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Commodity Derivatives and Price Risk Management
Commodity Derivatives and Price Risk Management
Commodity derivatives trading in India notwithstanding its long and tumultuous history, with globalisation and recent measures of liberalisation, has witnessed a massive resurgence turning it one of the most rapidly growing areas in the financial sector today. This project endeavours to test the efficacy and performance of commodity derivatives in steering the price risk management. The critical analytics of performance divulges that these markets although are yet to achieve minimum critical liquidity, almost all the commodities throw an evidence of co-integration in both spot and future prices, presaging that these markets are marching in the right direction of achieving improved operational efficiency, at a slower pace. In the case of some commodities, however, the volatility in the future price has been substantially lower than the spot price indicating an inefficient utilisation of information. Several commodities also appear to attract wide speculative trading. Hedging proves to be an effective proposition in respect of some commodities, while others entail moderate or considerably higher risk. As the markets develop, it remains to be seen whether the information content of future prices could be factored in the course of future monetary policy setting.
Introduction
In the wake of globalisation and surge in the global uncertainties, financial organisations around the world are devising methods and instruments to contain the price risk that these uncertainties bring. Commodity derivatives are such instruments that have been devised to achieve price risk management by basing the value of a security on the value of an underlying commodity. Commodity derivatives trading although has witnessed a long and chequered history, with the recent measures of liberalisation, the sector has witnessed a massive boom in the country. Commodity derivatives or futures markets hold a key in insulating the producers and the trade functionaries from the seasonal and cyclical oscillations in the prices of commodities, which are aggravated by the high income and low price elasticities of demand and the shifts in such elasticties overtime. Derivatives markets hold an immense potential for the economy as they stabilise the amplitude of price variations, facilitate lengthy, complex production decisions, bring
a balance between demand and supply, act as a price barometer to the farmers and the traders besides encouraging competition. These markets while enabling price discovery and better price risk management engender inter-temporal price equilibrium and horizontal and vertical price integration. While ensuring price risk mitigation and remunerative returns, these markets also contribute in scaling down the PGDM, IAMR Ghaziabad Page 1
downside risks associated with agricultural lending and thereby facilitate the flow of credit to agriculture. Besides, these markets through the use of warehouse receipts obviate the need for collaterals, the lack of which has currently impeded the flow of agricultural credit. They also hold a key role not only in reinvigorating the spot markets but also triggering the diversified growth of Indian agriculture in line with the consumption pattern. A strong, healthy, vibrant and well developed commodity exchanges can play a pivotal role in the globalisation of international trade by imparting a competitive pricing efficiency to exports. The promotion of derivatives trading has become imperative particularly, in the aftermath of WTO regime to face the challenges in terms of exposure to the vicissitudes of world commodity prices and heightened competition.
1. A security derived from a debt instrument, share, loan whether secured or unsecured, risk instrument or contract for differences or any other form of security. 2. A contract which derives its value from the prices, or index of prices, of underlying Securities.
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Derivatives Markets
Derivatives markets can broadly be classified as commodity derivatives market and financial derivatives markets. As the name suggest, commodity derivatives markets trade contracts are those for which the underlying asset is a commodity. It can be an agricultural commodity like wheat, soybeans, rapeseed, cotton, etc or precious metals like gold, silver, etc. or energy products like crude oil, natural gas, coal, electricity etc. Financial derivatives markets trade contracts have a financial asset or variable as the underlying. The more popular financial derivatives are those which have equity, interest rates and exchange rates as the underlying. The most commonly used derivatives contracts are forwards, futures and options which we shall discuss in detail later.
Derivative contracts are of different types. The most common ones are forwards, futures, options and swaps. Participants who trade in the derivatives market can be classified under the following three broad categories: hedgers, speculators, and arbitragers.
1. Hedgers: The farmer's example that we discussed about was a case of hedging. Hedgers face risk associated with the price of an asset. They use the futures or options markets to reduce or eliminate this risk.
