INDIAN ECONOMY â AN OVERVIEW - MCX

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

DATABANK - NON-AGRI COMMODITIES 

DATABANK -- AGRI COMMODITIES 

COMMODITY 

www.mcxindia.com / www.pwc.com/in/en 

A PwC & MCX Joint Endeavour 55

EDITORIALS 

PROLOGUE 

EXPERTS' VIEWS 

INDIAN ECONOMY 

The Indian Economy 

An Overview 

As per the Revised Estimate (RE) of Central Statistics 

Offi ce (CSO), Ministry of Finance, the growth in 

India’s Gross Domestic Product (GDP) at factor cost 

at constant (2004-05) prices was estimated at 8.5% 

in 2010-11 compared with 8.0% in 2009-10. At disaggregated 

level, this (RE 2010-11) comprises growth of 6.6% in agriculture 

and allied activities, 7.9% in industry and 9.4% in services 

against a growth of 0.4%, 8.0% and 10.1%, respectively, during 

2009-10. During 2010-11, IIP growth was 7.8% compared with 

10.5% during 2009-10. The growth in India is second to China 

and way above the average growth rates for the world, OECD 

countries and the developing countries (see chart) 

The index for six core industries (comprising crude oil, 

petroleum refi nery products, coal, electricity, cement 

and fi nished carbon steel) with a weight of 26.68% 

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 

and reclaimed its position among top 10 services 5 

exporters in 2010-11. While exports, in US dollar 

terms and customs basis, during 2010-11 increased 0 

by 41.2% to US $252.35 billion, imports increased by 

22.3% to $352.57 billion vis-a-vis the same period a -5 

year ago. Further, while oil imports increased by 21.7%, 

non-oil imports too rose, by 22.5%, during 2010-11 

over 2009-10. 

According to Ministry of Finance, in 2010-11, during the 

south west-monsoon period (June 1 to September 30), the 

cumulative rainfall received in the country as a whole was 912.8 

mm, which is 2% above the normal. During this period, out of 

36 meteorological sub-divisions in the country, 31 received 

excess/normal rainfall and fi ve received defi cient rainfall. 

The impact of good monsoon reflected in a robust growth 

in agriculture and allied activities. And the Indian growth 

story remained solid in 2010-11. Even though developments 

in the developed world, including Europe, do not paint 

a very rosy picture of world economic recovery, analysts and 

economists expect the momentum to continue in 2011-12 

and beyond. 

Real GDP growth rates (%) 

2008 2009 2010e 2011f 

World OECD Countries Developing countries 

China 

India 

Source: The Global Economic Outlook, World bank, June 2011, e-estimates, f-forecast 

56 

Commodity Insights Yearbook 2011


DATABANK - AGRI COMMODITIES 



EDITORIALS 

PROLOGUE 



Key Economic indicators 

Data categories and components Units 2010-11 2009-10 2008-09 2007-08 2006-07 

GDP and Related Indicators 

GDP at factor cost (current market prices) Rs crore 7,875,627 6,550,271 5,582,623 4,986,426 4,293,672 

2004-05 prices 

Growth Rate % 20.2% 17.3% 12.0% 16.1% 16.3% 

GDP at factor cost (constant market prices) Rs crore 4,877,842 4,493,743 4,162,509 3,898,958 3,566,011 

2004-05 prices 

Growth Rate % 8.5RE 8QE 6.8 9.3 9.6 

Savings Rate % of GDP 37.5 37 35.4 39.8 37 

Capital Formation (rate) % of GDP - 36.5QE 34.5 38.1 35.5 

Per Cap. Net National Income 

(factor cost at current prices) Rs 54,835 46,492 40,605 35,430 31,080 

Production 

Foodgrains Mn tonnes 241.6 218.1 234.5 230.8 217.3 

Index of Industrial Production 

(growth) % 8.2 5.3 2.5 8.5 11.6 

Electricity Generation 

(growth) % 6.0 5.5 2.7 6.3 7.3 

Prices 

Inflation (WPI) (52-week average) % change 9.6 3.8 8.1 4.7 5.4 

Inflation CPI-(IW) (average) % change 10.4 12.4 9.1 6.2 6.7 

External Sector 

Export Growth (US$) % change 37.4 -3.6 13.7 29.0 22.6 

Import Growth (US$) % change 26.7 -2.6 19.8 35.5 24.5 

Current Account Balance (CAB)/GDP % -2.6 -2.8 -2.3 -1.3 -1.0 

Foreign Exchange Reserves US $Bn. 305.0 279.0 252.0 309.7 199.2 

Average Exchange Rate Rs/US$ 45.6 47.4 46.0 40.3 45.3 

Money and Credit 

Broad Money (M3) annual % change 16.0 16.8 19.3 21.4 21.7 

Scheduled Commercial Bank Credit 

(growth) % change 21.5 16.9 17.5 22.3 28.1 

Fiscal Indicators (Centre) 

Gross Fiscal Deficit % of GDP 5.1 6.4 6.0 2.6 3.3 

Revenue Deficit % of GDP 3.4 5.2 4.5 1.1 1.9 

Primary Deficit % of GDP 2.0 3.1 2.6 -0.9 -0.2 

Population Million 1210 1170 1154 1138 1122 

Note: AE GDP figures 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) 

2010-11 2009-10 2008-09 2007-08 2006-07 

Agriculture, Forestry & Fishing 6.61 0.44 -0.15 5.80 4.16 

Mining & Quarrying 5.78 6.95 1.30 3.69 7.47 

Manufacturing 8.34 8.79 4.25 10.28 14.31 

Electricity, Gas & Water Supply 5.65 6.37 4.93 8.27 9.29 

Construction 8.07 7.02 5.44 10.74 10.33 

Trade, hotel, transport & comm. 10.26 9.72 7.49 11.00 11.61 

Financing, Insurance, Real Estate & Business Services 9.89 9.20 12.47 11.93 13.99 

Community, Social & Personal Services 7.00 11.84 12.68 6.87 2.85 

GDP at factor cost 8.50 8.00 6.80 9.30 9.60 

Source: Central Statistical Organisation (CSO) 

58 




Money supply (in Rs crore) 

2010-11 2009-10 2008-09 2007-08 2006-07 2001-02 

M1 1,635,569 1,489,301 1,259,707 1,155,837 967,955 422843 

Currency with the public 914,197 767,492 665,450 568,410 482,854 240795 

Deposit money of the public 721,372 721,809 594,258 587,427 485,100 182049 

M2 1,640,610 1,494,342 1,264,748 1,160,878 972,996 427884 

M1 1,635,569 1,489,301 1,259,707 1,155,837 967,955 422843 

Post office savings bank deposits 5,041 5,041 5,041 5,041 5,041 5041 

M3 6,499,548 5,602,731 4,794,812 4,017,883 3,310,068 1498355 

M1 1,635,569 1,489,301 1,259,707 1,155,837 967,955 422843 

Time deposits with banks 4,863,979 4,113,430 3,535,105 2,862,046 2,342,113 1075512 

M4 6,525,517 5,628,700 4,820,781 4,043,852 3,336,037 1524324 

M3 6,499,548 5,602,731 4,794,812 4,017,883 3,310,068 1498355 

Total post office deposits 25,969 25,969 25,969 25,969 25,969 25969 

Source: RBI, Various Economic Surveys 

Foreign exchange reserves (end period) 

End of SDRs## Gold* Foreign Currency Reserve Tranche Total 

Financial Assets* Position 

Year Rs crore USD Rs crore USD Rs crore USD Rs crore USD Rs crore USD 

million million million million million 

2010-11 20,401 4,569 102,572 22,972 1,224,883 274,330 13,158 2,947 1,361,013 304,818 

2009-10 22,596 5,006 81,188 17,986 1,149,650 254,685 6,231 1,380 1,259,665 279,057 

2008-09 6 1 48,793 9,577 1,230,066 241,426 5,000 981 1,283,865 251,985 

2007-08 74 18 40,124 10,039 1,196,023 299,230 1,744 436 1,237,965 309,723 

2006-07 8 2 29,573 6,784 836,597 191,924 2,044 469 868,222 199,179 

2001-02 50 10 14,868 3,047 249,118 51,049 264,036 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) reflecting 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 2010-11 2009-10 2008-09 2007-08 2006-07 2001-02 

Exports (including re-exports) 1,118,823 845,534 840,755 655,864 571,779 209,018 

Imports 1,596,869 1,363,736 1,374,436 1,012,312 840,506 245,199.7 

Trade balance -478,046 -518,202 -533,680 -356,448 -268,727 -36,181.8 

Rate of change (%) Export 32.3 0.6 28.2 14.7 25.3 2.7 

Rate of change (%) Import 17.1 -0.8 35.8 20.4 27.3 6.2 

Source : RBI Bulletin 

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

Major Groups Weights Full fiscal year averages based on 1993-94=100 

2010-11 2009-10 2008-09 2007-08 2006-07 2001-02 

General Index 100.0 341.0 316.2 286.1 277.1 255.0 166.99 

Mining and Quarrying 10.5 204.9 193.4 176.0 171.6 163.2 131.93 

Manufacturing 79.4 370.6 342.5 308.6 298.6 273.5 172.72 

Electricity 10.2 250.5 237.2 223.7 217.7 204.7 159.21 

Source: Central Statistical Organisation (CSO) 



EDITORIALS 

PROLOGUE 



Wholesale Price Index - Annual average 

Year AC PA FA NF FPL&L MP 

2010-11 143.3 182.4 179.6 166.6 148.3 130.1 

2009-10 130.4 154.9 155.4 136.2 132.1 122.4 

2008-09 125.9 137.5 134.8 129.2 134.9 120.2 

2007-08 116.5 123.8 123.6 114.4 121.0 113.3 

2006-07 111.2 114.3 115.5 102.3 120.9 108.0 

2001-02 161.3 168.4 176.1 152.9 226.7 144.3 

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: Office 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) 

2010-11 2009-10 2008-09 2007-08 2006-07 2001-02 

Total national imports 1,605,315 1,363,736 1,374,436 1,005,159 838,048 245,200 

Food & related items imports 45,454 47,419 26,567 21,501 22,237 11,081 

% Food & related items imports 34.32 27.76 50.73 45.75 36.69 21 

Total national exports 1,148,170 845,534 840,755 655,864 571,779 209,018 

Agricultural & allied products export 112,539 84,136 80,649 74,209 57,392 28,144 

% Agricultural & allied products export 9.20 9.05 9.42 7.84 8.96 6.43 

Source: RBI 

India: Commodity wise crop calendar 

Sowing Growth Harvesting 

Commodity Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 

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 

60 




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 54 lbs. of Raw Jute 

4148 Yards of hessian 1 Ton of Raw Jute 

5.55 Bales of Raw Jute (of 180 Kgs. Each) 

1 Ton of sacking 1.11 Tons of Raw Jute 


1 Ton of hessian 1.05 Tons of Raw Jute 

Sacking etc. 


Rapseed and Mustard 

Oil to seeds crushed 

Cake to seeds crushed 

Castorseed 

Oil to seeds crushed 

Cake to seeds crushed 

Soyabean Seed 

Oil to soyabean seed crushed 

Meal to soyabean seed crushed 

Hull from soyabean seed crushed 

Wastage from soyabean seed crushed 

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 

33 Percent 

67 Percent 

37 Percent 

63 Percent 

18 Percent 

73 Percent 

8 Percent 

1 Percent 

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 2010-11 2009-10 (Provisional) 2008-09 2007-08 2006-07 

Target Achievement^ Target Achievement Target Achievement Target Achievement Target Achievement 

Commercial 2,800,000 66,580 250,000 274,963 195,000 228,951 150,000 181,088 119,000 140,382 

Banks 

Co-operative 55,000 14,630 45,000 57,500 55,000 46,192 52,000 48,258 41,000 42,480 

Banks 

Regional 40,000 8,477 30,000 34,456 30,000 26,765 23,000 25,312 15,000 20,434 

Rural Banks 

Total 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 



EDITORIALS 

PROLOGUE 



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 3,942,083 64,283 3,877,800 

Feb-11 3,813,016 65,292 3,747,724 

Jan-11 3,737,677 61,182 3,676,495 

Dec-10 3,765,372 65,948 3,699,424 

Nov-10 3,568,380 59,125 3,509,255 

Oct-10 3,526,665 50,683 3,475,982 

Sep-10 3,425,228 50,232 3,374,996 

Aug-10 3,353,977 47,285 3,306,692 

Jul-10 3,379,999 51,427 3,328,572 

Jun-10 3,354,193 53,710 3,300,483 

May-10 3,247,061 50,592 3,196,469 

Apr-10 3,234,595 54,273 3,180,322 

Mar-10 3,244,788 48,489 3,196,299 

Feb-10 3,092,750 47,891 3,044,859 

Jan-10 3,031,224 43,915 2,987,309 

Dec-09 2,971,932 45,239 2,926,693 

Nov-09 2,909,141 42,355 2,866,786 

Oct-09 2,887,191 39,904 2,847,287 

Sep-09 2,874,670 42,418 2,832,252 

Aug-09 2,806,741 49,111 2,757,630 

Jul-09 2,805,224 48,891 2,756,333 

Jun-09 2,777,576 56,416 2,721,160 

May-09 2,745,978 58,780 2,687,198 

Apr-09 2,744,490 48,976 2,695,514 

Mar-09 2,775,549 46,211 2,729,338 

Feb-09 2,667,928 48,430 2,619,498 

Jan-09 2,637,780 45,521 2,592,259 

Dec-08 2,647,241 53,123 2,594,118 

Nov-08 2,642,543 50,394 2,592,149 

Oct-08 2,648,660 51,473 2,597,187 

Sep-08 2,551,026 45,175 2,505,851 

Aug-08 2,460,754 44,343 2,416,411 

Jul-08 2,399,347 43,891 2,355,456 

Jun-08 2,414,025 50,636 2,363,388 

May-08 2,371,579 48,379 2,323,200 

Apr-08 2,325,134 41,024 2,284,110 

Mar-08 2,361,914 44,399 2,317,515 

Feb-08 2,254,761 44,311 2,210,449 

Jan-08 2,185,898 39,817 2,146,081 

Dec-07 2,149,285 41,011 2,108,274 

Nov-07 2,097,007 38,967 2,058,041 

Oct-07 2,026,708 35,867 1,990,842 

Sep-07 2,037,479 37,008 2,000,471 

Aug-07 1,962,309 38,490 1,923,820 

Jul-07 1,914,514 41,059 1,873,455 

Jun-07 1,916,378 44,228 1,872,149 

May-07 1,883,720 44,864 1,838,856 

Apr-07 1,887,837 49,887 1,837,950 

Mar-07 1,931,189 46,521 1,884,668 

Feb-07 1,818,843 43,898 1,774,945 

Jan-07 1,780,725 42,071 1,738,654 

Dec-06 1,770,015 42,161 1,727,854 

Nov-06 1,683,257 33,458 1,649,799 

Oct-06 1,654,089 36,633 1,617,456 

Sep-06 1,661,491 33,458 1,628,033 

Aug-06 1,578,585 36,366 1,542,219 

Jul-06 1,556,343 36,076 1,520,267 

Jun-06 1,551,482 37,955 1,513,527 

May-06 1,493,433 39,062 1,454,371 

Apr-06 1,485,777 37,258 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 

62 




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

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

SBI and its Associates Direct Credit to Agri. Sector 77,289 63,627 59,203 47,766 14,540 

SBI and its Associates Indirect Credit to Agri. Sector 15,004 11,697 14,125 8,294 4,992 

SBI and its Associates Credit to Agri. Sector 92,293 75,324 73,328 56,060 19,533 

Nationalised Banks Direct Credit to Agri. Sector 139,642 112,971 94,945 81,433 22,254 

Nationalised Banks Indirect Credit to Agri. Sector 64,395 44,833 37,139 40,342 9,694 

Nationalised Banks Credit to Agri. Sector 204,037 157,804 132,084 121,776 31,948 

Foreign Banks Direct Credit to Agri. Sector 275 101 186 2,787 22 

Foreign Banks Indirect Credit to Agri. Sector 457 322 323 1,180 202 

Foreign Banks Credit to Agri. Sector 732 423 509 3,966 224 

Regional Rural Banks Direct Credit to Agri. Sector 42,845 34,976 30,803 25,090 8,403 

Regional Rural Banks Indirect Credit to Agri. Sector 1,861 1,461 1,337 1,095 338 

Regional Rural Banks Credit to Agri. Sector 44,706 36,438 32,140 26,185 8,741 

Other SCBs Direct Credit to Agri. Sector 36,798 27,028 27,430 14,421 2,212 

Other SCBs Indirect Credit to Agri. Sector 11,732 12,454 8,651 7,784 1,352 

Other SCBs Credit to Agri. Sector 48,530 39,481 36,080 22,204 3,563 

SCBs Direct Credit to Agri. Sector 296,850 238,703 212,567 171,497 47,430 

SCBs Indirect Credit to Agri. Sector 93,449 70,767 61,574 58,694 16,578 

SCBs total Credit to Agri. Sector 390,298 309,469 274,141 230,191 64,009 

Source: RBI 

Performance of South-west monsoon in India 

Number of meteorological Percentage of Actual rainfall 

Year sub-divisions @ districts with as % of normal Rainfall 

Excess/Normal Deficient/Scanty normal/ excess rainfall in mm 

rainfall rainfall rainfall (All India) 

2009* 15 21 42 80 873.2 

2008 32 4 76 98 936.9 

2007 30 6 72 105 886.6 

2006 26 10 59 99 879.3 

2005 32 4 72 99 781.2 

2004 23 13 56 87 922.5 

Note: mm - millimeter, Source: Ministry of Agriculture, Govt. of India. 

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

Year 2007-08 2006-07 2001-02 

Net sown area 140,861 139,946 140,733 

Area sown more than once 54,973 53,282 47,552 

Gross sown area 195,835 193,228 188,286 

Forest area 69,626 69,708 69,406 

Area under non-agricultural uses 25,923 25,537 24,049 

Barren and unculturable land 17,295 17,423 17,524 

Not available for cultivation 43,218 42,960 41,573 

Permanent pasture and grazing lands 10,388 10,425 10,532 

Land under misc. tree crops and groves not included in net area sown 3,311 3,365 3,450 

Culturable waste land 13,121 13,261 13,520 

Other uncultivated land excl. fallow land 26,820 27,052 27,501 

Current fallow 14,810 15,470 15,345 

Other fallows 10,338 10,503 10,560 

Fallow land 25,148 25,972 25,905 

Reporting area 305,674 305,638 305,118 

Source: Department of Agriculture, GOI 



EDITORIALS 

PROLOGUE 



India major statewise - Pattern of land use 

for agricultural production (000 Hectares) 

States 2007-08 2006-07 2001-02 

Punjab 

Net sown area 4,187 4,184 4254 

Area sown more than once 3,683 3,676 3687 

Gross sown area 7,870 7,861 7941 

Forest area 287 298 306 

Area under non-agricultural uses 483 477 402 

Barren and unculturable land 24 27 32 

Not available for cultivation 507 504 434 

Permanent pasture and grazing lands 3 2 3 

Land under misc. tree crops and 3 4 6 

groves not included in net area sown 

Culturable waste land 3 4 4 

Other uncultivated land excl. 10 10 13 

fallow land 

Current fallow 41 35 24 

Other fallows 1 1 1 

Fallow land 42 36 26 

Reporting area 5,033 5,033 5033 

Haryana 

Net sown area 3,594 3,556 3566 


Gross sown area 6,458 6,394 6318 










fallow land 





Uttar Pradesh 

Net sown area 16,417 16,573 16,812 



Forest area 1,658 1,657 1,689 









fallow land 



Fallow land 1,948 1,827 1,649 




States 2007-08 2006-07 2001-02 

Rajasthan 

Net sown area 17,096 16,764 16,765 



Forest area 2,727 2,698 2,645 








Other uncultivated land excl. 6,292 6,337 6,442 

fallow land 


Other fallows 2,167 2,265 2,321 

Fallow land 3,891 4,204 4,141 


Uttarakhand 

Net sown area 765 765 776 

Area sown more than once 496 445 445 


Forest area 3,465 3,465 3,465 









fallow land 





Bihar 

Net sown area 5,665 5,665 5,664 












fallow land 





64 






States 2007-08 2006-07 2001-02 

Orissa 

Net sown area 5,624 5,654 5,845 



Forest area 5,813 5,813 5,813 

Area under non-agricultural uses 1,298 1,298 999 








fallow land 





West Bengal 

Net sown area 5,296 5,296 5,522 



Forest area 1,174 1,174 1,184 









fallow land 





Jharkhand 

Net sown area 1,536 1,619 1,488 



Forest area 2,239 2,239 2,239 









fallow land 



Fallow land 2,341 2,253 2,383 




States 2007-08 2006-07 2001-02 

Gujarat 

Net sown area 9,747 9,747 9,622 



Forest area 1,854 1,854 1,706 









fallow land 





Maharashtra 

Net sown area 17,473 17,475 17,222 



Forest area 5,213 5,214 5,150 









fallow land 


Other fallows 1,188 1,199 1,304 

Fallow land 2,515 2,524 3,020 


Madhya Pradesh 

Net sown area 14,687 14,735 14,859 



Forest area 8,703 8,699 8,683 









fallow land 



Fallow land 1,433 1,381 1,241 




EDITORIALS 

PROLOGUE 





States 2007-08 2006-07 2001-02 

Chhattisgarh 

Net sown area 4,727 4,722 4,800 



Forest area 6,350 6,355 6,247 



Not available for cultivation 999 996 1,029 






fallow land 





Karnataka 

Net sown area 10,419 10,105 10,031 



Forest area 3,072 3,072 3,070 









fallow land 



Fallow land 1,767 2,080 2,154 




States 2007-08 2006-07 2001-02 

Kerala 

Net sown area 2,089 2,101 2,191 



Forest area 1,082 1,082 1,082 









fallow land 





Tamil Nadu 

Net sown area 5,062 5,126 5,172 

Area sown more than once 753 717 1,054 


Forest area 2,106 2,106 2,132 









fallow land 

Current fallow 981 907 1,026 

Other fallows 1,499 1,493 1,409 

Fallow land 2,479 2,400 2,435 


Source: Ministry of Agriculture, GOI 

66 




Selected state/crop-wise area insured & premium collected weather based crop insurance 

scheme (during rabi) 

2007-08 2008-09 

States Crop Area Insured Premium Area Insured Premium 

(In Hect.) (Rs. in Lakh) (In Hect.) (Rs. in Lakh) 

Bihar Gram 10056 106.83 1593 19.12 

Wheat 6334 73.23 126584 2278.52 

Lentil - - 4437 53.24 

Potato - - 7614 365.49 

Total 16390 180.06 140228 2716.37 

Chhattisgarh Gram 26614 290.34 4014 37.71 

Wheat - - 6478 45.27 

Potato 72 4.30 

Total 26686 294.64 10492 82.98 

Madhya Pradesh Rape & Mustard 3960 47.52 - - 

Wheat 2260 39.70 - - 

Gram 7810 93.72 - - 

Potato 3611 230.04 - - 

Total 17641 410.98 - - 

Rajasthan Barley 7845 84.90 116 1.40 

Gram 267561 3107.48 10226 122.71 

Coriander 11054 202.75 3799 55.09 

Cumin 79083 2096.95 3065 53.53 

Mustard 210849 2251.96 12473 83.00 

Wheat 301114 4391.99 55721 921.16 

Total 877506 12136.03 85400 1236.89 

Haryana Potato - - 19 1.13 

Total - - 19 1.13 

Karnataka Bengalgram (I) - - 156 1.88 

Bengalgram (RF) - - 1247 11.97 

Potato - - 360 21.59 

Total - - 1763 35.44 

Tamil Nadu Maize - - 682 8.19 

Chilly - - 669.2 28.11 

Cotton - - 725.2 21.75 

Total - - 2076.4 58.05 

West Bengal Mustard - - 3.98 0.05 

Wheat - - 8.19 0.10 

Total - - 12.17 0.15 

India 938223 13021.71 236120 4036.25 

Source: Ministry of Agriculture,GOI 



EDITORIALS 

PROLOGUE 



Statewise season-wise consumption of fertilizer in India (in '000 tonnes) 

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

India Nitrogen fertiliser cons. during kharif 7,475.99 7,362.79 6,944.54 6,575.96 5,397.39 

India Phosphatic fertiliser cons. during kharif 3,886.81 3,314.65 2,731.08 2,674.40 1,912.93 

India Potassic fertiliser cons. during kharif 1,449.02 1,770.45 1,341.24 1,004.15 774.33 

India Total fertiliser cons. during kharif 12,811.82 12,447.89 11,016.86 10,254.51 8,084.65 

India Nitrogen fertiliser cons. during rabi 8,008.93 7,699.69 7,474.58 7,198.15 5,912.83 

India Phosphatic fertiliser cons. during rabi 3,606.76 3,178.22 2,783.66 2,868.92 2,469.47 

India Potassic fertiliser cons. during rabi 1,867.28 1,530.80 1,295.03 1,330.66 892.76 

India Total fertiliser cons. during rabi 13,482.97 12,408.72 11,553.27 11,397.73 9,275.06 

India Total fertiliser cons. 26,294.79 24,856.60 22,570.13 21,652.24 17,359.71 

Punjab Nitrogen fertiliser cons. during kharif 639.11 632.69 628.08 576.06 480.79 

Punjab Phosphatic fertiliser cons. during kharif 207.31 152.11 120.28 111.82 105.52 

Punjab Potassic fertiliser cons. during kharif 35.74 38.91 26.60 22.33 20.60 

Punjab Total fertiliser cons. during kharif 882.15 823.71 774.96 710.21 606.91 

Punjab Nitrogen fertiliser cons. during rabi 719.09 699.09 687.38 722.93 549.50 

Punjab Phosphatic fertiliser cons. during rabi 226.29 227.18 223.64 236.03 185.87 

Punjab Potassic fertiliser cons. during rabi 38.09 17.61 11.78 16.27 7.48 

Punjab Total fertiliser cons. during rabi 983.46 943.88 922.80 980.99 742.84 

Punjab Total fertiliser cons. 1,865.61 1,767.59 1,697.76 1,691.20 1,349.75 

Haryana Nitrogen fertiliser cons. during kharif 382.60 397.23 399.29 340.91 276.52 

Haryana Phosphatic fertiliser cons. during kharif 128.07 139.42 88.53 83.43 71.47 

Haryana Potassic fertiliser cons. during kharif 19.23 16.98 14.54 10.44 3.00 

Haryana Total fertiliser cons. during kharif 529.90 553.63 502.36 434.78 350.98 

Haryana Nitrogen fertiliser cons. during rabi 579.28 549.04 540.22 521.73 465.53 

Haryana Phosphatic fertiliser cons. during rabi 205.09 174.09 168.74 160.68 160.69 

Haryana Potassic fertiliser cons. during rabi 41.42 12.38 9.05 7.78 6.75 

Haryana Total fertiliser cons. during rabi 825.79 735.51 718.00 690.20 632.98 

Haryana Total fertiliser cons. 1,355.69 1,289.14 1,220.37 1,124.98 983.96 

Uttar Pradesh Nitrogen fertiliser cons. during kharif 1,214.59 1,221.96 1,135.26 1,153.29 1,157.04 

Uttar Pradesh Phosphatic fertiliser cons. during kharif 41.84 378.09 280.41 281.29 216.76 

Uttar Pradesh Potassic fertiliser cons. during kharif 74.97 121.82 80.84 56.13 39.25 

Uttar Pradesh Total fertiliser cons. during kharif 1,331.40 1,721.87 1,496.51 1,490.71 1,413.05 

Uttar Pradesh Nitrogen fertiliser cons. during rabi 1,673.84 1,660.48 1,618.17 1,563.75 1,346.50 

Uttar Pradesh Phosphatic fertiliser cons. during rabi 648.98 523.36 540.83 566.15 533.00 

Uttar Pradesh Potassic fertiliser cons. during rabi 166.83 128.23 101.20 105.47 59.58 

Uttar Pradesh Total fertiliser cons. during rabi 2,489.65 2,312.07 2,260.20 2,175.63 1,939.08 

Uttar Pradesh Total fertiliser cons. 4,197.61 4,033.94 3,756.49 3,726.07 3,352.13 

Rajasthan Nitrogen fertiliser cons. during kharif 287.82 307.88 283.66 229.21 239.94 

Rajasthan Phosphatic fertiliser cons. during kharif 170.95 187.26 136.40 133.54 117.18 

Rajasthan Potassic fertiliser cons. during kharif 17.01 12.27 13.56 6.66 3.64 

Rajasthan Total fertiliser cons. during kharif 475.78 507.40 433.61 369.41 360.75 

Rajasthan Nitrogen fertiliser cons. during rabi 455.17 401.66 421.68 435.68 342.38 

Rajasthan Phosphatic fertiliser cons. during rabi 159.12 131.76 124.06 124.71 82.52 

Rajasthan Potassic fertiliser cons. during rabi 16.77 11.23 7.36 6.34 3.21 

Rajasthan Total fertiliser cons. during rabi 631.06 544.65 553.10 566.72 428.11 

Rajasthan Total fertiliser cons. 1,106.84 1,052.06 986.22 936.09 788.87 

Contd… 

68 





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

Uttarakhand Nitrogen fertiliser cons. during kharif 53.81 57.72 60.67 60.17 50.36 

Uttarakhand Phosphatic fertiliser cons. during kharif 14.28 14.66 9.55 9.02 9.07 

Uttarakhand Potassic fertiliser cons. during kharif 1.95 6.77 3.73 3.77 4.77 

Uttarakhand Total fertiliser cons. during kharif 70.04 79.14 73.95 72.96 64.20 

Uttarakhand Nitrogen fertiliser cons. during rabi 60.06 52.74 54.78 48.34 36.56 

Uttarakhand Phosphatic fertiliser cons. during rabi 14.96 14.97 15.20 16.59 14.03 

Uttarakhand Potassic fertiliser cons. during rabi 5.08 5.59 6.55 5.26 4.47 

Uttarakhand Total fertiliser cons. during rabi 80.10 73.30 76.54 70.19 55.05 

Uttarakhand Total fertiliser cons. 150.14 152.44 150.48 143.14 119.25 

Bihar Nitrogen fertiliser cons. during kharif 391.93 434.04 384.63 334.21 294.16 

Bihar Phosphatic fertiliser cons. during kharif 96.32 110.42 71.38 70.21 51.99 

Bihar Potassic fertiliser cons. during kharif 48.73 79.36 28.39 32.64 15.45 

Bihar Total fertiliser cons. during kharif 536.98 623.81 484.40 437.06 361.60 

Bihar Nitrogen fertiliser cons. during rabi 502.59 504.42 508.01 475.16 303.36 

Bihar Phosphatic fertiliser cons. during rabi 151.12 142.59 112.53 108.86 59.43 

Bihar Potassic fertiliser cons. during rabi 119.26 86.19 49.57 50.61 33.94 

Bihar Total fertiliser cons. during rabi 772.97 733.20 670.11 634.63 396.73 

Bihar Total fertiliser cons. 1,309.95 1,357.01 1,154.51 1,071.69 758.33 

Orissa Nitrogen fertiliser cons. during kharif 213.19 210.35 194.51 185.09 168.35 

Orissa Phosphatic fertiliser cons. during kharif 101.45 89.83 76.47 64.56 49.30 

Orissa Potassic fertiliser cons. during kharif 49.12 60.97 44.88 32.14 34.50 

Orissa Total fertiliser cons. during kharif 363.75 361.16 315.87 281.79 252.15 

Orissa Nitrogen fertiliser cons. during rabi 79.10 87.41 77.59 71.44 52.82 

Orissa Phosphatic fertiliser cons. during rabi 47.14 58.10 40.29 28.21 22.65 

Orissa Potassic fertiliser cons. during rabi 29.34 28.20 18.15 21.43 17.05 

Orissa Total fertiliser cons. during rabi 155.58 173.71 136.04 121.09 92.52 

Orissa Total fertiliser cons. 519.34 534.87 451.90 402.88 344.67 

West Bengal Nitrogen fertiliser cons. during kharif 305.43 281.63 263.44 263.19 230.70 

West Bengal Phosphatic fertiliser cons. during kharif 209.60 173.45 168.98 157.79 112.21 

West Bengal Potassic fertiliser cons. during kharif 136.73 180.95 128.07 88.17 98.91 

West Bengal Total fertiliser cons. during kharif 651.75 636.03 560.50 509.15 441.81 

West Bengal Nitrogen fertiliser cons. during rabi 425.27 416.61 421.10 415.25 356.14 

West Bengal Phosphatic fertiliser cons. during rabi 257.75 241.97 216.78 228.46 217.57 

West Bengal Potassic fertiliser cons. during rabi 309.80 224.70 176.36 212.30 162.65 

West Bengal Total fertiliser cons. during rabi 992.82 883.28 814.24 856.01 736.37 

West Bengal Total fertiliser cons. 1,644.57 1,519.31 1,374.74 1,365.15 1,178.18 

Jharkhand Nitrogen fertiliser cons. during kharif 53.46 62.13 61.11 60.01 45.80 

Jharkhand Phosphatic fertiliser cons. during kharif 27.87 31.32 30.24 28.26 28.30 

Jharkhand Potassic fertiliser cons. during kharif 8.34 9.18 5.07 2.47 0.80 

Jharkhand Total fertiliser cons. during kharif 89.66 102.63 96.42 90.73 74.90 

Jharkhand Nitrogen fertiliser cons. during rabi 40.57 26.46 28.30 32.12 19.84 

Jharkhand Phosphatic fertiliser cons. during rabi 25.97 14.63 15.59 14.19 13.17 

Jharkhand Potassic fertiliser cons. during rabi 11.15 3.56 4.69 1.78 1.25 

Jharkhand Total fertiliser cons. during rabi 77.70 44.64 48.58 48.09 34.25 

Jharkhand Total fertiliser cons. 167.36 147.27 145.00 138.83 109.16 

Contd… 



EDITORIALS 

PROLOGUE 




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

Gujarat Nitrogen fertiliser cons. during kharif 557.66 540.68 514.82 435.71 312.62 

Gujarat Phosphatic fertiliser cons. during kharif 276.8 252.35 209.22 175.34 119.43 

Gujarat Potassic fertiliser cons. during kharif 86.3 93.25 72.4 51.3 31.62 

Gujarat Total fertiliser cons. during kharif 920.76 886.28 796.44 662.36 463.67 

Gujarat Nitrogen fertiliser cons. during rabi 543.94 528.14 537.81 444.13 293.02 

Gujarat Phosphatic fertiliser cons. during rabi 214.86 212.82 215.31 168.61 120.81 

Gujarat Potassic fertiliser cons. during rabi 120.16 89.74 73.7 66.73 37.74 

Gujarat Total fertiliser cons. during rabi 878.96 830.71 826.82 679.47 451.57 

Gujarat Total fertiliser cons. 1,799.72 1,716.99 1,623.26 1,341.83 915.23 

Maharashtra Nitrogen fertiliser cons. during kharif 915.87 828.2 797.84 681.71 591.86 

Maharashtra Phosphatic fertiliser cons. during kharif 665.65 429.09 402.52 387.85 259.11 

Maharashtra Potassic fertiliser cons. during kharif 269.64 266.66 242.67 158.51 121.89 

Maharashtra Total fertiliser cons. during kharif 1,851.16 1,523.95 1,443.03 1,290.83 972.86 

Maharashtra Nitrogen fertiliser cons. during rabi 562.73 512.7 465.67 493.74 400.81 

Maharashtra Phosphatic fertiliser cons. during rabi 350.86 318.37 238.99 273.98 200.57 

Maharashtra Potassic fertiliser cons. during rabi 300.71 211.09 178.18 200.41 114.98 

Maharashtra Total fertiliser cons. during rabi 1,214.29 1,042.16 882.83 968.14 716.36 

Maharashtra Total fertiliser cons. 3,065.45 2,566.11 2,325.86 2,258.97 1,689.22 

Madhya Pradesh Nitrogen fertiliser cons. during kharif 382.89 372.81 334.46 278.52 175.31 

Madhya Pradesh Phosphatic fertiliser cons. during kharif 360.25 310.23 228.19 215.24 133.44 

Madhya Pradesh Potassic fertiliser cons. during kharif 49.21 64.97 46.85 33.78 15.65 

Madhya Pradesh Total fertiliser cons. during kharif 792.35 748 609.51 523.86 324.39 

Madhya Pradesh Nitrogen fertiliser cons. during rabi 558.93 430.61 461.22 446.59 256.72 

Madhya Pradesh Phosphatic fertiliser cons. during rabi 245.38 219.81 202.07 194.58 174.97 

Madhya Pradesh Potassic fertiliser cons. during rabi 64.5 24.99 28.89 31.45 16.38 

Madhya Pradesh Total fertiliser cons. during rabi 868.82 675.41 692.18 647.57 448.07 

Madhya Pradesh Total fertiliser cons. 1,661.18 1,423.41 1,301.69 1,205.11 772.46 

Chhattisgarh Nitrogen fertiliser cons. during kharif 259.36 212.57 216.82 218.03 155.55 

Chhattisgarh Phosphatic fertiliser cons. during kharif 136.56 100.36 91.57 86.69 64.78 

Chhattisgarh Potassic fertiliser cons. during kharif 45.07 47.23 42.56 35.84 16.93 

Chhattisgarh Total fertiliser cons. during kharif 440.99 360.16 350.96 340.55 237.26 

Chhattisgarh Nitrogen fertiliser cons. during rabi 56.47 55.04 55.43 54.19 18.14 

Chhattisgarh Phosphatic fertiliser cons. during rabi 25.76 33.9 25.39 29.32 9.09 

Chhattisgarh Potassic fertiliser cons. during rabi 13.92 13.72 10.09 12.17 2.56 

Chhattisgarh Total fertiliser cons. during rabi 96.15 102.66 90.92 95.68 29.79 

Chhattisgarh Total fertiliser cons. 537.13 462.82 441.87 436.23 267.05 

Karnataka Nitrogen fertiliser cons. during kharif 549.31 486.5 491.61 480.67 384.24 

Karnataka Phosphatic fertiliser cons. during kharif 373.7 301.06 254.68 279.44 192.39 

Karnataka Potassic fertiliser cons. during kharif 208.89 242.14 194.5 156.07 121.36 

Karnataka Total fertiliser cons. during kharif 1,131.90 1,029.69 940.8 916.17 697.99 

Karnataka Nitrogen fertiliser cons. during rabi 413.58 377.64 298.79 285.5 286.44 

Karnataka Phosphatic fertiliser cons. during rabi 256.15 257.77 132.11 158.93 168.05 

Karnataka Potassic fertiliser cons. during rabi 256.84 166.78 135.7 135.24 96.90 

Karnataka Total fertiliser cons. during rabi 926.57 802.19 566.6 569.66 551.40 

Karnataka Total fertiliser cons. 2,058.48 1,831.88 1,507.39 1,485.84 1,249.39 

Contd… 

70 





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

Kerala Nitrogen fertiliser cons. during kharif 61.3 63.67 48.56 53.2 40.12 

Kerala Phosphatic fertiliser cons. during kharif 32.19 27.93 23.77 27.71 19.17 

Kerala Potassic fertiliser cons. during kharif 48.4 55.81 37.03 38.7 35.16 

Kerala Total fertiliser cons. during kharif 141.89 147.4 109.36 119.61 94.45 

Kerala Nitrogen fertiliser cons. during rabi 53.2 48.06 44.67 39.18 36.30 

Kerala Phosphatic fertiliser cons. during rabi 28 27.09 18.95 18.94 18.07 

Kerala Potassic fertiliser cons. during rabi 43.89 38.34 35.28 35.87 28.31 

Kerala Total fertiliser cons. during rabi 125.09 113.49 98.9 93.99 82.68 

Kerala Total fertiliser cons. 266.98 260.9 208.26 213.6 177.12 

Tamil Nadu Nitrogen fertiliser cons. during kharif 251.05 264.28 213.07 280.91 187.47 

Tamil Nadu Phosphatic fertiliser cons. during kharif 133.92 119.02 115.9 137.73 81.45 

Tamil Nadu Potassic fertiliser cons. during kharif 121.87 167.33 143.02 100.69 92.46 

Tamil Nadu Total fertiliser cons. during kharif 506.84 550.63 471.98 519.33 361.38 

Tamil Nadu Nitrogen fertiliser cons. during rabi 373.91 382.41 330.27 305.27 317.52 

Tamil Nadu Phosphatic fertiliser cons. during rabi 129.79 135.97 112.22 131.93 123.69 

Tamil Nadu Potassic fertiliser cons. during rabi 202.74 196.22 161.18 169.66 135.44 

Tamil Nadu Total fertiliser cons. during rabi 706.44 714.6 603.68 606.86 576.64 

Tamil Nadu Total fertiliser cons. 1,213.27 1,265.22 1,075.66 1,126.18 938.02 

Source: Ministry of Fertilizers 

State wise Storage capacity available with different storage agencies in India in 

lakh tonnes (2009-10) 

States/UTs FCI CWC SWC Grand Total 

Andhra Pradesh and A&N 38.18 15.04 20.32 73.54 

Arunachal Pradesh 0.22 - - 0.22 

Assam 2.73 0.65 2.5 5.88 

Bihar 6.72 1.26 2.57 10.55 

Chhatisgarh 8.43 2.84 10.24 21.51 

Delhi 3.67 1.51 - 5.18 

Goa 0.15 0.41 - 0.56 

Gujarat 6.8 7.65 1.53 15.98 

Haryana 24.45 5.37 16.24 46.06 

Himachal Pradesh 0.25 0.07 - 0.32 

Jammu & Kashmir 1.31 - - 1.31 

Jharkhand 1.19 0.35 - 1.54 

Karnataka 8.37 7.11 10.44 25.92 

Kerala 5.37 1.23 2.25 8.85 

Madhya Pradesh 9.5 5.17 20.82 35.49 

Maharashtra 19.98 16.64 12.48 49.1 

Manipur 0.2 - - 0.2 

Meghalaya 0.26 - 0.14 0.4 

Mizoram 0.23 - - 0.23 

Nagaland 0.34 0.13 - 0.47 

Orissa 6.43 3.17 4.06 13.66 

Philippines 0.8 - 0.8 

Puducherry UT/Chandigarh 3.55 0.19 - 3.74 

Punjab 73.73 6.95 57 137.68 

Rajasthan 16.08 4.01 7.72 27.81 

Sikkim 0.11 - - 0.11 

Tamil Nadu 9.7 6.31 6.47 22.48 

Tripura 0.51 0.24 - 0.75 

Uttar Pradesh 26.87 11.63 32.33 70.83 

Uttra Khand 2.37 0.71 - 3.08 

West Bengal 11.06 6.54 2.15 19.75 

Grand total 288.36 105.98 209.26 603.6 

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 



EDITORIALS 

PROLOGUE 



Storage capacity with Food Corporation of India (in million tonnes) 

Capacity 1st Apr. 2011 1st Apr. 2010 1st Apr. 2009 1st Apr. 2008 1st Apr. 2007 1st Apr. 2006 1st Apr 2002 

Covered 

Owned 12.99 12.97 12.97 12.95 12.94 12.93 12.7 

Hired 15.46 12.89 10.12 8.71 9.34 9.9 15.1 

Total 28.45 25.86 23.09 21.66 22.28 22.83 27.9 

CAP ( Cover and Plinth) 

Owned 20.62 2.51 2.17 2.2 2.29 2.21 2.35 

Hired 0.54 0.47 0.02 0.03 0.63 0.51 5.59 

Total 3.16 2.98 2.19 2.23 2.92 2.72 7.94 

Grand Total 31.61 28.84 25.28 23.89 25.2 25.55 35.84 

Source: FCI 

State-wise number and capacity of cold storages functioning in India 

State/UTs Number of cold storages Capacity in tonnes 

2009 2008 2007 2006 2009 2008 2007 2006 

Andaman & Nicobar 2 2 2 2 210 210 210 210 

Andhra Pradesh 290 286 281 276 900,606 875,956 845,811 820,808 

Arunachal Pradesh 1 1 1 1 5,000 5,000 5,000 5,000 

Assam 24 24 25 23 88,068 88,068 90,826 70,916 

Bihar 246 260 252 238 1,147,041 1,439,629 1,310,466 910,582 

Chandigarh 6 6 6 6 12,216 12,216 12,216 12,216 

Chhattisgarh 69 65 60 55 341,885 286,206 278,706 266,022 

Delhi 95 94 93 93 126,158 126,131 126,091 126,091 

Gujarat 398 377 377 374 1,267,304 1,112,254 1,112,254 973,768 

Goa 29 29 28 28 7,705 7,705 7,105 7,105 

Haryana 244 243 243 243 393,121 392,121 392,121 392,121 

Himachal Pradesh 18 18 17 17 19,858 19,858 18,375 18,375 

Jammu & Kashmir 19 19 19 19 42,869 42,869 42,869 42,869 

Jharkhand 45 45 43 25 170,148 170,148 170,148 80,625 

Kerala 193 187 184 177 58,105 57,130 56,765 47,298 

Karnataka 170 161 157 138 407,165 421,676 397,034 253,168 

Lakshadweep 1 1 1 1 15 15 15 15 

Maharashtra 466 460 448 437 546,748 564,196 527,737 510,854 

Madhya Pradesh 197 192 185 179 808,052 796,506 775,156 762,802 

Manipur 0 0 0 0 0 0 0 0 

Meghalaya 3 3 3 3 3,200 3,200 3,200 3,200 

Mizoram 0 0 0 0 0 0 0 0 

Nagaland 2 2 2 2 2 6,150 6,150 6,150 

Orissa 101 109 94 90 291,039 307,647 224,240 216,420 

Pondicherry 3 3 3 3 85 85 85 85 

Punjab 422 420 420 420 1,345,193 1,337,517 1,337,517 1,337,517 

Rajasthan 110 107 107 106 324,226 314,747 314,747 312,130 

Sikkim 1 0 0 0 2,000 0 0 0 

Tamil Nadu 148 139 139 136 238,536 236,853 236,853 227,229 

Tripura 11 11 11 8 29,450 29,450 29,450 18,450 

Uttar Pradesh & Uttaranchal 1,604 1,591 1,588 1,567 10,186,499 9,060,010 9,039,047 8,931,918 

West Bengal 463 531 527 434 5,682,000 5,949,259 5,973,500 5,340,042 

India 5,381 5,386 5,316 5,101 24,450,652 23,662,812 23,333,694 21,693,986 

Source: Compiled from several Lok Sabha proceedings and Question 

Occupation-wise average daily wage rates in agricultural occupations in India (in Rs) 

Zear Ploughing Sowing Weeding Transplanting Harvesting Winnowing Threshing Picking* Herdsman Well Digging Cane Crushing 

2010-11 

Men 153.07 130.79 115.39 123.04 127.18 115.11 122.68 122.31 79.62 177.87 129.45 

Women 89.55 100.87 100.52 108.01 106.67 97.89 99.3 103.83 62.75 95.86 103.67 

Children - 72.78 73.31 70.41 74.59 59.45 70.63 84.46 56.27 - @ 

2009-10 

Men 123.35 130.79 95.49 102.72 103.6 98.64 100.22 99.39 63.33 143.02 97.08 

Women 61.88 100.87 81.68 90.35 87.04 82.18 84.87 79.31 47.41 78.47 76.33 

Children - 72.78 60.74 59.81 67.69 50.24 52.62 61.72 44.03 - - 

2008-09 

Men 102.9 90 80.15 83.28 87.05 81.23 85.06 81.1 53.48 116.28 87.27 

Women 55.43 65 68.02 71.43 71.58 65.08 67.66 66.37 41.32 63.47 61.23 

Children @ 48.91 49.46 52.51 50.49 43.4 46.06 45.78 36.22 @ @ 

2007-08 

Men 91.38 79.28 70.07 73.79 75.24 71.06 73.5 72.46 47.64 106.96 77.92 

Women 49.96 57.18 58.27 61.93 62.31 56.09 59.41 58.15 37.78 58.33 54.93 

Children @ 44.72 42.35 45.7 42.54 40.79 40.18 40.9 31.4 @ @ 

2006-07 

Men 81.79 73.29 64.97 69.47 68.45 66.18 67.4 67.45 43.46 99.48 72.46 

Women 42.37 51.41 52.82 56.44 55.69 51.04 54.41 51.06 34.43 53.37 47.05 

Children @ 41.32 37.81 42.67 38.69 40.95 40.71 34.39 29.62 @ @ 

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. 

72 




Freight indices and world fleet size of crude oil vessels (International) 

Baltic Freight Indices 

Vessel Fleet Status Crude Oil Tanker Total 

Month Dry Index Capessize Panamax In Service DWT Weight On Order Under Launched Percentage Brokenup 

Constructuion 

Orderbook (cumulative) 

Mar-11 1530 1768 1968 2147 335114 296 90 42 25.99 613 

Feb-11 1251 1310 1820 2147 334469 308 83 46 26.91 613 

Jan-11 1107 1351 1310 2136 332225 344 72 40 28.09 609 

Dec-10 1773 2346 1845 2124 328809 383 62 35 29.81 603 

Nov-10 2099 2910 2377 2123 328633 374 61 35 29.46 601 

Oct-10 2678 4262 2410 2118 326949 366 65 38 29.39 598 

Sep-10 2446 3370 2462 2118 326553 402 59 24 30.16 587 

Aug-10 2713 3516 2950 2121 326927 384 59 30 28.93 582 

Jul-10 1967 1922 2632 2120 326711 373 59 37 28.87 581 

Jun-10 2406 2711 2748 2095 322684 374 60 33 28.69 575 

May-10 4078 5217 4247 2093 322365 356 61 34 28.07 573 

Apr-10 3354 3936 3900 2087 320664 360 65 32 28.48 567 

Mar-10 2998 3425 3674 2089 319958 373 64 33 29.2 552 

Feb-10 2738 3174 3399 2090 319658 369 72 31 29.39 540 

Jan-10 2848 3494 3420 2085 318903 383 76 24 30.11 534 

Dec-09 3005 3887 3567 2083 317794 395 80 23 30.98 525 

Nov-09 3887 6189 3757 2068 315474 402 85 28 31.99 521 

Oct-09 3103 5047 3150 2107 321315 415 75 31 31.28 523 

Sep-09 2220 2846 2276 2106 320506 431 78 27 32.34 512 

Aug-09 2421 3946 2157 2106 320522 436 84 25 32.98 507 

Jul-09 3350 5385 3183 2100 319597 462 73 18 32.85 504 

Jun-09 3757 7241 2904 2082 316601 483 59 25 33.91 501 

May-09 3494 6125 2900 2076 315154 487 70 24 34.91 498 

Apr-09 1786 2348 1523 2060 312446 482 75 34 35.73 496 

Mar-09 1615 2066 1374 2054 310930 493 77 23 36.26 492 

Feb-09 1986 2963 1542 2035 308296 524 73 31 38.17 489 

Jan-09 1070 1981 795 2022 305439 544 54 24 38.63 489 

Dec-08 774 1337 558 2001 302016 549 73 22 40.16 486 

Nov-08 715 838 622 1996 300858 555 75 25 40.97 485 

Oct-08 851 1265 677 1987 298529 554 76 31 41.9 482 

Sep-08 3217 4318 2382 1982 297905 576 74 16 42.67 480 

Aug-08 6809 10506 5993 1979 296386 555 71 20 42.03 479 

Jul-08 8341 13005 7517 1980 296453 538 75 15 40.14 476 

Jun-08 9589 13978 9627 1982 296336 527 66 13 38.49 475 

May-08 11440 18749 9912 1972 294504 508 62 21 37.37 472 

Apr-08 9356 14173 8972 2000 298959 489 65 21 35.04 471 

Mar-08 8081 11993 7867 1998 298202 489 59 11 33.91 461 

Feb-08 7613 10743 7435 1997 297962 486 64 12 34.11 461 

Jan-08 6052 8766 5686 1994 298218 471 63 22 32.94 459 

Dec-07 9143 13603 8277 1988 297020 483 63 19 33.56 459 

Nov-07 10210 15357 9967 1985 297159 473 69 17 32.95 459 

Oct-07 10656 14078 11515 1976 295073 469 71 16 32.82 459 

Sep-07 9474 14002 9410 1969 293941 478 68 17 33.41 458 

Aug-07 7702 10715 7620 1973 294280 473 70 16 33.13 458 

Jul-07 6967 8930 7384 1962 293405 457 77 19 33.12 457 

Jun-07 6278 8643 6426 1950 291236 406 129 16 33.45 455 

May-07 5971 8359 5601 1947 290457 388 129 13 32.21 451 

Apr-07 6248 9127 5826 1938 289388 389 129 17 32.3 451 

Mar-07 5388 7810 5003 1926 287261 440 83 14 32.98 448 

Feb-07 4765 6917 4640 1919 285906 428 80 17 32.52 444 

Jan-07 4225 6045 3923 1913 284398 420 82 18 32.38 441 

Dec-06 4397 5972 4258 1900 282045 437 68 17 33 438 

Nov-06 4336 6036 4211 1914 285419 418 69 17 31.8 437 

Oct-06 4037 5616 3722 1886 279561 370 76 22 29.65 435 

Sep-06 3944 5120 3881 1855 273887 363 80 14 29.93 433 

Aug-06 3847 5182 3709 1853 273598 324 83 15 27.49 430 

Jul-06 3285 4583 2960 N/A N/A N/A N/A N/A N/A N/A 

Jun-06 2964 3645 3038 1843 271520 293 87 8 25.74 429 

May-06 2436 2975 2335 1832 269891 281 90 13 25.41 422 

Apr-06 2368 3040 2172 1829 269283 272 91 16 25.02 418 

Note: In USD; DWT - Dead Weight Tonne; N/A - Not Available 

Source: Baltic Freight Indices and Trade Sources 




EXPERTS' VIEWS INDIAN ECONOMY ECENOMY 

MARKET DATA 

FOR READY 

REFERENCE 

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 


DATABANK NON-AGRI COMMODITIES 

DATABANK -- AGRI COMMODITIES 

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 



EDITORIALS 

PROLOGUE 



Bullion: 

A symbol of wealth 

Gold, along with silver, categorized under the bullion 

segment, considered a symbol of wealth, good luck 

and success over the centuries. Both precious 

metals played a pivotal role in the growth 

and functioning of large central banks worldwide. 

Owing to scarcity, these metals have historically 

been considered a form of currency, and currently 

despite being regarded only as investment and 

industrial commodities, gold, silver, platinum and 

palladium possess an ISO4217 currency code. From 

ancient times bullion has a special place in Indians’ 

heart. Naturally, the country has emerged as the largest 

consumer of gold and one of the top consumers of silver. 

According to World Gold Council, of about a total of 158,000 tonnes 

gold have been mined until today, Indians’ private holdings stand 

the highest in the world at about 15,000 tonnes (almost 40% of its 

annual GDP) vis-a-vis Americans’ at a mere 4,000 tonnes. 

According to QNB Capital, Central bank gold reserves for all 

countries cumulatively rose by over 2% between 2008 

and 2010. The central banks of Brazil, Russia, India 

and China, as well as those in the Middle East, are 

major buyers of gold, while developed regions like the 

US and Eurozone hold more than 75% and 60% of their 

total reserves in the yellow metal. 

Continuing the bull run of the past few years, gold 

and silver futures on MCX moved up almost through 

the year. While gold futures prices clocked a yearly 

rise of over 24%, silver futures jumped by over 72% in 

2010. Enhancement in its appeal as a safe haven amid 

fragile global economic recovery and rising inflation 

worries worldwide helped bullion prices maintiain the 

uptrend throughout. In the first half of the year, lingering 

concerns over the Greek debt issue, Standard & Poor’s 

Commodity 

Exchange 

(contract) 

“When we 

have gold we 

have fear, and when 

we have none, we 

are in danger” 

(Old English 

proverb) 

21000 

19500 

18000 

16500 

15000 

1-Jan-10 

Price Unit Open High Low Close 

downgrading of Spain’s sovereign debt rating, which came a day 

after S&P had slashed Greek debt to junk status and downgraded 

Portugal, weaker than expected US econmic data raising fears 

about economic recovery, and political unrests in Korea 

helped the rally in bullion, especially in gold prices. 

