FOR PERIOD: 07th APRIL 2014 TO 12th APRIL 2014

WEEKLY COMMODITY REPORT

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IMPORTANT ECONOMIC EVENT OF THE WEEK Date Apr 7 Mon Currency E R E R +D Apr * Tue E R E R +D +D +D +D Apr 0 We# E R +D +D +D +D +D Apr .& T2u E R E R E R E R E R E R Event !er"an In#ustria$ Pro#uction "%" +enti, Investor Con-i#ence Consu"er Cre#it "%" Frenc2 !ov 1u#3et 1a$ance Frenc2 Tra#e 1a$ance NFI1 +"a$$ 1usiness In#e, 7O8T+ 7o9 Openin3s FOMC Me"9er Koc2er$a:ota +pea:s FOMC Me"9er P$osser +pea:s !er"an Tra#e 1a$ance W2o$esa$e Inventories "%" Cru#e Oi$ Inventories .&4y 1on# Auction FOMC Meetin3 Minutes FOMC Me"9er Taru$$o +pea:s Frenc2 In#ustria$ Pro#uction "%" Frenc2 CPI "%" EC1 Mont2$y 1u$$etin Ita$ian In#ustria$ Pro#uction "%" Frenc2 CPI "%" EC1 Mont2$y 1u$$etin &'5) &';) 60'5 &'5) &';) 4&'5) &';) ;&'& 4&'5) &';) .*'&1 &'6) .7'51 &';) 45'/M 5'7(<5'0 4/'01 05'( ('00M Forecast &'() ./'. ./'.1 Previous &'*) .('0 .('71 4.5'71 46'71 0.'/ ('07M

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E R +D +D +D Apr .. Fri E R +D +D +D +D

Ita$ian In#ustria$ Pro#uction "%" Natura$ !as +tora3e (&4y 1on# Auction Fe#era$ 1us3et 1a$ance !er"an Fina$ CPI "%" PPI "%" Core PPI "%" Pre$i" oM Consu"er +enti"ent Pre$i" oM In-$ation E,pectations

4&'5)

.'&)

(';(<5'/ 47;'61 &'() &'.) &'5) *.'5 4.0('61 &'() 4&'.) 4&'5) *&'& ('5)

!O8D !O8D 8ITT8E CHAN!ED AFTER FIFTH MONTH8= DROP ON !8O1A8 ECONOM= !o$# s>un3 9et>een 3ains an# $osses? a-ter t2e $on3est run o- "ont2$y #ec$ines since .007? as investors >ei32e# i"provin3 3$o9a$ econo"ic #ata a"i# specu$ation t2at centra$ 9an:s >i$$ press on >it2 sti"u$us' !o$# -or i""e#iate #e$ivery >as at @.?670'/. an ounce at (A/; p'"' In +in3apore -ro" @.?670'6* yester#ay' Prices are set to #ec$ine &'. percent t2is >ee: a-ter #roppin3 6'. percent in Fe9ruary -or t2e -i-t2 "ont2$y #rop as invest"ent 2o$#in3s p$un3e# /'5 percent' 1u$$ion -or Apri$ #e$ivery >as $itt$e c2an3e# at @.?67*'0& on t2e Co"e, in Ne> =or:' Prices -e$$ 6'7 percent t2is year a-ter a .54year ra$$y in 5&.5 as investor cut 2o$#in3s in e,c2an3e4tra#e# pro#ucts to t2e $o>est since +epte"9er' European Centra$ 1an: Presi#ent Mario Dra32i sai# t2is >ee: t2at t2e 9an: is -ar -ro" e,itin3 sti"u$us? >2i$e '+' Fe#era$ Reserve C2air"an 1en +' 1ernan:e #e-en#e# t2e 9an:Bs asset purc2ases' !o$#"an +ac2s !roup Inc' sai# t2at t2e co""o#ityBs price cyc$e 2a# turne# as t2e '+' econo"y recovers'

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!8O1A8 RECOVER= 7o9$ess c$ai"s in t2e '+' #roppe# in t2e >ee: t2at en#e# Fe9' 5(? t2e 3overn"ent

