Commodity Outlook

Spices | Pulses | Grains | Guar Complex | Oil & Oilseeds December 09, 2011

OIL AND OIL SEEDS COMPLEX

OIL AND OILSEEDS MARKET WATCH
COMMODITY Soybean NCDEX Soybean NCDEX Soyoil NCDEX Soyoil NCDEX Palmoil MCX Palmoil MCX Rapeseed - Mustardseed Rapeseed - Mustardseed Cottonseed Oil Cake NCDEX Cottonseed Oil Cake NCDEX CONTRACT DEC1 JAN2 DEC1 JAN2 DEC1 JAN2 DEC1 JAN2 DEC1 JAN2 OPEN 2266 2302 650 661 514.7 519.7 3226 3245 1180 1195 HIGH 2281.5 2321 652.5 663.8 517 522 3229 3280 1182 1198 LOW 2262.5 2302 646.7 657.3 512.3 517.2 3191 3240 1161 1178 CLOSE 2278 2310.5 648.2 659 513.1 518.3 3208 3256 1167 1184 % Chng 0.49 0.24 -0.15 -0.20 -0.47 -0.42 0.95 -0.34 -1.19 -1.09

MARKET ROUNDUP
Soy oil ended lower by 0.15%. Palm oil ended lower by 0.47%. RM seed ended higher by 0.95%

IN FOCUS
Malaysian palm oil futures dropped on Thursday as investor doubts grew over European leaders coming to an agreement to tackle a debt crisis in a make-or-break summit this week. Prices of the vegetable oil have fallen 18 percent so far this year as the two-year euro zone debt crisis continues to deepen although losses have been limited with crude oil above $100 and heavy rains hitting production. India's oilmeal exports rose to 527,888 tonnes in November, from 492,740 tonnes a year ago, a leading trade body said on Thursday, on improving exports to southeast Asian markets. Shipments in the first eight months of the year that began in April were at 2.9 million tonnes, up from 2.4 million tonnes in the year-ago period, the Solvent Extractors' Association of India said in a statement.

OPEN INTEREST AND VOLUME

COMMODITY Soybean NCDEX Soybean NCDEX Soyoil NCDEX Soyoil NCDEX Palmoil MCX Palmoil MCX Rapeseed - Mustardseed Rapeseed - Mustardseed Cottonseed Oil Cake NCDEX Cottonseed Oil Cake NCDEX CONTRACT DEC1 JAN2 DEC1 JAN2 DEC1 JAN2 DEC1 JAN2 DEC1 JAN2 Open Int 73280 189070 65140 131580 2758 6783 54980 91130 46780 57470 % Chng -8.15 -0.65 -1.72 6.79 -2.37 -1.75 -7.28 4.77 -2.52 0.74 Volume 52640 67640 42660 127060 469 1036 29860 36770 18480 23720 % Chng 19.34 -8.26 -32.55 -4.37 -59.57 -39.91 -34.16 -37.83 -29.00 -29.47

FUNDAMENTAL OUTLOOK
Outlook for Soybean is seen down for the day. CPO is expected to trade lower.

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Commodity Outlook
Spices | Pulses | Grains | Guar Complex | Oil & Oilseeds December 09, 2011

GUAR, PULSES AND GRAINS COMPLEX

GUAR, PULSES AND GRAINS MARKET WATCH
COMMODITY Guarseed NCDEX Guarseed NCDEX Guargum NCDEX Guargum NCDEX Wheat NCDEX Maize NCDEX Maize NCDEX Chana NCDEX Chana NCDEX CONTRACT DEC1 JAN2 DEC1 JAN2 DEC1 DEC1 JAN2 DEC1 JAN2 OPEN 5528 5729 17800 18250 1170 1110 1132 3174 3272 HIGH 5698 5880 18410 18723 1171 1115.5 1132 3222 3347 LOW 5510 5704 17800 18200 1164 1107 1124 3115 3214 CLOSE 5611 5760 18071 18348 1166 1111.5 1126.5 3137 3229 % Chng 1.74 0.88 1.11 0.94 -0.17 0.09 -0.49 -0.88 -1.10

MARKET ROUNDUP
Guar Seed ended higher by 1.74%. Guar Gum ended higher by 1.11%. Chana futures ended lower by 0.88%.

IN FOCUS
Chana futures fell on weak demand and expectations of higher output in the current season. In Delhi spot market Chana rose 21 rupees to 3,235 rupees per 100 kg. Guar futures closed up after falling for two straight sessions on good export demand and lower output. In Jodhpur spot market guar seed rose 14 rupees to 5,496 rupees per 100 kg.

OPEN INTEREST AND VOLUME

COMMODITY Guarseed NCDEX Guarseed NCDEX Guargum NCDEX Guargum NCDEX Wheat NCDEX Maize NCDEX Maize NCDEX Chana NCDEX Chana NCDEX CONTRACT DEC1 JAN2 DEC1 JAN2 DEC1 DEC1 JAN2 DEC1 JAN2 Open Int 65890 165760 7795 23490 18990 6820 4610 99980 110620 % Chng -15.82 -4.52 -7.75 -1.55 -1.04 0.29 10.55 -4.02 1.37 Volume 187400 295920 10090 20975 740 770 1380 136410 176190 % Chng 5.29 22.87 -8.94 -5.48 -30.84 -58.60 -13.21 8.25 28.76

FUNDAMENTAL OUTLOOK
Guar Complex is expected to trade sideways to higher for the day. Outlook for Chana is up for the day.