Subsequently, the upside was capped and the prices 

slid a tad and traded flat as demand for physical 

bullion in India became slack on high prices and 

seasonal factors. Later, the prices rebounded soon 

and edged up on weaker-than-expected US jobs 

data, raising doubts over global economic recovery, 

and Fed Chairman’s announcement of quantitative easing 

(QE) worth $600 billion to provide impetus to the US economy, 

which caused inflation worries. Silver prices zoomed on strong 

investment demand in addition to industrial demand. With the 

rally lasting right until the year-end, gold and silver futures on MCX 

touched their all-time high of Rs.20,924/10 gm and Rs.46,383/ 

kg in the last month of 2010. 

European debt 

concerns & fragile 

global economic 

recovery 

Bullion price movement in 2010 

Weak physical demand and 

seasonal slack period 

Source: Metastocks Gold (Rs./10 grams) Silver (Rs./kg) 

Annualised 

Volatility 

Strong investment 

demand in silver 

Volume 

(in lots) 

Gold 

MCX (1 kg) Rs/ 10 gms 16,683.00 20,924.00 15,950.00 20,728.00 11.95% 31,581,484^ 

COMEX (100 tr. oz) US$/ tr. oz 1,099.00 1,432.50 1,044.50 1,421.40 16.06% 44,578,447 

Silver 

MCX (30 kgs) Rs/ kg 26,730.00 46,383.00 23,610.00 46,217.00 21.88% 37,766,114^ 

COMEX (5000 tr. oz) US$/ tr. oz 16.94 30.98 14.65 30.94 31.97% 12,809,591 

Source: Respective exchanges’ website; ^ all contracts-all variants 

29-Jan-10 

26-Feb-10 

26-Mar-10 

23-Apr-10 

21-May-10 

18-Jun-10 

16-Jul-10 

13-Aug-10 

10-Sep-10 

8-Oct-10 

5-Nov-10 

3-Dec-10 

31-Dec-10 

48000 

41500 

35000 

28500 

22000 






EDITORIALS 

PROLOGUE 



Gold fundamentals (tonnes) 

2010 2009 2008 2007 2006 2001 

World 

Global total supply 3757 3745 3602 3455 3247 3278 

Mine supply 2102 2062 1938 2022 2037 2239 

Secondary supply 1313 1341 1291 1082 890 743 

Transitional economy sales 342 342 373 351 320 295 

Global demand 3760 3745 3601 3455 3247 3278 

Fabrication jewellery 1888 1891 2217 2385 2351 2762 

Dental/medical use 68 72 75 78 78 81 

Electronics 280 258 299 299 252 159 

Other industrial use 156 152 168 143 96 50 

World gold investment 1051 849 837 1045 834 507 

Official transaction 317 523 6 -495 -364 -280 

India 

Mine production 3 3 3 3 3 4 

Consumption 941 832 961 918 974 670 

Jewellery & giftware 230 255 292 283 290 275 

Industrial use 159 152 171 155 84 35 

Investment demand 552 425 498 480 600 360 

Indian imports 958 459 720 862 753 594 

ETF holdings* 

SPDR Trust-US NYSE 1281 1134 780 628 453 - 

Gold ETFs in India (all combined) 15 9 5 4 - - 

COMEX inventory* 361 305 265 229 234 38 

Official reserves (Central Bank)* 

US 8133 8133 8133 8133 8133 8148 

IMF 2815 3004 3216 3216 3216 3216 

China 1054 1054 600 600 600 501 

Russia 789 649 520 450 402 423 

Germany 3399 3405 3412 3418 3421 3455 

India 558 558 358 358 358 358 

World 30696 30378 29856 29850 30344 32776 

Average daily volatility (MCX spot prices) 0.8% 1.1% 1.6% 0.8% 1.2% - 

Note: * at year-end; Source: CPM Gold Yearbook 2011, World Gold Council, GFMS Gold Survey 2011, COMEX, MCX 

Gold market during 2004-2010, 2001 (million ounces) 

2010 2009 2008 2007 2006 2001 

Physical market flow 120.8 120.4 115.8 127 116.1 114.3 

Futures and Options exchanges' trading volume 6438.8 5327.2 6133.4 4609.8 3995 1203.1 

London Bullion Market Association clearing volume 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 

Dollar value ($billion) 13861 10345 10347 6908 5779 1795 

Note: Gold supply includes official transactions; Average prices is annual average of gold COMEX futures settlement prices. 

Source: CPM Group, LBMA 




Top 5 gold producing countries - mine production (tonnes) 

Country 2010 2009 2008 2007 2006 2001 

China 340.8 314.0 282.1 270.6 237.9 171.1 

Australia 256.7 223.0 214.6 246.6 247.2 284.6 

United States 230.0 223.0 233.0 238.0 248.0 335.0 

Russia 202.4 206.8 183.5 162.7 163.9 152.5 

South Africa 194.4 204.9 220.5 254.6 275.1 393.5 

Source: CPM Gold Yearbook 2011, World Gold Council 

Gold fabrication demand by country/region (tonnes) 

Country / Region 2010 2009 2008 2007 2006 2001 

China 408.2 372.9 353.0 326.9 266.2 207.9 

Middle East 478.3 466.5 578.5 643.8 590.9 416.7 

India 388.8 407.4 463.4 438.0 373.9 337.9 

Far East (excluding Japan & China) 566.7 559.8 659.3 690.4 711.4 788.2 

Western Europe 230.1 253.2 323.0 383.2 396.9 798.0 

Source: CPM Gold Yearbook 2011, World Gold Council 

Gold mining companies by production, 2009 (tonnes) 

Company Production % of total world Cumulative Cumulative 

production production % 

Barrick Gold Corp 230.9 9.6% 230.9 9.6% 

Newmont Mining Corp 202.8 8.4% 433.7 18.1% 

Anglogold Ashanti Ltd 143.0 6.0% 576.7 24.0% 

Gold Fields Ltd 120.4 5.0% 697.1 29.0% 

Goldcorp Inc 75.3 3.1% 772.4 32.2% 

Freeport-McMoran Copper & Gold Inc 74.8 3.1% 847.2 35.3% 

Kinross Gold Corp 69.6 2.9% 916.8 38.2% 

Navoi Mining & Mettalurgical Combine 55.0 2.3% 971.8 40.5% 

Rio Tinto Plc 49.4 2.1% 1021.3 42.6% 

Newcrest Mining Ltd 48.8 2.0% 1070.1 44.6% 

Source: CPM Gold Yearbook 2011 

Average gold production cost in South Africa 

Year 2010 2009 2008 

Period Q2 Q1 Q4 Q3 Q2 Q1 Q4 

Cost (US $/troy ounce) 1180.3 1050.3 687.3 645.0 544.2 435.4 426.5 


Global financial assets (US $ trillion) 

Year Bank Government Private debt Equity Investor gold Total Gold as % of 

deposits debt securities securities holdings total financial 

securities 

assets 

1980 5 2 2 3 0.3 12.3 2.4% 

1990 19 9 10 9 0.3 47.2 0.6% 

1995 25 13 14 17 0.3 69.4 0.4% 

2000 34 19 24 31 0.2 108.3 0.2% 

2001 36 18 27 27 0.2 108.2 0.2% 

2002 38 18 28 23 0.3 107.7 0.3% 

2003 40 21 31 32 0.3 124.0 0.2% 

2004 43 25 34 38 0.4 139.7 0.3% 

2005 46 27 37 43 0.4 153.5 0.3% 

2006 51 26 42 53 0.6 173.1 0.3% 

2007 56 28 48 65 0.8 197.6 0.4% 

2008 61 31 51 34 1.0 177.6 0.6% 

2009 63 34 50 49 1.1 197.5 0.6% 

2010e 63 39 50 55 1.5 208.1 0.7% 

Note: e - source estimates 




EDITORIALS 

PROLOGUE 



Economic parameters impacting gold prices 

2010 2009 2008 2007 2006 2001 

Real GDP (annual % change) 

US 2.8 -2.6 1.1 2 2.9 0.8 

Japan 4.3 -6.3 -0.3 1.9 2.8 0.7 

Eurozone 1.8 -4.1 1 2.3 2.6 1.9 

China 10.3 9.2 9 11.5 11.1 8.3 

India 9.7 5.7 7.3 8.9 9.7 3.9 

OECD 2.8 -3.4 1 2.6 3.2 2.4 

Consumer Price Inflation (annual % change) 

US 1.6 -0.3 1 2.5 2.7 2.8 

Japan -0.9 -1.4 0.5 1.4 0.3 -0.7 

Eurozone 1.5 0.3 1 3 2.2 2.4 

China 3.1 0.8 3 5.9 2 -0.1 

India 13.2 10.9 5 7 6.7 5.2 

OECD 1.5 0.1 1 3 2.2 2.8 

Industrial Output (annual % change) 

US 7 -2.9 -11.3 1.5 3 -3.7 

Japan 15.4 -21.3 -3.3 2.8 4.4 -6.3 

Eurozone 8.9 -3.7 -12.4 1.3 3.9 0.4 

China 15.7 11 12.9 17.4 15.4 9.9 

India 2.5 18 0.5 7.6 10.3 2.1 

OECD 7.9 -12.3 -2.1 3.3 3.8 -2.2 

Interest rates (%) 

US 0.1 0.1 0.1 4.3 6.3 1.3 

Japan 0.3 0.3 0.3 0.8 0.4 0.1 

Eurozone 1.8 1.8 3 5 4.5 4.3 

China 3.3 2.8 2.8 3.3 3.3 3.2 

India (repo rate ) 6.3 4.8 6.5 7.8 7.3 8.5 

Money Supply (annual % change) 

US 3.4 3.5 10 6.1 5.9 10.5 

Japan 2.3 3.1 1.8 2.1 0.7 3.3 

Eurozone 1.7 -0.4 7.6 11.6 10 8.0 

China 19.7 27.7 17.8 16.7 16.9 14.4 

India 19.1 17.7 19.9 22.8 19.3 13.6 

Equity Index (end of period) 

US (Dow Jones) 11578 10428 8776 13265 12463 10022 

India (Sensex) 20509 17464 9647 20287 13787 3262 

OECD indicators (annual % change) 

OECD total monetary aggr. & comp. broad money index 3.2 6.7 8.9 8.5 7.3 9.2 

OECD Total PPI Economic Activities Domestic Manufacturing 3.8 .4 6.8, 3.2 3.7 2.0 

OECD Total CPI OECD Groups Total Energy 7.8 -10.4 12.4 4 9.3 4.9 

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 




Gold trading activity 

Month MCX COMEX TOCOM (1 kg contracts) LBMA clearing 

(all contracts) (100 troy ounce contracts) turnover 

Daily averages 

(million ounces) 

Volume Open Interest Volume Open Interest Volume Open Interest 

Dec-10 2068046 88491 2969707 585114 880991 117566 18.0 

Nov-10 2684053 81085 5540000 600158 1226332 103431 18.1 

Oct-10 2646608 101048 3847886 608083 947927 108657 17.1 

Sep-10 2397666 95238 2714492 612454 789939 108422 16.8 

Aug-10 2347500 78693 2184922 577352 714124 106897 17.0 

Jul-10 2920976 93508 4097319 521667 935158 113163 17.6 

Jun-10 3411263 101565 2909817 605792 920633 121966 20.7 

May-10 3207824 75714 4824448 547525 1194348 105174 24.7 

Apr-10 2216211 69032 2921343 545340 1040449 107197 16.0 

Mar-10 2620427 93656 4385864 471055 898854 103746 16.5 

Feb-10 2664536 62115 3608104 467387 1154743 107035 18.0 

Jan-10 2396374 81022 4574545 478471 1161059 122411 19.8 

Dec-09 3044093 81331 4003863 489766 1578769 134163 20.6 

Nov-09 2240126 70458 4160583 526335 1159670 118060 21.5 

Oct-09 1887002 62297 3203369 481961 976061 99791 20.8 

Sep-09 1932644 54623 2823519 458691 811173 95578 20.6 

Aug-09 1302700 42316 1815640 382383 780660 89875 16.4 

Jul-09 1584550 43270 2758293 377992 753498 92374 17.7 

Jun-09 2117538 53326 2304989 379199 654211 99586 20.5 

May-09 2331799 50400 2766651 388632 498469 86322 21.9 

Apr-09 2710372 49341 1755835 329066 673734 76362 20.5 

Mar-09 4176328 52867 3384964 368618 1121167 90006 22.2 

Feb-09 3632601 64419 2292224 369553 1113024 76630 23.8 

Jan-09 3463904 90370 2824455 342626 805101 70479 18.8 

Dec-08 2994119 64129 1895603 306650 885274 72439 17.5 

Nov-08 2359220 51131 2638572 276092 786559 72074 18.3 

Oct-08 2871088 46060 3045145 305451 1225126 77819 24.0 

Sep-08 3174201 53205 3900044 336598 1013308 97273 24.8 

Aug-08 2413714 47655 3066120 384999 1115044 123825 23.3 

Jul-08 2608610 36732 4269942 430332 1201678 159550 21.5 

Jun-08 1758453 33433 2624030 428557 975924 175855 21.2 

May-08 1387762 22887 3282907 408860 825875 168656 22.1 

Apr-08 1224388 18626 2765541 431914 1152382 166773 21.1 

Mar-08 1508535 16330 3901752 405841 1441948 174243 25.7 

Feb-08 1669117 23009 2617556 493265 1671064 190515 22.9 

Jan-08 2032012 24137 4041693 498384 1958020 174809 24.3 

Dec-07 1070345 24216 1843919 541854 952206 177089 24.0 

Nov-07 1325455 16986 3837100 482278 2032490 195150 25.2 

Oct-07 1087049 19712 2645459 522284 2073433 173403 20.9 

Sep-07 792352 19352 2002773 436927 1426741 168213 21.5 

Aug-07 613491 16492 1753206 326255 1773281 201593 18.2 

Jul-07 724076 18187 2292306 351185 1395749 250607 17.5 

Jun-07 728887 26231 2301038 377361 1231713 247089 21.8 

May-07 793654 26378 3638335 364922 1014258 238085 19.5 

Apr-07 616063 21465 2570650 393709 1261194 216540 20.2 

Mar-07 948569 18024 3754756 341951 1607801 245403 20.6 

Feb-07 863504 21790 2604913 417316 1366050 285114 16.0 

Jan-07 803260 20534 3161609 351381 1218539 243325 17.1 

Dec-06 677338 33236 1302013 344915 973138 242743 19.9 

Nov-06 1012448 29009 1419569 349490 1248361 281686 19.3 

Oct-06 1158019 49129 953870 323481 1408481 245516 21.6 

Sep-06 1209212 36336 994310 326828 1729659 265587 20.5 

Aug-06 1004003 30383 897015 310762 1886384 318336 19.5 

Jul-06 1232612 13190 1527276 273099 2548380 135735 23.2 

Jun-06 964206 12903 1287299 292295 2508986 318328 25.8 

May-06 1121467 12953 2366489 292481 2488947 377593 24.5 

Apr-06 890491 16342 1508344 355700 2086257 332773 26.1 

Note: Vol and OI in lots (unless specified); aggregate volume in all contracts during the month; cumulative OI in all contracts at the month-end. 

Source: Exchanges' websites, LBMA 



EDITORIALS 

PROLOGUE 



Gold prices 

Month MCX futures prices (Rs/10gms) Spot prices (Rs/10gms) COMEX futures prices (US$/troy ounce) 

(1 kg contract) (Monthly average) (100 troy ounce contract) 

Open High Low Close Mumbai Ahmd Delhi Kolkata Open High Low 

Dec-10 20492 20924 20371 20728 20504 20503 - - 1386.8 1431.1 1362.5 

Nov-10 19840 20624 19310 20538 20134 20073 - - 1359.7 1424.3 1325.5 

Oct-10 19120 20028 18925 19807 19485 19478 - - 1309.0 1383.9 1309.0 

Sep-10 19107 19257 18803 19035 19087 19102 - - 1249.0 1315.2 1236.5 

Aug-10 17755 19147 17505 19134 18492 18479 - - 1181.8 1250.5 1174.7 

Jul-10 18865 18875 17660 17770 18279 18253 - - 1243.0 1244.8 1155.6 

Jun-10 18440 19198 18226 18852 18735 18710 - - 1215.5 1264.8 1196.9 

May-10 17139 18648 17102 18385 18080 18032 - - 1181.0 1249.7 1156.2 

Apr-10 16280 17140 16262 17125 16682 16479 - - 1112.9 1182.5 1111.3 

Mar-10 16812 17095 16211 16295 16564 16592 - - 1119.7 1145.8 1084.8 

Feb-10 16185 16889 15950 16789 16531 16520 - - 1081.0 1127.4 1045.2 

Jan-10 16683 17104 16167 16200 16704 16686 - - 1099.0 1163.0 1073.2 

Dec-09 17668 18294 16447 16686 17147 17128 - - 1181.0 1226.4 1075.0 

Nov-09 15985 18047 15985 17614 17137 16990 - - 1043.4 1195.0 1042.2 

Oct-09 15701 16066 15530 15957 15859 15842 - - 1007.4 1070.2 986.8 

Sep-09 15102 16009 15068 15703 15726 15792 - - 951.4 1024.7 946.4 

Aug-09 14803 15156 14690 15125 14962 14933 - - 952.6 971.1 931.5 

Jul-09 14454 14993 14408 14802 14722 14681 - - 926.1 960.0 904.8 

Jun-09 14885 14970 14381 14451 14639 14621 - - 978.8 990.3 917.3 

May-09 14245 14940 14121 14923 14603 14610 - - 888.9 980.4 880.5 

Apr-09 15115 15244 13931 14503 14477 14412 - - 918.6 932.5 865.0 

Mar-09 15525 15968 14640 15132 15244 15265 - - 940.3 967.8 882.7 

Feb-09 14370 16040 13890 15504 14779 14857 - - 929.0 1004.9 889.8 

Jan-09 13699 14490 12731 14452 13492 13490 - - 883.0 930.3 801.5 

Dec-08 13060 13790 11736 13630 12905 12859 12843 12868 817.2 886.0 740.0 

Nov-08 11671 13240 11450 13125 12159 12130 12170 12242 719.0 833.5 698.2 

Oct-08 13351 14320 11290 11630 12757 12649 12672 12648 878.0 925.7 681.0 

Sep-08 11900 13576 11170 13192 12221 12193 12197 12247 817.6 922.0 736.4 

Aug-08 12610 12733 11126 11895 11863 11804 11816 11821 904.9 916.1 780.9 

Jul-08 12880 13764 12284 12618 13028 13004 13006 13014 928.0 989.6 893.3 

Jun-08 12102 12996 11923 12879 12356 12329 12324 12324 887.3 937.7 858.2 

May-08 11399 12999 11155 12199 12139 12107 12102 12117 879.0 935.4 846.4 

Apr-08 11880 12287 11345 11370 11834 11827 11826 11847 915.0 948.7 864.1 

Mar-08 12420 13397 11831 11920 12636 12615 12636 12648 975.6 1033.9 904.7 

Feb-08 11700 12425 11321 12396 11889 11855 11869 11866 923.1 978.5 884.7 

Jan-08 10609 11800 10582 11707 11284 11251 11245 11277 837.5 936.3 837.5 

Dec-07 10086 10720 9938 10598 10293 10277 10263 10288 783.9 847.4 776.5 

Nov-07 10092 10685 9882 10033 10358 10304 10249 10313 799.4 848.0 773.4 

Oct-07 9540 10126 9200 10083 9695 9670 9645 9667 745.1 800.8 724.3 

Sep-07 8934 9544 8927 9530 9322 9287 9272 9298 675.5 745.7 674.1 

Aug-07 8701 8960 8650 8935 8828 8815 8798 8814 663.2 677.9 642.9 

Jul-07 8656 8964 8542 8708 8749 8732 8725 8736 651.6 688.4 646.7 

Jun-07 8714 8994 8595 8662 8707 8687 8690 8702 661.5 673.7 640.0 

May-07 9192 9246 8594 8694 8883 8868 8867 8876 681.2 693.3 651.5 

Apr-07 9261 9598 9052 9203 9331 9306 9300 9315 665.5 692.5 656.1 

Mar-07 9648 9703 9196 9339 9366 9343 9380 9353 672.8 680.2 634.5 

Feb-07 9251 9898 9171 9628 9541 9491 9507 9505 652.9 692.5 642.5 

Jan-07 9251 9326 8775 9242 9072 9069 9094 9063 639.2 655.5 603.0 

Dec-06 9250 9420 9022 9265 9127 9151 9161 9132 645.7 649.5 612.0 

Nov-06 8904 9280 8904 9269 9141 9166 9175 9143 607.5 648.0 607.5 

Oct-06 8860 8980 8320 8894 8699 8707 8760 8714 598.9 613.2 560.5 

Sep-06 9568 9710 8671 8859 9016 9028 9073 9029 628.0 642.5 571.0 

Aug-06 9625 9987 9328 9554 9539 9559 9552 9550 635.4 656.0 609.0 

Jul-06 9223 10179 9214 9560 9570 9550 9565 9556 617.0 677.5 602.5 

Jun-06 9500 9700 8315 9220 8958 8957 8960 8948 642.8 645.1 555.0 

May-06 9630 10763 9382 9526 9928 9933 9828 9939 654.1 732.0 636.0 

Apr-06 8410 9771 8350 9609 8963 8936 8958 8587 582.0 658.2 582.0 

Note: Future prices are for near month continuous futures contract 

Source: Exchanges' websites, RBI, LBMA, ICE 




US spot prices LBMA (monthly average) RBI Rate Dollar Gold-Silver 

US$/troy ounce US$/troy ounce Euro/troy ounce GBP/troy ounce USD/INR index Ratio 

Close (Monthly average) AM fixing PM fixing AM fixing PM fixing AM fixing PM fixing Monthly average 

1421.4 1392.6 1393.5 1391.9 1053.2 1044.8 892.2 899.0 45.16 80.30 47.48 

1385.0 1371.8 1371.8 1369.9 1003.2 1003.8 858.8 857.9 45.02 78.45 51.46 

1357.6 1344.8 1343.2 1342.0 966.2 965.5 847.1 846.2 44.41 77.72 57.25 

1307.8 1272.3 1271.5 1271.0 972.8 971.9 816.6 816.7 46.06 81.35 61.79 

1249.0 1217.9 1213.5 1215.8 939.5 941.4 774.7 776.3 46.57 82.22 66.01 

1181.7 1193.0 1196.0 1193.0 937.2 933.5 782.8 780.3 46.84 83.43 66.61 

1245.9 1234.0 1232.4 1232.9 1008.9 1009.3 835.8 835.4 46.56 86.77 66.85 

1212.2 1206.6 1204.3 1205.4 959.9 962.2 823.2 823.9 45.80 85.48 65.43 

1180.7 1149.5 1148.5 1148.7 856.0 857.0 749.1 749.6 44.50 81.35 63.33 

1113.3 1114.6 1115.6 1113.3 821.7 820.4 741.0 739.6 45.50 80.81 65.14 

1118.9 1097.8 1095.8 1095.4 800.2 801.1 701.5 701.8 46.33 80.27 69.18 

1083.0 1117.1 1119.6 1118.0 783.6 783.4 691.8 691.6 45.96 77.98 63.01 

1096.2 1126.7 1135.0 1134.7 775.3 775.7 698.0 697.7 46.63 77.00 64.05 

1181.1 1131.7 1126.1 1127.0 754.8 754.1 678.2 679.2 46.59 75.40 63.05 

1040.4 1045.0 1043.5 1043.2 703.9 703.9 644.8 644.3 46.72 76.17 60.65 

1008.0 998.0 996.4 996.6 684.3 684.5 610.5 610.7 48.39 77.19 60.56 

952.2 949.7 949.5 949.4 665.7 665.9 573.6 573.9 48.36 78.53 65.95 

953.7 935.1 934.3 934.2 663.3 663.4 571.2 571.0 48.47 79.71 69.78 

927.4 945.6 947.8 945.7 676.3 675.1 579.5 578.5 47.78 80.26 64.63 

978.8 930.4 926.9 928.6 679.9 680.1 601.8 602.4 48.61 82.11 65.75 

891.2 890.8 892.7 890.2 676.7 674.8 608.0 605.4 50.08 85.55 71.21 

922.6 927.2 926.3 924.6 710.1 708.5 652.5 652.0 51.23 86.71 70.44 

942.5 941.8 939.8 943.2 734.5 737.7 652.3 655.0 49.22 86.84 70.06 

927.3 862.7 857.7 858.7 647.0 648.5 594.9 595.9 48.83 84.83 75.52 

884.3 826.0 819.9 816.1 608.9 607.6 551.6 547.6 48.64 83.65 79.41 

816.2 760.5 757.9 760.9 594.7 597.1 493.8 496.6 49.00 86.77 77.07 

718.2 805.0 815.3 806.6 609.4 605.9 480.0 476.2 48.64 83.53 77.69 

874.2 828.7 824.9 829.9 573.9 577.2 458.6 460.8 45.56 78.37 67.57 

831.2 836.8 840.4 839.0 560.4 560.2 444.0 444.0 42.94 76.21 57.70 

913.9 940.1 941.2 939.8 596.5 596.2 473.3 472.6 42.84 72.79 52.00 

928.3 890.6 889.5 889.5 571.9 571.8 453.0 452.5 42.82 73.41 52.33 

887.3 890.8 889.1 888.7 571.5 571.5 452.5 452.6 42.13 73.05 52.12 

865.1 910.5 911.6 909.7 578.1 577.5 460.3 459.2 40.02 72.38 51.99 

916.2 960.9 971.1 968.4 625.2 623.8 484.5 483.3 40.36 72.72 50.31 

975.0 925.6 924.3 922.3 626.6 625.6 470.6 469.7 39.73 75.77 52.43 

922.7 888.4 887.8 890.4 603.8 604.1 451.0 451.7 39.37 76.00 55.61 

838.0 807.1 803.6 803.2 551.9 551.2 397.7 397.0 39.44 76.79 56.18 

782.2 806.2 808.3 806.2 550.7 549.1 390.1 389.3 39.44 75.67 54.99 

795.3 756.9 754.5 754.6 530.2 530.2 369.2 369.1 39.51 77.78 55.20 

742.8 713.6 710.6 712.7 511.4 512.4 352.3 353.1 40.34 79.14 55.39 

675.8 665.9 664.5 665.4 488.0 488.5 330.9 331.0 40.82 80.87 54.09 

666.9 665.6 665.3 665.3 485.1 484.9 327.1 327.1 40.42 80.61 51.52 

650.9 655.4 655.7 655.5 488.9 488.5 330.2 330.0 40.77 82.21 49.98 

661.0 667.6 668.3 666.9 494.4 493.4 337.0 336.2 40.78 82.01 50.73 

683.5 679.8 680.0 679.4 503.2 502.6 341.7 341.3 42.15 81.95 49.46 

663.0 654.5 655.9 654.9 495.4 494.6 336.8 336.3 44.03 83.17 49.85 

672.5 665.2 665.1 664.7 508.8 508.3 340.0 339.6 44.16 84.28 47.73 

652.0 631.3 630.4 631.2 484.8 486.0 321.7 322.3 44.33 84.58 49.09 

638.0 628.5 629.5 629.8 476.3 476.5 320.5 320.7 44.63 83.07 47.55 

646.9 628.2 626.8 627.8 486.5 487.1 327.8 328.4 44.85 84.72 48.33 

606.8 587.0 586.6 585.8 465.1 464.4 312.9 312.4 45.47 86.11 50.56 

598.6 598.6 600.2 598.2 471.1 470.1 318.2 317.4 46.12 85.25 51.55 

628.2 630.6 631.6 632.6 492.8 493.2 333.7 333.7 46.54 84.91 51.48 

634.2 633.7 633.1 633.7 499.1 499.4 343.4 343.5 46.46 85.61 56.42 

616.0 596.3 597.9 596.1 471.8 470.8 324.1 323.3 46.06 85.37 55.34 

642.5 673.0 676.8 675.4 529.6 528.5 361.9 361.0 45.41 84.69 50.06 

654.5 611.9 611.9 610.7 498.2 497.4 346.2 345.5 44.95 88.13 48.10 



EDITORIALS 

PROLOGUE 



Gold Mine Production (2010) Gold Consumption (2010) 

China 

14% 

India 

31% 

Australia 

10% 

USA 

9% 

Others 

52% 

China 

19% 

Others 

35% 

Russia 

8% 

South 

Africa 

7% 

USA 

8% 

Turkey 

4% 

Saudi 

Arabia 

3% 

Source: USGS 

Source: WGC 

OSD/OZ 

2000 

1800 

1600 

1400 

1200 

1000 

800 

600 

400 

200 

Gold Value and Inflation 

Gold price (March ‘11 dollers) Gold price (nominal) CPI YOY (US) (RHS) 

16 

14 

12 

10 

8 

6 

4 

2 

0 

-2 

0 

Jan-65 

Jul-66 

Jan-68 

Jul-69 

Jan-71 

Jul-72 

Jan-74 

Jul-77 

Jul-78 

Jul-80 

Jul-81 

Jan-83 

Jul-84 

Jan-86 

Jul-87 

Jan-89 

Jul-90 

Jan-92 

Jul-93 

Jan-95 

Jul-96 

Jan-98 

Jul-99 

Jan-01 

Jul-02 

Jan-04 

Jul-05 

Jan-07 

Jul-08 

Jan-10 

-4 

Source: Comex, Bureau of Labour Statistics 




Platinum fundamentals ('000 ounce) 

2010 2009 2008 2007 2006 2001 

World 

Mine production 6,186 6,048 6,155 6,583 6,994 5,860 

Auto catalyst recycling 898 780 998 921 841 690 

Old jewellery scrap 603 463 906 543 - 50 

Total supply 7,687 7,291 8,059 8,047 7,835 6,600 

Autocatalyst 3006 2588 3616 4,139 4,092 2,520 

Jewellery 1894 2292 1635 1,872 1,709 2,590 

Retail investment 76 305 452 -7 0 90 

Industrial and others 1750 1230 1778 1,957 1,844 1,030 

Total Demand 6726 6415 7481 7961 7645 6230 

Gross surplus deficit 961 876 578 86 190 370 

Industry de-stocking - 665 -300 - - - 

Exchange traded funds# -550 -384 -102 -194 - - 

Residual surplus deficit 411 1157 176 108 190 -95 

India 

India platinum imports 

(in jewellery & other forms) - kgs^ 1580 1340 50310 1600 450 470 

India platinum exports 670 

(in jewellery & other forms) - kgs^ 14590 290 44570 230 160 

Inventory levels - year-end 

NYMEX (PL 50 troy ounces contracts) 2162 2790 1562 969 638 246 

Average daily volatility (MCX spot prices) 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 

Platinum mine production by region (000 ounce) 

Region 2010 2009 2008 2007 2006 2001 

South Africa 4635 4635 4515 5070 5295 4100 

Russia 825 785 805 915 920 1300 

North America 210 260 325 325 345 360 

Zimbabwe 280 230 180 170 165 15 

Others 236 138 330 103 269 85 

Source: Platinum Today, Johnson Matthey Plc 

Platinum demand by region (000 ounce) 

Region 2010 2009 2008 2007 2006 2001 

Europe 2110 1830 2610 2800 2590 1510 

Japan 1155 1050 1735 1315 1375 1310 

North America 1505 860 1145 1525 1440 1295 

Others 1956 2675 1991 2321 2240 2115 

Source: Platinum Today, Johnson Matthey Plc 



EDITORIALS 

PROLOGUE 



Economic parameters impacting platinum prices 

2010 2009 2008 2007 2006 2001 


US 2.8 -2.6 1.1 2 2.9 0.8 

Japan 4.3 -6.3 -0.3 1.9 2.8 0.7 

Eurozone 1.8 -4.1 1 2.3 2.6 1.9 

China 10.3 9.2 9 11.5 11.1 8.3 

India 9.7 5.7 7.3 8.9 9.7 3.9 

OECD 2.8 -3.4 1 2.6 3.2 2.4 


US 1.6 -0.3 1 2.5 2.7 2.8 

Japan -0.9 -1.4 0.5 1.4 0.3 -0.7 

Eurozone 1.5 0.3 1 3 2.2 2.4 

China 3.1 0.8 3 5.9 2 -0.1 

India 13.2 10.9 5 7 6.7 5.2 

OECD 1.5 0.1 1 3 2.2 2.8 


US 7 -2.9 -11.3 1.5 3 -3.7 

Japan 15.4 -21.3 -3.3 2.8 4.4 -6.3 

Eurozone 8.9 -3.7 -12.4 1.3 3.9 0.4 

China 15.7 11 12.9 17.4 15.4 9.9 

India 2.5 18 0.5 7.6 10.3 2.1 

OECD 7.9 -12.3 -2.1 3.3 3.8 -2.2 


US 0.1 0.1 0.1 4.3 6.3 1.3 

Japan 0.3 0.3 0.3 0.8 0.4 0.1 

Eurozone 1.8 1.8 3 5 4.5 4.3 

China 3.3 2.8 2.8 3.3 3.3 3.2 



US 3.4 3.5 10 6.1 5.9 10.5 

Japan 2.3 3.1 1.8 2.1 0.7 3.3 

Eurozone 1.7 -0.4 7.6 11.6 10 8.0 

China 19.7 27.7 17.8 16.7 16.9 14.4 

India 19.1 17.7 19.9 22.8 19.3 13.6 


US (Dow Jones) 11578 10428 8776 13265 12463 10022 

India (Sensex) 20509 17464 9647 20287 13787 3262 


OECD total monetary aggr. & comp. 

broad money index 3.2 6.7 8.9 8.5 7.3 9.2 

OECD Total PPI Economic Activities 

Domestic Manufacturing 3.8 -4 6.8 3.2 3.7 2.0 


OECD Total Registration of Passenger Cars 0.5 -5.4 -7.9 -0.6 0.1 -0.8 

US ISM Manufacturing Index 58.5 56.4 33.3 49 52 45.3 

US auto sales (YoY % change) 11.1 15.1 -35.6 -2.9 -3.6 5.6 

US pending home sales (YoY % change) -3.3 9.2 5.7 -23.9 -6.3 - 






Platinum trading activity 

Month MCX NYMEX TOCOM 


Dec-10 1 - 185858 39093 244815 57417 

Nov-10 - - 153078 34501 302319 55437 

Oct-10 - - 99204 37867 257652 51520 

Sep-10 - - 187787 37808 269214 50133 

Aug-10 - - 74099 31010 312438 52675 

Jul-10 - - 71028 30260 321764 51535 

Jun-10 - - 144397 29406 369404 55222 

May-10 - - 133665 30165 488127 50858 

Apr-10 3 - 91226 37396 417984 43390 

Mar-10 96 1 176594 37977 373091 46470 

Feb-10 34 5 83630 34848 298474 44143 

Jan-10 22 6 85448 34509 422713 46192 

Dec-09 183 8 134504 32553 287885 42414 

Nov-09 289 59 63896 35475 268700 41585 

Oct-09 203 93 55226 30905 235829 38330 

Sep-09 138 64 134463 28652 243182 33641 

Aug-09 2441 192 48652 26890 290930 34767 

Jul-09 6503 251 46061 22268 279836 34704 

Jun-09 2154 49 104427 22996 373005 34023 

May-09 0 0 34962 22909 238961 37592 

Apr-09 0 0 30849 19835 465844 29624 

Mar-09 26 0 82949 20101 262139 35780 

Feb-09 8 2 35199 20440 207474 31494 

Jan-09 7 1 31090 18740 220137 33337 

Dec-08 6 7 69079 18217 288120 33863 

Nov-08 7 9 30011 17259 308803 34982 

Oct-08 16 7 38107 15319 456834 36321 

Sep-08 165 2 74165 14679 501954 43544 

Aug-08 276 80 47539 12524 528655 49169 

Jul-08 1320 75 43127 13284 644464 68862 

Jun-08 2000 136 66398 15094 604867 71714 

May-08 - - 53981 15760 570518 57714 

Apr-08 - - 41288 13668 576917 49411 

Mar-08 - - 84901 11864 463326 47325 

Feb-08 - - 71981 15277 986211 59916 

Jan-08 - - 54231 17684 780278 75212 

Dec-07 - - 66352 17562 581378 92721 

Nov-07 - - 36150 13203 799157 87854 

Oct-07 - - 34100 15661 947797 88887 

Sep-07 - - 58091 14595 552946 88963 

Aug-07 - - 35975 10452 924492 86329 

Jul-07 - - 35379 14773 677618 111907 

Jun-07 - - 66968 14472 906282 108704 

May-07 - - 35525 14319 845439 117695 

Apr-07 - - 26458 14399 754154 98070 

Mar-07 - - 59099 11566 737964 77781 

Feb-07 - - 25793 12527 568139 100684 

Jan-07 - - 20534 10091 537290 91819 

Dec-06 - - 34671 7978 706853 92344 

Nov-06 - - 45793 8394 969449 97786 

Oct-06 - - 21182 7648 814415 81563 

Sep-06 - - 44000 7832 997755 80238 

Aug-06 - - 21428 9740 790231 97528 

Jul-06 - - 16194 8682 969332 50503 

Jun-06 - - 45985 7383 938725 94845 

May-06 - - 34684 9500 1123087 109669 

Apr-06 - - 17215 9849 949161 127200 

Note: Vol and OI in lots (unless specified); aggregate volume in all contracts during the month; cumulative OI in all contracts at the month-end. 

Source: Exchanges’ websites 



EDITORIALS 

PROLOGUE 



Platinum prices 

MCX futures prices MCX spot prices NYMEX futures prices US spot 

Month (Rs/gm) Mumbai (Rs/gm) (USD/oz) prices (USD/oz) 

Open High Low Close Monthly average Open High Low Close Monthly average 

Dec-10 2451 2475 2451 2475 2487 1664.2 1773.0 1658.4 1773.3 1716.0 

Nov-10 2361 2553 2361 2451 2452 1709.6 1811.8 1628.0 1666.4 1693.7 

Oct-10 2361 2361 2361 2361 2416 1658.6 1713.6 1658.6 1707.1 1691.9 

Sep-10 2343 2361 2343 2361 2361 1524.1 1659.9 1518.8 1652.0 1597.4 

Aug-10 2343 2343 2343 2343 2309 1576.8 1607.5 1491.1 1523.5 1540.9 

Jul-10 2343 2343 2343 2343 2303 1516.0 1579.0 1493.3 1576.8 1526.1 

Jun-10 2442 2442 2343 2343 2329 1542.5 1609.3 1492.4 1530.9 1554.5 

May-10 2442 2442 2442 2442 2401 1744.6 1753.4 1446.2 1549.4 1625.9 

Apr-10 2384 2524 2384 2442 2462 1649.1 1755.0 1648.5 1745.1 1715.2 

Mar-10 2341 2530 2310 2384 2343 1540.0 1646.6 1540.0 1639.8 1602.8 

Feb-10 2214 2356 2170 2341 2270 1505.0 1594.0 1452.0 1539.9 1524.5 

Jan-10 2200 2355 2172 2214 2295 1477.2 1635.5 1477.2 1506.0 1562.1 

Dec-09 2229 2236 2105 2200 2166 1458.2 1514.8 1382.0 1460.0 1445.9 

Nov-09 2036 2240 2005 2146 2103 1325.1 1487.9 1323.0 1460.2 1407.1 

Oct-09 1975 2069 1946 1964 2014 1298.5 1368.4 1270.3 1326.3 1334.1 

Sep-09 1971 2088 1933 2000 2033 1241.0 1356.3 1205.3 1295.6 1292.9 

Aug-09 1880 2017 1876 1963 1940 1215.9 1296.3 1208.5 1244.0 1247.8 

Jul-09 1846 1939 1751 1885 1817 1173.1 1218.1 1090.0 1214.2 1166.4 

Jun-09 1793 1975 1793 1850 1883 1197.2 1301.9 1155.6 1176.7 1220.3 

May-09 1793 1793 1793 1793 1778 1105.5 1204.0 1075.0 1196.0 1137.0 

Apr-09 1870 1945 1867 1867 1901 1129.4 1242.3 1078.1 1106.6 1170.3 

Mar-09 1642 1879 1642 1870 1787 1078.8 1167.4 1030.5 1120.8 1084.0 

Feb-09 1506 1780 1506 1709 1654 996.0 1119.9 956.7 1085.3 1040.9 

Jan-09 1430 1572 1379 1506 1509 932.4 996.5 914.0 991.3 955.6 

Dec-08 1321 1375 1270 1375 1319 881.9 943.3 783.0 936.2 846.9 

Nov-08 1366 1376 1211 1376 1328 831.0 896.0 772.0 882.3 841.1 

Oct-08 1702 1702 1366 1366 1441 1003.0 1045.0 761.8 831.6 914.1 

Sep-08 2120 2120 1640 1640 1802 1490.0 1499.8 995.2 1015.1 1219.5 

Aug-08 2342 2379 1863 2115 2071 1754.1 1759.0 1307.0 1489.8 1485.8 

Jul-08 2881 2940 2280 2436 2644 2084.1 2089.6 1726.0 1761.9 1900.3 

Jun-08 2845 2900 2770 2885 2824 2013.5 2125.0 1966.1 2069.5 2037.9 

May-08 - - - - - 1930.0 2234.9 1835.0 2013.8 2059.9 

Apr-08 - - - - - 1948.0 2055.0 1880.0 1935.2 1991.4 

Mar-08 - - - - - 2164.0 2308.8 1802.2 2024.4 2030.2 

Feb-08 - - - - - 1731.2 2214.5 1722.0 2180.7 2013.7 

Jan-08 - - - - - 1529.9 1746.1 1523.6 1737.4 1592.2 

Dec-07 - - - - - 1436.7 1551.5 1436.1 1528.4 1496.2 

Nov-07 - - - - - 1454.9 1498.8 1384.1 1444.1 1448.5 

Oct-07 - - - - - 1407.5 1473.3 1355.0 1447.6 1412.9 

Sep-07 - - - - - 1271.5 1395.5 1269.8 1395.2 1311.3 

Aug-07 - - - - - 1301.9 1308.9 1226.5 1271.6 1263.6 

Jul-07 - - - - - 1282.9 1350.0 1271.0 1302.6 1304.0 

Jun-07 - - - - - 1287.4 1320.0 1264.0 1279.0 1286.7 

May-07 - - - - - 1298.0 1353.8 1255.1 1285.8 1302.8 

Apr-07 - - - - - 1242.0 1348.0 1245.5 1298.4 1276.9 

Mar-07 - - - - - 1255.0 1264.0 1164.0 1248.3 1217.7 

Feb-07 - - - - - 1187.0 1269.9 1156.1 1256.4 1205.3 

Jan-07 - - - - - 1135.0 1188.0 1119.0 1182.3 1148.5 

Dec-06 - - - - - 1186.5 1186.5 1096.0 1139.3 1121.5 

Nov-06 - - - - - 1085.2 1289.0 1085.0 1176.7 1182.2 

Oct-06 - - - - - 1159.5 1159.5 1070.0 1086.5 1082.6 

Sep-06 - - - - - 1253.0 1287.9 1124.0 1141.2 1183.6 

Aug-06 - - - - - 1241.6 1268.0 1216.0 1251.2 1233.6 

Jul-06 - - - - - 1245.0 1275.0 1203.0 1241.6 1229.9 

Jun-06 - - - - - 1252.0 1263.5 1095.0 1246.7 1188.0 

May-06 - - - - - 1163.7 1347.0 1163.0 1246.8 1259.5 

Apr-06 - - - - - 1070.8 1163.8 1065.0 1163.3 1102.0 

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 




TOCOM LPPM (monthly average) RBI Rate Dollar 

(JPY/gm) US$/troy ounce Euro/troy ounce GBP/troy ounce USD/INR index 

Open High Low Close AM fixing PM fixing AM fixing PM fixing AM fixing PM fixing Monthly average 

4473 4690 4473 4626 1711.8 1707.7 1095.9 1093.4 1293.7 1290.5 45.16 80.30 

4464 4696 4383 4464 1696.3 1692.8 1061.7 1059.3 1239.9 1238.6 45.02 78.45 

4463 4578 4355 4399 1688.5 1688.7 1065.1 1064.6 1215.0 1215.1 44.41 77.72 

4117 4500 4113 4410 1591.4 1591.8 1022.6 1022.6 1218.0 1217.2 46.06 81.35 

4398 4456 4048 4102 1541.1 1541.1 983.6 983.3 1192.6 1192.9 46.57 82.22 

4389 4417 4199 4352 1526.8 1525.6 999.2 998.0 1195.3 1194.0 46.84 83.43 

4598 4718 4346 4346 1552.5 1553.2 1052.8 1052.7 1271.2 1271.7 46.56 86.77 

5279 5280 4214 4615 1630.2 1622.6 1112.5 1108.2 1297.4 1294.1 45.80 85.48 

4953 5373 4936 5265 1717.5 1715.6 1119.4 1119.1 1279.6 1279.6 44.50 81.35 

4429 4935 4423 4930 1600.0 1599.4 1062.6 1062.3 1178.5 1178.6 45.50 80.81 

4437 4605 4220 4430 1521.0 1520.4 972.9 973.7 1110.4 1111.4 46.33 80.27 

4395 4835 4338 4373 1563.8 1562.8 966.2 966.6 1094.5 1094.6 45.96 77.98 

4023 4395 3970 4365 1448.1 1442.3 890.9 887.1 990.0 985.7 46.63 77.00 

3875 4197 3827 4039 1402.2 1400.6 844.2 844.0 939.5 938.9 46.59 75.40 

3756 4188 3650 3890 1333.4 1332.8 824.2 823.0 899.6 899.6 46.72 76.17 

3709 3950 3607 3694 1289.7 1288.7 789.8 789.3 885.5 885.0 48.39 77.19 

3662 3950 3662 3729 1244.7 1244.6 751.9 751.8 872.7 872.4 48.36 78.53 

3657 3739 3211 3659 1161.3 1162.3 710.0 710.0 824.6 824.8 48.47 79.71 

3628 4020 3550 3706 1221.0 1217.9 746.3 744.2 871.1 868.8 47.78 80.26 

3500 3720 3373 3640 1133.7 1130.4 736.5 733.7 832.1 828.5 48.61 82.11 

3584 4010 3377 3493 1165.1 1162.5 792.8 790.9 882.8 881.6 50.08 85.55 

3341 3653 3233 3578 1082.3 1081.2 762.2 761.8 829.6 828.0 51.23 86.71 

2859 3321 2736 3306 1038.1 1035.7 720.9 718.7 811.4 809.7 49.22 86.84 

2848 3028 2624 2799 952.9 949.8 660.7 657.4 718.4 716.1 48.83 84.83 

2749 2749 2374 2646 844.9 834.8 567.6 560.6 627.2 622.9 48.64 83.65 

2612 2854 2325 2691 842.3 840.3 548.8 547.5 661.2 659.1 49.00 86.77 

3485 3586 2306 2458 914.3 912.6 539.7 538.2 685.1 684.4 48.64 83.53 

5165 5165 3485 3485 1225.4 1223.0 681.5 680.3 852.3 849.9 45.56 78.37 

6114 6114 4622 5134 1491.9 1488.5 787.8 786.8 994.3 992.9 42.94 76.21 

7059 7123 5939 6099 1916.0 1904.4 963.8 957.8 1214.5 1207.7 42.84 72.79 

6829 7270 6717 7027 2040.6 2038.2 1038.9 1037.2 1311.4 1310.3 42.82 73.41 

6438 7395 6168 6675 2054.5 2054.7 1045.9 1046.2 1320.5 1321.6 42.13 73.05 

6351 6807 6228 6415 1989.8 1988.4 1004.9 1004.1 1262.3 1263.7 40.02 72.38 

7143 7584 5892 6499 2058.3 2046.5 1027.5 1021.0 1326.3 1318.2 40.36 72.72 

5870 7575 5867 7209 1995.1 1999.7 1016.1 1018.5 1352.2 1356.0 39.73 75.77 

5442 5896 5144 5752 1582.1 1585.8 803.6 804.9 1076.0 1077.2 39.37 76.00 

5105 5584 5105 5534 1487.4 1484.9 736.1 733.5 1021.5 1018.7 39.44 76.79 

5379 5441 4916 5116 1448.8 1448.7 699.2 699.4 987.0 986.6 39.44 75.67 

5100 5386 5003 5312 1409.5 1410.7 689.6 690.0 989.2 991.5 39.51 77.78 

4739 5066 4705 5048 1307.0 1307.7 647.8 648.0 940.5 940.6 40.34 79.14 

4932 4932 4442 4733 1264.2 1264.7 629.3 629.1 928.4 928.3 40.82 80.87 

5039 5200 4875 4934 1304.2 1303.1 641.2 640.7 950.9 949.9 40.42 80.61 

5005 5161 4980 5038 1287.2 1286.2 648.3 647.5 959.7 958.3 40.77 82.21 

4962 5151 4934 4962 1303.3 1301.3 657.0 656.0 964.1 962.6 40.78 82.01 

4709 5082 4650 4954 1278.3 1278.4 642.5 642.4 945.9 945.3 42.15 81.95 

4749 4759 4351 4709 1219.2 1218.8 626.2 626.1 920.9 920.5 44.03 83.17 

4555 4837 4516 4663 1205.4 1204.6 616.1 615.4 922.0 921.2 44.16 84.28 

4282 4604 4237 4544 1147.3 1148.4 585.6 586.4 882.4 884.1 44.33 84.58 

4415 4418 4063 4282 1121.3 1121.5 570.8 570.9 848.5 848.2 44.63 83.07 

4069 4852 4069 4376 1182.7 1183.0 618.7 619.1 918.0 918.5 44.85 84.72 

4349 4396 4052 4069 1085.0 1082.5 578.8 577.4 860.1 858.4 45.47 86.11 

4685 4760 4230 4355 1185.7 1183.6 628.6 627.9 930.7 930.6 46.12 85.25 

4510 4660 4486 4644 1233.5 1234.0 651.7 651.3 962.4 962.5 46.54 84.91 

4536 4659 4451 4500 1229.1 1228.8 666.6 666.1 968.9 968.4 46.46 85.61 

4521 4563 4062 4488 1189.3 1188.6 644.7 644.8 938.6 939.1 46.06 85.37 

4236 4695 4212 4596 1263.9 1264.9 675.8 676.0 988.8 989.9 45.41 84.69 

4006 4281 4002 4198 1101.8 1101.4 623.7 623.3 897.4 897.6 44.95 88.13 



EDITORIALS 

PROLOGUE 



Platinum Mine Production (2010e) Platinum Jewellery Demand (2010) 

South 

Africa 

75% 

China 

72% 

Russia 

13% 

North 

America 

11% 

Zimbabwe 

5% 

Canada 

3% 

Others 

2% 

USA 

2% 

Others 

5% 

Europe 

10% 

Japan 

2% 

Source: USGS; e estimates 

Source: Platinum 2011, Johnson Matthey PLC 

Platinum, Palladium, Gold & Silver Prices in USD/troy oz 

2500 

Platinum 

Palladium 

40 

Gold 

Silver (RHS) 

35 

2000 

30 

1500 

25 

20 

1000 

15 

500 

10 

5 

0 

0 

Nov-93 

Jul-94 

May-95 

Jan-96 

Oct-96 

Jul-97 

Apr-98 

Jan-99 

Oct-99 

Aug-00 

May-01 

Mar-02 

Jan-03 

Oct-03 

Jul-04 

Apr-05 

Jan-06 

Oct-06 

Jul-07 

Mar-08 

Dec-08 

Sep-09 

Jun-10 

Mar-11 

Source: COMEX (CME) 




Silver fundamentals (tonnes) 

2010 2009 2008 2007 2006 2001 

World 

Global supply 30693 29433 28307 27847 27611 25247 

Mine supply 20746 20292 19567 19253 18451 17384 

Secondary supply (scraps etc.) 9885 9110 8647 8190 8196 6619 

Others 62 31 93 404 964 1244 

Global demand 28220 27100 28186 27751 27387 27219 

Fabrication demand 26276 25020 26494 26842 26537 26482 

Jewellery and Silverware 8734 8606 8675 8855 8053 9116 

Photography 3216 3515 3953 4846 5216 7704 

Electronics and Batteries 6855 6535 6504 6127 5882 4208 

Others 7471 6364 7362 7014 7387 5452 

Coinage and others 1944 2081 1692 908 849 737 

Surplus/Deficit 2473 2333 121 96 224 -1972 

India 

Total supply 2924 2732 4790 3384 2908 4958 


Secondary supply (including scraps) 927 1002 544 501 700 300 

Imports 1866 1600 4150 2500 1300 4562 

Government disposals & others 0 0 0 249 800 5 

Fabrication demand 3739 3639 3897 3760 3260 4345 

Industrial use 2753 2644 2750 2662 2258 1844 

Electroplating 1512 1462 1490 1499 1201 299 

Electrical/Electronics 647 622 600 600 501 149 

Brazing alloys 498 473 467 299 249 50 

others 96 87 193 264 308 1347 

Jewellery and silverware 986 995 1148 1098 1002 2501 

Jewellery 258 261 299 299 401 998 

Silverware 728 734 849 799 600 1502 

ETF Physical Silver Holdings 

World 18409 14593 10631 7091 4782 615 

SLV (i-Shares ) Trust 10922 9493 5059 3642 3768 - 

COMEX silver inventories 3261 3498 3972 4125 3455 3251 


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 998.7 951.0 910.1 895.3 887.7 800.9 

Futures and Options exchanges' trading volume 92894.9 60462.1 69661.2 58725.8 52458.4 15911.0 

London Bullion Market Association clearing volume 22515.2 24454.4 31517.8 28951.3 36784.7 26552.5 

Total 116408.8 85867.5 102089.2 88572.4 90130.8 43275.2 

Average price ($/troy ounce) 20.3 14.7 15.0 13.5 11.6 4.4 

Dollar value ($billion) 2364.0 1260.0 1528.0 1192.0 1046.0 189.0 

Source: CPM Group, LBMA 

Top 5 silver producing countries - mine production (tonnes) 

2010 2009 2008 2007 2006 2001 

Mexico 3999.4 3553.9 3236.3 3094.8 2987.7 2768.2 

Peru 3637.4 3922.7 3685.9 3493.9 3470.7 2581.6 

China 3193.6 3001.5 2799.3 2699.8 2600.3 1897.3 

Australia 1850.0 1633.0 1926.0 1881.8 1741.8 1968.9 

Russia 1451.8 1400.0 1297.0 1259.7 1306.3 404.3 

Source: CPM Silver Yearbook 2011 



EDITORIALS 

PROLOGUE 



Silver fabrication demand by country/region - top 5 (tonnes) 

2010 2009 2008 2007 2006 2001 

China 4768.2 4320.3 3788.4 34804.8 3228.5 1430.8 

Europe 5496.0 5570.6 6037.2 6513.1 6640.6 7181.8 

India 3496.0 3328.1 3567.6 3471.1 2957.9 4345.2 

Japan 2006.2 1993.7 2531.8 2998.4 3194.3 3125.9 

United States 5082.3 5144.5 5754.1 6133.6 6410.4 6003.0 

Russia 1451.8 1400.0 1297.0 1259.7 1306.3 404.3 


Silver mining companies by production, 2010 (tonnes) 

Country Name Company Production % of Total Cumulative Cumulative 

World Production % 

Production 

Mexico Fresnillo Silver Mine Fresnillo plc 1116.9 4.96% 1116.9 4.96% 

Russia Dukat Silver/Gold Mine Polymetal MNPO 345.0 1.53% 1461.9 6.50% 

Peru Pallancata Hochschild 315.2 1.40% 1777.2 7.90% 

Peru Uchucchacaua Cia De Minas 289.3 1.29% 2066.4 9.18% 

Silver Mine 

Buenaventura 

Peru Arcata Silver Mine Hochschild 258.9 1.15% 2325.4 10.33% 

USA Greens Creek Hecla 222.0 0.99% 2547.3 11.32% 

Mexico Alamo Dorado Pan American Silver 209.0 0.93% 2756.4 12.25% 

Silver Mine 

Bolivia San Bartolome Coeur dÀlene 208.7 0.93% 2965.1 13.18% 

Silver Mine 

Morocco Imiter Silver Mine Societe Metallurgique 200.0 0.89% 3165.1 14.07% 

DÌmiter 

Argentina Pirquitas Silver Standard 196.0 0.87% 3361.1 14.94% 


Global financial assets (US $ trillion) 