sai# yester#ay' !er"an une"p$oy"ent une,pecte#$y -e$$ in Fe9ruary a"i# si3ns t2at EuropeBs 9i33est econo"y is recoverin3? an# 7apanBs in#ustria$ pro#uction in 7anuary rose -or t2e secon# strai32t "ont2' T>o C2inese "anu-acturin3 in#e,es s2o>e# to#ay t2e >or$#Bs secon#4$ar3est econo"y e,pan#e# at a s$o>er4t2an4esti"ate# pace' Cas2 9u$$ion o- 00'00 percent purity on t2e +2an32ai !o$# E,c2an3e $ost . percent to (5&'7& yuan a 3ra" C@.?;&5'*0 an ounceD' Most4active -utures >ere $itt$e c2an3e# at 50?66& rupees per .& 3ra"s C@.?;*;'/& an ounceD on t2e Mu$ti Co""o#ity E,c2an3e o- In#ia 8t#' +i$ver -or i""e#iate #e$ivery >as $itt$e c2an3e# at @5*'6( an ounce? poise# -or a -ourt2 >ee:$y $oss' P$atinu" #roppe# as "uc2 as &'; percent to @.?67/'(7 an ounce? t2e $o>est since 7an' *' T2e "eta$ is set -or a t2ir# >ee:$y -a$$' Pa$$a#iu" #ec$ine# &'/ percent to @756'*6 an ounce' CR DEOI8 OI8 FA88+ TO 5&.( 8OW ON CHINA? E ROPE MAN FACT RIN! West Te,as Inter"e#iate oi$ s$ippe# to t2e $o>est $eve$ t2is year as "anu-acturin3 e,pan#e# $ess t2an -orecast in C2ina an# contracte# in Europe? 9o$sterin3 concern t2at -ue$ #e"an# >i$$ #ec$ine' Futures -e$$ .'6 percent a-ter #ata s2o>e# C2inaBs "anu-acturin3 3ro>t2 s$o>e# -or a secon# "ont2 >2i$e -actory output #ec$ine# in t2e euro area an# t2e #ata 2e$pe# t2e stron3er #o$$ar cur9s t2e appea$ o- ra> "ateria$s to investors' Cru#e oi$ -or Apri$ #e$ivery -e$$ @.'(7 to @0&';* a 9arre$ on t2e Ne> =or: Mercanti$e E,c2an3e? t2e $o>est sett$e"ent since Dec' 5/' Prices #roppe# 5'; percent t2is >ee:' T2e vo$u"e o- a$$ -utures tra#e# >as #o>n .'6 percent -ro" t2e .&&4#ay avera3e at
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'K' T2e -actory

'+' Do$$ar stren3t2en a3ainst t2e 1ritis2 poun# an# t2e euro' A

(A.& p'"' 1rent oi$ -or Apri$ sett$e"ent #roppe# 0* cents? or &'0 percent? to en# t2e session at @..&'/& a 9arre$ on t2e 8on#on4 9ase# ICE Futures Europe e,c2an3e' It >as t2e $o>est c$ose since 7an' .6' Vo$u"e >as 65 percent a9ove t2e .&&4#ay avera3e' T2e European 9enc2"ar: 3ra#e tra#e# at a pre"iu" o- @.0'75 to WTI? up -ro" @.0'(( yester#ay' CHINE+E MAN FACT RIN! In C2ina? t2e >or$#Bs 9i33est oi$4consu"in3 country a-ter t2e '+'? "anu-acturin3

s$o>e# $ast "ont2? t2e PMI report -ro" t2e Fe#eration o- 8o3istics an# Purc2asin3 in 1eiEin3 s2o>e#' T2e rea#in3 -e$$ to 6&'. $ast "ont2 -ro" 6&'/ in 7anuary' A 3au3e o'K' Manu-acturin3 9ase# on a survey o- purc2asin3 "ana3ers s$i# to /7'0

$ast "ont2? accor#in3 to Mar:et Econo"ics an# t2e C2artere# Institute o- Purc2asin3 an# +upp$y' In t2e euro re3ion? a -actory 3au3e >as unc2an3e# in Fe9ruary at /7'0? "ar:in3 a .0t2 "ont2 o- contraction? accor#in3 to a separate Mar:et report to#ay' Futures re9oun#e# -ro" t2e #ayBs $o>s as '+' consu"er con-i#ence increase# an# a

report s2o>e# t2at "anu-acturin3 3re> at t2e -astest pace since 7une 5&..' T2e Institute -or +upp$y Mana3e"ent sai# its -actory in#e, rose to 6/'5? t2e 2i32est rea#in3 since 7une 5&..' DO88AR RA88= T2e econo"ic #ata 2e$pe# t2e #o$$ar c$i"9 to t2e 2i32est $eve$ a3ainst t2e euro in a$"ost t2ree "ont2s a-ter Ita$ian e$ections t2is >ee: #e$ivere# a -our4>ay par$ia"entary sp$it' T2e -irst ti"e since 7u$y 5&.&' T2e +tan#ar# F PoorBs !+CI In#e, o- 5/ co""o#ities -e$$ as "uc2 as .'( percent to ;/&'&(? t2e $o>est $eve$ since Dec' (.' '+' currency a$so rose a9ove @.'6& a3ainst t2e poun# -or t2e

