Indian Economy-An Overview

MARKET
PROLOGUE
COMMENTRY
EXPERTS' VIEWS
INDIAN ECONOMY
MARKET DATA
FOR READY
REFERENCE
INDIAN
ECONOMY
AN OVERVIEW
India has entered the club of
top 20 exporters of goods and
reclaimed its position among top
10 services exporters in the world
during 2010-11.
54 Commodity Insights Yearbook 2011
054-073_CYIB_2011_Indian Economy_final.indd 54
1/19/2012 1:57:24 AM
DATABANK - NON-AGRI COMMODITIES
www.mcxindia.com / www.pwc.com/in/en
DATABANK
DATABANK- -AGRI
AGRICOMMODITIES
COMMODITY
A PwC & MCX Joint Endeavour 55
1/19/2012 1:58:16 AM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
The Indian Economy
An Overview
s per the Revised Estimate (RE) of Central Statistics

According to Ministry of Finance, in 2010-11, during the
Office (CSO), Ministry of Finance, the growth in south west-monsoon period (June 1 to September 30), the
Indias Gross Domestic Product (GDP) at factor cost cumulative rainfall received in the country as a whole was 912.8
at constant (2004-05) prices was estimated at 8.5% mm, which is 2% above the normal. During this period, out of
in 2010-11 compared with 8.0% in 2009-10. At disaggregated 36 meteorological sub-divisions in the country, 31 received
level, this (RE 2010-11) comprises growth of 6.6% in agriculture excess/normal rainfall and five received deficient rainfall.
and allied activities, 7.9% in industry and 9.4% in services
The impact of good monsoon reflected in a robust growth
against a growth of 0.4%, 8.0% and 10.1%, respectively, during in agriculture and allied activities. And the Indian growth
2009-10. During 2010-11, IIP growth was 7.8% compared with story remained solid in 2010-11. Even though develop10.5% during 2009-10. The growth in India is second to China ments in the developed world, including Europe, do not paint
and way above the average growth rates for the world, OECD a very rosy picture of world economic recovery, analysts and
countries and the developing countries (see chart)
economists expect the momentum to continue in 2011-12
The index for six core industries (comprising crude oil, and beyond.
petroleum refinery products, coal, electricity, cement
and finished carbon steel) with a weight of 26.68%
Real GDP growth rates (%)
in the IIP grew by 5.9% during April-March 2010-11,
15
compared with growth rate of 5.5% achieved during
the corresponding period of 2009-10 (source: CSO).
10
Notably, according to India Brand Equity Foundation,
India has entered the club of top 20 exporters of goods
5
and reclaimed its position among top 10 services
exporters in 2010-11. While exports, in US dollar
0
terms and customs basis, during 2010-11 increased
by 41.2% to US $252.35 billion, imports increased by
-5
22.3% to $352.57 billion vis-a-vis the same period a
2008
2009
2010e
2011f
year ago. Further, while oil imports increased by 21.7%,
World
OECD Countries
Developing countries
non-oil imports too rose, by 22.5%, during 2010-11
China
India
Source: The Global Economic Outlook, World bank, June 2011, e-estimates, f-forecast
over 2009-10.
1/19/2012 1:58:39 AM
DATABANK - AGRI COMMODITIES
1/19/2012 2:00:34 AM
PROLOGUE
EDITORIALS
INDIAN ECONOMY
EXPERTS' VIEWS
Key Economic indicators

Data categories and components
Units
2010-11
2009-10
2008-09
2007-08
2006-07
Rs crore
7,875,627
6,550,271
5,582,623
4,986,426
4,293,672
%
Rs crore
20.2%
4,877,842
17.3%
4,493,743
12.0%
4,162,509
16.1%
3,898,958
16.3%
3,566,011
%
% of GDP
% of GDP
8.5RE
37.5
-
8QE
37
36.5QE
6.8
35.4
34.5
9.3
39.8
38.1
9.6
37
35.5
Rs
54,835
46,492
40,605
35,430
31,080
Mn tonnes
241.6
218.1
234.5
230.8
217.3
8.2
5.3
2.5
8.5
11.6
6.0
5.5
2.7
6.3
7.3
Prices
Inflation (WPI) (52-week average)
Inflation CPI-(IW) (average)
% change
% change
9.6
10.4
3.8
12.4
8.1
9.1
4.7
6.2
5.4
6.7
External Sector
Export Growth (US$)
Import Growth (US$)
Current Account Balance (CAB)/GDP
Foreign Exchange Reserves
Average Exchange Rate
% change
% change
%
US $Bn.
Rs/US$
37.4
26.7
-2.6
305.0
45.6
-3.6
-2.6
-2.8
279.0
47.4
13.7
19.8
-2.3
252.0
46.0
29.0
35.5
-1.3
309.7
40.3
22.6
24.5
-1.0
199.2
45.3
GDP and Related Indicators

GDP at factor cost (current market prices)
2004-05 prices
Growth Rate
GDP at factor cost (constant market prices)
2004-05 prices
Growth Rate
Savings Rate
Capital Formation (rate)
Per Cap. Net National Income
(factor cost at current prices)
Production
Foodgrains
Index of Industrial Production
(growth)
Electricity Generation
(growth)
Money and Credit

Broad Money (M3) annual
Scheduled Commercial Bank Credit
(growth)
% change
16.0
16.8
19.3
21.4
21.7
% change
21.5
16.9
17.5
22.3
28.1
Fiscal Indicators (Centre)

Gross Fiscal Deficit
Revenue Deficit
Primary Deficit
% of GDP
% of GDP
% of GDP
5.1
3.4
2.0
6.4
5.2
3.1
6.0
4.5
2.6
2.6
1.1
-0.9
3.3
1.9
-0.2
Million
1210
1170
1154
1138
1122
Population
Note: AE GDP gures for 2009-10 are advance estimates; QE quick estimates; RE: Revised Estimates; p: provisional
na not yet available / released for 2009-10
Source: Economic Survey 2009-10; RBI annual report 2010-11
Gross domestic product by economic activity at constant 2004-05 prices (per cent)
Agriculture, Forestry & Fishing
Mining & Quarrying
Manufacturing
Electricity, Gas & Water Supply
Construction
Trade, hotel, transport & comm.
Financing, Insurance, Real Estate & Business Services
Community, Social & Personal Services
GDP at factor cost
Source: Central Statistical Organisation (CSO)
2010-11
2009-10
2008-09
2007-08
2006-07
6.61
5.78
8.34
5.65
8.07
10.26
9.89
7.00
8.50
0.44
6.95
8.79
6.37
7.02
9.72
9.20
11.84
8.00
-0.15
1.30
4.25
4.93
5.44
7.49
12.47
12.68
6.80
5.80
3.69
10.28
8.27
10.74
11.00
11.93
6.87
9.30
4.16
7.47
14.31
9.29
10.33
11.61
13.99
2.85
9.60
1/19/2012 2:00:34 AM
Money supply (in Rs crore)

M1
Currency with the public
Deposit money of the public
M2
M1
Post office savings bank deposits
M3
M1
Time deposits with banks
M4
M3
Total post office deposits
Source: RBI, Various Economic Surveys
2010-11
2009-10
2008-09
2007-08
2006-07
2001-02
1,635,569
914,197
721,372
1,640,610
1,635,569
5,041
6,499,548
1,635,569
4,863,979
6,525,517
6,499,548
25,969
1,489,301
767,492
721,809
1,494,342
1,489,301
5,041
5,602,731
1,489,301
4,113,430
5,628,700
5,602,731
25,969
1,259,707
665,450
594,258
1,264,748
1,259,707
5,041
4,794,812
1,259,707
3,535,105
4,820,781
4,794,812
25,969
1,155,837
568,410
587,427
1,160,878
1,155,837
5,041
4,017,883
1,155,837
2,862,046
4,043,852
4,017,883
25,969
967,955
482,854
485,100
972,996
967,955
5,041
3,310,068
967,955
2,342,113
3,336,037
3,310,068
25,969
422843
240795
182049
427884
422843
5041
1498355
422843
1075512
1524324
1498355
25969
Foreign exchange reserves (end period)

End of
Financial
Year
SDRs##
Gold*
Rs crore
USD
million
Rs crore
USD
million
2010-11
2009-10
2008-09
2007-08
2006-07
2001-02
20,401
22,596
6
74
8
50
4,569
5,006
1
18
2
10
102,572
81,188
48,793
40,124
29,573
14,868
22,972
17,986
9,577
10,039
6,784
3,047
Foreign Currency
Assets*
Rs crore
USD
million
1,224,883
1,149,650
1,230,066
1,196,023
836,597
249,118
274,330
254,685
241,426
299,230
191,924
51,049
Reserve Tranche
Position
Rs crore
USD
million
13,158
6,231
5,000
1,744
2,044
2,947
1,380
981
436
469
Total
Rs crore
USD
million
1,361,013
1,259,665
1,283,865
1,237,965
868,222
264,036
304,818
279,057
251,985
309,723
199,179
54,106
Note: *: FCA excludes US $ 250.00 million (as also its equivalent value in Indian Rupee) invested in foreign currency denominated bonds; issued by MFC (UK) since March 20, 2009;
#: Includes rs. 31463 crore (US $ 6699 million) reecting the purchase of 200 metric tonnes of gold from IMF on November 3, 2009; ##: Includes SDRs 3082.5 million allocated under general allocation and SDRs 214.6 million allocated under special allocation by the IMF done on August 28, 2009 and September 9, 2009, respectively. Also see Notes on Tables.
Source: RBI Statistical Handbook
Foreign trade (exports, imports and trade balance) in Rs. crore

Year
Exports (including re-exports)
Imports
Trade balance
Rate of change (%) Export
Rate of change (%) Import
Source : RBI Bulletin
2010-11
2009-10
2008-09
2007-08
2006-07
2001-02
1,118,823
1,596,869
-478,046
32.3
17.1
845,534
1,363,736
-518,202
0.6
-0.8
840,755
1,374,436
-533,680
28.2
35.8
655,864
1,012,312
-356,448
14.7
20.4
571,779
840,506
-268,727
25.3
27.3
209,018
245,199.7
-36,181.8
2.7
6.2
Index numbers of Industrial production (Base 1993-94=100)

Major Groups
Weights
2010-11
General Index
Mining and Quarrying
Manufacturing
Electricity
Source: Central Statistical Organisation (CSO)
100.0
10.5
79.4
10.2
341.0
204.9
370.6
250.5
Full scal year averages based on 1993-94=100

2009-10
2008-09
2007-08
2006-07
316.2
193.4
342.5
237.2
286.1
176.0
308.6
223.7
277.1
171.6
298.6
217.7
255.0
163.2
273.5
204.7
2001-02
166.99
131.93
172.72
159.21
1/19/2012 2:00:34 AM
PROLOGUE
EDITORIALS
INDIAN ECONOMY
EXPERTS' VIEWS
Wholesale Price Index - Annual average

Year
2010-11
2009-10
2008-09
2007-08
2006-07
2001-02
AC
PA
FA
NF
FPL&L
MP
143.3
130.4
125.9
116.5
111.2
161.3
182.4
154.9
137.5
123.8
114.3
168.4
179.6
155.4
134.8
123.6
115.5
176.1
166.6
136.2
129.2
114.4
102.3
152.9
148.3
132.1
134.9
121.0
120.9
226.7
130.1
122.4
120.2
113.3
108.0
144.3
Note: AC: All commodities; PA: Primary articles; FA: Food articles; NF: Non-food articles; FPL&L: Fuel, power, light & lubricants; MP: Manufactured products; FA and NF are part of
PA; Data from 1991-92 to 2004-05 is from 1993-94 series and for rest 2004-05 series
Source: Ofce of the Economic Adviser, Ministry of Commerce and Industry, GOI
India's imports and exports of agricultural commodities vis--vis total

national imports/ exports (in Rs crores)
Total national imports
Food & related items imports
% Food & related items imports
Total national exports
Agricultural & allied products export
% Agricultural & allied products export
Source: RBI
2010-11
2009-10
2008-09
2007-08
2006-07
2001-02
1,605,315
45,454
34.32
1,148,170
112,539
9.20
1,363,736
47,419
27.76
845,534
84,136
9.05
1,374,436
26,567
50.73
840,755
80,649
9.42
1,005,159
21,501
45.75
655,864
74,209
7.84
838,048
22,237
36.69
571,779
57,392
8.96
245,200
11,081
21
209,018
28,144
6.43
May
Jul
India: Commodity wise crop calendar

Sowing
Growth
Harvesting
Commodity
Jan
Feb
Wheat
Rice
Corn
Chana
Tur
Urad (K)
Urad (R)
Guarseed
Sugarcane
Potato (Northern India)
Mentha
Cotton
Coffee
Cardamom
Pepper
Turmeric
Chillies
Jeera
Soy
Rapeseed
Note: Abbr: K - Kharif, R - Rabi
Source: www.agricoop.nic.in; Spices Board of India; Coffee Board of India
Mar
Apr
Jun
Aug
Sep
Oct
Nov
Dec
1/19/2012 2:00:35 AM
Conversion factors between important Primary and Secondary agricultural commodities

Commodity
Conversion Factor
Cotton
Cotton lint production
Cotton seed production
1/3 of Kapas Production

2/3 of Kapas Production
2 Times of Cotton Lint Production
Jute
100 Yards of hessian
4148 Yards of hessian
1 Ton of hessian
Sacking etc.
54 lbs. of Raw Jute

1 Ton of Raw Jute
5.55 Bales of Raw Jute (of 180 Kgs. Each)
1.11 Tons of Raw Jute
1.05 Tons of Raw Jute
Rapseed and Mustard

Oil to seeds crushed
Cake to seeds crushed
33 Percent
67 Percent
Castorseed
Oil to seeds crushed
Cake to seeds crushed
37 Percent
63 Percent
Soyabean Seed
Oil to soyabean seed crushed
Meal to soyabean seed crushed
Hull from soyabean seed crushed
Wastage from soyabean seed crushed
18 Percent
73 Percent
8 Percent
1 Percent
1 Ton of sacking
Sugar
Gur from cane crushed
Crystal sugar from gur refined (gur refineries)
Crystal sugar from cane Crushed (cane factories)
Khandasari sugar (Sulpher and Non-sulpher)
from standard gur refined
Molasses from cane crushed
Cane - trash from cane harvested
Source: Department of Agriculture and Cooperation
11.20 Percent to 11.50 Percent

62.5 Percent
10.20 Percent
46 Percent
Agency-wise credit flow to farmers in India Target Vs Acheivement (Rs. in Crore)

Agency
Target
Commercial
Banks
Co-operative
Banks
Regional
Rural Banks
Total
2010-11
2009-10 (Provisional)
2008-09
Achievement^ Target Achievement Target Achievement
2007-08
2006-07
Target Achievement Target Achievement
2,800,000
66,580
250,000
274,963
195,000
228,951
150,000
181,088
119,000
140,382
55,000
14,630
45,000
57,500
55,000
46,192
52,000
48,258
41,000
42,480
40,000
8,477
30,000
34,456
30,000
26,765
23,000
25,312
15,000
20,434
375,000
89,687
325,000
366,919
280,000
301,908
225,000
254,657 175,000
203,296
Note :^30.06.2010
Source: Compiled from various Lok Sabha questions
1/19/2012 2:00:35 AM
PROLOGUE
EDITORIALS
INDIAN ECONOMY
EXPERTS' VIEWS
India - Scheduled commercial bank's monthly outstanding - Food and Non-food credit (in Rs crore)
Month
SCB credit
Food credit
Non-Food credit
Mar-11
Feb-11
Jan-11
Dec-10
Nov-10
Oct-10
Sep-10
Aug-10
Jul-10
Jun-10
May-10
Apr-10
Mar-10
Feb-10
Jan-10
Dec-09
Nov-09
Oct-09
Sep-09
Aug-09
Jul-09
Jun-09
May-09
Apr-09
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
3,942,083
3,813,016
3,737,677
3,765,372
3,568,380
3,526,665
3,425,228
3,353,977
3,379,999
3,354,193
3,247,061
3,234,595
3,244,788
3,092,750
3,031,224
2,971,932
2,909,141
2,887,191
2,874,670
2,806,741
2,805,224
2,777,576
2,745,978
2,744,490
2,775,549
2,667,928
2,637,780
2,647,241
2,642,543
2,648,660
2,551,026
2,460,754
2,399,347
2,414,025
2,371,579
2,325,134
2,361,914
2,254,761
2,185,898
2,149,285
2,097,007
2,026,708
2,037,479
1,962,309
1,914,514
1,916,378
1,883,720
1,887,837
1,931,189
1,818,843
1,780,725
1,770,015
1,683,257
1,654,089
1,661,491
1,578,585
1,556,343
1,551,482
1,493,433
1,485,777
64,283
65,292
61,182
65,948
59,125
50,683
50,232
47,285
51,427
53,710
50,592
54,273
48,489
47,891
43,915
45,239
42,355
39,904
42,418
49,111
48,891
56,416
58,780
48,976
46,211
48,430
45,521
53,123
50,394
51,473
45,175
44,343
43,891
50,636
48,379
41,024
44,399
44,311
39,817
41,011
38,967
35,867
37,008
38,490
41,059
44,228
44,864
49,887
46,521
43,898
42,071
42,161
33,458
36,633
33,458
36,366
36,076
37,955
39,062
37,258
3,877,800
3,747,724
3,676,495
3,699,424
3,509,255
3,475,982
3,374,996
3,306,692
3,328,572
3,300,483
3,196,469
3,180,322
3,196,299
3,044,859
2,987,309
2,926,693
2,866,786
2,847,287
2,832,252
2,757,630
2,756,333
2,721,160
2,687,198
2,695,514
2,729,338
2,619,498
2,592,259
2,594,118
2,592,149
2,597,187
2,505,851
2,416,411
2,355,456
2,363,388
2,323,200
2,284,110
2,317,515
2,210,449
2,146,081
2,108,274
2,058,041
1,990,842
2,000,471
1,923,820
1,873,455
1,872,149
1,838,856
1,837,950
1,884,668
1,774,945
1,738,654
1,727,854
1,649,799
1,617,456
1,628,033
1,542,219
1,520,267
1,513,527
1,454,371
1,448,520
Note: 1. Data relate to amount outstanding as on the last reporting Friday of the month; 2. SCB - scheduled commercial bank
Source: RBI Handbook of Statistics on Indian Economy
1/19/2012 2:00:35 AM
Schedule commercial bank credit to agriculture sector (in Rs crore)

India
2009-10
2008-09
2007-08
2006-07
2001-02
77,289
15,004
92,293
63,627
11,697
75,324
59,203
14,125
73,328
47,766
8,294
56,060
14,540
4,992
19,533
139,642
64,395
204,037
112,971
44,833
157,804
94,945
37,139
132,084
81,433
40,342
121,776
22,254
9,694
31,948
275
457
732
101
322
423
186
323
509
2,787
1,180
3,966
22
202
224
Regional Rural Banks Direct Credit to Agri. Sector

Regional Rural Banks Indirect Credit to Agri. Sector
Regional Rural Banks Credit to Agri. Sector
42,845
1,861
44,706
34,976
1,461
36,438
30,803
1,337
32,140
25,090
1,095
26,185
8,403
338
8,741
Other SCBs Direct Credit to Agri. Sector

Other SCBs Indirect Credit to Agri. Sector
Other SCBs Credit to Agri. Sector
36,798
11,732
48,530
27,028
12,454
39,481
27,430
8,651
36,080
14,421
7,784
22,204
2,212
1,352
3,563
296,850
93,449
390,298
238,703
70,767
309,469
212,567
61,574
274,141
171,497
58,694
230,191
47,430
16,578
64,009
SBI and its Associates Direct Credit to Agri. Sector

SBI and its Associates Indirect Credit to Agri. Sector
SBI and its Associates Credit to Agri. Sector
Nationalised Banks Direct Credit to Agri. Sector
Nationalised Banks Indirect Credit to Agri. Sector
Nationalised Banks Credit to Agri. Sector
Foreign Banks Direct Credit to Agri. Sector
Foreign Banks Indirect Credit to Agri. Sector
Foreign Banks Credit to Agri. Sector
SCBs Direct Credit to Agri. Sector

SCBs Indirect Credit to Agri. Sector
SCBs total Credit to Agri. Sector
Source: RBI
Performance of South-west monsoon in India

Year
Number of meteorological
sub-divisions @
Excess/Normal
Decient/Scanty
rainfall
rainfall
2009*
15
2008
32
2007
30
2006
26
2005
32
2004
23
Note: mm - millimeter, Source: Ministry of Agriculture, Govt. of India.
21
4
6
10
4
13
Percentage of
districts with
normal/ excess
rainfall
Actual rainfall
as % of normal
rainfall
(All India)
Rainfall
in mm
42
76
72
59
72
56
80
98
105
99
99
87
873.2
936.9
886.6
879.3
781.2
922.5
India - Pattern of land use for agricultural production (000 Hectares)

Year
2007-08
2006-07
2001-02
140,861
54,973
195,835
69,626
139,946
53,282
193,228
69,708
140,733
47,552
188,286
69,406
Area under non-agricultural uses

Barren and unculturable land
Not available for cultivation
25,923
17,295
43,218
25,537
17,423
42,960
24,049
17,524
41,573
Permanent pasture and grazing lands

Land under misc. tree crops and groves not included in net area sown
Culturable waste land
Other uncultivated land excl. fallow land
10,388
3,311
13,121
26,820
10,425
3,365
13,261
27,052
10,532
3,450
13,520
27,501
14,810
10,338
25,148
305,674
15,470
10,503
25,972
305,638
15,345
10,560
25,905
305,118
Net sown area

Area sown more than once
Gross sown area
Forest area
Current fallow
Other fallows
Fallow land
Reporting area
Source: Department of Agriculture, GOI
1/19/2012 2:00:37 AM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
India major statewise - Pattern of land use

for agricultural production (000 Hectares)

States
States
Punjab
Net sown area
Gross sown area
Forest area
Land under misc. tree crops and
groves not included in net area sown
Other uncultivated land excl.
fallow land
Current fallow
Other fallows
Fallow land
Reporting area
Haryana
Net sown area
Gross sown area
Forest area
fallow land
Current fallow
Other fallows
Fallow land
Reporting area
2007-08 2006-07 2001-02

4,187
3,683
7,870
287
483
24
507
3
3
4,184
3,676
7,861
298
477
27
504
2
4
4254
3687
7941
306
402
32
434
3
6
3
10
4
10
4
13
41
1
42
5,033
35
1
36
5,033
24
1
26
5033
3,594
2,864
6,458
40
457
103
561
26
12
3,556
2,838
6,394
39
421
103
524
27
12
3566
2752
6318
45
425
101
526
25
7
28
66
65
104
30
61
104
8
112
4,372
141
8
149
4,372
173
0
173
4372
16,573
9,232
25,806
1,657
2,729
507
3,236
64
373
16,812
8,635
25,447
1,689
2,514
595
3,109
71
355
440
877
518
943
1,285
542
1,827
24,170
1,026
624
1,649
24,202
Uttar Pradesh
Net sown area
16,417
8,510
Gross sown area
24,927
Forest area
1,658
2,761
507
3,268
65
374
440
879
fallow land
Current fallow
1,408
Other fallows
540
Fallow land
1,948
Reporting area
24,170
2007-08 2006-07 2001-02
Rajasthan
Net sown area
17,096
5,113
Gross sown area
22,208
Forest area
2,727
1,847
2,418
4,264
1,703
16
4,573
6,292
fallow land
Current fallow
1,724
Other fallows
2,167
Fallow land
3,891
Reporting area
34,270
Uttarakhand
Net sown area
Gross sown area
Forest area
fallow land
Current fallow
Other fallows
Fallow land
Reporting area
Bihar
Net sown area
Gross sown area
Forest area
fallow land
Current fallow
Other fallows
Fallow land
Reporting area
16,764
4,770
21,534
2,698
1,835
2,427
4,262
1,706
20
16,765
4,033
20,798
2,645
1,752
2,521
4,272
1,699
13
4,611
6,337
4,731
6,442
1,939
2,265
4,204
34,265
1,819
2,321
4,141
34,265
765
496
1,261
3,465
161
312
472
220
269
765
445
1,210
3,465
161
312
472
220
269
776
445
1,221
3,465
152
310
462
229
251
367
856
367
856
386
866
44
64
108
5,667
44
64
108
5,667
36
67
102
5,672
5,665
2,245
7,910
622
1,647
436
2,083
17
241
5,665
2,054
7,719
622
1,647
436
2,083
17
241
5,664
2,233
7,897
622
1,642
436
2,079
18
235
46
303
46
303
46
299
566
120
686
9,360
566
120
686
9,360
563
135
697
9360
1/19/2012 2:00:37 AM


States
States
2007-08 2006-07 2001-02
Orissa
Net sown area
5,624
3,392
Gross sown area
9,016
Forest area
5,813
1,298
840
2,138
494
342
375
1,211
fallow land
Current fallow
556
Other fallows
229
Fallow land
785
Reporting area
15,571
5,654
3,306
8,960
5,813
1,298
840
2,138
494
342
5,845
2,954
8,799
5,813
999
843
1,842
443
482
375
1,211
392
1,317
526
229
755
15,571
320
434
754
15,571
5,296
4,339
9,635
1,174
1,733
21
1,754
5
58
5,522
4,257
9,779
1,184
1,548
25
1,573
4
56
34
97
38
98
341
22
363
8,684
289
28
318
8,695
1,536
855
2,391
2,239
754
564
1,319
110
93
1,619
114
1,732
2,239
757
564
1,322
110
93
1,488
601
2,088
2,239
759
564
1,323
110
93
333
536
334
537
334
537
1,428
913
2,341
7,970
1,318
935
2,253
7,970
14,52
931
2,383
7,970
West Bengal
Net sown area
5,296
4,456
Gross sown area
9,752
Forest area
1,174
1,762
22
1,783
6
61
33
100
fallow land
Current fallow
311
Other fallows
20
Fallow land
331
Reporting area
8,684
Jharkhand
Net sown area
Gross sown area
Forest area
fallow land
Current fallow
Other fallows
Fallow land
Reporting area
2007-08 2006-07 2001-02
Gujarat
Net sown area
9,747
2,478
Gross sown area
12,224
Forest area
1,854
1,147
2,608
3,754
851
4
1,977
2,831
fallow land
Current fallow
670
Other fallows
12
Fallow land
682
Reporting area
18,868
Maharashtra
Net sown area
17,473
5,183
Gross sown area
22,655
Forest area
5,213
1,428
1,718
3,146
Permanent pasture and grazing lands 1,249
248
916
2,413
fallow land
Current fallow
1,327
Other fallows
1,188
Fallow land
2,515
Reporting area
30,758
Madhya Pradesh
Net sown area
14,687
5,729
Gross sown area
20,416
Forest area
8,703
2,012
1,379
3,392
1,352
20
1,170
2,541
fallow land
Current fallow
790
Other fallows
643
Fallow land
1,433
Reporting area
30,756
9,747
2,428
12,175
1,854
1,147
2,608
3,754
851
4
9,622
1,112
10,734
1,706
1,131
2,595
3,726
850
4
1,977
2,831
1,988
2,842
670
12
682
18,868
733
11
744
18,639
17,475
5,096
22,571
5,214
1,412
1,719
3,131
1,252
249
17,222
3769
20,991
5,150
1,368
1,544
2,912
1,168
328
914
2,415
959
2,454
1,325
1,199
2,524
30,758
1,717
1,304
3,020
30,758
14,735
5,378
20,113
8,699
1,992
1,406
3,397
1,348
19
14,859
4,185
19,044
8,683
1,860
1,396
3,255
1,481
18
1,177
2,544
1,218
2,718
769
612
1,381
30,756
636
604
1,241
30,755
1/26/2012 12:15:53 PM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY


States
States
2007-08 2006-07 2001-02
Chhattisgarh
Net sown area
4,727
1,020
Gross sown area
5,748
Forest area
6,350
687
312
999
857
1
344
1,201
fallow land
Current fallow
255
Other fallows
258
Fallow land
513
Reporting area
13,790
Karnataka
Net sown area
10,419
2,474
Gross sown area
12,893
Forest area
3,072
1,369
788
2,157
930
290
415
1,635
fallow land
Current fallow
1,262
Other fallows
505
Fallow land
1,767
Reporting area
19,050
4,722
1,010
5,732
6,355
683
313
996
857
1
4,800
796
5,595
6,247
687
342
1,029
849
4
350
1,208
334
1,186
271
238
509
13,790
243
231
474
13,736
10,105
2,333
12,438
3,072
1,363
788
2,151
934
292
10,031
1,638
11,670
3,070
1,325
788
2,113
956
302
416
1,643
423
1,681
1,565
515
2,080
19,050
1,728
426
2,154
19,050
Kerala
Net sown area
Gross sown area
Forest area
fallow land
Current fallow
Other fallows
Fallow land
Reporting area
2007-08 2006-07 2001-02

2,089
672
2,761
1,082
463
26
488
0
6
2,101
816
2,918
1,082
449
26
475
0
9
2,191
802
2,992
1,082
392
30
422
0
14
93
99
90
100
64
78
83
45
128
3,886
82
47
129
3,886
79
34
114
3885
5,126
717
5,843
2,106
2,160
502
2,662
110
268
5,172
1,054
6,226
2,132
1,998
477
2,476
118
271
354
733
387
777
907
1,493
2,400
13,027
1,026
1,409
2,435
12,991
Tamil Nadu
Net sown area
5,062
753
Gross sown area
5,815
Forest area
2,106
2,169
492
2,661
110
261
347
718
fallow land
Current fallow
981
Other fallows
1,499
Fallow land
2,479
Reporting area
13,027
Source: Ministry of Agriculture, GOI
1/19/2012 2:00:38 AM
Selected state/crop-wise area insured & premium collected weather based crop insurance
scheme (during rabi)
States
Crop
Area Insured
(In Hect.)
Bihar
Gram
Wheat
Lentil
Potato
Total
Chhattisgarh
Madhya Pradesh
2007-08
2008-09
Premium
(Rs. in Lakh)
Area Insured
(In Hect.)
Premium
(Rs. in Lakh)
10056
6334
16390
106.83
73.23
180.06
1593
126584
4437
7614
140228
19.12
2278.52
53.24
365.49
2716.37
Gram
Wheat
Potato
Total
26614
72
26686
290.34
4.30
294.64
4014
6478
37.71
45.27
10492
82.98
Rape & Mustard

Wheat
Gram
Potato
Total
3960
2260
7810
3611
17641
47.52
39.70
93.72
230.04
410.98
7845
267561
11054
79083
210849
301114
877506
84.90
3107.48
202.75
2096.95
2251.96
4391.99
12136.03
116
10226
3799
3065
12473
55721
85400
1.40
122.71
55.09
53.53
83.00
921.16
1236.89
Rajasthan
Barley
Gram
Coriander
Cumin
Mustard
Wheat
Total
Haryana
Potato
Total
19
19
1.13
1.13
Karnataka
Bengalgram (I)
Bengalgram (RF)
Potato
Total
156
1247
360
1763
1.88
11.97
21.59
35.44
Tamil Nadu
Maize
Chilly
Cotton
Total
682
669.2
725.2
2076.4
8.19
28.11
21.75
58.05
West Bengal
Mustard
Wheat
Total
3.98
8.19
12.17
0.05
0.10
0.15
938223
13021.71
236120
4036.25
India
Source: Ministry of Agriculture,GOI
1/19/2012 2:00:38 AM
PROLOGUE
EDITORIALS
INDIAN ECONOMY
EXPERTS' VIEWS
Statewise season-wise consumption of fertilizer in India (in '000 tonnes)

2009-10
2008-09
2007-08
2006-07
2001-02
India
India
India
India
Nitrogen fertiliser cons. during kharif

Phosphatic fertiliser cons. during kharif
Potassic fertiliser cons. during kharif
Total fertiliser cons. during kharif
7,475.99
3,886.81
1,449.02
12,811.82
7,362.79
3,314.65
1,770.45
12,447.89
6,944.54
2,731.08
1,341.24
11,016.86
6,575.96
2,674.40
1,004.15
10,254.51
5,397.39
1,912.93
774.33
8,084.65
India
India
India
India
Nitrogen fertiliser cons. during rabi

Phosphatic fertiliser cons. during rabi
Potassic fertiliser cons. during rabi
Total fertiliser cons. during rabi
8,008.93
3,606.76
1,867.28
13,482.97
7,699.69
3,178.22
1,530.80
12,408.72
7,474.58
2,783.66
1,295.03
11,553.27
7,198.15
2,868.92
1,330.66
11,397.73
5,912.83
2,469.47
892.76
9,275.06
India
Total fertiliser cons.
26,294.79
24,856.60
22,570.13
21,652.24
17,359.71
Punjab
Punjab
Punjab
Punjab

639.11
207.31
35.74
882.15
632.69
152.11
38.91
823.71
628.08
120.28
26.60
774.96
576.06
111.82
22.33
710.21
480.79
105.52
20.60
606.91
Punjab
Punjab
Punjab
Punjab

719.09
226.29
38.09
983.46
699.09
227.18
17.61
943.88
687.38
223.64
11.78
922.80
722.93
236.03
16.27
980.99
549.50
185.87
7.48
742.84
Punjab
1,865.61
1,767.59
1,697.76
1,691.20
1,349.75
Haryana
Haryana
Haryana
Haryana

382.60
128.07
19.23
529.90
397.23
139.42
16.98
553.63
399.29
88.53
14.54
502.36
340.91
83.43
10.44
434.78
276.52
71.47
3.00
350.98
Haryana
Haryana
Haryana
Haryana

579.28
205.09
41.42
825.79
549.04
174.09
12.38
735.51
540.22
168.74
9.05
718.00
521.73
160.68
7.78
690.20
465.53
160.69
6.75
632.98
Haryana
1,355.69
1,289.14
1,220.37
1,124.98
983.96
Uttar Pradesh
Uttar Pradesh
Uttar Pradesh
Uttar Pradesh

1,214.59
41.84
74.97
1,331.40
1,221.96
378.09
121.82
1,721.87
1,135.26
280.41
80.84
1,496.51
1,153.29
281.29
56.13
1,490.71
1,157.04
216.76
39.25
1,413.05
Uttar Pradesh
Uttar Pradesh
Uttar Pradesh
Uttar Pradesh

1,673.84
648.98
166.83
2,489.65
1,660.48
523.36
128.23
2,312.07
1,618.17
540.83
101.20
2,260.20
1,563.75
566.15
105.47
2,175.63
1,346.50
533.00
59.58
1,939.08
Uttar Pradesh
4,197.61
4,033.94
3,756.49
3,726.07
3,352.13
Rajasthan
Rajasthan
Rajasthan
Rajasthan

287.82
170.95
17.01
475.78
307.88
187.26
12.27
507.40
283.66
136.40
13.56
433.61
229.21
133.54
6.66
369.41
239.94
117.18
3.64
360.75
Rajasthan
Rajasthan
Rajasthan
Rajasthan

455.17
159.12
16.77
631.06
401.66
131.76
11.23
544.65
421.68
124.06
7.36
553.10
435.68
124.71
6.34
566.72
342.38
82.52
3.21
428.11
Rajasthan
1,052.06
986.22
936.09
788.87
1,106.84
Contd
1/19/2012 2:00:38 AM

2009-10
2008-09
2007-08
2006-07
2001-02
Uttarakhand
Uttarakhand
Uttarakhand
Uttarakhand

53.81
14.28
1.95
70.04
57.72
14.66
6.77
79.14
60.67
9.55
3.73
73.95
60.17
9.02
3.77
72.96
50.36
9.07
4.77
64.20
Uttarakhand
Uttarakhand
Uttarakhand
Uttarakhand

60.06
14.96
5.08
80.10
52.74
14.97
5.59
73.30
54.78
15.20
6.55
76.54
48.34
16.59
5.26
70.19
36.56
14.03
4.47
55.05
Uttarakhand
150.14
152.44
150.48
143.14
119.25
Bihar
Bihar
Bihar
Bihar

391.93
96.32
48.73
536.98
434.04
110.42
79.36
623.81
384.63
71.38
28.39
484.40
334.21
70.21
32.64
437.06
294.16
51.99
15.45
361.60
Bihar
Bihar
Bihar
Bihar

502.59
151.12
119.26
772.97
504.42
142.59
86.19
733.20
508.01
112.53
49.57
670.11
475.16
108.86
50.61
634.63
303.36
59.43
33.94
396.73
Bihar
1,309.95
1,357.01
1,154.51
1,071.69
758.33
Orissa
Orissa
Orissa
Orissa

213.19
101.45
49.12
363.75
210.35
89.83
60.97
361.16
194.51
76.47
44.88
315.87
185.09
64.56
32.14
281.79
168.35
49.30
34.50
252.15
Orissa
Orissa
Orissa
Orissa

79.10
47.14
29.34
155.58
87.41
58.10
28.20
173.71
77.59
40.29
18.15
136.04
71.44
28.21
21.43
121.09
52.82
22.65
17.05
92.52
Orissa
519.34
534.87
451.90
402.88
344.67
West Bengal
West Bengal
West Bengal
West Bengal

305.43
209.60
136.73
651.75
281.63
173.45
180.95
636.03
263.44
168.98
128.07
560.50
263.19
157.79
88.17
509.15
230.70
112.21
98.91
441.81
West Bengal
West Bengal
West Bengal
West Bengal

425.27
257.75
309.80
992.82
416.61
241.97
224.70
883.28
421.10
216.78
176.36
814.24
415.25
228.46
212.30
856.01
356.14
217.57
162.65
736.37
West Bengal
1,644.57
1,519.31
1,374.74
1,365.15
1,178.18
Jharkhand
Jharkhand
Jharkhand
Jharkhand

53.46
27.87
8.34
89.66
62.13
31.32
9.18
102.63
61.11
30.24
5.07
96.42
60.01
28.26
2.47
90.73
45.80
28.30
0.80
74.90
Jharkhand
Jharkhand
Jharkhand
Jharkhand

40.57
25.97
11.15
77.70
26.46
14.63
3.56
44.64
28.30
15.59
4.69
48.58
32.12
14.19
1.78
48.09
19.84
13.17
1.25
34.25
Jharkhand
167.36
147.27
145.00
138.83
109.16
Contd
1/19/2012 2:00:39 AM
PROLOGUE
EDITORIALS
INDIAN ECONOMY
EXPERTS' VIEWS

2009-10
2008-09
2007-08
2006-07
2001-02
Gujarat
Gujarat
Gujarat
Gujarat

557.66
276.8
86.3
920.76
540.68
252.35
93.25
886.28
514.82
209.22
72.4
796.44
435.71
175.34
51.3
662.36
312.62
119.43
31.62
463.67
Gujarat
Gujarat
Gujarat
Gujarat

543.94
214.86
120.16
878.96
528.14
212.82
89.74
830.71
537.81
215.31
73.7
826.82
444.13
168.61
66.73
679.47
293.02
120.81
37.74
451.57
Gujarat
1,799.72
1,716.99
1,623.26
1,341.83
915.23
Maharashtra
Maharashtra
Maharashtra
Maharashtra

915.87
665.65
269.64
1,851.16
828.2
429.09
266.66
1,523.95
797.84
402.52
242.67
1,443.03
681.71
387.85
158.51
1,290.83
591.86
259.11
121.89
972.86
Maharashtra
Maharashtra
Maharashtra
Maharashtra

562.73
350.86
300.71
1,214.29
512.7
318.37
211.09
1,042.16
465.67
238.99
178.18
882.83
493.74
273.98
200.41
968.14
400.81
200.57
114.98
716.36
Maharashtra
3,065.45
2,566.11
2,325.86
2,258.97
1,689.22
Madhya Pradesh
Madhya Pradesh
Madhya Pradesh
Madhya Pradesh

382.89
360.25
49.21
792.35
372.81
310.23
64.97
748
334.46
228.19
46.85
609.51
278.52
215.24
33.78
523.86
175.31
133.44
15.65
324.39
Madhya Pradesh
Madhya Pradesh
Madhya Pradesh
Madhya Pradesh

558.93
245.38
64.5
868.82
430.61
219.81
24.99
675.41
461.22
202.07
28.89
692.18
446.59
194.58
31.45
647.57
256.72
174.97
16.38
448.07
Madhya Pradesh Total fertiliser cons.
1,661.18
1,423.41
1,301.69
1,205.11
772.46
Chhattisgarh
Chhattisgarh
Chhattisgarh
Chhattisgarh

259.36
136.56
45.07
440.99
212.57
100.36
47.23
360.16
216.82
91.57
42.56
350.96
218.03
86.69
35.84
340.55
155.55
64.78
16.93
237.26
Chhattisgarh
Chhattisgarh
Chhattisgarh
Chhattisgarh

56.47
25.76
13.92
96.15
55.04
33.9
13.72
102.66
55.43
25.39
10.09
90.92
54.19
29.32
12.17
95.68
18.14
9.09
2.56
29.79
Chhattisgarh
537.13
462.82
441.87
436.23
267.05
Karnataka
Karnataka
Karnataka
Karnataka

549.31
373.7
208.89
1,131.90
486.5
301.06
242.14
1,029.69
491.61
254.68
194.5
940.8
480.67
279.44
156.07
916.17
384.24
192.39
121.36
697.99
Karnataka
Karnataka
Karnataka
Karnataka

413.58
256.15
256.84
926.57
377.64
257.77
166.78
802.19
298.79
132.11
135.7
566.6
285.5
158.93
135.24
569.66
286.44
168.05
96.90
551.40
Karnataka
1,831.88
1,507.39
1,485.84
1,249.39
2,058.48
Contd
1/19/2012 2:00:39 AM

2009-10
2008-09
2007-08
2006-07
2001-02
Kerala
Kerala
Kerala
Kerala

61.3
32.19
48.4
141.89
63.67
27.93
55.81
147.4
48.56
23.77
37.03
109.36
53.2
27.71
38.7
119.61
40.12
19.17
35.16
94.45
Kerala
Kerala
Kerala
Kerala

53.2
28
43.89
125.09
48.06
27.09
38.34
113.49
44.67
18.95
35.28
98.9
39.18
18.94
35.87
93.99
36.30
18.07
28.31
82.68
Kerala
266.98
260.9
208.26
213.6
177.12
Tamil Nadu
Tamil Nadu
Tamil Nadu
Tamil Nadu

251.05
133.92
121.87
506.84
264.28
119.02
167.33
550.63
213.07
115.9
143.02
471.98
280.91
137.73
100.69
519.33
187.47
81.45
92.46
361.38
Tamil Nadu
Tamil Nadu
Tamil Nadu
Tamil Nadu

373.91
129.79
202.74
706.44
382.41
135.97
196.22
714.6
330.27
112.22
161.18
603.68
305.27
131.93
169.66
606.86
317.52
123.69
135.44
576.64
1,213.27
1,265.22
1,075.66
1,126.18
938.02
Tamil Nadu
Source: Ministry of Fertilizers
State wise Storage capacity available with different storage agencies in India in
lakh tonnes (2009-10)
States/UTs
Andhra Pradesh and A&N
Arunachal Pradesh
Assam
Bihar
Chhatisgarh
Delhi
Goa
Gujarat
Haryana
Himachal Pradesh
Jammu & Kashmir
Jharkhand
Karnataka
Kerala
Madhya Pradesh
Maharashtra
Manipur
Meghalaya
Mizoram
Nagaland
Orissa
Philippines
Puducherry UT/Chandigarh
Punjab
Rajasthan
Sikkim
Tamil Nadu
Tripura
Uttar Pradesh
Uttra Khand
West Bengal
Grand total
FCI
CWC
SWC
38.18
0.22
2.73
6.72
8.43
3.67
0.15
6.8
24.45
0.25
1.31
1.19
8.37
5.37
9.5
19.98
0.2
0.26
0.23
0.34
6.43
15.04
0.65
1.26
2.84
1.51
0.41
7.65
5.37
0.07
0.35
7.11
1.23
5.17
16.64
0.13
3.17
0.8
0.19
6.95
4.01
6.31
0.24
11.63
0.71
6.54
105.98
20.32
2.5
2.57
10.24
1.53
16.24
10.44
2.25
20.82
12.48
0.14
4.06
57
7.72
6.47
32.33
2.15
209.26
3.55
73.73
16.08
0.11
9.7
0.51
26.87
2.37
11.06
288.36
Grand Total
73.54
0.22
5.88
10.55
21.51
5.18
0.56
15.98
46.06
0.32
1.31
1.54
25.92
8.85
35.49
49.1
0.2
0.4
0.23
0.47
13.66
0.8
3.74
137.68
27.81
0.11
22.48
0.75
70.83
3.08
19.75
603.6
Note: CWC's 105.98 lakh MT includes 0.80 lakh MT capacity at Philippines; The capacity of FCI includes 105.54 lakh MT capacity hired from CWC and SWCs. FCI - Food Corporation of
India; CWC - Central Warehousing Corporation; SWC - State Warehousing Corporation. Data as on 31.03.2010.
Source: Ministry of Consumer Affairs and PDS
1/19/2012 2:00:39 AM
PROLOGUE
EDITORIALS
INDIAN ECONOMY
EXPERTS' VIEWS
Storage capacity with Food Corporation of India (in million tonnes)

Capacity
1st Apr. 2011
1st Apr. 2010
12.99
15.46
28.45
12.97
12.89
25.86
20.62
0.54
3.16
31.61
2.51
0.47
2.98
28.84
Owned
Hired
Total
Owned
Hired
Total
Grand Total
Source: FCI
1st Apr. 2009
1st Apr. 2008
Covered
12.97
12.95
10.12
8.71
23.09
21.66
CAP ( Cover and Plinth)
2.17
2.2
0.02
0.03
2.19
2.23
25.28
23.89
1st Apr. 2007
1st Apr. 2006
1st Apr 2002
12.94
9.34
22.28
12.93
9.9
22.83
12.7
15.1
27.9
2.29
0.63
2.92
25.2
2.21
0.51
2.72
25.55
2.35
5.59
7.94
35.84
State-wise number and capacity of cold storages functioning in India

State/UTs
2009
Number of cold storages

2008
2007
Andaman & Nicobar

2
2
Andhra Pradesh
290
286
Arunachal Pradesh
1
1
Assam
24
24
Bihar
246
260
Chandigarh
6
6
Chhattisgarh
69
65
Delhi
95
94
Gujarat
398
377
Goa
29
29
Haryana
244
243
Himachal Pradesh
18
18
Jammu & Kashmir
19
19
Jharkhand
45
45
Kerala
193
187
Karnataka
170
161
Lakshadweep
1
1
Maharashtra
466
460
Madhya Pradesh
197
192
Manipur
0
0
Meghalaya
3
3
Mizoram
0
0
Nagaland
2
2
Orissa
101
109
Pondicherry
3
3
Punjab
422
420
Rajasthan
110
107
Sikkim
1
0
Tamil Nadu
148
139
Tripura
11
11
Uttar Pradesh & Uttaranchal 1,604
1,591
West Bengal
463
531
India
5,381
5,386
Source: Compiled from several Lok Sabha proceedings and Question
2
281
1
25
252
6
60
93
377
28
243
17
19
43
184
157
1
448
185
0
3
0
2
94
3
420
107
0
139
11
1,588
527
5,316
2006
2
276
1
23
238
6
55
93
374
28
243
17
19
25
177
138
1
437
179
0
3
0
2
90
3
420
106
0
136
8
1,567
434
5,101
Capacity in tonnes
2008
2007
2009
210
900,606
5,000
88,068
1,147,041
12,216
341,885
126,158
1,267,304
7,705
393,121
19,858
42,869
170,148
58,105
407,165
15
546,748
808,052
0
3,200
0
2
291,039
85
1,345,193
324,226
2,000
238,536
29,450
10,186,499
5,682,000
24,450,652
2006
210
210
210
875,956
845,811
820,808
5,000
5,000
5,000
88,068
90,826
70,916
1,439,629
1,310,466
910,582
12,216
12,216
12,216
286,206
278,706
266,022
126,131
126,091
126,091
1,112,254
1,112,254
973,768
7,705
7,105
7,105
392,121
392,121
392,121
19,858
18,375
18,375
42,869
42,869
42,869
170,148
170,148
80,625
57,130
56,765
47,298
421,676
397,034
253,168
15
15
15
564,196
527,737
510,854
796,506
775,156
762,802
0
0
0
3,200
3,200
3,200
0
0
0
6,150
6,150
6,150
307,647
224,240
216,420
85
85
85
1,337,517
1,337,517
1,337,517
314,747
314,747
312,130
0
0
0
236,853
236,853
227,229
29,450
29,450
18,450
9,060,010
9,039,047
8,931,918
5,949,259
5,973,500
5,340,042
23,662,812 23,333,694 21,693,986
Occupation-wise average daily wage rates in agricultural occupations in India (in Rs)
Zear
2010-11
Men
Women
Children
2009-10
Men
Women
Children
2008-09
Men
Women
Children
2007-08
Men
Women
Children
2006-07
Men
Women
Children
Ploughing
Sowing
Weeding Transplanting Harvesting Winnowing
Threshing
Picking*
Herdsman
153.07
89.55
-
130.79
100.87
72.78
115.39
100.52
73.31
123.04
108.01
70.41
127.18
106.67
74.59
123.35
61.88
-
130.79
100.87
72.78
95.49
81.68
60.74
102.72
90.35
59.81
102.9
55.43
@
90
65
48.91
80.15
68.02
49.46
91.38
49.96
@
79.28
57.18
44.72
81.79
42.37
@
73.29
51.41
41.32
Well Digging Cane Crushing
115.11
97.89
59.45
122.68
99.3
70.63
122.31
103.83
84.46
79.62
62.75
56.27
177.87
95.86
-
129.45
103.67
@
103.6
87.04
67.69
98.64
82.18
50.24
100.22
84.87
52.62
99.39
79.31
61.72
63.33
47.41
44.03
143.02
78.47
-
97.08
76.33
-
83.28
71.43
52.51
87.05
71.58
50.49
81.23
65.08
43.4
85.06
67.66
46.06
81.1
66.37
45.78
53.48
41.32
36.22
116.28
63.47
@
87.27
61.23
@
70.07
58.27
42.35
73.79
61.93
45.7
75.24
62.31
42.54
71.06
56.09
40.79
73.5
59.41
40.18
72.46
58.15
40.9
47.64
37.78
31.4
106.96
58.33
@
77.92
54.93
@
64.97
52.82
37.81
69.47
56.44
42.67
68.45
55.69
38.69
66.18
51.04
40.95
67.4
54.41
40.71
67.45
51.06
34.39
43.46
34.43
29.62
99.48
53.37
@
72.46
47.05
@
Note: * : Picking including picking of cotton bolls/seed pods, Jute stalks and tea leaves etc.; @ : Quotations are Less than Five
Source : Ministry of Labour and Employment, Govt. of India.
1/19/2012 2:00:39 AM
Freight indices and world fleet size of crude oil vessels (International)
Month
Baltic Freight Indices

Dry Index Capessize Panamax
Mar-11
Feb-11
Jan-11
Dec-10
Nov-10
Oct-10
Sep-10
Aug-10
Jul-10
Jun-10
May-10
Apr-10
Mar-10
Feb-10
Jan-10
Dec-09
Nov-09
Oct-09
Sep-09
Aug-09
Jul-09
Jun-09
May-09
Apr-09
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
1530
1251
1107
1773
2099
2678
2446
2713
1967
2406
4078
3354
2998
2738
2848
3005
3887
3103
2220
2421
3350
3757
3494
1786
1615
1986
1070
774
715
851
3217
6809
8341
9589
11440
9356
8081
7613
6052
9143
10210
10656
9474
7702
6967
6278
5971
6248
5388
4765
4225
4397
4336
4037
3944
3847
3285
2964
2436
2368
1768
1310
1351
2346
2910
4262
3370
3516
1922
2711
5217
3936
3425
3174
3494
3887
6189
5047
2846
3946
5385
7241
6125
2348
2066
2963
1981
1337
838
1265
4318
10506
13005
13978
18749
14173
11993
10743
8766
13603
15357
14078
14002
10715
8930
8643
8359
9127
7810
6917
6045
5972
6036
5616
5120
5182
4583
3645
2975
3040
1968
1820
1310
1845
2377
2410
2462
2950
2632
2748
4247
3900
3674
3399
3420
3567
3757
3150
2276
2157
3183
2904
2900
1523
1374
1542
795
558
622
677
2382
5993
7517
9627
9912
8972
7867
7435
5686
8277
9967
11515
9410
7620
7384
6426
5601
5826
5003
4640
3923
4258
4211
3722
3881
3709
2960
3038
2335
2172
Vessel Fleet Status Crude Oil Tanker Total

In Service DWT Weight On Order
Under
Launched Percentage Brokenup
Constructuion
Orderbook (cumulative)
2147
2147
2136
2124
2123
2118
2118
2121
2120
2095
2093
2087
2089
2090
2085
2083
2068
2107
2106
2106
2100
2082
2076
2060
2054
2035
2022
2001
1996
1987
1982
1979
1980
1982
1972
2000
1998
1997
1994
1988
1985
1976
1969
1973
1962
1950
1947
1938
1926
1919
1913
1900
1914
1886
1855
1853
N/A
1843
1832
1829
335114
334469
332225
328809
328633
326949
326553
326927
326711
322684
322365
320664
319958
319658
318903
317794
315474
321315
320506
320522
319597
316601
315154
312446
310930
308296
305439
302016
300858
298529
297905
296386
296453
296336
294504
298959
298202
297962
298218
297020
297159
295073
293941
294280
293405
291236
290457
289388
287261
285906
284398
282045
285419
279561
273887
273598
N/A
271520
269891
269283
296
308
344
383
374
366
402
384
373
374
356
360
373
369
383
395
402
415
431
436
462
483
487
482
493
524
544
549
555
554
576
555
538
527
508
489
489
486
471
483
473
469
478
473
457
406
388
389
440
428
420
437
418
370
363
324
N/A
293
281
272
90
83
72
62
61
65
59
59
59
60
61
65
64
72
76
80
85
75
78
84
73
59
70
75
77
73
54
73
75
76
74
71
75
66
62
65
59
64
63
63
69
71
68
70
77
129
129
129
83
80
82
68
69
76
80
83
N/A
87
90
91
42
46
40
35
35
38
24
30
37
33
34
32
33
31
24
23
28
31
27
25
18
25
24
34
23
31
24
22
25
31
16
20
15
13
21
21
11
12
22
19
17
16
17
16
19
16
13
17
14
17
18
17
17
22
14
15
N/A
8
13
16
25.99
26.91
28.09
29.81
29.46
29.39
30.16
28.93
28.87
28.69
28.07
28.48
29.2
29.39
30.11
30.98
31.99
31.28
32.34
32.98
32.85
33.91
34.91
35.73
36.26
38.17
38.63
40.16
40.97
41.9
42.67
42.03
40.14
38.49
37.37
35.04
33.91
34.11
32.94
33.56
32.95
32.82
33.41
33.13
33.12
33.45
32.21
32.3
32.98
32.52
32.38
33
31.8
29.65
29.93
27.49
N/A
25.74
25.41
25.02
613
613
609
603
601
598
587
582
581
575
573
567
552
540
534
525
521
523
512
507
504
501
498
496
492
489
489
486
485
482
480
479
476
475
472
471
461
461
459
459
459
459
458
458
457
455
451
451
448
444
441
438
437
435
433
430
N/A
429
422
418
Note: In USD; DWT - Dead Weight Tonne; N/A - Not Available

Source: Baltic Freight Indices and Trade Sources
1/19/2012 2:00:40 AM
MARKET
PROLOGUE
COMMENTRY
EXPERTS' VIEWS
INDIAN ECONOMY
ECENOMY
I
P
MARKET DATA
FOR READY
REFERENCE
In
NON-AGRICULTURAL
COMMODITIES
The demand-supply equation of energy is playing an increasingly
important role in national security and economic output of nations.
There are billions of people elsewhere (not just China) who have
been let out of their economic cages... have become investors and
consumers, consequently boosting demand for metals (precious
and industry metals), over the past two decades.
Jeffrey M. Christian, Managing Director, CPM Group
074-177_CYIB_2011_Non-Agri_Final.indd 74
1/18/2012 11:43:04 PM
DATABANK NON-AGRI COMMODITIES
DATABANK
DATABANK- -AGRI
AGRICOMMODITIES
COMMODITY
Inside...
Precious Metals >> 76
Gold >> 78
Platinum >> 85
Silver >> 91
Industrial Metals >> 98
Aluminium >> 100
Copper >> 106
Iron Ore >> 113
Lead >> 118
Nickel >> 124
Steel >> 130
Zinc >> 138
Energy >> 144
Carbon >> 146
Crude Oil >> 154
Natural Gas >> 162
Power/Electricity >> 169
1/18/2012 11:44:02 PM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Bullion:
A symbol of wealth
Exchange
Price Unit
(contract)
MCX (1 kg)
Rs/ 10 gms
Gold
COMEX (100 tr. oz)
US$/ tr. oz
MCX (30 kgs)
Rs/ kg
Silver
COMEX (5000 tr. oz)
US$/ tr. oz
Source: Respective exchanges website; ^ all contracts-all variants
Commodity
Open
16,683.00
1,099.00
26,730.00
16.94
High
20,924.00
1,432.50
46,383.00
30.98
Low
Close
15,950.00
1,044.50
23,610.00
14.65
20,728.00
1,421.40
46,217.00
30.94
Annualised
Volatility
11.95%
16.06%
21.88%
31.97%
31-Dec-10
3-Dec-10
5-Nov-10
8-Oct-10
10-Sep-10
13-Aug-10
16-Jul-10
18-Jun-10
21-May-10
23-Apr-10
26-Mar-10
26-Feb-10
29-Jan-10
1-Jan-10
old, along with silver, categorized under the bullion downgrading of Spains sovereign debt rating, which came a day
segment, considered a symbol of wealth, good luck after S&P had slashed Greek debt to junk status and downgraded
and success over the centuries. Both precious
Portugal, weaker than expected US econmic data raising fears
metals played a pivotal role in the growth
about economic recovery, and political unrests in Korea
When we
and functioning of large central banks worldwide.
helped the rally in bullion, especially in gold prices.
have gold we
Owing to scarcity, these metals have historically
Subsequently, the upside was capped and the prices
have fear, and when
been considered a form of currency, and currently
slid a tad and traded flat as demand for physical
we have none, we
despite being regarded only as investment and
bullion in India became slack on high prices and
are in danger
industrial commodities, gold, silver, platinum and
seasonal factors. Later, the prices rebounded soon
(Old English
palladium possess an ISO4217 currency code. From
and edged up on weaker-than-expected US jobs
proverb)
ancient times bullion has a special place in Indians
data, raising doubts over global economic recovery,
heart. Naturally, the country has emerged as the largest
and Fed Chairmans announcement of quantitative easing
consumer of gold and one of the top consumers of silver.
(QE) worth $600 billion to provide impetus to the US economy,
According to World Gold Council, of about a total of 158,000 tonnes which caused inflation worries. Silver prices zoomed on strong
gold have been mined until today, Indians private holdings stand investment demand in addition to industrial demand. With the
the highest in the world at about 15,000 tonnes (almost 40% of its rally lasting right until the year-end, gold and silver futures on MCX
annual GDP) vis-a-vis Americans at a mere 4,000 tonnes.
touched their all-time high of Rs.20,924/10 gm and Rs.46,383/
According to QNB Capital, Central bank gold reserves for all kg in the last month of 2010.
countries cumulatively rose by over 2% between 2008
and 2010. The central banks of Brazil, Russia, India
Bullion price movement in 2010
and China, as well as those in the Middle East, are
21000
48000
European debt
major buyers of gold, while developed regions like the
concerns & fragile
global economic
US and Eurozone hold more than 75% and 60% of their
19500
41500
recovery
total reserves in the yellow metal.
Continuing the bull run of the past few years, gold
18000
35000
and silver futures on MCX moved up almost through
the year. While gold futures prices clocked a yearly
16500
28500
Strong investment
rise of over 24%, silver futures jumped by over 72% in
demand in silver
Weak physical demand and
2010. Enhancement in its appeal as a safe haven amid
seasonal slack period
15000
22000
fragile global economic recovery and rising inflation
worries worldwide helped bullion prices maintiain the
uptrend throughout. In the first half of the year, lingering
Source: Metastocks
Gold (Rs./10 grams)
Silver (Rs./kg)
concerns over the Greek debt issue, Standard & Poors
Volume
(in lots)
31,581,484^
44,578,447
37,766,114^
12,809,591
1/18/2012 11:44:23 PM
1/18/2012 11:44:34 PM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Gold fundamentals (tonnes)

2010
2009
2008
2007
2006
2001
World
Global total supply
Mine supply
Secondary supply
Transitional economy sales
3757
2102
1313
342
3745
2062
1341
342
3602
1938
1291
373
3455
2022
1082
351
3247
2037
890
320
3278
2239
743
295
Global demand
Fabrication jewellery
Dental/medical use
Electronics
Other industrial use
World gold investment
Official transaction
3760
1888
68
280
156
1051
317
3745
1891
72
258
152
849
523
3601
2217
75
299
168
837
6
3455
2385
78
299
143
1045
-495
3247
2351
78
252
96
834
-364
3278
2762
81
159
50
507
-280
India
Mine production
Consumption
Jewellery & giftware
Industrial use
Investment demand
3
941
230
159
552
3
832
255
152
425
3
961
292
171
498
3
918
283
155
480
3
974
290
84
600
4
670
275
35
360
Indian imports
958
459
720
862
753
594
ETF holdings*
SPDR Trust-US NYSE
Gold ETFs in India (all combined)
1281
15
1134
9
780
5
628
4
453
-
361
305
265
229
234
38
8133
2815
1054
789
3399
558
30696
8133
3004
1054
649
3405
558
30378
8133
3216
600
520
3412
358
29856
8133
3216
600
450
3418
358
29850
8133
3216
600
402
3421
358
30344
8148
3216
501
423
3455
358
32776
Average daily volatility (MCX spot prices)

0.8%
1.1%
1.6%
Note: * at year-end; Source: CPM Gold Yearbook 2011, World Gold Council, GFMS Gold Survey 2011, COMEX, MCX
0.8%
1.2%
2007
2006
2001
COMEX inventory*
Official reserves (Central Bank)*
US
IMF
China
Russia
Germany
India
World
Gold market during 2004-2010, 2001 (million ounces)

2010
Physical market flow
Futures and Options exchanges' trading volume
London Bullion Market Association clearing volume
2009
2008
120.8
120.4
115.8
127
116.1
114.3
6438.8
5327.2
6133.4
4609.8
3995
1203.1
4727.7
5166.3
5605.5
5130.3
5413.9
5288.8
Total
11287.3
10613.9
11854.7
9867.1
9525
6606.2
Average price ($/troy ounce)
1228.03
974.7
872.82
700.11
606.67
271.67
13861
10345
10347
6908
5779
1795
Dollar value ($billion)
Note: Gold supply includes ofcial transactions; Average prices is annual average of gold COMEX futures settlement prices.
Source: CPM Group, LBMA
1/18/2012 11:45:02 PM
Top 5 gold producing countries - mine production (tonnes)

Country
China
Australia
United States
Russia
South Africa
Source: CPM Gold Yearbook 2011, World Gold Council
2010
2009
2008
2007
2006
2001
340.8
256.7
230.0
202.4
194.4
314.0
223.0
223.0
206.8
204.9
282.1
214.6
233.0
183.5
220.5
270.6
246.6
238.0
162.7
254.6
237.9
247.2
248.0
163.9
275.1
171.1
284.6
335.0
152.5
393.5
Gold fabrication demand by country/region (tonnes)

Country / Region
China
Middle East
India
Far East (excluding Japan & China)
Western Europe
Source: CPM Gold Yearbook 2011, World Gold Council
2010
2009
2008
2007
2006
2001
408.2
478.3
388.8
566.7
230.1
372.9
466.5
407.4
559.8
253.2
353.0
578.5
463.4
659.3
323.0
326.9
643.8
438.0
690.4
383.2
266.2
590.9
373.9
711.4
396.9
207.9
416.7
337.9
788.2
798.0
Gold mining companies by production, 2009 (tonnes)

Company
Production
Barrick Gold Corp

Newmont Mining Corp
Anglogold Ashanti Ltd
Gold Fields Ltd
Goldcorp Inc
Freeport-McMoran Copper & Gold Inc
Kinross Gold Corp
Navoi Mining & Mettalurgical Combine
Rio Tinto Plc
Newcrest Mining Ltd
Source: CPM Gold Yearbook 2011
% of total world
production
230.9
202.8
143.0
120.4
75.3
74.8
69.6
55.0
49.4
48.8
Cumulative
production
Cumulative
%
230.9
433.7
576.7
697.1
772.4
847.2
916.8
971.8
1021.3
1070.1
9.6%
18.1%
24.0%
29.0%
32.2%
35.3%
38.2%
40.5%
42.6%
44.6%
9.6%
8.4%
6.0%
5.0%
3.1%
3.1%
2.9%
2.3%
2.1%
2.0%
Average gold production cost in South Africa

Year
Period
Cost (US $/troy ounce)
Q2
2010
Q1
Q4
Q3
2009
Q2
Q1
2008
Q4
1180.3
1050.3
687.3
645.0
544.2
435.4
426.5
Global financial assets (US $ trillion)

Year
Bank
deposits
Government
debt
securities
Private debt
securities
Equity
securities
Investor gold
holdings
Total
Gold as % of
total financial
assets
1980
1990
1995
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010e
5
19
25
34
36
38
40
43
46
51
56
61
63
63
2
9
13
19
18
18
21
25
27
26
28
31
34
39
2
10
14
24
27
28
31
34
37
42
48
51
50
50
3
9
17
31
27
23
32
38
43
53
65
34
49
55
0.3
0.3
0.3
0.2
0.2
0.3
0.3
0.4
0.4
0.6
0.8
1.0
1.1
1.5
12.3
47.2
69.4
108.3
108.2
107.7
124.0
139.7
153.5
173.1
197.6
177.6
197.5
208.1
2.4%
0.6%
0.4%
0.2%
0.2%
0.3%
0.2%
0.3%
0.3%
0.3%
0.4%
0.6%
0.6%
0.7%
Note: e - source estimates

1/18/2012 11:45:02 PM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Economic parameters impacting gold prices

2010
2009
2008
2007
2006
2001
Real GDP (annual % change)

US
Japan
Eurozone
China
India
OECD
2.8
4.3
1.8
10.3
9.7
2.8
-2.6
-6.3
-4.1
9.2
5.7
-3.4
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
0.8
0.7
1.9
8.3
3.9
2.4
Consumer Price Inflation (annual % change)

US
Japan
Eurozone
China
India
OECD
1.6
-0.9
1.5
3.1
13.2
1.5
-0.3
-1.4
0.3
0.8
10.9
0.1
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
2.8
-0.7
2.4
-0.1
5.2
2.8
Industrial Output (annual % change)

US
Japan
Eurozone
China
India
OECD
7
15.4
8.9
15.7
2.5
7.9
-2.9
-21.3
-3.7
11
18
-12.3
-11.3
-3.3
-12.4
12.9
0.5
-2.1
1.5
2.8
1.3
17.4
7.6
3.3
3
4.4
3.9
15.4
10.3
3.8
-3.7
-6.3
0.4
9.9
2.1
-2.2
Interest rates (%)

US
Japan
Eurozone
China
India (repo rate )
0.1
0.3
1.8
3.3
6.3
0.1
0.3
1.8
2.8
4.8
0.1
0.3
3
2.8
6.5
4.3
0.8
5
3.3
7.8
6.3
0.4
4.5
3.3
7.3
1.3
0.1
4.3
3.2
8.5
Money Supply (annual % change)

US
Japan
Eurozone
China
India
3.4
2.3
1.7
19.7
19.1
3.5
3.1
-0.4
27.7
17.7
10
1.8
7.6
17.8
19.9
6.1
2.1
11.6
16.7
22.8
5.9
0.7
10
16.9
19.3
10.5
3.3
8.0
14.4
13.6
11578
20509
10428
17464
8776
9647
13265
20287
12463
13787
10022
3262
6.7
.4
-10.4
8.9
6.8,
12.4
8.5
3.2
4
7.3
3.7
9.3
9.2
2.0
4.9
Equity Index (end of period)

US (Dow Jones)
India (Sensex)
OECD indicators (annual % change)

OECD total monetary aggr. & comp. broad money index
OECD Total PPI Economic Activities Domestic Manufacturing
OECD Total CPI OECD Groups Total Energy
3.2
3.8
7.8
Note: Interest rates mentioned are central Bank discount rate. For India, interest rates mentioned are repo rates
Source: OECD, IMF, CPM Gold Yearbook, World Bank, Various Central Banks, BSE, NYSE
1/18/2012 11:45:02 PM
Gold trading activity

Month
Dec-10
Nov-10
Oct-10
Sep-10
Aug-10
Jul-10
Jun-10
May-10
Apr-10
Mar-10
Feb-10
Jan-10
Dec-09
Nov-09
Oct-09
Sep-09
Aug-09
Jul-09
Jun-09
May-09
Apr-09
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
MCX
(all contracts)
Volume
2068046
2684053
2646608
2397666
2347500
2920976
3411263
3207824
2216211
2620427
2664536
2396374
3044093
2240126
1887002
1932644
1302700
1584550
2117538
2331799
2710372
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
Open Interest
88491
81085
101048
95238
78693
93508
101565
75714
69032
93656
62115
81022
81331
70458
62297
54623
42316
43270
53326
50400
49341
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
COMEX
(100 troy ounce contracts)
Volume
2969707
5540000
3847886
2714492
2184922
4097319
2909817
4824448
2921343
4385864
3608104
4574545
4003863
4160583
3203369
2823519
1815640
2758293
2304989
2766651
1755835
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
Open Interest
585114
600158
608083
612454
577352
521667
605792
547525
545340
471055
467387
478471
489766
526335
481961
458691
382383
377992
379199
388632
329066
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
TOCOM (1 kg contracts)
Volume
880991
1226332
947927
789939
714124
935158
920633
1194348
1040449
898854
1154743
1161059
1578769
1159670
976061
811173
780660
753498
654211
498469
673734
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
Open Interest
117566
103431
108657
108422
106897
113163
121966
105174
107197
103746
107035
122411
134163
118060
99791
95578
89875
92374
99586
86322
76362
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
LBMA clearing
turnover
Daily averages
(million ounces)
18.0
18.1
17.1
16.8
17.0
17.6
20.7
24.7
16.0
16.5
18.0
19.8
20.6
21.5
20.8
20.6
16.4
17.7
20.5
21.9
20.5
22.2
23.8
18.8
17.5
18.3
24.0
24.8
23.3
21.5
21.2
22.1
21.1
25.7
22.9
24.3
24.0
25.2
20.9
21.5
18.2
17.5
21.8
19.5
20.2
20.6
16.0
17.1
19.9
19.3
21.6
20.5
19.5
23.2
25.8
24.5
26.1
Note: Vol and OI in lots (unless specied); aggregate volume in all contracts during the month; cumulative OI in all contracts at the month-end.
Source: Exchanges' websites, LBMA
1/18/2012 11:45:03 PM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Gold prices
Month
MCX futures prices (Rs/10gms)

(1 kg contract)
Open
High
Low
Close
Dec-10
20492
20924
20371
Nov-10
19840
20624
19310
Oct-10
19120
20028
18925
Sep-10
19107
19257
18803
Aug-10
17755
19147
17505
Jul-10
18865
18875
17660
Jun-10
18440
19198
18226
May-10
17139
18648
17102
Apr-10
16280
17140
16262
Mar-10
16812
17095
16211
Feb-10
16185
16889
15950
Jan-10
16683
17104
16167
Dec-09
17668
18294
16447
Nov-09
15985
18047
15985
Oct-09
15701
16066
15530
Sep-09
15102
16009
15068
Aug-09
14803
15156
14690
Jul-09
14454
14993
14408
Jun-09
14885
14970
14381
May-09
14245
14940
14121
Apr-09
15115
15244
13931
Mar-09
15525
15968
14640
Feb-09
14370
16040
13890
Jan-09
13699
14490
12731
Dec-08
13060
13790
11736
Nov-08
11671
13240
11450
Oct-08
13351
14320
11290
Sep-08
11900
13576
11170
Aug-08
12610
12733
11126
Jul-08
12880
13764
12284
Jun-08
12102
12996
11923
May-08
11399
12999
11155
Apr-08
11880
12287
11345
Mar-08
12420
13397
11831
Feb-08
11700
12425
11321
Jan-08
10609
11800
10582
Dec-07
10086
10720
9938
Nov-07
10092
10685
9882
Oct-07
9540
10126
9200
Sep-07
8934
9544
8927
Aug-07
8701
8960
8650
Jul-07
8656
8964
8542
Jun-07
8714
8994
8595
May-07
9192
9246
8594
Apr-07
9261
9598
9052
Mar-07
9648
9703
9196
Feb-07
9251
9898
9171
Jan-07
9251
9326
8775
Dec-06
9250
9420
9022
Nov-06
8904
9280
8904
Oct-06
8860
8980
8320
Sep-06
9568
9710
8671
Aug-06
9625
9987
9328
Jul-06
9223
10179
9214
Jun-06
9500
9700
8315
May-06
9630
10763
9382
Apr-06
8410
9771
8350
Note: Future prices are for near month continuous futures contract
Source: Exchanges' websites, RBI, LBMA, ICE
20728
20538
19807
19035
19134
17770
18852
18385
17125
16295
16789
16200
16686
17614
15957
15703
15125
14802
14451
14923
14503
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
Mumbai
20504
20134
19485
19087
18492
18279
18735
18080
16682
16564
16531
16704
17147
17137
15859
15726
14962
14722
14639
14603
14477
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
Spot prices (Rs/10gms)

(Monthly average)
Ahmd
Delhi
20503
20073
19478
19102
18479
18253
18710
18032
16479
16592
16520
16686
17128
16990
15842
15792
14933
14681
14621
14610
14412
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
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
COMEX futures prices (US$/troy ounce)

(100 troy ounce contract)
Kolkata
Open
High
Low
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
1386.8
1359.7
1309.0
1249.0
1181.8
1243.0
1215.5
1181.0
1112.9
1119.7
1081.0
1099.0
1181.0
1043.4
1007.4
951.4
952.6
926.1
978.8
888.9
918.6
940.3
929.0
883.0
817.2
719.0
878.0
817.6
904.9
928.0
887.3
879.0
915.0
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
628.0
635.4
617.0
642.8
654.1
582.0
1431.1
1424.3
1383.9
1315.2
1250.5
1244.8
1264.8
1249.7
1182.5
1145.8
1127.4
1163.0
1226.4
1195.0
1070.2
1024.7
971.1
960.0
990.3
980.4
932.5
967.8
1004.9
930.3
886.0
833.5
925.7
922.0
916.1
989.6
937.7
935.4
948.7
1033.9
978.5
936.3
847.4
848.0
800.8
745.7
677.9
688.4
673.7
693.3
692.5
680.2
692.5
655.5
649.5
648.0
613.2
642.5
656.0
677.5
645.1
732.0
658.2
1362.5
1325.5
1309.0
1236.5
1174.7
1155.6
1196.9
1156.2
1111.3
1084.8
1045.2
1073.2
1075.0
1042.2
986.8
946.4
931.5
904.8
917.3
880.5
865.0
882.7
889.8
801.5
740.0
698.2
681.0
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
640.0
651.5
656.1
634.5
642.5
603.0
612.0
607.5
560.5
571.0
609.0
602.5
555.0
636.0
582.0
1/18/2012 11:45:03 PM
ce)
Close
5
5
0
5
7
6
9
2
3
8
2
2
0
2
8
4
5
8
3
5
0
7
8
5
0
2
0
4
9
3
2
4
1
7
7
5
5
4
3
1
9
7
0
5
1
5
5
0
0
5
5
0
0
5
0
0
0
1421.4
1385.0
1357.6
1307.8
1249.0
1181.7
1245.9
1212.2
1180.7
1113.3
1118.9
1083.0
1096.2
1181.1
1040.4
1008.0
952.2
953.7
927.4
978.8
891.2
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
975.0
922.7
838.0
782.2
795.3
742.8
675.8
666.9
650.9
661.0
683.5
663.0
672.5
652.0
638.0
646.9
606.8
598.6
628.2
634.2
616.0
642.5
654.5
US spot prices
US$/troy ounce
(Monthly average)
1392.6
1371.8
1344.8
1272.3
1217.9
1193.0
1234.0
1206.6
1149.5
1114.6
1097.8
1117.1
1126.7
1131.7
1045.0
998.0
949.7
935.1
945.6
930.4
890.8
927.2
941.8
862.7
826.0
760.5
805.0
828.7
836.8
940.1
890.6
890.8
910.5
960.9
925.6
888.4
807.1
806.2
756.9
713.6
665.9
665.6
655.4
667.6
679.8
654.5
665.2
631.3
628.5
628.2
587.0
598.6
630.6
633.7
596.3
673.0
611.9
US$/troy ounce
AM xing PM xing
1393.5
1371.8
1343.2
1271.5
1213.5
1196.0
1232.4
1204.3
1148.5
1115.6
1095.8
1119.6
1135.0
1126.1
1043.5
996.4
949.5
934.3
947.8
926.9
892.7
926.3
939.8
857.7
819.9
757.9
815.3
824.9
840.4
941.2
889.5
889.1
911.6
971.1
924.3
887.8
803.6
808.3
754.5
710.6
664.5
665.3
655.7
668.3
680.0
655.9
665.1
630.4
629.5
626.8
586.6
600.2
631.6
633.1
597.9
676.8
611.9
1391.9
1369.9
1342.0
1271.0
1215.8
1193.0
1232.9
1205.4
1148.7
1113.3
1095.4
1118.0
1134.7
1127.0
1043.2
996.6
949.4
934.2
945.7
928.6
890.2
924.6
943.2
858.7
816.1
760.9
806.6
829.9
839.0
939.8
889.5
888.7
909.7
968.4
922.3
890.4
803.2
806.2
754.6
712.7
665.4
665.3
655.5
666.9
679.4
654.9
664.7
631.2
629.8
627.8
585.8
598.2
632.6
633.7
596.1
675.4
610.7
LBMA (monthly average)

Euro/troy ounce
AM xing PM xing
1053.2
1003.2
966.2
972.8
939.5
937.2
1008.9
959.9
856.0
821.7
800.2
783.6
775.3
754.8
703.9
684.3
665.7
663.3
676.3
679.9
676.7
710.1
734.5
647.0
608.9
594.7
609.4
573.9
560.4
596.5
571.9
571.5
578.1
625.2
626.6
603.8
551.9
550.7
530.2
511.4
488.0
485.1
488.9
494.4
503.2
495.4
508.8
484.8
476.3
486.5
465.1
471.1
492.8
499.1
471.8
529.6
498.2
1044.8
1003.8
965.5
971.9
941.4
933.5
1009.3
962.2
857.0
820.4
801.1
783.4
775.7
754.1
703.9
684.5
665.9
663.4
675.1
680.1
674.8
708.5
737.7
648.5
607.6
597.1
605.9
577.2
560.2
596.2
571.8
571.5
577.5
623.8
625.6
604.1
551.2
549.1
530.2
512.4
488.5
484.9
488.5
493.4
502.6
494.6
508.3
486.0
476.5
487.1
464.4
470.1
493.2
499.4
470.8
528.5
497.4
GBP/troy ounce
AM xing PM xing
892.2
858.8
847.1
816.6
774.7
782.8
835.8
823.2
749.1
741.0
701.5
691.8
698.0
678.2
644.8
610.5
573.6
571.2
579.5
601.8
608.0
652.5
652.3
594.9
551.6
493.8
480.0
458.6
444.0
473.3
453.0
452.5
460.3
484.5
470.6
451.0
397.7
390.1
369.2
352.3
330.9
327.1
330.2
337.0
341.7
336.8
340.0
321.7
320.5
327.8
312.9
318.2
333.7
343.4
324.1
361.9
346.2
899.0
857.9
846.2
816.7
776.3
780.3
835.4
823.9
749.6
739.6
701.8
691.6
697.7
679.2
644.3
610.7
573.9
571.0
578.5
602.4
605.4
652.0
655.0
595.9
547.6
496.6
476.2
460.8
444.0
472.6
452.5
452.6
459.2
483.3
469.7
451.7
397.0
389.3
369.1
353.1
331.0
327.1
330.0
336.2
341.3
336.3
339.6
322.3
320.7
328.4
312.4
317.4
333.7
343.5
323.3
361.0
345.5
RBI Rate
USD/INR
45.16
45.02
44.41
46.06
46.57
46.84
46.56
45.80
44.50
45.50
46.33
45.96
46.63
46.59
46.72
48.39
48.36
48.47
47.78
48.61
50.08
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
Dollar
Gold-Silver
index
Ratio
Monthly average
80.30
78.45
77.72
81.35
82.22
83.43
86.77
85.48
81.35
80.81
80.27
77.98
77.00
75.40
76.17
77.19
78.53
79.71
80.26
82.11
85.55
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
47.48
51.46
57.25
61.79
66.01
66.61
66.85
65.43
63.33
65.14
69.18
63.01
64.05
63.05
60.65
60.56
65.95
69.78
64.63
65.75
71.21
70.44
70.06
75.52
79.41
77.07
77.69
67.57
57.70
52.00
52.33
52.12
51.99
50.31
52.43
55.61
56.18
54.99
55.20
55.39
54.09
51.52
49.98
50.73
49.46
49.85
47.73
49.09
47.55
48.33
50.56
51.55
51.48
56.42
55.34
50.06
48.10
1/18/2012 11:45:03 PM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Gold Mine Production (2010)
Gold Consumption (2010)
India
China
31%
14%
Australia
10%
Others
China
52%
Others
19%
35%
USA
9%
Russia
USA
8%
8%
South
Africa
Saudi
Arabia
Turkey
7%
4%
3%
Source: USGS
Source: WGC
Gold Value and Inflation

OSD/OZ
2000
Gold price (March 11 dollers)
Gold price (nominal)
CPI YOY (US) (RHS)
16
Jul-08
08
Jan-10
10
Jul-05
05
Jan-07
07
Jul-02
02
Jan-04
04
Jul-99
99
Jan-01
01
Jul-96
96
Jan-98
98
Jul-93
93
-4
Jan-95
95
Jul-90
90
-2
Jan-92
92
200
Jul-87
87
Jan-89
89
400
Jul-84
84
Jan-86
86
600
Jul-81
81
Jan-83
83
800
Jul-80
80
Jul-77
77
1000
Jul-78
78
Jul-72
72
1200
Jan-74
74
10
Jan-71
71
1400
Jul-69
69
12
Jul-66
66
1600
Jan-68
68
14
Jan-65
65
1800
Source: Comex, Bureau of Labour Statistics
1/18/2012 11:45:03 PM
Platinum fundamentals ('000 ounce)

2010
2009
2008
2007
2006
2001
World
Mine production
Auto catalyst recycling
Old jewellery scrap
Total supply
6,186
898
603
7,687
6,048
780
463
7,291
6,155
998
906
8,059
6,583
921
543
8,047
6,994
841
7,835
5,860
690
50
6,600
Autocatalyst
Jewellery
Retail investment
Industrial and others
Total Demand
3006
1894
76
1750
6726
2588
2292
305
1230
6415
3616
1635
452
1778
7481
4,139
1,872
-7
1,957
7961
4,092
1,709
0
1,844
7645
2,520
2,590
90
1,030
6230
961
-550
411
876
665
-384
1157
578
-300
-102
176
86
-194
108
190
190
370
-95
1580
1340
50310
1600
450
470
670
14590
290
44570
230
160
2162
2790
1562
969
638
Gross surplus deficit

Industry de-stocking
Exchange traded funds#
Residual surplus deficit
India
India platinum imports
(in jewellery & other forms) - kgs^
India platinum exports
(in jewellery & other forms) - kgs^
Inventory levels - year-end
NYMEX (PL 50 troy ounces contracts)

1.20%
1.50%
2.80%
# net additional investment, ^ Financial Year; Source: Platinum 2011 Johnson Matthey Plc, GFMS Platinum, Palladium Survey - Presentation, USGS, DGCIS, MCX, NYMEX
246
-
Platinum mine production by region (000 ounce)

Region
South Africa
Russia
North America
Zimbabwe
Others
Source: Platinum Today, Johnson Matthey Plc
2010
4635
825
210
280
236
2009
4635
785
260
230
138
2008
4515
805
325
180
330
2007
5070
915
325
170
103
2006
5295
920
345
165
269
2001
4100
1300
360
15
85
2009
1830
1050
860
2675
2008
2610
1735
1145
1991
2007
2800
1315
1525
2321
2006
2590
1375
1440
2240
2001
1510
1310
1295
2115
Platinum demand by region (000 ounce)

Region
Europe
Japan
North America
Others
Source: Platinum Today, Johnson Matthey Plc
2010
2110
1155
1505
1956
1/18/2012 11:45:06 PM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Economic parameters impacting platinum prices

2010
2009
2008
2007
2006
2001

US
Japan
Eurozone
China
India
OECD
2.8
4.3
1.8
10.3
9.7
2.8
-2.6
-6.3
-4.1
9.2
5.7
-3.4
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
0.8
0.7
1.9
8.3
3.9
2.4

US
Japan
Eurozone
China
India
OECD
1.6
-0.9
1.5
3.1
13.2
1.5
-0.3
-1.4
0.3
0.8
10.9
0.1
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
2.8
-0.7
2.4
-0.1
5.2
2.8

US
Japan
Eurozone
China
India
OECD
7
15.4
8.9
15.7
2.5
7.9
-2.9
-21.3
-3.7
11
18
-12.3
-11.3
-3.3
-12.4
12.9
0.5
-2.1
1.5
2.8
1.3
17.4
7.6
3.3
3
4.4
3.9
15.4
10.3
3.8
-3.7
-6.3
0.4
9.9
2.1
-2.2
Interest rates (%)

US
Japan
Eurozone
China
India (repo rate )
0.1
0.3
1.8
3.3
6.3
0.1
0.3
1.8
2.8
4.8
0.1
0.3
3
2.8
6.5
4.3
0.8
5
3.3
7.8
6.3
0.4
4.5
3.3
7.3
1.3
0.1
4.3
3.2
8.5

US
Japan
Eurozone
China
India
3.4
2.3
1.7
19.7
19.1
3.5
3.1
-0.4
27.7
17.7
10
1.8
7.6
17.8
19.9
6.1
2.1
11.6
16.7
22.8
5.9
0.7
10
16.9
19.3
10.5
3.3
8.0
14.4
13.6
11578
20509
10428
17464
8776
9647
13265
20287
12463
13787
10022
3262
3.2
6.7
8.9
8.5
7.3
9.2
3.8
7.8
0.5
-4
-10.4
-5.4
6.8
12.4
-7.9
3.2
4
-0.6
3.7
9.3
0.1
2.0
4.9
-0.8
58.5
11.1
-3.3
56.4
15.1
9.2
33.3
-35.6
5.7
49
-2.9
-23.9
52
-3.6
-6.3
45.3
5.6
-

US (Dow Jones)
India (Sensex)
OECD total monetary aggr. & comp.
broad money index
OECD Total PPI Economic Activities
Domestic Manufacturing
OECD Total Registration of Passenger Cars
US ISM Manufacturing Index
US auto sales (YoY % change)
US pending home sales (YoY % change)
1/18/2012 11:45:06 PM
Platinum trading activity

Month
Dec-10
Nov-10
Oct-10
Sep-10
Aug-10
Jul-10
Jun-10
May-10
Apr-10
Mar-10
Feb-10
Jan-10
Dec-09
Nov-09
Oct-09
Sep-09
Aug-09
Jul-09
Jun-09
May-09
Apr-09
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
MCX
Volume
1
3
96
34
22
183
289
203
138
2441
6503
2154
0
0
26
8
7
6
7
16
165
276
1320
2000
-
NYMEX
Open Interest
1
5
6
8
59
93
64
192
251
49
0
0
0
2
1
7
9
7
2
80
75
136
-
Volume
185858
153078
99204
187787
74099
71028
144397
133665
91226
176594
83630
85448
134504
63896
55226
134463
48652
46061
104427
34962
30849
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
TOCOM
Open Interest
39093
34501
37867
37808
31010
30260
29406
30165
37396
37977
34848
34509
32553
35475
30905
28652
26890
22268
22996
22909
19835
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
Volume
244815
302319
257652
269214
312438
321764
369404
488127
417984
373091
298474
422713
287885
268700
235829
243182
290930
279836
373005
238961
465844
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
Open Interest
57417
55437
51520
50133
52675
51535
55222
50858
43390
46470
44143
46192
42414
41585
38330
33641
34767
34704
34023
37592
29624
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
Note: Vol and OI in lots (unless specied); aggregate volume in all contracts during the month; cumulative OI in all contracts at the month-end.
Source: Exchanges websites
1/18/2012 11:45:06 PM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Platinum prices
Open
MCX futures prices

(Rs/gm)
High
Low
2451
2361
2361
2343
2343
2343
2442
2442
2384
2341
2214
2200
2229
2036
1975
1971
1880
1846
1793
1793
1870
1642
1506
1430
1321
1366
1702
2120
2342
2881
2845
-
2475
2553
2361
2361
2343
2343
2442
2442
2524
2530
2356
2355
2236
2240
2069
2088
2017
1939
1975
1793
1945
1879
1780
1572
1375
1376
1702
2120
2379
2940
2900
-
Month
Dec-10
Nov-10
Oct-10
Sep-10
Aug-10
Jul-10
Jun-10
May-10
Apr-10
Mar-10
Feb-10
Jan-10
Dec-09
Nov-09
Oct-09
Sep-09
Aug-09
Jul-09
Jun-09
May-09
Apr-09
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
2451
2361
2361
2343
2343
2343
2343
2442
2384
2310
2170
2172
2105
2005
1946
1933
1876
1751
1793
1793
1867
1642
1506
1379
1270
1211
1366
1640
1863
2280
2770
-
Close
MCX spot prices

Mumbai (Rs/gm)
Monthly average
Open
2475
2451
2361
2361
2343
2343
2343
2442
2442
2384
2341
2214
2200
2146
1964
2000
1963
1885
1850
1793
1867
1870
1709
1506
1375
1376
1366
1640
2115
2436
2885
-
2487
2452
2416
2361
2309
2303
2329
2401
2462
2343
2270
2295
2166
2103
2014
2033
1940
1817
1883
1778
1901
1787
1654
1509
1319
1328
1441
1802
2071
2644
2824
-
1664.2
1709.6
1658.6
1524.1
1576.8
1516.0
1542.5
1744.6
1649.1
1540.0
1505.0
1477.2
1458.2
1325.1
1298.5
1241.0
1215.9
1173.1
1197.2
1105.5
1129.4
1078.8
996.0
932.4
881.9
831.0
1003.0
1490.0
1754.1
2084.1
2013.5
1930.0
1948.0
2164.0
1731.2
1529.9
1436.7
1454.9
1407.5
1271.5
1301.9
1282.9
1287.4
1298.0
1242.0
1255.0
1187.0
1135.0
1186.5
1085.2
1159.5
1253.0
1241.6
1245.0
1252.0
1163.7
1070.8
NYMEX futures prices

