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Project of Analysis of
Commodity, Natural Gas

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Headquartered in Mumbai, Multi Commodity Exchange of India Ltd (MCX) is a state-of-the-art
electronic commodity futures exchange. The demutualised Exchange set up by Financial
Technologies (India) Ltd (FTIL) has permanent recognition from the Government of India to
facilitate online trading, and clearing and settlement operations for commodity futures across the
country.

Having started operations in November 2003, today, MCX holds a market share of over 80% of
the Indian commodity futures market, and has more than 2000 registered members operating
through over 100,000 trader work stations, across India. The Exchange has also emerged as the
sixth largest and amongst the fastest growing commodity futures exchange in the world, in terms
of the number of contracts traded in 2009.

MCX offers more than 40 commodities across various segments such as bullion, ferrous and
non-ferrous metals, and a number of agri-commodities on its platform. The Exchange is the
world's largest exchange in Silver, the second largest in Gold, Copper and Natural Gas and the
third largest in Crude Oil futures, with respect to the number of futures contracts traded.

MCX has been certified to three ISO standards including ISO 9001:2000 Quality Management
System standard, ISO 14001:2004 Environmental Management System standard and ISO
27001:2005 Information Security Management System standard. The Exchange¶s platform
enables anonymous trades, leading to efficient price discovery. Moreover, for globally-traded
commodities, MCX¶s platform enables domestic participants to trade in Indian currency.

The Exchange strives to be at the forefront of developments in the commodities futures industry
and has forged strategic alliances with various leading International Exchanges, including
Euronext-LIFFE, London Metal Exchange (LME), New York Mercantile Exchange, Shanghai
Futures Exchange (SHFE), Sydney Futures Exchange, The Agricultural Futures Exchange of
Thailand (AFET), among others. For MCX, staying connected to the grassroots is imperative. Its
domestic alliances aid in improving ethical standards and providing services and facilities for
overall improvement of the commodity futures market.
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Promoted by FTIL, MCX enjoys the confidence of blue chips in the Indian and international
financial sectors. MCX's broad-based strategic equity partners include NYSE Euronext, State
Bank of India and its associates (SBI), National Bank for Agriculture and Rural Development
(NABARD), National Stock Exchange of India Ltd (NSE), SBI Life Insurance Co Ltd, Bank of
India (BOI) , Bank of Baroda (BOB), Union Bank of India, Corporation Bank, Canara Bank,
HDFC Bank, Fid Fund (Mauritius) Ltd. - an affiliate of Fidelity International, ICICI Ventures,
IL&FS, Kotak Group, Citi Group and Merrill Lynch.

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We envision a unified Indian commodity market that is driven by market forces and
continually provides a level playfield for all stakeholders ranging from the primary producer
to the end-consumer; corrects historical aberrations in the system; leverages technology to
achieve exceptional efficiencies and ultimately lead to a common world market. We also
envision a brand image for MCX that identifies it as the Exchange of Choice not only by
direct participants in the commodity ecosystem but also by the general public.