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+A DI PROD CTION +au#i Ara9ia? OPECBs 9i33est pro#ucer? pu"pe# 0 "i$$ion 9arre$s a #ay? t2e $east since May 5&..? accor#in3 to t2e survey' Output >as #o>n .&&?&&& 9arre$s -ro" 7anuary an# 0&&?&&& 9arre$s -ro" May? >2en pro#uction reac2e# t2e 2i32est since at $east 7anuary .0*0' '+' cru#e inventories increase# .'.( "i$$ion 9arre$s to (77'6 "i$$ion $ast >ee:? t2e 2i32est $eve$ since 7u$y? a Fe9' 57 Ener3y In-or"ation A#"inistration report s2o>e#' Output c$i"9e# to 7'.5 "i$$ion 9arre$s a #ay in t2e >ee: en#e# Fe9' .6? t2e "ost since Au3ust .005' Net4$on3 positions in West Te,as Inter"e#iate oi$ 2e$# 9y "oney "ana3ers? or >a3ers on risin3 prices? c$i"9e# to 55.?6(/ in t2e >ee: en#e# Fe9' .6? t2e 2i32est $eve$ since Marc2 5&.5? accor#in3 to t2e Co""o#ity Futures Tra#in3 Co""issionBs Co""it"ents o- Tra#ers report' E$ectronic tra#in3 vo$u"e on t2e Ny"e, >as /;(?(;& contracts as o- (A.. p'"' It tota$e# /66?*5; contracts yester#ay? ./ percent 9e$o> t2e t2ree4"ont2 avera3e' Open interest >as .';; "i$$ion contracts' 1A+E META8+ COPPER? A8 MIN M FA88 TO THREE4MONTH 8OW+ ON CHINA DATA Copper an# a$u"inu" -e$$ to t2ree4 "ont2 $o>s on si3na$s t2at "anu-acturin3 "ay sa3 in C2ina? t2e >or$#Bs 9i33est consu"er o- in#ustria$ "eta$s' T>o 3au3es o- C2inese "anu-acturin3 s2o>e# a pace o- e,pansion t2at >as $o>er t2an ana$ysts esti"ate#? si3na$in3 t2e nationBs econo"ic recovery "ay 9e $osin3 stea"' Co"9ine# copper inventories "onitore# 9y e,c2an3es in +2an32ai? 8on#on an# Ne> =or: 2ave c$i"9e# to t2e 2i32est since May 5&.&' Copper -utures -or May #e$ivery #roppe# .'( percent to sett$e at @('6&. a poun# at .A.* p'"' on t2e Co"e, in Ne> =or:' Ear$ier? t2e price touc2e# @('/756? t2e $o>est -or a

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"ost4active contract since Nov' .0' On t2e 8on#on Meta$ E,c2an3e? a$u"iniu" -or #e$ivery in t2ree "ont2s -e$$ .'6 percent to @.?076 a "etric ton' Ear$ier? t2e price touc2e# @.?06;? t2e $o>est since Nov' 5(' T2e "eta$ #roppe# -or t2e .&t2 strai32t session? e,ten#in3 t2e $on3est s$u"p since 7une' Copper on t2e 8ME -e$$ .'/ percent to @7?7&( a ton C@('/0 a poun#D' 8ea#? Ginc an# tin a$so #roppe#? >2i$e nic:e$ rose' In a report tit$e# H1uyin3 t2e Dip?I !o$#"an +ac2s !roup Inc' sai# to#ay t2at copper >i$$ re9oun# as C2inaBs i"ports pic: up an# t2e '+' 2ousin3 "ar:et recovers' T2e price "ay rise to @0?&&& a ton in si, "ont2s? t2e 9an: sai#' In#ustria$ "eta$s an# ener3y $e# co""o#ities $o>er to#ay' T2e +tan#ar# F PoorBs !+CI +pot In#e, o- 5/ ra> "ateria$s erase# t2is yearBs 3ain' TECHNICA8 OVERVIEW MCJ !O8D APRI8 Resistance 5 K ((/7; Resistance . K (&(./ +upport . K 57.65 +upport 5 K 5(00&

MCJ +I8VER MA= Resistance 5 K /065( Resistance . K /6(56 .' +upport . K /..57 +upport 5 K (;050 MCJ CR DE OI8 APRI8 Resistance 5 K ;6/7 Resistance . K ;5(0 +upport . K 60(. +upport 5 K 6;5(

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MCJ COPPER APRI8 Resistance 5 K /(& Resistance . K /.. +upport . K (05 +upport 5 K (75 MCJ NICKE8 APRI8 Resistance 5 K ..&/ Resistance . K .&&* +upport . K 0.5 +upport 5 K *.7 MCJ 8EAD APRI8 Resistance 5 K .(; Resistance . K .5* +upport . K .5& +upport 5 K ..( MCJ LINC Resistance 5 K Resistance . K +upport . K +upport 5 K