(USD/oz)
High
Low
Close
US spot
prices (USD/oz)
Monthly average
1773.0
1811.8
1713.6
1659.9
1607.5
1579.0
1609.3
1753.4
1755.0
1646.6
1594.0
1635.5
1514.8
1487.9
1368.4
1356.3
1296.3
1218.1
1301.9
1204.0
1242.3
1167.4
1119.9
996.5
943.3
896.0
1045.0
1499.8
1759.0
2089.6
2125.0
2234.9
2055.0
2308.8
2214.5
1746.1
1551.5
1498.8
1473.3
1395.5
1308.9
1350.0
1320.0
1353.8
1348.0
1264.0
1269.9
1188.0
1186.5
1289.0
1159.5
1287.9
1268.0
1275.0
1263.5
1347.0
1163.8
1773.3
1666.4
1707.1
1652.0
1523.5
1576.8
1530.9
1549.4
1745.1
1639.8
1539.9
1506.0
1460.0
1460.2
1326.3
1295.6
1244.0
1214.2
1176.7
1196.0
1106.6
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
1279.0
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
1716.0
1693.7
1691.9
1597.4
1540.9
1526.1
1554.5
1625.9
1715.2
1602.8
1524.5
1562.1
1445.9
1407.1
1334.1
1292.9
1247.8
1166.4
1220.3
1137.0
1170.3
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
1658.4
1628.0
1658.6
1518.8
1491.1
1493.3
1492.4
1446.2
1648.5
1540.0
1452.0
1477.2
1382.0
1323.0
1270.3
1205.3
1208.5
1090.0
1155.6
1075.0
1078.1
1030.5
956.7
914.0
783.0
772.0
761.8
995.2
1307.0
1726.0
1966.1
1835.0
1880.0
1802.2
1722.0
1523.6
1436.1
1384.1
1355.0
1269.8
1226.5
1271.0
1264.0
1255.1
1245.5
1164.0
1156.1
1119.0
1096.0
1085.0
1070.0
1124.0
1216.0
1203.0
1095.0
1163.0
1065.0
Note: Future prices are for near month continuous futures contract, LPPM - London Platinum and Palladium Market
Source: Exchanges' websites, RBI, ICE, The London Platinum and Palladium Market
1/18/2012 11:45:07 PM
z)
ge
Open
TOCOM
(JPY/gm)
High
Low
Close
US$/troy ounce
AM fixing PM fixing
4473
4464
4463
4117
4398
4389
4598
5279
4953
4429
4437
4395
4023
3875
3756
3709
3662
3657
3628
3500
3584
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
4690
4696
4578
4500
4456
4417
4718
5280
5373
4935
4605
4835
4395
4197
4188
3950
3950
3739
4020
3720
4010
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
4626
4464
4399
4410
4102
4352
4346
4615
5265
4930
4430
4373
4365
4039
3890
3694
3729
3659
3706
3640
3493
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
1711.8
1696.3
1688.5
1591.4
1541.1
1526.8
1552.5
1630.2
1717.5
1600.0
1521.0
1563.8
1448.1
1402.2
1333.4
1289.7
1244.7
1161.3
1221.0
1133.7
1165.1
1082.3
1038.1
952.9
844.9
842.3
914.3
1225.4
1491.9
1916.0
2040.6
2054.5
1989.8
2058.3
1995.1
1582.1
1487.4
1448.8
1409.5
1307.0
1264.2
1304.2
1287.2
1303.3
1278.3
1219.2
1205.4
1147.3
1121.3
1182.7
1085.0
1185.7
1233.5
1229.1
1189.3
1263.9
1101.8
4473
4383
4355
4113
4048
4199
4346
4214
4936
4423
4220
4338
3970
3827
3650
3607
3662
3211
3550
3373
3377
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
1707.7
1692.8
1688.7
1591.8
1541.1
1525.6
1553.2
1622.6
1715.6
1599.4
1520.4
1562.8
1442.3
1400.6
1332.8
1288.7
1244.6
1162.3
1217.9
1130.4
1162.5
1081.2
1035.7
949.8
834.8
840.3
912.6
1223.0
1488.5
1904.4
2038.2
2054.7
1988.4
2046.5
1999.7
1585.8
1484.9
1448.7
1410.7
1307.7
1264.7
1303.1
1286.2
1301.3
1278.4
1218.8
1204.6
1148.4
1121.5
1183.0
1082.5
1183.6
1234.0
1228.8
1188.6
1264.9
1101.4
LPPM (monthly average)

Euro/troy ounce
AM fixing PM fixing
1095.9
1061.7
1065.1
1022.6
983.6
999.2
1052.8
1112.5
1119.4
1062.6
972.9
966.2
890.9
844.2
824.2
789.8
751.9
710.0
746.3
736.5
792.8
762.2
720.9
660.7
567.6
548.8
539.7
681.5
787.8
963.8
1038.9
1045.9
1004.9
1027.5
1016.1
803.6
736.1
699.2
689.6
647.8
629.3
641.2
648.3
657.0
642.5
626.2
616.1
585.6
570.8
618.7
578.8
628.6
651.7
666.6
644.7
675.8
623.7
1093.4
1059.3
1064.6
1022.6
983.3
998.0
1052.7
1108.2
1119.1
1062.3
973.7
966.6
887.1
844.0
823.0
789.3
751.8
710.0
744.2
733.7
790.9
761.8
718.7
657.4
560.6
547.5
538.2
680.3
786.8
957.8
1037.2
1046.2
1004.1
1021.0
1018.5
804.9
733.5
699.4
690.0
648.0
629.1
640.7
647.5
656.0
642.4
626.1
615.4
586.4
570.9
619.1
577.4
627.9
651.3
666.1
644.8
676.0
623.3
GBP/troy ounce
AM fixing PM fixing
1293.7
1239.9
1215.0
1218.0
1192.6
1195.3
1271.2
1297.4
1279.6
1178.5
1110.4
1094.5
990.0
939.5
899.6
885.5
872.7
824.6
871.1
832.1
882.8
829.6
811.4
718.4
627.2
661.2
685.1
852.3
994.3
1214.5
1311.4
1320.5
1262.3
1326.3
1352.2
1076.0
1021.5
987.0
989.2
940.5
928.4
950.9
959.7
964.1
945.9
920.9
922.0
882.4
848.5
918.0
860.1
930.7
962.4
968.9
938.6
988.8
897.4
1290.5
1238.6
1215.1
1217.2
1192.9
1194.0
1271.7
1294.1
1279.6
1178.6
1111.4
1094.6
985.7
938.9
899.6
885.0
872.4
824.8
868.8
828.5
881.6
828.0
809.7
716.1
622.9
659.1
684.4
849.9
992.9
1207.7
1310.3
1321.6
1263.7
1318.2
1356.0
1077.2
1018.7
986.6
991.5
940.6
928.3
949.9
958.3
962.6
945.3
920.5
921.2
884.1
848.2
918.5
858.4
930.6
962.5
968.4
939.1
989.9
897.6
RBI Rate Dollar

USD/INR
index
Monthly average
45.16
45.02
44.41
46.06
46.57
46.84
46.56
45.80
44.50
45.50
46.33
45.96
46.63
46.59
46.72
48.39
48.36
48.47
47.78
48.61
50.08
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
80.30
78.45
77.72
81.35
82.22
83.43
86.77
85.48
81.35
80.81
80.27
77.98
77.00
75.40
76.17
77.19
78.53
79.71
80.26
82.11
85.55
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
1/18/2012 11:45:07 PM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Platinum Mine Production (2010e)
Platinum Jewellery Demand (2010)
South
Africa
China
72%
75%
North
America
11%
Russia
13%
Europe
10%
Others
Zimbabwe
2%
5%
Canada
Others
5%
Japan
2%
USA
3%
2%
Source: USGS; e estimates
Source: Platinum 2011, Johnson Matthey PLC
Platinum, Palladium, Gold & Silver Prices in USD/troy oz

2500
Platinum
Gold
40
Palladium
Silver (RHS)
35
2000
30
25
1500
20
1000
15
10
500
Mar-11
Jun-10
Dec-08
Sep-09
Jul-07
Mar-08
Oct-06
Jan-06
Apr-05
Jul-04
Oct-03
Jan-03
Mar-02
May-01
Oct-99
Aug-00
Jan-99
Jul-97
Apr-98
Oct-96
Jan-96
May-95
Jul-94
Nov-93
5
0
Source: COMEX (CME)
1/18/2012 11:45:07 PM
Silver fundamentals (tonnes)

2010
2009
2008
2007
2006
2001
World
Global supply
Mine supply
Secondary supply (scraps etc.)
Others
30693
20746
9885
62
29433
20292
9110
31
28307
19567
8647
93
27847
19253
8190
404
27611
18451
8196
964
25247
17384
6619
1244
Global demand
Fabrication demand
Jewellery and Silverware
Photography
Electronics and Batteries
Others
Coinage and others
28220
26276
8734
3216
6855
7471
1944
27100
25020
8606
3515
6535
6364
2081
28186
26494
8675
3953
6504
7362
1692
27751
26842
8855
4846
6127
7014
908
27387
26537
8053
5216
5882
7387
849
27219
26482
9116
7704
4208
5452
737
Surplus/Deficit
2473
2333
121
96
224
-1972
India
Total supply
Mine production
Secondary supply (including scraps)
Imports
Government disposals & others
2924
131
927
1866
0
2732
130
1002
1600
0
4790
96
544
4150
0
3384
134
501
2500
249
2908
108
700
1300
800
4958
91
300
4562
5
Fabrication demand
Industrial use
Electroplating
Electrical/Electronics
Brazing alloys
others
Jewellery and silverware
Jewellery
Silverware
3739
2753
1512
647
498
96
986
258
728
3639
2644
1462
622
473
87
995
261
734
3897
2750
1490
600
467
193
1148
299
849
3760
2662
1499
600
299
264
1098
299
799
3260
2258
1201
501
249
308
1002
401
600
4345
1844
299
149
50
1347
2501
998
1502
18409
10922
14593
9493
10631
5059
7091
3642
4782
3768
615
-
3261
3498
3972
4125
3455
3251
2.0%
1.2%
2.2%
ETF Physical Silver Holdings

World
SLV (i-Shares ) Trust
COMEX silver inventories

1.5%
1.8%
Source: USGS, MCX, CPM Silver Yearbook 2011, CPM Silver Yearbook 2010, COMEX, www.silverinstitute.org
Silver Market during 2004-2010, 2001 (million ounces)

2010
2009
2008
2007
2006
2001
Annual supply
998.7
Futures and Options exchanges' trading volume
92894.9
London Bullion Market Association clearing volume
22515.2
Total
116408.8
Average price ($/troy ounce)
20.3
Dollar value ($billion)
2364.0
Source: CPM Group, LBMA
951.0
60462.1
24454.4
85867.5
14.7
1260.0
910.1
69661.2
31517.8
102089.2
15.0
1528.0
895.3
58725.8
28951.3
88572.4
13.5
1192.0
887.7
52458.4
36784.7
90130.8
11.6
1046.0
800.9
15911.0
26552.5
43275.2
4.4
189.0
Top 5 silver producing countries - mine production (tonnes)

Mexico
Peru
China
Australia
Russia
Source: CPM Silver Yearbook 2011
2010
2009
2008
2007
2006
2001
3999.4
3637.4
3193.6
1850.0
1451.8
3553.9
3922.7
3001.5
1633.0
1400.0
3236.3
3685.9
2799.3
1926.0
1297.0
3094.8
3493.9
2699.8
1881.8
1259.7
2987.7
3470.7
2600.3
1741.8
1306.3
2768.2
2581.6
1897.3
1968.9
404.3
1/18/2012 11:45:10 PM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Silver fabrication demand by country/region - top 5 (tonnes)

China
Europe
India
Japan
United States
Russia
2010
2009
2008
2007
2006
2001
4768.2
5496.0
3496.0
2006.2
5082.3
1451.8
4320.3
5570.6
3328.1
1993.7
5144.5
1400.0
3788.4
6037.2
3567.6
2531.8
5754.1
1297.0
34804.8
6513.1
3471.1
2998.4
6133.6
1259.7
3228.5
6640.6
2957.9
3194.3
6410.4
1306.3
1430.8
7181.8
4345.2
3125.9
6003.0
404.3
Silver mining companies by production, 2010 (tonnes)

Country
Name
Company
Mexico
Russia
Peru
Peru
Fresnillo Silver Mine

Dukat Silver/Gold Mine
Pallancata
Uchucchacaua
Silver Mine
Arcata Silver Mine
Greens Creek
Alamo Dorado
Silver Mine
San Bartolome
Silver Mine
Imiter Silver Mine
Peru
USA
Mexico
Bolivia
Morocco
Argentina
Pirquitas
Production
% of Total
World
Production
Cumulative
Production
Cumulative
%
Fresnillo plc
Polymetal MNPO
Hochschild
Cia De Minas
Buenaventura
Hochschild
Hecla
Pan American Silver
1116.9
345.0
315.2
289.3
4.96%
1.53%
1.40%
1.29%
1116.9
1461.9
1777.2
2066.4
4.96%
6.50%
7.90%
9.18%
258.9
222.0
209.0
1.15%
0.99%
0.93%
2325.4
2547.3
2756.4
10.33%
11.32%
12.25%
Coeur dÀlene
208.7
0.93%
2965.1
13.18%
Societe Metallurgique
DÌmiter
Silver Standard
200.0
0.89%
3165.1
14.07%
196.0
0.87%
3361.1
14.94%
Global financial assets (US $ trillion)

Year
1980
1990
1995
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010e
Bank
deposits
Govt.
debt
securities
Private
debt
securities
Equity
securities
Investor
gold
holdings
Gold as %
of total
nancial
assets
Investor
silver
holdings
Silver as of
total
nance
asset
5
19
25
34
36
38
40
43
46
51
56
61
63
63
2
9
13
19
18
18
21
25
27
26
28
31
34
39
2
10
14
24
27
28
31
34
37
42
48
51
50
50
3
9
17
31
27
23
32
38
43
53
65
34
49
55
0.26
0.24
0.28
0.21
0.21
0.24
0.29
0.35
0.4
0.53
0.63
0.75
0.88
1.18
2.1%
0.5%
0.4%
0.2%
0.2%
0.2%
0.2%
0.3%
0.3%
0.3%
0.3%
0.4%
0.4%
0.6%
0.04
0.01
0.01
0.01
0.00
0.00
0.00
0.00
0.00
0.01
0.01
0.01
0.01
0.01
0.345%
0.027%
0.015%
0.005%
0.004%
0.004%
0.003%
0.300%
0.003%
0.004%
0.004%
0.005%
0.005%
0.007%
Total
12.30
47.14
69.41
108.23
108.18
107.70
123.94
139.66
153.42
173.00
197.43
177.35
197.22
207.88

1/18/2012 11:45:10 PM
Economic parameters impacting silver prices

2010
2009
2008
2007
2006
2001

US
Japan
Eurozone
China
India
OECD
2.8
4.3
1.8
10.3
9.7
2.8
-2.6
-6.3
-4.1
9.2
5.7
-3.4
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
0.8
0.7
1.9
8.3
3.9
2.4

US
Japan
Eurozone
China
India
OECD
1.6
-0.9
1.5
3.1
13.2
1.5
-0.3
-1.4
0.3
0.8
10.9
0.1
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
2.8
-0.7
2.4
-0.1
5.2
2.8

US
Japan
Eurozone
China
India
OECD
7
15.4
8.9
15.7
2.5
7.9
-2.9
-21.3
-3.7
11
18
-12.3
-11.3
-3.3
-12.4
12.9
0.5
-2.1
1.5
2.8
1.3
17.4
7.6
3.3
3
4.4
3.9
15.4
10.3
3.8
-3.7
-6.3
0.4
9.9
2.1
-2.2
Interest rates (%)

US
Japan
Eurozone
China
India (repo rate )
0.1
0.3
1.8
3.3
6.3
0.1
0.3
1.8
2.8
4.8
0.1
0.3
3
2.8
6.5
4.3
0.8
5
3.3
7.8
6.3
0.4
4.5
3.3
7.3
1.3
0.1
4.3
3.2
8.5

US
Japan
Eurozone
China
India
3.4
2.3
1.7
19.7
19.1
3.5
3.1
-0.4
27.7
17.7
10
1.8
7.6
17.8
19.9
6.1
2.1
11.6
16.7
22.8
5.9
0.7
10
16.9
19.3
10.5
3.3
8.0
14.4
13.6
11578
20509
10428
17464
8776
9647
13265
20287
12463
13787
10022
3262
3.2
3.8
7.8
0.5
6.7
-4
-10.4
-5.4
8.9
6.8
12.4
-7.9
8.5
3.2
4
-0.6
7.3
3.7
9.3
0.1
9.2
2.0
4.9
-0.8
58.5
11.1
-3.3
56.4
15.1
9.2
33.3
-35.6
5.7
49
-2.9
-23.9
52
-3.6
-6.3
45.3
5.6
-

US (Dow Jones)
India (Sensex)
1/18/2012 11:45:11 PM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Silver prices
Month
Dec-10
Nov-10
Oct-10
Sep-10
Aug-10
Jul-10
Jun-10
May-10
Apr-10
Mar-10
Feb-10
Jan-10
Dec-09
Nov-09
Oct-09
Sep-09
Aug-09
Jul-09
Jun-09
May-09
Apr-09
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
MCX futures prices (30 kgs contract)

(Rs/kg)
Open
High
Low
Close
42851
37188
32910
30850
28721
29550
29320
28220
26905
25797
25560
26730
28327
26251
26451
23790
22465
21830
24209
20466
21800
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
46383
43231
37193
33390
30964
29569
30118
30163
28360
27309
26340
28680
29580
28860
27680
27960
24270
22820
24690
24217
21990
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
42653
35956
32900
30700
28713
28026
28031
26855
26806
25420
23610
25292
26602
25960
25761
23610
22457
21103
21744
20290
19718
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
46217
43009
37105
32962
30915
28636
29604
29292
28304
26935
25767
25500
26771
28300
25933
26486
23822
22468
21768
24195
21319
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
Spot prices (Rs/kg)

Monthly average
Mumbai
Ahmedabad
45380
41106
36063
32664
29871
29412
29821
29363
28057
27080
25661
28091
28357
28264
26884
25786
23609
22342
23070
22591
21343
22293
21422
18735
17323
17186
18639
20173
22247
25164
24203
23747
23506
24204
21983
20428
19018
19547
18393
17687
17422
17828
18325
18551
19693
19495
20337
19377
19851
19336
18286
18595
19028
17802
16764
20302
19489
44426
40006
35223
31912
29309
28783
29293
28876
27517
26611
24981
27408
27697
27616
26769
26231
23172
21865
22807
22284
20847
22084
21431
18501
17024
16741
17859
19476
21454
24943
23855
23450
23007
24093
21798
20278
18732
19233
18032
17283
16941
17429
17913
18089
19316
19247
20058
18922
19618
19168
17764
18073
18785
17327
16426
20155
18780
Open
28.10
24.75
21.77
19.39
18.00
18.59
18.41
18.63
17.51
16.50
16.17
16.89
18.47
16.51
16.67
14.89
13.90
13.60
15.77
12.34
12.96
13.09
12.66
11.20
10.24
9.84
12.14
13.77
17.77
17.44
16.88
16.97
17.26
19.78
16.95
15.34
13.96
14.55
13.94
12.10
12.91
12.41
13.50
13.42
13.46
14.23
13.60
12.73
13.90
12.29
11.55
12.87
11.40
10.91
12.48
13.58
11.49
COMEX futures prices

(US$/troy ounce)
High
Low
30.90
29.34
24.95
22.13
19.40
18.66
19.46
19.80
18.77
17.65
16.95
18.80
19.43
18.94
18.18
17.56
15.19
14.05
16.25
15.80
13.24
13.85
14.60
12.66
11.41
10.80
13.08
13.77
17.81
19.38
17.88
18.29
18.77
21.19
19.93
17.09
14.83
16.28
14.65
14.00
13.25
13.39
13.87
13.59
14.17
14.31
14.75
13.70
14.19
14.00
12.31
13.26
12.93
11.78
12.58
14.97
14.69
28.01
23.94
21.73
19.30
17.74
17.43
17.20
17.09
17.48
16.32
14.65
16.02
16.76
16.25
15.92
14.65
13.50
12.48
13.44
12.04
11.73
11.94
12.14
10.37
9.14
8.77
8.40
10.28
12.20
16.85
16.25
16.00
16.30
16.77
16.23
15.09
13.60
13.76
13.15
12.00
11.06
12.41
12.13
12.79
13.02
12.47
13.26
12.20
12.35
12.29
10.65
10.45
11.33
10.65
9.45
12.00
11.47
Close
30.91
28.19
24.56
21.82
19.40
18.00
18.67
18.42
18.61
17.53
16.50
16.19
16.82
18.50
16.26
16.66
14.90
13.94
13.57
15.61
12.31
12.99
13.09
12.57
11.27
10.19
9.73
12.28
13.61
17.79
17.42
16.87
16.50
17.31
19.81
17.00
14.80
13.96
14.44
13.92
12.06
13.02
12.35
13.47
13.45
13.45
14.10
13.57
12.82
13.93
12.27
11.54
12.90
11.37
10.83
12.46
13.51
Source: Exchanges websites, RBI
1/18/2012 11:45:11 PM
US spot prices
Monthly average
(US$/troy ounce)
91
9
6
2
0
0
67
2
61
3
0
9
2
0
6
6
0
4
7
61
31
9
9
7
7
9
3
8
61
9
2
87
0
31
81
0
0
6
4
92
6
2
5
7
5
5
0
7
2
3
7
4
0
7
3
6
51
LBMA Silver xings (AM xing)

Monthly average
US$/troy ounce
Euro/troy ounce
GBP/troy ounce
29.33
26.66
23.49
20.59
18.45
17.91
18.46
18.44
18.15
17.11
15.87
17.73
17.59
17.95
17.23
16.48
14.40
13.40
14.63
14.15
12.51
13.16
13.44
11.42
10.40
9.87
10.36
12.26
14.50
18.08
17.02
17.09
17.51
19.10
17.65
15.97
14.37
14.66
13.71
12.88
12.31
12.92
13.11
13.16
13.74
13.13
13.94
12.86
13.22
13.00
11.61
11.61
12.25
11.23
10.78
13.44
12.72
29.35
26.54
23.39
20.55
18.36
17.96
18.45
18.42
18.10
17.11
15.87
17.79
17.67
17.82
17.24
16.39
14.35
13.36
14.65
14.03
12.51
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
22.18
19.43
16.83
15.71
14.22
14.07
15.11
14.69
13.50
12.60
11.60
12.46
12.08
11.94
11.63
11.25
10.06
9.48
10.45
10.28
9.48
10.06
10.49
8.52
7.64
7.74
7.82
8.61
9.78
11.43
10.91
10.96
11.10
12.56
11.91
10.85
9.82
10.02
9.61
9.23
9.08
9.41
9.80
9.73
10.16
9.96
10.64
9.88
10.11
10.04
9.16
9.17
9.50
8.86
8.52
10.53
10.28
18.80
16.62
14.75
13.20
11.72
11.75
12.50
12.59
11.81
11.37
10.16
11.00
10.87
10.74
10.65
10.03
8.67
8.17
8.94
9.10
8.51
9.24
9.31
7.84
6.92
6.42
6.16
6.88
7.75
9.07
8.64
8.68
8.83
9.73
8.94
8.10
7.07
7.10
6.69
6.36
6.15
6.35
6.62
6.63
6.90
6.77
7.11
6.55
6.80
6.76
6.16
6.19
6.43
6.09
5.85
7.19
7.14
RBI rate
USD/INR
Dollar
Index
Monthly average
Gold-Silver
ratio
45.16
45.02
44.41
46.06
46.57
46.84
46.56
45.80
44.50
45.50
46.33
45.96
46.63
46.59
46.72
48.39
48.36
48.47
47.78
48.61
50.08
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
80.30
78.45
77.72
81.35
82.22
83.43
86.77
85.48
81.35
80.81
80.27
77.98
77.00
75.40
76.17
77.19
78.53
79.71
80.26
82.11
85.55
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
47.48
51.46
57.25
61.79
66.01
66.61
66.85
65.43
63.33
65.14
69.18
63.01
64.05
63.05
60.65
60.56
65.95
69.78
64.63
65.75
71.21
70.44
70.06
75.52
79.41
77.07
77.69
67.57
57.70
52.00
52.33
52.12
51.99
50.31
52.43
55.61
56.18
54.99
55.20
55.39
54.09
51.52
49.98
50.73
49.46
49.85
47.73
49.09
47.55
48.33
50.56
51.55
51.48
56.42
55.34
50.06
48.10
1/18/2012 11:45:11 PM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Silver trading activity

Month
Dec-10
Nov-10
Oct-10
Sep-10
Aug-10
Jul-10
Jun-10
May-10
Apr-10
Mar-10
Feb-10
Jan-10
Dec-09
Nov-09
Oct-09
Sep-09
Aug-09
Jul-09
Jun-09
May-09
Apr-09
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
MCX
(All contracts)
COMEX
(5000 troy ounce contracts)
TOCOM
(10 kg contracts)
Volume
Open Interest
Volume
Open Interest
Volume
Open Interest
3954385
5019135
4093266
2854405
2956440
2697838
2940814
2879419
2306351
2623227
3014731
2426103
2729099
2926605
2562961
2832361
2161531
1695690
2617203
1961241
1781983
2368782
2345494
2527274
1984421
1960673
2544248
2875765
2111397
2055536
1650314
1362887
1625961
1994755
1800439
1919723
1223221
1812705
1549302
1229147
1290422
1034273
1098449
1038399
1093888
1437994
1281590
1352259
1078773
1064886
1097901
1191386
1084692
879918
1050812
1166751
1413030
53717
55805
82739
104599
100967
48672
47199
42677
47200
34424
31671
55451
48623
37276
39913
34031
34494
26257
39864
44108
15276
19794
16680
37873
25586
27942
52466
43447
25691
15845
11650
11635
12561
13237
27151
30913
20931
23243
23997
22494
23786
26378
29349
29994
23182
23137
13319
19097
19526
16163
15402
20086
12594
6645
13198
11865
15346
1269578
2269122
1314164
754459
978609
641229
1080507
936901
993781
750210
1065168
755863
664831
1077309
807613
656218
842907
454114
869114
418399
553961
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
135970
133139
154866
152540
130813
119111
127990
120952
124216
114787
107635
123393
124057
131516
130427
128160
105057
99411
104594
102631
89263
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
37568
47052
25499
13446
11102
7622
11253
12734
12750
14267
15057
12285
10621
8695
10295
9564
4810
5736
9879
5089
8577
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
9773
9312
8278
7107
5028
4444
4317
3776
2367
3666
3818
3396
3305
2367
2157
1769
1257
2136
2398
2415
2173
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
LBMA clearing
turnover
Daily averages
(million ounces)
99.7
108.6
92.2
88.5
65.5
57.2
85.0
104.3
92.7
94.0
89.0
70.4
88.0
81.0
101.1
113.0
79.3
90.5
100.0
97.5
101.1
98.8
105.8
111.7
102.1
107.6
136.2
143.7
150.0
105.5
119.5
121.2
119.2
154.7
132.4
117.6
119.1
129.0
106.4
108.1
120.8
114.9
112.4
137.5
105.7
112.0
108.1
98.8
107.7
108.8
98.6
110.4
94.7
169.5
164.3
205.7
238.1
Note: Vol and OI in lots (unless specied); aggregate volume in all contracts during the month; cumulative OI in all contracts at the month-end; LBMA - London Bullion Market
Association. Source: Exchanges websites, LBMA
1/18/2012 11:45:11 PM
Silver Mine Production (2010)
Silver Consumption (2010)
USA
Mexico
20%
19%
Peru
18%
India
14%
China
Others
15%
46%
Others
33%
Japan
8%
Australia
Italy
9%
6%
United
States
Thailand
6%
6%
Source: USGS
Silver Vs. Oil prices, Gold Silver Ratio and Dollar Index
USD/Oz
40
180
160
Silver prices (RHS)
WTI Prices (USD/bbl)
Gold Silver Ratio
Dollar Index
35
140
30
120
25
100
20
80
15
60
10
40
10
Jan-10
10
Nov-10
08
09
Mar-09
yMay-
07
Jul-07
06
Sep-06
95
Jan-95
95
Nov-95
99
Mar-99
97
Jul-97
98
May-98
96
Sep-96
95
Jan-95
95
Nov-95
94
Mar-94
92
Jul-92
93
May-93
91
Sep-91
90
Jan-90
90
Nov-90
89
Mar-89
87
Jul-87
88
May-88
86
Sep-86
85
Jan-85
85
Nov-85
Mar-84
84
20
Source: CME (COMEX & NYMEX)
1/18/2012 11:45:12 PM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Metals
The base for development
Commodity in 2010
Exchange
(contract)
Price Unit
MCX (1 tonne)
Rs/ kg
LME (25 tonnes)
US$/ Tonne
MCX (5 tonne)
Rs/ kg
Zinc
LME (25 tonnes)
US$/ Tonne
Source: Respective exchanges website; ^ all contracts-all variants
Copper
Open
High
Low
Close
343.95
7,405.00
118.70
2,588.00
439.80
9,687.00
123.20
2,736.00
284.10
6,037.50
74.35
1,577.00
439.50
9,600.00
109.00
2,454.00
31-Dec-10
3-Dec-10
5-Nov-10
8-Oct-10
10-Sep-10
13-Aug-10
16-Jul-10
18-Jun-10
21-May-10
23-Apr-10
26-Mar-10
26-Feb-10
29-Jan-10
1-Jan-10
urrently, there are over 85 known metals in the world. as a rise in jobless claims in the US and Chinas intent on curbing
People had been using only a few metals during BC, lending activity. Thereafter, the prices of base metals, particularly
but increased realisation of their utility led to rapid of copper, rose on upbeat US economic data: unemployment
discovery of new metals later (Material Science
claims fell to a six-week low and orders of durables dropped
& Engineering, Carnegie Mellon University). Metals and
more than expected in May 2010 and copper mining
metal alloys possess high structural strength per unit
major BHP Billiton announced that its output could
Put a coward to
mass, making them useful materials for carrying
fall 5-10% in 2010 (www.erbakir.com.tr). Besides,
his metal an hell
large loads or resisting impact damage. Metal alloys
news such as Escondida, the worlds largest
ght the deil
can be engineered to have high resistance to shear,
copper mine, was expecting its output to dip 5-10%
(An Irish Proverb)
torque and deformation. Strength and resilience
on lower ore grades aided a rally in copper www.
have led to metals frequent use in high-rise building,
erbakir.com.tr). A halt in production, due to labour
disputes at Collahausi (Chile), the worlds third-largest
bridge construction, vehicles, tools, pipes, non-illuminated signs, railroad tracks and numerous other appliances.
mine, helped metals edge up. Zinc prices also recovered
Thus, metals play a vital role in the developmental process. The as Chinas third-largest zinc producer closed down its smelter to
two most commonly used structural metals iron and aluminium comply with government pollution investigation in October 2010,
are also the most abundant metals in the earths crust.
the full recovery could not materialize in early 2010. Finally, a rally
India produces 89 minerals, comprising four fuel minerals, 11 led copper futures prices on MCX to touch an all-time high of Rs.
metallic, 52 non-metallic and 22 minor minerals. Besides being 439.80 in the final trading session of the year.
the worlds largest producer of mica blocks, it is one
of the worlds top producers of iron ore, manganese,
MCX base metals futures prices (in Rs./kg) - 2010
aluminium, crude steel, etc.
Expectations of Chinese
labour union disputes at
125
450
Futures prices of base metals on MCX were a mixed
monetary tightening
Collahausi, Copper mine
bag in 2010. While copper futures jumped 28%, zinc
115
416
futures fell 9%, y-o-y. As 2010 dawned, combination
Greek debt Crisis
105
382
of factors concerns over market regulation in the
US, expectations of monetary tightening in China and
95
348
increases in LME stocks triggered a sharp fall in
labour union disputes at
85
314
the prices of base metals, including copper and zinc.
Collahausi, Copper mine
However, upbeat global economic data lent support
75
280
for a short-term revival. Later, in June, metals prices,
especially zincs, eased to a year low on growing doubts
over Greeces ability to manage its debt crisis. What
Source: Metastocks
Copper - LHS
Zinc - RHS
also added to the downward pressure were data such
Annualised
Volatility
Volume
(in lots)
20.70%
28.82%
29.25%
39.77%
31,341,022
29,665,041
11,927,214^
17,911,059
1/18/2012 11:45:13 PM
1/18/2012 11:45:42 PM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Aluminium Fundamentals ('000 tonnes)

2010
2009
2008
2007
2006
2001
40,800
52,700
77.40%
39720
1080
6450
36,900
48,600
75.90%
2,417
34810
2090
6400
39,600
48,600
81.50%
2,696
37020
2580
4650
38,000
41400
91.80%
2,888
37,250
750
2,900
33,900
38500
88.10%
3,025
33,990
-90
2,750
24,300
2,567
23,650
650
-
China
Primary aluminium production
Primary aluminium consumption
Unwrought aluminum & aluminum products import
Unwrought aluminum & aluminum products export
16200
15800
83
270
12900
14300
117
220
13200
12400
69
180
12,600
12,300
86
228
9,360
8,600
93
220
3,250
3,300
78
49
India
Primary aluminium imports
Primary aluminium exports
1525
1481
240.7
284.9
1349
1299
183.8
233.8
1237
1240
169.8
166.7
1153
1140
111.8
123.8
1003
1033
126.3
96.4
643
568
46.4
121.2
49.2
287.1
413.2
47.4
256.2
345.4
51.1
317.5
311
47.4
314.4
279.2
44.9
297.3
271.5
4277.1
441.2
4628.9
297.5
2328.9
206.5
930
89.1
699.3
18.5
819.2
-
1.50%
1.90%
1.80%
1.20%
1.60%
2010
2009
2008
2007
2006
16200
3871
2963
1928
1727
12900
3815
3030
1943
1727
13200
4190
3119
1974
2659
12600
3955
3083
1959
2560
9360
3718
3051
1929
2281
2010
2009
2008
2007
2006
15800
4240
2025
1912
1481
14300
3850
1523
1277
1299
12400
4900
2250
1936
1240
12300
5550
2197
2008
1140
8600
6150
2323
1823
1033
Global
Primary smelting capacity
Capacity utilisation
Aluminium recovered from scrap
World balance
Total stocks
Aluminium foils Production

Aluminium sheets/plates Production
Aluminium wires & extrusions Production
LME
SHFE
Source: USGS, IAI, WBMS, DGCIS, GFMS, LME, SHFE, MCX
Top 5 refined aluminium producers

Country
China
Russia
Canada
Australia
United States
Source: Thomson Reuters GFMS, ILZSG;
Top 5 refined aluminium consumers

Country
China
United States
Japan
Germany
India
1/18/2012 11:45:48 PM
Top 10 aluminum-producing companies in 2010 ('000 tonnes)

Company
United Co. Rusal
Rio Tinto Alcan Inc.
Alcoa Inc.
Aluminum Corp. of China
Norsk Hydro ASA
BHP Billiton Ltd.
Dubai Aluminium Co.
China Power Investment Co.
Aluminium Bahrain BSC
Shandong Xinfa Aluminum and Electricity Group
Source: CRU
Rank
Output
1
2
3
4
5
6
7
8
9
10
4,083
3,790
3,444
2,940
1,505
1,242
1,170
957
864
862
Economic parameters impacting Aluminium prices

2010
2009
2008
2007
2006
2001
2.8
4.3
1.8
10.3
9.7
2.8
-2.6
-6.3
-4.1
9.2
5.7
-3.4
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
0.8
0.7
1.9
8.3
3.9
2.4

US
Japan
Eurozone
China
India
OECD
1.6
-0.9
1.5
3.1
13.2
1.5
-0.3
-1.4
0.3
0.8
10.9
0.1
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
2.8
-0.7
2.4
-0.1
5.2
2.8

US
Japan
Eurozone
China
India
OECD
7
15.4
8.9
15.7
2.5
7.9
-2.9
-21.3
-3.7
11
18
-12.3
-11.3
-3.3
-12.4
12.9
0.5
-2.1
1.5
2.8
1.3
17.4
7.6
3.3
3
4.4
3.9
15.4
10.3
3.8
-3.7
-6.3
0.4
9.9
2.1
-2.2
Interest rates (%)

US
Japan
Eurozone
China
India (repo rate )
0.1
0.3
1.8
3.3
6.3
0.1
0.3
1.8
2.8
4.8
0.1
0.3
3
2.8
6.5
4.3
0.8
5
3.3
7.8
6.3
0.4
4.5
3.3
7.3
1.3
0.1
4.3
3.2
8.5

US
Japan
Eurozone
China
India
3.4
2.3
1.7
19.7
19.1
3.5
3.1
-0.4
27.7
17.7
10
1.8
7.6
17.8
19.9
6.1
2.1
11.6
16.7
22.8
5.9
0.7
10
16.9
19.3
10.5
3.3
8.0
14.4
13.6
11578
20509
10428
17464
8776
9647
13265
20287
12463
13787
10022
3262
3.2
6.7
8.9
8.5
7.3
3.8
7.8
0.5
-4
-10.4
-5.4
6.8
12.4
-7.9
3.2
4
-0.6
3.7
9.3
0.1
9.2
2.0
4.9
-0.8

58.5
56.4
33.3
11.1
15.1
-35.6
-3.3
9.2
5.7
49
-2.9
-23.9
52
-3.6
-6.3

US
Japan
Eurozone
China
India
OECD

US (Dow Jones)
India (Sensex)
broad money index
45.3
5.6
-
1/18/2012 11:45:48 PM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Aluminium prices
Month
Open
Dec-10
Nov-10
Oct-10
Sep-10
Aug-10
Jul-10
Jun-10
May-10
Apr-10
Mar-10
Feb-10
Jan-10
Dec-09
Nov-09
Oct-09
Sep-09
Aug-09
Jul-09
Jun-09
May-09
Apr-09
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
104.40
105.80
104.70
97.05
99.90
91.55
94.25
99.10
103.95
97.60
95.50
104.25
94.85
89.75
89.60
91.00
91.45
77.95
68.15
75.25
71.00
67.70
65.10
74.40
87.45
101.00
114.80
119.40
125.30
132.00
122.85
115.00
117.00
124.80
105.50
94.25
98.90
99.30
99.30
103.60
110.85
111.10
113.20
118.05
121.30
125.20
123.75
125.75
122.20
129.80
118.35
116.00
118.70
121.80
126.50
133.20
113.10
MCX futures price (Rs./kg)^

High
Low
111.40
110.10
107.95
104.10
103.20
99.10
94.65
99.70
109.20
103.70
98.95
108.50
106.30
95.40
93.40
93.90
99.45
90.40
80.75
77.60
78.90
73.95
70.95
78.75
88.50
102.45
114.80
120.45
125.70
144.20
136.90
130.40
123.40
130.25
125.50
104.60
98.90
103.25
100.20
103.60
110.85
113.90
114.10
119.40
127.50
126.45
130.50
131.65
127.80
129.80
128.70
121.85
119.50
125.00
126.80
151.45
144.00
101.65
100.75
101.20
96.60
93.15
90.45
85.90
89.85
92.90
97.10
91.60
94.10
94.50
88.30
83.95
82.55
88.40
75.45
67.55
64.65
68.10
66.05
62.20
63.15
67.40
84.75
91.50
110.50
115.50
122.70
121.10
114.55
114.05
112.25
102.30
93.25
92.55
96.40
94.15
93.65
99.85
105.60
107.65
108.30
112.30
117.30
116.50
114.60
122.20
115.90
113.00
109.00
110.00
111.30
107.00
116.80
111.50
Close
MCX spot price (Rs/kg)

Monthly average
Open
110.50
103.25
102.05
103.90
95.95
98.85
89.95
94.40
96.80
103.45
94.75
95.55
103.05
93.25
89.15
89.10
91.85
89.75
77.20
65.40
70.40
69.50
65.50
64.30
70.80
84.85
97.05
112.35
117.45
124.35
132.00
122.75
117.05
117.30
123.20
104.05
92.60
97.80
97.85
96.85
102.30
109.15
109.45
111.25
116.75
121.60
127.95
124.75
126.05
120.25
125.05
116.95
112.65
116.25
117.60
125.15
123.85
106.15
104.83
104.05
99.89
98.23
93.41
89.88
94.03
103.56
100.53
94.81
102.52
101.71
90.56
87.85
89.23
93.57
80.69
75.54
70.90
71.44
68.61
65.96
69.28
72.42
91.03
102.66
115.01
118.74
131.79
126.80
122.06
118.28
121.40
110.16
96.00
94.05
98.92
96.47
96.71
102.66
110.31
109.24
114.09
118.89
121.52
124.99
124.38
125.56
121.16
120.89
114.27
114.55
116.65
114.16
129.33
117.71
2285.00
2360.00
2337.00
2048.00
2165.00
1961.00
2031.00
2237.00
2325.00
2150.00
2086.00
2248.00
2057.00
1908.00
1885.00
1878.00
1889.00
1630.00
1440.00
1499.00
1395.00
1335.00
1349.00
1525.00
1770.00
2076.00
2442.00
2723.00
2971.00
3119.00
2935.00
2930.00
2990.00
3095.00
2708.00
2410.00
2512.00
2545.00
2512.00
2550.00
2744.00
2725.00
2790.00
2853.00
2789.50
2838.00
2730.00
2802.00
2732.00
2788.00
2581.00
2495.00
2553.00
2625.00
2670.00
2768.00
2456.00
LME 3-month price (USD/tonne)

High
Low
2488.00
2500.00
2459.00
2354.00
2249.00
2175.25
2043.00
2239.00
2494.00
2343.00
2179.00
2394.00
2305.00
2095.00
2030.00
1978.00
2115.00
1914.75
1701.00
1605.00
1555.00
1492.00
1479.00
1648.00
1787.00
2130.00
2450.00
2725.00
2975.00
3380.15
3169.00
3071.00
3133.00
3255.00
3160.25
2717.00
2512.00
2661.00
2573.00
2550.00
2760.00
2870.00
2829.00
2927.00
2932.00
2856.75
2905.00
2847.00
2875.00
2848.00
2835.00
2687.00
2595.25
2710.00
2687.00
3310.00
2845.00
2253.00
2185.00
2273.50
2048.00
1982.25
1921.75
1828.00
1950.00
2110.00
2112.00
1967.50
2069.00
2051.00
1882.00
1776.00
1778.00
1840.00
1545.00
1440.00
1383.00
1350.00
1292.25
1279.00
1316.50
1430.50
1744.00
1925.00
2404.85
2714.00
2928.25
2859.00
2828.00
2875.00
2805.00
2591.00
2377.00
2393.00
2472.00
2376.00
2375.00
2450.00
2712.00
2657.75
2745.00
2734.75
2664.00
2614.00
2550.00
2727.00
2566.00
2440.75
2405.00
2440.00
2449.85
2413.00
2644.00
2446.00
L
Close
2470.00
2275.00
2344.00
2351.00
2058.00
2175.00
1977.50
2043.00
2255.00
2323.00
2134.00
2079.00
2230.00
2058.00
1908.00
1890.00
1899.50
1890.00
1630.00
1440.00
1494.00
1392.00
1342.00
1349.00
1540.00
1772.00
2040.00
2425.00
2714.00
2979.00
3114.00
2931.00
2907.00
2990.00
3106.00
2710.00
2409.00
2500.00
2545.00
2520.00
2544.00
2751.00
2725.00
2790.00
2860.00
2780.00
2815.00
2730.00
2803.00
2738.00
2790.00
2584.00
2505.00
2570.00
2630.00
2650.00
2755.00
Note: Future prices are for near month continuous futures contract; ^ till Feb 2009, prices are for 2MT contract, later 5 MT contract
1/18/2012 11:45:49 PM
LME cash (USD/tonne)

RBI rate - USD/INR
Monthly average
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2356.67
2324.05
2342.18
2171.24
2110.44
1989.05
1929.41
2044.71
2314.28
2210.53
2053.27
2230.11
2181.26
1956.55
1875.66
1835.60
1927.64
1670.56
1579.63
1466.67
1431.81
1338.08
1338.06
1420.36
1504.42
1857.13
2122.03
2524.15
2762.56
3067.46
2967.87
2908.28
2968.03
3012.05
2784.89
2456.13
2382.83
2507.15
2444.53
2394.96
2512.60
2738.09
2681.31
2804.60
2817.05
2757.08
2839.05
2799.06
2823.67
2702.14
2657.15
2484.38
2461.55
2511.83
2490.95
2852.07
2623.86
45.16
45.02
44.41
46.06
46.57
46.84
46.56
45.80
44.50
45.50
46.33
45.96
46.63
46.59
46.72
48.39
48.36
48.47
47.78
48.61
50.08
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
Open
15860.00
16270.00
15600.00
15330.00
15360.00
14500.00
14830.00
15890.00
16210.00
16530.00
15995.00
16620.00
15400.00
14930.00
15000.00
15000.00
15100.00
13550.00
12850.00
13000.00
13550.00
12000.00
11760.00
12120.00
12450.00
13960.00
14635.00
17440.00
18750.00
18735.00
18460.00
18500.00
19000.00
19650.00
18750.00
17780.00
17820.00
17820.00
19230.00
19450.00
19680.00
19850.00
20470.00
20700.00
19290.00
19750.00
19900.00
21000.00
20970.00
19950.00
21400.00
19500.00
18600.00
19690.00
20950.00
21640.00
19580.00
SHFE futures price (Yuan/tonne)

High
Low
16500.00
16795.00
16500.00
15705.00
15510.00
15320.00
14990.00
15890.00
16715.00
16630.00
16790.00
18010.00
16850.00
15580.00
15210.00
15370.00
15390.00
15180.00
13850.00
13100.00
14900.00
13720.00
12560.00
12690.00
12600.00
14065.00
14635.00
17450.00
18820.00
19500.00
19020.00
19200.00
19200.00
20900.00
19850.00
19600.00
18490.00
18600.00
19260.00
19460.00
19750.00
20260.00
20600.00
21650.00
20490.00
19800.00
20220.00
21090.00
21390.00
21730.00
21810.00
22360.00
19880.00
19780.00
21250.00
24000.00
21570.00
15840.00
15300.00
15600.00
15185.00
15000.00
14100.00
13750.00
14500.00
15350.00
16020.00
15675.00
15705.00
15300.00
14820.00
14620.00
13880.00
14250.00
13500.00
12850.00
12670.00
12560.00
11885.00
11610.00
11405.00
10040.00
12510.00
13020.00
14930.00
17200.00
18340.00
18400.00
18120.00
18505.00
18700.00
18590.00
17700.00
17500.00
16710.00
17740.00
19200.00
18990.00
19500.00
19610.00
20050.00
19110.00
19260.00
19520.00
19590.00
20680.00
19810.00
19960.00
19500.00
18470.00
18200.00
19340.00
20710.00
19550.00
Close
16430.00
15860.00
16135.00
15590.00
15220.00
15165.00
14490.00
14985.00
15880.00
16220.00
16400.00
15900.00
16700.00
15315.00
15065.00
14825.00
14980.00
15005.00
13555.00
12800.00
12825.00
13495.00
12045.00
11715.00
11520.00
12565.00
13780.00
15245.00
17450.00
18820.00
18735.00
18465.00
18545.00
19180.00
19760.00
19440.00
17820.00
17750.00
17880.00
19380.00
19440.00
19730.00
19830.00
20250.00
20330.00
19310.00
19730.00
19730.00
21320.00
20770.00
20210.00
20980.00
19580.00
18590.00
19640.00
21150.00
20810.00
CNY/INR spot
Dollar Index
Monthly average
6.79
6.76
6.66
6.83
6.86
6.91
6.83
6.72
6.52
6.66
6.78
6.73
6.83
6.83
6.84
7.09
7.08
7.09
6.99
7.12
7.34
7.50
7.21
7.14
7.11
7.18
7.12
6.67
6.28
6.26
6.22
6.04
5.72
5.70
5.55
5.43
5.35
5.32
5.27
5.36
5.38
5.34
5.34
5.32
5.46
5.68
5.69
5.69
5.70
5.70
5.75
5.81
5.84
5.82
5.75
5.66
5.61
80.30
78.45
77.72
81.35
82.22
83.43
86.77
85.48
81.35
80.81
80.27
77.98
77.00
75.40
76.17
77.19
78.53
79.71
80.26
82.11
85.55
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
1/18/2012 11:45:49 PM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Aluminium trading activity

Month
Dec-10
Nov-10
Oct-10
Sep-10
Aug-10
Jul-10
Jun-10
May-10
Apr-10
Mar-10
Feb-10
Jan-10
Dec-09
Nov-09
Oct-09
Sep-09
Aug-09
Jul-09
Jun-09
May-09
Apr-09
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
MCX^
LME*
Volume
Open Interest
Volume
Open Interest
180925
157945
198505
196137
188267
154011
136118
129929
155525
117165
113419
138235
90944
45088
66485
71809
126281
66266
69241
20439
19288
12510
9048
13079
12505
5683
5177
6624
6900
15815
5284
6797
4243
13706
12397
16673
5746
13924
21255
22316
14390
15098
24668
32568
27444
74211
30987
24888
16114
19143
13345
25935
15608
14583
15868
37094
24303
3863
2408
3201
3692
3727
2480
2223
1742
4362
1918
2063
2317
2489
1340
1803
2095
1886
2364
2843
2719
1362
936
469
844
1047
311
296
629
451
656
455
482
476
516
752
882
1260
1448
1821
1673
1540
1326
1409
3376
2499
1172
1141
1350
1242
1298
781
450
708
526
1844
2187
1246
4028428
3901637
4600566
3673819
4032057
3309617
3860352
3831007
3879284
3747097
3675790
3503574
3725214
3320250
3641614
3651341
3990521
4327427
4867402
3925063
3376429
4402706
3237977
3961127
3891582
4105974
4164090
4451799
3417584
4374429
3922624
3605668
4066376
3436546
4270510
4284300
2721137
3794448
3344147
3238107
3984265
2828592
3127698
2663584
3163817
3187580
3624835
3727477
2745285
3600751
3309058
2802510
2775342
2428054
2667079
2975539
3073930
1071653
1067157
1069746
1035983
1023922
1082351
1121739
1091962
1098566
1078060
1056236
1054655
1018934
1029551
1032343
1072174
1091170
1137912
1142756
1175347
1067912
1079402
1185393
1144486
1147244
1222411
1141838
1131953
1083517
1059868
1071871
1070780
1058685
1098363
1085193
1077327
1002937
983972
948194
911348
602112
554239
552443
541715
546539
517799
518625
512739
509113
528264
534894
527105
510197
528311
535014
542297
540079
Volume
1072972
4509448
2609926
1888954
2525310
1662140
2563106
2452674
2527774
2467220
2603262
6936394
3565428
1730312
1400168
1961336
6071864
2707210
2092862
1378218
4981448
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
SHFE
Open Interest
237290
243418
330720
266578
267858
254604
249332
275958
289628
293358
324690
350384
353256
247592
257310
227858
279162
332978
235446
261164
313696
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
Note: Vol and OI in lots; Aggregate volume in all contracts during the month; Cumulative open interest in all contracts at the month-end; ^ inlcudes both major contract and mini
contract; * LME Aluminium Futures Total Market OI (includes member as well as client positions) & LME Aluminium Futures Volume Total.
1/18/2012 11:45:50 PM
Aluminium Mine Production (2010e)
Refined Aluminium Consumption (2010)
Others
34%
Others
36%
China
China
Russia
41%
9%
39%
United
States
11%
Japan
Canada
5%
7%
United
States
Germany
Australia
4%
India
4%
5%
5%
Source: GFMS, IAI, WBMS
LME Aluminium Prices and U.S. & China Industrial Production YoY
in %
Prices
40
3500
LME Prices ( USD tonne ) -RHS

RHS
US IP YOY
China IP YOY
33000
20
22500
10
22000
11500
-10
11000
-20
5500
-30
Jun-87
87
88
Feb-88
Oct-88
88
Jun-89
89
Feb-90
90
Oct-90
90
Jun-91
91
Feb-92
92
Oct-92
92
Jun-93
93
Feb-94
94
Oct-94
94
Jun-95
95
Feb-96
96
Oct-96
96
Jun-97
97
Feb-98
98
Oct-98
98
Jun-99
99
Feb-00
00
Oct-00
00
Jun-01
01
Feb-02
02
Oct-02
02
Jun-03
03
Feb-04
04
Oct-04
04
Jun-05
05
Feb-06
06
Oct-06
06
Jun-07
07
Feb-08
08
Oct-08
08
Jun-09
09
Feb-10
10
Oct-10
10
30
Source: LME & respective govt. websites IP - Industrial Production
1/18/2012 11:45:51 PM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Copper fundamentals (`000 tonne)

2010
2009
2008
2007
2006
2001
16116
19898
81
15725
3356
19081
23908
80
19327
1289
-145
15954
19523
82
15439
2839
18278
23625
77
18090
1433
274
15547
18740
83
15403
2823
18226
22723
80
18039
1159
132
15483
18111
85.5
15191
2743
17934
21784
82
18197
1028
-105
14990
17174
87.3
14678
2613
17291
20555
84
17034
1132
265
13632
14418
94.5
13748
1846
15594
17659
88
14903
1992
702
1150
4570
7250
229
10
995
4100
6400
244
13
960
3800
5130
212
1
946
3500
4880
112
7
889
3000
3690
96
3
605
1518
1875
115
3
35
650
635
207
304
31
717
570
220
279
31
680
507
227
416
34
718
510
193
450
27
625
400
278
356
32
233
265
132
63
377.6
131.9
502.4
95.3
339.8
15.3
197.5
25.6
182.8
31.3
798.7
-

1.70%
1.90%
3.30%
2.50%
Source: Ministry of Mines, ICSG, DGCIS, USGS, GFMS Copper Survey 2009, base metal report, LME, SHFE, MCX, ICA
2.20%
Global
World mine production
World mine capacity
Mine capacity utilization (%)
Primary refined production
Secondary refined production
World refinery production (secondary + primary)
World refinery capacity
Refineries capacity utilization (%)
World refined usage
Refined stocks - end of period
Period stock change
China
Mine production
Refined production
Refined consumption
Refined copper imports
Refined copper exports
India
Mine production
Refined production
Refined consumption
Copper and copper products imports
Copper and copper products exports
LME
SHFE
Global refined production - break-up ('000 tonne)

Primary from concentrate
Primary SX-EW
Secondary
Total refined production
Source: GFMS Copper Survey 2010, 2011, ICSG
2010
2009
2008
2007
2006
12384
3341
3356
19081
12913
3314
2839
18278
12250
3157
2823
18226
12141
3060
2743
17934
11934
2749
2613
17291
Intensity of copper use

Country
2010
Rank
Intensity of Use
Rank
China
1
0.79
5
South Korea
2
0.7
1
Germany
3
0.48
3
Japan
4
0.27
4
Brazil
5
0.23
8
Russia
6
0.23
2
India
7
0.16
7
United States
8
0.13
6
Note: Intensity of use = tonnes of copper consumption per million dollars of GDP (ppp, 2005 International $)
Source: GFMS Copper Survey 2011
2008
Intensity of Use
0.41
0.66
0.51
0.49
0.12
0.54
0.12
0.27
1/18/2012 11:45:53 PM
Top 5 copper (refined) producing countries ('000 tonne)

Country
China
Chile
Japan
United States
Russia
Source: GFMS, ICSG
2010
2009
2008
2007
2006
4573
3240
1549
1089
892
4110
3272
1440
1161
874
3779
3058
1540
1280
862
3497
2936
1577
1311
949
3003
2811
1532
1250
951
Top 5 copper (refined) consuming countries ('000 tonne)

Country
China
United States
Germany
Japan
South Korea
Source: GFMS, ICSG
2010
2009
2008
2007
2006
7249
1663
1304
1060
919
6409
1502
1144
876
891
5132
1945
1390
1185
819
4882
2146
1407
1247
838
3688
2168
1416
1282
831
Top 10 copper refineries by capacity, 2010 ('000 tonne)

Rank
Refinery
1
Guixi
2
Yunnan Copper
2
Birla
4
Chuquicamata Refinery
5
Codelco Norte (SX-EW)
6
Toyo/Niihama (Besshi)
6
Amarillo
8
El Paso (refinery)
9
Jinchuan
10
Las Ventanas
Source: The World Copper Factbook, 2010, ICSG
Country
Process
China
China
India
Chile
Chile
Japan
United States
United States
China
Chile
Electrolytic
Electrolytic
Electrolytic
Electrolytic
Electrowinning
Electrolytic
Electrolytic
Electrolytic
Electrolytic
Electrolytic
Capacity
900
500
500
490
470
450
450
415
400
400
Top 10 copper smelters by capacity, 2010 ('000 tonne)

Rank
Smelter
Country
Process
1
2
Guixi (smelter)
Birla Copper (Dahej)
China
India
Outokumpu Flash
Outokumpu Flash, Ausmelt,
Mitsubishi Continuous
Outokumpu/ Teniente Converter
Outokumpu Flash
Outokumpu, Contimelt, Electric
Outokumpu Flash
Reverb, Electric, Vanyukov
Reverberatory/ Kaldo Conv.
Reverberatory/ Teniente Conv.
Noranda Continuous
3
Codelco Norte (smelter)
4
Saganoseki/ Ooita (smelter)
4
Hamburg
4
Besshi/ Ehime (Toyo)
7
Norilsk (Nikelevy, Medny)
7
Jinchuan (smelter)
7
El Teniente (Caletones)
10
Altonorte (La Negra)
Chile
Japan
Germany
Japan
Russia
China
Chile
Chile
Capacity
900
500
460
450
450
450
400
400
400
390
Top 10 copper mines by capacity, 2010 ('000 tonne)

Rank
Mine
1
2
Escondida
Codelco Norte (includes Chuquicamata,
Radomiro Tomic, Mina Ministro Hales project)
3
Grasberg
4
Collahuasi
5
El Teniente
6
Taimyr Peninsula (Norilsk/ Talnakh
7
Antamina
7
Los Pelambres
9
Morenci
10
Bingham Canyon
10
Batu Hijau
10
Andina
Country
Source
Chile
Chile
Concs & SX-EW

Concs & SX-EW
Capacity
1,300
920
Indonesia
Chile
Chile
Russia
Peru
Chile
United States
United States
Indonesia
Chile
Concentrates
Concs & SX-EW
Concs & SX-EW
Concentrates
concentrates
concentrates
Concs & SX-EW
Concentrates
Concentrates
concentrates
780
520
454
430
400
400
390
280
280
280
1/18/2012 11:45:53 PM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Economic parameters impacting copper prices

2010
2009
2008
2007
2006
2001
2.8
4.3
1.8
10.3
9.7
2.8
-2.6
-6.3
-4.1
9.2
5.7
-3.4
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
0.8
0.7
1.9
8.3
3.9
2.4
1.6
-0.9
1.5
3.1
13.2
1.5
-0.3
-1.4
0.3
0.8
10.9
0.1
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
2.8
-0.7
2.4
-0.1
5.2
2.8
7
15.4
8.9
15.7
2.5
7.9
-2.9
-21.3
-3.7
11
18
-12.3
-11.3
-3.3
-12.4
12.9
0.5
-2.1
1.5
2.8
1.3
17.4
7.6
3.3
3
4.4
3.9
15.4
10.3
3.8
-3.7
-6.3
0.4
9.9
2.1
-2.2
0.1
0.3
1.8
3.3
6.3
0.1
0.3
1.8
2.8
4.8
0.1
0.3
3
2.8
6.5
4.3
0.8
5
3.3
7.8
6.3
0.4
4.5
3.3
7.3
1.3
0.1
4.3
3.2
8.5
3.4
2.3
1.7
19.7
19.1
3.5
3.1
-0.4
27.7
17.7
10
1.8
7.6
17.8
19.9
6.1
2.1
11.6
16.7
22.8
5.9
0.7
10
16.9
19.3
10.5
3.3
8.0
14.4
13.6
11578
20509
10428
17464
8776
9647
13265
20287
12463
13787
10022
3262
3.2
6.7
8.9
8.5
7.3
9.2
3.8
7.8
0.5
-4
-10.4
-5.4
6.8
12.4
-7.9
3.2
4
-0.6
3.7
9.3
0.1
2.0
4.9
-0.8
58.5
11.1
-3.3
56.4
15.1
9.2
33.3
-35.6
5.7
49
-2.9
-23.9
52
-3.6
-6.3
45.3
5.6
-

US
Japan
Eurozone
China
India
OECD
US
Japan
Eurozone
China
India
OECD
US
Japan
Eurozone
China
India
OECD
Interest rates (%)
US
Japan
Eurozone
China
India (repo rate )
US
Japan
Eurozone
China
India
US (Dow Jones)
India (Sensex)
broad money index
1/18/2012 11:45:54 PM
Copper trading activity

Month
Dec-10
Nov-10
Oct-10
Sep-10
Aug-10
Jul-10
Jun-10
May-10
Apr-10
Mar-10
Feb-10
Jan-10
Dec-09
Nov-09
Oct-09
Sep-09
Aug-09
Jul-09
Jun-09
May-09
Apr-09
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
MCX
Volume
2305344
2417831
2327883
2306182
2975270
3129047
3161226
2541672
2229657
2706875
3006321
2233714
1840574
2138686
2293803
2549646
3130380
2940752
3148890
2672464
2692519
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
LME*
Open Interest
38829
28734
35092
41272
38246
50254
29708
27416
25439
28860
19109
26301
31609
30367
25854
24337
24446
33729
21583
26146
20413
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
Volume
2837677
2780784
2371973
2402259
2142723
2374180
2580490
2523693
2133990
2677258
2572386
2267628
1902413
2020273
2064646
2032421
1986494
1960979
2165255
1870927
2350852
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
SHFE
Open Interest
464737
461076
447390
450372
432963
438893
421306
421788
419473
425778
414528
403863
403734
421021
408826
401290
402269
400338
401240
399933
406387
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
Volume
6049322
8704278
4467320
5164564
9552704
11106234
11801920
11663074
7472162
9127818
6443898
8460164
7038264
7397160
6620316
12722510
15452970
19918484
15306970
13410360
17493624
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
Open Interest
373124
289322
311294
289864
345178
392028
355042
372684
347226
387756
398950
386270
302750
357234
336118
305826
374320
448700
426042
404172
402338
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
Note: Vol and OI in lots; Aggregate volume in all contracts during the month; Cumulative open interest in all contracts at the month-end.
* LME Copper Futures Total Market OI (includes member as well as client positions) & LME Copper Futures Volume Total
Source: Exchanges' Websites
1/18/2012 11:45:54 PM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Copper prices
Month
Open
Dec-10
Nov-10
Oct-10
Sep-10
Aug-10
Jul-10
Jun-10
May-10
Apr-10
Mar-10
Feb-10
Jan-10
Dec-09
Nov-09
Oct-09
Sep-09
Aug-09
Jul-09
Jun-09
May-09
Apr-09
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
388.05
368.50
362.65
350.00
338.60
305.00
318.55
330.05
351.75
338.15
310.50
343.95
324.30
308.80
297.80
308.00
276.25
242.50
229.85
228.20
206.50
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
MCX futures price (Rs./kg)

High
Low
439.80
399.40
382.40
363.65
352.75
338.70
320.50
330.05
359.00
355.50
344.40
354.20
347.15
325.45
315.40
319.20
317.15
278.00
256.75
241.75
242.75
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
387.00
367.70
359.40
347.80
329.80
298.60
284.10
296.05
325.40
332.55
290.90
311.10
318.10
300.60
280.80
286.50
276.20
234.70
229.85
212.65
202.15
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
Close

Monthly average
Open
439.50
388.05
369.10
362.15
348.90
338.35
301.65
319.30
327.00
351.35
332.50
311.45
344.00
322.70
307.95
297.10
302.60
276.30
238.30
229.20
222.55
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
413.25
381.40
369.81
358.52
340.64
316.28
301.36
315.47
347.68
340.79
317.67
339.68
328.57
311.67
297.10
301.79
299.65
253.47
240.68
224.96
225.30
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
8353.25
8266.50
8042.00
7430.00
7290.00
6460.00
6890.00
7288.00
7820.00
7521.75
6755.00
7405.00
6940.00
6502.00
6180.00
6310.00
5781.00
4984.00
4819.75
4450.00
4040.00
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

High
Low
9687.00
8966.00
8554.00
8075.00
7527.00
7310.00
6892.00
7342.00
8043.75
7878.00
7450.00
7796.00
7423.75
7060.00
6732.00
6530.00
6549.00
5755.00
5388.00
4848.00
4925.00
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
8338.00
7920.00
8015.00
7415.00
7028.25
6318.00
6037.50
6415.00
7341.00
7245.25
6225.00
6700.00
6762.75
6372.25
5810.00
5855.25
5765.00
4710.00
4685.00
4315.00
3960.75
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
L
Close
9600.00
8360.00
8200.00
8014.00
7440.00
7296.50
6515.00
6939.00
7430.00
7790.00
7195.00
6745.00
7375.00
6930.00
6480.00
6159.00
6475.00
5719.00
4967.00
4830.00
4431.00
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
Source: Exchanges' websites, ICE, RBI
1/18/2012 11:45:54 PM

RBI rate - USD/INR
Monthly average
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
9147.26
8469.89
8292.40
7709.30
7283.95
6735.25
6499.30
6837.68
7745.08
7462.83
6848.18
7386.25
6981.71
6675.60
6287.98
6196.43
6165.30
5215.54
5013.95
4568.63
4406.55
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
45.16
45.02
44.41
46.06
46.57
46.84
46.56
45.80
44.50
45.50
46.33
45.96
46.63
46.59
46.72
48.39
48.36
48.47
47.78
48.61
50.08
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
Open
62700.00
62750.00
60000.00
58960.00
56750.00
52200.00
54560.00
58050.00
60990.00
60690.00
55100.00
59400.00
54350.00
50210.00
49320.00
49100.00
46920.00
40500.00
38400.00
38850.00
34450.00
28540.00
26400.00
26080.00
29350.00
32410.00
53820.00
59750.00
61650.00
63200.00
61100.00
64700.00
65450.00
68000.00
62800.00
58900.00
61180.00
64500.00
67310.00
65400.00
68030.00
63100.00
64720.00
71730.00
62900.00
57650.00
55500.00
61390.00
66610.00
69800.00
71250.00
69700.00
68120.00
64000.00
71500.00
70120.00
50200.00

High
Low
71000.00
68970.00
67460.00
61100.00
59450.00
56450.00
54790.00
58070.00
63130.00
61400.00
58920.00
63000.00
60380.00
55000.00
51580.00
50930.00
51490.00
45520.00
43000.00
40720.00
45000.00
35810.00
30200.00
30100.00
29800.00
34200.00
53820.00
59910.00
61800.00
64800.00
63440.00
65510.00
66960.00
69880.00
69300.00
64480.00
63000.00
64560.00
67450.00
67850.00
68150.00
70340.00
66200.00
72900.00
74930.00
63300.00
59980.00
61390.00
66700.00
70200.00
72800.00
75200.00
70280.00
72100.00
72000.00
83770.00
69990.00
62600.00
61000.00
60000.00
57620.00
56250.00
51610.00
49300.00
52000.00
57360.00
57220.00
51610.00
55500.00
53330.00
50100.00
48400.00
46000.00
45940.00
38820.00
37500.00
35100.00
34420.00
27400.00
25400.00
25900.00
23650.00
28550.00
31140.00
53850.00
57500.00
61260.00
59930.00
60130.00
63750.00
63430.00
62000.00
58000.00
54850.00
52700.00
64140.00
64060.00
61360.00
62900.00
60100.00
60320.00
62620.00
55040.00
52140.00
52150.00
59990.00
62100.00
69100.00
68340.00
65610.00
60540.00
54050.00
69920.00
50200.00
Close
70440.00
62060.00
62750.00
59920.00
58680.00
56190.00
52160.00
55470.00
58400.00
60890.00
57800.00
56240.00
59440.00
54210.00
51100.00
47680.00
49860.00
45260.00
40710.00
37400.00
37280.00
34140.00
28640.00
26370.00
24610.00
29530.00
32350.00
56070.00
59920.00
61980.00
63160.00
60900.00
65210.00
66040.00
67900.00
61990.00
58730.00
59540.00
65130.00
67610.00
65240.00
67820.00
63150.00
63890.00
68980.00
62090.00
57740.00
54470.00
61090.00
66010.00
69600.00
71030.00
67630.00
67270.00
61440.00
73370.00
67430.00
CNY/INR spot
Dollar Index
Monthly average
6.79
6.76
6.66
6.83
6.86
6.91
6.83
6.72
6.52
6.66
6.78
6.73
6.83
6.83
6.84
7.09
7.08
7.09
6.99
7.12
7.34
7.50
7.21
7.14
7.11
7.18
7.12
6.67
6.28
6.26
6.22
6.04
5.72
5.70
5.55
5.43
5.35
5.32
5.27
5.36
5.38
5.34
5.34
5.32
5.46
5.68
5.69
5.69
5.70
5.70
5.75
5.81
5.84
5.82
5.75
5.66
5.61
80.30
78.45
77.72
81.35
82.22
83.43
86.77
85.48
81.35
80.81
80.27
77.98
77
75.4
76.17
77.19
78.53
79.71
80.26
82.11
85.55
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
1/18/2012 11:45:54 PM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
Copper Mine Production (2010e)
INDIAN ECONOMY
Refined Copper Consumption (2010)
Chile
34%
Others
37%
Peru
China
United
States
Others
8%
38%
37%
9%
United
States
Germany
7%
7%
China
7%
Australia
6%
Japan
South
Korea
5%
5%
Source: GFMS, WBMS, GFMS
Copper Prices, Chinese Imports & Rolling correlation

of LME Prices Vs Inventory
12000
1
LME futures (USD/tons) -LHS
Rolling correlation prices Vs LME stocks -1yr.
1yr.
10000
Chinese import (100 tons) -LHS
8000
0.5
0
6000
-0.5
4000
-1
Apr-86
86
Jan-87
87
Oct-87
87
Jul-88
88
Apr-89
89
Jan-90
90
Oct-90
90
Jul-91
91
Apr-92
92
93
Jan-93
Oct-93
93
Jul-94
94
Apr-95
95
Jan-96
96
Oct-96
96
Jul-97
97
Apr-98
98
Jan-99
99
Oct-99
99
Jul-00
00
Apr-01
01
Jan-02
02
Oct-02
02
03
Jul-03
Apr-04
04
Jan-05
05
Oct-05
05
Jul-06
06
Apr-07
07
Jan-08
08
Oct-08
08
Jul-09
09
Apr-10
10
Jan-11
-11
2000
-1.5
-1
Source: LME, China Customs Department
1/18/2012 11:45:55 PM
Iron ore fundamentals (million tonnes)

2010
2009
2008
2007
2006
2001
Global
Iron ore production - gross weight
Iron ore production - metal content
Pig iron production
Direct reduced iron production
Iron ore apparent consumption
2400.0
1025.8
69.9
-
2240.0
1110.0
914.0
64.5
2243.7
2210.0
1130.0
935.4
66.1
2197.0
2040.0
1070.0
961.4
66.8
2006.7
1840.0
969.0
879.8
56.4
1805.0
1046.4
584.2
586.9
37.8
-
China
Pig iron production
900.0
590.2
0.1
-
880.0
280.0
549.4
0
1509.4
824.0
270.0
469.3
0.2
1268
707.0
233.0
476.5
0.6
1090.1
601.0
198.0
412.5
0.2
914.5
220.0
72.6
155.5
0.1
-
1.1
0.7
618.6
0.0091
3.6
0.2
628.2
0.0003
0.4
0.3
444
0.0003
0.7
0.7
383.1
0.0719
0.2
0.9
326.3
0
0.5
0.7
92.4
-
260.0
38.7
26.3
-
245.0
157.0
38.2
23.4
167.3
220.0
142.0
37.3
20.9
113.2
202.0
129.0
36.5
20.1
114.3
181.0
117.0
28.3
15
79
79.2
50.7
21.9
5.7
-
Imports of pig iron

0.255
0.008
0.027
0.02
Exports of pig iron
0.521
0.397
0.613
0.82
Import of iron ore
0.62
0.6
1.12
Export of iron ore
104
114
101.4
93.7
Source: USGS, Steel Statistical Yearbook 2011, CRU, UNCTAD, DGCIS, China Customs General Administration, International Steel Statistical Bureau
0.004
0.68
0.81
86.8
0.001
0.264
0.30
36.6
Imports of pig iron

Exports of pig iron
Imports of iron ore
Exports of iron ore
India
Pig iron production
World's leading iron ore producer

Country
Australia
Brazil
China
India
Iran
Kazakhstan
Russia
South Africa
Sweden
UK
Ukraine
USA
Venezuela
Rest of the World
Total Capacity (All)
Source: www.steelonthenet.com
Company
BHP Billiton Group
Fortescue Metals Group
Vale Group
CSN Group
AnBen Group
Shougang Beijing Group
Wuhan Iron & Steel Group
NMDC Group
Imidro Group
ENRC - Eurasian Natural Resources
Evrazholding Group
Metalloinvest Group
Anglo American Group
LKAB Group
Rio Tinto Group
ArcelorMittal Group
Metinvest Holding Group
Cliffs Natural Resources
US Steel Group
CVG Group
Others
Capacity in million tonnes (early 2010)

188.5
55.0
417.1
28.0
44.7
26.5
18.6
32.6
29.8
19.7
50.4
44.7
41.1
38.5
273.7
78.9
42.8
34.6
23.5
37.9
650.7
2177.3
World iron ore pelletizing capacity, 2009 (mn tonne)

Country
United States
Brazil
China
Ukraine
Russia
Canada
India
Sweden
Mexico
Others
Total
Source: USGS iron ore 2009 yearbook
Rated capacity
56.6
56.0
45.0
33.5
31.4
27.5
26.7
21.0
15.0
58.9
371.6
1/18/2012 11:45:57 PM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Trade in Ferrous Scrap (in million tonnes)

Region/year
European Union (27)
Other Europe
CIS
NAFTA
Central and South America
Africa
Middle East
Asia
Australia and New Zealand
World
Source: World steel in gures 2011
Exports
2009
39.6
1.5
0.4
27.9
0.4
3.2
0.3
11.5
2.2
87.8
Imports
2010
47.9
2.5
0.6
26.7
0.6
3.9
0.4
9.2
2
94.8
2009
28
16.4
0.5
5.3
0.2
1.6
0
30.3
0
82.5
2010
40.3
20.9
0.4
15.6
0.7
4.7
0
24
1.3
107.9
Economic parameters impacting iron ore prices

2010
2009
2008
2007
2006
2001
2.8
4.3
1.8
10.3
9.7
2.8
-2.6
-6.3
-4.1
9.2
5.7
-3.4
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
0.8
0.7
1.9
8.3
3.9
2.4

US
Japan
Eurozone
China
India
OECD
1.6
-0.9
1.5
3.1
13.2
1.5
-0.3
-1.4
0.3
0.8
10.9
0.1
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
2.8
-0.7
2.4
-0.1
5.2
2.8

US
Japan
Eurozone
China
India
OECD
7
15.4
8.9
15.7
2.5
7.9
-2.9
-21.3
-3.7
11
18
-12.3
-11.3
-3.3
-12.4
12.9
0.5
-2.1
1.5
2.8
1.3
17.4
7.6
3.3
3
4.4
3.9
15.4
10.3
3.8
-3.7
-6.3
0.4
9.9
2.1
-2.2
Interest rates (%)

US
Japan
Eurozone
China
India (repo rate )
0.1
0.3
1.8
3.3
6.3
0.1
0.3
1.8
2.8
4.8
0.1
0.3
3
2.8
6.5
4.3
0.8
5
3.3
7.8
6.3
0.4
4.5
3.3
7.3
1.3
0.1
4.3
3.2
8.5

US
Japan
Eurozone
China
India
3.4
2.3
1.7
19.7
19.1
3.5
3.1
-0.4
27.7
17.7
10
1.8
7.6
17.8
19.9
6.1
2.1
11.6
16.7
22.8
5.9
0.7
10
16.9
19.3
10.5
3.3
8.0
14.4
13.6
11578
20509
10428
17464
8776
9647
13265
20287
12463
13787
10022
3262
3.2
6.7
8.9
8.5
7.3
9.2
3.8
7.8
0.5
-4
-10.4
-5.4
6.8
12.4
-7.9
3.2
4
-0.6
3.7
9.3
0.1
2.0
4.9
-0.8
58.5
11.1
-3.3
56.4
15.1
9.2
33.3
-35.6
5.7
49
-2.9
-23.9
52
-3.6
-6.3
45.3
5.6
-

US
Japan
Eurozone
China
India
OECD

US (Dow Jones)
India (Sensex)
broad money index
1/18/2012 11:45:57 PM
Iron Ore Production (2010e)
Iron Ore Apprarent Consumption (2009)
Australia
18%
Brazil
15%
China
67%
Others
Others
17%
China
15%
37%
India
India
7%
11%
Japan
5%
Russia
4%
Brazil
2%
South Korea
2%
Source: USGS
Source: World Steel in Figures 2011
Pig iron prices on various factors

mn tonne
700
600
500
Price
600
China Imports of iron ore

China nished steel consumption
India exports of iron ore
Brazilian pig iron exports prices (USS/ tonns)-RHS
500
400
400
300
300
200
200
100
100
0
2004
2005
2006
2007
2008
2009
2010
Source: steelonthenet, WSIF
1/18/2012 11:45:57 PM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Iron ore prices and trading activity

Month
Open
Dec-10
Nov-10
Oct-10
Sep-10
Aug-10
Jul-10
Jun-10
May-10
Apr-10
Mar-10
Feb-10
Jan-10
Dec-09
Nov-09
Oct-09
Sep-09
Aug-09
Jul-09
Jun-09
May-09
Apr-09
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
MCX futures price (Rs./kg)

High
Low
-
Close
-
MCX futures trading

Volume
Open Interest
-
Note: DMTU: Dry metric ton unit; Futures prices are for near month continuous futures contract; Vol and OI in lots; Aggregate volume in all contracts during the month; Cumulative open interest
Source: Exchanges websites, www.Steelonthenet.com, RBI.
1/18/2012 11:45:58 PM
in
Spot prices - Chennai - Rs. /dmtu

Monthly average
6671.19
6133.76
5705.79
5609.77
5973.94
5136.82
5871.29
5953.01
6462.07
5010.42
4672.20
4402.57
rest
Chinese imported prices Brazilian pig iron

62% Fe nes (USD/dmtu) export prices (US$/tonne)
169
161
149
141
145
126
144
161
173
140
128
126
105
99
87
81
98
84
72
63
60
64
76
73
61
61
61
61
61
61
61
61
61
61
61
61
-
421
425
455
455
463
476
483
407
417
390
338
334
317
316
335
309
294
246
309
239
471
366
395
527
614
596
699
653
605
537
471
403
366
353
346
339
335
331
330
332
333
333
322
311
299
292
273
269
275
284
288
302
284
259
253
236
230
RBI Rate USD/ INR

Dollar Index
Monthly average
45.16
45.02
44.41
46.06
46.57
46.84
46.56
45.80
44.50
45.50
46.33
45.96
46.63
46.59
46.72
48.39
48.36
48.47
47.78
48.61
50.08
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
80.30
78.45
77.72
81.35
82.22
83.43
86.77
85.48
81.35
80.81
80.27
77.98
77.00
75.4
76.17
77.19
78.53
79.71
80.26
82.11
85.55
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
in all contracts at the month-end.
1/18/2012 11:45:58 PM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Lead Fundamentals (tonnes)

Global
Mine production (lead content of concentrate)
2010
2009
2008
2007
2006
2001
4,130,000
3,860,000
3,860,000
3,690,000
3,590,000
3,050,000
World refinery production

Of which:
Primary
Secondary
Undifferentiated
9,414,000
8,820,000
8,700,000
8,250,000
7,970,000
6,600,000
4,673,000
4,826,000
-
3,960,000
4,680,000
173,000
4,080,000
4,430,000
196,000
3,790,000
4,230,000
222,000
3,720,000
4,050,000
206,000
3,170,000
3,200,000
233,000
Refined lead consumption
9,395,000
8,842,000
8,615,000
8,243,000
8,008,000
6,480,000
China
1,850,000
1,600,000
1,500,000
1,410,000
1,330,000
676,000
Refinery production
Of which:
Primary
Secondary
4,164,000
3,710,000
3,200,000
2,790,000
2,720,000
1,200,000
2,480,000
1,230,000
2,350,000
850,000
2,140,000
650,000
2,130,000
590,000
984,000
211,000

Refined lead Imports
Refined lead exports
4,020,000
2,554
2,802
3,660,000
4,793
3,220
3,050,000
2,589
1,731
2,650,000
3,609
15,988
2,270,000
3,581
57,467
700,000
897
49,024
92,000
87,300
77,500
69,200
32,000
Refinery production
Of which:
Primary
Secondary
167,000
143,000
138,000
124,000
105,000
96,400
65,000
78,000
62,000
76,000
54,000
70,000
49,000
56,000
74,400
22,000
310,000
295,000
290,000
280,000
275,000
Lead ores Imports

Lead ores exports
Refined lead Imports
Refined lead exports
912
39,640
11,204
3,049
335
0
8,568
5,516
724
0
11,806
551
277
6
4,889
424
531
0
7,526
52
0
2,010
9
699

LME
208275
146500
45150
45475
41125
97050
2.30%
2.90%
3.40%
2.50%
2.20%
2010
2009
2008
2007
2006
4164
1256
405
321
301
3710
1214
391
297
312
3200
1280
415
273
303
2790
1303
405
260
275
2720
1303
379
240
298
2010
2009
2008
2007
2006
4020
1445
382
342
262
3660
1397
328
314
245
3050
1515
315
369
248
2650
1510
342
409
260
2270
1622
337
387
272
India

Source: Ministry of Mines, ILZSG, WBMS, DGFT, MCX, LME
Top 5 refined lead producers ('000' tonnes)

Country
China
United States
Germany
South Korea
United Kingdom
Top 5 refined lead consumers ('000' tonnes)

Country
China
United States
South Korea
Germany
Spain
1/18/2012 11:45:58 PM
Economic parameters impacting lead prices

2010
2009
2008
2007

US
Japan
Eurozone
China
India
OECD
2.8
4.3
1.8
10.3
9.7
2.8
-2.6
-6.3
-4.1
9.2
5.7
-3.4
1.1
-0.3
1
9
7.3
1

US
Japan
Eurozone
China
India
OECD
1.6
-0.9
1.5
3.1
13.2
1.5
-0.3
-1.4
0.3
0.8
10.9
0.1

US
Japan
Eurozone
China
India
OECD
7
15.4
8.9
15.7
2.5
7.9
Interest rates (%)

US
Japan
Eurozone
China
India (repo rate )
US
Japan
Eurozone
China
India
US (Dow Jones)
India (Sensex)
OECD Total PPI Economic Activities Domestic Mfg
2006
2001
2
1.9
2.3
11.5
8.9
2.6
2.9
2.8
2.6
11.1
9.7
3.2
0.8
0.7
1.9
8.3
3.9
2.4
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
2.8
-0.7
2.4
-0.1
5.2
2.8
-2.9
-21.3
-3.7
11
18
-12.3
-11.3
-3.3
-12.4
12.9
0.5
-2.1
1.5
2.8
1.3
17.4
7.6
3.3
3
4.4
3.9
15.4
10.3
3.8
-3.7
-6.3
0.4
9.9
2.1
-2.2
0.1
0.3
1.8
3.3
6.3
0.1
0.3
1.8
2.8
4.8
0.1
0.3
3
2.8
6.5
4.3
0.8
5
3.3
7.8
6.3
0.4
4.5
3.3
7.3
1.3
0.1
4.3
3.2
8.5
3.4
2.3
1.7
19.7
19.1
3.5
3.1
-0.4
27.7
17.7
10
1.8
7.6
17.8
19.9
6.1
2.1
11.6
16.7
22.8
5.9
0.7
10
16.9
19.3
10.5
3.3
8.0
14.4
13.6
11578
20509
10428
17464
8776
9647
13265
20287
12463
13787
10022
3262
3.2
3.8
7.8
0.5
6.7
-4
-10.4
-5.4
8.9
6.8
12.4
-7.9
8.5
3.2
4
-0.6
7.3
3.7
9.3
0.1
9.2
2.0
4.9
-0.8
58.5
11.1
-3.3
56.4
15.1
9.2
33.3
-35.6
5.7
49
-2.9
-23.9
52
-3.6
-6.3
45.3
5.6
-
1/18/2012 11:45:59 PM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Lead prices
Month
Open
Dec-10
Nov-10
Oct-10
Sep-10
Aug-10
Jul-10
Jun-10
May-10
Apr-10
Mar-10
Feb-10
Jan-10
Dec-09
Nov-09
Oct-09
Sep-09
Aug-09
Jul-09
Jun-09
May-09
Apr-09
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
102.75
110.80
101.65
97.15
95.80
81.20
85.85
98.05
97.20
100.00
93.50
113.50
107.90
107.60
108.05
102.10
89.80
81.45
74.65
66.90
64.30
54.05
55.65
49.35
57.00
76.00
87.20
87.20
94.30
77.20
83.90
104.60
113.25
133.85
109.65
101.30
121.25
144.95
136.50
127.80
127.05
115.60
91.15
82.10
84.55
84.60
77.00
74.25
72.00
72.50
64.85
57.25
51.35
44.00
54.10
56.35
54.50
MCX futures prices - 5 MT contract (Rs/tonne)

High
Low
115.95
116.75
114.70
103.75
102.80
95.95
85.90
98.90
105.60
105.15
108.65
121.95
115.85
112.20
113.90
121.45
103.80
89.70
86.30
74.60
77.85
70.25
59.30
60.30
57.60
76.00
88.20
94.50
95.45
98.85
88.90
107.00
120.40
140.65
137.70
109.15
121.70
148.95
154.35
142.05
139.25
142.30
109.80
92.45
86.50
88.00
84.65
77.30
80.95
75.00
73.50
64.75
55.00
53.45
54.10
59.00
58.00
102.70
98.20
97.80
97.05
90.95
80.00
72.55
79.10
96.10
90.90
90.20
93.05
104.80
100.30
98.55
97.65
83.95
75.20
73.85
65.60
62.35
53.15
47.80
48.10
40.50
53.15
57.75
79.50
70.70
66.40
74.45
80.75
107.40
107.10
107.65
96.00
94.35
110.15
134.10
117.40
115.65
112.60
91.15
82.10
80.15
84.60
70.90
69.00
72.00
70.00
64.85
54.50
51.35
43.00
42.50
51.40
51.90
Close
115.65
101.60
108.30
101.60
94.95
95.45
78.90
84.75
96.55
95.75
98.80
95.20
111.65
106.40
109.10
109.35
103.50
88.65
82.80
72.35
66.55
64.80
52.00
56.45
45.95
53.80
72.35
84.55
85.75
94.70
74.50
82.60
108.40
111.55
135.50
108.05
99.80
120.95
145.15
137.15
134.50
126.05
108.10
92.00
82.75
84.85
83.85
77.30
78.40
74.00
73.50
64.75
55.00
50.50
43.20
53.35
56.35
MCX spot prices (Rs/kg)

Monthly average
108.67
106.58
105.95
100.53
96.44
86.49
79.19
86.82
100.66
98.83
98.28
108.85
108.43
107.44
104.98
107.38
92.37
81.18
80.28
69.97
69.39
63.38
54.28
54.81
46.43
63.85
70.93
85.20
82.97
82.96
79.67
93.80
113.08
121.65
121.82
102.41
103.41
132.18
147.98
130.49
127.70
124.65
98.91
85.66
84.56
84.11
78.52
74.05
77.00
72.93
69.92
61.91
54.67
48.92
44.32
52.76
52.65
Source: Exchanges websites, RBI.
1/18/2012 11:45:59 PM
Open
2231.00
2440.00
2270.00
2060.00
2070.00
1735.00
1820.00
2210.00
2141.00
2217.00
2020.00
2464.00
2340.00
2275.00
2280.00
2095.50
1878.00
1690.00
1570.00
1325.00
1270.00
1050.00
1135.00
980.00
1095.00
1525.00
1845.00
1975.00
2215.00
1780.00
2000.00
2700.00
2780.00
3335.00
2810.00
2555.00
3060.00
3680.00
3380.00
3120.00
3110.00
2680.00
2360.00
2015.00
1920.00
1825.00
1680.00
1685.00
1660.00
1615.00
1390.00
1220.00
1095.00
1020.00
1065.00
1230.00
1180.00
LME 3-month prices (USD/tonne)

High
Low
2569.75
2650.00
2619.00
2321.00
2250.00
2081.00
1860.15
2230.00
2400.00
2333.75
2368.00
2690.00
2525.50
2447.75
2485.00
2517.25
2149.00
1879.00
1833.50
1570.25
1570.00
1380.00
1219.00
1230.00
1140.00
1557.00
1873.00
2080.00
2222.50
2293.75
2090.00
2730.00
3000.00
3480.00
3420.00
2831.00
3060.00
3775.00
3890.15
3520.00
3355.00
3500.00
2745.00
2360.00
2045.00
1975.15
1955.00
1725.25
1785.00
1755.00
1630.00
1410.50
1250.00
1180.00
1080.00
1360.00
1260.00
2231.00
2150.00
2205.00
2060.00
1952.00
1697.50
1535.00
1721.25
2130.00
2007.00
1911.00
2010.00
2255.00
2145.00
2070.00
2025.00
1741.00
1548.00
1570.00
1320.00
1219.80
1025.00
980.00
957.00
851.00
1073.00
1145.00
1729.75
1626.00
1531.00
1745.00
1912.00
2677.00
2655.00
2719.00
2405.00
2371.00
2805.00
3345.00
2845.00
2760.00
2670.00
2231.00
1980.00
1905.00
1771.85
1525.00
1505.00
1580.00
1440.00
1340.00
1214.00
1082.25
995.00
924.75
1060.00
1139.85
RBI rate USD/ INR

