.20
141.50
140.90
140.60
143.20
144.40
146.90
149.60
149.10
148.10
149.80
158.30
160.60
160.60
160.90
161.00
167.40
179.20
180.30
Source: MCX, AgmarkNet, Ministry of Commerce & Industry

NT-Not traded, N/-Not Available
| 213
Sugar
Graph-1
Sugar Production (2008-09)
22%
Brazil
42%
EU-27
India
11%
China
Thailand
Others
11%
5%
9%
Source: USDA
Graph-2
Sugar Consumption (2008-09)

15%
India
12%
50%
EU-27
China
Brazil
9%
8%
United States
Others
6%
Source: USDA
Graph-3
Sugar: Ending Stock & Prices
000 tonnes
Prices
12,000
2000
1800
1600
1400
1200
1000
800
600
400
200
0
10,000
8,000
6,000
4,000
2,000
0
2002 -03 2003 -04 2004 -05 2005 -06 2006 -07 2007 -08 2008 -09
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
| 215
Global Yearly Balance Sheet (Estimated June 2009 10) in thousand 60 Kg bags
Coffee
Global and Indian fundamentals (thousand 60Kg bags)
World
Country
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
Supply
Beginning Stocks Total Production
Brazil
Demand
Total Imports Total Exports Domestic Use Ending Stocks
6,011
43,500
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
35,293
Source: USDA
India
Beginning Stocks
406
1,734
1,812
2,228
1,985
1,773
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
1.92%
2.02%
1.74%
Total Production
Volatility (Robusta)
Indian Price
Selected State/District-wise Production of Coffee in India (2005-2006 to 2008-2009)

(In Tonnes)
States/Districts
Karnataka
Chikmagalur
Kodagu*
Hassan
Sub Total
Kerala
Wyanad
Travancore
Nelliampathies
Sub Total
Tamil Nadu
Pulneys
Nilgiris
Shevroys (Salem)
Anamalais (Coimbatore)
Sub Total
Non Traditional Areas
Andhra Pradesh & Orissa
North Eastern Region
Sub Total
Non Conventional Areas
Grand Total (India)
2005-06#
Total
2006-07#
Total
2007-08#
Total
2008-09#
Total
65,400.00
105,050.00
25,825.00
196,275.00
72,550.00
107,500.00
25,975.00
206,025.00
63,700.00
108,700.00
19,175.00
191,575.00
71,750.00
114,370.00
28,050.00
214,170.00
46,675.00
7,825.00
2,325.00
56,825.00
49,000.00
8,150.00
2,325.00
59,475.00
40,325.00
6,675.00
2,000.00
49,000.00
47,510.00
7,815.00
1,875.00
57,200.00
8,200.00
5,025.00
3,600.00
2,000.00
18,825.00
7,900.00
5,100.00
3,225.00
2,000.00
18,225.00
8,000.00
4,850.00
3,150.00
2,100.00
18,100.00
5,825.00
5,200.00
3,100.00
2,500.00
16,625.00
1,825.00
250.00
2,075.00
274,000.00
4,085.00
190.00
4,275.00
288,000.00
3,175.00
150.00
3,325.00
262,000.00
4,880.00
125.00
5,005.00
293,000.00
Note: * : Including Mysore; # : Post-Monsoon Estimate; @: Post Blossom Estimate; Compiled from the statistics released by: Coffee Board.
| 217
Coffee Trading Activity
Coffee Prices
MCX Spot, Kaushal Nagar (in Rs/Kg)
Apr-04
May-04
Jun-04
Jul-04
Aug-04
Sep-04
Oct-04
Nov-04
Dec-04
Jan-05
Feb-05
Mar-05
Apr-05
May-05
Jun-05
Jul-05
Aug-05
Sep-05
Oct-05
Nov-05
Dec-05
Jan-06
Feb-06
Mar-06
Apr-06
May-06
Jun-06
Jul-06
Aug-06
Sep-06
Oct-06
Nov-06
Dec-06
Jan-07
Feb-07
Mar-07
Apr-07
May-07
Jun-07
Jul-07
Aug-07
Sep-07
Oct-07
Nov-07
Dec-07
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Jan-09
Feb-09
Mar-09
Monthly Average
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
70.06
69.14
66.28
66.03
68.08
75.46
74.51
70.95
75.11
81.11
74.23
72.57
78.76
92.36
102.14
90.19
93.87
97.96
102.07
98.74
97.77
83.56
88.47
90.08
81.02
79.02
78.36
Months High
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
70.17
71.33
68.04
67.89
70.47
78.04
77.18
74.21
80.73
88.33
77.83
75.66
83.43
106.41
112.82
92.90
100.11
104.41
111.80
103.00
102.30
93.90
101.00
99.70
84.60
81.10
80.30

N/T-Not Traded, N/A-Not Available
Months Low
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
69.95
66.19
64.24
63.45
64.33
69.81
70.99
67.91
70.31
72.82
71.03
69.51
75.15
82.85
91.02
88.17
86.42
93.91
97.50
93.10
93.90
76.70
76.20
83.30
74.90
76.90
73.90
Monthly Average Domestic Prices

(Arabica Cherry AB)
(Robusta Cherry AB)
Rs./50 kg
2,740.00
2,550.00
2,683.00
2,620.00
2,493.00
2,787.00
2,728.00
3,193.00
3,700.00
4,073.00
4,500.00
5,066.00
5,029.00
4,921.00
4,800.00
4,084.67
3,706.67
3,900.00
3,665.50
4,028.00
3,701.00
4,625.00
4,255.00
4,150.00
4,250.00
N/T
4,100.00
4,375.00
4,400.00
N/A
4,600.00
N/A
4,400.00
4,841.00
5,100.00
4,675.00
5,000.00
4,589.00
4,614.00
4,025.00
4,635.00
N/A
N/A
4,888.00
5,100.00
5,105.00
5,850.00
5,403.00
5,276.33
5,650.00
5,461.00
5,845.00
6,000.00
6,050.00
5,900.00
N/A
N/A
4,800.00
5,450.00
5,450.00
Rs./50kg
1,510.00
1,638.00
1,772.00
1,806.00
1,889.00
1,870.00
1,872.00
1,819.00
1,928.00
1,850.00
2,093.33
3,200.50
3,375.00
3,004.00
2,911.00
2,939.11
2,750.00
2,575.00
2,722.50
2,779.66
2,934.67
3,156.50
2,975.00
3,100.00
2,725.00
2,925.00
2,819.33
2,988.33
3,102.00
3,550.00
3,387.50
3,535.00
3,553.50
N/A
3,607.00
3,534.00
3,557.00
3,565.60
3,822.00
3,935.00
3,889.33
3,800.00
3,897.00
3,972.00
3,987.00
3,954.00
4,975.00
N/A
N/A
4,750.00
4,775.00
5,055.60
5,108.33
5,300.00
5,000.00
4,929.33
4,800.00
4,348.66
4,800.00
4,150.00
Coffee Arabica ICE futures

Close Price (US sents/lb) Volume in lots^ Open Interest in lots^^
WPI of Coffee
89.80
101.90
103.50
107.30
105.70
105.70
105.70
105.70
111.40
128.60
128.60
128.60
128.60
128.60
128.60
128.60
139.40
172.10
171.70
171.70
171.70
164.90
171.90
171.90
171.90
172.50
172.30
172.30
172.30
172.30
192.20
196.20
196.20
196.20
196.20
196.20
196.20
199.30
197.70
197.70
197.70
197.70
204.30
205.10
205.10
205.10
205.10
215.50
218.10
226.00
234.60
234.60
234.60
239.60
248.60
248.00
246.60
246.60
246.60
246.60
Apr-04
May-04
Jun-04
Jul-04
Aug-04
Sep-04
Oct-04
Nov-04
Dec-04
Jan-05
Feb-05
Mar-05
Apr-05
May-05
Jun-05
Jul-05
Aug-05
Sep-05
Oct-05
Nov-05
Dec-05
Jan-06
Feb-06
Mar-06
Apr-06
May-06
Jun-06
Jul-06
Aug-06
Sep-06
Oct-06
Nov-06
Dec-06
Jan-07
Feb-07
Mar-07
Apr-07
May-07
Jun-07
Jul-07
Aug-07
Sep-07
Oct-07
Nov-07
Dec-07
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Jan-09
Feb-09
Mar-09
67.15
85.55
73.10
66.45
69.30
82.35
74.40
94.45
103.75
105.35
119.15
126.40
125.15
118.35
104.65
103.15
97.75
93.45
96.65
93.00
107.10
118.20
111.80
107.00
107.20
98.95
99.50
99.35
104.00
107.65
108.25
119.70
126.20
117.65
117.70
109.25
103.15
111.90
111.00
114.30
112.65
128.65
121.35
125.95
136.20
138.15
164.60
127.40
134.55
133.90
150.90
139.35
141.90
130.45
113.00
114.10
112.05
118.90
109.45
115.75
395,552.00
324,849.00
518,037.00
246,084.00
366,171.00
305,196.00
280,733.00
451,475.00
305,055.00
363,364.00
640,446.00
369,200.00
459,018.00
247,690.00
428,227.00
242,083.00
404,307.00
259,147.00
266,697.00
376,844.00
223,997.00
357,994.00
416,964.00
337,826.00
429,249.00
339,432.00
476,542.00
297,457.00
481,870.00
257,090.00
313,459.00
492,904.00
286,833.00
348,992.00
462,586.00
225,244.00
308,547.00
160,544.00
185,738.00
150,116.00
192,560.00
156,480.00
208,369.00
303,557.00
213,118.00
419,096.00
676,655.00
515,528.00
556,004.00
354,887.00
642,074.00
317,917.00
503,521.00
376,407.00
379,524.00
380,032.00
245,826.00
289,485.00
402,125.00
319,572.00
96,811.00
108,638.00
86,614.00
89,603.00
81,082.00
88,838.00
76,529.00
97,071.00
110,371.00
104,804.00
109,652.00
116,274.00
99,695.00
94,661.00
90,240.00
93,417.00
83,083.00
86,490.00
85,315.00
77,243.00
82,113.00
114,017.00
94,778.00
106,998.00
98,131.00
118,730.00
118,862.00
121,336.00
100,373.00
107,757.00
116,804.00
117,787.00
127,610.00
133,332.00
129,905.00
154,784.00
147,305.00
163,121.00
155,308.00
175,837.00
157,247.00
169,316.00
169,660.00
154,516.00
165,819.00
184,344.00
194,260.00
162,285.00
150,031.00
152,312.00
146,413.00
146,712.00
128,405.00
137,031.00
126,400.00
109,212.00
122,856.00
136,200.00
124,939.00
142,245.00
Coffee Robusta NYSE-LIFFE London (USD/MT)