Bank Govt. Private Equity Investor Gold as % Investor Silver as of 

Year deposits debt debt securities gold of total silver total Total 

securities securities holdings financial holdings finance 

assets 

asset 

1980 5 2 2 3 0.26 2.1% 0.04 0.345% 12.30 

1990 19 9 10 9 0.24 0.5% 0.01 0.027% 47.14 

1995 25 13 14 17 0.28 0.4% 0.01 0.015% 69.41 

2000 34 19 24 31 0.21 0.2% 0.01 0.005% 108.23 

2001 36 18 27 27 0.21 0.2% 0.00 0.004% 108.18 

2002 38 18 28 23 0.24 0.2% 0.00 0.004% 107.70 

2003 40 21 31 32 0.29 0.2% 0.00 0.003% 123.94 

2004 43 25 34 38 0.35 0.3% 0.00 0.300% 139.66 

2005 46 27 37 43 0.4 0.3% 0.00 0.003% 153.42 

2006 51 26 42 53 0.53 0.3% 0.01 0.004% 173.00 

2007 56 28 48 65 0.63 0.3% 0.01 0.004% 197.43 

2008 61 31 51 34 0.75 0.4% 0.01 0.005% 177.35 

2009 63 34 50 49 0.88 0.4% 0.01 0.005% 197.22 

2010e 63 39 50 55 1.18 0.6% 0.01 0.007% 207.88 






Economic parameters impacting silver prices 

2010 2009 2008 2007 2006 2001 


US 2.8 -2.6 1.1 2 2.9 0.8 

Japan 4.3 -6.3 -0.3 1.9 2.8 0.7 

Eurozone 1.8 -4.1 1 2.3 2.6 1.9 

China 10.3 9.2 9 11.5 11.1 8.3 

India 9.7 5.7 7.3 8.9 9.7 3.9 

OECD 2.8 -3.4 1 2.6 3.2 2.4 


US 1.6 -0.3 1 2.5 2.7 2.8 

Japan -0.9 -1.4 0.5 1.4 0.3 -0.7 

Eurozone 1.5 0.3 1 3 2.2 2.4 

China 3.1 0.8 3 5.9 2 -0.1 

India 13.2 10.9 5 7 6.7 5.2 

OECD 1.5 0.1 1 3 2.2 2.8 


US 7 -2.9 -11.3 1.5 3 -3.7 

Japan 15.4 -21.3 -3.3 2.8 4.4 -6.3 

Eurozone 8.9 -3.7 -12.4 1.3 3.9 0.4 

China 15.7 11 12.9 17.4 15.4 9.9 

India 2.5 18 0.5 7.6 10.3 2.1 

OECD 7.9 -12.3 -2.1 3.3 3.8 -2.2 


US 0.1 0.1 0.1 4.3 6.3 1.3 

Japan 0.3 0.3 0.3 0.8 0.4 0.1 

Eurozone 1.8 1.8 3 5 4.5 4.3 

China 3.3 2.8 2.8 3.3 3.3 3.2 



US 3.4 3.5 10 6.1 5.9 10.5 

Japan 2.3 3.1 1.8 2.1 0.7 3.3 

Eurozone 1.7 -0.4 7.6 11.6 10 8.0 

China 19.7 27.7 17.8 16.7 16.9 14.4 

India 19.1 17.7 19.9 22.8 19.3 13.6 


US (Dow Jones) 11578 10428 8776 13265 12463 10022 

India (Sensex) 20509 17464 9647 20287 13787 3262 



OECD Total PPI Economic Activities Domestic Manufacturing 3.8 -4 6.8 3.2 3.7 2.0 










EDITORIALS 

PROLOGUE 



Silver prices 

Month MCX futures prices (30 kgs contract) Spot prices (Rs/kg) COMEX futures prices 

(Rs/kg) Monthly average (US$/troy ounce) 

Open High Low Close Mumbai Ahmedabad Open High Low Close 

Dec-10 42851 46383 42653 46217 45380 44426 28.10 30.90 28.01 30.91 

Nov-10 37188 43231 35956 43009 41106 40006 24.75 29.34 23.94 28.19 

Oct-10 32910 37193 32900 37105 36063 35223 21.77 24.95 21.73 24.56 

Sep-10 30850 33390 30700 32962 32664 31912 19.39 22.13 19.30 21.82 

Aug-10 28721 30964 28713 30915 29871 29309 18.00 19.40 17.74 19.40 

Jul-10 29550 29569 28026 28636 29412 28783 18.59 18.66 17.43 18.00 

Jun-10 29320 30118 28031 29604 29821 29293 18.41 19.46 17.20 18.67 

May-10 28220 30163 26855 29292 29363 28876 18.63 19.80 17.09 18.42 

Apr-10 26905 28360 26806 28304 28057 27517 17.51 18.77 17.48 18.61 

Mar-10 25797 27309 25420 26935 27080 26611 16.50 17.65 16.32 17.53 

Feb-10 25560 26340 23610 25767 25661 24981 16.17 16.95 14.65 16.50 

Jan-10 26730 28680 25292 25500 28091 27408 16.89 18.80 16.02 16.19 

Dec-09 28327 29580 26602 26771 28357 27697 18.47 19.43 16.76 16.82 

Nov-09 26251 28860 25960 28300 28264 27616 16.51 18.94 16.25 18.50 

Oct-09 26451 27680 25761 25933 26884 26769 16.67 18.18 15.92 16.26 

Sep-09 23790 27960 23610 26486 25786 26231 14.89 17.56 14.65 16.66 

Aug-09 22465 24270 22457 23822 23609 23172 13.90 15.19 13.50 14.90 

Jul-09 21830 22820 21103 22468 22342 21865 13.60 14.05 12.48 13.94 

Jun-09 24209 24690 21744 21768 23070 22807 15.77 16.25 13.44 13.57 

May-09 20466 24217 20290 24195 22591 22284 12.34 15.80 12.04 15.61 

Apr-09 21800 21990 19718 21319 21343 20847 12.96 13.24 11.73 12.31 

Mar-09 22085 22936 20435 21855 22293 22084 13.09 13.85 11.94 12.99 

Feb-09 19800 23681 19438 21820 21422 21431 12.66 14.60 12.14 13.09 

Jan-09 18475 20038 17392 19893 18735 18501 11.20 12.66 10.37 12.57 

Dec-08 16789 18450 15539 18355 17323 17024 10.24 11.41 9.14 11.27 

Nov-08 16898 17610 15782 16779 17186 16741 9.84 10.80 8.77 10.19 

Oct-08 20166 20770 16111 16858 18639 17859 12.14 13.08 8.40 9.73 

Sep-08 20265 21389 17660 20109 20173 19476 13.77 13.77 10.28 12.28 

Aug-08 24681 24705 18919 20232 22247 21454 17.77 17.81 12.20 13.61 

Jul-08 24290 27234 23670 24720 25164 24943 17.44 19.38 16.85 17.79 

Jun-08 23245 24909 23000 24260 24203 23855 16.88 17.88 16.25 17.42 

May-08 22290 25494 21470 23376 23747 23450 16.97 18.29 16.00 16.87 

Apr-08 22222 24265 21327 22121 23506 23007 17.26 18.77 16.30 16.50 

Mar-08 24750 27500 21970 22274 24204 24093 19.78 21.19 16.77 17.31 

Feb-08 21620 24965 20961 24707 21983 21798 16.95 19.93 16.23 19.81 

Jan-08 19422 21770 19422 21676 20428 20278 15.34 17.09 15.09 17.00 

Dec-07 18101 19633 17921 19463 19018 18732 13.96 14.83 13.60 14.80 

Nov-07 19019 20925 17975 18159 19547 19233 14.55 16.28 13.76 13.96 

Oct-07 18468 19079 17651 18981 18393 18032 13.94 14.65 13.15 14.44 

Sep-07 16514 18489 16400 18479 17687 17283 12.10 14.00 12.00 13.92 

Aug-07 17545 17858 15975 16523 17422 16941 12.91 13.25 11.06 12.06 

Jul-07 16850 18250 16710 17583 17828 17429 12.41 13.39 12.41 13.02 

Jun-07 18320 18760 16656 16786 18325 17913 13.50 13.87 12.13 12.35 

May-07 18596 18972 17710 18300 18551 18089 13.42 13.59 12.79 13.47 

Apr-07 19633 20039 18080 18508 19693 19316 13.46 14.17 13.02 13.45 

Mar-07 20480 20650 18270 19622 19495 19247 14.23 14.31 12.47 13.45 

Feb-07 19960 21174 19500 20486 20337 20058 13.60 14.75 13.26 14.10 

Jan-07 19400 20062 18186 19933 19377 18922 12.73 13.70 12.20 13.57 

Dec-06 20340 21502 18661 19424 19851 19618 13.90 14.19 12.35 12.82 

Nov-06 18500 20449 18466 20395 19336 19168 12.29 14.00 12.29 13.93 

Oct-06 18165 18537 16933 18484 18286 17764 11.55 12.31 10.65 12.27 

Sep-06 19321 20486 16811 18115 18595 18073 12.87 13.26 10.45 11.54 

Aug-06 17781 19595 17680 19344 19028 18785 11.40 12.93 11.33 12.90 

Jul-06 17000 18333 16550 17748 17802 17327 10.91 11.78 10.65 11.37 

Jun-06 19078 19175 14450 16651 16764 16426 12.48 12.58 9.45 10.83 

May-06 20006 20890 19533 20381 20302 20155 13.58 14.97 12.00 12.46 

Apr-06 16770 23148 16725 19786 19489 18780 11.49 14.69 11.47 13.51 


Source: Exchanges’ websites, RBI 




US spot prices LBMA Silver fixings (AM fixing) RBI rate Dollar Gold-Silver 

Monthly average Monthly average USD/INR Index ratio 

(US$/troy ounce) US$/troy ounce Euro/troy ounce GBP/troy ounce Monthly average 

29.33 29.35 22.18 18.80 45.16 80.30 47.48 

26.66 26.54 19.43 16.62 45.02 78.45 51.46 

23.49 23.39 16.83 14.75 44.41 77.72 57.25 

20.59 20.55 15.71 13.20 46.06 81.35 61.79 

18.45 18.36 14.22 11.72 46.57 82.22 66.01 

17.91 17.96 14.07 11.75 46.84 83.43 66.61 

18.46 18.45 15.11 12.50 46.56 86.77 66.85 

18.44 18.42 14.69 12.59 45.80 85.48 65.43 

18.15 18.10 13.50 11.81 44.50 81.35 63.33 

17.11 17.11 12.60 11.37 45.50 80.81 65.14 

15.87 15.87 11.60 10.16 46.33 80.27 69.18 

17.73 17.79 12.46 11.00 45.96 77.98 63.01 

17.59 17.67 12.08 10.87 46.63 77.00 64.05 

17.95 17.82 11.94 10.74 46.59 75.40 63.05 

17.23 17.24 11.63 10.65 46.72 76.17 60.65 

16.48 16.39 11.25 10.03 48.39 77.19 60.56 

14.40 14.35 10.06 8.67 48.36 78.53 65.95 

13.40 13.36 9.48 8.17 48.47 79.71 69.78 

14.63 14.65 10.45 8.94 47.78 80.26 64.63 

14.15 14.03 10.28 9.10 48.61 82.11 65.75 

12.51 12.51 9.48 8.51 50.08 85.55 71.21 

13.16 13.12 10.06 9.24 51.23 86.71 70.44 

13.44 13.41 10.49 9.31 49.22 86.84 70.06 

11.42 11.29 8.52 7.84 48.83 84.83 75.52 

10.40 10.29 7.64 6.92 48.64 83.65 79.41 

9.87 9.87 7.74 6.42 49.00 86.77 77.07 

10.36 10.44 7.82 6.16 48.64 83.53 77.69 

12.26 12.37 8.61 6.88 45.56 78.37 67.57 

14.50 14.69 9.78 7.75 42.94 76.21 57.70 

18.08 18.03 11.43 9.07 42.84 72.79 52.00 

17.02 16.97 10.91 8.64 42.82 73.41 52.33 

17.09 17.05 10.96 8.68 42.13 73.05 52.12 

17.51 17.50 11.10 8.83 40.02 72.38 51.99 

19.10 19.51 12.56 9.73 40.36 72.72 50.31 

17.65 17.57 11.91 8.94 39.73 75.77 52.43 

15.97 15.96 10.85 8.10 39.37 76.00 55.61 

14.37 14.30 9.82 7.07 39.44 76.79 56.18 

14.66 14.70 10.02 7.10 39.44 75.67 54.99 

13.71 13.67 9.61 6.69 39.51 77.78 55.20 

12.88 12.83 9.23 6.36 40.34 79.14 55.39 

12.31 12.36 9.08 6.15 40.82 80.87 54.09 

12.92 12.91 9.41 6.35 40.42 80.61 51.52 

13.11 13.14 9.80 6.62 40.77 82.21 49.98 

13.16 13.15 9.73 6.63 40.78 82.01 50.73 

13.74 13.74 10.16 6.90 42.15 81.95 49.46 

13.13 13.18 9.96 6.77 44.03 83.17 49.85 

13.94 13.91 10.64 7.11 44.16 84.28 47.73 

12.86 12.84 9.88 6.55 44.33 84.58 49.09 

13.22 13.36 10.11 6.80 44.63 83.07 47.55 

13.00 12.93 10.04 6.76 44.85 84.72 48.33 

11.61 11.56 9.16 6.16 45.47 86.11 50.56 

11.61 11.68 9.17 6.19 46.12 85.25 51.55 

12.25 12.18 9.50 6.43 46.54 84.91 51.48 

11.23 11.23 8.86 6.09 46.46 85.61 56.42 

10.78 10.80 8.52 5.85 46.06 85.37 55.34 

13.44 13.45 10.53 7.19 45.41 84.69 50.06 

12.72 12.61 10.28 7.14 44.95 88.13 48.10 



EDITORIALS 

PROLOGUE 



Silver trading activity 

Month MCX COMEX TOCOM LBMA clearing 

(All contracts) (5000 troy ounce contracts) (10 kg contracts) turnover 

Volume Open Interest Volume Open Interest Volume Open Interest Daily averages 

(million ounces) 

Dec-10 3954385 53717 1269578 135970 37568 9773 99.7 

Nov-10 5019135 55805 2269122 133139 47052 9312 108.6 

Oct-10 4093266 82739 1314164 154866 25499 8278 92.2 

Sep-10 2854405 104599 754459 152540 13446 7107 88.5 

Aug-10 2956440 100967 978609 130813 11102 5028 65.5 

Jul-10 2697838 48672 641229 119111 7622 4444 57.2 

Jun-10 2940814 47199 1080507 127990 11253 4317 85.0 

May-10 2879419 42677 936901 120952 12734 3776 104.3 

Apr-10 2306351 47200 993781 124216 12750 2367 92.7 

Mar-10 2623227 34424 750210 114787 14267 3666 94.0 

Feb-10 3014731 31671 1065168 107635 15057 3818 89.0 

Jan-10 2426103 55451 755863 123393 12285 3396 70.4 

Dec-09 2729099 48623 664831 124057 10621 3305 88.0 

Nov-09 2926605 37276 1077309 131516 8695 2367 81.0 

Oct-09 2562961 39913 807613 130427 10295 2157 101.1 

Sep-09 2832361 34031 656218 128160 9564 1769 113.0 

Aug-09 2161531 34494 842907 105057 4810 1257 79.3 

Jul-09 1695690 26257 454114 99411 5736 2136 90.5 

Jun-09 2617203 39864 869114 104594 9879 2398 100.0 

May-09 1961241 44108 418399 102631 5089 2415 97.5 

Apr-09 1781983 15276 553961 89263 8577 2173 101.1 

Mar-09 2368782 19794 433757 94506 9873 2542 98.8 

Feb-09 2345494 16680 619633 94102 11291 3261 105.8 

Jan-09 2527274 37873 381837 92990 7956 5097 111.7 

Dec-08 1984421 25586 329047 85923 8839 5464 102.1 

Nov-08 1960673 27942 568072 86180 10553 5814 107.6 

Oct-08 2544248 52466 594307 93779 24442 5932 136.2 

Sep-08 2875765 43447 746310 103812 26444 6289 143.7 

Aug-08 2111397 25691 953123 115590 26066 7034 150.0 

Jul-08 2055536 15845 687936 131599 28139 9189 105.5 

Jun-08 1650314 11650 859976 126121 18213 9517 119.5 

May-08 1362887 11635 578951 124655 19417 8981 121.2 

Apr-08 1625961 12561 912952 123841 22390 8653 119.2 

Mar-08 1994755 13237 881776 146632 39811 10111 154.7 

Feb-08 1800439 27151 989601 166678 31184 9144 132.4 

Jan-08 1919723 30913 719316 185540 29806 8662 117.6 

Dec-07 1223221 20931 393272 152888 16447 9542 119.1 

Nov-07 1812705 23243 1018502 135914 38137 10329 129.0 

Oct-07 1549302 23997 596495 136393 38503 11118 106.4 

Sep-07 1229147 22494 463666 117643 32072 13006 108.1 

Aug-07 1290422 23786 738703 107421 63224 13948 120.8 

Jul-07 1034273 26378 404108 118550 44763 18388 114.9 

Jun-07 1098449 29349 900716 116705 58482 18683 112.4 

May-07 1038399 29994 712183 112563 34448 16388 137.5 

Apr-07 1093888 23182 1110891 111447 45414 15080 105.7 

Mar-07 1437994 23137 847073 110549 51524 12805 112.0 

Feb-07 1281590 13319 979174 124697 43178 14673 108.1 

Jan-07 1352259 19097 614161 114336 47299 14427 98.8 

Dec-06 1078773 19526 406389 101155 59949 15007 107.7 

Nov-06 1064886 16163 464305 106667 38652 13253 108.8 

Oct-06 1097901 15402 267464 110237 31319 9730 98.6 

Sep-06 1191386 20086 301048 99007 46359 9986 110.4 

Aug-06 1084692 12594 490047 108854 46033 13504 94.7 

Jul-06 879918 6645 281501 98942 48093 4328 169.5 

Jun-06 1050812 13198 557495 97874 56782 16386 164.3 

May-06 1166751 11865 581966 110238 86547 22084 205.7 

Apr-06 1413030 15346 939093 116254 183118 25296 238.1 

Note: Vol and OI in lots (unless specified); 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 




Silver Mine Production (2010) Silver Consumption (2010) 

Peru 

18% 

Mexico 

19% 

USA 

20% 

India 

14% 

China 

15% 

Others 

33% 

Japan 

8% 

Others 

46% 

Australia 

9% 

United 

States 

6% 

Italy 

6% 

Thailand 

6% 

Source: USGS Source: CPM Silver Yearbook 2011 

180 

160 

140 

120 

100 

80 

60 

40 

20 

Silver Vs. Oil prices, Gold Silver Ratio and Dollar Index 

Silver prices (RHS) 

WTI Prices (USD/bbl) 

Gold Silver Ratio 

Dollar Index 

USD/Oz 

40 

35 

30 

25 

20 

15 

10 

5 

0 

Mar-84 

Jan-85 

Nov-85 

Sep-86 

Jul-87 

May-88 

Mar-89 

Jan-90 

Nov-90 

Sep-91 

Jul-92 

May-93 

Mar-94 

Jan-95 

Nov-95 

Sep-96 

Jul-97 

May-98 

Mar-99 

Jan-95 

Nov-95 

Sep-06 

Jul-07 

May- 

08 

Mar-09 

Jan-10 

Nov-10 

0 

Source: CME (COMEX & NYMEX) 



EDITORIALS 

PROLOGUE 



Metals 

The base for development 

Currently, there are over 85 known metals in the world. 

People had been using only a few metals during BC, 

but increased realisation of their utility led to rapid 

discovery of new metals later (Material Science 

& Engineering, Carnegie Mellon University). Metals and 

metal alloys possess high structural strength per unit 

mass, making them useful materials for carrying 

large loads or resisting impact damage. Metal alloys 

can be engineered to have high resistance to shear, 

torque and deformation. Strength and resilience 

have led to metals’ frequent use in high-rise building, 

bridge construction, vehicles, tools, pipes, non-illuminated 

signs, railroad tracks and numerous other appliances. 

Thus, metals play a vital role in the developmental process. The 

two most commonly used structural metals – iron and aluminium – 

are also the most abundant metals in the earth’s crust. 

India produces 89 minerals, comprising four fuel minerals, 11 

metallic, 52 non-metallic and 22 minor minerals. Besides being 

the world’s largest producer of mica blocks, it is one 

of the world’s top producers of iron ore, manganese, 

aluminium, crude steel, etc. 

Futures prices of base metals on MCX were a mixed 

bag in 2010. While copper futures jumped 28%, zinc 

futures fell 9%, y-o-y. As 2010 dawned, combination 

of factors – concerns over market regulation in the 

US, expectations of monetary tightening in China and 

increases in LME stocks – triggered a sharp fall in 

the prices of base metals, including copper and zinc. 

However, upbeat global economic data lent support 

for a short-term revival. Later, in June, metals’ prices, 

especially zinc’s, eased to a year low on growing doubts 

over Greece’s ability to manage its debt crisis. What 

also added to the downward pressure were data such 

Commodity in 2010 

Exchange 

(contract) 

“Put a coward to 

his metal an’ he’ll 

fi ght the de’il” 

(An Irish Proverb) 

450 

416 

382 

348 

314 

280 

1-Jan-10 


as a rise in jobless claims in the US and China’s intent on curbing 

lending activity. Thereafter, the prices of base metals, particularly 

of copper, rose on upbeat US economic data: unemployment 

claims fell to a six-week low and orders of durables dropped 

more than expected in May 2010 and copper mining 

major BHP Billiton announced that its output could 

fall 5-10% in 2010 (www.erbakir.com.tr). Besides, 

news such as Escondida, the world’s largest 

copper mine, was expecting its output to dip 5-10% 

on lower ore grades aided a rally in copper www. 

erbakir.com.tr). A halt in production, due to labour 

disputes at Collahausi (Chile), the world’s third-largest 

mine, helped metals edge up. Zinc prices also recovered 

as China’s third-largest zinc producer closed down its smelter to 

comply with government pollution investigation in October 2010, 

the full recovery could not materialize in early 2010. Finally, a rally 

led copper futures prices on MCX to touch an all-time high of Rs. 

439.80 in the final trading session of the year. 

MCX base metals futures prices (in Rs./kg) - 2010 

Expectations of Chinese 

monetary tightening 

Source: Metastocks Copper - LHS Zinc - RHS 

Annualised 

Volatility 

Volume 

(in lots) 

Copper 

MCX (1 tonne) Rs/ kg 343.95 439.80 284.10 439.50 20.70% 31,341,022 

LME (25 tonnes) US$/ Tonne 7,405.00 9,687.00 6,037.50 9,600.00 28.82% 29,665,041 

Zinc 

MCX (5 tonne) Rs/ kg 118.70 123.20 74.35 109.00 29.25% 11,927,214^ 

LME (25 tonnes) US$/ Tonne 2,588.00 2,736.00 1,577.00 2,454.00 39.77% 17,911,059 

Source: Respective exchanges’ website; ^ all contracts-all variants 

29-Jan-10 

26-Feb-10 

26-Mar-10 

23-Apr-10 

21-May-10 

Greek debt Crisis 

18-Jun-10 

16-Jul-10 

labour union disputes at 

Collahausi, Copper mine 

13-Aug-10 

10-Sep-10 

labour union disputes at 

Collahausi, Copper mine 

8-Oct-10 

5-Nov-10 

3-Dec-10 

31-Dec-10 

125 

115 

105 

95 

85 

75 






EDITORIALS 

PROLOGUE 



Aluminium Fundamentals ('000 tonnes) 

2010 2009 2008 2007 2006 2001 

Global 

Primary aluminium production 40,800 36,900 39,600 38,000 33,900 24,300 

Primary smelting capacity 52,700 48,600 48,600 41400 38500 - 

Capacity utilisation 77.40% 75.90% 81.50% 91.80% 88.10% - 

Aluminium recovered from scrap - 2,417 2,696 2,888 3,025 2,567 

Primary aluminium consumption 39720 34810 37020 37,250 33,990 23,650 

World balance 1080 2090 2580 750 -90 650 

Total stocks 6450 6400 4650 2,900 2,750 - 

China 

Primary aluminium production 16200 12900 13200 12,600 9,360 3,250 

Primary aluminium consumption 15800 14300 12400 12,300 8,600 3,300 

Unwrought aluminum & aluminum products import 83 117 69 86 93 78 

Unwrought aluminum & aluminum products export 270 220 180 228 220 49 

India 

Primary aluminium production 1525 1349 1237 1153 1003 643 

Primary aluminium consumption 1481 1299 1240 1140 1033 568 

Primary aluminium imports 240.7 183.8 169.8 111.8 126.3 46.4 

Primary aluminium exports 284.9 233.8 166.7 123.8 96.4 121.2 

Aluminium foils Production 49.2 47.4 51.1 47.4 44.9 - 

Aluminium sheets/plates Production 287.1 256.2 317.5 314.4 297.3 - 

Aluminium wires & extrusions Production 413.2 345.4 311 279.2 271.5 - 


LME 4277.1 4628.9 2328.9 930 699.3 819.2 

SHFE 441.2 297.5 206.5 89.1 18.5 - 


Source: USGS, IAI, WBMS, DGCIS, GFMS, LME, SHFE, MCX 

Top 5 refined aluminium producers 

Country 2010 2009 2008 2007 2006 

China 16200 12900 13200 12600 9360 

Russia 3871 3815 4190 3955 3718 

Canada 2963 3030 3119 3083 3051 

Australia 1928 1943 1974 1959 1929 

United States 1727 1727 2659 2560 2281 

Source: Thomson Reuters GFMS, ILZSG; 

Top 5 refined aluminium consumers 

Country 2010 2009 2008 2007 2006 

China 15800 14300 12400 12300 8600 

United States 4240 3850 4900 5550 6150 

Japan 2025 1523 2250 2197 2323 

Germany 1912 1277 1936 2008 1823 

India 1481 1299 1240 1140 1033 





Top 10 aluminum-producing companies in 2010 ('000 tonnes) 

Company Rank Output 

United Co. Rusal 1 4,083 

Rio Tinto Alcan Inc. 2 3,790 

Alcoa Inc. 3 3,444 

Aluminum Corp. of China 4 2,940 

Norsk Hydro ASA 5 1,505 

BHP Billiton Ltd. 6 1,242 

Dubai Aluminium Co. 7 1,170 

China Power Investment Co. 8 957 

Aluminium Bahrain BSC 9 864 

Shandong Xinfa Aluminum and Electricity Group 10 862 

Source: CRU 

Economic parameters impacting Aluminium prices 

2010 2009 2008 2007 2006 2001 


US 2.8 -2.6 1.1 2 2.9 0.8 

Japan 4.3 -6.3 -0.3 1.9 2.8 0.7 

Eurozone 1.8 -4.1 1 2.3 2.6 1.9 

China 10.3 9.2 9 11.5 11.1 8.3 

India 9.7 5.7 7.3 8.9 9.7 3.9 

OECD 2.8 -3.4 1 2.6 3.2 2.4 


US 1.6 -0.3 1 2.5 2.7 2.8 

Japan -0.9 -1.4 0.5 1.4 0.3 -0.7 

Eurozone 1.5 0.3 1 3 2.2 2.4 

China 3.1 0.8 3 5.9 2 -0.1 

India 13.2 10.9 5 7 6.7 5.2 

OECD 1.5 0.1 1 3 2.2 2.8 


US 7 -2.9 -11.3 1.5 3 -3.7 

Japan 15.4 -21.3 -3.3 2.8 4.4 -6.3 

Eurozone 8.9 -3.7 -12.4 1.3 3.9 0.4 

China 15.7 11 12.9 17.4 15.4 9.9 

India 2.5 18 0.5 7.6 10.3 2.1 

OECD 7.9 -12.3 -2.1 3.3 3.8 -2.2 


US 0.1 0.1 0.1 4.3 6.3 1.3 

Japan 0.3 0.3 0.3 0.8 0.4 0.1 

Eurozone 1.8 1.8 3 5 4.5 4.3 

China 3.3 2.8 2.8 3.3 3.3 3.2 



US 3.4 3.5 10 6.1 5.9 10.5 

Japan 2.3 3.1 1.8 2.1 0.7 3.3 

Eurozone 1.7 -0.4 7.6 11.6 10 8.0 

China 19.7 27.7 17.8 16.7 16.9 14.4 

India 19.1 17.7 19.9 22.8 19.3 13.6 


US (Dow Jones) 11578 10428 8776 13265 12463 10022 

India (Sensex) 20509 17464 9647 20287 13787 3262 




OECD Total PPI Economic Activities 2.0 


OECD Total CPI OECD Groups Total Energy 7.8 -10.4 12.4 4 9.3 -0.8 

OECD Total Registration of Passenger Cars 0.5 -5.4 -7.9 -0.6 0.1 








EDITORIALS 

PROLOGUE 



Aluminium prices 

Month MCX futures price (Rs./kg)^ MCX spot price (Rs/kg) LME 3-month price (USD/tonne) 

Open High Low Close Monthly average Open High Low Close 

Dec-10 104.40 111.40 101.65 110.50 106.15 2285.00 2488.00 2253.00 2470.00 

Nov-10 105.80 110.10 100.75 103.25 104.83 2360.00 2500.00 2185.00 2275.00 

Oct-10 104.70 107.95 101.20 102.05 104.05 2337.00 2459.00 2273.50 2344.00 

Sep-10 97.05 104.10 96.60 103.90 99.89 2048.00 2354.00 2048.00 2351.00 

Aug-10 99.90 103.20 93.15 95.95 98.23 2165.00 2249.00 1982.25 2058.00 

Jul-10 91.55 99.10 90.45 98.85 93.41 1961.00 2175.25 1921.75 2175.00 

Jun-10 94.25 94.65 85.90 89.95 89.88 2031.00 2043.00 1828.00 1977.50 

May-10 99.10 99.70 89.85 94.40 94.03 2237.00 2239.00 1950.00 2043.00 

Apr-10 103.95 109.20 92.90 96.80 103.56 2325.00 2494.00 2110.00 2255.00 

Mar-10 97.60 103.70 97.10 103.45 100.53 2150.00 2343.00 2112.00 2323.00 

Feb-10 95.50 98.95 91.60 94.75 94.81 2086.00 2179.00 1967.50 2134.00 

Jan-10 104.25 108.50 94.10 95.55 102.52 2248.00 2394.00 2069.00 2079.00 

Dec-09 94.85 106.30 94.50 103.05 101.71 2057.00 2305.00 2051.00 2230.00 

Nov-09 89.75 95.40 88.30 93.25 90.56 1908.00 2095.00 1882.00 2058.00 

Oct-09 89.60 93.40 83.95 89.15 87.85 1885.00 2030.00 1776.00 1908.00 

Sep-09 91.00 93.90 82.55 89.10 89.23 1878.00 1978.00 1778.00 1890.00 

Aug-09 91.45 99.45 88.40 91.85 93.57 1889.00 2115.00 1840.00 1899.50 

Jul-09 77.95 90.40 75.45 89.75 80.69 1630.00 1914.75 1545.00 1890.00 

Jun-09 68.15 80.75 67.55 77.20 75.54 1440.00 1701.00 1440.00 1630.00 

May-09 75.25 77.60 64.65 65.40 70.90 1499.00 1605.00 1383.00 1440.00 

Apr-09 71.00 78.90 68.10 70.40 71.44 1395.00 1555.00 1350.00 1494.00 

Mar-09 67.70 73.95 66.05 69.50 68.61 1335.00 1492.00 1292.25 1392.00 

Feb-09 65.10 70.95 62.20 65.50 65.96 1349.00 1479.00 1279.00 1342.00 

Jan-09 74.40 78.75 63.15 64.30 69.28 1525.00 1648.00 1316.50 1349.00 

Dec-08 87.45 88.50 67.40 70.80 72.42 1770.00 1787.00 1430.50 1540.00 

Nov-08 101.00 102.45 84.75 84.85 91.03 2076.00 2130.00 1744.00 1772.00 

Oct-08 114.80 114.80 91.50 97.05 102.66 2442.00 2450.00 1925.00 2040.00 

Sep-08 119.40 120.45 110.50 112.35 115.01 2723.00 2725.00 2404.85 2425.00 

Aug-08 125.30 125.70 115.50 117.45 118.74 2971.00 2975.00 2714.00 2714.00 

Jul-08 132.00 144.20 122.70 124.35 131.79 3119.00 3380.15 2928.25 2979.00 

Jun-08 122.85 136.90 121.10 132.00 126.80 2935.00 3169.00 2859.00 3114.00 

May-08 115.00 130.40 114.55 122.75 122.06 2930.00 3071.00 2828.00 2931.00 

Apr-08 117.00 123.40 114.05 117.05 118.28 2990.00 3133.00 2875.00 2907.00 

Mar-08 124.80 130.25 112.25 117.30 121.40 3095.00 3255.00 2805.00 2990.00 

Feb-08 105.50 125.50 102.30 123.20 110.16 2708.00 3160.25 2591.00 3106.00 

Jan-08 94.25 104.60 93.25 104.05 96.00 2410.00 2717.00 2377.00 2710.00 

Dec-07 98.90 98.90 92.55 92.60 94.05 2512.00 2512.00 2393.00 2409.00 

Nov-07 99.30 103.25 96.40 97.80 98.92 2545.00 2661.00 2472.00 2500.00 

Oct-07 99.30 100.20 94.15 97.85 96.47 2512.00 2573.00 2376.00 2545.00 

Sep-07 103.60 103.60 93.65 96.85 96.71 2550.00 2550.00 2375.00 2520.00 

Aug-07 110.85 110.85 99.85 102.30 102.66 2744.00 2760.00 2450.00 2544.00 

Jul-07 111.10 113.90 105.60 109.15 110.31 2725.00 2870.00 2712.00 2751.00 

Jun-07 113.20 114.10 107.65 109.45 109.24 2790.00 2829.00 2657.75 2725.00 

May-07 118.05 119.40 108.30 111.25 114.09 2853.00 2927.00 2745.00 2790.00 

Apr-07 121.30 127.50 112.30 116.75 118.89 2789.50 2932.00 2734.75 2860.00 

Mar-07 125.20 126.45 117.30 121.60 121.52 2838.00 2856.75 2664.00 2780.00 

Feb-07 123.75 130.50 116.50 127.95 124.99 2730.00 2905.00 2614.00 2815.00 

Jan-07 125.75 131.65 114.60 124.75 124.38 2802.00 2847.00 2550.00 2730.00 

Dec-06 122.20 127.80 122.20 126.05 125.56 2732.00 2875.00 2727.00 2803.00 

Nov-06 129.80 129.80 115.90 120.25 121.16 2788.00 2848.00 2566.00 2738.00 

Oct-06 118.35 128.70 113.00 125.05 120.89 2581.00 2835.00 2440.75 2790.00 

Sep-06 116.00 121.85 109.00 116.95 114.27 2495.00 2687.00 2405.00 2584.00 

Aug-06 118.70 119.50 110.00 112.65 114.55 2553.00 2595.25 2440.00 2505.00 

Jul-06 121.80 125.00 111.30 116.25 116.65 2625.00 2710.00 2449.85 2570.00 

Jun-06 126.50 126.80 107.00 117.60 114.16 2670.00 2687.00 2413.00 2630.00 

May-06 133.20 151.45 116.80 125.15 129.33 2768.00 3310.00 2644.00 2650.00 

Apr-06 113.10 144.00 111.50 123.85 117.71 2456.00 2845.00 2446.00 2755.00 

Note: Future prices are for near month continuous futures contract; ^ till Feb 2009, prices are for 2MT contract, later 5 MT contract 





LME cash (USD/tonne) RBI rate - USD/INR SHFE futures price (Yuan/tonne) CNY/INR spot Dollar Index 

Monthly average Open High Low Close Monthly average 

2356.67 45.16 15860.00 16500.00 15840.00 16430.00 6.79 80.30 

2324.05 45.02 16270.00 16795.00 15300.00 15860.00 6.76 78.45 

2342.18 44.41 15600.00 16500.00 15600.00 16135.00 6.66 77.72 

2171.24 46.06 15330.00 15705.00 15185.00 15590.00 6.83 81.35 

2110.44 46.57 15360.00 15510.00 15000.00 15220.00 6.86 82.22 

1989.05 46.84 14500.00 15320.00 14100.00 15165.00 6.91 83.43 

1929.41 46.56 14830.00 14990.00 13750.00 14490.00 6.83 86.77 

2044.71 45.80 15890.00 15890.00 14500.00 14985.00 6.72 85.48 

2314.28 44.50 16210.00 16715.00 15350.00 15880.00 6.52 81.35 

2210.53 45.50 16530.00 16630.00 16020.00 16220.00 6.66 80.81 

2053.27 46.33 15995.00 16790.00 15675.00 16400.00 6.78 80.27 

2230.11 45.96 16620.00 18010.00 15705.00 15900.00 6.73 77.98 

2181.26 46.63 15400.00 16850.00 15300.00 16700.00 6.83 77.00 

1956.55 46.59 14930.00 15580.00 14820.00 15315.00 6.83 75.40 

1875.66 46.72 15000.00 15210.00 14620.00 15065.00 6.84 76.17 

1835.60 48.39 15000.00 15370.00 13880.00 14825.00 7.09 77.19 

1927.64 48.36 15100.00 15390.00 14250.00 14980.00 7.08 78.53 

1670.56 48.47 13550.00 15180.00 13500.00 15005.00 7.09 79.71 

1579.63 47.78 12850.00 13850.00 12850.00 13555.00 6.99 80.26 

1466.67 48.61 13000.00 13100.00 12670.00 12800.00 7.12 82.11 

1431.81 50.08 13550.00 14900.00 12560.00 12825.00 7.34 85.55 

1338.08 51.23 12000.00 13720.00 11885.00 13495.00 7.50 86.71 

1338.06 49.22 11760.00 12560.00 11610.00 12045.00 7.21 86.84 

1420.36 48.83 12120.00 12690.00 11405.00 11715.00 7.14 84.83 

1504.42 48.64 12450.00 12600.00 10040.00 11520.00 7.11 83.65 

1857.13 49.00 13960.00 14065.00 12510.00 12565.00 7.18 86.77 

2122.03 48.64 14635.00 14635.00 13020.00 13780.00 7.12 83.53 

2524.15 45.56 17440.00 17450.00 14930.00 15245.00 6.67 78.37 

2762.56 42.94 18750.00 18820.00 17200.00 17450.00 6.28 76.21 

3067.46 42.84 18735.00 19500.00 18340.00 18820.00 6.26 72.79 

2967.87 42.82 18460.00 19020.00 18400.00 18735.00 6.22 73.41 

2908.28 42.13 18500.00 19200.00 18120.00 18465.00 6.04 73.05 

2968.03 40.02 19000.00 19200.00 18505.00 18545.00 5.72 72.38 

3012.05 40.36 19650.00 20900.00 18700.00 19180.00 5.70 72.72 

2784.89 39.73 18750.00 19850.00 18590.00 19760.00 5.55 75.77 

2456.13 39.37 17780.00 19600.00 17700.00 19440.00 5.43 76.00 

2382.83 39.44 17820.00 18490.00 17500.00 17820.00 5.35 76.79 

2507.15 39.44 17820.00 18600.00 16710.00 17750.00 5.32 75.67 

2444.53 39.51 19230.00 19260.00 17740.00 17880.00 5.27 77.78 

2394.96 40.34 19450.00 19460.00 19200.00 19380.00 5.36 79.14 

2512.60 40.82 19680.00 19750.00 18990.00 19440.00 5.38 80.87 

2738.09 40.42 19850.00 20260.00 19500.00 19730.00 5.34 80.61 

2681.31 40.77 20470.00 20600.00 19610.00 19830.00 5.34 82.21 

2804.60 40.78 20700.00 21650.00 20050.00 20250.00 5.32 82.01 

2817.05 42.15 19290.00 20490.00 19110.00 20330.00 5.46 81.95 

2757.08 44.03 19750.00 19800.00 19260.00 19310.00 5.68 83.17 

2839.05 44.16 19900.00 20220.00 19520.00 19730.00 5.69 84.28 

2799.06 44.33 21000.00 21090.00 19590.00 19730.00 5.69 84.58 

2823.67 44.63 20970.00 21390.00 20680.00 21320.00 5.70 83.07 

2702.14 44.85 19950.00 21730.00 19810.00 20770.00 5.70 84.72 

2657.15 45.47 21400.00 21810.00 19960.00 20210.00 5.75 86.11 

2484.38 46.12 19500.00 22360.00 19500.00 20980.00 5.81 85.25 

2461.55 46.54 18600.00 19880.00 18470.00 19580.00 5.84 84.91 

2511.83 46.46 19690.00 19780.00 18200.00 18590.00 5.82 85.61 

2490.95 46.06 20950.00 21250.00 19340.00 19640.00 5.75 85.37 

2852.07 45.41 21640.00 24000.00 20710.00 21150.00 5.66 84.69 

2623.86 44.95 19580.00 21570.00 19550.00 20810.00 5.61 88.13 



EDITORIALS 

PROLOGUE 



Aluminium trading activity 

Month MCX^ LME* SHFE 


Dec-10 180925 3863 4028428 1071653 1072972 237290 

Nov-10 157945 2408 3901637 1067157 4509448 243418 

Oct-10 198505 3201 4600566 1069746 2609926 330720 

Sep-10 196137 3692 3673819 1035983 1888954 266578 

Aug-10 188267 3727 4032057 1023922 2525310 267858 

Jul-10 154011 2480 3309617 1082351 1662140 254604 

Jun-10 136118 2223 3860352 1121739 2563106 249332 

May-10 129929 1742 3831007 1091962 2452674 275958 

Apr-10 155525 4362 3879284 1098566 2527774 289628 

Mar-10 117165 1918 3747097 1078060 2467220 293358 

Feb-10 113419 2063 3675790 1056236 2603262 324690 

Jan-10 138235 2317 3503574 1054655 6936394 350384 

Dec-09 90944 2489 3725214 1018934 3565428 353256 

Nov-09 45088 1340 3320250 1029551 1730312 247592 

Oct-09 66485 1803 3641614 1032343 1400168 257310 

Sep-09 71809 2095 3651341 1072174 1961336 227858 

Aug-09 126281 1886 3990521 1091170 6071864 279162 

Jul-09 66266 2364 4327427 1137912 2707210 332978 

Jun-09 69241 2843 4867402 1142756 2092862 235446 

May-09 20439 2719 3925063 1175347 1378218 261164 

Apr-09 19288 1362 3376429 1067912 4981448 313696 

Mar-09 12510 936 4402706 1079402 3562884 315454 

Feb-09 9048 469 3237977 1185393 4025304 206854 

Jan-09 13079 844 3961127 1144486 5407652 204064 

Dec-08 12505 1047 3891582 1147244 8998316 218308 

Nov-08 5683 311 4105974 1222411 3116358 230090 

Oct-08 5177 296 4164090 1141838 5765682 175042 

Sep-08 6624 629 4451799 1131953 1632002 143888 

Aug-08 6900 451 3417584 1083517 875690 127142 

Jul-08 15815 656 4374429 1059868 1294954 145812 

Jun-08 5284 455 3922624 1071871 629052 142952 

May-08 6797 482 3605668 1070780 834904 155630 

Apr-08 4243 476 4066376 1058685 965516 183126 

Mar-08 13706 516 3436546 1098363 2784906 236440 

Feb-08 12397 752 4270510 1085193 1213886 206642 

Jan-08 16673 882 4284300 1077327 594998 104892 

Dec-07 5746 1260 2721137 1002937 539118 86032 

Nov-07 13924 1448 3794448 983972 956700 104408 

Oct-07 21255 1821 3344147 948194 493336 137620 

Sep-07 22316 1673 3238107 911348 249952 118706 

Aug-07 14390 1540 3984265 602112 426996 117186 

Jul-07 15098 1326 2828592 554239 497166 101156 

Jun-07 24668 1409 3127698 552443 512580 129698 

May-07 32568 3376 2663584 541715 1047936 127224 

Apr-07 27444 2499 3163817 546539 1378792 143506 

Mar-07 74211 1172 3187580 517799 659546 132196 

Feb-07 30987 1141 3624835 518625 598492 151094 

Jan-07 24888 1350 3727477 512739 1742964 145130 

Dec-06 16114 1242 2745285 509113 1124100 154058 

Nov-06 19143 1298 3600751 528264 2898718 155678 

Oct-06 13345 781 3309058 534894 2797230 190772 

Sep-06 25935 450 2802510 527105 3581738 221444 

Aug-06 15608 708 2775342 510197 1403808 194320 

Jul-06 14583 526 2428054 528311 1403150 179538 

Jun-06 15868 1844 2667079 535014 2275784 159588 

May-06 37094 2187 2975539 542297 3196230 226270 

Apr-06 24303 1246 3073930 540079 3249358 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. 





Aluminium Mine Production (2010e) Refined Aluminium Consumption (2010) 

Others 

34% 

Others 

36% 

Russia 

9% 

China 

41% 

United 

States 

11% 

China 

39% 

Canada 

7% 

Japan 

5% 

United 

States 

4% 

Australia 

5% 

Germany 

5% 

India 

4% 


Source: GFMS, IAI, WBMS 

in % 

40 

30 

LME Aluminium Prices and U.S. & China Industrial Production YoY 

LME Prices ( USD tonne ) -RHS US IP YOY China IP YOY 

Prices 

3500 

3000 

20 

2500 

10 

2000 

0 

1500 

-10 

1000 

-20 

500 

-30 

Jun-87 

Feb-88 

Oct-88 

Jun-89 

Feb-90 

Oct-90 

Jun-91 

Feb-92 

Oct-92 

Jun-93 

Feb-94 

Oct-94 

Jun-95 

Feb-96 

Oct-96 

Jun-97 

Feb-98 

Oct-98 

Jun-99 

Feb-00 

Oct-00 

Jun-01 

Feb-02 

Oct-02 

Jun-03 

Feb-04 

Oct-04 

Jun-05 

Feb-06 

Oct-06 

Jun-07 

Feb-08 

Oct-08 

Jun-09 

Feb-10 

Oct-10 

0 

Source: LME & respective govt. websites IP - Industrial Production 



EDITORIALS 

PROLOGUE 



Copper fundamentals (`000 tonne) 

2010 2009 2008 2007 2006 2001 

Global 

World mine production 16116 15954 15547 15483 14990 13632 

World mine capacity 19898 19523 18740 18111 17174 14418 

Mine capacity utilization (%) 81 82 83 85.5 87.3 94.5 

Primary refined production 15725 15439 15403 15191 14678 13748 

Secondary refined production 3356 2839 2823 2743 2613 1846 

World refinery production (secondary + primary) 19081 18278 18226 17934 17291 15594 

World refinery capacity 23908 23625 22723 21784 20555 17659 

Refineries capacity utilization (%) 80 77 80 82 84 88 

World refined usage 19327 18090 18039 18197 17034 14903 

Refined stocks - end of period 1289 1433 1159 1028 1132 1992 

Period stock change -145 274 132 -105 265 702 

China 


Refined production 4570 4100 3800 3500 3000 1518 

Refined consumption 7250 6400 5130 4880 3690 1875 

Refined copper imports 229 244 212 112 96 115 

Refined copper exports 10 13 1 7 3 3 

India 


Refined production 650 717 680 718 625 233 

Refined consumption 635 570 507 510 400 265 

Copper and copper products imports 207 220 227 193 278 132 

Copper and copper products exports 304 279 416 450 356 63 


LME 377.6 502.4 339.8 197.5 182.8 798.7 

SHFE 131.9 95.3 15.3 25.6 31.3 - 


Source: Ministry of Mines, ICSG, DGCIS, USGS, GFMS Copper Survey 2009, base metal report, LME, SHFE, MCX, ICA 

Global refined production - break-up ('000 tonne) 

2010 2009 2008 2007 2006 

Primary from concentrate 12384 12913 12250 12141 11934 

Primary SX-EW 3341 3314 3157 3060 2749 

Secondary 3356 2839 2823 2743 2613 

Total refined production 19081 18278 18226 17934 17291 

Source: GFMS Copper Survey 2010, 2011, ICSG 

Intensity of copper use 

Country 2010 2008 

Rank Intensity of Use Rank Intensity of Use 

China 1 0.79 5 0.41 

South Korea 2 0.7 1 0.66 

Germany 3 0.48 3 0.51 

Japan 4 0.27 4 0.49 

Brazil 5 0.23 8 0.12 

Russia 6 0.23 2 0.54 

India 7 0.16 7 0.12 

United States 8 0.13 6 0.27 

Note: Intensity of use = tonnes of copper consumption per million dollars of GDP (ppp, 2005 International $) 

Source: GFMS Copper Survey 2011 




Top 5 copper (refined) producing countries ('000 tonne) 

Country 2010 2009 2008 2007 2006 

China 4573 4110 3779 3497 3003 

Chile 3240 3272 3058 2936 2811 

Japan 1549 1440 1540 1577 1532 

United States 1089 1161 1280 1311 1250 

Russia 892 874 862 949 951 

Source: GFMS, ICSG 

Top 5 copper (refined) consuming countries ('000 tonne) 

Country 2010 2009 2008 2007 2006 

China 7249 6409 5132 4882 3688 

United States 1663 1502 1945 2146 2168 

Germany 1304 1144 1390 1407 1416 

Japan 1060 876 1185 1247 1282 

South Korea 919 891 819 838 831 

Source: GFMS, ICSG 

Top 10 copper refineries by capacity, 2010 ('000 tonne) 

Rank Refinery Country Process Capacity 

1 Guixi China Electrolytic 900 

2 Yunnan Copper China Electrolytic 500 

2 Birla India Electrolytic 500 

4 Chuquicamata Refinery Chile Electrolytic 490 

5 Codelco Norte (SX-EW) Chile Electrowinning 470 

6 Toyo/Niihama (Besshi) Japan Electrolytic 450 

6 Amarillo United States Electrolytic 450 

8 El Paso (refinery) United States Electrolytic 415 

9 Jinchuan China Electrolytic 400 

10 Las Ventanas Chile Electrolytic 400 

Source: The World Copper Factbook, 2010, ICSG 

Top 10 copper smelters by capacity, 2010 ('000 tonne) 

Rank Smelter Country Process Capacity 

1 Guixi (smelter) China Outokumpu Flash 900 

2 Birla Copper (Dahej) India Outokumpu Flash, Ausmelt, 500 

Mitsubishi Continuous 

3 Codelco Norte (smelter) Chile Outokumpu/ Teniente Converter 460 

4 Saganoseki/ Ooita (smelter) Japan Outokumpu Flash 450 

4 Hamburg Germany Outokumpu, Contimelt, Electric 450 

4 Besshi/ Ehime (Toyo) Japan Outokumpu Flash 450 

7 Norilsk (Nikelevy, Medny) Russia Reverb, Electric, Vanyukov 400 

7 Jinchuan (smelter) China Reverberatory/ Kaldo Conv. 400 

7 El Teniente (Caletones) Chile Reverberatory/ Teniente Conv. 400 

10 Altonorte (La Negra) Chile Noranda Continuous 390 


Top 10 copper mines by capacity, 2010 ('000 tonne) 

Rank Mine Country Source Capacity 

1 Escondida Chile Concs & SX-EW 1,300 

2 Codelco Norte (includes Chuquicamata, Chile Concs & SX-EW 920 

Radomiro Tomic, Mina Ministro Hales project) 

3 Grasberg Indonesia Concentrates 780 

4 Collahuasi Chile Concs & SX-EW 520 

5 El Teniente Chile Concs & SX-EW 454 

6 Taimyr Peninsula (Norilsk/ Talnakh Russia Concentrates 430 

7 Antamina Peru concentrates 400 

7 Los Pelambres Chile concentrates 400 

9 Morenci United States Concs & SX-EW 390 

10 Bingham Canyon United States Concentrates 280 

10 Batu Hijau Indonesia Concentrates 280 

10 Andina Chile concentrates 280 




EDITORIALS 

PROLOGUE 



Economic parameters impacting copper prices 

2010 2009 2008 2007 2006 2001 


US 2.8 -2.6 1.1 2 2.9 0.8 

Japan 4.3 -6.3 -0.3 1.9 2.8 0.7 

Eurozone 1.8 -4.1 1 2.3 2.6 1.9 

China 10.3 9.2 9 11.5 11.1 8.3 

India 9.7 5.7 7.3 8.9 9.7 3.9 

OECD 2.8 -3.4 1 2.6 3.2 2.4 


US 1.6 -0.3 1 2.5 2.7 2.8 

Japan -0.9 -1.4 0.5 1.4 0.3 -0.7 

Eurozone 1.5 0.3 1 3 2.2 2.4 

China 3.1 0.8 3 5.9 2 -0.1 

India 13.2 10.9 5 7 6.7 5.2 

OECD 1.5 0.1 1 3 2.2 2.8 


US 7 -2.9 -11.3 1.5 3 -3.7 

Japan 15.4 -21.3 -3.3 2.8 4.4 -6.3 

Eurozone 8.9 -3.7 -12.4 1.3 3.9 0.4 

China 15.7 11 12.9 17.4 15.4 9.9 

India 2.5 18 0.5 7.6 10.3 2.1 

OECD 7.9 -12.3 -2.1 3.3 3.8 -2.2 


US 0.1 0.1 0.1 4.3 6.3 1.3 

Japan 0.3 0.3 0.3 0.8 0.4 0.1 

Eurozone 1.8 1.8 3 5 4.5 4.3 

China 3.3 2.8 2.8 3.3 3.3 3.2 



US 3.4 3.5 10 6.1 5.9 10.5 

Japan 2.3 3.1 1.8 2.1 0.7 3.3 

Eurozone 1.7 -0.4 7.6 11.6 10 8.0 

China 19.7 27.7 17.8 16.7 16.9 14.4 

India 19.1 17.7 19.9 22.8 19.3 13.6 


US (Dow Jones) 11578 10428 8776 13265 12463 10022 

India (Sensex) 20509 17464 9647 20287 13787 3262 
















Copper trading activity 

Month MCX LME* SHFE 


Dec-10 2305344 38829 2837677 464737 6049322 373124 

Nov-10 2417831 28734 2780784 461076 8704278 289322 

Oct-10 2327883 35092 2371973 447390 4467320 311294 

Sep-10 2306182 41272 2402259 450372 5164564 289864 

Aug-10 2975270 38246 2142723 432963 9552704 345178 

Jul-10 3129047 50254 2374180 438893 11106234 392028 

Jun-10 3161226 29708 2580490 421306 11801920 355042 

May-10 2541672 27416 2523693 421788 11663074 372684 

Apr-10 2229657 25439 2133990 419473 7472162 347226 

Mar-10 2706875 28860 2677258 425778 9127818 387756 

Feb-10 3006321 19109 2572386 414528 6443898 398950 

Jan-10 2233714 26301 2267628 403863 8460164 386270 

Dec-09 1840574 31609 1902413 403734 7038264 302750 

Nov-09 2138686 30367 2020273 421021 7397160 357234 

Oct-09 2293803 25854 2064646 408826 6620316 336118 

Sep-09 2549646 24337 2032421 401290 12722510 305826 

Aug-09 3130380 24446 1986494 402269 15452970 374320 

Jul-09 2940752 33729 1960979 400338 19918484 448700 

Jun-09 3148890 21583 2165255 401240 15306970 426042 

May-09 2672464 26146 1870927 399933 13410360 404172 

Apr-09 2692519 20413 2350852 406387 17493624 402338 

Mar-09 2175657 18590 2284177 411286 13334674 439066 

Feb-09 1877051 15178 1702722 481490 8621472 324534 

Jan-09 2141842 25082 2314469 491820 6108054 266182 

Dec-08 1495127 22176 1908795 486962 8676564 343614 

Nov-08 1847627 11984 2546098 550760 5197084 262170 

Oct-08 1694342 14105 3004252 521086 2353198 159046 

Sep-08 1044217 14983 2619189 496407 3274924 205972 

Aug-08 920891 9315 1863668 463749 2815716 177792 

Jul-08 914542 11792 2248126 450061 1313756 128874 

Jun-08 769001 16182 1828570 450316 1589422 146068 

May-08 896748 10514 1724399 444647 1747730 160086 

Apr-08 1032376 11164 2004746 467061 2037268 149586 

Mar-08 1007753 9144 1960112 486002 3049558 154856 

Feb-08 1378689 13275 2231546 497810 2665180 182148 

Jan-08 1276483 12604 2335854 481440 5158030 175908 

Dec-07 912928 15695 1424933 427225 5928002 183716 

Nov-07 1159320 10949 2165031 430963 4227808 199102 

Oct-07 1023183 16433 1735112 403830 1377392 131320 

Sep-07 1007536 13682 1674178 393590 1698136 133956 

Aug-07 1480144 12226 2214438 237662 3211484 138914 

Jul-07 1225331 15565 1713515 243282 3896062 155206 

Jun-07 1607857 13266 1739912 245422 3112020 126614 

May-07 1672952 12807 1711033 250544 2181252 115830 

Apr-07 1577270 10940 1661035 244262 2641610 120162 

Mar-07 1280007 10035 1711176 239035 1526036 117194 

Feb-07 1223224 11961 1538992 241525 734540 101622 

Jan-07 1205754 22864 1751103 239883 1146412 96362 

Dec-06 636579 19532 1289754 216457 610830 77744 

Nov-06 871936 18552 1516229 224000 701874 75848 

Oct-06 539737 11657 1320963 217759 304364 64456 

Sep-06 492788 7330 1580518 223339 1015788 70904 

Aug-06 572901 6606 1472340 223185 1303582 85376 

Jul-06 503552 4508 1238460 217765 1191158 56888 

Jun-06 660822 5323 1398156 225347 1252768 83430 

May-06 517588 7216 1706156 243177 765734 86976 

Apr-06 278370 6368 1785516 247115 1085446 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 