Monthly average
Dollar Index
2413.20
2364.98
2383.55
2192.85
2082.80
1843.97
1707.28
1876.79
2272.15
2163.00
2126.00
2352.00
2326.00
2303.00
2228.00
2205.00
1893.00
1674.00
1667.00
1447.00
1394.00
1247.00
1099.63
1144.90
968.17
1286.43
1494.26
1872.31
1902.85
1960.04
1860.51
2216.09
2834.88
3012.93
3089.61
2621.78
2616.08
3319.91
3722.61
3228.03
3115.19
3072.43
2436.64
2106.00
1984.16
1908.98
1775.08
1664.34
1709.16
1626.02
1525.66
1346.53
1179.32
1053.26
963.61
1167.50
1170.56
45.16
45.02
44.41
46.06
46.57
46.84
46.56
45.80
44.50
45.50
46.33
45.96
46.63
46.59
46.72
48.39
48.36
48.47
47.78
48.61
50.08
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
80.30
78.45
77.72
81.35
82.22
83.43
86.77
85.48
81.35
80.81
80.27
77.98
77.00
75.40
76.17
77.19
78.53
79.71
80.26
82.11
85.55
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
Close
2550.00
2230.00
2449.00
2278.00
2070.00
2077.50
1750.00
1850.00
2230.00
2147.00
2165.00
2025.00
2432.00
2345.00
2305.00
2284.00
2107.00
1879.00
1690.00
1570.00
1330.00
1270.00
1046.00
1120.50
999.00
1103.00
1508.00
1830.00
1975.00
2210.00
1790.00
1975.00
2714.00
2790.00
3330.00
2820.00
2550.00
3060.00
3660.00
3380.00
3110.00
3105.00
2660.00
2331.00
2015.00
1920.00
1820.00
1679.00
1665.00
1663.00
1617.00
1380.00
1210.00
1092.00
1015.00
1071.00
1210.00
1/18/2012 11:45:59 PM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Lead trading activity

Month
Dec-10
Nov-10
Oct-10
Sep-10
Aug-10
Jul-10
Jun-10
May-10
Apr-10
Mar-10
Feb-10
Jan-10
Dec-09
Nov-09
Oct-09
Sep-09
Aug-09
Jul-09
Jun-09
May-09
Apr-09
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
MCX^
Volume
736860
824705
916761
824671
927590
671476
780761
606739
612538
578649
548550
516536
368884
364568
432767
573158
336663
262801
309687
210388
161244
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
LME*
Open Interest
10916
7264
5691
7773
8139
11993
15719
6697
8519
9446
4666
7376
3899
2473
2574
3204
3820
3405
2785
2080
1992
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
Volume
664693
721628
706941
634529
581347
644167
657952
661808
661124
633637
546908
567403
479278
463983
522231
597913
515465
494804
508573
393306
483781
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
Open Interest
145177
152023
138909
129890
125002
132294
128907
134434
123855
125925
113332
108234
100018
103436
102818
107792
104305
108364
105843
100024
98282
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
Note: Vol and OI in lots; Aggregate volume in all contracts during the month; Cumulative open interest in all contracts at the month-end; ^ Includes both MCX Lead (5 MT) futures
contract & MCX Lead mini (1 MT) futures contract; * LME Lead Futures Total Market OI (includes member as well as client positions) & LME Lead Futures Volume Total
Source: Exchanges' websites
1/18/2012 11:45:59 PM
Lead Mine Production (2010e)
Refined Lead Consumption (2010)
Others
21%
Others
China
31%
Australia
45%
15%
China
43%
United
States
United
States
15%
11%
Peru
7%
Germany
4%
Mexico
4%
Spain
2%
South Korea
3%
Source: Source: USGS; e estimates
Source: GFMS
Lead Prices, Inventory and Spread Between Cash & Futures

Inventory & Spread
400
350
300
Prices
4000
LME futures (USD/tonnes)

Lead invetory (000s metric tonnes)
Cash - Month Spread (USD/tonnes)
3500
3000
250
2500
200
200
150
1500
100
1000
50
500
-50
Jan-87
Sep-87
May-88
Jan-89
Sep-89
May-90
Jan-91
Sep-91
May-92
Jan-93
Sep-93
May-94
Jan-95
Sep-95
May-96
Jan-97
Sep-97
May-98
Jan-99
Sep-99
May-00
Jan-01
Sep-01
May-02
Jan-03
Sep-03
May-04
Jan-05
Sep-05
may-06
Jan-07
Sep-07
May-08
Jan-09
Sep-09
May-10
Jan-11
Source: LME
1/18/2012 11:46:00 PM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Nickel fundamentals (Tonnes)

2010
2009
2008
2007
2006
2001
Global
Mine production Of which:
Concentrate
Ore and ore milled
Laterite ore
Ferronickel produced
Nickel sulfate
Unspecified and (or) undifferentiated
1,550,000
-
1,400,000
436,000
309,000
339,000
12,000
100
309,000
1,560,000
552,000
269,000
385,000
15,000
100
338,000
1,670,000
556,000
293,000
480,000
15,300
100
326,000
1,570,000
541,000
280,000
394,000
10,900
80
340,000
1,350,000
451,000
537,000
230,000
2,970
151
124,000
Plant production (refined) Of which:

Ferronickel, including ferronickel magnesium
Metal
Oxide sinter
Chemicals, including nickel sulfate
Unspecified
1,425,000
-
1,380,000
363,000
775,000
91,700
13,800
138,000
1,400,000
350,000
742,000
89,400
14,600
203,000
1,440,000
395,000
748,000
100,000
14,800
179,000
1,350,000
332,000
741,000
95,700
16,200
168,000
1,190,000
232,000
683,000
104,000
16,900
152,000
Refined nickel consumption
1,463,700
1,241,000
1,244,000
1,425,000
1,365,000
1,211,000
China
Mine production
Plant production (refined)
Refined nickel consumption
Refined nickel imports
Refined nickel exports
77,000
350,000
560,000
14,869
2,893
79,355
273,000
540,000
13,241
7,673
72,000
207,900
305,000
10,715
449
67,000
206,500
330,000
9,563
478
82,100
138,000
230,000
10,374
2,874
51,500
49,700
70,000
-
27,834
1,982
0
12
0
24,478
2,167
0
0
0
20,815
692
0
0
0
19,279
1,202
0
24
0
17,751
1,202
0
0
0
24,700
386
487
-
135672
158010
78390
47946
6648
18966

2.10%
2.90%
3.20%
2.50%
Source: USGS, INSG, DGCIS, MCX, LME, GFMS, 7economy.com, World Bureau of Metal Statistics, China Customs General Administration
2.60%
India
Semi-refined nickel consumption
Nickel metal import
Nickel metal export
Nickel ores imports (gross weight)
Nickel ores exports (gross weight)
LME
Top 5 refined nickel producers

Country
China
Japan
Canada
Australia
Norway
Source: Thomson Reuters GFMS, INSG
2010
2009
2008
2007
2006
350,000
166,000
105,000
102,000
92,000
273,000
144,000
117,000
131,000
89,000
207,900
156,000
168,000
108,000
89,000
206,500
161,000
154,000
114,000
88,000
138,000
152,000
147,000
116,000
82,000
Top 5 refined nickel consumers

Country
China
Japan
United States
South Korea
Germany
Source: Thomson Reuters GFMS, INSG
2010
2009
2008
2007
2006
560,000
177,000
119,000
101,000
100,000
540,000
148,000
91,000
93,000
62,000
305,000
185,000
117,000
76,000
91,000
330,000
196,000
119,000
71,000
110,000
230,000
181,000
145,000
93,000
106,000
1/18/2012 11:46:01 PM
Economic parameters impacting nickel prices

2010
2009
2008
2007
2006
2001
2.8
4.3
1.8
10.3
9.7
2.8
-2.6
-6.3
-4.1
9.2
5.7
-3.4
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
0.8
0.7
1.9
8.3
3.9
2.4

US
Japan
Eurozone
China
India
OECD
1.6
-0.9
1.5
3.1
13.2
1.5
-0.3
-1.4
0.3
0.8
10.9
0.1
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
2.8
-0.7
2.4
-0.1
5.2
2.8

US
Japan
Eurozone
China
India
OECD
7
15.4
8.9
15.7
2.5
7.9
-2.9
-21.3
-3.7
11
18
-12.3
-11.3
-3.3
-12.4
12.9
0.5
-2.1
1.5
2.8
1.3
17.4
7.6
3.3
3
4.4
3.9
15.4
10.3
3.8
-3.7
-6.3
0.4
9.9
2.1
-2.2
Interest rates (%)

US
Japan
Eurozone
China
India (repo rate )
0.1
0.3
1.8
3.3
6.3
0.1
0.3
1.8
2.8
4.8
0.1
0.3
3
2.8
6.5
4.3
0.8
5
3.3
7.8
6.3
0.4
4.5
3.3
7.3
1.3
0.1
4.3
3.2
8.5

US
Japan
Eurozone
China
India
3.4
2.3
1.7
19.7
19.1
3.5
3.1
-0.4
27.7
17.7
10
1.8
7.6
17.8
19.9
6.1
2.1
11.6
16.7
22.8
5.9
0.7
10
16.9
19.3
10.5
3.3
8.0
14.4
13.6
11578
20509
10428
17464
8776
9647
13265
20287
12463
13787
10022
3262
3.2
3.8
7.8
0.5
6.7
-4.0
-10.4
-5.4
8.9
6.8
12.4
-7.9
8.5
3.2
4.0
-0.6
7.3
3.7
9.3
0.1
9.2
2.0
4.9
-0.8
58.5
11.1
-3.3
56.4
15.1
9.2
33.3
-35.6
5.7
49
-2.9
-23.9
52
-3.6
-6.3
45.3
5.6
-

US
Japan
Eurozone
China
India
OECD

US (Dow Jones)
India (Sensex)
1/18/2012 11:46:01 PM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Nickel prices
Month
Open
Dec-10
Nov-10
Oct-10
Sep-10
Aug-10
Jul-10
Jun-10
May-10
Apr-10
Mar-10
Feb-10
Jan-10
Dec-09
Nov-09
Oct-09
Sep-09
Aug-09
Jul-09
Jun-09
May-09
Apr-09
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
1053.0
1039.0
1053.2
983.7
981.0
917.0
984.0
1169.1
1121.1
985.0
857.3
878.7
758.1
853.0
852.3
924.5
859.0
744.0
660.0
589.0
502.0
504.1
545.0
576.0
515.0
623.8
764.4
906.0
795.1
960.0
935.0
1160.0
1183.5
1259.0
1086.5
1040.5
1088.0
1277.0
1230.0
1217.0
1279.0
1495.0
1941.1
2105.0
2007.8
1891.1
1945.0
1504.0
1498.0
1429.8
1408.3
1515.0
1287.5
976.1
1080.0
905.0
675.0
MCX futures prices (Rs/tonne)

High
Low
1135.0
1097.4
1120.7
1082.7
1055.7
976.6
984.0
1178.3
1224.7
1128.0
955.8
891.8
908.4
866.5
918.1
938.3
1022.4
858.4
768.9
666.6
637.1
533.5
585.0
654.8
540.8
649.3
769.0
906.5
935.0
974.5
1073.5
1180.0
1205.5
1416.0
1275.0
1203.0
1104.5
1350.0
1306.0
1362.0
1286.0
1519.9
2009.0
2185.5
2253.9
2247.0
1990.0
1855.0
1603.0
1547.3
1640.0
1524.2
1618.5
1380.0
1081.0
1064.0
832.7
1051.2
957.9
1005.8
983.7
940.7
881.5
823.6
935.3
1081.6
958.1
796.2
795.5
736.0
732.0
819.0
796.5
859.0
702.2
651.4
572.6
494.7
478.3
462.0
498.1
442.3
476.2
447.8
721.0
736.6
763.0
914.5
927.0
1127.5
1126.0
1042.0
1038.5
998.0
1042.0
1188.0
1101.7
1035.0
1223.4
1430.2
1925.0
1953.9
1790.0
1925.0
1355.0
1433.0
1267.3
1327.1
1205.0
1210.0
976.1
844.1
821.0
675.0
Close
1111.8
1037.7
1010.3
1047.3
969.3
953.3
900.0
1002.2
1145.4
1125.2
946.3
866.5
863.1
744.8
866.7
833.0
956.4
851.1
762.5
650.4
565.6
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
1258.0
1084.0
1017.5
1047.5
1212.9
1232.9
1237.9
1275.7
1460.8
2073.2
2066.5
1982.8
1967.6
1727.0
1512.9
1539.0
1420.2
1430.5
1581.3
1324.3
1031.2
1064.0
827.9
MCX spot prices (Rs/kg)

Monthly average
1085.7
1028.4
1054.7
1041.6
994.8
916.1
900.4
1015.2
1163.0
1025.1
881.7
849.6
798.9
791.0
866.1
839.2
948.0
773.6
717.3
616.6
558.4
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
1/18/2012 11:46:01 PM
Open
LME 3-month prices (USD/tonne)

High
Low
Close
22850
23090
23300
20775
21025
19358
21050
26150
25001
21188
18550
18800
16200
18180
17800
18800
17900
15350
13945
11700
9800
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
25001
24849
25200
23570
22898
21204
21051
26469
27595
25085
21176
19400
19450
18400
19750
19150
21325
17950
16100
13950
12850
10420
12051
13550
11900
13125
16400
20350
21525
22599
24950
29149
30325
35150
32050
30750
27800
34250
33490
34500
31450
37500
50448.5
51800
50200
48500
41990
38950
34950
34100
32625
29450
29950
26900
21750
23050
20250
24750
23050
22990
23400
20700
21150
19745
21350
26300
24995
21175
18500
18525
16400
18250
17895
19030
17950
15375
13945
11680
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
22850
20450
22661
20775
20000
18401
17375
20450
24269
20990
16975
17325
15720
15751
16900
16282
17900
14120
13800
11625
9625
9425
9250
10180
9000
9720
8850
15588
17370
18049
21400
21355
27900
28000
26250
26350
25177
26752
29701
26612.5
24800
30199
35350
44900
44950
39000
34350
30000
31999
28650
28000
25500
24175
21400
17050
18600
15150
RBI rate USD/ INR

Monthly average
Dollar Index
24111
22909
23807
22643
21413
19518
19389
22008
26031
22461
18976
18439
17066
16991
18525
17473
19642
15985
14960
12635
11166
9696
10409
11307
9686
10702
12140
17795
18928
20160
22549
25735
28763
31225
27955
27690
25992
30610
31055
29538
27652
33426
41719
52179
50267
46325
41184
36811
34570
32114
32703
30131
30744
26586
20755
21077
17942
45.16
45.02
44.41
46.06
46.57
46.84
46.56
45.80
44.50
45.50
46.33
45.96
46.63
46.59
46.72
48.39
48.36
48.47
47.78
48.61
50.08
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
80.30
78.45
77.72
81.35
82.22
83.43
86.77
85.48
81.35
80.81
80.27
77.98
77.00
75.40
76.17
77.19
78.53
79.71
80.26
82.11
85.55
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
1/18/2012 11:46:01 PM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Nickel trading activity

Month
Dec-10
Nov-10
Oct-10
Sep-10
Aug-10
Jul-10
Jun-10
May-10
Apr-10
Mar-10
Feb-10
Jan-10
Dec-09
Nov-09
Oct-09
Sep-09
Aug-09
Jul-09
Jun-09
May-09
Apr-09
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
MCX
Volume
991720
1102297
1303409
1545719
1575374
1513239
1831835
1895405
2005692
1688859
1298373
1177285
938083
1017457
1090155
1138791
1480793
1034964
912814
708101
598581
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
LME*
Open Interest
11189
10556
15593
13074
17892
11042
14782
13124
16800
22136
10181
11674
20549
25176
11089
10581
8201
8947
6744
7855
8353
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
Volume
609303
549301
578265
618557
565238
581376
689045
624309
564557
681780
659007
534970
583087
509446
634481
652785
688060
573970
591738
459656
587940
457791
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
Open Interest
129267
131018
131308
135930
137497
133022
130815
128978
135685
138772
132646
119026
127969
119369
122518
133157
140138
135933
123467
119384
112215
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
Note: Vol and OI in lots; Aggregate volume in all contracts during the month ; Cumulative open interest in all contracts at the month-end.
* LME Nickel Futures Total Market OI (includes member as well as client positions) & LME Nickel Futures Volume Total
1/18/2012 11:46:01 PM
Nickel Mine Production (2010e)
Refined Nickel Consumption (2010)
Russia
17%
Others
30%
Indonesia
15%
Japan
12%
Canada
Others
10%
China
40%
37%
United
States
New
Caledonia
8%
9%
South Korea
7%
Australia
Germany
9%
6%
Source: GFMS, INSG, WBMS
Nickel Prices, Consumption & Steel Production

1525
40000
Average LME prices USD/tonnes (RHS)

Steel Globle production (million tonnes)
1425
33000
Nickel Consumption (000s tonnes)

1325
26000
1225
1125
19000
1025
12000
925
825
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
5000
Source: IISF, INSG, LME
1/18/2012 11:46:02 PM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Steel fundamentals (million tonne, unless specified)

2010
2009
2008
2007
2006
2001
1,417
1,232
1,329
1,347
1,247
851
791
659
829
857
828
699
81
72
83
88
88
79
1,386
1,216
1,309
1,325
1,239
854
786
645
856
885
846
683
1,294
1,139
1,210
1,228
1,145
775
91
91
91
91
91
91
164
174
188
199
194.4
150.4
Global
Crude steel production
Crude steel production Ex-China
Operating rate - crude steel (in %)
Crude steel consumption
Crude steel consumption Ex-China
Finished steel consumption
Ratio Finished/Crude - %
Finished steel use per capita (in kg)
China
627
574
500
489
419
152
576
548
435
423
378
158
427
409
327
320
287.4
133.2
41,646
23,969
56,304
66,357
51,706
7,276
1,718
2,235
1,562
17,185
19,105
25,608
5,877
13,692
3,590
3,395
5,385
9,776
68
64
58
53
49
27
Exports of semi-finished and finished

steel products (thousand tonne)
Imports of semi-finished and finished
Steel scrap import (thousand tonne)
India
Exports of semi-finished and finished
64
58
51
51
46
29
51.7
47.8
45.1
45.8
41.2
30.2
5850
5552
7485
6590
6870
3187
9128
8288
6973
7700
5660
1775
4028
5011
5160
5479
4815
2394

Imports of semi-finished and finished
Exports of finished steel products (thousand tonne)
Imports of finished steel products (thousand tonne)
8078
5872
6872
5338
4633
1143
Steel scrap import (thousand tonne)
3606
4727
4579
2990
3145
1100
LME (billets)
56,485
20,020
45,955
SHFE (both rebar and wire rod) - on warrant
25,548
98,155
Average daily price volatility (MCX spot prices)

1.00%
1.70%
1.70%
0.60%
Note: Average daily price volatility is for Bhavnagar variety except for Govindgargh variety for year 2010
Source: Steel Statistical Yearbook 2008, 2009, 2010, 2011 and World Steel in gures 2011 by World Steel Association, USGS, DGCIS, MCX
0.70%
Inventory levels - year-end (tonnes)
1/18/2012 11:46:03 PM
Top 5 crude steel producers

Country
China
Japan
United States
India
Russia
Source: World steel in gures 2011, 2008, 2006
2010
2009
2008
2007
2006
2001
626.7
109.6
80.5
68.3
66.9
573.6
87.5
58.2
63.5
60
500.5
118.7
91.4
55.2
68.5
489.2
120.2
98.2
53.1
72.4
423
116.2
98.6
49.5
70.8
150.9
102.8
90.1
27.2
58.9
2010
2009
2008
2007
2006
2001
576
80.1
63.8
60.6
52.4
548.1
59.2
52.8
55.3
45.4
434.7
98.4
77.9
51.4
58.6
422.5
108
81.2
51.5
55.2
377.7
119.6
79
45.6
50.2
158
106
73.2
28.5
38.3
2010
2009
2008
2007
2006
2001
1316.6
386.6
29.4
1147
326.3
28.4
1234.6
436.2
35.3
1251.4
443.8
35.5
1158.6
418.3
36.1
784.9
300.4
38.3
Top 5 finished steel products consumers

Country
China
Unites States
Japan
India
South Korea
Source: World steel in gures 2011, 2008
World trade in finished steel

Year
Production
Exports
Exports %
Source: World steel in gures 2011, Steel Statistical Yearbook 2011
Top 10 steel producing companies - 2010

Rank
1
2
3
4
5
6
7
8
9
10
Member Company
Production
ArcelorMittal
Baosteel
POSCO
Nippon Steel (2)
JFE
Jiangsu Shagang
Tata Steel (3)
U. S. Steel
Ansteel (4)
Gerdau
98.2
37.0
35.4
35.0
31.1
23.2
23.2
22.3
22.1
18.7
Note: (1) does not include member companies that are part of consolidations with non - members; (2) includes Osaka steel and Nippion steel & Sumikin steel corporation, but does
not include Usiminas; (3) includes Natsteel; (4) does not include panzhihua
Source: World steel in gures 2011
1/18/2012 11:46:03 PM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
World's largest steel flat product producers, early 2010

Company
ArcelorMittal Group
Shanghai Baosteel Group
JFE Steel Group
Nippon Steel Group
US Steel Group
AnBen Group
Posco Group
Thyssen Krupp Group
Severstal Group
Tata Corus Group
China Steel Group
Jiangsu Shagang Group
MMK
Riva Group
Nucor Group
AK Steel Group
Hebei Steel Group
Erdemir
NLMK
Total
Base
Capacity - million tonne/yr
UK
China
Japan
Japan
USA
China
Korea Republic
Germany
Russia
India
China
Taiwan
China
Russia
Italy
USA
USA
China
Turkey
Russia
World
104.0
32.2
31.5
30.8
28.6
27.6
27.1
20.8
18.7
17.1
15.4
13.5
13.3
12.9
12.3
10.4
9.3
9.2
8.9
8.8
766.2
World's Largest Steel Long Product Producers, early 2010

Company
ArcelorMittal Group
Gerdau Group
Evrazholding Group
Tata Corus Group
Nippon Steel Group
JFE Steel Group
Nucor Group
Hebei Steel Group
Riva Group
Shanghai Baosteel Group
Celsa Group
Metinvest Holding Group
Hyundai Group
Severstal Group
Shougang Beijing Group
NLMK
Sumitomo Group
Imidro Group
Jiangsu Shagang Group
Total
Base
Capacity - million tonne/yr
UK
Brazil
Russia
India
Japan
Japan
USA
China
Italy
China
Spain
Ukraine
China
Korea Republic
Russia
China
Russia
Japan
Iran
China
World
51.2
22.6
18.7
11.1
10.8
10.0
9.4
8.9
8.8
8.6
8.5
7.8
7.5
6.9
6.8
6.7
6.7
6.0
5.3
5.3
663.2
1/18/2012 11:46:03 PM
Economic parameters impacting Steel prices

2010
2009
2008
2007
2006
2001

US
Japan
Eurozone
China
India
OECD
2.8
4.3
1.8
10.3
9.7
2.8
-2.6
-6.3
-4.1
9.2
5.7
-3.4
1.1
-0.3
1.0
9.0
7.3
1.0
2.0
1.9
2.3
11.5
8.9
2.6
2.9
2.8
2.6
11.1
9.7
3.2
0.8
0.7
1.9
8.3
3.9
2.4

US
Japan
Eurozone
China
India
OECD
1.6
-0.9
1.5
3.1
13.2
1.5
-0.3
-1.4
0.3
0.8
10.9
0.1
1.0
0.5
1.0
3.0
5.0
1.0
2.5
1.4
3.0
5.9
7.0
3.0
2.7
0.3
2.2
2.0
6.7
2.2
2.8
-0.7
2.4
-0.1
5.2
2.8

US
Japan
Eurozone
China
India
OECD
7.0
15.4
8.9
15.7
2.5
7.9
-2.9
-21.3
-3.7
11.0
18.0
-12.3
-11.3
-3.3
-12.4
12.9
0.5
-2.1
1.5
2.8
1.3
17.4
7.6
3.3
3.0
4.4
3.9
15.4
10.3
3.8
-3.7
-6.3
0.4
9.9
2.1
-2.2
Interest Rates (%)

US
Japan
Eurozone
China
India (repo rate )
0.1
0.3
1.8
3.3
6.3
0.1
0.3
1.8
2.8
4.8
0.1
0.3
3.0
2.8
6.5
4.3
0.8
5.0
3.3
7.8
6.3
0.4
4.5
3.3
7.3
1.3
0.1
4.3
3.2
8.5

US
Japan
Eurozone
China
India
3.4
2.3
1.7
19.7
19.1
3.5
3.1
-0.4
27.7
17.7
10.0
1.8
7.6
17.8
19.9
6.1
2.1
11.6
16.7
22.8
5.9
0.7
10.0
16.9
19.3
10.5
3.3
8.0
14.4
13.6
11578
20509
10428
17464
8776
9647
13265
20287
12463
13787
10022
3262
3.2
3.8
7.8
0.5
6.7
-4.0
-10.4
-5.4
8.9
6.8
12.4
-7.9
8.5
3.2
4.0
-0.6
7.3
3.7
9.3
0.1
9.2
2.0
4.9
-0.8
58.5
11.1
-3.3
56.4
15.1
9.2
33.3
-35.6
5.7
49
-2.9
-23.9
52
-3.6
-6.3
45.3
5.6
-

US (Dow Jones)
India (Sensex)
1/18/2012 11:46:03 PM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Steel prices
Month
Steel at
Mumbai
Dec-10
Nov-10
Oct-10
Sep-10
Aug-10
Jul-10
Jun-10
May-10
Apr-10
Mar-10
Feb-10
Jan-10
Dec-09
Nov-09
Oct-09
Sep-09
Aug-09
Jul-09
Jun-09
May-09
Apr-09
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
MCX spot prices (Rs/tonne) - monthly average

Steel long
Steel long
Govindgargh*
Bhavnagar
31414.1
32091.9
35066.8
36859.6
33500.0
30864.6
31512.0
30394.2
29891.3
30555.8
31791.2
30840.8
29895.6
28941.2
29228.4
28988.7
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
27036.0
25896.2
26058.0
25825.6
25425.4
25077.4
25170.2
25528.4
27464.4
26555.0
24420.8
25626.8
23819.2
21765.4
22646.2
23698.6
22521.2
21825.9
23045.8
24907.6
24268.7
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
26487.0
26051.2
26739.2
29698.8
28794.8
26014.6
27350
24493.5
21680.8
21244
23973.1
22542.4
21645.6
22721.1
24169.2
24018.7
23288.0
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
Steel long
Ghaziabad*
26890.4
25828.1
25743.6
25060.8
24534.6
24154.8
24191.2
25009.2
26996.0
26368.8
23550.4
25305.6
23656.2
20884.2
21708.1
23355.8
21490.0
20828.1
25131.9
24959.7
-
LME 3-month steel billet prices (USD/tonne)

Open
High
Low
Close
523.0
515.0
460.0
500.0
495.0
430.0
430.0
530.0
600.0
450.0
415.0
418.0
400.0
370.0
395.0
410.0
400.0
390.0
339.0
330.0
309.0
275.0
320.0
385.0
330.0
290.0
515.0
700.0
960.0
1170.0
1175.0
1030.0
1005.0
-
565.0
523.0
508.0
529.0
513.0
500.0
445.0
530.0
620.0
617.5
450.0
448.0
413.0
430.0
395.0
420.5
415.0
391.0
395.0
350.0
335.0
329.0
336.0
385.0
390.0
445.0
515.0
700.0
960.0
1200.0
1270.0
1185.0
1010.0
-
510.0
506.5
430.0
440.0
490.0
420.0
400.0
419.0
485.0
448.0
415.0
412.0
390.0
370.0
365.0
405.0
400.0
356.5
339.0
325.0
295.0
255.0
282.0
305.0
320.0
279.0
260.0
470.0
685.0
965.0
1175.0
1030.0
985.0
-
cash
M
570.0
520.0
500.5
457.5
501.0
499.5
430.0
465.0
525.0
586.5
448.5
412.5
409.5
405.0
370.0
435.0
405.0
385.0
385.0
322.5
325.0
325.0
295.0
340.0
380.0
320.0
290.0
515.0
685.0
950.0
1195.0
1192.5
1015.0
-
Note: * Monthly average for March 2011 is for daily spot prices till Mar 18 2011; LME Mediterranean variety has been renamed as Steel billet; Future prices are for near month continuous futures cont
1/18/2012 11:46:03 PM
LME steel billet

cash price (USD/tonne)
Monthly average
0
0
5
5
0
5
0
0
0
5
5
5
5
0
0
0
0
0
0
5
0
0
0
0
0
0
0
0
0
0
0
5
0
-
525.3
505.0
467.5
471.2
492.3
434.3
424.1
460.9
543.2
505.9
432.1
414.9
379.0
368.1
356.9
399.0
396.5
370.9
356.8
335.2
324.3
303.8
323.0
331.5
340.3
327.0
358.5
624.2
916.6
1018.3
-
Open
SHFE rebar steel futures price (CNY/tonne)

High
Low
Close
4800
4265
4190
4230
3980
3805
4013
4290
4311
3899
3882
3899
3630
3582
3420
4107
4804
3826
3630
3573
3560
3550
-
5130
4975
4389
4470
4220
3978
4058
4316
4520
4391
4086
4055
3940
3765
3728
4107
4996
4579
3940
3678
3648
3663
-
4745
4265
4190
4156
3980
3710
3783
3901
4234
3850
3681
3775
3622
3580
3420
3400
4107
3820
3622
3570
3410
3513
-
4901
4734
4334
4168
4177
3956
3826
4026
4274
4328
3891
3884
3896
3663
3619
3483
4154
4490
3828
3610
3543
3549
-
CNY/INR spot
6.79
6.76
6.66
6.83
6.86
6.91
6.83
6.72
6.52
6.66
6.78
6.73
6.83
6.83
6.84
7.09
7.08
7.09
6.99
7.12
7.34
7.50
7.21
7.14
7.11
7.18
7.12
6.67
6.28
6.26
6.22
6.04
5.72
5.70
5.55
5.43
5.35
5.32
5.27
5.36
5.38
5.34
5.34
5.32
5.46
5.68
5.69
5.69
5.70
5.70
5.75
5.81
5.84
5.82
5.75
5.66
5.61
RBI rate USD/ INR

Monthly average
45.16
45.02
44.41
46.06
46.57
46.84
46.56
45.80
44.50
45.50
46.33
45.96
46.63
46.59
46.72
48.39
48.36
48.47
47.78
48.61
50.08
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
Dollar index
80.30
78.45
77.72
81.35
82.22
83.43
86.77
85.48
81.35
80.81
80.27
77.98
77.00
75.40
76.17
77.19
78.53
79.71
80.26
82.11
85.55
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
ures contract
1/18/2012 11:46:03 PM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Steel trading activity

Month
Dec-10
Nov-10
Oct-10
Sep-10
Aug-10
Jul-10
Jun-10
May-10
Apr-10
Mar-10
Feb-10
Jan-10
Dec-09
Nov-09
Oct-09
Sep-09
Aug-09
Jul-09
Jun-09
May-09
Apr-09
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
MCX (includes all variety)

Volume
Open Interest
10
0
0
0
3
11
0
0
0
553
257
668
551
790
2203
2505
3871
3290
1341
1194
0
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
0
0
0
0
0
0
0
0
0
81
72
85
105
129
180
192
354
107
43
40
0
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
LME (Steel billet)*

Volume
Open Interest
30751
16436
13338
27788
24853
18906
14765
13788
11961
10531
3446
3006
3530
2596
2212
3058
4000
3226
2446
1645
2267
1756
2156
1994
1424
3165
2302
4203
1740
761
517
475
311
162
128
-
2016
2940
2703
2607
2105
2110
2314
3049
2914
2171
1630
1223
863
432
285
215
369
486
567
635
591
704
640
922
856
1118
1239
1024
826
550
358
186
85
-
SHFE (both rebar and wire rod)

Volume
Open Interest
9375458
13913936
12822910
20530772
7398968
6697108
13047716
44190516
33046512
39041962
48381742
47396698
35997614
60370258
32810986
43339018
17659134
27536738
49035710
76237438
58766414
58070196
11889604
8529956
7208178
2289560
3782594
192346
-
759172
667316
710256
721192
801040
726906
654038
745156
1238872
1144976
1389604
1693396
1115356
1405582
1378516
1465266
1294606
1255514
1404462
1334556
1323970
818050
1041490
621794
437314
381120
343170
59946
-
Note: Vol and OI in lots; Aggregate volume in all contracts during the month; Cumulative open interest in all contracts at the month-end; LME volume and open interest are for
both Mediterranean variety (renamed as steel billet) and Far East variety (now delisted); * LME Steel billet Futures Volume Total and Open Interest Total (All currencies)
1/18/2012 11:46:03 PM
Crude Steel Production (2010)
Finished Steel Consumption (2010)
Others
Others
35%
32%
China
China
44%
Japan
45%
United
States
8%
6%
USA
Japan
6%
5%
India
India
Russia
5%
South
Korea
5%
5%
4%
Source: World Steel In Figures 2011
Source: World Steel in Figures 2011
Steel Demand & GDP Growth in World & Developing Market

YoY (%)
9
Million tonnes
Globle Demand (crude steel)-LHS
steel) LHS
Globle GDP developing market (%)
Average : 6.1%
GlOble GDP (%)

1400
14
1250
12
CAGR: 5.5%
1100
11
950
9
3
Average : 3.7%
800
8
650
6
-1
Dec-01
Dec-02
Dec-03
Dec-04
Dec-05
Dec-06
Dec-07
Dec-08
Dec-09
Dec-10
500
50
Source: Steel Statistical Year Book 2011, The Conference Board, WSA, World Bank
1/18/2012 11:46:03 PM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Zinc fundamentals (`000' tonne)

2010
2009
2008
2007
2006
2001
Global
World mine production (zinc content of concentrate)
World smelter production
Of which:
Primary
Secondary
Undifferentiated
12220
12670
11371
11100
11677
11660
10900
11452
10300
10826
8910
9270
11980
68000
-
10480
620
-
11020
640
-
4780
362
6310
4670
416
5740
4230
295
4750
Refined zinc consumption
12440
10854
11436
11333
10995
8920
China
Mine production
Smelter production (primary & secondary)
3700
5150
3100
4360
3200
4000
3040
3740
2840
3170
1700
2040
5350
4700
4140
3560
3150
1499
35.2
3.3
19.1
12.1
3.3
4.8
4.7
11.7
41.9
80.9
2.2
42.2
740
700
695
582
614
568
539
454
502
444
146
232
560
22
546
22
431
23
421
23
207
25
525
515
500
450
425
285
Zinc slab imports

Zinc slab exports
4.1
39.1
5.9
17.6
3
29.7
3.9
4.6
7.2
37.2
4.7
701.43
310.74
488.05
171.9
253.5
63.53
89.15
54.4
88.45
-
433.38
-

2.20%
Source: ILZSG; USGS; WBMS; Exchanges' websites; Thomson Reuters GFMS; DGCIS
2.30%
2.70%
2.30%
3.90%
Zinc slab imports

Zinc slab exports
India
Mine production
Smelter production
Of which:
Primary
Secondary

LME
SHFE
Top 5 refined zinc producers

Country
China
South Korea
India
Canada
Japan
2010
2009
2008
2007
2006
5164
750
735
691
574
4286
722
640
686
541
4042
739
589
764
616
3743
691
441
802
598
3163
667
415
824
614
2010
2009
2008
2007
2006
5350
890
554
525
516
4700
912
465
515
433
4140
1003
504
500
564
3560
1016
512
450
588
3150
1153
534
425
594
Top 5 refined zinc consumers

Country
China
United States
South Korea
India
Japan
1/18/2012 11:46:05 PM
Top zinc miners in Western World - 2010
Top refined zinc producers in WesternWorld - 2010
Rank
Rank
Name
1
Glencore
2
Hindustan Zinc
3
Xstrata (free float)
4
Minmetals Australia (MMG)
5
Teck Resources
Source: ILZSG, CRU Group, Reuters
Production
734
714
666
664
646
Name
Production
1
Nyrstar
2
Korea Zinc Group
3
Hindustan Zinc
4
Votorantim
5
Boliden
Source: ILZSG, CRU Group, Reuters
1077
940
669
488
456
Economic parameters Impacting zinc prices

2010
2009
2008
2007
2006
2001

US
Japan
Eurozone
China
India
OECD
2.8
4.3
1.8
10.3
9.7
2.8
-2.6
-6.3
-4.1
9.2
5.7
-3.4
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
0.8
0.7
1.9
8.3
3.9
2.4

US
Japan
Eurozone
China
India
OECD
1.6
-0.9
1.5
3.1
13.2
1.5
-0.3
-1.4
0.3
0.8
10.9
0.1
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
2.8
-0.7
2.4
-0.1
5.2
2.8

US
Japan
Eurozone
China
India
OECD
7
15.4
8.9
15.7
2.5
7.9
-2.9
-21.3
-3.7
11
18
-12.3
-11.3
-3.3
-12.4
12.9
0.5
-2.1
1.5
2.8
1.3
17.4
7.6
3.3
3
4.4
3.9
15.4
10.3
3.8
-3.7
-6.3
0.4
9.9
2.1
-2.2
Interest rates (%)

US
Japan
Eurozone
China
India (repo rate )
0.1
0.3
1.8
3.3
6.3
0.1
0.3
1.8
2.8
4.8
0.1
0.3
3
2.8
6.5
4.3
0.8
5
3.3
7.8
6.3
0.4
4.5
3.3
7.3
1.3
0.1
4.3
3.2
8.5

US
Japan
Eurozone
China
India
3.4
2.3
1.7
19.7
19.1
3.5
3.1
-0.4
27.7
17.7
10
1.8
7.6
17.8
19.9
6.1
2.1
11.6
16.7
22.8
5.9
0.7
10
16.9
19.3
10.5
3.3
8.0
14.4
13.6
11578
20509
10428
17464
8776
9647
13265
20287
12463
13787
10022
3262
3.2
3.8
7.8
0.5
6.7
-4
-10.4
-5.4
8.9
6.8
12.4
-7.9
8.5
3.2
4
-0.6
7.3
3.7
9.3
0.1
9.2
2.0
4.9
-0.8
58.5
11.1
-3.3
56.4
15.1
9.2
33.3
-35.6
5.7
49
-2.9
-23.9
52
-3.6
-6.3
45.3
5.6
-

US (Dow Jones)
India (Sensex)
1/18/2012 11:46:05 PM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Zinc prices
Month
Dec-10
Nov-10
Oct-10
Sep-10
Aug-10
Jul-10
Jun-10
May-10
Apr-10
Mar-10
Feb-10
Jan-10
Dec-09
Nov-09
Oct-09
Sep-09
Aug-09
Jul-09
Jun-09
May-09
Apr-09
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
MCX futures prices - 5 MT contract (Rs/kg)

Open
High
Low
Close
98.30
109.50
99.25
97.50
93.10
82.70
88.90
101.20
106.45
101.90
97.55
118.70
106.10
102.40
92.75
89.80
83.60
74.80
73.35
72.90
66.30
57.50
54.25
58.60
60.80
58.50
80.00
79.95
81.60
84.00
85.35
88.80
92.00
110.10
98.05
93.35
102.35
113.40
124.20
128.15
144.75
142.50
151.30
161.60
144.60
157.10
159.60
191.10
199.60
190.70
155.50
158.65
158.60
150.45
171.25
154.25
130.50
109.05
114.65
115.60
103.40
99.55
92.05
89.05
101.85
111.85
108.80
109.45
123.20
120.65
106.55
109.00
97.15
92.40
83.70
80.90
80.05
76.80
67.50
59.15
65.90
62.15
63.95
80.30
86.95
82.05
90.70
86.25
99.90
96.45
116.75
112.10
102.60
103.35
113.90
126.50
128.85
145.90
152.85
157.20
170.85
158.80
160.10
162.75
191.90
205.50
208.30
196.00
172.10
164.35
168.75
173.00
180.95
171.20
97.70
93.40
98.45
96.80
90.65
81.55
74.35
83.45
99.10
99.15
90.85
96.65
104.75
98.60
87.85
87.10
83.60
71.05
71.00
67.35
65.15
56.75
52.60
53.30
49.85
52.40
52.50
75.25
68.90
76.25
79.60
82.25
87.50
90.85
91.70
85.40
89.30
86.00
109.45
113.20
123.45
137.50
133.95
143.80
140.25
138.20
137.60
149.75
185.50
182.45
152.85
147.25
150.60
145.60
132.10
136.50
123.70
108.85
96.85
106.45
97.55
96.00
91.40
80.60
88.40
100.05
106.45
99.70
98.35
120.00
103.50
102.95
91.85
88.90
83.20
74.30
71.35
69.05
66.30
54.60
54.00
54.35
59.60
53.90
77.70
75.35
81.00
80.35
84.25
88.80
92.00
108.60
94.20
90.15
100.40
109.85
121.55
125.65
145.20
134.45
150.05
152.30
142.90
153.70
151.95
191.50
196.50
193.25
154.15
155.65
157.00
150.15
180.55
144.65

Monthly average
Open
102.78
102.55
105.32
99.45
95.13
86.56
80.88
90.71
105.69
103.50
99.80
111.90
111.40
102.00
97.00
91.00
87.80
76.30
74.70
72.20
69.10
62.41
54.79
57.82
53.43
56.44
62.00
79.36
74.41
79.25
81.14
91.32
90.44
101.29
96.67
92.18
93.32
100.76
117.68
116.75
132.46
143.25
146.60
156.58
149.88
143.98
146.27
170.02
195.90
196.45
174.83
157.41
154.45
155.60
149.05
161.84
138.15
2115.00
2430.00
2186.00
2066.00
2005.00
1771.00
1930.00
2275.00
2370.00
2245.00
2110.00
2588.00
2310.00
2160.00
1950.00
1850.00
1750.00
1543.00
1567.00
1425.00
1322.00
1125.00
1120.00
1220.00
1200.00
1168.00
1684.00
1834.50
1904.75
1936.00
2013.00
2255.00
2313.00
2750.00
2500.00
2380.00
2645.00
2818.00
3060.00
3100.00
3525.00
3360.00
3710.00
3742.00
3275.00
3505.00
3490.00
4230.00
4365.00
4220.00
3360.00
3420.00
3400.00
3260.00
3595.00
3250.00
2660.00

High
Low
2455.00
2599.00
2638.75
2284.75
2179.00
2025.00
1930.00
2290.00
2550.00
2425.00
2394.00
2736.00
2615.00
2328.75
2365.75
2015.00
1948.00
1764.00
1720.25
1638.00
1566.00
1359.00
1229.00
1365.00
1225.00
1310.00
1699.00
1905.00
1905.00
2120.00
2025.00
2374.50
2420.00
2900.00
2824.00
2605.95
2645.00
2870.00
3205.00
3120.00
3570.00
3780.00
3850.00
4170.50
3845.00
3575.00
3775.00
4270.00
4548.00
4580.00
4290.00
3740.00
3545.00
3620.00
3670.00
4000.00
3445.00
2110.00
2019.50
2186.00
2066.00
1951.00
1736.50
1577.00
1823.75
2260.00
2175.00
1935.00
2097.00
2260.00
2126.25
1855.00
1781.00
1750.00
1440.00
1487.00
1420.00
1281.50
1090.00
1070.00
1089.75
1038.00
1077.00
1076.00
1633.00
1605.00
1750.00
1850.00
1955.00
2206.00
2252.00
2310.00
2150.00
2251.00
2135.00
2811.00
2680.00
2949.80
3351.00
3290.00
3535.00
3119.85
3119.75
2990.00
3340.00
4120.50
3975.00
3260.00
3140.00
3190.00
3065.00
2810.00
3100.00
2620.00
L
Close
2454.00
2112.00
2423.00
2195.00
2065.00
2025.00
1792.50
1936.00
2285.00
2375.00
2195.00
2110.00
2560.00
2322.00
2160.00
1969.00
1881.00
1750.00
1549.00
1567.00
1425.00
1320.00
1128.00
1096.50
1208.00
1210.00
1125.00
1680.00
1811.00
1902.00
1932.00
2005.00
2230.00
2320.00
2740.00
2515.00
2370.00
2595.00
2825.00
3050.00
3110.00
3545.00
3350.00
3695.00
3756.00
3255.00
3480.00
3480.00
4230.00
4375.00
4220.00
3330.00
3450.00
3415.00
3220.00
3670.00
3175.00
1/18/2012 11:46:05 PM

RBI rate - USD/INR
Monthly average
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2287.32
2283.30
2373.56
2150.94
2047.48
1847.03
1746.51
1969.79
2367.50
2277.00
2159.00
2415.00
2374.00
2197.00
2071.00
1879.00
1818.00
1581.00
1557.00
1493.00
1388.00
1223.22
1118.00
1202.52
1112.90
1169.36
1303.00
1744.52
1734.65
1856.45
1906.17
2178.33
2278.51
2511.18
2458.48
2364.41
2378.60
2554.60
2979.99
2887.60
3244.17
3546.30
3628.65
3847.52
3566.86
3256.18
3321.38
3784.86
4381.45
4378.61
3829.60
3394.06
3339.97
3320.74
3197.59
3544.64
3068.34
45.16
45.02
44.41
46.06
46.57
46.84
46.56
45.80
44.50
45.50
46.33
45.96
46.63
46.59
46.72
48.39
48.36
48.47
47.78
48.61
50.08
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
Open
17000
19000
17745
16950
16250
14570
15570
17720
18520
18380
17210
21095
18100
16240
15715
14800
14500
13230
12900
12900
11800
10425
11290
10625
9420
9080
13880
14320
15400
16300
15625
18000
19000
21600
20495
19645
19450
25280
27000
28650
28750
26480
31010
33705
29390
28600
-

High
Low
19240
20500
21100
17945
17440
16100
15620
17845
19205
18830
19090
21990
20930
18145
16980
15510
15600
14365
14000
13395
13890
11940
11290
11600
10290
9760
13880
14450
15800
16870
17000
19140
19495
22815
21990
20900
20005
25305
27300
28790
29235
29700
31095
35590
34100
29870
-
16995
16005
17650
16360
16150
14350
12655
14435
17640
17600
16515
17100
17360
15705
15200
14360
13700
12625
12765
12315
11740
10410
10080
10220
8780
8850
8420
13495
13465
15000
15500
16625
18000
18650
18785
17455
17900
17000
24780
26520
26330
25780
24315
28900
28660
28580
-
Close
19070
16885
19255
17310
16895
15950
14405
15650
17940
18475
17950
17610
20805
17690
16470
15045
14740
14255
13325
12645
12405
11675
10430
10565
10025
9395
8930
14045
14180
15535
16130
16625
18220
19350
21530
19710
19245
19795
25620
27315
28385
28660
26480
30520
32410
29365
-
CNY/INR spot
Dollar Index
Monthly average
6.79
6.76
6.66
6.83
6.86
6.91
6.83
6.72
6.52
6.66
6.78
6.73
6.83
6.83
6.84
7.09
7.08
7.09
6.99
7.12
7.34
7.50
7.21
7.14
7.11
7.18
7.12
6.67
6.28
6.26
6.22
6.04
5.72
5.70
5.55
5.43
5.35
5.32
5.27
5.36
5.38
5.34
5.34
5.32
5.46
5.68
5.69
5.69
5.70
5.70
5.75
5.81
5.84
5.82
5.75
5.66
5.61
80.30
78.45
77.72
81.35
82.22
83.43
86.77
85.48
81.35
80.81
80.27
77.98
77.00
75.40
76.17
77.19
78.53
79.71
80.26
82.11
85.55
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
1/18/2012 11:46:05 PM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Zinc trading activity

Month
Dec-10
Nov-10
Oct-10
Sep-10
Aug-10
Jul-10
Jun-10
May-10
Apr-10
Mar-10
Feb-10
Jan-10
Dec-09
Nov-09
Oct-09
Sep-09
Aug-09
Jul-09
Jun-09
May-09
Apr-09
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
MCX^
Volume
1285750
1439267
1314534
1226783
1231814
938520
1033329
743169
669128
720220
725893
598807
431072
386839
464102
396556
397665
385926
401199
299304
251359
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
LME*
Open Interest
16941
24362
11261
21233
11259
9936
16947
8543
7988
4584
4695
4281
9955
4658
3682
4996
3718
4367
7108
4352
3111
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
Volume
1418459
1635615
1397327
1380133
1548085
1417690
1604146
1617765
1576565
1550316
1343827
1421131
1379038
1237611
1445559
1265179
1255210
1212974
1428267
1159741
1414154
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
SHFE
Open Interest
334465
337832
325245
324599
345042
336532
349848
357703
334825
317294
310659
300274
309313
314033
338919
312891
313135
305102
328341
322081
312663
307105
391553
390247
396749
430267
425892
408392
396810
377249
361915
337482
324962
307858
307031
297898
269745
269315
246288
225910
150176
145605
146604
144714
139114
142705
141068
131724
132409
132213
129447
122605
118872
130069
136969
154603
167777
Volume
17512636
33356318
21957878
27907392
34830044
44844764
37597902
21269414
10050616
15390678
12264356
12490124
8101628
6965304
4321796
4754316
5694002
5490288
5106474
5493170
6507700
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
-
Open Interest
402422
418454
467756
322180
518878
478570
479144
455844
321116
305288
297914
300870
257586
243588
217926
131114
174108
200596
199196
196906
223266
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
-
Note: Vol and OI in lots; Aggregate volume in all contracts during the month; Cumulative open interest in all contracts at the month-end; ^ Includes both MCX Zinc (5 MT) futures
contract & MCX Zinc mini (1 MT) futures contract; * LME Zinc Futures Total Market OI (includes member as well as client positions) & LME Zinc Futures Volume Total
1/18/2012 11:46:06 PM
Zinc Mine Production (2010e)
Refined Zinc Consumption (2010)
China
29%
Others
38%
Australia
12%
China
43%
Others
Peru
United
States
34%
13%
7%
Japan
United
States
4%
Canada
6%
South
Korea
India
6%
4%
4%
Source: GFMS, ILZSG, WBMS
Zinc Prices, OECD Leading Indicator & Rolling correlation with Copper
120
LME Zinc prices (RHS)
OECD Total Composite Leading Index
Correlation with Copper(1 year)
USD/tonne
5000
100
4500
80
4000
3500
60
3000
40
2500
20
2000
1500
Mar-11
Dec-09
Sep-08
Jun-07
Mar-06
Dec-04
Sep-03
Jun-02
Mar-01
Dec-99
Sep-98
Jun-97
Mar-96
Dec-94
-60
Sep-93
500
Jun-92
-40
Mar-91
1000
Dec-89
-20
Source: LME, OECD
1/18/2012 11:46:06 PM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Energy
The economy mover
Commodity in 2010
Exchange
(contract)
MCX (100 barrels)

NYMEX (1,000 barrels)
MCX (250 mmBtu)
Natural gas
NYMEX (10,000 mmBtu)
Source: Respective exchanges website
Crude oil
(light sweet)
Price Unit
Rs/ bbl
US$/ bbl
Rs/mmBtu
US$/mmBtu
Open
3,720.00
79.76
260.20
5.71
High
4,173.00
92.06
279.40
6.11
Low
3,127.00
64.24
144.7
3.21
Close
4,088.00
91.38
197.80
4.41
31-Dec-10
3-Dec-10
5-Nov-10
8-Oct-10
10-Sep-10
13-Aug-10
16-Jul-10
18-Jun-10
21-May-10
23-Apr-10
26-Mar-10
26-Feb-10
29-Jan-10
1-Jan-10
nergy is a vital force that powers business, manufac- economies. By year-end, reports of rising crude oil imports in
turing, and transportation of goods to serve economies China, and colder temperatures (heating demand) and upbeat
worldwide. The demand-supply equation of energy
data in the US pushed oil to a year high of Rs.4,173.
is playing an increasingly key role in national
MCX futures of natural gas, whose fundamentals
security and economic output of a nation. Sources
are largely driven by local factors than global factors,
The oil can is
of energy vary from coal and crude oil to natural
slipped almost through the year. Consequently,
mightier than the
gas to renewables. Crude oil (petroleum) is charagas futures clocked a year high at Rs.279.40 in
sword
terised by high demand and limited supply (Russia
the first fortnight of the year itself. Thereafter,
Mr.
Everett
Dirksen
is the leading producer) and is the most traded
forecasts of unusually low temperatures in the
(An American senator)
energy commodity in the world, which makes oil a
US, raising prospects for lower demand, pushed
highly politically sensitive commodity. The petroleum
gas prices down. Later, by mid-year, gas prices
briefly recovered taking cues from some economic data
industry generally classifies crude oil by it geographic
location it is produced in (West Texas Intermediate, Brent, or
releases, concerns over effects of an oil spill in the Gulf of
Oman), its API gravity (an oil industry measure of density) and Mexico and cooling demand due to hot summers in the US.
its sulfur content. Another energy commodity, natural gas is an However, the increase in gas prices quickly fizzled out, as
important fuel source and major feedstock for fertilizers, with robust inventories and lack of a major hurricane-led disruptions
the US being the leading producer. A clean and safe source pushed the prices down. Eventually, gas futures registered a
of energy, this combustible mixture of hydrocarbon gases is year low of Rs.144.70 in late October.
gaining a lot of importance in the backdrop of a rising
global chorus on climate change.
MCX energy futures prices in 2010
As in 2009, MCX crude oil and natural gas futures
285
4200
Oil: Upbeat US
Oil & gas: Concerns
Oil: Increasing
prices traded in opposite directions even in 2010.
economic data release
on oil spil
Chinese oil
260
4000
imports, upWhile oil futures rose by 9.7% annually, natural gas
beat US data
futures dipped by 23.8%. After an initial period of
releases
3800
235
uncertainty, oil prices rose on upbeat US economic
3600
210
data and intermittent geopolitical tensions (e.g.
Nigeria). But then, renewed debt concerns in Europe
3400
185
pulled oil down to a year low of Rs.3,127 in May.
3200
160
Gas: Ample
Gas: Forecast for low
Oil: Renewed European
Later, the prices firmed up, after hitting a year low in
inventories
temperatures in US
debt concerns
3000
May, on concerns over effects of an oil spill in the Gulf
135
of Mexico; forecasts of more-than-earlier expected
expansion of global economy in 2010 and 2011;
Source: Metastocks
Crude (Rs./barrel)
Natural gas (Rs./mm Btu)
and sustained stimulus programmes by major global
Annualised
Volatility
Volume
(in lots)
21.9%
27.8%
42.4%
45.9%
41,537,053
168,571,354
11,176,937
64,326,691
1/18/2012 11:46:07 PM
1/18/2012 11:46:33 PM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Carbon fundamentals
Carbon market
2010
2009
2008
2007
2006
2005
Vol
Val
Vol
Val
Vol
Val
Vol
Val
Vol
Val
Vol
Val
(MtCO2e) (MUS$) (MtCO2e) (MUS$) (MtCO2e) (MUS$) (MtCO2e) (MUS$) (MtCO2e) (MUS$) (MtCO2e) (MUS$)
Project based transactions

Primary CDM
149
1.3
211
2.7
404
6.5
552
7.4
Secondary CDM
1004
15.8
1055
17.5
1072
26.3
240
5.5
Sub total (including JI and 1153
17.1
1338
20.9
1558
33.6
876
13.6
voluntary market)
Allowances market
EU ETS
5505 105.1
6326
118.5
3093 100.5
2060
49.1
New South Wales
29
34
0.1
31
0.2
25
0.2
Chicago Climate Exchange
1.6
41
0.1
69
0.3
23
0.1
Sub total (including others) 5732 105.1
7362 122.8
3278 101.5
2108
49.4
Total carbon market
6885 122.2
8700 143.7
4836 135.1
2984
63.0
Source: State and Trends of the Carbon Market 2010, 2009, 2008, 2007, 2006 by The World Bank, Bloomberg New Energy Finance
450
25
508
4.8
0.4
5.5
341
10
382
2.4
0.2
2.9
1101
20
10
1131
1639
24.4
0.2
0.0
24.6
30.1
321
6
1
328
710
7.9
0.1
8.0
10.9
Historic Volumes exchanged (MtCO2e) per market segment

Year
Total project-based
Compliance
Voluntary
Transactions
1998
17.98
0.00
17.91
1999
35.42
0.00
35.27
2000
17.09
0.39
16.51
2001
13.00
4.72
8.16
2002
28.78
14.68
13.89
2003
77.64
70.43
6.77
2004
107.01
104.60
2.30
Note: All volumes are for vintages up to 2012 only. Data for retail incomplete; Source: State and Trends of the Carbon Market 2005 by the World Bank
Status of CDM projects
CDM project pipeline: > 5600 of which:

3354 are registered
77 are requesting registration
0.07
0.16
0.20
0.12
0.21
0.44
0.11
Number
At validation
Request for registration
Request for review
Correction requested
Under review
Total in the process of registration
Withdrawn
Rejected by EB
Validation negative by DOE
Validation terminated by DOE
Registered, no issuance of CERs
Registered. CER issued
Total registered
Total number of projects (incl. rejected & withdrawn)
Source: www.cdmpipeline.org, as on 1st August, 2011
CDM projects
Retail*
3109
44
66
3
0
113
52
199
184
945
2202
1135
3337
7939
Annual average CERs*

N/A
502,192,508
8,973,020
Expected CERs
until end of 2012**
> 2,700,000,000
> 2,040,000,000
> 10,000,000
* Assumption: All activities deliver simultaneously their expected annual average emission reductions
** Assumption: No renewal of crediting periods, N/A - Not available
Source:UNFCCC, as on 16th August, 2011
1/18/2012 11:46:33 PM
Host country
Registered
projects
All years
China
1510
88191
India
705
20907
Latin America
540
9343
Rest of Asia
446
5668
Africa
66
2467
Middle-East
39
1637
Europe and
31
400
Central Asia
Total
3337
128612
(Rejected projects excluded)
2004
2005
2006
0
5
18
0
0
0
0
62
110
449
84
119
0
6
23
830
2007
2009
2010
2011
Investments in million US$

1440
5697
11160
1367
4137
1306
2646
1640
1610
1033
434
347
373
301
73
3
305
64
124
5
5
19788
4248
1296
985
329
523
84
31512
6805
555
1837
660
27
44
18532
2930
1129
949
612
714
132
6985
27253
41440
24998
12518
2008
14566
Country's
share of
investments
68.6%
16.3%
7.3%
4.4%
1.9%
1.3%
0.3%
100.0%
Total new investment in clean energy by region ($BN)

Year
EMEA
AMER
ASOC
2007
2008
2009
2010
61.9
70.2
75.5
94.4
47.7
59.4
48.6
65.8
41.2
50.5
62.4
82.8
Note: Includes corporate and government R&D, and small distributed capacity. Adjusted for re-invested equity. Does not include proceeds from acquisition transactions
Source: Bloomberg New Energy Finance
CDM projects in the pipeline
Expected issuance from CDM projects in Pipeline

Projects
1000 CERs
2012 kCERs
2020 kCERs
Type (rejected projects excluded)
Afforestation
Agriculture
Biomass energy
Cement
CO2 usage
Coal bed/mine methane
Energy distribution
EE households
EE industry
EE own generation
EE service
EE supply side
Fossil fuel switch
Fugitive
Geothermal
HFCs
Hydro
Landfill gas
Methane avoidance
N2O
PFCs and SF6
Reforestation
Solar
Tidal
Transport
Wind
Total
11
1
771
49
4
81
22
72
132
473
26
105
132
44
18
23
1714
352
671
76
18
52
121
1
42
1548
6559
411
10
48917
8549
116
35226
5810
2947
5252
58303
317
57813
54053
21474
4636
81727
200921
53545
31083
51102
5050
4273
3839
315
4796
138135
878620
2161
18
171116
33598
287
106660
11094
5218
17959
204856
1007
61889
173980
70486
13402
476504
442438
202638
108267
253263
11796
18636
5389
1104
10492
326489
2730745
5292
100
533435
86419
1268
387146
58703
29845
52501
606851
3172
581934
580702
225052
48153
1082475
2070146
595372
325443
658215
50929
57428
37311
3631
49993
1408258
9539775
CDM project with CERs issued

Projects
Issued kCERs
Issuance
success
151
9
1
16
1
2
28
79
1
9
37
3
5
19
335
73
90
33
4
19231
1544
10
6167
316
28
1650
30528
6
667
17458
7767
1977
315892
49128
16947
7891
152282
405
84%
53%
31%
44%
83%
60%
82%
80%
63%
81%
56%
124%
64%
105%
86%
41%
49%
115%
68%
107
108%
2
232
1135
359
39769
670128
47%
86%
93.5%
Note: Projects rejected by DOEs or EB or withdrawn are not included; 1 k CERs = 1000 CER
1/18/2012 11:46:35 PM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
Top 20 PDD consultants
Projects
EcoSecurities
Beijing Tianqing Power International CDM Consulting
Carbon Resource Management
AgCert
CWEME
CAMCO
CasperVanderTak
PricewaterhouseCoopers
WB-CF
Easy Carbon
Ecoinvest
Agrinergy
Mitsubishi UFJ Securities
Tsinghua University
AGET
Zenith Energy Services
Econergy
Hunan CDM Project Service Center
MGM
Senergy Global
335
187
152
146
131
130
127
118
116
104
100
99
96
87
79
75
73
67
62
57
INDIAN ECONOMY
Top 20 buyers
Projects
EcoSecurities
Tricorona Carbon Asset Management Sweden
Vitol
EDF Trading
Carbon Resource Management
RWE
Mitsubishi
CAMCO
AgCert
Bunge Emissions Group
Noble Carbon
Danish Ministry of Climate & Energy
Kommunalkredit
MGM Carbon Portfolio
Trading Emissions
Agrinergy
ENEL
KfW
Marubeni
Cargill International
293
204
169
158
147
133
105
103
97
90
91
76
75
67
67
66
64
61
57
56
Historic Volume in the Voluntary Carbon Markets (MtCO2e)

Year
OTC
Pre-2002
2002
2003
2004
2005
2006
2007
2008
2009
2010
44
11
6
10
11
18
45
61
55
69
OTC CCX -single

sale (outlier)
59
CCX
Exchanges (Other)
Total
1
2
1
10
23
69
41
1
1
0.1
0.2
2
2
44
11
7
13
12
28
68
130
98
131
Notes: Based on 153 survey respondents. Annual totals may not equal sum of categories due to rounding
Source: Back to the Future State of the Voluntary Carbon Markets 2011 by Ecosystem Marketplace & Bloomberg New energy Finance.
Historic Value in the Voluntary Carbon

Markets(US$ Millions)
Year
OTC
Pre-2002
2002
2003
2004
2005
2006
2007
2008
2009
2010
180
44
27
42
44
72
275
447
354
413
OTC CCX
CCX
-single sale
(outlier)
0.3
3
3
38
72
307
50
0.2
-
Historic Transacted and Retired Volumes,

OTC Voluntary Market (MtCO2e)
Exchanges
(Other)
Total
1
2
12
10
180
44
27
45
47
110
348
755
415
424
Notes: Based on 125 survey respondents

Source: Back to the Future State of the Voluntary Carbon Markets 2011 by Ecosystem
Marketplace & Bloomberg New energy Finance.
Year
Pre-2002
2002
2003
2004
2005
2006
2007
2008
2009
2010
Sold OTC
44
11
6
10
11
18
45
61
55
69
Retired
7
4
4
5
8
7
13
16
14
13
Note: Based on 153 survey respondents

Source: Back to the Future State of the Voluntary Carbon Markets 2011 by Ecosystem
Marketplace & Bloomberg New energy Finance.
1/18/2012 11:46:35 PM
Economic parameters impacting carbon prices

2010
2009
2008
2007
2006
2001

US
Japan
Eurozone
China
India
OECD
2.8
4.3
1.8
10.3
9.7
2.8
-2.6
-6.3
-4.1
9.2
5.7
-3.4
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
0.8
0.7
1.9
8.3
3.9
2.4

US
Japan
Eurozone
China
India
OECD
1.6
-0.9
1.5
3.1
13.2
1.5
-0.3
-1.4
0.3
0.8
10.9
0.1
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
2.8
-0.7
2.4
-0.1
5.2
2.8

US
Japan
Eurozone
China
India
OECD
7
15.4
8.9
15.7
2.5
7.9
-2.9
-21.3
-3.7
11
18
-12.3
-11.3
-3.3
-12.4
12.9
0.5
-2.1
1.5
2.8
1.3
17.4
7.6
3.3
3
4.4
3.9
15.4
10.3
3.8
-3.7
-6.3
0.4
9.9
2.1
-2.2
Interest rates (%)

US
Japan
Eurozone
China
India (repo rate )
0.1
0.3
1.8
3.3
6.3
0.1
0.3
1.8
2.8
4.8
0.1
0.3
3
2.8
6.5
4.3
0.8
5
3.3
7.8
6.3
0.4
4.5
3.3
7.3
1.3
0.1
4.3
3.2
8.5

US
Japan
Eurozone
China
India
3.4
2.3
1.7
19.7
19.1
3.5
3.1
-0.4
27.7
17.7
10
1.8
7.6
17.8
19.9
6.1
2.1
11.6
16.7
22.8
5.9
0.7
10
16.9
19.3
10.5
3.3
8.0
14.4
13.6
11578
20509
10428
17464
8776
9647
13265
20287
12463
13787
10022
3262
3.2
3.8
7.8
6.7
-4
-10.4
8.9
6.8
12.4
8.5
3.2
4
7.3
3.7
9.3
9.2
2.0
4.9

US (Dow Jones)
India (Sensex)
Source: OECD, IMF, CPM Gold Yearbook, World Bank, RBI, BSE, Dow Jones
1/18/2012 11:46:35 PM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Carbon prices
Month
MCX CER spot prices

(Rs/tonne)
Monthly average
Dec-10
Nov-10
Oct-10
Sep-10
Aug-10
Jul-10
Jun-10
May-10
Apr-10
Mar-10
Feb-10
Jan-10
Dec-09
Nov-09
Oct-09
Sep-09
Aug-09
Jul-09
Jun-09
May-09
Apr-09
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
695.52
757.42
827.83
828.9
767.17
726.98
739.08
759.4
759.1
717.63
736.71
759.64
820.17
882
896.38
894.96
889.5
847.89
780.38
813.24
720.13
695.16
561.63
770.63
874.17
928.63
1177.42
1309.23
1267.12
1437.83
1353.5
-
Open
11.82
12.4
13.74
13.36
11.96
11.85
11.35
12.21
13.51
11.95
12.44
12.68
11.96
12.74
11.52
10.92
10.75
10.25
13.1
14.25
14.95
19
21.1
17.74
21.6
17.85
16.9
15.5
16.46
-
ICE-ECX CER futures prices (EUR/tonne)

High
Low
Close
12.01
12.53
14.06
13.99
12.26
11.85
12.08
13.83
13.63
13.9
12.44
13.48
13.05
12.74
12.94
11.59
11.2
10.25
13.1
14.4
16.39
20.45
21.1
21.25
23.38
21
17.95
16.5
16.61
-
11.78
11.76
12.44
13.69
13.42
12
13.01
12.5
14.25
11.5
11.68
11.32
11.03
12.2
13.62
11.99
13.35
12.29
11.81
12.71
11.51
10.46
8.96
10.66
13.64
13.91
15.05
18.45
21.2
17.72
20.86
17.85
16.07
15.43
-
11.35
11.6
12.4
13.36
11.32
11.85
10.08
12.18
11.75
11.68
11.65
12.62
11.85
10.61
11.52
10.31
9.5
7.75
10.05
12.9
13.25
14.25
17.3
16.75
17.2
17.78
16.85
15.25
15.31
-
Note: *Standard Certied Emission Reduction Forward Agreement Year 1 -contract month 2010; Future prices are for near month continuous futures contract
1/18/2012 11:46:36 PM
Open
14.7
14.59
15.37
15.03
15.55
13.2
13.49
13.27
14.71
13.45
13.8
15.05
10.5
11.07
15.05
15.3
18.25
22.95
25.17
21.4
28.78
26.1
23.71
21.9
0.01
0.01
0.03
0.04
0.08
0.06
0.07
1
2.2
5.9
7.5
11.2
12.55
16.35
15.65
16.85
15.85
13.4
27.2
ICE-ECX EUA futures prices (EUR/tonne)

High
Low
15.07
15.37
15.9
15.76
15.55
13.2
13.49
14.93
14.71
15.04
13.9
15.3
12.05
11.07
15.05
16.1
19.2
23.62
25.43
25.47
29.69
28.88
26.85
25.67
0.03
0.01
0.03
0.04
0.12
0.12
0.08
1.1
1.55
5.9
7.85
11.4
13.05
16.55
16.65
16.85
15.95
13.4
28.9
13.7
14.15
14.59
15.03
15.55
13.2
13.49
12.97
12.47
12.92
12.9
15.05
10.05
8.5
11.7
13.5
14.78
17.1
21.57
20.41
21.75
25.89
23.52
21.8
0.01
0.01
0.03
0.01
0.01
0.06
0.07
1
0
0
6.3
7.2
10.4
11.5
15.65
16.85
14.3
13.4
27.2
Close
CER OTC*
(EUR/tonne)
EUA spot
OTC (EUR/tonne)
Monthly average
RBI rate USD/INR
14.02
14.76
14.63
15.41
15.22
14.08
15.19
15.02
15.84
12.71
12.86
12.71
12.31
13.14
14.54
13.36
14.89
13.66
13.15
14.65
13.92
11.45
9.96
11.57
15.45
15.52
17.94
22.35
25.19
22.06
28.77
26.1
23.88
0.02
0.01
0.02
0.02
0.01
0.09
0.08
0.1
0.12
0.12
0.28
0.51
1.26
0.9
2.3
6.45
8.1
11.05
12.95
15.8
16.05
15.65
17.05
13.3
11.13
12.17
13.36
13.57
12.71
12.15
12.87
12.86
12.7
11.53
11.48
11.51
12.9
12.57
12.92
12.8
13.05
12.41
11.41
12.31
10.82
10.45
8.86
11.44
13.45
14.86
17.85
19.75
19.77
21.06
20.06
17.07
16.03
15.92
15.19
16.58
55.62
56.74
52.52
48.04
46.46
14.61
0
0
0
4.02
4.12
5.51
41.53
44.51
47.04
48
48.52
47.19
48.55
50.52
51.46
14.04
14.76
15.2
15.17
14.6
14.17
15.21
15.2
14.2
12.76
12.77
12.91
12.99
13.6
13.96
14.02
14.43
13.54
13
14.28
12.83
11.1
9.47
12.69
14.9
16.93
20.89
23.67
23.05
25.23
26.71
24.58
23.54
0.01
0.01
0.01
0.01
0.06
0.03
0.06
0.08
0.1
0.17
0.34
0.66
1.06
1.22
3.69
6.67
8.95
11.99
14.79
15.72
16.14
14.92
14.89
26.42
45.16
45.02
44.41
46.06
46.57
46.84
46.56
45.8
44.5
45.5
46.33
45.96
46.63
46.59
46.72
48.39
48.36
48.47
47.78
48.61
50.08
51.23
49.22
48.83
48.64
49
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
1/18/2012 11:46:36 PM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Carbon trading activity

Month
MCX
ICE-ECX
Volume
Open Interest
Volume
Dec-10
0
0
73667
Nov-10
0
0
106044
Oct-10
0
0
70120
Sep-10
0
0
60124
Aug-10
0
0
74497
Jul-10
0
0
56714
Jun-10
0
0
89041
May-10
0
0
80374
Apr-10
0
0
81966
Mar-10
0
0
77639
Feb-10
0
0
44239
Jan-10
0
0
50364
Dec-09
0
0
61503
Nov-09
0
0
64639
Oct-09
4
0
86093
Sep-09
44
0
76532
Aug-09
248
44
45428
Jul-09
214
5
87904
Jun-09
146
24
55742
May-09
159
0
54082
Apr-09
12
0
60523
Mar-09
2250
15
50315
Feb-09
2556
0
79498
Jan-09
1815
108
44013
Dec-09
561
152
40079
Nov-09
219
2
90272
Oct-09
85
111
65675
Sep-09
129
106
61724
Aug-09
1139
120
59537
Jul-09
14293
161
84508
Jun-09
18771
131
56597
May-09
23142
Apr-09
17656
Mar-09
8240
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
Note: Vol and OI in lots; aggregate volume in all contracts during the month; cumulative open interest in all contracts at the month-end.
Open Interest
150596
166222
168826
166164
170537
160184
152922
151066
148063
148103
140369
136100
130200
141827
137103
124138
121889
119804
115705
111413
107364
110589
114383
111772
103556
112772
104717
87541
71846
62298
48823
29672
16613
5259
-
1/18/2012 11:46:36 PM
CERs issued by host country

(as on Aug 15, 2011)
Buyer countries - Projects participation

(as on Aug 1, 2011)
United
Kingdom
India
24%
15%
Switzerland
China
Republic
of Korea
14%
58%
Others
44%
11%
Japan
8%
Brazil
8%
Netherlands
Others
Sweden
6%
8%
6%
Source: Source: www.unfccc.int
Source: www.cdmpipeline.org
EUAs, CERs & Their Spread Vs US GDP

6
in /Tonne
35
ICE EUAs futures

CER EUA Spread (LHS) - in /tonne
ICE CERs futures
US GDP Q0Q (LHS) - %
4
2
30
25
0
20
-2
15
-4
10
-6
11
Mar-11
11
Jan-11
0
Nov-10
0
Oct-10
0
Aug-10
Jun-10
0
0
May-10
0
Mar-10
0
Jan-10
Dec-09
9
9
Oct-09
9
Aug-09
9
Jul-09
May-09
9
9
Mar-09
9
Feb-09
08
Dec-08
08
Oct-08
08
Sep-08
08
Jul-08
-10
08
May-08
Apr-08
08
-8
Source: ICE, US Federal Reserve
1/18/2012 11:46:36 PM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Crude oil fundamentals ('000 barrels/day unless specified)

2010
2009
2008
2007
2006
2001
World
Oil production
Oil consumption
Refinery capacity
Refinery throughput
Proven oil reserves ('000 mn barrels)
Reserves from Canadian oil sands ('000 mn barrels)
82095
87382
91791
74816
1383
143
80278
84714
91068
73063
1377
143
82015
85999
89446
75038
1335
143
81544
86428
88552
75393
1254
150
81729
84958
87427
74553
1234
152
74906
77304
83469
69067
1129
163
OPEC
Oil production
34324
1068
33365
1069
35722
1029
34757
954
35098
936
30640
856
OECD
Oil production
Oil consumption
Refinery capacity
Refinery throughput
18490
46438
45124
37287
91
18471
45963
45742
37016
92
18414
48053
45784
38856
91
19114
49611
45634
39764
89
19463
49794
45422
40019
89
21314
48139
44697
39712
92
India
Oil production
Oil consumption
Refinery capacity
Refinery throughput
Crude oil imports
Oil products imports
Crude oil exports
Oil products exports
826
3319
3703
3903
9
3254
344
0
1196
754
3211
3574
3641
6
2928
217
2
740
768
3068
2992
3213
6
2557
458
0
718
769
2835
2983
3107
5
2370
440
0
826
762
2571
2872
2860
6
2156
362
0
671
727
2288
2261
2144
6
1574
156
0
213
1.7%
2.3%
2.8%
1.6%
1.7%
60
60
63
275
58
38
Freight rate (Worldscale points)* - end of period
Note: * Dirty VLCC tanker rate for route Arabian Gulf to Japan; NA: not available;
Source: BP statistical Review 2011, Ministry of Petroleum & Natural Gas, EIA, MCX.
World marketed energy consumption by country grouping - Outlook 2015 (Quadrillion Btu)
Region
Global
OECD
Americas
Europe
Asia
Non-OECD
Europe & Eurasia
Asia
Middle East
Africa
Central & South America
Total World
Forecast release year

2011
250.4
126.1
83.6
40.7
323.1
51.4
188.1
31.0
21.5
31.0
573.5
2010
246.0
124.3
82.0
39.7
297.5
52.4
159.3
32.9
20.8
32.1
543.5
2009
252.4
125.9
84.8
41.8
299.1
57.6
163.2
30.3
17.7
30.3
551.5
2008
260.5
132.3
86.5
41.4
302.5
59.5
164.2
29.5
18.9
30.5
563.0
Note: Totals may not equal sum of components due to independent rounding.
Source: Energy Information Administration
1/18/2012 11:46:38 PM
Top 5 crude oil producing countries (thousand barrels per day)

Country
Russian Federation
Saudi Arabia
US
Iran
China
Source: BP statistical Review 2011
2010
2009
2008
2007
2006
2001
10270
10007
7513
4245
4071
10035
9893
7271
4199
3800
9888
10846
6734
4327
3809
9978
10449
6847
4322
3737
9769
10853
6841
4286
3705
7056
9209
7669
3892
3306
Top 5 crude oil consuming countries (thousand barrels per day)

Country
US
China
Japan
India
Russian Federation
2010
2009
2008
2007
2006
2001
19148
9057
4451
3319
3199
18771
8201
4391
3211
2936
19498
7937
4836
3068
3036
20680
7817
5029
2835
2913
20687
7437
5203
2571
2893
19649
4859
5394
2288
2688
Top 5 countries with crude oil refinery capacities (thousand barrels per day)
Country
US
China
Russian Federation
Japan
India
2010
2009
2008
2007
2006
2001
17594
10121
5555
4463
3703
17688
9479
5527
4621
3574
17672
8722
5549
4650
2992
17594
8399
5596
4598
2983
17443
7865
5599
4542
2872
16785
5643
5628
4705
2261
World tanker fleet by age (1,000 dwt)

up to 1995
Vessel
GP
MR
LR1
LR2
VLCC
Total
DWT range
16.5-24.9
25.0-44.9
45.0-79.9
80.0-159.9
160.0-319.9
world
no
227
240
140
237
69
913
dwt
4,056.80
8,836.70
7,650.40
26,119.30
19,787.20
66,450.50
1996-2000
no
128
168
104
214
116
730
dwt
1,962.50
6,568.10
5,465.60
25,633.20
34,290.40
73,919.80
2001-2005
no
153
339
275
337
184
1,288
dwt
2,640.70
13,243.60
15,701.80
40,552.60
53,021.90
125,160.50
2006-2010
no
537
387
611
439
242
2,216
dwt
8,238.20
15,562.60
34,641.80
52,863.30
67,978.30
179,284.20
Total
no
1,045
1,134
1,130
1,227
611
5,147
dwt
16,898.20
44,211.00
63,459.60
145,168.40
175,077.80
444,815.00
Notes: Figures as at year-end. Totals may not add up due to independent rounding. Data includes clean, dirty and chemical tankers. GP = general purpose; MR = medium range;
LR1 = large range 1; LR2 = large range 2; VLCC = very large crude carrier; dwt - dead weight tonnage
Source: OPEC Annual Statistical Bulletin - 2010/11 edition
1/18/2012 11:46:38 PM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Principal operaions of major oil companies (thousand barrels per day)

2010
2009
2008
2007
2006
BP
Crude oil & NGL reserves
Crude oil produced
Crude oil processed
Refined products sold
5,559
2,374
2,426
5,927
5,658
2,535
2,287
5,887
5,665
2,401
2,155
5,698
5,492
2,414
2,127
5,624
5,893
2,475
2,198
5,801
ExxonMobil
Crude oil produced
Crude oil processed
11,673
2,422
5,253
6,414
11,651
2,387
5,350
6,428
12,006
2,405
5,416
6,761
11,074
2,616
5,571
7,099
11,568
2,681
5,603
7,247
Total
Crude oil produced
Crude oil processed
5,987
1,340
2,009
5,689
1,381
2,151
5,695
1,456
2,362
5,778
1,509
2,413
6,471
1,506
2,454
3,776
3,616
3,658
3,774
3,682
Royal Dutch/Shell
Crude oil produced
Crude oil processed
5,179
1,619
3,197
6,460
4,693
1,581
3,067
6,156
2,620
1,693
3,388
6,568
2,751
1,818
3,779
6,625
3,270
1,948
3,862
6,485
Chevron
Crude oil produced
Crude oil processed
4,270
1,923
1,894
4,610
1,846
1,878
4,735
1,649
1,858
4,665
1,756
1,833
5,294
1,732
1,989
3,113
3,254
3,429
3,484
3,621
32,668
9,678
14,779
25,690
32,301
9,730
14,733
25,341
30,721
9,604
15,179
26,114
29,760
10,113
15,723
26,606
32,496
10,342
16,106
26,836
Total majors
Crude oil produced
Crude oil processed
Note: Reserves in million barrels, as at year-end
1/18/2012 11:46:38 PM
Economic parameters impacting crude oil prices

2010
2009
2008
2007
2006
2001
Inventory (Mn barrels) - end of period

US total crude oil and petroleum products (exclding SPR)
US crude oil stocks (excluding SPR stocks)
US crude oil stocks in SPR
US total motor gasoline inventories
US distillate fuel oil inventories
1067.0
332.0
726.5
219.7
164.5
1049.8
325.2
726.6
223.3
166.0
1034.9
325.8
701.8
213.6
146.0
968.4
286.1
696.9
218.1
133.9
1030.9
312.3
688.6
211.8
143.7
1036.1
312.0
550.2
209.9
144.5
OECD annual Oil Stocks

OECD Government Oil Stocks
4200.5
1559.0
4181.2
1562.0
4181.8
1525.0
4054.8
1522.0
4130.1
1497.0
3912.0
-
Jun 25 Nov 7
21
10
12
12.04
259
May 28 Nov 10
11
4
3
0.077
6
May 30 Nov 10
17
33
8
47.5
855
May 9 Dec 13
17
16
6
3.0
394
Jun 10 Oct 2
10
7
5
0.5
7
Jun 5 Dec 4
17
11
9
7.9
93
OPEC surplus crude oil production capacity

(million barrels per day)
3.99
Days of supply of OECD commercial oil stocks - end of period
56
US crude oil wells drilled
(exploratory and development) (number)
17553
3.93
56
1.37
56
2.07
51
1.42
53
4.07
-
11650
16791
13350
13230
8888
Hurricance activity - North Atlantic Ocean

Dates active
Number of cyclones recorded
Total landfalls
Number of hurricanes recorded
Approximate damage (in US$ billion)
Deaths

US
Japan
Eurozone
China
India
OECD
2.8
4.3
1.8
10.3
9.7
2.8
-2.6
-6.3
-4.1
9.2
5.7
-3.4
1.1
-0.3
1.0
9.0
7.3
1.0
2.0
1.9
2.3
11.5
8.9
2.6
2.9
2.8
2.6
11.1
9.7
3.2
0.8
0.7
1.9
8.3
3.9
2.4

US
Japan
Eurozone
China
India
OECD
1.6
-0.9
1.5
3.1
13.2
1.5
-0.3
-1.4
0.3
0.8
10.9
0.1
1.0
0.5
1.0
3.0
5.0
1.0
2.5
1.4
3.0
5.9
7.0
3.0
2.7
0.3
2.2
2.0
6.7
2.2
2.8
-0.7
2.4
-0.1
5.2
2.8

US
Japan
Eurozone
China
India
OECD
7.0
15.4
8.9
15.7
2.5
7.9
-2.9
-21.3
-3.7
11.0
18.0
-12.3
-11.3
-3.3
-12.4
12.9
0.5
-2.1
1.5
2.8
1.3
17.4
7.6
3.3
3.0
4.4
3.9
15.4
10.3
3.8
-3.7
-6.3
0.4
9.9
2.1
-2.2
Interest Rates (%)

US
Japan
Eurozone
China
India (repo rate )
0.1
0.3
1.8
3.3
6.3
0.1
0.3
1.8
2.8
4.8
0.1
0.3
3.0
2.8
6.5
4.3
0.8
5.0
3.3
7.8
6.3
0.4
4.5
3.3
7.3
1.3
0.1
4.3
3.2
8.5

US
Japan
Eurozone
China
India
3.4
2.3
1.7
19.7
19.1
3.5
3.1
-0.4
27.7
17.7
10.0
1.8
7.6
17.8
19.9
6.1
2.1
11.6
16.7
22.8
5.9
0.7
10.0
16.9
19.3
10.5
3.3
8.0
14.4
13.6
11578
20509
10428
17464
8776
9647
13265
20287
12463
13787
10022
3262
3.2
3.8
7.8
6.7
-4.0
-10.4
8.9
6.8
12.4
8.5
3.2
4.0
7.3
3.7
9.3
9.2
2.0
4.9
52
-3.6
-6.3
45.3
5.6
-

US (Dow Jones)
India (Sensex)

58.5
56.4
33.3
49
11.1
15.1
-35.6
-2.9
-3.3
9.2
5.7
-23.9
Note: SPR - Strategic Petroleum Reserve; Interest rates mentioned are central Bank discount rate. For India, interest rates mentioned are repo rates
Source: EIA, BP stats, CPM Gold Yearbook, IMF, OECD, World Bank, BSE, Dow Jones, Various Central Banks
1/18/2012 11:46:38 PM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Crude oil prices

Month
Dec-10
Nov-10
Oct-10
Sep-10
Aug-10
Jul-10
Jun-10
May-10
Apr-10
Mar-10
Feb-10
Jan-10
Dec-09
Nov-09
Oct-09
Sep-09
Aug-09
Jul-09
Jun-09
May-09
Apr-09
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
MCX light sweet crude oil futures prices (Rs/bbl)

Open
High
Low
Close
3915
3634
3597
3439
3659
3519
3455
3819
3750
3680
3374
3720
3570
3684
3349
3432
3279
3354
3130
2542
2485
2250
2061
2015
2738
3225
4746
5139
5277
6061
5380
4613
4040
4060
3571
3772
3551
3699
3238
3017
3140
2863
2587
2736
2920
2765
2582
2729
2811
2616
2854
3267
3468
3398
3299
3265
2952
4173
3953
3735
3618
3825
3738
3655
3875
3870
3783
3727
3810
3735
3804
3796
3530
3648
3440
3508
3135
2698
2758
2284
2452
2738
3419
4799
5179
5450
6333
6174
5822
4785
4485
4083
3935
3847
3915
3698
3307
3168
3145
2869
2736
2947
2957
2790
2732
2883
2828
2854
3298
3605
3703
3404
3382
3418
3868
3634
3567
3336
3354
3367
3319
3127
3592
3599
3275
3372
3226
3412
3218
3146
3252
2879
3072
2542
2375
2071
1649
1626
1751
2498
3167
4251
4745
5106
5212
4476
3984
3961
3409
3395
3401
3510
3090
3008
2818
2821
2587
2492
2671
2653
2527
2302
2672
2605
2591
2744
3217
3362
3130
3081
2933
4088
3923
3630
3591
3449
3654
3523
3464
3814
3751
3669
3378
3727
3550
3638
3337
3431
3271
3344
3124
2555
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
MCX light sweet crude oil NYMEX light sweet-WTI crude oil futures prices (USD/bbl)
spot prices (Rs/bbl)
Open
High
Low
Close
Monthly average
4020
3787
3638
3470
3581
3573
3504
3411
3772
3697
3529
3615
3484
3637
3530
3381
3436
3130
3329
2874
2556
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
83.66
81.45
79.84
71.7
78.95
75.37
73.97
86.2
83.36
79.79
72.75
79.76
77.35
77.02
70.40
69.56
69.30
70.45
66.48
50.95
48.96
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
92.06
88.63
84.43
80.18
82.97
79.69
79.38
87.15
87.09
83.85
80.51
83.95
80.00
81.06
82.00
73.16
75.00
71.85
73.38
66.64
53.90
54.66
45.30
50.47
54.62
71.77
102.84
130.00
128.60
147.27
143.67
135.09
119.93
111.80
103.05
100.09
97.92
99.29
95.28
83.90
78.77
78.28
71.06
66.38
66.70
68.09
62.25
61.55
64.15
63.77
63.32
70.66
77.45
78.40
74.15
74.99
75.35
83.63
80.06
79.25
71.67
70.76
71.09
69.51
64.24
80.53
78.06
69.50
72.43
68.59
72.39
68.05
65.05
65.23
58.32
64.95
50.43
43.83
39.44
33.55
32.70
32.40
48.25
61.30
90.51
111.34
120.42
121.61
110.30
99.55
98.65
86.24
86.11
85.82
88.45
78.35
73.48
68.63
69.57
63.80
60.68
61.34
56.10
56.62
49.90
59.90
54.86
56.55
59.52
68.65
71.65
68.10
67.42
65.60
91.38
84.11
81.43
79.97
71.92
78.95
75.63
73.97
86.15
83.76
79.66
72.89
79.36
77.28
77.00
70.61
69.96
69.45
69.89
66.31
51.12
49.66
44.76
41.68
44.60
54.43
67.81
100.64
115.46
124.08
140.00
127.35
113.46
101.58
101.84
91.75
95.98
88.71
94.53
81.66
74.04
78.21
70.68
64.01
65.71
65.87
61.79
58.14
61.05
63.13
58.73
62.91
70.26
74.40
73.93
71.29
71.88
Source: MCX, RBI, Exchanges websites, ICE, OPEC, PPAC
1/18/2012 11:46:39 PM
1
1
bbl)
8
1
3
7
2
5
3
7
5
6
6
9
6
8
0
1
6
5
9
1
2
6
6
8
0
3
1
4
6
8
0
5
6
8
4
5
8
1
3
6
4
1
8
1
1
7
9
4
5
3
3
1
6
0
3
9
8
ICE Brent crude oil futures prices (USD/bbl)

Open
High
Low
Close
85.71
83.13
82.21
74.46
78.11
74.65
74.82
87.44
82.44
77.69
71.35
78.49
78.42
75.24
68.92
69.65
71.98
69.9
65.77
50.7
48.37
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
95.2
89.7
86.02
82.4
82.86
78.31
79.86
89.58
87.75
82.82
78.94
82.45
79.91
80.14
80.26
72.2
76
72.12
73.5
65.8
54.31
53.86
48.42
52.21
53.00
67.76
100.31
115.56
127.94
147.50
143.91
135.14
117.56
108.02
101.27
98.50
95.87
96.65
91.18
81.05
77.16
78.40
72.25
71.80
69.59
69.14
62.18
61.64
64.92
64.77
62.82
70.66
78.64
78.18
73.69
74.97
74.79
85.41
82.43
80.75
74.42
71.75
70.77
70.5
68.15
82.22
76.21
67.87
71.02
71.02
73.7
65.9
64.08
68.85
59.49
64.91
49.96
47.26
41.30
39.35
41.60
36.20
47.40
59.02
88.90
110.31
120.88
121.32
108.42
98.99
96.92
86.83
85.00
86.56
87.55
75.64
72.69
68.14
70.92
67.61
63.80
64.76
59.79
56.10
50.75
60.04
57.75
57.39
59.32
68.82
72.11
66.33
67.63
65.73
94.75
85.92
83.15
82.31
74.64
78.18
75.01
74.65
87.44
82.7
77.59
71.46
77.93
78.47
75.2
69.07
69.65
71.7
69.3
65.52
50.8
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
US WTI spot
Monthly international
prices (USD/bbl) prices of Indian
Monthly average
crude oil basket
89.15
84.24
81.90
75.29
76.60
76.35
75.35
73.73
84.48
81.07
76.06
78.36
74.49
78.00
75.77
69.44
71.06
64.12
69.62
59.13
49.81
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
89.77
84.26
81.11
76.09
75.13
73.54
74.33
76.16
84.08
78.02
73.69
76.61
75.02
77.39
73.07
67.70
71.98
64.83
69.12
58.00
50.14
46.02
43.22
43.99
40.61
50.91
69.12
96.81
113.05
132.47
129.72
120.91
105.77
99.76
92.37
89.52
87.92
89.11
79.33
74.78
68.97
72.58
68.10
65.76
65.48
60.27
56.49
52.63
60.35
57.80
57.26
60.94
70.87
71.29
66.90
67.33
67.06
OPEC basket
RBI Rate USD/INR
US Dollar Index
prices (US$/bbl)
Monthly average
88.46
82.83
79.86
74.63
74.15
72.51
72.97
74.48
82.47
77.21
72.99
76.01
74.01
76.29
72.67
67.17
71.35
64.59
68.47
56.98
50.21
45.78
41.38
41.23
38.60
49.26
69.17
96.85
112.41
131.22
128.34
119.43
105.06
98.97
90.78
88.56
87.18
88.99
78.98
74.15
68.65
71.65
66.77
64.37
63.51
58.44
54.77
50.84
57.95
55.41
54.99
59.64
68.80
68.91
64.60
65.12
64.45
45.16
45.02
44.41
46.06
46.57
46.84
46.56
45.80
44.50
45.50
46.33
45.96
46.63
46.59
46.72
48.39
48.36
48.47
47.78
48.61
50.08
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
80.30
78.45
77.72
81.35
82.22
83.43
86.77
85.48
81.35
80.81
80.27
77.98
77.00
75.40
76.17
77.19
78.53
79.71
80.26
82.11
85.55
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
1/18/2012 11:46:39 PM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Crude Oil trading activity