MCX shall accomplish the above vision by relentlessly endeavouring to enhance awareness
and understanding of exchange-enabled trade in commodity derivatives. The Exchange will
continue to minimise the adverse effects of price volatilities; providing commodity
ecosystem participants with neutral, secure and transparent trade mechanisms; formulating
quality parameters and trade regulations in conjunction with the regulatory authority.
Moreover, it will continue to enforce a zero-tolerance policy toward unethical trade
practices-attempted or real-by any participant/s; and invest in the all-round development of
the commodity ecosystem.
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01 June 2010 Launch of futures trading in Lead Mini contracts for the
first time in India
24 May 2010 Launch of futures trading in Zinc Mini contracts for the
first time in India
December 3, 2009 MCX is the 6th largest commodity futures exchange
globally in terms of the number of contracts traded on the
exchange for the period January to June 2009. (Source: FIA
and Exchange websites)
November 30, 2009 MCX launches Exchange of Futures for Physicals (EFP)
transactions for the first time in India
November 27, 2009 MCX recorded its Highest Daily Turnover since inception
of Rs. 51,626.51 crores
October 14, 2009 PWC and MCX releases India's first Yearbook on Indian
Commodity Ecosystem
September 4, 2009 MCX being awarded ³Best Commodity Exchange for the
year 2009´
May 12, 2009 Launch of futures trading in Almond for the first time in the
World
March 20, 2009 Record all time high turnover of Rs. 32k crs (USD 6.39 bn)
March 12, 2009 MCX becomes the fourth largest derivatives exchange in
Asia.
January 9, 2009 Launch of futures trading in electricity for the first time in
India.
October 7, 2008 Launch of Currency futures trading on MCX Stock
Exchange (MCX-SX).
September 20, 2008 MCX recognized as "India's First Green Exchange" by
Priyadarshini Academy.
August 26, 2008 SEBI nod to launch exchange for currency futures.
August 18, 2008 Establishment of separate company MCX Stock Exchange.
August 7, 2008 Become first Indian commodity exchange to bag IOSCO
membership.
July 18, 2008 Launch of the Gujarati and Hindi version of website
mcxindia.com.
June 9, 2008 Launch of Asia's maiden futures in CER (Certified
Emission Reduction)
January 21, 2008 MCX 1st derivatives exchange in Asia to launch Carbon
Credits contract.
September 20, 2007 Financial Technologies (India) Ltd, MCX and PTC India
Ltd. (PTC) to launch Indian Energy Exchange Ltd (IEX) as
India`s first power exchange.
May 23, 2007 MCX becomes the world's first and only multi-commodity
exchange to get the ISO 27001:2005 certification, the
global benchmark for information security management
systems.
November 27, 2006 Set up Certificate Course in Commodities Futures Market
in association with the National Institute of Agricultural
Marketing.
October 17, 2006 Becomes the first Indian commodity exchange to become
member of the Futures Industry Association (FIA), to
facilitate knowledge sharing with global counterparts;
MCX signs a joint venture agreement with the Institute for
Financial Markets, an FIA affiliate, to develop training
courses in commodity futures for investors, traders, and
others.
July 10, 2006 Becomes the first exchange to launch rupee-denominated
natural gas futures linked to global benchmarks in India
June 10, 2006 MCX teams up with the Department of Posts, Government
of India, to launch Gramin Suvidha Kendra (GSK) in
Jalgaon, Maharashtra, for information dissemination and
query redressal on agricultural issues to farmers using the
Indian postal network.
December 6, 2005 MCX, BSNL and MTN jointly launch Real-time
commodity futures and spot prices on SMS scheme.
December 1, 2005 Sets up MCX Chair for research in commodities at
University of Mumbai
November 22, 2005 Live Dubai Gold and Commodities Exchange (DGCX).
October 17, 2005 Launch of first-of-its-kind Diploma in Commodities
Market course in country along with Welingkar Institute of
Management.
June 14, 2005 MCX, MSAMB and NSEL kickstart the Next Green
Revolution by electronically linking Indian APMC Markets
by setting up the first Commodity Suchana Kendra, a
knowledge centre on commodities disseminating spot and
futures market prices and information on fundamentals, at
APMC market, Navi Mumbai.
June 7, 2005 Launch of MCX COMDEX, India's first composite
commodity futures index.
February 10, 2005 Set up of National Spot Exchange (NSEL) along with FTIL
and NAFED.
 November 10, 2003 Start of operations
September 26, 2003 MCX gains permanent demutualtion recognition from the
Government of India to facilitate online trading, clearing
and settlement operations for commodity futures markets
across the country.
c

  

MCX's ability to use and apply technology efficiently is a key factor in the development of its
business. The Exchange's technology framework is designed to provide high availability for all
critical components, which guarantees continuous availability of trading facilities. The robust
technology infrastructure of the Exchange, along with its with rapid customization and
deployment capabilities enables it to operate efficiently with fast order routing, immediate trade
execution, trade reporting, real-time risk management, market surveillance and market data
dissemination.