Closing Price
Volume in lots^ Open Interest in lots^^
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
2,718.00
2,234.00
2,220.00
2,212.00
2,396.00
2,317.00
2,275.00
1,992.00
1,558.00
1,746.00
1,522.00
1,715.00
1,543.00
1,524.00
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
16.00
5.00
10.00
N/A
413.00
1,115.00
1,851.00
12,300.00
37,083.00
48,169.00
103,124.00
119,578.00
239,134.00
144,470.00
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
3.00
20.00
25.00
25.00
355.00
1,132.00
2,140.00
9,340.00
20,735.00
37,971.00
70,433.00
73,992.00
76,791.00
80,239.00

| 219
Coffee
Graph-1
Coffee Production (2009-10)
30%
Brazil
38%
Vietnam
Colombia
Indonesia
Ethiopia
3%
6%
Others
8%
Source: USDA
15%
Graph-2
Coffee Consumption (2009-10)
23%
36%
EU-27
United States
Brazil
2%
6%
Japan
Indonesia
15%
Others
18%
Source: USDA
Graph-3
Coffee: Ending Stock & Prices
000 tonnes
Prices
2500
140
120
2000
100
1500
80
60
1000
40
500
20
0
0
2002-03
India ES
2003-04
2004-05
World ES (in 50s)
2005-06
2006-07
2007-08
India prices (RHS)
Source: Agmarknet & USDA. ES - ending stock, Indian prices Rs/kg, Int. prices Rs/kg,
2008-09
Robusta New York (RHS)
Cotton
Global Yearly Cotton Balance Sheets (Estimated June2009 10) in Thousand 480 lb bales
Global and Indian fundamentals of Cotton (in Thousand 480 Lb bales)

World
Country
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
Beginning stocks
48,057
60,457
62,245
62,782
62,080
61,155
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
Production
Supply
Import
Consumption
Demand
Export
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
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
15,809
13,160
20,149
27,445
12,396
9,277
106,259
61155
32,654
110,875
56,541
32,652
Others
Grand Total
India
Source: USDA
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
Beginning stocks
4,186
8,764
8,064
7,664
7,384
10,684
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
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
Maharashtra
Support
Commercial
Total
Andhra Pradesh
Support
Commercial
Total
Gujarat
Support
Commercial
Total
Madhya Pradesh
Support
Commercial
Total
Rajasthan
Support
Commercial
Total
2003-04
2004-05
2005-06
2006-07*
328,246
328,246
167,367
3,068
170,435
295,206
29,883
325,089
534,358
2,964
537,322
184,520
184,520
1,210,635
63
1,210,698
350,058
489
350,547
525,516
525,516
231,416
231,416
482,556
6,895
489,451
293,167
45,400
338,567
140,256
140,256
25,886
25,886
153,307
696
154,003
118,267
2,361
120,628
89,510
1,209
90,719
83,852
83,852
259,815
20,917
280,732
70,159
1,526
71,685
60,215
60,215
Abbr. : CCI : Cotton Corporation of India.

Note : * : Provisional upto 24th February, 2007.
Compiled from the statistics released by: Ministry of Agriculture, Govt. of India.
| 223
Cotton Spot Prices

MCX Spot, Abohar (Medium Cotton) (Rs/ maund)
Apr-04
May-04
Jun-04
Jul-04
Aug-04
Sep-04
Oct-04
Nov-04
Dec-04
Jan-05
Feb-05
Mar-05
Apr-05
May-05
Jun-05
Jul-05
Aug-05
Sep-05
Oct-05
Nov-05
Dec-05
Jan-06
Feb-06
Mar-06
Apr-06
May-06
Jun-06
Jul-06
Aug-06
Sep-06
Oct-06
Nov-06
Dec-06
Jan-07
Feb-07
Mar-07
Apr-07
May-07
Jun-07
Jul-07
Aug-07
Sep-07
Oct-07
Nov-07
Dec-07
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Jan-09
Feb-09
Mar-09
Monthly Average
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
16,336.88
16,338.85
16,475.00
16,716.00
16,561.54
16,816.00
16,868.52
16,973.08
17,788.89
18,046.00
18,079.17
18,003.26
18,139.58
17,824.07
17,083.08
18,379.60
19,572.69
18,715.77
18,463.46
18,221.88
18,035.20
17,841.31
18,565.88
19,185.65
19,611.50
18,987.52
19,054.54
20,352.69
20,485.77
20,747.67
19,653.31
19,926.88
19,843.20
20,945.46
21,425.92
22,383.54
22,491.58
23,496.67
25,486.80
27,682.59
27,904.40
28,530.80
23,440.00
22,224.78
21,783.85
21,417.31
20,696.36
N/A
Month's High
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
16,400.00
16,480.00
16,700.00
16,910.00
16,600.00
17,200.00
17,100.00
17,500.00
18,100.00
18,300.00
18,200.00
18,100.00
18,300.00
18,100.00
17,950.00
18,800.00
20,200.00
19,900.00
19,200.00
18,440.00
18,150.00
18,050.00
19,110.00
19,440.00
20,030.00
19,230.00
19,260.00
21,080.00
20,760.00
20,930.00
20,500.00
20,090.00
20,210.00
21,424.00
22,210.00
23,190.00
22,860.00
24,520.00
27,360.00
28,480.00
28,790.00
29,000.00
27,350.00
22,900.00
22,000.00
21,740.00
21,540.00
N/A
Month's Low
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
16,300.00
16,200.00
16,350.00
16,550.00
16,500.00
16,400.00
16,600.00
16,800.00
17,150.00
18,000.00
18,000.00
17,988.00
18,000.00
17,450.00
1,760.00
17,950.00
18,850.00
2,000.00
18,100.00
17,800.00
17,800.00
17,650.00
17,919.00
18,705.00
19,000.00
18,720.00
18,895.00
19,460.00
20,290.00
20,570.00
19,140.00
19,840.00
19,650.00
20,232.00
21,259.00
21,760.00
22,160.00
22,830.00
24,340.00
27,360.00
27,420.00
28,100.00
22,020.00
21,510.00
21,330.00
21,160.00
20,330.00
N/A
MCX Spot, Kadi (Long Cotton) (in Rs/candy)

Monthly Average
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
1,554.18
1,658.46
1,684.23
1,667.80
1,643.85
1,599.12
1,571.81
1,660.27
1,753.22
1,706.33
1,657.58
1,636.74
1,802.71
1,798.89
1,810.42
1,831.48
1,871.73
1,816.62
1,725.27
1,710.42
1,727.52
1,689.14
1,773.15
1,951.65
1,983.00
1,977.72
2,019.85
2,135.89
2,084.23
2,013.17
1,847.90
1,970.82
2,008.30
2,147.54
2,177.82
2,223.35
2,313.14
2,523.80
2,703.10
2,809.43
2,772.18
2,753.22
2,453.96
2,251.80
2,204.12
2,197.67
2,108.67
2,126.62
Month's High
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
1,590.00
1,680.00
1,710.00
1,680.00
1,650.00
1,655.00
1,620.00
1,740.00
1,845.00
1,745.00
1,680.00
1,725.00
1,860.00
1,840.00
1,820.00
1,845.00
1,905.00
1,900.00
1,762.00
1,720.00
1,750.00
1,740.00
1,884.50
2,024.50
2,024.50
2,036.00
2,036.00
2,186.50
2,172.00
2,070.00
1,954.00
2,020.00
2,070.00
2,200.00
2,246.00
2,270.00
2,418.50
2,636.00
2,894.00
2,910.00
2,842.50
2,855.00
2,648.50
2,361.50
2,247.00
2,243.00
2,178.00
2,257.00
Month's Low
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
1,525.00
1,600.00
1,665.00
1,645.00
1,635.00
1,535.00
1,525.00
1,610.00
1,695.00
1,628.00
1,635.00
1,590.00
1,725.00
1,775.00
1,800.00
1,820.00
1,835.00
1,755.00
1,705.00
1,693.00
1,710.00
1,635.00
1,694.00
1,850.50
1,927.00
1,924.50
2,004.50
2,055.00
2,025.00
1,901.00
1,759.00
1,926.00
1,960.00
2,077.50
2,139.00
2,170.00
2,220.00
2,418.50
2,584.00
2,703.50
2,746.00
2,628.50
2,347.00
2,150.00
2,175.00
2,136.00
2,028.00
2,018.50
Mumbai
DCH - 32 (Si)
85.79
85.79
85.79
85.79
85.79
85.79
83.52
79.86
80.70
80.48
84.01
87.14
88.58
88.58
88.58
88.58
88.58
89.22
88.92
88.58
105.45
119.52
113.19
101.25
102.36
104.04
104.04
103.48
102.29
106.43
100.17
101.23
90.56
90.00
90.70
92.81
91.05
90.00
90.00
88.59
90.00
90.00
84.37
80.16
80.16
82.03
82.67
84.48
87.19
89.30
91.55
94.08
94.33
91.41
90.00
87.75
82.47
79.43
75.94
76.99
Other market spot (Rs/Kg)

Mumbai
Shankar-6 / Shankar-4
66.19
65.94
66.16
66.37
64.89
64.81
52.98
49.49
46.12
46.01
44.78
45.98
46.79
46.12
45.84
45.84
45.84
46.70
48.82
49.00
49.61
50.57
50.13
49.49
50.13
48.62
47.99
49.17
51.38
52.68
50.80
51.18
50.17
49.85
51.47
54.17
54.98
53.01
53.78
57.07
57.66
57.83
55.31
55.50
55.29
58.50
59.05
60.18
60.22
64.76
72.21
78.47
79.76
79.59
68.27
62.66
61.17
60.64
57.94
58.85
Mumbai
V-797
43.92
44.22
45.20
47.36
47.52
47.52
43.98
39.72
33.60
32.12
30.09
31.21
31.50
30.09
29.81
29.81
29.81
30.86
31.55
31.99
36.33
39.79
37.33
31.70
32.34
32.06
31.92
33.80
37.61
38.58
37.26
36.56
36.84
36.28
38.74
42.75
44.09
41.76
42.86
45.98
45.07
44.33
44.25
43.24
43.03
45.14
46.40
46.85
47.81
50.06
55.48
60.33
62.15
62.44
56.88
53.16
53.16
53.16
42.19
40.64
WPI of Raw
Cotton
185.00
184.80
184.70
185.60
185.50
182.80
159.30
153.30
144.30
142.10
139.60
140.60
142.80
143.20
143.50
144.50
144.30
141.70
141.40
143.70
150.70
150.70
143.80
140.90
144.60
142.90
144.00
149.90
159.10
160.50
155.20
154.30
150.80
148.00
152.10
158.90
172.90
166.00
170.20
180.50
178.30
178.60
174.10
175.10
179.10
184.00
185.60
193.00
198.00
207.10
224.90
238.20
243.10
246.60
228.20
220.60
218.40
215.60
205.40
196.60
*:-Taken as sum of volumes of Cotton Long, Medium and Short

1 Maund: 40Kg & 1Candy:356 Kg
N/T=Not traded
N/A= Not available
| 225
Cotton Trading Activity

Graph-1
Apr-04
May-04
Jun-04
Jul-04
Aug-04
Sep-04
Oct-04
Nov-04
Dec-04
Jan-05
Feb-05
Mar-05
Apr-05
May-05
Jun-05
Jul-05
Aug-05
Sep-05
Oct-05
Nov-05
Dec-05
Jan-06
Feb-06
Mar-06
Apr-06
May-06
Jun-06
Jul-06
Aug-06
Sep-06
Oct-06
Nov-06
Dec-06
Jan-07
Feb-07
Mar-07
Apr-07
May-07
Jun-07
Jul-07
Aug-07
Sep-07
Oct-07
Nov-07
Dec-07
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Jan-09
Feb-09
Mar-09
Closing Price (US cents/lb)