Month
Dec-10
Nov-10
Oct-10
Sep-10
Aug-10
Jul-10
Jun-10
May-10
Apr-10
Mar-10
Feb-10
Jan-10
Dec-09
Nov-09
Oct-09
Sep-09
Aug-09
Jul-09
Jun-09
May-09
Apr-09
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
MCX (crude oil light sweet)

Volume
Open Interest
3068659
30835
3162530
22911
3992584
25043
4794548
33834
4707162
52638
4442937
23614
3631230
28467
3614835
20590
2805302
25975
2681569
16317
2572046
14120
2063651
25272
2645063
15303
2968273
19625
3066007
16991
2867974
25601
3364276
17364
4122330
14071
3430757
15406
3389258
12740
3650692
17895
4379692
20786
3434198
23224
3774301
18972
3117157
28141
1883187
16189
1598334
11287
1900925
10052
1485585
10346
1877485
11922
1968091
15496
1745803
16121
1216976
20935
1251741
12317
1188877
19620
1272840
11188
1436288
12814
1388335
11593
1392318
23019
1003894
19668
1378084
15400
1175924
22988
1014159
21143
933112
11576
922023
11020
1220169
18463
1040775
10199
1033732
11230
586612
17186
629447
18622
610963
13743
429136
8435
243508
11344
175149
3022
129799
3164
200439
8127
234414
8996
NYMEX (crude oil light sweet-WTI)

Volume
Open Interest
12415734
1430155
13510747
1342325
14422865
1416888
15965291
1370514
14493964
1308042
11427080
1220292
14459730
1263940
17534395
1361943
17377753
1446580
13297737
1310328
12771829
1274007
10894229
1319629
11906196
1193065
11600195
1198406
13103116
1243953
11462233
1190853
11823362
1162798
11923549
1190714
11367082
1159868
9939223
1163773
10106308
1167380
11340347
1148687
11411434
1191502
11369073
1243967
9910170
1189046
8662209
1141336
11638267
1108362
12045565
1092411
10589479
1182917
11321293
1267200
12452986
1285567
13439173
1368551
11065563
1366639
12576859
1396612
10100249
1445328
10811520
1395278
8694012
1361258
11307522
1404579
12389575
1468958
10670194
1420823
10646980
1466129
9655899
1521237
9862305
1474661
9486584
1396811
9286616
1329295
10068962
1354924
9092076
1286745
10367198
1294571
6801761
1190543
7446062
1214068
7492383
1158612
6067095
1167337
5408568
1166144
4496916
1101492
5129950
1027066
5854647
1028165
5280355
1057804
ICE (Brent crude oil)

Volume
Open Interest
7430114
873116
8213381
836883
8261164
856736
8533147
817269
8029379
817066
7053387
794600
8026656
746713
8774904
768727
8544233
813137
8984535
937633
7796458
857981
6837761
776550
6000904
728331
6255219
698620
6600386
700787
6302192
684180
5333905
676497
6865215
707378
5843451
689091
5280318
721844
5102336
696396
6158270
677979
5495062
662850
6536771
637728
5107284
595295
5336546
565654
6417718
549842
5948919
525080
5044833
550431
5472918
563588
5778596
526467
6683008
562258
5682939
556070
5663793
594544
5421638
583335
5619214
541479
4035606
537359
5383219
578509
5575011
623051
4989287
647298
4980801
596662
5114738
645675
4912169
662755
5427377
627008
4296685
657327
5179846
686982
4290867
584786
5454265
611593
3329011
548654
4319084
588243
4608117
577446
3875739
487653
4000533
478985
3680839
347628
3741729
455114
3513993
440309
2928362
464857
1/18/2012 11:46:39 PM
Crude Oil Production (2010)
Crude Oil Consumption (2010)
Russian
Federation
USA
13%
22%
Others
Saudi
Arabia
56%
Others
55%
12%
China
10%
USA
Japan
9%
5%
Iran
India
China
5%
Russian
Federation
4%
5%
4%
Source: BP Statistical Review 2011
Crude Oil (WTI) prices in USD & Euro and Dollar Index
price/bbl
160
Dollar Index
Crude oil WTI Prices in USD
180
Crude Oil WTI prices in EURO
160
1
140
140
1
120
120
1
100
100
1
80
80
8
60
60
6
40
40
4
Nov-10
10
Jan-09
09
Dec-09
09
Feb-08
08
Apr-06
06
Mar-07
07
May-05
05
Jul-03
03
Jun-04
04
Sep-01
01
Aug-02
02
Oct-00
00
Nov-99
99
Jan-98
98
Dec-98
98
Feb-97
97
Apr-95
95
Mar-96
96
May-94
94
Jul-92
92
Jun-93
93
Aug-91
91
Oct-89
89
Sep-90
90
Nov-88
88
Jan-87
87
Dec-87
87
Feb-86
86
Apr-84
84
Mar-85
85
20
2
May-83
83
20
Source: NYMEX (CME)
1/18/2012 11:46:39 PM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Natural gas fundamentals (billion cubic metre)

2010
2009
2008
2007
2006
2001
3193
3169
975
678
298
2976
2950
877
634
243
3062
3026
814
587
227
2951
2947
776
550
226
2881
2842
748
537
211
2478
2455
554
411
143
187142
58514
17097
186586
58397
16988
184387
57449
16536
176683
51963
15672
173211
51870
15056
168543
50900
16100
OECD natural gas prodution

OECD natural gas consumption
1160
1546
1126
1453
1134
1500
1102
1476
1093
1425
1097
1340
India
Proven gas reserves
Natural gas production
Natural gas consumption
Natural gas (LNG) imports
Natural gas exports
1500
51
62
12
-
1101
39
51
13
-
1101
31
41
11
-
1101
30
40
10
-
1101
29
37
8
-
763
26
26
-
3.0%
5.1%
2.7%
2.7%
4.2%
World
Natural gas production
Natural gas consumption
Natural gas trade (export/import) - Total
Natural gas trade (export/import) - pipeline
Natural gas trade (export/import) - LNG
Proven gas reserves
Proven gas reserves - former Soviet Union
Proven gas reserves - OECD
Note: LNG: Liquied Natural Gas

Source: Annual BP Statistical Review 2011, 2010, 2009, 2008, 2007, 2006, 2005, 2002; Ministry of Petroleum & Natural Gas; Energy Information Administration; MCX
World natural gas production by region & country - Outlook for 2015 (Quadrillion Btu)
Region
World
OECD North America
United States*
Canada
Mexico
OECD Europe
OECD Asia
Japan
South Korea
Australia/New Zealand
Other OECD
Total OECD
Non-OECD Europe & Eurasia
Russia
Other
Non-OECD Asia
China
India
Other non-OECD Asia
Middle East
Africa
Central & South America
Brazil
Other Central/South America
Total Non-OECD
Total World
Forecast release year

2011
31.3
22.4
7.0
1.9
8.1
2.8
0.2
0.0
2.6
0.1
42.3
30.5
23
7.5
15.6
3.1
2.5
10
19.7
9.7
5.8
1
4.8
81.3
123.6
2010
25
19.4
5.6
9.6
3.5
3.5
2.1
40.2
32.2
23
9.2
15.8
2.9
12.9
20.9
11.3
6.6
86.8
126.9
2009
27.9
20.5
5.4
2.1
11
2.8
0.2
0
2.6
41.7
35
26.7
8.3
15.6
3.4
2
10.3
17.8
9.6
7
1
6
85
126.7
2008
27.1
19.6
5.7
1.8
11.2
2.9
0.2
0
2.7
41.2
36.1
26.9
9.3
17.2
3.2
2
12
16.9
10.7
7.3
0.7
6.5
88.3
129.5
Note: * includes supplemental production or forecast discrepancy

Source: Energy Information Administration
1/18/2012 11:46:42 PM
US Summer cooling degree-days (Population-weighted)

Month
2010
2009
2008
2007
2006
Normal
29
117
222
284
307
169
1,127
31
91
263
334
283
171
1,173
23
119
236
310
366
191
1,246
53
109
236
388
337
138
1,261
33
104
216
323
292
160
1,128
2009/10
2008/09
2007/08
2006/07
Normal
330
441
877
940
820
552
3,960
281
533
832
969
705
583
3,904
175
521
800
892
741
617
3,746
305
467
690
841
853
502
3,657
282
539
817
917
732
593
3,880
APR
34
MAY
126
JUN
285
JUL
385
AUG
356
SEP
196
Total Summer
1,382
Source: National Oceanic and Atmospheric Administration, National Weather Service
U.S. Winter heating degree-days (Population-weighted)

Month
2010/11
OCT
238
NOV
523
DEC
898
JAN
956
FEB
743
MAR
586
Total Winter
3,944
Source: National Oceanic and Atmospheric Administration, National Weather Service
Principal operaions of major companies

BP
Natural Gas Reserves
Natural Gas Sold
ExxonMobil
Natural Gas Sold
Total
Natural Gas Sold
Royal Dutch/Shell
Natural Gas Sold
Chevron
Natural Gas Sold
Total majors
Natural Gas Sold
2010
2009
2008
2007
2006
37,809
8,401
40,388
8,485
40,005
8,334
41,130
8,143
42,168
8,417
78,815
12,148
68,007
9,273
65,879
9,095
68,262
9,384
67,560
9,334
25,788
5,648
26,318
4,923
26,218
4,837
25,730
4,839
25,539
4,674
28,983
9,305
29,961
8,483
25,927
8,569
22,825
8,214
30,058
8,368
20,755
10,425
22,153
9,963
19,022
11,441
19,137
11,416
19,910
10,529
192,150
45,927
186,827
41,127
177,051
42,276
177,084
41,996
185,235
41,322
Note: 1. Gas reserves in billion cubic feet, as at year-end; 2. Gas sold in Million cubic feet/day
World Liquid Gas carrier fleet size and type, 2010 (1,000 cu m)
No
Up to 999
1,000 - 1,999
2,000 - 4,999
5,000 - 9,999
10,000 - 19,999
20,000 - 39,999
40,000 - 59,999
60,000 - 99,999
100,000 and over
Total World
61
274
316
208
63
105
20
142
1,189
LPG Ccpacity
42
396
1,053
1,414
876
3,043
1,164
11,367
19,355
No
13
3
3
17
326
362
LNG capacity
Total no
133
94
122
1,295
50,254
51,898
61
274
316
208
76
108
23
159
326
1,551
Total capacity
42
396
1,053
1,414
1,009
3,137
1,286
12,662
50,254
71,253
Note: Figures as at year-end. Totals may not add due to independent rounding.
1/18/2012 11:46:42 PM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Economic parameters impacting natural gas prices

2010
2009
2008
2007
2006
2001
83.8
82.3
89.1
74.7
88.3
81.7
87.8
74.8
80.1
79.9
87.6
74.2
77.9
76.4
87.2
68.1
85.7
75.5
83.8
67.7
79.0
-
Jun 25 Nov 7
21
10
12
12.04
259
May 28 Nov 10
11
4
3
0.077
6
May 30 Nov 10
17
33
8
47.5
855
May 9 Dec 13
17
16
6
3.0
394
Jun 10 Oct 2
10
7
5
0.5
7
Jun 5 Dec 4
17
11
9
7.9
93

US
Japan
Eurozone
China
India
OECD
2.8
4.3
1.8
10.3
9.7
2.8
-2.6
-6.3
-4.1
9.2
5.7
-3.4
1.1
-0.3
1.0
9.0
7.3
1.0
2.0
1.9
2.3
11.5
8.9
2.6
2.9
2.8
2.6
11.1
9.7
3.2
0.8
0.7
1.9
8.3
3.9
2.4

US
Japan
Eurozone
China
India
OECD
1.6
-0.9
1.5
3.1
13.2
1.5
-0.3
-1.4
0.3
0.8
10.9
0.1
1.0
0.5
1.0
3.0
5.0
1.0
2.5
1.4
3.0
5.9
7.0
3.0
2.7
0.3
2.2
2.0
6.7
2.2
2.8
-0.7
2.4
-0.1
5.2
2.8

US
Japan
Eurozone
China
India
OECD
7.0
15.4
8.9
15.7
2.5
7.9
-2.9
-21.3
-3.7
11.0
18.0
-12.3
-11.3
-3.3
-12.4
12.9
0.5
-2.1
1.5
2.8
1.3
17.4
7.6
3.3
3.0
4.4
3.9
15.4
10.3
3.8
-3.7
-6.3
0.4
9.9
2.1
-2.2
Interest Rates (%)

US
Japan
Eurozone
China
India (repo rate )
0.1
0.3
1.8
3.3
6.3
0.1
0.3
1.8
2.8
4.8
0.1
0.3
3.0
2.8
6.5
4.3
0.8
5.0
3.3
7.8
6.3
0.4
4.5
3.3
7.3
1.3
0.1
4.3
3.2
8.5

US
Japan
Eurozone
China
India
3.4
2.3
1.7
19.7
19.1
3.5
3.1
-0.4
27.7
17.7
10.0
1.8
7.6
17.8
19.9
6.1
2.1
11.6
16.7
22.8
5.9
0.7
10.0
16.9
19.3
10.5
3.3
8.0
14.4
13.6
11578
20509
10428
17464
8776
9647
13265
20287
12463
13787
10022
3262
3.2
3.8
7.8
6.7
-4.0
-10.4
8.9
6.8
12.4
8.5
3.2
4.0
7.3
3.7
9.3
9.2
2.0
4.9
Gas inventories (billion cubic metres)

US working natural gas in storage
Five year average
Five year maximum
Five year minimum
Hurricance activity - North Atlantic Ocean
Dates active
Number of cyclones recorded
Total landfalls
Number of hurricanes recorded
Approximate damage (in US$ billion)
Deaths

US (Dow Jones)
India (Sensex)
Source: OECD, EIA, NOAA, CPM Gold Yearbook, IMF, World Bank, BSE, Dow Jones
1/18/2012 11:46:43 PM
Natural gas trading activity

Month
Dec-10
Nov-10
Oct-10
Sep-10
Aug-10
Jul-10
Jun-10
May-10
Apr-10
Mar-10
Feb-10
Jan-10
Dec-09
Nov-09
Oct-09
Sep-09
Aug-09
Jul-09
Jun-09
May-09
Apr-09
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
MCX
Volume
1123916
1064881
1242427
1481956
1122912
1001775
748663
469341
913642
597296
508156
901972
1057446
983755
1306570
1880018
1419262
1604219
1395465
696633
335013
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
-
Open Interest
20834
21129
18252
36045
24975
7645
8068
7230
15814
15801
10170
7003
9357
11885
6817
9014
42877
43636
35251
17709
13771
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
-
NYMEX (CME)
Volume
Open Interest
6002863
772404
5833648
758702
5920016
794741
5414287
782077
5790959
816477
5249597
786798
5913497
767568
4734149
833807
5717025
857075
4691010
830935
4557698
816126
4501942
776283
5347178
707590
4413904
714288
5507775
695972
5597662
672952
4445944
713161
3979357
715227
4486552
712804
3478986
685105
2493091
659775
2989920
624397
2780551
671554
2343719
682516
2384252
679760
2539865
718799
3151675
766597
3458479
881561
3756124
919430
4273971
942703
3379074
974174
3141953
898031
3382892
872489
2983598
865871
3330580
928172
2741217
898698
2390939
849704
2474062
818517
3155437
748047
2486465
750875
3069117
765421
2346727
809913
2703626
803710
2285014
760212
2181057
732753
1938669
740862
2431720
758890
2617276
899420
1844836
874752
1775475
889654
1935134
907876
2017651
943162
2428749
927572
1786249
908412
1920553
852733
2272497
833675
1911616
728557
Volume
177145
186185
179450
153780
140510
213545
154830
189720
191505
161540
142470
183560
113315
151470
173805
166760
97880
124545
114050
109785
111935
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
ICE (UK)
Open Interest
215313
217280
203747
205880
204860
154210
131530
154310
140675
119410
97580
81848
83575
87665
93472
100430
105810
96645
93996
89627
82393
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
1/18/2012 11:46:43 PM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Natural gas prices

Month
Open
Dec-10
Nov-10
Oct-10
Sep-10
Aug-10
Jul-10
Jun-10
May-10
Apr-10
Mar-10
Feb-10
Jan-10
Dec-09
Nov-09
Oct-09
Sep-09
Aug-09
Jul-09
Jun-09
May-09
Apr-09
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
194.60
187.60
173.70
181.50
228.10
215.50
204.40
176.30
176.80
220.20
242.70
260.20
225.10
239.00
229.50
146.50
175.40
186.70
184.00
171.00
191.40
218.80
216.00
272.80
324.90
324.00
354.00
353.00
388.20
574.80
494.30
440.00
400.70
373.80
314.50
293.50
292.50
325.90
274.00
228.60
252.00
276.50
321.50
324.00
335.50
322.30
341.10
282.10
390.00
342.60
257.90
286.80
379.30
265.50
-
MCX futures prices (Rs/mmBtu)

High
Low
Close
210.70
208.00
190.80
190.70
232.00
232.20
241.80
205.90
198.40
225.00
266.70
279.40
281.60
246.50
252.60
239.40
195.20
197.00
209.10
226.80
196.00
226.80
236.90
303.80
337.40
350.30
368.70
385.70
404.20
591.80
577.60
522.60
459.00
416.20
377.80
331.80
297.60
342.20
329.10
287.70
294.50
277.40
332.30
335.00
343.40
337.80
354.00
351.70
391.50
403.50
386.20
288.80
398.90
364.70
-
180.10
166.10
144.70
168.00
175.30
201.10
200.10
174.20
172.20
174.80
220.10
236.30
205.70
194.50
201.50
118.60
142.60
158.20
168.90
169.20
165.50
185.10
196.00
214.50
251.40
298.70
312.50
314.50
336.10
374.10
492.50
426.50
373.00
366.00
300.30
292.50
274.60
291.50
266.20
215.30
225.10
237.70
270.60
310.00
305.10
298.00
311.30
268.60
271.10
327.50
253.20
213.60
286.80
264.90
-
197.80
193.80
187.90
174.10
182.20
227.20
214.00
203.80
176.00
177.60
220.90
239.60
259.50
226.10
238.00
231.00
147.50
174.60
186.00
184.80
173.90
190.90
214.90
217.40
270.70
324.40
321.60
354.50
355.10
388.30
573.80
497.30
439.50
399.60
373.80
314.00
296.30
294.00
324.70
273.90
230.60
252.70
277.30
320.60
325.20
334.00
324.00
339.20
282.70
391.60
341.30
261.70
288.30
364.70
-
MCX spot prices (Rs/mmBtu)

Monthly average
192.9
183.1
160.7
179.5
197.7
214.8
222.9
190.4
182.6
196.4
242.7
258.0
249.5
216.8
225.3
169.5
165.4
175.0
189.6
192.7
181.8
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
-
NYMEX (CME) futures prices (USD/mmbtu)

Open
High
Low
Close
4.13
4.04
3.86
3.79
4.99
4.64
4.37
3.91
3.87
4.77
5.25
5.71
4.82
5.03
4.83
2.98
3.63
3.85
3.87
3.39
3.79
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
4.64
4.49
4.08
4.14
5.01
4.94
5.20
4.49
4.39
4.87
5.68
6.11
6.04
5.29
5.32
4.98
4.16
3.90
4.39
4.58
3.90
4.42
4.88
6.24
6.69
7.36
7.94
8.32
9.60
13.70
13.40
12.10
11.40
10.30
9.50
8.48
7.54
8.71
8.48
7.04
7.19
6.85
8.21
8.23
8.01
7.77
8.04
7.97
8.75
9.05
7.93
6.13
8.62
8.26
7.33
7.13
8.28
3.95
3.71
3.21
3.70
3.61
4.29
4.22
3.86
3.81
3.82
4.74
5.06
4.43
4.16
4.23
2.41
2.69
3.23
3.55
3.36
3.16
3.60
3.92
4.40
5.20
6.10
6.00
7.00
7.60
8.80
12.00
10.00
9.30
8.70
7.60
7.50
6.80
7.20
6.60
5.20
5.20
5.80
6.60
7.50
7.30
6.80
7.10
6.00
5.70
7.30
5.50
4.10
5.90
5.40
5.80
5.80
6.50
4.41
4.18
4.04
3.87
3.82
4.92
4.62
4.34
3.92
3.87
4.81
5.13
5.57
4.85
5.05
4.84
2.98
3.65
3.84
3.84
3.37
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
Source: Exchanges websites, RBI, ICE
1/18/2012 11:46:43 PM
US spot prices (USD/mmbtu)

Monthly average
4.25
3.71
3.43
3.89
4.31
4.63
4.80
4.14
4.03
4.29
5.32
5.82
5.34
3.68
4.00
2.99
3.14
3.38
3.80
3.83
3.49
3.96
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
ICE (UK) futures prices (GBP/therm)

Open
High
Low
Close
55.25
47.40
48.00
41.20
39.85
45.49
37.50
36.00
29.70
31.55
36.25
37.00
29.49
36.80
32.00
25.75
21.50
26.00
26.25
27.90
34.25
34.50
63.00
60.00
58.80
75.80
81.80
78.30
61.50
72.80
65.00
60.00
57.70
53.30
50.30
52.00
50.40
52.50
44.70
27.50
26.80
23.30
21.40
17.90
20.00
20.00
22.90
31.30
45.00
57.40
51.90
43.40
37.40
39.00
39.10
39.00
43.60
62.70
55.50
48.80
49.20
43.00
51.50
46.75
43.25
36.85
31.90
37.30
41.75
35.00
36.90
38.90
34.50
26.90
26.45
28.00
29.60
35.50
37.50
63.60
68.30
65.50
77.90
84.00
87.00
79.70
72.80
73.60
66.30
67.00
58.30
55.00
61.00
56.90
60.80
55.30
42.80
28.00
32.60
21.80
26.00
20.20
24.50
23.00
33.60
45.40
57.40
58.00
56.50
43.60
42.00
40.20
39.50
44.10
55.25
45.50
45.40
41.15
36.90
38.75
36.55
35.60
29.05
28.35
31.27
32.50
27.45
27.15
30.50
21.50
18.20
19.60
24.75
24.75
25.50
29.00
33.00
52.00
53.00
58.00
66.00
71.00
51.75
55.00
64.00
59.00
58.00
51.00
47.00
51.00
50.00
45.00
41.00
27.00
24.00
22.00
17.00
18.00
14.00
18.00
16.00
23.00
32.00
38.00
43.00
33.00
33.00
38.00
36.00
31.00
39.00
61.07
54.20
47.61
47.32
41.83
40.66
45.49
36.63
33.13
29.71
31.34
38.77
33.72
29.57
36.81
32.42
26.10
22.29
25.99
26.19
28.51
31.97
33.52
62.25
58.53
60.97
76.11
85.26
78.64
62.24
73.30
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
38.80
39.46
RBI rate USD/INR

Dollar Index
Monthly average
45.16
45.02
44.41
46.06
46.57
46.84
46.56
45.80
44.50
45.50
46.33
45.96
46.63
46.59
46.72
48.39
48.36
48.47
47.78
48.61
50.08
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
80.30
78.45
77.72
81.35
82.22
83.43
86.77
85.48
81.35
80.81
80.27
77.98
77.00
75.40
76.17
77.19
78.53
79.71
80.26
82.11
85.55
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
1/18/2012 11:46:43 PM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Natural Gas Production (2010)
Natural Gas Consumption (2010)
US
19%
USA
22%
Russian
Federation
Others
Others
55%
49%
19%
Russian
Federation
13%
Canada
5%
Iran
4%
Iran
Japan
China
Qatar
4%
3%
3%
4%
Natural Gas Prices, Oil Gas Ratio and Spread Between

Natural Gas Second and First Month Contract
30
2.5
Natural Gas Prices (US$/mmBtu)
25
Oil Gas Ratio
Spread (NG1-NG2)
1.5
1
20
0.5
0
15
-0
-0.5
10
-1
-1.
-1.5
Mar-11
11
Apr-10
10
May-09
09
Jun-08
08
Jul-07
07
Aug-06
06
Sep-05
05
Oct-04
04
Nov-03
03
Dec-02
02
Jan-02
02
Feb-01
01
Apr-99
99
Mar-00
00
May-98
98
Jun-97
97
Jul-96
96
Aug-95
95
Sep-94
94
Oct-93
93
Nov-92
92
Dec-91
91
Jan-91
91
-2
-2
-2.5
Source: NYMEX (CME)
1/18/2012 11:46:43 PM
Power/Electricity fundamentals
2010
2009
2008
2007
2006
2001
21325.1
18330.5
20135.5
17220.3
20342.0
17390.1
19943.2
17055.2
19056.0
16255.8
15639.7
13355.6
Primary energy - consumption by fuel (Million tonnes oil equivalent)

Oil
4028.1
Natural gas
2858.1
Coal
3555.8
Nuclear energy
626.2
Hydro electric
775.6
Total
11843.7
3908.7
2661.4
3305.6
614.0
736.3
11225.9
3927.9
2726.1
3303.7
619.7
717.5
11294.9
3939.4
3910.9
2652.2
2558.3
3194.5
3041.7
622.5
634.9
695.8
697.2
11104.4 10843.0
3510.6
2164.3
2255.1
601.2
594.5
9124.8
OECD
Electricity generation (Terawatt-hours)
Electricity consumption (Terawatt-hours)
Electricity balance of trade (Terawatt-hours)
10904.8
9476.8
11.6
10513.1
9129.7
12.1
10965.4
9509.2
11.1
10919.2
9502.0
3.1
10693.7
9289.1
14.5
9734.7
8534.6
13.8

Oil
2113.8
Natural gas
1397.6
Coal
1103.6
Nuclear energy
520.9
Hydro electric
309.5
Total
5445.3
2094.8
1313.9
1049.5
511.5
299.4
5269.0
2182.7
1346.9
1159.2
516.2
301.9
5507.0
2246.1
1328.1
1189.4
520.7
283.9
5568.3
2270.2
1274.3
1169.7
536.3
301.9
5552.4
2189.6
1167.2
1108.2
518.8
291.0
5274.5
922.2
669.1
6.9
869.8
642.8
8.0
824.5
601.6
8.9
797.9
577.0
4.9
738.7
521.9
2.7
574.6
372.8
1.3

Oil
155.5
Natural gas
55.7
Coal
277.6
Nuclear energy
5.2
Hydroelectric
25.2
Total
519.2
Source: Enerdata Yearbook 2011, British Statistical Review, gures may not tally due to rounding
151.0
45.9
250.6
3.8
24.0
475.4
135.0
37.2
231.4
3.5
26.2
433.3
128.5
36.0
212.9
4.0
27.7
409.2
120.4
33.6
195.1
4.0
25.4
378.5
97.1
23.7
173.5
4.4
16.1
314.7
Global
India
Electricity balance of trade (Terawatt-hours)
1/18/2012 11:46:44 PM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
State-wise installed capacity (India) (MW)

Andaman & Nicobar
Andhra Pradesh
Arunachal Pradesh
Assam
Bihar
Chandigarh
Chhattisgarh
Delhi
Goa
Gujarat
Haryana
Himachal Pradesh
Jammu & Kashmir
Jharkhand
Karnataka
Kerala
Lakshadweep
Madhya Pradesh
Maharashtra
Manipur
Meghalaya
Mizoram
Nagaland
Orissa
Puducherry
Punjab
Rajasthan
Sikkim
Tamil Nadu
Tripura
Uttar Pradesh
Uttarakhand
West Bengal
India
2010
2009
2008
2007
2006
2001
65.3
10254.8
18.5
423.5
354.9
2.0
3517.0
982.9
48.0
10965.2
2132.4
836.5
933.5
1680.0
6991.2
2298.9
10.0
3871.0
13371.3
36.0
185.2
22.9
24.0
2447.5
32.5
3762.4
4248.8
37.0
6809.7
142.5
4897.8
1681.9
7269.5
159398.5
65.3
10254.8
18.5
423.5
354.9
2.0
3517.0
982.9
48.0
10965.2
2132.4
836.5
935.7
1680.0
6991.2
2298.9
10.0
3871.0
13371.3
36.0
185.2
22.9
24.0
2447.5
32.5
3762.4
4248.8
37.0
6809.7
142.5
4897.8
1681.9
7269.5
147965.4
65.3
8965.2
18.5
423.5
364.9
2.0
2917.0
982.9
48.0
8773.7
2202.4
836.5
625.8
1750.0
6362.4
2277.1
10.0
3901.0
12871.8
36.0
185.2
22.9
24.0
2431.5
32.5
3762.4
3293.8
37.0
6828.5
142.5
4593.2
1681.9
6800.0
143061.0
65.4
9452.0
61.1
446.3
590.4
2.0
2814.4
932.4
78.1
8351.3
3159.4
926.4
625.8
1754.1
7626.0
2287.1
10.7
4484.0
14580.5
50.9
189.1
69.3
30.7
2498.4
32.5
4861.3
4519.6
44.1
10606.2
148.4
5077.5
1734.8
6590.1
132329.2
70.6
9017.8
69.1
721.8
603.9
2.0
1687.6
932.4
48.1
8180.5
2559.4
921.4
504.2
1754.1
6784.4
2313.7
10.0
3971.9
14053.3
50.9
189.1
69.3
30.7
2345.2
32.5
4592.5
4245.1
44.1
10093.1
148.4
5011.0
1430.0
4599.1
124287.2
34.1
6756.4
45.4
621.7
2108.4
2.0
602.0
48.2
7223.4
1990.3
326.3
416.6
4465.1
2217.6
10.0
4373.0
12911.2
12.6
188.8
37.2
6.4
2298.1
32.5
4528.9
2489.4
37.9
6520.9
85.4
5612.8
4783.3
101626.2
1/18/2012 11:46:44 PM
State-wise electricity requirement (million kwh)

2010
2009
2008
2007
2006
2001
Andaman & Nicobar

240.0
Andhra Pradesh
79014.0
Arunachal Pradesh
406.0
Assam
5129.0
Bihar
11763.0
Chandigarh
1570.0
Chhattisgarh
11035.0
Delhi
24271.0
Goa
3085.0
Gujarat
70412.0
Haryana
33520.0
Himachal Pradesh
7009.0
Jammu & Kashmir
12907.0
Jharkhand
5866.0
Karnataka
45607.0
Kerala
17606.0
Lakshadweep
24.0
Madhya Pradesh
43159.0
Maharashtra
124961.0
Manipur
522.0
Meghalaya
1550.0
Mizoram
351.0
Nagaland
527.0
Orissa
21112.0
Puducherry
2118.0
Punjab
45770.0
Rajasthan
44031.0
Sikkim
383.0
Tamil Nadu
76213.0
Tripura
864.0
Uttar Pradesh
75822.0
Uttarakhand
8904.0
West Bengal
33853.0
India
830300.0
Source: Central Electricity Authority, Central Electricity Regulatory Commission
236.0
71511.0
426.0
5107.0
10527.0
1414.0
14866.0
22398.0
2801.0
67482.0
29085.0
6260.0
11467.0
5361.0
43168.0
17645.0
24.0
42054.0
121901.0
556.0
1713.0
330.0
475.0
20519.0
2020.0
41635.0
37797.0
343.0
69668.0
800.0
69207.0
7841.0
31289.0
777039.0
240.0
64139.0
391.0
4816.0
9155.0
1446.0
14079.0
22439.0
2740.0
68747.0
29353.0
5992.0
11782.0
5139.0
40320.0
15663.0
24.0
41560.0
114885.0
530.0
1620.0
288.0
377.0
18846.0
1841.0
42372.0
36738.0
286.0
65780.0
777.0
62628.0
7047.0
29020.0
739345.0
240.0
60964.0
286.0
4297.0
8425.0
1343.0
14063.0
22397.0
2624.0
62464.0
26249.0
5136.0
11725.0
4369.0
40797.0
15023.0
25.0
38710.0
110005.0
451.0
1368.0
235.0
343.0
17101.0
1808.0
38641.0
33236.0
223.0
61499.0
802.0
57441.0
5957.0
26538.0
690587.0
240.0
53030.0
208.0
4051.0
7955.0
1260.0
13012.0
21602.0
2338.0
57137.0
23132.0
4302.0
9268.0
4033.0
34601.0
13674.0
24.0
36846.0
102765.0
510.0
1382.0
230.0
408.0
15208.0
1678.0
35682.0
32052.0
212.0
54194.0
745.0
55682.0
5155.0
24936.0
631757.0
47792.0
127.7
3092.9
9208.0
1072.0
18575.0
1766.0
53038.0
17275.0
3190.0
6410.0
30242.0
13564.0
39644.0
79527.0
463.9
563.9
249.7
226.0
11710.0
27670.0
25080.0
42702.0
574.0
46295.0
18787.0
507216.0
Generating capacity addition (MW)

Year
2003-04
2004-05
2005-06
2006-07
2007-08
2008-09
2009-10
Central Sector
3035.0
2778.0
1370.0
4360.0
3240.0
750.0
2430.0
State Sector
816.6
1571.3
1531.5
1693.0
5273.0
1821.2
3418.0
Private Sector
100.0
70.0
660.8
551.8
750.0
882.5
3737.0
Total
3951.6
4419.3
3562.3
6874.8
9263.0
3453.7
9585.0
Note: The above gures do not include Deration, Retirement and Installed Capacity of Renewable Energy Sources.
Source: Annual Report 2009-10, CEA
1/18/2012 11:46:44 PM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
State-wise electricity availability (million kwh)

2010
2009
2008
2007
2006
2001
Andaman & Nicobar

180.0
Andhra Pradesh
73784.0
Arunachal Pradesh
332.0
Assam
4695.0
Bihar
9939.0
Chandigarh
1521.0
Chhattisgarh
10766.0
Delhi
24088.0
Goa
3021.0
Gujarat
67263.0
Haryana
32006.0
Himachal Pradesh
6762.0
Jammu & Kashmir
9929.0
Jharkhand
5409.0
Karnataka
42098.0
Kerala
17183.0
Lakshadweep
24.0
Madhya Pradesh
34953.0
Maharashtra
101537.0
Manipur
427.0
Meghalaya
1328.0
Mizoram
288.0
Nagaland
464.0
Orissa
20926.0
Puducherry
1973.0
Punjab
39451.0
Rajasthan
42983.0
Sikkim
340.0
Tamil Nadu
71488.0
Tripura
780.0
Uttar Pradesh
59390.0
Uttarakhand
8321.0
West Bengal
32919.0
India
746498.0
Source:Central Electricity Authority, Central Electricity Regulatory Commission
184.0
66673.0
271.0
4567.0
8801.0
1414.0
14475.0
22273.0
2754.0
60851.0
26625.0
6241.0
8698.0
5110.0
40578.0
15562.0
24.0
34841.0
95761.0
477.0
1386.0
269.0
436.0
20214.0
1773.0
37238.0
37388.0
330.0
64208.0
728.0
54309.0
7765.0
30290.0
691038.0
180.0
61511.0
302.0
4412.0
7933.0
1446.0
13409.0
22301.0
2707.0
57614.0
25652.0
5814.0
8362.0
4458.0
39230.0
15284.0
24.0
35700.0
93846.0
501.0
1232.0
246.0
334.0
18500.0
1841.0
38795.0
35597.0
267.0
63954.0
686.0
51335.0
6845.0
27902.0
666007.0
190.0
58280.0
259.0
3984.0
7741.0
1341.0
13169.0
22012.0
2606.0
54083.0
23132.0
4996.0
7983.0
4154.0
39948.0
14716.0
25.0
32834.0
89138.0
429.0
1063.0
222.0
328.0
16796.0
1808.0
34839.0
31715.0
218.0
60445.0
728.0
48370.0
5599.0
25966.0
624496.0
168.0
52332.0
206.0
3778.0
7218.0
1258.0
12540.0
21281.0
2338.0
52436.0
26249.0
4258.0
7672.0
3868.0
34349.0
13578.0
24.0
31619.0
84117.0
489.0
1144.0
216.0
389.0
15010.0
1678.0
32591.0
30879.0
210.0
53853.0
666.0
44033.0
5008.0
24509.0
578819.0
44055.0
130.1
3332.8
8563.0
1068.0
17667.0
1576.0
47877.0
16793.0
3087.0
5361.0
27490.0
12670.0
34747.0
71184.0
453.4
605.2
256.5
231.9
12070.0
26923.0
24178.0
39462.0
596.4
39556.0
18958.0
467400.0
Power scenario - Installed capaciy for all regions at a glance (MW), as on April 30, 2011
Sr. No.
1
2
3
4
5
6
7
Region
Northern
Western
Southern
Eastern
N. Eastern
Islands
All India
Coal
24232.50
31130.50
20482.50
18747.88
60.00
0.00
94653.38
Thermal
Gas
Oil
4134.76
12.99
7903.81
17.48
4690.78
939.32
190.00
17.20
787.00
142.74
0.00
70.02
17706.35
1199.75
Nuclear
Total
28380.25
39051.79
26112.60
18955.08
989.74
70.02
113559.48
Hydro
1620
1840
1320
0
0
0
4780
13822.75
7447.50
11299.03
3882.12
1116.00
0.00
37567.4
Renewables
(MNRE)
3165.55
5357.96
9341.67
359.64
223.60
6.10
18454.52
TOTAL
46988.55
53697.25
48073.30
23196.84
2329.34
76.12
174361.4
Note: Installed capacity as on 30.04.2011; MNRE - Ministry of New and Renewable Energy
Source: Central Electricity Authority
Power supply position

Period
Peak demand
(MW)
2004-05
87906
2005-06
93255
2006-07
100715
2007-08
108866
2008-09
109809
2009-10
119166
2010-11
122287
Source: Central Electricity Authority
Peak met
(MW)
77652
81792
86818
90793
96785
104009
110256
Peak decit
(MW)
10254
11463
13897
18073
13024
15157
12031
Peak decit
%
11.70%
12.30%
13.80%
16.60%
11.90%
12.70%
9.80%
Requirement
(MU)
591373
631554
690587
739343
777039
830594
861591
Availability
(MU)
548115
578819
624495
666007
691038
746644
788355
Decit
(MU)
43258
52735
66092
72392
86001
83950
73236
Energy decit
%
7.30%
8.40%
9.60%
9.90%
11.10%
10.10%
8.50%
1/18/2012 11:46:44 PM
Volume of electricity traded by the trading licences

Year
2010-11
2009-10
2008-09
2007-08
2006-07
Name of trading
Volume of % of total Volume of % of total Volume of % of total Volume of % of total Volume of % of total
licensee
trade (MUs) volume trade (MUs) volume trade (MUs) volume trade (MUs)
volume trade (MUs) volume
PTC India Ltd
9725.47 35.11%
11460.21
42.89%
6520.57
26.93% 9552.79
45.57
6575.41
43.77
NTPC Vidyut Vyapar
Nigam Ltd
4728.39 17.07%
3540.40
13.25%
4831.48
19.96% 3324.07
15.86
2662.98
17.73
National Energy Trading
& Services Ltd
3745.04 13.52%
Tata Power Trading
Company (P) Ltd
2285.25
8.25%
2626.58
9.83%
2523.26
10.42%
1681.95
8.02
1206.38
8.03
Reliance Energy
Trading (P) Ltd
3179.96 11.48%
1966.59
7.36%
1856.07
7.67%
776.25
3.7
878.29
5.85
Knowledge Infrastructure
Systems (P) Ltd.
639.87
2.31%
400.80
1.50%
1.61
0.01%
Adani Enterprises Ltd
362.87
1.31%
985.97
3.69%
2634.25
10.88%
1321.88
6.31
1844.66
12.28
JSW Power Trading
Company Ltd
1218.8 4.40%
2116.22
7.92%
2001.44
8.27%
1478.57
7.05
967.94
6.44
Instinct Infra &
Power Ltd
551.23
1.99%
2.4
0.01%
108.29
0.52
106.47
0.71
GMR Energy Trading Ltd.
614.94
2.22%
619.90
2.32%
631.66
2.61%
Shree Cement Ltd.
307.47
1.11%
52.51
0.22%
59.52
0.28
Mittal Power
Processor Ltd.
74.79
0.27%
106.88
0.40%
Pune Power
Development (P) Ltd
116.34 0.42%
171.01
0.64%
Essar Electric Power
Development Corp. Ltd.
16.62 0.06%
RPG Power
Trading Co. Ltd.
72.02 0.26%
130.93
0.49%
16.65
0.07%
Indrajit Power
Technologies Ltd.
22.16 0.08%
Godavari Power &
Ispat Ltd
22.16 0.08%
Global Energy (P) Ltd.
5.54 0.02%
Jindal Power Trading
Company Ltd.
8.31 0.03%
0
0
36.61
0.24
Lanco Electric Utility Ltd
2517.02
9.42%
2841.12
11.74% 2600.02
12.4
744
4.95
Visa Power Ltd
15.56
0.07
Kalyani Power
Development (P) Ltd
168.11
0.69%
39.31
0.19
Patni Projects Private Ltd
6.58
0.03%
6.58
0.03
Vinergy International
Private Ltd
8.02
0.03%
52.51
0.22%
59.52
0.28
Instinct Avertising &
Marketing Ltd.
66.80
0.25%
66.74
0.28%
Subhash Kabini Powor
Corporation Ltd
0
0
36.61
0.24
Karam Chand Thapar
& Bros Ltd
2.4
0.01%
108.29
0.52
106.47
0.71
Total
27700 100%
26720
100% 24209.36
100% 20964.77
100% 15022.74 100%
Note: For the year 2009-10, % of total volume is taken for the year 2009 from Annual Report - Short Term Power Market in India, 2009 and hence accordingly the volumes are
calculated; Source: CERC
1/18/2012 11:46:45 PM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Electricity prices and trading activity

Month
Dec-10
Nov-10
Oct-10
Sep-10
Aug-10
Jul-10
Jun-10
May-10
Apr-10
Mar-10
Feb-10
Jan-10
Dec-09
Nov-09
Oct-09
Sep-09
Aug-09
Jul-09
Jun-09
May-09
Apr-09
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
ICE UK base electricity futures

Close price GBP/mwh
Aggregate vol (lots)
53.60
48.90
43.74
42.66
41.66
40.56
43.02
41.31
37.77
34.12
34.50
37.19
36.68
34.58
38.79
37.35
36.20
33.25
32.34
36.15
35.14
36.25
35.87
54.12
60.64
62.77
76.40
130.00
89.50
81.27
85.02
76.57
64.87
57.80
56.74
53.30
60.16
56.20
50.11
36.79
26.73
26.00
24.45
26.60
22.55
20.88
20.35
24.70
35.37
44.65
49.17
46.75
40.43
37.00
37.38
35.57
36.95
55
170
215
55
85
100
0
190
15
15
80
40
0
0
5
20
15
120
560
10
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
Month-end OI (lots)
9890
10065
9950
10075
10470
4100
3735
3735
0
4330
4755
4830
5370
5010
4480
4210
5685
3845
3515
3203
1990
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
US residential electricity price

USD/kwh
11.04
11.70
11.93
11.97
12.04
12.03
11.95
11.97
11.76
11.20
10.93
10.54
10.93
11.33
11.70
12.00
12.00
11.90
11.85
11.80
11.55
11.33
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
Note: Vol and OI in lots; aggregate volume in all contracts during the month; Cumulative open interest in all contracts at the month-end. * MCV - minimum clearing volume (Matched & Cleared);
1/26/2012 12:26:46 PM
rice
On-Peak day ahead LMP electricity

spot price/New England (NEPOOL)
USD/mwh
Off-Peak day ahead LMP electricity

spot price/New England (NEPOOL)
USD/mwh
47.66
47.39
40.49
45.96
93.60
58.00
44.79
50.92
49.43
36.94
48.68
69.05
77.12
48.24
47.73
34.97
28.53
38.29
39.26
39.03
33.65
40.62
51.83
54.10
71.33
67.00
65.50
66.61
85.90
102.37
140.44
105.38
107.89
92.62
80.61
78.20
106.18
84.76
65.88
63.40
66.58
85.83
61.77
81.05
76.67
78.49
71.33
78.63
51.32
75.70
70.99
49.37
67.05
107.87
68.90
71.60
67.13
ed);
38.50
38.88
29.59
33.09
38.65
38.00
42.50
35.00
33.00
27.00
36.00
48.23
57.00
35.94
33.38
22.60
18.56
26.00
30.00
29.50
25.00
30.16
42.48
44.00
60.57
48.00
51.67
56.50
57.00
69.00
94.00
79.50
79.79
69.45
83.85
58.63
55.60
61.68
51.55
44.00
44.50
55.95
51.00
55.00
44.55
47.15
52.76
59.80
32.44
46.00
49.53
32.00
33.15
65.00
46.80
38.50
48.00
IEX
MCV* (MW)
Monthly average unit value (Rs)
1,121,375
865,617
1,089,461
1,127,849
1,181,299
888,049
748,389
591,861
579,198
687,345
727,207
783,705
623,545
647,156
555,345
500,179
514,637
577,176
530,333
373,725
408,705
362,173
182,824
296,151
359,574
450,643
375,190
278,597
223,372
74,917
424
-
2,458
2,025
2,731
2,520
3,412
3,365
3,499
4,544
7,802
5,482
3,232
3,560
3,240
3,163
4,950
4,002
7,383
4,812
7,391
6,843
10,099
8,407
6,840
6,182
6,873
7,474
8,317
7,951
7,648
7,682
7,143
-
IEX commenced operations on June 28, 2009, Note: Future prices are for near month continuous futures contract
1/26/2012 12:26:46 PM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Economic parameters impacting power/electricity prices

2010
2009
2008
2007
2006
2001

US
Japan
Eurozone
China
India
OECD
2.8
4.3
1.8
10.3
9.7
2.8
-2.6
-6.3
-4.1
9.2
5.7
-3.4
1.1
-0.3
1.0
9.0
7.3
1.0
2.0
1.9
2.3
11.5
8.9
2.6
2.9
2.8
2.6
11.1
9.7
3.2
0.8
0.7
1.9
8.3
3.9
2.4

US
Japan
Eurozone
China
India
OECD
1.6
-0.9
1.5
3.1
13.2
1.5
-0.3
-1.4
0.3
0.8
10.9
0.1
1.0
0.5
1.0
3.0
5.0
1.0
2.5
1.4
3.0
5.9
7.0
3.0
2.7
0.3
2.2
2.0
6.7
2.2
2.8
-0.7
2.4
-0.1
5.2
2.8

US
Japan
Eurozone
China
India
OECD
7.0
15.4
8.9
15.7
2.5
7.9
-2.9
-21.3
-3.7
11.0
18.0
-12.3
-11.3
-3.3
-12.4
12.9
0.5
-2.1
1.5
2.8
1.3
17.4
7.6
3.3
3.0
4.4
3.9
15.4
10.3
3.8
-3.7
-6.3
0.4
9.9
2.1
-2.2
Interest Rates (%)

US
Japan
Eurozone
China
India (repo rate )
0.1
0.3
1.8
3.3
6.3
0.1
0.3
1.8
2.8
4.8
0.1
0.3
3.0
2.8
6.5
4.3
0.8
5.0
3.3
7.8
6.3
0.4
4.5
3.3
7.3
1.3
0.1
4.3
3.2
8.5

US
Japan
Eurozone
China
India
3.4
2.3
1.7
19.7
19.1
3.5
3.1
-0.4
27.7
17.7
10.0
1.8
7.6
17.8
19.9
6.1
2.1
11.6
16.7
22.8
5.9
0.7
10.0
16.9
19.3
10.5
3.3
8.0
14.4
13.6
11578
20509
10428
17464
8776
9647
13265
20287
12463
13787
10022
3262
3.2
3.8
7.8
6.7
-4.0
-10.4
8.9
6.8
12.4
8.5
3.2
4.0
7.3
3.7
9.3
9.2
2.0
4.9

US (Dow Jones)
India (Sensex)
Source: OECD, IMF, CPM Gold Yearbook, World Bank, RBI, BSE, Dow Jones
1/18/2012 11:46:45 PM
Electricity Generation (2010)
Electricity Consumption (2010)
USA
US
21%
20%
China
China
Others
20%
Others
20%
46%
Japan
45%
Japan
5%
5%
Russia
Russia
India
5%
India
5%
4%
4%
Source: Enerdata
Price of Short-Term Transaction of Electricity

(Rs/kwh)
12
Price of PX Transactions (IEX)

Spread (NG1-NG2)
Price of Bilateral Transaction through traders

Price of UI (SR Grid)
10
11
Feb-11
Dec-10
10
10
Oct-10
Aug-10
10
Jun-10
10
Apr-10
10
Feb-10
10
Dec-09
09
09
Oct-09
Aug-09
09
Jun-09
09
Apr-09
09
Feb-09
09
08
Dec-08
Oct-08
08
Aug-08
08
Source: CERC
1/18/2012 11:46:45 PM
MARKET
PROLOGUE
COMMENTRY
EXPERTS' VIEWS
INDIAN ECONOMY
ECENOMY
AGRICULTURAL
COMMODITIES
IIn
n IIndia,
ndia, dduring
uring 22010-11,
010-11, tthe
he iimpact
mpact of
of
ggood
ood monsoon
monsoon was
was vvisible
isible iin
n rrobust
obust
ggrowth
rowth iin
n aagriculture
griculture aand
nd aallied
llied aactivities.
ctivities
The south-west monsoon (June 1-Sept
30) showered a cumulative rainfall of
912.8mm, 2% above normal.
Prices of agri-commodities
were affected by higher energy
prices, more frequent than usual
adverse weather conditions,
and the diversion of some food
commodities to the production of
biofuels (notably, maize in the US
and edible oils in Europe).
John Baffes, Senior Economist, World Bank
178_300_CYIB_2011_Agri_final.indd 178
1/26/2012 1:27:33 AM
AGRICULTURAL COMMODITIES
Inside...
Oil and oilseeds >> 180
Crude palm oil >> 182
Refined soybean oil >> 187
Soybean fundamentals >> 192
Rapeseed/Mustard seeds >> 196
Castor seeds >> 202
Fibres >>
Cotton fundamentals >> 210
Jute fundamentals >> 218
Cereals >> 222
Rice >> 224
Wheat >> 234
Maize >> 242
Pulses >> 252
Spices >> 268
Others >> 279
Mentha Oil >> 280
Potato >> 282
Sugar >> 286
Rubber >> 292
Coffee >> 296
1/26/2012 1:28:00 AM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Oil and oilseeds
Adding the zing
Exchange
Price Unit
(contract)
MCX (10 tonnes)
Rs/ 10 kg.
Ref. Soy Oil
CBOT (27 tonnes)
US Cent/ lb
MCX (10 tonnes)
Rs/ 10 kg
Crude Palm Oil
BMD (25 tonnes)
MYR/ tonne
Source: Âll contracts - all variants, Source: Exchanges websites
Commodity in 2010
Open
High
Low
Close
485.00
40.35
366.20
2,620.00
635.50
57.91
547.00
3,850.00
436.00
35.75
344.20
2,200.00
632.75
57.74
544.80
3,814.00
Annualised
Volatility
14.31%
21.16%
12.76%
19.08%
31-Dec-10
3-Dec-10
5-Nov-10
8-Oct-10
10-Sep-10
13-Aug-10
16-Jul-10
18-Jun-10
21-May-10
23-Apr-10
26-Mar-10
26-Feb-10
29-Jan-10
1-Jan-10
egetable oils are derived from oilseeds and plants. thrust to CPO prices. Subsequently, CPO prices reversed the
Oilseed crops are grown primarily for the oil contained in mixed trend and moved up as the-then prevailing conflict between
the seeds. The oil content of small grains (for example, China and Argentina on soybean oil imported by China lifted the
wheat) is only 1-2%; that of oilseeds ranges from prices on hopes that the local users might substitute soybean
about 20% for soybeans to over 40% for sunflower and mustard oil for palm oil. However, mixed factors such as Euro-zone debt
seed. Major sources of edible seed oils are soybean, sunflower, worries, rising crude mineral oil prices and larger-than-expected
rapeseed, cotton and peanuts. Seed oils from linseed and castor soybean output in South America soon took CPO and RSO
beans are used for industrial purposes. Major oilseeds grown in prices on a yo-yo during August-September. October onwards,
India are soybean, mustard seed, groundnut, cotton seed, castor the prices climbed up on tight supply as a prolonged dry spell
seed, sunflower seed, sesame seed, safflower seed, linseed and had adversely affected the harvest of CPO in Malaysia and
niger seed, in that order.
Indonesia. Additionally, increasing demand for edible oil applicaIndia is a net importer of edible oil, with imports meeting over tions for biodiesel production also lent support to the rally in
52% of its domestic consumption (ICRA, USDA). Over a period, CPO as a cheaper substitute. Further, La Nina posed a serious
Indian consumers preference has shifted to palm oil and the threat to oilseeds and edible oil supplies and, thus, an upswing
country has become the largest importer of the commodity in in CPO and RSO prices. All these factors pushed CPO and RSO
the world. As production of palm oil is miniscule, India is largely futures on MCX to a year high of Rs.544.80 and Rs.632.75,
dependent on imports from the worlds two largest producers, respectively, by year-end (Information in the last paragraphs
Malaysia and Indonesia (ICRA, USDA).
is sourced from: USDA, MCX, DGFT, www.en.mercopress.com,
Crude palm oil (CPO) and refined soy oil (RSO) futures www.palmoilhq.com).
prices on MCX opened at Rs.366.70/10 kg and
Rs.484.85/10 kg, respectively, on January 1, 2010.
MCX CPO and RSO futures prices in 2010
On January 29, CPO futures, following global funda600
700
Prolonged dry spell adversely
mentals, touched a year low of Rs.345.10. During
affecting the harvest of CPO in
the first half of 2010, both CPO and RSO traded in
Malaysia and Indonesia
625
525
Adverse weather in China;
a narrow range as huge stocks of imported edible oil
standoff between China and
Argentina on soy trade upin domestic markets on the back of the governments
550
450
ward pressure on CPO prices
decision to continue imports of CPO at zero percent
duty weighed on the prices. Besides, good carryover
475
375
stocks of RSO, favourable crush margin in India and
stable international prices dulled the prices of the
400
300
edible oil complex.
In the second half of the year, warmer weather in
China raised expectations of higher Chinese imports
Source: Metastocks
CPO (Rs./10 kg)
Ref. Soy oil (Rs./10kg)
of palm oil in international markets, giving an upward
Volume
(in lots)^
126,292
20,786,399
425,377
4,031,930
1/26/2012 1:28:20 AM
1/26/2012 1:28:25 AM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Crude palm oil fundamentals - World and India (in `000' tonnes)
2011-12e
2010-11
2009-10
2008-09
2007-08
2006-07
2001-02
World
Beginning stocks
Production
Imports
Consumption
Exports
Total Supply
Ending Stocks
4,427
50,261
37,991
49,896
38,820
92,679
3,963
5,237
47,260
35,424
47,292
36,202
87,921
4,427
4,885
45,862
34,751
44,629
35,632
85,498
5,237
4,132
43,992
33,664
42,108
34,795
81,788
4,885
4,389
41,084
30,284
39,318
32,307
75,757
4,132
4,211
37,329
26,432
35,981
27,602
67,972
4,389
3,201
25,312
16,480
24,510
17,693
44,993
2,790
India
Beginning stocks
Production
Imports
Consumption
Exports
Total Supply
Ending Stocks
605
50
7,100
7,550
7,755
205
940
50
6,500
6,885
7,490
605
727
50
6,603
6,440
7,380
940
40
50
6,867
6,230
6,957
727
52
50
5,013
5,075
5,115
40
24
50
3,650
3,670
2
3,724
52
440
35
3,400
3,725
3,875
150
0.97%
1.27%
1.45%
1.40%
524.08
396.38
367.13
310.1
307.39
280.79
563.11
357.34
396.66
236.1
146.43
Average daily volatility of

MCX spot prices*
Indian Price (Rs. /10kg)
Bursa Malasia price (Rs./10 kg)
Note: e - Source estimates, data retrieved on 29 July, 2011; Market Year (India): October to September; * Relaunched on 6th June 2008, Mumbai prices - 6th June-30th June 2008
and Kandla prices -1st July 2009-31st March 2010.
Source: USDA
Crude palm oil balance sheet 2011-12e - World (in `000' tonnes)
Country
Begining
stocks
Indonesia
Malaysia
Thailand
Nigeria
Columbia
Others
Grand Total
302
1,588
146
108
6
2,277
4,427
Supply
Production
Imports
Consumption
Demand
Exports
25,400
18,400
1,450
850
880
3,281
50,261
60
1,400
50
408
125
35,948
37,991
6,280
4,070
1,418
1,240
890
35,998
49,896
19,150
15,800
90
18
100
3,662
38,820
Ending
stocks
332
1,518
138
108
21
1,846
3,963
Note: e - Source estimates, data retrieved on 29 July, 2011;

Source: USDA
Selected State-wise Quantity of Crude Palm Oil Obtained under Oil Palm Development
Programme in India (in tonnes)
State
Andhra Pradesh
Karnataka
Tamil Nadu
Kerala
Others
All India
Source : Ministry of Agriculture, Govt. of India
2009-10*
2008-09
2007-08
2006-07
2001-02
57,402
1,165
365
6,605
952
66,488
50,190
1,081
366
7,371
0
59,007
38,000
1,037
266
5,732
0
45,036
35,509
974
249
6,888
345
43,965
18,974
574
0
980
2,086
22,614
1/26/2012 1:28:27 AM
Crude palm oil - BRICS Nations fact sheet (in `000' tonnes)
World
Production
Import
Export
Consumption
Total
Supply
Population
(in million)
Per capita Per capita

availability consumption
(kg)
(kg)
2011-12e
Brazil
Russia
India
China
South Africa
275.00
0.00
50.00
0.00
0.00
175.00
550.00
7,100.00
6,650.00
380.00
20.00
0.00
0.00
1.00
2.00
435.00
574.00
7,550.00
6,599.00
378.00
488.00
599.00
7,755.00
6,950.00
380.00
206.47
137.97
1,208.36
1,341.85
49.83
2.36
4.34
6.42
5.18
7.63
2.11
4.16
6.25
4.92
7.59
2010-11
Brazil
Russia
India
China
South Africa
265.00
0.00
50.00
0.00
0.00
165.00
550.00
6,500.00
5,950.00
365.00
18.00
1.00
0.00
1.00
2.00
410.00
510.00
6,885.00
5,977.00
363.00
466.00
560.00
7,490.00
6,278.00
365.00
203.43
138.74
1,189.17
1,336.72
49.00
2.02
4.04
6.52
4.70
7.41
2.29
4.40
6.59
4.92
7.45
2009-10
Brazil
Russia
India
China
South Africa
240.00
0.00
50.00
0.00
0.00
156.00
527.00
6,603.00
5,760.00
349.00
17.00
0.00
0.00
1.00
2.00
375.00
527.00
6,440.00
5,930.00
347.00
428.00
537.00
7,380.00
6,259.00
349.00
201.10
139.39
1,173.11
1,330.14
49.11
1.86
3.78
5.76
4.46
7.07
2.13
3.85
6.26
4.71
7.11
2008-09
Brazil
Russia
India
China
South Africa
230.00
0.00
50.00
0.00
0.00
128.00
517.00
6,867.00
6,118.00
331.00
25.00
1.00
0.00
1.00
6.00
340.00
584.00
6,230.00
5,618.00
325.00
397.00
595.00
6,957.00
6,118.00
331.00
198.74
140.04
1,166.08
1,338.61
49.05
2.00
4.25
5.97
4.57
6.75
1.71
4.17
5.34
4.20
6.63
2007-08
Brazil
Russia
India
China
South Africa
205.00
0.00
50.00
0.00
0.00
153.00
739.00
5,013.00
5,223.00
315.00
4.00
1.00
0.00
1.00
2.00
315.00
705.00
5,075.00
5,222.00
313.00
358.00
784.00
5,115.00
5,223.00
315.00
196.34
140.70
1,148.00
1,330.04
48.78
1.60
5.01
4.41
3.93
6.42
1.82
5.57
4.45
3.93
6.46
2006-07
Brazil
Russia
India
China
South Africa
190.00
0.00
50.00
0.00
0.00
99.00
524.00
3,650.00
5,139.00
298.00
2.00
1.00
2.00
1.00
1.00
287.00
528.00
3,671.00
5,138.00
297.00
289.00
574.00
3,720.00
5,139.00
298.00
190.01
141.38
1,129.87
1,321.85
44.00
1.52
4.06
3.29
3.89
6.77
1.51
3.73
3.25
3.89
6.75
Note: e - Source estimates,

Source: USDA, World Bank, IFM, CIA World Fact Book"
Palm Oil: Ending Stock & Prices

000 tones
Prices
750
3500
India ES
World ES (In 10s )
Mumbai prices
600
2800
Int. Prices
450
2100
300
1400
150
700
0
2002-03
2003-04
2004-05
2005-06
2006-07
2007-08
2008-09
2009-10
2010-11
Source: BMD & USDA. ES - ending stock, Indian prices Rs/20 kg, Int. prices MYR/tonne
1/26/2012 1:28:28 AM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Crude palm oil prices and trading activity

MCX Futures prices (Rs/10 Kg)
Month
Open
High
Low
Close
Volume in
lots^
Open interest
in lots^^
Dec-10
513.00
549.40
513.00
549.40
53922
5979
Nov-10
449.70
503.50
449.70
503.50
50207
5669
Oct-10
413.00
452.50
405.00
450.40
39847
4550
Sep-10
414.50
424.50
413.50
413.70
36862
4188
Aug-10
402.30
428.00
400.00
417.80
41951
5004
Jul-10
365.00
400.40
362.20
399.80
21332
3754
Jun-10
376.60
379.50
363.50
364.70
19202
3754
May-10
367.30
381.60
364.30
377.00
17918
4221
Apr-10
358.50
367.40
356.30
367.40
17293
4034
Mar-10
365.00
373.50
359.60
359.80
35918
4333
Feb-10
344.00
365.00
343.30
363.10
38579
6909
Jan-10
362.50
374.90
344.60
344.60
52346
6950
Dec-09
341.70
357.40
341.00
357.40
57351
5563
Nov-09
316.40
346.00
313.50
341.20
65041
8582
Oct-09
317.30
324.70
303.60
314.40
39279
4941
Sep-09
348.60
348.60
318.00
318.00
37931
3880
Aug-09
328.80
363.00
328.80
349.90
44261
5359
Jul-09
330.60
332.20
296.00
326.90
50997
3556
Jun-09
369.80
374.20
325.00
335.80
23530
3906
May-09
391.60
409.40
352.70
364.60
19590
2546
Apr-09
311.40
385.10
311.40
379.40
14577
1537
Mar-09
291.20
315.30
291.20
307.70
8828
1260
Feb-09
268.40
290.50
268.10
290.30
6615
1663
Jan-09
266.00
300.10
266.00
268.70
8156
1643
Dec-08
263.30
265.70
248.20
264.60
8037
1824
Nov-08
273.00
278.10
238.00
262.10
23386
3398
Oct-08
340.90
340.90
271.00
274.00
22639
2708
Sep-08
383.10
384.00
329.70
343.00
20622
2858
Aug-08
439.40
439.40
381.90
381.90
22972
2436
Jul-08
512.40
518.30
439.00
446.00
17452
3339
Jun-08
516.70
522.50
507.00
511.90
19462
1903
May-08
N/A
N/A
N/A
N/A
N/A
N/A
Apr-08
N/A
N/A
N/A
N/A
N/A
N/A
Mar-08
N/A
N/A
N/A
N/A
N/A
N/A
Feb-08
N/A
N/A
N/A
N/A
N/A
N/A
Jan-08
N/A
N/A
N/A
N/A
N/A
N/A
Dec-07
N/A
N/A
N/A
N/A
N/A
N/A
Nov-07
N/A
N/A
N/A
N/A
N/A
N/A
Oct-07
N/A
N/A
N/A
N/A
N/A
N/A
Sep-07
N/A
N/A
N/A
N/A
N/A
N/A
Aug-07
N/A
N/A
N/A
N/A
N/A
N/A
Jul-07
N/A
N/A
N/A
N/A
N/A
N/A
Jun-07
N/A
N/A
N/A
N/A
N/A
N/A
May-07
N/A
N/A
N/A
N/A
N/A
N/A
Apr-07
N/A
N/A
N/A
N/A
N/A
N/A
Mar-07
N/A
N/A
N/A
N/A
N/A
N/A
Feb-07
N/A
N/A
N/A
N/A
N/A
N/A
Jan-07
234.20
234.20
227.00
227.00
0
0
Dec-06
224.70
234.20
218.00
234.20
0
0
Nov-06
197.50
218.20
197.50
218.20
0
0
Oct-06
188.00
193.00
188.00
193.00
0
0
Sep-06
191.30
191.30
181.50
181.50
0
0
Aug-06
193.00
203.00
191.30
191.30
0
0
Jul-06
177.80
193.00
177.80
193.00
0
0
Jun-06
176.30
181.10
171.10
175.90
26
0
May-06
176.40
181.50
171.10
176.30
214
0
Apr-06
178.10
178.10
163.10
171.00
330
0
Note: MCX spot prices - April 06 - June 08 Mumbai market; July 08 onward - Kandla market, N/T-Traded, N/A- Not Available, Âggregate volume in all contracts during the month; ^^Cumulative
Source: Ministry of Commerce and Industry; Exchanges' websites
1/26/2012 1:28:28 AM
op
MCX Spot prices -Mumbai/Kandla (Rs/10 Kg)

Monthly
average
ive
Months high
Monthslow
Prices of
palm oil
RBD: Mumbai
(Rs./10 kg)
527.66
549.40
514.90
563.00
483.88
503.50
450.70
519.50
423.13
452.50
405.00
476.77
418.92
423.60
412.00
462.09
417.56
428.00
400.00
464.31
379.09
401.00
363.30
415.77
369.11
379.50
363.70
402.50
371.42
381.20
365.00
397.48
361.81
367.40
356.30
391.00
365.98
373.50
359.60
400.00
359.16
365.00
343.30
391.60
355.76
373.60
344.60
391.66
350.22
357.40
341.00
388.10
326.73
346.00
313.50
365.28
314.47
323.50
303.60
353.04
330.56
343.00
318.00
372.38
350.60
363.00
328.80
393.34
312.16
332.20
296.00
359.37
348.73
371.20
326.50
392.88
384.08
408.30
352.70
431.60
359.55
385.10
323.20
415.93
306.92
314.90
293.10
362.18
282.87
290.30
274.80
329.39
280.54
298.50
266.50
332.68
257.36
265.70
248.50
317.04
254.70
276.20
240.00
316.83
300.10
340.80
271.40
366.43
352.97
384.00
333.70
437.66
397.08
435.60
381.90
478.65
488.13
517.80
439.50
556.17
515.40
522.40
509.20
580.60
N/A
N/A
N/A
561.22
N/A
N/A
N/A
548.76
N/A
N/A
N/A
619.10
N/A
N/A
N/A
573.51
N/A
N/A
N/A
550.67
N/A
N/A
N/A
512.02
N/A
N/A
N/A
509.76
N/A
N/A
N/A
492.59
N/A
N/A
N/A
486.54
N/A
N/A
N/A
487.13
N/A
N/A
N/A
487.60
N/A
N/A
N/A
484.61
N/A
N/A
N/A
476.28
N/A
N/A
N/A
474.23
228.83
230.50
227.90
454.81
227.59
233.10
223.80
452.59
228.92
235.30
223.10
473.77
222.75
237.70
214.20
468.10
206.96
225.70
195.00
453.56
188.79
197.50
184.50
431.40
188.14
195.10
181.50
440.45
197.71
204.80
191.30
459.71
184.81
196.20
174.70
434.14
174.84
178.20
172.20
415.63
172.55
175.50
170.90
411.39
170.16
173.70
164.20
396.67
open interest in all contracts at the end of month, Future prices are for near month continuos futures contract.
Closing price
(Malaysian
Ringgit/MT
3,814
3,506
3,040
2,737
2,720
2,589
2,425
2,499
2,577
2,628
2,595
2,450
2,578
2,436
2,160
2,136
2,440
2,274
2,244
2,615
2,716
2,103
1,938
1,780
1,685
1,610
1,560
2,073
2,541
3,050
3,540
3,525
3,370
3,385
3,972
3,211
3,070
2,925
2,890
2,687
2,490
2,691
2,513
2,725
2,320
2,064
1,952
1,902
1,976
1,901
1,622
1,542
1,557
1,590
1,429
1,411
1,441
Crude palm oil Bursa Malaysia

Volume
in lots^
365,042
451,843
367,371
303,856
409,878
356,832
297,667
248,503
306,657
342,862
222,712
358,707
325,668
300,242
373,498
305,961
379,373
355,283
330,732
378,381
450,600
328,707
264,317
237,543
159,101
242,097
277,318
290,468
278,401
267,300
198,086
141,155
240,709
316,453
183,121
251,331
148,480
209,562
254,044
188,042
233,178
244,979
321,556
268,481
254,288
151,078
148,172
301,233
224,765
360,870
228,531
199,569
275,379
226,687
124,941
140,586
117,864
Open
interest
in lots^
87,668
79,484
72,436
68,718
66,585
69,684
72,242
68,982
63,654
77,494
82,428
74,332
81,268
91,125
94,956
95,200
84,990
83,906
63,973
79,041
87,025
88,926
87,143
83,343
83,481
91,820
90,371
65,273
53,343
58,317
43,929
38,800
39,394
42,793
43,659
43,477
38,080
41,391
44,706
46,707
54,169
71,720
76,191
93,214
82,693
66,969
55,358
70,211
74,882
77,172
75,583
65,115
64,384
43,069
44,186
36,515
31,949
1/26/2012 1:28:28 AM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Data of top 5 countries (`000' tonnes)

Production
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0
10000
Indonesia
Malaysia
20000
30000
Thailand
Nigeria
40000
Colombia
50000
60000
Others
Note: e - source estimates, Source: USDA
Imports
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0
10000
India
China
20000
EU-27
Pakistan
Malaysia
40000
Others
Exports
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0
10000
Indonesia
Malaysia
20000
Papua New Guinea
30000
Benin
UAE
40000
50000
Others
Consumption
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0
10000
India
China
20000
Indonesia
30000
EU-27
40000
Malaysia
50000
60000
Others
1/26/2012 1:28:28 AM
Refined soybean oil (RSO) fundamentals (in `000' tonnes)

Country
2011-12e
2010-11
2009-10
2008-09
2007-08
2006-07
2001-02
World
Opening stocks
Production
Imports
Consumption
Exports
Total supply
Closing stocks
Area (1000 Ha)
3,066
43,287
8,764
43,272
9,364
55,117
2,481
1,04,565
3,181
41,872
9,272
41,356
9,903
54,325
3,066
1,03,503
3,120
38,893
8,704
38,279
9,257
50,717
3,181
1,02,150
3,319
35,893
9,076
35,991
9,177
48,288
3,120
96,356
3,790
37,826
10,416
37,722
10,991
52,032
3,319
90,602
3,446
36,532
9,928
35,473
10,643
49,906
3,790
94,285
3,008
28,922
7,560
28,176
8,229
39,490
3,085
79,466
India
Opening stocks
Production
Imports
Consumption
Exports
Total supply
Closing stocks
Area (1000 Ha)
267
1,570
800
2,550
2
2,637
85
9600
279
1,690
1,000
2,700
2
2,969
267
9,400
103
1,340
1,598
2,760
2
3,041
279
9,600
58
1,287
1,060
2,300
2
2,405
103
9,600
172
1,499
733
2,330
16
2,404
58
8,800
76
1,157
1,447
2,500
8
2,680
172
8,120
106
833
1,479
2,231
4
2,418
183
6,000
0.92%
578
450
1.00%
379
450
2.31%
376
593
0.77%
455
480
0.63%
311
400
177
-
Avg. daily volatility MCX spot prices

CBOT price (Rs/10 Kg)
Indian Price (Rs/10 Kg)
Note: e - source estimates provided by USDA, data retrieved on July 28, 2011; market year (India): October to September
Source: USDA, Dept. of Agriculture, GOI
RSO balance sheet 2011-12e - world (in `000' tonnes)

Country
Begining
stocks
Argentina
Brazil
China
EU-27
India
US
Others
Grand Total
245
270
175
230
267
1,302
577
3,066
Supply
Production
Imports
Consumption
Demand
Exports
7,605
7,120
10,847
2,412
1,570
8,573
5,160
43,287
2
1,700
750
800
84
5,428
8,764
2,497
5,475
12,450
2,840
2,550
8,142
9,318
43,272
5,130
1,660
40
350
2
816
1,366
9,364
Ending
stocks
223
257
232
202
85
1,001
481
2,481
Note: e - source estimates provided by USDA, data retrieved on July 28, 2011
Source: USDA
1/26/2012 1:28:29 AM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
RSO fact sheet - BRICS Nations (in `000' tonnes)

Production
Import
Export
Consumption
Net
Population
availability (in million)

(kg)
(kg)
2011-12e
Brazil
Russia
India
China
South Africa
7,120
473
1,570
10,847
42
2
15
800
1,700
260
1,660
170
2
40
27
5,475
295
2,550
12,450
275
7,392
536
2,637
12,722
302
206.47
137.97
1,208.36
1,341.85
49.83
35.80
3.88
2.18
9.48
6.06
26.52
2.14
2.11
9.28
5.52
2010-11
Brazil
Russia
India
China
South Africa
6,890
398
1,690
9,857
38
16
15
1,000
1,600
265
1,625
130
2
40
25
5,245
240
2,700
11,447
278
7,140
418
2,969
11,662
303
203.43
138.74
1,189.17
1,336.72
49.00
35.10
3.01
2.50
8.72
6.18
25.78
1.73
2.27
8.56
5.67
2009-10
Brazil
Russia
India
China
South Africa
6,470
349
1,340
8,726
30
37
17
1,598
1,514
250
1,449
170
2
77
23
5,060
204
2,760
10,435
257
6,743
379
3,041
10,717
280
201.10
139.39
1,173.11
1,330.14
49.11
33.53
2.72
2.59
8.06
5.70
25.16
1.46
2.35
7.85
5.23
2008-09
Brazil
Russia
India
China
South Africa
6,120
266
1,287
7,325
27
6
22
1,060
2,494
172
1,909
127
2
83
12
4,275
226
2,300
9,486
187
6,420
366
2,405
10,046
199
198.74
140.04
1,166.08
1,338.61
49.05
32.30
2.61
2.06
7.50
4.06
21.51
1.61
1.97
7.09
3.81
2007-08
Brazil
Russia
India
China
South Africa
6,160
187
1,499
7,045
27
67
121
733
2,727
218
2,388
10
16
102
3
3,955
220
2,330
9,693
282
6,637
308
2,404
10,022
285
196.34
140.70
1,148.00
1,330.04
48.78
33.80
2.19
2.09
7.54
5.84
20.14
1.56
2.03
7.29
5.78
2006-07
Brazil
Russia
India
China
South Africa
5,970
143
1,157
6,410
31
4
19
1,447
2,404
290
2,462
5
8
94
1
3,395
163
2,500
8670
280
6,367
168
2,680
9,014
321
190.01
141.38
1,129.87
1,321.85
44
33.51
1.19
2.37
6.82
7.3
17.87
1.15
2.21
6.56
6.36
Note: e - source estimates provided by USDA, Data retrived on July 28, 2011, Population gures for 2011-12 is arrived at by calculating CAGR from 2004-05 to 2010-11;
Source: USDA, World Bank, IFM, CIA World Fact Book
Soybean Oil: Ending Stock & Prices

000 tonnes
Prices
500
India ES
World Es(in 10s)
Int.Pricesa
Mumbai Prices
80
375
60
250
40
125
20
0
2002-03
2003-04
2004-05
2005-06
2006-07
2007-08
2008-09
2009-10
2010-11
Source:Agmarknet & USDA. ES - ending stock, Indian prices Rs/kg, Int. prices Rs/kg
1/26/2012 1:28:29 AM

Production
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
10,000
0
China
United States
20,000
Argentina
30,000
Brazil
EU-27
40,000
50,000
Others
Imports
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0
2,000
China
India
4,000
6,000
EU-27
Algeria
8,000
Iran
10,000
12,000
10,000
12,000
Other
Exports
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0
2,000
Argentina
Brazil
4,000
6,000
United States
EU-27
8,000
Paraguay
Others
Consumption
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
10,000
0
China
United States
20,000
Brazil
30,000
EU-27
India
40,000
50,000
Others
1/26/2012 1:28:29 AM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Refined soybean oil prices and trading activity

Month
Open
High
MCX futures prices (Rs/10 Kg)

Low
Close
Volume in lots^
Open Interest
in lots^^
Dec-10
571.9
635.5
571.9
632.75
6699
255
Nov-10
532
582.75
526.9
569
4817
339
Oct-10
486.1
540.8
475
530.8
5906
477
Sep-10
484.1
503.25
471.65
488.7
6871
345
Aug-10
492.2
518.5
480.5
485.75
16966
682
Jul-10
443.2
491.4
436.15
489.9
8881
864
Jun-10
450.3
450.9
436
443.25
4484
301
May-10
448.7
456.55
439.6
449
9208
806
Apr-10
447.4
453
440.5
449.65
12105
999
Mar-10
459.4
462.9
447.6
448.1
15475
1137
Feb-10
440.5
464.1
440.0
459.4
14526
1047
Jan-10
485.0
493.5
443.0
443.5
20354
1278
Dec-09
500.0
505.4
465.3
484.1
29839
1109
Nov-09
450.0
509.5
446.6
500.3
36624
1165
Oct-09
434.0
455.9
417.1
450.0
34266
1469
Sep-09
458.0
464.2
421.0
435.4
33718
1521
Aug-09
452.6
484.0
452.0
458.2
25897
946
Jul-09
478.0
478.6
438.0
452.4
29038
751
Jun-09
499.1
503.8
467.2
477.3
26285
1241
May-09
495.3
526.7
480.0
494.3
33557
1630
Apr-09
450.5
519.4
449.7
495.3
32028
1240
Mar-09
451.9
464.2
438.0
447.2
27676
1192
Feb-09
455.0
471.0
435.9
451.8
25230
2187
Jan-09
473.8
520.0
454.6
457.0
33721
2526
Dec-08
457.0
478.7
438.4
470.0
19477
1858
Nov-08
N/A
N/A
N/A
N/A
N/A
N/A
Oct-08
N/A
N/A
N/A
N/A
N/A
N/A
Sep-08
N/A
N/A
N/A
N/A
N/A
N/A
Aug-08
N/A
N/A
N/A
N/A
N/A
N/A
Jul-08
N/A
N/A
N/A
N/A
N/A
N/A
Jun-08
N/A
N/A
N/A
N/A
N/A
N/A
May-08
N/A
N/A
N/A
N/A
4856
1728
Apr-08
570.2
586.8
563.8
583.3
48162
1555
Mar-08
571.4
594.5
542.9
570.2
107951
2868
Feb-08
678.0
725.7
584.9
589.0
79864
3752
Jan-08
588.0
671.3
587.5
671.2
95697
4446
Dec-07
551.3
595.8
550.9
587.0
69720
3916
Nov-07
531.7
558.0
523.6
550.8
83184
4568
Oct-07
508.3
540.5
496.0
532.2
84054
5206
Sep-07
485.4
510.6
476.0
505.2
62809
4795
Aug-07
478.0
497.9
474.6
487.1
66662
4196
Jul-07
506.5
507.2
474.0
479.2
92430
4683
Jun-07
496.7
510.9
491.0
505.6
94699
4583
May-07
485.2
497.9
479.0
496.6
85738
4382
Apr-07
489.1
496.3
469.1
486.7
85188
5204
Mar-07
469.8
491.6
469.0
488.3
83427
5427
Feb-07
443.0
469.7
435.9
468.4
68630
4881
Jan-07
453.2
455.2
432.2
443.2
92888
4579
Dec-06
466.7
473.6
446.7
452.2
104632
4609
Nov-06
465.0
477.2
447.5
468.7
134142
6558
Oct-06
427.7
475.1
424.9
465.6
64930
4665
Sep-06
422.1
433.0
416.1
429.0
79548
2574
Aug-06
438.0
440.9
418.3
423.0
102580
3199
Jul-06
428.0
455.1
427.3
436.2
60904
2316
Jun-06
408.1
433.5
399.5
429.6
42389
2437
May-06
414.0
417.6
398.4
406.9
66688
4363
Apr-06
422.5
426.0
406.2
413.9
64534
2762
Note: Âggregate volume in all contracts during the month; ^^Cumulative open interest in all contracts at the end of month; Trading suspended between May 08 to Dec 08; N/A - Not available,
Source: The Ministry of Commerce and Industry; Exchanges' websites
1/26/2012 1:28:30 AM
ble,
MCX spot prices - Indore (Rs/10 Kg)

Monthly
Month High
Month Low
Average
Other market
spot prices Mumbai
(Rs/10 kg)
584.0
626.2
567.4
614.0
555.0
574.8
518.2
557.6
506.6
526.3
470.9
500.4
480.7
492.0
470.0
474.3
496.6
512.1
483.3
482.5
459.6
484.1
437.6
444.4
441.5
449.6
437.8
421.0
448.1
453.3
443.5
420.5
446.1
450.0
441.7
421.2
455.4
461.0
450.7
438.3
456.4
463.0
441.8
440.5
468.7
488.0
445.2
450.9
485.0
502.1
473.1
470.6
470.7
504.4
443.7
454.6
434.8
447.2
420.9
420.0
434.5
448.1
429.6
423.5
465.5
476.0
447.7
451.5
452.4
468.3
438.2
434.7
474.6
485.4
463.8
455.9
496.2
518.1
480.8
470.4
489.0
507.0
465.7
470.1
453.3
462.0
445.9
447.5
465.1
475.7
450.7
441.2
493.0
514.3
468.4
481.8
483.1
498.8
456.5
467.1
443.4
488.8
387.8
434.9
509.9
578.3
476.5
497.1
584.9
606.3
563.7
564.9
613.6
637.4
597.5
592.8
680.2
704.1
637.0
654.4
683.1
709.5
648.6
659.5
611.8
652.5
570.5
602.0
574.1
589.7
565.9
576.9
666.9
725.9
606.9
676.7
607.2
669.2
583.1
616.2
574.1
588.8
548.0
593.1
533.1
550.1
522.0
550.0
518.8
535.2
499.5
530.2
487.3
507.4
476.3
496.3
481.5
490.4
473.8
489.8
487.7
503.7
473.7
492.3
499.6
507.7
490.1
503.5
485.2
490.1
480.4
485.3
484.8
494.2
475.5
485.0
479.7
488.4
469.7
483.1
445.1
463.5
433.1
462.4
437.8
448.5
428.3
455.8
453.8
460.1
444.6
474.5
455.4
463.6
443.3
471.3
444.2
469.7
420.5
462.3
423.1
426.7
420.2
430.8
428.3
436.6
419.0
439.9
433.7
442.1
423.5
446.6
411.1
422.8
397.0
424.5
401.9
408.6
395.6
412.8
412.0
417.4
407.2
412.7
393.1
415.4
369.9
395.4
WPI - Wholesale Price Index; Future prices are for near month continuos futures contract.
WPI of
RSO
126.5
125.2
121.7
120.8
120.6
119.5
119.0
118.8
119.0
117.5
117.4
118.2
119.5
116.6
114.5
114.7
117.1
117.4
119.5
119.4
119.3
119.7
120.2
121.3
124.1
123.6
127.1
130.1
130.6
130.4
129.6
127.9
129.5
130.8
126.2
124.3
120.5
118.2
116.6
115.2
115.6
115.3
114.2
113.9
113.0
107.3
106.5
107.4
106.3
104.2
104.1
104.3
103.5
100.6
98.8
97.8
95.9
Closing price
(cents/pound)
57.7
50.7
49.3
44.7
39.5
39.8
36.3
37.6
38.6
38.3
39.3
36.2
40.4
40.2
36.4
34.0
35.0
35.1
35.0
39.1
36.2
33.6
30.9
32.7
33.3
32.6
33.6
44.0
53.4
58.3
66.0
61.3
57.7
51.5
68.2
53.7
48.9
45.6
42.3
39.5
36.5
37.8
36.6
35.7
33.4
32.5
30.3
29.3
29.3
29.2
26.8
23.8
25.2
26.7
26.4
25.2
25.5
CBOT futures
Volume
in lots^
2,242,986
2,313,891
1,588,915
1,561,754
1,646,780
1,713,903
2,198,238
1,224,385
1,909,897
1,414,232
1,787,054
1,184,364
1,554,533
1,527,138
1,342,334
1,217,988
1,400,423
1,537,569
1,993,454
1,191,159
1,414,682
1,189,876
1,518,553
1,211,893
1,455,913
1,252,370
1,396,847
1,441,656
1,386,920
1,624,174
1,567,629
1,106,828
1,551,109
1,291,023
1,541,373
1,294,663
1,337,864
1,288,911
1,213,635
947,459
1,092,034
1,115,308
1,442,726
805,278
1,218,347
764,997
1,091,931
704,802
857,922
1,018,050
938,242
729,122
816,795
803,595
1,024,547
688,808
866,900
Open interest
in lots^^
358,042
326,408
352,772
315,355
260,040
283,462
293,070
325,947
278,039
283,263
279,876
245,355
210,781
256,432
235,314
209,594
229,215
251,364
241,726
230,614
200,649
207,505
211,794
208,505
208,108
241,056
253,519
247,229
252,080
246,175
258,997
252,276
263,931
283,980
301,932
283,859
291,089
308,026
291,463
278,132
262,507
297,131
293,689
316,781
304,326
317,340
285,130
261,714
260,307
286,888
261,414
248,970
257,433
281,211
240,817
249,518
238,374
1/26/2012 1:28:30 AM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Soybean fundamentals - World and India (in `000' tonnes)

Country
2011-12e
2010-11
2009-10
2008-09
2007-08
2006-07
2001-02
World
Beginning stocks
Production
Imports
Consumption
Exports
Net Availability
Ending Stocks
Area (1000 Ha)
Yield (MT/Ha)
65,875
2,61,453
94,866
2,62,651
97,576
4,22,194
61,967
1,04,565
2.50
59,346
2,63,693
89,820
2,54,192
92,792
4,12,859
65,875
1,03,503
2.55
42,676
2,60,838
86,801
2,38,320
92,649
3,90,315
59,346
1,02,150
2.55
51,483
2,11,960
77,376
2,21,301
76,842
3,40,819
42,676
96,356
2.20
62,235
2,20,469
78,111
2,30,557
78,775
3,60,815
51,483
90,602
2.43
53,376
2,36,233
69,063
2,25,576
70,861
3,58,672
62,235
94,285
2.51
33,939
1,84,815
54,385
1,84,472
52,899
2,73,139
35,768
79,466
2.33
India
Beginning stocks
Production
Imports
Consumption
Exports
Net Availability
Ending Stocks
Area (1000 Ha)
Yield (MT/Ha)
600
9800
0
10125
10
10,400
265
9600
1.02
1,695
9,600
0
10,685
10
11,295
600
9,400
1.02
766
9,700
0
8,761
10
10,466
1,695
9,600
1.01
146
9,100
0
8,425
55
9,246
766
9,600
0.95
218
9,470
0
9,530
12
9,688
146
8,800
1.08
75
7,690
0
7,546
1
7,765
218
8,120
0.95
134
5,400
0
5,377
1
5,534
156
6,000
0.90
1650
1690
1.03%
2,475
2,195
1400
1440
2.20%*
1,664
1,905
1350
1390
1.04%^
1,901
2,188
1350
1390
1.07%
1,891
2,121
910
1050
0.83%
1,303
1,405
900
1020
915
1,018
795
885
Avg daily volatility MCX spot prices

CBOT price (Rs/qntl)
India, Madhya Pradesh Price (Rs/qntl)
MSP Soyabean Black (Rs. /qtl)
MSP Soyabean Yellow (Rs. /qtl)
Note: e - source estimates provided by USDA, data retrieved on July 28, 2011; market year (India): October to September; *: volatility calculated for the period from 9/9/2009 to
31/3/2010; ^: Volatility calculated for the period from 4/1/2008 to 9/22/2008;
Source: USDA, Dept. of Agriculture, GOI, Agmarknet
Soybean state-wise area and production

States/ UT
2009-10
Madhya Pradesh
5350
Maharashtra
3019
Rajasthan
778
Andhra Pradesh
156
Karnataka
26
Others
405
Source: USDA, Dept. of Agriculture, GOI
Area (`000' Hectares)

2008-09 2007-08 2006-07
5124
3063
830
142
134
218
5024
2664
798
88
113
195
4757
2521
641
103
131
176
2001-02
2009-10
4450
1105
656
19
48
65
6406
2197
915
129
82
236
Production ( `000' Tonnes)

2008-09 2007-08
2006-07
5850
2757
806
194
91
208
5481
3976
1071
173
97
171
4785
2892
771
156
94
153
2001-02
3735
1386
716
20
40
67
1/26/2012 1:28:30 AM

Area harvested
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
20,000
0
United States
Brazil
40,000
60,000
Argentina
80,000
india
China
100,000
120,000
Others
Note: e - source estimates; Source: USDA
Production
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0
50,000
United States
Brazil
100,000
Argentina
200,000
China
India
250,000
300,000
250,000
300,000
Others
Consumption
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0
50,000
China
United States
100,000
Argentina
200,000
Brazil
EU-27
Other
Exports
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0
20,000
United States
Brazil
40,000
Argentina
60,000
Paraguay
80,000
Canada
100,000
120,000
100,000
120,000
Others
Imports
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0
20,000
China
EU-27
40,000
Mexico
60,000
Japan
80,000
Taiwan
Others
1/26/2012 1:28:31 AM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Soybean All-India sowing progress during kharif (in lakh ha)