The On-line trading system of the Exchange is accessible to its members through multiple
mediums of connectivity such as VSAT, Terrestrial Leased Circuits (Point to Point and Multi
Protocol Label Switching (MPLS)), Integrated Services Digital Network (ISDN) and Internet.
The Computer to Computer Link (CTCL) facility of the Exchange enables members to expand
their business set up, using either the Trading front-end software procured from Exchange
empanelled CTCL vendors or by using Exchange approved CTCL software developed in-house.

MCX provides market information to various financial information service agencies on a real-
time basis. The Exchange has interfaces with banks for settlements and collateral management.

The margining methodology used by MCX is SPANΠmargining system, which is the same as
the model adopted by CME. In addition to SPANŒ, the Exchange system also has the ability to
impose margins, which are applied over and above the margin computed by SPANŒ. The
system and processes of the Exchange are designed to safe guard market integrity and to enhance
transparency in operations.
As a part of its Business Continuity Plan (BCP), the Exchange maintains a Disaster Recovery
Site (DRS). Data is backed up from the primary site to the DRS on a real time basis using the
replication technology.

With its rich experience in providing integrated solutions to global financial markets and
implementing mission critical transaction technologies, MCX's technology service provider,
FTIL, enables the Exchange to implement new products and services quickly and efficiently.
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Gold

Gold Guinea

Gold HNI

Gold M

Platinum

Silver

Silver HNI

Silver M
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Aluminium

Copper

Iron Ore

Lead

Lead Mini

Mild Steel Ingot,Billets

Nickel
 Tin

Zinc

Zinc Mini
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ATF

Brent Crude Oil

Crude Oil

Electricity Monthly & Weekly

Gasoline

Heating Oil

Imported Thermal Coal

Natural Gas

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Crude Palm Oil

Kapasia Khalli

Refined Soya Oil

Soya Bean

 
Barley

Wheat

Maize-Feed / Industrial Grade

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Almond

Gaur Seed

Melted Menthol Flakes

Mentha Oil

Potato (Agra)

Potato (Tarkeshwar)

Sugar M
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Natural gas is a colourless, odourless, environment friendly energy source. It

is a gas consisting primarily of methane. It is found associated with fossil
fuels, in coal beds, as methane clathrates, and is created by methanogenic
organisms in marshes, bogs, and landfills. Natural gas is commercially
produced mostly from oil fields and natural gas fields.

Before natural gas can be used as a fuel, it must undergo extensive

processing to remove almost all materials other than methane. The by-
products of that processing include ethane, propane, butanes, pentanes and
higher molecular weight hydrocarbons, elemental sulfur, carbon dioxide, and
sometimes helium and nitrogen.

The major difficulty in the use of natural gas is transportation and storage.
While, pipelines are used for inland transport, it cannot be used under
oceans, which is essential for global trade. Liquified Natural Gas (LNG) is a
proven commercial technology for transporting natural gas across oceans.
However, as special ships and separate LNG receiving terminals are
required, LNG projects are highly capital intensive in nature.

The major applications of natural gas are:

Fuel source for power generation

Domestic / Commercial utilization for cooking, warming as piped natural

gas

Industrial uses: fuel source for boilers, ovens, air conditioners etc

Feed source for fertilizer manufacture

Compressed Natural Gas (CNG) is being widely used as an alternative

automobile fuel

Production of petrochemicals like methanol etc.

The other fractions obtained in natural gas processing like butane and
propane are used in manufacture of LPG (LIquified Petroleum Gas)
Global Scenario

The world's proven natural gas reserves as on January 1, 2009 are estimated
at 185.2 trillion cubic metre, of which almost three-quarters are located in
the Middle East and Eurasia. Russia, Iran, and Qatar together account for
about 57% of the total reserves. Natural gas consumption has increased
strongly over the past decade. However, despite this rising consumption,
reserves-to-production ratios for most regions are substantial. Worldwide,
the reserves-to-production ratio is estimated at 63 years.