59.50
61.19
48.25
43.83
53.80
48.10
44.98
48.65
44.77
43.76
50.30
53.03
58.00
48.64
52.00
50.99
48.15
51.50
51.87
49.19
54.19
55.72
56.00
52.65
49.90
50.94
49.75
53.45
53.05
49.30
49.28
48.90
56.19
54.00
55.55
53.57
47.25
51.05
58.50
63.00
58.87
62.05
64.08
58.20
68.01
67.79
79.66
69.34
68.74
65.74
71.40
71.65
67.53
55.50
44.29
45.75
49.02
49.41
42.06
46.47
Cotton NYB ICE futures

Volume(in Lots)^
377,111.00
184,869.00
398,059.00
159,924.00
195,886.00
196,739.00
224,431.00
355,037.00
196,583.00
474,017.00
536,122.00
328,143.00
465,210.00
315,313.00
456,584.00
178,299.00
189,584.00
271,268.00
305,389.00
408,580.00
201,221.00
311,926.00
495,729.00
389,249.00
530,001.00
338,300.00
601,971.00
204,799.00
259,259.00
268,847.00
324,911.00
587,710.00
264,396.00
381,099.00
711,346.00
326,818.00
650,531.00
278,518.00
421,689.00
217,426.00
215,267.00
200,552.00
278,600.00
514,179.00
338,439.00
684,489.00
929,808.00
730,160.00
651,281.00
427,731.00
690,183.00
281,522.00
293,429.00
403,688.00
387,846.00
423,372.00
169,346.00
253,550.00
316,713.00
260,781.00
Cotton Production (2009-10)
Open Interest(in Lots)^^

84,930.00
81,285.00
72,507.00
79,808.00
69,292.00
71,920.00
83,808.00
80,690.00
81,149.00
90,961.00
107,077.00
122,443.00
121,159.00
97,413.00
92,057.00
94,011.00
104,454.00
110,069.00
116,155.00
92,211.00
88,697.00
128,666.00
122,363.00
138,009.00
147,886.00
179,676.00
160,069.00
163,583.00
172,081.00
182,562.00
185,353.00
159,914.00
170,421.00
191,874.00
202,169.00
232,652.00
220,781.00
223,814.00
204,192.00
213,491.00
203,217.00
231,769.00
248,032.00
210,389.00
231,807.00
270,994.00
301,645.00
268,675.00
246,983.00
273,411.00
215,451.00
222,053.00
213,856.00
195,316.00
170,969.00
127,006.00
125,564.00
129,490.00
116,304.00
140,318.00
18%
32%
China
India
5%
United States
9%
Pakistan
Brazil
Others
13%
23%
Source: USDA
Graph-2
Cotton Consumption (2008)
24%
40%
China
India
Pakistan
4%
Turkey
4%
Brazil
11%
Others
17%
Source: USDA
Graph-3
in 000 tonnes
Cotton: Ending Stock & Prices
in Rs
70,000
40
60,000
35
30
50,000
25
40,000
20
30,000
15
20,000
10
10,000
0
2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09
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

| 227
Indianand
Fundamentals
for Rubberof(tons)
Global
Indian fundamentals
Jute
World and Indian production, imports and exports of Jute
World (Thousand Tonnes)
2004/05
2005/06
2006/07
2007/08 (E)
2008/09 (P)
2564
2778
2914
2878
NA
Imports
290
345
359
NA
NA
Exports
306
360
364
NA
NA
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
72
126
72
72
NA
0.77%
890
910
1000
1055
1250
Production
India (Thousand Tonnes)

Production
Imports
MSP (In Rs/Quintal)
Source: Ministry of Textiles, Fourth Advanced Estimates of production, Govt. of India FAOSTAT, E-Estimates, P-Projection
Note: India's jute exports are negligible.
P- Provisional, E-Estimates
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
1118
2004-05
352
352
2005-06
141
141
2006-07
136
348
484
2007-08
444
444
Source: Jute Corporation of India & Ministry of Textiles, Govt. of India.; MSP: Minimum Support Price;
in 000
tonnes
1900
Jute: Production, Consumption & Prices

Production
Consumption
Rs/qntl
Prices (RHS)
1600
1850
1400
1800
1200
1750
1000
1700
800
1650
600
1600
1550
400
1500
200
1450
0
2004 / 05
2005 / 06
2006 / 07
2007 / 08
2008 / 09
Source: Ministry of Textiles & Agmarknet. Average Prices of India for the month of March
| 229
Jute Prices
Month
Open
High
Apr-04
May-04
Jun-04
Jul-04
Aug-04
Sep-04
Oct-04
Nov-04
Dec-04
Jan-05
Feb-05
Mar-05
Apr-05
May-05
Jun-05
Jul-05
Aug-05
Sep-05
Oct-05
Nov-05
Dec-05
Jan-06
Feb-06
Mar-06
Apr-06
May-06
Jun-06
Jul-06
Aug-06
Sep-06
Oct-06
Nov-06
Dec-06
Jan-07
Feb-07
Mar-07
Apr-07
May-07
Jun-07
Jul-07
Aug-07
Sep-07
Oct-07
Nov-07
Dec-07
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Jan-09
Feb-09
Mar-09
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
1189.0
1237.0
1401.0
1302.0
1341.0
1368.0
1332.0
1324.0
1383.0
1525.0
1613.5
1614.0
1550.0
1620.0
1617.0
1675.0
1620.0
1632.0
1904.0
2090.0
2133.0
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
1217.0
1430.0
1401.0
1343.5
1356.5
1374.0
1332.0
1335.0
1485.0
1578.0
1643.0
1628.0
1550.0
1649.0
1640.0
1679.5
1643.0
1810.0
2017.0
2093.0
2248.0

Low
Close
Volume in lots^
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
1181.0
1235.5
1230.0
1243.0
1286.0
1283.0
1273.5
1261.0
1372.0
1495.0
1493.0
1555.0
1420.0
1533.0
1581.0
1557.5
1580.0
1625.0
1895.0
2003.5
2128.0
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
1217.0
1338.5
1247.5
1305.5
1223.0
1216.0
1297.5
1319.5
1482.0
1574.5
1512.5
1583.5
1466.0
1542.5
1584.0
1571.0
1596.5
1798.0
1995.5
2041.0
2219.5
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
629.0
19042.0
15487.0
14081.0
7645.0
10272.0
9483.0
6589.0
7769.0
7354.0
10289.0
12733.0
11265.0
11749.0
9008.0
5372.0
5178.0
6393.0
11376.0
7088.0
9576.0

N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
240.0
1131.0
1479.0
1408.0
1304.0
1169.0
1125.0
767.0
629.0
498.0
1208.0
1489.0
1507.0
1102.0
767.0
607.0
664.0
957.0
950.0
1062.0
868.0
Monthly
Average
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
1143.0
1240.6
1241.4
1215.2
1232.2
1218.1
1209.6
1217.1
1338.3
1431.9
1455.2
1477.5
1403.7
1538.9
1548.9
1560.9
1552.6
1618.8
1925.2
1979.5
2137.6
MCX Spot (Rs/qtl) Kolkata

Month's
Month's
High
Low
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
1143.0
1143.0
1313.0
1146.0
1298.5
1194.0
1239.0
1171.0
1252.5
1221.0
1231.5
1208.5
1234.5
1184.0
1256.0
1192.0
1408.0
1258.5
1493.5
1400.0
1497.5
1414.0
1514.5
1455.5
1448.0
1364.0
1564.5
1512.5
1590.5
1518.5
1582.0
1540.5
1571.0
1529.5
1787.5
1570.0
1970.5
1836.0
2015.0
1961.5
2197.0
2036.0
Other markets monthly average spot prices (Rs/qtl)

T.D.-5
Barddhaman
788.6
753.8
835.4
819.4
810.6
N/A
805.0
874.6
1009.4
1137.5
1088.9
1245.9
1299.6
1335.9
1377.6
1239.6
1077.1
1122.2
1224.6
1303.6
1376.3
1521.0
1532.7
1573.8
1565.0
1558.0
1463.4
1481.5
1156.7
1280.5
1319.5
1301.0
1241.5
1208.8
1120.0
1096.4
1068.6
1009.7
970.9
967.8
1046.1
1059.5
984.3
967.4
960.0
929.4
940.0
1051.7
1159.2
1150.2
1187.1
1230.7
1286.7
1248.5
1266.1
1282.5
1384.8
1705.3
1784.6
1897.5
T.D.-5
Medinipur
736.7
761.1
830.0
825.6
811.9
N/A
870.0
900.7
1068.2
1100.0
1116.2
1289.7
1306.3
1353.5
1407.9
1312.5
1129.4
1150.0
1303.1
1358.9
1377.9
1508.3
1561.5
1592.9
1500.0
1610.0
1528.1
1375.0
1174.7
1224.3
1343.8
1337.5
1280.0
1236.9
1200.0
1194.4
1150.0
N/A
950.0
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
T.D.-5
Nadia
N/A
N/A
N/A
N/A
N/A
N/A
N/A
903.3
1053.8
N/A
1195.0
1244.2
1293.3
1344.3
1380.0
N/A
1037.5
1135.9
1243.9
1298.2
1332.5
1510.0
1533.9
1545.2
1517.2
1529.9
1433.4
1448.8
1098.3
1303.4
1303.0
1254.0
1175.5
1142.2
1062.7
1027.9
1009.2
916.3
927.7
920.0
1073.3
1060.0
978.0
986.9
957.5
972.1
991.7
1113.0
1243.7
1230.4
1245.0
1254.3
1304.3
1302.2
1276.0
1305.6
1342.1
N/A
N/A
N/A
Raw Jute
Kolkata
N/A
N/A
N/A
951.7
968.9
974.3
1010.1
1094.9
1271.0
1302.7
1369.8
1455.8
1517.1
1526.6
1596.4
1432.6
1344.4
1320.5
1458.9
1525.0
1557.8
N/A
N/A
N/A
N/A
N/A
N/A
1604.5
1308.6
1438.0
1463.7
1440.6
1381.1
1295.1
1265.6
1247.6
1190.9
1105.0
1113.6
1115.5
1226.3
1239.1
1195.2
1204.4
1199.9
1211.7
1216.2
1339.2
1429.2
1463.3
1487.0
1489.1
1540.5
1546.0
1559.2
1559.1
1655.8
1972.4
2035.9
2185.3
WPI of Jute
142.5
142.0
147.9
147.5
147.3
146.3
151.3
166.1
176.7
177.0
183.1
191.2
195.3
197.9
203.3
184.8
178.3
174.8
184.8
192.9
201.1
218.9
225.7
227.4
224.0
223.8
219.6
216.9
205.1
204.4
198.2
197.4
196.1
187.9
187.1
183.9
182.1
178.7
178.5
178.8
191.4
195.2
193.8
196.8
197.2
196.7
198.4
201.3
203.8
203.1
206.6
206.6
207.0
207.6
207.3
207.3
207.3
207.3
207.3
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
| 231
Potato
Global and Indian production, imports and exports of potato (in Mn tonnes)
World
2004/05
2005/06
2006/07
2007/08
2008/09
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
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%
Production
India
Source: FAOSTAT, Indias imports are negligible; Indian production & exports data are sourced from
National Horticulture Research & Development Foundation
Global Yearly Production Sheets (In Mn Tonnes)