Average
area in
kharif
As on date
Area Sown reported

% of average
1-Oct-10
24-Sep-10
10-Sep-10
3-Sep-10
20-Aug-10
13-Aug-10
6-Aug-10
30-Jul-10
23-Jul-10
16-Jul-10
9-Jul-10
2-Jul-10
84
84
84
84
84
84
84
84
84
84
84
84
93.34
93.34
93.33
93.29
91.81
90.72
89.72
85.34
80.28
61.07
34.24
12.13
111.1
111.1
111.1
111.11
109.3
108
106.8
101.6
95.6
72.7
40.8
14.4
95.82
95.82
94.92
95.08
93.82
93.77
93.68
90.73
81.53
60.31
31.62
2.88
-2.5
-2.5
-1.6
-1.8
-2
-3
-4
-5.4
-1.3
0.8
2.6
9.2
-2.9
-2.9
-2.3
-2.1
-2.3
-2.1
-1.6
-2.4
-5.1
1.3
8.3
321.1
23-Oct-09
16-Oct-09
9-Oct-09
1-Oct-09
11-Sep-09
4-Sep-09
28-Aug-09
13-Aug-09
7-Aug-09
31-Jul-09
24-Jul-09
17-Jul-09
10-Jul-09
26-Jun-09
21-Jun-09
19-Jun-09
78.09
78.09
78.09
78.09
78.09
78.09
78.09
78.09
78.09
78.09
78.09
78.09
78.09
78.09
78.09
78.09
96.12
96.12
96.12
96.05
95.2
94.96
94.95
93.77
93.68
90.74
85.1
71.35
31.62
1.63
94.49
1.14
123.1
123.1
123.1
123
121.9
121.6
121.6
120.1
120
116.2
109
91.4
40.5
2.1
121
1.5
96.35
96.53
96.44
96.24
95.63
95.38
95.19
92.78
91.31
87.75
85.41
72.37
53.99
8.11
94.13
1.03
-0.2
-0.2
-0.3
-0.2
-0.4
-0.4
-0.2
1
2.4
3
-0.3
-1
-22.4
-6.5
0.4
0.1
-0.2
-0.2
-0.3
-0.2
-0.5
-0.4
-0.3
1.1
2.6
3.4
-0.4
-1.4
-41.4
-79.9
0.4
10.7
10-Oct-08
3-Oct-08
26-Sep-08
19-Sep-08
12-Sep-08
5-Sep-08
29-Aug-08
22-Aug-08
8-Aug-08
1-Aug-08
25-Jul-08
18-Jul-08
11-Jul-08
4-Jul-08
72.54
72.54
72.54
72.54
72.54
72.54
72.54
72.54
72.54
72.54
72.54
72.54
72.54
72.54
96.44
96.24
96.24
95.63
95.63
95.39
95.19
94.12
91.29
87.7
85.35
64.98
53.99
24.82
132.9
132.7
132.7
131.8
131.8
131.5
131.2
129.7
125.8
120.9
117.7
89.6
74.4
34.2
87.6
87.6
87.6
87.46
87.28
87.26
87.2
86.84
83.26
79.37
77.79
54.89
43.92
22.07
8.8
8.6
8.6
8.2
8.4
8.1
8
7.3
8
-9.5
7.6
10.1
10.1
2.8
10.1
9.9
9.9
9.3
9.6
9.3
9.2
8.4
9.6
-17.1
9.7
18.4
22.9
12.5
87.64
87.64
87.48
87.24
86.07
71.67
14.8
132.8
132.8
132.6
132.2
130.4
108.6
22.4
81.2
81.15
80.97
79.86
79.55
67.45
9.23
6.4
6.5
6.5
7.4
6.5
4.2
5.6
7.9
9
8
9.2
15.1
6.3
60.3
Date
26-Oct-07
65.98
28-Sep-07
65.98
14-Sep-07
65.98
31-Aug-07
65.98
17-Aug-07
65.98
20-Jul-07
65.98
6-Jul-07
65.98
Source: Department of Agriculture Cooperation
Same period
last year
Change vis-a vis prev year

Absolute
%
1/26/2012 1:28:31 AM
Soybean State-wise monthly arrivals (in `000' tonnes)

Month
Mar-11
Feb-11
Jan-11
Dec-10
Nov-10
Oct-10
Sep-10
Aug-10
Jul-10
Jun-10
May-10
Apr-10
Mar-10
Feb-10
Jan-10
Dec-09
Nov-09
Oct-09
Sep-09
Aug-09
Jul-09
Jun-09
May-09
Apr-09
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
Andhar Pradesh Madhya Pradesh

0.04
4.94
13.54
44.80
37.71
59.72
1.79
0.16
0.05
0.35
N/A
0.43
0.21
0.12
0.03
0.15
0.49
4.15
0.12
0.41
0.01
0.05
0.04
0.13
0.13
0.39
1.00
1.17
1.68
0.99
N/A
N/A
0.03
0.06
0.04
0.03
0.04
0.50
0.00
0.73
4.42
12.54
1.00
N/A
0.00
6.86
4.57
2.21
2.89
5.43
10.17
12.21
49.97
56.42
4.51
2.15
7.84
0.01
0.22
0.34
163.07
371.01
702.46
1268.05
1501.63
2005.12
368.51
284.44
368.04
274.91
152.90
107.67
102.39
188.37
314.69
754.96
1582.04
1603.58
161.12
215.46
66.72
51.10
178.10
328.90
18.87
33.37
79.25
55.27
64.35
51.60
10.46
5.69
28.17
29.91
7.39
6.00
8.35
30.07
44.35
75.05
175.37
233.80
17.04
18.01
45.05
42.99
24.15
25.95
41.74
85.70
123.09
135.18
480.06
232.84
33.12
32.99
100.38
69.79
52.62
46.21
Rajasthan
15.43
46.45
82.05
176.42
185.80
294.00
40.23
40.94
43.86
21.12
10.71
10.65
4.64
6.72
13.70
58.14
151.40
119.33
6.10
6.76
10.41
15.70
11.94
16.12
12.21
15.47
44.69
56.20
76.81
51.38
3.76
3.46
8.25
14.31
7.73
5.59
8.25
19.92
27.82
47.42
111.03
183.65
3.44
2.39
4.81
6.42
3.66
3.52
6.22
11.02
18.77
35.38
100.15
80.67
4.96
4.37
6.86
7.38
4.23
4.94
Karnataka
0.41
1.69
0.67
2.56
2.27
3.91
1.18
1.76
2.37
2.18
1.65
1.78
1.73
1.30
1.95
1.18
1.33
3.78
0.13
0.17
0.25
0.45
0.68
1.56
1.58
1.59
3.98
0.72
1.86
3.06
1.24
0.45
0.44
0.48
0.33
0.47
0.54
1.39
3.12
1.77
5.99
4.95
0.94
0.24
0.50
0.30
0.14
0.40
0.93
0.55
0.30
3.08
4.24
7.40
2.50
0.37
0.32
0.41
0.08
0.30
Maharashtra
27.69
56.68
102.73
182.83
211.53
218.02
25.78
39.85
38.86
48.47
50.57
45.58
30.62
30.82
52.99
91.30
136.39
84.65
9.26
16.47
16.48
19.62
41.42
58.20
41.26
46.28
93.48
123.71
142.15
75.68
2.73
1.38
3.35
7.36
11.40
9.50
11.39
38.29
64.78
95.96
184.60
222.94
5.03
2.98
5.23
8.72
7.68
11.89
17.09
24.04
46.47
57.06
213.15
146.77
3.57
3.77
4.15
8.39
9.71
23.22
Note: N/A - Not Available

Source: Dept. of Agriculture, GOI
1/26/2012 1:28:32 AM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Rapeseed/Mustard seeds fundamentals - World and India (in `000' tonnes)

2011-12e
2010-11
2009-10
2008-09
2007-08
2006-07
2001-02
5,453
58,750
10,774
60,450
10,805
74,977
3,722
33,295
7,795
59,227
9,921
61,240
10,250
76,943
5,453
32,587
6,576
60,533
10,742
59,244
10,812
77,851
7,795
31,102
3,517
57,805
12,126
54,827
12,045
73,448
6,576
31,081
4,668
48,500
7,548
49,047
8,152
60,716
3,517
28,237
5,514
45,127
6,988
46,345
6,616
57,629
4,668
26,481
2,693
36,010
4,947
35,976
4,896
43,650
2,778
23,287
India
Beginning stocks
Production
Imports
Consumption
Exports
Total Supply
Ending Stocks
Area (1000 Ha)
Certified Seed Distribution
900
7,000
15
7,168
2
7,915
745
7,000
785
7,000
15
6,898
2
7,800
900
7,000
-
631
6,400
20
6,264
2
7,051
785
6,450
-
65
6,700
10
6,143
1
6,775
631
6,600
16
473
5,450
11
5,867
2
5,934
65
5,700
17
1,122
5,800
0
6,449
0
6,922
473
6,640
14
521
4,500
0
4,625
6
5,021
390
5,250
9
Avg daily volatility MCX spot prices

Winnepeg price (Rs./20kg)
Indian Price (Rs. /20kg)
MSP (Rs/qntl.)
1,850
0
545.1
518.3
1,850
0
335.5
519.1
1,830
0
338.5
447.2
1,830
0
434.4
481.1
1,800
273.0
345.3
1,715
265.4
1,300
World
Beginning stocks
Production
Imports
Consumption
Exports
Total Supply
Ending stocks
Area (1000 Ha)
Note: e - source estimates provided by USDA, data retrieved on August 1, 2011;

Source: USDA; Ministry of Agriculture, Govt. of India; Agmarknet; Winnepeg Commodity Exchange
Rapeseed/Mustard seeds balance sheet 2011-12e - World (in `000' tonnes)

Country
Begining stocks
EU-27
China
Canada
India
Australia
Ukraine
Others
Grand Total
1,323
1,264
1,150
900
323
1
492
5,453
Supply
Production
18,800
12,800
12,600
7,000
2,300
1,900
3,350
58,750
Imports
Consumption
3,050
1,050
190
15
2
6,467
10,774
22,125
14,700
6,400
7,168
739
102
9,216
60,450
Demand
Exports
180
6,700
2
1,615
1,800
508
10,805
Ending stocks
868
414
840
745
269
1
585
3,722
Note: e - source estimates provided by USDA, data retrieved on August 1, 2011;

Source: USDA
Mustard: Ending Stock & Prices

000 tonnes
Prices in Rs/qntl
8000
3500
India ES
World ES
India prices
6400
2800
Winnipeg Prices
4800
2100
3200
1400
1600
700
0
2002-03
2003-04
2004-05
2005-06
2006-07
2007-08
2008-09
2009-10
2010-11
Source: Agmarknet, & USDA. ES - ending stock, Indian prices Rs/Qntl, Int. prices of Winnepeg Futures Exchange in Rs/qntl
1/26/2012 1:28:32 AM
Rapeseed/Mustard seeds - BRICS Nations fact sheet

Production
Import
Export
Consumption
Net
Population

(kg)
(kg)
2011-12e
Brazil
Russia
India
China
South Africa
0
1050
7000
12800
0
0
1
15
1050
0
0
150
2
0
0
0
792
7168
14700
0
0
1144
7915
15114
0
206.47
137.97
1,208.36
1,341.85
49.83
0.00
8.29
6.55
11.26
0.00
0.00
5.74
5.93
10.95
0.00
2010-11
Brazil
Russia
India
China
South Africa
0
670
7000
13100
0
0
5
15
1070
0
0
50
2
0
0
0
626
6898
15020
0
0
769
7800
16284
0
203.43
138.74
1,189.17
1,336.72
49.00
0.00
5.54
6.56
12.18
0.00
0.00
4.51
5.80
11.24
0.00
2009-10
Brazil
Russia
India
China
South Africa
0
667
6400
13657
0
0
1
20
2177
0
0
111
2
0
0
0
687
6264
15114
0
0
892
7051
17228
0
201.10
139.39
1,173.11
1,330.14
49.11
0.00
6.40
6.01
12.95
0.00
0.00
4.93
5.34
11.36
0.00
2008-09
Brazil
Russia
India
China
South Africa
0
752
6700
12100
0
0
1
10
3034
0
0
63
1
0
0
0
607
6143
13740
0
0
894
6775
15134
0
198.74
140.04
1,166.08
1,338.61
49.05
0.00
6.38
5.81
11.31
0.00
0.00
4.33
5.27
10.26
0.00
2007-08
Brazil
Russia
India
China
South Africa
0
630
5450
10573
0
0
11
11
805
0
0
64
2
0
0
0
514
5867
11378
0
0
719
5934
11378
0
196.34
140.70
1,148.00
1,330.04
48.78
0.00
5.11
5.17
8.55
0.00
0.00
3.65
5.11
8.55
0.00
2006-07
Brazil
Russia
India
China
South Africa
0
523
5,800
10,966
0
0
1
0
961
0
0
79
0
1
0
0
388
6,449
11,926
0
0
545
6,922
11,927
0
190.01
141.38
1,129.87
1,321.85
44.00
0.00
3.85
6.13
9.02
0.00
0.00
2.74
5.71
9.02
0.00
Note: e - source estimates provided by USDA, data retrieved on August 1, 2011; in `000' tonnes unless otherwise specied, Population gures for 2011-12 is arrived at by calculating CAGR from 2004-05 to 2010-11;
Rapeseed/ Mustard seeds state-wise area and production

States/ UT
2009-10
Rajasthan
2,310
Uttar Pradesh
613
Haryana
513
Madhya Pradesh
791
Gujarat
216
West Bengal
410
Assam
245
Bihar
89
Others
402
All India
5,588

2008-09 2007-08 2006-07
2,838
884
515
713
294
413
226
85
331
6,298
2,500
860
500
580
340
410
240
90
310
5,830
3,210
830
600
690
360
420
240
90
350
6,790
2001-02
2009-10
1,841
847
535
506
247
440
272
93
293
5,073
2,948
682
849
849
341
443
129
89
278
6,608

2008-09 2007-08 2006-07 2001-02
3,503
992
895
737
334
315
123
82
221
7,201
2,360
1,000
600
540
550
360
120
80
220
5,830
3,810
870
800
690
500
340
120
90
220
7,440
1,943
845
796
459
292
337
137
78
195
5,083
1/26/2012 1:28:32 AM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Rapeseed/Mustard seeds - All India sowing progress during rabi (in lakh ha)
Average
area in
rabi
As on date
Area Sown reported

% of average
8-Apr-11
1-Apr-11
25-Mar-11
18-Mar-11
11-Mar-11
4-Mar-11
25-Feb-11
18-Feb-11
4-Feb-11
28-Jan-11
21-Jan-11
14-Jan-11
24-Dec-10
10-Dec-10
26-Nov-10
67.01
67.01
67.01
67.01
67.01
67.01
67.01
67.01
67.01
67.01
67.01
67.01
67.01
67.01
67.01
72.47
72.48
72.48
72.47
72.45
72.45
72.55
72.51
72.51
72.47
72.46
71.12
69.22
62.07
55.52
108.1
108.2
108.2
108.1
108.1
108.1
108.3
108.2
108.2
108.1
108.1
106.1
103.3
92.6
82.8
65.56
65.5
64.77
64.62
65.25
64.76
65.38
65.35
65.35
65.28
65.28
64.08
62.86
60.86
59.68
6.9
7
7.7
7.8
7.7
7.7
7.2
7.2
7.2
7.2
7.2
7
6.4
1.2
-4.2
6.2
6.2
6.2
6.2
6.3
6.3
6.6
6.6
6
6
6
4.8
4
-1.2
-2.9
9-Apr-10
26-Mar-10
12-Mar-10
5-Mar-10
26-Feb-10
12-Feb-10
5-Feb-10
22-Jan-10
15-Jan-10
8-Jan-10
18-Dec-09
11-Dec-09
65.27
65.27
65.27
65.27
65.27
65.27
65.27
65.27
63.25
65.27
65.27
65.27
65.13
65.07
65.07
64.92
64.43
64.42
64.38
64.05
66.24
64.02
62.56
60.85
99.8
99.7
99.7
99.5
98.7
98.7
98.6
98.1
104.7
98.1
95.8
93.2
66.9
66.91
66.87
66.87
66.62
66.54
66.51
66.31
57.74
66.24
63.98
63.29
-1.8
-1.8
-1.8
-1.9
-2.2
-2.1
-2.1
-2.3
8.5
-2.2
-1.4
-2.4
-2.6
-2.8
-2.7
-2.9
-3.3
-3.2
-3.2
-3.4
14.7
-3.4
-2.2
-3.9
27-Mar-09
27-Feb-09
20-Feb-09
13-Feb-09
6-Feb-09
30-Jan-09
23-Jan-09
16-Jan-09
9-Jan-09
2-Jan-09
26-Dec-08
19-Dec-08
12-Dec-08
5-Dec-08
28-Nov-08
21-Nov-08
14-Nov-08
7-Nov-08
63,25
63.25
63.25
63.25
63.25
63.25
63.25
63.25
63.25
63.25
63.25
63.25
63.25
63.25
63.25
63.25
63.25
63.25
66.24
65.94
65.91
65.91
66.51
66.49
66.45
66.3
66.24
65.89
65.18
63.98
63.28
62.29
58.4
56.25
46.84
34.8
104.7
104.3
104.2
104.2
105.2
105.1
105.1
104.8
104.7
104.2
103.1
101.2
100.1
98.5
92.3
88.9
74.1
55
59.63
59.89
59.85
59.85
59.82
59.05
58.8
58.84
57.74
57.62
58.11
57.15
57.02
55.32
52.81
43.81
31.44
21.18
6.6
6
6.1
6.1
6.7
7.4
7.7
7.5
8.5
8.4
7.1
6.8
6.3
7
5.6
12.4
15.4
13.6
11.1
10.1
10.1
10.1
11.2
12.6
13
12.7
14.7
14.6
12.2
12
11
12.6
10.6
28.4
49
64.3
59.63
59.61
59.61
59.6
59.55
59.55
59.05
58.96
58.66
59.55
55.93
52.76
100.6
100.6
100.6
100.5
100.5
100.5
99.6
99.5
99
100.5
94.4
89
66.1
66.1
66.06
66.06
66.3
66.3
66.67
66.63
66.37
63.36
63.44
61.31
-6.47
-6.49
-6.45
-6.46
-6.75
-6.75
-7.63
-7.67
-7.71
-5.81
-7.5
-8.6
-9.8
-9.8
-9.8
-9.8
-10.2
-10.2
-11.4
-11.5
-11.6
-8.9
-11.8
-13.9
Date
28-Mar-08
59.28
14-Mar-08
59.28
7-Mar-08
59.28
29-Feb-08
59.28
22-Feb-08
59.28
15-Feb-08
59.28
1-Feb-08
59.28
25-Jan-08
59.28
4-Jan-08
59.28
28-Dec-07
59.28
7-Dec-07
59.28
16-Nov-07
59.28
Same period
last year

Absolute
%
1/26/2012 1:28:33 AM
Rapeseed/Mustard seeds state-wise monthly arrivals (in tonnes)

Month
Mar-11
Feb-11
Jan-11
Dec-10
Nov-10
Oct-10
Sep-10
Aug-10
Jul-10
Jun-10
May-10
Apr-10
Mar-10
Feb-10
Jan-10
Dec-09
Nov-09
Oct-09
Sep-09
Aug-09
Jul-09
Jun-09
May-09
Apr-09
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
Uttar Pradesh
94,417
58,150
73,089
68,740
54,979
60,161
66,301
125,326
63,044
55,797
73,152
102,881
106,310
64,467
51,112
47,805
39,191
30,904
46,871
42,154
45,942
61,774
66,510
78,610
108,189
99,770
63,641
50,688
35,379
33,933
32,050
29,469
48,700
57,168
129,167
101,994
61,044
72,797
50,160
47,599
27,797
32,307
40,124
53,283
26,643
43,081
58,172
58,842
55,897
40,258
48,991
26,585
25,932
32,030
31,428
36,186
39,061
55,148
70,140
85,114
Rajasthan
Gujarat
Madhya Pradesh
347,891
60,226
64,320
65,143
61,468
122,867
105,296
113,340
124,172
175,584
229,028
630,200
332,783
62,984
30,758
63,054
58,985
83,053
51,031
45,550
86,285
205,850
305,033
596,707
661,367
111,317
37,279
29,508
22,231
40,547
40,057
32,364
115,216
186,713
413,088
504,118
399,254
59,094
48,343
45,169
53,449
76,580
36,274
28,802
68,272
163,718
381,683
492,351
348,794
61,828
5,170
5,557
11,960
9,102
24,831
19,744
19,708
41,523
143,975
253,263
64,114
10,770
19,425
20,067
8,377
14,927
8,914
6,078
9,696
13,731
20,709
43,689
105,657
48,604
11,511
17,185
12,440
10,234
17,516
14,962
12,419
23,037
33,627
60,813
76,927
52,389
4,959
4,776
5,936
4,462
7,613
3,119
9,041
23,970
42,667
62,247
104,168
15,914
3,091
5,192
6,441
8,799
4,278
4,412
6,712
14,561
24,961
51,375
97,353
43,810
3,501
5,922
12,943
11,467
19,782
6,794
7,775
15,019
36,885
49,922
111,074
47,457
12,395
13,353
6,392
17,388
7,531
5,552
7,531
5,552
18,068
32,968
99,708
57,717
12,639
22,246
20,882
19,340
14,531
14,548
5,952
7,557
19,401
38,069
12,177
4,317
3,030
2,665
1,759
1,770
1,368
2,234
3,184
2,335
3,813
5,855
6,588
1,806
1,625
861
1,520
2,218
3,894
2,635
4,772
6,975
12,314
16,816
31,663
20,269
4,600
1,121
1,246
947
3,954
3,748
5,188
12,856
34,441
84,066
Haryana
23,957
1,210
1,621
2,231
3,312
3,773
2,336
6,794
10,682
18,058
28,037
90,874
36,462
2,355
1,127
2,456
2,350
2,039
4,447
5,009
7,758
12,374
22,561
112,511
54,311
598
659
721
814
658
549
672
1,550
3,049
13,500
34,598
6,936
301
286
227
119
386
334
629
1,704
7,145
30,509
121,392
28,081
467
626
206
1,151
548
643
1,925
873
2,067
40,073
68,181
1/26/2012 1:28:33 AM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Rapeseed/ Mustard seeds prices and trading activity

Months
Dec-10
Nov-10
Oct-10
Sep-10
Aug-10
Jul-10
Jun-10
May-10
Apr-10
Mar-10
Feb-10
Jan-10
Dec-09
Nov-09
Oct-09
Sep-09
Aug-09
Jul-09
Jun-09
May-09
Apr-09
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
MCX Spot prices Hapur/Jaipur/Sirsa (Rs/20 Kg)

Monthly
Month
Month
average
high
low
573.8
570.3
549.3
541.2
551.9
529.5
511.1
500.5
499.6
496.2
508.8
575.0
604.2
589.7
542.8
526.7
541.2
522.9
513.4
516.7
501.7
449.2
485.3
557.5
621.3
616.4
609.0
610.9
621.3
648.1
631.1
562.7
521.7
582.6
523.7
502.1
483.1
475.6
449.6
431.9
436.8
445.0
421.7
400.5
398.1
357.4
349.5
350.3
359.0
361.3
328.8
327.4
331.0
327.6
328.1
329.9
323.9
586.3
578.2
558.9
553.1
569.8
549.2
520.0
520.3
514.0
513.7
525.8
607.5
630.0
608.4
572.0
530.1
549.8
535.0
521.2
523.7
535.4
461.4
528.8
593.5
638.0
637.1
623.1
630.5
632.1
662.0
655.2
604.1
540.5
628.9
586.1
516.7
491.1
487.1
471.8
439.2
445.9
450.8
436.0
405.3
402.0
381.5
355.3
352.4
372.0
375.3
343.7
329.9
335.8
330.0
332.6
332.7
330.4
568.1
551.1
533.5
532.0
535.0
512.6
502.7
490.0
487.3
476.0
486.0
498.5
584.0
566.0
522.8
525.0
527.0
509.6
505.7
505.7
470.0
430.0
427.2
500.0
597.7
594.8
598.2
589.6
602.6
628.0
603.0
525.1
500.5
539.9
502.5
487.9
475.8
462.3
429.2
423.5
424.5
437.9
406.7
396.8
394.8
345.5
340.5
347.4
352.5
348.1
325.3
324.1
327.9
324.0
323.4
325.4
319.1
Other market monthly average

spot prices (Rs/20 kg)
Uttar
Rajasthan Madhya
Pradesh
Pradesh
2427.4
2419.2
2358.9
2384.7
2336.0
2293.5
2278.1
2204.3
2247.3
439.4
460.3
495.7
499.8
483.6
471.9
480.2
475.0
465.1
456.4
467.2
428.7
404.3
408.0
505.0
552.1
567.8
565.9
566.2
576.1
578.8
550.3
487.9
461.1
497.9
437.3
424.4
430.4
417.8
405.4
405.4
405.3
396.4
383.7
379.5
372.0
339.9
342.0
354.4
363.1
348.3
331.2
332.2
325.6
322.4
323.1
322.0
317.8
501.1
492.8
479.1
473.7
481.5
465.4
449.4
435.1
435.1
438.2
428.7
497.2
529.7
507.0
477.8
466.2
482.2
465.2
461.9
465.4
438.6
395.5
412.2
485.7
546.7
538.4
531.6
522.0
540.4
551.5
540.0
485.5
449.1
505.4
474.0
444.8
430.1
413.8
398.6
380.7
383.0
390.9
371.9
352.7
353.7
334.0
325.5
327.0
347.3
342.9
307.7
313.4
312.2
308.2
303.7
316.5
304.8
466.6
466.1
464.5
461.0
449.8
429.6
426.4
407.7
401.8
406.6
400.6
457.6
505.3
479.1
450.7
452.9
427.4
447.8
427.6
439.5
436.0
402.7
416.5
448.2
510.6
528.3
524.5
522.1
516.7
522.9
534.9
494.5
469.2
513.6
411.0
419.9
409.4
403.8
383.4
374.8
374.4
381.8
359.3
358.5
368.0
341.1
321.4
327.8
341.7
347.5
310.3
311.8
312.3
300.7
300.6
300.7
297.8
WPI of
Mustard
oil
116.9
116.3
116.1
116.2
116.0
113.6
112.3
111.8
111.4
114.1
115.1
119.3
118.8
115.8
112.9
112.7
114.9
115.3
114.2
115.6
114.5
117.0
122.0
129.6
122.7
121.3
122.0
123.0
124.0
126.8
124.6
117.8
117.5
121.3
115.8
114.0
111.2
110.4
107.5
107.1
107.0
106.1
104.6
103.4
103.1
100.8
100.5
102.2
101.8
98.2
95.4
95.4
95.3
94.4
93.8
93.1
91.9
Rapeseed/ Mustard seeds

NYSE LIFFE Paris futures
Closing
Volume
Open
price
in lots^
interest
(Euro/
lots^^
tonne)
446.3
415.8
390.5
366.3
358.3
351.3
325.0
309.8
308.8
306.3
292.8
281.3
287.5
282.0
269.0
259.0
271.8
259.8
290.0
318.3
298.3
266.8
269.0
285.0
263.8
299.8
321.3
346.8
396.0
412.3
454.5
432.5
434.0
425.0
507.0
435.5
429.8
394.8
382.0
360.8
350.0
309.0
291.5
276.0
263.0
249.0
271.0
268.5
278.0
280.5
267.3
257.5
262.8
258.5
243.0
253.3
235.0
133,028
117,286
120,319
121,829
115,643
144,093
94,749
47,759
76,260
79,828
56,078
87,693
50,412
56,187
115,637
80,879
62,662
123,140
49,973
34,568
71,445
50,231
36,745
70,280
58,232
34,407
84,012
75,613
57,792
86,016
46,265
30,832
48,234
55,473
41,993
63,190
36,670
39,234
52,393
45,219
35,289
58,493
38,423
21,301
32,545
31,915
18,380
33,742
14,824
17,125
32,288
18,616
13,899
30,469
23,680
25,265
19,366
88,442
87,313
80,783
88,114
71,775
60,292
62,231
44,996
41,198
48,619
49,281
40,765
59,179
61,351
46,495
64,340
55,478
44,281
43,497
36,404
34,376
35,144
34,138
31,883
38,138
40,489
34,406
41,814
41,097
33,136
39,334
32,963
33,755
38,449
41,568
38,676
35,098
31,734
34,795
40,313
38,994
39,509
40,033
36,108
31,884
32,435
29,396
29,985
29,746
27,779
24,661
27,547
26,083
17,072
26,288
23,445
18,500
Note: April 06-Mar 07 Sirsa market; April 07-till date Jaipur market; WPI - Wholesale Price Index; N/A - Not Available; Futures price are for near month continuos futures contract
Source: MCX, Agmarknet; Ministry of Commerce & Industry; Exchanges' websites
1/26/2012 1:28:33 AM

Production
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
10,000
0
EU-27
Canada
20,000
China
30,000
India
40,000
Australia
50,000
60,000
70,000
12,000
14,000
12,000
14,000
60,000
70,000
Others
Imports
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0
2,000
EU-27
Japan
4,000
Mexico
6,000
China
8,000
Pakistan
10,000
Others
Exports
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0
2,000
Canada
Ukraine
4,000
Australia
6,000
United States
8,000
EU-27
10,000
Others
Consumption
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
10,000
0
EU-27
China
20,000
India
30,000
Canada
40,000
Japan
50,000
Others
1/26/2012 1:28:33 AM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Castor seeds fundamentals - World and India (in `000' tonnes)

2010-11
2009-10
2008-09
2007-08
2006-07
2001-02
1484
-
1608
3
26
1439
1
37
1170
18
21
1114
26
21
1190
343.25
-
978
345.33
-
1171
308.62
4.2
1054
176.18
4.2
762
0.12
186.61
3.6
797
16.44
204.88
2.6
0.22%
3738.51
0.73%
2611.39
0.99%
2090.71
0.65%
2097.25
0.76%
1815.54
World
Production
Imports (castor seeds)
Exports (castor seeds)
India
Production
Exports (castor seeds)
Exports (castor oil)
Average daily volatility of MCX spot prices*
India Average Price (Rs. /qtl)
Note: World data is for calendar year; data retrieved on May 4, 2011; * Kadi prices - 23rd Sept 2004-3rd May 2005, Ahmedabad prices - 2nd Jan 2006-14th Oct 2006, Rajkot prices
16th Oct 2006-31st March 2010;
Source: FAO Stat; Solvent Extractors' Association of India; MCX
Castor seeds state-wise area and production

World
Area (`000' hectares)

2010
-11*
198
483
126
52
859
Andhra Pradesh
Gujarat
Rajasthan
Others
All India
2009
-10*
148
438
118
50
754
2008
-09
159
434
137
137
866
2007
-08
199
358
110
120
787
Production (`000' tonnes)

2006
-07
202
288
79
60
628
2001
-02
284
305
46
82
717
2010
-11*
138
860
161
32
1190
2009
-10*
85
736
126
30
978
2008
-09
81
852
177
61
1171
2007
-08
129
708
159
57
1054
2006
-07
87
533
104
38
762
2001
-02
83
465
66
39
653
Note: * Estimated; Figures may not tally due to rounding off.

Source: Dept. of Agriculture, GOI, The Solvent Extractors Association of India
Castor:
Seeds
Prodn., OilOil
Exports
&&
Prices
Castor:
Seeds
Production,
Exports
Prices
in 000 tons
1400
1200
Rs/qntl
4000
Seeds production
Oil exports
3500
Prices
1000
3000
800
2500
600
2000
400
1500
200
1000
500
2004-05
2005-06
2006-07
2007-08
2008-09
2009-10
2010-11
Source: SEA of India & Agmarknet. Average Prices of India for the month of March
1/26/2012 1:28:34 AM
Castor seeds monthly arrivals in select states (in `000' tonnes)

Month
Apr-11
Mar-11
Feb-11
Jan-11
Dec-10
Nov-10
Oct-10
Sep-10
Aug-10
Jul-10
Jun-10
May-10
Apr-10
Mar-10
Feb-10
Jan-10
Dec-09
Nov-09
Oct-09
Sep-09
Aug-09
Jul-09
Jun-09
May-09
Apr-09
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
Rajasthan
3.4
3.2
2.4
2.8
1.2
0.8
0.8
0.4
0.1
0.2
0.3
1.8
2.5
1.5
1.5
0.9
0.9
3.1
0.4
0.6
0.3
0.5
1.4
3.1
2.5
1.8
1.3
1.1
3.5
2.0
0.2
0.3
0.6
2.2
6.5
36.6
13.4
12.9
13.2
14.4
11.1
0.5
0.1
0.3
0.4
0.6
2.7
15.3
5.9
3.2
3.0
1.5
0.3
0.2
0.6
0.8
0.9
3.6
4.2
9.4
10.7
Andhra Pradesh
23.9
31.7
38.3
15.5
39.6
110.6
180.6
63.9
4.7
0.5
6.6
3.3
11.5
26.0
14.1
2.3
5.0
8.5
4.1
0.8
0.2
0.4
0.8
0.8
0.9
1.8
1.6
0.7
1.2
0.2
0.9
0.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
2.6
7.0
8.1
0.8
0.1
0.3
0.2
0.3
0.9
1.6
1.1
1.2
1.8
1.9
3.9
1.8
0.5
0.7
1.1
0.9
0.5
Gujarat
178.6
74.9
62.1
62.2
18.2
1.6
3.5
11.1
15.9
52.7
84.5
134.2
204.9
105.7
100.7
67.2
55.7
45.8
34.0
67.9
55.9
39.8
64.3
99.2
158.2
84.7
61.0
44.8
25.9
5.3
3.6
12.4
11.0
30.1
55.7
126.5
109.7
72.4
85.3
37.6
15.0
8.2
13.6
16.8
14.1
20.7
23.3
42.4
51.8
34.3
27.2
17.3
15.4
20.2
29.0
33.3
9.4
15.9
35.6
60.2
43.5
1/26/2012 1:28:34 AM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Castor seeds prices and trading activity

Monthly MCX Futures prices (Rs/qtl)
Month
Dec-10
Nov-10
Oct-10
Sep-10
Aug-10
Jul-10
Jun-10
May-10
Apr-10
Mar-10
Feb-10
Jan-10
Dec-09
Nov-09
Oct-09
Sep-09
Aug-09
Jul-09
Jun-09
May-09
Apr-09
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
Open
High
Low
Close
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
2100.00
2075.00
N/A
N/A
N/A
N/A
3147.00
3151.00
2800.00
2569.00
2675.00
2675.00
2600.00
2260.00
2158.00
2129.00
2040.00
1953.00
2015.00
2101.00
2139.00
1955.00
2075.00
2120.00
1858.00
1952.00
1903.00
1863.00
1925.00
1875.00
N/A
1585.00
1525.00
1442.00
1560.00
1551.00
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
2273.00
2224.50
N/A
N/A
N/A
N/A
3147.00
3278.50
3281.00
2781.00
2675.00
2675.00
2703.50
2575.00
2301.00
2251.00
2135.00
2036.00
2056.50
2104.00
2176.00
2055.00
2075.00
2230.00
2080.00
1960.00
1948.00
1863.00
1945.00
1947.50
N/A
1585.00
1632.00
1525.00
1560.00
1560.00
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
2100.00
2070.00
N/A
N/A
N/A
N/A
3147.00
3085.50
2800.00
2569.00
2569.00
2675.00
2548.00
2260.00
2156.00
2090.00
2007.00
1908.00
1980.00
1950.00
2046.00
1950.00
1880.00
2075.00
1800.00
1824.00
1845.00
1780.00
1795.00
1820.00
N/A
1524.00
1525.00
1435.00
1400.00
1496.00
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
2273.00
2107.00
N/A
N/A
N/A
N/A
3147.00
3147.00
3151.00
2781.00
2569.00
2675.00
2615.00
2555.00
2260.00
2237.50
2126.50
2030.00
2005.50
2013.50
2094.00
2015.00
1945.00
2112.00
1999.00
1831.00
1940.00
1800.00
1854.00
1928.00
N/A
1524.00
1585.00
1525.00
1400.00
1560.00
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
0
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
84
96
301
5
373
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
0
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
9
13
11
3
14
MCX Spot prices Rajkot (Rs/qtl)

Monthly Month's Month's
average
high
low
4021.98
4336.98
3608.10
3918.64
3651.04
3643.11
3300.40
3141.92
2992.46
2891.07
2860.60
2851.80
2925.20
2893.30
2661.20
2696.40
2614.60
2449.00
2392.10
2423.40
2365.90
2255.00
2244.90
2349.30
2877.40
2930.70
2917.70
3115.50
3135.20
3086.20
2716.20
2595.40
2629.00
2628.10
2429.50
2265.20
2172.90
2091.00
2020.10
2011.60
2003.50
2006.20
1967.50
1974.70
2043.50
1931.60
1891.20
1801.90
1765.00
1801.40
1716.80
1620.30
N/A
N/A
N/A
N/A
N/A
4245.00
19952.00
3744.50
4258.00
3715.00
3697.00
3499.50
3208.50
3090.50
2934.50
2910.00
2874.50
3071.50
3069.00
2771.00
2752.00
2748.00
2497.00
2434.00
2495.50
2440.00
2289.00
2366.00
2628.00
2942.50
3014.00
3113.50
3163.00
3216.50
3289.00
2886.50
2627.00
2659.00
2658.00
2576.50
2309.50
2207.50
2155.50
2076.50
2046.50
2016.00
2028.50
2013.00
2019.00
2078.00
2023.00
1925.00
1844.00
1813.00
1855.00
1859.00
1638.00
N/A
N/A
N/A
N/A
N/A
3934.00
3426.50
3426.50
3729.00
3580.50
3545.50
3201.50
3066.50
2934.50
2846.50
2835.50
2818.00
2846.00
2769.50
2565.00
2651.00
2491.50
2411.50
2346.50
2359.00
2279.00
2163.00
2122.00
2205.00
2672.00
2781.00
2781.00
3085.50
3060.50
2883.00
2582.50
2541.00
2586.50
2569.00
2302.00
2203.00
2140.00
2063.50
1966.00
1989.00
1989.00
1949.00
1904.00
1923.00
2008.00
1857.00
1850.00
1767.00
1732.00
1760.00
1634.00
1582.00
N/A
N/A
N/A
N/A
N/A
Other markets monthly average

WPI of
spot prices (Rs/qtl)
Castor
Gujarat Karnataka Maharashtra seeds
Avg.
Avg.
Avg.
variety variety
variety
3833.28
3553.54
3522.63
3848.51
3529.23
3502.77
3213.98
3028.49
2890.66
2788.91
2736.97
2725.13
2795.36
2757.25
2551.04
2586.21
2555.69
2340.93
2292.30
2337.05
2236.94
2010.28
2125.67
2227.00
2703.67
2748.75
2737.35
2954.71
3024.45
2944.80
2572.53
2444.36
2479.27
2440.49
2172.80
2180.68
2077.95
2019.88
1927.94
1940.03
1940.30
1966.44
1920.25
1929.97
2096.92
2431.28
2362.42
2391.02
2234.57
2013.76
1767.46
1586.34
1627.57
1999.11
1370.82
1307.87
1358.47
2862.62
3112.27
2681.91
3043.82
2868.40
2851.49
1552.90
2484.24
2162.19
2336.20
2327.84
2114.74
2267.90
2207.31
1975.95
1441.89
N/T
1926.67
2107.03
1263.80
1377.68
1515.04
1696.90
1749.44
2624.51
2594.65
1923.34
2263.77
2554.57
2609.09
2524.99
2279.18
2100.33
1732.80
1779.62
1634.79
1772.59
1777.38
1427.95
1260.22
1189.46
1310.09
1110.53
1536.71
1189.60
1400.19
1510.95
1482.18
1434.90
1423.08
1393.98
1140.18
1196.55
982.34
1069.90
1113.69
1120.81
3092.71
2467.55
2680.16
2864.14
2885.92
2817.33
2628.69
2575.22
2441.39
2295.77
2390.70
2938.57
2321.00
2300.74
2197.67
2188.36
2287.50
2160.96
2149.14
2244.63
2144.24
2143.68
2222.89
2254.25
2245.02
2208.31
2334.64
2387.66
2634.49
2592.09
2380.01
2170.86
2412.37
2204.58
482.23
453.02
1545.81
1748.42
1608.36
1658.63
1756.04
1782.94
1633.17
1622.58
1764.09
1698.55
1818.12
1684.86
1562.57
1617.71
1336.51
894.17
1243.99
1226.84
1225.04
1286.80
1316.09
225.80
209.90
206.60
221.00
212.70
205.10
191.40
181.70
175.70
165.40
163.60
160.50
158.80
159.50
152.00
156.50
156.60
145.90
143.80
144.70
146.50
147.30
145.80
145.70
147.60
145.80
154.30
158.10
152.50
151.20
139.90
136.70
136.10
139.80
132.40
127.20
120.20
118.40
117.40
118.10
119.20
118.30
115.10
116.60
112.90
110.40
113.80
107.40
102.70
102.00
92.40
88.90
85.80
85.90
83.20
83.60
89.00
Note: Âggregate volume in all contracts during the month; ^^Cumulative open interest in all contracts at the end of month; N/A-Not Available; N/T-Not Traded; WPI - Wholesale
Price Index, Avg.: average, Future prices are for near month continuos futures contract.
Source: MCX, Agmarknet & Ministry of Commerce and Industry
1/26/2012 1:28:35 AM
Major country-wise & commodity-wise distribution of edible oil production, imports, exports and consumption
Edible Oil Production
India
Cumulative prod in 000 tonnes
Indonesia
2008-11
19,655
2008-11
81,939
2000-03
14,219
2000-03
33,693
1990-93
13,709
1990-93
11,965
1980-83
7,667
1980-83
4,809
3,928
1970-73
1970-73
0%
20%
Coconut
Cottonseed
40%
Rapeseed
60%
Soybean
80%
100%
Sunowerseed
Others
2,101
0%
20%
Coconut
Source: USDA; Others: Palm Oil,Palm Kernel Oil
40%
Palm
60%
80%
100%
Palm Kernel
Source: USDA
Malaysia

58,775
2008-11
2000-03
41,570
1990-93
21,874
1980-83
10,142
1970-73
2,315
0%
20%
Palm
40%
60%
100%
80%
Palm Kernel
Source: USDA
Edible Oil Consumption

India
Cumulative consumption in 000 tonnes
China
2008-11
46,238
2008-11
79,626
2000-03
32,681
2000-03
44,280
1990-93
15,457
1990-93
18,254
1980-83
11,388
1980-83
7,288
4,271
1970-73
1970-73
0%
20%
Coconut
Peanut
Cottonseed
Rapeseed
40%
Palm
Soybean
60%
80%
100%
2,912
0%
Palm Kernel
Sunowerseed
20%
Cottonseed
40%
Palm
60%
Peanut
Rapeseed
80%
100%
Soybean
Others
Source: USDA; Others: Palm Kernel Oil, Sunowerseed Oil
Source: USDA
USA
2008-11
29,263
2000-03
27,868
1990-93
21,054
1980-83
15,181
11,447
1970-73
0%
Coconut
20%
Cottonseed
40%
Olive
60%
Rapeseed
80%
100%
Soybean
Source: USDA
1/26/2012 1:28:35 AM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Edible Oil Import

India
Cumulative imports in 000 tonnes
China
2008-11
26,824
2008-11
27,875
2000-03
16,351
2000-03
10,978
1990-93
603
1990-93
4,701
1980-83
3,537
1980-83
250
333
1970-73
1970-73
0%
20%
Palm
Palm Kernel
40%
60%
Soybean
80%
Sunowerseed
100%
160
0%
Others
20%
Palm
Source: USDA, Others: Coconut Oil, Cottonseed oil, Rapeseed Oil
40%
Palm Kernel
Rapeseed
60%
Soybean
80%
100%
Others
Source: USDA, Others: Coconut Oil, Peanut Oil
USA

6.669
2008-11
2000-03
4,149
1990-93
3,146
1980-83
1,734
1970-73
1,155
0%
20%
Coconut
40%
Olive
Palm Kernel
60%
80%
Peanut
Rapeseed
100%
Source: USDA
Edible Oil Exports

Argentina
Indonesia
2008-11
16,824
2008-11
57,178
2000-03
13,850
2000-03
20,388
1990-93
6,348
1990-93
5,797
1980-83
1,411
1980-83
935
141
1970-73
1970-73
0%
20%
Peanut
Soybean
40%
60%
80%
100%
787
0%
Sunowerseed
20%
Coconut
40%
Palm
60%
80%
100%
Palm Kernel
Source: USDA
Source: USDA
Malaysia
2008-11
49,551
2000-03
34,861
1990-93
18,681
1980-83
9,068
2,285
1970-73
0%
Coconut
20%
Palm
40%
60%
80%
100%
Palm Kernel
Source: USDA
1/26/2012 1:28:36 AM
Type-wise world distribution of edible oil production, imports, exports and consumption
Production
Avg. Production
2008-11
153,251
2000-03
101,914
1990-93
62,506
1980-83
41,406
1970-73
19,962
0%
20%
Soybean
Peanut
40%
Palm
Cottonseed
60%
Rapeseed
Coconut
80%
Sunowerseed
Olive
100%
Palm Kernel
Note: Average production in 000 tonnes. Source: USDA
Imports
Avg. Imports
2008-11
55,553
2000-03
32,065
1990-93
18,662
1980-83
11,785
1970-73
4,638
0%
20%
Palm
Coconut
40%
Soybean
Olive
60%
Sunowerseed
Peanut
80%
Rapeseed
Cottonseed
100%
Palm Kernel
Exports
Avg. Exports
2008-11
64,273
2000-03
39,107
1990-93
21,341
1980-83
13,507
4,745
1970-73
0%
20%
Palm
Coconut
40%
Soybean
Olive
60%
Sunowerseed
Peanut
80%
Rapeseed
Cottonseed
100%
Palm Kernel
Consumption
Avg. Prodn.
2008-11
144,430
2000-03
94,923
1990-93
59,550
1980-83
39,606
1970-73
19,801
0%
20%
Soybean
Peanut
40%
Palm
Cottonseed
60%
Rapeseed
Coconut
80%
Sunowerseed
Olive
100%
Palm Kernel
1/26/2012 1:28:37 AM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Major country-wise & commodity-wise distribution of oilseeds meal consumption, exports and production
Consumption
Brazil
Cumulative Consumption in 000 tonnes

80,479
2008-11
China

164,276
2008-11
2000-03
47,440
2000-03
89,240
1990-93
21,346
1990-93
27,965
1980-83
7,923
1980-83
18,639
1970-73
1,970
1970-73
0%
20%
Cottonseed
40%
60%
80%
9,778
0%
100%
Soybean
20%
Cottonseed
Source: USDA
40%
Peanut
Rapeseed
60%
Soybean
80%
100%
Sunowerseed
Source: USDA
US

92,378
2008-11
2000-03
94,135
1990-93
69,207
1980-83
54,505
40,295
1970-73
0%
20%
Cottonseed
40%
Rapeseed
60%
100%
80%
Soybean
Source: USDA
Export
Argentina
Cumulative exports in 000 tonnes

173,442
2008-11
Brazil

84,552
2008-11
2000-03
105,162
2000-03
73,627
1990-93
40,962
1990-93
49,765
1980-83
5,991
1980-83
24,378
1970-73
581
1970-73
0%
20%
Soybean
40%
60%
Sunowerseed
80%
3,869
0%
100%
Others
20%
40%
60%
80%
100%
Soybean
Source: USDA ; Others: Meal, Cottonseed & Meal, Peanut
Source: USDA
US

26,506
2008-11
2000-03
20,620
1990-93
17,566
1980-83
19,057
11,943
1970-73
0%
20%
Cottonseed
40%
60%
100%
80%
Soybean
Source: USDA
Production
Argentina
Cumulative production in 000 tonnes

167,117
2008-11
Brazil
2008-11

160,715
2000-03
105,743
2000-03
120,216
1990-93
42,727
1990-93
71,390
1980-83
6,614
1980-83
32,282
1970-73
636
1970-73
0%
20%
Sunower seed
40%
60%
80%
6,268
0%
100%
Soybean
20%
Cottonseed
Source: USDA
40%
60%
80%
100%
Soybean
Source: USDA
China

163,671
2008-11
2000-03
91,330
1990-93
35,086
1980-83
18,517
9,739
1970-73
0%
Cottonseed
20%
Peanut
40%
Rapeseed
60%
80%
100%
Soybean
Source: USDA
1/26/2012 1:28:38 AM
Type-wise world distribution of oilseed meal production, imports, exports and consumption
Production
Avg. Production
2008-11
296,782
2000-03
218,585
1990-93
140,476
1980-83
102,885
1970-73
49,964
0%
20%
Soybean
Peanut
40%
Rapeseed
Fish
60%
Cottonseed
Copra
80%
Sunowerseed
100%
Palm Kernel
Imports
Avg. Imports
2008-11
69,567
2000-03
51,359
1990-93
37,533
1980-83
27,533
1970-73
13,150
0%
20%
Soybean
Copra
40%
palm Kernel
Cottonseed
60%
Rapeseed
Peanut
80%
Sunowerseed
100%
Fish
Exports
Avg. Exports
2008-11
111,850
2000-03
81,846
1990-93
52,076
1980-83
37,248
12,500
1970-73
0%
20%
Soybean
copra
40%
Palm Kernel
Cottonseed
60%
Sunowerseed
Peanut
80%
Rapeseed
100%
Fish
Consumption
Avg. Prodn.
2008-11
252,862
2000-03
188,629
1990-93
125,864
1980-83
92,869
1970-73
50,735
0%
20%
Soybean
Palm Kernel
40%
Rapeseed
Fish
60%
Cottonseed
Copra
80%
Sunowerseed
100%
Peanut
1/26/2012 1:28:39 AM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Cotton fundamentals - World and India (in `000' 480 lbs bales)
World
Beginning stocks
Production
Imports
Consumption
Total Supply
Exports
Ending Stocks
Area Under Production (000 Ha)
Yield (Kg/Ha)
2011-12e
2010-11
2009-10
2008-09
2007-08
2006-07
2001-02
44,399
123,156
38,287
116,548
205,842
38,294
51,000
35,557
754
44,275
114,555
35,767
114,787
194,597
35,411
44,399
33,502
744
60,540
101,384
36,244
118,323
198,168
35,570
44,275
30,114
733
60,725
107,081
30,176
107,377
197,982
30,065
60,540
30,591
762
62,270
119,676
38,921
121,137
220,867
39,005
60,725
32,898
792
61,887
121,812
38,045
121,998
221,744
37,476
62,270
34,562
767
49,408
98,703
29,304
93,736
177,415
29,149
54,530
33,716
637
6,399
24,500
450
20,500
5,000
31,349
5,849
11,160
478
-
8,919
23,000
480
19,450
6,550
32,399
6,399
10,310
486
-
5,629
22,600
800
17,750
2,360
29,029
8,919
9,406
523
22.7
7,129
24,000
600
18,600
7,500
31,729
5,629
9,439
554
18.9
7,839
21,800
465
18,100
4,875
30,104
7,129
9,166
518
24.5
3,773
12,300
2,388
13,275
60
18,461
5,126
8,730
307
26.2
0.80%#
0.71%#
0.87%
1.73%
1.07%
0.90%
0.59%
0.77%
0.47%
0.67%
2,500
3,000
2,500
3,000
2,500
3,000
1,800
2,030
1,770
1,990
1675
1875
India
Beginning stocks
5,849
Production
27,000
Imports
500
Consumption
21,000
Exports
5,000
Total Supply
33,349
Ending Stocks
7,349
Area Under Production (000 Ha)
12,000
Yield (Kg/Ha)
490
Average daily volatility of MCX spot prices
Cotton Long
Cotton Medium^
MSP Medium Staple)
MSP (Long Staple)
2,800
3,300
Note: e - source estimates provided by USDA, data retrieved on July 29, 2011; ^ 1st Apr 2004 - 10th Oct 2009 - Abohar prices and 12th Oct 2009 - 31st March 2010 - Sriganganagar
prices; # volatility calculated from 1st April 2010 to 31st July 2010.
Source: USDA; Dept. of Agriculture, GOI; MCX; Press Information Bureau.
Cotton balance sheet 2011-12e - World (in `000' 480 lbs bales)
Country
Begining
stocks
China
India
US
Pakistan
Brazil
Uzbekistan
Others
World Total
11,621
5,849
2,750
2,657
8,153
1,148
12,221
44,399
Supply
Production
Imports
Consumption
Demand
Exports
33,000
27,000
16,000
10,300
9,300
4,500
23,056
123,156
15,250
500
5
1,150
100
21,282
38,287
46,500
21,000
3,755
10,525
4,450
1,250
29,068
116,548
50
5,000
12,000
400
4,400
3,150
13,294
38,294
Ending
stocks
13,321
7,349
3,000
3,182
8,703
1,248
14,197
51,000
Note: e - source estimates provided by USDA, data retrieved on July 29, 2011;
Source: USDA
1/26/2012 1:28:39 AM
Cotton - BRICS Nations fact sheet (in `000' 480 lbs bales)
Production
Import
Export
Consumption
Total
Supply
Population
(in million)

(kg)
(kg)
2011-12e
Brazil
Russia
India
China
South Africa
9,300
0
27,000
33,000
100
100
600
500
15,250
110
4,400
0
5,000
50
0
4,450
600
21,000
46,500
190
17,553
717
33,349
59,871
295
206.47
137.97
1,208.36
1,341.85
49.83
85.02
5.20
27.60
44.62
5.92
21.55
4.35
17.38
34.65
3.81
2010-11
Brazil
Russia
India
China
South Africa
9,300
0
24,500
30,500
100
750
600
450
12,000
110
2,000
0
5,000
125
0
4,250
625
20,500
46,000
190
14,403
742
31,349
57,746
275
203.43
138.74
1,189.17
1,336.72
49.00
70.80
5.35
26.36
43.20
5.61
20.89
4.50
17.24
34.41
3.88
2009-10
Brazil
Russia
India
China
South Africa
5,450
0
23,000
32,000
39
151
845
480
10,903
132
1,990
0
6,550
23
0
4,250
875
19,450
50,000
185
10,593
1,017
32,399
65,269
250
201.10
139.39
1,173.11
1,330.14
49.11
52.67
7.30
27.62
49.07
5.09
21.13
6.28
16.58
37.59
3.77
2008-09
Brazil
Russia
India
China
South Africa
5,480
0
22,600
36,700
38
50
900
800
6,996
156
2,739
0
2,360
84
0
4,050
925
17,750
41,750
210
11,781
1,097
29,029
64,200
289
198.74
140.04
1,166.08
1,338.61
49.05
59.28
7.83
24.89
47.96
5.89
20.38
6.61
15.22
31.19
4.28
2007-08
Brazil
Russia
India
China
South Africa
7,360
0
24,000
37,000
46
164
1,075
600
11,530
175
2,231
0
7,500
62
0
4,450
1,100
18,600
48,500
235
12,932
1,297
31,729
69,066
330
196.34
140.70
1,148.00
1,330.04
48.78
65.86
9.22
27.64
51.93
6.76
22.66
7.82
16.20
36.46
4.82
2006-07
Brazil
Russia
India
China
South Africa
7,000
0
21,800
35,500
52
515
1,325
465
10,588
251
1,300
0
4,875
88
0
4,423
1,325
18,100
48,000
250
11,131
1,547
30,104
68,624
359
190.01
141.38
1,129.87
1,321.85
44.00
58.58
10.94
26.64
51.92
8.16
23.28
9.37
16.02
36.31
5.68
Note: e - source estimates provided by USDA, data retrieved on July 29, 2011; Market Year (India): August to July; Population gures for 2011-12 is arrived at by calculating CAGR
from 2004-05 to 2010-11;
Source: USDA
Cotton state-wise area and production

2008
2007
2006
-09
-08
-07
States/ UT
2010
-11
2009
-10
Andhra Pradesh
Gujarat
Haryana
Karnataka
Madhya Pradesh
Maharashtra
Punjab
Rajasthan
Tamil Nadu
Others
All India
1,776
2,633
495
534
651
3,973
530
334
130
5
11,061
1,467
2,464
507
457
611
3,495
511
444
104
71
10,132
1,399
2,354
455
409
625
3,146
527
303
115
75
9,407
1,134
2,422
483
403
630
3,195
604
369
99
74
9,414
972
2,390
530
376
639
3,107
607
350
100
74
9,145
Production ('000 bales of 170kg each)

2009
2008
2007
2006
2001
-10
-09
-08
-07
-02
2001
-02
2010
-11
1,108
1,750
630
609
542
3,105
607
510
188
85
9,132
5,300
10,200
1,400
1,000
1,700
8,200
1,600
900
500
400
31,200
3,265
7,875
1,926
865
857
5,881
2,006
903
194
162
23,935
3,569
7,014
1,858
866
856
4,752
2,285
726
188
163
22,276
3,491
8,276
1,885
778
865
7,015
2,355
862
201
156
25,884
2,181
8,787
1,814
610
829
4,618
2,678
747
221
148
22,632
2,675
3,250
550
700
2,000
3,425
925
700
500
1,075
15,800
Note: NA: Not Available

Source : Dept. of Agriculture, GOI; Cotton Advisory Board
1/26/2012 1:28:40 AM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Cotton - All India sowing progress during kharif (in lakh ha)
Date
Average
area in
kharif
Area Sown reported

As on date
% of
Same period
average
last year

Absolute
%
15-Oct-10
8-Oct-10
1-Oct-10
10-Sep-10
3-Sep-10
20-Aug-10
13-Aug-10
6-Aug-10
30-Jul-10
23-Jul-10
16-Jul-10
9-Jul-10
2-Jul-10
90.86
90.86
90.86
90.86
90.86
90.86
90.86
90.86
90.86
90.86
90.86
90.86
90.86
108.47
107.84
107.55
106.47
106.14
105.67
104.97
103.37
95.05
95.05
82.78
66.09
43.68
119.4
118.7
118.4
117.2
116.8
116.3
115.5
113.8
104.6
104.6
91.1
72.7
48.1
100.09
98.97
98.79
98.48
97.7
95.59
94.96
94.59
80.63
80.63
68.75
48.47
29.17
8.4
8.9
8.8
8.0
8.4
10.1
10.0
8.8
14.4
14.4
14.0
17.6
14.5
8.4
9.0
8.9
8.1
8.6
10.5
10.5
9.3
17.9
17.9
20.4
36.4
49.7
23-Oct-09
16-Oct-09
9-Oct-09
1-Oct-09
11-Sep-09
4-Sep-09
28-Aug-09
13-Aug-09
7-Aug-09
31-Jul-09
24-Jul-09
17-Jul-09
10-Jul-09
26-Jun-09
21-Jun-09
19-Jun-09
3-Oct-08
87.24
87.24
87.24
87.24
87.24
87.24
87.24
87.24
87.24
87.24
87.24
87.24
87.24
87.24
87.24
87.24
83.73
96.21
96.21
96.21
96.21
96.21
96.21
96.21
93.69
91.51
89.9
82.53
68.92
48.07
18.83
94.93
18.51
90.83
110.3
110.3
110.3
110.3
110.3
110.3
110.3
107.4
104.9
103
94.6
79
55.1
21.6
108.8
21.2
108.5
84.88
84.86
84.66
84.86
84.88
84.98
84.86
82.88
78.44
78.22
72.48
61.68
59.82
17.41
84.53
17.3
92.09
11.4
11.4
11.4
11.4
11.4
11.4
11.4
10.8
13.1
11.7
10.1
7.2
-11.8
1.4
10.4
1.2
-1.3
13.4
13.4
13.4
13.4
13.4
13.4
13.4
13
16.7
14.9
13.9
11.7
-19.6
8.2
12.3
7
-1.4
26-Sep-08
19-Sep-08
12-Sep-08
5-Sep-08
29-Aug-08
22-Aug-08
8-Aug-08
1-Aug-08
25-Jul-08
18-Jul-08
11-Jul-08
4-Jul-08
83.73
83.73
83.73
83.73
83.73
83.73
83.73
83.73
83.73
83.73
83.73
83.73
90.83
90.64
90.51
89.09
89.09
87.05
80.77
69.74
69.74
58.08
39.17
18.23
108.5
108.3
108.1
106.4
106.4
104
96.5
83.3
83.3
69.4
46.8
21.8
92.09
92.5
92.51
91.32
91.32
90.89
90.42
79.23
79.23
69.85
63.38
20.31
-1.3
-1.9
-2
-2.2
-2.2
-3.8
-9.7
-9.5
-9.5
-11.8
-24.2
-2.1
-1.4
-2
-2.2
-2.4
-2.4
-4.2
-10.7
-12
-12
-16.9
-38.2
-10.2
83.44
83.44
83.44
83.44
83.44
83.44
83.44
93.01
90.94
90.68
90.2
87.45
72.28
59.6
111.5
109
108.7
108.1
104.8
86.6
71.4
89.48
87.48
86.89
86.14
82.49
64.17
37
3.5
3.5
3.8
4.1
5
8.1
22.6
3.9
4
4.4
4.7
6
12.6
61.1
26-Oct-07
28-Sep-07
14-Sep-07
31-Aug-07
17-Aug-07
20-Jul-07
6-Jul-07
1/26/2012 1:28:40 AM
State-wise cotton purchases (in `000' bales of 170 kgs. each)

State
2009-10*
2008-09
2007-08
2006-07
217
12
32
4
1
48
96
26
0
0
438
3276
1236
258
163
737
1997
1045
155
0
0
8868
246
123
19
16
38
377
79
70
0
11
979
528
145
15
12
251
384
43
60
0
17
1455
Andhra Pradesh
Gujarat
Haryana
Karnataka
Madhya Pradesh
Maharashtra
Punjab
Rajasthan
Tamil Nadu
Others
All India
Note: year denotes to October to September; *: As on 28-01-2010

Source: Ministry of Agriculture, Govt. of India; Ministry of Textiles, Cotton Corporation of India Ltd.,Navi Mumbai
Castor:
SeedsEnding
Prodn.,Stock
Oil Exports
Cotton:
& Price& Prices
in 000 Tons
70000
India ES
World ES
India Prices
New York Cotton no 2
in Rs
100
90
60000
80
50000
70
60
40000
50
30000
40
30
20000
20
10000
10
0
0
2002-03 2003-04
2004-05
2005-06
2006-07
2007-08
2008-09
2009-10
2010-11
Source: Agmarknet, & USDA. ES - ending stock, Indian prices Rs/kg, Int. prices Rs/lb
1/26/2012 1:28:40 AM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Cotton state-wise monthly arrivals (`000') tonnes

Month
Rajasthan
Madhya Pradesh
Gujarat
Maharashtra
Mar-11
Feb-11
Jan-11
Dec-10
Nov-10
Oct-10
Sep-10
Aug-10
Jul-10
Jun-10
May-10
Apr-10
Mar-10
Feb-10
Jan-10
Dec-09
Nov-09
Oct-09
Sep-09
Aug-09
Jul-09
Jun-09
May-09
Apr-09
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
15.87
30.70
206.11
429.54
225.85
198.65
1.76
N/A
N/A
N/A
0.00
20.76
71.94
122.96
122.96
294.10
283.95
165.32
18.35
0.34
0.00
0.00
10.02
5.87
35.77
61.08
172.67
277.42
235.18
159.95
31.02
0.16
0.01
0.03
0.00
3.66
36.40
129.53
232.14
195.42
119.05
143.04
20.77
0.18
0.08
0.02
1.18
6.99
29.36
79.35
82.63
58.73
20.59
1.77
0.00
0.00
0.01
0.81
55.27
49.41
139.56
177.20
103.65
119.72
29.97
0.28
0.12
1.29
6.22
35.96
27.19
56.24
98.02
142.00
107.32
53.97
18.43
0.41
0.03
0.00
15.75
19.27
12.31
22.38
9.54
7.90
1.80
0.30
1.68
0.07
0.01
0.79
2.98
5.15
11.69
33.60
47.63
35.73
18.93
9.65
0.67
0.16
0.70
0.10
3.56
8.94
36.24
77.23
62.30
45.51
18.28
0.78
0.05
0.55
0.04
1.87
11.53
131.93
169.65
318.36
412.83
242.75
265.52
6.56
2.99
3.79
13.52
16.34
51.19
84.70
142.31
186.95
329.36
461.65
297.09
71.19
4.79
1.59
4.72
22.21
104.82
190.28
283.86
305.45
347.34
388.74
207.08
23.48
0.12
0.54
5.63
25.16
73.88
97.72
132.80
317.51
184.58
151.83
142.79
6.59
0.47
1.17
5.09
18.30
39.18
70.33
102.64
188.54
220.33
164.07
74.53
7.21
0.30
0.88
5.16
43.67
89.11
46.56
51.00
118.26
186.46
107.57
21.99
0.70
0.22
0.21
0.73
5.13
114.64
66.77
123.57
111.22
138.22
61.90
5.29
0.11
0.40
0.10
0.06
0.15
0.45
27.42
81.96
60.24
109.52
78.74
1.58
0.12
0.08
0.01
0.00
3.51
19.33
58.71
92.87
98.72
77.12
25.70
0.03
0.00
0.04
0.04
0.03
5.98
5.54
30.04
77.35
72.16
38.17
4.00
0.01
0.37
0.24
1.42
1.56
17.52
Note: ' - ' : Not available

1/26/2012 1:28:41 AM

Production
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0
20,000
China
40,000
India
60,000
United States
Pakistan
80,000
100,000
Brazil
Others
Vietnam
Other
120,000
140,000
Imports
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0
10,000
China
Bangladesh
20,000
Turkey
Indonesia
30,000
40,000
Exports
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0
10000
United States
India
20000
Brazil
30000
Australia
40000
Uzbekistan
50000
Others
Consumption
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0
50000
China
India
Pakistan
100000
Turkey
Brazil
150000
Others
1/26/2012 1:28:41 AM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Cotton prices and trading activity

Month
Dec-10
Nov-10
Oct-10
Sep-10
Aug-10
Jul-10
Jun-10
May-10
Apr-10
Mar-10
Feb-10
Jan-10
Dec-09
Nov-09
Oct-09
Sep-09
Aug-09
Jul-09
Jun-09
May-09
Apr-09
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
MCX spot prices, Kadi - long cotton (in Rs/candy)
MCX Spot prices - Abohar-Sriganganagar medium cotton (in Rs/maund)
Monthly average
Month's high
Month's low
Average
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
28,050.74
26,647.92
26,656.40
26,528.85
24,893.33
23,289.23
23,001.92
23,618.80
23,830.74
23,448.85
23,629.60
22,506.67
N/A
20,696.36
21,417.31
21,783.85
22,224.78
23,440.00
28,530.80
27,904.40
27,682.59
25,486.80
23,496.67
22,491.58
22,383.54
21,425.92
20,945.46
19,843.20
19,926.88
19,653.31
20,747.67
20,485.77
20,352.69
19,054.54
18,987.52
19,611.50
19,185.65
18,565.88
17,841.31
18,035.20
18,221.88
18,463.46
18,715.77
19,572.69
18,379.60
17,083.08
17,824.07
18,139.58
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
28,680.00
27,550.00
27,440.00
27,380.00
25,980.00
24,180.00
23,500.00
23,950.00
24,240.00
23,570.00
24,020.00
22,740.00
N/A
21,540.00
21,740.00
22,000.00
22,900.00
27,350.00
29,000.00
28,790.00
28,480.00
27,360.00
24,520.00
22,860.00
23,190.00
22,210.00
21,424.00
20,210.00
20,090.00
20,500.00
20,930.00
20,760.00
21,080.00
19,260.00
19,230.00
20,030.00
19,440.00
19,110.00
18,050.00
18,150.00
18,440.00
19,200.00
19,900.00
20,200.00
18,800.00
17,950.00
18,100.00
18,300.00
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
27,550.00
25,970.00
25,960.00
25,790.00
24,180.00
22,810.00
22,850.00
23,430.00
23,450.00
23,330.00
22,670.00
22,240.00
N/A
20,330.00
21,160.00
21,330.00
21,510.00
22,020.00
28,100.00
27,420.00
27,360.00
24,340.00
22,830.00
22,160.00
21,760.00
21,259.00
20,232.00
19,650.00
19,840.00
19,140.00
20,570.00
20,290.00
19,460.00
18,895.00
18,720.00
19,000.00
18,705.00
17,919.00
17,650.00
17,800.00
17,800.00
18,100.00
2,000.00
18,850.00
17,950.00
1,760.00
17,450.00
18,000.00
N/A
N/A
N/A
N/A
N/A
2,956.11
2,924.54
2,924.74
2,831.18
2,715.52
2,540.40
2,521.10
2,545.63
2,373.00
2,234.75
2,241.06
2,502.20
2,497.06
2,452.29
2,466.23
2,390.50
2,126.62
2,108.67
2,197.67
2,204.12
2,251.80
2,453.96
2,753.22
2,772.18
2,809.43
2,703.10
2,523.80
2,313.14
2,223.35
2,177.82
2,147.54
2,008.30
1,970.82
1,847.90
2,013.17
2,084.23
2,135.89
2,019.85
1,977.72
1,983.00
1,951.65
1,773.15
1,689.14
1,727.52
1,710.42
1,725.27
1,816.62
1,871.73
1,831.48
1,810.42
1,798.89
1,802.71
High
N/A
N/A
N/A
N/A
N/A
3,012.50
2,980.00
3,050.00
2,880.00
2,800.00
2,620.00
2,570.00
2,597.00
2,544.50
2,320.50
2,429.00
2,523.00
2,537.50
2,521.00
2,537.00
2,474.00
2,257.00
2,178.00
2,243.00
2,247.00
2,361.50
2,648.50
2,855.00
2,842.50
2,910.00
2,894.00
2,636.00
2,418.50
2,270.00
2,246.00
2,200.00
2,070.00
2,020.00
1,954.00
2,070.00
2,172.00
2,186.50
2,036.00
2,036.00
2,024.50
2,024.50
1,884.50
1,740.00
1,750.00
1,720.00
1,762.00
1,900.00
1,905.00
1,845.00
1,820.00
1,840.00
1,860.00
Low
N/A
N/A
N/A
N/A
N/A
2,921.00
2,892.00
2,790.00
2,770.00
2,609.50
2,483.50
2,470.00
2,470.50
2,282.50
2,176.00
2,172.00
2,466.00
2,467.00
2,415.00
2,378.50
2,340.00
2,018.50
2,028.00
2,136.00
2,175.00
2,150.00
2,347.00
2,628.50
2,746.00
2,703.50
2,584.00
2,418.50
2,220.00
2,170.00
2,139.00
2,077.50
1,960.00
1,926.00
1,759.00
1,901.00
2,025.00
2,055.00
2,004.50
1,924.50
1,927.00
1,850.50
1,694.00
1,635.00
1,710.00
1,693.00
1,705.00
1,755.00
1,835.00
1,820.00
1,800.00
1,775.00
1,725.00
Note: 1 Maund = 40Kg & 1Candy = 356 Kg; N/T=Not traded; N/A= Not available. Long Cotton: from Apr-09 the data is available from Mumbai. Medium Cotton: From Oct-09 the data available is from Sri
Source: MCX, Agmarknet; Ministry of Commerce and Industry
1/26/2012 1:28:42 AM
MCX Spot prices, KapasSurendra Nagar (in Rs/20kg)

Average
N/A
N/A
N/A
N/A
1,123.46
N/A
N/A
584.39
603.90
600.36
589.38
568.83
N/A
N/A
N/A
N/A
N/A
N/A
N/A
509.90
506.03
461.51
452.92
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
504.36
505.16
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
452.11
451.39
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
334.70
333.28
High
N/A
N/A
N/A
N/A
1,127.00
N/A
N/A
588.40
632.10
618.50
601.40
574.20
N/A
N/A
N/A
N/A
N/A
N/A
N/A
509.90
518.20
502.00
482.90
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
510.90
508.10
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
472.50
466.90
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
334.70
344.90
Low
N/A
N/A
N/A
N/A
1,119.30
N/A
N/A
582.00
581.90
582.40
575.60
564.00
N/A
N/A
N/A
N/A
N/A
N/A
N/A
509.90
498.30
434.60
441.40
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
500.50
501.20
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
424.20
440.10
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
334.70
324.00
Other market spot prices,

Mumbai (Rs/Kg)
DCH Shankar-6/
V-797
32 (Si)
Shankar-4
WPI of
Raw
cotton
145.82
145.19
131.32
124.43
118.24
115.41
117.69
120.20
117.77
118.12
111.80
113.38
118.47
101.81
92.53
92.67
93.09
92.81
90.21
90.73
89.86
76.99
75.94
79.43
82.47
87.75
90.00
91.41
94.33
94.08
91.55
89.30
87.19
84.48
82.67
82.03
80.16
80.16
84.37
90.00
90.00
88.59
90.00
90.00
91.05
92.81
90.70
90.00
90.56
101.23
100.17
106.43
102.29
103.48
104.04
104.04
102.36
219.5
204.3
189.6
180.2
153.1
153.1
155.7
152.0
150.8
149.0
146.2
148.2
148.8
139.4
131.9
133.2
135.4
135.3
132.7
132.7
129.8
124.2
129.9
137.4
139.2
140.9
147.0
160.9
158.3
154.7
144.8
131.8
125.2
121.7
116.3
115.1
111.3
108.6
107.9
112.5
113.5
113.1
106.7
105.2
109.7
99.2
93.2
95.0
96.2
97.9
99.9
103.8
102.5
96.0
91.8
91.3
92.7
117.42
125.44
112.57
103.13
89.70
82.51
82.67
80.10
79.73
77.56
74.32
75.26
74.88
67.36
64.69
63.35
66.09
67.15
65.18
66.26
62.72
58.85
57.94
60.64
61.17
62.66
68.27
79.59
79.76
78.47
72.21
64.76
60.22
60.18
59.05
58.50
55.29
55.50
55.31
57.83
57.66
57.07
53.78
53.01
54.98
54.17
51.47
49.85
50.17
51.18
50.80
52.68
51.38
49.17
47.99
48.62
50.13
76.99
75.23
72.61
71.00
61.80
57.20
58.14
56.87
59.41
56.74
54.70
60.05
59.77
52.10
50.74
50.76
51.41
51.12
49.71
48.82
45.70
40.64
42.19
53.16
53.16
53.16
56.88
62.44
62.15
60.33
55.48
50.06
47.81
46.85
46.40
45.14
43.03
43.24
44.25
44.33
45.07
45.98
42.86
41.76
44.09
42.75
38.74
36.28
36.84
36.56
37.26
38.58
37.61
33.80
31.92
32.06
32.34
Cotton NYBOT ICE futures

Closing
Volume
Open
price (US
(in lots)^
interest
cents/lb)
(in lots^^)
144.81
126.23
125.26
104.18
89.08
82.36
82.60
80.05
82.76
80.55
82.61
69.03
75.60
70.75
67.64
61.34
57.76
57.93
53.30
56.97
53.49
46.47
42.06
49.41
49.02
45.75
44.29
55.50
67.53
71.65
71.40
65.74
68.74
69.34
79.66
67.79
68.01
58.20
64.08
62.05
58.87
63.00
58.50
51.05
47.25
53.57
55.55
54.00
56.19
48.90
49.28
49.30
53.05
53.45
49.75
50.94
49.90
402,298
816,199
565,286
411,504
307,433
314,480
472,619
341,874
505,420
322,185
487,297
274,990
204,646
433,337
327,499
220,480
170,995
176,482
344,591
261,923
330,268
260,781
316,713
253,550
169,346
423,372
387,846
403,688
293,429
281,522
690,183
427,731
651,281
730,160
929,808
684,489
338,439
514,179
278,600
200,552
215,267
217,426
421,689
278,518
650,531
326,818
711,346
381,099
264,396
587,710
324,911
268,847
259,259
204,799
601,971
338,300
530,001
206,824
194,575
237,632
238,117
219,593
172,451
164,188
189,901
190,005
192,841
173,772
171,178
187,081
176,564
187,299
146,055
123,789
125,074
108,256
133,749
121,436
140,318
116,304
129,490
125,564
127,006
170,969
195,316
213,856
222,053
215,451
273,411
246,983
268,675
301,645
270,994
231,807
210,389
248,032
231,769
203,217
213,491
204,192
223,814
220,781
232,652
202,169
191,874
170,421
159,914
185,353
182,562
172,081
163,583
160,069
179,676
147,886
is from Sriganganagar, WPI - Wholesale Price Index; Future prices are for near month continuos futures contract.
1/26/2012 1:28:42 AM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Jute fundamentals - World and India (in `000' tonnes)

2010-11
2009-10
2008-09
2007-08
2006-07
2001-02
1,264.00
2,833.70
-
1,234.50
2,833.00
443.8
449.6
1,330.00
2,846.90
519.7
723.9
1,280.40
2,887.90
364
463.7
1,438.7
2,933.6
294.0
285.9
India
Beginning stocks
Production
Raw jute imports
Consumption
Exports of Jute Goods
Ending Stocks
216
1,926.00
31.5^
2,016.00
199.3
216
144
1,620.00
82.9
1,602.00
110.5
216
396
1,476.00
59
1,764.00
199.8
144
414
1,782.00
171.8
1,944.00
204.3
396
144
1,800.00
94.4
1,602.00
242.8
414
126.0
1,890.0
72.0
1,800.0
146.1
288.0
Variety wise Production of Jute goods

Hessian
Sacking
Carpet Backing Cloth
Others
Total
Jute product imports
Area under production (000 Ha)
Yield (Kg per Ha)
MSP (In Rs/Quintal)
244.4
1,076.90
4.7
239.7
1,565.70
46.2^
785
1,575.00
1.87%
206.5
921.6
2.4
192.6
1,323.30
112.8
912.7
1,217.00
1,375.00
2.19%
297.8
1,071.40
4.5
260
1,633.70
70.9
900.3
1,151.00
2.8
1,250.00
0.78%
350.3
1,143.00
6
279.7
1,776.00
57.7
960.3
1,167.00
2.4
1,055.00
0.67%
250.3
874.7
2.9
228.4
1,356.30
60.9
935.1
1,210.00
2.6
1,000.00
-
275.3
1,034.3
5.0
286.2
1,600.8
986.0
1,850.0
2.1
810.0
-
World
Area under production (in `000' ha)
Production
Imports
Exports
Note: World data is for calander year. India data is for nancial year. India's raw jute exports are negligible; Data retrieved on July 10, 2010. Data was converted from bales to
tonnes considering 1 bale equal to 180 kgs; MSP: Minimum Support Price; ^ Apr-Oct.
Source: Jute Commissioner kolkata - Ministry of Textiles, 2009-10 - Fourth Advanced Estimates of production, Govt. of India, FAOSTAT
Raw jute procurement by Jute Corporation of India (in '000' bales of 180 kgs each)
Year
At support price (MSP)
At commercial rates
2010-11
9.6
2009-10
0
2008-09
103.7
2007-08
756
2006-07
136
2005-06
0
2004-05
352
Note: MSP: Minimum Support Price; Source: Jute Corporation of India
Total
0
0
0
0
348
141
0
9.6
0
103.7
756
484
141
352
Jute state-wise area and production

States/ UT
2009-10
West Bengal
624
Bihar
142
Assam
62
Others
85
All India
913
Note: Ofce of the Jute Commissioner

2008-09 2007-08 2006-07
592
151
65
92
901
617
154
65
124
960
606
141
63
125
935
2001-02
518
108
86
161
873
Production (`000' Bales of 180kg each)

2009-10 2008-09 2007-08
2006-07
2001-02
8893
1182
638
391
11104
7966
1220
674
505
10365
8294
1465
684
768
11211
8506
1390
583
794
11273
604
95
100
8201
9000
Year End Status on No. of Jute Mills,Spindles Installed Workers

Year
No of Mills
Mills
Workers on Rolls
(in '000')
2009-10
78
80
2008-09
77
80
2007-08
77
90
2006-07
77
100
2005-06
77
110
2004-05
78
120
Note: Data as on March end; Source: Jute Commissioner, Kolkata
Spindles (Fine)
(in '000')
600
600
600
600
580
580
Spindles (Coarse)
(in '000')
100
100
100
100
100
100
Capacity Utilisation
(%)
62
72
71
47
85
89
1/26/2012 1:28:42 AM
Jute - All India sowing progress during kharif (in lakh ha)
Average
area
in kharif
As on date
% of
average
Same period
last year
Absolute
1-Oct-10
10-Sep-10
3-Sep-10
20-Aug-10
13-Aug-10
6-Aug-10
30-Jul-10
23-Jul-10
16-Jul-10
9-Jul-10
2-Jul-10
7.85
7.85
7.85
7.85
7.85
7.85
7.85
7.85
7.85
7.85
7.85
7.59
7.57
7.58
7.56
7.56
7.56
7.55
7.6
7.59
7.59
7.59
96.7
96.4
96.5
96.3
96.3
96.3
96.1
96.8
96.7
96.7
96.7
6.92
6.92
6.92
6.92
6.92
6.92
6.91
6.89
6.89
6.89
6.89
0.7
0.7
0.7
0.6
0.6
0.6
0.6
0.7
0.7
0.7
0.7
9.7
9.4
9.5
9.2
9.2
9.2
9.3
10.3
10.2
10.2
10.2
28-Aug-09
13-Aug-09
7-Aug-09
31-Jul-09
24-Jul-09
17-Jul-09
10-Jul-09
26-Jun-09
21-Jun-09
19-Jun-09
7.98
7.98
7.98
7.98
7.98
7.98
7.98
7.98
7.98
7.98
6.92
6.89
6.89
6.89
6.89
6.89
6.89
6.87
6.92
6.87
86.7
86.4
86.4
86.4
86.4
86.4
86.4
86.1
86.7
86.1
7.06
7.06
7.06
7.06
7.06
7.06
7
7
7.06
7
-0.1
-0.2
-0.2
-0.2
-0.2
-0.2
-0.1
-0.1
-0.1
-0.1
-2.0
-2.4
-2.4
-2.4
-2.4
-2.4
-1.6
-1.9
-2.0
-1.9
1-Aug-08
25-Jul-08
18-Jul-08
11-Jul-08
4-Jul-08
8.24
8.24
8.24
8.24
8.24
7.37
8.61
8.61
8.66
8.66
89.4
104.5
104.5
105.1
105.1
8.26
7.03
7.03
7.03
7.03
-0.9
1.6
1.6
1.6
1.6
-10.8
22.5
22.5
23.2
23.2
8.38
8.38
8.38
8.38
8.38
8.38
8.29
7.89
7.89
7.89
7.88
7.82
99
94.2
94.2
94.2
94.1
93.3
8.18
8.18
8.18
8.18
8.18
8.18
0.1
-0.3
-0.3
-0.3
-0.3
-0.4
1.4
-3.5
-3.5
-3.5
-3.6
-4.4
14-Sep-07
31-Aug-07
17-Aug-07
20-Jul-07
6-Jul-07
15-Jun-07
Area Sown reported
Castor:
Seeds Prodn.,
Oil Exports
Prices
Jute: Production,
Consumption
&&
Prices
000 tones
Rs/qntl
Production
2500
3000
Consumption
Prices
2000
2500
2000
1500
1500
1000
1000
500
500
0
2004-05
2005-06
2006-07
2007-08
2008-09
2009-10
2010-11
Source: Source: SEA of India & Agmarknet. Average Prices of India for the month of March
Source: Ministry of Textiles & Agmarknet. Average Prices of India for the month of March
1/26/2012 1:28:42 AM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Jute monthly spot prices at MCX and other major physical markets in India
Month
Dec-10
Nov-10
Oct-10
Sep-10
Aug-10
Jul-10
Jun-10
May-10
Apr-10
Mar-10
Feb-10
Jan-10
Dec-09
Nov-09
Oct-09
Sep-09
Aug-09
Jul-09
Jun-09
May-09
Apr-09
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
MCX Spot prices - Kolkata (Rs/qtl)

Monthly
average
Months
high
Months
low
3474.7
3518.9
3406.8
3235.2
2786.3
2983.4
3334.0
3272.3
3149.9
3106.2
2760.3
2685.0
2679.2
2394.2
2306.5
2109.9
2196.3
2700.9
2704.7
2464.1
2311.2
2137.6
1979.5
1925.2
1618.8
1552.6
1560.9
1548.9
1538.9
1403.7
1477.5
1455.2
1431.9
1338.3
1217.1
1209.6
1218.1
1232.2
1215.2
1241.4
1240.6
1143.0
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
3608.0
3597.0
3486.5
3461.0
2993.0
3261.5
3580.0
3411.0
3219.0
3247.0
2971.0
2685.0
2689.5
2601.5
2384.0
2267.0
2700.0
2790.0
2811.5
2542.0
2454.0
2197.0
2015.0
1970.5
1787.5
1571.0
1582.0
1590.5
1564.5
1448.0
1514.5
1497.5
1493.5
1408.0
1256.0
1234.5
1231.5
1252.5
1239.0
1298.5
1313.0
1143.0
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
3352.5
3398.0
3265.5
2945.0
2656.5
2636.0
2824.5
3158.0
2936.0
2910.5
2683.0
2685.0
2619.0
2227.5
2220.0
1898.5
1894.5
2644.0
2550.0
2369.0
2183.0
2036.0
1961.5
1836.0
1570.0
1529.5
1540.5
1518.5
1512.5
1364.0
1455.5
1414.0
1400.0
1258.5
1192.0
1184.0
1208.5
1221.0
1171.0
1194.0
1146.0
1143.0
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
Note: N/A - Not Available, WPI - Wholesale Price Index

Other markets monthly average

T.D.-5
T.D.-5
Raw Jute
Barddhaman Medinipur Kolkata
2904.4
2622.1
2819.3
2822.5
2422.2
2703.6
3022.2
2982.7
2895.0
2838.9
2500.0
2532.5
2400.8
2163.3
2067.7
1766.7
1822.7
2440.7
2478.6
2239.0
2051.0
1897.5
1784.6
1705.3
1384.8
1282.5
1266.1
1248.5
1286.7
1230.7
1187.1
1150.2
1159.2
1051.7
940.0
929.4
960.0
967.4
984.3
1059.5
1046.1
967.8
970.9
1009.7
1068.6
1096.4
1120.0
1208.8
1241.5
1301.0
1319.5
1280.5
1156.7
1481.5
1463.4
1558.0
1565.0
3150.0
3066.7
3000.0
3175.0
N/A
N/A
N/A
3100.0
2800.0
3000.0
2525.0
2500.0
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
950.0
N/A
1150.0
1194.4
1200.0
1236.9
1280.0
1337.5
1343.8
1224.3
1174.7
1375.0
1528.1
1610.0
1500.0
3436.0
3484.3
3384.7
3247.4
2817.0
2960.8
3260.7
3233.0
3114.1
3065.8
2717.2
2684.1
2675.4
2407.4
2322.9
2097.9
2235.8
2765.5
2771.5
2519.7
2377.5
2185.3
2035.9
1972.4
1655.8
1559.1
1559.2
1546.0
1540.5
1489.1
1487.0
1463.3
1429.2
1339.2
1216.2
1211.7
1199.9
1204.4
1195.2
1239.1
1226.3
1115.5
1113.6
1105.0
1190.9
1247.6
1265.6
1295.1
1381.1
1440.6
1463.7
1438.0
1308.6
1604.5
N/A
N/A
N/A
WPI of
Jute
234.4
234.9
239.3
218.0
187.3
189.8
178.1
175.1
172.1
173.0
167.2
164.1
162.7
167.8
178.2
151.6
152.4
153.3
155.0
154.0
146.1
141.6
140.1
139.5
139.4
138.5
138.8
138.8
137.8
136.6
135.9
134.8
132.8
129.5
126.6
125.4
126.1
126.5
122.9
126.6
123.8
114.3
115.5
114.0
117.8
118.3
120.9
124.4
130.4
131.0
132.6
134.6
130.1
145.5
153.5
154.8
155.5
Jute state-wise
monthly arrivals
(in tonnes)
West Bengal
Orissa
21603.66
2.5
24961.53
30.1
21082.02
615
32183.28
60.1
50599.25
N/A
25917.63
5
4715.35
6.99
6031.78
43.8
7382.05
15
7867.5
6
10153.53
6
10216.79
9.2
10644.21
36
9781.8
46.74
18132.69
24.5
41026.21
41.52
41047.49
3
24594.69
N/A
7724.13
N/A
4890
4
4865.81
15
6966.67
122.55
10847.52
94.48
21213.58
244.86
16428.13
244.46
24921.52
776.6
29691.27
780.98
29476.85
291.98
46022.35
204
26731.59
155.92
5104.89
308.12
7692.64
258.93
9531.93
285.42
8535.6
380.05
7202.03
1536.79
8531.78
80.05
0
173.3
18199.43
9
11977.7
215.31
21381.19
201
23857.79
154.04
13849.46
93.7
11986.27
182.96
10755.59
406.71
11515.34
182.96
9640.66
94.87
8236.03
237.96
5884.87
106.08
16376.06
94.24
10605.13
101.55
25678.7
234.12
26317.46
196.6
36406.27
15
25149.51
0
6582.27
8
5123.88
4
4954.15
166.24
4785.92
165
Source: Department of Agriculture, GOI
1/26/2012 1:28:43 AM
Jute futures prices and trading activity

Month
Dec-10
Nov-10
Oct-10
Sep-10
Aug-10
Jul-10
Jun-10
May-10
Apr-10
Mar-10
Feb-10
Jan-10
Dec-09
Nov-09
Oct-09
Sep-09
Aug-09
Jul-09
Jun-09
May-09
Apr-09
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
Jute monthly MCX futures prices (Rs/qtl)

Open
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
N/T
N/T
2330
1922
2320
2676
2639
2485
2314
2133
2090
1904
1632
1620
1675
1617
1620
1550
1614
1614
1525
1383
1324
1332
1368
1341
1302
1401
1237
1189
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
2473
2321
2409
2838
2915
2603
2509
2248
2093
2017
1810
1643
1680
1640
1649
1550
1628
1643
1578
1485
1335
1332
1374
1357
1344
1401
1430
1217
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
2251
1922
1900
2601
2639
2430
2284
2128
2004
1895
1625
1580
1558
1581
1533
1420
1555
1493
1495
1372
1261
1274
1283
1286
1243
1230
1236
1181
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
2319
2259
1913
2659
2778
2540
2440
2183
2041
1996
1798
1597
1571
1584
1543
1466
1584
1513
1575
1482
1320
1298
1216
1223
1306
1248
1339
1217
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
9981
21325
20102
15402
12610
8481
7970
9576
7088
11376
6393
5178
5372
9008
11749
11265
12733
10289
7354
7769
6589
9483
10272
7645
14081
15487
19042
629
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
43
1449
1827
2126
1510
883
948
868
1062
950
957
664
607
767
1102
1507
1489
1208
498
629
767
1125
1169
1304
1408
1479
1131
240
Note: Jute Futures were launched from July 2007; Âggregate volume in all contracts during the month; ^^Cumulative open interest in all contracts at the end of month. N/T-Not
Traded; Source: MCX
1/26/2012 1:28:43 AM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Cereals
Feeding the world
Commodity in 2010
Exchange
(contract)
Price Unit
MCX (10 tonnes)
Rs/ qntl.*
CBOT (136 tonnes)
US Cent/ bu
Open
High
Low
1,422.90
1,488.30
1,138.30
544.75
841.00
425.50
31-Dec-10
3-Dec-10
5-Nov-10
8-Oct-10
10-Sep-10
13-Aug-10
16-Jul-10
18-Jun-10
21-May-10
23-Apr-10
26-Mar-10
26-Feb-10
29-Jan-10
1-Jan-10
harvest. By April 6, 2010, this pushed wheat prices to a year

he term cereals is derived from Latin Cerealis
low of Rs.1,138.3/qntl.
meaning belonging to Ceres, the Roman goddess
During the peak arrivals (late April-early May)
of agriculture. Cereals, a type of grass such
Wheat prices
wheat prices consolidated in a narrow range of
as wheat, oat, or maize cultivated for
consolidated in the
Rs.1,150 to Rs.1,175/qntl and remained stable.
edible grains, are by far the most important group of
range of Rs.1,200Given the lower prices, after selling a part of the
crops. Cereal crops constitute carbohydrates, mainly
Rs.1,300/qntl during
produce, initially, for meeting immediate cash need,
starches, which act as a vital nutrient element along
May to November
farmers held back the remaining portion for selling
with a little amount of protein and fat.
2010.
later in expectations of gains from a seasonal rise
Cereals are particularly important to humans
in prices. Their strategy paid-off, as the prices actually
because of their role as staple food crops in many parts
rose since mid-May. Supply pressure was such that the prices
of the world. Besides, they are used to produce animal feed,
oils, starch, flour, etc. The grass family, Poaceae or Gramineae, again consolidated, though in a higher range of Rs.1,200has five subfamilies with about 10,000 species. Grasses are Rs.1,300/qntl during May to November 2010. In the second half
believed to have evolved more than 60-70 million years ago and of November, wheat prices breached the Rs.1,300 mark as at
the diverse members of this family vary widely in appearance, that time of season availability begins to dwindle and demand for
mating habit, zones of adaptation, physiology, number of chromo- wheat for use as seed increases. Wheat prices closed the year at
somes and genome size. The European Union is the worlds Rs.1,323.3/qntl, a fall of 7% year-on-year.
largest producer of wheat, followed by China. India,
which produces around 84 million tonnes every year,
MCX wheat spot prices in 2010
stands at No. 3.
Expectation of a bumper
1600
The wheat market for the first four months of 2010
harvest for the third
Huge inventories kept a check
year in a row stockiest
had a downtrend, except a short period in mid-January
on price increases
1500
ofoading inventories
where price movements showed an upward blip due
1400
to increased demand in north India pushing the
1300
prices to a year high of Rs.1,488.30/quintal. Wheat
prices opened the year at Rs.1,422.9/qntl, and since
1200
then remained under pressure due to huge carryover
Farmers holding back their
1100
produce in expectations
stocks from previous two seasons and an expected
of higher prices
1000
bumper harvest on the back of favorable weather
conditions boosting the yield. As the new season
was approaching, traders were anxious to offload old
Source: MCX
Wheat (Rs/qtl)
stocks to avoid losses and make way for new season
Annualised
Volatility
Volume
(in lots)^
1,323.30
10.56%
4676
794.25
38.24%
23,058,783
Close
Wheat
Note: Âll contracts all variants; *spot prices
1/26/2012 1:28:43 AM
1/26/2012 1:28:50 AM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Rice fundamentals - World and India (in `000' tonnes)

2011-12e
2010-11
2009-10
2008-09
2007-08
2006-07
2001-02
World
Beginning stocks
Production
Imports
Consumption
Exports
Total Supply
Ending Stocks
Area Harvested (1000 Ha)
Yield (Rough) (MT/Ha)
96,873
4,56,248
30,044
4,53,434
31,803
5,83,165
97,928
1,60,029
4.27
93,919
4,51,160
30,271
4,46,054
32,423
5,75,350
96,873
1,58,615
4.27
91,533
4,40,058
28,111
4,34,584
31,199
5,59,702
93,919
1,56,022
4.22
79,966
4,47,498
27,177
4,34,183
28,925
5,54,641
91,533
1,57,872
4.24
75,098
4,32,654
29,908
4,26,027
31,667
5,37,660
79,966
1,55,325
4.15
76,614
4,19,992
28,367
4,18,443
31,432
5,24,973
75,098
1,54,596
4.05
1,46,706
3,99,694
26,077
4,12,738
26,883
5,72,477
1,32,856
1,51,364
3.93
India
Beginning stocks
Production
Imports
Consumption
Exports
Total Supply
Ending Stocks
Yield (Rough) (MT/Ha)
21,800
97,000
93,000
3,500
1,18,800
22,300
44,500
3.27
-
20,500
95,300
91,000
3,000
1,15,800
21,800
44,000
3.25
-
19,000
89,090
85,690
1,900
1,08,090
20,500
41,850
3.19
-
13,000
99,180
91,090
2,090
1,12,180
19,000
45,400
3.28
5,818.0
11,430
96,690
90,466
4,654
1,08,120
13,000
43,770
3.31
4,893.0
10,520
93,350
86,700
5,740
1,03,870
11,430
44,000
3.18
4,351.0
25,051
93,340
87,611
6,300
1,18,391
24,480
44,600
3.14
2,558.0
1,120
1238.5
2,351
1,100
1094.0
2,238
1,080
1251.5
1,883
1,000
1564.2
1,568
850
873.5
1,440
700
356.9
1,315
610
CBOT price* (Rs./qtl)

Indian Price (Rs. /qtl)
MSP (Rs. /qtl)
Note: e - source estimates provided by USDA, Data retrived on August 29, 2011
Source: USDA; Ministry of Agriculture, Govt. of India; Agmarknet; CBOT
Rice balance sheet 2011-12e - World (in `000' tonnes)

Country
Begining
stocks
Supply
Production
China
42,572
138,000
India
21,800
97,000
United States
1,588
6,036
EU-27
957
1,899
Russia
105
725
Australia
97
710
Canada
0
0
Others
29,754
211,878
World Total
96,873
456,248
Note: e - source estimates provided by USDA, Data retrived on August 29, 2011. Source: USDA
Imports
Consumption
475
0
572
1,170
130
100
350
27,247
30,044
136,500
93,000
4,018
2,800
725
350
350
215,691
453,434
Demand
Exports
600
3,500
3,113
350
130
450
23,660
31,803
Ending
stocks
43,947
22,300
1,065
876
105
107
0
29,528
97,928
1/26/2012 1:29:06 AM
Rice - BRICS Nations fact sheet (in `000' tonnes)

World
Production
Import
Export
Consumption
Net
Population

(kg)
(kg)
2011-12e
Brazil
Russia
India
China
South Africa
7,900
725
97,000
138,000
0
600
130
0
475
800
600
130
3,500
600
30
8,400
725
93,000
136,500
760
9,645
960
118,800
181,047
837
206.47
137.97
1,208.36
1,341.85
49.83
46.71
6.96
98.31
134.92
16.80
40.68
5.25
76.96
101.72
15.25
2010-11
Brazil
Russia
India
China
South Africa
9,350
690
95,300
137,000
0
400
200
0
540
760
650
120
3,000
502
25
8,400
720
91,000
135,000
740
10,195
945
115,800
178,074
802
203.43
138.74
1,189.17
1,336.72
49.00
50.12
6.81
97.38
133.22
16.37
41.29
5.19
76.52
100.99
15.10
2009-10
Brazil
Russia
India
China
South Africa
7,657
590
89,090
136,570
0
688
240
0
388
786
502
154
1,900
650
23
8,310
670
85,690
134,320
759
9,257
879
108,090
175,504
824
201.10
139.39
1,173.11
1,330.14
49.11
46.03
6.31
92.14
131.94
16.78
41.32
4.81
73.05
100.98
15.46
2008-09
Brazil
Russia
India
China
South Africa
8,570
480
99,180
134,330
0
675
230
0
201
578
569
90
2,090
747
27
0
640
91,090
133,000
703
9,881
779
112,180
172,293
768
198.74
140.04
1,166.08
1,338.61
49.05
49.72
5.56
96.20
128.71
15.66
42.27
4.57
78.12
99.36
14.33
2007-08
Brazil
Russia
India
China
South Africa
8,199
460
96,690
130,224
0
422
237
0
445
1,026
550
21
4,654
1,372
9
8,350
676
90,466
127,450
927
9,536
766
108,120
166,584
1,126
196.34
140.70
1,148.00
1,330.04
48.78
48.57
5.44
94.18
125.25
23.08
42.53
4.80
78.80
95.82
19.00
2006-07
Brazil
Russia
India
China
South Africa
7,695
445
93,350
127,200
0
732
221
0
472
797
242
12
5,740
1,340
15
8,400
689
86,700
127,200
842
9,557
770
103,870
164,455
957
190.01
141.38
1,129.87
1,321.85
44.00
50.30
5.45
91.93
124.41
21.75
44.21
4.87
76.73
96.23
19.14
Note: e - source estimates provided by USDA, Data retrieved on August 29, 2011, Population gures for 2011-12 is arrived at by calculating CAGR from 2004-05 to 2010-11;
Source: USDA, World Bank, IMF, CIA World Fact Book
Rice state-wise area and production

States/ UT
2010
-11
Andhra Pradesh 4,563

Bihar
2,750
Orissa
4,322
Tamil Nadu
1,889
uttar Pradesh
5,671
West bengal
4,760
Maharastra
1,581
Others
18,464
All India
44,000
2009
-10

2008
2007
2006
-09
-08
-07
3,441
3,214
4,365
1,846
5,187
5,630
1,470
16,698
41,850
4,387
3,496
4,455
1,932
6,034
5,936
1,522
17,639
45,400
3,984
3,573
4,452
1,789
5,709
5,720
1,574
17,114
43,914
3,978
3,357
4,450
1,931
5,921
5,687
1,529
16,960
43,814
2001
-02
2010
-11
3,825
8,645
3,552
3,070
4,500
5,661
2,060
5,400
6,071
12,202
6,069 14,882
1,514
3,221
17,313
27,332
44,904 80,412

2009
2008
2007
2006
-10
-09
-08
-07
10,538
3,599
6,918
5,665
10,807
14,341
2,183
35,042
89,093
14,241 13,324
5,590
4,418
6,813
7,541
5,183
5,040
13,097 11,780
18,037 14,720
2,284
2,996
33,937 36,874
99,182 96,693
11,872
4,989
6,825
6,611
11,124
14,746
2,569
34,619
93,355
2001
-02
11,390
5,203
7,148
6,584
12,856
15,257
2,651
32,251
93,340
Note: *-1st Advance estimates released on 23.09.2010.