The total global production of natural gas in 2008 is estimated to be 3065.6

billion cubic metre with the main producing countries being Russia
Federation (602 billion cubic metre), US (582 bcm), Canada (175 bcm) and
Iran (116 bcm).
The total global consumption of natural gas in 2008 is estimated to be
3018.7 billion cubic metre with the main consuming countries being US
(657 bcm), Russia Federation (420 billion cubic metre), Iran (117 bcm),
Canada (100 bcm) are the major consumers.
Globally, industries consume the largest portion of natural gas, followed by
the power sector. Industrial consumption is expected to be around 40% of
total global consumption by 2030 as projected by Energy Information
Administration.

The total global trade in 2008 as piped natural gas and as LNG is reported to
be 587.3 bcm and 226.5 bcm. While major exporters of piped natural gas are
Russia (154 bcm), Canada (103 bcm) and Norway (93 bcm), the major
importers are US (104 bcm), Germany (87 bcm) and Italy (75 bcm). The
major exporters of CNG are Qatar (40 bcm), Malaysia (29 bcm), Indonesia
(27 bcm) and the major importers are Japan (92 bcm), South Korea (36 bcm)
and Spain (30 bcm).cc

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c Chicago Mercantile Exchange (CME), which has acquired New York
Mercantile Exchange (NYMEX), runs the world's most liquid natural gas
derivative market.

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c Natural gas has gained prominence in India too as in the rest of the world
over the last decade. India has consumed around 41.4 bcm of natural gas
in 2008, of which domestic production is 30.6 bcm and imports as LNG
has been 10.79 bcm.
c The share of imports is expected to increase in the coming years and cross
30%, from current level of around 25%.
c Fertilizer (41%) and power (37%) are the major users of natural gas in
India. The fertilizer sector in India is highly subsidized by the Government
and it fixes the rate at which natural gas is provided to the fertilizer
manufacturing units.

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c

Natural gas prices, too like that of any other commodity are a function of
market supply and demand. As there are limited alternatives for changing
consumption or production in the short run, changes in supply or demand
over a short period often result in large price movements.

c Strength of economy, weather and crude oil prices are the major demand-
side factors influencing price. Severe winter in developed countries can
increase demand for domestic and commercial heating and is a major
influencing factor.
c The supply side factors influencing prices are variations in natural gas
production, imports and storage levels. Hurricanes and severe weather can
disrupt supply.
c Macro-economic factors like exchange rates, interest rates and other
economical indicators do influence natural gas prices.

  
1 mmBTU (million British Thermal Units) =25.2 SCM (Standard Cubic
Metre)
1 SCM = 1 cubic metre at 1 atmospheric pressure and 15°C
1 TCF (Trillion Cubic Feet) = 4 MMSCMD (million metric standard cubic
metre per day)
1 MMTPA (Million tonne per Annum) of LNG = 4 MMSCMD
1 MT of LNG = 1300 SCM
Power from 1 MMSCMD gas = 220 MW (Mega Watt)

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Commodity,Unit ,Market,Spot Price(Rs.),Up Down
,Date