Major potato producing countries
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
Statewise Potato Production in India
2008-09
23%
22%
39% 43%
5%
5%
2007-08
7%
Uttar Pradesh
West Bengal
Bihar
Gujarat
7%
Others
27%
22%
Source: NHRDF
| 233
Potato Prices
Apr-04
May-04
Jun-04
Jul-04
Aug-04
Sep-04
Oct-04
Nov-04
Dec-04
Jan-05
Feb-05
Mar-05
Apr-05
May-05
Jun-05
Jul-05
Aug-05
Sep-05
Oct-05
Nov-05
Dec-05
Jan-06
Feb-06
Mar-06
Apr-06
May-06
Jun-06
Jul-06
Aug-06
Sep-06
Oct-06
Nov-06
Dec-06
Jan-07
Feb-07
Mar-07
Apr-07
May-07
Jun-07
Jul-07
Aug-07
Sep-07
Oct-07
Nov-07
Dec-07
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Jan-09
Feb-09
Mar-09
Open
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
642.0
668.0
586.1
552.5
547.0
536.1
595.5
735.0
575.0
528.2
501.9
510.6
632.0
564.0
594.4
592.6
639.0
643.0
629.2
636.3
511.0
510.0
522.0
586.2
648.0
490.1
488.2
N/A
N/A
N/A
N/A
N/A
N/A
439.7
512.0
603.6
642.0
Monthly MCX Futures Prices (Rs/qtl) Agra

in lots^
in lots^^
High
Low
Close
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
757.0
675.0
642.8
584.0
556.4
613.8
765.3
756.3
575.0
538.5
521.0
635.0
682.0
616.5
611.3
639.0
675.0
659.6
660.0
673.4
529.0
547.0
601.5
656.5
660.8
510.0
496.7
N/A
N/A
N/A
N/A
N/A
N/A
546.0
622.4
641.0
720.0
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
612.0
576.2
551.0
533.3
522.1
536.1
592.5
546.4
512.5
497.0
455.1
488.0
552.0
552.1
563.7
561.0
609.0
617.2
587.2
506.7
488.0
505.5
520.0
584.0
486.7
472.0
482.7
N/A
N/A
N/A
N/A
N/A
N/A
432.1
510.1
582.7
618.2
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
662.0
586.1
553.0
549.6
539.4
592.0
732.1
580.6
528.4
500.8
518.3
626.5
561.9
593.8
594.2
638.4
644.5
628.6
633.7
514.0
512.9
516.9
588.6
650.0
492.6
488.2
485.8
N/A
N/A
N/A
N/A
N/A
N/A
511.3
601.0
636.1
718.4
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
26682
28061
68644
44662
40902
95004
57589
9069
15484
11811
24980
82971
140509
44993
25509
19119
35138
28411
11990
5176
1424
2503
7324
6541
14421
8998
1071
N/A
N/A
N/A
N/A
N/A
N/A
654
2045
4486
16089
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
1192
2887
4760
4738
5619
3963
2119
547
1340
1420
2439
3326
3685
2706
2222
1533
2059
1893
1017
403
509
582
922
1118
1493
1537
1466
N/A
N/A
N/A
N/A
N/A
N/A
146
496
1153
2175
Open
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
499.0
513.7
540.1
443.8
361.0
392.8
572.0
588.0
607.5
625.9
691.0
670.5
665.5
651.0
646.0
431.5
446.2
525.0
534.9
316.0
348.8
N/A
N/A
N/A
N/A
N/A
N/A
270.4
420.1
575.0
711.1
Monthly MCX Futures Prices (Rs/qtl) Tarkeshwar

Volume
OI
in lots^ in lots^^
High
Low
Close
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
538.0
578.8
542.9
499.0
394.4
580.0
673.7
611.7
652.0
701.8
711.9
685.0
673.0
654.9
677.0
465.0
551.5
562.0
538.0
376.0
358.3
N/A
N/A
N/A
N/A
N/A
N/A
453.0
591.7
715.0
790.0
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
499.1
485.5
464.9
372.4
356.1
379.0
540.0
558.1
587.5
621.5
655.4
641.5
633.1
613.0
419.0
431.0
446.2
522.0
318.9
272.0
340.5
N/A
N/A
N/A
N/A
N/A
N/A
270.4
419.5
575.0
694.1
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
517.4
542.4
474.9
385.3
391.9
568.4
585.9
604.6
625.6
692.3
673.6
665.7
655.8
643.9
434.7
445.6
530.9
536.5
322.9
348.8
342.1
N/A
N/A
N/A
N/A
N/A
N/A
418.5
586.5
709.6
788.7
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
15023
13525
11756
12063
14899
37916
80392
7725
19515
6813
7535
4796
2546
3206
2007
698
2305
2520
6612
8524
1071
N/A
N/A
N/A
N/A
N/A
N/A
124
1258
3087
6885
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
350
895
495
757
1740
1021
1270
943
871
705
735
719
674
667
298
292
481
689
1263
1451
1541
N/A
N/A
N/A
N/A
N/A
N/A
75
314
457
394
MCX Spot (Rs/qtl) Agra

Monthly
Months
Months
Average
High
Low
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
655.6
670.5
617.9
584.5
624.0
561.5
555.6
567.7
541.1
542.6
549.2
538.0
543.4
549.8
537.8
560.6
576.0
541.5
664.7
725.9
592.6
752.0
888.9
720.2
NA
NA
NA
NA
NA
NA
NA
NA
NA
610.6
615.0
605.6
597.4
651.6
516.5
541.0
552.7
508.8
554.8
561.2
552.7
580.3
603.9
562.6
619.8
627.0
604.2
624.6
628.3
619.8
623.1
630.1
619.0
638.2
641.5
630.7
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
557.2
643.2
489.9
481.8
489.4
473.1
460.9
474.2
444.5
427.4
444.3
393.5
372.5
392.9
340.7
356.1
383.2
344.6
399.8
409.0
386.8
392.9
407.0
384.0
356.6
390.5
317.0
321.8
325.0
320.0
NA
NA
NA
599.6
599.6
599.6
636.3
672.7
601.3
MCX Spot (Rs/qtl)Tarkeshwar

Monthly
Months
Months
Average
High
Low
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
464.3
481.8
463.5
NA
NA
558.4
603.0
576.0
604.1
619.5
640.0
631.8
625.6
613.1
642.7
NA
NA
NA
379.7
285.4
311.3
264.6
249.5
224.7
225.4
225.8
232.5
240.6
NA
687.8
718.5
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
475.6
503.7
494.6
NA
NA
564.7
626.1
600.4
631.0
648.9
658.8
639.3
636.2
643.2
647.9
NA
NA
NA
454.5
306.8
338.9
284.3
267.5
242.2
228.7
241.8
251.6
249.6
NA
687.8
774.4
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
449.5
463.8
424.0
NA
NA
548.7
577.5
545.0
585.9
593.3
631.4
624.8
621.2
308.5
639.1
NA
NA
NA
340.9
262.1
287.3
246.8
231.0
215.7
222.5
213.5
213.5
235.6
NA
687.8
648.3
Other markets monthly average spot prices

(Rs/qtl)
Ajmer
Bikaner
Jaipur
Belgaum Dharwad
340.6
394.6
319.4
434.2
437.2
462.7
447.1
412.3
480.0
498.8
463.0
433.3
425.9
499.0
510.0
488.2
461.1
430.4
520.0
527.0
510.8
500.0
489.8
591.5
647.7
557.1
493.4
505.8
522.8
521.4
540.6
481.3
465.8
513.3
563.4
483.3
425.0
315.3
NA
499.8
312.5
209.1
195.8
NA
350.0
332.5
239.6
199.3
417.1
388.9
297.1
272.9
210.5
391.5
370.6
259.6
294.4
257.7
363.4
361.5
353.6
426.9
345.3
422.8
463.2
415.0
448.2
412.1
515.0
578.4
445.3
460.0
399.8
565.1
573.3
445.8
480.0
409.1
586.0
560.2
469.0
453.1
382.4
540.8
519.7
425.4
403.1
386.8
423.0
383.3
481.8
455.0
466.4
492.5
474.1
823.1
675.0
753.1
533.3
583.1
576.9
625.0
592.9
735.7
803.1
420.0
500.0
429.1
769.9
743.7
425.0
512.5
433.3
584.2
638.5
437.5
512.5
461.1
526.8
577.5
451.8
587.5
487.9
489.6
581.3
475.0
609.4
508.6
578.2
647.1
532.5
579.6
505.3
585.4
671.7
552.1
602.8
510.7
663.3
683.6
559.6
606.3
561.4
598.0
611.3
583.3
670.0
658.7
579.8
587.5
664.3
844.4
773.1
612.1
595.5
650.0
675.0
625.1
627.0
561.0
331.3
325.0
394.5
658.5
664.1
258.3
352.8
266.3
590.8
599.7
373.1
434.6
343.1
588.7
577.8
403.6
526.9
378.3
557.7
653.5
393.1
600.6
404.0
560.6
715.0
479.4
611.7
422.0
622.4
780.7
640.8
700.0
536.4
719.7
861.4
713.5
702.6
570.4
750.0
900.0
758.3
733.3
593.4
748.8
852.5
718.1
746.2
609.3
713.3
847.8
713.2
800.0
678.1
760.5
953.3
723.6
790.9
614.2
815.5
658.0
544.6
507.5
519.4
836.7
824.5
476.6
408.3
414.0
618.3
626.6
429.7
477.5
410.0
572.2
579.4
443.4
434.6
375.5
496.1
883.7
433.9
411.4
293.8
401.8
478.1
423.5
463.6
311.6
428.8
540.7
472.2
NA
324.3
490.4
560.3
456.3
383.3
270.0
597.0
517.3
464.7
392.3
261.7
566.7
530.5
475.0
403.9
321.1
577.9
545.9
438.6
400.0
328.3
641.7
454.4
454.2
354.2
253.3
668.5
472.1
394.6
341.7
198.2
662.8
401.4
333.3
254.2
231.7
634.5
528.0
321.2
265.4
281.1
534.6
487.5
403.6
393.2
444.6
520.0
591.6
WPI
128.2
163.1
184.7
183.0
200.6
223.0
229.1
191.5
126.7
127.7
138.3
141.5
174.2
192.1
194.7
201.2
198.4
193.8
196.2
238.1
232.9
200.3
178.6
194.2
192.7
202.4
244.4
255.1
262.4
293.8
325.7
314.3
209.8
166.3
162.7
190.2
202.7
227.4
257.5
279.2
289.5
291.3
296.3
285.4
260.2
246.7
216.6
226.1
214.9
214.1
211.3
231.0
237.3
241.4
243.6
240.9
195.8
177.0
178.1
201.9
| 235
Rubber
International Exchanges
Indian Fundamentals for Rubber (tonnes)

Natural Rubber
TOCOM
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 2008-09