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Commodity Outlook
Spices | Pulses | Grains | Guar Complex | Oil & Oilseeds December 09, 2011

SPICES COMPLEX
SPICES MARKET WATCH
COMMODITY Cardamom MCX Cardamom MCX Mentha Oil MCX Mentha Oil MCX Pepper NCDEX Pepper NCDEX Jeera NCDEX Jeera NCDEX Turmeric NCDEX Turmeric NCDEX Chilli NCDEX Chilli NCDEX CONTRACT DEC1 JAN2 DEC1 JAN2 DEC1 JAN2 DEC1 JAN2 DEC1 JAN2 DEC1 JAN2 OPEN 598.4 639.5 1301.5 1297 35310 34900 13450 13763 4616 4352 6728 5646 HIGH 598.6 639.5 1313.9 1304 35590 35155 13697 14008 4678 4422 7018 5908 LOW 593.5 635 1296.6 1289.6 35305 34830 13411 13720 4548 4350 6656 5646 CLOSE 595.2 636.8 1298.3 1290.6 35485 34990 13649 13910 4590 4370 6968 5870 % Chng -0.20 -0.09 -0.51 -0.42 0.17 -0.13 1.65 1.29 0.75 0.18 3.26 3.35

MARKET ROUNDUP
Turmeric ended higher by 0.75%. Jeera ended higher by 1.65%. Pepper ended higher by 0.17%.

IN FOCUS
Turmeric futures ended up tracking firm spot demand while some overseas enquiries also supported the upside. At Nizamabad market in Andhra Pradesh, turmeric gained 48 rupees to end at 5,443 rupees per 100 kg. Pepper futures ended up on estimates of lower domestic output and depleting stocks. Industry officials are estimating domestic pepper output at 43,000-45,000 tons for 2012 as compared with 49,000 tons last year. At Kochi spot market, pepper fell 32 rupees to close at 34,982 rupees per 100 kg. Jeera futures ended higher as supplies to the spot markets fell marginally. Daily spot supplies at Unjha in Gujarat have come down to 2,000-3,000 bags of 60 kg each against 4,500-5,000 bags a week ago. In Unjha spot market in Gujarat, prices fell 21 rupees to 14,171 rupees per 100 kg.

OPEN INTEREST AND VOLUME

COMMODITY Cardamom MCX Cardamom MCX Mentha Oil MCX Mentha Oil MCX Pepper NCDEX Pepper NCDEX Jeera NCDEX Jeera NCDEX Turmeric NCDEX Turmeric NCDEX Chilli NCDEX Chilli NCDEX CONTRACT DEC1 JAN2 DEC1 JAN2 DEC1 JAN2 DEC1 JAN2 DEC1 JAN2 DEC1 JAN2 Open Int 4545 2904 4018 2426 8958 2031 8019 17103 15210 7980 5070 1920 % Chng -5.11 3.60 -2.00 1.89 -2.03 15.79 -7.67 2.61 -2.22 3.37 -4.70 3.50 Volume 1963 1030 3935 465 2011 816 5427 4992 5090 1820 2765 425 % Chng -38.15 -23.08 26.85 0.00 -57.05 18.60 19.96 140.81 6.26 43.87 357.02 1316.67

FUNDAMENTAL OUTLOOK
Outlook for Jeera is sideways to down for the day. Pepper futures to trade lower
for the day.

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| Agro Commodities Outlook

Commodity Outlook
Spices | Pulses | Grains | Guar Complex | Oil & Oilseeds December 09, 2011

RESEARCH TEAM Name Kunal Shah Sunit Mehta Devidas Rajadhikary Vikash Bairoliya Ravi Dsouza Harshal Mehta Vinod Maloo Somya Dixit Subhash Lalwani Designation Research Head - Commodities Research Associate Technical Analyst Research Analyst Research Associate Technical Analyst Technical Analyst Research Associate Research Associate E-mail kunal.shah@nirmalbang.com sunit.mehta@nirmalbang.com devidas.rajadhikary@nirmalbang.com vikash.bairoliya@nirmalbang.com ravi.dsouza@nirmalbang.com harshal.mehta@nirmalbang.com vinod.maloo@nirmalbang.com somya.dixit@nirmalbang.com subhash.lalwani@nirmalbang.com

Disclaimer: This Document has been prepared by N.B. Commodity Research (A Division of Nirmal Bang Commodities Pvt Ltd). The information, analysis and estimates contained herein are based on N.B. Commodities Research assessment and have been obtained from sources believed to be reliable. This document is meant for the use of the intended recipient only. This document, at best, represents N.B. Commodities Research opinion and is meant for general information only. N.B. Commodities Research, its directors, officers or employees shall not in any way be responsible for the contents stated herein. N.B. Commodities Research expressly disclaims any and all liabilities that may arise from information, errors or omissions in this connection. This document is not to be considered as an offer to sell or a solicitation to buy any securities. N.B. Commodities Research, its affiliates and their employees may from time to time hold positions in securities referred to herein. N.B. Commodities Research or its affiliates may from time to time solicit from or perform investment banking or other services for any company mentioned in this document. Address: Nirmal Bang Commodities Pvt. Ltd., B2, 301 / 302, 3rd Floor, Marathon Innova, Opp. Peninsula Corporate Park, Ganpatrao Kadam Marg, Lower Parel (W), Mumbai - 400 013, India.

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