NATURALGAS,1 mmBtu,HAZIRA,208.80,-,Jan 25
2011 10:13AM

NATURALGAS,1 mmBtu,HAZIRA,216.40,=,Jan 24
2011 10:08AM

NATURALGAS,1 mmBtu,HAZIRA,216.40,+,Jan 22
2011 10:13AM

NATURALGAS,1 mmBtu,HAZIRA,214.00,+,Jan 21
2011 10:15AM

NATURALGAS,1 mmBtu,HAZIRA,207.00,+,Jan 20
2011 10:42AM

NATURALGAS,1 mmBtu,HAZIRA,201.50,-,Jan 19
2011 10:12AM

NATURALGAS,1 mmBtu,HAZIRA,202.90,=,Jan 18
2011 10:10AM

NATURALGAS,1 mmBtu,HAZIRA,202.90,=,Jan 17
2011 10:09AM

NATURALGAS,1 mmBtu,HAZIRA,202.90,+,Jan 15
2011 10:25AM

NATURALGAS,1 mmBtu,HAZIRA,198.90,-,Jan 14
2011 10:10AM

NATURALGAS,1 mmBtu,HAZIRA,204.60,+,Jan 13
2011 10:14AM

NATURALGAS,1 mmBtu,HAZIRA,203.10,+,Jan 12
2011 10:22AM

NATURALGAS,1 mmBtu,HAZIRA,199.90,-,Jan 11
2011 10:22AM

NATURALGAS,1 mmBtu,HAZIRA,200.60,=,Jan 10
2011 10:05AM
NATURALGAS,1 mmBtu,HAZIRA,200.60,-,Jan 8
2011 10:07AM

NATURALGAS,1 mmBtu,HAZIRA,200.90,=,Jan 7
2011 10:13PM

NATURALGAS,1 mmBtu,HAZIRA,200.90,=,Jan 7
2011 9:07PM

NATURALGAS,1 mmBtu,HAZIRA,200.90,-,Jan 7
2011 10:05AM

NATURALGAS,1 mmBtu,HAZIRA,202.20,-,Jan 6
2011 10:12AM

NATURALGAS,1 mmBtu,HAZIRA,209.40,+,Jan 5
2011 10:16AM

NATURALGAS,1 mmBtu,HAZIRA,207.70,+,Jan 4
2011 10:12AM

NATURALGAS,1 mmBtu,HAZIRA,197.40,=,Jan 3
2011 10:06AM

NATURALGAS,1 mmBtu,HAZIRA,197.40,+,Jan 1
2011 10:45AM

NATURALGAS,1 mmBtu,HAZIRA,194.80,+,Dec 31
2010 10:22AM

NATURALGAS,1 mmBtu,HAZIRA,193.40,-,Dec 30
2010 10:08AM

NATURALGAS,1 mmBtu,HAZIRA,193.70,+,Dec 29
2010 10:16AM

NATURALGAS,1 mmBtu,HAZIRA,185.70,+,Dec 28
2010 10:14AM

NATURALGAS,1 mmBtu,HAZIRA,183.80,=,Dec 27
2010 10:07AM

NATURALGAS,1 mmBtu,HAZIRA,183.80,-,Dec 24
2010 10:34AM
NATURALGAS,1 mmBtu,HAZIRA,187.40,+,Dec 23
2010 10:22AM

NATURALGAS,1 mmBtu,HAZIRA,183.70,-,Dec 22
2010 10:03AM

NATURALGAS,1 mmBtu,HAZIRA,192.30,+,Dec 21
2010 10:22AM

NATURALGAS,1 mmBtu,HAZIRA,184.60,=,Dec 20
2010 10:10AM

NATURALGAS,1 mmBtu,HAZIRA,184.60,+,Dec 18
2010 10:33AM

NATURALGAS,1 mmBtu,HAZIRA,183.70,-,Dec 17
2010 10:07AM

NATURALGAS,1 mmBtu,HAZIRA,191.30,-,Dec 16
2010 10:09AM

NATURALGAS,1 mmBtu,HAZIRA,191.50,-,Dec 15
2010 10:16AM

NATURALGAS,1 mmBtu,HAZIRA,200.00,+,Dec 14
2010 10:13AM

NATURALGAS,1 mmBtu,HAZIRA,199.70,=,Dec 13
2010 10:22AM

NATURALGAS,1 mmBtu,HAZIRA,199.70,-,Dec 11
2010 10:59AM

NATURALGAS,1 mmBtu,HAZIRA,200.30,-,Dec 10
2010 10:23AM

NATURALGAS,1 mmBtu,HAZIRA,207.80,+,Dec 9
2010 10:32AM

NATURALGAS,1 mmBtu,HAZIRA,197.00,-,Dec 8
2010 10:09AM

NATURALGAS,1 mmBtu,HAZIRA,201.30,+,Dec 7
2010 10:08AM
NATURALGAS,1 mmBtu,HAZIRA,196.10,=,Dec 6
2010 10:28AM