EDITORIALS 

PROLOGUE 



Copper prices 

Month MCX futures price (Rs./kg) MCX spot price (Rs/kg) LME 3-month price (USD/tonne) 


Dec-10 388.05 439.80 387.00 439.50 413.25 8353.25 9687.00 8338.00 9600.00 

Nov-10 368.50 399.40 367.70 388.05 381.40 8266.50 8966.00 7920.00 8360.00 

Oct-10 362.65 382.40 359.40 369.10 369.81 8042.00 8554.00 8015.00 8200.00 

Sep-10 350.00 363.65 347.80 362.15 358.52 7430.00 8075.00 7415.00 8014.00 

Aug-10 338.60 352.75 329.80 348.90 340.64 7290.00 7527.00 7028.25 7440.00 

Jul-10 305.00 338.70 298.60 338.35 316.28 6460.00 7310.00 6318.00 7296.50 

Jun-10 318.55 320.50 284.10 301.65 301.36 6890.00 6892.00 6037.50 6515.00 

May-10 330.05 330.05 296.05 319.30 315.47 7288.00 7342.00 6415.00 6939.00 

Apr-10 351.75 359.00 325.40 327.00 347.68 7820.00 8043.75 7341.00 7430.00 

Mar-10 338.15 355.50 332.55 351.35 340.79 7521.75 7878.00 7245.25 7790.00 

Feb-10 310.50 344.40 290.90 332.50 317.67 6755.00 7450.00 6225.00 7195.00 

Jan-10 343.95 354.20 311.10 311.45 339.68 7405.00 7796.00 6700.00 6745.00 

Dec-09 324.30 347.15 318.10 344.00 328.57 6940.00 7423.75 6762.75 7375.00 

Nov-09 308.80 325.45 300.60 322.70 311.67 6502.00 7060.00 6372.25 6930.00 

Oct-09 297.80 315.40 280.80 307.95 297.10 6180.00 6732.00 5810.00 6480.00 

Sep-09 308.00 319.20 286.50 297.10 301.79 6310.00 6530.00 5855.25 6159.00 

Aug-09 276.25 317.15 276.20 302.60 299.65 5781.00 6549.00 5765.00 6475.00 

Jul-09 242.50 278.00 234.70 276.30 253.47 4984.00 5755.00 4710.00 5719.00 

Jun-09 229.85 256.75 229.85 238.30 240.68 4819.75 5388.00 4685.00 4967.00 

May-09 228.20 241.75 212.65 229.20 224.96 4450.00 4848.00 4315.00 4830.00 

Apr-09 206.50 242.75 202.15 222.55 225.30 4040.00 4925.00 3960.75 4431.00 

Mar-09 173.50 209.45 171.50 207.10 193.60 3390.00 4168.00 3340.00 4040.00 

Feb-09 157.05 177.30 153.15 171.05 164.42 3224.50 3669.00 3096.00 3449.00 

Jan-09 155.00 174.65 150.85 157.65 160.27 3055.00 3610.00 3025.00 3155.00 

Dec-08 189.05 191.45 138.55 152.75 150.71 3640.00 3710.00 2817.25 3070.00 

Nov-08 207.50 214.75 172.50 184.05 183.84 4215.00 4435.00 3375.00 3620.00 

Oct-08 303.50 305.00 188.50 206.95 234.15 6395.00 6530.00 3590.00 4099.00 

Sep-08 327.45 328.40 293.30 302.20 316.15 7520.00 7520.00 6170.00 6360.00 

Aug-08 342.85 343.80 302.40 331.15 323.73 8065.00 8082.00 7120.00 7510.00 

Jul-08 365.80 387.35 331.55 343.55 353.54 8530.00 8940.00 7840.00 8055.00 

Jun-08 335.10 371.65 330.80 368.80 347.40 7945.00 8620.00 7760.00 8510.00 

May-08 332.80 361.20 331.15 336.50 347.74 8585.00 8625.00 7855.00 7935.00 

Apr-08 335.10 355.50 327.05 351.20 345.20 8380.00 8880.00 8160.00 8549.00 

Mar-08 335.80 353.90 310.40 335.90 338.21 8415.00 8820.00 7611.00 8390.00 

Feb-08 286.55 342.35 278.15 338.95 311.64 7299.75 8570.00 7025.00 8430.00 

Jan-08 265.95 292.95 265.35 287.20 277.73 6750.00 7450.00 6675.00 7350.00 

Dec-07 279.50 280.60 252.35 266.00 265.21 7050.00 7075.00 6317.00 6675.00 

Nov-07 302.80 304.25 251.65 275.55 272.67 7760.00 7774.75 6430.00 7000.00 

Oct-07 317.85 327.65 300.10 302.35 314.47 8025.50 8315.00 7645.00 7725.00 

Sep-07 304.55 321.30 289.60 317.75 306.55 7480.00 8155.00 7085.00 8020.00 

Aug-07 322.50 322.50 281.30 308.10 302.11 7980.25 7985.00 6730.00 7460.00 

Jul-07 314.75 332.05 311.55 322.80 319.77 7580.00 8212.00 7550.00 8010.00 

Jun-07 305.00 315.05 292.05 310.25 304.17 7455.00 7695.00 7050.00 7560.00 

May-07 333.50 345.60 287.55 305.30 314.06 7760.00 8335.00 6952.00 7380.00 

Apr-07 303.05 343.15 299.65 322.30 325.47 6900.00 8100.00 6807.00 7761.00 

Mar-07 272.90 305.00 260.75 302.70 282.28 6100.00 6935.00 5796.00 6860.00 

Feb-07 256.70 282.80 235.00 266.80 253.10 5760.00 6374.00 5250.00 6015.00 

Jan-07 285.60 286.55 246.60 256.20 255.33 6300.00 6344.00 5430.00 5735.00 

Dec-06 320.15 327.40 283.20 285.60 298.94 7095.00 7229.25 6250.00 6330.00 

Nov-06 336.85 338.60 296.65 312.80 313.39 7420.00 7500.25 6645.00 7080.00 

Oct-06 351.55 361.50 327.65 336.55 341.78 7602.00 7890.00 7002.00 7380.00 

Sep-06 358.50 375.45 335.65 352.90 351.78 7615.00 8110.00 7150.00 7545.00 

Aug-06 348.40 360.05 347.00 356.05 360.01 7800.00 8150.00 7180.00 7700.00 

Jul-06 343.90 383.25 333.90 363.50 360.16 7475.00 8210.00 7000.00 7950.00 

Jun-06 371.50 374.00 291.00 351.75 337.15 7915.00 8010.00 6410.00 7320.00 

May-06 328.40 397.85 325.00 373.30 361.81 7240.00 8800.00 7060.00 7900.00 

Apr-06 242.45 343.00 242.45 322.35 284.15 5405.00 7385.00 5390.00 6990.00 


Source: Exchanges' websites, ICE, RBI 






9147.26 45.16 62700.00 71000.00 62600.00 70440.00 6.79 80.30 

8469.89 45.02 62750.00 68970.00 61000.00 62060.00 6.76 78.45 

8292.40 44.41 60000.00 67460.00 60000.00 62750.00 6.66 77.72 

7709.30 46.06 58960.00 61100.00 57620.00 59920.00 6.83 81.35 

7283.95 46.57 56750.00 59450.00 56250.00 58680.00 6.86 82.22 

6735.25 46.84 52200.00 56450.00 51610.00 56190.00 6.91 83.43 

6499.30 46.56 54560.00 54790.00 49300.00 52160.00 6.83 86.77 

6837.68 45.80 58050.00 58070.00 52000.00 55470.00 6.72 85.48 

7745.08 44.50 60990.00 63130.00 57360.00 58400.00 6.52 81.35 

7462.83 45.50 60690.00 61400.00 57220.00 60890.00 6.66 80.81 

6848.18 46.33 55100.00 58920.00 51610.00 57800.00 6.78 80.27 

7386.25 45.96 59400.00 63000.00 55500.00 56240.00 6.73 77.98 

6981.71 46.63 54350.00 60380.00 53330.00 59440.00 6.83 77 

6675.60 46.59 50210.00 55000.00 50100.00 54210.00 6.83 75.4 

6287.98 46.72 49320.00 51580.00 48400.00 51100.00 6.84 76.17 

6196.43 48.39 49100.00 50930.00 46000.00 47680.00 7.09 77.19 

6165.30 48.36 46920.00 51490.00 45940.00 49860.00 7.08 78.53 

5215.54 48.47 40500.00 45520.00 38820.00 45260.00 7.09 79.71 

5013.95 47.78 38400.00 43000.00 37500.00 40710.00 6.99 80.26 

4568.63 48.61 38850.00 40720.00 35100.00 37400.00 7.12 82.11 

4406.55 50.08 34450.00 45000.00 34420.00 37280.00 7.34 85.55 

3749.75 51.23 28540.00 35810.00 27400.00 34140.00 7.50 86.71 

3314.73 49.22 26400.00 30200.00 25400.00 28640.00 7.21 86.84 

3220.69 48.83 26080.00 30100.00 25900.00 26370.00 7.14 84.83 

3071.98 48.64 29350.00 29800.00 23650.00 24610.00 7.11 83.65 

3717.00 49.00 32410.00 34200.00 28550.00 29530.00 7.18 86.77 

4925.70 48.64 53820.00 53820.00 31140.00 32350.00 7.12 83.53 

6990.86 45.56 59750.00 59910.00 53850.00 56070.00 6.67 78.37 

7634.70 42.94 61650.00 61800.00 57500.00 59920.00 6.28 76.21 

8414.04 42.84 63200.00 64800.00 61260.00 61980.00 6.26 72.79 

8260.60 42.82 61100.00 63440.00 59930.00 63160.00 6.22 73.41 

8382.75 42.13 64700.00 65510.00 60130.00 60900.00 6.04 73.05 

8684.93 40.02 65450.00 66960.00 63750.00 65210.00 5.72 72.38 

8439.29 40.36 68000.00 69880.00 63430.00 66040.00 5.70 72.72 

7887.69 39.73 62800.00 69300.00 62000.00 67900.00 5.55 75.77 

7061.02 39.37 58900.00 64480.00 58000.00 61990.00 5.43 76.00 

6587.67 39.44 61180.00 63000.00 54850.00 58730.00 5.35 76.79 

6966.70 39.44 64500.00 64560.00 52700.00 59540.00 5.32 75.67 

8008.43 39.51 67310.00 67450.00 64140.00 65130.00 5.27 77.78 

7648.98 40.34 65400.00 67850.00 64060.00 67610.00 5.36 79.14 

7513.50 40.82 68030.00 68150.00 61360.00 65240.00 5.38 80.87 

7973.91 40.42 63100.00 70340.00 62900.00 67820.00 5.34 80.61 

7475.88 40.77 64720.00 66200.00 60100.00 63150.00 5.34 82.21 

7682.17 40.78 71730.00 72900.00 60320.00 63890.00 5.32 82.01 

7766.47 42.15 62900.00 74930.00 62620.00 68980.00 5.46 81.95 

6452.48 44.03 57650.00 63300.00 55040.00 62090.00 5.68 83.17 

5676.45 44.16 55500.00 59980.00 52140.00 57740.00 5.69 84.28 

5669.66 44.33 61390.00 61390.00 52150.00 54470.00 5.69 84.58 

6675.11 44.63 66610.00 66700.00 59990.00 61090.00 5.70 83.07 

7029.18 44.85 69800.00 70200.00 62100.00 66010.00 5.70 84.72 

7500.39 45.47 71250.00 72800.00 69100.00 69600.00 5.75 86.11 

7602.36 46.12 69700.00 75200.00 68340.00 71030.00 5.81 85.25 

7695.66 46.54 68120.00 70280.00 65610.00 67630.00 5.84 84.91 

7712.10 46.46 64000.00 72100.00 60540.00 67270.00 5.82 85.61 

7197.61 46.06 71500.00 72000.00 54050.00 61440.00 5.75 85.37 

8045.86 45.41 70120.00 83770.00 69920.00 73370.00 5.66 84.69 

6387.78 44.95 50200.00 69990.00 50200.00 67430.00 5.61 88.13 



EDITORIALS 

PROLOGUE 



Copper Mine Production (2010e) Refined Copper Consumption (2010) 

Chile 

34% 

Others 

37% 

Peru 

8% 

Others 

38% 

United 

States 

9% 

China 

37% 

United 

States 

7% 

China 

7% 

Australia 

6% 

Germany 

7% 

Japan 

5% 

South 

Korea 

5% 


Source: GFMS, WBMS, GFMS 

12000 

10000 

Copper Prices, Chinese Imports & Rolling correlation 

of LME Prices Vs Inventory 

LME futures (USD/tons) -LHS 

Rolling correlation prices Vs LME stocks -1yr. 

Chinese import (100 tons) -LHS 

1 

0.5 

8000 

6000 

4000 

2000 

0 

-0.5 

-1 

0 

86 

87 

87 

88 

89 

90 

90 

91 

92 

93 

93 

94 

95 

96 

96 

97 

98 

99 

99 

00 

01 

02 

02 

03 

04 

05 

05 

06 

07 

08 

08 

09 

10 

-11 

Apr-86 

Jan-87 

Oct-87 

Jul-88 

Apr-89 

Jan-90 

Oct-90 

Jul-91 

Apr-92 

Jan-93 

Oct-93 

Jul-94 

Apr-95 

Jan-96 

Oct-96 

Jul-97 

Apr-98 

Jan-99 

Oct-99 

Jul-00 

Apr-01 

Jan-02 

Oct-02 

Jul-03 

Apr-04 

Jan-05 

Oct-05 

Jul-06 

Apr-07 

Jan-08 

Oct-08 

Jul-09 

Apr-10 

Jan-11 

-1.5 

Source: LME, China Customs Department 




Iron ore fundamentals (million tonnes) 

2010 2009 2008 2007 2006 2001 

Global 

Iron ore production - gross weight 2400.0 2240.0 2210.0 2040.0 1840.0 1046.4 

Iron ore production - metal content - 1110.0 1130.0 1070.0 969.0 584.2 

Pig iron production 1025.8 914.0 935.4 961.4 879.8 586.9 

Direct reduced iron production 69.9 64.5 66.1 66.8 56.4 37.8 

Iron ore apparent consumption - 2243.7 2197.0 2006.7 1805.0 - 

China 




Direct reduced iron production 0.1 0 0.2 0.6 0.2 0.1 

Iron ore apparent consumption - 1509.4 1268 1090.1 914.5 - 

Imports of pig iron 1.1 3.6 0.4 0.7 0.2 0.5 

Exports of pig iron 0.7 0.2 0.3 0.7 0.9 0.7 

Imports of iron ore 618.6 628.2 444 383.1 326.3 92.4 

Exports of iron ore 0.0091 0.0003 0.0003 0.0719 0 - 

India 




Direct reduced iron production 26.3 23.4 20.9 20.1 15 5.7 

Iron ore apparent consumption - 167.3 113.2 114.3 79 - 

Imports of pig iron 0.255 0.008 0.027 0.02 0.004 0.001 

Exports of pig iron 0.521 0.397 0.613 0.82 0.68 0.264 

Import of iron ore - 0.62 0.6 1.12 0.81 0.30 

Export of iron ore 104 114 101.4 93.7 86.8 36.6 

Source: USGS, Steel Statistical Yearbook 2011, CRU, UNCTAD, DGCIS, China Customs General Administration, International Steel Statistical Bureau 

World's leading iron ore producer 

Country Company Capacity in million tonnes (early 2010) 

Australia BHP Billiton Group 188.5 

Fortescue Metals Group 55.0 

Brazil Vale Group 417.1 

CSN Group 28.0 

China AnBen Group 44.7 

Shougang Beijing Group 26.5 

Wuhan Iron & Steel Group 18.6 

India NMDC Group 32.6 

Iran Imidro Group 29.8 

Kazakhstan ENRC - Eurasian Natural Resources 19.7 

Russia Evrazholding Group 50.4 

Metalloinvest Group 44.7 

South Africa Anglo American Group 41.1 

Sweden LKAB Group 38.5 

UK Rio Tinto Group 273.7 

ArcelorMittal Group 78.9 

Ukraine Metinvest Holding Group 42.8 

USA Cliffs Natural Resources 34.6 

US Steel Group 23.5 

Venezuela CVG Group 37.9 

Rest of the World Others 650.7 

Total Capacity (All) 2177.3 

Source: www.steelonthenet.com 

World iron ore pelletizing capacity, 2009 (mn tonne) 

Country 

Rated capacity 

United States 56.6 

Brazil 56.0 

China 45.0 

Ukraine 33.5 

Russia 31.4 

Canada 27.5 

India 26.7 

Sweden 21.0 

Mexico 15.0 

Others 58.9 

Total 371.6 

Source: USGS iron ore 2009 yearbook 



EDITORIALS 

PROLOGUE 



Trade in Ferrous Scrap (in million tonnes) 

Region/year Exports Imports 

2009 2010 2009 2010 

European Union (27) 39.6 47.9 28 40.3 

Other Europe 1.5 2.5 16.4 20.9 

CIS 0.4 0.6 0.5 0.4 

NAFTA 27.9 26.7 5.3 15.6 

Central and South America 0.4 0.6 0.2 0.7 

Africa 3.2 3.9 1.6 4.7 

Middle East 0.3 0.4 0 0 

Asia 11.5 9.2 30.3 24 

Australia and New Zealand 2.2 2 0 1.3 

World 87.8 94.8 82.5 107.9 

Source: World steel in figures 2011 

Economic parameters impacting iron ore prices 

2010 2009 2008 2007 2006 2001 


US 2.8 -2.6 1.1 2 2.9 0.8 

Japan 4.3 -6.3 -0.3 1.9 2.8 0.7 

Eurozone 1.8 -4.1 1 2.3 2.6 1.9 

China 10.3 9.2 9 11.5 11.1 8.3 

India 9.7 5.7 7.3 8.9 9.7 3.9 

OECD 2.8 -3.4 1 2.6 3.2 2.4 


US 1.6 -0.3 1 2.5 2.7 2.8 

Japan -0.9 -1.4 0.5 1.4 0.3 -0.7 

Eurozone 1.5 0.3 1 3 2.2 2.4 

China 3.1 0.8 3 5.9 2 -0.1 

India 13.2 10.9 5 7 6.7 5.2 

OECD 1.5 0.1 1 3 2.2 2.8 


US 7 -2.9 -11.3 1.5 3 -3.7 

Japan 15.4 -21.3 -3.3 2.8 4.4 -6.3 

Eurozone 8.9 -3.7 -12.4 1.3 3.9 0.4 

China 15.7 11 12.9 17.4 15.4 9.9 

India 2.5 18 0.5 7.6 10.3 2.1 

OECD 7.9 -12.3 -2.1 3.3 3.8 -2.2 


US 0.1 0.1 0.1 4.3 6.3 1.3 

Japan 0.3 0.3 0.3 0.8 0.4 0.1 

Eurozone 1.8 1.8 3 5 4.5 4.3 

China 3.3 2.8 2.8 3.3 3.3 3.2 



US 3.4 3.5 10 6.1 5.9 10.5 

Japan 2.3 3.1 1.8 2.1 0.7 3.3 

Eurozone 1.7 -0.4 7.6 11.6 10 8.0 

China 19.7 27.7 17.8 16.7 16.9 14.4 

India 19.1 17.7 19.9 22.8 19.3 13.6 


US (Dow Jones) 11578 10428 8776 13265 12463 10022 

India (Sensex) 20509 17464 9647 20287 13787 3262 
















Iron Ore Production (2010e) Iron Ore Apprarent Consumption (2009) 

Brazil 

15% 

Australia 

18% 

China 

67% 

Others 

15% 

China 

37% 

Others 

17% 

India 

11% 

India 

7% 

Japan 

5% 

Russia 

4% South Korea 

2% 

Source: USGS Source: World Steel in Figures 2011 

Brazil 

2% 

mn tonne 

700 

600 

500 

400 

300 

200 

100 

Pig iron prices on various factors 

China Imports of iron ore 

China finished steel consumption 

India exports of iron ore 

Brazilian pig iron exports prices (USS/ tonns)-RHS 

Price 

600 

500 

400 

300 

200 

100 

0 

2004 2005 2006 2007 

2008 2009 2010 

0 

Source: steelonthenet, WSIF 



EDITORIALS 

PROLOGUE 



Iron ore prices and trading activity 

Month MCX futures price (Rs./kg) MCX futures trading 

Open High Low Close Volume Open Interest 

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 - - - - - - 

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. 




Spot prices - Chennai - Rs. /dmtu Chinese imported prices - Brazilian pig iron RBI Rate USD/ INR Dollar Index 

Monthly average 62% Fe fines (USD/dmtu) export prices (US$/tonne) Monthly average 

6671.19 169 421 45.16 80.30 

6133.76 161 425 45.02 78.45 

5705.79 149 455 44.41 77.72 

5609.77 141 455 46.06 81.35 

5973.94 145 463 46.57 82.22 

5136.82 126 476 46.84 83.43 

5871.29 144 483 46.56 86.77 

5953.01 161 407 45.80 85.48 

6462.07 173 417 44.50 81.35 

5010.42 140 390 45.50 80.81 

4672.20 128 338 46.33 80.27 

4402.57 126 334 45.96 77.98 

- 105 317 46.63 77.00 

- 99 316 46.59 75.4 

- 87 335 46.72 76.17 

- 81 309 48.39 77.19 

- 98 294 48.36 78.53 

- 84 246 48.47 79.71 

- 72 309 47.78 80.26 

- 63 239 48.61 82.11 

- 60 471 50.08 85.55 

- 64 366 51.23 86.71 

- 76 395 49.22 86.84 

- 73 527 48.83 84.83 

- 61 614 48.64 83.65 

- 61 596 49.00 86.77 

- 61 699 48.64 83.53 

- 61 653 45.56 78.37 

- 61 605 42.94 76.21 

- 61 537 42.84 72.79 

- 61 471 42.82 73.41 

- 61 403 42.13 73.05 

- 61 366 40.02 72.38 

- 61 353 40.36 72.72 

- 61 346 39.73 75.77 

- 61 339 39.37 76.00 

- - 335 39.44 76.79 

- - 331 39.44 75.67 

- - 330 39.51 77.78 

- - 332 40.34 79.14 

- - 333 40.82 80.87 

- - 333 40.42 80.61 

- - 322 40.77 82.21 

- - 311 40.78 82.01 

- - 299 42.15 81.95 

- - 292 44.03 83.17 

- - 273 44.16 84.28 

- - 269 44.33 84.58 

- - 275 44.63 83.07 

- - 284 44.85 84.72 

- - 288 45.47 86.11 

- - 302 46.12 85.25 

- - 284 46.54 84.91 

- - 259 46.46 85.61 

- - 253 46.06 85.37 

- - 236 45.41 84.69 

- - 230 44.95 88.13 

in all contracts at the month-end. 



EDITORIALS 

PROLOGUE 



Lead Fundamentals (tonnes) 

2010 2009 2008 2007 2006 2001 

Global 

Mine production (lead content of concentrate) 4,130,000 3,860,000 3,860,000 3,690,000 3,590,000 3,050,000 

World refinery production 9,414,000 8,820,000 8,700,000 8,250,000 7,970,000 6,600,000 

Of which: 

Primary 4,673,000 3,960,000 4,080,000 3,790,000 3,720,000 3,170,000 

Secondary 4,826,000 4,680,000 4,430,000 4,230,000 4,050,000 3,200,000 

Undifferentiated - 173,000 196,000 222,000 206,000 233,000 

Refined lead consumption 9,395,000 8,842,000 8,615,000 8,243,000 8,008,000 6,480,000 

China 

Mine production (lead content of concentrate) 1,850,000 1,600,000 1,500,000 1,410,000 1,330,000 676,000 

Refinery production 4,164,000 3,710,000 3,200,000 2,790,000 2,720,000 1,200,000 

Of which: 

Primary - 2,480,000 2,350,000 2,140,000 2,130,000 984,000 

Secondary - 1,230,000 850,000 650,000 590,000 211,000 

Refined lead consumption 4,020,000 3,660,000 3,050,000 2,650,000 2,270,000 700,000 

Refined lead Imports 2,554 4,793 2,589 3,609 3,581 897 

Refined lead exports 2,802 3,220 1,731 15,988 57,467 49,024 

India 

Mine production (lead content of concentrate) - 92,000 87,300 77,500 69,200 32,000 

Refinery production 167,000 143,000 138,000 124,000 105,000 96,400 

Of which: 

Primary - 65,000 62,000 54,000 49,000 74,400 

Secondary - 78,000 76,000 70,000 56,000 22,000 

Refined lead consumption 310,000 295,000 290,000 280,000 275,000 - 

Lead ores Imports 912 335 724 277 531 0 

Lead ores exports 39,640 0 0 6 0 2,010 

Refined lead Imports 11,204 8,568 11,806 4,889 7,526 9 

Refined lead exports 3,049 5,516 551 424 52 699 


LME 208275 146500 45150 45475 41125 97050 


Source: Ministry of Mines, ILZSG, WBMS, DGFT, MCX, LME 

Top 5 refined lead producers ('000' tonnes) 

Country 2010 2009 2008 2007 2006 

China 4164 3710 3200 2790 2720 

United States 1256 1214 1280 1303 1303 

Germany 405 391 415 405 379 

South Korea 321 297 273 260 240 

United Kingdom 301 312 303 275 298 


Top 5 refined lead consumers ('000' tonnes) 

Country 2010 2009 2008 2007 2006 

China 4020 3660 3050 2650 2270 

United States 1445 1397 1515 1510 1622 

South Korea 382 328 315 342 337 

Germany 342 314 369 409 387 

Spain 262 245 248 260 272 





Economic parameters impacting lead prices 

2010 2009 2008 2007 2006 2001 


US 2.8 -2.6 1.1 2 2.9 0.8 

Japan 4.3 -6.3 -0.3 1.9 2.8 0.7 

Eurozone 1.8 -4.1 1 2.3 2.6 1.9 

China 10.3 9.2 9 11.5 11.1 8.3 

India 9.7 5.7 7.3 8.9 9.7 3.9 

OECD 2.8 -3.4 1 2.6 3.2 2.4 


US 1.6 -0.3 1 2.5 2.7 2.8 

Japan -0.9 -1.4 0.5 1.4 0.3 -0.7 

Eurozone 1.5 0.3 1 3 2.2 2.4 

China 3.1 0.8 3 5.9 2 -0.1 

India 13.2 10.9 5 7 6.7 5.2 

OECD 1.5 0.1 1 3 2.2 2.8 


US 7 -2.9 -11.3 1.5 3 -3.7 

Japan 15.4 -21.3 -3.3 2.8 4.4 -6.3 

Eurozone 8.9 -3.7 -12.4 1.3 3.9 0.4 

China 15.7 11 12.9 17.4 15.4 9.9 

India 2.5 18 0.5 7.6 10.3 2.1 

OECD 7.9 -12.3 -2.1 3.3 3.8 -2.2 


US 0.1 0.1 0.1 4.3 6.3 1.3 

Japan 0.3 0.3 0.3 0.8 0.4 0.1 

Eurozone 1.8 1.8 3 5 4.5 4.3 

China 3.3 2.8 2.8 3.3 3.3 3.2 



US 3.4 3.5 10 6.1 5.9 10.5 

Japan 2.3 3.1 1.8 2.1 0.7 3.3 

Eurozone 1.7 -0.4 7.6 11.6 10 8.0 

China 19.7 27.7 17.8 16.7 16.9 14.4 

India 19.1 17.7 19.9 22.8 19.3 13.6 


US (Dow Jones) 11578 10428 8776 13265 12463 10022 

India (Sensex) 20509 17464 9647 20287 13787 3262 



OECD Total PPI Economic Activities Domestic Mfg 3.8 -4 6.8 3.2 3.7 2.0 










EDITORIALS 

PROLOGUE 



Lead prices 

Month MCX futures prices - 5 MT contract (Rs/tonne) MCX spot prices (Rs/kg) 

Open High Low Close Monthly average 

Dec-10 102.75 115.95 102.70 115.65 108.67 

Nov-10 110.80 116.75 98.20 101.60 106.58 

Oct-10 101.65 114.70 97.80 108.30 105.95 

Sep-10 97.15 103.75 97.05 101.60 100.53 

Aug-10 95.80 102.80 90.95 94.95 96.44 

Jul-10 81.20 95.95 80.00 95.45 86.49 

Jun-10 85.85 85.90 72.55 78.90 79.19 

May-10 98.05 98.90 79.10 84.75 86.82 

Apr-10 97.20 105.60 96.10 96.55 100.66 

Mar-10 100.00 105.15 90.90 95.75 98.83 

Feb-10 93.50 108.65 90.20 98.80 98.28 

Jan-10 113.50 121.95 93.05 95.20 108.85 

Dec-09 107.90 115.85 104.80 111.65 108.43 

Nov-09 107.60 112.20 100.30 106.40 107.44 

Oct-09 108.05 113.90 98.55 109.10 104.98 

Sep-09 102.10 121.45 97.65 109.35 107.38 

Aug-09 89.80 103.80 83.95 103.50 92.37 

Jul-09 81.45 89.70 75.20 88.65 81.18 

Jun-09 74.65 86.30 73.85 82.80 80.28 

May-09 66.90 74.60 65.60 72.35 69.97 

Apr-09 64.30 77.85 62.35 66.55 69.39 

Mar-09 54.05 70.25 53.15 64.80 63.38 

Feb-09 55.65 59.30 47.80 52.00 54.28 

Jan-09 49.35 60.30 48.10 56.45 54.81 

Dec-08 57.00 57.60 40.50 45.95 46.43 

Nov-08 76.00 76.00 53.15 53.80 63.85 

Oct-08 87.20 88.20 57.75 72.35 70.93 

Sep-08 87.20 94.50 79.50 84.55 85.20 

Aug-08 94.30 95.45 70.70 85.75 82.97 

Jul-08 77.20 98.85 66.40 94.70 82.96 

Jun-08 83.90 88.90 74.45 74.50 79.67 

May-08 104.60 107.00 80.75 82.60 93.80 

Apr-08 113.25 120.40 107.40 108.40 113.08 

Mar-08 133.85 140.65 107.10 111.55 121.65 

Feb-08 109.65 137.70 107.65 135.50 121.82 

Jan-08 101.30 109.15 96.00 108.05 102.41 

Dec-07 121.25 121.70 94.35 99.80 103.41 

Nov-07 144.95 148.95 110.15 120.95 132.18 

Oct-07 136.50 154.35 134.10 145.15 147.98 

Sep-07 127.80 142.05 117.40 137.15 130.49 

Aug-07 127.05 139.25 115.65 134.50 127.70 

Jul-07 115.60 142.30 112.60 126.05 124.65 

Jun-07 91.15 109.80 91.15 108.10 98.91 

May-07 82.10 92.45 82.10 92.00 85.66 

Apr-07 84.55 86.50 80.15 82.75 84.56 

Mar-07 84.60 88.00 84.60 84.85 84.11 

Feb-07 77.00 84.65 70.90 83.85 78.52 

Jan-07 74.25 77.30 69.00 77.30 74.05 

Dec-06 72.00 80.95 72.00 78.40 77.00 

Nov-06 72.50 75.00 70.00 74.00 72.93 

Oct-06 64.85 73.50 64.85 73.50 69.92 

Sep-06 57.25 64.75 54.50 64.75 61.91 

Aug-06 51.35 55.00 51.35 55.00 54.67 

Jul-06 44.00 53.45 43.00 50.50 48.92 

Jun-06 54.10 54.10 42.50 43.20 44.32 

May-06 56.35 59.00 51.40 53.35 52.76 

Apr-06 54.50 58.00 51.90 56.35 52.65 


Source: Exchanges’ websites, RBI. 




LME 3-month prices (USD/tonne) LME cash (USD/tonne) RBI rate USD/ INR Dollar Index 


2231.00 2569.75 2231.00 2550.00 2413.20 45.16 80.30 

2440.00 2650.00 2150.00 2230.00 2364.98 45.02 78.45 

2270.00 2619.00 2205.00 2449.00 2383.55 44.41 77.72 

2060.00 2321.00 2060.00 2278.00 2192.85 46.06 81.35 

2070.00 2250.00 1952.00 2070.00 2082.80 46.57 82.22 

1735.00 2081.00 1697.50 2077.50 1843.97 46.84 83.43 

1820.00 1860.15 1535.00 1750.00 1707.28 46.56 86.77 

2210.00 2230.00 1721.25 1850.00 1876.79 45.80 85.48 

2141.00 2400.00 2130.00 2230.00 2272.15 44.50 81.35 

2217.00 2333.75 2007.00 2147.00 2163.00 45.50 80.81 

2020.00 2368.00 1911.00 2165.00 2126.00 46.33 80.27 

2464.00 2690.00 2010.00 2025.00 2352.00 45.96 77.98 

2340.00 2525.50 2255.00 2432.00 2326.00 46.63 77.00 

2275.00 2447.75 2145.00 2345.00 2303.00 46.59 75.40 

2280.00 2485.00 2070.00 2305.00 2228.00 46.72 76.17 

2095.50 2517.25 2025.00 2284.00 2205.00 48.39 77.19 

1878.00 2149.00 1741.00 2107.00 1893.00 48.36 78.53 

1690.00 1879.00 1548.00 1879.00 1674.00 48.47 79.71 

1570.00 1833.50 1570.00 1690.00 1667.00 47.78 80.26 

1325.00 1570.25 1320.00 1570.00 1447.00 48.61 82.11 

1270.00 1570.00 1219.80 1330.00 1394.00 50.08 85.55 

1050.00 1380.00 1025.00 1270.00 1247.00 51.23 86.71 

1135.00 1219.00 980.00 1046.00 1099.63 49.22 86.84 

980.00 1230.00 957.00 1120.50 1144.90 48.83 84.83 

1095.00 1140.00 851.00 999.00 968.17 48.64 83.65 

1525.00 1557.00 1073.00 1103.00 1286.43 49.00 86.77 

1845.00 1873.00 1145.00 1508.00 1494.26 48.64 83.53 

1975.00 2080.00 1729.75 1830.00 1872.31 45.56 78.37 

2215.00 2222.50 1626.00 1975.00 1902.85 42.94 76.21 

1780.00 2293.75 1531.00 2210.00 1960.04 42.84 72.79 

2000.00 2090.00 1745.00 1790.00 1860.51 42.82 73.41 

2700.00 2730.00 1912.00 1975.00 2216.09 42.13 73.05 

2780.00 3000.00 2677.00 2714.00 2834.88 40.02 72.38 

3335.00 3480.00 2655.00 2790.00 3012.93 40.36 72.72 

2810.00 3420.00 2719.00 3330.00 3089.61 39.73 75.77 

2555.00 2831.00 2405.00 2820.00 2621.78 39.37 76.00 

3060.00 3060.00 2371.00 2550.00 2616.08 39.44 76.79 

3680.00 3775.00 2805.00 3060.00 3319.91 39.44 75.67 

3380.00 3890.15 3345.00 3660.00 3722.61 39.51 77.78 

3120.00 3520.00 2845.00 3380.00 3228.03 40.34 79.14 

3110.00 3355.00 2760.00 3110.00 3115.19 40.82 80.87 

2680.00 3500.00 2670.00 3105.00 3072.43 40.42 80.61 

2360.00 2745.00 2231.00 2660.00 2436.64 40.77 82.21 

2015.00 2360.00 1980.00 2331.00 2106.00 40.78 82.01 

1920.00 2045.00 1905.00 2015.00 1984.16 42.15 81.95 

1825.00 1975.15 1771.85 1920.00 1908.98 44.03 83.17 

1680.00 1955.00 1525.00 1820.00 1775.08 44.16 84.28 

1685.00 1725.25 1505.00 1679.00 1664.34 44.33 84.58 

1660.00 1785.00 1580.00 1665.00 1709.16 44.63 83.07 

1615.00 1755.00 1440.00 1663.00 1626.02 44.85 84.72 

1390.00 1630.00 1340.00 1617.00 1525.66 45.47 86.11 

1220.00 1410.50 1214.00 1380.00 1346.53 46.12 85.25 

1095.00 1250.00 1082.25 1210.00 1179.32 46.54 84.91 

1020.00 1180.00 995.00 1092.00 1053.26 46.46 85.61 

1065.00 1080.00 924.75 1015.00 963.61 46.06 85.37 

1230.00 1360.00 1060.00 1071.00 1167.50 45.41 84.69 

1180.00 1260.00 1139.85 1210.00 1170.56 44.95 88.13 



EDITORIALS 

PROLOGUE 



Lead trading activity 

Month MCX^ LME* 

Volume Open Interest Volume Open Interest 

Dec-10 736860 10916 664693 145177 

Nov-10 824705 7264 721628 152023 

Oct-10 916761 5691 706941 138909 

Sep-10 824671 7773 634529 129890 

Aug-10 927590 8139 581347 125002 

Jul-10 671476 11993 644167 132294 

Jun-10 780761 15719 657952 128907 

May-10 606739 6697 661808 134434 

Apr-10 612538 8519 661124 123855 

Mar-10 578649 9446 633637 125925 

Feb-10 548550 4666 546908 113332 

Jan-10 516536 7376 567403 108234 

Dec-09 368884 3899 479278 100018 

Nov-09 364568 2473 463983 103436 

Oct-09 432767 2574 522231 102818 

Sep-09 573158 3204 597913 107792 

Aug-09 336663 3820 515465 104305 

Jul-09 262801 3405 494804 108364 

Jun-09 309687 2785 508573 105843 

May-09 210388 2080 393306 100024 

Apr-09 161244 1992 483781 98282 

Mar-09 130344 1380 535331 93619 

Feb-09 72614 1550 402582 102852 

Jan-09 146851 1354 534515 102959 

Dec-08 144343 3235 483905 109344 

Nov-08 128765 3994 470743 117209 

Oct-08 114594 2276 610973 123930 

Sep-08 156400 1765 540511 139610 

Aug-08 158614 1301 609001 143131 

Jul-08 226034 2740 729273 142077 

Jun-08 126749 5245 482949 116295 

May-08 139900 3449 483893 113582 

Apr-08 78768 1255 423544 105527 

Mar-08 110436 866 415194 102617 

Feb-08 139959 1817 454711 98288 

Jan-08 129851 1980 428100 96419 

Dec-07 167541 1933 341485 96146 

Nov-07 180997 1898 494098 102672 

Oct-07 259390 2829 493731 98587 

Sep-07 179574 1557 406280 92649 

Aug-07 213613 1652 434971 66274 

Jul-07 90279 847 374775 66822 

Jun-07 339 19 382190 64802 

May-07 4 4 366261 66439 

Apr-07 9 5 302402 63116 

Mar-07 8 0 323205 63240 

Feb-07 8 2 330473 60786 

Jan-07 54 0 371393 58260 

Dec-06 116 0 320163 57662 

Nov-06 552 1 374854 61192 

Oct-06 28 0 356364 58032 

Sep-06 336 0 396199 56693 

Aug-06 46 1 379169 55523 

Jul-06 1774 20 318504 57775 

Jun-06 430 29 308105 62057 

May-06 1691 16 440203 62315 

Apr-06 628 8 343260 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 




Lead Mine Production (2010e) Refined Lead Consumption (2010) 

Others 

21% 

Peru 

7% 

Australia 

15% 

United 

States 

11% 

China 

43% 

Germany 

4% 

Mexico 

4% South Korea 

3% 

Source: Source: USGS; e estimates 

Others 

31% 

United 

States 

15% 

Source: GFMS 

China 

45% 

Spain 

2% 

Inventory & Spread 

400 

350 

300 

250 

200 

150 

100 

50 

0 

Lead Prices, Inventory and Spread Between Cash & Futures 

LME futures (USD/tonnes) 

Lead invetory (000s metric tonnes) 

Cash - Month Spread (USD/tonnes) 

Prices 

4000 

3500 

3000 

2500 

200 

1500 

1000 

500 

-50 

Source: LME 

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 

0 



EDITORIALS 

PROLOGUE 



Nickel fundamentals (Tonnes) 

2010 2009 2008 2007 2006 2001 

Global 

Mine production Of which: 1,550,000 1,400,000 1,560,000 1,670,000 1,570,000 1,350,000 

Concentrate - 436,000 552,000 556,000 541,000 451,000 

Ore and ore milled - 309,000 269,000 293,000 280,000 537,000 

Laterite ore - 339,000 385,000 480,000 394,000 230,000 

Ferronickel produced - 12,000 15,000 15,300 10,900 2,970 

Nickel sulfate - 100 100 100 80 151 

Unspecified and (or) undifferentiated - 309,000 338,000 326,000 340,000 124,000 

Plant production (refined) Of which: 1,425,000 1,380,000 1,400,000 1,440,000 1,350,000 1,190,000 

Ferronickel, including ferronickel magnesium - 363,000 350,000 395,000 332,000 232,000 

Metal - 775,000 742,000 748,000 741,000 683,000 

Oxide sinter - 91,700 89,400 100,000 95,700 104,000 

Chemicals, including nickel sulfate - 13,800 14,600 14,800 16,200 16,900 

Unspecified - 138,000 203,000 179,000 168,000 152,000 

Refined nickel consumption 1,463,700 1,241,000 1,244,000 1,425,000 1,365,000 1,211,000 

China 

Mine production 77,000 79,355 72,000 67,000 82,100 51,500 

Plant production (refined) 350,000 273,000 207,900 206,500 138,000 49,700 

Refined nickel consumption 560,000 540,000 305,000 330,000 230,000 70,000 

Refined nickel imports 14,869 13,241 10,715 9,563 10,374 - 

Refined nickel exports 2,893 7,673 449 478 2,874 - 

India 

Semi-refined nickel consumption 27,834 24,478 20,815 19,279 17,751 24,700 

Nickel metal import 1,982 2,167 692 1,202 1,202 386 

Nickel metal export 0 0 0 0 0 - 

Nickel ores imports (gross weight) 12 0 0 24 0 487 

Nickel ores exports (gross weight) 0 0 0 0 0 - 


LME 135672 158010 78390 47946 6648 18966 


Source: USGS, INSG, DGCIS, MCX, LME, GFMS, 7economy.com, World Bureau of Metal Statistics, China Customs General Administration 

Top 5 refined nickel producers 

Country 2010 2009 2008 2007 2006 

China 350,000 273,000 207,900 206,500 138,000 

Japan 166,000 144,000 156,000 161,000 152,000 

Canada 105,000 117,000 168,000 154,000 147,000 

Australia 102,000 131,000 108,000 114,000 116,000 

Norway 92,000 89,000 89,000 88,000 82,000 

Source: Thomson Reuters GFMS, INSG 

Top 5 refined nickel consumers 

Country 2010 2009 2008 2007 2006 

China 560,000 540,000 305,000 330,000 230,000 

Japan 177,000 148,000 185,000 196,000 181,000 

United States 119,000 91,000 117,000 119,000 145,000 

South Korea 101,000 93,000 76,000 71,000 93,000 

Germany 100,000 62,000 91,000 110,000 106,000 

Source: Thomson Reuters GFMS, INSG 




Economic parameters impacting nickel prices 

2010 2009 2008 2007 2006 2001 


US 2.8 -2.6 1.1 2 2.9 0.8 

Japan 4.3 -6.3 -0.3 1.9 2.8 0.7 

Eurozone 1.8 -4.1 1 2.3 2.6 1.9 

China 10.3 9.2 9 11.5 11.1 8.3 

India 9.7 5.7 7.3 8.9 9.7 3.9 

OECD 2.8 -3.4 1 2.6 3.2 2.4 


US 1.6 -0.3 1 2.5 2.7 2.8 

Japan -0.9 -1.4 0.5 1.4 0.3 -0.7 

Eurozone 1.5 0.3 1 3 2.2 2.4 

China 3.1 0.8 3 5.9 2 -0.1 

India 13.2 10.9 5 7 6.7 5.2 

OECD 1.5 0.1 1 3 2.2 2.8 


US 7 -2.9 -11.3 1.5 3 -3.7 

Japan 15.4 -21.3 -3.3 2.8 4.4 -6.3 

Eurozone 8.9 -3.7 -12.4 1.3 3.9 0.4 

China 15.7 11 12.9 17.4 15.4 9.9 

India 2.5 18 0.5 7.6 10.3 2.1 

OECD 7.9 -12.3 -2.1 3.3 3.8 -2.2 


US 0.1 0.1 0.1 4.3 6.3 1.3 

Japan 0.3 0.3 0.3 0.8 0.4 0.1 

Eurozone 1.8 1.8 3 5 4.5 4.3 

China 3.3 2.8 2.8 3.3 3.3 3.2 



US 3.4 3.5 10 6.1 5.9 10.5 

Japan 2.3 3.1 1.8 2.1 0.7 3.3 

Eurozone 1.7 -0.4 7.6 11.6 10 8.0 

China 19.7 27.7 17.8 16.7 16.9 14.4 

India 19.1 17.7 19.9 22.8 19.3 13.6 


US (Dow Jones) 11578 10428 8776 13265 12463 10022 

India (Sensex) 20509 17464 9647 20287 13787 3262 



OECD Total PPI Economic Activities Domestic Manufacturing 3.8 -4.0 6.8 3.2 3.7 2.0 

OECD Total CPI OECD Groups Total Energy 7.8 -10.4 12.4 4.0 9.3 4.9 









EDITORIALS 

PROLOGUE 



Nickel prices 

Month MCX futures prices (Rs/tonne) MCX spot prices (Rs/kg) 


Dec-10 1053.0 1135.0 1051.2 1111.8 1085.7 

Nov-10 1039.0 1097.4 957.9 1037.7 1028.4 

Oct-10 1053.2 1120.7 1005.8 1010.3 1054.7 

Sep-10 983.7 1082.7 983.7 1047.3 1041.6 

Aug-10 981.0 1055.7 940.7 969.3 994.8 

Jul-10 917.0 976.6 881.5 953.3 916.1 

Jun-10 984.0 984.0 823.6 900.0 900.4 

May-10 1169.1 1178.3 935.3 1002.2 1015.2 

Apr-10 1121.1 1224.7 1081.6 1145.4 1163.0 

Mar-10 985.0 1128.0 958.1 1125.2 1025.1 

Feb-10 857.3 955.8 796.2 946.3 881.7 

Jan-10 878.7 891.8 795.5 866.5 849.6 

Dec-09 758.1 908.4 736.0 863.1 798.9 

Nov-09 853.0 866.5 732.0 744.8 791.0 

Oct-09 852.3 918.1 819.0 866.7 866.1 

Sep-09 924.5 938.3 796.5 833.0 839.2 

Aug-09 859.0 1022.4 859.0 956.4 948.0 

Jul-09 744.0 858.4 702.2 851.1 773.6 

Jun-09 660.0 768.9 651.4 762.5 717.3 

May-09 589.0 666.6 572.6 650.4 616.6 

Apr-09 502.0 637.1 494.7 565.6 558.4 

Mar-09 504.1 533.5 478.3 479.3 495.8 

Feb-09 545.0 585.0 462.0 488.6 512.5 

Jan-09 576.0 654.8 498.1 537.6 550.8 

Dec-08 515.0 540.8 442.3 522.8 470.5 

Nov-08 623.8 649.3 476.2 484.8 526.3 

Oct-08 764.4 769.0 447.8 556.5 579.0 

Sep-08 906.0 906.5 721.0 741.9 807.2 

Aug-08 795.1 935.0 736.6 887.8 819.2 

Jul-08 960.0 974.5 763.0 791.6 863.4 

Jun-08 935.0 1073.5 914.5 930.5 967.9 

May-08 1160.0 1180.0 927.0 942.5 1077.0 

Apr-08 1183.5 1205.5 1127.5 1169.5 1149.5 

Mar-08 1259.0 1416.0 1126.0 1190.5 1260.9 

Feb-08 1086.5 1275.0 1042.0 1258.0 1109.3 

Jan-08 1040.5 1203.0 1038.5 1084.0 1089.2 

Dec-07 1088.0 1104.5 998.0 1017.5 1030.3 

Nov-07 1277.0 1350.0 1042.0 1047.5 1211.2 

Oct-07 1230.0 1306.0 1188.0 1212.9 1228.5 

Sep-07 1217.0 1362.0 1101.7 1232.9 1195.3 

Aug-07 1279.0 1286.0 1035.0 1237.9 1120.1 

Jul-07 1495.0 1519.9 1223.4 1275.7 1350.6 

Jun-07 1941.1 2009.0 1430.2 1460.8 1700.7 

May-07 2105.0 2185.5 1925.0 2073.2 2130.9 

Apr-07 2007.8 2253.9 1953.9 2066.5 2133.3 

Mar-07 1891.1 2247.0 1790.0 1982.8 2036.7 

Feb-07 1945.0 1990.0 1925.0 1967.6 1817.1 

Jan-07 1504.0 1855.0 1355.0 1727.0 1626.6 

Dec-06 1498.0 1603.0 1433.0 1512.9 1543.5 

Nov-06 1429.8 1547.3 1267.3 1539.0 1439.7 

Oct-06 1408.3 1640.0 1327.1 1420.2 1491.9 

Sep-06 1515.0 1524.2 1205.0 1430.5 1394.6 

Aug-06 1287.5 1618.5 1210.0 1581.3 1445.0 

Jul-06 976.1 1380.0 976.1 1324.3 1234.2 

Jun-06 1080.0 1081.0 844.1 1031.2 954.0 

May-06 905.0 1064.0 821.0 1064.0 956.8 

Apr-06 675.0 832.7 675.0 827.9 801.7 






LME 3-month prices (USD/tonne) LME cash (USD/tonne) RBI rate USD/ INR Dollar Index 


22850 25001 22850 24750 24111 45.16 80.30 

23090 24849 20450 23050 22909 45.02 78.45 

23300 25200 22661 22990 23807 44.41 77.72 

20775 23570 20775 23400 22643 46.06 81.35 

21025 22898 20000 20700 21413 46.57 82.22 

19358 21204 18401 21150 19518 46.84 83.43 

21050 21051 17375 19745 19389 46.56 86.77 

26150 26469 20450 21350 22008 45.80 85.48 

25001 27595 24269 26300 26031 44.50 81.35 

21188 25085 20990 24995 22461 45.50 80.81 

18550 21176 16975 21175 18976 46.33 80.27 

18800 19400 17325 18500 18439 45.96 77.98 

16200 19450 15720 18525 17066 46.63 77.00 

18180 18400 15751 16400 16991 46.59 75.40 

17800 19750 16900 18250 18525 46.72 76.17 

18800 19150 16282 17895 17473 48.39 77.19 

17900 21325 17900 19030 19642 48.36 78.53 

15350 17950 14120 17950 15985 48.47 79.71 

13945 16100 13800 15375 14960 47.78 80.26 

11700 13950 11625 13945 12635 48.61 82.11 

9800 12850 9625 11680 11166 50.08 85.55 

9975 10420 9425 9850 9696 51.23 86.71 

11180 12051 9250 10000 10409 49.22 86.84 

11700 13550 10180 11200 11307 48.83 84.83 

10000 11900 9000 11700 9686 48.64 83.65 

12675 13125 9720 10200 10702 49.00 86.77 

16050 16400 8850 12100 12140 48.64 83.53 

20250 20350 15588 15850 17795 45.56 78.37 

18599 21525 17370 20225 18928 42.94 76.21 

21950 22599 18049 18350 20160 42.84 72.79 

22290 24950 21400 21950 22549 42.82 73.41 

28725 29149 21355 22100 25735 42.13 73.05 

29750 30325 27900 28550 28763 40.02 72.38 

31500 35150 28000 29755 31225 40.36 72.72 

27650 32050 26250 31500 27955 39.73 75.77 

26650 30750 26350 27400 27690 39.37 76.00 

27450 27800 25177 26300 25992 39.44 76.79 

32380 34250 26752 27095 30610 39.44 75.67 

30849 33490 29701 32050 31055 39.51 77.78 

29800 34500 26612.5 30500 29538 40.34 79.14 

31450 31450 24800 29800 27652 40.82 80.87 

36450 37500 30199 31445 33426 40.42 80.61 

46100 50448.5 35350 36200 41719 40.77 82.21 

48000 51800 44900 46000 52179 40.78 82.01 

45000 50200 44950 47800 50267 42.15 81.95 

40800 48500 39000 44800 46325 44.03 83.17 

36500 41990 34350 41395 41184 44.16 84.28 

33350 38950 30000 37000 36811 44.33 84.58 

33750 34950 31999 33325 34570 44.63 83.07 

31400 34100 28650 33950 32114 44.85 84.72 

29375 32625 28000 31350 32703 45.47 86.11 

28000 29450 25500 29350 30131 46.12 85.25 

25400 29950 24175 28800 30744 46.54 84.91 

21400 26900 21400 25500 26586 46.46 85.61 

21500 21750 17050 21350 20755 46.06 85.37 

19175 23050 18600 21900 21077 45.41 84.69 

15200 20250 15150 19275 17942 44.95 88.13 



EDITORIALS 

PROLOGUE 



Nickel trading activity 

Month MCX LME* 


Dec-10 991720 11189 609303 129267 

Nov-10 1102297 10556 549301 131018 

Oct-10 1303409 15593 578265 131308 

Sep-10 1545719 13074 618557 135930 

Aug-10 1575374 17892 565238 137497 

Jul-10 1513239 11042 581376 133022 

Jun-10 1831835 14782 689045 130815 

May-10 1895405 13124 624309 128978 

Apr-10 2005692 16800 564557 135685 

Mar-10 1688859 22136 681780 138772 

Feb-10 1298373 10181 659007 132646 

Jan-10 1177285 11674 534970 119026 

Dec-09 938083 20549 583087 127969 

Nov-09 1017457 25176 509446 119369 

Oct-09 1090155 11089 634481 122518 

Sep-09 1138791 10581 652785 133157 

Aug-09 1480793 8201 688060 140138 

Jul-09 1034964 8947 573970 135933 

Jun-09 912814 6744 591738 123467 

May-09 708101 7855 459656 119384 

Apr-09 598581 8353 587940 112215 

Mar-09 326281 16168 457791 112738 

Feb-09 222376 4650 381938 124755 

Jan-09 324454 2263 528894 120817 

Dec-08 203662 3948 439020 117669 

Nov-08 206015 3039 405158 117387 

Oct-08 216060 3571 537443 126983 

Sep-08 148790 6332 509484 118006 

Aug-08 188189 3395 408295 121245 

Jul-08 186886 10310 393348 113786 

Jun-08 161359 5512 446347 107684 

May-08 113308 4291 432582 103674 

Apr-08 81540 2169 443789 97002 

Mar-08 147596 2152 349587 97320 

Feb-08 170479 4324 447305 95674 

Jan-08 198392 4466 353678 91977 

Dec-07 121275 5055 329927 88395 

Nov-07 117293 5294 362858 84517 

Oct-07 244786 4987 342322 77624 

Sep-07 250183 4288 274793 74882 

Aug-07 311290 5999 310368 54439 

Jul-07 315797 8279 266692 49576 

Jun-07 293894 3554 347708 45144 

May-07 144002 2764 278647 44480 

Apr-07 115707 1228 282269 41779 

Mar-07 128971 1354 268325 46467 

Feb-07 76841 710 291690 45936 

Jan-07 49710 527 353496 49227 

Dec-06 14522 74 292342 48765 

Nov-06 1307 10 235072 47665 

Oct-06 688 10 312979 47660 

Sep-06 288 4 264161 47852 

Aug-06 288 0 340962 47247 

Jul-06 1281 1 357523 53816 

Jun-06 2109 23 397067 55640 

May-06 356 13 379303 62328 

Apr-06 67 10 471598 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 





Nickel Mine Production (2010e) Refined Nickel Consumption (2010) 