2. Speculators: Speculators are participants who wish to bet on future movements in the price of an asset. Futures and options contracts can give them leverage; that is, by putting in small amounts of money upfront, they can take large positions on the market. As a result of this leveraged speculative position, they increase the potential for large gains as well as large losses.
3. Arbitragers: Arbitragers work at making profits by taking advantage of discrepancy between prices of the same product across different markets. If, for example, they see the futures price of
PGDM, IAMR Ghaziabad Page 3
an asset getting out of line with the cash price, they would take offsetting positions in the two markets to lock in the profit.
Whether the underlying asset is a commodity or a financial asset, derivatives market performs a number of economic functions.
Prices in an organised derivatives market reflect the perception of market participants about the future and lead the prices of underlying to the perceived future level. The prices of derivatives converge with the prices of the underlying at the expiration of the derivative contract. Thus, derivatives help in discovery of future as well as current prices.
The derivatives market helps to transfer risks from those who have them but may not like them to those who have an appetite for them.
Derivatives, due to their inherent nature, are linked to the underlying cash markets. With the introduction of derivatives the underlying market witnesses higher trading volumes, because of participation by more players who would not otherwise participate for lack of an arrangement to transfer risk.
Speculative traders shift to a more controlled environment of the derivatives market. In the absence of an organised derivatives market, speculators trade in the underlying cash markets. Margining, monitoring and surveillance of the activities of various participants become extremely difficult in these kinds of mixed markets.
An important incidental benefit that flows from derivatives trading is that it acts as a catalyst for new entrepreneurial activity. Derivatives have a history of attracting many bright, creative, well-educated people with an entrepreneurial attitude. They often energize others to create new businesses, new products and new employment opportunities, the benefit of which are immense.
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Derivatives markets help increase savings and investment in the long run. The transfer of risk enables market participants to expand their volume of activity.
Here we define some of the more popularly used derivative contracts. Some of these, namely futures and options will be discussed in more details at a later stage. Forwards: A forward contract is an agreement between two entities to buy or sell the underlying asset at a future date, at today's pre-agreed price.
Futures: A futures contract is an agreement between two parties to buy or sell the underlying asset at a future date at today's future price. Futures contracts differ from forward contracts in the sense that they are standardised and exchange traded.
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Options: There are two types of options - call and put. A Call option gives the buyer the right but not the obligation to buy a given quantity of the underlying asset, at a given price on or before a given future date. A Put option gives the buyer the right, but not the obligation to sell a given quantity of the underlying asset at a given price on or before a given date. Warrants: Options generally have lives of up to one year, the majority of options traded on options exchanges having a maximum maturity of nine months. Longer-dated options are called warrants and are generally traded over-the-counter. Baskets: Basket options are options on portfolios of underlying assets. The underlying asset is usually a weighted average of a basket of assets. Equity index options are a form of basket options. Swaps: Swaps are private agreements between two parties to exchange cash flows in the future according to a prearranged formula. They can be regarded as portfolios of forward contracts. The two commonly used swaps are: Interest rate swaps: These entail swapping only the interest related cash flows between the parties in the same currency. Currency swaps: These entail swapping both principal and interest between the parties,with the cash flows in one direction being in a different currency than those in the opposite direction.
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COMMODITY MARKET
In India, trading in commodity futures has been in existence from the nineteenth century with organised trading in cotton through the establishment of Cotton Trade Association in 1875. Over a period of time, other commodities were permitted to be traded in futures exchanges. Regulatory constraints in 1960s resulted in virtual dismantling of the commodity futures market. It is only in the last decade that commodity futures exchanges have been actively encouraged. In the commodity futures market, the quinquennium after the set up of national level exchanges witnessed exponential growth in trading with the turnover increasing from 1.29 trillion(one trillion equals 100,000 crore) in 2003-04 to 119 trillion in 2010-11. However, the markets have not grown to significant levels as compared to developed countries. Furthermore, in some of the major derivative exchanges in the world such as Chicago Board of Trade (CBOT), London International Futures and Options Exchange (LIFEE), etc, there is convergence between the commodities and securities derivatives markets. With the globalisation of financial markets, significant developments are taking place in the international arena in terms of electronic trading, internet based commodity exchanges and electronic communication networks (ECNs) using multiple products and combination of networks as competitors to exchanges. There are increasing alliances, often international, to compete effectively with exchanges and ECNs. An overview of futures trading and the volumes traded around the world divulges massive divergence across the different exchanges.