P- Provisional, E-Estimates
Rubber Production, Consumption & Prices
in tons
880000
860000
840000
820000
800000
780000
760000
740000
720000
700000
680000
Rs/qntl
10500
9300
8100
6900
5700
4500
2004 -05
Production
2005 -06
2006 -07
Consumption
Source: Economic Survey 2008 - 09, Agmarknet
2007 -08
2008 -09 e
Rss-4 Kottayam prices (RHS)
Apr-04
May-04
Jun-04
Jul-04
Aug-04
Sep-04
Oct-04
Nov-04
Dec-04
Jan-05
Feb-05
Mar-05
Apr-05
May-05
Jun-05
Jul-05
Aug-05
Sep-05
Oct-05
Nov-05
Dec-05
Jan-06
Feb-06
Mar-06
Apr-06
May-06
Jun-06
Jul-06
Aug-06
Sep-06
Oct-06
Nov-06
Dec-06
Jan-07
Feb-07
Mar-07
Apr-07
May-07
Jun-07
Jul-07
Aug-07
Sep-07
Oct-07
Nov-07
Dec-07
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Jan-09
Feb-09
Mar-09
Closing Price (Yen/kg)

142.70
153.20
158.90
141.40
137.90
140.50
135.60
123.00
125.30
130.00
135.00
144.70
138.10
153.50
173.20
204.60
177.10
190.60
186.10
190.80
205.00
251.40
246.50
250.10
242.10
307.20
322.90
278.60
230.50
208.30
208.40
188.10
239.20
275.00
260.20
274.00
266.60
284.10
257.10
260.30
248.60
255.80
278.40
258.30
294.20
282.00
292.50
277.80
297.80
312.20
340.40
336.40
342.80
262.70
169.70
125.80
135.00
130.10
133.30
148.00
Volume in lots^
169,301.00
132,653.00
121,575.00
160,042.00
107,624.00
101,455.00
104,979.00
124,694.00
119,076.00
218,578.00
451,437.00
343,609.00
458,788.00
353,460.00
470,822.00
1,014,655.00
1,059,311.00
669,308.00
785,803.00
610,378.00
720,076.00
799,465.00
1,049,677.00
742,443.00
543,428.00
909,052.00
1,099,210.00
780,079.00
728,756.00
867,923.00
777,801.00
536,706.00
748,253.00
760,361.00
743,497.00
719,804.00
609,519.00
605,962.00
683,104.00
662,162.00
486,623.00
346,079.00
376,156.00
431,433.00
288,746.00
331,672.00
545,876.00
491,985.00
393,003.00
484,445.00
643,926.00
487,494.00
435,425.00
363,528.00
537,697.00
353,015.00
403,148.00
349,022.00
289,620.00
237,447.00

42,336.00
33,590.00
34,969.00
36,543.00
35,841.00
29,956.00
28,668.00
35,683.00
22,075.00
41,815.00
53,285.00
63,115.00
64,619.00
63,371.00
70,169.00
104,137.00
87,412.00
94,645.00
97,377.00
95,374.00
81,683.00
94,029.00
82,700.00
80,155.00
64,854.00
76,383.00
64,768.00
16,132.00
53,082.00
48,345.00
49,847.00
49,663.00
52,821.00
55,921.00
55,797.00
51,731.00
48,276.00
53,906.00
48,428.00
54,142.00
46,338.00
44,312.00
47,570.00
36,574.00
38,147.00
33,820.00
50,406.00
38,788.00
44,400.00
47,365.00
51,635.00
46,373.00
40,613.00
41,041.00
32,350.00
30,824.00
34,574.00
28,088.00
29,503.00
28,267.00

Âggregate volume in all contracts during the month
| 237
Rubber Prices
Month
Apr-04
May-04
Jun-04
Jul-04
Aug-04
Sep-04
Oct-04
Nov-04
Dec-04
Jan-05
Feb-05
Mar-05
Apr-05
May-05
Jun-05
Jul-05
Aug-05
Sep-05
Oct-05
Nov-05
Dec-05
Jan-06
Feb-06
Mar-06
Apr-06
May-06
Jun-06
Jul-06
Aug-06
Sep-06
Oct-06
Nov-06
Dec-06
Jan-07
Feb-07
Mar-07
Apr-07
May-07
Jun-07
Jul-07
Aug-07
Sep-07
Oct-07
Nov-07
Dec-07
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Jan-09
Feb-09
Mar-09
Open
5,675.00
5,900.00
6,120.00
6,700.00
5,565.00
5,375.00
5,300.00
5,325.00
5,081.00
5,530.00
5,235.00
5,251.00
5,850.00
5,860.00
6,280.00
6,100.00
7,000.00
5,850.00
6,275.00
6780.00
6,775.00
7,100.00
8,285.00
7,950.00
8,475.00
9,167.00
11,000.00
10,675.00
9,225.00
8,700.00
7,850.00
9,000.00
7,950.00
10,060.00
10,529.00
9,162.00
9,260.00
8,485.00
8,770.00
7,472.00
8,650.00
8,764.00
8,985.00
9,900.00
9,391.00
9,640.00
9,434.00
10,177.00
9,899.00
11,241.00
N/T
N/T
N/T
N/T
N/T
N/T
6,100.00
7,670.00
6,998.00
6,850.00
High
5,675.00
6,010.00
6,745.00
7,240.00
5,940.00
5,425.00
5,582.00
5,450.00
5,550.00
5,555.00
5,400.00
5,990.00
6,100.00
6,440.00
6,450.00
7,250.00
7,020.00
6,485.00
6,900.00
6875.00
7,350.00
8,217.00
8,478.00
8,475.00
9,300.00
11,536.00
11,120.00
10,920.00
9,510.00
8,710.00
9,146.00
9,048.00
9,400.00
10,606.00
10,529.00
9,575.00
9,495.00
9,290.00
8,770.00
8,682.00
9,499.00
9,050.00
10,200.00
10,250.00
9,698.00
9,747.00
10,195.00
10,550.00
11,503.00
11,667.00
N/T
N/T
N/T
N/T
N/T
N/T
7,653.00
7,673.00
7,059.00
8,490.00

Low
Close
Volume in lots^
5,675.00
5,750.00
2.00
5,900.00
5,993.00
540.00
6,120.00
6,715.00
426.00
5,670.00
5,795.00
2,176.00
5,100.00
5,450.00
5,710.00
5,050.00
5,344.00
4,449.00
5,073.00
5,450.00
740.00
5,120.00
5,238.00
57.00
5,081.00
5,533.00
2,557.00
5,090.00
5,256.00
11,440.00
5,000.00
5,302.00
14,759.00
5,200.00
5,900.00
24,914.00
5,650.00
5,908.00
20,307.00
5,860.00
6,304.00
10,008.00
5,940.00
6,099.00
14,915.00
6,050.00
6,905.00
15,323.00
5,550.00
5,935.00
24,795.00
5,802.00
6,316.00
25,697.00
6,275.00
6,700.00
10,910.00
6250.00
6557.00
7,509.00
6,775.00
7,155.00
445.00
6,950.00
8,168.00
657.00
7,500.00
7,752.00
6,113.00
7,800.00
8,475.00
2,434.00
8,405.00
9,167.00
83.00
9,167.00
11,075.00
60.00
10,384.00
10,625.00
125.00
8,870.00
9,225.00
154.00
8,763.00
8,763.00
92.00
7,850.00
7,850.00
100.00
7,850.00
8,905.00
871.00
7,182.00
7,931.00
12,848.00
7,540.00
9,250.00
30,014.00
9,852.00
10,479.00
20,066.00
9,021.00
9,219.00
7,914.00
8,191.00
9,258.00
6,130.00
8,285.00
8,416.00
3,057.00
8,189.00
8,742.00
2,987.00
7,476.00
7,617.00
3,303.00
7,369.00
8,674.00
4,061.00
7,925.00
8,752.00
4,244.00
8,450.00
8,984.00
1,976.00
8,760.00
9,838.00
1,412.00
9,350.00
9,533.00
583.00
9,222.00
9,625.00
303.00
9,260.00
9,339.00
262.00
9,385.00
10,177.00
304.00
9,899.00
9,899.00
233.00
9,899.00
11,241.00
226.00
11,241.00
11,658.00
75.00
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
5,806.00
7,450.00
268.00
6,596.00
6,998.00
102.00
6,720.00
6,890.00
36.00
6,850.00
8,490.00
45.00

N/A
N/A
1.00
7.00
8.00
4.00
4.00
N/A
37.00
104.00
246.00
209.00
167.00
149.00
115.00
317.00
225.00
525.00
439.00
344.00
132.00
101.00
136.00
69.00
6.00
8.00
24.00
3.00
4.00
1.00
8.00
667.00
1,255.00
1,519.00
1,165.00
670.00
544.00
479.00
557.00
570.00
397.00
217.00
128.00
100.00
130.00
109.00
99.00
53.00
72.00
73.00
N/T
N/T
N/T
N/T
N/T
N/T
41.00
57.00
38.00
9.00
MCX monthly spot prices (Rs/qtl) Kottayam

Monthly Average
Months High
Months Low
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
5,157.14
5,200.00
5,050.00
5,291.66
5,425.00
5,150.00
5,216.66
5,350.00
5,050.00
5,190.76
5,450.00
5,000.00
5,323.00
5,475.00
5,200.00
5,149.50
5,300.00
5,075.00
5,468.75
5,650.00
5,300.00
5,845.84
6,000.00
5,650.00
6,236.07
6,475.00
5,930.00
6,185.53
6,425.00
5,975.00
6,579.76
7,025.00
6,069.00
6,071.57
6,850.00
5,550.00
6,078.36
6,405.00
5,800.00
6,594.69
6,890.00
6,350.00
6,599.96
6,841.00
6,329.00
6,960.70
7,209.00
6,587.00
7,400.44
8,013.00
7,019.00
8,069.58
8,321.00
7,834.00
8,088.07
8,394.00
7,843.00
8,671.54
9,051.00
8,370.00
9,910.77
11,419.00
9,010.00
10,711.15
11,050.00
10,478.00
9,806.68
10,685.00
8,870.00
9,199.38
9,510.00
8,700.00
8,221.57
8,806.00
7,800.00
8,753.80
9,301.00
7,865.00
8,277.50
9,153.00
7,600.00
8,673.80
9,518.00
7,659.00
9,785.00
10,170.00
9,530.00
9,786.83
10,129.00
9,431.00
9,037.23
9,440.00
8,668.00
8,994.08
9,486.00
8,293.00
8,713.81
9,206.00
8,247.00
8,099.07
8,705.00
7,445.00
7,966.00
8,744.00
7,284.00
8,779.51
9,285.00
8,033.00
8,882.00
9,096.00
8,696.00
9,510.15
10,042.00
8,938.00
9,681.28
10,017.00
9,323.00
9,255.88
9,450.00
9,104.00
9,465.65
9,584.00
9,308.00
9,714.84
10,088.00
9,393.00
10,114.25
10,145.00
10,085.00
10,984.92
11,887.00
10,104.00
12,287.31
13,600.00
11,573.00
12,764.48
13,106.00
12,440.00
13,373.44
14,114.00
12,971.00
13,871.52
14,296.00
13,454.00
13,612.76
14,150.00
11,400.00
9,143.44
11,513.00
8,100.00
7,691.00
8,900.00
6,000.00
6,525.92
7,428.00
5,914.00
7,079.85
7,487.00
6,679.00
6,921.25
7,215.00
6,754.00
7,626.56
8,533.00
6,996.00
Average Prices of Rubber (RSS-4)