NATURALGAS,1 mmBtu,HAZIRA,196.10,-,Dec 4
2010 10:08AM

NATURALGAS,1 mmBtu,HAZIRA,197.00,+,Dec 3
2010 10:12AM

NATURALGAS,1 mmBtu,HAZIRA,195.10,+,Dec 2
2010 10:27AM

NATURALGAS,1 mmBtu,HAZIRA,192.40,-,Dec 1
2010 10:12AM

NATURALGAS,1 mmBtu,HAZIRA,192.90,-,Nov 30
2010 10:26AM

NATURALGAS,1 mmBtu,HAZIRA,201.20,=,Nov 29
2010 10:04AM

NATURALGAS,1 mmBtu,HAZIRA,201.20,+,Nov 27
2010 10:21AM

NATURALGAS,1 mmBtu,HAZIRA,200.40,=,Nov 26
2010 10:11AM

NATURALGAS,1 mmBtu,HAZIRA,200.40,+,Nov 25
2010 10:14AM

NATURALGAS,1 mmBtu,HAZIRA,194.50,+,Nov 24
2010 10:31AM

NATURALGAS,1 mmBtu,HAZIRA,193.40,+,Nov 23
2010 10:38AM

NATURALGAS,1 mmBtu,HAZIRA,188.50,=,Nov 22
2010 10:06AM

NATURALGAS,1 mmBtu,HAZIRA,188.50,+,Nov 20
2010 10:11AM

NATURALGAS,1 mmBtu,HAZIRA,182.10,-,Nov 19
2010 10:11AM
 NATURALGAS,1 mmBtu,HAZIRA,182.20,+,Nov 18
2010 10:24AM