.5* .55 ..; ..&

MCJ A8 MINI M APRI8 Resistance 5 K ..* Resistance . K .&7 +upport . K .&5 +upport 5 K 07 MCJ NAT RA8 !A+ APRI8 Resistance 5 K (./ Resistance . K 5*( +upport . K 56( +upport 5 K 55(

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NCDEJ NEW+8ETTER .' Re3u$ations o- t2e E,c2an3eA T2e $aunc2 o- Octo9er 5&./ e,piry -utures contracts in +oy9ean C+=1EANIDRD >2ic2 >as sc2e#u$e# to 9e $aunc2e# on Apri$ &.? 5&./ 2as 9een postpone# ti$$ -urt2er notice . 5' W2eat stoc:A W2eat stoc: in centra$ poo$ >are2ouses >as re3istere# at .7'*( "i$$ion T on &. Apri$ co"pare# to 55'(6 "i$$ion T on .st Marc2 5&./' T2e 2i32est accu"u$ate# stoc: is in PunEa9 C7'&& "i$$ion TD -o$$o>e# 9y Haryana C5'0/ "i$$ion' (' 1raGi$ +oy9ean Harvestin3 An# E,ports p#atesA 1raGi$ e,ports ;'5( "i$$ion tons o- soy9eans in Marc2 5&./? up 76'0 percent co"pare# to sa"e perio# o- t2e $ast year' W2i$e? on t2e 2arvestin3 si#e? 1raGi$ian -ar"ers 2a# 2arveste# aroun# 7& percent o- t2e tota$ soy9ean acre' /' 7eera nE2a Mar:et Reporte# Hi32er Due to Arriva$ PressureA At nE2a "ar:et in Me2sana? 7eera CCu"in +ee#D 8oose Ne> opene# 2i32 at Rs' .&(76 4.&/76 per Muinta$? up 9y &'0; per cent -ro" previous tra#e? #ue to arriva$ pressure' 6' Castor +ee# Cas2 F Futures Mar:ets May Move Do>n>ar#' Castor see# arriva$s start increasin3 an# it >ou$# pressuriGe "ar:et to "ove #o>n>ar# in t2e >ee:s a2ea#' Durin3 $ast -our >ee:s arriva$s in various "an#is 2ave increase# -ro" 6&?&&& 9a3s to *&?&&& 9a3s' ;' T2e -o$$o>in3 Future Contract are tra#in3 >it2 2i32 vo$u"e on NCDEJA +oya9ean4 MA= Contract Re-i' +oya4 MA= Contract Castorsee#4 MA= Contract RM +ee#4 MA= Contract D2aniya4 MA= Contract C2ana4 MA= Contract

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T2is Docu"ent 2as 9een prepare# 9y Ways5Capita$ CA Division o- Hi32 1ro> Mar:et Researc2 Invest"ent A#visory Pvt 8t#D' T2e in-or"ation? ana$ysis an# esti"ates containe# 2erein are 9ase# on Ways5Capita$ EMuity%Co""o#ities Researc2 assess"ent an# 2ave 9een o9taine# -ro" sources 9e$ieve# to 9e re$ia9$e' T2is #ocu"ent is "eant -or t2e use o- t2e inten#e# recipient on$y' T2is #ocu"ent? at 9est? represents Ways5Capita$ EMuity%Co""o#ities Researc2 opinion an# is "eant -or 3enera$ in-or"ation on$y' Ways5Capita$ EMuity%Co""o#ities Researc2? its #irectors? o--icers or e"p$oyees s2a$$ not in any >ay to 9e responsi9$e -or t2e contents state# 2erein' Ways5Capita$ EMuity%Co""o#ities Researc2 e,press$y #isc$ai"s any an# a$$ $ia9i$ities t2at "ay arise -ro" in-or"ation? errors or o"issions in t2is connection' T2is #ocu"ent is not to 9e consi#ere# as an o--er to se$$ or a so$icitation to 9uy any securities or co""o#ities' A$$ in-or"ation? $eve$s F reco""en#ations provi#e# a9ove are 3iven on t2e 9asis otec2nica$ F -un#a"enta$ researc2 #one 9y t2e pane$ o- e,pert o- Ways5Capita$ 9ut >e #o not accept any $ia9i$ity -or errors o- opinion' Peop$e sur-in3 t2rou32 t2e >e9site 2ave ri32t to opt t2e pro#uct services o- t2eir o>n c2oices' Any invest"ent in co""o#ity "ar:et 9ears ris:? co"pany >i$$ not 9e $ia9$e -or any $oss #one on t2ese reco""en#ations' T2ese $eve$s #o not necessari$y in#icate -uture price "o"ent' Co"pany 2o$#s t2e ri32t to a$ter t2e in-or"ation >it2out any -urt2er notice' Any 9ro>sin3 t2rou32 >e9site "eans acceptance o- #isc$ai"er'

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