(Kottayam market) Rs./qtl
5,796.88
5,873.53
6,336.36
6,580.68
5,573.53
5,147.22
5,267.11
5,215.00
5,206.82
5,313.24
5,160.94
5,440.00
5,833.93
6,193.75
6,160.00
6,509.38
5,973.61
6,060.94
6,546.05
6,533.82
6,897.50
7,366.25
8,031.58
8,082.14
8,652.94
9,841.00
10,691.67
9,821.15
9,181.73
8,169.00
8,685.71
8,225.00
8,614.58
9,716.35
9,757.29
9,071.00
8,979.17
8,685.19
8,093.27
7,943.27
8,742.39
8,856.00
9,423.96
9,603.00
9,221.00
9,440.63
9,717.50
10,357.50
10,963.10
12,259.52
12,712.50
13,348.86
13,773.68
13,533.33
8,959.52
7,688.75
6,502.27
7,029.76
6,900.00
7,565.91
WPI of Rubber
194.60
201.20
216.20
222.10
189.80
176.80
179.00
178.70
180.70
181.40
176.30
187.50
198.60
214.20
211.40
223.40
204.30
203.20
222.70
222.20
234.70
253.70
276.90
277.10
296.10
328.50
358.60
344.00
317.80
281.60
299.10
285.60
290.60
324.60
334.60
313.00
306.90
300.00
279.20
275.30
294.00
302.50
326.60
333.40
316.60
325.40
330.80
355.70
375.10
414.20
434.80
454.40
474.70
476.70
323.70
269.00
219.10
242.20
236.40
258.50

Trading suspended from May 7, 08 to Dec 3, 08
| 239
Mentha oil
Futures and spot prices of Mentha oil at MCX
Mentha Oil Fundamentals (in Tonnes)

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

Source: Indian Spices Board, MCX & Industry sources for production.
e - estimates
Mentha Oil: Production, Exports & Prices

Rs/qntl
in tonnes
700
35,000
600
30,000
500
25,000
400
20,000
15,000
300
10,000
200
5,000
100
0
2004 /05
2005 /06
Production
2006 /07
2007 /08
Exports
2008 /09
Prices (RHS)
Source: Spices Board, MCX & Industry Sources. Average Spot Prices of MCX for the month of
March
Open
Apr-04
May-04
Jun-04
Jul-04
Aug-04
Sep-04
Oct-04
Nov-04
Dec-04
Jan-05
Feb-05
Mar-05
Apr-05
May-05
Jun-05
Jul-05
Aug-05
Sep-05
Oct-05
Nov-05
Dec-05
Jan-06
Feb-06
Mar-06
Apr-06
May-06
Jun-06
Jul-06
Aug-06
Sep-06
Oct-06
Nov-06
Dec-06
Jan-07
Feb-07
Mar-07
Apr-07
May-07
Jun-07
Jul-07
Aug-07
Sep-07
Oct-07
Nov-07
Dec-07
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Jan-09
Feb-09
Mar-09
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
358.00
347.00
358.00
478.00
587.90
479.00
422.20
446.20
535.50
654.60
742.60
452.20
426.80
441.40
460.00
513.00
558.60
571.80
733.90
664.00
672.10
584.90
575.00
575.00
558.50
584.20
500.00
510.00
515.10
534.50
502.10
488.20
441.50
429.20
448.20
423.00
439.50
443.00
458.50
532.00
700.00
627.50
601.40
517.00
521.00
546.00
537.00
522.70
Monthly MCX Futures Prices (Rs/Kg)

High
Low
Close
Volume
in lots^
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
358.00
367.90
502.00
583.00
596.90
515.00
446.00
563.00
849.00
659.70
794.80
452.50
464.90
534.40
510.50
594.90
588.90
743.50
737.80
692.30
682.40
586.40
614.40
578.80
637.00
601.50
569.20
520.40
556.50
540.70
517.00
491.70
456.20
456.80
464.00
459.90
449.10
487.00
537.20
775.90
700.00
634.40
610.00
529.90
619.00
578.90
541.00
603.90
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
343.20
342.00
355.50
475.10
436.10
388.00
416.60
441.80
533.50
647.20
430.50
370.00
423.90
419.00
411.00
513.00
542.00
571.70
631.90
578.60
583.00
516.00
556.50
526.00
557.00
480.00
487.30
482.20
510.70
481.00
465.00
422.50
415.10
421.10
417.50
414.00
431.20
443.00
449.80
528.50
608.00
564.00
464.00
446.00
506.50
518.00
497.20
521.50
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
343.80
360.70
451.60
536.60
451.20
425.10
437.60
497.30
733.60
649.30
446.00
426.80
438.20
452.20
510.50
547.90
550.10
706.20
646.80
654.10
596.70
571.90
561.30
550.30
633.60
487.40
558.20
504.90
522.60
488.90
479.60
448.30
420.50
442.20
423.50
435.30
437.80
448.00
524.00
689.10
621.40
586.40
497.70
506.90
537.60
523.90
517.00
550.90
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
1107
12038
16660
41892
82437
118053
77373
161688
371835
308428
359277
192699
84834
102777
109564
208836
84591
320442
193166
238784
224832
230527
124854
92361
92450
41988
46059
30499
44321
40186
31074
22061
20369
38471
51737
32690
3491
8173
18170
73301
44356
35041
30086
34368
55139
35485
15937
24443
Open Interest
in lots^^
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
86
262
442
1052
3649
5023
4141
4918
6731
13447
18565
14938
9347
6779
5313
6498
6264
6784
8607
8769
9025
6403
4492
5071
4310
3185
3307
2361
3575
5957
5313
4520
3125
2404
1881
1726
1017
976
1818
3725
4922
5446
5710
5557
5352
3082
2741
2814
MCX spot prices (Rs/Kg) Sambhal

Monthly
Month's
Month's
Average
High
Low
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
372.75
381.17
410.23
483.41
489.37
431.49
428.21
477.08
606.54
723.15
595.90
457.46
477.51
488.80
464.59
547.52
552.12
664.12
674.36
646.81
664.87
612.74
606.67
580.88
588.33
576.89
519.45
506.46
534.04
525.15
517.72
494.18
490.89
493.80
504.58
497.37
499.99
513.54
525.54
704.02
648.66
625.35
591.01
540.83
594.63
588.08
563.52
588.85
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
374.40
385.60
460.80
546.20
531.80
468.20
440.00
511.10
761.40
780.80
686.60
475.40
491.50
510.30
511.00
570.20
560.00
725.70
701.60
695.80
941.80
641.10
615.40
603.00
608.20
593.90
530.70
519.10
547.10
539.30
526.30
516.90
499.40
511.00
512.40
510.50
504.60
520.40
564.80
791.90
703.60
641.40
619.60
566.80
637.10
614.80
572.20
611.30
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
368.40
376.00
366.20
459.70
447.20
400.30
415.00
434.20
509.20
624.10
478.30
434.80
451.40
465.40
429.00
505.10
534.50
563.60
652.80
593.00
639.40
596.10
596.20
554.70
560.90
508.00
504.80
484.20
513.40
506.80
512.40
479.70
478.70
481.00
497.20
477.10
496.90
501.60
497.80
549.80
622.60
612.30
562.30
497.80
554.70
573.20
550.70
575.90
Source: MCX , N/T-Not traded, N/A-Not available

| 241
SPICES
SPICES
Production of spices in India (2003-04 to 2006-07) in thousand tonnes
Volatility
2004
2005
2006
2007
2008
Cardamom
3.33%
0.46%
1.27%
0.82%
0.95%
0.94%
1.10%
Turmeric
Pepper
Small Cardamom
Red Chilli
Cumin seed
Total Spices
2003-04
587.13
65.00
11.58
1289.34
202.98
4221.00
Cumin Seed
2004-05
751.87
62.00
11.41
1376.58
176.06
4423.00
Pepper
1.70%
0.94%
1.38%
1.27%
1.06%
2005-06
867.07
50.00
12.54
1023.12
199.85
4182.0
Red Chilli
1.94%
2.39%
18.40%
1.74%
1.17%
2006-07
856.46
50.00
11.23
1325.27
176.51
4664.00
Turmeric
2.08%
2.27%
2.10%
1.05%
Source : Spices Board, India

Source: MCX
Item wise Exports of Spices from India (2005-06 to 2008-09) Quantity: ' 000 Tonne; Value: Rs. in Crore
2005-06
Item
2006-07
2007-08
2008-09^
Qty
Value
Qty
Value
Qty
Value
Qty
Value
17.36
150.95
28.75
306.20
35.00
519.50
35.00
520.00
0.86
26.82
0.65
22.36
0.50
24.75
0.55
25.00
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
Pepper
Cardamom small
Chilli
#: 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)
2003-04
Item
2004-05
2005-06
2006-07 (E)
2007-08 (E)
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
Total
126.23
56363.72
102.24
56311.80
90.41
95.40
Value (USD in million)
122.82
125.50
53923.56
121.45
60386.70
133.40
6850.00 40,855.00
90.00
64550.00
160.60
# include aniseed, asafoetida, cinnamon, pepper long, cambodge, herbal spices, ginger, cardamom large, coriander, etc
E=estimates. Source: DGCIS., Kolkata/Delhi
| 243
SPICES: Cardamom
SPICES: Cumin Seed

Monthly MCX Futures Prices (Rs/kg)
MCX Spot (Rs/kg)

Open
Apr-04
May-04
Jun-04
Jul-04
Aug-04
Sep-04
Oct-04
Nov-04
Dec-04
Jan-05
Feb-05
Mar-05
Apr-05
May-05
Jun-05
Jul-05
Aug-05
Sep-05
Oct-05
Nov-05
Dec-05
Jan-06
Feb-06
Mar-06
Apr-06
May-06
Jun-06
Jul-06
Aug-06
Sep-06
Oct-06
Nov-06
Dec-06
Jan-07
Feb-07
Mar-07
Apr-07
May-07
Jun-07
Jul-07
Aug-07
Sep-07
Oct-07
Nov-07
Dec-07
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Jan-09
Feb-09
Mar-09
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
288.0
277.0
272.0
233.1
243.7
259.7
338.0
481.1
529.8
443.0
391.0
406.5
444.0
458.6
487.4
467.9
479.7
486.2
522.7
516.5
563.0
513.5
589.5
639.5
689.0
694.0
612.5
627.0
689.0
635.0
664.5
695.0
730.0
617.3
560.0
554.5
583.8
606.8
High
Low
Close
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
296.8
279.8
276.0
265.0
273.5
354.0
494.7
638.0
534.0
450.0
423.0
449.0
474.5
498.0
505.5
514.8
492.5
573.9
561.0
575.0
592.5
605.5
643.5
718.0
723.5
709.5
687.5
698.5
762.0
740.0
747.0
773.0
732.8
668.0
643.8
594.8
611.0
645.0
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
262.5
259.5
229.0
206.1
243.6
255.0
305.0
465.0
385.0
348.0
327.5
362.0
410.2
395.8
415.2
466.0
449.0
463.6
504.5
492.5
458.0
484.5
560.0
629.0
684.5
551.0
599.0
604.0
654.5
621.0
658.5
683.0
600.5
540.0
530.3
487.0
530.0
595.3
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
277.2
272.1
233.1
244.4
258.7
337.1
482.4
527.0
444.5
391.0
405.5
444.1
460.4
484.0
468.7
478.7
485.7
523.6
514.5
563.5
511.5
591.0
640.0
688.0
692.5
617.5
627.0
692.0
654.5
662.3
691.5
729.8
619.0
565.8
553.5
567.8
604.5
639.0
Volume
in lots^
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
1190
13416
15672
21569
7034
11166
112243
192464
87695
55818
53890
103540
94541
68358
66021
43511
18558
39128
21418
13791
15904
11718
10446
18088
12364
8971
4140
4990
4644
10365
6792
6392
3864
3347
3951
3198
2366
4237
Open Interest
in lots^^
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
254
492
916
1862
1915
1447
4550
3440
1986
1822
2986
6294
5616
6487
5203
2619
1833
2275
981
1527
671
662
829
649
555
421
295
495
533
437
471
370
304
243
311
207
210
230
MCX Spot (Rs/Kg)Vandanmedu