NATURALGAS,1 mmBtu,HAZIRA,173.60,+,Nov 16
2010 10:09AM

NATURALGAS,1 mmBtu,HAZIRA,169.60,=,Nov 15
2010 10:12AM

NATURALGAS,1 mmBtu,HAZIRA,169.60,-,Nov 13
2010 10:08AM

NATURALGAS,1 mmBtu,HAZIRA,173.80,-,Nov 12
2010 10:07AM

NATURALGAS,1 mmBtu,HAZIRA,179.60,-,Nov 11
2010 10:07AM

NATURALGAS,1 mmBtu,HAZIRA,186.90,+,Nov 10
2010 10:13AM

NATURALGAS,1 mmBtu,HAZIRA,180.90,+,Nov 9
2010 10:07AM

NATURALGAS,1 mmBtu,HAZIRA,174.50,=,Nov 8

2010 10:06AM

NATURALGAS,1 mmBtu,HAZIRA,174.50,+,Nov 6
2010 10:16AM

NATURALGAS,1 mmBtu,HAZIRA,170.90,+,Nov 5
2010 6:09PM

NATURALGAS,1 mmBtu,HAZIRA,170.20,-,Nov 4
2010 10:12AM

NATURALGAS,1 mmBtu,HAZIRA,171.90,+,Nov 3
2010 10:30AM

NATURALGAS,1 mmBtu,HAZIRA,170.20,-,Nov 2
2010 10:09AM

NATURALGAS,1 mmBtu,HAZIRA,179.90,=,Nov 1
2010 10:06AM
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12==3.c 377c 1.7!7c c c c c c c c c
17==3.c 377!6c 13:!;c c c c c c c c c
18==3.c 386!3c 13:!;c c c c c c c c c
9.==3.c 1.9!9c 13;c c c c c c c c c
.3=4<=3.c 378!8c 1.2c c c c c c c c c
.1=4<=3.c 377!2c 1.3!6c c c c c c c c c
.9=4<=3.c 377!6c 1.1!8c c c
.;=4<=3.c 37:!7c 1.1!8c c c
.6=4<=3.c 38.c 1.1!8c c c
.:=4<=3.c 378!9c 387!8c c c
.7=4<=3.c 386!9c 1.;!:c c c
.8=4<=3.c 382!2c 1.9!3c c c
3.=4<=3.c 386!6c 388!8c c c
33=4<=3.c 38.!8c 1..!:c c c
31=4<=3.c 372!;c 1..!:c c c
39=4<=3.c 377!:c 1..!8c c c
36=4<=3.c 37:!9c 1..!8c c c
3:=4<=3.c 378!:c 1..!8c c c
32=4<=3.c 389!1c 1.1!1c c c
37=4<=3.c 383!6c 1.8!;c c c
38=4<=3.c 1..!8c 1.2!2c c c c
1.=4<=3.c 1.1!2c 382!;c c c c c c c c c
11=4<=3.c 1.;!8c 382!;c c c c c c c c c
19=4<=3.c 1.:!7c 38;!7c c c c c c c c c
1;=4<=3.c 1.8!2c 389!;c c c c c c c c c
16=4<=3.c 1.6!3c 389!2c c c c c c c c c
1:=4<=3.c 1.2c 376!2c c c c c c c c c
12=4<=3.c 1.:!8c 379!7c c c c c c c c c
18=4<=3.c 387!1c 379!7c c c c c c c c c
9.=4<=3.c 382!1c 372!;c c c c c c c c c
.3==3.c 388!3c 379!2c c c c c c c c c
.1==3.c 386!9c 381!9c c c c c c c c c
.9==3.c 382!2c 37;!:c c c c c c c c c
.;==3.c 387!:c 37;!:c c c c c c c c c
.:==3.c 1.;!;c 379!2c c c c c c c c c
.2==3.c 1.1!8c 383!9c c c c c c c c c
.7==3.c 1.8!;c 383!6c c c c c c c c c
.8==3.c 1.6!7c 1..c c c c c c c c c
3.==3.c 1.;!3c 388!2c c c c c c c c c
33==3.c 1.9!7c 388!2c c c c c c c c c
39==3.c 1.1!3c 1..!9c c c c c c c c c
c c c c c c c c
 3;==3.c 382!3c 1.2!7c
36==3.c 38:!1c 382c c c c c c c c c
3:==3.c 378!3c 1.3!9c c c c c c c c c
32==3.c 38.!7c 38:!3c c c c c c c c c
37==3.c 38.!3c 38:!3c c c c c c c c c
1.==3.c 381!7c 382c c c c c c c c c
13==3.c 38.!9c 386!3c c c c c c c c c
11==3.c 378!9c 381!;c c c c c c c c c
19==3.c 378c 381!8c c c c c c c c c
1;==3.c 377!8c 1.3!1c c c c c c c c c
12==3.c 37:!1c 1.3!1c c c c c c c c c
17==3.c 386!7c 1..!;c c c c c c c c c
18==3.c 389!7c 1..!;c c c c c c c c c
9.==3.c 389!:c 38;!6c c c c c c c c c
93==3.c 382!7c 389!;c c c c c c c c c
377!6c c c c c c c c c
c c 377!6c c c c c c c c c
c c 371!3c c c c c c c c c
c c 371!1c c c c c c c c c
c c 329!:c c c c c c c c c
c c 3:8!:c c c c c c c c c
c c 3:8!:c c c c c c c c c
c c 329!7c c c c c c c c c
c c 328!:c c c c c c c c c
c c 37:!8c c c c c c c c c
c c 37.!8c c c c c c c c c
c c 32;!6c c c c c c c c c
c c 32;!6c c c c c c c c c
c c 32.!8c c c c c c c c c
c c 32.!1c c c c c c c c c
c c 323!8c c c c c c c c c
c c 32.!1c c c c c c c c c
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Null hypothesis: There is no relation between Future price and spot price.

Alternative Hypothesis: There is a association between both Future price and Spot Price

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