Source: Dept. of Agriculture, GOI and from various Lok Sabha Unstarred Questions
1/26/2012 1:29:06 AM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Rice - All India sowing progress during kharif/rabi (in lakh ha)
Season
Date
Average a
are in
kharif/rabi
As on
date
Area Sown reported

% of
average
Same
period
last year
Change vis-a vis

prev year
Absolute
Rabi [2010-11]
Rabi [2010-11]
Rabi [2010-11]
Rabi [2010-11]
Rabi [2010-11]
Rabi [2010-11]
Rabi [2010-11]
Rabi [2010-11]
Rabi [2010-11]
Rabi [2010-11]
Rabi [2010-11]
Rabi [2010-11]
Rabi [2010-11]
Rabi [2010-11]
Rabi [2010-11]
4/8/2011
4/1/2011
3/25/2011
3/18/2011
3/11/2011
3/4/2011
2/25/2011
2/18/2011
2/4/2011
1/28/2011
1/21/2011
1/14/2011
12/24/2010
12/10/2010
11/26/2010
42.57
42.57
42.57
42.57
42.57
42.57
42.57
42.57
42.57
42.54
42.54
42.54
42.57
42.57
42.57
44.51
43.98
43.48
42.82
41.61
39.79
35.77
30.53
24.12
19.46
13.40
9.21
2.74
1.87
0.96
104.60
103.30
102.10
100.60
97.70
93.50
84.00
71.70
56.70
45.70
31.50
21.70
6.40
4.40
2.30
44.30
43.93
43.12
42.64
41.74
40.57
36.53
35.08
26.93
21.88
17.57
12.67
4.22
3.03
2.05
0.20
0.00
0.40
0.20
-0.10
-0.80
-0.80
-4.60
-2.80
-2.40
-4.20
-3.50
-1.50
-1.20
-1.10
-2.60
-2.50
-3.00
-1.80
-3.00
-3.20
0.20
-2.70
-0.60
6.30
0.30
-1.00
0.60
-0.10
0.10
Kharif [2010-11]
Kharif [2010-11]
Kharif [2010-11]
Kharif [2010-11]
Kharif [2010-11]
Kharif [2010-11]
Kharif [2010-11]
Kharif [2010-11]
Kharif [2010-11]
Kharif [2010-11]
Kharif [2010-11]
Kharif [2010-11]
Kharif [2010-11]
Kharif [2010-11]
Kharif [2010-11]
10/29/2010
10/22/2010
10/15/2010
10/8/2010
10/1/2010
9/10/2010
9/3/2010
8/20/2010
8/13/2010
8/6/2010
7/30/2010
7/23/2010
7/16/2010
7/9/2010
7/2/2010
395.10
395.10
395.10
395.10
395.10
395.10
395.10
395.10
395.10
395.10
395.10
395.10
395.10
395.10
395.10
358.64
355.12
354.78
352.80
351.17
336.75
318.75
297.53
274.06
244.83
212.32
169.71
124.78
72.30
46.46
90.80
89.90
89.80
89.30
88.90
85.20
80.70
75.30
69.40
62.00
53.70
43.00
31.60
18.30
11.80
335.33
332.87
332.74
331.42
330.30
313.53
298.94
276.84
251.24
225.75
191.93
157.67
122.40
68.67
45.43
23.30
22.30
22.00
21.40
20.90
23.20
19.80
20.70
22.80
19.10
20.40
12.00
2.40
3.60
1.00
-30.40
-31.10
-30.00
-28.70
-30.20
-32.00
-42.70
-27.10
-8.00
-6.30
-19.00
-0.30
1.90
5.30
2.30
Rabi [2009-10]
Rabi [2009-10]
Rabi [2009-10]
Rabi [2009-10]
Rabi [2009-10]
Rabi [2009-10]
Rabi [2009-10]
Rabi [2009-10]
Rabi [2009-10]
Rabi [2009-10]
Rabi [2009-10]
Rabi [2009-10]
Rabi [2009-10]
4/16/2010
4/9/2010
3/26/2010
3/12/2010
3/5/2010
2/26/2010
2/19/2010
2/12/2010
2/5/2010
1/15/2010
1/8/2010
12/18/2009
12/11/2009
39.80
39.80
39.80
39.80
39.80
39.80
39.80
39.80
39.80
39.80
39.80
39.80
39.80
44.42
44.25
4.44
40.29
39.59
36.58
34.92
32.35
22.61
12.60
6.38
3.99
3.36
111.60
111.20
106.60
101.20
99.50
91.90
87.70
81.30
56.80
31.70
16.00
10.00
8.40
47.69
47.55
46.69
44.22
43.23
40.77
36.59
32.52
23.75
10.98
5.23
2.73
2.11
-3.30
-3.30
-4.30
-3.90
-3.60
-4.20
-1.70
-0.20
-1.10
1.60
1.20
1.30
1.30
-6.90
-6.90
-9.10
-8.90
-8.40
-10.30
-4.60
-0.50
-4.80
14.80
22.00
46.20
59.20
Kharif [2009-10]
Kharif [2009-10]
Kharif [2009-10]
Kharif [2009-10]
Kharif [2009-10]
Kharif [2009-10]
Kharif [2009-10]
Kharif [2009-10]
Kharif [2009-10]
10/23/2009
10/16/2009
10/9/2009
10/1/2009
9/11/2009
9/4/2009
8/28/2009
8/21/2009
8/13/2009
391.97
391.97
391.97
391.97
391.97
391.97
391.97
391.97
391.97
328.17
327.40
324.28
322.05
308.72
302.20
289.28
272.83
247.39
83.70
83.50
82.70
82.20
78.80
77.10
73.80
69.60
63.10
389.19
388.26
386.89
381.33
371.07
365.80
358.17
341.44
304.49
-61.00
-60.90
-62.60
-59.30
-62.40
-63.60
-68.90
-68.60
-57.10
-15.70
-15.70
-16.20
-15.50
-16.80
-17.40
-19.20
-20.10
-18.80
Contd...
1/26/2012 1:29:06 AM
Season
Date
Average a
are in
kharif/rabi
As on
date
Area Sown reported

% of
average
Change vis-a vis

prev year
Same
period
last year
Absolute
Kharif [2009-10]
Kharif [2009-10]
Kharif [2009-10]
Kharif [2009-10]
Kharif [2009-10]
Kharif [2009-10]
Kharif [2009-10]
8/7/2009
7/31/2009
7/24/2009
7/17/2009
7/10/2009
6/26/2009
6/19/2009
391.97
391.97
391.97
391.97
391.97
391.97
391.97
228.19
191.30
168.34
114.63
74.28
18.28
8.01
58.20
48.80
42.90
29.20
19.00
4.70
2.00
285.94
256.76
223.12
145.21
106.46
25.20
7.15
-57.80
-65.50
-54.80
-30.60
-32.20
-6.90
0.90
-20.20
-25.50
-24.60
-21.10
-30.20
-27.50
12.00
Rabi [2008-09]
Rabi [2008-09]
Rabi [2008-09]
Rabi [2008-09]
Rabi [2008-09]
Rabi [2008-09]
Rabi [2008-09]
Rabi [2008-09]
Rabi [2008-09]
Rabi [2008-09]
Rabi [2008-09]
Rabi [2008-09]
Rabi [2008-09]
Rabi [2008-09]
Rabi [2008-09]
Rabi [2008-09]
Rabi [2008-09]
Rabi [2008-09]
Rabi [2008-09]
Rabi [2008-09]
4/17/2009
3/27/2009
3/13/2009
2/27/2009
2/20/2009
2/13/2009
2/6/2009
1/30/2009
1/23/2009
1/16/2009
1/9/2009
1/2/2009
12/26/2008
12/19/2008
12/12/2008
12/5/2008
11/28/2008
11/21/2008
11/14/2008
11/7/2008
37.31
37.31
37.31
37.31
37.31
37.31
37.31
37.31
37.31
37.31
37.31
37.31
37.31
37.31
37.31
37.31
37.31
37.31
37.31
37.31
47.34
46.47
44.58
35.62
33.25
29.18
24.74
13.13
13.13
10.23
5.60
3.83
2.17
2.17
1.98
1.48
0.87
0.60
0.15
0.05
126.90
124.50
119.50
95.50
89.10
78.20
66.30
35.20
35.20
27.40
15.00
10.30
5.80
5.80
5.30
4.00
2.30
1.60
0.40
0.10
44.42
43.67
40.39
31.83
30.32
26.83
23.00
12.19
12.19
10.25
6.02
3.45
2.49
2.49
2.15
1.84
1.27
0.88
0.29
0.18
2.90
2.80
4.20
3.80
2.90
2.30
1.70
0.90
0.90
0.00
-0.40
0.40
-0.30
-0.30
-0.20
-0.40
-0.40
-0.30
-0.10
-0.10
6.60
6.40
10.40
11.90
9.70
8.80
7.60
7.70
7.70
-0.20
-7.00
11.00
-12.90
-12.90
-7.90
-19.60
-31.50
-31.80
-48.30
-72.20
Kharif [2008-09]
Kharif [2008-09]
Kharif [2008-09]
Kharif [2008-09]
Kharif [2008-09]
Kharif [2008-09]
Kharif [2008-09]
Kharif [2008-09]
Kharif [2008-09]
Kharif [2008-09]
Kharif [2008-09]
Kharif [2008-09]
Kharif [2008-09]
Kharif [2008-09]
Kharif [2008-09]
10/17/2008
10/10/2008
10/3/2008
9/26/2008
9/19/2008
9/12/2008
9/5/2008
8/29/2008
8/22/2008
8/8/2008
8/1/2008
7/25/2008
7/18/2008
7/11/2008
7/4/2008
391.17
391.17
391.17
391.17
391.17
391.17
391.17
391.17
391.17
391.17
391.17
391.17
391.17
391.17
391.17
384.75
381.54
381.35
379.74
373.51
368.78
361.46
344.76
324.63
251.10
231.32
170.06
148.88
92.38
55.95
98.40
97.50
97.50
97.10
95.50
94.30
92.40
88.10
83.00
64.20
59.10
43.50
38.10
23.60
14.30
373.79
370.87
369.17
367.33
361.81
350.32
345.45
329.52
303.56
234.61
207.57
143.06
121.18
86.90
47.08
11.00
10.70
12.20
12.40
11.70
18.50
16.00
15.20
21.10
16.50
23.80
27.00
27.70
5.50
8.90
2.90
2.90
3.30
3.40
3.20
5.30
4.60
4.60
6.90
7.00
11.40
18.90
22.90
6.30
18.80
Contd...
1/26/2012 1:29:07 AM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Average a
are in
kharif/rabi
As on
date
4/25/2008
4/11/2008
4/4/2008
3/28/2008
3/14/2008
3/7/2008
2/29/2008
2/22/2008
2/15/2008
2/8/2008
2/1/2008
1/25/2008
1/18/2008
1/4/2008
12/28/2007
12/14/2007
12/7/2007
11/30/2007
11/23/2007
11/16/2007
11/2/2007
37.32
37.32
37.32
37.32
37.32
37.32
37.32
37.32
37.32
37.32
37.32
37.32
37.32
37.32
37.32
37.32
37.32
37.32
37.32
37.32
37.32
42.22
43.41
43.17
42.84
40.66
38.87
38.08
34.91
34.10
21.49
19.84
15.84
8.54
4.01
4.01
2.52
1.94
1.47
0.90
0.35
0.18
113.10
116.30
115.70
114.80
109.00
104.20
102.00
93.60
91.40
57.60
53.20
42.40
22.90
10.70
10.70
6.80
5.20
3.90
2.40
0.90
0.50
42.12
41.37
40.70
40.70
39.15
37.47
35.92
33.23
32.41
21.74
20.06
15.98
9.05
3.99
3.99
2.58
1.84
1.53
1.18
0.36
0.06
0.10
2.04
2.47
2.14
1.51
1.40
2.16
1.68
1.69
-0.25
-0.22
-0.14
-0.51
0.02
0.02
-0.06
0.10
-0.10
-0.30
0.00
0.10
0.24
4.90
6.10
5.30
3.90
3.70
6.00
5.10
5.20
-1.10
-1.10
-0.90
-5.60
0.50
0.50
-2.30
5.40
-3.90
-23.70
-2.80
-
Kharif [2007-08]
10/19/2007
Kharif [2007-08]
10/12/2007
Kharif [2007-08]
10/5/2007
Kharif [2007-08]
9/28/2007
Kharif [2007-08]
9/21/2007
Kharif [2007-08]
9/14/2007
Kharif [2007-08]
9/7/2007
Kharif [2007-08]
8/31/2007
Kharif [2007-08]
8/24/2007
Kharif [2007-08]
8/17/2007
Kharif [2007-08]
8/10/2007
Kharif [2007-08]
8/3/2007
Kharif [2007-08]
7/20/2007
Kharif [2007-08]
7/13/2007
Kharif [2007-08]
7/6/2007
Source: Department of Agriculture Cooperation, GOI
381.89
381.89
381.89
381.89
381.89
381.89
381.89
381.89
381.89
381.89
381.89
381.89
381.89
381.89
381.89
372.75
371.73
369.32
365.92
363.15
355.73
346.91
337.00
319.04
278.37
260.77
219.89
116.78
54.40
46.02
97.60
97.30
96.70
95.80
95.10
93.10
90.80
88.20
83.50
72.90
68.30
57.60
30.60
14.20
12.10
371.02
368.89
366.62
364.22
361.65
355.16
345.32
334.18
322.76
281.26
261.74
223.03
115.37
54.96
47.72
1.70
2.80
2.70
1.70
1.50
0.60
1.60
2.80
-3.70
-2.90
-1.00
-3.10
1.40
-0.60
-1.70
0.50
0.80
0.70
0.50
0.40
0.20
0.50
0.80
-1.20
-1.00
-0.40
-1.40
1.20
-1.00
-3.60
Season
Rabi [2007-08]
Rabi [2007-08]
Rabi [2007-08]
Rabi [2007-08]
Rabi [2007-08]
Rabi [2007-08]
Rabi [2007-08]
Rabi [2007-08]
Rabi [2007-08]
Rabi [2007-08]
Rabi [2007-08]
Rabi [2007-08]
Rabi [2007-08]
Rabi [2007-08]
Rabi [2007-08]
Rabi [2007-08]
Rabi [2007-08]
Rabi [2007-08]
Rabi [2007-08]
Rabi [2007-08]
Rabi [2007-08]
Date
Area Sown reported

% of
average
Same
period
last year
Change vis-a vis

prev year
Absolute
1/26/2012 1:29:07 AM
Rice public distribution system: procurement, off-take and stocks (in million tonnes)
Procurement
Year
2010-11
2009-10
2008-09
2007-08
2006-07
Procurement
price paddy
Grade A
(Rs/qtl)
25.35*
32.03
34.10
28.74
25.08
1100.00
1080.00
1000.00
850.00
700.00
Issue Price (Rs/qtl)

APL
BPL
AAY
830.00
830.00
830.00
830.00
830.00
565.00
565.00
565.00
565.00
565.00
300.00
300.00
300.00
300.00
300.00
Offtake
under
TPDS
23.40
22.10
22.50
21.10
Stocks under
PDS
%
22.88
21.60
13.84
13.17
Note: *: Oct-Apr 2010-11; APL - Above Poverty Line; BPL - Below Poverty Line; AAY - Antodaya Anna Yojana; TPDS - Targeted Public Distribution System; PDS - Public Distribution System
Source: Food Corporation of India; Ministry of food and public Distribution Reserve Bank of India, GOI
Rice - Marketing year wise (April - March) procurement in major producing states
(in `000' tonnes)
State
2010-11*
2009-10^
2008-09
2007-08
2006-07
2001-02
8,630
4,140
2,150
1,550
810
7,900
25,180
9,275
7,555
2,901
2,497
1,240
8,566
32,034
8,554
9,058
4,007
2,801
1,744
7,940
34,104
7,981
7,597
2,891
2,357
1,429
6,485
28,740
7,828
5,327
2,549
1,993
644
6,734
25,075
7,282
6,425
1,936
1,253
48
5,184
22,128
Punjab
Andhra Pradesh
Uttar Pradesh
Orissa
West Bengal
Others
All-India
Note: *: Data for Oct to Apr; ^:Position as on 15.11.2010,
Source: Department of Food & Public Distribution, GOI
Rice: Ending Stock & Prices

000 tonnes
25000
Prices
2500
India ES
World ES (in 10X)
India prices
20000
2000
CBOT prices
15000
1500
10000
1000
5000
500
0
2002-03
2003-04
2004-05
2005-06
2006-07
2007-08
2008-09
2009-10
2010-11
Source: Agmarknet, CME & USDA. ES - ending stock, Indian prices Rs/qntl, Int. prices cents/CWT
1/26/2012 1:29:07 AM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Rice state-wise monthly arrivals (in `000' tonnes)

Month
Mar-11
Feb-11
Jan-11
Dec-10
Nov-10
Oct-10
Sep-10
Aug-10
Jul-10
Jun-10
May-10
Apr-10
Mar-10
Feb-10
Jan-10
Dec-09
Nov-09
Oct-09
Sep-09
Aug-09
Jul-09
Jun-09
May-09
Apr-09
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
West Bengal
Andhar Pradesh
Uttar Pradesh
Punjab
Orissa
82.79
70.82
82.02
92.04
75.10
69.08
91.43
95.00
85.83
95.29
85.09
66.60
90.77
87.69
68.46
48.96
46.79
50.63
38.31
42.03
54.44
48.51
73.74
78.08
98.04
65.26
50.87
75.94
55.03
48.93
73.25
62.61
45.60
45.06
44.48
29.45
38.11
38.59
47.29
46.51
53.80
70.05
228.00
256.10
284.38
239.93
212.12
103.07
86.98
55.61
27.05
36.80
57.58
50.45
66.43
99.68
81.05
68.84
50.44
41.89
0.65
0.67
1.18
9.65
6.83
0.62
671.63
1.70
0.86
2.76
0.05
2.47
2.72
3.95
0.42
0.28
0.55
6.00
82.02
0.00
0.17
0.34
0.28
0.21
0.06
0.00
0.00
0.00
0.02
1.33
0.00
0.00
0.00
0.00
0.00
0.07
0.15
0.21
0.26
0.11
0.07
0.23
0.38
0.12
0.32
0.48
0.20
0.18
0.10
0.04
0.14
0.15
1.02
1.44
0.49
0.36
0.26
134.78
146.32
263.95
288.94
237.88
217.59
197.82
210.87
155.76
69.27
71.00
77.47
98.57
84.28
110.41
127.75
141.44
96.59
68.21
60.47
58.61
49.35
49.63
55.94
64.24
67.49
107.60
126.57
116.74
78.60
53.28
47.25
56.34
53.46
62.33
64.70
71.40
97.46
118.26
141.91
192.24
114.81
77.58
126.09
136.88
81.72
86.06
50.08
64.20
68.66
94.80
101.41
84.86
59.94
69.10
73.45
87.20
188.12
197.30
169.21
13.73
52.06
12.26
0.10
0.11
0.01
0.04
0.01
8.88
65.84
19.05
0.34
0.22
0.04
0.01
1.30
14.26
10.64
0.04
1.37
-
14.97
16.17
17.47
197.34
10.58
8.51
11.75
12.24
8.27
9.17
10.84
11.05
13.09
13.61
12.93
11.72
8.90
11.96
13.44
13.40
13.75
13.09
10.81
17.86
34.93
23.02
26.04
18.66
13.43
16.19
38.19
13.68
24.11
13.01
11.06
12.90
30.10
92.83
179.83
175.99
37.40
13.85
17.19
22.80
23.49
19.62
34.45
33.95
38.94
22.62
42.89
23.43
19.25
8.29
12.53
9.59
24.51
19.52
22.45
19.21
1/26/2012 1:29:08 AM

Production
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
100,000
0
China
India
200,000
Indonesia
300,000
Bangladesh
Vietnam
400,000
500,000
Others
Imports
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0
5,000
Philippines
10,000
Nigeria
15,,000
Iran
Indonesia
20,000
Iraq
20,000
30,000
35,000
30,000
35,000
Other
Exports
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0
5,000
Thailand
10,000
Vietnam
15,,000
Pakistan
India
20,000
United States
20,000
Others
Consumption
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
100,000
0
China
India
200,000
Indonesia
300,000
Bangladesh
Vietnam
400,000
500,000
Other
1/26/2012 1:29:08 AM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Rice prices and trading activity
Month
Andhra
Pradesh
Orissa
Rice
Average
(Rs./Quintal)
Rice Average
(Rs./Quintal)
Uttar Pradesh
Rice Average Rice Average
(Rs./Quintal) (Rs./Quintal)
West Bengal
Barddhaman
Birbhum
Koch Bihar Barddhaman
Kalna Rice
Sainthia Rice Dinhata Rice
Kalna Rice
Di
Fine
Fine
Fine
Paddy ne
(Rs./Quintal) (Rs./Quintal) (Rs./Quintal) (Rs./Quintal) (RP
10-Dec
2426.54
1459.79
1453.81
1969.53
1946.18
NA
2015
1248.41
10-Nov
2413.65
1804.74
1549.73
2026.13
1933.33
NA
2021.67
1282.08
10-Oct
2195.03
1972.43
1543.28
2060.86
2027.14
NA
2271
1261
10-Sep
2112.23
1789.89
1540.39
2037.77
1969.75
NA
2221.11
1264.15
10-Aug
2447.47
1723.61
1523.45
2019.63
1914.44
NA
1957.5
1231.33
10-Jul
2437.67
1544.77
1507.38
2025.56
1948.57
NA
2168.33
1225.07
10-Jun
2436.96
1730.21
1471.61
1857.28
1861
NA
2068.89
1144.2
10-May
2442.22
1650.36
1454.89
1826.68
1848.67
1850
2074.44
1122.33
10-Apr
2410.45
1646.18
1442.46
1881.82
1903.33
1845
2059.38
1186.53
10-Mar
2703.94
1585.24
1439.93
1850.94
1940.56
1795
2025.2
1264.89
10-Feb
3155.42
1581.25
1451.52
1828.07
1993.53
1755
1963.89
1285.18
10-Jan
3117.01
1534.84
1451.03
1810.08
1906.88
1750
1931
1187.69
9-Dec
3072
1497.91
1429.08
1681.8
1782.14
1722
1895
1118.79
9-Nov
3142.35
1422.32
1469.89
1598.49
1522
1522.22
1652.22
967.67
9-Oct
2223.51
1405
1453.25
1644.55
1557.06
1518.25
1997.22
944.35
9-Sep
2137.43
1342.16
1419.44
1579.8
1552.5
1475
1945.83
938.92
9-Aug
2350
1313.1
1371.47
1536.8
1498.67
1418.64
1773.75
899.47
9-Jul
NA
1286.16
1368.15
1425.85
1417.86
1362.5
1859.17
884.53
9-Jun
1999
1291.56
1354.7
1438.45
1378.57
1361.67
1831
845
9-May
1976.53
1311.18
1331.23
1374.59
1377
1375
1833.57
823.6
9-Apr
2200
1336.56
1325.12
1389.85
1387
1375
1801.67
814.3
9-Mar
1507.15
1251.42
1290.97
1404.18
1385.62
1375
1744.44
803
9-Feb
1508.95
1318.12
1291.44
1400.34
1407.69
1375
1725
794
9-Jan
1241.56
1296.17
1311.21
1395.03
1398.75
1363.89
1539.29
779.06
8-Dec
2200
1308.68
1327.36
1336.36
1392.29
1295.56
1754.17
764.92
8-Nov
2100
1322.07
1410.64
1371.33
1365
1290.77
1767.5
778
8-Oct
1699.35
1362.91
1451.73
1409.4
1395
1307.5
NA
839.14
8-Sep
1400.05
1499.99
1461.76
1410.27
1399.14
1333.33
1841.88
780.87
8-Aug
NA
1381.88
1460.16
1394.66
1402.76
1336.25
1823.57
885.8
8-Jul
1800
1338.07
1383.81
1404.16
1392.86
1365
1784
728.44
8-Jun
1110
1276.78
1379.28
1362.99
1285.36
1308
1687.5
691.44
8-May
1592.5
1251.91
1352.39
1376.11
1358.33
1318.46
1673.12
762.5
8-Apr
1555
1263.81
1357.21
1441.55
1371.84
1355.71
1672.86
839.32
8-Mar
1110
1223.43
1273.89
1463.2
1390.67
1409.17
1668.75
878.93
8-Feb
1425.48
1213.56
1220.19
1462.7
1398.33
1401.67
1644.5
922.25
8-Jan
1426.68
1189.96
1173.22
1401.06
1407.78
1351.43
1621.92
919.06
7-Dec
1602.74
1073.84
1132.17
1347.49
1366.36
1305
1521.88
885.78
7-Nov
1633.04
1069.47
1070.98
1308.01
1372.14
1271.43
1436.88
886.28
7-Oct
1663.97
1016.44
1213.08
1316.74
1343.57
1285
1579
876.5
7-Sep
1201.72
1043.42
1211.94
1301.82
1340.95
1292
1581.67
863.14
7-Aug
1593.09
1053.26
1215.6
1231.67
1329.47
1210
1500.5
802.69
7-Jul
1449.9
1039.4
1196.52
1186.71
1276.94
1174.55
1402.14
766.5
7-Jun
1484.69
1009.3
1146.97
1168.75
1232.39
1157.78
1373.18
742.54
7-May
1478.21
975.47
1075.91
1241.03
1366.39
NA
1420
NA
7-Apr
1491.94
981.25
1105.5
1258.71
1411.11
1232.5
1455
881.4
7-Mar
1459.1
971.4
1153.1
1247.52
1377.86
1190
1439
857.29
7-Feb
1733.24
985.83
1131.95
1216.49
1340.42
1136.67
1362.67
794.73
7-Jan
1415
1027.16
1104.82
1233.6
1302.35
1087.5
1358
750.25
6-Dec
NA
1039.79
1088.76
1207.38
1243.75
1055
1326.25
750.83
6-Nov
1057.87
1027.21
1113.38
1190.66
1194
1127.5
1351.47
738.83
6-Oct
1050.15
983.97
1112.02
1183.04
1197.5
1129.43
1365.83
736
6-Sep
1195.27
1030.61
1057.7
1153.43
1192.08
1094.44
1363.57
697.08
6-Aug
1372.6
977.3
1061.49
1122.57
1151.38
1060.71
1345.91
683.47
6-Jul
1367.98
967.53
1090.22
1125.72
1114.24
1042.5
1320.91
668
6-Jun
1388
984.91
1071.81
1109.34
1072.05
1047.69
1253.64
654.92
6-May
1383.05
991.49
1084.65
1148.51
1158.64
1062.73
1235.45
695.69
6-Apr
1366.56
992.12
1053.3
1168.76
1152.27
1065
1253.75
698.78
Note: N/A-Not available; ^ Aggregate volume in all contracts during the month; ^^ Cumulative open interest in all contracts at the end of month; Future prices are for near month continuos
1/26/2012 1:29:08 AM
man Koch Bihar

e
Dinhata Rice
e
Paddy ne
al) (Rs./Quintal)
WPI of Rice
(Base Year =
2004-05)
Thailand
Rice 5%
broken FOB
Bangkok ($/
mt)
Rice 25%
broken FOB
Bangkok ($/
mt)
1097.78
171.1
532
479.8
1166.43
170.3
514.5
477.5
1343
168.7
486
457
1367.78
166.6
476.5
448
1327.5
164.4
452.75
412
1311.67
165.9
441.8
395.6
1236.11
164.3
440
392
1263.33
163.5
451.33
396.67
1241.25
163.5
466
408.67
1208.12
163.3
502.2
445.6
1162.22
164.1
535
474.67
1137
164.7
568.8
510.6
1100
164.5
591
515.25
1000.56
162.6
542.75
460.25
1091.25
160.2
493
412.8
1163.57
157.6
518.75
428
1132.5
153.1
526.25
432.75
1057.5
151.4
572
463.5
996.25
151.8
574.5
476
1000.71
151
533
454
1005.83
150.9
549.67
446
1124.38
151.1
588.25
471.5
1030
149.3
590.75
472.75
1117.86
147
580
464
1088.33
146.3
531.8
422
1112.5
146.3
552
440.25
NA
145
609.25
487.5
1121.25
135.7
683.8
651
1165
134.9
693.5
657.5
1070
133.9
731.75
700
1017.5
132.6
757
NA
1018.33
132.7
901.8
NA
1010.71
132.6
907
NA
1035.56
130.9
594
NA
995
128.8
464.75
NA
985.5
127.3
375.6
364.4
882.5
124.8
360.67
347.33
883.75
125.4
342
327.75
956
126.1
329.2
313.4
963.33
120.6
325
306.25
890.56
119.3
327.5
306.5
826.67
117.8
328.8
306.8
771.43
116.6
323.25
300.5
NA
116.2
317.6
295.8
837.5
115.7
316.5
296
817.5
114.5
318.67
299.33
756.11
113.9
315
291.75
765.22
113.3
313
286.6
738.33
111.9
305
280.25
741.25
112
296.25
273.25
810
111.7
301
274.75
840
108.9
309.2
282.8
800.22
107.8
312.67
284.33
769.5
107.3
315.4
286.6
732.5
107
312.5
280.5
716.88
106.4
308
276
748.33
105.6
302.25
271.5
futures contract. Source: World Bank, Agmarknet, CBOT
Vietnam
Rice A.1 Super
FOB Bangkok
($/mt)
413.4
427.75
428.25
412
369
349.8
329.5
329
343
377
405
420.2
403
337
298.4
303.25
305.5
320.25
320.75
322.4
335.67
332
319.5
318.6
287
307
348.25
420.4
468.75
546.5
591
727.4
762.67
537.6
432.75
358
331.67
311.25
293.2
272.25
264.5
260.4
257
255.4
258.5
262.33
257.5
243.8
228.25
220.75
223.5
224.4
220
218.6
216.5
219.4
218.5
Rice 5%
broken FOB
Hanoi ($/mt)
528.29
508.03
477.68
454.96
422.86
355.36
358.22
368.82
371.17
392.57
421.79
485.28
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
Rice CBOT trading activity

Futures
closing price
(US cents per
CWT)
14
13.88
14.43
12.57
11.09
10.56
9.43
11.64
12.36
12.22
13.43
14.2
14.57
15.31
14.36
13.32
13.86
13.77
12.23
12.35
12.9
12.41
12.37
11.77
15.34
13.21
15.05
18.9
18.9
16.58
20.21
19.1
21.48
19.69
18
14.82
13.55
12.87
11.85
11.73
10.85
10.43
10.39
10.21
9.95
10.08
10.22
10.11
10.13
9.98
9.49
9.67
8.49
9.21
9.2
9.12
8.22
Volume (in
lots)^
46527
35869
63797
27028
50454
30201
42003
20088
40618
28025
42590
22279
47972
28406
35917
17685
30889
16453
19058
14646
18200
13786
18971
15255
15970
12744
28356
19696
23016
19045
30675
37426
64043
31703
54928
24946
39885
24666
51487
18939
26610
19925
32362
20389
26256
28699
37463
31570
26007
20839
29524
23944
40275
18704
33268
27598
20314
Open
interest (in
lots)^^
18858
17447
19079
17542
18380
17286
14053
15425
16143
16994
15452
14965
15828
16323
13726
11047
10849
9054
8012
8990
7978
6863
6603
7310
6372
6712
7159
8977
11245
13202
14864
18639
21315
21388
20129
18674
18015
19553
17529
16184
14153
15833
14835
15552
15310
15866
17223
17020
14672
14923
14422
14014
14764
14241
13223
15417
10374
1/26/2012 1:29:09 AM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Wheat fundamentals - World and India (in `000' tonnes)

2011-12e
2010-11
2009-10
2008-09
2007-08
2006-07
2001-02
World
Beginning stocks
Production
Imports
Consumption
Exports
Total Supply
Ending Stocks
Yield (MT/Ha)
1,89,970
6,62,418
1,26,352
6,66,516
1,30,037
9,78,740
1,82,187
2,23,560
2.96
1,98,293
6,48,242
1,27,203
6,55,837
1,27,931
9,73,738
1,89,970
2,22,381
2.92
1,66,539
6,84,251
1,33,577
6,50,228
1,35,846
9,84,367
1,98,293
2,27,312
3.01
1,25,986
6,82,790
1,36,949
6,35,677
1,43,509
9,45,725
1,66,539
2,25,262
3.03
1,31,167
6,12,095
1,13,378
6,13,405
1,17,249
8,56,640
1,25,986
2,18,196
2.81
1,51,043
5,96,253
1,13,919
6,18,231
1,11,817
8,61,215
1,31,167
2,13,045
2.80
2,07,752
5,83,555
1,06,163
5,87,057
1,05,915
8,97,470
2,04,498
2,15,429
2.71
India
Beginning stocks
Production
Imports
Consumption
Exports
Total Supply
Ending Stocks
Yield (MT/Ha)
14,445
84,000
300
84,700
300
98,745
13,745
29,400
2.86
16,120
80,800
300
82,525
250
97,220
14,445
28,360
2.85
13,430
80,680
218
78,150
58
94,328
16,120
27,750
2.91
5,800
78,570
7
70,924
23
84,377
13,430
28,150
2.79
4,500
75,810
1,962
76,423
49
82,272
5,800
28,000
2.71
2,000
69,350
6,721
73,477
94
78,071
4,500
26,400
2.63
21,500
69,680
32
65,125
3,087
91,212
23,000
25,700
2.71
Average Daily volatility of MCX Spot Prices

CBOT price* (Rs./qtl)
Indian Price (Rs. /qtl) Delhi Mkt
MSP (Rs. /qtl)
1180
0.62%
1262.2
1275.4
1120$
1.86%
753.2
1227.2
1100
1005.3
1130.4
1080
1375.3
1040.4
1000
0.98%
707.1
983.0
750$$
515.1
620
Note: e - source estimates provided by USDA, $:- An additional incentive bonus of Rs. 50 per quintal was payable over the Minimum Support Price (MSP). $$:- An additional incentive bonus of Rs. 100 per quintal is payable over the Minimum Support Price (MSP); Market Year (India): April to March; Trading suspended from Feb 28, 2007 till May 21, 2009.
Data retrived on July 27, 2011
Source: USDA, AgmarkNet, Ministry of Agriculture, GOI
Wheat balance sheet 2011-12e - World (in `000' tonnes)

Country
Begining
stocks
Supply
Production
EU-27
11,672
132,124
China
60,105
115,500
India
14,445
84,000
United States
23,427
57,319
Russia
11,429
53,000
Australia
4,157
25,000
Canada
6,196
21,500
Others
58,539
173,975
World Total
189,970
662,418
Note: e - source estimates provided by USDA, Data retrieved on July 27, 2011 Source: USDA
Imports
Consumption
Demand
Exports
7,500
1,000
300
2,722
200
100
400
114,130
126,352
124,000
111,000
84,700
33,925
41,500
8,000
7,300
256,091
666,516
15,000
1,000
300
31,298
12,000
17,000
16,000
37,439
130,037
Ending
stocks
12,296
64,605
13,745
18,245
11,129
4,257
4,796
53,114
182,187
1/26/2012 1:29:09 AM
Wheat - BRICS Nations fact sheet (in `000' tonnes)

Production
Import
Export
Consumption
Net
Population

(kg)
(kg)
2011-12e
Brazil
Russia
India
China
South Africa
4,800
53,000
84,000
115,500
1,700
6,700
200
300
1,000
1,400
500
12,000
300
1,000
200
10,800
41,500
84,700
111,000
2,990
12,317
64,629
98,745
176,605
3,576
206.47
137.97
1,208.36
1,341.85
49.83
59.66
468.41
81.72
131.61
71.77
52.31
300.78
70.09
82.72
60.01
2010-11
Brazil
Russia
India
China
South Africa
5,900
41,508
80,800
115,180
1,465
6,700
100
300
1,000
1,600
2,500
4,000
250
1,000
350
10,800
39,800
82,525
109,500
3,000
14,117
55,229
97,220
170,605
3,826
203.43
138.74
1,189.17
1,336.72
49.00
69.39
398.08
81.75
127.63
78.08
53.09
286.87
69.40
81.92
61.22
2009-10
Brazil
Russia
India
China
South Africa
5,026
61,770
80,680
115,120
1,960
7,126
164
218
1,394
1,396
1,162
18,556
58
892
373
11,000
40,500
78,150
107,000
3,000
13,679
72,677
94,328
162,317
4,134
201.10
139.39
1,173.11
1,330.14
49.11
68.02
521.39
80.47
121.95
84.18
54.70
290.55
66.62
80.44
61.09
2008-09
Brazil
Russia
India
China
South Africa
5,880
63,765
78,570
112,464
2,130
6,403
203
7
481
1,402
400
18,393
23
723
376
10,700
38,900
70,924
105,500
3,000
12,627
68,036
84,377
152,026
4,154
198.74
140.04
1,166.08
1,338.61
49.05
63.54
485.83
72.36
113.49
84.68
53.84
277.78
60.82
78.81
61.16
2007-08
Brazil
Russia
India
China
South Africa
3,825
49,368
75,810
109,298
1,905
6,772
440
1,962
49
1,484
770
12,220
49
2,835
343
10,300
37,650
76,423
106,000
2,860
11,414
53,938
82,272
147,916
3,825
196.34
140.70
1,148.00
1,330.04
48.78
58.13
383.35
71.67
111.13
78.41
52.46
267.59
66.57
79.70
58.63
2006-07
Brazil
Russia
India
China
South Africa
2,234
44,927
69,350
108,466
2,105
7,997
928
6,721
388
866
4
10,790
94
2,783
317
10,300
36,400
73,477
102,000
2,810
11,121
51,320
78,071
143,241
3,563
190.01
141.38
1,129.87
1,321.85
44.00
58.53
363.00
69.10
108.36
80.98
54.21
257.47
65.03
77.16
63.87
Note: e - source estimates provided by USDA, Data retrieved on July 27, 2011, Population gures for 2011-12 is arrived at by calculating CAGR from 2004-05 to 2010-11;
Wheat state-wise area and production

States/ UT
2009-10*
Uttar Pradesh
Punjab
Haryana
Rajasthan
Madhya Pradesh
Bihar
Gujarat
Maharashtra
Others
All India
9668
3522
2492
2394
4276
2193
878
1081
1953
28457

2008-09 2007-08 2006-07
9513
3526
2462
2295
3785
2158
1091
1022
1900
27752
9115
3488
2462
2592
3742
2163
1274
1253
1950
28039
9198
3467
2376
2565
3993
2050
1201
1231
1915
27995
2001-02
2009-10
9256
3420
2300
2288
3704
2126
470
776
2005
26345
27810
15263
10500
6828
7846
4623
2648
1757
3434
80710

2008-09 2007-08
2006-07
28554
15733
10808
7287
6522
4410
2593
1516
3256
80679
25679
15720
10236
7125
6033
4450
3838
2079
3411
78570
25031
14596
10055
7056
7326
3911
3000
1631
3201
75807
2001-02
25498
15499
9437
6389
6001
4391
1145
1077
3329
72766
Note: * : 4th advance estimates released on 19.07.2010.

Source: Dept. of Agriculture, GOI and various lok sabha questions
1/26/2012 1:29:09 AM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Wheat - All India sowing progress during rabi (in lakh ha)
Date
Average area
in rabi
As on date
Area Sown reported

% of average
25-Feb-11
18-Feb-11
4-Feb-11
28-Jan-11
21-Jan-11
14-Jan-11
24-Dec-10
10-Dec-10
26-Nov-10
273.30
273.30
273.30
273.30
273.30
273.30
273.30
273.30
273.30
292.83
292.83
291.80
291.36
290.59
288.43
264.13
207.11
123.89
107.10
107.10
106.80
106.60
106.30
105.50
96.60
75.80
45.30
283.60
283.60
283.24
282.41
281.23
279.12
253.05
212.90
148.20
9.20
9.20
8.60
8.90
9.40
9.30
11.10
-5.80
-24.30
3.20
3.20
3.00
3.20
3.30
3.30
4.40
-2.70
-16.40
9-Apr-10
26-Mar-10
12-Mar-10
5-Mar-10
26-Feb-10
12-Feb-10
5-Feb-10
15-Jan-10
8-Jan-10
8-Jan-10
18-Dec-09
11-Dec-09
270.99
270.99
270.99
270.99
270.99
270.99
270.99
270.99
270.99
265.30
270.99
270.99
286.84
278.17
278.16
278.17
278.17
277.81
277.58
274.91
268.50
269.70
231.32
217.28
105.80
102.60
102.60
102.60
102.60
102.50
102.40
101.40
99.10
101.70
85.40
80.20
278.77
275.89
275.89
275.89
275.89
275.89
275.87
274.82
272.54
265.76
226.01
216.02
8.10
2.30
2.30
2.30
2.30
1.90
1.70
0.10
-4.00
3.90
5.30
1.30
2.90
0.80
0.80
0.80
0.80
0.70
0.60
0.00
-1.50
1.50
2.30
0.60
20-Feb-09
13-Feb-09
6-Feb-09
30-Jan-09
23-Jan-09
16-Jan-09
9-Jan-09
2-Jan-09
26-Dec-08
19-Dec-08
12-Dec-08
5-Dec-08
28-Nov-08
21-Nov-08
14-Nov-08
7-Nov-08
265.30
265.30
265.30
265.30
265.30
265.30
265.30
265.30
265.30
265.30
265.30
265.30
265.30
265.30
265.30
265.30
277.98
277.20
275.61
275.61
275.50
274.05
269.70
262.66
250.43
229.58
213.60
173.70
118.03
83.78
26.90
22.67
104.80
104.50
103.90
103.90
103.80
103.30
101.70
99.00
94.40
86.50
80.50
65.50
44.50
31.60
10.10
8.50
280.73
279.79
273.90
273.90
273.63
272.44
265.76
262.14
244.34
229.79
204.70
154.27
114.20
84.99
21.92
21.01
-2.80
-2.60
1.70
1.70
1.90
1.60
3.90
0.50
6.10
-0.20
8.90
19.40
3.90
-1.20
5.00
1.70
-1.00
-0.90
0.60
0.60
0.70
0.60
1.50
0.20
2.50
-0.10
4.30
12.60
3.40
-1.40
22.70
7.90
277.31
275.67
274.92
266.16
249.40
174.82
145.59
105.80
105.20
104.90
101.60
95.20
66.70
55.60
282.14
280.63
280.63
274.65
26.10
213.74
180.17
-4.83
-4.96
-5.71
-8.49
-1.97
-38.90
-34.60
-1.70
-1.80
-2.00
-3.10
-5.30
-18.20
-19.20
15-Feb-08
262.00
1-Feb-08
262.00
25-Jan-08
262.00
4-Jan-08
262.00
28-Dec-07
262.00
7-Dec-07
262.00
16-Nov-07
262.00
Same period
last year

Absolute
%
1/26/2012 1:29:10 AM
Wheat public distribution system: procurement, off-take and stocks (in million tonnes)
Year
Procurement
Procurement
price (Rs/qtl)
APL
Issue Price (Rs/qtl)

BPL
AAY
Offtake
under TPDS
Stocks
22.53
25.38
22.68
11.13
9.19
1120
1100
1080
1000
750
610
610
610
610
610
415
415
415
415
415
200
200
200
200
200
14.26*
18.99
12.53
10.83
10.25
32.05
16.13
13.43
5.8
4.7
2010-11
2009-10
2008-09
2007-08
2006-07
Note: *: Upto Feb' 2011; APL - Above Poverty Line; BPL - Below Poverty Line; AAY - Antodaya Anna Yojana; TPDS - Targeted Public Distribution System
Source: Food Corporation of India; Ministry of food and public Distribution, GOI
Wheat - Marketing year wise (April - March) procurement in major producing states (in `000' tonnes)
State
2010-11
2009-10
2008-09
2007-08
2006-07
2001-02
9,676
6,115
598
359
59
5,723
22,530
10,725
6,924
3,882
1,152
145
2,554
25,382
9,937
5,231
2,887
932
830
2,863
22,680
6,781
3,350
546
383
20
48
11,128
6,946
2,229
49
20
Neg
0
9,190
10,560
6,407
2,446
676
0
541
20,630
Punjab
Haryana
Uttar Pradesh
Rajasthan
Uttaranchal
Others
All-India
Note: Figures may not tally due to rounding
Source: Department of Food & Public Distribution, GOI
Wheat: Ending Stock & Prices

in 000 tonnes
Prices
25000
India ES
World ES (In 10X )
India prices
CBOT Prices
1500
20000
1200
15000
900
10000
600
5000
300
0
2002-03
2003-04
2004-05
2005-06
2006-07
2007-08
2008-09
2009-10
2010-11
Source:Agmarknet, & USDA. ES - ending stock, Indian prices Rs/qntl, Int. prices cents/bu
1/26/2012 1:29:10 AM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Wheat state-wise monthly arrivals (in `000' tonnes)

Month
Rajasthan
Apr-11
714.4
Mar-11
65.6
Feb-11
31.3
Jan-11
33.6
Dec-10
46.4
Nov-10
44.9
Oct-10
80.9
Sep-10
88.3
Aug-10
68.0
Jul-10
77.4
Jun-10
142.7
May-10
369.4
Apr-10
904.9
Mar-10
82.8
Feb-10
17.7
Jan-10
18.2
Dec-09
24.4
Nov-09
36.0
Oct-09
48.4
Sep-09
46.0
Aug-09
55.5
Jul-09
52.7
Jun-09
102.0
May-09
415.5
Apr-09
702.7
Mar-09
46.3
Feb-09
26.7
Jan-09
35.8
Dec-08
56.6
Nov-08
41.9
Oct-08
53.7
Sep-08
64.2
Aug-08
59.7
Jul-08
87.6
Jun-08
150.1
May-08
710.9
Apr-08
640.0
Mar-08
52.3
Feb-08
41.3
Jan-08
46.5
Dec-07
34.0
Nov-07
32.2
Oct-07
42.2
Sep-07
42.4
Aug-07
40.6
Jul-07
45.7
Jun-07
74.9
May-07
303.8
Apr-07
297.3
Mar-07
73.7
Feb-07
10.5
Jan-07
14.4
Dec-06
13.3
Nov-06
22.0
Oct-06
16.9
Sep-06
38.1
Aug-06
23.8
Jul-06
20.0
Jun-06
42.9
May-06
413.0
Apr-06
350.4
Madhya
Pradesh
Gujarat
1335.4
554.6
189.7
198.4
289.1
233.1
192.1
179.1
147.7
145.8
259.1
667.0
1602.0
843.1
229.2
122.3
156.8
179.0
187.2
220.0
132.0
88.6
119.5
441.8
928.0
120.1
73.1
90.9
81.0
72.5
66.2
54.2
81.2
103.0
101.7
232.4
218.0
72.1
79.5
67.5
65.0
40.8
50.6
63.7
75.8
83.1
117.9
238.1
302.8
215.3
84.4
69.9
59.0
77.8
62.1
108.1
96.9
88.7
160.0
319.3
455.9
445.5
176.1
39.8
52.2
71.1
56.3
62.1
44.8
51.8
42.3
102.8
129.3
401.8
192.4
77.3
36.4
62.2
82.7
50.4
62.9
50.5
54.9
81.0
141.9
269.8
196.3
78.7
64.5
74.7
88.4
64.3
87.4
52.9
76.1
153.1
387.6
343.2
86.2
36.0
37.7
37.1
34.6
37.5
38.7
45.2
40.4
46.1
87.4
192.8
155.4
101.2
37.2
37.5
73.8
50.1
59.9
28.8
27.3
26.6
89.5
300.6
Uttar
Pradesh
571.7
229.6
173.6
310.2
286.8
245.2
310.5
340.8
334.8
319.7
391.8
769.3
857.0
145.2
130.3
126.0
156.5
156.1
164.6
178.2
192.9
237.3
327.5
482.9
446.9
130.2
113.1
340.5
126.5
123.7
125.4
150.8
115.9
188.8
367.3
795.1
381.2
119.0
119.6
126.5
113.5
111.0
122.2
136.5
155.6
106.3
196.0
400.6
265.3
106.0
90.2
111.5
91.0
105.6
452.5
133.3
1164.3
135.1
733.1
690.5
449.4
Punjab
5432.7
71.6
67.5
0.6
202.9
73.7
276.0
1286.8
1631.9
1755.2
1818.2
2766.0
8855.9
1.9
0.4
0.2
177.2
682.8
166.8
5.9
2.9
0.6
243.1
3300.6
8603.0
1.8
1.8
615.0
1.0
1.4
30.8
3.3
15.2
10.0
13.7
481.5
4341.4
1.0
1.6
1.5
1.5
1.5
5.4
5.7
8.3
5.2
49.5
599.1
2911.0
4.1
0.5
1.0
1.0
1.4
30.8
3.3
15.2
10.0
13.7
481.5
4341.4
Haryana
5013.6
1.3
1.6
3.2
5.0
2.3
2.7
1.0
1.4
2.6
3.1
307.4
8245.6
1.6
0.5
1.3
0.5
0.6
2.3
1.9
1.6
57.7
117.0
1193.2
364.8
0.1
2.2
0.4
0.6
17.8
6.7
1.2
6.2
1.1
11.1
4702.7
899.0
1.0
0.4
3.0
1.1
0.7
2.1
1.9
2.3
1.3
16.1
542.9
2266.1
1.6
0.5
1.3
0.3
1.8
2.8
2.2
2.6
3.9
15.3
129.6
2003.5
Bihar
0.0
0.1
0.1
1.0
4.3
13.0
2.6
0.2
0.2
0.5
0.5
0.5
0.1
0.1
0.6
0.5
0.3
0.1
4.0
3.9
3.8
0.5
0.1
0.7
2.9
4.2
4.8
4.6
8.4
1/26/2012 1:29:10 AM

Production
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
100,000
EU-27
200,000
China
300,000
India
400,000
United States
500,000
Russia
600,000
700,000
Others
Imports
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0
50,000
Egypt
Brazil
Indonesia
100,000
Japan
Algeria
150,000
Other
Exports
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0
50,000
United States
EU-27
Canada
100,000
Australia
Argentina
150,000
Other
Consumption
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0
200,000
EU-27
China
400,000
India
Russia
600,000
United States
800,000
Other
1/26/2012 1:29:11 AM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Wheat prices and trading activity

Month
Open
High
MCX Futures prices (Rs/qtl)

Low
Close
Volume in
lots^
Open
interest
in lots^^
MCX Spot prices - Delhi (Rs/qtl)

Monthly
Month's
Month's
average
high
low
Dec-10
1,321
1,334
1,305
1,332
0
0
1,322
1,334
1,305
Nov-10
1,278
1,342
1,271
1,322
0
0
1,306
1,342
1,272
Oct-10
1,266
1,301
1,266
1,281
0
0
1,285
1,301
1,266
Sep-10
1,243
1,268
1,234
1,261
0
0
1,255
1,268
1,234
Aug-10
1,251
1,256
1,245
1,245
6
0
1,252
1,256
1,245
Jul-10
1,249
1,260
1,243
1,246
28
3
1,253
1,260
1,243
Jun-10
1,252
1,286
1,235
1,235
48
9
1,271
1,286
1,235
May-10
1,166
1,254
1,158
1,254
182
12
1,196
1,254
1,158
Apr-10
1,167
1,188
1,138
1,175
357
77
1,158
1,187
1,138
Mar-10
1,325
1,325
1,183
1,183
1,629
85
1,254
1,356
1,183
Feb-10
1,402
1,419
1,356
1,356
754
140
1,390
1,419
1,356
Jan-10
1,421
1,488
1,390
1,395
1,672
98
1,433
1,488
1,390
Dec-09
1,421
1,480
1,402
1,416
2,920
214
1,439
1,480
1,402
Nov-09
1,443
1,456
1,393
1,421
6,951
426
1,423
1,456
1,395
Oct-09
1,218
1,435
1,215
1,435
14,111
683
1,304
1,435
1,216
Sep-09
1,150
1,228
1,149
1,215
9,703
265
1,206
1,228
1,151
Aug-09
1,097
1,161
1,090
1,149
12,157
601
1,137
1,161
1,090
Jul-09
1,058
1,111
1,052
1,092
15,758
496
1,086
1,111
1,052
Jun-09
1,060
1,060
1,045
1,056
13,198
1,011
1,053
1,060
1,045
May-09
1,105
1,114
1,057
1,071
N/T
N/T
N/T
N/T
N/T
Apr-09
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
Mar-09
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
Feb-09
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
Jan-09
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
Dec-08
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
Nov-08
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
Oct-08
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
Sep-08
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
Aug-08
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
Jul-08
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
Jun-08
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
May-08
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
Apr-08
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
Mar-08
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
Feb-08
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
Jan-08
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
Dec-07
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
Nov-07
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
Oct-07
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
Sep-07
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
Aug-07
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
Jul-07
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
Jun-07
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
May-07
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
Apr-07
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
Mar-07
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
Feb-07
1,040
1,101
1,038
1,039
329
1,068
1,098
1,039
Jan-07
1,099
1,101
1,011
1,023
8
1,080
1,101
1,014
Dec-06
1,113
1,135
1,075
1,083
104
1,107
1,135
1,075
Nov-06
1,105
1,164
1,105
1,130
2
4
1,133
1,164
1,107
Oct-06
1,003
1,109
1,002
1,105
303
9
1,040
1,109
1,002
Sep-06
991
1,009
981
997
194
56
998
1,009
981
Aug-06
895
1,008
885
992
1,278
199
949
1,008
885
Jul-06
861
893
861
893
2,507
1,026
873
893
861
Jun-06
856
869
839
862
5,406
1,520
860
869
839
May-06
823
873
823
860
12,670
1,835
853
873
823
Apr-06
813
849
755
824
18,778
1,990
796
848
755
Note: Trading suspended from Feb 28, 2007 till May 21, 2009; N/T-Not traded, N/A-Not available; WPI - Wholesale Price Index; Âggregate volume in all contracts during the month;
Source: Agmarknet, Ministry of Commerce and Industry; Exchanges' websites
1/26/2012 1:29:11 AM
Major markets spot prices (Rs/qtl)

s
Delhi
Khanna
Karnal
Shahjahanpur
WPI of
Whea
Wheat CBOT trading activity

Futures
closing price
(US cents per
bushel)
1,304
1,343
1,375
1,309
173
794
1,282
1,359
1,353
1,278
173
650
1,266
1,330
1,351
1,283
168
717
1,233
1,325
1,359
1,240
172
674
1,233
1,325
1,366
1,233
173
653
1,231
1,318
1,348
1,233
168
662
1,243
1,255
1,251
1,242
169
465
1,163
1,232
1,212
1,179
168
458
1,117
1,229
1,220
1,096
169
492
1,234
1,272
1,317
1,259
173
451
1,365
1,432
1,385
1,410
179
507
1,396
1,486
1,396
1,416
182
474
1,415
1,433
1,395
1,389
181
542
1,401
1,463
1,390
1,369
174
568
1,269
1,289
1,196
1,256
163
494
1,183
1,193
1,133
1,183
159
458
1,134
1,182
1,130
1,152
157
471
1,083
N/A
1,139
1,083
158
528
1,054
1,202
1,152
1,052
158
511
1,088
1,204
1,182
1,066
158
637
1,105
1,199
1,180
1,037
156
524
1,183
1,163
1,123
1,168
151
533
1,212
1,174
1,125
1,226
152
511
1,186
1,150
1,118
1,178
151
568
1,169
1,148
1,106
1,141
147
611
1,150
1,129
1,100
1,108
146
543
1,119
1,115
1,070
1,084
145
536
1,080
1,101
1,057
1,072
147
680
1,081
1,113
1,085
1,083
147
779
1,086
1,123
1,114
1,107
147
784
1,100
1,121
1,124
1,101
146
844
1,104
1,120
1,124
1,093
146
762
1,101
1,118
1,112
1,112
147
787
1,133
1,114
1,101
1,108
140
929
1,125
1,089
1,082
1,100
139
1,073
1,108
1,073
1,062
1,106
138
930
1,058
1,042
1,038
1,034
137
885
1,070
1,046
1,047
1,040
138
867
1,058
1,058
1,025
1,054
136
808
1,020
1,029
991
1,047
133
939
1,025
1,040
1,006
1,072
133
767
1,030
1,066
1,013
1,091
132
630
959
992
950
1,004
128
582
934
955
957
967
129
517
966
985
971
971
130
486
1,042
1,044
1,007
1,065
129
438
1,070
1,068
1,023
1,086
135
475
1,085
1,077
1,036
1,081
136
468
1,113
1,063
1,061
1,099
137
501
1,136
1,115
1,105
1,125
135
502
1,040
1,037
1,009
1,064
127
483
999
991
969
1,030
126
443
949
924
925
973
119
404
871
818
841
890
116
398
860
826
848
889
116
372
850
833
852
877
114
394
792
783
778
835
112
346
^^Cumulative open interest in all contracts at the end of month; Future prices are for near month continuos futures contract.
Volume
(in lots)^
Open
interest
in lots^^
1,402,949
2,355,425
1,527,845
1,501,613
3,386,788
2,394,908
2,547,457
1,392,393
2,024,980
1,289,960
1,936,477
1,297,988
904,437
1,952,629
1,451,439
1,040,296
1,926,485
1,295,811
2,351,042
1,296,532
1,736,079
1,213,933
1,505,806
986,983
939,081
1,644,604
1,139,035
1,228,113
2,093,613
1,314,165
2,185,659
1,121,566
1,558,648
1,398,683
2,527,668
1,861,299
1,281,761
2,109,675
1,648,353
1,320,262
2,111,348
1,498,320
2,310,189
1,170,475
2,082,527
1,147,973
1,505,977
1,260,310
761,291
1,613,732
1,938,085
1,365,891
1,657,109
1,056,984
1,617,060
1,511,472
1,305,630
491,535
459,421
531,320
500,360
469,222
508,193
456,953
500,807
447,458
450,357
417,588
414,891
362,341
350,706
339,083
333,314
308,686
324,441
312,850
333,757
288,755
313,891
281,066
285,967
250,604
255,933
280,125
287,361
305,592
335,565
341,562
362,356
362,265
387,432
400,399
448,651
426,936
406,861
424,380
395,231
369,951
437,376
392,849
378,103
367,462
408,591
417,970
460,924
446,611
420,656
456,287
494,862
446,462
409,236
454,904
546,729
380,052
1/26/2012 1:29:11 AM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Maize fundamentals - World and India (in `000' tonnes)

2011-12e
2010-11
2009-10
2008-09
2007-08
2006-07
2001-02
Beginning stocks
Production
Imports
Consumption
Exports
Net Availability
Ending Stocks
Area (1000 HA)
Yield (MT/HA)
120,880
872,393
91,663
874,355
94,917
1,084,936
115,664
167,017
5.22
143,629
820,022
91,267
843,881
90,157
1,054,918
120,880
162,723
5.04
147,243
812,976
90,285
809,898
96,977
1,050,504
143,629
157,714
5.15
131,481
799,334
82,925
782,020
84,477
1,013,740
147,243
158,800
5.03
110,222
794,857
98,475
773,431
98,642
1,003,554
131,481
161,163
4.93
124,860
714,031
90,635
725,237
94,067
929,526
110,222
149,945
4.76
175,080
601,394
71,578
622,045
74,666
848,052
151,341
137,697
4.37
India
Beginning stocks
Production
Imports
Consumption
Exports
Net Availability
Ending Stocks
Area (1000 Ha)
Yield (MT/Ha)
511
21,000
10
18,700
2,200
21,521
621
8,600
2.44
391
20,500
20
18,000
2,400
20,911
511
8,550
2.4
686
16,720
24
15,100
1,939
17,430
391
8,330
2.01
551
19,730
13
17,000
2,608
20,294
686
8,170
2.41
260
18,960
4
14,200
4,473
19,224
551
8,260
2.3
264
15,100
4
13,900
1,208
15,368
260
7,800
1.94
726
13,510
1
13,050
25
14,237
1,162
6,870
1.97
0.87%
0.75%
1.49%
0.62%
1.50%
980
1,227.91
1,030.83
880
617.98
933.53
840
816.38
810.24
840
901.27
778.48
620
649.11
746.36
540
388.57
520.63
485
79.4
58
57.4
27.5
World

MCX spot prices
CBOT price (Rs./qtl)
Indian Price (Rs. /qtl)
MSP (Rs/qtl)
Note: e - source estimates provided by USDA, Data Retrieved on July 28, 2011; Market Year (India): November to October
Source: USDA; Ministry of Agriculture, Govt. of India; Agmarknet; CBOT
Maize balance sheet 2011-12e - World (in `000' tonnes)

Country
Begining stocks
Argentina
Brazil
China
EU
India
Mexico
US
Others
World Total
Supply
Production
Imports
Consumption
Demand
Exports
Ending stocks
26,000
55,000
178,000
59,288
21,000
24,000
342,154
166,951
872,393
10
1,000
2,000
5,000
10
9,200
508
73,935
91,663
18,000
8,000
200
1,000
2,200
100
48,262
17,155
94,917
7,500
50,500
182,500
64,200
18,700
32,100
294,654
224,201
874,355
1,512
6,189
51,014
3,997
621
2,489
22,090
27,752
115,664
1,002
8,689
53,714
4,909
511
1,489
22,344
28,222
120,880
Note: e - source estimates provided by USDA, Data Retrieved on July 28, 2011
Source: USDA
Maize state-wise estimates of area and production (kharif and rabi)

States/ UT
2009-10
Andhra Pradesh
863
Bihar
644
Gujarat
511
Himachal Pradesh
269
Jammu & Kashmir
314
Jharkhand
159
Karnataka
1,200
Madhya Pradesh
811
Maharashtra
754
Punjab
132
Rajasthan
1,096
Tamil Nadu
N/A
Uttar Pradesh
710
Others
814
All India
8,277

2008-09 2007-08 2006-07
852
641
499
298
316
216
1,069
841
655
151
1,053
287
799
498
8,174
786
640
424
300
302
237
1,113
880
672
153
1,051
224
838
497
8,117
725
642
520
299
324
241
961
861
580
154
1,028
198
872
489
7,894
2001-02
2009-10
428
594
444
301
327
140
580
854
326
165
1,017
73
931
402
6,582
3,558
1,863
493
332
532
206
3,176
897
1,478
451
1,146
1,218
1,021
934
17,304

2008-09 2007-08
2006-07
4,152
1,714
739
677
633
304
3,029
1,144
1,560
514
1,828
1,258
1,198
981
19,731
3,621
1,455
583
863
475
358
3,254
1,133
1,790
521
1,955
811
1,209
928
18,955
2,462
1,715
363
695
487
296
2,719
840
1,150
481
1,116
759
1,164
849
15,097
2001-02
1,457
1,488
885
768
538
209
1,452
1,681
587
449
1,481
118
1,516
532
13,160
1/26/2012 1:29:12 AM
Maize - BRICS Nations fact sheet (in `000' tonnes)

World
Production
Import
Export
Consumption
Net
Population

(kg)
(kg)
2011-12e
Brazil
Russia
India
China
South Africa
55,000
5,500
21,000
178,000
12,500
1,000
50
10
2,000
25
8,000
300
2,200
200
2,000
50,500
5,000
18,700
182,500
10,800
64,689
5,622
21,521
233,714
17,119
206.47
137.97
1,208.36
1,341.85
49.83
313.31
40.75
17.81
174.17
343.57
244.59
36.24
15.48
136.01
216.75
2010-11
Brazil
Russia
India
China
South Africa
55,000
3,075
20,500
173,000
12,000
1,000
200
20
1,500
25
8,500
25
2,400
100
2,000
48,800
3,300
18,000
172,000
10,600
65,989
3,397
20,911
225,814
17,194
203.43
138.74
1,189.17
1,336.72
49.00
324.38
24.48
17.58
168.93
350.87
239.89
23.79
15.14
128.67
216.31
2009-10
Brazil
Russia
India
China
South Africa
56,100
3,963
16,720
158,000
13,420
404
32
24
1,296
0
11,599
427
1,939
151
2,064
47,000
3,700
15,100
159,000
10,300
68,588
4,249
17,430
210,465
17,533
201.10
139.39
1,173.11
1,330.14
49.11
341.06
30.48
14.86
158.23
357.02
233.71
26.54
12.87
119.54
209.74
2008-09
Brazil
Russia
India
China
South Africa
51,000
6,682
19,730
165,900
12,567
1,141
51
13
47
27
7,136
1,331
2,608
172
1,671
45,500
5,200
17,000
153,000
9,900
64,720
6,785
20,294
204,341
15,684
198.74
140.04
1,166.08
1,338.61
49.05
325.65
48.45
17.40
152.65
319.74
228.94
37.13
14.58
114.30
201.82
2007-08
Brazil
Russia
India
China
South Africa
58,600
3,798
18,960
152,300
13,164
678
341
4
41
27
7,791
49
4,473
549
2,162
42,500
4,100
14,200
150,000
9,600
62,870
4,201
19,224
188,943
14,852
196.34
140.70
1,148.00
1,330.04
48.78
320.21
29.86
16.75
142.06
304.45
216.46
29.14
12.37
112.78
196.79
2006-07
Brazil
Russia
India
China
South Africa
51,000
3,510
15,100
151,600
7,300
1,413
108
4
16
1,121
10,836
77
1,208
5,269
468
41,000
3,600
13,900
145,000
8,600
55,428
3,739
15,368
186,871
10,729
190.01
141.38
1,129.87
1,321.85
44.00
291.71
26.45
13.60
141.37
243.85
215.78
25.46
12.30
109.69
195.46
Note: e - source estimates provided by USDA, Data retrived on July 28, 2011, Population gures for 2011-12 is arrived at by calculating CAGR from
2004-05 to 2010-11;
Castor:
Seeds
Prodn.,
OilStock
Exports
& Prices
Maize
(Corn):
Ending
& Prices
000 tones
Prices
800
1200
India ES
World ES (in 000s)
Int. prices
600
900
India prices
400
600
200
300
0
2002-03
2003-04
2004-05
2005-06
2006-07
2007-08
2008-09
2009-10
2010-11
Source: Agmarknet, & USDA. ES - ending stock, Indian prices Rs/Qntl, Int. prices cents/bu
1/26/2012 1:29:12 AM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Maize - All India sowing progress during kharif/rabi (in lakh ha)
Season
Rabi (2010-11)
Rabi (2010-11)
Rabi (2010-11)
Rabi (2010-11)
Rabi (2010-11)
Rabi (2010-11)
Rabi (2010-11)
Rabi (2010-11)
Rabi (2010-11)
Rabi (2010-11)
Rabi (2010-11)
Date
Average
area in
kharif/rabi
As on
date
Area Sown reported

% of
average
Same
period
Change vis-a vis

prev year
Absolute
%
3/11/2011
3/4/2011
2/25/2011
2/18/2011
2/4/2011
1/28/2011
1/21/2011
1/7/2011
12/24/2010
12/10/2010
11/26/2010
9.76
9.76
9.76
9.76
9.76
9.76
9.76
9.76
9.76
9.76
9.76
12.32
11.98
11.98
11.25
11.25
10.92
10.34
10.34
9.17
6.69
3.23
126.3
122.8
122.8
115.3
115.3
111.9
106
106
94
68.6
33.1
12.25
12.24
12.24
11.74
11.74
11.05
10.8
10.8
9.21
7.85
4.3
0.1
-0.3
-0.3
-0.5
-0.5
-0.1
-0.5
-0.5
0
-1.2
-1.1
0.6
-2.1
-2.1
-4.3
-4.3
-0.9
-4.6
-4.6
0.0
-15.3
-25.6
Kharif (2010-11)
Kharif (2010-11)
Kharif (2010-11)
Kharif (2010-11)
Kharif (2010-11)
Kharif (2010-11)
Kharif (2010-11)
Kharif (2010-11)
Kharif (2010-11)
Kharif (2010-11)
Kharif (2010-11)
10/1/2010
9/10/2010
9/3/2010
8/20/2010
8/13/2010
8/6/2010
7/30/2010
7/23/2010
7/16/2010
7/9/2010
7/2/2010
68.65
68.65
68.65
68.65
68.65
68.65
68.65
68.65
68.65
68.65
68.65
75.84
74.39
73.9
71.7
70.58
67.97
63.91
55.49
42.92
27.97
12.7
110.5
108.4
107.6
104.4
102.8
99
93.1
80.8
62.5
40.7
18.5
70.97
70.47
69.87
68.8
67.58
65.05
62.93
56.93
44.96
30.04
16.58
4.9
3.9
4.0
2.9
3.0
2.9
1.0
-1.4
-2.0
-2.1
-3.9
6.9
5.6
5.8
4.2
4.4
4.5
1.6
-2.5
-4.5
-6.9
-23.4
Rabi (2009-10)
Rabi (2009-10)
Rabi (2009-10)
Rabi (2009-10)
Rabi (2009-10)
Rabi (2009-10)
Rabi (2009-10)
Rabi (2009-10)
Rabi (2009-10)
Rabi (2009-10)
Rabi (2009-10)
4/9/2010
3/26/2010
3/12/2010
3/5/2010
2/12/2010
2/5/2010
1/15/2010
1/8/2010
1/8/2010
12/18/2009
12/11/2009
8.7
8.7
8.7
8.7
8.7
8.7
8.7
8.7
8.15
8.7
8.7
11.77
11.61
11.61
11.61
11.17
10.17
9.94
9.46
9.22
8.11
7.3
135.3
133.4
133.4
133.4
128.4
116.9
114.3
108.7
113.2
93.2
83.9
11.87
11.74
11.74
11.75
11.39
10.35
9.8
8.98
8.83
7.97
7.06
-0.1
-0.1
-0.1
-0.1
-0.2
-0.2
0.1
0.5
0.4
0.1
0.2
-0.8
-1.1
-1.1
-1.2
-0.5
-1.7
0
5.3
4.4
1.8
3.4
Kharif (2009-10)
Kharif (2009-10)
Kharif (2009-10)
Kharif (2009-10)
Kharif (2009-10)
Kharif (2009-10)
Kharif (2009-10)
Kharif (2009-10)
Kharif (2009-10)
Kharif (2009-10)
Kharif (2009-10)
Kharif (2009-10)
Kharif (2009-10)
Kharif (2009-10)
Kharif (2009-10)
Kharif (2009-10)
10/23/2009
10/17/2009
10/16/2009
10/9/2009
10/1/2009
9/11/2009
9/4/2009
8/28/2009
8/13/2009
7/31/2009
7/24/2009
7/17/2009
7/10/2009
6/26/2009
6/21/2009
6/19/2009
68.04
68.04
68.04
68.04
68.04
68.04
68.04
68.04
68.04
68.04
68.04
68.04
68.04
68.04
68.04
68.04
71.13
71.47
71.13
71.08
70.97
70.39
69.87
69.47
67.55
62.92
55.22
46.18
33.72
8.29
68.8
1.05
104.5
112.2
104.5
104.5
104.3
103.4
102.7
102.1
99.3
92.5
81.2
67.9
49.6
12.2
101.1
1.5
70.53
74.03
70.53
70.53
70.43
69.35
68.09
68.44
65.87
59.23
53.8
47.41
39.85
8.25
67.11
0.57
0.6
-2
0.6
0.5
0.5
1
1.8
1
1.7
3.7
1.4
-1.2
-6.1
0
1.7
0.5
0.9
-3.5
0.9
0.8
0.8
1.5
2.6
1.5
2.6
6.2
2.6
-2.6
-15.4
0.5
2.5
84.2
Contd...
1/26/2012 1:29:13 AM
Maize - All India sowing progress during kharif/rabi (in lakh ha)
Season
Rabi (2008-09)
Rabi (2008-09)
Rabi (2008-09)
Rabi (2008-09)
Rabi (2008-09)
Rabi (2008-09)
Rabi (2008-09)
Rabi (2008-09)
Rabi (2008-09)
Rabi (2008-09)
Rabi (2008-09)
Rabi (2008-09)
Rabi (2008-09)
Rabi (2008-09)
Rabi (2008-09)
Date
Average
area in
kharif/rabi
As on
date
Area Sown reported

% of
average
Same
period
Change vis-a vis

prev year
Absolute
%
3/27/2009
2/27/2009
1/30/2009
1/23/2009
1/16/2009
1/9/2009
1/2/2009
12/26/2008
12/19/2008
12/12/2008
12/5/2008
11/28/2008
11/21/2008
11/14/2008
11/7/2008
8.15
8.15
8.15
8.15
8.15
8.15
8.15
8.15
8.15
8.15
8.15
8.15
8.15
8.15
8.15
12.22
11.37
11.37
10.58
10.58
9.22
9.22
8.97
8.18
6.79
5.02
4.75
3.96
2.32
1.77
150
139.6
139.6
129.9
129.9
113.2
113.2
110.1
100.4
83.4
61.6
58.3
48.6
28.5
21.7
10.62
10.38
10.38
10.11
10.11
8.83
8.83
8.71
7.55
6.34
4.04
3.52
2.92
1.77
1.13
1.6
1
1
0.5
0.5
0.4
0.4
0.3
0.6
0.5
1
1.2
1
0.6
0.6
15.1
9.5
9.5
4.6
4.6
4.4
4.4
3
8.3
7.1
24.3
34.9
35.6
31.1
56.6
Kharif (2008-09)
Kharif (2008-09)
Kharif (2008-09)
Kharif (2008-09)
Kharif (2008-09)
Kharif (2008-09)
Kharif (2008-09)
Kharif (2008-09)
Kharif (2008-09)
Kharif (2008-09)
Kharif (2008-09)
9/19/2008
9/12/2008
9/5/2008
8/29/2008
8/22/2008
8/8/2008
8/1/2008
7/25/2008
7/18/2008
7/11/2008
7/4/2008
63.71
63.71
63.71
63.71
63.71
63.71
63.71
63.71
63.71
63.71
63.71
71.2
70.19
69.93
69.5
66.64
61.67
58.45
40.96
40.96
33.37
26.47
111.8
110.2
109.8
109.1
104.6
96.8
91.7
64.3
64.3
40.7
41.5
73.51
74.14
72.85
72.77
71.78
68.74
66
42.57
42.57
25.36
21.57
-2.3
-4
-2.9
-3.3
-5.1
-7.1
-7.6
-1.6
-1.6
12
4.9
-3.1
-5.3
-4
-4.5
-7.2
-10.3
-11.4
-3.8
-3.8
47.4
22.7
Rabi (2007-08)
Rabi (2007-08)
Rabi (2007-08)
Rabi (2007-08)
Rabi (2007-08)
Rabi (2007-08)
Rabi (2007-08)
Rabi (2007-08)
Rabi (2007-08)
Rabi (2007-08)
Rabi (2007-08)
Rabi (2007-08)
Rabi (2007-08)
Rabi (2007-08)
Rabi (2007-08)
Rabi (2007-08)
4/25/2008
4/11/2008
4/4/2008
3/28/2008
3/14/2008
3/7/2008
2/29/2008
2/22/2008
2/15/2008
2/1/2008
1/25/2008
1/4/2008
12/28/2007
12/7/2007
11/16/2007
11/16/2007
7.45
7.45
7.45
7.45
7.45
7.45
7.45
7.45
7.45
7.45
7.45
7.45
7.45
7.45
7.45
7.45
10.7
10.7
10.7
10.7
10.7
10.56
10.55
10.54
10.48
10.21
10.21
9.48
9.78
6.15
2.41
4.8
143.6
143.6
143.6
143.6
143.6
141.7
141.6
141.4
140.6
137
137
127.2
131.2
82.5
32.3
64.4
9.34
10.29
10.29
10.28
10.28
10.2
10.2
10.2
10.16
10.02
9.97
8.11
7.41
6.65
3.1
6.6
1.36
0.41
0.41
0.42
0.42
0.36
0.35
0.34
0.32
0.19
0.24
1.37
2.37
-0.5
-0.7
-1.8
14.56
4
4
4.1
4.1
3.5
3.4
3.3
3.1
1.9
2.4
16.9
32
-7.5
-22.3
-4.1
Kharif (2007-08)
10/26/2007
Kharif (2007-08)
9/28/2007
Kharif (2007-08)
9/14/2007
Kharif (2007-08)
8/31/2007
Kharif (2007-08)
8/17/2007
Kharif (2007-08)
7/20/2007
Kharif (2007-08)
7/6/2007
62.16
62.16
62.16
62.16
62.16
62.16
62.16
74.55
76.76
76.17
73.52
71.49
54.43
27.04
119.9
123.5
122.5
118.3
115
61.2
43.5
68.44
72.45
71.74
69.2
67.76
47.42
28.75
6.1
4.3
4.4
4.3
3.7
10
-1.7
8.9
5.9
6.2
6.2
5.5
21.1
-6
1/26/2012 1:29:13 AM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Maize state-wise monthly arrivals (in `000' tonnes)

Month
Andhra Pradesh
Rajasthan
Bihar
Karnataka
Mar-11
Feb-11
Jan-11
Dec-10
Nov-10
Oct-10
Sep-10
Aug-10
Jul-10
Jun-10
May-10
Apr-10
Mar-10
Feb-10
Jan-10
Dec-09
Nov-09
Oct-09
Sep-09
Aug-09
Jul-09
Jun-09
May-09
Apr-09
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
51.76
13.16
45.31
152.53
389.52
407.89
69.77
17.51
4.98
9.83
29.67
75.23
40.58
13.87
3.30
9.16
27.80
20.34
9.00
1.99
2.81
7.62
18.07
19.00
10.31
3.82
4.58
4.26
2.57
6.44
0.40
0.01
0.02
0.01
0.01
0.03
0.01
0.02
0.20
9.91
27.08
81.10
10.47
0.80
0.99
2.88
8.08
10.70
12.94
1.92
1.57
5.04
24.58
48.41
13.24
0.96
1.43
3.31
7.04
0.51
20.28
32.19
56.03
67.41
42.86
39.63
6.14
3.96
5.29
7.70
5.63
5.33
14.89
21.74
44.55
73.54
83.67
36.33
7.31
3.36
5.96
9.66
8.73
16.44
16.26
21.20
37.24
77.20
33.00
22.31
13.98
6.32
9.75
10.21
8.36
9.44
20.30
26.38
19.50
20.78
24.43
17.05
2.12
1.03
1.57
2.49
3.32
5.42
4.01
7.79
18.00
26.70
26.94
9.96
5.70
1.82
2.10
3.62
1.46
2.39
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
0.00
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
0.00
N/A
N/A
N/A
N/A
N/A
0.15
0.13
0.18
0.15
0.06
0.18
0.17
0.17
0.19
0.46
0.79
0.38
N/A
0.12
N/A
N/A
N/A
N/A
0.47
N/A
0.48
6.61
10.06
7.10
3.34
1.46
83.82
199.72
207.05
220.56
64.18
108.21
17.18
22.01
28.44
122.25
31.30
72.89
76.86
105.76
162.21
154.81
137.21
65.32
6.53
3.45
107.49
63.29
37.98
73.53
138.83
133.31
77.90
99.09
77.18
39.03
8.54
19.83
18.71
39.30
65.95
83.01
129.60
122.56
137.68
118.20
115.86
50.79
16.93
21.34
18.03
24.17
16.13
30.73
65.14
42.50
72.16
83.05
100.26
47.02
20.38
6.42
12.25
19.05
25.87
35.37
Maharashtra
28.63
50.18
64.86
70.03
38.65
22.35
2.45
3.68
9.37
12.88
16.15
25.00
21.84
32.04
47.14
68.24
34.38
12.53
6.75
8.71
8.02
12.47
14.39
29.60
31.53
40.88
37.04
40.65
38.72
9.78
1.03
1.04
2.62
8.63
21.89
19.70
17.38
22.30
33.59
52.89
68.37
49.42
3.71
6.00
6.40
13.15
28.22
22.45
11.40
20.79
33.19
39.41
74.77
23.26
2.20
1.10
1.81
4.51
11.44
9.56
Note: N/A - Not available

1/26/2012 1:29:13 AM

Production
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0
United States
200,000
China
400,000
EU-27
600,000
Brazil
Argentina
800,000
1,000,000
Others
Source: eestimates of USDA ,Source: USDA
Imports
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0
20,000
Japan
Mexico
40,000
60,000
Korea, South
Egypt
80,000
Taiwan
100,000
120,000
100,000
120,000
Other
Exports
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0
20,000
United States
Argentina
40,000
60,000
Brazil
Ukraine
80,000
Serbia
Others
Consumption
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0
200,000
United States
China
400,000
EU-27
600,000
Brazil
Mexico
800,000
1,000,000
Other
1/26/2012 1:29:14 AM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Maize prices and trading activity