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Commodity Exchange
Commodity exchanges are defined as centers where futures trade is organized in a wider sense; it is taken to include any organized market place where trade is routed through one mechanism, allowing effective competition among buyers and among sellers. This would include auctiontype exchanges, but not wholesale markets, where trade is localized, but effectively takes place through many non-related individual transactions between different permutations of buyers and sellers.
Commodity Defined
In economics, a commodity is the generic term for any marketable item produced to satisfy wants or needs Economic commodities comprise goods and services. The more specific meaning of the term commodity is applied to goods only. It is used to describe a class of goods for which there demand is, but which is supplied without qualitative differentiation across a market
Standardize Quality Available in bulk quantities Trader in the particular commodity should be many Basically primary sector product ready to be manufactured or product of less complicated manufacturing process
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: An option that gives the buyer the right to a long position in the underlying futures at a specific price; the call writer (seller) may be assigned a short position in the underlying futures if the buyer exercises the call. : The price (or price range) recorded during the period designated by the exchange as the official close. : Orders at a limited price which are understood to be good for the day unless expressly designated as an open order or "good-till-canceled" order. : An approach to market forecasting that emphasizes the analysis of factors affecting supply and demand (opposite of technical analysis). : A term used to designate any or all contracts covering the sale of commodities (including financial instruments and cash representing indexes) for future delivery made on an exchange and subject to its rules. : The maximum daily price change above or below the previous close in a specific futures market. Trading limits may be changed during periods of unusually high market activity. : An order given to a broker by a customer which has some restrictions upon its execution. such as price or time. : Cash or equivalent posted as guarantee of fulfillment of a futures contract (not
Limit
Limit order
Margin
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a downpayment). Margin call : Demand for additional funds or equivalent because of adverse price movements or some other contingency.
Mark-to-market : The practice of crediting or debiting a trader's account based on the daily closing prices of the futures contracts he is long or short. Market order Nearby Net position : An order for immediate execution at the best available price. : The futures contract closest to expiration. : The difference between the open contracts long and the open contracts short held in any one commodity by any individual or group. : The price at which the spot or cash commodity is selling on the cash or spot market.
Spot price
REGULATORY BODY
The Forward Markets Commission (FMC) is the chief regulator of forwards and futures
markets in India. As of March 2009, it regulated Rs 52 trillion worth of commodity trades in India. It is headquartered in Mumbai and unusually for a financial regulatory agency is overseen by the Ministry of Consumer Affairs, Food and Public Distribution (India). Mr. Ramesh Abhishek replaced Mr. B.C. Khatua as the chairman of the commission in 2011.
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At present, there are three tiers of regulations of forward/futures trading system exists in India, namely, Government of India, Forward Markets Commission and Commodity Exchanges.
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The FC(R) Act, 1952 prohibits options in commodities. For the purpose of forward contracts in certain commodities can be regulated by notifying those commodities u/s 15 of the Act; forward trading in certain other commodities can be prohibited by notifying these commodities u/s 17 of the Act.