Indonesia 

15% 

New 

Caledonia 

9% 

Australia 

9% 

Russia 

17% 

Japan 

12% 

Others 

30% 

Canada 

Others 

10% 

40% 

China 

United 

37% 

States 

8% 

South Korea 

7% 

Germany 

6% 


Source: GFMS, INSG, WBMS 

1525 

1425 

1325 

1225 

Nickel Prices, Consumption & Steel Production 

Average LME prices USD/tonnes (RHS) 

Steel Globle production (million tonnes) 

Nickel Consumption (000s tonnes) 

40000 

33000 

26000 

1125 

1025 

925 

19000 

12000 

825 

2001 2002 2003 

2004 2005 2006 2007 

2008 2009 2010 

5000 

Source: IISF, INSG, LME 



EDITORIALS 

PROLOGUE 



Steel fundamentals (million tonne, unless specified) 

2010 2009 2008 2007 2006 2001 

Global 

Crude steel production 1,417 1,232 1,329 1,347 1,247 851 

Crude steel production Ex-China 791 659 829 857 828 699 

Operating rate - crude steel (in %) 81 72 83 88 88 79 

Crude steel consumption 1,386 1,216 1,309 1,325 1,239 854 

Crude steel consumption Ex-China 786 645 856 885 846 683 

Finished steel consumption 1,294 1,139 1,210 1,228 1,145 775 

Ratio Finished/Crude - % 91 91 91 91 91 91 

Finished steel use per capita (in kg) 164 174 188 199 194.4 150.4 

China 

Crude steel production 627 574 500 489 419 152 

Finished steel consumption 576 548 435 423 378 158 

Finished steel use per capita (in kg) 427 409 327 320 287.4 133.2 

Exports of semi-finished and finished 41,646 23,969 56,304 66,357 51,706 7,276 

steel products (thousand tonne) 

Imports of semi-finished and finished 1,718 2,235 1,562 17,185 19,105 25,608 


Steel scrap import (thousand tonne) 5,877 13,692 3,590 3,395 5,385 9,776 

India 

Crude steel production 68 64 58 53 49 27 

Finished steel consumption 64 58 51 51 46 29 

Finished steel use per capita (in kg) 51.7 47.8 45.1 45.8 41.2 30.2 

Exports of semi-finished and finished 5850 5552 7485 6590 6870 3187 


Imports of semi-finished and finished 9128 8288 6973 7700 5660 1775 


Exports of finished steel products (thousand tonne) 4028 5011 5160 5479 4815 2394 

Imports of finished steel products (thousand tonne) 8078 5872 6872 5338 4633 1143 

Steel scrap import (thousand tonne) 3606 4727 4579 2990 3145 1100 

Inventory levels - year-end (tonnes) 

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% 0.70% - 

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 figures 2011 by World Steel Association, USGS, DGCIS, MCX 




Top 5 crude steel producers 

Country 2010 2009 2008 2007 2006 2001 

China 626.7 573.6 500.5 489.2 423 150.9 

Japan 109.6 87.5 118.7 120.2 116.2 102.8 

United States 80.5 58.2 91.4 98.2 98.6 90.1 

India 68.3 63.5 55.2 53.1 49.5 27.2 

Russia 66.9 60 68.5 72.4 70.8 58.9 

Source: World steel in figures 2011, 2008, 2006 

Top 5 finished steel products consumers 

Country 2010 2009 2008 2007 2006 2001 

China 576 548.1 434.7 422.5 377.7 158 

Unites States 80.1 59.2 98.4 108 119.6 106 

Japan 63.8 52.8 77.9 81.2 79 73.2 

India 60.6 55.3 51.4 51.5 45.6 28.5 

South Korea 52.4 45.4 58.6 55.2 50.2 38.3 

Source: World steel in figures 2011, 2008 

World trade in finished steel 

Year 2010 2009 2008 2007 2006 2001 

Production 1316.6 1147 1234.6 1251.4 1158.6 784.9 

Exports 386.6 326.3 436.2 443.8 418.3 300.4 

Exports % 29.4 28.4 35.3 35.5 36.1 38.3 

Source: World steel in figures 2011, Steel Statistical Yearbook 2011 

Top 10 steel producing companies - 2010 

Rank Member Company Production 

1 ArcelorMittal 98.2 

2 Baosteel 37.0 

3 POSCO 35.4 

4 Nippon Steel (2) 35.0 

5 JFE 31.1 

6 Jiangsu Shagang 23.2 

7 Tata Steel (3) 23.2 

8 U. S. Steel 22.3 

9 Ansteel (4) 22.1 

10 Gerdau 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 figures 2011 



EDITORIALS 

PROLOGUE 



World's largest steel flat product producers, early 2010 

Company Base Capacity - million tonne/yr 

ArcelorMittal Group UK 104.0 

Shanghai Baosteel Group China 32.2 

JFE Steel Group Japan 31.5 

Nippon Steel Group Japan 30.8 

US Steel Group USA 28.6 

AnBen Group China 27.6 

Posco Group Korea Republic 27.1 

Thyssen Krupp Group Germany 20.8 

Severstal Group Russia 18.7 

Tata Corus Group India 17.1 

Wuhan Iron & Steel Group China 15.4 

China Steel Group Taiwan 13.5 

Jiangsu Shagang Group China 13.3 

MMK Russia 12.9 

Riva Group Italy 12.3 

Nucor Group USA 10.4 

AK Steel Group USA 9.3 

Hebei Steel Group China 9.2 

Erdemir Turkey 8.9 

NLMK Russia 8.8 

Total World 766.2 


World's Largest Steel Long Product Producers, early 2010 

Company Base Capacity - million tonne/yr 

ArcelorMittal Group UK 51.2 

Gerdau Group Brazil 22.6 

Evrazholding Group Russia 18.7 

Tata Corus Group India 11.1 

Nippon Steel Group Japan 10.8 

JFE Steel Group Japan 10.0 

Nucor Group USA 9.4 

Hebei Steel Group China 8.9 

Riva Group Italy 8.8 

Shanghai Baosteel Group China 8.6 

Celsa Group Spain 8.5 

Metinvest Holding Group Ukraine 7.8 

Wuhan Iron & Steel Group China 7.5 

Hyundai Group Korea Republic 6.9 

Severstal Group Russia 6.8 

Shougang Beijing Group China 6.7 

NLMK Russia 6.7 

Sumitomo Group Japan 6.0 

Imidro Group Iran 5.3 

Jiangsu Shagang Group China 5.3 

Total World 663.2 





Economic parameters impacting Steel prices 

2010 2009 2008 2007 2006 2001 


US 2.8 -2.6 1.1 2.0 2.9 0.8 

Japan 4.3 -6.3 -0.3 1.9 2.8 0.7 

Eurozone 1.8 -4.1 1.0 2.3 2.6 1.9 

China 10.3 9.2 9.0 11.5 11.1 8.3 

India 9.7 5.7 7.3 8.9 9.7 3.9 

OECD 2.8 -3.4 1.0 2.6 3.2 2.4 


US 1.6 -0.3 1.0 2.5 2.7 2.8 

Japan -0.9 -1.4 0.5 1.4 0.3 -0.7 

Eurozone 1.5 0.3 1.0 3.0 2.2 2.4 

China 3.1 0.8 3.0 5.9 2.0 -0.1 

India 13.2 10.9 5.0 7.0 6.7 5.2 

OECD 1.5 0.1 1.0 3.0 2.2 2.8 


US 7.0 -2.9 -11.3 1.5 3.0 -3.7 

Japan 15.4 -21.3 -3.3 2.8 4.4 -6.3 

Eurozone 8.9 -3.7 -12.4 1.3 3.9 0.4 

China 15.7 11.0 12.9 17.4 15.4 9.9 

India 2.5 18.0 0.5 7.6 10.3 2.1 

OECD 7.9 -12.3 -2.1 3.3 3.8 -2.2 

Interest Rates (%) 

US 0.1 0.1 0.1 4.3 6.3 1.3 

Japan 0.3 0.3 0.3 0.8 0.4 0.1 

Eurozone 1.8 1.8 3.0 5.0 4.5 4.3 

China 3.3 2.8 2.8 3.3 3.3 3.2 



US 3.4 3.5 10.0 6.1 5.9 10.5 

Japan 2.3 3.1 1.8 2.1 0.7 3.3 

Eurozone 1.7 -0.4 7.6 11.6 10.0 8.0 

China 19.7 27.7 17.8 16.7 16.9 14.4 

India 19.1 17.7 19.9 22.8 19.3 13.6 


US (Dow Jones) 11578 10428 8776 13265 12463 10022 

India (Sensex) 20509 17464 9647 20287 13787 3262 













EDITORIALS 

PROLOGUE 



Steel prices 

Month MCX spot prices (Rs/tonne) - monthly average LME 3-month steel billet prices (USD/tonne) 

Steel flat Steel long Steel long Steel long Open High Low Close 

Mumbai Govindgargh* Bhavnagar Ghaziabad* 

Dec-10 - 27036.0 - 26890.4 523.0 565.0 510.0 570.0 

Nov-10 - 25896.2 - 25828.1 515.0 523.0 506.5 520.0 

Oct-10 - 26058.0 - 25743.6 460.0 508.0 430.0 500.5 

Sep-10 - 25825.6 - 25060.8 500.0 529.0 440.0 457.5 

Aug-10 - 25425.4 - 24534.6 495.0 513.0 490.0 501.0 

Jul-10 31414.1 25077.4 26487.0 24154.8 430.0 500.0 420.0 499.5 

Jun-10 32091.9 25170.2 26051.2 24191.2 430.0 445.0 400.0 430.0 

May-10 35066.8 25528.4 26739.2 25009.2 530.0 530.0 419.0 465.0 

Apr-10 36859.6 27464.4 29698.8 26996.0 600.0 620.0 485.0 525.0 

Mar-10 33500.0 26555.0 28794.8 26368.8 450.0 617.5 448.0 586.5 

Feb-10 30864.6 24420.8 26014.6 23550.4 415.0 450.0 415.0 448.5 

Jan-10 31512.0 25626.8 27350 25305.6 418.0 448.0 412.0 412.5 

Dec-09 30394.2 23819.2 24493.5 23656.2 400.0 413.0 390.0 409.5 

Nov-09 29891.3 21765.4 21680.8 20884.2 370.0 430.0 370.0 405.0 

Oct-09 30555.8 22646.2 21244 21708.1 395.0 395.0 365.0 370.0 

Sep-09 31791.2 23698.6 23973.1 23355.8 410.0 420.5 405.0 435.0 

Aug-09 30840.8 22521.2 22542.4 21490.0 400.0 415.0 400.0 405.0 

Jul-09 29895.6 21825.9 21645.6 20828.1 390.0 391.0 356.5 385.0 

Jun-09 28941.2 23045.8 22721.1 25131.9 339.0 395.0 339.0 385.0 

May-09 29228.4 24907.6 24169.2 24959.7 330.0 350.0 325.0 322.5 

Apr-09 28988.7 24268.7 24018.7 - 309.0 335.0 295.0 325.0 

Mar-09 28746.4 23994.0 23288.0 - 275.0 329.0 255.0 325.0 

Feb-09 29077.9 23875.0 24286.1 - 320.0 336.0 282.0 295.0 

Jan-09 30493.5 23891.0 25275.0 - 385.0 385.0 305.0 340.0 

Dec-08 31469.6 24796.9 26241.9 - 330.0 390.0 320.0 380.0 

Nov-08 33698.3 24749.3 26794.3 - 290.0 445.0 279.0 320.0 

Oct-08 39318.8 25269.2 27575.0 - 515.0 515.0 260.0 290.0 

Sep-08 44000.4 30859.8 33484.0 - 700.0 700.0 470.0 515.0 

Aug-08 46249.2 31793.8 35121.2 - 960.0 960.0 685.0 685.0 

Jul-08 45685.6 35268.1 39732.2 - 1170.0 1200.0 965.0 950.0 

Jun-08 41267.2 34717.8 38567.4 - 1175.0 1270.0 1175.0 1195.0 

May-08 36203.0 31200.0 33346.4 - 1030.0 1185.0 1030.0 1192.5 

Apr-08 35869.6 - 35613.8 - 1005.0 1010.0 985.0 1015.0 

Mar-08 34782.9 - 36557.9 - - - - - 

Feb-08 31102.9 - 31865.6 - - - - - 

Jan-08 29095.0 - 28416.2 - - - - - 

Dec-07 28042.8 - 25830.4 - - - - - 

Nov-07 28057.6 - 25452.4 - - - - - 

Oct-07 28290.4 - 25478.1 - - - - - 

Sep-07 28472.5 - 24813.8 - - - - - 

Aug-07 27730.0 - 23763.1 - - - - - 

Jul-07 27663.1 24331.9 22472.3 - - - - - 

Jun-07 28238.1 25001.0 23190.0 - - - - - 

May-07 29248.5 25097.4 24160.4 - - - - - 

Apr-07 29830.4 25349.6 25022.1 - - - - - 

Mar-07 29385.8 24304.6 23968.1 - - - - - 

Feb-07 27342.9 23693.8 23292.5 - - - - - 

Jan-07 26391.5 23401.2 22804.2 - - - - - 

Dec-06 26444.4 22528.4 21661.6 - - - - - 

Nov-06 26716.2 22315.8 21413.8 - - - - - 

Oct-06 26469.2 22380.8 21426.2 - - - - - 

Sep-06 26737.3 21717.7 20827.3 - - - - - 

Aug-06 27232.3 21463.1 19416.9 - - - - - 

Jul-06 26954.4 21021.6 19009.2 - - - - - 

Jun-06 26045.8 20390.8 19041.2 - - - - - 

May-06 26019.3 20937.4 20071.1 - - - - - 

Apr-06 24874.5 21848.3 21438.3 - - - - - 

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 





LME steel billet SHFE rebar steel futures price (CNY/tonne) CNY/INR spot RBI rate USD/ INR Dollar index 

cash price (USD/tonne) Open High Low Close Monthly average 

Monthly average 

525.3 4800 5130 4745 4901 6.79 45.16 80.30 

505.0 4265 4975 4265 4734 6.76 45.02 78.45 

467.5 4190 4389 4190 4334 6.66 44.41 77.72 

471.2 4230 4470 4156 4168 6.83 46.06 81.35 

492.3 3980 4220 3980 4177 6.86 46.57 82.22 

434.3 3805 3978 3710 3956 6.91 46.84 83.43 

424.1 4013 4058 3783 3826 6.83 46.56 86.77 

460.9 4290 4316 3901 4026 6.72 45.80 85.48 

543.2 4311 4520 4234 4274 6.52 44.50 81.35 

505.9 3899 4391 3850 4328 6.66 45.50 80.81 

432.1 3882 4086 3681 3891 6.78 46.33 80.27 

414.9 3899 4055 3775 3884 6.73 45.96 77.98 

379.0 3630 3940 3622 3896 6.83 46.63 77.00 

368.1 3582 3765 3580 3663 6.83 46.59 75.40 

356.9 3420 3728 3420 3619 6.84 46.72 76.17 

399.0 4107 4107 3400 3483 7.09 48.39 77.19 

396.5 4804 4996 4107 4154 7.08 48.36 78.53 

370.9 3826 4579 3820 4490 7.09 48.47 79.71 

356.8 3630 3940 3622 3828 6.99 47.78 80.26 

335.2 3573 3678 3570 3610 7.12 48.61 82.11 

324.3 3560 3648 3410 3543 7.34 50.08 85.55 

303.8 3550 3663 3513 3549 7.50 51.23 86.71 

323.0 - - - - 7.21 49.22 86.84 

331.5 - - - - 7.14 48.83 84.83 

340.3 - - - - 7.11 48.64 83.65 

327.0 - - - - 7.18 49.00 86.77 

358.5 - - - - 7.12 48.64 83.53 

624.2 - - - - 6.67 45.56 78.37 

916.6 - - - - 6.28 42.94 76.21 

1018.3 - - - - 6.26 42.84 72.79 

- - - - - 6.22 42.82 73.41 

- - - - - 6.04 42.13 73.05 

- - - - - 5.72 40.02 72.38 

- - - - - 5.70 40.36 72.72 

- - - - - 5.55 39.73 75.77 

- - - - - 5.43 39.37 76.00 

- - - - - 5.35 39.44 76.79 

- - - - - 5.32 39.44 75.67 

- - - - - 5.27 39.51 77.78 

- - - - - 5.36 40.34 79.14 

- - - - - 5.38 40.82 80.87 

- - - - - 5.34 40.42 80.61 

- - - - - 5.34 40.77 82.21 

- - - - - 5.32 40.78 82.01 

- - - - - 5.46 42.15 81.95 

- - - - - 5.68 44.03 83.17 

- - - - - 5.69 44.16 84.28 

- - - - - 5.69 44.33 84.58 

- - - - - 5.70 44.63 83.07 

- - - - - 5.70 44.85 84.72 

- - - - - 5.75 45.47 86.11 

- - - - - 5.81 46.12 85.25 

- - - - - 5.84 46.54 84.91 

- - - - - 5.82 46.46 85.61 

- - - - - 5.75 46.06 85.37 

- - - - - 5.66 45.41 84.69 

- - - - - 5.61 44.95 88.13 

contract 



EDITORIALS 

PROLOGUE 



Steel trading activity 

Month MCX (includes all variety) LME (Steel billet)* SHFE (both rebar and wire rod) 


Dec-10 10 0 30751 2016 9375458 759172 

Nov-10 0 0 16436 2940 13913936 667316 

Oct-10 0 0 13338 2703 12822910 710256 

Sep-10 0 0 27788 2607 20530772 721192 

Aug-10 3 0 24853 2105 7398968 801040 

Jul-10 11 0 18906 2110 6697108 726906 

Jun-10 0 0 14765 2314 13047716 654038 

May-10 0 0 13788 3049 44190516 745156 

Apr-10 0 0 11961 2914 33046512 1238872 

Mar-10 553 81 10531 2171 39041962 1144976 

Feb-10 257 72 3446 1630 48381742 1389604 

Jan-10 668 85 3006 1223 47396698 1693396 

Dec-09 551 105 3530 863 35997614 1115356 

Nov-09 790 129 2596 432 60370258 1405582 

Oct-09 2203 180 2212 285 32810986 1378516 

Sep-09 2505 192 3058 215 43339018 1465266 

Aug-09 3871 354 4000 369 17659134 1294606 

Jul-09 3290 107 3226 486 27536738 1255514 

Jun-09 1341 43 2446 567 49035710 1404462 

May-09 1194 40 1645 635 76237438 1334556 

Apr-09 0 0 2267 591 58766414 1323970 

Mar-09 24 0 1756 704 58070196 818050 

Feb-09 0 0 2156 640 11889604 1041490 

Jan-09 1 0 1994 922 8529956 621794 

Dec-08 5 0 1424 856 7208178 437314 

Nov-08 6 0 3165 1118 2289560 381120 

Oct-08 0 0 2302 1239 3782594 343170 

Sep-08 0 0 4203 1024 192346 59946 

Aug-08 5 0 1740 826 - - 

Jul-08 12 4 761 550 - - 

Jun-08 60 3 517 358 - - 

May-08 100 14 475 186 - - 

Apr-08 0 0 311 85 - - 

Mar-08 0 0 162 - - - 

Feb-08 0 0 128 - - - 

Jan-08 2 0 - - - - 

Dec-07 0 0 - - - - 

Nov-07 0 0 - - - - 

Oct-07 0 0 - - - - 

Sep-07 0 0 - - - - 

Aug-07 0 0 - - - - 

Jul-07 0 0 - - - - 

Jun-07 0 0 - - - - 

May-07 0 0 - - - - 

Apr-07 0 0 - - - - 

Mar-07 0 0 - - - - 

Feb-07 0 0 - - - - 

Jan-07 441 0 - - - - 

Dec-06 1111 110 - - - - 

Nov-06 1101 41 - - - - 

Oct-06 2270 4 - - - - 

Sep-06 2038 27 - - - - 

Aug-06 1364 58 - - - - 

Jul-06 1828 108 - - - - 

Jun-06 2013 49 - - - - 

May-06 940 43 - - - - 

Apr-06 1162 87 - - - - 

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) 





Crude Steel Production (2010) Finished Steel Consumption (2010) 

Others 

32% 

Others 

35% 

Japan 

8% 

China 

44% 

United 

States 

6% 

China 

45% 

India 

5% 

USA 

6% 

Russia 

5% 

Japan 

5% 

India 

5% 

South 

Korea 

4% 

Source: World Steel In Figures 2011 Source: World Steel in Figures 2011 

YoY (%) 

9 

7 

5 

Steel Demand & GDP Growth in World & Developing Market 

Globle Demand (crude steel)-LHS GlOble GDP (%) 

Globle GDP developing market (%) 

Average : 6.1% 

CAGR: 5.5% 

Million tonnes 

1400 

1250 

1100 

3 

1 

Average : 3.7% 

950 

800 

650 

-1 

Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 

500 

Source: Steel Statistical Year Book 2011, The Conference Board, WSA, World Bank 



EDITORIALS 

PROLOGUE 



Zinc fundamentals (`000' tonne) 

2010 2009 2008 2007 2006 2001 

Global 

World mine production (zinc content of concentrate) 12220 11371 11677 10900 10300 8910 

World smelter production 12670 11100 11660 11452 10826 9270 

Of which: 

Primary 11980 10480 11020 4780 4670 4230 

Secondary 68000 620 640 362 416 295 

Undifferentiated - - - 6310 5740 4750 

Refined zinc consumption 12440 10854 11436 11333 10995 8920 

China 


Smelter production (primary & secondary) 5150 4360 4000 3740 3170 2040 


Zinc slab imports 35.2 19.1 3.3 4.7 41.9 2.2 

Zinc slab exports 3.3 12.1 4.8 11.7 80.9 42.2 

India 


Smelter production 700 582 568 454 444 232 

Of which: 

Primary - 560 546 431 421 207 

Secondary - 22 22 23 23 25 


Zinc slab imports 4.1 5.9 3 3.9 7.2 - 

Zinc slab exports 39.1 17.6 29.7 4.6 37.2 4.7 


LME 701.43 488.05 253.5 89.15 88.45 433.38 

SHFE 310.74 171.9 63.53 54.4 - - 


Source: ILZSG; USGS; WBMS; Exchanges' websites; Thomson Reuters GFMS; DGCIS 

Top 5 refined zinc producers 

Country 2010 2009 2008 2007 2006 

China 5164 4286 4042 3743 3163 

South Korea 750 722 739 691 667 

India 735 640 589 441 415 

Canada 691 686 764 802 824 

Japan 574 541 616 598 614 


Top 5 refined zinc consumers 

Country 2010 2009 2008 2007 2006 

China 5350 4700 4140 3560 3150 

United States 890 912 1003 1016 1153 

South Korea 554 465 504 512 534 

India 525 515 500 450 425 

Japan 516 433 564 588 594 





Top zinc miners in Western World - 2010 

Rank Name Production 

1 Glencore 734 

2 Hindustan Zinc 714 

3 Xstrata (free float) 666 

4 Minmetals Australia (MMG) 664 

5 Teck Resources 646 

Source: ILZSG, CRU Group, Reuters 

Top refined zinc producers in WesternWorld - 2010 

Rank Name Production 

1 Nyrstar 1077 

2 Korea Zinc Group 940 

3 Hindustan Zinc 669 

4 Votorantim 488 

5 Boliden 456 

Source: ILZSG, CRU Group, Reuters 

Economic parameters Impacting zinc prices 

2010 2009 2008 2007 2006 2001 


US 2.8 -2.6 1.1 2 2.9 0.8 

Japan 4.3 -6.3 -0.3 1.9 2.8 0.7 

Eurozone 1.8 -4.1 1 2.3 2.6 1.9 

China 10.3 9.2 9 11.5 11.1 8.3 

India 9.7 5.7 7.3 8.9 9.7 3.9 

OECD 2.8 -3.4 1 2.6 3.2 2.4 


US 1.6 -0.3 1 2.5 2.7 2.8 

Japan -0.9 -1.4 0.5 1.4 0.3 -0.7 

Eurozone 1.5 0.3 1 3 2.2 2.4 

China 3.1 0.8 3 5.9 2 -0.1 

India 13.2 10.9 5 7 6.7 5.2 

OECD 1.5 0.1 1 3 2.2 2.8 


US 7 -2.9 -11.3 1.5 3 -3.7 

Japan 15.4 -21.3 -3.3 2.8 4.4 -6.3 

Eurozone 8.9 -3.7 -12.4 1.3 3.9 0.4 

China 15.7 11 12.9 17.4 15.4 9.9 

India 2.5 18 0.5 7.6 10.3 2.1 

OECD 7.9 -12.3 -2.1 3.3 3.8 -2.2 


US 0.1 0.1 0.1 4.3 6.3 1.3 

Japan 0.3 0.3 0.3 0.8 0.4 0.1 

Eurozone 1.8 1.8 3 5 4.5 4.3 

China 3.3 2.8 2.8 3.3 3.3 3.2 



US 3.4 3.5 10 6.1 5.9 10.5 

Japan 2.3 3.1 1.8 2.1 0.7 3.3 

Eurozone 1.7 -0.4 7.6 11.6 10 8.0 

China 19.7 27.7 17.8 16.7 16.9 14.4 

India 19.1 17.7 19.9 22.8 19.3 13.6 


US (Dow Jones) 11578 10428 8776 13265 12463 10022 

India (Sensex) 20509 17464 9647 20287 13787 3262 













EDITORIALS 

PROLOGUE 



Zinc prices 

Month MCX futures prices - 5 MT contract (Rs/kg) MCX spot price (Rs/kg) LME 3-month price (USD/tonne) 


Dec-10 98.30 109.05 97.70 108.85 102.78 2115.00 2455.00 2110.00 2454.00 

Nov-10 109.50 114.65 93.40 96.85 102.55 2430.00 2599.00 2019.50 2112.00 

Oct-10 99.25 115.60 98.45 106.45 105.32 2186.00 2638.75 2186.00 2423.00 

Sep-10 97.50 103.40 96.80 97.55 99.45 2066.00 2284.75 2066.00 2195.00 

Aug-10 93.10 99.55 90.65 96.00 95.13 2005.00 2179.00 1951.00 2065.00 

Jul-10 82.70 92.05 81.55 91.40 86.56 1771.00 2025.00 1736.50 2025.00 

Jun-10 88.90 89.05 74.35 80.60 80.88 1930.00 1930.00 1577.00 1792.50 

May-10 101.20 101.85 83.45 88.40 90.71 2275.00 2290.00 1823.75 1936.00 

Apr-10 106.45 111.85 99.10 100.05 105.69 2370.00 2550.00 2260.00 2285.00 

Mar-10 101.90 108.80 99.15 106.45 103.50 2245.00 2425.00 2175.00 2375.00 

Feb-10 97.55 109.45 90.85 99.70 99.80 2110.00 2394.00 1935.00 2195.00 

Jan-10 118.70 123.20 96.65 98.35 111.90 2588.00 2736.00 2097.00 2110.00 

Dec-09 106.10 120.65 104.75 120.00 111.40 2310.00 2615.00 2260.00 2560.00 

Nov-09 102.40 106.55 98.60 103.50 102.00 2160.00 2328.75 2126.25 2322.00 

Oct-09 92.75 109.00 87.85 102.95 97.00 1950.00 2365.75 1855.00 2160.00 

Sep-09 89.80 97.15 87.10 91.85 91.00 1850.00 2015.00 1781.00 1969.00 

Aug-09 83.60 92.40 83.60 88.90 87.80 1750.00 1948.00 1750.00 1881.00 

Jul-09 74.80 83.70 71.05 83.20 76.30 1543.00 1764.00 1440.00 1750.00 

Jun-09 73.35 80.90 71.00 74.30 74.70 1567.00 1720.25 1487.00 1549.00 

May-09 72.90 80.05 67.35 71.35 72.20 1425.00 1638.00 1420.00 1567.00 

Apr-09 66.30 76.80 65.15 69.05 69.10 1322.00 1566.00 1281.50 1425.00 

Mar-09 57.50 67.50 56.75 66.30 62.41 1125.00 1359.00 1090.00 1320.00 

Feb-09 54.25 59.15 52.60 54.60 54.79 1120.00 1229.00 1070.00 1128.00 

Jan-09 58.60 65.90 53.30 54.00 57.82 1220.00 1365.00 1089.75 1096.50 

Dec-08 60.80 62.15 49.85 54.35 53.43 1200.00 1225.00 1038.00 1208.00 

Nov-08 58.50 63.95 52.40 59.60 56.44 1168.00 1310.00 1077.00 1210.00 

Oct-08 80.00 80.30 52.50 53.90 62.00 1684.00 1699.00 1076.00 1125.00 

Sep-08 79.95 86.95 75.25 77.70 79.36 1834.50 1905.00 1633.00 1680.00 

Aug-08 81.60 82.05 68.90 75.35 74.41 1904.75 1905.00 1605.00 1811.00 

Jul-08 84.00 90.70 76.25 81.00 79.25 1936.00 2120.00 1750.00 1902.00 

Jun-08 85.35 86.25 79.60 80.35 81.14 2013.00 2025.00 1850.00 1932.00 

May-08 88.80 99.90 82.25 84.25 91.32 2255.00 2374.50 1955.00 2005.00 

Apr-08 92.00 96.45 87.50 88.80 90.44 2313.00 2420.00 2206.00 2230.00 

Mar-08 110.10 116.75 90.85 92.00 101.29 2750.00 2900.00 2252.00 2320.00 

Feb-08 98.05 112.10 91.70 108.60 96.67 2500.00 2824.00 2310.00 2740.00 

Jan-08 93.35 102.60 85.40 94.20 92.18 2380.00 2605.95 2150.00 2515.00 

Dec-07 102.35 103.35 89.30 90.15 93.32 2645.00 2645.00 2251.00 2370.00 

Nov-07 113.40 113.90 86.00 100.40 100.76 2818.00 2870.00 2135.00 2595.00 

Oct-07 124.20 126.50 109.45 109.85 117.68 3060.00 3205.00 2811.00 2825.00 

Sep-07 128.15 128.85 113.20 121.55 116.75 3100.00 3120.00 2680.00 3050.00 

Aug-07 144.75 145.90 123.45 125.65 132.46 3525.00 3570.00 2949.80 3110.00 

Jul-07 142.50 152.85 137.50 145.20 143.25 3360.00 3780.00 3351.00 3545.00 

Jun-07 151.30 157.20 133.95 134.45 146.60 3710.00 3850.00 3290.00 3350.00 

May-07 161.60 170.85 143.80 150.05 156.58 3742.00 4170.50 3535.00 3695.00 

Apr-07 144.60 158.80 140.25 152.30 149.88 3275.00 3845.00 3119.85 3756.00 

Mar-07 157.10 160.10 138.20 142.90 143.98 3505.00 3575.00 3119.75 3255.00 

Feb-07 159.60 162.75 137.60 153.70 146.27 3490.00 3775.00 2990.00 3480.00 

Jan-07 191.10 191.90 149.75 151.95 170.02 4230.00 4270.00 3340.00 3480.00 

Dec-06 199.60 205.50 185.50 191.50 195.90 4365.00 4548.00 4120.50 4230.00 

Nov-06 190.70 208.30 182.45 196.50 196.45 4220.00 4580.00 3975.00 4375.00 

Oct-06 155.50 196.00 152.85 193.25 174.83 3360.00 4290.00 3260.00 4220.00 

Sep-06 158.65 172.10 147.25 154.15 157.41 3420.00 3740.00 3140.00 3330.00 

Aug-06 158.60 164.35 150.60 155.65 154.45 3400.00 3545.00 3190.00 3450.00 

Jul-06 150.45 168.75 145.60 157.00 155.60 3260.00 3620.00 3065.00 3415.00 

Jun-06 171.25 173.00 132.10 150.15 149.05 3595.00 3670.00 2810.00 3220.00 

May-06 154.25 180.95 136.50 180.55 161.84 3250.00 4000.00 3100.00 3670.00 

Apr-06 130.50 171.20 123.70 144.65 138.15 2660.00 3445.00 2620.00 3175.00 








2287.32 45.16 17000 19240 16995 19070 6.79 80.30 

2283.30 45.02 19000 20500 16005 16885 6.76 78.45 

2373.56 44.41 17745 21100 17650 19255 6.66 77.72 

2150.94 46.06 16950 17945 16360 17310 6.83 81.35 

2047.48 46.57 16250 17440 16150 16895 6.86 82.22 

1847.03 46.84 14570 16100 14350 15950 6.91 83.43 

1746.51 46.56 15570 15620 12655 14405 6.83 86.77 

1969.79 45.80 17720 17845 14435 15650 6.72 85.48 

2367.50 44.50 18520 19205 17640 17940 6.52 81.35 

2277.00 45.50 18380 18830 17600 18475 6.66 80.81 

2159.00 46.33 17210 19090 16515 17950 6.78 80.27 

2415.00 45.96 21095 21990 17100 17610 6.73 77.98 

2374.00 46.63 18100 20930 17360 20805 6.83 77.00 

2197.00 46.59 16240 18145 15705 17690 6.83 75.40 

2071.00 46.72 15715 16980 15200 16470 6.84 76.17 

1879.00 48.39 14800 15510 14360 15045 7.09 77.19 

1818.00 48.36 14500 15600 13700 14740 7.08 78.53 

1581.00 48.47 13230 14365 12625 14255 7.09 79.71 

1557.00 47.78 12900 14000 12765 13325 6.99 80.26 

1493.00 48.61 12900 13395 12315 12645 7.12 82.11 

1388.00 50.08 11800 13890 11740 12405 7.34 85.55 

1223.22 51.23 10425 11940 10410 11675 7.50 86.71 

1118.00 49.22 11290 11290 10080 10430 7.21 86.84 

1202.52 48.83 10625 11600 10220 10565 7.14 84.83 

1112.90 48.64 9420 10290 8780 10025 7.11 83.65 

1169.36 49.00 9080 9760 8850 9395 7.18 86.77 

1303.00 48.64 13880 13880 8420 8930 7.12 83.53 

1744.52 45.56 14320 14450 13495 14045 6.67 78.37 

1734.65 42.94 15400 15800 13465 14180 6.28 76.21 

1856.45 42.84 16300 16870 15000 15535 6.26 72.79 

1906.17 42.82 15625 17000 15500 16130 6.22 73.41 

2178.33 42.13 18000 19140 16625 16625 6.04 73.05 

2278.51 40.02 19000 19495 18000 18220 5.72 72.38 

2511.18 40.36 21600 22815 18650 19350 5.70 72.72 

2458.48 39.73 20495 21990 18785 21530 5.55 75.77 

2364.41 39.37 19645 20900 17455 19710 5.43 76.00 

2378.60 39.44 19450 20005 17900 19245 5.35 76.79 

2554.60 39.44 25280 25305 17000 19795 5.32 75.67 

2979.99 39.51 27000 27300 24780 25620 5.27 77.78 

2887.60 40.34 28650 28790 26520 27315 5.36 79.14 

3244.17 40.82 28750 29235 26330 28385 5.38 80.87 

3546.30 40.42 26480 29700 25780 28660 5.34 80.61 

3628.65 40.77 31010 31095 24315 26480 5.34 82.21 

3847.52 40.78 33705 35590 28900 30520 5.32 82.01 

3566.86 42.15 29390 34100 28660 32410 5.46 81.95 

3256.18 44.03 28600 29870 28580 29365 5.68 83.17 

3321.38 44.16 - - - - 5.69 84.28 

3784.86 44.33 - - - - 5.69 84.58 

4381.45 44.63 - - - - 5.70 83.07 

4378.61 44.85 - - - - 5.70 84.72 

3829.60 45.47 - - - - 5.75 86.11 

3394.06 46.12 - - - - 5.81 85.25 

3339.97 46.54 - - - - 5.84 84.91 

3320.74 46.46 - - - - 5.82 85.61 

3197.59 46.06 - - - - 5.75 85.37 

3544.64 45.41 - - - - 5.66 84.69 

3068.34 44.95 - - - - 5.61 88.13 



EDITORIALS 

PROLOGUE 



Zinc trading activity 

Month MCX^ LME* SHFE 


Dec-10 1285750 16941 1418459 334465 17512636 402422 

Nov-10 1439267 24362 1635615 337832 33356318 418454 

Oct-10 1314534 11261 1397327 325245 21957878 467756 

Sep-10 1226783 21233 1380133 324599 27907392 322180 

Aug-10 1231814 11259 1548085 345042 34830044 518878 

Jul-10 938520 9936 1417690 336532 44844764 478570 

Jun-10 1033329 16947 1604146 349848 37597902 479144 

May-10 743169 8543 1617765 357703 21269414 455844 

Apr-10 669128 7988 1576565 334825 10050616 321116 

Mar-10 720220 4584 1550316 317294 15390678 305288 

Feb-10 725893 4695 1343827 310659 12264356 297914 

Jan-10 598807 4281 1421131 300274 12490124 300870 

Dec-09 431072 9955 1379038 309313 8101628 257586 

Nov-09 386839 4658 1237611 314033 6965304 243588 

Oct-09 464102 3682 1445559 338919 4321796 217926 

Sep-09 396556 4996 1265179 312891 4754316 131114 

Aug-09 397665 3718 1255210 313135 5694002 174108 

Jul-09 385926 4367 1212974 305102 5490288 200596 

Jun-09 401199 7108 1428267 328341 5106474 199196 

May-09 299304 4352 1159741 322081 5493170 196906 

Apr-09 251359 3111 1414154 312663 6507700 223266 

Mar-09 208772 2740 884436 307105 4241702 234574 

Feb-09 155974 2601 780222 391553 3636084 240004 

Jan-09 254582 4146 957686 390247 3163662 150666 

Dec-08 170750 3620 758835 396749 3185326 127550 

Nov-08 214723 3334 880094 430267 2770670 94554 

Oct-08 215097 6478 965248 425892 2641524 114582 

Sep-08 261182 5835 990045 408392 2524492 114620 

Aug-08 281672 7203 708243 396810 2998404 144404 

Jul-08 344578 9196 827575 377249 3965520 179716 

Jun-08 211818 7839 765926 361915 3888514 182698 

May-08 252370 7324 833372 337482 3108752 156316 

Apr-08 225903 10752 959410 324962 3707804 105850 

Mar-08 323656 7420 912077 307858 5821132 125432 

Feb-08 345186 6722 647411 307031 5075648 148340 

Jan-08 319858 8510 832986 297898 6252516 106514 

Dec-07 244308 9439 783104 269745 5150590 58702 

Nov-07 305480 8775 941899 269315 3997610 78864 

Oct-07 309670 12169 1089690 246288 996644 98684 

Sep-07 346451 6563 1014805 225910 1734622 89672 

Aug-07 326264 8142 838075 150176 1520740 56184 

Jul-07 310111 6456 999716 145605 2731960 35704 

Jun-07 317771 7501 1068516 146604 1143186 42876 

May-07 383919 4926 1146266 144714 1298366 30168 

Apr-07 288371 4586 1235912 139114 1501988 32224 

Mar-07 262631 5716 1192616 142705 35414 10736 

Feb-07 237740 3772 1051089 141068 - - 

Jan-07 219193 4177 935311 131724 - - 

Dec-06 112724 2423 728803 132409 - - 

Nov-06 157018 2693 841226 132213 - - 

Oct-06 45350 1646 792861 129447 - - 

Sep-06 31366 648 770995 122605 - - 

Aug-06 21914 708 854086 118872 - - 

Jul-06 35279 351 901705 130069 - - 

Jun-06 46180 543 1177418 136969 - - 

May-06 58311 1483 984070 154603 - - 

Apr-06 53798 2110 823877 167777 - - 

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 





Zinc Mine Production (2010e) Refined Zinc Consumption (2010) 

China 

29% 

Australia 

12% 

Others 

38% 

Peru 

13% 

Others 

34% 

United 

States 

7% 

China 

43% 

United 

States 

6% 

Canada 

6% 

Japan 

4% 

India 

4% 

South 

Korea 

4% 


Source: GFMS, ILZSG, WBMS 

120 

100 

80 

60 

40 

20 

0 

-20 

-40 

Zinc Prices, OECD Leading Indicator & Rolling correlation with Copper 

USD/tonne 

5000 

LME Zinc prices (RHS) OECD Total Composite Leading Index Correlation with Copper(1 year) 

4500 

4000 

3500 

3000 

2500 

2000 

1500 

1000 

500 

-60 

Dec-89 

Mar-91 

Jun-92 

Sep-93 

Dec-94 

Mar-96 

Jun-97 

Sep-98 

Dec-99 

Mar-01 

Jun-02 

Sep-03 

Dec-04 

Mar-06 

Jun-07 

Sep-08 

Dec-09 

Mar-11 

0 

Source: LME, OECD 



EDITORIALS 

PROLOGUE 



Energy 

The economy mover 

Energy is a vital force that powers business, manufacturing, 

and transportation of goods to serve economies 

worldwide. The demand-supply equation of energy 

is playing an increasingly key role in national 

security and economic output of a nation. Sources 

of energy vary from coal and crude oil to natural 

gas to renewables. Crude oil (petroleum) is charaterised 

by high demand and limited supply (Russia 

is the leading producer) and is the most traded 

energy commodity in the world, which makes oil a 

highly politically sensitive commodity. The petroleum 

industry generally classifi es crude oil by it geographic 

location it is produced in (West Texas Intermediate, Brent, or 

Oman), its API gravity (an oil industry measure of density) and 

its sulfur content. Another energy commodity, natural gas is an 

important fuel source and major feedstock for fertilizers, with 

the US being the leading producer. A clean and safe source 

of energy, this combustible mixture of hydrocarbon gases is 

gaining a lot of importance in the backdrop of a rising 

global chorus on climate change. 

As in 2009, MCX crude oil and natural gas futures 

prices traded in opposite directions even in 2010. 

While oil futures rose by 9.7% annually, natural gas 

futures dipped by 23.8%. After an initial period of 

uncertainty, oil prices rose on upbeat US economic 

data and intermittent geopolitical tensions (e.g. 

Nigeria). But then, renewed debt concerns in Europe 

pulled oil down to a year low of Rs.3,127 in May. 

Later, the prices fi rmed up, after hitting a year low in 

May, on concerns over effects of an oil spill in the Gulf 

of Mexico; forecasts of more-than-earlier expected 

expansion of global economy in 2010 and 2011; 

and sustained stimulus programmes by major global 


Exchange 

(contract) 

“The oil can is 

mightier than the 

sword” 

- Mr. Everett Dirksen 

(An American senator) 

4200 

4000 

3800 

3600 

3400 

3200 

3000 

1-Jan-10 

economies. By year-end, reports of rising crude oil imports in 

China, and colder temperatures (heating demand) and upbeat 

data in the US pushed oil to a year high of Rs.4,173. 

MCX futures of natural gas, whose fundamentals 

are largely driven by local factors than global factors, 

slipped almost through the year. Consequently, 

gas futures clocked a year high at Rs.279.40 in 

the fi rst fortnight of the year itself. Thereafter, 

forecasts of unusually low temperatures in the 

US, raising prospects for lower demand, pushed 

gas prices down. Later, by mid-year, gas prices 

briefl y recovered taking cues from some economic data 

releases, concerns over effects of an oil spill in the Gulf of 

Mexico and cooling demand due to hot summers in the US. 

However, the increase in gas prices quickly fi zzled out, as 

robust inventories and lack of a major hurricane-led disruptions 

pushed the prices down. Eventually, gas futures registered a 

year low of Rs.144.70 in late October. 

MCX energy futures prices in 2010 

Oil: Upbeat US 

economic data release 

Gas: Forecast for low 

temperatures in US 

Source: Metastocks Crude (Rs./barrel) Natural gas (Rs./mm Btu) 


Annualised 

Volatility 

Gas: Ample 

inventories 

Volume 

(in lots) 

Crude oil 

MCX (100 barrels) Rs/ bbl 3,720.00 4,173.00 3,127.00 4,088.00 21.9% 41,537,053 

(light sweet) 

NYMEX (1,000 barrels) US$/ bbl 79.76 92.06 64.24 91.38 27.8% 168,571,354 

Natural gas 

MCX (250 mmBtu) Rs/mmBtu 260.20 279.40 144.7 197.80 42.4% 11,176,937 

NYMEX (10,000 mmBtu) US$/mmBtu 5.71 6.11 3.21 4.41 45.9% 64,326,691 

Source: Respective exchanges’ website 

29-Jan-10 

26-Feb-10 

26-Mar-10 

23-Apr-10 

21-May-10 

Oil & gas: Concerns 

on oil spil 

Oil: Renewed European 

debt concerns 

18-Jun-10 

16-Jul-10 

13-Aug-10 

Oil: Increasing 

Chinese oil 

imports, upbeat 

US data 

releases 

10-Sep-10 

8-Oct-10 

5-Nov-10 

3-Dec-10 

31-Dec-10 

285 

260 

235 

210 

185 

160 

135 






EDITORIALS 

PROLOGUE 



Carbon fundamentals 

2010 2009 2008 2007 2006 2005 

Carbon market 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 7.4 450 4.8 341 2.4 

Secondary CDM 1004 15.8 1055 17.5 1072 26.3 240 5.5 25 0.4 10 0.2 

Sub total (including JI and 1153 17.1 1338 20.9 1558 33.6 876 13.6 508 5.5 382 2.9 

voluntary market) 

Allowances market 

EU ETS 5505 105.1 6326 118.5 3093 100.5 2060 49.1 1101 24.4 321 7.9 

New South Wales 29 - 34 0.1 31 0.2 25 0.2 20 0.2 6 0.1 

Chicago Climate Exchange 1.6 - 41 0.1 69 0.3 23 0.1 10 0.0 1 - 

Sub total (including others) 5732 105.1 7362 122.8 3278 101.5 2108 49.4 1131 24.6 328 8.0 

Total carbon market 6885 122.2 8700 143.7 4836 135.1 2984 63.0 1639 30.1 710 10.9 

Source: State and Trends of the Carbon Market 2010, 2009, 2008, 2007, 2006 by The World Bank, Bloomberg New Energy Finance 

Historic Volumes exchanged (MtCO2e) per market segment 

Year Total project-based Compliance Voluntary Retail* 

Transactions 

1998 17.98 0.00 17.91 0.07 

1999 35.42 0.00 35.27 0.16 

2000 17.09 0.39 16.51 0.20 

2001 13.00 4.72 8.16 0.12 

2002 28.78 14.68 13.89 0.21 

2003 77.64 70.43 6.77 0.44 

2004 107.01 104.60 2.30 0.11 

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 

Number 

At validation 3109 

Request for registration 44 

Request for review 66 

Correction requested 3 

Under review 0 

Total in the process of registration 113 

Withdrawn 52 

Rejected by EB 199 

Validation negative by DOE 184 

Validation terminated by DOE 945 

Registered, no issuance of CERs 2202 

Registered. CER issued 1135 

Total registered 3337 

Total number of projects (incl. rejected & withdrawn) 7939 

Source: www.cdmpipeline.org, as on 1st August, 2011 

CDM projects Annual average CERs* Expected CERs 

until end of 2012** 

CDM project pipeline: > 5600 of which: N/A > 2,700,000,000 

3354 are registered 502,192,508 > 2,040,000,000 

77 are requesting registration 8,973,020 > 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 




Host country Registered All years 2004 2005 2006 2007 2008 2009 2010 2011 Country's 

projects 

share of 

Investments in million US$ 

investments 

China 1510 88191 0 62 1440 5697 11160 19788 31512 18532 68.6% 

India 705 20907 5 110 1367 4137 1306 4248 6805 2930 16.3% 

Latin America 540 9343 18 449 2646 1640 1610 1296 555 1129 7.3% 

Rest of Asia 446 5668 0 84 1033 434 347 985 1837 949 4.4% 

Africa 66 2467 0 119 373 301 73 329 660 612 1.9% 

Middle-East 39 1637 0 0 3 305 64 523 27 714 1.3% 

Europe and 31 400 0 6 124 5 5 84 44 132 0.3% 

Central Asia 

Total 3337 128612 23 830 6985 12518 14566 27253 41440 24998 100.0% 

(Rejected projects excluded) 


Total new investment in clean energy by region ($BN) 

Year EMEA AMER ASOC 

2007 61.9 47.7 41.2 

2008 70.2 59.4 50.5 

2009 75.5 48.6 62.4 

2010 94.4 65.8 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 CDM project with CERs issued 

Projects 1000 CERs 2012 kCERs 2020 kCERs Projects Issued kCERs Issuance 

Type (rejected projects excluded) 

success 

Afforestation 11 411 2161 5292 

Agriculture 1 10 18 100 

Biomass energy 771 48917 171116 533435 151 19231 84% 

Cement 49 8549 33598 86419 9 1544 53% 

CO2 usage 4 116 287 1268 1 10 31% 

Coal bed/mine methane 81 35226 106660 387146 16 6167 44% 

Energy distribution 22 5810 11094 58703 1 316 83% 

EE households 72 2947 5218 29845 2 28 60% 

EE industry 132 5252 17959 52501 28 1650 82% 

EE own generation 473 58303 204856 606851 79 30528 80% 

EE service 26 317 1007 3172 1 6 63% 

EE supply side 105 57813 61889 581934 9 667 81% 

Fossil fuel switch 132 54053 173980 580702 37 17458 56% 

Fugitive 44 21474 70486 225052 3 7767 124% 

Geothermal 18 4636 13402 48153 5 1977 64% 

HFCs 23 81727 476504 1082475 19 315892 105% 

Hydro 1714 200921 442438 2070146 335 49128 86% 

Landfill gas 352 53545 202638 595372 73 16947 41% 

Methane avoidance 671 31083 108267 325443 90 7891 49% 

N2O 76 51102 253263 658215 33 152282 115% 

PFCs and SF6 18 5050 11796 50929 4 405 68% 

Reforestation 52 4273 18636 57428 

Solar 121 3839 5389 37311 5 107 108% 

Tidal 1 315 1104 3631 

Transport 42 4796 10492 49993 2 359 47% 

Wind 1548 138135 326489 1408258 232 39769 86% 

Total 6559 878620 2730745 9539775 1135 670128 93.5% 

Note: Projects rejected by DOEs or EB or withdrawn are not included; 1 k CERs = 1000 CER 




EDITORIALS 

PROLOGUE 



Top 20 PDD consultants 

Projects 

EcoSecurities 335 

Beijing Tianqing Power International CDM Consulting 187 

Carbon Resource Management 152 

AgCert 146 

CWEME 131 

CAMCO 130 

CasperVanderTak 127 

PricewaterhouseCoopers 118 

WB-CF 116 

Easy Carbon 104 

Ecoinvest 100 

Agrinergy 99 

Mitsubishi UFJ Securities 96 

Tsinghua University 87 

AGET 79 

Zenith Energy Services 75 

Econergy 73 

Hunan CDM Project Service Center 67 

MGM 62 

Senergy Global 57 


Top 20 buyers 

Projects 

EcoSecurities 293 

Tricorona Carbon Asset Management Sweden 204 

Vitol 169 

EDF Trading 158 

Carbon Resource Management 147 

RWE 133 

Mitsubishi 105 

CAMCO 103 

AgCert 97 

Bunge Emissions Group 90 

Noble Carbon 91 

Danish Ministry of Climate & Energy 76 

Kommunalkredit 75 

MGM Carbon Portfolio 67 

Trading Emissions 67 

Agrinergy 66 

ENEL 64 

KfW 61 

Marubeni 57 

Cargill International 56 


Historic Volume in the Voluntary Carbon Markets (MtCO2e) 

Year OTC OTC CCX -single CCX Exchanges (Other) Total 

sale (outlier) 

Pre-2002 44 - - - 44 

2002 11 - - - 11 

2003 6 - 1 - 7 

2004 10 - 2 1 13 

2005 11 - 1 - 12 

2006 18 - 10 - 28 

2007 45 - 23 0.1 68 

2008 61 - 69 0.2 130 

2009 55 - 41 2 98 

2010 69 59 1 2 131 

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 OTC CCX CCX Exchanges Total 

-single sale 

(Other) 

(outlier) 

Pre-2002 180 - - - 180 

2002 44 - - - 44 

2003 27 - 0.3 - 27 

2004 42 - 3 - 45 

2005 44 - 3 - 47 

2006 72 - 38 - 110 

2007 275 - 72 1 348 

2008 447 - 307 2 755 

2009 354 50 12 415 

2010 413 0.2 - 10 424 

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. 

Historic Transacted and Retired Volumes, 

OTC Voluntary Market (MtCO2e) 

Year Sold OTC Retired 

Pre-2002 44 7 

2002 11 4 

2003 6 4 

2004 10 5 

2005 11 8 

2006 18 7 

2007 45 13 

2008 61 16 

2009 55 14 

2010 69 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. 