MCX Spot prices - Nizamabad
(Rs. /qtl)
Month
Dec-10
Nov-10
Oct-10
Sep-10
Aug-10
Jul-10
Jun-10
May-10
Apr-10
Mar-10
Feb-10
Jan-10
Dec-09
Nov-09
Oct-09
Sep-09
Aug-09
Jul-09
Jun-09
May-09
Apr-09
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
Average
987.3
949.9
1011.7
1143.3
1070.9
1046.9
986.7
899.6
877.3
846.9
868.5
907.4
943.8
918.3
900.9
899.9
934.9
908.8
872.5
847.7
827.0
806.2
830.5
835.5
848.4
877.3
890.1
1010.3
1026.1
994.8
888.4
744.9
733.2
759.4
734.4
729.1
701.2
689.8
669.3
677.2
712.0
754.6
734.6
707.0
750.0
727.6
745.7
717.8
725.0
737.6
637.8
658.9
757.3
630.4
596.4
539.9
539.1
High
Low
1031.0
958.0
1145.0
1174.0
1090.5
1091.5
998.0
947.5
893.0
852.0
882.5
928.5
964.5
925.5
914.0
925.5
953.5
928.5
898.0
874.5
851.5
812.0
852.5
914.0
865.5
906.5
908.0
1060.0
1090.5
1100.0
952.5
824.0
764.0
768.0
747.5
751.5
714.5
705.5
688.0
688.0
745.0
769.5
780.0
748.5
764.5
752.0
756.0
726.0
743.0
770.0
656.0
800.0
878.0
648.0
627.0
545.0
561.0
951.0
942.0
958.5
1098.0
1054.5
999.0
955.0
872.5
844.0
841.5
852.0
885.0
924.5
912.5
881.5
873.0
913.0
888.0
836.5
840.0
805.0
801.0
810.0
809.0
809.0
860.0
870.0
879.0
983.5
923.0
815.5
693.0
700.0
747.5
724.5
695.5
693.5
670.0
660.0
663.0
672.5
749.5
694.5
695.5
724.0
713.5
728.0
710.0
720.0
652.0
614.0
610.0
642.0
615.0
550.0
536.0
523.0
Other markets monthly

average spot (Rs. /qtl)
Madhya
Karnataka
Pradesh
876.1
854.0
859.7
955.9
1012.5
1029.7
944.1
833.0
853.6
885.6
879.7
888.5
895.4
889.1
850.9
883.9
912.9
874.7
833.2
795.0
767.3
775.6
797.7
768.8
733.5
695.2
718.5
755.7
827.6
857.1
793.9
690.7
677.9
711.8
677.6
673.0
635.4
619.0
629.8
702.8
704.6
728.1
722.2
689.8
744.7
726.7
762.6
720.0
727.5
756.4
635.5
876.9
710.9
644.8
634.6
604.7
605.1
885.6
889.1
883.6
975.5
969.9
949.1
845.4
905.2
878.8
843.0
820.0
831.1
829.9
816.4
798.5
816.5
1011.8
831.0
859.8
900.3
763.9
775.1
808.0
820.2
778.6
798.1
824.3
868.1
978.0
864.7
779.7
711.7
695.6
679.6
660.5
658.6
620.8
601.2
613.9
672.9
712.2
733.8
708.6
695.4
716.2
712.0
703.4
661.0
630.8
585.7
553.0
578.0
623.1
584.7
558.8
522.2
510.5
WPI of
Maize
171.9
171.1
167.2
168.1
169.4
166.2
157.8
152.8
153.1
153.1
153.5
154.1
154.3
155.3
154.5
155.6
156.2
153.0
151.8
150.1
148.6
145.3
144.6
142.4
138.8
140.5
138.2
136.9
138.2
137.4
137.7
134.7
134.5
134.0
131.1
130.0
125.9
126.9
127.3
126.9
130.4
131.9
131.6
131.9
134.9
135.3
133.3
130.6
126.5
122.0
117.6
119.0
118.8
116.5
118.2
116.2
115.9
Maize CBOT futures

Closing
Open
price (US
Volume
interest
Cents per
(in lots)^
(in lots^^)
bushel)
629.00
530.00
582.00
495.75
424.50
392.75
354.25
359.00
366.25
345.00
378.00
356.50
414.50
402.75
366.00
344.00
326.25
339.50
347.75
436.25
396.25
404.75
350.75
379.00
407.00
349.50
401.50
487.50
568.25
587.50
724.75
599.25
600.25
567.25
546.00
501.25
455.50
384.50
375.50
373.00
324.00
325.75
329.50
390.25
358.00
374.50
425.25
404.00
390.25
377.00
320.75
262.50
232.00
239.00
235.50
251.25
238.25
4,280,996
9,180,932
7,503,539
7,034,387
6,900,459
4,864,477
6,208,820
4,240,897
6,428,321
3,937,139
5,218,922
4,026,860
3,135,690
5,509,455
4,374,583
3,154,160
4,442,154
4,744,209
5,638,389
4,138,872
4,538,043
3,685,395
4,487,506
3,042,100
3,266,457
4,448,998
4,549,393
3,934,661
4,989,108
5,402,237
7,593,798
4,876,851
6,501,066
4,350,811
5,808,164
4,213,195
3,145,918
4,553,031
3,306,485
3,128,903
4,344,211
4,194,403
6,014,846
4,519,983
6,239,483
4,959,185
5,111,676
4,984,664
2,774,348
6,369,947
5,300,239
3,626,114
4,226,906
3,757,979
4,693,780
3,773,153
3,512,898
1,549,228
1,518,147
1,611,122
1,451,414
1,339,412
1,224,623
1,113,550
1,216,786
1,172,018
1,137,402
1,112,485
1,149,428
1,001,603
973,178
957,449
853,077
832,265
880,910
921,769
945,840
777,465
808,613
736,567
819,228
809,779
869,865
989,541
1,035,263
1,070,206
1,228,618
1,321,717
1,410,564
1,413,722
1,391,618
1,457,997
1,425,914
1,291,091
1,119,824
1,206,085
1,156,068
1,076,382
1,218,657
1,184,697
1,274,581
1,252,177
1,422,407
1,477,908
1,483,792
1,402,433
1,390,522
1,374,999
1,294,494
1,316,964
1,394,572
1,335,969
1,348,989
1,182,714
Note: N/A - Not Available; WPI - Wholesale Price Index; Future prices are for near month continuos futures contract.
Source: Agmarknet; Ministry of Commerce and Industry; Exchanges' websites
1/26/2012 1:29:14 AM
Major country-wise & commodity-wise distribution of Cereals production, imports,

exports and consumption in 000 tonnes
Consumption
China
Cumulative consumption
USA
2008-11
1,204,535
2008-11
960,692
2000-03
2,144,481
2000-03
728,648
1990-93
953,804
1990-93
636,121
1980-83
740,359
1980-83
513,994
450,318
1970-73
1970-73
0%
20%
Corn
Millet
40%
Rice Milled
60%
80%
100%
491,511
0%
Wheat
20%
Corn
Source: USDA
40%
Sorghum
Wheat
60%
80%
100%
others
Source: USDA; Others: Oats; Rye
India
2008-11
551,479
2000-03
500,487
1990-93
448,385
1980-83
326,082
1970-73
256,866
0%
20%
Millet
40%
Rice Milled
Sorghum
60%
100%
80%
Wheat
Source: USDA
Export
USA
Cumulative exports
Canada
Cumulative exports
2008-11
253,653
2008-11
63,632
2000-03
242,621
2000-03
50,277
1990-93
254,642
1990-93
86,970
1980-83
315,939
1980-83
77,281
149,322
1970-73
1970-73
0%
20%
Millet
Rice, Milled
40%
Sorghum
60%
80%
Wheat
100%
54,560
0%
Others
20%
Barley
40%
Oats
Wheat
60%
80%
100%
others
Source: USDA; Others: Rye, Wheat (Durum)
Source: USDA; Others: Oats Rye
Australia
Cumulative exports
2008-11
59,542
2000-03
53,598
1990-93
36,795
1980-83
34,795
28,229
1970-73
0%
Barley
20%
Oats
40%
Wheats
60%
80%
100%
Others
Source: USDA; Others: Millet, Oats
1/26/2012 1:29:15 AM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Import
Egypt
Cumulative import
Mexico
Cumulative import
2008-11
46,663
2008-11
32,682
2000-03
34,342
2000-03
28,820
1990-93
22,673
1990-93
15,531
1980-83
20,347
1980-83
15,812
8,719
1970-73
1970-73
0%
20%
Corn
40%
60%
80%
100%
1,793
0%
Wheat
20%
Corn
Source: USDA
40%
Oats
60%
80%
100%
Sorghum
Source: USDA
Japan
Cumulative import
74,102
2008-11
2000-03
77,802
1990-93
83,018
1980-83
73,213
1970-73
48,082
0%
20%
Barley
40%
Corn
Sorghum
60%
80%
Wheat
Others
100%
Source: USDA; Others: Millet, Oats, Rye, Wheat (Durum)
Production
China
Cumulative production
India
2008-11
1,248,899
2008-11
575,420
2000-03
1,009,481
2000-03
518,915
1990-93
990,160
1990-93
445,935
1980-83
695,279
1980-83
321,016
460,240
1970-73
1970-73
0%
20%
Corn
Millet
40%
Rice, Milled
60%
80%
100%
246,441
0%
Wheat
20%
Millet
40%
Rice, Milled
Sorghum
60%
80%
100%
Wheat
Source: USDA
Source: USDA
USA
2008-11
1,178,663
2000-03
918,073
1990-93
892,086
1980-83
880,737
609,367
1970-73
0%
Corn
20%
Oats
40%
Sorghum
60%
80%
100%
Wheat
Source: USDA
1/26/2012 1:29:16 AM
Type-wise world distribution of cereal production, imports, exports and consumption

Production
Avg. Prodn.
2008-11
2,227,004
2000-03
1,849,048
1990-93
1,765,664
1980-83
1,485,680
1970-73
1,132,191
0%
20%
Corn
Millet
40%
Wheat
Oats
60%
Rice Milled
Mixed Grains
80%
Barley
Rye
100%
Sorghum
Imports
Avg. Imports
2008-11
275,768
2000-03
228,773
1990-93
208,378
1980-83
202,813
1970-73
122,301
0%
20%
Wheat
Oats
40%
Corn
Rye
60%
Rice, Milled
Millet
80%
Barley
100%
Sorghum
Note: Average imports in 000 tonnes. Source: USDA
Exports
Avg. Prodn.
2008-11
284,736
2000-03
233,785
1990-93
221,182
1980-83
208,586
1970-73
126,479
0%
20%
Wheat
Oats
40%
Corn
Rye
60%
Rice, Milled
Millet
80%
Barley
100%
Sorghum
Note: Average exports in 000 tonnes. Source: USDA
Consumption
Avg. Prodn.
2008-11
2,187,857
2000-03
1,891,307
1990-93
1,723,989
1980-83
1,460,032
1970-73
1,143,849
0%
20%
Corn
Millet
40%
Wheat
Oats
60%
Rice, Milled
Mixed Grain
80%
Barley
Rye
100%
Sorghum
Note: Average consumption in 000 tonnes. Source: USDA
1/26/2012 1:29:16 AM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Pulses
The miracle food
Exchange
Price Unit
(contract)
Chana
MCX (10 tonnes)
Rs/ qntl.
Note: Âll contracts - all variants, Source: Exchanges websites
Commodity in 2010
Open
High
Low
Close
2,470.00
2,578.00
2,040.00
2,422.00
Annualised
Volatility
23.42%
31-Dec-10
3-Dec-10
5-Nov-10
8-Oct-10
10-Sep-10
13-Aug-10
16-Jul-10
18-Jun-10
21-May-10
23-Apr-10
26-Mar-10
26-Feb-10
29-Jan-10
1-Jan-10
ulses are the edible seeds of plants in the legume stocks to make way for new crop. Since late March, the prices
family such as pea, lentil, bean and chickpea, according went up on fears of crop damage and delay in arrivals. Later, as
to Pulse Canada. The term pulse is derived from the the arrival pressure set in, in the market, with a bumper crop, it
Latin words puls or pultis meaning thick soup. Due to weighed down on the prices.
their high content of complex carbohydrates and dietary fibres,
Looking at the fall in prices, farmers began holding back
as well as their low fat and salt percentage, truly make pulses their produce, expecting to sell it before the Ramadan season.
miracle food. The term pulse, as used by the Food and During the Ramadan the besan (chana flour) demand increases
Agricultural Organization (FAO), is reserved for crops harvested so does the demand for chana. With a rise in the prices since
solely for the dry seed. Pulses are important food crops due to July, farmers began releasing their produce. Once the stocks for
their high protein and essential amino acid content. Like many the Ramadan were over, chana prices dipped to a year low of
leguminous crops, pulses play a key role in crop rotation due to Rs.2,062 on Sept 15.
their ability to fix nitrogen. Pulses are 20-25% protein by weight,
Early October, as usual, saw demand for stocking for Diwali
which is double the protein content of wheat and three times and, thus, provided support to chana prices. The higher prices
that of rice.
of imported chana also pushed up the prices, in general, in a
India is the worlds largest producer and consumer of pulses. domestic market. Higher prices of competing pulses such as tur
Canada, Myanmar, Australia and the US are other leading and urad also provided a boost to chana prices. By the end of
exporters, as well as major suppliers to India. Of the numerous November the prices hit a month high of Rs.2,546. The prices
types of pulses in the Leguminosae family, chickpea or chana retreated from the year high as the new sowing season set in.
is the most important pulse grown in the Indian subcontinent, Expectations that the prevailing high prices would lead to an
accounting for around 40% of the total pulse crops produced in increase in chana acreage helped easing of prices to some
India and making it the leading chickpea producing
country in the world. Besides chana, tur or pigeon
MCX Chana futures prices in 2010
pea is consumed as a popular staple diet in India.
2600
Tur originated in Asian continent and is said to be
Stocking
a native to India for as long as 3,000 years. India
Increased
2500
sowing
Arrival pressure demand ahead
shares 85% of the worlds total tur production. Urad
of Ramadan
weighing down
2400
on the prices
or black gram is one of the most important and highly
2300
prized pulses in India. Because of its fermenting
capability, it is used widely in fermented foods that
2200
Stocking demand
are the specialty of South Indian cuisine. India is the
ahead of Diwali
2100
and the rising unit
largest producer of black gram in the world.
value of imported
2000
varieties
Chana prices opened at Rs.2,468/qntl in the
year 2010; since then the prices on MCX had under
pressure due to large-scale sowing. Anticipating
Source: Metastocks
Chana (Rs/qtl)
higher production, traders were eager to offload their
Volume
(in lots)
66,730
1/26/2012 1:29:17 AM
1/26/2012 1:29:21 AM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Major pulses area, production and yield in India

2010-11#
2009-10
2008-09
2007-08
2006-07
2001-02
Area (in `000' ha)

Tur
Urad
Chana
Total pulses*
4,090
1,145^
9,668
26,280
3,530
2,967
8,210
23,350
3,378
2,132
7,893
22,093
3,730
3,226
7,540
23,630
3,560
3,099
7,490
23,190
3,330
3,303
6,420
22,010
Production (in '000' tonnes)

Tur
Urad*
Chana
Total pulses*
2,890
1,740
8,250
18,090
2,460
1,230
7,480
14,660
2,270
1,170
7,060
14,570
3,080
1,460
5,750
14,760
2,310
1,440
6,330
14,200
2,260
1,500
5,470
13,370
799
853
537
723
937
895
625
671
1084
895
659
826
462
762
625
650
473
845
612
679
454
853
607
1.10%
-
1.43%
-
1.71%
-
1.31%
-
1.93%
1.76%
1.63%
10
Yield (in kg/ha)

Tur
Urad*
Chana
Total pulses*
Chana
Tur
Urad
Import duty on pulses in %
Note: #: 4th Advanced Estimates (2010-11), Ministry of Agriculture Govt of India; ^ data is for rabi season only; *includes Kharif and Rabi season crop; Futures trading Tur/Arhar
and Urad is suspended since Feb 2007
Source: Agricultural Statistics Division, Directorate of Economics & Statistics Department of Agriculture & Cooperation GOI, MCX
Import of Pulses by India (in `000' tonnes)

Year
2010-11
2009-10
2008-09
2007-08
2006-07
Qty.
Value
Unit Value
2,600.00
-
3,509.58
9,813.37
27.96
2,481.10
6,246.40
24.64
2,835.05
5,374.94
18.96
2,270.98
3,891.91
17.14
Note: Value: Rs. in Crore; Unit Value: Rs per kg

Source : Ministry of Agriculture, Govt. of India; Compiled from various questions and answers in Lok Sabha and Rajya Sabha
Public sector undertaking-wise import of pulses in India (in `000' tonnes)

PSUs
2010-11
2009-10
2008-09
2007-08
2006-07
NCCF
NAFED
STC
PEC
MMTC
Total
15.00
27.00
135.00
296.70
60.00
533.70
6.21
14.00
152.50
272.86
105.00
550.56
22.00
307.00
374.14
181.00
884.14
264.00
375.00
387.27
247.25
1273.52
49.30
49.30
Note: Abbr: STC: State Trading Corporation, MMTC: Metals & Minerals Trading Corporation, PEC: Project Equipment Corporation, NAFED: National Agriculture Cooperative Marketing
Federation of India, NCCF : National Calamity Contingency Fund.
Source: Compiled from various questions and answers in Lok Sabha and Rajya Sabha
Export of Pulses from India (in `000' tonnes)

Year
Qty.
Value
Unit value
2010-11
2009-10
2008-09
2007-08
2006-07
10.00
-
49.08
208.21
42.42
136.23
540.23
39.66
164.20
526.41
32.06
250.70
773.34
30.84
Note: * Provisional; ^ April 09-Jan 10; Value: Rs. in Crore; Unit value: Rs. per kg.
Source: Ministry of Agriculture, Govt. of India. DGCI&S, Ministry of Commerce and Industry, GOI
1/26/2012 1:29:22 AM
State-wise Production of Total Pulses in India (in million tonnes)

States/UTs
2010-11*
2009-10
2008-09
2007-08
2006-07
2001-02
1.48
1.22
3.30
2.79
2.52
2.12
3.08
16.51
1.43
1.12
4.30
2.37
0.71
1.90
2.83
14.66
1.45
0.97
3.68
1.71
1.72
2.02
3.08
14.47
1.70
1.27
2.45
3.13
1.53
1.54
3.53
15.11
1.35
0.89
3.20
2.30
1.48
1.98
2.99
14.20
1.14
0.75
3.22
1.88
1.43
2.38
2.57
13.37
Andhra Pradesh
Karnataka
Madhya Pradesh
Maharashtra
Rajasthan
Uttar Pradesh
Others
India
Note: *2nd advance estimates released on 9 Feb'2010

Source: Ministry of Agriculture, Govt of India; Compiled from various questions and answers in Lok Sabha and Rajya Sabha
Chana statewise area and production

States/ UT
2009-10
Madhya Pradesh
3085.50
Rajasthan
884.40
Maharashtra
1291.00
Karnataka
972.00
Andhra Pradesh
647.00
Uttar Pradesh
618.00
Chattisgarh
252.20
Others
419.10
All India
8169.20

2008-09
2007-08
2006-07
2009-10
2840.50
1259.50
1143.00
723.00
607.00
554.00
239.70
525.80
7892.50
2462.80
1010.80
1308.00
651.00
602.00
675.00
213.70
516.60
7439.90
3304.10
534.60
1114.00
574.00
846.00
509.00
221.90
480.70
7475.90
2438.70
1231.30
1353.00
605.00
630.00
505.00
235.50
545.20
7543.70

2008-09
2007-08
2786.40
981.20
774.00
401.00
857.00
562.00
199.20
499.40
7060.20
1735.00
574.20
1116.00
367.00
912.00
376.00
205.80
462.60
5748.60
2006-07
2413.00
872.60
924.00
308.00
653.00
501.00
180.20
481.90
6333.70
Tur state-wise estimates of area and production

States/ UT
2009-10
Maharashtra
1093.00
Karnataka
604.00
Uttar Pradesh
305.00
Andhra Pradesh
463.00
Gujarat
266.00
Madhya Pradesh
362.10
Others
372.60
All India
3465.70
Area (`000 Hectares)

2008-09
2007-08
2006-07
2009-10
1009.00
597.00
315.00
443.00
266.00
321.20
426.70
3377.90
1123.00
596.00
406.00
401.00
289.00
322.50
424.10
3561.60
919.00
282.00
202.00
203.00
254.00
308.00
309.60
2464.60
1175.00
681.00
368.00
463.00
265.00
324.80
449.00
3725.80
Production ( `000 Tonnes)

2008-09
2007-08
605.00
315.00
288.00
202.00
263.00
258.40
334.10
2265.50
1083.00
485.00
327.90
302.00
294.00
217.60
366.44
3075.94
2006-07
815.00
280.00
304.00
161.00
217.00
220.20
316.90
2314.10
1/26/2012 1:29:22 AM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Gram (Chana) - All India sowing progress during rabi (in lakh ha)
Date
Average
area in
rabi
As on date
Area Sown reported

% of average
Same period
last year

Absolute
%
8-Apr-11
1-Apr-11
25-Mar-11
18-Mar-11
11-Mar-11
4-Mar-11
25-Feb-11
18-Feb-11
4-Feb-11
28-Jan-11
21-Jan-11
7-Jan-11
24-Dec-10
10-Dec-10
26-Nov-10
73.14
73.14
73.14
73.14
73.14
73.14
73.14
73.14
73.14
73.14
73.14
73.14
73.14
73.14
73.14
96.68
96.03
96.02
96.02
95.98
95.76
95.64
95.58
95.36
95.12
94.92
93.6
87.79
80.6
62.19
132.2
131.3
131.3
131.3
131.2
130.9
130.8
130.7
130.4
130
129.8
128
120
110.2
85
85.1
85.1
85.1
85.1
85.1
85.1
85.1
85.07
85.64
85.55
85.42
85.3
81.89
76.98
63.26
11.6
10.9
10.9
10.9
10.9
10.7
10.5
10.5
9.7
9.6
9.5
8.3
5.9
3.6
-1.1
13.6
12.8
12.8
12.8
12.8
12.5
12.4
12.4
11.3
11.2
11.1
9.7
7.2
4.7
-1.7
7-May-10
30-Apr-10
23-Apr-10
16-Apr-10
9-Apr-10
26-Mar-10
12-Mar-10
5-Mar-10
26-Feb-10
12-Feb-10
5-Feb-10
15-Jan-10
8-Jan-10
18-Dec-09
11-Dec-09
71.45
71.45
71.45
71.45
71.45
71.45
71.45
71.45
71.45
71.45
71.45
71.45
71.45
71.45
71.45
89.35
89.35
89.35
89.35
89.35
89.34
89.22
89.21
89.19
87.76
87.56
86.03
84.38
80.91
73.12
125.1
125.1
125.1
125.1
125.1
125
124.9
124.9
124.8
122.8
122.6
120.4
118.1
113.2
102.3
83.6
83.6
83.6
83.6
83.6
83.54
83.51
83.44
83.44
83.23
82.98
81.66
81.04
72.6
71.07
5.8
5.8
5.8
5.8
5.8
5.8
5.7
5.8
5.8
4.5
4.6
4.4
3.3
8.3
2.1
6.9
6.9
6.9
6.9
6.9
6.9
6.8
6.9
6.9
5.4
5.5
5.3
4.1
11.4
2.9
27-Mar-09
27-Feb-09
20-Feb-09
13-Feb-09
6-Feb-09
30-Jan-09
23-Jan-09
16-Jan-09
9-Jan-09
2-Jan-09
26-Dec-08
19-Dec-08
12-Dec-08
5-Dec-08
28-Nov-08
21-Nov-08
14-Nov-08
7-Nov-08
68.5
68.5
68.5
68.5
68.5
68.5
68.5
68.5
68.5
68.5
68.5
68.5
68.5
68.5
68.5
68.5
68.5
68.5
86.8
85.8
85.73
85.7
85.68
85.58
85.32
84.48
83.61
82.68
78.42
75.1
73.25
71.07
61.96
58.14
46.57
44.56
126.7
125.3
125.2
126.1
125.1
124.9
124.6
123.3
122.1
120.7
114.5
109.6
106.9
103.7
90.5
84.9
68
65
79.64
79.08
78.96
78.92
78.91
78.29
77.91
77.52
77.15
76.31
71.55
68.86
66.66
61.25
52.45
47.35
40.65
29.09
7.2
6.7
6.8
6.8
6.8
7.3
7.4
7
6.5
6.4
6.9
6.2
6.6
9.8
9.5
10.8
5.9
15.5
9
8.5
8.6
8.6
8.6
9.3
9.5
9
8.4
8.3
9.6
9.1
9.9
16
18.1
22.8
14.5
53.2
74.43
80.39
80.39
80.38
80.38
80.34
80.34
80.29
80.29
79.95
79.31
77.6
75.12
65.79
42.76
60.89
112.7
121.8
121.8
121.7
121.7
121.7
121.7
121.6
121.6
121.1
120.1
117.5
113.8
99.6
64.8
92.2
74.94
84.02
84.02
84.02
84.02
84.02
84.02
83.86
83.86
83.24
83.08
78.29
76.52
65.86
47.25
61.4
-0.51
-3.63
-3.63
-3.64
-3.64
-3.68
-3.68
-3.57
-3.57
-3.29
-3.78
-0.69
-1.41
-0.1
-4.5
-0.5
-0.68
-4.3
-4.3
-4.3
-4.3
-4.4
-4.4
-4.3
-4.3
-4
-4.5
-0.9
-1.8
-0.1
-9.5
-0.8
25-Apr-08
66.02
11-Apr-08
66.02
4-Apr-08
66.02
28-Mar-08
66.02
14-Mar-08
66.02
7-Mar-08
66.02
29-Feb-08
66.02
22-Feb-08
66.02
15-Feb-08
66.02
1-Feb-08
66.02
25-Jan-08
66.02
4-Jan-08
66.02
28-Dec-07
66.02
7-Dec-07
66.02
16-Nov-07
66.02
16-Nov-07
66.02
1/26/2012 1:29:23 AM
Tur (Arhar) - All India sowing progress during kharif (in lakh ha)
Date
Average
area in
rabi
As on date
Area Sown reported

% of average
Same period
last year

Absolute
%
22-Oct-10
15-Oct-10
8-Oct-10
1-Oct-10
10-Sep-10
3-Sep-10
20-Aug-10
13-Aug-10
6-Aug-10
30-Jul-10
23-Jul-10
16-Jul-10
9-Jul-10
2-Jul-10
35.53
35.53
35.53
35.53
35.53
35.53
35.53
35.53
35.53
35.53
35.53
35.53
35.53
35.53
44.86
44.75
44.42
43.83
43.56
43.38
41.71
40.42
34.13
33.61
26.56
20.81
2.85
1.45
126.3
125.9
125.0
123.4
122.6
122.1
117.4
113.8
96.1
94.6
74.8
58.6
8.0
4.1
36.48
36.47
33.75
32.5
32.26
32.23
31.91
30.39
27.62
27.25
21.76
16.85
2.51
1.46
8.38
8.28
10.67
11.33
11.3
11.15
9.8
10.03
6.51
6.36
4.8
3.96
0.34
-0.01
23.0
22.7
31.6
34.9
35.0
34.6
30.7
33.0
23.6
23.3
22.1
23.5
13.5
-0.7
23-Oct-09
16-Oct-09
9-Oct-09
1-Oct-09
11-Sep-09
4-Sep-09
28-Aug-09
13-Aug-09
7-Aug-09
31-Jul-09
24-Jul-09
17-Jul-09
10-Jul-09
26-Jun-09
21-Jun-09
19-Jun-09
35.8
35.8
35.8
35.8
35.8
35.8
35.8
35.8
35.8
35.8
35.8
35.8
35.8
35.8
35.8
35.8
35.92
35.89
35.57
34.9
34.05
32.99
32.78
31.65
28.19
27.22
22.7
16.24
4.02
1.12
31.65
0.29
100.3
100.3
99.3
97.5
95.1
92.1
91.6
88.4
78.7
76
63.4
45.3
11.2
3.1
88.4
0.8
34.47
34.43
34.09
33.79
33.49
31.93
31.76
28.37
22.89
21.92
17.5
12.54
2.45
0.4
28.37
0.18
1.5
1.5
1.5
1.1
0.6
1.1
1
3.3
5.3
5.3
5.2
3.7
1.6
0.7
3.3
0.1
4.2
4.2
4.3
3.3
1.7
3.3
3.2
11.6
23.1
24.2
29.7
29.5
64.2
184.3
11.6
58.2
3-Oct-08
26-Sep-08
19-Sep-08
12-Sep-08
5-Sep-08
29-Aug-08
22-Aug-08
8-Aug-08
1-Aug-08
25-Jul-08
18-Jul-08
11-Jul-08
4-Jul-08
34.6
34.6
34.6
34.6
34.6
34.6
34.6
34.6
34.6
34.6
34.6
34.6
34.6
34.53
34.34
34.29
33.92
33.79
33.3
31.46
25.58
22.41
19.6
12.1
7.2
4.45
99.8
99.3
99.1
98
97.6
96.2
90.9
73.9
64.8
56.7
35
20.8
12.9
38.54
38.54
38.54
37.91
37.87
37.48
37.03
28.76
28.61
24.44
15.62
9.76
3.86
-4
-4.2
-4.3
-4
-4.1
-4.2
-5.6
-3.2
-6.2
-4.8
-3.5
-2.6
0.6
-10.4
-10.9
-11
-10.5
-10.8
-11.1
-15
-11.1
-21.7
-19.8
-22.5
-26.2
15.3
40.79
38.82
38.1
37.78
34.52
14.98
117.5
111.8
109.8
107.7
99.4
43.2
35.97
35.8
35.71
33.96
33.02
16.24
4.8
3
2.4
3.4
1.5
-1.3
13.4
8.4
6.7
10.1
4.5
-7.7
26-Oct-07
34.71
28-Sep-07
34.71
14-Sep-07
34.71
31-Aug-07
34.71
17-Aug-07
34.71
20-Jul-07
34.71
1/26/2012 1:29:23 AM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Urad (Black Gram) - All India sowing progress during rabi (in lakh ha)
Date
Average
area in
rabi
As on date
Area Sown reported

% of average
Same period
last year

Absolute
%
8-Apr-11
1-Apr-11
25-Mar-11
18-Mar-11
11-Mar-11
4-Mar-11
25-Feb-11
18-Feb-11
4-Feb-11
28-Jan-11
21-Jan-11
14-Jan-11
24-Dec-10
10-Dec-10
26-Nov-10
7.20
7.20
7.20
7.20
7.20
7.20
7.20
7.20
7.20
7.16
7.16
7.16
7.16
7.16
7.16
11.45
11.39
11.00
10.92
10.92
9.33
9.20
8.96
8.95
8.12
7.91
7.35
5.49
4.84
10.85
159.1
158.3
152.8
151.7
151.7
129.6
127.8
124.5
124.4
113.4
110.5
102.7
76.7
67.6
151.6
11.1
11.1
10.9
10.76
10.76
9.47
9.15
9.19
9.09
8.16
8.13
7.67
5.24
4.47
8.92
0.3
0.3
0.1
0.2
0.2
-0.1
0.0
-0.2
-0.1
0.0
-0.2
-0.3
0.3
0.4
1.9
3.2
2.6
0.9
1.5
1.5
-1.5
0.5
-2.5
-1.5
-0.5
-2.7
-4.2
4.8
8.3
21.6
23-Apr-10
16-Apr-10
9-Apr-10
26-Mar-10
12-Mar-10
5-Mar-10
26-Feb-10
12-Feb-10
5-Feb-10
15-Jan-10
8-Jan-10
18-Dec-09
11-Dec-09
7.16
7.16
7.16
7.16
7.16
7.16
7.16
7.16
7.16
7.16
7.16
7.16
7.16
10.85
9.02
9.02
8.94
8.8
8.8
8.44
7.76
6.97
6.95
6.76
3.59
2.79
151.6
126
126
124.8
122.9
122.9
117.9
108.4
97.3
97.2
94.3
50.2
39
8.92
8.92
8.92
8.32
8.36
8.35
8.23
6.08
5.43
5.42
5.11
3.79
3.11
1.9
0.1
0.1
0.6
0.4
0.4
0.2
1.7
1.5
1.5
1.6
-0.2
-0.3
21.6
1.1
1.1
7.5
5.3
5.3
2.6
27.6
28.3
28.3
32.2
-5.1
-10.3
24-Apr-09
27-Mar-09
27-Feb-09
20-Feb-09
13-Feb-09
6-Feb-09
30-Jan-09
23-Jan-09
16-Jan-09
9-Jan-09
2-Jan-09
26-Dec-08
19-Dec-08
12-Dec-08
5-Dec-08
28-Nov-08
21-Nov-08
14-Nov-08
7-Nov-08
7.3
7.3
7.3
7.3
7.3
7.3
7.3
7.3
7.3
7.3
7.3
7.3
7.3
7.3
7.3
7.3
7.3
7.3
7.3
10.27
10.01
9.33
7.64
7.28
7.25
7.18
7.05
6.52
6.51
5.52
4.47
4.45
4.08
3.72
2.5
2.5
0.98
0.98
140.8
137.2
127.9
104.7
99.7
99.3
98.6
96.6
89.3
89.2
75.7
61.3
61
55.9
51
34.3
34.3
13.4
13.4
10.52
10.05
8.94
8.92
8.58
8.55
8.49
8.29
8.01
8.01
6.61
6.04
5.99
5.6
4.77
2.8
2.8
1.03
1.03
-0.2
0
0.4
-1.3
-1.3
-1.3
-1.3
-1.2
-1.5
-1.5
-1.1
-1.6
-1.5
-1.5
-1
-0.3
-0.3
0
0
-2.3
-0.4
4.4
-1.44
-15.2
-15.3
-15.2
-15.1
-18.7
-18.8
-16.4
-26
-25.7
-27.1
-22
-10.5
-10.5
-4.5
-4.5
8.8
8.62
8.32
8.32
8.32
8.32
8.27
8.27
7.89
7.86
7.02
6.76
4.39
2.64
116.9
114.5
110.5
110.5
110.5
110.5
109.8
109.8
104.9
104.4
93.3
89.8
58.3
35.1
8.39
8.39
8.39
8.11
8.11
8.11
7.69
7.69
7.56
7.4
5.84
5.42
4.35
2.4
0.41
0.23
-0.07
0.21
0.21
0.21
0.58
0.58
0.34
0.45
1.19
1.34
0
0.2
4.9
2.8
-0.8
2.5
2.5
2.5
7.5
7.5
4.4
6.1
20.3
24.6
0.7
10.1
11-Apr-08
7.53
4-Apr-08
7.53
28-Mar-08
7.53
14-Mar-08
7.35
7-Mar-08
7.53
29-Feb-08
7.53
22-Feb-08
7.53
15-Feb-08
7.53
1-Feb-08
7.53
25-Jan-08
7.53
4-Jan-08
7.53
28-Dec-07
7.53
7-Dec-07
7.53
16-Nov-07
7.53
1/26/2012 1:29:23 AM
India's Pulses Production & Imports

In million tons
20
in lakh tons
35
Tur
Urad*
Chana
Other Pulses
28
Pulses Import (RHS )
16
21
12
14
8
0
2004-05
2005-06
2006-07
2007-08
2008-09
2009-10
2010-11$
Source: Dept. of Agriculture. *Kharif & Rabi, $ fourth advance estimates
Statewise Pulses Production in India
25%
27%
Madhya Pradesh
17%
Uttar Pradesh
30%
Rajasthan
11%
2007-08
2008-09
Maharashtra
Andhra Pradesh
10%
12%
10%
Others
20%
11%
14%
13%
Source: Ministry of Agriculture
1/26/2012 1:29:23 AM
PROLOGUE
EDITORIALS
in million tons
4
EXPERTS' VIEWS
INDIAN ECONOMY
Tur Production & MSP
Rs/qtl
MSP (RHS)
3600
Production
2800
2000
1200
2004-05
2005-06
2006-07
2007-08
2008-09
2009-10
2010-11^
Source: Ministry Of Agriculture ^fourth advance estimates
in million tons
2
Urad* Production & MSP
Rs/qtl
MSP (RHS)
3200
Production
1.5
2400
1600
0.5
800
0
2004-05
2005-06
2006-07
2007-08
2008-09
2009-10
2010-11^
Source: Ministry Of Agriculture ^fourth advance estimates *Khari & Rabi
in million tons
8
Chana Production & MSP
Rs/qtl
2400
MSP (RHS)
Production
2100
1800
1500
1200
0
2004-05
2005-06
2006-07
2007-08
2008-09
2009-10
2010-11^
Source: Ministry Of Agriculture ^fourth advance estimates *Khari & Rabi
1/26/2012 1:29:23 AM
No Processing
Charges
on Home Loan - upto 1%

on Car Loan - 1.25%
Interest
Concession
Easy Home
& Car Loan
Celebrate
this season
with
1/26/2012 1:29:24 AM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Pulses state-wise monthly arrivals (in tonnes)

Mar-11
Feb-11
Jan-11
Dec-10
Nov-10
Oct-10
Sep-10
Aug-10
Jul-10
Jun-10
May-10
Apr-10
Mar-10
Feb-10
Jan-10
Dec-09
Nov-09
Oct-09
Sep-09
Aug-09
Jul-09
Jun-09
May-09
Apr-09
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
Maharashtra
6,704.64
6,124.40
7,810.74
5,344.44
5,699.88
4,825.02
4,050.40
2,166.72
2,189.39
1,509.16
3,663.22
6,883.72
6,544.44
5,314.54
5,506.09
3,805.38
2,987.76
4,242.77
2,907.45
2,704.46
5,948.75
8,064.74
5,152.75
4,738.60
2.29
2.29
2.70
2.30
2.50
2.28
0.70
35.80
0.39
0.10
0.80
0.10
0.20
0.40
0.40
0.60
1.01
0.20
1.80
4.16
2.10
5.90
1.50
0.70
0.58
0.60
1.20
6.21
3.80
3.00
9.30
2.56
2.61
0.79
0.20
0.70
Karnataka
6,644.00
5,609.92
6,516.95
4,885.12
1,559.00
3,701.01
3,452.91
5,150.04
4,079.13
4,244.86
5,280.97
6,265.88
6,541.04
5,770.15
4,973.08
3,407.02
2,377.05
5,666.83
369.00
1,413.97
4,641.05
7,576.99
2,629.00
3,344.00
3,066.85
3,657.98
3,009.97
1,698.04
2,924.02
2,847.91
2,665.93
3,984.93
5,204.82
4,917.98
3,365.89
5,370.92
5,918.02
5,721.89
5,628.19
3,766.08
4,340.02
5,555.00
4,473.07
4,302.94
6,691.00
6,099.07
4,794.86
4,692.11
4,953.08
2,236.92
4,626.99
3,041.91
3,981.95
2,895.01
5,151.99
5,693.00
4,678.99
3,878.07
4,371.00
4,348.05
Tur
Madhya Pradesh
39.08
107.35
13.31
16.94
14.92
2,764.44
180.60
N/A
N/A
7.50
N/A
N/A
219.29
106.30
65.11
23.40
20.30
0.10
7.19
10.00
3.00
3.00
9.40
4.50
5.00
0.70
5.90
35.10
N/A
N/A
N/A
N/A
1.10
0.90
N/A
N/A
25.05
150.80
15.84
N/A
N/A
N/A
15.00
77.01
N/A
3.00
N/A
4.30
68.48
50.80
N/A
N/A
N/A
N/A
0.10
N/A
N/A
N/A
81.00
1,370.39
Gujarat
30.45
19.64
2.60
0.20
0.80
N/A
N/A
346.70
530.00
1.00
0.81
5.98
179.90
28.61
208.02
1.00
11.30
17.15
297.26
380.84
42.99
5.81
32.50
39.05
35.58
45.93
248.61
3.90
1.44
1.21
4.67
2.88
11.32
12.67
10.40
N/A
N/A
1.50
N/A
N/A
N/A
N/A
4.86
4.00
6.30
9.36
23.28
28.75
35.91
35.19
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Maharashtra
1,334.79
1,466.93
4,854.94
2,799.35
5,525.52
14,242.42
20,818.91
167.82
155.81
149.36
152.30
169.20
186.43
163.80
481.12
958.74
2,553.58
8,831.49
7,692.99
885.98
321.65
253.20
319.67
1,030.07
644.95
759.36
1,178.85
1,318.71
2,151.51
6,171.48
5,523.64
404.84
618.04
867.55
1,821.22
872.71
1,946.20
4,279.68
3,345.31
7,083.44
13,199.15
30,544.00
19,732.55
1,472.19
1,246.71
669.46
1,567.86
955.93
741.22
1,157.07
2,229.73
3,222.25
4,880.58
12,590.68
22,789.88
2,288.10
210.91
252.79
223.67
157.31
Andhra Pradesh
7,421.21
1,077.99
338.00
402.00
1,714.11
7,424.49
6,842.40
3,198.00
3,304.99
101.98
72.00
295.98
5,167.00
3,510.57
393.65
371.70
14.00
7,962.88
44,702.10
531.33
147.29
N/A
40.39
76.82
209.82
670.17
50.21
0.80
30.20
32.60
19.44
N/A
2.82
0.01
240.28
0.01
0.27
43.59
1,018.38
187.66
1,028.41
1,809.40
620.38
151.11
9.79
599.66
1,849.71
2,224.29
2,576.18
2,934.79
357.06
95.54
412.56
689.18
1,180.77
74.92
114.20
0.81
3.20
95.61

Source: Dept.of Agriculture, GOI
1/26/2012 1:29:25 AM
Urad
Rajasthan
3,325.04
2,988.91
15,033.51
15,103.14
19,027.91
23,458.92
1,677.00
261.14
555.12
1,881.43
9,706.18
24,507.23
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3,425.95
5,033.74
7,709.44
N/A
4,641.13
8,726.76
13,655.27
16,411.21
15,362.62
4,418.10
3,780.60
4,225.97
3,499.44
5,559.06
8,503.83
2,703.09
1,164.19
1,865.18
5,152.58
23,185.44
36,778.27
2,076.61
130.80
242.21
564.46
1,792.26
3,723.51
1,099.27
600.82
176.98
374.68
1,254.93
2,423.76
Orissa
697.34
477.22
491.48
1,331.46
976.36
1,215.46
1,100.02
1,224.61
1,186.34
1,038.97
589.78
877.28
958.91
601.31
291.11
369.11
65.80
86.71
175.94
100.99
45.62
207.62
299.08
690.01
1,602.91
1,550.57
1,140.97
3,011.97
680.77
553.51
2,716.32
312.62
623.52
776.20
937.91
812.84
1,243.41
1,068.76
1,026.73
956.59
936.30
491.80
893.80
704.94
664.01
2,491.80
511.14
587.55
623.36
685.09
632.07
416.44
221.48
249.60
75.70
463.89
473.77
111.34
864.56
1,892.52
Andhra Pradesh
14,279.68
27,557.24
22,338.14
3,979.84
5,590.94
6,580.89
44,510.27
9,465.05
9,434.93
8,908.03
7,336.17
13,613.94
17,268.07
17,921.51
3,521.28
1,002.59
1,713.49
5,784.02
4,322.60
777.49
1,672.39
3,501.39
1,156.60
1,632.08
1,833.26
1,089.96
564.42
106.41
94.00
260.14
197.92
0.75
0.52
0.95
1.08
0.81
0.97
2.33
2.32
266.46
426.28
854.07
144.38
11.72
56.99
95.47
391.95
516.76
986.39
861.84
1,390.69
319.94
88.81
407.30
982.60
1,677.94
681.17
818.17
1,069.60
328.66
Rajasthan
10,694.39
2,971.60
2,417.80
2,429.27
2,126.95
5,905.09
6,249.72
5,487.25
10,071.10
5,155.94
7,630.39
36,297.03
4,514.33
1,197.10
368.76
724.63
976.63
1,345.90
2,283.95
1,312.32
3,952.43
6,615.99
14,038.85
54,569.68
6,225.59
1,043.05
867.80
1,212.63
3,607.89
1,031.01
2,429.70
1,338.58
5,556.41
6,077.65
22,199.63
30,419.13
1,808.83
616.51
678.69
393.16
521.04
1,901.28
598.28
1,710.98
2,217.22
5,069.43
20,320.10
18,273.81
850.17
243.46
77.05
64.55
127.97
257.54
324.05
525.29
452.69
1,415.68
4,592.57
11,194.51
Chana
Maharashtra
61,181.69
40,048.96
5,900.23
6,142.46
6,836.94
10,067.38
7,343.21
10,630.83
13,725.52
17,845.44
30,288.91
55,223.25
74,100.56
44,150.51
12,659.37
7,568.23
9,080.76
10,756.67
6,258.12
9,164.78
13,756.04
15,448.22
27,852.73
37,512.87
41,722.88
37,922.18
13,615.67
4,043.66
3,778.59
5,251.67
3,304.92
3,255.73
5,964.19
15,298.62
23,749.90
17,312.47
35,006.80
50,680.81
11,692.31
2,190.89
2,673.87
4,632.76
2,134.20
4,870.63
6,475.31
11,248.73
17,179.89
37,722.69
30,576.17
39,634.72
9,192.10
1,250.90
1,710.94
2,307.48
2,341.42
2,286.42
2,192.49
6,074.45
12,273.62
23,591.83
Madhya Pradesh
58,117.32
3,052.11
2,740.30
9,403.68
11,972.77
12,054.48
10,889.30
14,924.57
24,273.81
32,746.46
38,332.42
42,685.21
58,517.82
13,770.36
3,269.88
3,228.88
5,602.73
9,684.22
9,873.11
5,143.60
4,013.96
3,581.21
5,255.92
7,325.68
4,213.21
973.69
2,860.01
880.57
709.20
529.24
928.75
1,285.31
1,851.37
2,377.20
3,681.21
5,480.34
4,958.56
10,591.43
3,857.08
1,646.03
2,872.39
2,550.09
9,784.60
1,502.59
1,926.36
2,840.89
3,419.77
14,189.12
15,281.56
5,456.27
625.26
2,084.60
2,503.14
3,459.27
4,024.00
4,403.98
5,821.21
8,782.24
17,274.11
25,435.29
Uttar Pradesh
16,956.46
13,408.77
22,989.63
21,796.09
19,381.52
16,725.57
17,498.63
13,279.23
16,447.61
13,402.27
23,872.04
22,237.04
10,809.56
7,984.98
11,201.38
12,136.36
12,931.81
16,552.09
16,553.59
11,639.87
13,054.57
18,669.05
17,605.35
21,252.36
36,140.38
7,426.43
5,429.01
8,490.04
10,164.79
7,188.55
7,609.95
5,488.91
9,050.45
6,297.60
8,809.48
9,503.34
8,314.65
3,820.10
3,668.24
7,910.15
3,386.66
4,194.58
4,754.16
5,312.63
4,956.76
6,835.38
6,205.72
5,874.73
586,076.36
4,028.14
6,699.60
8,550.32
7,852.72
5,997.48
6,393.26
6,347.27
10,953.65
22,115.67
25,060.28
30,183.86
1/26/2012 1:29:25 AM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Chana prices and trading activity

Month
Open
High
Monthly MCX futures prices (Rs/qtl)

Low
Close
Volume
in lots^
Open
interest
in lots^^
MCX Spot - Delhi (Rs/qtl)

Monthly
Month's
average
high
Dec-10
2475
2491
2377
2422
511
44
2444
2490
Nov-10
2332
2479
2251
2465
1140
138
2435
2515
Oct-10
2178
2357
2080
2324
3018
688
2340
2408
Sep-10
2184
2199
2049
2173
4409
1632
2261
2343
Aug-10
2227
2258
2126
2186
6068
1619
2259
2280
Jul-10
2200
2365
2130
2219
8779
1732
2236
2299
Jun-10
2202
2212
2040
2193
10514
2586
2121
2206
May-10
2206
2235
2120
2205
7328
2324
2136
2191
Apr-10
2353
2490
2214
2237
10465
2480
2210
2340
Mar-10
2188
2425
2118
2349
5180
1445
2186
2320
Feb-10
2140
2225
2095
2188
3065
297
2225
2290
Jan-10
2470
2475
2131
2169
6253
581
2344
2425
Dec-09
2685
2690
2452
2472
4186
768
2462
2513
Nov-09
2483
2726
2448
2684
12554
1108
2504
2619
Oct-09
2312
2498
2215
2483
16981
836
2330
2472
Sep-09
2196
2364
2151
2294
19554
724
2305
2387
Aug-09
2455
2602
2033
2202
37691
1371
2347
2502
Jul-09
2219
2555
2188
2451
44322
1854
2351
2520
Jun-09
2148
2218
2086
2214
34600
1546
2145
2204
May-09
2330
2363
2115
2155
42813
1555
2204
2255
Apr-09
2188
2452
2168
2330
60235
1528
2251
2326
Mar-09
2192
2279
2175
2185
35173
813
2137
2179
Feb-09
2370
2405
2197
2207
27492
473
2190
2255
Jan-09
2082
2402
2060
2388
18928
721
2151
2301
Dec-08
2250
2262
2003
2076
9366
136
2203
2295
Nov-08
N/T
N/T
N/T
N/T
N/T
N/T
2250
2340
Oct-08
N/T
N/T
N/T
N/T
N/T
N/T
2307
2440
Sep-08
N/T
N/T
N/T
N/T
N/T
N/T
2481
2530
Aug-08
N/T
N/T
N/T
N/T
N/T
N/T
2546
2610
Jul-08
N/T
N/T
N/T
N/T
N/T
N/T
2533
2635
Jun-08
N/T
N/T
N/T
N/T
N/T
N/T
2415
2500
May-08
2488
2488
2395
2409
261
0
2376
2515
Apr-08
2630
2630
2498
2502
7817
420
2511
2665
Mar-08
2660
2693
2379
2630
53060
405
2733
2870
Feb-08
2900
3013
2659
2732
83144
1601
2526
2891
Jan-08
2240
2884
2240
2883
72574
1286
2199
2244
Dec-07
2118
2263
2104
2242
38003
317
2208
2301
Nov-07
2278
2278
2115
2118
21302
224
2353
2407
Oct-07
2369
2389
2264
2264
15495
283
2391
2449
Sep-07
2318
2429
2243
2370
12345
354
2307
2340
Aug-07
2255
2320
2150
2312
9755
490
2322
2368
Jul-07
2247
2355
2205
2256
11363
323
2347
2386
Jun-07
2355
2355
2245
2254
10661
436
2233
2355
May-07
2184
2216
2147
2206
14886
379
2200
2249
Apr-07
2265
2342
2079
2185
3256
273
2315
2502
Mar-07
2350
2424
2200
2254
54570
76
2301
2509
Feb-07
2102
2417
2011
2404
16235
116
2442
2605
Jan-07
2580
2595
2077
2125
16636
156
2539
2822
Dec-06
2435
2604
2255
2522
9118
171
2759
2910
Nov-06
2871
2953
2450
2471
10683
407
2955
3190
Oct-06
3255
3278
2805
2902
3390
402
3183
3270
Sep-06
3318
3362
3108
3235
6024
416
3054
3330
Aug-06
2655
3356
2635
3335
6291
701
2570
2759
Jul-06
2420
2766
2327
2664
14254
1020
2326
2432
Jun-06
2195
2476
2105
2424
25726
1284
2365
2473
May-06
2439
2630
2057
2190
36466
1647
2410
2520
Apr-06
2295
2603
2241
2447
42321
1824
2144
2206
Note: 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. Trading in chana futures were
1/26/2012 1:29:25 AM
Month's
low
were
Ganganagar
(Raisinghnagar)
Avg variety
Other markets monthly average spot prices (Rs/qtl)

Jaipur
Udaipur
Chhindwara
Indore
Avg variety
Avg variety
Desi variety
Desi variety
2381
2355
2286
2202
2226
2171
2062
2093
2109
2141
2113
2028
2155
2050
1730
2060
2206
2161
2229
2112
1935
1984
2432
2270
2185
2097
2087
2062
2406
2364
2251
2143
2225
2111
2245
2114
2098
1998
1883
2069
2251
2042
2089
1954
1880
N/A
2249
2132
2190
2043
1971
N/A
2170
2136
2274
2054
1978
2128
2070
1990
2060
1906
1786
2044
2134
2070
2111
1989
1868
2223
2172
2085
2100
2001
1949
N/A
2094
1930
1959
1888
1864
2108
2105
2038
2083
1920
1837
N/A
2000
1938
1960
1773
1894
2245
2062
1976
2041
1809
1821
1872
2170
2055
2128
1902
1824
2100
2150
2138
2249
2056
1890
2331
2415
2283
2290
2109
2003
2298
2500
2345
2343
2245
2076
2003
2375
2380
2353
2295
2122
2053
2325
2337
2291
2154
1991
2086
2300
2324
2262
2141
1991
2114
2355
2342
2436
2190
2132
2188
2630
2512
2579
2361
2303
2400
2228
2235
2292
2144
2065
2309
2156
1974
1997
1939
1764
2104
2112
1995
2024
1996
1689
1992
2305
2135
2127
2070
1869
2285
2320
2191
2072
2146
1940
2536
2248
2065
2076
2053
1907
2513
2276
2097
2153
2057
1939
2504
2285
2134
2208
2071
2064
2345
2177
2054
2097
1976
1980
2329
2124
2027
2052
2016
2006
2263
2167
2104
2168
2130
2129
2442
2084
1899
2073
1969
1874
2009
2263
2132
2261
2044
1787
2164
2350
2235
2502
2238
2026
2403
2460
2572
2696
2523
2065
2576
2791
2827
2916
2705
2394
2836
3054
2953
3021
2871
2616
2949
2700
2722
2721
2640
2717
3130
2360
2374
2342
2298
2148
2251
2188
2106
2157
2082
1989
2113
2120
2207
2187
2144
2023
2124
2167
2114
2199
2117
1975
2131
1980
1926
1967
1938
1737
1977
suspended from May 7, 2008 to December 3, 2008, Avg - Average; Future prices are for near month continuos futures contract.
Ganjbasoda
Desi variety
WPI of
Chana
1890
2034
2078
2073
2015
2117
2120
2120
2002
2087
2110
2055
2010
1925
1951
1949
2016
2191
2246
2203
2145
2129
2210
2698
2154
1918
1920
2134
2220
2222
2196
2165
2141
2229
2373
2010
2021
2095
2265
2499
2799
2706
2184
2010
2003
1978
1761
154.9
151.8
149.5
146.6
149.2
145.2
143.2
144.1
143.9
144.3
146.4
155.1
156.4
159.2
152.3
152.6
155.9
154.2
147.9
151
150.6
148.7
151.1
150.3
155.4
157.3
157.4
155.2
159.6
154.6
152.5
150.1
153.3
155.4
146.7
142.3
148.1
151.2
150.7
149.4
150.1
150.4
146.2
147
150.3
149.5
166.5
171.5
182
183.4
180.7
158.2
144.5
141.1
138
130.8
127.6
1/26/2012 1:29:25 AM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Tur (Arhar)
Month
Central Delh
Avg variety
Tur (Arhar) prices

Other market's monthly average spot prices (Rs/qtl)
Bhopal
Indore
Bidar
Avg variety
Avg variety
(Basavakalyam)
FAQ variety
Mar-11
Feb-11
Jan-11
Dec-10
Nov-10
Oct-10
Sep-10
Aug-10
Jul-10
Jun-10
May-10
Apr-10
Mar-10
N/A
N/A
N/A
Feb-10
N/A
2991
3019
Jan-10
4350
3183
3464
Dec-09
4350
3047
3530
Nov-09
4350
3185
4550
Oct-09
4350
N/A
N/A
Sep-09
4350
N/A
N/A
Aug-09
4424
3505
N/A
Jul-09
4333
3960
N/A
Jun-09
3235
3174
3405
May-09
3235
3305
2886
Apr-09
3235
3156
2962
Mar-09
3235
3001
2516
Feb-09
3307
2791
2781
Jan-09
3115
2579
2630
Dec-08
2697
2410
2050
Nov-08
2863
2321
2053
Oct-08
3256
2444
2504
Sep-08
3207
2561
2184
Aug-08
3166
2591
2212
Jul-08
3074
2573
2414
Jun-08
2858
2439
2250
May-08
2695
2128
2103
Apr-08
2673
2203
2253
Mar-08
2826
2380
2169
Feb-08
2666
2319
2359
Jan-08
2466
2063
1997
Dec-07
2738
2061
N/A
Nov-07
2902
2007
2568
Oct-07
2806
1861
2559
Sep-07
2512
1831
1813
Aug-07
2626
2035
1979
Jul-07
2550
2139
2130
Jun-07
2518
1959
2016
May-07
2449
2019
1797
Apr-07
2488
2096
1759
Mar-07
2410
2086
1844
Feb-07
2331
1986
1968
Jan-07
2244
1854
1666
Dec-06
1963
1527
1304
Nov-06
1923
1438
1635
Oct-06
1980
1505
1555
Sep-06
2157
1550
1569
Aug-06
1953
1537
1535
Jul-06
1931
1494
1477
Jun-06
1991
1546
1581
May-06
2053
1670
1670
Apr-06
2028
1676
1510
Note: N/A - Not Available, Futures trading Tur/Arhar is suspended since Feb 2007, Avg - Average;
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
5335
3768
4021
3337
3181
3167
3035
2694
2597
2986
2897
3999
2914
2491
2290
2321
2380
2228
2112
2350
2315
2280
2230
2271
2242
2050
2052
N/A
N/A
N/A
N/A
N/A
1782
1750
1944
1717
1684
1702
1806
1794
Raichur
FAQ variety
WPI of Tur
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3510
3623
3244
3131
3271
3069
3119
3141
2801
2298
2524
2167
2232
2397
2033
2057
2117
2409
2231
2131
2409
2096
2089
1718
1647
1962
1841
1754
1997
2000
1983
1988
1782
1445
1544
1514
1395
1413
1435
1516
1611
199.5
202.8
190.4
181.7
185.6
196.9
203.2
199.4
222.8
225.6
228.6
224.3
220.1
231
262.7
236.2
237.2
224.7
221.3
220.3
206.8
181.1
170.1
164.9
156.4
153.8
148.7
148.4
148.4
148.9
147.1
146.3
138.3
131.8
129.7
133.5
136.2
128.6
130.2
131.4
131.2
127.4
126.2
126.3
121.7
117.9
117.9
118
115.4
118
112
110.6
110.3
113.2
111
102.8
100.7
103.2
101.4
101.1
1/26/2012 1:29:26 AM
Urad (Black Gram) prices

Month
Mar-11
Feb-11
Jan-11
Dec-10
Nov-10
Oct-10
Sep-10
Aug-10
Jul-10
Jun-10
May-10
Apr-10
Mar-10
Feb-10
Jan-10
Dec-09
Nov-09
Oct-09
Sep-09
Aug-09
Jul-09
Jun-09
May-09
Apr-09
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
Other market's monthly average

Central Delhi
Ganganagar
average variety
desi variety
N/A
N/A
4157
4538
5006
4597
4032
4570
3759
3108
3077
3015
3001
2997
2823
2668
2749
2944
2884
2869
2887
2482
2418
2261
2367
2196
1963
1997
2087
2381
2301
2314
2291
2184
2269
2631
3123
3323
3343
3188
3416
3583
3782
3503
3251
3272
3770
3697
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
2027
2003
N/A
N/A
N/A
2169
2208
2072
1997
2081
2461
2031
2328
N/A
N/A
2976
2757
2458
2099
2135
2316
1935
WPI of Urad
250.3
250.1
252.1
255.5
260.2
285.5
292.6
294.9
294.2
287.2
275.7
261.6
255.3
266.1
283.1
273.9
263.5
233.7
215.4
211.9
196.4
183.2
180
178.7
170.4
168.6
165.8
164.7
163.7
164
163.4
161.3
154.3
147.3
145.4
148.5
146.9
137.6
137.9
146.4
151.4
165.1
166
170.5
171.8
170.6
173.8
179.2
179.8
190.5
187.5
201.7
209.3
217.3
200
187.9
184.9
186.1
179.2
171.8
Note: N/A - Not Available; Futures trading Urad is suspended since Feb 2007
1/26/2012 1:29:26 AM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Spices
Flavouring the dish
Exchange
Price Unit
(contract)
Cardamom
MCX (100 kgs)
Rs/ kg
Note: Âll contracts - all variants; Source: Exchanges websites
Commodity in 2010
Open
1,118.00
High
2,097.00
Low
868.00
Close
1,581.40
Annualised
Volatility
56.70%
31-Dec-10
3-Dec-10
5-Nov-10
8-Oct-10
10-Sep-10
13-Aug-10
16-Jul-10
18-Jun-10
21-May-10
23-Apr-10
26-Mar-10
26-Feb-10
29-Jan-10
1-Jan-10
spice is a dried seed, fruit, root, bark, or vegetative export and domestic demand, in the wake of lower output in
substance. Used in nutritionally insignificant quantities Guatemala Indias lone competitor in the cardamom segment
as a food additive for flavor, color, or as a preservative, and the worlds largest producer of the small variant, buoyed
spices kill harmful bacteria or prevent their growth. A cardamom prices in the domestic market. The prices touched
spice may be used to flavour a dish or to hide other obnoxious an all-time high of Rs.2,097 on June 11, 2010. Thereafter, the
flavours. In the kitchen, spices are distinguished from herbs, prices began to decline on expectations of an increase of 20%
which are leafy, green plant parts used for flavoring or as garnish. year-on-year in production on the back of good monsoon rains.
The word spice comes from the Old French word espice, The estimated increased output, according to trade sources,
which became epice and which came from the Latin root stood at around 12,000 tonnes in 20010-11.
spec, the noun referring to appearance. In India, spices are
During the harvest season, the prices remained under
mainly used to rustle up scrumptious delicacies. Many spices pressure because buyers were waiting for the prices to come
are also used for other purposes, such as medicine, religious down before they began buying cardamom for the new season.
rituals, cosmetics, and perfumery or for eating as vegetables. As a result, by October-end, futures prices of cardamom touched
For example, turmeric is also used as a preservative; liquorice a low of Rs.868 a kg.
as a medicine; garlic as a vegetable. The flavour of a spice is
Attracted by lower prices, traders began stocking the spice
derived in part from compounds that oxidise or evaporate when for the forthcoming festive season. However, with the season,
exposed to air.
especially Diwali, approaching, both spot and futures prices of
India is known as the home of spices and produces a wide cardamom started to rise again. This was followed by the export
variety of spices like black pepper, cardamom (small and large), season of November and December. Overall, cardamom prices
ginger, garlic, turmeric, chilli, etc. It is the largest producer, increased by 38.9% year-on-year.
consumer and exporter of spices and spice products.
India is the only country that produces all major
MCX Cardamom futures prices in 2010
spices: 75 variants of the 109 listed with the Interna2300
Year high at Rs.2,097/kg on
tional Organization for Standardization (ISO).
Higher export
lower production in Guate2100
demand and farmmala and robust domestic
Spices play an important role in the Indian
ers reluctance to
and export demand
1900
sell the produce at
economy. The country produces about 5 million
lower prices
1700
tonnes of spices every year and exports more than
1500
10% of the produce or about 500,000 tonnes,
1300
including value-added products. The world import of
1100
spices is estimated at a little over 1 million tonnes,
Year low at Rs.868/kg on expectations
of a rise of 20% y-o-y in production
900
of which India shares about 48%, according to the
owing to good monsoon
Spices Board of India.
700
Cardamom futures on the MCX platform opened
at Rs.1,138.60 a kg in 2010 and moved up steadily
Source: Metastocks
Cardamom (Rs/kg)
until mid-June the fag end of the season. Strong
Volume
(in lots)
635,749
1/26/2012 1:29:26 AM
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PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Spices - Production in India (in `000' tonnes)

Country
Turmeric
Pepper
Small Cardamom
Red Chilli
Cumin seed
Total Spices
Source: Spices Board, India, Trade Sources
2010-11
2009-10
2008-09
2007-08
2006-07
2001-02
988.92
48.00
10.38
1212.06
316.91
-
792.98
55.00
10.08
1202.94
156.33
-
892.21
46.74
10.99
1353.80
283.00
5278.85
826.03
50.00
9.45
1371.25
264.86
5066.78
856.46
50.00
11.23
1325.27
176.51
4664.00
552.95
80.00
11.37
1116.59
206.41
-
Spices - Item wise exports from India (in `000' tonnes & value in Rs crores)
Item
Pepper
Cardamom small
Chilli
Turmeric
Cumin
Others#
Total
2010-11 (E)
Qty
Value
18.85
1.18
240.00
49.25
32.50
183.98
525.75
383.19
132.16
1535.54
702.85
395.98
3690.99
6840.71
2009-10
Qty
Value
19.75
1.98
204.00
50.75
49.75
176.53
502.75
313.93
165.70
1291.73
381.23
548.25
2859.67
5560.50
2008-09
Qty
Value
25.25
7.50
188.00
52.50
52.55
144.72
470.52
413.74
47.27
1080.95
248.58
544.00
2965.73
5300.26
2007-08
Qty
Value
35.00
0.50
209.00
49.25
28.00
122.50
444.25
519.50
24.75
1097.50
157.00
291.50
2345.25
4435.50
2006-07
Qty
Value
28.75
0.65
148.50
51.50
26.00
118.35
373.75
306.20
22.36
807.75
164.80
201.50
2073.14
3575.75
2001-02
Qty Value
22.88 203.69
1.03
61.68
70.00 252.44
37.78
90.74
17.25
148.18
94.27 1183.83
243.20 1940.55
Note: #: Include Asafoetida, Cassia, Saffron, Tamarinda, Ajvanseed, Dill Seed, Poppy Seed, Aniseed, Ginger, vanilla, fennel, coriander oils and oleoresins Etc.
Source: DGCI&S., Kolkata
Spices - Item wise imports into India (in '000' tonnes & value in Rs crores)
Item
Pepper
Cardamom(small)
Chilli
Turmeric
Cumin black/white
Other spices #
Total
Value (USD in million)
2010-11 (E)
Qty
Value
16.10
0.08
0.45
3.90
0.52
65.74
86.78
270.11
6.57
4.08
42.21
5.93
846.61
1175.51
257.00
2009-10
Qty
Value
18.10
0.10
1.30
4.45
1.60
81.16
106.70
234.66
3.36
7.50
20.87
16.31
817.77
1100.46
232.33
2008-09
Qty
Value
10.75
0.18
0.82
2.53
0.19
69.08
83.55
176.65
3.09
6.57
8.20
2.42
568.45
765.39
167.55
2007-08
Qty
Value
13.50
0.88
0.48
4.65
2.00
68.50
90.00
193.89
8.68
3.61
12.27
18.50
403.55
645.50
160.60
2006-07
Qty
Value
15.70
0.62
1.60
7.00
1.19
100.68
126.79
135.97
5.69
10.30
25.20
10.10
601.82
789.08
174.32
2001-02
Qty Value
6.33
0.32
1.11
0.12
0.96
56.36
8.26
4.31
0.12
7.29
86.34
505.08
Note: # include aniseed, asafoetida, cinnamon, pepper long, cambodge, herbal spices, ginger, cardamom large, coriander, etc; E=estimates.
Source: DGCI&S., Kolkata

Volatility
2010-11
2009-10
2008-09
2007-08
2006-07
Cardamom
Cumin Seed
Pepper
Red Chilli
Turmeric
Source: MCX
3.39%
0.91%
1.41%
0.63%
1.76%
1.63%
0.81%
1.17%
1.27%
2.34%
1.32%
1.10%
1.11%
1.11%
1.31%
0.54%
0.81%
1.24%
1.31%
0.84%
3.11%
1.10%
1.42%
2.00%
-
1/26/2012 1:29:36 AM
Spices - State-wise monthly arrivals of spices (in tonnes)

Month
Small
Cardamom
Kerala
Red Chilli
Andhra
Pradesh
Apr-11
47.46
N/A
Mar-11
139.08
N/A
Feb-11
37.68
N/A
Jan-11
54.15
N/A
Dec-10
3.64
240.00
Nov-10
114.64
N/A
Oct-10
89.80
1604.00
Sep-10
91.66
1033.98
Aug-10
91.55
N/A
Jul-10
69.94
N/A
Jun-10
59.40
N/A
May-10
2.61
N/A
Apr-10
0.92
200.13
Mar-10
3.03
600.48
Feb-10
0.10
N/A
Jan-10
0.24
N/A
Dec-09
0.04
N/A
Nov-09
0.06
N/A
Oct-09
0.05
N/A
Sep-09
0.05
N/A
Aug-09
0.14
N/A
Jul-09
0.08
N/A
Jun-09
0.07
N/A
May-09
0.08
N/A
Apr-09
0.07
N/A
Mar-09
3.60
N/A
Feb-09
0.05
N/A
Jan-09
0.07
N/A
Dec-08
0.02
N/A
Nov-08
0.05
N/A
Oct-08
0.05
N/A
Sep-08
0.00
N/A
Aug-08
0.06
N/A
Jul-08
0.07
N/A
Jun-08
0.06
N/A
May-08
0.07
N/A
Apr-08
0.08
N/A
Mar-08
0.07
0.02
Feb-08
0.06
N/A
Jan-08
0.06
N/A
Dec-07
0.08
0.01
Nov-07
0.06
0.30
Oct-07
0.07
8.40
Sep-07
0.08
N/A
Aug-07
0.05
18.60
Jul-07
0.07
N/A
Jun-07
0.07
N/A
May-07
0.06
N/A
Apr-07
0.07
0.40
Mar-07
0.18
33.10
Feb-07
0.32
N/A
Jan-07
0.42
N/A
Dec-06
0.24
N/A
Nov-06
0.18
N/A
Oct-06
0.16
2.00
Sep-06
0.08
1.00
Aug-06
0.24
N/A
Jul-06
0.48
N/A
Jun-06
0.25
6.20
May-06
1.64
5.40
Apr-06
0.08
N/A
Note: N/A: Not available, Data after Apr'10 is for Turmeric processed
Source: Dept.of Agriculture, GOI
Cumin seed (jeera)
Turmeric
Rajasthan
Gujarat
Madhya
Pradesh
Orissa
Tamil Nadu
5352.81
5984.63
221.20
181.22
54.96
44.03
52.02
122.23
124.65
316.53
213.90
466.12
1555.47
997.45
38.94
31.40
106.74
149.19
157.33
31.74
63.38
66.56
92.70
177.85
834.17
2442.40
225.27
31.40
23.31
54.10
112.57
69.58
209.86
283.98
901.70
2286.44
4247.57
572.08
118.72
126.33
43.66
323.60
288.29
114.01
65.27
71.00
134.21
181.96
320.34
1344.75
907.11
70.64
50.95
31.15
32.44
501.93
701.37
50.98
34.66
92.57
467.74
10664.25
10587.56
7697.88
14954.52
5156.04
15136.78
1684.08
1755.04
2705.01
7412.35
5580.79
8781.76
17415.77
25257.81
29766.81
2310.52
4283.09
24584.19
18404.44
14533.79
19372.93
14659.52
6429.20
9100.63
18815.69
39108.25
32532.66
8312.61
4466.09
4296.67
2539.60
3566.89
1786.28
6573.97
12713.17
17605.50
22624.62
16754.93
6063.85
1569.84
1149.65
1240.66
1811.38
956.80
1816.91
1815.23
2201.53
2072.40
2705.54
6018.61
5591.18
6732.58
7925.00
11332.39
5390.27
17357.07
10669.94
3606.34
2111.35
7672.01
6838.41
17.00
52.67
8.17
4.94
2.56
7.02
5.44
10.44
9.66
32.40
30.24
17.02
36.30
N/A
3.80
N/A
1.80
79.59
13.68
18.36
8.46
N/A
N/A
6.00
53.96
72.00
84.00
104.00
68.00
48.00
60.00
40.00
88.00
72.00
44.00
76.00
88.00
84.00
76.00
40.00
4.00
4.00
8.00
12.00
64.00
88.00
40.00
24.00
28.00
28.00
16.00
36.00
20.00
8.00
12.00
48.00
20.00
44.00
12.00
24.00
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
0.50
N/A
1.20
N/A
1.20
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
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
0.10
0.08
0.10
0.10
0.08
0.09
0.08
0.11
0.08
1255.53
1766.52
1007.01
7904.36
1442.10
2225.16
1597.47
1237.82
916.57
1326.38
1282.32
2893.75
35.00
37.67
N/A
11.50
4.50
3.30
18.00
8.75
27.50
15.83
16.88
24.29
21.33
90.12
13.00
10.00
11.00
16.37
7.00
8.00
10.00
17.00
21.80
19.00
19.38
6.60
12.57
11.23
8.08
21.60
27.67
10.00
15.00
15.62
20.00
26.25
40.97
26.50
21.60
20.00
24.00
26.00
24.17
17.00
20.40
8.12
11.14
23.92
35.62
1/26/2012 1:29:36 AM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Cardamom prices & Trading activity

Monthly MCX futures price (Rs/kg)
Month
Open
High
Low
Close
Volume
in lots^
Open
Interest
in lots^^
MCX spot prices Vandanmedu

(Rs/kg)
Monthly
Month's
Month's
average
high
low
WPI of
Cardamom
Dec-10
1,217.0
1,642.0
1,153.2
1,581.4 98,904.0
3,270.0
1,288.7
1,601.9
1,100.3
329.3
Nov-10
909.0
1,202.6
895.0
1,202.6
41,721.0
2,342.0
980.6
1,136.5
869.3
301.3
Oct-10
1,070.0
1,070.0
868.0
885.1
26,352.0
3,384.0
969.8
1,111.1
809.3
311.0
Sep-10
1,382.5
1,417.0
1,021.5
1,070.5
32,526.0
2,662.0
1,217.7
1,490.2
1,084.1
380.9
Aug-10
1,516.5
1,765.0
1,218.0
1,379.6
56,438.0
4,796.0
1,515.2
1,600.0
1,413.1
409.8
Jul-10
1,849.0
1,888.4
1,359.1
1,472.3 46,202.0
4,544.0
1,666.4
1,770.0
1,440.0
396.3
Jun-10
1,606.0
2,097.0
1,571.3
1,840.9 145,626.0
6,624.0
1,669.4
1,735.0
1,514.2
372.0
May-10
1,364.0
1,644.0
1,350.5
1,587.9
78,496.0
2,471.0
1,378.4
1,484.5
1,290.3
304.6
Apr-10
1,258.0
1,421.9
1,258.0
1,380.7
31,508.0
2,234.0
1,261.0
1,306.1
1,192.0
283.5
Mar-10
1,143.9
1,329.0
1,101.7
1,256.9
21,133.0
1,238.0
1,130.3
1,193.0
1,060.0
274.9
Feb-10
1,112.0
1,263.9
1,033.1
1,143.9
17,432.0
1,115.0
1,078.8
1,129.6
1,043.4
274.1
Jan-10
1,118.0
1,388.8
1,105.0
1,123.8
39,411.0
1,210.0
1,144.5
1,272.0
1,031.0
269.6
Dec-09
990.0
1,135.9
930.3
1,112.7
21,459.0
1,351.0
892.4
1,005.2
821.0
244.4
Nov-09
795.0
989.3
795.0
983.3
6,916.0
903.0
757.8
808.0
732.0
206.5
Oct-09
714.3
822.0
676.0
792.8
4,594.0
514.0
715.6
762.5
684.8
187.6
Sep-09
850.3
921.0
709.8
717.0
4,171.0
221.0
779.9
821.5
677.5
188.2
Aug-09
845.8
876.0
745.5
854.3
3,643.0
410.0
812.6
848.0
787.8
179.4
Jul-09
877.5
891.3
813.0
852.0
4,614.0
350.0
806.9
823.8
790.0
175.5
Jun-09
795.0
909.8
794.5
879.0
4,464.0
76.0
778.9
816.5
741.3
170.4
May-09
705.5
798.0
705.5
785.8
3,875.0
290.0
709.1
733.8
667.3
162.1
Apr-09
636.0
736.5
635.5
710.5
2,777.0
296.0
652.3
697.3
620.0
146.0
Mar-09
606.8
653.0
595.3
639.0
4,237.0
230.0
587.3
605.8
570.8
136.7
Feb-09
583.8
611.0
530.0
604.5
2,366.0
210.0
593.9
612.5
572.0
137.2
Jan-09
554.5
594.8
487.0
567.8
3,198.0
207.0
561.9
599.5
538.8
129.1
Dec-08
560.0
643.8
530.3
553.5
3,951.0
311.0
558.4
590.3
537.8
126.4
Nov-08
617.3
668.0
540.0
565.8
3,347.0
243.0
587.6
623.0
513.5
140.1
Oct-08
730.0
732.8
600.5
619.0
3,864.0
304.0
637.5
699.0
606.8
147.7
Sep-08
695.0
773.0
683.0
729.8
6,392.0
370.0
693.0
721.5
671.5
146.6
Aug-08
664.5
747.0
658.5
691.5
6,792.0
471.0
672.4
698.3
653.5
146.0
Jul-08
635.0
740.0
621.0
662.3
10,365.0
437.0
642.4
660.0
616.0
143.4
Jun-08
689.0
762.0
654.5
654.5
4,644.0
533.0
671.4
681.5
613.5
151.9
May-08
627.0
698.5
604.0
692.0
4,990.0
495.0
646.3
664.5
625.0
147.1
Apr-08
612.5
687.5
599.0
627.0
4,140.0
295.0
618.1
628.5
609.0
143.8
Mar-08
694.0
709.5
551.0
617.5
8,971.0
421.0
626.6
647.5
593.0
143.0
Feb-08
689.0
723.5
684.5
692.5
12,364.0
555.0
645.8
651.5
641.5
148.1
Jan-08
639.5
718.0
629.0
688.0
18,088.0
649.0
633.8
656.5
605.0
151.6
Dec-07
589.5
643.5
560.0
640.0
10,446.0
829.0
559.9
597.0
540.0
131.5
Nov-07
513.5
605.5
484.5
591.0
11,718.0
662.0
509.2
541.0
490.0
121.3
Oct-07
563.0
592.5
458.0
511.5
15,904.0
671.0
484.3
488.0
478.5
112.8
Sep-07
516.5
575.0
492.5
563.5
13,791.0
1,527.0
478.6
485.5
474.5
115.9
Aug-07
522.7
561.0
504.5
514.5
21,418.0
981.0
479.8
484.0
473.5
114.4
Jul-07
486.2
573.9
463.6
523.6
39,128.0
2,275.0
478.3
491.3
466.8
116.4
Jun-07
479.7
492.5
449.0
485.7
18,558.0
1,833.0
457.8
464.9
454.0
111.3
May-07
467.9
514.8
466.0
478.7
43,511.0
2,619.0
464.7
474.2
454.3
111.3
Apr-07
487.4
505.5
415.2
468.7
66,021.0
5,203.0
448.0
457.1
437.1
115.2
Mar-07
458.6
498.0
395.8
484.0
68,358.0
6,487.0
418.9
435.7
412.2
110.2
Feb-07
444.0
474.5
410.2
460.4
94,541.0
5,616.0
414.6
421.5
405.9
114.3
Jan-07
406.5
449.0
362.0
444.1 103,540.0
6,294.0
384.6
399.0
373.5
104.5
Dec-06
391.0
423.0
327.5
405.5
53,890.0
2,986.0
348.6
372.5
336.5
99.2
Nov-06
443.0
450.0
348.0
391.0
55,818.0
1,822.0
375.3
407.5
354.0
87.1
Oct-06
529.8
534.0
385.0
444.5
87,695.0
1,986.0
436.4
475.0
413.5
91.9
Sep-06
481.1
638.0
465.0
527.0 192,464.0
3,440.0
469.0
500.0
409.2
98.6
Aug-06
338.0
494.7
305.0
482.4 112,243.0
4,550.0
333.9
426.1
279.4
94.7
Jul-06
259.7
354.0
255.0
337.1
11,166.0
1,447.0
255.5
281.6
245.9
84.6
Jun-06
243.7
273.5
243.6
258.7
7,034.0
1,915.0
249.2
259.8
239.3
83.8
May-06
233.1
265.0
206.1
244.4
21,569.0
1,862.0
240.4
324.1
229.4
78.0
Apr-06
272.0
276.0
229.0
233.1
15,672.0
916.0
254.8
266.4
232.3
75.0
Note: Âggregate volume in all contracts during the month; ^^Cumulative open interest in all contracts at the end of month; Future prices are for near month continuos futures
contract.
Source: MCX, & Ministry of Commerce and Industry
1/26/2012 1:29:36 AM
Cumin seeds prices

Month
Dec-10
Nov-10
Oct-10
Sep-10
Aug-10
Jul-10
Jun-10
May-10
Apr-10
Mar-10
Feb-10
Jan-10
Dec-09
Nov-09
Oct-09
Sep-09
Aug-09
Jul-09
Jun-09
May-09
Apr-09
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
MCX Spot prices Unjha (Rs/qtl)

Monthly
average
Month's high
Month's low
N/A
N/A
N/A
N/A
N/A
13778
12423
12627
12066
11806
11967
13370
14279
13351
11745
11418
11745
11402
11228
11711
12068
11300
11321
10967
10680
10779
11029
11996
12444
12046
10750
9960
9192
9333
9693
10084
9835
10195
10265
10301
10880
11306
11590
11596
12146
10660
9177
8576
8503
8514
8546
8756
7821
7061
6556
6364
5661
N/A
N/A
N/A
N/A
N/A
14631
12823
12783
12425
11955
12389
14598
14645
14273
12324
11601
11918
11580
11358
12229
12289
11552
11597
11655
10853
11075
11935
12457
12662
12675
11646
10130
9903
9475
10192
10369
9995
10360
10445
10664
11138
11445
11931
12183
12531
11423
10043
8735
8570
8703
8781
9000
8226
7730
6618
6705
5748
N/A
N/A
N/A
N/A
N/A
12800
12271
12492
11942
11606
11615
12197
14025
12324
11381
11336
11521
11226
11000
11091
11745
11086
10968
10592
10556
10531
10591
11624
12192
11417
9928
9710
8770
9150
9393
9856
9625
9925
9940
9928
10402
11085
11282
10985
11583
9847
8466
8379
8415
8212
8347
8341
7613
6575
6477
5748
5560
Other market monthly

average spot prices (Rs/qtl)
Rajasthan
Gujarat
11826
7044
11385
11986
12601
12229
11017
10892
10821
10274
10173
12736
12722
11892
11361
10130
10583
10299
6695
10799
11586
9829
9842
8736
8855
9212
9376
9736
10465
10333
9195
9215
8013
7696
8785
9836
8153
8897
7839
8819
9028
9093
9405
8653
10026
8922
7969
7564
7294
7021
7010
7612
7412
6498
5812
5821
5277
12157
12035
11051
11607
12080
12007
10748
10188
9860
9551
9642
11313
12049
11694
10008
9106
9318
8899
7376
7176
8009
7721
6811
8302
7469
7419
7139
8202
10207
10705
8898
8716
7637
7823
8424
9306
8933
9426
9269
9270
9925
10007
10109
9878
10980
10187
9150
7910
7528
7245
7323
7775
7125
6513
5942
5857
4984
WPI of
Cumin seeds
170.3
162.5
157.5
157.4
161.4
157.6
154.3
157.6
162.8
156.6
159.2
165.1
169.4
168.2
158.4
159.2
144.5
136.1
131.4
132.3
123.6
123.3
125.3
126.5
127.1
127.8
128.6
127.3
134.8
127
123.7
116.7
105
113.8
125.8
127.1
120.5
121.2
121.5
128.8
135.7
129.9
125.4
128
131.4
120.5
119.7
116.5
115.6
110.5
108.2
109.6
101.9
96.1
92.7
96.4
100.6
Note: N/T: Not Traded

1/26/2012 1:29:36 AM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Pepper prices
Month
MCX Spot prices Kochi (Rs/qtl)

Monthly
average
Dec-10
N/A
Nov-10
N/A
Oct-10
N/A
Sep-10
N/A
Aug-10
N/A
Jul-10
19,341
Jun-10
16,269
May-10
16,378
Apr-10
15,297
Mar-10
13,767
Feb-10
13,315
Jan-10
13,756
Dec-09
14,532
Nov-09
15,012
Oct-09
14,310
Sep-09
14,333
Aug-09
14,438
Jul-09
12,618
Jun-09
12,830
May-09
12,774
Apr-09
12,590
Mar-09
11,010
Feb-09
11,455
Jan-09
11,873
Dec-08
10,739
Nov-08
11,682
Oct-08
13,052
Sep-08
13,597
Aug-08
14,385
Jul-08
14,388
Jun-08
14,423
May-08
14,571
Apr-08
14,550
Mar-08
15,048
Feb-08
14,660
Jan-08
14,383
Dec-07
13,376
Nov-07
13,964
Oct-07
14,017
Sep-07
12,725
Aug-07
13,378
Jul-07
14,875
Jun-07
14,486
May-07
14,932
Apr-07
14,977
Mar-07
12,173
Feb-07
12,354
Jan-07
11,377
Dec-06
10,150
Nov-06
10,984
Oct-06
12,436
Sep-06
12,894
Aug-06
10,425
Jul-06
8,246
Jun-06
6,975
May-06
6,989
Apr-06
7,150
Note: N/A: Not Available
Source : MCX, Agmarknet & Ministry of Commerce and Industry
Months high
Months low
N/A
N/A
N/A
N/A
N/A
20,650
17,757
16,845
16,025
14,900
13,720
14,300
15,683
15,500
14,832
14,911
15,521
13,189
13,033
13,168
13,445
11,450
12,315
12,520
11,440
12,165
13,895
14,292
14,505
14,775
14,613
15,282
14,875
15,650
15,546
14,932
13,600
15,215
15,600
13,255
14,165
15,505
15,295
15,741
15,634
13,381
12,535
12,579
10,838
11,300
13,400
14,000
11,460
10,500
7,291
7,167
7,264
N/A
N/A
N/A
N/A
N/A
17,623
15,520
15,680
14,960
13,025
13,060
13,378
13,984
14,775
13,925
14,156
13,258
12,433
12,568
12,442
11,980
10,632
10,675
10,723
10,220
11,435
11,495
12,780
14,225
14,136
14,240
14,112
14,280
14,750
14,123
13,446
13,162
13,195
12,402
12,429
12,400
14,144
13,928
14,200
13,629
11,681
12,140
10,600
9,867
10,776
11,210
11,475
9,993
7,291
6,830
6,763
6,985

average spot prices
(Rs/qtl)
Kozhikode
21,350
21,100
19,400
19,600
19,600
17,700
15,743
15,604
14,972
14,171
13,768
13,700
N/A
N/A
14,264
14,679
14,326
12,600
12,992
13,150
12,575
11,324
11,917
12,065
11,580
12,344
13,575
13,917
15,110
14,471
14,533
14,320
14,472
14,752
14,291
14,110
13,562
14,121
13,410
12,338
12,840
14,020
13,776
14,158
14,200
11,700
11,733
10,675
9,455
9,913
10,944
11,383
9,883
7,915
7,088
7,052
7,175
WPI of
pepper
268.9
260.0
246.7
248.6
241.9
226.1
207.5
200.2
196.9
186.2
187.3
192.5
197.1
197.3
191.5
189.9
187.4
174.5
174.2
176.9
180.4
169.9
168.0
169.2
157.9
167.9
180.3
186.1
193.4
192.9
194.2
194.6
195.2
197.9
190.3
187.9
182.9
186.6
180.8
172.1
180.0
188.9
184.3
188.5
175.3
160.3
160.8
147.3
140.5
143.9
152.9
153.1
125.7
106.8
99.4
100.3
98.4
1/26/2012 1:29:36 AM
Red chilli prices

Month
MCX Spot prices Guntur (Rs/Qtl)

Monthly
average
Months high
Dec-10
N/A
Nov-10
N/A
Oct-10
N/A
Sep-10
N/A
Aug-10
N/A
Jul-10
4,969
Jun-10
4,851
May-10
4,746
Apr-10
4,715
Mar-10
4,912
Feb-10
5,357
Jan-10
5,853
Dec-09
6,253
Nov-09
6,430
Oct-09
6,100
Sep-09
5,955
Aug-09
5,990
Jul-09
5,545
Jun-09
5,406
May-09
4,747
Apr-09
5,033
Mar-09
5,430
Feb-09
5,255
Jan-09
6,045
Dec-08
6,522
Nov-08
6,592
Oct-08
6,413
Sep-08
6,401
Aug-08
6,425
Jul-08
5,930
Jun-08
5,049
May-08
4,766
Apr-08
4,491
Mar-08
4,003
Feb-08
4,027
Jan-08
3,924
Dec-07
3,939
Nov-07
4,226
Oct-07
4,618
Sep-07
4,666
Aug-07
4,617
Jul-07
4,556
Jun-07
4,693
May-07
4,452
Apr-07
4,763
Mar-07
4,491
Feb-07
4,550
Jan-07
6,365
Dec-06
6,489
Nov-06
6,902
Oct-06
6,541
Sep-06
6,391
Aug-06
5,300
Jul-06
4,916
Jun-06
4,862
May-06
4,960
Apr-06
3,738
Note: N/T: Not Traded; N/A: Not Available; WPI revised from Apr 05
N/A
N/A
N/A
N/A
N/A
5,037
4,910
4,759
4,808
5,068
5,478
6,133
6,493
6,570
6,188
6,002
6,067
5,854
5,643
4,756
5,313
5,549
5,388
6,443
6,623
6,692
6,457
6,455
6,525
6,378
5,281
4,997
4,744
4,262
4,220
4,113
4,175
4,530
4,763
4,763
4,753
4,789
4,914
4,569
5,089
4,832
6,296
6,865
7,423
7,415
7,112
6,942
5,956
5,025
5,107
5,092
4,630
Months low
N/A
N/A
N/A
N/A
N/A
4,846
4,759
4,637
4,589
4,595
5,068
5,512
6,151
6,168
5,981
5,900
5,854
5,431
4,745
4,727
4,727
5,287
5,094
5,858
6,450
6,446
6,348
6,325
6,313
5,257
4,997
4,517
4,195
3,854
3,864
3,783
3,734
3,808
4,508
4,588
4,458
4,372
4,424
4,338
4,371
4,209
3,875
5,980
5,887
6,546
693
6,003
4,914
4,778
4,705
4,475
3,350

average spot prices
(Rs/qtl)
Karnataka
5,042
5,271
5,665
5,342
4,436
5,390
5,055
4,463
4,766
5,041
5,648
5,673
5,629
5,396
5,919
5,531
5,443
5,556
5,360
5,109
4,746
6,096
4,660
4,741
5,286
5,925
6,027
4,917
4,895
4,569
4,409
4,324
4,363
4,298
4,693
5,036
4,490
4,952
5,061
5,297
5,380
5,209
5,877
4,887
4,654
4,418
4,520
4,294
4,515
5,224
5,012
4,906
4,886
4,064
4,355
4,307
4,130
WPI of
Chillies Dry
213.0
199.2
201.5
190.6
206.2
214.4
210.6
214.0
217.0
219.1
216.4
211.8
204.2
205.3
203.5
202.4
199.5
197.3
198.2
200.2
204.5
212.7
203.5
197.3
174.5
173.2
177.0
176.8
184.2
185.2
176.6
170.1
160.2
152.8
155.8
148.5
155.7
159.8
159.6
160.4
157.1
160.0
157.8
156.5
161.0
161.3
181.2
192.8
172.5
175.1
172.5
162.5
156.8
152.0
150.9
143.1
127.5
1/26/2012 1:29:37 AM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Turmeric prices
Month
Dec-10
Nov-10
Oct-10
Sep-10
Aug-10
Jul-10
Jun-10
May-10
Apr-10
Mar-10
Feb-10
Jan-10
Dec-09
Nov-09
Oct-09
Sep-09
Aug-09
Jul-09
Jun-09
May-09
Apr-09
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
MCX Spot prices Nizamabad (Rs/Qtl)