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STRUCTURE OF FMC
There are more than 20 recognised commodity futures exchanges in India under the purview of the Forward Markets Commission (FMC). The country's commodity futures exchanges are divided majorly into two categories:
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1 National Multi Commodity Exchange of India Ltd., Ahmedabad (NMCE) 2 Multi Commodity Exchange of India Ltd., Mumbai (MCX) 3 National Commodity & Derivatives Exchange Ltd., Mumbai (NCDEX) 4 Indian Commodity Exchange Ltd., Mumbai (ICEX)
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Exchanges to be de-mutualised Exchange recognised on permanent basis Multi commodity exchange Large expanding volumes
Regional Exchanges
Online trading not compulsory De-mutualisation not mandatory Recognition given for fixed period after which it could be given for re regulation Generally, these are single commodity exchanges. Exchanges have to apply for trading each commodity Low volumes in niche markets
TRADE TIMING
Special Session: Monday to Saturday: 9:45 a.m. to 9:59 a.m. Special Session (order cancellation session) is held to cancel the pending orders prior to opening of market Normal Session: Monday through Friday: 10:00 a.m. to 11:30 p.m. (up to 11:55 p.m. on account of day light savings typically between every November and March of the following year) Saturdays: 10:00 a.m. to 2:00 p.m. Agri-commodities are available for futures trading up to 5:00 p.m. whereas non agri-commodities (bullions, metals, energy products) are available up to 11:30 pm /11.50
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In India, the primary commodities account for bulk of the value of trading on the existing commodities derivatives market. In the last three years, they accounted for 74 per cent of total value of derivatives trading. Although trading in other commodities such as gold silver, metals and oil recorded only in the recent period, there has been a boom, particularly in the bullion market (Chart 3).
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Similarly, the value of trading of agricultural commodities as a proportion GDP emanating from agriculture witnessed a three-fold increase in 2004-05, recording a ratio over 70 per cent. However, the value of trading of agricultural commodities as a proportion overall GDP stood at around 37 per cent, followed by bullion (around 24 per cent), oils (6 per cent) and other metals (0.6 per cent) during 2005-06 (Table 2).
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in lackh crore
40 30 20 10 0 Bullion Base metals Energy products Agricultural commodities 26.88 23.11 14.56
Out of 21 recognized exchanges, Multi Commodity Exchange (MCX), Mumbai, National Commodity and Derivatives Exchange (NCDEX), Mumbai, National Multi Commodities Exchange, (NMCE), Ahmedabad, Indian Commodity Exchange, Ltd., Gurgaon, ACE Derivatives and Commodity Exchange, Ahmedabad, National Board of Trade (NBOT), Indore, contributed 99.84% of the total value of the commodities traded during the year.
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MCX NCDEX, Mumbai NMCE, Ahmedabad ICEX, Gurgaon ACE, Ahmedabad @ NBOT, Indore Total of six Exchanges Others Grand Total
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% share of the commodity exchanges to the total value of trade during the year 2010-11 (April-March) NBOT
NMCE 1.83% ICEX 3.16% ACE 0.25% 0.43% Others 0.16%
NCDEX 11.81%
MCX 82.36%
MCX
NCDEX
NMCE
ICEX
ACE
NBOT
Others
During 2010-11, MCX accounted for 82.36% of the total value of trade in the commodity market. In actual terms, the total value of trade in the MCX was ` 98.42 lakh crore. During the year, 39 commodities were traded at the MCX platform amongst which predominant commodities traded during the year were Silver, Gold, Crude Oil, Copper, Nickel, Zinc and Lead. The total value of trade and percentage share of each of these predominantly traded commodities at MCX, Mumbai in 2010-11 is given below:
TOTAL VOLUME & VALUE OF COMMODITIES TRADED AT MCX, MUMBAI 2010-11 S.NO COMMODITY VOLUME (IN LAKH TONNES) 6.97 0.13 6317.99 309.80 43.55 388.87 VALUE ( ` IN CRORES) 2700017.25 2469246.20 1764067.84 1145074.86 464577.93 389457.78 SHARE OF VALUE TO TOTAL 27.44 25.09 17.92 11.64 4.72 3.96 Page 22
1 2 3 4 5 6
7 8
@ Volume of trading of Natural Gas not included in the total as the Unit of trading is in mmBtu.