Economic parameters impacting carbon prices 

2010 2009 2008 2007 2006 2001 


US 2.8 -2.6 1.1 2 2.9 0.8 

Japan 4.3 -6.3 -0.3 1.9 2.8 0.7 

Eurozone 1.8 -4.1 1 2.3 2.6 1.9 

China 10.3 9.2 9 11.5 11.1 8.3 

India 9.7 5.7 7.3 8.9 9.7 3.9 

OECD 2.8 -3.4 1 2.6 3.2 2.4 


US 1.6 -0.3 1 2.5 2.7 2.8 

Japan -0.9 -1.4 0.5 1.4 0.3 -0.7 

Eurozone 1.5 0.3 1 3 2.2 2.4 

China 3.1 0.8 3 5.9 2 -0.1 

India 13.2 10.9 5 7 6.7 5.2 

OECD 1.5 0.1 1 3 2.2 2.8 


US 7 -2.9 -11.3 1.5 3 -3.7 

Japan 15.4 -21.3 -3.3 2.8 4.4 -6.3 

Eurozone 8.9 -3.7 -12.4 1.3 3.9 0.4 

China 15.7 11 12.9 17.4 15.4 9.9 

India 2.5 18 0.5 7.6 10.3 2.1 

OECD 7.9 -12.3 -2.1 3.3 3.8 -2.2 


US 0.1 0.1 0.1 4.3 6.3 1.3 

Japan 0.3 0.3 0.3 0.8 0.4 0.1 

Eurozone 1.8 1.8 3 5 4.5 4.3 

China 3.3 2.8 2.8 3.3 3.3 3.2 



US 3.4 3.5 10 6.1 5.9 10.5 

Japan 2.3 3.1 1.8 2.1 0.7 3.3 

Eurozone 1.7 -0.4 7.6 11.6 10 8.0 

China 19.7 27.7 17.8 16.7 16.9 14.4 

India 19.1 17.7 19.9 22.8 19.3 13.6 


US (Dow Jones) 11578 10428 8776 13265 12463 10022 

India (Sensex) 20509 17464 9647 20287 13787 3262 






Source: OECD, IMF, CPM Gold Yearbook, World Bank, RBI, BSE, Dow Jones 



EDITORIALS 

PROLOGUE 



Carbon prices 

Month MCX CER spot prices ICE-ECX CER futures prices (EUR/tonne) 

(Rs/tonne) Open High Low Close 


Dec-10 695.52 11.82 12.01 11.35 11.78 

Nov-10 757.42 12.4 12.53 11.6 11.76 

Oct-10 827.83 13.74 14.06 12.4 12.44 

Sep-10 828.9 13.36 13.99 13.36 13.69 

Aug-10 767.17 - - - 13.42 

Jul-10 726.98 - - - 12 

Jun-10 739.08 - - - 13.01 

May-10 759.4 - - - 12.5 

Apr-10 759.1 - - - 14.25 

Mar-10 717.63 11.96 12.26 11.32 11.5 

Feb-10 736.71 11.85 11.85 11.85 11.68 

Jan-10 759.64 11.35 12.08 10.08 11.32 

Dec-09 820.17 12.21 13.83 12.18 11.03 

Nov-09 882 13.51 13.63 11.75 12.2 

Oct-09 896.38 11.95 13.9 11.68 13.62 

Sep-09 894.96 12.44 12.44 11.65 11.99 

Aug-09 889.5 12.68 13.48 12.62 13.35 

Jul-09 847.89 11.96 13.05 11.85 12.29 

Jun-09 780.38 12.74 12.74 10.61 11.81 

May-09 813.24 11.52 12.94 11.52 12.71 

Apr-09 720.13 10.92 11.59 10.31 11.51 

Mar-09 695.16 10.75 11.2 9.5 10.46 

Feb-09 561.63 10.25 10.25 7.75 8.96 

Jan-09 770.63 13.1 13.1 10.05 10.66 

Dec-08 874.17 14.25 14.4 12.9 13.64 

Nov-08 928.63 14.95 16.39 13.25 13.91 

Oct-08 1177.42 19 20.45 14.25 15.05 

Sep-08 1309.23 21.1 21.1 17.3 18.45 

Aug-08 1267.12 17.74 21.25 16.75 21.2 

Jul-08 1437.83 21.6 23.38 17.2 17.72 

Jun-08 1353.5 17.85 21 17.78 20.86 

May-08 - 16.9 17.95 16.85 17.85 

Apr-08 - 15.5 16.5 15.25 16.07 

Mar-08 - 16.46 16.61 15.31 15.43 

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: *Standard Certified Emission Reduction Forward Agreement Year 1 -contract month 2010; Future prices are for near month continuous futures contract 





ICE-ECX EUA futures prices (EUR/tonne) CER OTC* EUA spot RBI rate - 

Open High Low Close (EUR/tonne) OTC (EUR/tonne) USD/INR 


14.7 15.07 13.7 14.02 11.13 14.04 45.16 

14.59 15.37 14.15 14.76 12.17 14.76 45.02 

15.37 15.9 14.59 14.63 13.36 15.2 44.41 

15.03 15.76 15.03 15.41 13.57 15.17 46.06 

- - - 15.22 12.71 14.6 46.57 

- - - 14.08 12.15 14.17 46.84 

15.55 15.55 15.55 15.19 12.87 15.21 46.56 

- - - 15.02 12.86 15.2 45.8 

- - - 15.84 12.7 14.2 44.5 

- - - 12.71 11.53 12.76 45.5 

13.2 13.2 13.2 12.86 11.48 12.77 46.33 

13.49 13.49 13.49 12.71 11.51 12.91 45.96 

13.27 14.93 12.97 12.31 12.9 12.99 46.63 

14.71 14.71 12.47 13.14 12.57 13.6 46.59 

13.45 15.04 12.92 14.54 12.92 13.96 46.72 

13.8 13.9 12.9 13.36 12.8 14.02 48.39 

15.05 15.3 15.05 14.89 13.05 14.43 48.36 

- - - 13.66 12.41 13.54 48.47 

- - - 13.15 11.41 13 47.78 

- - - 14.65 12.31 14.28 48.61 

- - - 13.92 10.82 12.83 50.08 

10.5 12.05 10.05 11.45 10.45 11.1 51.23 

11.07 11.07 8.5 9.96 8.86 9.47 49.22 

15.05 15.05 11.7 11.57 11.44 12.69 48.83 

15.3 16.1 13.5 15.45 13.45 14.9 48.64 

18.25 19.2 14.78 15.52 14.86 16.93 49 

22.95 23.62 17.1 17.94 17.85 20.89 48.64 

25.17 25.43 21.57 22.35 19.75 23.67 45.56 

21.4 25.47 20.41 25.19 19.77 23.05 42.94 

28.78 29.69 21.75 22.06 21.06 25.23 42.84 

26.1 28.88 25.89 28.77 20.06 26.71 42.82 

23.71 26.85 23.52 26.1 17.07 24.58 42.13 

21.9 25.67 21.8 23.88 16.03 23.54 40.02 

0.01 0.03 0.01 0.02 15.92 0.01 40.36 

0.01 0.01 0.01 0.01 15.19 0.01 39.73 

0.03 0.03 0.03 0.02 16.58 0.01 39.37 

0.04 0.04 0.01 0.02 55.62 0.01 39.44 

0.08 0.12 0.01 0.01 56.74 0.06 39.44 

0.06 0.12 0.06 0.09 52.52 0.03 39.51 

0.07 0.08 0.07 0.08 48.04 0.06 40.34 

- - - 0.1 46.46 0.08 40.82 

- - - 0.12 14.61 0.1 40.42 

- - - 0.12 0 0.17 40.77 

- - - 0.28 0 0.34 40.78 

- - - 0.51 0 0.66 42.15 

1 1.1 1 1.26 4.02 1.06 44.03 

2.2 1.55 0 0.9 4.12 1.22 44.16 

5.9 5.9 0 2.3 5.51 3.69 44.33 

7.5 7.85 6.3 6.45 41.53 6.67 44.63 

11.2 11.4 7.2 8.1 44.51 8.95 44.85 

12.55 13.05 10.4 11.05 47.04 11.99 45.47 

16.35 16.55 11.5 12.95 48 14.79 46.12 

15.65 16.65 15.65 15.8 48.52 15.72 46.54 

16.85 16.85 16.85 16.05 47.19 16.14 46.46 

15.85 15.95 14.3 15.65 48.55 14.92 46.06 

13.4 13.4 13.4 17.05 50.52 14.89 45.41 

27.2 28.9 27.2 13.3 51.46 26.42 44.95 



EDITORIALS 

PROLOGUE 



Carbon trading activity 

Month MCX ICE-ECX 


Dec-10 0 0 73667 150596 

Nov-10 0 0 106044 166222 

Oct-10 0 0 70120 168826 

Sep-10 0 0 60124 166164 

Aug-10 0 0 74497 170537 

Jul-10 0 0 56714 160184 

Jun-10 0 0 89041 152922 

May-10 0 0 80374 151066 

Apr-10 0 0 81966 148063 

Mar-10 0 0 77639 148103 

Feb-10 0 0 44239 140369 

Jan-10 0 0 50364 136100 

Dec-09 0 0 61503 130200 

Nov-09 0 0 64639 141827 

Oct-09 4 0 86093 137103 

Sep-09 44 0 76532 124138 

Aug-09 248 44 45428 121889 

Jul-09 214 5 87904 119804 

Jun-09 146 24 55742 115705 

May-09 159 0 54082 111413 

Apr-09 12 0 60523 107364 

Mar-09 2250 15 50315 110589 

Feb-09 2556 0 79498 114383 

Jan-09 1815 108 44013 111772 

Dec-09 561 152 40079 103556 

Nov-09 219 2 90272 112772 

Oct-09 85 111 65675 104717 

Sep-09 129 106 61724 87541 

Aug-09 1139 120 59537 71846 

Jul-09 14293 161 84508 62298 

Jun-09 18771 131 56597 48823 

May-09 - - 23142 29672 

Apr-09 - - 17656 16613 

Mar-09 - - 8240 5259 

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. 





CERs issued by host country 

(as on Aug 15, 2011) 

Buyer countries - Projects participation 

(as on Aug 1, 2011) 

India 

15% 

United 

Kingdom 

24% 

Republic 

of Korea 

11% 

China 

58% 

Switzerland 

14% 

Others 

44% 

Japan 

8% 

Brazil 

8% 

Others 

8% 

Netherlands 

6% 

Sweden 

6% 

Source: Source: www.unfccc.int 

Source: www.cdmpipeline.org 

6 

4 

2 

0 

-2 

-4 

-6 

-8 

EUAs, CERs & Their Spread Vs US GDP 

ICE EUAs futures 

CER EUA Spread (LHS) - in €/tonne 

ICE CERs futures 

US GDP Q0Q (LHS) - % 

in ¤/Tonne 

35 

30 

25 

20 

15 

10 

5 

-10 

0 

Apr-08 

May-08 

Jul-08 

Sep-08 

Oct-08 

Dec-08 

9 

Feb-09 

9 

Mar-09 

May-09 

9 

9 

Jul-09 

9 

Aug-09 

9 

Oct-09 

Dec-09 

9 

0 

Jan-10 

0 

Mar-10 

0 

May-10 

Jun-10 

0 

0 

Aug-10 

0 

Oct-10 

0 

Nov-10 

Jan-11 

Mar-11 

Source: ICE, US Federal Reserve 



EDITORIALS 

PROLOGUE 



Crude oil fundamentals ('000 barrels/day unless specified) 

2010 2009 2008 2007 2006 2001 

World 

Oil production 82095 80278 82015 81544 81729 74906 

Oil consumption 87382 84714 85999 86428 84958 77304 

Refinery capacity 91791 91068 89446 88552 87427 83469 

Refinery throughput 74816 73063 75038 75393 74553 69067 

Proven oil reserves ('000 mn barrels) 1383 1377 1335 1254 1234 1129 

Reserves from Canadian oil sands ('000 mn barrels) 143 143 143 150 152 163 

OPEC 



OECD 






India 






Crude oil imports 3254 2928 2557 2370 2156 1574 

Oil products imports 344 217 458 440 362 156 

Crude oil exports 0 2 0 0 0 0 

Oil products exports 1196 740 718 826 671 213 


Freight rate (Worldscale points)* - end of period 60 60 63 275 58 38 

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 

Forecast release year 

Global 2011 2010 2009 2008 

OECD 250.4 246.0 252.4 260.5 

Americas 126.1 124.3 125.9 132.3 

Europe 83.6 82.0 84.8 86.5 

Asia 40.7 39.7 41.8 41.4 

Non-OECD 323.1 297.5 299.1 302.5 

Europe & Eurasia 51.4 52.4 57.6 59.5 

Asia 188.1 159.3 163.2 164.2 

Middle East 31.0 32.9 30.3 29.5 

Africa 21.5 20.8 17.7 18.9 

Central & South America 31.0 32.1 30.3 30.5 

Total World 573.5 543.5 551.5 563.0 

Note: Totals may not equal sum of components due to independent rounding. 

Source: Energy Information Administration 




Top 5 crude oil producing countries (thousand barrels per day) 

Country 2010 2009 2008 2007 2006 2001 

Russian Federation 10270 10035 9888 9978 9769 7056 

Saudi Arabia 10007 9893 10846 10449 10853 9209 

US 7513 7271 6734 6847 6841 7669 

Iran 4245 4199 4327 4322 4286 3892 

China 4071 3800 3809 3737 3705 3306 

Source: BP statistical Review 2011 

Top 5 crude oil consuming countries (thousand barrels per day) 

Country 2010 2009 2008 2007 2006 2001 

US 19148 18771 19498 20680 20687 19649 

China 9057 8201 7937 7817 7437 4859 

Japan 4451 4391 4836 5029 5203 5394 

India 3319 3211 3068 2835 2571 2288 



Top 5 countries with crude oil refinery capacities (thousand barrels per day) 

Country 2010 2009 2008 2007 2006 2001 

US 17594 17688 17672 17594 17443 16785 

China 10121 9479 8722 8399 7865 5643 


Japan 4463 4621 4650 4598 4542 4705 

India 3703 3574 2992 2983 2872 2261 


World tanker fleet by age (1,000 dwt) 

up to 1995 1996-2000 2001-2005 2006-2010 Total 

Vessel DWT range no dwt no dwt no dwt no dwt no dwt 

GP 16.5-24.9 227 4,056.80 128 1,962.50 153 2,640.70 537 8,238.20 1,045 16,898.20 

MR 25.0-44.9 240 8,836.70 168 6,568.10 339 13,243.60 387 15,562.60 1,134 44,211.00 

LR1 45.0-79.9 140 7,650.40 104 5,465.60 275 15,701.80 611 34,641.80 1,130 63,459.60 

LR2 80.0-159.9 237 26,119.30 214 25,633.20 337 40,552.60 439 52,863.30 1,227 145,168.40 

VLCC 160.0-319.9 69 19,787.20 116 34,290.40 184 53,021.90 242 67,978.30 611 175,077.80 

Total world 913 66,450.50 730 73,919.80 1,288 125,160.50 2,216 179,284.20 5,147 444,815.00 

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 



EDITORIALS 

PROLOGUE 



Principal operaions of major oil companies (thousand barrels per day) 

2010 2009 2008 2007 2006 

BP 

Crude oil & NGL reserves 5,559 5,658 5,665 5,492 5,893 

Crude oil produced 2,374 2,535 2,401 2,414 2,475 

Crude oil processed 2,426 2,287 2,155 2,127 2,198 

Refined products sold 5,927 5,887 5,698 5,624 5,801 

ExxonMobil 





Total 





Royal Dutch/Shell 





Chevron 





Total majors 





Note: Reserves in million barrels, as at year-end 





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) 1067.0 1049.8 1034.9 968.4 1030.9 1036.1 

US crude oil stocks (excluding SPR stocks) 332.0 325.2 325.8 286.1 312.3 312.0 

US crude oil stocks in SPR 726.5 726.6 701.8 696.9 688.6 550.2 

US total motor gasoline inventories 219.7 223.3 213.6 218.1 211.8 209.9 

US distillate fuel oil inventories 164.5 166.0 146.0 133.9 143.7 144.5 

OECD annual Oil Stocks 4200.5 4181.2 4181.8 4054.8 4130.1 3912.0 

OECD Government Oil Stocks 1559.0 1562.0 1525.0 1522.0 1497.0 - 

Hurricance activity - North Atlantic Ocean 

Dates active Jun 25 - May 28 - May 30 - May 9 - Jun 10 - Jun 5 - 

Nov 7 Nov 10 Nov 10 Dec 13 Oct 2 Dec 4 

Number of cyclones recorded 21 11 17 17 10 17 

Total landfalls 10 4 33 16 7 11 

Number of hurricanes recorded 12 3 8 6 5 9 

Approximate damage (in US$ billion) 12.04 0.077 47.5 3.0 0.5 7.9 

Deaths 259 6 855 394 7 93 

OPEC surplus crude oil production capacity 

(million barrels per day) 3.99 3.93 1.37 2.07 1.42 4.07 

Days of supply of OECD commercial oil stocks - end of period 56 56 56 51 53 - 

US crude oil wells drilled 

(exploratory and development) (number) 17553 11650 16791 13350 13230 8888 


US 2.8 -2.6 1.1 2.0 2.9 0.8 

Japan 4.3 -6.3 -0.3 1.9 2.8 0.7 

Eurozone 1.8 -4.1 1.0 2.3 2.6 1.9 

China 10.3 9.2 9.0 11.5 11.1 8.3 

India 9.7 5.7 7.3 8.9 9.7 3.9 

OECD 2.8 -3.4 1.0 2.6 3.2 2.4 


US 1.6 -0.3 1.0 2.5 2.7 2.8 

Japan -0.9 -1.4 0.5 1.4 0.3 -0.7 

Eurozone 1.5 0.3 1.0 3.0 2.2 2.4 

China 3.1 0.8 3.0 5.9 2.0 -0.1 

India 13.2 10.9 5.0 7.0 6.7 5.2 

OECD 1.5 0.1 1.0 3.0 2.2 2.8 


US 7.0 -2.9 -11.3 1.5 3.0 -3.7 

Japan 15.4 -21.3 -3.3 2.8 4.4 -6.3 

Eurozone 8.9 -3.7 -12.4 1.3 3.9 0.4 

China 15.7 11.0 12.9 17.4 15.4 9.9 

India 2.5 18.0 0.5 7.6 10.3 2.1 

OECD 7.9 -12.3 -2.1 3.3 3.8 -2.2 


US 0.1 0.1 0.1 4.3 6.3 1.3 

Japan 0.3 0.3 0.3 0.8 0.4 0.1 

Eurozone 1.8 1.8 3.0 5.0 4.5 4.3 

China 3.3 2.8 2.8 3.3 3.3 3.2 



US 3.4 3.5 10.0 6.1 5.9 10.5 

Japan 2.3 3.1 1.8 2.1 0.7 3.3 

Eurozone 1.7 -0.4 7.6 11.6 10.0 8.0 

China 19.7 27.7 17.8 16.7 16.9 14.4 

India 19.1 17.7 19.9 22.8 19.3 13.6 


US (Dow Jones) 11578 10428 8776 13265 12463 10022 

India (Sensex) 20509 17464 9647 20287 13787 3262 








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 



EDITORIALS 

PROLOGUE 



Crude oil prices 

Month MCX light sweet crude oil futures prices (Rs/bbl) MCX light sweet crude oil NYMEX light sweet-WTI crude oil futures prices (USD/bbl) 

Open High Low Close 

spot prices (Rs/bbl) 



Dec-10 3915 4173 3868 4088 4020 83.66 92.06 83.63 91.38 

Nov-10 3634 3953 3634 3923 3787 81.45 88.63 80.06 84.11 

Oct-10 3597 3735 3567 3630 3638 79.84 84.43 79.25 81.43 

Sep-10 3439 3618 3336 3591 3470 71.7 80.18 71.67 79.97 

Aug-10 3659 3825 3354 3449 3581 78.95 82.97 70.76 71.92 

Jul-10 3519 3738 3367 3654 3573 75.37 79.69 71.09 78.95 

Jun-10 3455 3655 3319 3523 3504 73.97 79.38 69.51 75.63 

May-10 3819 3875 3127 3464 3411 86.2 87.15 64.24 73.97 

Apr-10 3750 3870 3592 3814 3772 83.36 87.09 80.53 86.15 

Mar-10 3680 3783 3599 3751 3697 79.79 83.85 78.06 83.76 

Feb-10 3374 3727 3275 3669 3529 72.75 80.51 69.50 79.66 

Jan-10 3720 3810 3372 3378 3615 79.76 83.95 72.43 72.89 

Dec-09 3570 3735 3226 3727 3484 77.35 80.00 68.59 79.36 

Nov-09 3684 3804 3412 3550 3637 77.02 81.06 72.39 77.28 

Oct-09 3349 3796 3218 3638 3530 70.40 82.00 68.05 77.00 

Sep-09 3432 3530 3146 3337 3381 69.56 73.16 65.05 70.61 

Aug-09 3279 3648 3252 3431 3436 69.30 75.00 65.23 69.96 

Jul-09 3354 3440 2879 3271 3130 70.45 71.85 58.32 69.45 

Jun-09 3130 3508 3072 3344 3329 66.48 73.38 64.95 69.89 

May-09 2542 3135 2542 3124 2874 50.95 66.64 50.43 66.31 

Apr-09 2485 2698 2375 2555 2556 48.96 53.90 43.83 51.12 

Mar-09 2250 2758 2071 2481 2468 44.34 54.66 39.44 49.66 

Feb-09 2061 2284 1649 2259 1955 41.75 45.30 33.55 44.76 

Jan-09 2015 2452 1626 2058 2079 43.72 50.47 32.70 41.68 

Dec-08 2738 2738 1751 1996 2100 54.62 54.62 32.40 44.60 

Nov-08 3225 3419 2498 2746 2853 67.37 71.77 48.25 54.43 

Oct-08 4746 4799 3167 3207 3741 101.86 102.84 61.30 67.81 

Sep-08 5139 5179 4251 4744 4741 117.89 130.00 90.51 100.64 

Aug-08 5277 5450 4745 5123 5021 124.06 128.60 111.34 115.46 

Jul-08 6061 6333 5106 5278 5774 140.18 147.27 120.42 124.08 

Jun-08 5380 6174 5212 6078 5725 127.63 143.67 121.61 140.00 

May-08 4613 5822 4476 5403 5261 114.60 135.09 110.30 127.35 

Apr-08 4040 4785 3984 4628 4490 101.57 119.93 99.55 113.46 

Mar-08 4060 4485 3961 4027 4257 101.63 111.80 98.65 101.58 

Feb-08 3571 4083 3409 4058 3763 91.36 103.05 86.24 101.84 

Jan-08 3772 3935 3395 3559 3671 96.05 100.09 86.11 91.75 

Dec-07 3551 3847 3401 3763 3605 88.79 97.92 85.82 95.98 

Nov-07 3699 3915 3510 3556 3750 95.15 99.29 88.45 88.71 

Oct-07 3238 3698 3090 3687 3385 81.75 95.28 78.35 94.53 

Sep-07 3017 3307 3008 3247 3197 74.24 83.90 73.48 81.66 

Aug-07 3140 3168 2818 3019 2963 77.94 78.77 68.63 74.04 

Jul-07 2863 3145 2821 3137 2986 70.52 78.28 69.57 78.21 

Jun-07 2587 2869 2587 2863 2742 64.23 71.06 63.80 70.68 

May-07 2736 2736 2492 2582 2597 65.66 66.38 60.68 64.01 

Apr-07 2920 2947 2671 2744 2712 66.03 66.70 61.34 65.71 

Mar-07 2765 2957 2653 2930 2659 61.82 68.09 56.10 65.87 

Feb-07 2582 2790 2527 2755 2613 57.89 62.25 56.62 61.79 

Jan-07 2729 2732 2302 2563 2430 60.98 61.55 49.90 58.14 

Dec-06 2811 2883 2672 2730 2776 62.85 64.15 59.90 61.05 

Nov-06 2616 2828 2605 2816 2635 58.60 63.77 54.86 63.13 

Oct-06 2854 2854 2591 2611 2675 62.80 63.32 56.55 58.73 

Sep-06 3267 3298 2744 2882 2973 70.29 70.66 59.52 62.91 

Aug-06 3468 3605 3217 3256 3406 74.40 77.45 68.65 70.26 

Jul-06 3398 3703 3362 3460 3455 73.92 78.40 71.65 74.40 

Jun-06 3299 3404 3130 3395 3263 71.26 74.15 68.10 73.93 

May-06 3265 3382 3081 3284 3211 71.70 74.99 67.42 71.29 

Apr-06 2952 3418 2933 3239 3116 66.43 75.35 65.60 71.88 


Source: MCX, RBI, Exchanges’ websites, ICE, OPEC, PPAC 




ICE Brent crude oil futures prices (USD/bbl) US WTI spot Monthly international OPEC basket RBI Rate USD/INR US Dollar Index 


prices (USD/bbl) prices of Indian prices (US$/bbl) 

Monthly average crude oil basket Monthly average 

85.71 95.2 85.41 94.75 89.15 89.77 88.46 45.16 80.30 

83.13 89.7 82.43 85.92 84.24 84.26 82.83 45.02 78.45 

82.21 86.02 80.75 83.15 81.90 81.11 79.86 44.41 77.72 

74.46 82.4 74.42 82.31 75.29 76.09 74.63 46.06 81.35 

78.11 82.86 71.75 74.64 76.60 75.13 74.15 46.57 82.22 

74.65 78.31 70.77 78.18 76.35 73.54 72.51 46.84 83.43 

74.82 79.86 70.5 75.01 75.35 74.33 72.97 46.56 86.77 

87.44 89.58 68.15 74.65 73.73 76.16 74.48 45.80 85.48 

82.44 87.75 82.22 87.44 84.48 84.08 82.47 44.50 81.35 

77.69 82.82 76.21 82.7 81.07 78.02 77.21 45.50 80.81 

71.35 78.94 67.87 77.59 76.06 73.69 72.99 46.33 80.27 

78.49 82.45 71.02 71.46 78.36 76.61 76.01 45.96 77.98 

78.42 79.91 71.02 77.93 74.49 75.02 74.01 46.63 77.00 

75.24 80.14 73.7 78.47 78.00 77.39 76.29 46.59 75.40 

68.92 80.26 65.9 75.2 75.77 73.07 72.67 46.72 76.17 

69.65 72.2 64.08 69.07 69.44 67.70 67.17 48.39 77.19 

71.98 76 68.85 69.65 71.06 71.98 71.35 48.36 78.53 

69.9 72.12 59.49 71.7 64.12 64.83 64.59 48.47 79.71 

65.77 73.5 64.91 69.3 69.62 69.12 68.47 47.78 80.26 

50.7 65.8 49.96 65.52 59.13 58.00 56.98 48.61 82.11 

48.37 54.31 47.26 50.8 49.81 50.14 50.21 50.08 85.55 

45.56 53.86 41.30 49.23 47.98 46.02 45.78 51.23 86.71 

46.06 48.42 39.35 46.35 39.15 43.22 41.38 49.22 86.84 

43.85 52.21 41.60 45.88 41.74 43.99 41.23 48.83 84.83 

53.00 53.00 36.20 45.59 41.44 40.61 38.60 48.64 83.65 

64.30 67.76 47.40 53.49 57.29 50.91 49.26 49.00 86.77 

99.45 100.31 59.02 65.32 76.61 69.12 69.17 48.64 83.53 

115.50 115.56 88.90 98.17 103.94 96.81 96.85 45.56 78.37 

123.42 127.94 110.31 114.05 116.64 113.05 112.41 42.94 76.21 

140.44 147.50 120.88 123.98 133.38 132.47 131.22 42.84 72.79 

127.22 143.91 121.32 139.83 133.93 129.72 128.34 42.82 73.41 

112.74 135.14 108.42 127.78 125.37 120.91 119.43 42.13 73.05 

100.50 117.56 98.99 111.36 112.62 105.77 105.06 40.02 72.38 

100.12 108.02 96.92 100.30 105.47 99.76 98.97 40.36 72.72 

91.50 101.27 86.83 100.10 95.38 92.37 90.78 39.73 75.77 

94.47 98.50 85.00 92.21 92.98 89.52 88.56 39.37 76.00 

88.74 95.87 86.56 93.85 91.36 87.92 87.18 39.44 76.79 

90.94 96.65 87.55 88.26 94.76 89.11 88.99 39.44 75.67 

79.25 91.18 75.64 90.63 85.90 79.33 78.98 39.51 77.78 

72.69 81.05 72.69 79.17 79.91 74.78 74.15 40.34 79.14 

76.95 77.16 68.14 72.69 72.38 68.97 68.65 40.82 80.87 

71.22 78.40 70.92 77.05 74.14 72.58 71.65 40.42 80.61 

68.15 72.25 67.61 71.41 67.49 68.10 66.77 40.77 82.21 

67.53 71.80 63.80 68.04 63.45 65.76 64.37 40.78 82.01 

67.91 69.59 64.76 67.65 63.94 65.48 63.51 42.15 81.95 

61.78 69.14 59.79 68.10 60.60 60.27 58.44 44.03 83.17 

57.20 62.18 56.10 61.89 59.25 56.49 54.77 44.16 84.28 

60.88 61.64 50.75 57.40 54.24 52.63 50.84 44.33 84.58 

63.85 64.92 60.04 60.86 62.00 60.35 57.95 44.63 83.07 

58.85 64.77 57.75 64.26 59.13 57.80 55.41 44.85 84.72 

62.70 62.82 57.39 59.03 58.85 57.26 54.99 45.47 86.11 

70.42 70.66 59.32 62.48 63.82 60.94 59.64 46.12 85.25 

75.15 78.64 68.82 70.25 73.04 70.87 68.80 46.54 84.91 

73.26 78.18 72.11 75.15 74.40 71.29 68.91 46.46 85.61 

70.25 73.69 66.33 73.51 70.93 66.90 64.60 46.06 85.37 

71.98 74.97 67.63 70.41 70.93 67.33 65.12 45.41 84.69 

66.69 74.79 65.73 72.02 69.54 67.06 64.45 44.95 88.13 



EDITORIALS 

PROLOGUE 



Crude Oil trading activity 

Month MCX (crude oil light sweet) NYMEX (crude oil light sweet-WTI) ICE (Brent crude oil) 


Dec-10 3068659 30835 12415734 1430155 7430114 873116 

Nov-10 3162530 22911 13510747 1342325 8213381 836883 

Oct-10 3992584 25043 14422865 1416888 8261164 856736 

Sep-10 4794548 33834 15965291 1370514 8533147 817269 

Aug-10 4707162 52638 14493964 1308042 8029379 817066 

Jul-10 4442937 23614 11427080 1220292 7053387 794600 

Jun-10 3631230 28467 14459730 1263940 8026656 746713 

May-10 3614835 20590 17534395 1361943 8774904 768727 

Apr-10 2805302 25975 17377753 1446580 8544233 813137 

Mar-10 2681569 16317 13297737 1310328 8984535 937633 

Feb-10 2572046 14120 12771829 1274007 7796458 857981 

Jan-10 2063651 25272 10894229 1319629 6837761 776550 

Dec-09 2645063 15303 11906196 1193065 6000904 728331 

Nov-09 2968273 19625 11600195 1198406 6255219 698620 

Oct-09 3066007 16991 13103116 1243953 6600386 700787 

Sep-09 2867974 25601 11462233 1190853 6302192 684180 

Aug-09 3364276 17364 11823362 1162798 5333905 676497 

Jul-09 4122330 14071 11923549 1190714 6865215 707378 

Jun-09 3430757 15406 11367082 1159868 5843451 689091 

May-09 3389258 12740 9939223 1163773 5280318 721844 

Apr-09 3650692 17895 10106308 1167380 5102336 696396 

Mar-09 4379692 20786 11340347 1148687 6158270 677979 

Feb-09 3434198 23224 11411434 1191502 5495062 662850 

Jan-09 3774301 18972 11369073 1243967 6536771 637728 

Dec-08 3117157 28141 9910170 1189046 5107284 595295 

Nov-08 1883187 16189 8662209 1141336 5336546 565654 

Oct-08 1598334 11287 11638267 1108362 6417718 549842 

Sep-08 1900925 10052 12045565 1092411 5948919 525080 

Aug-08 1485585 10346 10589479 1182917 5044833 550431 

Jul-08 1877485 11922 11321293 1267200 5472918 563588 

Jun-08 1968091 15496 12452986 1285567 5778596 526467 

May-08 1745803 16121 13439173 1368551 6683008 562258 

Apr-08 1216976 20935 11065563 1366639 5682939 556070 

Mar-08 1251741 12317 12576859 1396612 5663793 594544 

Feb-08 1188877 19620 10100249 1445328 5421638 583335 

Jan-08 1272840 11188 10811520 1395278 5619214 541479 

Dec-07 1436288 12814 8694012 1361258 4035606 537359 

Nov-07 1388335 11593 11307522 1404579 5383219 578509 

Oct-07 1392318 23019 12389575 1468958 5575011 623051 

Sep-07 1003894 19668 10670194 1420823 4989287 647298 

Aug-07 1378084 15400 10646980 1466129 4980801 596662 

Jul-07 1175924 22988 9655899 1521237 5114738 645675 

Jun-07 1014159 21143 9862305 1474661 4912169 662755 

May-07 933112 11576 9486584 1396811 5427377 627008 

Apr-07 922023 11020 9286616 1329295 4296685 657327 

Mar-07 1220169 18463 10068962 1354924 5179846 686982 

Feb-07 1040775 10199 9092076 1286745 4290867 584786 

Jan-07 1033732 11230 10367198 1294571 5454265 611593 

Dec-06 586612 17186 6801761 1190543 3329011 548654 

Nov-06 629447 18622 7446062 1214068 4319084 588243 

Oct-06 610963 13743 7492383 1158612 4608117 577446 

Sep-06 429136 8435 6067095 1167337 3875739 487653 

Aug-06 243508 11344 5408568 1166144 4000533 478985 

Jul-06 175149 3022 4496916 1101492 3680839 347628 

Jun-06 129799 3164 5129950 1027066 3741729 455114 

May-06 200439 8127 5854647 1028165 3513993 440309 

Apr-06 234414 8996 5280355 1057804 2928362 464857 






Crude Oil Production (2010) Crude Oil Consumption (2010) 

Russian 

Federation 

13% 

USA 

22% 

Saudi 

Arabia 

12% 

Others 

56% 

China 

10% 

Others 

55% 

USA 

9% 

Japan 

5% 

Iran 

5% 

China 

5% 

India 

4% 

Russian 

Federation 

4% 

Source: BP Statistical Review 2011 Source: BP Statistical Review 2011 

price/bbl 

160 

140 

120 

100 

80 

60 

40 

20 

Crude Oil (WTI) prices in USD & Euro and Dollar Index 

Dollar Index Crude oil WTI Prices in USD Crude Oil WTI prices in EURO 

180 

160 

140 

120 

100 

80 

60 

40 

20 

0 

May-83 

Apr-84 

Mar-85 

Feb-86 

Jan-87 

Dec-87 

Nov-88 

Oct-89 

Sep-90 

Aug-91 

Jul-92 

Jun-93 

May-94 

Apr-95 

Mar-96 

Feb-97 

Jan-98 

Dec-98 

Nov-99 

Oct-00 

Sep-01 

Aug-02 

Jul-03 

Jun-04 

May-05 

Apr-06 

Mar-07 

Feb-08 

Jan-09 

Dec-09 

Nov-10 

0 

Source: NYMEX (CME) 



EDITORIALS 

PROLOGUE 



Natural gas fundamentals (billion cubic metre) 

2010 2009 2008 2007 2006 2001 

World 

Natural gas production 3193 2976 3062 2951 2881 2478 

Natural gas consumption 3169 2950 3026 2947 2842 2455 

Natural gas trade (export/import) - Total 975 877 814 776 748 554 

Natural gas trade (export/import) - pipeline 678 634 587 550 537 411 

Natural gas trade (export/import) - LNG 298 243 227 226 211 143 

Proven gas reserves 187142 186586 184387 176683 173211 168543 

Proven gas reserves - former Soviet Union 58514 58397 57449 51963 51870 50900 

Proven gas reserves - OECD 17097 16988 16536 15672 15056 16100 

OECD natural gas prodution 1160 1126 1134 1102 1093 1097 

OECD natural gas consumption 1546 1453 1500 1476 1425 1340 

India 

Proven gas reserves 1500 1101 1101 1101 1101 763 

Natural gas production 51 39 31 30 29 26 

Natural gas consumption 62 51 41 40 37 26 

Natural gas (LNG) imports 12 13 11 10 8 - 

Natural gas exports - - - - - - 


Note: LNG: Liquified 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 

Forecast release year 

World 2011 2010 2009 2008 

OECD North America 31.3 25 27.9 27.1 

United States* 22.4 19.4 20.5 19.6 

Canada 7.0 5.6 5.4 5.7 

Mexico 1.9 - 2.1 1.8 

OECD Europe 8.1 9.6 11 11.2 

OECD Asia 2.8 3.5 2.8 2.9 

Japan 0.2 - 0.2 0.2 

South Korea 0.0 - 0 0 

Australia/New Zealand 2.6 3.5 2.6 2.7 

Other OECD 0.1 2.1 - - 

Total OECD 42.3 40.2 41.7 41.2 

Non-OECD Europe & Eurasia 30.5 32.2 35 36.1 

Russia 23 23 26.7 26.9 

Other 7.5 9.2 8.3 9.3 

Non-OECD Asia 15.6 15.8 15.6 17.2 

China 3.1 2.9 3.4 3.2 

India 2.5 - 2 2 

Other non-OECD Asia 10 12.9 10.3 12 

Middle East 19.7 20.9 17.8 16.9 

Africa 9.7 11.3 9.6 10.7 

Central & South America 5.8 6.6 7 7.3 

Brazil 1 - 1 0.7 

Other Central/South America 4.8 - 6 6.5 

Total Non-OECD 81.3 86.8 85 88.3 

Total World 123.6 126.9 126.7 129.5 

Note: * includes supplemental production or forecast discrepancy 

Source: Energy Information Administration 




US Summer cooling degree-days (Population-weighted) 

Month 2010 2009 2008 2007 2006 Normal 

APR 34 29 31 23 53 33 

MAY 126 117 91 119 109 104 

JUN 285 222 263 236 236 216 

JUL 385 284 334 310 388 323 

AUG 356 307 283 366 337 292 

SEP 196 169 171 191 138 160 

Total Summer 1,382 1,127 1,173 1,246 1,261 1,128 

Source: National Oceanic and Atmospheric Administration, National Weather Service 

U.S. Winter heating degree-days (Population-weighted) 

Month 2010/11 2009/10 2008/09 2007/08 2006/07 Normal 

OCT 238 330 281 175 305 282 

NOV 523 441 533 521 467 539 

DEC 898 877 832 800 690 817 

JAN 956 940 969 892 841 917 

FEB 743 820 705 741 853 732 

MAR 586 552 583 617 502 593 

Total Winter 3,944 3,960 3,904 3,746 3,657 3,880 

Source: National Oceanic and Atmospheric Administration, National Weather Service 

Principal operaions of major companies 

2010 2009 2008 2007 2006 

BP 

Natural Gas Reserves 37,809 40,388 40,005 41,130 42,168 

Natural Gas Sold 8,401 8,485 8,334 8,143 8,417 

ExxonMobil 



Total 



Royal Dutch/Shell 



Chevron 



Total majors 



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 LPG Ccpacity No LNG capacity Total no Total capacity 

Up to 999 61 42 - - 61 42 

1,000 - 1,999 274 396 - - 274 396 

2,000 - 4,999 316 1,053 - - 316 1,053 

5,000 - 9,999 208 1,414 - - 208 1,414 

10,000 - 19,999 63 876 13 133 76 1,009 

20,000 - 39,999 105 3,043 3 94 108 3,137 

40,000 - 59,999 20 1,164 3 122 23 1,286 

60,000 - 99,999 142 11,367 17 1,295 159 12,662 

100,000 and over - - 326 50,254 326 50,254 

Total World 1,189 19,355 362 51,898 1,551 71,253 

Note: Figures as at year-end. Totals may not add due to independent rounding. 




EDITORIALS 

PROLOGUE 



Economic parameters impacting natural gas prices 

2010 2009 2008 2007 2006 2001 

Gas inventories (billion cubic metres) 

US working natural gas in storage 83.8 88.3 80.1 77.9 85.7 79.0 

Five year average 82.3 81.7 79.9 76.4 75.5 - 

Five year maximum 89.1 87.8 87.6 87.2 83.8 - 

Five year minimum 74.7 74.8 74.2 68.1 67.7 - 

Hurricance activity - North Atlantic Ocean 

Dates active Jun 25 - May 28 - May 30 - May 9 - Jun 10 - Jun 5 - 

Nov 7 Nov 10 Nov 10 Dec 13 Oct 2 Dec 4 

Number of cyclones recorded 21 11 17 17 10 17 

Total landfalls 10 4 33 16 7 11 

Number of hurricanes recorded 12 3 8 6 5 9 

Approximate damage (in US$ billion) 12.04 0.077 47.5 3.0 0.5 7.9 

Deaths 259 6 855 394 7 93 


US 2.8 -2.6 1.1 2.0 2.9 0.8 

Japan 4.3 -6.3 -0.3 1.9 2.8 0.7 

Eurozone 1.8 -4.1 1.0 2.3 2.6 1.9 

China 10.3 9.2 9.0 11.5 11.1 8.3 

India 9.7 5.7 7.3 8.9 9.7 3.9 

OECD 2.8 -3.4 1.0 2.6 3.2 2.4 


US 1.6 -0.3 1.0 2.5 2.7 2.8 

Japan -0.9 -1.4 0.5 1.4 0.3 -0.7 

Eurozone 1.5 0.3 1.0 3.0 2.2 2.4 

China 3.1 0.8 3.0 5.9 2.0 -0.1 

India 13.2 10.9 5.0 7.0 6.7 5.2 

OECD 1.5 0.1 1.0 3.0 2.2 2.8 


US 7.0 -2.9 -11.3 1.5 3.0 -3.7 

Japan 15.4 -21.3 -3.3 2.8 4.4 -6.3 

Eurozone 8.9 -3.7 -12.4 1.3 3.9 0.4 

China 15.7 11.0 12.9 17.4 15.4 9.9 

India 2.5 18.0 0.5 7.6 10.3 2.1 

OECD 7.9 -12.3 -2.1 3.3 3.8 -2.2 


US 0.1 0.1 0.1 4.3 6.3 1.3 

Japan 0.3 0.3 0.3 0.8 0.4 0.1 

Eurozone 1.8 1.8 3.0 5.0 4.5 4.3 

China 3.3 2.8 2.8 3.3 3.3 3.2 



US 3.4 3.5 10.0 6.1 5.9 10.5 

Japan 2.3 3.1 1.8 2.1 0.7 3.3 

Eurozone 1.7 -0.4 7.6 11.6 10.0 8.0 

China 19.7 27.7 17.8 16.7 16.9 14.4 

India 19.1 17.7 19.9 22.8 19.3 13.6 


US (Dow Jones) 11578 10428 8776 13265 12463 10022 

India (Sensex) 20509 17464 9647 20287 13787 3262 






Source: OECD, EIA, NOAA, CPM Gold Yearbook, IMF, World Bank, BSE, Dow Jones 




Natural gas trading activity 

Month MCX NYMEX (CME) ICE (UK) 


Dec-10 1123916 20834 6002863 772404 177145 215313 

Nov-10 1064881 21129 5833648 758702 186185 217280 

Oct-10 1242427 18252 5920016 794741 179450 203747 

Sep-10 1481956 36045 5414287 782077 153780 205880 

Aug-10 1122912 24975 5790959 816477 140510 204860 

Jul-10 1001775 7645 5249597 786798 213545 154210 

Jun-10 748663 8068 5913497 767568 154830 131530 

May-10 469341 7230 4734149 833807 189720 154310 

Apr-10 913642 15814 5717025 857075 191505 140675 

Mar-10 597296 15801 4691010 830935 161540 119410 

Feb-10 508156 10170 4557698 816126 142470 97580 

Jan-10 901972 7003 4501942 776283 183560 81848 

Dec-09 1057446 9357 5347178 707590 113315 83575 

Nov-09 983755 11885 4413904 714288 151470 87665 

Oct-09 1306570 6817 5507775 695972 173805 93472 

Sep-09 1880018 9014 5597662 672952 166760 100430 

Aug-09 1419262 42877 4445944 713161 97880 105810 

Jul-09 1604219 43636 3979357 715227 124545 96645 

Jun-09 1395465 35251 4486552 712804 114050 93996 

May-09 696633 17709 3478986 685105 109785 89627 

Apr-09 335013 13771 2493091 659775 111935 82393 

Mar-09 239186 5402 2989920 624397 120325 75270 

Feb-09 118124 1505 2780551 671554 146665 56060 

Jan-09 88800 1903 2343719 682516 150775 46270 

Dec-08 76673 884 2384252 679760 65100 43869 

Nov-08 57192 457 2539865 718799 75045 43701 

Oct-08 37573 288 3151675 766597 91455 45475 

Sep-08 114983 1229 3458479 881561 71460 51974 

Aug-08 80679 823 3756124 919430 68850 49680 

Jul-08 75181 820 4273971 942703 77440 51210 

Jun-08 48145 508 3379074 974174 58310 45480 

May-08 40258 645 3141953 898031 59920 41635 

Apr-08 35838 901 3382892 872489 82985 36815 

Mar-08 50629 1008 2983598 865871 62185 34695 

Feb-08 58270 1456 3330580 928172 79120 28041 

Jan-08 72085 1170 2741217 898698 78945 28450 

Dec-07 52889 1333 2390939 849704 69925 24180 

Nov-07 75330 1689 2474062 818517 101725 25700 

Oct-07 145212 1828 3155437 748047 117705 29645 

Sep-07 220683 2046 2486465 750875 105870 31350 

Aug-07 194097 6720 3069117 765421 124230 32525 

Jul-07 116498 4646 2346727 809913 100110 31515 

Jun-07 56638 3060 2703626 803710 65570 27515 

May-07 64735 2560 2285014 760212 76305 28185 

Apr-07 72435 2172 2181057 732753 69025 27180 

Mar-07 214038 2467 1938669 740862 90755 27665 

Feb-07 252161 2870 2431720 758890 77970 24840 

Jan-07 268043 3433 2617276 899420 59125 20830 

Dec-06 264821 7209 1844836 874752 25860 18640 

Nov-06 350058 6538 1775475 889654 60255 18215 

Oct-06 266576 4992 1935134 907876 61575 18065 

Sep-06 383188 10178 2017651 943162 77810 19990 

Aug-06 546150 9012 2428749 927572 45850 17360 

Jul-06 142963 4519 1786249 908412 41925 13390 

Jun-06 - - 1920553 852733 36330 14675 

May-06 - - 2272497 833675 44765 13219 

Apr-06 - - 1911616 728557 34735 9795 


Source: Exchanges websites 



EDITORIALS 

PROLOGUE 



Natural gas prices 

Month MCX futures prices (Rs/mmBtu) MCX spot prices (Rs/mmBtu) NYMEX (CME) futures prices (USD/mmbtu) 


Dec-10 194.60 210.70 180.10 197.80 192.9 4.13 4.64 3.95 4.41 

Nov-10 187.60 208.00 166.10 193.80 183.1 4.04 4.49 3.71 4.18 

Oct-10 173.70 190.80 144.70 187.90 160.7 3.86 4.08 3.21 4.04 

Sep-10 181.50 190.70 168.00 174.10 179.5 3.79 4.14 3.70 3.87 

Aug-10 228.10 232.00 175.30 182.20 197.7 4.99 5.01 3.61 3.82 

Jul-10 215.50 232.20 201.10 227.20 214.8 4.64 4.94 4.29 4.92 

Jun-10 204.40 241.80 200.10 214.00 222.9 4.37 5.20 4.22 4.62 

May-10 176.30 205.90 174.20 203.80 190.4 3.91 4.49 3.86 4.34 

Apr-10 176.80 198.40 172.20 176.00 182.6 3.87 4.39 3.81 3.92 

Mar-10 220.20 225.00 174.80 177.60 196.4 4.77 4.87 3.82 3.87 

Feb-10 242.70 266.70 220.10 220.90 242.7 5.25 5.68 4.74 4.81 

Jan-10 260.20 279.40 236.30 239.60 258.0 5.71 6.11 5.06 5.13 

Dec-09 225.10 281.60 205.70 259.50 249.5 4.82 6.04 4.43 5.57 

Nov-09 239.00 246.50 194.50 226.10 216.8 5.03 5.29 4.16 4.85 

Oct-09 229.50 252.60 201.50 238.00 225.3 4.83 5.32 4.23 5.05 

Sep-09 146.50 239.40 118.60 231.00 169.5 2.98 4.98 2.41 4.84 

Aug-09 175.40 195.20 142.60 147.50 165.4 3.63 4.16 2.69 2.98 

Jul-09 186.70 197.00 158.20 174.60 175.0 3.85 3.90 3.23 3.65 

Jun-09 184.00 209.10 168.90 186.00 189.6 3.87 4.39 3.55 3.84 

May-09 171.00 226.80 169.20 184.80 192.7 3.39 4.58 3.36 3.84 

Apr-09 191.40 196.00 165.50 173.90 181.8 3.79 3.90 3.16 3.37 

Mar-09 218.80 226.80 185.10 190.90 206.6 4.27 4.42 3.60 3.78 

Feb-09 216.00 236.90 196.00 214.90 216.2 4.32 4.88 3.92 4.20 

Jan-09 272.80 303.80 214.50 217.40 250.9 5.55 6.24 4.40 4.42 

Dec-08 324.90 337.40 251.40 270.70 282.6 6.55 6.69 5.20 5.62 

Nov-08 324.00 350.30 298.70 324.40 328.1 6.69 7.36 6.10 6.51 

Oct-08 354.00 368.70 312.50 321.60 329.4 7.52 7.94 6.00 6.78 

Sep-08 353.00 385.70 314.50 354.50 344.8 7.50 8.32 7.00 7.44 

Aug-08 388.20 404.20 336.10 355.10 359.5 9.12 9.60 7.60 7.94 

Jul-08 574.80 591.80 374.10 388.30 487.3 13.40 13.70 8.80 9.12 

Jun-08 494.30 577.60 492.50 573.80 545.4 11.80 13.40 12.00 13.35 

May-08 440.00 522.60 426.50 497.30 478.9 10.90 12.10 10.00 11.70 

Apr-08 400.70 459.00 373.00 439.50 411.0 10.00 11.40 9.30 10.84 

Mar-08 373.80 416.20 366.00 399.60 388.2 9.39 10.30 8.70 10.10 

Feb-08 314.50 377.80 300.30 373.80 340.3 8.07 9.50 7.60 9.37 

Jan-08 293.50 331.80 292.50 314.00 312.3 7.57 8.48 7.50 8.07 

Dec-07 292.50 297.60 274.60 296.30 283.3 7.21 7.54 6.80 7.48 

Nov-07 325.90 342.20 291.50 294.00 311.2 8.38 8.71 7.20 7.30 

Oct-07 274.00 329.10 266.20 324.70 598.4 6.86 8.48 6.60 8.33 

Sep-07 228.60 287.70 215.30 273.90 251.4 5.32 7.04 5.20 6.87 

Aug-07 252.00 294.50 225.10 230.60 254.3 6.20 7.19 5.20 5.47 

Jul-07 276.50 277.40 237.70 252.70 261.3 6.72 6.85 5.80 6.19 

Jun-07 321.50 332.30 270.60 277.30 308.4 7.96 8.21 6.60 6.77 

May-07 324.00 335.00 310.00 320.60 319.7 7.83 8.23 7.50 7.94 

Apr-07 335.50 343.40 305.10 325.20 322.4 7.77 8.01 7.30 7.86 

Mar-07 322.30 337.80 298.00 334.00 318.1 7.22 7.77 6.80 7.73 

Feb-07 341.10 354.00 311.30 324.00 335.2 7.71 8.04 7.10 7.30 

Jan-07 282.10 351.70 268.60 339.20 295.8 6.30 7.97 6.00 7.67 

Dec-06 390.00 391.50 271.10 282.70 327.3 8.73 8.75 5.70 6.30 

Nov-06 342.60 403.50 327.50 391.60 359.1 7.60 9.05 7.30 8.84 

Oct-06 257.90 386.20 253.20 341.30 308.2 5.61 7.93 5.50 7.53 

Sep-06 286.80 288.80 213.60 261.70 246.7 5.89 6.13 4.10 5.62 

Aug-06 379.30 398.90 286.80 288.30 330.8 8.25 8.62 5.90 6.05 

Jul-06 265.50 364.70 264.90 364.70 295.4 6.10 8.26 5.40 8.21 

Jun-06 - - - - - 6.42 7.33 5.80 6.10 

May-06 - - - - - 6.53 7.13 5.80 6.38 

Apr-06 - - - - - 7.20 8.28 6.50 6.56 


Source: Exchanges websites, RBI, ICE 




US spot prices (USD/mmbtu) ICE (UK) futures prices (GBP/therm) RBI rate USD/INR Dollar Index 


4.25 55.25 62.70 55.25 61.07 45.16 80.30 

3.71 47.40 55.50 45.50 54.20 45.02 78.45 

3.43 48.00 48.80 45.40 47.61 44.41 77.72 

3.89 41.20 49.20 41.15 47.32 46.06 81.35 

4.31 39.85 43.00 36.90 41.83 46.57 82.22 

4.63 45.49 51.50 38.75 40.66 46.84 83.43 

4.80 37.50 46.75 36.55 45.49 46.56 86.77 

4.14 36.00 43.25 35.60 36.63 45.80 85.48 

4.03 29.70 36.85 29.05 33.13 44.50 81.35 

4.29 31.55 31.90 28.35 29.71 45.50 80.81 

5.32 36.25 37.30 31.27 31.34 46.33 80.27 

5.82 37.00 41.75 32.50 38.77 45.96 77.98 

5.34 29.49 35.00 27.45 33.72 46.63 77.00 

3.68 36.80 36.90 27.15 29.57 46.59 75.40 

4.00 32.00 38.90 30.50 36.81 46.72 76.17 

2.99 25.75 34.50 21.50 32.42 48.39 77.19 

3.14 21.50 26.90 18.20 26.10 48.36 78.53 

3.38 26.00 26.45 19.60 22.29 48.47 79.71 

3.80 26.25 28.00 24.75 25.99 47.78 80.26 

3.83 27.90 29.60 24.75 26.19 48.61 82.11 

3.49 34.25 35.50 25.50 28.51 50.08 85.55 

3.96 34.50 37.50 29.00 31.97 51.23 86.71 

4.51 63.00 63.60 33.00 33.52 49.22 86.84 

5.23 60.00 68.30 52.00 62.25 48.83 84.83 

5.84 58.80 65.50 53.00 58.53 48.64 83.65 

6.70 75.80 77.90 58.00 60.97 49.00 86.77 

6.74 81.80 84.00 66.00 76.11 48.64 83.53 

7.62 78.30 87.00 71.00 85.26 45.56 78.37 

8.25 61.50 79.70 51.75 78.64 42.94 76.21 

11.08 72.80 72.80 55.00 62.24 42.84 72.79 

12.68 65.00 73.60 64.00 73.30 42.82 73.41 

11.27 60.00 66.30 59.00 65.38 42.13 73.05 

10.18 57.70 67.00 58.00 60.58 40.02 72.38 

9.41 53.30 58.30 51.00 57.93 40.36 72.72 

8.55 50.30 55.00 47.00 53.54 39.73 75.77 

7.98 52.00 61.00 51.00 51.18 39.37 76.00 

7.11 50.40 56.90 50.00 52.28 39.44 76.79 

7.11 52.50 60.80 45.00 50.58 39.44 75.67 

6.74 44.70 55.30 41.00 54.27 39.51 77.78 

6.07 27.50 42.80 27.00 42.55 40.34 79.14 

6.23 26.80 28.00 24.00 27.51 40.82 80.87 

6.22 23.30 32.60 22.00 28.07 40.42 80.61 

7.35 21.40 21.80 17.00 21.36 40.77 82.21 

7.64 17.90 26.00 18.00 20.88 40.78 82.01 

7.60 20.00 20.20 14.00 17.15 42.15 81.95 

7.11 20.00 24.50 18.00 20.29 44.03 83.17 

8.00 22.90 23.00 16.00 18.81 44.16 84.28 

6.53 31.30 33.60 23.00 23.27 44.33 84.58 

6.73 45.00 45.40 32.00 32.22 44.63 83.07 

7.41 57.40 57.40 38.00 46.89 44.85 84.72 

5.84 51.90 58.00 43.00 56.27 45.47 86.11 

4.90 43.40 56.50 33.00 54.82 46.12 85.25 

7.13 37.40 43.60 33.00 43.46 46.54 84.91 

6.17 39.00 42.00 38.00 37.71 46.46 85.61 

6.20 39.10 40.20 36.00 39.57 46.06 85.37 

6.24 39.00 39.50 31.00 38.80 45.41 84.69 

7.17 43.60 44.10 39.00 39.46 44.95 88.13 



EDITORIALS 

PROLOGUE 



Natural Gas Production (2010) Natural Gas Consumption (2010) 

US 

19% 

USA 

22% 

Russian 

Federation 

19% 

Others 

49% 

Russian 

Federation 

13% 

Others 

55% 

Canada 

5% 

Iran 

4% 

Qatar 

4% 

Iran 

4% 

China 

3% 

Japan 

3% 

Source: BP Statistical Review 2011 Source: BP Statistical Review 2011 

30 

25 

20 

15 

10 

5 

Natural Gas Prices, Oil Gas Ratio and Spread Between 

Natural Gas Second and First Month Contract 

Natural Gas Prices (US$/mmBtu) 