Monthly
Average
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
273.8
262.0
254.8
240.4
249.2
255.5
333.9
469.0
436.4
375.3
348.6
384.6
414.6
418.9
448.0
464.7
457.8
478.3
479.8
478.6
484.3
509.2
559.9
633.8
645.8
626.6
618.1
646.3
671.4
642.4
672.4
693.0
637.5
587.6
558.4
561.9
593.9
587.3
Source: 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.
Month's
High
Month's
Low
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
280.6
268.7
266.4
324.1
259.8
281.6
426.1
500.0
475.0
407.5
372.5
399.0
421.5
435.7
457.1
474.2
464.9
491.3
484.0
485.5
488.0
541.0
597.0
656.5
651.5
647.5
628.5
664.5
681.5
660.0
698.3
721.5
699.0
623.0
590.3
599.5
612.5
605.8
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
267.0
255.3
232.3
229.4
239.3
245.9
279.4
409.2
413.5
354.0
336.5
373.5
405.9
412.2
437.1
454.3
454.0
466.8
473.5
474.5
478.5
490.0
540.0
605.0
641.5
593.0
609.0
625.0
613.5
616.0
653.5
671.5
606.8
513.5
537.8
538.8
572.0
570.8
Monthly
Average
WPI of
Cardamom
136.2
136.2
137.8
140.7
136.2
132.1
134.5
122.2
121.6
127.5
126.6
112.7
108.6
104.1
109.8
116.8
111.6
109.4
112.6
109.1
105.8
108.4
102.0
99.5
103.7
106.0
114.6
115.0
127.0
126.8
117.8
115.6
123.9
134.7
144.9
141.6
144.3
138.1
137.8
141.4
139.3
140.8
136.8
146.3
156.1
170.9
168.5
165.3
165.0
165.7
169.5
162.8
165.7
164.3
165.9
160.0
149.6
151.6
157.0
156.1
Apr-04
May-04
Jun-04
Jul-04
Aug-04
Sep-04
Oct-04
Nov-04
Dec-04
Jan-05
Feb-05
Mar-05
Apr-05
May-05
Jun-05
Jul-05
Aug-05
Sep-05
Oct-05
Nov-05
Dec-05
Jan-06
Feb-06
Mar-06
Apr-06
May-06
Jun-06
Jul-06
Aug-06
Sep-06
Oct-06
Nov-06
Dec-06
Jan-07
Feb-07
Mar-07
Apr-07
May-07
Jun-07
Jul-07
Aug-07
Sep-07
Oct-07
Nov-07
Dec-07
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Jan-09
Feb-09
Mar-09
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
7050
7308
7746
7718
7439
7498
7538
7163
6683
6279
6498
6444
6352
5987
5703
5661
6364
6556
7061
7821
8756
8546
8514
8503
8576
9177
10660
12146
11596
11590
11306
10880
10301
10265
10195
9835
10084
9693
9333
9192
9960
10750
12046
12444
11996
11029
10779
10680
10967
11321
11300
MCX Spot Prices (Rs/qtl)

Month's
Month's
Low
High
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
7150
7950
7900
7880
7650
7640
7620
7465
7085
6510
6584
6540
6450
6257
5859
5748
6705
6618
7730
8226
9000
8781
8703
8570
8735
10043
11423
12531
12183
11931
11445
11138
10664
10445
10360
9995
10369
10192
9475
9903
10130
11646
12675
12662
12457
11935
11075
10853
11655
11597
11552
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
7000
6900
7630
7600
7240
7260
7450
6920
6455
6040
6360
6372
6189
5778
5610
5560
5748
6477
6575
7613
8341
8347
8212
8415
8379
8466
9847
11583
10985
11282
11085
10402
9928
9940
9925
9625
9856
9393
9150
8770
9710
9928
11417
12192
11624
10591
10531
10556
10592
10968
11086
Other market monthly

average spot (Rs/qtl)
Jaipur
6191
5690
5970
6733
6409
6371
5992
6012
6528
6578
6614
7197
6761
6476
6500
6598
6261
5942
5926
6417
6042
6064
5708
5728
5820
6115
6039
6326
7269
7600
7391
7691
7825
7772
8224
9992
11052
10358
10661
10500
10555
10288
10350
10386
9966
10278
9388
9289
9148
10165
10267
10582
10489
10145
9460
10024
9303
10294
11365
11500
WPI of
Cumin seeds
112.0
109.4
112.7
119.5
115.8
116.9
115.1
113.3
119.3
118.7
118.1
116.8
116.3
112.1
112.3
116.6
114.7
118.2
114.6
116.4
117.7
116.8
113.8
112.1
110.9
112.5
108.1
112.8
120.4
127.7
122.9
127.6
131.8
133.9
137.8
158.7
166.5
158.2
151.9
155.7
156.8
147.9
151.6
153.5
154.7
152.1
148.0
145.3
133.7
147.1
151.4
162.2
169.2
157.1
154.9
152.7
151.2
155.0
156.2
149.6
Source: MCX, Agmarknet & Ministry of Commerce and Industry; N/T: Not Traded
| 245
SPICES: Pepper
SPICES: Red Chilli
MCX spot prices (Rs/qtl) Kochi

Monthly Average
Apr-04
May-04
Jun-04
Jul-04
Aug-04
Sep-04
Oct-04
Nov-04
Dec-04
Jan-05
Feb-05
Mar-05
Apr-05
May-05
Jun-05
Jul-05
Aug-05
Sep-05
Oct-05
Nov-05
Dec-05
Jan-06
Feb-06
Mar-06
Apr-06
May-06
Jun-06
Jul-06
Aug-06
Sep-06
Oct-06
Nov-06
Dec-06
Jan-07
Feb-07
Mar-07
Apr-07
May-07
Jun-07
Jul-07
Aug-07
Sep-07
Oct-07
Nov-07
Dec-07
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Jan-09
Feb-09
Mar-09
N/T
N/T
N/T
N/T
N/T
6607
6360
6063
6698
7018
6442
6650
6764
6435
6343
6097
6340
6353
6366
6688
7293
6897
7045
7202
7150
6989
6975
8246
10425
12894
12436
10984
10150
11377
12354
12173
14977
14932
14486
14875
13378
12725
14017
13964
13376
14383
14660
15048
14550
14571
14423
14388
14385
13597
13052
11682
10739
11873
11455
11010
Months High Month's Low Bangalore
N/T
N/T
N/T
N/T
N/T
6700
6600
6300
7300
7300
6600
7000
7100
6585
6500
6240
6400
6405
6500
7144
7450
7125
7489
7444
7264
7167
7291
10500
11460
14000
13400
11300
10838
12579
12535
13381
15634
15741
15295
15505
14165
13255
15600
15215
13600
14932
15546
15650
14875
15282
14613
14775
14505
14292
13895
12165
11440
12520
12315
11450
Source : MCX, Agmarknet & Ministry of Commerce and Industry

N/T: Not Traded; N/A: Not Available
N/T
N/T
N/T
N/T
N/T
6500
6100
5700
6300
6500
6300
6300
6400
6240
6200
5988
6233
6275
6271
6450
7025
6714
6738
7071
6985
6763
6830
7291
9993
11475
11210
10776
9867
10600
12140
11681
13629
14200
13928
14144
12400
12429
12402
13195
13162
13446
14123
14750
14280
14112
14240
14136
14225
12780
11495
11435
10220
10723
10675
10632
MCX Spot prices (Rs/Qtl) Guntur

Month's
Monthly
Month's
Low
Average
High
Other market monthly average spot prices (Rs/qtl)
7600
7600
7600
7600
7600
7600
7600
7600
7600
7600
7600
7600
7600
7574
7600
7467
7000
7000
7000
7000
7000
7000
7000
8522
7833
8802
8993
8394
8050
8050
8050
8050
8150
8150
8150
13217
13285
15000
14868
13900
15544
16050
14164
14300
14300
14322
12500
12500
11000
11000
11000
11871
13750
13750
13583
10250
10250
11489
11750
9776
Dakshina Kannada Uttara Kannada

(Sirsi)
7081
7025
6817
6700
6625
6363
6175
5680
5930
6110
5612
5862
5947
5674
5386
5065
5553
5492
5630
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
9153
10404
11123
11202
13088
12790
13017
13559
12678
12281
13235
12857
12839
13335
13117
13859
12833
13376
13443
13212
13685
15752
12850
11079
9934
11029
10636
12218
7327
7070
6867
6794
6713
6492
6049
6159
6461
6375
6168
6528
6108
5927
5478
5264
5443
5537
5877
6592
6702
6351
6309
7013
7082
7037
6977
7557
8808
11309
10398
9681
9001
10106
11303
11041
12967
12525
12437
13052
12234
12292
13173
12972
12703
13556
13415
14399
13438
13762
13974
12800
13662
13359
12669
11284
10672
11252
9799
11346
Uttara Kannada
(Yellapur)
6679
6634
6474
6390
6401
6346
5990
5717
6057
6078
6104
6070
5592
5309
5230
5216
5497
5468
5699
5779
5917
5695
6017
6817
6942
6538
6298
6715
7920
10092
10413
8878
8735
N/A
N/A
N/A
N/A
11910
11439
11852
11767
11249
11475
63635
12073
12093
12252
13204
11861
12457
12688
12257
12734
12054
11722
10885
10775
10155
10785
10926
WPI of
Pepper
212.1
203.4
199.0
196.1
196.4
188.9
186.9
174.5
180.6
202.1
178.8
186.6
185.9
176.3
175.5
171.1
175.2
174.4
178.9
182.8
192.0
187.6
190.1
237.1
185.8
190.9
184.1
201.1
253.0
304.2
305.2
285.7
270.5
289.9
326.6
326.8
349.8
383.1
376.2
383.8
365.9
350.4
369.1
380.5
367.5
379.1
384.0
414.0
418.1
404.9
405.0
399.7
404.6
380.4
375.4
350.6
323.9
344.8
354.7
342.6
Apr-04
May-04
Jun-04
Jul-04
Aug-04
Sep-04
Oct-04
Nov-04
Dec-04
Jan-05
Feb-05
Mar-05
Apr-05
May-05
Jun-05
Jul-05
Aug-05
Sep-05
Oct-05
Nov-05
Dec-05
Jan-06
Feb-06
Mar-06
Apr-06
May-06
Jun-06
Jul-06
Aug-06
Sep-06
Oct-06
Nov-06
Dec-06
Jan-07
Feb-07
Mar-07
Apr-07
May-07
Jun-07
Jul-07
Aug-07
Sep-07
Oct-07
Nov-07
Dec-07
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Jan-09
Feb-09
Mar-09
N/T
N/T
N/T
N/T
N/T
N/T
2942
2919
2817
2629
2304
2159
1868
1564
1716
1893
1839
1872
2453
2931
2804
2842
2943
3369
3738
4960
4862
4916
5300
6391
6541
6902
6489
6365
4550
4491
4763
4452
4693
4556
4617
4666
4618
4226
3939
3924
4027
4003
4491
4766
5049
5930
6425
6401
6413
6592
6522
6045
5255
5430
N/T
N/T
N/T
N/T
N/T
N/T
3000
2950
2950
2750
2550
2200
2100
1792
1951
2002
1887
2055
2882
3150
2883
2863
3175
3593
4630
5092
5107
5025
5956
6942
7112
7415
7423
6865
6296
4832
5089
4569
4914
4789
4753
4763
4763
4530
4175
4113
4220
4262
4744
4997
5281
6378
6525
6455
6457
6692
6623
6443
5388
5549
N/T
N/T
N/T
N/T
N/T
N/T
2900
2850
2550
2550
2000
2088
1765
1494
1500
1785
1773
1793
2055
2792
2562
2830
2814
3133
3350
4475
4705
4778
4914
6003
693
6546
5887
5980
3875
4209
4371
4338
4424
4372
4458
4588
4508
3808
3734
3783
3864
3854
4195
4517
4997
5257
6313
6325
6348
6446
6450
5858
5094
5287
Other market Spot