The graphical presentation of the percentage share of the prominently traded commodities at MCX Mumbai is given below.
% SHARE OF THE VALUE OF THE COMMODITIES TRADED AT MCX,MUMBAI DURING April'2010 TO March' 2011 LEAD 3.11% OTHER 6.12%
ZINC 3.96%
NICKEL 4.72%
SILVER 27.44%
COPPER 11.64%
CRUDEOIL 17.92%
GOLD 25.09%
SILVER
GOLD
CRUDEOIL
COPPER
NICKEL
ZINC
LEAD
OTHER
1. Silver The ready price of Silver, which was quoted at ` 26,875 per kg on 31.03.2010, rose to ` 55,900
on 31.03.2011, showing a rise of 108%. In the futures section, the price which was quoted at ` 26,935 per kg (May 2010 contract) on 31.03.2010 rose to ` 55,970 per kg (May 2011 contract) on 31.03.2011 showing a rise of 107.80%. PGDM, IAMR Ghaziabad Page 23
SPOT
5-May-10
5-Jul-10
4-Sep-10
4-Dec-10
5-Mar-11
5-May-11
5-Jul-11
5-Sep-11
5-Dec-11
The total quantity traded in all contracts of silver was 6.97462 Lakh tonnes valued at 2700017.249 crore.
2. Gold:
The ready price of Gold, which was quoted at ` 16300 per 10 gm on 31.03.2010 rose to ` 20760 on 31.03.2011, showing a rise of 27.36%. In the futures section, the price which was quoted at ` 16295 per 10 gm (April 2010 contract) on 31.03.2010, rose to ` 20693 (April 2011 contract) per 10 gm on 31.03.2011 showing a rise of 26.99%.
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Rs. per 10 Gm
31-Mar-10
7-Jul-10
16-Mar-11
4-Jun-11
12-May-10
26-May-10
10-Nov-10
24-Nov-10
SPOT 5-Aug-11
5-Apr-10 5-Oct-11
5-Jun-10
18-Aug-10
5-Aug-10
5-Oct-10
4-Dec-10
5-Feb-11
22-Dec-10
15-Sep-10
29-Sep-10
5-Apr-11
The total quantity traded in for all contracts of Gold traded was 0.12890 Lakh tonnes valued at ` 2469246.201crore.
3. Crude Oil
The ready price of Crude Oil which was quoted at ` 3702 per Barrel on 31.03.2010 rose to ` 4668 on 31.03.2011, showing a rise of 26.09%. In the futures section, the price which was quoted at ` 3751 per Barrel (April 2010 contract) on 31.03.2010 rose to ` 4744 (April 2011 contract) per Barrel on 31.03.2011 showing a rise of 26.47%.
30-Mar-11
23-Jun-10
19-Jan-11
21-Jul-10
16-Feb-11
13-Oct-10
27-Oct-10
14-Apr-10
28-Apr-10
4-Aug-10
8-Dec-10
1-Sep-10
2-Mar-11
9-Jun-10
5-Jan-11
2-Feb-11
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21-Jul-10
31-Mar-10
8-Dec-10
2-Mar-11
9-Jun-10
5-Jan-11
7-Jul-10
2-Feb-11
16-Mar-11
12-May-10
26-May-10
10-Nov-10
24-Nov-10
18-Aug-10
22-Dec-10
15-Sep-10
29-Sep-10
19-Aug-10 21-Mar-11
20-Sep-10 18-Apr-11
30-Mar-11
23-Jun-10
19-Jan-11
16-Feb-11
13-Oct-10
14-Apr-10
28-Apr-10
27-Oct-10
4-Aug-10
1-Sep-10
The total quantity traded in Crude Oil was 6317.99250 lakh tonnes valued at 1764067.835 crore.