Oil Gas Ratio 

Spread (NG1-NG2) 

2.5 

2 

1.5 

1 

0.5 

0 

-0.5 

-1 

-1.5 

-2 

0 

Jan-91 

Dec-91 

Nov-92 

Oct-93 

Sep-94 

Aug-95 

Jul-96 

Jun-97 

May-98 

Apr-99 

Mar-00 

Feb-01 

Jan-02 

Dec-02 

Nov-03 

Oct-04 

Sep-05 

Aug-06 

Jul-07 

Jun-08 

May-09 

Apr-10 

Mar-11 

-2.5 

Source: NYMEX (CME) 




Power/Electricity fundamentals 

2010 2009 2008 2007 2006 2001 

Global 

Electricity generation (Terawatt-hours) 21325.1 20135.5 20342.0 19943.2 19056.0 15639.7 

Electricity consumption (Terawatt-hours) 18330.5 17220.3 17390.1 17055.2 16255.8 13355.6 

Primary energy - consumption by fuel (Million tonnes oil equivalent) 

Oil 4028.1 3908.7 3927.9 3939.4 3910.9 3510.6 

Natural gas 2858.1 2661.4 2726.1 2652.2 2558.3 2164.3 

Coal 3555.8 3305.6 3303.7 3194.5 3041.7 2255.1 

Nuclear energy 626.2 614.0 619.7 622.5 634.9 601.2 

Hydro electric 775.6 736.3 717.5 695.8 697.2 594.5 

Total 11843.7 11225.9 11294.9 11104.4 10843.0 9124.8 

OECD 



Electricity balance of trade (Terawatt-hours) 11.6 12.1 11.1 3.1 14.5 13.8 


Oil 2113.8 2094.8 2182.7 2246.1 2270.2 2189.6 

Natural gas 1397.6 1313.9 1346.9 1328.1 1274.3 1167.2 

Coal 1103.6 1049.5 1159.2 1189.4 1169.7 1108.2 


Hydro electric 309.5 299.4 301.9 283.9 301.9 291.0 

Total 5445.3 5269.0 5507.0 5568.3 5552.4 5274.5 

India 



Electricity balance of trade (Terawatt-hours) 6.9 8.0 8.9 4.9 2.7 1.3 


Oil 155.5 151.0 135.0 128.5 120.4 97.1 

Natural gas 55.7 45.9 37.2 36.0 33.6 23.7 

Coal 277.6 250.6 231.4 212.9 195.1 173.5 


Hydroelectric 25.2 24.0 26.2 27.7 25.4 16.1 

Total 519.2 475.4 433.3 409.2 378.5 314.7 

Source: Enerdata Yearbook 2011, British Statistical Review, figures may not tally due to rounding 



EDITORIALS 

PROLOGUE 



State-wise installed capacity (India) (MW) 

2010 2009 2008 2007 2006 2001 

Andaman & Nicobar 65.3 65.3 65.3 65.4 70.6 34.1 

Andhra Pradesh 10254.8 10254.8 8965.2 9452.0 9017.8 6756.4 

Arunachal Pradesh 18.5 18.5 18.5 61.1 69.1 45.4 

Assam 423.5 423.5 423.5 446.3 721.8 621.7 

Bihar 354.9 354.9 364.9 590.4 603.9 2108.4 

Chandigarh 2.0 2.0 2.0 2.0 2.0 2.0 

Chhattisgarh 3517.0 3517.0 2917.0 2814.4 1687.6 - 

Delhi 982.9 982.9 982.9 932.4 932.4 602.0 

Goa 48.0 48.0 48.0 78.1 48.1 48.2 

Gujarat 10965.2 10965.2 8773.7 8351.3 8180.5 7223.4 

Haryana 2132.4 2132.4 2202.4 3159.4 2559.4 1990.3 

Himachal Pradesh 836.5 836.5 836.5 926.4 921.4 326.3 

Jammu & Kashmir 933.5 935.7 625.8 625.8 504.2 416.6 

Jharkhand 1680.0 1680.0 1750.0 1754.1 1754.1 - 

Karnataka 6991.2 6991.2 6362.4 7626.0 6784.4 4465.1 

Kerala 2298.9 2298.9 2277.1 2287.1 2313.7 2217.6 

Lakshadweep 10.0 10.0 10.0 10.7 10.0 10.0 

Madhya Pradesh 3871.0 3871.0 3901.0 4484.0 3971.9 4373.0 

Maharashtra 13371.3 13371.3 12871.8 14580.5 14053.3 12911.2 

Manipur 36.0 36.0 36.0 50.9 50.9 12.6 

Meghalaya 185.2 185.2 185.2 189.1 189.1 188.8 

Mizoram 22.9 22.9 22.9 69.3 69.3 37.2 

Nagaland 24.0 24.0 24.0 30.7 30.7 6.4 

Orissa 2447.5 2447.5 2431.5 2498.4 2345.2 2298.1 

Puducherry 32.5 32.5 32.5 32.5 32.5 32.5 

Punjab 3762.4 3762.4 3762.4 4861.3 4592.5 4528.9 

Rajasthan 4248.8 4248.8 3293.8 4519.6 4245.1 2489.4 

Sikkim 37.0 37.0 37.0 44.1 44.1 37.9 

Tamil Nadu 6809.7 6809.7 6828.5 10606.2 10093.1 6520.9 

Tripura 142.5 142.5 142.5 148.4 148.4 85.4 

Uttar Pradesh 4897.8 4897.8 4593.2 5077.5 5011.0 5612.8 

Uttarakhand 1681.9 1681.9 1681.9 1734.8 1430.0 - 

West Bengal 7269.5 7269.5 6800.0 6590.1 4599.1 4783.3 

India 159398.5 147965.4 143061.0 132329.2 124287.2 101626.2 




State-wise electricity requirement (million kwh) 

2010 2009 2008 2007 2006 2001 

Andaman & Nicobar 240.0 236.0 240.0 240.0 240.0 



Assam 5129.0 5107.0 4816.0 4297.0 4051.0 3092.9 

Bihar 11763.0 10527.0 9155.0 8425.0 7955.0 9208.0 

Chandigarh 1570.0 1414.0 1446.0 1343.0 1260.0 1072.0 

Chhattisgarh 11035.0 14866.0 14079.0 14063.0 13012.0 - 

Delhi 24271.0 22398.0 22439.0 22397.0 21602.0 18575.0 

Goa 3085.0 2801.0 2740.0 2624.0 2338.0 1766.0 

Gujarat 70412.0 67482.0 68747.0 62464.0 57137.0 53038.0 

Haryana 33520.0 29085.0 29353.0 26249.0 23132.0 17275.0 


Jammu & Kashmir 12907.0 11467.0 11782.0 11725.0 9268.0 6410.0 

Jharkhand 5866.0 5361.0 5139.0 4369.0 4033.0 - 

Karnataka 45607.0 43168.0 40320.0 40797.0 34601.0 30242.0 

Kerala 17606.0 17645.0 15663.0 15023.0 13674.0 13564.0 

Lakshadweep 24.0 24.0 24.0 25.0 24.0 - 


Maharashtra 124961.0 121901.0 114885.0 110005.0 102765.0 79527.0 

Manipur 522.0 556.0 530.0 451.0 510.0 463.9 

Meghalaya 1550.0 1713.0 1620.0 1368.0 1382.0 563.9 

Mizoram 351.0 330.0 288.0 235.0 230.0 249.7 

Nagaland 527.0 475.0 377.0 343.0 408.0 226.0 

Orissa 21112.0 20519.0 18846.0 17101.0 15208.0 11710.0 

Puducherry 2118.0 2020.0 1841.0 1808.0 1678.0 - 

Punjab 45770.0 41635.0 42372.0 38641.0 35682.0 27670.0 

Rajasthan 44031.0 37797.0 36738.0 33236.0 32052.0 25080.0 

Sikkim 383.0 343.0 286.0 223.0 212.0 - 

Tamil Nadu 76213.0 69668.0 65780.0 61499.0 54194.0 42702.0 

Tripura 864.0 800.0 777.0 802.0 745.0 574.0 

Uttar Pradesh 75822.0 69207.0 62628.0 57441.0 55682.0 46295.0 

Uttarakhand 8904.0 7841.0 7047.0 5957.0 5155.0 - 

West Bengal 33853.0 31289.0 29020.0 26538.0 24936.0 18787.0 

India 830300.0 777039.0 739345.0 690587.0 631757.0 507216.0 

Source: Central Electricity Authority, Central Electricity Regulatory Commission 

Generating capacity addition (MW) 

Year Central Sector State Sector Private Sector Total 

2003-04 3035.0 816.6 100.0 3951.6 

2004-05 2778.0 1571.3 70.0 4419.3 

2005-06 1370.0 1531.5 660.8 3562.3 

2006-07 4360.0 1693.0 551.8 6874.8 

2007-08 3240.0 5273.0 750.0 9263.0 

2008-09 750.0 1821.2 882.5 3453.7 

2009-10 2430.0 3418.0 3737.0 9585.0 

Note: The above figures do not include Deration, Retirement and Installed Capacity of Renewable Energy Sources. 

Source: Annual Report 2009-10, CEA 



EDITORIALS 

PROLOGUE 



State-wise electricity availability (million kwh) 

2010 2009 2008 2007 2006 2001 

Andaman & Nicobar 180.0 184.0 180.0 190.0 168.0 - 



Assam 4695.0 4567.0 4412.0 3984.0 3778.0 3332.8 

Bihar 9939.0 8801.0 7933.0 7741.0 7218.0 8563.0 

Chandigarh 1521.0 1414.0 1446.0 1341.0 1258.0 1068.0 

Chhattisgarh 10766.0 14475.0 13409.0 13169.0 12540.0 - 

Delhi 24088.0 22273.0 22301.0 22012.0 21281.0 17667.0 

Goa 3021.0 2754.0 2707.0 2606.0 2338.0 1576.0 

Gujarat 67263.0 60851.0 57614.0 54083.0 52436.0 47877.0 

Haryana 32006.0 26625.0 25652.0 23132.0 26249.0 16793.0 


Jammu & Kashmir 9929.0 8698.0 8362.0 7983.0 7672.0 5361.0 

Jharkhand 5409.0 5110.0 4458.0 4154.0 3868.0 - 

Karnataka 42098.0 40578.0 39230.0 39948.0 34349.0 27490.0 

Kerala 17183.0 15562.0 15284.0 14716.0 13578.0 12670.0 

Lakshadweep 24.0 24.0 24.0 25.0 24.0 - 


Maharashtra 101537.0 95761.0 93846.0 89138.0 84117.0 71184.0 

Manipur 427.0 477.0 501.0 429.0 489.0 453.4 

Meghalaya 1328.0 1386.0 1232.0 1063.0 1144.0 605.2 

Mizoram 288.0 269.0 246.0 222.0 216.0 256.5 

Nagaland 464.0 436.0 334.0 328.0 389.0 231.9 

Orissa 20926.0 20214.0 18500.0 16796.0 15010.0 12070.0 

Puducherry 1973.0 1773.0 1841.0 1808.0 1678.0 - 

Punjab 39451.0 37238.0 38795.0 34839.0 32591.0 26923.0 

Rajasthan 42983.0 37388.0 35597.0 31715.0 30879.0 24178.0 

Sikkim 340.0 330.0 267.0 218.0 210.0 - 

Tamil Nadu 71488.0 64208.0 63954.0 60445.0 53853.0 39462.0 

Tripura 780.0 728.0 686.0 728.0 666.0 596.4 

Uttar Pradesh 59390.0 54309.0 51335.0 48370.0 44033.0 39556.0 

Uttarakhand 8321.0 7765.0 6845.0 5599.0 5008.0 - 

West Bengal 32919.0 30290.0 27902.0 25966.0 24509.0 18958.0 

India 746498.0 691038.0 666007.0 624496.0 578819.0 467400.0 

Source:Central Electricity Authority, Central Electricity Regulatory Commission 

Power scenario - Installed capaciy for all regions at a glance (MW), as on April 30, 2011 

Sr. No. Region Thermal Nuclear Hydro Renewables TOTAL 

Coal Gas Oil Total (MNRE) 

1 Northern 24232.50 4134.76 12.99 28380.25 1620 13822.75 3165.55 46988.55 

2 Western 31130.50 7903.81 17.48 39051.79 1840 7447.50 5357.96 53697.25 

3 Southern 20482.50 4690.78 939.32 26112.60 1320 11299.03 9341.67 48073.30 

4 Eastern 18747.88 190.00 17.20 18955.08 0 3882.12 359.64 23196.84 

5 N. Eastern 60.00 787.00 142.74 989.74 0 1116.00 223.60 2329.34 

6 Islands 0.00 0.00 70.02 70.02 0 0.00 6.10 76.12 

7 All India 94653.38 17706.35 1199.75 113559.48 4780 37567.4 18454.52 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 Peak met Peak deficit Peak deficit Requirement Availability Deficit Energy deficit 

(MW) (MW) (MW) % (MU) (MU) (MU) % 

2004-05 87906 77652 10254 11.70% 591373 548115 43258 7.30% 

2005-06 93255 81792 11463 12.30% 631554 578819 52735 8.40% 

2006-07 100715 86818 13897 13.80% 690587 624495 66092 9.60% 

2007-08 108866 90793 18073 16.60% 739343 666007 72392 9.90% 

2008-09 109809 96785 13024 11.90% 777039 691038 86001 11.10% 

2009-10 119166 104009 15157 12.70% 830594 746644 83950 10.10% 

2010-11 122287 110256 12031 9.80% 861591 788355 73236 8.50% 

Source: Central Electricity Authority 




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 



EDITORIALS 

PROLOGUE 



Electricity prices and trading activity 

Month ICE UK base electricity futures US residential electricity price 

USD/kwh 

Close price GBP/mwh Aggregate vol (lots) Month-end OI (lots) 

Dec-10 53.60 55 9890 11.04 

Nov-10 48.90 170 10065 11.70 

Oct-10 43.74 215 9950 11.93 

Sep-10 42.66 55 10075 11.97 

Aug-10 41.66 85 10470 12.04 

Jul-10 40.56 100 4100 12.03 

Jun-10 43.02 0 3735 11.95 

May-10 41.31 190 3735 11.97 

Apr-10 37.77 15 0 11.76 

Mar-10 34.12 15 4330 11.20 

Feb-10 34.50 80 4755 10.93 

Jan-10 37.19 40 4830 10.54 

Dec-09 36.68 0 5370 10.93 

Nov-09 34.58 0 5010 11.33 

Oct-09 38.79 5 4480 11.70 

Sep-09 37.35 - 4210 12.00 

Aug-09 36.20 20 5685 12.00 

Jul-09 33.25 15 3845 11.90 

Jun-09 32.34 120 3515 11.85 

May-09 36.15 560 3203 11.80 

Apr-09 35.14 10 1990 11.55 

Mar-09 36.25 30 1730 11.33 

Feb-09 35.87 75 910 11.23 

Jan-09 54.12 60 1000 11.03 

Dec-08 60.64 - 1170 11.00 

Nov-08 62.77 10 1635 11.52 

Oct-08 76.40 30 1800 11.91 

Sep-08 130.00 - 2055 11.99 

Aug-08 89.50 210 1720 12.15 

Jul-08 81.27 40 955 12.14 

Jun-08 85.02 70 650 11.84 

May-08 76.57 - 690 11.48 

Apr-08 64.87 - 760 11.02 

Mar-08 57.80 - 830 10.57 

Feb-08 56.74 - 820 10.28 

Jan-08 53.30 10 875 10.24 

Dec-07 60.16 30 920 10.33 

Nov-07 56.20 40 1025 10.70 

Oct-07 50.11 110 930 10.82 

Sep-07 36.79 20 735 10.96 

Aug-07 26.73 70 800 11.07 

Jul-07 26.00 40 1135 11.07 

Jun-07 24.45 40 1575 11.09 

May-07 26.60 30 1830 10.77 

Apr-07 22.55 180 2070 10.63 

Mar-07 20.88 40 2345 10.27 

Feb-07 20.35 140 2915 9.89 

Jan-07 24.70 250 3430 10.06 

Dec-06 35.37 180 3630 9.84 

Nov-06 44.65 280 3770 10.18 

Oct-06 49.17 650 3385 10.58 

Sep-06 46.75 345 3110 10.94 

Aug-06 40.43 175 3050 10.94 

Jul-06 37.00 235 2735 10.96 

Jun-06 37.38 170 2755 10.85 

May-06 35.57 170 2920 10.61 

Apr-06 36.95 265 2820 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); 





On-Peak day ahead LMP electricity Off-Peak day ahead LMP electricity IEX 

spot price/New England (NEPOOL) 

spot price/New England (NEPOOL) 

MCV* (MW) 

Monthly average unit value (Rs) 

USD/mwh 

USD/mwh 

47.66 38.50 1,121,375 2,458 

47.39 38.88 865,617 2,025 

40.49 29.59 1,089,461 2,731 

45.96 33.09 1,127,849 2,520 

93.60 38.65 1,181,299 3,412 

58.00 38.00 888,049 3,365 

44.79 42.50 748,389 3,499 

50.92 35.00 591,861 4,544 

49.43 33.00 579,198 7,802 

36.94 27.00 687,345 5,482 

48.68 36.00 727,207 3,232 

69.05 48.23 783,705 3,560 

77.12 57.00 623,545 3,240 

48.24 35.94 647,156 3,163 

47.73 33.38 555,345 4,950 

34.97 22.60 500,179 4,002 

28.53 18.56 514,637 7,383 

38.29 26.00 577,176 4,812 

39.26 30.00 530,333 7,391 

39.03 29.50 373,725 6,843 

33.65 25.00 408,705 10,099 

40.62 30.16 362,173 8,407 

51.83 42.48 182,824 6,840 

54.10 44.00 296,151 6,182 

71.33 60.57 359,574 6,873 

67.00 48.00 450,643 7,474 

65.50 51.67 375,190 8,317 

66.61 56.50 278,597 7,951 

85.90 57.00 223,372 7,648 

102.37 69.00 74,917 7,682 

140.44 94.00 424 7,143 

105.38 79.50 - - 

107.89 79.79 - - 

92.62 69.45 - - 

80.61 83.85 - - 

78.20 58.63 - - 

106.18 55.60 - - 

84.76 61.68 - - 

65.88 51.55 - - 

63.40 44.00 - - 

66.58 44.50 - - 

85.83 55.95 - - 

61.77 51.00 - - 

81.05 55.00 - - 

76.67 44.55 - - 

78.49 47.15 - - 

71.33 52.76 - - 

78.63 59.80 - - 

51.32 32.44 - - 

75.70 46.00 - - 

70.99 49.53 - - 

49.37 32.00 - - 

67.05 33.15 - - 

107.87 65.00 - - 

68.90 46.80 - - 

71.60 38.50 - - 

67.13 48.00 - - 

IEX commenced operations on June 28, 2009 , Note: Future prices are for near month continuous futures contract 



EDITORIALS 

PROLOGUE 



Economic parameters impacting power/electricity prices 

2010 2009 2008 2007 2006 2001 


US 2.8 -2.6 1.1 2.0 2.9 0.8 

Japan 4.3 -6.3 -0.3 1.9 2.8 0.7 

Eurozone 1.8 -4.1 1.0 2.3 2.6 1.9 

China 10.3 9.2 9.0 11.5 11.1 8.3 

India 9.7 5.7 7.3 8.9 9.7 3.9 

OECD 2.8 -3.4 1.0 2.6 3.2 2.4 


US 1.6 -0.3 1.0 2.5 2.7 2.8 

Japan -0.9 -1.4 0.5 1.4 0.3 -0.7 

Eurozone 1.5 0.3 1.0 3.0 2.2 2.4 

China 3.1 0.8 3.0 5.9 2.0 -0.1 

India 13.2 10.9 5.0 7.0 6.7 5.2 

OECD 1.5 0.1 1.0 3.0 2.2 2.8 


US 7.0 -2.9 -11.3 1.5 3.0 -3.7 

Japan 15.4 -21.3 -3.3 2.8 4.4 -6.3 

Eurozone 8.9 -3.7 -12.4 1.3 3.9 0.4 

China 15.7 11.0 12.9 17.4 15.4 9.9 

India 2.5 18.0 0.5 7.6 10.3 2.1 

OECD 7.9 -12.3 -2.1 3.3 3.8 -2.2 


US 0.1 0.1 0.1 4.3 6.3 1.3 

Japan 0.3 0.3 0.3 0.8 0.4 0.1 

Eurozone 1.8 1.8 3.0 5.0 4.5 4.3 

China 3.3 2.8 2.8 3.3 3.3 3.2 



US 3.4 3.5 10.0 6.1 5.9 10.5 

Japan 2.3 3.1 1.8 2.1 0.7 3.3 

Eurozone 1.7 -0.4 7.6 11.6 10.0 8.0 

China 19.7 27.7 17.8 16.7 16.9 14.4 

India 19.1 17.7 19.9 22.8 19.3 13.6 


US (Dow Jones) 11578 10428 8776 13265 12463 10022 

India (Sensex) 20509 17464 9647 20287 13787 3262 






Source: OECD, IMF, CPM Gold Yearbook, World Bank, RBI, BSE, Dow Jones 




Electricity Generation (2010) Electricity Consumption (2010) 

US 

20% 

USA 

21% 

China 

20% 

Others 

46% 

China 

20% 

Others 

45% 

Japan 

5% 

Japan 

5% 

Russia 

5% 

India 

4% 

Russia 

5% 

India 

4% 

Source: BP Statistical Review 2011 

Source: Enerdata 

(Rs/kwh) 

12 

10 

Price of Short-Term Transaction of Electricity 

Price of PX Transactions (IEX) 

Price of Bilateral Transaction through traders 

Spread (NG1-NG2) 

Price of UI (SR Grid) 

8 

6 

4 

2 

0 

Aug-08 

Oct-08 

Dec-08 

Feb-09 

Apr-09 

Jun-09 

Aug-09 

Oct-09 

Dec-09 

Feb-10 

Apr-10 

Jun-10 

Aug-10 

Oct-10 

Dec-10 

Feb-11 

Source: CERC 





INDIAN ECONOMY ECENOMY 

AGRICULTURAL 

COMMODITIES 

In India, during 2010-11, the impact of 

good monsoon was visible in robust 

growth in agriculture and allied activities. 

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 



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 



EDITORIALS 

PROLOGUE 



Oil and oilseeds 

Adding the zing 

Vegetable oils are derived from oilseeds and plants. 

Oilseed crops are grown primarily for the oil contained in 

the seeds. The oil content of small grains (for example, 

wheat) is only 1-2%; that of oilseeds ranges from 

about 20% for soybeans to over 40% for sunflower and mustard 

seed. Major sources of edible seed oils are soybean, sunflower, 

rapeseed, cotton and peanuts. Seed oils from linseed and castor 

beans are used for industrial purposes. Major oilseeds grown in 

India are soybean, mustard seed, groundnut, cotton seed, castor 

seed, sunflower seed, sesame seed, safflower seed, linseed and 

niger seed, in that order. 

India is a net importer of edible oil, with imports meeting over 

52% of its domestic consumption (ICRA, USDA). Over a period, 

Indian consumers’ preference has shifted to palm oil and the 

country has become the largest importer of the commodity in 

the world. As production of palm oil is miniscule, India is largely 

dependent on imports from the world’s two largest producers, 

Malaysia and Indonesia (ICRA, USDA). 

Crude palm oil (CPO) and refi ned soy oil (RSO) futures 

prices on MCX opened at Rs.366.70/10 kg and 

Rs.484.85/10 kg, respectively, on January 1, 2010. 

On January 29, CPO futures, following global fundamentals, 

touched a year low of Rs.345.10. During 

600 

the fi rst half of 2010, both CPO and RSO traded in 

525 

a narrow range as huge stocks of imported edible oil 

in domestic markets on the back of the government’s 

450 

decision to continue imports of CPO at zero percent 

duty weighed on the prices. Besides, good carryover 

375 

stocks of RSO, favourable crush margin in India and 

stable international prices dulled the prices of the 

300 

edible oil complex. 

In the second half of the year, warmer weather in 

China raised expectations of higher Chinese imports 

of palm oil in international markets, giving an upward 


Exchange 

(contract) 

1-Jan-10 


thrust to CPO prices. Subsequently, CPO prices reversed the 

mixed trend and moved up as the-then prevailing confl ict between 

China and Argentina on soybean oil imported by China lifted the 

prices on hopes that the local users might substitute soybean 

oil for palm oil. However, mixed factors such as Euro-zone debt 

worries, rising crude mineral oil prices and larger-than-expected 

soybean output in South America soon took CPO and RSO 

prices on a yo-yo during August-September. October onwards, 

the prices climbed up on tight supply as a prolonged dry spell 

had adversely affected the harvest of CPO in Malaysia and 

Indonesia. Additionally, increasing demand for edible oil applications 

for biodiesel production also lent support to the rally in 

CPO as a cheaper substitute. Further, La Nina posed a serious 

threat to oilseeds and edible oil supplies and, thus, an upswing 

in CPO and RSO prices. All these factors pushed CPO and RSO 

futures on MCX to a year high of Rs.544.80 and Rs.632.75, 

respectively, by year-end (Information in the last paragraphs 

is sourced from: USDA, MCX, DGFT, www.en.mercopress.com, 

www.palmoilhq.com). 

MCX CPO and RSO futures prices in 2010 

Adverse weather in China; 

standoff between China and 

Argentina on soy trade – upward 

pressure on CPO prices 

Prolonged dry spell adversely 

affecting the harvest of CPO in 

Malaysia and Indonesia 

Source: Metastocks CPO (Rs./10 kg) Ref. Soy oil (Rs./10kg) 

Annualised 

Volatility 

Volume 

(in lots)^ 

Ref. Soy Oil 

MCX (10 tonnes) Rs/ 10 kg. 485.00 635.50 436.00 632.75 14.31% 126,292 

CBOT (27 tonnes) US Cent/ lb 40.35 57.91 35.75 57.74 21.16% 20,786,399 

Crude Palm Oil 

MCX (10 tonnes) Rs/ 10 kg 366.20 547.00 344.20 544.80 12.76% 425,377 

BMD (25 tonnes) MYR/ tonne 2,620.00 3,850.00 2,200.00 3,814.00 19.08% 4,031,930 

Source: Âll contracts - all variants, Source: Exchanges’ websites 

29-Jan-10 

26-Feb-10 

26-Mar-10 

23-Apr-10 

21-May-10 

18-Jun-10 

16-Jul-10 

13-Aug-10 

10-Sep-10 

8-Oct-10 

5-Nov-10 

3-Dec-10 

31-Dec-10 

700 

625 

550 

475 

400 






EDITORIALS 

PROLOGUE 



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 4,427 5,237 4,885 4,132 4,389 4,211 3,201 

Production 50,261 47,260 45,862 43,992 41,084 37,329 25,312 

Imports 37,991 35,424 34,751 33,664 30,284 26,432 16,480 

Consumption 49,896 47,292 44,629 42,108 39,318 35,981 24,510 

Exports 38,820 36,202 35,632 34,795 32,307 27,602 17,693 

Total Supply 92,679 87,921 85,498 81,788 75,757 67,972 44,993 

Ending Stocks 3,963 4,427 5,237 4,885 4,132 4,389 2,790 

India 

Beginning stocks 605 940 727 40 52 24 440 

Production 50 50 50 50 50 50 35 

Imports 7,100 6,500 6,603 6,867 5,013 3,650 3,400 

Consumption 7,550 6,885 6,440 6,230 5,075 3,670 3,725 

Exports - - - - - 2 - 

Total Supply 7,755 7,490 7,380 6,957 5,115 3,724 3,875 

Ending Stocks 205 605 940 727 40 52 150 

Average daily volatility of - 0.97% 1.27% 1.45% - 1.40% - 

MCX spot prices* 

Indian Price (Rs. /10kg) - 524.08 367.13 307.39 563.11 396.66 - 

Bursa Malasia price (Rs./10 kg) - 396.38 310.1 280.79 357.34 236.1 146.43 

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) 

Supply 

Demand 

Country Begining Production Imports Consumption Exports Ending 

stocks 

stocks 

Indonesia 302 25,400 60 6,280 19,150 332 

Malaysia 1,588 18,400 1,400 4,070 15,800 1,518 

Thailand 146 1,450 50 1,418 90 138 

Nigeria 108 850 408 1,240 18 108 

Columbia 6 880 125 890 100 21 

Others 2,277 3,281 35,948 35,998 3,662 1,846 

Grand Total 4,427 50,261 37,991 49,896 38,820 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 2009-10* 2008-09 2007-08 2006-07 2001-02 

Andhra Pradesh 57,402 50,190 38,000 35,509 18,974 

Karnataka 1,165 1,081 1,037 974 574 

Tamil Nadu 365 366 266 249 0 

Kerala 6,605 7,371 5,732 6,888 980 

Others 952 0 0 345 2,086 

All India 66,488 59,007 45,036 43,965 22,614 

Source : Ministry of Agriculture, Govt. of India 




Crude palm oil - BRICS Nations fact sheet (in `000' tonnes) 

World Production Import Export Consumption Total Population Per capita Per capita 

Supply (in million) availability consumption 

(kg) 

(kg) 

Brazil 275.00 175.00 20.00 435.00 488.00 206.47 2.36 2.11 

Russia 0.00 550.00 0.00 574.00 599.00 137.97 4.34 4.16 

2011-12e India 50.00 7,100.00 0.00 7,550.00 7,755.00 1,208.36 6.42 6.25 

China 0.00 6,650.00 1.00 6,599.00 6,950.00 1,341.85 5.18 4.92 

South Africa 0.00 380.00 2.00 378.00 380.00 49.83 7.63 7.59 

Brazil 265.00 165.00 18.00 410.00 466.00 203.43 2.02 2.29 

Russia 0.00 550.00 1.00 510.00 560.00 138.74 4.04 4.40 

2010-11 India 50.00 6,500.00 0.00 6,885.00 7,490.00 1,189.17 6.52 6.59 

China 0.00 5,950.00 1.00 5,977.00 6,278.00 1,336.72 4.70 4.92 

South Africa 0.00 365.00 2.00 363.00 365.00 49.00 7.41 7.45 

Brazil 240.00 156.00 17.00 375.00 428.00 201.10 1.86 2.13 

Russia 0.00 527.00 0.00 527.00 537.00 139.39 3.78 3.85 

2009-10 India 50.00 6,603.00 0.00 6,440.00 7,380.00 1,173.11 5.76 6.26 

China 0.00 5,760.00 1.00 5,930.00 6,259.00 1,330.14 4.46 4.71 

South Africa 0.00 349.00 2.00 347.00 349.00 49.11 7.07 7.11 

Brazil 230.00 128.00 25.00 340.00 397.00 198.74 2.00 1.71 

Russia 0.00 517.00 1.00 584.00 595.00 140.04 4.25 4.17 

2008-09 India 50.00 6,867.00 0.00 6,230.00 6,957.00 1,166.08 5.97 5.34 

China 0.00 6,118.00 1.00 5,618.00 6,118.00 1,338.61 4.57 4.20 

South Africa 0.00 331.00 6.00 325.00 331.00 49.05 6.75 6.63 

Brazil 205.00 153.00 4.00 315.00 358.00 196.34 1.60 1.82 

Russia 0.00 739.00 1.00 705.00 784.00 140.70 5.01 5.57 

2007-08 India 50.00 5,013.00 0.00 5,075.00 5,115.00 1,148.00 4.41 4.45 

China 0.00 5,223.00 1.00 5,222.00 5,223.00 1,330.04 3.93 3.93 

South Africa 0.00 315.00 2.00 313.00 315.00 48.78 6.42 6.46 

Brazil 190.00 99.00 2.00 287.00 289.00 190.01 1.52 1.51 

Russia 0.00 524.00 1.00 528.00 574.00 141.38 4.06 3.73 

2006-07 India 50.00 3,650.00 2.00 3,671.00 3,720.00 1,129.87 3.29 3.25 

China 0.00 5,139.00 1.00 5,138.00 5,139.00 1,321.85 3.89 3.89 

South Africa 0.00 298.00 1.00 297.00 298.00 44.00 6.77 6.75 

Note: e - Source estimates, 

Source: USDA, World Bank, IFM, CIA World Fact Book" 

Palm Oil: Ending Stock & Prices 

000 tones Prices 

750 

India ES 

World ES (In 10s ) 

3500 

600 

Mumbai prices 

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 

0 

Source: BMD & USDA. ES - ending stock, Indian prices Rs/20 kg, Int. prices MYR/tonne 



EDITORIALS 

PROLOGUE 



Crude palm oil prices and trading activity 

MCX Futures prices (Rs/10 Kg) 

Month Open High Low Close Volume in Open interest 

lots^ 

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 




MCX Spot prices -Mumbai/Kandla (Rs/10 Kg) Prices of Crude palm oil Bursa Malaysia 

palm oil Closing price Volume Open 

Monthly Month’s high Month’slow RBD: Mumbai (Malaysian in lots^ interest 

average (Rs./10 kg) Ringgit/MT in lots^ 

527.66 549.40 514.90 563.00 3,814 365,042 87,668 

483.88 503.50 450.70 519.50 3,506 451,843 79,484 

423.13 452.50 405.00 476.77 3,040 367,371 72,436 

418.92 423.60 412.00 462.09 2,737 303,856 68,718 

417.56 428.00 400.00 464.31 2,720 409,878 66,585 

379.09 401.00 363.30 415.77 2,589 356,832 69,684 

369.11 379.50 363.70 402.50 2,425 297,667 72,242 

371.42 381.20 365.00 397.48 2,499 248,503 68,982 

361.81 367.40 356.30 391.00 2,577 306,657 63,654 

365.98 373.50 359.60 400.00 2,628 342,862 77,494 

359.16 365.00 343.30 391.60 2,595 222,712 82,428 

355.76 373.60 344.60 391.66 2,450 358,707 74,332 

350.22 357.40 341.00 388.10 2,578 325,668 81,268 

326.73 346.00 313.50 365.28 2,436 300,242 91,125 

314.47 323.50 303.60 353.04 2,160 373,498 94,956 

330.56 343.00 318.00 372.38 2,136 305,961 95,200 

350.60 363.00 328.80 393.34 2,440 379,373 84,990 

312.16 332.20 296.00 359.37 2,274 355,283 83,906 

348.73 371.20 326.50 392.88 2,244 330,732 63,973 

384.08 408.30 352.70 431.60 2,615 378,381 79,041 

359.55 385.10 323.20 415.93 2,716 450,600 87,025 

306.92 314.90 293.10 362.18 2,103 328,707 88,926 

282.87 290.30 274.80 329.39 1,938 264,317 87,143 

280.54 298.50 266.50 332.68 1,780 237,543 83,343 

257.36 265.70 248.50 317.04 1,685 159,101 83,481 

254.70 276.20 240.00 316.83 1,610 242,097 91,820 

300.10 340.80 271.40 366.43 1,560 277,318 90,371 

352.97 384.00 333.70 437.66 2,073 290,468 65,273 

397.08 435.60 381.90 478.65 2,541 278,401 53,343 

488.13 517.80 439.50 556.17 3,050 267,300 58,317 

515.40 522.40 509.20 580.60 3,540 198,086 43,929 

N/A N/A N/A 561.22 3,525 141,155 38,800 

N/A N/A N/A 548.76 3,370 240,709 39,394 

N/A N/A N/A 619.10 3,385 316,453 42,793 

N/A N/A N/A 573.51 3,972 183,121 43,659 

N/A N/A N/A 550.67 3,211 251,331 43,477 

N/A N/A N/A 512.02 3,070 148,480 38,080 

N/A N/A N/A 509.76 2,925 209,562 41,391 

N/A N/A N/A 492.59 2,890 254,044 44,706 

N/A N/A N/A 486.54 2,687 188,042 46,707 

N/A N/A N/A 487.13 2,490 233,178 54,169 

N/A N/A N/A 487.60 2,691 244,979 71,720 

N/A N/A N/A 484.61 2,513 321,556 76,191 

N/A N/A N/A 476.28 2,725 268,481 93,214 

N/A N/A N/A 474.23 2,320 254,288 82,693 

228.83 230.50 227.90 454.81 2,064 151,078 66,969 

227.59 233.10 223.80 452.59 1,952 148,172 55,358 

228.92 235.30 223.10 473.77 1,902 301,233 70,211 

222.75 237.70 214.20 468.10 1,976 224,765 74,882 

206.96 225.70 195.00 453.56 1,901 360,870 77,172 

188.79 197.50 184.50 431.40 1,622 228,531 75,583 

188.14 195.10 181.50 440.45 1,542 199,569 65,115 

197.71 204.80 191.30 459.71 1,557 275,379 64,384 

184.81 196.20 174.70 434.14 1,590 226,687 43,069 

174.84 178.20 172.20 415.63 1,429 124,941 44,186 

172.55 175.50 170.90 411.39 1,411 140,586 36,515 

170.16 173.70 164.20 396.67 1,441 117,864 31,949 

open interest in all contracts at the end of month, Future prices are for near month continuos futures contract. 



EDITORIALS 

PROLOGUE 



2006-07 

Data of top 5 countries (`000' tonnes) 

Production 

2007-08 

2008-09 

2009-10 

2010-11 

2011-12e 

0 10000 20000 30000 40000 

50000 

60000 

Indonesia Malaysia Thailand Nigeria Colombia Others 

Note: e - source estimates, Source: USDA 

2006-07 

2007-08 

2008-09 

2009-10 

2010-11 

2011-12e 

0 

Imports 

10000 20000 

40000 

India China EU-27 Pakistan Malaysia Others 


2006-07 

2007-08 

2008-09 

2009-10 

2010-11 

Exports 

2011-12e 

0 10000 20000 30000 40000 

50000 

Indonesia Malaysia Papua New Guinea Benin UAE Others 


2006-07 

2007-08 

2008-09 

2009-10 

2010-11 

Consumption 

2011-12e 

0 10000 20000 30000 40000 

50000 60000 

India China Indonesia EU-27 Malaysia Others 





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 3,066 3,181 3,120 3,319 3,790 3,446 3,008 

Production 43,287 41,872 38,893 35,893 37,826 36,532 28,922 

Imports 8,764 9,272 8,704 9,076 10,416 9,928 7,560 

Consumption 43,272 41,356 38,279 35,991 37,722 35,473 28,176 

Exports 9,364 9,903 9,257 9,177 10,991 10,643 8,229 

Total supply 55,117 54,325 50,717 48,288 52,032 49,906 39,490 

Closing stocks 2,481 3,066 3,181 3,120 3,319 3,790 3,085 

Area (1000 Ha) 1,04,565 1,03,503 1,02,150 96,356 90,602 94,285 79,466 

India 

Opening stocks 267 279 103 58 172 76 106 

Production 1,570 1,690 1,340 1,287 1,499 1,157 833 

Imports 800 1,000 1,598 1,060 733 1,447 1,479 

Consumption 2,550 2,700 2,760 2,300 2,330 2,500 2,231 

Exports 2 2 2 2 16 8 4 

Total supply 2,637 2,969 3,041 2,405 2,404 2,680 2,418 

Closing stocks 85 267 279 103 58 172 183 

Area (1000 Ha) 9600 9,400 9,600 9,600 8,800 8,120 6,000 

Avg. daily volatility MCX spot prices - 0.92% 1.00% 2.31% 0.77% 0.63% - 

CBOT price (Rs/10 Kg) - 578 379 376 455 311 177 

Indian Price (Rs/10 Kg) - 450 450 593 480 400 - 

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) 

Supply 

Demand 


stocks 

stocks 

Argentina 245 7,605 2,497 5,130 223 

Brazil 270 7,120 2 5,475 1,660 257 

China 175 10,847 1,700 12,450 40 232 

EU-27 230 2,412 750 2,840 350 202 

India 267 1,570 800 2,550 2 85 

US 1,302 8,573 84 8,142 816 1,001 

Others 577 5,160 5,428 9,318 1,366 481 

Grand Total 3,066 43,287 8,764 43,272 9,364 2,481 

Note: e - source estimates provided by USDA, data retrieved on July 28, 2011 

Source: USDA 



EDITORIALS 

PROLOGUE 



RSO fact sheet - BRICS Nations (in `000' tonnes) 

Production Import Export Consumption Net Population Per capita Per capita 

availability (in million) availability consumption 

(kg) 

(kg) 

Brazil 7,120 2 1,660 5,475 7,392 206.47 35.80 26.52 

Russia 473 15 170 295 536 137.97 3.88 2.14 

2011-12e India 1,570 800 2 2,550 2,637 1,208.36 2.18 2.11 

China 10,847 1,700 40 12,450 12,722 1,341.85 9.48 9.28 

South Africa 42 260 27 275 302 49.83 6.06 5.52 

Brazil 6,890 16 1,625 5,245 7,140 203.43 35.10 25.78 

Russia 398 15 130 240 418 138.74 3.01 1.73 

2010-11 India 1,690 1,000 2 2,700 2,969 1,189.17 2.50 2.27 

China 9,857 1,600 40 11,447 11,662 1,336.72 8.72 8.56 

South Africa 38 265 25 278 303 49.00 6.18 5.67 

Brazil 6,470 37 1,449 5,060 6,743 201.10 33.53 25.16 

Russia 349 17 170 204 379 139.39 2.72 1.46 

2009-10 India 1,340 1,598 2 2,760 3,041 1,173.11 2.59 2.35 

China 8,726 1,514 77 10,435 10,717 1,330.14 8.06 7.85 

South Africa 30 250 23 257 280 49.11 5.70 5.23 

Brazil 6,120 6 1,909 4,275 6,420 198.74 32.30 21.51 

Russia 266 22 127 226 366 140.04 2.61 1.61 

2008-09 India 1,287 1,060 2 2,300 2,405 1,166.08 2.06 1.97 

China 7,325 2,494 83 9,486 10,046 1,338.61 7.50 7.09 

South Africa 27 172 12 187 199 49.05 4.06 3.81 

Brazil 6,160 67 2,388 3,955 6,637 196.34 33.80 20.14 

Russia 187 121 10 220 308 140.70 2.19 1.56 

2007-08 India 1,499 733 16 2,330 2,404 1,148.00 2.09 2.03 

China 7,045 2,727 102 9,693 10,022 1,330.04 7.54 7.29 

South Africa 27 218 3 282 285 48.78 5.84 5.78 

Brazil 5,970 4 2,462 3,395 6,367 190.01 33.51 17.87 

Russia 143 19 5 163 168 141.38 1.19 1.15 

2006-07 India 1,157 1,447 8 2,500 2,680 1,129.87 2.37 2.21 

China 6,410 2,404 94 8670 9,014 1,321.85 6.82 6.56 

South Africa 31 290 1 280 321 44 7.3 6.36 

Note: e - source estimates provided by USDA, Data retrived on July 28, 2011, Population figures 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) 

80 

Int.Pricesa 

Mumbai Prices 

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 

0 

Source:Agmarknet & USDA. ES - ending stock, Indian prices Rs/kg, Int. prices Rs/kg 





Production 

2006-07 

2007-08 

2008-09 

2009-10 

2010-11 

2011-12e 

0 

10,000 20,000 30,000 40,000 

50,000 

China United States Argentina Brazil EU-27 Others 


2006-07 

2007-08 

2008-09 

2009-10 

2010-11 

2011-12e 

Imports 

0 

2,000 

4,000 

6,000 

8,000 

China India EU-27 Algeria Iran Other 


10,000 

12,000 

Exports 

2006-07 

2007-08 

2008-09 

2009-10 

2010-11 

2011-12e 

0 

2,000 

4,000 

6,000 

8,000 

Argentina Brazil United States EU-27 Paraguay Others 


10,000 

12,000 

2006-07 

2007-08 

2008-09 

2009-10 

2010-11 

2011-12e 

Consumption 

0 

10,000 20,000 30,000 40,000 

50,000 

China United States Brazil EU-27 India Others 




EDITORIALS 

PROLOGUE 



Refined soybean oil prices and trading activity 

MCX futures prices (Rs/10 Kg) 

Month Open High Low Close Volume in lots^ Open Interest 

in lots^^ 

Dec-10 571.9 635.5 571.9 632.75 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 





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 




MCX spot prices - Indore (Rs/10 Kg) Other market CBOT futures 

Monthly Month High Month Low spot prices - WPI of Closing price Volume Open interest 

Average Mumbai RSO (cents/pound) in lots^ in lots^^ 

(Rs/10 kg) 

584.0 626.2 567.4 614.0 126.5 57.7 2,242,986 358,042 

555.0 574.8 518.2 557.6 125.2 50.7 2,313,891 326,408 

506.6 526.3 470.9 500.4 121.7 49.3 1,588,915 352,772 

480.7 492.0 470.0 474.3 120.8 44.7 1,561,754 315,355 

496.6 512.1 483.3 482.5 120.6 39.5 1,646,780 260,040 

459.6 484.1 437.6 444.4 119.5 39.8 1,713,903 283,462 

441.5 449.6 437.8 421.0 119.0 36.3 2,198,238 293,070 

448.1 453.3 443.5 420.5 118.8 37.6 1,224,385 325,947 

446.1 450.0 441.7 421.2 119.0 38.6 1,909,897 278,039 

455.4 461.0 450.7 438.3 117.5 38.3 1,414,232 283,263 

456.4 463.0 441.8 440.5 117.4 39.3 1,787,054 279,876 

468.7 488.0 445.2 450.9 118.2 36.2 1,184,364 245,355 

485.0 502.1 473.1 470.6 119.5 40.4 1,554,533 210,781 

470.7 504.4 443.7 454.6 116.6 40.2 1,527,138 256,432 

434.8 447.2 420.9 420.0 114.5 36.4 1,342,334 235,314 

434.5 448.1 429.6 423.5 114.7 34.0 1,217,988 209,594 

465.5 476.0 447.7 451.5 117.1 35.0 1,400,423 229,215 

452.4 468.3 438.2 434.7 117.4 35.1 1,537,569 251,364 

474.6 485.4 463.8 455.9 119.5 35.0 1,993,454 241,726 

496.2 518.1 480.8 470.4 119.4 39.1 1,191,159 230,614 

489.0 507.0 465.7 470.1 119.3 36.2 1,414,682 200,649 

453.3 462.0 445.9 447.5 119.7 33.6 1,189,876 207,505 

465.1 475.7 450.7 441.2 120.2 30.9 1,518,553 211,794 

493.0 514.3 468.4 481.8 121.3 32.7 1,211,893 208,505 

483.1 498.8 456.5 467.1 124.1 33.3 1,455,913 208,108 

443.4 488.8 387.8 434.9 123.6 32.6 1,252,370 241,056 

509.9 578.3 476.5 497.1 127.1 33.6 1,396,847 253,519 

584.9 606.3 563.7 564.9 130.1 44.0 1,441,656 247,229 

613.6 637.4 597.5 592.8 130.6 53.4 1,386,920 252,080 

680.2 704.1 637.0 654.4 130.4 58.3 1,624,174 246,175 

683.1 709.5 648.6 659.5 129.6 66.0 1,567,629 258,997 

611.8 652.5 570.5 602.0 127.9 61.3 1,106,828 252,276 

574.1 589.7 565.9 576.9 129.5 57.7 1,551,109 263,931 

666.9 725.9 606.9 676.7 130.8 51.5 1,291,023 283,980 

607.2 669.2 583.1 616.2 126.2 68.2 1,541,373 301,932 

574.1 588.8 548.0 593.1 124.3 53.7 1,294,663 283,859 

533.1 550.1 522.0 550.0 120.5 48.9 1,337,864 291,089 

518.8 535.2 499.5 530.2 118.2 45.6 1,288,911 308,026 

487.3 507.4 476.3 496.3 116.6 42.3 1,213,635 291,463 

481.5 490.4 473.8 489.8 115.2 39.5 947,459 278,132 

487.7 503.7 473.7 492.3 115.6 36.5 1,092,034 262,507 

499.6 507.7 490.1 503.5 115.3 37.8 1,115,308 297,131 

485.2 490.1 480.4 485.3 114.2 36.6 1,442,726 293,689 

484.8 494.2 475.5 485.0 113.9 35.7 805,278 316,781 

479.7 488.4 469.7 483.1 113.0 33.4 1,218,347 304,326 

445.1 463.5 433.1 462.4 107.3 32.5 764,997 317,340 

437.8 448.5 428.3 455.8 106.5 30.3 1,091,931 285,130 

453.8 460.1 444.6 474.5 107.4 29.3 704,802 261,714 

455.4 463.6 443.3 471.3 106.3 29.3 857,922 260,307 

444.2 469.7 420.5 462.3 104.2 29.2 1,018,050 286,888 

423.1 426.7 420.2 430.8 104.1 26.8 938,242 261,414 

428.3 436.6 419.0 439.9 104.3 23.8 729,122 248,970 

433.7 442.1 423.5 446.6 103.5 25.2 816,795 257,433 

411.1 422.8 397.0 424.5 100.6 26.7 803,595 281,211 

401.9 408.6 395.6 412.8 98.8 26.4 1,024,547 240,817 

412.0 417.4 407.2 412.7 97.8 25.2 688,808 249,518 

393.1 415.4 369.9 395.4 95.9 25.5 866,900 238,374 

WPI - Wholesale Price Index; Future prices are for near month continuos futures contract. 