(Rs./Qtl)
Dakshina Kannada (Puttur)
5596
5500
5825
5390
5419
5204
5097
5283
5169
5217
4720
5254
4749
4376
3716
3623
3833
4047
4903
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
7960
7354
7336
6916
6992
6880
6462
6295
6250
6264
6436
6320
6295
6278
6365
7477
7250
7924
8750
9385
9438
9293
10647
11321
11739
12155
11819
10276
WPI of Chillies Dry
262.6
231.3
222.0
220.9
219.3
227.1
228.4
226.8
227.8
217.8
219.5
207.0
197.7
185.3
185.6
184.3
188.9
201.6
212.7
224.6
236.2
241.3
246.3
256.1
281.7
299.3
311.3
320.0
325.2
339.4
358.7
391.3
393.9
393.0
379.6
347.2
342.6
321.3
341.5
350.3
356.3
359.7
364.1
353.1
342.9
339.4
344.6
350.9
362.7
388.2
406.9
407.8
434.1
429.9
431.4
431.4
430.1
433.9
426.9
487.2
Source: MCX, Agmarknet & Ministry of Commerce and Industry

| 247
SPICES: Turmeric
SPICES
MCX Spot prices (Rs/Qtl) Nizamabad

Monthly Average
Apr-04
May-04
Jun-04
Jul-04
Aug-04
Sep-04
Oct-04
Nov-04
Dec-04
Jan-05
Feb-05
Mar-05
Apr-05
May-05
Jun-05
Jul-05
Aug-05
Sep-05
Oct-05
Nov-05
Dec-05
Jan-06
Feb-06
Mar-06
Apr-06
May-06
Jun-06
Jul-06
Aug-06
Sep-06
Oct-06
Nov-06
Dec-06
Jan-07
Feb-07
Mar-07
Apr-07
May-07
Jun-07
Jul-07
Aug-07
Sep-07
Oct-07
Nov-07
Dec-07
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Jan-09
Feb-09
Mar-09
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
2689
2602
2538
2383
2257
2154
2190
2238
2308
2492
2612
2760
2759
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
2108
2148
2147
2075
2039
2117
2437
2641
2791
3073
3077
3399
4051
4407
4127
3827
3762
3782
3862
3992
4189
4514
Months High Month's Low
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
2750
2750
2625
2475
2438
2230
2280
2303
2420
2565
2882
2825
2825
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
2135
2189
2179
2118
2078
2298
2685
2673
2995
3110
3116
4006
4161
4645
4595
3908
3955
3897
3890
4198
4278
4720
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
2600
2450
2450
2275
2150
2125
2110
2200
2225
2388
2275
2275
2685
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
2081
2117
2114
2052
1979
2040
2297
2604
2630
2995
3043
3072
3989
4105
3806
3735
3570
3570
3830
3850
4080
4250
Other market monthly average spot prices (Rs./Qtl)

Cuddapah
2191
2436
2404
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
1669
1706
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
1718
1995
N/A
1792
2008
1725
1636
N/A
1611
N/A
N/A
1905
1781
1646
1709
N/A
1657
1585
N/A
1750
N/A
2357
2503
2691
2517
2866
3264
3318
2773
2829
2698
N/A
N/A
N/A
N/A
N/A
Duggirala
1979
2284
2443
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
1769
1741
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
1880
1955
N/A
1880
1975
1976
1738
1705
1613
1588
1691
N/A
1821
1797
1812
N/A
1736
1815
1860
N/A
2222
2348
2635
2656
2791
3075
3580
3263
3217
3095
3195
N/A
N/A
N/A
N/A
Erode
2995
3182
2986
3005
2914
3147
3204
3117
2803
2788
2521
2321
2277
2281
2290
2467
2738
2899
2772
2890
2754
2530
2385
2347
2309
2460
2374
2459
2423
2411
2319
2211
2069
2170
2053
2048
2044
2005
2014
2139
2065
2086
2136
2335
2701
2848
2884
3314
3139
3218
N/A
N/A
N/A
N/A
N/A
3968
4047
N/A
N/A
N/A
WPI of
Turmeric
221.8
225.5
230.1
229.3
223.4
229.1
230.4
229.8
226.8
216.6
214.6
211.7
206.8
200.6
200.5
193.7
200.2
202.4
205.8
208.4
204.0
202.3
198.9
197.2
196.6
197.5
192.9
192.5
195.7
200.9
194.9
189.2
181.8
185.1
186.0
171.8
179.6
177.8
161.9
173.0
175.9
175.6
174.9
172.1
178.0
174.9
174.1
179.5
188.4
186.0
195.7
207.4
214.4
217.1
213.6
210.6
208.9
208.5
209.0
210.5
India's Pepper Exports in Volume & Value
40
Qty 000 tonnes (LHS)
600
Value (In Rs crore) RHS
35
500
30
400
25
20
300
15
200
10
100
5
0
0
2005 -06
2006 -07
2007 -08
2008 -09e
Source: Spices Board, India e - estimates
India's Cardamom Exports in Volume & Value

1
28
27
0.8
26
25
0.6
24
0.4
23
22
0.2
21
20
2005-06
2006-07
2007-08
2008-09e
Source: Spices Board, India e- estimates
India's Red Chilli Exports in Volume & Value

250
1200
200
1000
150
800
100
600
50
400
200
2005-06
2006-07
2007-08
2008-09e
Source: MCX, Agmarknet & Ministry of Commerce and Industry

| 249
SPICES
SPICES
India's Turmeric Exports in Volume & Value
55
53
180
175
170
51
165
49
160
47
155
45
150
43
145
41
140
2006-07
2005-06
2007-08
2008-09e
India's Cumin (Jeera) Exports in Volume & Value

35
350
30
300
25
250
20
200
15
150
10
100
50
5
2005-06
2006-07
2007-08
2008-09e
Share of Different Spices in Total Spices

Exports from India (in value terms)
2008-09e
12%
1%
12%
0%
Pepper
Cardamom (S)
Chilli
2007-08
54%
53%
25% 23%
Turmeric
Cumin
Others#
3%
7%
4%
6%
Source: Spices Board, India
| 251
Correlation Matrix Agricultural commodities - MCX Spot prices (CY 2008)
Wheat
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*
-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
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
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
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
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
-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
-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
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
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
0.4878
-0.0235
0.2002
0.4037
0.4279
0.3045
0.2755
0.1595
0.1255
0.1374
0.1281
0.2338
0.1281
0.5474
0.1778
0.2131
0.0746
-0.0177
-0.0241
0.4878
-0.1194
0.2714
0.5193
0.5748
0.2854
0.4547
0.0649
0.1780
0.3673
-0.3829
0.1997
-0.0248
0.0501
-0.0345
-0.0754
0.1598
-0.2287
0.0683
-0.0235
-0.1194
0.0452
0.0996
0.1065
-0.0999
-0.0066
-0.2201
-0.4347
0.1225
Turmeric
Cotton
0.0705
0.1929
0.3818
0.0967
0.4219
0.3287
0.0257
-0.1017
0.1488
0.2002
0.2714
0.0452
0.1844
0.1957
-0.0646
0.2459
0.2347
-0.1251
0.3754
Sugar (Small)
Chillies
-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
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
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
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
-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
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
-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
*RBI Reference Rate;
Source: MCX, Agmarknet
| 253

Commodity Insights Yearbook (Part 2)

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DATA

Economic parameters impacting Gold prices

Gold Fundamentals (Tonnes)

Global total supply

Real GDP (% change)

Others (official supply and scraps)

World Gold Investment

Indian mine production

Jewellery & Giftware

Industrial Output (YoY % change )

Eurozone ( Refinance rates )

Official Reserves (Central Bank)

Japan (12 month T-Bills)

SPDR Trust-US NYSE

Interest rates (%)

US ( Fed Funds Target)

Money Supply ( YoY % change)

Equity Index (points)

88 | A PUBLICATION BY MCX AND PRICEWATERHOUSECOOPERS

DATA FOR READY REFERENCE

Table 2: Gold Prices

MCX futures prices (Rs/10 gm)

COMEX future prices (US$/Troy ounce)

Source: Exchanges' websites, RBI, LBMA, ICE

90 | A PUBLICATION BY MCX AND PRICEWATERHOUSECOOPERS

DATA FOR READY REFERENCE

Gold Trading activity

Source: Exchanges' websites, LBMA

Gold Value and Inflation

Gold price (March '09 dollars)

Gold price (nominal)

Gold Mine Production ( 2008)

Source: US Department of Labor

Economic parameters impacting Silver prices

Silver Fundamentals (Thousand troy ounce)

Others (official supply and scraps)

Real GDP (% change)

Total Supply (Including scraps)

Jewellery and Silverware

Industrial Output (YoY % change )

Consumer Price inflation (% change)

Indian Mine Production

ETF Physical Silver Holdings (Thousand troy ounce)

SLV (i-Shares ) Trust

COMEX Silver Inventories

Average daily volatility spot prices (India)

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

Interest rates (%)

US ( Fed Funds Target)

Equity Index (points)

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

94 | A PUBLICATION BY MCX AND PRICEWATERHOUSECOOPERS

DATA FOR READY REFERENCE

Spot prices (Rs/Kg)

COMEX futures prices ($/troy ounce)

LBMA (US$ /Troy ounce )

Monthly Average Monthly Average

Monthly Average U.S.

Source: Exchange's websites, RBI, LBMA, ICE

96 | A PUBLICATION BY MCX AND PRICEWATERHOUSECOOPERS

DATA FOR READY REFERENCE

Silver Trading activity