`. PER KG
FUTURES CLOSING PRICES FOR CONTRACT EXPIRING ON Date SPOT 5-May-10 31-Mar10 15-Apr-10 30-Apr-10 15-May10 31-May10 15-Jun10 30-Jun10 15-Jul-10 31-Jul-10 5-Jul-10 4-Sep-10 4-Dec-10 5-Mar-11 5-May-11 5-Jul-11 5-Sep-11 5-Dec-11
26875.00
26935.00
27141.00
27346.00
27506.00
27775.00 28235.00
27855.00 28304.00
28041.00 28297.00
28246.00 28418.00
28410.00 28577.00
29520.00
29658.00
29758.00
29931.00
30183.00
29263.00
29292.00
29385.00
29484.00
29215.00
29210.00
29366.00
29445.00
29551.00
29645.00
29575.00
29604.00
29607.00
29708.00
29832.00
29150.00 28644.00
29170.00 28636.00
29272.00 28750.00
29356.00 28862.00
29559.00 28950.00
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14-Aug10 31-Aug10 15-Sep10 30-Sep10 15-Oct-10 30-Oct-10 15-Nov10 30-Nov10 15-Dec10 31-Dec10 15-Jan11 31-Jan11 15-Feb11 28-Feb11 15-Mar11 31-Mar11
28993.00 30140.00 32050.00 33350.00 36450.00 37075.00 39575.00 41805.00 44250.00 46065.00
29039.00 30915.00
29270.00 30956.00 32220.00 33097.00 36230.00 37378.00 39869.00 43198.00 44442.00 46217.00
29416.00 30991.00 32282.00 33185.00 36344.00 37518.00 40144.00 43320.00 44631.00 46433.00 32330.00 33310.00 36574.00 37625.00 40329.00 43428.00 44750.00 46593.00 44832.00 46712.00
44600.00
43842.00
44157.00
44306.00
44452.00
42950.00
43640.00
43936.00
44033.00
44178.00
46050.00
46390.00
47107.00
47317.00
47469.00
49600.00
49850.00
51113.00
51553.00
51919.00
52450.00
52084.00
52850.00
53481.00
54913.00
55900.00
55970.00
56609.00
57261.00
58157.00
Page 27
SPOT & FUTURES PRICES OF GOLD AT MCX `. PER 10 GRAMS FUTURES CLOSING PRICES FOR CONTRACT EXPIRING ON Date SPOT 5-Apr10 16295.0 0 5-Jun10 16436.0 0 16838.0 0 17125.0 0 18164.0 0 18385.0 0 5-Aug10 16527.0 0 16920.0 0 17208.0 0 18248.0 0 18398.0 0 18664.0 0 18852.0 0 18400.0 0 17770.0 0 4-Dec10 5-Feb11 5-Apr11 4-Jun11 5-Aug11
5-Oct-10
5-Oct-11
31-Mar10 15-Apr10 30-Apr10 15-May10 31-May10 15-Jun10 30-Jun10 15-Jul10 31-Jul10 14-Aug10 31-Aug10 15-Sep10 30-Sep10 15-Oct10 30-Oct10 15-Nov10 30-Nov10
16300.0 0 16750.0 0 17015.0 0 18177.0 0 18377.0 0 18565.0 0 18805.0 0 18428.0 0 17799.0 0 18509.0 0 18920.0 0 19185.0 0 19165.0 0 19810.0 0 19680.0 0 20130.0 0 20500.0 0
16592.0 0 17012.0 0 17291.0 0 18345.0 0 18466.0 0 18747.0 0 18926.0 0 18488.0 0 17937.0 0 18565.0 0 19134.0 0 19139.0 0 19035.0 0 17049.0 0 17339.0 0 18327.0 0 18525.0 0 18780.0 0 19001.0 0 18565.0 0 18025.0 0 18662.0 0 19236.0 0 19232.0 0 19239.0 0 19835.0 0 19807.0 0 20223.0 0 20538.0 0 18831.0 0 19047.0 0 18653.0 0 18090.0 0 18727.0 0 19339.0 0 19325.0 0 19345.0 0 20006.0 0 20000.0 0 20415.0 0 20807.0 0 18799.0 0 19410.0 0 19440.0 0 19427.0 0 20148.0 0 20153.0 0 20600.0 0 20969.0 0 20250.0 0 20285.0 0 20676.0 0 21067.0 0