Monthly
average
Month's high
Month's low
16,777
15,435
14,525
13,721
14,701
15,172
14,850
15,112
12,447
10,182
9,755
10,449
10,493
12,013
9,340
8,096
7,983
5,849
5,299
5,392
5,301
4,514
4,189
3,992
3,862
3,782
3,762
3,827
4,127
4,407
4,051
3,399
3,077
3,073
2,791
2,641
2,437
2,117
2,039
2,075
2,147
2,148
2,108
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
17,000
17,025
15,174
14,088
15,163
15,822
15,125
15,856
14,650
11,600
10,577
10,900
11,244
13,092
11,100
8,134
8,363
6,950
5,384
5,579
5,510
4,720
4,278
4,198
3,890
3,897
3,955
3,908
4,595
4,645
4,161
4,006
3,116
3,110
2,995
2,673
2,685
2,298
2,078
2,118
2,179
2,189
2,135
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
16,325
14,675
13,950
13,463
14,100
14,588
14,650
14,644
11,344
8,725
8,842
9,975
10,150
9,913
8,096
7,956
6,950
5,368
5,235
5,093
5,071
4,250
4,080
3,850
3,830
3,570
3,570
3,735
3,806
4,105
3,989
3,072
3,043
2,995
2,630
2,604
2,297
2,040
1,979
2,052
2,114
2,117
2,081
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A

Cuddapah
Duggirala
15,002
13,493
12,596
11,233
11,530
N/A
N/A
12,424
10,811
9,459
N/A
N/A
N/A
N/A
7,229
7,532
N/A
N/A
4,867
N/A
N/A
N/A
3,658
N/A
N/A
N/A
3,570
2,829
2,773
3,318
3,264
2,866
2,517
2,691
2,503
2,357
N/A
1,750
N/A
1,585
1,657
N/A
1,709
1,646
1,781
1,905
N/A
N/A
1,611
N/A
1,636
1,725
2,008
1,792
N/A
1,995
1,718
14,143
13,184
12,161
12,157
12,857
12,719
12,308
12,216
10,963
8,928
8,400
7,200
9,007
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3,195
3,095
3,305
3,341
3,580
3,075
2,791
2,656
2,635
2,348
2,222
N/A
1,860
1,815
1,736
N/A
N/A
1,812
1,797
1,821
N/A
1,691
1,588
1,613
1,705
1,738
1,976
1,975
1,880
N/A
1,955
1,880
WPI of
Turmeric
458.6
416.3
406.4
403.8
402.0
406.8
406.8
375.3
326.9
309.8
299.9
281.5
284.1
289.3
210.9
180.2
160.8
141.3
132.2
120.0
113.8
112.3
110.7
110.2
109.5
109.8
110.7
110.8
112.5
102.9
96.5
89.8
89.4
85.9
82.8
83.9
81.0
80.8
81.9
82.7
84.3
80.9
78.0
84.7
86.4
82.1
89.5
90.0
84.8
87.7
89.2
90.4
88.8
87.9
87.9
90.0
89.4
Note: N/T: Not Traded; N/A: Not Available; WPI revised from Apr 05; From Mar 05 Other Market Prices are for Turmeric (Bulb)
1/26/2012 1:29:37 AM
Share of Different Spices in Total Spices

Exports from India (in value terms)
6%
2%
22%
6%
3%
Pepper
23%
Cardamom (s)
Chilli
2010-11e
2009-10
7%
Turmeric
10%
Cumin
51%
10%
54%
Others#
6%
Note: Include Asafoetida, Cassia, Saffron, Tamarinda, Ajvanseed, Dill Seed, Poppy Seed, Aniseed, Ginger, vanilla,
fennel, coriander oils and oleoresins Etc. Source: Spices Board, India, e - source estimates
India's Pepper Exports in Volume & Value

40
Qty 000 tons (LHS)
600
Value (In Rs crore RHS)

32
480
24
360
16
240
120
0
2005-06
2006-07
2007-08
2008-09
2009-10
2010-11e
Source: Spices Board, India e - source estimates
India's Red Chilli Exports in Volume & Value

300
1800
Qty ooo tons ( LHS )

Value (In Rs crore) RHS
225
1350
150
900
75
450
0
2005-06
2006-07
2007-08
2008-09
2009-10
2010-11e
1/26/2012 1:29:37 AM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
India's Turmeric Exports in Volume & Value

56
Qty ooo tons (LHS)
800

52
600
48
400
44
200
40
2005-06
2006-07
2007-08
2008-09
2009-10
2010-11e
India's Cardamom Exports in Volume & Value

2.5
Qty 000 tons (LHS)
200
Value ( In Rs crore ) RHS

2
160
1.5
120
80
0.5
40
0
2005-06
2006-07
2007-08
2008-09
2009-10
2010-11e
India's Cumin (Jeera) Exports in Volume & Value

60
Qty ooo tons (LHS)
600

48
480
36
360
24
240
12
120
0
0
2005-06
2006-07
2007-08
2008-09
2009-10
2010-11e
1/26/2012 1:29:37 AM
Other
Commodities
1/26/2012 1:29:37 AM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Mentha oil fundamentals - India (in `000' tonnes)

India
2010-11e
Production
Exports (Menthol & Menthol Crystal)
Average daily volatility of MCX spot prices Sambhal market
Source: Indian Spices Board, MCX & Industry sources for production
28
11.2
1.84%
2009-10e
2008-09e
35.0
11.8
1.17%
2007-08e
32.0
10.6
1.71%
33.0
13.5
0.99%
2006-07e
25.0
11.1
3.53%
Item-wise exports of Mint products from India (in tonnes and in Rs. crores)
Commodity/Item
2010-11E
Quantity
Value
Mint products
Peppermint oil
Spearmint oil
Other mint oil
Menthol crystal
Menthol
Total
3,651.00
34.00
2,558.00
5,457.00
5,750.00
17,450.00
292.80
4.10
211.20
579.20
609.50
1,696.80
2009-10E
Quantity
Value
2,856.20
91.30
4,229.50
4,728.00
7,095.00
19,000.00
168.04
8.41
258.70
323.40
431.18
1,189.72
2008-09E
Quantity
Value
4,493.10
262.20
5,159.60
3,973.90
6,611.30
20,500.00
290.86
27.75
395.66
271.79
434.19
1,420.25

Source: Indian Spices Board
Item-wise exports of Mint products from India (in tonnes and Rs. in crores)
Commodity/Item
2010-11E
Quantity
Value
Mint products
Peppermint oil
Spearmint oil
Other mint oil
Menthol crystal
Menthol
Total
6,117.20
400.00
1,829.00
4,760.40
8,725.50
21,100.00
316.02
37.35
94.80
331.38
540.66
1,280.50
2009-10E
Quantity
Value
2,803.40
291.60
3,437.00
3,552.60
7,557.50
17,642.10
173.49
25.27
173.06
276.10
561.16
1,209.09
2008-09E
Quantity
Value
1,341.00
137.00
3,466.00
4,524.00
11,295.00
35.19
7.51
157.77
213.90
484.74

Source: Indian Spices Board
Mentha Oil: Production, Exports & Prices

in tonnes
Rs/qtl
40000
1500
Production (LHS)
Exports (LHS)
Prices
32000
1200
24000
900
16000
600
8000
300
0
2004-05
2005-06
2006-07
2007-08
2008-09
2009-10
2010-11
Source: Spices Board, MCX & Industry Sources. Average Spot Prices of MCX for the month of March
1/26/2012 1:29:44 AM
Mentha oil prices and trading activity

Month
Open
High
Monthly MCX futures prices (Rs/Kg)

Low
Close
Volume
(in lots)^
interest
(in lots^^)
MCX spot prices Sambhal (Rs/Kg)

Monthly
Month's
Month's
average
high
low
Dec-10
1227.9
1289.9
1029.0
1173.4
206097
10512
1271.0
1352.8
1183.2
Nov-10
1175.0
1305.8
1136.9
1218.5
181158
12856
1290.8
1407.7
1181.1
Oct-10
876.2
1147.9
865.0
1125.5
278637
13406
1098.0
1245.9
974.2
Sep-10
773.0
870.3
770.0
862.9
187886
11580
926.3
982.2
881.5
Aug-10
717.5
784.0
710.0
760.2
129032
12239
829.1
868.6
772.1
Jul-10
734.5
735.9
675.1
680.8
82660
9094
757.1
784.7
747.1
Jun-10
720.8
806.3
703.5
719.2
105004
7130
793.1
852.0
755.1
May-10
699.0
731.7
672.0
702.9
74791
5403
769.6
781.0
756.1
Apr-10
629.8
832.1
629.5
780.1
115716
7182
747.3
840.2
681.0
Mar-10
576.1
629.5
573.4
617.4
60675
6084
658.2
672.8
639.5
Feb-10
589.0
590.0
553.6
582.9
54831
3783
639.8
650.6
627.7
Jan-10
599.0
627.1
583.5
587.3
94606
8309
648.6
655.7
636.4
Dec-09
628.5
636.0
574.9
588.3
115489
8944
637.6
661.7
627.0
Nov-09
527.9
620.9
525.6
618.7
96116
8188
593.8
648.5
552.8
Oct-09
517.1
544.7
505.5
516.6
40012
6508
548.7
558.3
541.6
Sep-09
516.0
528.6
508.0
510.7
33862
6186
548.6
551.1
543.5
Aug-09
477.7
565.8
477.7
510.6
72220
7407
542.3
555.9
506.9
Jul-09
514.5
516.2
462.6
468.8
26817
4622
512.3
529.9
501.5
Jun-09
546.9
548.5
498.5
503.8
20585
3020
531.6
575.7
470.7
May-09
528.0
560.1
524.3
535.3
10985
2077
576.5
585.7
571.4
Apr-09
558.5
617.5
540.0
575.5
14091
1937
587.9
592.0
576.8
Mar-09
522.7
603.9
521.5
550.9
24443
2814
588.9
611.3
575.9
Feb-09
537.0
541.0
497.2
517.0
15937
2741
563.5
572.2
550.7
Jan-09
546.0
578.9
518.0
523.9
35485
3082
588.1
614.8
573.2
Dec-08
521.0
619.0
506.5
537.6
55139
5352
594.6
637.1
554.7
Nov-08
517.0
529.9
446.0
506.9
34368
5557
540.8
566.8
497.8
Oct-08
601.4
610.0
464.0
497.7
30086
5710
591.0
619.6
562.3
Sep-08
627.5
634.4
564.0
586.4
35041
5446
625.4
641.4
612.3
Aug-08
700.0
700.0
608.0
621.4
44356
4922
648.7
703.6
622.6
Jul-08
532.0
775.9
528.5
689.1
73301
3725
704.0
791.9
549.8
Jun-08
458.5
537.2
449.8
524.0
18170
1818
525.5
564.8
497.8
May-08
443.0
487.0
443.0
448.0
8173
976
513.5
520.4
501.6
Apr-08
439.5
449.1
431.2
437.8
3491
1017
500.0
504.6
496.9
Mar-08
423.0
459.9
414.0
435.3
32690
1726
497.4
510.5
477.1
Feb-08
448.2
464.0
417.5
423.5
51737
1881
504.6
512.4
497.2
Jan-08
429.2
456.8
421.1
442.2
38471
2404
493.8
511.0
481.0
Dec-07
441.5
456.2
415.1
420.5
20369
3125
490.9
499.4
478.7
Nov-07
488.2
491.7
422.5
448.3
22061
4520
494.2
516.9
479.7
Oct-07
502.1
517.0
465.0
479.6
31074
5313
517.7
526.3
512.4
Sep-07
534.5
540.7
481.0
488.9
40186
5957
525.2
539.3
506.8
Aug-07
515.1
556.5
510.7
522.6
44321
3575
534.0
547.1
513.4
Jul-07
510.0
520.4
482.2
504.9
30499
2361
506.5
519.1
484.2
Jun-07
500.0
569.2
487.3
558.2
46059
3307
519.5
530.7
504.8
May-07
584.2
601.5
480.0
487.4
41988
3185
576.9
593.9
508.0
Apr-07
558.5
637.0
557.0
633.6
92450
4310
588.3
608.2
560.9
Mar-07
575.0
578.8
526.0
550.3
92361
5071
580.9
603.0
554.7
Feb-07
575.0
614.4
556.5
561.3
124854
4492
606.7
615.4
596.2
Jan-07
584.9
586.4
516.0
571.9
230527
6403
612.7
641.1
596.1
Dec-06
672.1
682.4
583.0
596.7
224832
9025
664.9
941.8
639.4
Nov-06
664.0
692.3
578.6
654.1
238784
8769
646.8
695.8
593.0
Oct-06
733.9
737.8
631.9
646.8
193166
8607
674.4
701.6
652.8
Sep-06
571.8
743.5
571.7
706.2
320442
6784
664.1
725.7
563.6
Aug-06
558.6
588.9
542.0
550.1
84591
6264
552.1
560.0
534.5
Jul-06
513.0
594.9
513.0
547.9
208836
6498
547.5
570.2
505.1
Jun-06
460.0
510.5
411.0
510.5
109564
5313
464.6
511.0
429.0
May-06
441.4
534.4
419.0
452.2
102777
6779
488.8
510.3
465.4
Apr-06
426.8
464.9
423.9
438.2
84834
9347
477.5
491.5
451.4
Note: Âggregate volume in all contracts during the month; ^^Cumulative open interest in all contracts at the end of month; Future prices are for near month continuos futures
contract.; Source: MCX
1/26/2012 1:29:44 AM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Potato fundamentals - World and India (in million tonnes, area in million hectares, yield in tonnes)
2010-11
2009-10
2008-09
2007-08
2006-07
2001-02
NA
NA
NA
NA
18.33
329.56
NA
NA
18.08
325.56
10.18
9.91
18.64
322.41
10.3
10.5
18.49
305.96
9.57
9.74
19.67
311.07
8.25
8.06
1.89
40.24
17.14
0.06
399.54
-
1.86
35.89
15.35
0
323.88
-
1.81
29.97
14.14
0.02
409.08
105.5
1.55
28.47
11.19
0.01
315.44
53.5
1.48
22.18
10.7
0.01
362.79
51.2
1.21
23.92
14.65
0.008
63.3
World
Area under production
Production
Imports
Exports
India
Area
Production
Yield (tonnes/Ha)
Exports
Potato price in Uttar Pradesh (Rs. /qtl)
Certified Seed Distribution (`000' tonnes)
Note: World data is for calander year and data may be ofcial, semi ofcial or estimated. Area, Production and Yield on India for 2008-09 and 2009-10 are sourced from traders; NA data not available; Source: FAOSTAT, India's imports are negligible; Indian production & exports data are sourced from National Horticulture Research & Development Foundation
Potato country-wise production (in million tonnes)

Country
China
Russia
Ukraine
United States
Others
World Total
Note: N/A: Not Available; Source: FAOSTAT
2009
2008
2007
2006
2001
73.28
31.13
19.67
19.57
185.91
329.56
70.84
28.87
19.55
18.83
189.60
327.68
64.84
36.78
19.10
20.18
181.51
322.41
54.08
38.57
19.47
19.99
173.86
305.96
64.60
34.97
17.34
19.85
174.32
311.07
Potato state-wise estimates of area and production

States/ UT
Uttar Pradesh
West Bengal
Bihar
Assam
Punjab
Karnataka
Madhya Pradesh
Gujarat
Others
India
Note: NA: Not Available;
2010
-11

2009
2008
2007
2006
-10
-09
-08
-07
552
537
527
380
370
401
316
320
310
NA
87
80
84
83
81
83
81
72
80
73
66
59
60
57
340
252
234
1894
1863
1828
Source : National Horticulture Board
505
401
316
79
79
61
50
65
230
1786
469
408
151
78
75
63
47
44
147
1482
2001
-02
2010
-11
390
300
141
80
71
40
35
32
14
1102
13991
8800
5688
NA
2129
457
1067
1300
6807
40239

2009
2008
2007
2006
-10
-09
-08
-07
13447
8880
5387
590
2117
460
608
1657
3263
36410
10810
9901
5034
669
2001
606
883
1449
3038
34391
11095
9901
6020
515
1477
572
650
1494
2934
34658
10538
5052
5741
505
1313
682
648
1340
2781
28600
2001
-02
9570
7822
1432
621
1414
489
472
802
1834
24456
Statewise Potato Production in India
26%
35%
22%
4%
2010-11
32%
West Bengal
2009-10
Bihar
3%
Gujarat
17%
14%
Uttar Pradesh
Others
25%
22%
Source:NHRDF
1/26/2012 1:29:45 AM
Potato state-wise monthly arrivals (in `000' tonnes)

Month
Mar-11
Feb-11
Jan-11
Dec-10
Nov-10
Oct-10
Sep-10
Aug-10
Jul-10
Jun-10
May-10
Apr-10
Mar-10
Feb-10
Jan-10
Dec-09
Nov-09
Oct-09
Sep-09
Aug-09
Jul-09
Jun-09
May-09
Apr-09
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
Uttar Pradesh
Rajasthan
West Bengal
Punjab
Haryana
396.94
437.74
574.85
562.01
325.02
402.95
388.37
371.75
257.35
186.51
188.70
288.93
398.72
390.50
316.33
276.24
141.40
100.77
114.74
118.65
105.57
104.81
107.08
106.74
182.87
199.46
232.65
281.99
147.77
123.39
99.48
100.40
130.51
150.00
242.05
465.34
720.72
599.72
791.45
294.71
162.63
143.09
189.44
140.73
92.95
111.41
134.51
150.60
545.05
422.84
556.39
671.19
257.00
154.07
143.37
114.53
131.54
227.02
245.85
410.32
24.13
22.91
36.66
27.90
21.71
16.28
16.32
19.14
21.32
17.73
14.08
14.76
19.05
20.24
23.71
23.30
18.92
15.74
13.22
13.12
13.43
11.30
11.68
15.57
22.73
52.19
68.36
77.10
68.74
46.68
49.21
50.35
48.00
30.91
18.00
15.66
22.72
16.84
18.29
20.52
16.42
17.92
19.22
21.79
26.73
28.79
22.88
26.21
20.64
16.22
13.27
4.51
2.40
2.74
11.32
14.82
12.93
17.23
17.38
14.84
155.16
42.25
39.43
43.34
41.33
38.12
41.43
48.09
45.82
49.73
46.77
108.23
853.54
84.46
38.55
32.81
38.09
35.48
40.52
34.04
30.20
23.62
23.91
47.08
109.79
34.88
36.28
32.81
38.09
35.48
40.52
34.04
30.20
23.62
23.91
47.56
109.31
34.88
36.28
21.25
40.67
55.21
194.64
220.25
232.62
195.91
156.87
115.45
449.07
49.63
18.32
23.21
44.37
46.05
57.98
84.95
55.07
32.28
36.49
35.86
65.50
39.29
57.48
110.59
31.32
34.29
23.51
20.67
38.52
18.85
19.97
24.83
47.92
39.52
57.32
80.38
29.34
25.81
27.89
28.57
26.32
23.62
24.20
64.53
186.13
70.87
146.93
139.10
47.89
44.02
38.03
37.87
34.68
31.39
46.28
60.79
106.73
63.84
64.56
52.84
23.31
18.75
22.10
36.23
18.78
16.89
13.21
30.49
21.70
18.56
12.34
11.23
8.87
32.05
51.95
50.33
49.90
26.48
13.75
26.41
61.41
57.37
81.80
82.56
52.85
47.95
47.30
41.05
75.18
75.00
62.59
71.15
159.98
136.81
81.09
69.95
29.55
63.63
82.65
49.17
64.37
46.32
27.04
32.64
28.73
44.74
69.95
76.81
61.64
66.43
62.93
47.72
46.59
37.11
38.46
38.59
34.40
29.66
29.81
21.02
15.06
17.84
15.21
13.63
10.87
9.11
8.80
12.92
19.57
18.20
27.26
25.00
13.67
13.59
11.67
10.68
17.12
10.71
4.47
5.92
1/26/2012 1:29:45 AM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Potato spot prices

Month
Dec-10
Nov-10
Oct-10
Sep-10
Aug-10
Jul-10
Jun-10
May-10
Apr-10
Mar-10
Feb-10
Jan-10
Dec-09
Nov-09
Oct-09
Sep-09
Aug-09
Jul-09
Jun-09
May-09
Apr-09
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
MCX Spot Agra (Rs/qtl)
MCX Spot Tarkeshwar (Rs/qtl)
Monthly
average
Month's
high
Month's
low
Monthly
average
Month's
high
Other markets monthly

Month's
Uttar
West
low
Pradesh
Bengal
NA
686.95
605.41
475.74
370.68
419.35
466.00
477.78
531.51
583.63
624.90
NA
NA
1252.10
1404.90
1280.10
1057.30
1007.80
929.30
826.40
725.50
636.30
599.60
NA
321.80
356.60
392.90
399.80
356.10
372.50
427.40
460.90
481.80
557.20
NA
NA
NA
NA
638.20
623.10
624.60
619.80
580.30
554.80
541.00
597.40
610.60
NA
NA
NA
752.00
664.70
560.60
543.40
542.60
555.60
584.50
NA
725.80
618.80
622.80
415.60
461.20
470.30
513.50
574.50
653.20
635.90
NA
NA
1431.50
1437.60
1306.10
1149.10
1029.80
1003.50
855.70
783.10
672.70
599.60
NA
325.00
390.50
407.00
409.00
383.20
392.90
444.30
474.20
489.40
643.20
NA
NA
NA
NA
641.50
630.10
628.30
627.00
603.90
561.20
552.70
651.60
615.00
NA
NA
NA
888.90
725.90
576.00
549.80
549.20
567.70
624.00
NA
644.80
592.60
404.90
354.40
373.30
461.40
462.00
513.50
503.30
618.40
NA
NA
1100.20
1301.50
1153.70
993.00
993.50
856.10
781.40
676.50
601.30
599.60
NA
320.00
317.00
384.00
386.80
344.60
340.70
393.50
444.50
473.10
489.90
NA
NA
NA
NA
630.70
619.00
619.80
604.20
562.60
552.70
508.80
516.50
605.60
NA
NA
NA
720.20
592.60
541.50
537.80
538.00
541.10
561.50
542.17
517.46
520.58
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
1330.60
1428.00
1349.70
1132.50
1060.30
965.60
852.70
805.40
718.50
687.80
NA
240.60
232.50
225.80
225.40
224.70
249.50
264.60
311.30
285.40
379.70
NA
NA
NA
642.70
613.10
625.60
631.80
640.00
619.50
604.10
576.00
603.00
558.40
NA
NA
463.50
481.80
464.30
N/T
N/T
N/T
N/T
N/T
547.60
564.20
528.40
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
1511.50
1521.20
1395.30
1348.30
1090.00
1070.20
864.90
847.20
774.40
687.80
NA
249.60
251.60
241.80
228.70
242.20
267.50
284.30
338.90
306.80
454.50
NA
NA
NA
647.90
643.20
636.20
639.30
658.80
648.90
631.00
600.40
626.10
564.70
NA
NA
494.60
503.70
475.60
N/T
N/T
N/T
N/T
N/T
539.00
464.60
509.50
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
1006.30
1379.00
1318.00
1051.30
1045.00
866.00
836.60
767.40
648.30
687.80
NA
235.60
213.50
213.50
222.50
215.70
231.00
246.80
287.30
262.10
340.90
NA
NA
NA
639.10
308.50
621.20
624.80
631.40
593.30
585.90
545.00
577.50
548.70
NA
NA
424.00
463.80
449.50
N/T
N/T
N/T
N/T
N/T
525.45
624.92
530.69
437.21
432.52
496.36
445.06
425.34
358.87
323.88
359.70
510.73
768.68
1136.09
1369.41
1124.08
1004.22
972.97
824.05
739.97
629.21
409.08
283.61
230.27
257.04
333.42
361.33
360.36
362.93
378.50
335.76
312.02
290.44
315.44
322.08
303.75
501.75
679.04
751.75
712.53
701.07
664.18
591.39
535.34
449.14
362.79
290.20
258.88
345.28
637.06
729.53
609.48
560.49
526.38
518.79
460.96
387.37
648.23
670.06
756.15
586.03
464.51
468.76
453.81
434.02
284.13
225.72
266.19
433.28
1225.48
1560.08
1675.65
1618.19
1319.95
1240.07
1100.04
985.38
875.53
660.82
500.26
391.73
318.62
334.40
331.05
317.94
324.17
355.17
380.16
364.07
317.74
283.17
371.30
527.69
751.21
734.68
719.62
738.60
710.82
717.58
677.69
635.36
604.73
485.31
354.25
336.88
499.42
668.12
668.37
628.01
580.13
582.30
590.51
590.15
551.43
WPI of
Potato
Potato
171.5
154.7
153.3
139.3
133.3
133.7
125.3
118.1
110.3
105.4
121.5
149.3
240.1
293.6
303.6
268.7
244.5
232.7
199.8
172.2
143.5
103.2
88.5
92.7
105.6
128.5
128.2
127.0
118.9
117.3
106.9
104.0
102.7
109.8
114.1
131.5
153.3
174.2
176.5
169.9
169.4
164.1
150.4
133.7
115.3
102.1
84.8
85.1
113.8
180.0
180.4
157.8
146.6
148.8
146.5
128.6
116.6
Note: N/T - Not traded; N/A - Not Available; WPI - Wholesale Price Index
Source: MCX; Agmarknet & Ministry of Commerce and Industry
1/26/2012 1:29:45 AM
Potato futures prices and trading activity

Monthly MCX Futures prices (Rs/qtl)
Agra
Month
Dec-10
Nov-10
Oct-10
Sep-10
Aug-10
Jul-10
Jun-10
May-10
Apr-10
Mar-10
Feb-10
Jan-10
Dec-09
Nov-09
Oct-09
Sep-09
Aug-09
Jul-09
Jun-09
May-09
Apr-09
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
Open
High
Low
Close
Volume
in lots^
660.2
595
621.1
438
350
481.4
488.2
528
545
567
590.2
645
698.4
N/A
1280
1252
953
1084.9
930
868
720
642
603.6
512
439.7
N/T
N/T
N/T
N/T
N/T
N/T
488.2
490.1
648
586.2
522
510
511
636.3
629.2
643
639
592.6
594.4
564
632
510.6
501.9
528.2
575
735
595.5
536.1
547
552.5
586.1
668
674.7
685
626.8
662.8
445
483
506
530.3
576.7
674
635.5
679.4
698.4
N/A
1434.6
1455
1259.8
1088
1169
960
911.5
720
641
622.4
546
N/T
N/T
N/T
N/T
N/T
N/T
496.7
510
660.8
656.5
601.5
547
529
673.4
660
659.6
675
639
611.3
616.5
682
635
521
538.5
575
756.3
765.3
613.8
556.4
584
642.8
675
621.2
595
578
405
339
345.9
465.5
474.5
517.9
479.4
563
571
612
N/A
1274
1210.1
952.9
920
918
842.1
720
618.2
582.7
510.1
432.1
N/T
N/T
N/T
N/T
N/T
N/T
482.7
472
486.7
584
520
505.5
488
506.7
587.2
617.2
609
561
563.7
552.1
552
488
455.1
497
512.5
546.4
592.5
536.1
522.1
533.3
551
576.2
649.4
663
596.8
626.3
436.9
354.4
480.8
487.5
531.7
543.7
567
592.1
648.2
N/A
1430.2
1282
1237.9
967.4
1080
929.6
868
718.4
636.1
601
511.3
N/T
N/T
N/T
N/T
N/T
N/T
485.8
488.2
492.6
650
588.6
516.9
512.9
514
633.7
628.6
644.5
638.4
594.2
593.8
561.9
626.5
518.3
500.8
528.4
580.6
732.1
592
539.4
549.6
553
586.1
31816
22769
98594
95412
105206
62786
13284
18083
23924
62855
17255
9868
1299
N/A
1130
3463
4237
9481
12444
6232
29063
16089
4486
2045
654
N/T
N/T
N/T
N/T
N/T
N/T
1071
8998
14421
6541
7324
2503
1424
5176
11990
28411
35138
19119
25509
44993
140509
82971
24980
11811
15484
9069
57589
95004
40902
44662
68644
28061
Open Interest
in lots^^
4094
2839
2189
3123
3559
5749
3069
3231
3151
3122
2323
1542
345
N/A
43
425
622
754
936
1225
1282
2175
1153
496
146
N/T
N/T
N/T
N/T
N/T
N/T
1466
1537
1493
1118
922
582
509
403
1017
1893
2059
1533
2222
2706
3685
3326
2439
1420
1340
547
2119
3963
5619
4738
4760
2887
Note: Potato futures were launched from March 2006; Potato futures were suspended from trading between May 7, 08 to Dec 3, 08; N/A - Not Available; N/T - Not Traded Âggregate volume in all contracts during the month; ^^Cumulative open interest in all contracts at the end of month.
Source: MCX
1/26/2012 1:29:45 AM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Sugar Fundamentals (in `000' tonnes)

2011-12e
2010-11
2009-10
2008-09
2007-08
2006-07
2001-02
29264
168482
48777
161274
55704
246523
28817
28,413
1,60,948
51,828
1,58,622
52,603
2,41,189
29,264
29,240
1,53,678
52,365
1,54,918
51,228
2,35,283
28,413
40,505
1,44,144
46,656
1,53,437
47,786
2,31,305
29,240
35,039
1,63,536
45,721
1,52,337
50,721
2,44,296
40,505
30,747
1,64,458
44,305
1,51,332
51,107
2,39,510
35,039
37,423
1,30,764
40,381
1,30,087
38,315
2,08,568
39,861
4,664
26,650
1,200
25,500
20
32,514
6,994
3,510
20,637
4,247
23,500
230
28,394
4,664
9,150
15,950
2,786
24,200
176
27,886
3,510
9,850
28,630
0
23,500
5,830
38,480
9,150
4,175
30,780
0
22,425
2,680
34,955
9,850
10,710
20,480
0
17,845
1,360
31,190
11,985
5,060
-
4,175
70.00
4,415
64.66
5,043
68.88
5,151
69.02
4411.6
67.40
1.02%
1.43%
3061
3202
139
2.02%
2.01%
2259
2293
130
0.74%
0.90%
1508
2012
81
0.46%
0.60%
1491
1351
81
0.67%
0.77%
1880
1462
80
1011
62
World
Beginning stocks
Production
Imports
Consumption
Exports
Total supply
Ending stocks
India
Beginning stocks
6994
Production
28300
Imports
100
Consumption
26500
Exports
1800
Net availability
35394
Ending stocks
7094
Area under production
(Sugarcane-'000 Ha)
Sugarcane yield (tonnes/Ha)
Sugar medium
Sugar small
Indian price in Rs/qntl
LIFFE prices in Rs/qntl
Sugarcane SAP Rs/qntl
145
Note: e - source estimates provided by USDA, Data extracted on July 28, 2011; SAP: State Advisory Price
Source: USDA, Indian Sugar Mills Association
Sugar balance sheet 2011-12e - World (in `000' tonnes)

Country
Begining
stocks
Brazil
China
EU-27
India
Thailand
Others
-335
1,514
1,128
6,994
2,103
17,860
World Total
Supply
Production
Imports
Consumption
Demand
Exports
39,600
12,000
15,300
28,300
9,700
63,582
0
1,850
3,700
100
0
43,127
27,300
64
1,010
1,800
7,300
18,230
12,550
13,600
17,500
26,500
2,800
88,324
29,264
168,482
48,777
55,704
161,274
Ending
stocks
-585
1,700
1,618
7,094
1,703
17,287
28,817
Note: e - source estimates provided by USDA, Data extracted on July 28, 2011
Source: USDA
1/26/2012 1:29:46 AM
Sugar - BRICS Nations fact sheet (in `000' tonnes)

Production
Import
Export
Consumption
Net
Population

(kg)
(kg)
2011-12e
Brazil
Russia
India
China
South Africa
39,600
4,175
28,300
12,000
1,840
0
2,000
100
1,850
270
27,300
100
1,800
64
450
12,550
6,010
26,500
13,600
1,645
39,265
6,549
35,394
15,364
2,250
206.47
137.97
1,208.36
1,341.85
49.83
190.17
47.47
29.29
11.45
45.16
60.78
43.56
21.93
10.14
33.01
2010-11
Brazil
Russia
India
China
South Africa
38,150
2,980
26,650
11,303
1,975
0
2,950
1,200
1,820
220
25,650
50
20
64
500
12,000
5,890
25,500
13,900
1,620
37,315
6,329
32,514
15,478
2,265
203.43
138.74
1,189.17
1,336.72
49.00
183.43
45.62
27.34
11.58
46.22
58.99
42.45
21.44
10.40
33.06
2009-10
Brazil
Russia
India
China
South Africa
36,400
3,444
20,637
11,429
2,265
0
2,223
4,247
1,535
200
24,300
34
230
93
830
11,800
5,700
23,500
14,300
1,590
35,265
6,148
28,394
16,748
2,495
201.10
139.39
1,173.11
1,330.14
49.11
175.36
44.29
24.00
12.62
50.81
58.68
40.85
20.03
11.12
32.38
2008-09
Brazil
Russia
India
China
South Africa
31,850
3,481
15,950
13,317
2,350
0
2,150
2,786
1,077
168
21,550
200
176
75
1,185
11,650
5,500
24,200
14,500
1,525
32,065
6,181
27,886
18,359
2,745
198.74
140.04
1,166.08
1,338.61
49.05
161.34
44.14
23.91
13.71
55.96
58.62
39.27
20.75
10.83
31.09
2007-08
Brazil
Russia
India
China
South Africa
31,600
3,200
28,630
15,898
2,360
0
3,100
0
972
165
19,500
200
5,830
56
1,154
11,400
5,990
23,500
14,250
1,585
31,115
6,740
38,480
18,271
2,971
196.34
140.70
1,148.00
1,330.04
48.78
158.47
47.90
33.52
13.74
60.90
58.06
42.57
20.47
10.71
32.49
2006-07
Brazil
Russia
India
China
South Africa
31,450
3,150
30,780
12,855
2,313
0
2,950
0
1,465
125
20,850
180
2,680
122
1,267
10,800
5,950
22,425
13,500
1,570
31,165
6,570
34,955
15,023
3,288
190.01
141.38
1,129.87
1,321.85
44.00
164.02
46.47
30.94
11.37
74.73
56.84
42.09
19.85
10.21
35.68
Note: e - source estimates provided by USDA, Data retrived on July 28, 2011, Population gures for 2011-12 is arrived at by calculating CAGR from 2004-05 to 2010-11;
Sugarcane state-wise area and production

States/ UT
2010
-11
Uttar Pradesh
2125
Maharashtra
964
Tamil Nadu
326
Karnataka
421
Andhra Pradesh
192
Gujarat
188
Haryana
102
Uttarakhand
107
Punjab
70
Bihar
300
Madhya Pradesh
76
Others
92
All India
4962

2009
2008
2007
2006
-10
-09
-08
-07
2001
-02
2010
-11
1977
756
293
337
158
154
74
96
60
116
62
91
4175
1938
595
315
417
218
176
161
123
121
113
75
64
4316
125788
68672
34020
36828
14820
13440
6955
6400
5000
5492
3259
4239
324912
2084
768
309
281
196
221
90
107
81
112
71
96
4415
2179
1093
354
306
247
211
140
124
110
109
75
107
5043
2247
1049
391
326
264
214
140
121
99
130
64
106
5151

2009
2008
2007
2006
-10
-09
-08
-07
108735
56551
31807
29112
11707
13440
5335
5842
3700
5000
2362
4159
277750
109048
60648
32804
23328
15380
15380
5130
5590
4670
4960
2975
5116
285029
124665
88437
38071
26240
20296
15190
8860
7686
6690
3855
3180
5018
348188
133949
78568
41124
28670
21692
15630
9580
6100
6020
5956
2806
5425
355520
2001
-02
117982
45140
32620
33017
18082
12465
8170
7555
9250
5211
1616
6100
297208
1/26/2012 1:29:46 AM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Sugar month-wise production, despatches and arrivals (in `000' tonnes)

Sugar month-wise production and despatches
Month
Sugar
despatches
production
production
Sugar state-wise
monthly arrivals
Maharashtra
Uttar Pradesh
Dec-10
4,587.10
0.00
Nov-10
1,624.40
0.00
Oct-10
229.90
10.94
Sep-10
145.00
6.67
Aug-10
113.00
12,650.81
Jul-10
46.80
7.84
Jun-10
97.00
8.60
May-10
392.40
6.66
Apr-10
1,414.60
4.21
Mar-10
2,950.60
N/A
9.46
Feb-10
3,749.20
N/A
8.01
Jan-10
4,110.20
1,544.00
10.16
Dec-09
4,173.00
1,374.00
10.90
Nov-09
1,526.30
1,047.00
9.16
Oct-09
194.40
1,532.00
8.85
Sep-09
97.00
1,509.00
20.88
Aug-09
95.40
1,668.00
10.58
Jul-09
62.00
1,553.00
6.82
Jun-09
94.00
1,725.00
11.06
May-09
109.30
1,898.00
1.39
Apr-09
314.00
2,124.00
0.00
Mar-09
1,203.20
1,702.00
0.00
Feb-09
2,605.40
1,765.00
0.00
Jan-09
3,909.00
2,291.00
0.00
Dec-08
4,164.80
2,218.00
0.00
Nov-08
1,586.60
2,132.00
0.00
Oct-08
294.40
1,830.00
0.00
Sep-08
110.00
2,252.00
0.00
Aug-08
105.00
1,874.00
0.00
Jul-08
162.20
2,377.00
Jun-08
337.00
2,224.00
May-08
1,323.00
2,183.00
Apr-08
2,619.00
2,242.00
Mar-08
4,695.00
2,872.00
Feb-08
5,176.00
2,598.00
Jan-08
5,391.00
2,259.00
Dec-07
4,662.00
2,142.00
Nov-07
1,451.00
2,296.00
Oct-07
326.20
1,773.00
Sep-07
253.00
1,845.00
Aug-07
220.00
1,840.00
Jul-07
224.20
1,762.00
Jun-07
501.10
1,832.00
May-07
1,762.00
1,859.00
Apr-07
3,631.00
1,804.00
Mar-07
4,777.00
2,025.00
Feb-07
4,636.00
2,056.00
Jan-07
4,977.00
1,899.00
Dec-06
4,652.00
1,707.00
Nov-06
2,424.00
1,692.00
Oct-06
306.70
1,637.00
Sep-06
206.00
1,702.00
Aug-06
206.10
1,507.00
Jul-06
165.90
1,343.00
0.02
Jun-06
81.60
1,581.00
May-06
418.00
1,669.00
Apr-06
1,284.00
2,031.00
8.82
Note: e - source estimates provided by USDA, Data extracted on July 28, 2011; SAP: State Advisory Price
Source: Indian Sugar Mills Association
2.11
1.21
0.71
0.48
1.64
2.26
2.14
10.25
1.75
1.91
1.29
0.60
0.72
0.79
0.75
0.58
0.49
1.41
1.53
4.04
6.85
1.76
1.87
3.85
1.58
2.72
2.49
2.83
3.62
3.90
4.15
5.42
5.15
8.14
7.44
6.15
9.50
7.91
8.78
9.21
6.66
5.49
6.23
7.27
5.61
6.70
6.25
7.17
9.89
7.97
7.21
8.54
8.05
6.80
8.10
9.08
10.90
Levy
Sugar
Free
Sugar
208.00
215.00
248.00
228.00
220.00
215.00
208.00
217.00
202.00
192.00
194.00
209.00
200.00
214.00
235.00
211.00
185.00
190.00
191.00
191.00
191.00
191.00
191.00
201.00
189.00
180.00
227.00
208.00
194.00
193.00
192.00
186.00
186.00
189.00
191.00
195.00
229.00
229.00
229.00
189.00
186.00
189.00
193.00
184.00
176.00
159.00
174.00
184.00
167.00
169.00
190.00
177.00
165.00
153.00
156.00
150.00
161.00
1,500.00
1,400.00
1,750.00
1,672.00
1,700.00
1,450.00
1,700.00
1,900.00
1,800.00
1,608.00
1,597.00
1,430.00
1,492.00
1,500.00
1,850.00
1,834.00
1,650.00
1,267.00
1,400.00
1,650.00
1,650.00
1,600.00
1,500.00
1,500.00
1,400.00
1,500.00
1,500.00
1,200.00
1,100.00
1,200.00
1,350.00
1,350.00
1,700.00
1,600.00
1,400.00
1,400.00
1,300.00
1,300.00
1,600.00
1,300.00
1,300.00
1,000.00
1,600.00
1,300.00
1,200.00
1,500.00
1,300.00
1,300.00
1,200.00
1,300.00
1,600.00
1,500.00
1,300.00
1,200.00
1,300.00
1,450.00
1,575.00
1/26/2012 1:29:46 AM
State-wise Production of Sugar in India (`000' tonne)

2010-11e
Maharashtra
9,507
Uttar Pradesh
6,385
Karnataka
3,200
Tamil Nadu
1,461
Gujarat
1,456
Andhra Pradesh
1,000
India
24,540
Source: Compiled based on Lok Sabha Questions (2005-2011)
2009-10p
2008-09
2007-08
2006-07
7,036
5,167
2,512
1,269
1,191
510
18,803
4,580
4,060
1,650
1,010
590
26,330
9,075
7,320
2,839
2,141
1,366
1,335
26,298
9,013
8,352
2,542
2,421
1,390
1,924
28,199
2001-02
5,610
5,260
1,550
1,839
1,060
1,050
18,530
Number of Sugar Factories in Operation, Sugarcane Crushed /Recovered and Capacity in India
No. of factories in operation
Average Actual Capacity (tonne) Per 24 hrs
Total Cane Crushed ('000 tonnes)
Recovery of Sugarcane (%)
Average Duration (Days)
2009-10
2008-09
2007-08
2006-07
2001-02
490
3,825
185,548
10.2
108
488
3,725
144,978
10.03
87
516
3,546
249,906
10.55
149
504
3,474
279,249
10.17
174
434
3,238
180,321
10.27
140
Note: e - estimated; p: provisional

Source: Indian Sugar Mills Association
Sugar: Ending Stock & Prices

000 tonnes
12000
India ES
World ES (5x)
Mumbai Prices
Sugar London
Prices
3500
9600
2800
7200
2100
4800
1400
2400
700
0
2002-03
2003-04
2004-05
2005-06
2006-07
2007-08
2008-09
2009-10
2010-11
Source: SEA of India & Agmarknet. Average Prices of India for the month of March
SourceSource:
: USDA. ES - ending stock, Indian prices Rs/Qntl, Int. prices Rs/Qntl
1/26/2012 1:29:46 AM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY

Production
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
50,000
0
Brayil
India
100,000
EU+27
China
150,000
Thailand
200,000
Other
Imports
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0
10,000
United States
EU-27
20,000
Indonesia
30,000
Russia
50,000
United Arab Emirates
60,000
Other
Exports
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0
10,000
Brazil
Thailand
20,000
Australia
30,000
Guatemala
50,000
United Arab Emirates
60,000
Others
Consumption
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
50,000
0
India
EU-27
100,000
China
Brazil
150,000
United States
200,000
Other
1/26/2012 1:29:46 AM
Sugar prices and trading activity

Month
MCX Spot prices (Rs/qtl)

Medium (Delhi)
Small
Monthly Months Months Monthly Months
average
high
low
average
high
Months
low
Other markets
monthly average
spot prices
(Rs/qtl)
Delhi Mumbai
WPI
of
Sugar
White Sugar LIFFE futures

Closing
Open
price
Volume interest
(USD/MT) (in lots)^ (in lots)^^
Dec-10
3,085.92 3,175.00 3,018.00 2,869.96 2,935.00 2,800.00 3,057.69 2,946.62
172.80
777.50
58,206
49,018
Nov-10
3,011.00 3,101.00 2,905.00 2,821.27 2,920.00 2,685.00 2,976.56 2,872.43
166.70
710.00
161,152
47,282
Oct-10
2,829.68 2,885.00 2,773.00 2,630.96 2,655.00 2,587.00 2,834.21 2,689.66
161.40
722.60 108,959
63,773
Sep-10 2,740.00 2,785.00 2,710.00 2,565.56 2,608.00 2,528.00 2,740.11 2,631.16
159.80
617.00 177,586
61,683
Aug-10
2,736.92 2,785.00 2,700.00 2,489.08 2,547.00 2,420.00 2,725.38 2,557.95
160.80
578.70 137,867
65,950
Jul-10
2,847.37 2,925.00 2,804.00 2,639.63 2,827.00 2,485.00 2,849.42 2,707.61
164.10
585.70 180,217
61,379
Jun-10
2,809.23 2,942.00 2,665.00 2,550.38 2,672.00 2,430.00 2,786.63 2,636.09
155.30
528.80 166,234
68,492
May-10 3,055.00 3,168.00 2,946.00 2,745.36 2,825.00 2,646.00 2,997.50 2,830.88
161.00
468.60 113,439
61,448
Apr-10 3,040.52 3,159.00 2,963.00 2,738.04 3,003.00 2,605.00 3,015.87 2,864.75
165.40
470.10 140,997
53,338
Mar-10 3,354.85 3,569.00 3,150.00 3,040.96 3,288.00 2,845.00 3,332.98
3,171.27
183.60
504.00 191,641
61,202
Feb-10
3,852.33 4,198.00 3,548.00 3,471.00 3,924.00 3,225.00 3,759.27 3,597.59 200.30
669.90 203,154
68,854
Jan-10
4,111.04 4,326.00 3,847.00 3,817.00 3,996.00 3,600.00 4,019.80 3,876.51
202.10
742.90 208,293
85,066
Dec-09 3,549.50 3,847.00 3,418.00 3,299.00 3,600.00 3,144.00 3,500.87 3,386.12
185.70
710.20 171,647
75,877
Nov-09
3,523.11 3,590.00 3,380.00 3,355.00 3,431.00 3,135.00 3,440.80 3,456.34
184.10
610.30
189,151
67,621
Oct-09
3,100.11 3,380.00 2,822.00 2,886.00 3,135.00 2,726.00 3,086.77 3,017.85
168.80
580.50 170,813
70,781
Sep-09 3,046.42 3,172.00 2,960.00 2,904.00 3,201.00 2,810.00 3,000.63 3,034.71
167.40
618.00 199,874
74,908
Aug-09 2,933.12 3,085.00 2,593.00 2,808.00 2,976.00 2,367.00 2,925.10 2,892.93
157.50
573.10 139,147
84,155
Jul-09
2,554.14 2,611.00 2,494.00 2,338.00 2,381.00 2,294.00 2,543.52 2,432.27
142.80
491.80 152,586
77,426
Jun-09 2,522.00 2,545.00 2,475.00 2,355.00 2,392.00 2,295.00 2,501.73 2,436.34 140.00
458.70 128,525
84,198
May-09 2,468.00 2,508.00 2,390.00 2,236.00 2,293.00 2,165.00 2,427.39 2,332.30
136.40
453.00 100,842
88,266
Apr-09 2,493.00 2,640.00 2,389.00 2,218.00 2,367.00 2,133.00 2,449.43 2,296.76
132.80
427.30 139,985
78,310
Mar-09 2,247.00 2,290.00 2,218.00 2,023.00 2,092.00 1,967.00 2,215.00 2,113.00
127.20
392.8 151,055
72,150
Feb-09 2,337.00 2,351.00 2,304.00 2,102.00 2,125.00 2,084.00 2,278.00 2,147.00
127.40
401 138,964
61,168
Jan-09 2,142.00 2,300.00 2,000.00 1,946.00 2,024.00 1,864.00 2,120.00 2,009.00
120.00
373.5 112,425
60,153
Dec-08 1,941.00 1,990.00 1,884.00 1,833.00 1,890.00 1,770.00 1,936.00 1,885.00
109.90
318
51,330
49,159
Nov-08 1,920.00 1,933.00 1,908.00 1,760.00 1,772.00 1,716.00 1,854.00 1,824.00
108.60
327.9
70,673
44,510
Oct-08 1,943.00 1,976.00 1,897.00 1,709.00 1,735.00 1,683.00 1,858.00 1,778.00
108.70
334.2 120,137
47,924
Sep-08 1,884.00 1,968.00 1,839.00 1,700.00 1,800.00 1,663.00 1,840.00 1,775.00
107.90
379.6 152,409
61,627
Aug-08 1,935.00 1,995.00 1,790.00 1,807.00 1,901.00 1,641.00 1,918.00 1,884.00
104.50
398 104,971
70,758
Jul-08
1,686.00 1,800.00 1,560.00 1,525.00 1,641.00 1,406.00 1,690.00 1,580.00
98.10
386.2
137,739
61,107
Jun-08 1,570.00 1,586.00 1,558.00 1,401.00 1,404.00 1,399.00 1,559.00 1,479.00
96.40
383.7 153,428
71,539
May-08 1,598.00 1,614.00 1,585.00 1,404.00 1,420.00 1,396.00 1,582.00 1,479.00
96.80
320
92,807
53,217
Apr-08
1,617.00 1,662.00 1,591.00 1,417.00 1,468.00 1,394.00 1,603.00 1,500.00
97.00
337.5 139,804
56,083
Mar-08 1,630.00 1,667.00 1,551.00 1,435.00 1,464.00 1,350.00 1,615.00 1,509.00
95.80
334.7 142,331
59,961
Feb-08 1,562.00 1,587.00 1,539.00 1,330.00 1,358.00 1,314.00 1,537.00 1,410.00
95.00
387.2 207,453
66,707
Jan-08
1,537.00 1,574.00 1,473.00 1,354.00 1,378.00 1,289.00 1,498.00 1,422.00
93.50
350.2 279,977
87,017
Dec-07 1,480.00 1,497.00 1,450.00 1,274.00 1,287.00 1,260.00 1,445.00 1,356.00
92.30
315
111,053
82,420
Nov-07 1,499.00 1,506.00 1,491.00 1,273.00 1,287.00 1,255.00 1,472.00 1,358.00
93.00
287.7 227,327
81,738
Oct-07
1,489.00 1,499.00 1,478.00 1,292.00 1,303.00 1,281.00 1,469.00 1,379.00
92.90
283.6 205,544 105,791
Sep-07 1,476.00 1,495.00 1,442.00 1,285.00 1,294.00 1,266.00 1,446.00 1,356.00
92.50
280.2 217,764
85,966
Aug-07 1,432.00 1,443.00 1,419.00 1,255.00 1,272.00 1,238.00 1,410.00 1,328.00
92.10
279.5 156,009
78,309
Jul-07
1,447.00 1,474.00 1,434.00 1,299.00 1,333.00 1,276.00 1,415.00 1,373.00
92.60
309.4 213,241
63,379
Jun-07
1,455.00 1,475.00 1,442.00 1,252.00 1,307.00 1,233.00 1,420.00 1,334.00
92.50
320.5 185,962
77,307
May-07 1,444.00 1,478.00 1,401.00 1,245.00 1,269.00 1,224.00 1,412.00 1,337.00
92.80
339 175,963
91,830
Apr-07 1,492.00 1,552.00 1,432.00 1,361.00 1,456.00 1,269.00 1,452.00 1,444.00
95.80
308 166,403
82,018
Mar-07 1,543.00 1,554.00 1,529.00 1,436.00 1,454.00 1,394.00 1,518.00 1,512.00
98.60
332 174,770
77,833
Feb-07 1,579.00 1,621.00 1,527.00 1,396.00 1,437.00 1,335.00 1,559.00 1,476.00 100.40
332.9 128,619
60,469
Jan-07
1,647.00 1,713.00 1,611.00 1,470.00 1,495.00 1,423.00 1,636.00 1,558.00
103.00
336.9 131,374
63,857
Dec-06 1,739.00 1,780.00 1,700.00 1,555.00 1,630.00 1,500.00 1,731.00 1,644.00
107.20
342.8
79,346
53,621
Nov-06 1,855.00 1,890.00 1,785.00 1,662.00 1,690.00 1,633.00 1,841.00 1,757.00
109.80
369.4 147,349
50,378
Oct-06
1,891.00 1,916.00 1,875.00 1,707.00 1,680.00 1,658.00 1,878.00 1,780.00
110.30
400 111,884
58,778
Sep-06 1,868.00 1,903.00 1,837.00 1,772.00 1,810.00 1,745.00 1,854.00 1,807.00
110.70
377.9 160,910
54,203
Aug-06 1,919.00 1,955.00 1,870.00 1,833.00 1,852.00 1,809.00 1,906.00 1,870.00
113.00
380 125,948
63,148
Jul-06
1,943.00 1,964.00 1,923.00 1,833.00 1,852.00 1,822.00 1,921.00 1,874.00
114.00
439.5 145,956
61,199
Jun-06
1,971.00 2,016.00 1,919.00 1,871.00 1,900.00 1,830.00 1,964.00 1,901.00
115.70
465.9 135,250
71,051
May-06 2,018.00 2,052.00 1,939.00 1,918.00 2,046.00 1,868.00 2,015.00 1,945.00
116.30
447
152,157
65,199
Apr-06 2,017.00 2,064.00 1,982.00 1,890.00 1,930.00 1,814.00 2,004.00 1,940.00
115.80
474 162,367
63,902
Note: MCX Spot prices for sugar medium is taken from Alipur till Nov-09 and from Delhi from Dec-09 onwards, WPI - Wholesale Price Index; Future prices are for near month
continuos futures contract.
Source: AgmarkNet; & Ministry of Comerce and Industry; Exchanges' websites
1/26/2012 1:29:47 AM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Rubber fundamentals - World (in `000' tonnes)

Natural rubber production
2010
2009
2008
2007
2006
2001
World
Asia
Africa
Synthetic rubber production
World
EU-27
Natural rubber world stocks
Synthetic rubber world stocks
Source: International Rubber Study Group.
10,291
9,637
459
9,662
9,042
423
10,042
9,399
447
9,833
9,386
444
9,706
9,315
421
7332
-
14,002
2,607
1,503
3,449
12,087
2,210
1,880
3,309
12,743
2481
1,519
3,056
13,387
2,683
-
12,653
2,710
-
10483
-
2009-10
2008-09
2007-08
2006-07
2001-02
Production
8,61,950
8,31,400
Imports
1,88,337
1,77,133
Consumption
9,47,715
9,30,565
Consumption by tyre industry
4,79,066
Exports
20,580#
25,611
Ending stocks
2,77,600
2,11,290
Average daily volatility MCX spot prices
1.34%
1.15%
TOCOM price (Rs/qtl)
11,009
Indian Price (Rs/qtl)*
19,014
11,501
Note: # - Figures released till Feb; Âpr 2010 to Jan 2011 * - Price averaged for FY
Source: AgmarkNet, Economic Survey 2008-09, 2009-10, 2010-11; The Rubber Board of India
8,64,500
77,762
8,71,720
5,10,469
47,953
1,96,230
6.06%
10,259
10,103
8,25,345
85,753
8,61,455
4,95,577
61,086
1,67,120
1.05%
9,527
9,089
8,52,895
89,699
8,20,305
4,62,081
52,286
1,63,530
1.26%
9,702
9,202
6,31,400
49,769
6,38,210
5,918
1,93,070
-
2008-09
2007-08
2006-07
2001-02
Production
1,10,340
1,06,743
96,739
1,06,286
SBR
19,994
17,997
12,523
16,879
PBR
75,905
72,666
71,758
74,045
Imports
3,91,184
3,31,147
2,24,193
2,50,762
Consumption
4,11,830
3,47,710
2,92,950
2,97,155
SBR
1,74,855
1,38,905
1,11,745
1,10,965
PBR
1,25,305
1,04,465
82,740
88,205
Ending stocks
35,450
34,910
25,670
26,225
Note: #April-Dec 2010; *April-Nov 2010 - Jan 2010; SBR - Styrene Butadiene Rubber; PBR - Polybutadiene Rubber; p- provisional
Source: The Rubber Board of India; Trade Sources
99,513
12,285
71,730
2,26,786
2,70,830
98,170
79,900
26,410
69,653
16,182
42,244
1,14,223
1,74,530
55,945
49,995
32,810
Rubber fundamentals - India (in tonnes)

Natural rubber
2010-11
Synthetic rubber fundamentals - India (in tonnes)

2010-11
2009-10
Reclaimed rubber fundamentals - India (in tonnes)

2010-11*
2009-10
2008-09
2007-08
2006-07
2001-02
Production
75,070
Consumption
74,615
Ending stocks
5,735
Note: *April 2010 - Dec 2011; Source: The Rubber Board of India; Trade Sources
93,580
92,250
5,280
86,390
86,030
3,995
83,075
83,165
3,635
78,495
78,435
3,725
63,550
63,875
3,005
Tyres & tubes fundamentals - India (in '000 nos.)

2010-11
2009-10
2008-09
2007-08
2006-07
2001-02
1,19,196
1,17,027
-
97,608
4,767
95,241
10,382
82,107
4,064
80,515
7,732
81,103
3,334
79,202
7,683
74,034
2,587
71,757
7,082
43,496
280
44,462
3,796
2008-09
2007-08
2006-07
2001-02
Ribbed Smoked Sheet (RSS)

607,455
621,435
597,440
Solid Block Rubber
235,130
190,545
146,060
Latex Concentrates (drc)
77,380
82,515
80,520
Others
27,750
36,070
47,700
Total
947,715
930,565
871,720
Source: Source: Indian Rubber Statistics, Ministry of Commerce & Industry, Govt. of India. & Rubber Board of India.
577,635
155,670
77,715
50,435
861,455
561,580
132,755
76,190
49,780
820,305
453,465
65,650
62,990
49,295
631,400
Tyre Production
Tyre Imports
Tyre Sales
Tyre Exports
Note: The Rubber Board of India, Trade Sources, Director General of Foreign Trade
Source: AgmarkNet, Economic Survey 2008-09, 2009-10, 2010-11; The Rubber Board of India
Grade-wise consumption of natural rubber in India (in tonnes)

2010-11
2009-10
1/26/2012 1:29:47 AM
Rubber state-wise monthly arrivals (in tonnes)

Month
Kerala
Tamil Nadu
Mar-11
Feb-11
Jan-11
Dec-10
Nov-10
Oct-10
Sep-10
Aug-10
Jul-10
Jun-10
May-10
Apr-10
Mar-10
Feb-10
Jan-10
Dec-09
Nov-09
Oct-09
Sep-09
Aug-09
Jul-09
Jun-09
May-09
Apr-09
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
279.16
262.12
267.72
186.46
219.06
200.09
254.28
411.64
436.87
492.56
536.86
796.21
782.78
391.91
466.49
358.07
322.40
261.44
175.51
145.80
195.90
189.82
180.80
152.52
158.89
73.63
57.05
45.49
52.58
28.60
45.30
59.18
64.96
1662.00
41.37
59.66
1586.99
55.06
107.71
92.44
74.81
100.22
51.38
136.51
113.63
42.50
108.48
44.80
120.25
109.70
129.78
12.89
63.20
62.91
104.60
158.55
162.18
201.06
185.28
49.52
118.68
149.60
138.49
308.57
217.04
333.24
265.65
154.96
339.51
57.51
24.00
42.21
40.08
N/A
16.20
60.06
53.06
137.48
291.40
248.17
241.71
139.72
164.76
165.10
Rubber marketed by co-operative societies

inIndia (in tonnes)
Year
No. of Societies
Rubber Marketed
263
267
270
279
285
34345
38500
58055
73030
103611
2009-10 P
2008-09 P
2007-08 P
2006-07 P
2001-02
Note: P - Provisional.
Source: Rubber Board of India.
Rubber state-wise monthly arrivals (in tonnes)

Month
Kerala
Tamil Nadu
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
79.12
71.28
90.98
65.66
122.20
70.43
90.06
75.08
132.75
145.04
151.64
57.05
107.83
107.83
97.68
167.16
165.62
57.75
169.62
145.26
112.54
N/A
N/A
132.80
135.44
184.87
177.04
151.69
324.34
195.97
52.38
302.05
237.99
111.57
178.95
49.64
Note: N/A - Not available

Castor:Production,
Seeds Prodn.,
Oil Exports && Prices
Prices
Rubber
Consumption
in tonnes
Price Rs/qntl
1000000
Production
Consumption
21000
Rss -4 Kottayam Prices (RHS)
750000
16500
500000
12000
250000
7500
3000
0
2004-05
2005-06
2006-07
2007-08
2008-09
2009-10
2010-11
Source: Economic Survey 2010-11, Rubber Board, Agmarknet
1/26/2012 1:29:47 AM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Rubber monthly spot prices at MCX and other major physical market in India
Month
Month's Low
Spot price (RSS-4)

Rs./Quintal
Kottayam
19,573
19,260
16,970
16,166
16,520
18,126
16,674
15,074
15,822
14,155
13,282
13,140
12,221
10,925
10,635
10,510
10,011
9,660
9,712
9,399
8,662
6,996
6,754
6,679
5,914
6,000
8,100
11,400
13,454
12,971
12,440
11,573
10,104
10,085
9,393
9,308
9,104
9,323
8,938
8,696
8,033
7,284
7,445
8,247
8,293
8,668
9,431
9,530
7,659
7,600
7,865
7,800
8,700
8,870
10,478
9,010
8,370
20,194
19,873
18,143
16,653
17,981
18,217
17,103
15,983
16,396
14,952
13,686
13,795
13,433
11,271
10,889
10,653
10,250
9,825
9,910
9,786
9,564
7,566
6,900
7,030
6,502
7,689
8,960
13,533
13,774
13,349
12,713
12,260
10,963
10,358
9,718
9,441
9,221
9,603
9,424
8,856
8,742
7,943
8,093
8,685
8,979
9,071
9,757
9,716
8,615
8,225
8,686
8,169
9,182
9,821
10,692
9,841
8,653
MCX monthly spot prices Kottayam (Rs/qtl)

Monthly Average
Month's High
Dec-10
20,199
20,752
Nov-10
19,952
20,493
Oct-10
18,102
19,055
Sep-10
16,627
16,970
Aug-10
17,988
18,889
Jul-10
18,403
18,566
Jun-10
17,098
18,053
May-10
15,995
17,110
Apr-10
16,497
17,011
Mar-10
14,954
15,674
Feb-10
13,702
14,229
Jan-10
13,773
14,061
Dec-09
13,501
14,073
Nov-09
11,287
12,125
Oct-09
10,885
11,207
Sep-09
10,646
10,835
Aug-09
10,261
10,753
Jul-09
9,832
9,995
Jun-09
9,926
10,019
May-09
9,824
10,200
Apr-09
9,591
10,200
Mar-09
7,627
8,533
Feb-09
6,921
7,215
Jan-09
7,080
7,487
Dec-08
6,526
7,428
Nov-08
7,691
8,900
Oct-08
9,143
11,513
Sep-08
13,613
14,150
Aug-08
13,872
14,296
Jul-08
13,373
14,114
Jun-08
12,764
13,106
May-08
12,287
13,600
Apr-08
10,985
11,887
Mar-08
10,114
10,145
Feb-08
9,715
10,088
Jan-08
9,466
9,584
Dec-07
9,256
9,450
Nov-07
9,681
10,017
Oct-07
9,510
10,042
Sep-07
8,882
9,096
Aug-07
8,780
9,285
Jul-07
7,966
8,744
Jun-07
8,099
8,705
May-07
8,714
9,206
Apr-07
8,994
9,486
Mar-07
9,037
9,440
Feb-07
9,787
10,129
Jan-07
9,785
10,170
Dec-06
8,674
9,518
Nov-06
8,278
9,153
Oct-06
8,754
9,301
Sep-06
8,222
8,806
Aug-06
9,199
9,510
Jul-06
9,807
10,685
Jun-06
10,711
11,050
May-06
9,911
11,419
Apr-06
8,672
9,051
Note: Trading suspended from May 7, 08 to Dec 3, 08, WPI - Wholesale Price Index;
Source: MCX, Agmarknet; Ministry of Comerce and Industry.
WPI of Rubber
359.3
352.0
319.5
298.8
315.6
327.4
307.5
290.2
293.3
268.8
246.9
246.2
238.1
200.9
192.7
190.2
183.5
177.0
178.4
177.3
168.4
135.6
124.0
127.0
114.9
141.0
169.8
250.2
249.1
238.6
228.0
217.3
196.8
186.6
173.6
170.7
166.0
174.9
171.3
158.6
154.2
144.5
146.5
157.5
161.1
164.3
175.3
169.8
152.3
149.7
156.9
147.7
166.6
180.4
187.8
172.2
155.4
1/26/2012 1:29:47 AM
Rubber futures prices and trading activity

Rubber monthly MCX futures prices (Rs/qtl)
Month
Open
High
Low
Close
Volume
(in lots)^
Rubber TOCOM futures

Open
interest
(in lots^^)
Closing
price
(Yen/kg)
Volume
(in lots)^
Open
interest
(in lots^^)
Thailand
Rubber
PricesRSS-4
(Rs/qtl)
Dec-10
19,693
20,570
19,693
20,570
0
0
405.1
279,483
37,059
21318
Nov-10
18,925
20,290
18,925
19,892
0
0
359.1
348,920
38,527
19571
Oct-10
16,742
18,925
16,742
18,925
0
0
317.5
222,252
33,959
17258
Sep-10
17,253
17,605
16,573
16,742
0
0
297.5
160,656
34,694
16114
Aug-10
18,546
18,731
17,205
17,253
2
0
310.4
184,159
34,446
15406
Jul-10
18,040
18,547
18,040
18,546
0
0
303.8
176,823
27,416
15668
Jun-10
16,758
17,861
16,758
17,861
0
0
343.0
243,344
27,791
16863
May-10
16,610
16,610
15,327
16,592
0
0
380.2
248,968
29,076
16675
Apr-10
15,542
16,947
15,542
16,778
1
0
395.0
254,964
43,792
17186
Mar-10
14,143
15,542
14,143
15,542
3
1
329.3
258,365
38,670
15128
Feb-10
13,772
14,143
13,456
14,143
0
0
284.9
212,199
31,765
14455
Jan-10
13,862
14,001
13,772
13,772
0
0
262.7
258,178
33,766
14193
Dec-09
11,875
13,862
11,875
13,862
0
0
259.0
239,002
38,154
13095
Nov-09
10,966
11,757
10,966
11,757
0
0
235.7
164,036
36,892
11823
Oct-09
10,749
11,077
10,749
10,966
0
0
234.0
224,397
39,830
10999
Sep-09
10,753
10,753
10,434
10,749
0
0
188.4
280,009
31,047
10515
Aug-09
9,863
10,577
9,863
10,577
0
0
195.0
293,259
38,805
9880
Jul-09
9,938
9,938
9,544
9,863
3
0
188.8
230,688
37,403
8490
Jun-09
9,925
9,942
9,743
9,938
0
0
156.4
228,134
30,202
8150
May-09
10,136
10,136
9,539
9,925
0
0
158.6
187,947
27,910
8404
Apr-09
8,490
9,937
8,320
9,937
15
0
156.0
315,890
30,684
8064
Mar-09
6,850
8,490
6,850
8,490
45
9
148.0
237,447
28,267
7433
Feb-09
6,998
7,059
6,720
6,890
36
38
133.3
289,620
29,503
7336
Jan-09
7,670
7,673
6,596
6,998
102
57
130.1
349,022
28,088
7409
Dec-08
6,100
7,653
5,806
7,450
268
41
135.0
403,148
34,574
6117
Nov-08
N/T
N/T
N/T
N/T
N/T
N/T
125.8
353,015
30,824
8566
Oct-08
N/T
N/T
N/T
N/T
N/T
N/T
169.7
537,697
32,350
9828
Sep-08
N/T
N/T
N/T
N/T
N/T
N/T
262.7
363,528
41,041
13235
Aug-08
N/T
N/T
N/T
N/T
N/T
N/T
342.8
435,425
40,613
12688
Jul-08
N/T
N/T
N/T
N/T
N/T
N/T
336.4
487,494
46,373
13740
Jun-08
N/T
N/T
N/T
N/T
N/T
N/T
340.4
643,926
51,635
13826
May-08
11,241
11,667
11,241
11,658
75
73
312.2
484,445
47,365
12738
Apr-08
9,899
11,503
9,899
11,241
226
72
297.8
393,003
44,400
11286
Mar-08
10,177
10,550
9,899
9,899
233
53
277.8
491,985
38,788
11320
Feb-08
9,434
10,195
9,385
10,177
304
99
292.5
545,876
50,406
10970
Jan-08
9,640
9,747
9,260
9,339
262
109
282.0
331,672
33,820
10297
Dec-07
9,391
9,698
9,222
9,625
303
130
294.2
288,746
38,147
9792
Nov-07
9,900
10,250
9,350
9,533
583
100
258.3
431,433
36,574
9837
Oct-07
8,985
10,200
8,760
9,838
1,412
128
278.4
376,156
47,570
9108
Sep-07
8,764
9,050
8,450
8,984
1,976
217
255.8
346,079
44,312
8689
Aug-07
8,650
9,499
7,925
8,752
4,244
397
248.6
486,623
46,338
8651
Jul-07
7,472
8,682
7,369
8,674
4,061
570
260.3
662,162
54,142
8382
Jun-07
8,770
8,770
7,476
7,617
3,303
557
257.1
683,104
48,428
9192
May-07
8,485
9,290
8,189
8,742
2,987
479
284.1
605,962
53,906
9588
Apr-07
9,260
9,495
8,285
8,416
3,057
544
266.6
609,519
48,276
9802
Mar-07
9,162
9,575
8,191
9,258
6,130
670
274.0
719,804
51,731
10029
Feb-07
10,529
10,529
9,021
9,219
7,914
1,165
260.2
743,497
55,797
10561
Jan-07
10,060
10,606
9,852
10,479
20,066
1,519
275.0
760,361
55,921
9276
Dec-06
7,950
9,400
7,540
9,250
30,014
1,255
239.2
748,253
52,821
7768
Nov-06
9,000
9,048
7,182
7,931
12,848
667
188.1
536,706
49,663
7358
Oct-06
7,850
9,146
7,850
8,905
871
8
208.4
777,801
49,847
8410
Sep-06
8,700
8,710
7,850
7,850
100
1
208.3
867,923
48,345
8431
Aug-06
9,225
9,510
8,763
8,763
92
4
230.5
728,756
53,082
10263
Jul-06
10,675
10,920
8,870
9,225
154
3
278.6
780,079
16,132
11665
Jun-06
11,000
11,120
10,384
10,625
125
24
322.9
1,099,210
64,768
12438
May-06
9,167
11,536
9,167
11,075
60
8
307.2
909,052
76,383
10887
Apr-06
8,475
9,300
8,405
9,167
83
6
242.1
543,428
64,854
9661
Note: Âggregate volume in all contracts during the month; ^^Cumulative open interest in all contracts at the end of month; Trading suspended between May 7, '08 to Dec 3, '08;
Future prices are for near month continuos futures contract.
1/26/2012 1:29:48 AM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Coffee fundamentals - World and India (in `000' 60 kgs bags)

World
Beginning Stocks
Production
Imports
Consumption
Exports
Total supply
Ending Stocks
India
Beginning Stocks
Production
Imports
Consumption
Exports
Total Supply
Ending Stocks
Area under Production (000 Ha)
MCX spot prices
2011-12e
2010-11
2009-10
2008-09
2007-08
2006-07
2001-02
25,832
139,084
102,413
131,025
104,967
267,335
31,343
24,418
137,908
104,473
132,497
107,455
266,799
26,847
35,663
126,781
99,581
135,871
101,736
262,025
24,418
28,647
133,403
96,831
123,742
99,476
258,881
35,663
33,597
121,753
96,809
127,033
96,479
252,159
28,647
31,254
131,819
97,470
124,107
102,839
260,543
33,597
20,875
117,521
1,478
26,319
90,937
139,874
22,618
40
4800
500
1500
3750
5340
90
-
140
5,100
550
1,650
4,100
5,790
40
405P
250
4,850
725
1,575
4,110
5,825
140
400
65
4,375
555
1,625
3,120
4,995
250
394
95
4,660
490
1,360
3,820
5,245
65
388
255
4,665
334
1,550
3,609
5,254
95
382
20
5,020
0
975
3,702
5,040
363
347
2.17%
1.66%
1.96%
2.09%
Note: e - source estimates provided by USDA, data retrieved on July 29, 2011; P: Provisional; Market Year (India): October to September,
Source: USDA; Dept. of Agriculture, GOI; MCX
Coffee balance sheet 2011-12e - World (in `000' 60 kgs bags)

Country
Beginning
Stocks
Brazil
Vietnam
Indonesia
Colombia
India
Others
World Total
2,846
1,784
143
284
50
20,731
25,838
Supply
Production
54,500
18,725
9,000
9,000
5,125
42,734
139,084
Imports
0
106
200
740
700
100,667
102,413
Consumption
Demand
Exports
19,500
1,050
1,900
1,200
1,750
105,625
131,025
32,000
17,430
7,400
8,650
4,075
35,412
104,967
Ending
Stocks
5,846
2,135
43
174
50
23,095
31,343
Note: e - source estimates provided by USDA, data retrieved on July 29, 2011;
Source: USDA
1/26/2012 1:29:48 AM
Coffee - BRICS Nations fact sheet (in `000' 60 kgs bags)

World
Production
Import
Export
Consumption
Total
Supply
Population
(in million)
Per capita
availability
(kg)
Per capita
consumption
(kg)
2011-12e
Brazil
Russia
India
China
South Africa
54,500
0
5,125
0
0
0
4,300
700
450
425
32,000
0
4,075
0
0
19,500
4,300
1,750
450
425
57,346
4,300
5,875
450
425
206.47
137.97
1,208.36
1,341.85
49.83
16.91
1.86
0.30
0.02
0.52
5.75
1.86
0.09
0.02
0.52
2010-11
Brazil
Russia
India
China
South Africa
54,500
0
5,125
0
0
0
4,300
700
450
425
32,000
0
4,075
0
0
19,500
4,300
1,750
450
425
57,346
4,300
5,875
450
425
203.43
138.74
1,189.17
1,336.72
49.00
16.91
1.86
0.30
0.02
0.52
5.75
1.86
0.09
0.02
0.52
2009-10
Brazil
Russia
India
China
South Africa
44,800
0
4,825
0
0
0
4,075
750
425
400
29,780
0
3,850
0
0
18,750
4,075
1,725
425
400
51,376
4,075
5,625
425
400
201.10
139.39
1,173.11
1,330.14
49.11
15.33
1.75
0.29
0.02
0.49
5.59
1.75
0.09
0.02
0.49
2008-09
Brazil
Russia
India
China
South Africa
53,300
0
4,375
0
0
0
3,455
555
320
330
31,475
0
3,120
0
0
18,030
3,455
1,825
320
330
56,081
3,455
4,995
320
330
198.74
140.04
1,166.08
1,338.61
49.05
16.93
1.48
0.26
0.01
0.40
5.44
1.48
0.09
0.01
0.40
2007-08
Brazil
Russia
India
China
South Africa
39,100
0
4,660
0
0
0
4,520
490
300
410
27,290
0
3,820
0
0
17,390
4,520
1,360
300
410
47,461
4,520
5,245
300
410
196.34
140.70
1,148.00
1,330.04
48.78
14.50
1.93
0.27
0.01
0.50
5.31
1.93
0.07
0.01
0.50
2006-07
Brazil
Russia
India
China
South Africa
46,700
0
4,665
0
0
0
4,410
334
300
430
29,260
0
3,609
0
0
16,720
4,410
1,550
300
430
54,341
4,410
5,254
300
430
190.01
141.38
1,129.87
1,321.85
44.00
17.16
1.87
0.28
0.01
0.59
5.28
1.87
0.08
0.01
0.59
Note: e - source estimates provided by USDA, data retrieved on July 29, 2011; In `000' 60 kgs bags unless otherwise specied, Population gures for 2011-12 is arrived at by
calculating CAGR from 2004-05 to 2010-11; Source: USDA, World Bank, IFM, CIA World Fact Book
Coffee: Ending Stock & Prices

in 000 tonnes
Prices
India ES
500
3500
World ES (in 50x)

Int.Prices
400
2800
Mumbai Prices
300
2100
200
1400
100
700
0
2002-03
2003-04
2004-05
2005-06
2006-07
2007-08
2008-09
2009-10
2010-11
Source:Agmarknet & USDA. ES - ending stock, Indian prices Rs/kg, Int. prices Rs/kg
1/26/2012 1:29:48 AM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Coffee select state/district-wise production in India (in `000' tonnes)

States/Districts
2010-11
2009-10#
2008-09#
2007-08#
2006-07#
74.34
110.02
29.43
213.78
70.15
111.20
24.35
205.70
71.75
114.37
28.05
214.17
63.70
108.70
19.18
191.58
72.55
107.50
25.98
206.03
Kerala
Wyanad
Travancore
Nelliampathies
Sub Total
55.28
8.15
2.23
65.65
49.95
7.43
1.88
59.25
47.51
7.82
1.88
57.20
40.33
6.68
2.00
49.00
49.00
8.15
2.33
59.48
Tamil Nadu
Pulneys
Nilgiris
Shevroys (Salem)
Anamalais (Coimbatore)
Sub Total
6.03
5.48
3.65
1.50
16.65
7.05
5.75
4.05
2.50
19.35
5.83
5.20
3.10
2.50
16.63
8.00
4.85
3.15
2.10
18.10
7.90
5.10
3.23
2.00
18.23
Non Traditional Areas

Andhra Pradesh & Orissa
North Eastern Region
Sub Total
Non Conventional Areas
5.75
0.17
5.92
-
5.19
0.12
5.30
-
4.88
0.13
5.01
-
3.18
0.15
3.33
-
4.09
0.19
4.28
-
302.00
289.60
293.00
262.00
288.00
Karnataka
Chikmagalur
Kodagu*
Hassan
Sub Total
Grand Total (India)

Note: * - Including Mysore; # : Post-Monsoon Estimates
Source: Coffee Board.
Coffee state-wise monthly

arrivals (in tonnes)


Month
Kerala
Month
Kerala
Month
Apr-11
Mar-11
Feb-11
Jan-11
Dec-10
Nov-10
Oct-10
Sep-10
Aug-10
Jul-10
Jun-10
May-10
Apr-10
Mar-10
Feb-10
Jan-10
Dec-09
Nov-09
Oct-09
Sep-09
Aug-09
Jul-09
Jun-09
May-09
Apr-09
Mar-09
Feb-09
42.5
115.7
71.9
39.7
40.9
24.9
13.3
31.2
230.5
105.1
169.9
102.2
276.0
96.0
101.0
71.5
25.0
25.5
35.6
13.0
3.0
4.0
4.0
3.0
11.0
230.0
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
1.5
0.5
4.0
4.5
4.5
4.0
21.5
4.5
97.5
141.8
49.0
44.5
69.5
34.5
53.0
55.0
48.5
106.5
36.0
5.5
31.5
81.0
177.0
45.0
66.2
Oct-06
Sep-06
Aug-06
Jul-06
Jun-06
May-06
Apr-06
Kerala
99.0
25.0
74.0
112.3
203.7
195.3
223.2
1/26/2012 1:29:48 AM

Production
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0
50000
Brazil
Vietnam
Indonesia
100000
Colombia
India
150000
Other
Imports
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0
20000
EU-27
United States
40000
Japan
60000
Russia
80000
Algeria
100000
120000
100000
120000
Others
Exports
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0
20000
Brazil
Vietnam
40000
Colombia
60000
Indonesia
80000
India
Others
Consumption
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0
20000
EU-27
United States
40000
Brazil
60000
Japan
80000
Russia
100000
120000
140000
Others
1/26/2012 1:29:48 AM
PROLOGUE
EDITORIALS
EXPERTS' VIEWS
INDIAN ECONOMY
Coffee prices and trading activity

MCX Spot prices, Kaushal Nagar
(in Rs/Kg)
Month
Monthly
average
Dec-10
Nov-10
Oct-10
Sep-10
Aug-10
Jul-10
Jun-10
May-10
Apr-10
Mar-10
Feb-10
Jan-10
Dec-09
Nov-09
Oct-09
Sep-09
Aug-09
Jul-09
Jun-09
May-09
Apr-09
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
N/A
N/A
N/A
N/A
N/A
80.27
69.71
60.85
59.01
57.84
59.48
62.44
62.15
63.57
66.41
71.41
68.33
68.60
68.72
73.20
76.16
78.36
79.02
81.02
90.08
88.47
83.56
97.77
98.74
102.07
97.96
93.87
90.19
102.14
92.36
78.76
72.57
74.23
81.11
75.11
70.95
74.51
75.46
68.08
66.03
66.28
69.14
70.06
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
Months
high
N/A
N/A
N/A
N/A
N/A
82.80
78.20
63.60
61.50
62.00
61.90
64.10
64.50
68.60
69.00
73.60
72.40
73.40
73.70
75.00
78.70
80.30
81.10
84.60
99.70
101.00
93.90
102.30
103.00
111.80
104.41
100.11
92.90
112.82
106.41
83.43
75.66
77.83
88.33
80.73
74.21
77.18
78.04
70.47
67.89
68.04
71.33
70.17
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
Average monthly
domestic prices
(Rs/kg)
Months
Low
Arabica
Cherry
Robusta
Cherry
N/A
N/A
N/A
N/A
N/A
77.80
62.00
57.70
56.00
55.70
56.40
60.40
59.80
60.70
63.20
66.90
64.70
62.90
60.40
71.50
72.30
73.90
76.90
74.90
83.30
76.20
76.70
93.90
93.10
97.50
93.91
86.42
88.17
91.02
82.85
75.15
69.51
71.03
72.82
70.31
67.91
70.99
69.81
64.33
63.45
64.24
66.19
69.95
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
N/T
168.67
148.50
144.00
N/A
125.25
122.10
110.00
115.50
112.00
114.67
128.00
120.00
N/A
101.25
N/A
103.50
102.63
102.17
110.00
110.00
105.25
109.00
109.00
96.00
N/A
N/A
118.00
121.00
120.00
116.90
109.22
113.00
105.53
108.06
117.00
102.10
102.00
97.76
N/A
N/A
92.70
80.50
92.28
91.78
100.00
93.50
102.00
96.82
88.00
N/A
92.00
N/A
88.00
87.50
82.00
N/A
85.00
89.75
88.00
83.17
80.97
83.33
79.47
72.38
71.00
67.00
N/A
76.50
81.67
80.50
81.24
80.83
82.50
80.00
82.63
77.83
83.00
N/A
83.00
96.00
86.97
96.00
98.59
100.00
106.00
102.17
101.11
95.50
95.00
N/A
N/A
99.50
79.08
79.74
79.44
77.94
76.00
77.79
78.70
76.44
71.31
71.14
70.68
72.14
N/A
71.07
70.70
67.75
71.00
62.04
59.77
56.39
58.50
54.50
WPI of
Coffee
236.80
236.80
228.90
228.90
228.90
225.80
224.80
224.80
231.40
238.80
241.30
240.00
237.70
230.90
228.60
226.90
229.20
229.90
232.70
227.40
209.40
216.70
214.50
213.60
215.40
216.30
216.70
210.40
206.70
205.80
205.50
198.60
193.50
190.20
180.50
180.50
180.10
180.10
179.40
173.70
173.50
173.50
173.50
174.30
172.00
172.00
173.40
173.90
174.40
174.30
168.50
152.00
151.00
151.00
151.00
151.40
151.60
Coffee Arabica NYBOTICE futures

Closing
price
(USD/kg)
5.29
4.42
4.48
4.03
3.89
3.88
3.61
2.95
2.97
3.00
2.84
2.90
3.00
3.13
2.99
2.82
2.67
2.82
2.59
3.03
2.54
2.55
2.41
2.62
2.47
2.52
2.49
2.88
3.13
3.07
3.33
2.95
2.97
2.81
3.63
3.05
3.00
2.78
2.68
2.84
2.48
2.52
2.45
2.47
2.27
2.41
2.59
2.59
2.78
2.64
2.39
2.37
2.29
2.19
2.19
2.18
2.36
Volume
in lots^
Open
interest in
lots^^
245,084 140,170
479,216 127,596
351,134 151,645
318,166 136,645
554,163 140,836
369,104 169,398
728,194 165,658
362,053 136,152
526,440 135,557
378,244 130,381
503,189 122,640
319,390 128,342
275,581 125,779
459,671 110,355
316,712 123,488
235,543
99,249
365,434 94,308
226,277 103,133
409,010 111,402
298,128 141,258
339,934 125,107
319,572 142,245
402,125 124,939
289,485 136,200
245,826 122,856
380,032 109,212
379,524 126,400
376,407 137,031
503,521 128,405
317,917 146,712
642,074 146,413
354,887 152,312
556,004 150,031
515,528 162,285
676,655 194,260
419,096 184,344
213,118 165,819
303,557 154,516
208,369 169,660
156,480 169,316
192,560 157,247
150,116 175,837
185,738 155,308
160,544 163,121
308,547 147,305
225,244 154,784
462,586 129,905
348,992 133,332
286,833 127,610
492,904
117,787
313,459 116,804
257,090 107,757
481,870 100,373
297,457 121,336
476,542 118,862
339,432 118,730
429,249
98,131
Coffee Robusta NYSELIFFE London futures

Closing
price
(USD/kg)
2.08
1.76
1.97
1.73
1.60
1.74
1.70
1.30
1.29
1.32
1.24
1.30
1.29
1.32
1.39
1.38
1.37
1.47
1.30
1.49
1.42
1.52
1.54
1.72
1.52
1.75
1.56
1.99
2.28
2.32
2.40
2.21
2.22
2.23
2.72
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Volume
in lots^
Open
interest in
lots^^
236,985
99,279
240,130 89,049
321,834
92,439
177,568 105,293
291,040
95,397
158,736
94,111
343,878
85,950
175,489 89,090
232,327
87,085
206,560 93,948
246,096
86,223
155,347
89,503
250,540
82,941
151,840 100,138
315,633
81,798
156,685
91,233
257,616 88,340
157,040
91,373
303,912 100,564
109,880 95,899
249,928 84,093
144,470 80,239
239,134
76,791
119,578
73,992
103,124
70,433
48,169
37,971
37,083
20,735
12,300
9,340
1,851
2,140
1,115
1,132
413
355
N/A
25
10
25
5
20
16
3
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Note: N/T: Not Traded, N/A-Not Available, WPI - Wholesale Price Index; Future prices are for near month continuos futures contract.
Source: Agmarknet; Ministry of Commerce and Industry; Exchanges' websites
1/26/2012 1:29:49 AM
NOTES
2/1/2012 7:33:28 PM
NOTES
2/1/2012 7:33:28 PM
NOTES
2/1/2012 7:33:28 PM
NOTES
2/1/2012 7:33:28 PM
A
Joint Endeavour
Joint Endeavour
Multi Commodity Exchange of India Ltd.

Exchange Square, CTS No. 255, Suren Road, Chakala, Andheri (East), Mumbai 400 093 (India)
Tel: +91-22-6731 8888; Fax: +91-22-6649 4151
Website: www.mcxindia.com
Commodity Insights Yearbook 2011
PricewaterhouseCoopers Pvt. Ltd.

2nd Floor, 252, Veer Savarkar Marg, Shivaji Park, Dadar, Mumbai 400 028 (India)
Phone: +91-22-6669 1000; Fax: +91-22-6654 7800
Website: www.pwc.corn
Commodity Insights
Yearbook 2011
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MARKET

54 Commodity Insights Yearbook 2011

DATABANK - NON-AGRI COMMODITIES

A PwC & MCX Joint Endeavour 55

The Indian Economy

s per the Revised Estimate (RE) of Central Statistics

DATABANK - NON-AGRI COMMODITIES

DATABANK - AGRI COMMODITIES

A PwC & MCX Joint Endeavour 57

Key Economic indicators

GDP and Related Indicators

Money and Credit

Fiscal Indicators (Centre)

58 Commodity Insights Yearbook 2011

DATABANK - NON-AGRI COMMODITIES

DATABANK - AGRI COMMODITIES

Money supply (in Rs crore)

Foreign exchange reserves (end period)

Foreign trade (exports, imports and trade balance) in Rs. crore

Index numbers of Industrial production (Base 1993-94=100)

Full scal year averages based on 1993-94=100

A PwC & MCX Joint Endeavour 59

Wholesale Price Index - Annual average

India's imports and exports of agricultural commodities vis--vis total

India: Commodity wise crop calendar

60 Commodity Insights Yearbook 2011

DATABANK - NON-AGRI COMMODITIES

DATABANK - AGRI COMMODITIES

Conversion factors between important Primary and Secondary agricultural commodities

1/3 of Kapas Production

54 lbs. of Raw Jute

Rapseed and Mustard

11.20 Percent to 11.50 Percent

Agency-wise credit flow to farmers in India Target Vs Acheivement (Rs. in Crore)

A PwC & MCX Joint Endeavour 61

62 Commodity Insights Yearbook 2011

DATABANK - NON-AGRI COMMODITIES

DATABANK - AGRI COMMODITIES

Schedule commercial bank credit to agriculture sector (in Rs crore)

Regional Rural Banks Direct Credit to Agri. Sector

Other SCBs Direct Credit to Agri. Sector

SBI and its Associates Direct Credit to Agri. Sector

SCBs Direct Credit to Agri. Sector

Performance of South-west monsoon in India

India - Pattern of land use for agricultural production (000 Hectares)

Area under non-agricultural uses

Permanent pasture and grazing lands

Net sown area

A PwC & MCX Joint Endeavour 63

India major statewise - Pattern of land use

India major statewise - Pattern of land use

2007-08 2006-07 2001-02

2007-08 2006-07 2001-02

64 Commodity Insights Yearbook 2011

DATABANK - NON-AGRI COMMODITIES

DATABANK - AGRI COMMODITIES

India major statewise - Pattern of land use

India major statewise - Pattern of land use

2007-08 2006-07 2001-02

2007-08 2006-07 2001-02

A PwC & MCX Joint Endeavour 65

India major statewise - Pattern of land use

India major statewise - Pattern of land use

2007-08 2006-07 2001-02