15-Dec-
20533.0
20631.0
20827.0
20969.0
21152.0
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0 21193.0 0 20837.0 0 20567.0 0 20924.0 0 21551.0 0 21246.0 0 21375.0 0 21124.0 0 21828.0 0 21588.0 0 21686.0 0
`
Date Spot 3702.0 0 3830.0 0 3796.0 0 3230.0 0 3443.0 0 3498.0 0 3533.0 0 19-Apr10 3751.00 19-May10 3769.00 21-Jun10 3787.00 19-Jul10 3814.0 0 3925.0 0 3964.0 0 3558.0 0 3526.0 0 3615.0 0 3523.0 0 19-Aug10 3822.00 20-Sep10 3829.00 20-Oct10
18-Nov10
31-Mar-10
15-Apr-10
3800.00
3852.00
3907.00
3961.00
3959.00
30-Apr-10
3814.00
3908.00
3995.00
4024.00
4034.00
15-May-10
3264.00
3440.00
3638.00
3689.00
3740.00
31-May-10
3464.00
3577.00
3625.00
3664.00
3695.00
15-Jun-10
3556.00
3659.00
3698.00
3744.00
3764.00
30-Jun-10
3563.00
3603.00
3647.00
3692.00
3714.00
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15-Jul-10
3592.0 0
3558.0 0
3590.00
3622.00
3659.00
3689.00
3736.00
31-Jul-10
3668.0 0
3654.00
3686.00
3716.00
3743.00
3780.00
14-Aug-10
3512.0 0 3499.0 0 3561.0 0 3497.0 0 3653.0 0 3627.0 0 3789.0 0 3927.0 0 3973.0 0 4034.0 0 4147.0 0 4086.0 0 3859.0 0 4441.0 0 4569.0 0
3537.00
3580.00
3624.00
3661.00
3696.00
31-Aug-10
3449.00
3526.00
3609.00
3657.00
15-Sep-10
3514.00
3585.00
3659.00
3713.00
30-Sep-10
3591.00
3650.00
3703.00
15-Oct-10
3599.00
3653.00
3704.00
30-Oct-10
3630.00
3689.00
15-Nov-10
3854.00
3906.00
30-Nov-10
3923.00
15-Dec-10
4020.00
31-Dec-10
15-Jan-11
31-Jan-11
15-Feb-11
28-Feb-11
15-Mar-11
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31-Mar-11
4668.0 0
`. PER 10 GRAMS
Date 31-Mar-10 15-Apr-10 30-Apr-10 15-May-10 31-May-10 15-Jun-10 30-Jun-10 15-Jul-10 31-Jul-10 14-Aug-10 31-Aug-10 15-Sep-10 30-Sep-10 15-Oct-10 30-Oct-10 15-Nov-10 Spot 3702.00 3830.00 3796.00 3230.00 3443.00 3498.00 3533.00 3592.00 3668.00 3512.00 3499.00 3561.00 3497.00 3653.00 3627.00 3789.00 3798.00 3730.00 3695.00 3759.00 3743.00 3754.00 3737.00 3950.00 3735.00 3792.00 3781.00 3798.00 3781.00 3995.00 3818.00 3850.00 3814.00 4025.00 3853.00 4056.00 19-Jan11 21-Feb11 21-Mar11 18-Apr11 19-May11 20-Jun11 19-Jul11 19-Aug11 19-Sep11
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4134.00 4224.00 4277.00 4395.00 4447.00 4308.00 4588.00 4588.00 4794.00 4312.00 4477.00 4569.00 4419.00 4636.00 4636.00 4840.00 4592.00 4484.00 4674.00 4672.00 4892.00 4715.00 4727.00 4942.00 4991.00
Page 32
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