EDITORIALS 

PROLOGUE 



Soybean fundamentals - World and India (in `000' tonnes) 

Country 2011-12e 2010-11 2009-10 2008-09 2007-08 2006-07 2001-02 

World 


Production 2,61,453 2,63,693 2,60,838 2,11,960 2,20,469 2,36,233 1,84,815 

Imports 94,866 89,820 86,801 77,376 78,111 69,063 54,385 

Consumption 2,62,651 2,54,192 2,38,320 2,21,301 2,30,557 2,25,576 1,84,472 

Exports 97,576 92,792 92,649 76,842 78,775 70,861 52,899 

Net Availability 4,22,194 4,12,859 3,90,315 3,40,819 3,60,815 3,58,672 2,73,139 

Ending Stocks 61,967 65,875 59,346 42,676 51,483 62,235 35,768 

Area (1000 Ha) 1,04,565 1,03,503 1,02,150 96,356 90,602 94,285 79,466 

Yield (MT/Ha) 2.50 2.55 2.55 2.20 2.43 2.51 2.33 

India 

Beginning stocks 600 1,695 766 146 218 75 134 

Production 9800 9,600 9,700 9,100 9,470 7,690 5,400 

Imports 0 0 0 0 0 0 0 

Consumption 10125 10,685 8,761 8,425 9,530 7,546 5,377 

Exports 10 10 10 55 12 1 1 

Net Availability 10,400 11,295 10,466 9,246 9,688 7,765 5,534 

Ending Stocks 265 600 1,695 766 146 218 156 

Area (1000 Ha) 9600 9,400 9,600 9,600 8,800 8,120 6,000 

Yield (MT/Ha) 1.02 1.02 1.01 0.95 1.08 0.95 0.90 

Avg daily volatility MCX spot prices - 1.03% 2.20%* 1.04%^ 1.07% 0.83% - 

CBOT price (Rs/qntl) - 2,475 1,664 1,901 1,891 1,303 915 

India, Madhya Pradesh Price (Rs/qntl) - 2,195 1,905 2,188 2,121 1,405 1,018 

MSP Soyabean Black (Rs. /qtl) 1650 1400 1350 1350 910 900 795 

MSP Soyabean Yellow (Rs. /qtl) 1690 1440 1390 1390 1050 1020 885 

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 

Area (`000' Hectares) 

Production ( `000' Tonnes) 

States/ UT 2009-10 2008-09 2007-08 2006-07 2001-02 2009-10 2008-09 2007-08 2006-07 2001-02 

Madhya Pradesh 5350 5124 5024 4757 4450 6406 5850 5481 4785 3735 

Maharashtra 3019 3063 2664 2521 1105 2197 2757 3976 2892 1386 

Rajasthan 778 830 798 641 656 915 806 1071 771 716 

Andhra Pradesh 156 142 88 103 19 129 194 173 156 20 

Karnataka 26 134 113 131 48 82 91 97 94 40 

Others 405 218 195 176 65 236 208 171 153 67 

Source: USDA, Dept. of Agriculture, GOI 





Area harvested 

2006-07 

2007-08 

2008-09 

2009-10 

2010-11 

2011-12e 

0 

20,000 40,000 60,000 80,000 100,000 120,000 

United States Brazil Argentina india China Others 

Note: e - source estimates; Source: USDA 

Production 

2006-07 

2007-08 

2008-09 

2009-10 

2010-11 

2011-12e 

0 

50,000 100,000 200,000 250,000 

300,000 

United States Brazil Argentina China India Others 


Consumption 

2006-07 

2007-08 

2008-09 

2009-10 

2010-11 

2011-12e 

0 

50,000 100,000 200,000 250,000 

300,000 

China United States Argentina Brazil EU-27 Other 


Exports 

2006-07 

2007-08 

2008-09 

2009-10 

2010-11 

2011-12e 

0 

20,000 40,000 60,000 80,000 100,000 120,000 

United States Brazil Argentina Paraguay Canada Others 


Imports 

2006-07 

2007-08 

2008-09 

2009-10 

2010-11 

2011-12e 

0 

20,000 40,000 60,000 80,000 100,000 120,000 

China EU-27 Mexico Japan Taiwan Others 




EDITORIALS 

PROLOGUE 



Soybean All-India sowing progress during kharif (in lakh ha) 

Average Area Sown reported Change vis-a vis prev year 

Date area in As on date % of average Same period Absolute % 

kharif 

last year 

1-Oct-10 84 93.34 111.1 95.82 -2.5 -2.9 

24-Sep-10 84 93.34 111.1 95.82 -2.5 -2.9 

10-Sep-10 84 93.33 111.1 94.92 -1.6 -2.3 

3-Sep-10 84 93.29 111.11 95.08 -1.8 -2.1 

20-Aug-10 84 91.81 109.3 93.82 -2 -2.3 

13-Aug-10 84 90.72 108 93.77 -3 -2.1 

6-Aug-10 84 89.72 106.8 93.68 -4 -1.6 

30-Jul-10 84 85.34 101.6 90.73 -5.4 -2.4 

23-Jul-10 84 80.28 95.6 81.53 -1.3 -5.1 

16-Jul-10 84 61.07 72.7 60.31 0.8 1.3 

9-Jul-10 84 34.24 40.8 31.62 2.6 8.3 

2-Jul-10 84 12.13 14.4 2.88 9.2 321.1 

23-Oct-09 78.09 96.12 123.1 96.35 -0.2 -0.2 

16-Oct-09 78.09 96.12 123.1 96.53 -0.2 -0.2 

9-Oct-09 78.09 96.12 123.1 96.44 -0.3 -0.3 

1-Oct-09 78.09 96.05 123 96.24 -0.2 -0.2 

11-Sep-09 78.09 95.2 121.9 95.63 -0.4 -0.5 

4-Sep-09 78.09 94.96 121.6 95.38 -0.4 -0.4 

28-Aug-09 78.09 94.95 121.6 95.19 -0.2 -0.3 

13-Aug-09 78.09 93.77 120.1 92.78 1 1.1 

7-Aug-09 78.09 93.68 120 91.31 2.4 2.6 

31-Jul-09 78.09 90.74 116.2 87.75 3 3.4 

24-Jul-09 78.09 85.1 109 85.41 -0.3 -0.4 

17-Jul-09 78.09 71.35 91.4 72.37 -1 -1.4 

10-Jul-09 78.09 31.62 40.5 53.99 -22.4 -41.4 

26-Jun-09 78.09 1.63 2.1 8.11 -6.5 -79.9 

21-Jun-09 78.09 94.49 121 94.13 0.4 0.4 

19-Jun-09 78.09 1.14 1.5 1.03 0.1 10.7 

10-Oct-08 72.54 96.44 132.9 87.6 8.8 10.1 

3-Oct-08 72.54 96.24 132.7 87.6 8.6 9.9 

26-Sep-08 72.54 96.24 132.7 87.6 8.6 9.9 

19-Sep-08 72.54 95.63 131.8 87.46 8.2 9.3 

12-Sep-08 72.54 95.63 131.8 87.28 8.4 9.6 

5-Sep-08 72.54 95.39 131.5 87.26 8.1 9.3 

29-Aug-08 72.54 95.19 131.2 87.2 8 9.2 

22-Aug-08 72.54 94.12 129.7 86.84 7.3 8.4 

8-Aug-08 72.54 91.29 125.8 83.26 8 9.6 

1-Aug-08 72.54 87.7 120.9 79.37 -9.5 -17.1 

25-Jul-08 72.54 85.35 117.7 77.79 7.6 9.7 

18-Jul-08 72.54 64.98 89.6 54.89 10.1 18.4 

11-Jul-08 72.54 53.99 74.4 43.92 10.1 22.9 

4-Jul-08 72.54 24.82 34.2 22.07 2.8 12.5 

26-Oct-07 65.98 87.64 132.8 81.2 6.4 7.9 

28-Sep-07 65.98 87.64 132.8 81.15 6.5 9 

14-Sep-07 65.98 87.48 132.6 80.97 6.5 8 

31-Aug-07 65.98 87.24 132.2 79.86 7.4 9.2 

17-Aug-07 65.98 86.07 130.4 79.55 6.5 15.1 

20-Jul-07 65.98 71.67 108.6 67.45 4.2 6.3 

6-Jul-07 65.98 14.8 22.4 9.23 5.6 60.3 

Source: Department of Agriculture Cooperation 




Soybean State-wise monthly arrivals (in `000' tonnes) 

Month Andhar Pradesh Madhya Pradesh Rajasthan Karnataka Maharashtra 

Mar-11 0.04 163.07 15.43 0.41 27.69 

Feb-11 4.94 371.01 46.45 1.69 56.68 

Jan-11 13.54 702.46 82.05 0.67 102.73 

Dec-10 44.80 1268.05 176.42 2.56 182.83 

Nov-10 37.71 1501.63 185.80 2.27 211.53 

Oct-10 59.72 2005.12 294.00 3.91 218.02 

Sep-10 1.79 368.51 40.23 1.18 25.78 

Aug-10 0.16 284.44 40.94 1.76 39.85 

Jul-10 0.05 368.04 43.86 2.37 38.86 

Jun-10 0.35 274.91 21.12 2.18 48.47 

May-10 N/A 152.90 10.71 1.65 50.57 

Apr-10 0.43 107.67 10.65 1.78 45.58 

Mar-10 0.21 102.39 4.64 1.73 30.62 

Feb-10 0.12 188.37 6.72 1.30 30.82 

Jan-10 0.03 314.69 13.70 1.95 52.99 

Dec-09 0.15 754.96 58.14 1.18 91.30 

Nov-09 0.49 1582.04 151.40 1.33 136.39 

Oct-09 4.15 1603.58 119.33 3.78 84.65 

Sep-09 0.12 161.12 6.10 0.13 9.26 

Aug-09 0.41 215.46 6.76 0.17 16.47 

Jul-09 0.01 66.72 10.41 0.25 16.48 

Jun-09 0.05 51.10 15.70 0.45 19.62 

May-09 0.04 178.10 11.94 0.68 41.42 

Apr-09 0.13 328.90 16.12 1.56 58.20 

Mar-09 0.13 18.87 12.21 1.58 41.26 

Feb-09 0.39 33.37 15.47 1.59 46.28 

Jan-09 1.00 79.25 44.69 3.98 93.48 

Dec-08 1.17 55.27 56.20 0.72 123.71 

Nov-08 1.68 64.35 76.81 1.86 142.15 

Oct-08 0.99 51.60 51.38 3.06 75.68 

Sep-08 N/A 10.46 3.76 1.24 2.73 

Aug-08 N/A 5.69 3.46 0.45 1.38 

Jul-08 0.03 28.17 8.25 0.44 3.35 

Jun-08 0.06 29.91 14.31 0.48 7.36 

May-08 0.04 7.39 7.73 0.33 11.40 

Apr-08 0.03 6.00 5.59 0.47 9.50 

Mar-08 0.04 8.35 8.25 0.54 11.39 

Feb-08 0.50 30.07 19.92 1.39 38.29 

Jan-08 0.00 44.35 27.82 3.12 64.78 

Dec-07 0.73 75.05 47.42 1.77 95.96 

Nov-07 4.42 175.37 111.03 5.99 184.60 

Oct-07 12.54 233.80 183.65 4.95 222.94 

Sep-07 1.00 17.04 3.44 0.94 5.03 

Aug-07 N/A 18.01 2.39 0.24 2.98 

Jul-07 0.00 45.05 4.81 0.50 5.23 

Jun-07 6.86 42.99 6.42 0.30 8.72 

May-07 4.57 24.15 3.66 0.14 7.68 

Apr-07 2.21 25.95 3.52 0.40 11.89 

Mar-07 2.89 41.74 6.22 0.93 17.09 

Feb-07 5.43 85.70 11.02 0.55 24.04 

Jan-07 10.17 123.09 18.77 0.30 46.47 

Dec-06 12.21 135.18 35.38 3.08 57.06 

Nov-06 49.97 480.06 100.15 4.24 213.15 

Oct-06 56.42 232.84 80.67 7.40 146.77 

Sep-06 4.51 33.12 4.96 2.50 3.57 

Aug-06 2.15 32.99 4.37 0.37 3.77 

Jul-06 7.84 100.38 6.86 0.32 4.15 

Jun-06 0.01 69.79 7.38 0.41 8.39 

May-06 0.22 52.62 4.23 0.08 9.71 

Apr-06 0.34 46.21 4.94 0.30 23.22 

Note: N/A - Not Available 

Source: Dept. of Agriculture, GOI 



EDITORIALS 

PROLOGUE 



Rapeseed/Mustard seeds fundamentals - World and India (in `000' tonnes) 

2011-12e 2010-11 2009-10 2008-09 2007-08 2006-07 2001-02 

World 


Production 58,750 59,227 60,533 57,805 48,500 45,127 36,010 

Imports 10,774 9,921 10,742 12,126 7,548 6,988 4,947 

Consumption 60,450 61,240 59,244 54,827 49,047 46,345 35,976 

Exports 10,805 10,250 10,812 12,045 8,152 6,616 4,896 

Total Supply 74,977 76,943 77,851 73,448 60,716 57,629 43,650 

Ending stocks 3,722 5,453 7,795 6,576 3,517 4,668 2,778 

Area (1000 Ha) 33,295 32,587 31,102 31,081 28,237 26,481 23,287 

India 

Beginning stocks 900 785 631 65 473 1,122 521 

Production 7,000 7,000 6,400 6,700 5,450 5,800 4,500 

Imports 15 15 20 10 11 0 0 

Consumption 7,168 6,898 6,264 6,143 5,867 6,449 4,625 

Exports 2 2 2 1 2 0 6 

Total Supply 7,915 7,800 7,051 6,775 5,934 6,922 5,021 

Ending Stocks 745 900 785 631 65 473 390 

Area (1000 Ha) 7,000 7,000 6,450 6,600 5,700 6,640 5,250 

Certified Seed Distribution - - 16 17 14 9 

Avg daily volatility MCX spot prices - 0 0 0 0 - - 

Winnepeg price (Rs./20kg) - 545.1 335.5 338.5 434.4 273.0 - 

Indian Price (Rs. /20kg) - 518.3 519.1 447.2 481.1 345.3 265.4 

MSP (Rs/qntl.) 1,850 1,850 1,830 1,830 1,800 1,715 1,300 

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) 

Supply 

Demand 

Country Begining stocks Production Imports Consumption Exports Ending stocks 

EU-27 1,323 18,800 3,050 22,125 180 868 

China 1,264 12,800 1,050 14,700 - 414 

Canada 1,150 12,600 190 6,400 6,700 840 

India 900 7,000 15 7,168 2 745 

Australia 323 2,300 - 739 1,615 269 

Ukraine 1 1,900 2 102 1,800 1 

Others 492 3,350 6,467 9,216 508 585 

Grand Total 5,453 58,750 10,774 60,450 10,805 3,722 

Note: e - source estimates provided by USDA, data retrieved on August 1, 2011; 

Source: USDA 

8000 

6400 

Mustard: Ending Stock & Prices 

‘000’ tonnes Prices in Rs/qntl 

India ES 

World ES 

India prices 

Winnipeg Prices 

3500 

2800 

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 

0 




Rapeseed/Mustard seeds - BRICS Nations fact sheet 



(kg) 

(kg) 

Brazil 0 0 0 0 0 206.47 0.00 0.00 

Russia 1050 1 150 792 1144 137.97 8.29 5.74 

2011-12e India 7000 15 2 7168 7915 1,208.36 6.55 5.93 

China 12800 1050 0 14700 15114 1,341.85 11.26 10.95 

South Africa 0 0 0 0 0 49.83 0.00 0.00 

Brazil 0 0 0 0 0 203.43 0.00 0.00 

Russia 670 5 50 626 769 138.74 5.54 4.51 

2010-11 India 7000 15 2 6898 7800 1,189.17 6.56 5.80 

China 13100 1070 0 15020 16284 1,336.72 12.18 11.24 

South Africa 0 0 0 0 0 49.00 0.00 0.00 

Brazil 0 0 0 0 0 201.10 0.00 0.00 

Russia 667 1 111 687 892 139.39 6.40 4.93 

2009-10 India 6400 20 2 6264 7051 1,173.11 6.01 5.34 

China 13657 2177 0 15114 17228 1,330.14 12.95 11.36 

South Africa 0 0 0 0 0 49.11 0.00 0.00 

Brazil 0 0 0 0 0 198.74 0.00 0.00 

Russia 752 1 63 607 894 140.04 6.38 4.33 

2008-09 India 6700 10 1 6143 6775 1,166.08 5.81 5.27 

China 12100 3034 0 13740 15134 1,338.61 11.31 10.26 

South Africa 0 0 0 0 0 49.05 0.00 0.00 

Brazil 0 0 0 0 0 196.34 0.00 0.00 

Russia 630 11 64 514 719 140.70 5.11 3.65 

2007-08 India 5450 11 2 5867 5934 1,148.00 5.17 5.11 

China 10573 805 0 11378 11378 1,330.04 8.55 8.55 

South Africa 0 0 0 0 0 48.78 0.00 0.00 

Brazil 0 0 0 0 0 190.01 0.00 0.00 

Russia 523 1 79 388 545 141.38 3.85 2.74 

2006-07 India 5,800 0 0 6,449 6,922 1,129.87 6.13 5.71 

China 10,966 961 1 11,926 11,927 1,321.85 9.02 9.02 

South Africa 0 0 0 0 0 44.00 0.00 0.00 

Note: e - source estimates provided by USDA, data retrieved on August 1, 2011; in `000' tonnes unless otherwise specified, Population figures 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 2008-09 2007-08 2006-07 2001-02 2009-10 2008-09 2007-08 2006-07 2001-02 

Rajasthan 2,310 2,838 2,500 3,210 1,841 2,948 3,503 2,360 3,810 1,943 

Uttar Pradesh 613 884 860 830 847 682 992 1,000 870 845 

Haryana 513 515 500 600 535 849 895 600 800 796 


Gujarat 216 294 340 360 247 341 334 550 500 292 

West Bengal 410 413 410 420 440 443 315 360 340 337 

Assam 245 226 240 240 272 129 123 120 120 137 

Bihar 89 85 90 90 93 89 82 80 90 78 

Others 402 331 310 350 293 278 221 220 220 195 

All India 5,588 6,298 5,830 6,790 5,073 6,608 7,201 5,830 7,440 5,083 




EDITORIALS 

PROLOGUE 



Rapeseed/Mustard seeds - All India sowing progress during rabi (in lakh ha) 



rabi 

last year 

8-Apr-11 67.01 72.47 108.1 65.56 6.9 6.2 

1-Apr-11 67.01 72.48 108.2 65.5 7 6.2 

25-Mar-11 67.01 72.48 108.2 64.77 7.7 6.2 

18-Mar-11 67.01 72.47 108.1 64.62 7.8 6.2 

11-Mar-11 67.01 72.45 108.1 65.25 7.7 6.3 

4-Mar-11 67.01 72.45 108.1 64.76 7.7 6.3 

25-Feb-11 67.01 72.55 108.3 65.38 7.2 6.6 

18-Feb-11 67.01 72.51 108.2 65.35 7.2 6.6 

4-Feb-11 67.01 72.51 108.2 65.35 7.2 6 

28-Jan-11 67.01 72.47 108.1 65.28 7.2 6 

21-Jan-11 67.01 72.46 108.1 65.28 7.2 6 

14-Jan-11 67.01 71.12 106.1 64.08 7 4.8 

24-Dec-10 67.01 69.22 103.3 62.86 6.4 4 

10-Dec-10 67.01 62.07 92.6 60.86 1.2 -1.2 

26-Nov-10 67.01 55.52 82.8 59.68 -4.2 -2.9 

9-Apr-10 65.27 65.13 99.8 66.9 -1.8 -2.6 

26-Mar-10 65.27 65.07 99.7 66.91 -1.8 -2.8 

12-Mar-10 65.27 65.07 99.7 66.87 -1.8 -2.7 

5-Mar-10 65.27 64.92 99.5 66.87 -1.9 -2.9 

26-Feb-10 65.27 64.43 98.7 66.62 -2.2 -3.3 

12-Feb-10 65.27 64.42 98.7 66.54 -2.1 -3.2 

5-Feb-10 65.27 64.38 98.6 66.51 -2.1 -3.2 

22-Jan-10 65.27 64.05 98.1 66.31 -2.3 -3.4 

15-Jan-10 63.25 66.24 104.7 57.74 8.5 14.7 

8-Jan-10 65.27 64.02 98.1 66.24 -2.2 -3.4 

18-Dec-09 65.27 62.56 95.8 63.98 -1.4 -2.2 

11-Dec-09 65.27 60.85 93.2 63.29 -2.4 -3.9 

27-Mar-09 63,25 66.24 104.7 59.63 6.6 11.1 

27-Feb-09 63.25 65.94 104.3 59.89 6 10.1 

20-Feb-09 63.25 65.91 104.2 59.85 6.1 10.1 

13-Feb-09 63.25 65.91 104.2 59.85 6.1 10.1 

6-Feb-09 63.25 66.51 105.2 59.82 6.7 11.2 

30-Jan-09 63.25 66.49 105.1 59.05 7.4 12.6 

23-Jan-09 63.25 66.45 105.1 58.8 7.7 13 

16-Jan-09 63.25 66.3 104.8 58.84 7.5 12.7 

9-Jan-09 63.25 66.24 104.7 57.74 8.5 14.7 

2-Jan-09 63.25 65.89 104.2 57.62 8.4 14.6 

26-Dec-08 63.25 65.18 103.1 58.11 7.1 12.2 

19-Dec-08 63.25 63.98 101.2 57.15 6.8 12 

12-Dec-08 63.25 63.28 100.1 57.02 6.3 11 

5-Dec-08 63.25 62.29 98.5 55.32 7 12.6 

28-Nov-08 63.25 58.4 92.3 52.81 5.6 10.6 

21-Nov-08 63.25 56.25 88.9 43.81 12.4 28.4 

14-Nov-08 63.25 46.84 74.1 31.44 15.4 49 

7-Nov-08 63.25 34.8 55 21.18 13.6 64.3 

28-Mar-08 59.28 59.63 100.6 66.1 -6.47 -9.8 

14-Mar-08 59.28 59.61 100.6 66.1 -6.49 -9.8 

7-Mar-08 59.28 59.61 100.6 66.06 -6.45 -9.8 

29-Feb-08 59.28 59.6 100.5 66.06 -6.46 -9.8 

22-Feb-08 59.28 59.55 100.5 66.3 -6.75 -10.2 

15-Feb-08 59.28 59.55 100.5 66.3 -6.75 -10.2 

1-Feb-08 59.28 59.05 99.6 66.67 -7.63 -11.4 

25-Jan-08 59.28 58.96 99.5 66.63 -7.67 -11.5 

4-Jan-08 59.28 58.66 99 66.37 -7.71 -11.6 

28-Dec-07 59.28 59.55 100.5 63.36 -5.81 -8.9 

7-Dec-07 59.28 55.93 94.4 63.44 -7.5 -11.8 

16-Nov-07 59.28 52.76 89 61.31 -8.6 -13.9 





Rapeseed/Mustard seeds state-wise monthly arrivals (in tonnes) 

Month Uttar Pradesh Rajasthan Gujarat Madhya Pradesh Haryana 

Mar-11 94,417 347,891 64,114 111,074 23,957 

Feb-11 58,150 60,226 10,770 47,457 1,210 

Jan-11 73,089 64,320 19,425 12,395 1,621 

Dec-10 68,740 65,143 20,067 13,353 2,231 

Nov-10 54,979 61,468 8,377 6,392 3,312 

Oct-10 60,161 122,867 14,927 17,388 3,773 

Sep-10 66,301 105,296 8,914 7,531 2,336 

Aug-10 125,326 113,340 6,078 5,552 6,794 

Jul-10 63,044 124,172 9,696 7,531 10,682 

Jun-10 55,797 175,584 13,731 5,552 18,058 

May-10 73,152 229,028 20,709 18,068 28,037 

Apr-10 102,881 630,200 43,689 32,968 90,874 

Mar-10 106,310 332,783 105,657 99,708 36,462 

Feb-10 64,467 62,984 48,604 57,717 2,355 

Jan-10 51,112 30,758 11,511 12,639 1,127 

Dec-09 47,805 63,054 17,185 22,246 2,456 

Nov-09 39,191 58,985 12,440 20,882 2,350 

Oct-09 30,904 83,053 10,234 19,340 2,039 

Sep-09 46,871 51,031 17,516 14,531 4,447 

Aug-09 42,154 45,550 14,962 14,548 5,009 

Jul-09 45,942 86,285 12,419 5,952 7,758 

Jun-09 61,774 205,850 23,037 7,557 12,374 

May-09 66,510 305,033 33,627 19,401 22,561 

Apr-09 78,610 596,707 60,813 38,069 112,511 

Mar-09 108,189 661,367 76,927 12,177 54,311 

Feb-09 99,770 111,317 52,389 4,317 598 

Jan-09 63,641 37,279 4,959 3,030 659 

Dec-08 50,688 29,508 4,776 2,665 721 

Nov-08 35,379 22,231 5,936 1,759 814 

Oct-08 33,933 40,547 4,462 1,770 658 

Sep-08 32,050 40,057 7,613 1,368 549 

Aug-08 29,469 32,364 3,119 2,234 672 

Jul-08 48,700 115,216 9,041 3,184 1,550 

Jun-08 57,168 186,713 23,970 2,335 3,049 

May-08 129,167 413,088 42,667 3,813 13,500 

Apr-08 101,994 504,118 62,247 5,855 34,598 

Mar-08 61,044 399,254 104,168 6,588 6,936 

Feb-08 72,797 59,094 15,914 1,806 301 

Jan-08 50,160 48,343 3,091 1,625 286 

Dec-07 47,599 45,169 5,192 861 227 

Nov-07 27,797 53,449 6,441 1,520 119 

Oct-07 32,307 76,580 8,799 2,218 386 

Sep-07 40,124 36,274 4,278 3,894 334 

Aug-07 53,283 28,802 4,412 2,635 629 

Jul-07 26,643 68,272 6,712 4,772 1,704 

Jun-07 43,081 163,718 14,561 6,975 7,145 

May-07 58,172 381,683 24,961 12,314 30,509 

Apr-07 58,842 492,351 51,375 16,816 121,392 

Mar-07 55,897 348,794 97,353 31,663 28,081 

Feb-07 40,258 61,828 43,810 20,269 467 

Jan-07 48,991 5,170 3,501 4,600 626 

Dec-06 26,585 5,557 5,922 1,121 206 

Nov-06 25,932 11,960 12,943 1,246 1,151 

Oct-06 32,030 9,102 11,467 947 548 

Sep-06 31,428 24,831 19,782 3,954 643 

Aug-06 36,186 19,744 6,794 3,748 1,925 

Jul-06 39,061 19,708 7,775 5,188 873 

Jun-06 55,148 41,523 15,019 12,856 2,067 

May-06 70,140 143,975 36,885 34,441 40,073 

Apr-06 85,114 253,263 49,922 84,066 68,181 




EDITORIALS 

PROLOGUE 



Rapeseed/ Mustard seeds prices and trading activity 

MCX Spot prices - Other market monthly average Rapeseed/ Mustard seeds 

Hapur/Jaipur/Sirsa (Rs/20 Kg) spot prices (Rs/20 kg) NYSE LIFFE Paris futures 

Months Monthly Month Month Uttar Rajasthan Madhya WPI of Closing Volume Open 

average high low Pradesh Pradesh Mustard price in lots^ interest 

oil (Euro/ lots^^ 

tonne) 

Dec-10 573.8 586.3 568.1 2427.4 501.1 466.6 116.9 446.3 133,028 88,442 

Nov-10 570.3 578.2 551.1 2419.2 492.8 466.1 116.3 415.8 117,286 87,313 

Oct-10 549.3 558.9 533.5 2358.9 479.1 464.5 116.1 390.5 120,319 80,783 

Sep-10 541.2 553.1 532.0 2384.7 473.7 461.0 116.2 366.3 121,829 88,114 

Aug-10 551.9 569.8 535.0 2336.0 481.5 449.8 116.0 358.3 115,643 71,775 

Jul-10 529.5 549.2 512.6 2293.5 465.4 429.6 113.6 351.3 144,093 60,292 

Jun-10 511.1 520.0 502.7 2278.1 449.4 426.4 112.3 325.0 94,749 62,231 

May-10 500.5 520.3 490.0 2204.3 435.1 407.7 111.8 309.8 47,759 44,996 

Apr-10 499.6 514.0 487.3 2247.3 435.1 401.8 111.4 308.8 76,260 41,198 

Mar-10 496.2 513.7 476.0 439.4 438.2 406.6 114.1 306.3 79,828 48,619 

Feb-10 508.8 525.8 486.0 460.3 428.7 400.6 115.1 292.8 56,078 49,281 

Jan-10 575.0 607.5 498.5 495.7 497.2 457.6 119.3 281.3 87,693 40,765 

Dec-09 604.2 630.0 584.0 499.8 529.7 505.3 118.8 287.5 50,412 59,179 

Nov-09 589.7 608.4 566.0 483.6 507.0 479.1 115.8 282.0 56,187 61,351 

Oct-09 542.8 572.0 522.8 471.9 477.8 450.7 112.9 269.0 115,637 46,495 

Sep-09 526.7 530.1 525.0 480.2 466.2 452.9 112.7 259.0 80,879 64,340 

Aug-09 541.2 549.8 527.0 475.0 482.2 427.4 114.9 271.8 62,662 55,478 

Jul-09 522.9 535.0 509.6 465.1 465.2 447.8 115.3 259.8 123,140 44,281 

Jun-09 513.4 521.2 505.7 456.4 461.9 427.6 114.2 290.0 49,973 43,497 

May-09 516.7 523.7 505.7 467.2 465.4 439.5 115.6 318.3 34,568 36,404 

Apr-09 501.7 535.4 470.0 428.7 438.6 436.0 114.5 298.3 71,445 34,376 

Mar-09 449.2 461.4 430.0 404.3 395.5 402.7 117.0 266.8 50,231 35,144 

Feb-09 485.3 528.8 427.2 408.0 412.2 416.5 122.0 269.0 36,745 34,138 

Jan-09 557.5 593.5 500.0 505.0 485.7 448.2 129.6 285.0 70,280 31,883 

Dec-08 621.3 638.0 597.7 552.1 546.7 510.6 122.7 263.8 58,232 38,138 

Nov-08 616.4 637.1 594.8 567.8 538.4 528.3 121.3 299.8 34,407 40,489 

Oct-08 609.0 623.1 598.2 565.9 531.6 524.5 122.0 321.3 84,012 34,406 

Sep-08 610.9 630.5 589.6 566.2 522.0 522.1 123.0 346.8 75,613 41,814 

Aug-08 621.3 632.1 602.6 576.1 540.4 516.7 124.0 396.0 57,792 41,097 

Jul-08 648.1 662.0 628.0 578.8 551.5 522.9 126.8 412.3 86,016 33,136 

Jun-08 631.1 655.2 603.0 550.3 540.0 534.9 124.6 454.5 46,265 39,334 

May-08 562.7 604.1 525.1 487.9 485.5 494.5 117.8 432.5 30,832 32,963 

Apr-08 521.7 540.5 500.5 461.1 449.1 469.2 117.5 434.0 48,234 33,755 

Mar-08 582.6 628.9 539.9 497.9 505.4 513.6 121.3 425.0 55,473 38,449 

Feb-08 523.7 586.1 502.5 437.3 474.0 411.0 115.8 507.0 41,993 41,568 

Jan-08 502.1 516.7 487.9 424.4 444.8 419.9 114.0 435.5 63,190 38,676 

Dec-07 483.1 491.1 475.8 430.4 430.1 409.4 111.2 429.8 36,670 35,098 

Nov-07 475.6 487.1 462.3 417.8 413.8 403.8 110.4 394.8 39,234 31,734 

Oct-07 449.6 471.8 429.2 405.4 398.6 383.4 107.5 382.0 52,393 34,795 

Sep-07 431.9 439.2 423.5 405.4 380.7 374.8 107.1 360.8 45,219 40,313 

Aug-07 436.8 445.9 424.5 405.3 383.0 374.4 107.0 350.0 35,289 38,994 

Jul-07 445.0 450.8 437.9 396.4 390.9 381.8 106.1 309.0 58,493 39,509 

Jun-07 421.7 436.0 406.7 383.7 371.9 359.3 104.6 291.5 38,423 40,033 

May-07 400.5 405.3 396.8 379.5 352.7 358.5 103.4 276.0 21,301 36,108 

Apr-07 398.1 402.0 394.8 372.0 353.7 368.0 103.1 263.0 32,545 31,884 

Mar-07 357.4 381.5 345.5 339.9 334.0 341.1 100.8 249.0 31,915 32,435 

Feb-07 349.5 355.3 340.5 342.0 325.5 321.4 100.5 271.0 18,380 29,396 

Jan-07 350.3 352.4 347.4 354.4 327.0 327.8 102.2 268.5 33,742 29,985 

Dec-06 359.0 372.0 352.5 363.1 347.3 341.7 101.8 278.0 14,824 29,746 

Nov-06 361.3 375.3 348.1 348.3 342.9 347.5 98.2 280.5 17,125 27,779 

Oct-06 328.8 343.7 325.3 331.2 307.7 310.3 95.4 267.3 32,288 24,661 

Sep-06 327.4 329.9 324.1 332.2 313.4 311.8 95.4 257.5 18,616 27,547 

Aug-06 331.0 335.8 327.9 325.6 312.2 312.3 95.3 262.8 13,899 26,083 

Jul-06 327.6 330.0 324.0 322.4 308.2 300.7 94.4 258.5 30,469 17,072 

Jun-06 328.1 332.6 323.4 323.1 303.7 300.6 93.8 243.0 23,680 26,288 

May-06 329.9 332.7 325.4 322.0 316.5 300.7 93.1 253.3 25,265 23,445 

Apr-06 323.9 330.4 319.1 317.8 304.8 297.8 91.9 235.0 19,366 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 





Production 

2006-07 

2007-08 

2008-09 

2009-10 

2010-11 

2011-12e 

0 

10,000 20,000 30,000 40,000 50,000 60,000 70,000 

EU-27 Canada China India Australia Others 


2006-07 

2007-08 

2008-09 

2009-10 

2010-11 

Imports 

2011-12e 

0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 

EU-27 Japan Mexico China Pakistan Others 


2006-07 

2007-08 

2008-09 

2009-10 

2010-11 

Exports 

2011-12e 

0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 

Canada Ukraine Australia United States EU-27 Others 


Consumption 

2006-07 

2007-08 

2008-09 

2009-10 

2010-11 

2011-12e 

0 

10,000 20,000 30,000 40,000 50,000 60,000 70,000 

EU-27 China India Canada Japan Others 




EDITORIALS 

PROLOGUE 



Castor seeds fundamentals - World and India (in `000' tonnes) 

2010-11 2009-10 2008-09 2007-08 2006-07 2001-02 

World 

Production - 1484 1608 1439 1170 1114 

Imports (castor seeds) - - 3 1 18 26 

Exports (castor seeds) - - 26 37 21 21 

India 

Production 1190 978 1171 1054 762 797 

Exports (castor seeds) - - - - 0.12 16.44 

Exports (castor oil) 343.25 345.33 308.62 176.18 186.61 204.88 

Certified Seed Distribution - - 4.2 4.2 3.6 2.6 

Average daily volatility of MCX spot prices* 0.22% 0.73% 0.99% 0.65% 0.76% - 

India Average Price (Rs. /qtl) 3738.51 2611.39 2090.71 2097.25 1815.54 - 

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) Production (`000' tonnes) 

2010 2009 2008 2007 2006 2001 2010 2009 2008 2007 2006 2001 

-11* -10* -09 -08 -07 -02 -11* -10* -09 -08 -07 -02 

Andhra Pradesh 198 148 159 199 202 284 138 85 81 129 87 83 

Gujarat 483 438 434 358 288 305 860 736 852 708 533 465 

Rajasthan 126 118 137 110 79 46 161 126 177 159 104 66 

Others 52 50 137 120 60 82 32 30 61 57 38 39 

All India 859 754 866 787 628 717 1190 978 1171 1054 762 653 

Note: * Estimated; Figures may not tally due to rounding off. 

Source: Dept. of Agriculture, GOI, The Solvent Extractors Association of India 

Castor: Castor: Seeds Seeds Production, Prodn., Oil Oil Exports & & Prices 

in 000 tons 

Rs/qntl 

1400 

Seeds production 

4000 

1200 

Oil exports 

Prices 

3500 

1000 

3000 

800 

2500 

600 

2000 

400 

1500 

200 

1000 

0 

2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 

2010-11 

500 

Source: SEA of India & Agmarknet. Average Prices of India for the month of March 




Castor seeds monthly arrivals in select states (in `000' tonnes) 

Month Rajasthan Andhra Pradesh Gujarat 

Apr-11 3.4 23.9 178.6 

Mar-11 3.2 31.7 74.9 

Feb-11 2.4 38.3 62.1 

Jan-11 2.8 15.5 62.2 

Dec-10 1.2 39.6 18.2 

Nov-10 0.8 110.6 1.6 

Oct-10 0.8 180.6 3.5 

Sep-10 0.4 63.9 11.1 

Aug-10 0.1 4.7 15.9 

Jul-10 0.2 0.5 52.7 

Jun-10 0.3 6.6 84.5 

May-10 1.8 3.3 134.2 

Apr-10 2.5 11.5 204.9 

Mar-10 1.5 26.0 105.7 

Feb-10 1.5 14.1 100.7 

Jan-10 0.9 2.3 67.2 

Dec-09 0.9 5.0 55.7 

Nov-09 3.1 8.5 45.8 

Oct-09 0.4 4.1 34.0 

Sep-09 0.6 0.8 67.9 

Aug-09 0.3 0.2 55.9 

Jul-09 0.5 0.4 39.8 

Jun-09 1.4 0.8 64.3 

May-09 3.1 0.8 99.2 

Apr-09 2.5 0.9 158.2 

Mar-09 1.8 1.8 84.7 

Feb-09 1.3 1.6 61.0 

Jan-09 1.1 0.7 44.8 

Dec-08 3.5 1.2 25.9 

Nov-08 2.0 0.2 5.3 

Oct-08 0.2 0.9 3.6 

Sep-08 0.3 0.1 12.4 

Aug-08 0.6 0.0 11.0 

Jul-08 2.2 0.0 30.1 

Jun-08 6.5 0.0 55.7 

May-08 36.6 0.0 126.5 

Apr-08 13.4 0.0 109.7 

Mar-08 12.9 0.0 72.4 

Feb-08 13.2 0.0 85.3 

Jan-08 14.4 0.0 37.6 

Dec-07 11.1 2.6 15.0 

Nov-07 0.5 7.0 8.2 

Oct-07 0.1 8.1 13.6 

Sep-07 0.3 0.8 16.8 

Aug-07 0.4 0.1 14.1 

Jul-07 0.6 0.3 20.7 

Jun-07 2.7 0.2 23.3 

May-07 15.3 0.3 42.4 

Apr-07 5.9 0.9 51.8 

Mar-07 3.2 1.6 34.3 

Feb-07 3.0 1.1 27.2 

Jan-07 1.5 1.2 17.3 

Dec-06 0.3 1.8 15.4 

Nov-06 0.2 1.9 20.2 

Oct-06 0.6 3.9 29.0 

Sep-06 0.8 1.8 33.3 

Aug-06 0.9 0.5 9.4 

Jul-06 3.6 0.7 15.9 

Jun-06 4.2 1.1 35.6 

May-06 9.4 0.9 60.2 

Apr-06 10.7 0.5 43.5 




EDITORIALS 

PROLOGUE 



Castor seeds prices and trading activity 

Monthly MCX Futures prices (Rs/qtl) MCX Spot prices - Other markets monthly average WPI of 

Month Rajkot (Rs/qtl) spot prices (Rs/qtl) Castor 

Volume Open Monthly Month's Month's Gujarat Karnataka Maharashtra seeds 

Open High Low Close in lots^ interest average high low Avg. Avg. Avg. 

in lots^^ variety variety variety 

Dec-10 N/T N/T N/T N/T N/T N/T 4021.98 4245.00 3934.00 3833.28 2862.62 3092.71 225.80 

Nov-10 N/T N/T N/T N/T N/T N/T 4336.98 19952.00 3426.50 3553.54 3112.27 2467.55 209.90 

Oct-10 N/T N/T N/T N/T N/T N/T 3608.10 3744.50 3426.50 3522.63 2681.91 2680.16 206.60 

Sep-10 N/T N/T N/T N/T N/T N/T 3918.64 4258.00 3729.00 3848.51 3043.82 2864.14 221.00 

Aug-10 N/T N/T N/T N/T N/T N/T 3651.04 3715.00 3580.50 3529.23 2868.40 2885.92 212.70 

Jul-10 N/T N/T N/T N/T N/T N/T 3643.11 3697.00 3545.50 3502.77 2851.49 2817.33 205.10 

Jun-10 N/T N/T N/T N/T N/T N/T 3300.40 3499.50 3201.50 3213.98 1552.90 2628.69 191.40 

May-10 N/T N/T N/T N/T N/T N/T 3141.92 3208.50 3066.50 3028.49 2484.24 2575.22 181.70 

Apr-10 N/T N/T N/T N/T N/T N/T 2992.46 3090.50 2934.50 2890.66 2162.19 2441.39 175.70 

Mar-10 N/T N/T N/T N/T N/T N/T 2891.07 2934.50 2846.50 2788.91 2336.20 2295.77 165.40 

Feb-10 N/T N/T N/T N/T N/T N/T 2860.60 2910.00 2835.50 2736.97 2327.84 2390.70 163.60 

Jan-10 N/T N/T N/T N/T N/T N/T 2851.80 2874.50 2818.00 2725.13 2114.74 2938.57 160.50 

Dec-09 N/T N/T N/T N/T N/T N/T 2925.20 3071.50 2846.00 2795.36 2267.90 2321.00 158.80 

Nov-09 N/T N/T N/T N/T N/T N/T 2893.30 3069.00 2769.50 2757.25 2207.31 2300.74 159.50 

Oct-09 N/T N/T N/T N/T N/T N/T 2661.20 2771.00 2565.00 2551.04 1975.95 2197.67 152.00 

Sep-09 N/T N/T N/T N/T N/T N/T 2696.40 2752.00 2651.00 2586.21 1441.89 2188.36 156.50 

Aug-09 N/T N/T N/T N/T N/T N/T 2614.60 2748.00 2491.50 2555.69 N/T 2287.50 156.60 

Jul-09 N/T N/T N/T N/T N/T N/T 2449.00 2497.00 2411.50 2340.93 1926.67 2160.96 145.90 

Jun-09 N/T N/T N/T N/T N/T N/T 2392.10 2434.00 2346.50 2292.30 2107.03 2149.14 143.80 

May-09 N/T N/T N/T N/T N/T N/T 2423.40 2495.50 2359.00 2337.05 1263.80 2244.63 144.70 

Apr-09 N/T N/T N/T N/T N/T N/T 2365.90 2440.00 2279.00 2236.94 1377.68 2144.24 146.50 

Mar-09 2100.00 2273.00 2100.00 2273.00 0 0 2255.00 2289.00 2163.00 2010.28 1515.04 2143.68 147.30 

Feb-09 2075.00 2224.50 2070.00 2107.00 0 0 2244.90 2366.00 2122.00 2125.67 1696.90 2222.89 145.80 

Jan-09 N/A N/A N/A N/A N/A N/A 2349.30 2628.00 2205.00 2227.00 1749.44 2254.25 145.70 

Dec-08 N/A N/A N/A N/A N/A N/A 2877.40 2942.50 2672.00 2703.67 2624.51 2245.02 147.60 

Nov-08 N/A N/A N/A N/A N/A N/A 2930.70 3014.00 2781.00 2748.75 2594.65 2208.31 145.80 

Oct-08 N/A N/A N/A N/A N/A N/A 2917.70 3113.50 2781.00 2737.35 1923.34 2334.64 154.30 

Sep-08 3147.00 3147.00 3147.00 3147.00 N/A N/A 3115.50 3163.00 3085.50 2954.71 2263.77 2387.66 158.10 

Aug-08 3151.00 3278.50 3085.50 3147.00 N/A N/A 3135.20 3216.50 3060.50 3024.45 2554.57 2634.49 152.50 

Jul-08 2800.00 3281.00 2800.00 3151.00 N/A N/A 3086.20 3289.00 2883.00 2944.80 2609.09 2592.09 151.20 

Jun-08 2569.00 2781.00 2569.00 2781.00 N/A N/A 2716.20 2886.50 2582.50 2572.53 2524.99 2380.01 139.90 

May-08 2675.00 2675.00 2569.00 2569.00 N/A N/A 2595.40 2627.00 2541.00 2444.36 2279.18 2170.86 136.70 

Apr-08 2675.00 2675.00 2675.00 2675.00 N/A N/A 2629.00 2659.00 2586.50 2479.27 2100.33 2412.37 136.10 

Mar-08 2600.00 2703.50 2548.00 2615.00 N/A N/A 2628.10 2658.00 2569.00 2440.49 1732.80 2204.58 139.80 

Feb-08 2260.00 2575.00 2260.00 2555.00 N/A N/A 2429.50 2576.50 2302.00 2172.80 1779.62 482.23 132.40 

Jan-08 2158.00 2301.00 2156.00 2260.00 N/A N/A 2265.20 2309.50 2203.00 2180.68 1634.79 453.02 127.20 

Dec-07 2129.00 2251.00 2090.00 2237.50 N/A N/A 2172.90 2207.50 2140.00 2077.95 1772.59 1545.81 120.20 

Nov-07 2040.00 2135.00 2007.00 2126.50 N/A N/A 2091.00 2155.50 2063.50 2019.88 1777.38 1748.42 118.40 

Oct-07 1953.00 2036.00 1908.00 2030.00 N/A N/A 2020.10 2076.50 1966.00 1927.94 1427.95 1608.36 117.40 

Sep-07 2015.00 2056.50 1980.00 2005.50 N/A N/A 2011.60 2046.50 1989.00 1940.03 1260.22 1658.63 118.10 

Aug-07 2101.00 2104.00 1950.00 2013.50 N/A N/A 2003.50 2016.00 1989.00 1940.30 1189.46 1756.04 119.20 

Jul-07 2139.00 2176.00 2046.00 2094.00 N/A N/A 2006.20 2028.50 1949.00 1966.44 1310.09 1782.94 118.30 

Jun-07 1955.00 2055.00 1950.00 2015.00 N/A N/A 1967.50 2013.00 1904.00 1920.25 1110.53 1633.17 115.10 

May-07 2075.00 2075.00 1880.00 1945.00 N/A N/A 1974.70 2019.00 1923.00 1929.97 1536.71 1622.58 116.60 

Apr-07 2120.00 2230.00 2075.00 2112.00 N/A N/A 2043.50 2078.00 2008.00 2096.92 1189.60 1764.09 112.90 

Mar-07 1858.00 2080.00 1800.00 1999.00 N/A N/A 1931.60 2023.00 1857.00 2431.28 1400.19 1698.55 110.40 

Feb-07 1952.00 1960.00 1824.00 1831.00 N/A N/A 1891.20 1925.00 1850.00 2362.42 1510.95 1818.12 113.80 

Jan-07 1903.00 1948.00 1845.00 1940.00 N/A N/A 1801.90 1844.00 1767.00 2391.02 1482.18 1684.86 107.40 

Dec-06 1863.00 1863.00 1780.00 1800.00 N/A N/A 1765.00 1813.00 1732.00 2234.57 1434.90 1562.57 102.70 

Nov-06 1925.00 1945.00 1795.00 1854.00 N/A N/A 1801.40 1855.00 1760.00 2013.76 1423.08 1617.71 102.00 

Oct-06 1875.00 1947.50 1820.00 1928.00 N/A N/A 1716.80 1859.00 1634.00 1767.46 1393.98 1336.51 92.40 

Sep-06 N/A N/A N/A N/A N/A N/A 1620.30 1638.00 1582.00 1586.34 1140.18 894.17 88.90 

Aug-06 1585.00 1585.00 1524.00 1524.00 84 9 N/A N/A N/A 1627.57 1196.55 1243.99 85.80 

Jul-06 1525.00 1632.00 1525.00 1585.00 96 13 N/A N/A N/A 1999.11 982.34 1226.84 85.90 

Jun-06 1442.00 1525.00 1435.00 1525.00 301 11 N/A N/A N/A 1370.82 1069.90 1225.04 83.20 

May-06 1560.00 1560.00 1400.00 1400.00 5 3 N/A N/A N/A 1307.87 1113.69 1286.80 83.60 

Apr-06 1551.00 1560.00 1496.00 1560.00 373 14 N/A N/A N/A 1358.47 1120.81 1316.09 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 




Major country-wise & commodity-wise distribution of edible oil production, imports, exports and consumption 

Edible Oil Production 

India 

2008-11 

Cumulative prod in 000 tonnes 

19,655 

Indonesia 

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 

1970-73 

3,928 

0% 20% 40% 60% 80% 100% 

Coconut Cottonseed Rapeseed Soybean Sunflowerseed Others 

Source: USDA; Others: Palm Oil,Palm Kernel Oil 

1970-73 

2,101 

0% 20% 40% 60% 80% 100% 

Coconut Palm Palm Kernel 

Source: USDA 

Malaysia 

2008-11 

2000-03 

1990-93 

1980-83 


58,775 

41,570 

21,874 

10,142 

1970-73 

2,315 

0% 20% 40% 60% 80% 

100% 

Palm 

Palm Kernel 

Source: USDA 

Edible Oil Consumption 

India 

2008-11 

Cumulative consumption in 000 tonnes 

46,238 

China 

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 

1970-73 

4,271 

0% 20% 40% 60% 80% 100% 

Coconut Cottonseed Palm Palm Kernel 

Peanut Rapeseed Soybean Sunflowerseed 

Source: USDA 

1970-73 

2,912 

0% 20% 40% 60% 80% 100% 

Cottonseed Palm Peanut Rapeseed Soybean Others 

Source: USDA; Others: Palm Kernel Oil, Sunflowerseed Oil 

USA 

2008-11 

2000-03 

1990-93 

1980-83 


29,263 

27,868 

21,054 

15,181 

1970-73 

0% 20% 40% 60% 80% 100% 

Coconut Cottonseed Olive Rapeseed Soybean 

Source: USDA 

11,447 



EDITORIALS 

PROLOGUE 



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 

1970-73 

1970-73 

160 

333 

0% 20% 40% 60% 80% 100% 

0% 20% 40% 60% 80% 100% 

Palm Palm Kernel Soybean Sunflowerseed Others Palm Palm Kernel Rapeseed Soybean Others 

Source: USDA, Others: Coconut Oil, Cottonseed oil, Rapeseed Oil 

Source: USDA, Others: Coconut Oil, Peanut Oil 

USA 

2008-11 

2000-03 

1990-93 

1980-83 


6.669 

4,149 

3,146 

1,734 

1970-73 

1,155 

0% 20% 40% 60% 80% 

100% 

Coconut Olive Palm Kernel Peanut Rapeseed 

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 

1970-73 

141 

1970-73 

787 

0% 20% 40% 60% 80% 100% 

0% 20% 40% 60% 80% 100% 

Peanut Soybean Sunflowerseed Coconut Palm Palm Kernel 

Source: USDA 

Source: USDA 

Malaysia 

2008-11 

2000-03 

1990-93 

1980-83 


49,551 

34,861 

18,681 

9,068 

1970-73 

0% 20% 40% 60% 80% 100% 

Coconut Palm Palm Kernel 

2,285 

Source: USDA 




Type-wise world distribution of edible oil production, imports, exports and consumption 

Production 

2008-11 

2000-03 

1990-93 

1980-83 

Avg. Production 

153,251 

101,914 

62,506 

41,406 

1970-73 

0% 20% 40% 60% 80% 100% 

Soybean Palm Rapeseed Sunflowerseed Palm Kernel 

Peanut Cottonseed Coconut Olive 

Note: Average production in ‘000’ tonnes. Source: USDA 

19,962 

Imports 

2008-11 

2000-03 

1990-93 

1980-83 

Avg. Imports 

55,553 

32,065 

18,662 

11,785 

1970-73 

0% 20% 40% 60% 80% 100% 

Palm Soybean Sunflowerseed Rapeseed Palm Kernel 

Coconut Olive Peanut Cottonseed 


4,638 

Exports 

2008-11 

2000-03 

1990-93 

1980-83 

Avg. Exports 

64,273 

39,107 

21,341 

13,507 

1970-73 

0% 20% 40% 60% 80% 100% 

Palm Soybean Sunflowerseed Rapeseed Palm Kernel 

Coconut Olive Peanut Cottonseed 


4,745 

Consumption 

2008-11 

Avg. Prodn. 

144,430 

2000-03 

1990-93 

1980-83 

1970-73 

0% 20% 40% 60% 80% 100% 

Soybean Palm Rapeseed Sunflowerseed Palm Kernel 

Peanut Cottonseed Coconut Olive 


94,923 

59,550 

39,606 

19,801 



EDITORIALS 

PROLOGUE 



Major country-wise & commodity-wise distribution of oilseeds meal consumption, exports and production 

Consumption 

Brazil 

Cumulative Consumption in ‘000’ tonnes 

2008-11 

80,479 

China 


2008-11 

164,276 

2000-03 

1990-93 

1980-83 

1970-73 

47,440 

21,346 

7,923 

1,970 

0% 20% 40% 60% 80% 100% 

Cottonseed Soybean 

Source: USDA 

US 

2008-11 

2000-03 

1990-93 

2000-03 

1990-93 

1980-83 

1970-73 

89,240 

27,965 

18,639 

9,778 

0% 20% 40% 60% 80% 100% 

Cottonseed Peanut Rapeseed Soybean Sunflowerseed 

Source: USDA 


92,378 

94,135 

69,207 

Argentina 

2008-11 

1980-83 

1970-73 

54,505 

40,295 

0% 20% 40% 60% 80% 

100% 

Cottonseed Rapeseed Soybean 

Source: USDA 

Export 

Brazil 

Cumulative exports in ‘000’ tonnes 

173,442 2008-11 


84,552 

2000-03 

1990-93 

1980-83 

1970-73 

105,162 

40,962 

5,991 

581 

0% 20% 40% 60% 80% 100% 

Soybean Sunflowerseed Others 

Source: USDA ; Others: Meal, Cottonseed & Meal, Peanut 

US 

2008-11 

2000-03 

1990-93 

2000-03 

1990-93 

1980-83 

1970-73 

73,627 

49,765 

24,378 

3,869 

0% 20% 40% 60% 80% 100% 

Soybean 

Source: USDA 


26,506 

20,620 

17,566 

1980-83 

1970-73 

19,057 

11,943 

0% 20% 40% 60% 80% 

100% 

Cottonseed Soybean 

Source: USDA 

Argentina 

2008-11 

Production 

Brazil 

Cumulative production in ‘000’ tonnes 

167,117 2008-11 


160,715 

2000-03 

105,743 

2000-03 

120,216 

1990-93 

42,727 

1990-93 

71,390 

1980-83 

1970-73 

6,614 

636 

0% 20% 40% 60% 80% 100% 

Sunflower seed 

Soybean 

Source: USDA 

China 

2008-11 

2000-03 

1990-93 

1980-83 

1980-83 

1970-73 

32,282 

6,268 

0% 20% 40% 60% 80% 100% 

Cottonseed 

Soybean 

Source: USDA 


163,671 

91,330 

35,086 

18,517 

1970-73 

9,739 

0% 20% 40% 60% 80% 

100% 

Cottonseed Peanut Rapeseed Soybean 

Source: USDA 




Type-wise world distribution of oilseed meal production, imports, exports and consumption 

Production 

2008-11 

2000-03 

1990-93 

1980-83 

Avg. Production 

296,782 

218,585 

140,476 

102,885 

1970-73 

0% 20% 40% 60% 80% 100% 

Soybean Rapeseed Cottonseed Sunflowerseed Palm Kernel 

Peanut Fish Copra 


49,964 

Imports 

2008-11 

2000-03 

1990-93 

1980-83 

Avg. Imports 

69,567 

51,359 

37,533 

27,533 

1970-73 

0% 20% 40% 60% 80% 100% 

Soybean palm Kernel Rapeseed Sunflowerseed Fish 

Copra Cottonseed Peanut 


13,150 

Exports 

2008-11 

2000-03 

1990-93 

1980-83 

Avg. Exports 

111,850 

81,846 

52,076 

37,248 

1970-73 

0% 20% 40% 60% 80% 100% 

Soybean Palm Kernel Sunflowerseed Rapeseed Fish 

copra Cottonseed Peanut 


12,500 

Consumption 

2008-11 

Avg. Prodn. 

252,862 

2000-03 

1990-93 

1980-83 

1970-73 

0% 20% 40% 60% 80% 100% 

Soybean Rapeseed Cottonseed Sunflowerseed Peanut 

Palm Kernel Fish Copra 


188,629 

125,864 

92,869 

50,735 



EDITORIALS 

PROLOGUE 



Cotton fundamentals - World and India (in `000' 480 lbs bales) 

2011-12e 2010-11 2009-10 2008-09 2007-08 2006-07 2001-02 

World 


Production 123,156 114,555 101,384 107,081 119,676 121,812 98,703 

Imports 38,287 35,767 36,244 30,176 38,921 38,045 29,304 

Consumption 116,548 114,787 118,323 107,377 121,137 121,998 93,736 

Total Supply 205,842 194,597 198,168 197,982 220,867 221,744 177,415 

Exports 38,294 35,411 35,570 30,065 39,005 37,476 29,149 

Ending Stocks 51,000 44,399 44,275 60,540 60,725 62,270 54,530 

Area Under Production (000 Ha) 35,557 33,502 30,114 30,591 32,898 34,562 33,716 

Yield (Kg/Ha) 754 744 733 762 792 767 637 

India 


Production 27,000 24,500 23,000 22,600 24,000 21,800 12,300 

Imports 500 450 480 800 600 465 2,388 

Consumption 21,000 20,500 19,450 17,750 18,600 18,100 13,275 

Exports 5,000 5,000 6,550 2,360 7,500 4,875 60 

Total Supply 33,349 31,349 32,399 29,029 31,729 30,104 18,461 

Ending Stocks 7,349 5,849 6,399 8,919 5,629 7,129 5,126 

Area Under Production (000 Ha) 12,000 11,160 10,310 9,406 9,439 9,166 8,730 

Yield (Kg/Ha) 490 478 486 523 554 518 307 


Average daily volatility of MCX spot prices 

Cotton Long - 0.80%# 0.87% 1.07% 0.59% 0.47% - 

Cotton Medium^ - 0.71%# 1.73% 0.90% 0.77% 0.67% - 

MSP Medium Staple) 2,800 2,500 2,500 2,500 1,800 1,770 1675 

MSP (Long Staple) 3,300 3,000 3,000 3,000 2,030 1,990 1875 

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) 

Supply 

Demand 


stocks 

stocks 

China 11,621 33,000 15,250 46,500 50 13,321 

India 5,849 27,000 500 21,000 5,000 7,349 

US 2,750 16,000 5 3,755 12,000 3,000 

Pakistan 2,657 10,300 1,150 10,525 400 3,182 

Brazil 8,153 9,300 100 4,450 4,400 8,703 

Uzbekistan 1,148 4,500 - 1,250 3,150 1,248 

Others 12,221 23,056 21,282 29,068 13,294 14,197 

World Total 44,399 123,156 38,287 116,548 38,294 51,000 

Note: e - source estimates provided by USDA, data retrieved on July 29, 2011; 

Source: USDA 




Cotton - BRICS Nations fact sheet (in `000' 480 lbs bales) 

Production Import Export Consumption Total Population Per capita Per capita 


(kg) 

(kg) 

Brazil 9,300 100 4,400 4,450 17,553 206.47 85.02 21.55 

Russia 0 600 0 600 717 137.97 5.20 4.35 

2011-12e India 27,000 500 5,000 21,000 33,349 1,208.36 27.60 17.38 

China 33,000 15,250 50 46,500 59,871 1,341.85 44.62 34.65 

South Africa 100 110 0 190 295 49.83 5.92 3.81 

Brazil 9,300 750 2,000 4,250 14,403 203.43 70.80 20.89 

Russia 0 600 0 625 742 138.74 5.35 4.50 

2010-11 India 24,500 450 5,000 20,500 31,349 1,189.17 26.36 17.24 

China 30,500 12,000 125 46,000 57,746 1,336.72 43.20 34.41 

South Africa 100 110 0 190 275 49.00 5.61 3.88 

Brazil 5,450 151 1,990 4,250 10,593 201.10 52.67 21.13 

Russia 0 845 0 875 1,017 139.39 7.30 6.28 

2009-10 India 23,000 480 6,550 19,450 32,399 1,173.11 27.62 16.58 

China 32,000 10,903 23 50,000 65,269 1,330.14 49.07 37.59 

South Africa 39 132 0 185 250 49.11 5.09 3.77 

Brazil 5,480 50 2,739 4,050 11,781 198.74 59.28 20.38 

Russia 0 900 0 925 1,097 140.04 7.83 6.61 

2008-09 India 22,600 800 2,360 17,750 29,029 1,166.08 24.89 15.22 

China 36,700 6,996 84 41,750 64,200 1,338.61 47.96 31.19 

South Africa 38 156 0 210 289 49.05 5.89 4.28 

Brazil 7,360 164 2,231 4,450 12,932 196.34 65.86 22.66 

Russia 0 1,075 0 1,100 1,297 140.70 9.22 7.82 

2007-08 India 24,000 600 7,500 18,600 31,729 1,148.00 27.64 16.20 

China 37,000 11,530 62 48,500 69,066 1,330.04 51.93 36.46 

South Africa 46 175 0 235 330 48.78 6.76 4.82 

Brazil 7,000 515 1,300 4,423 11,131 190.01 58.58 23.28 

Russia 0 1,325 0 1,325 1,547 141.38 10.94 9.37 

2006-07 India 21,800 465 4,875 18,100 30,104 1,129.87 26.64 16.02 

China 35,500 10,588 88 48,000 68,624 1,321.85 51.92 36.31 

South Africa 52 251 0 250 359 44.00 8.16 5.68 

Note: e - source estimates provided by USDA, data retrieved on July 29, 2011; Market Year (India): August to July; Population figures for 2011-12 is arrived at by calculating CAGR 

from 2004-05 to 2010-11; 

Source: USDA 

Cotton state-wise area and production 


Production ('000 bales of 170kg each) 

States/ UT 2010 2009 2008 2007 2006 2001 2010 2009 2008 2007 2006 2001 

-11 -10 -09 -08 -07 -02 -11 -10 -09 -08 -07 -02 

Andhra Pradesh 1,776 1,467 1,399 1,134 972 1,108 5,300 3,265 3,569 3,491 2,181 2,675 

Gujarat 2,633 2,464 2,354 2,422 2,390 1,750 10,200 7,875 7,014 8,276 8,787 3,250 

Haryana 495 507 455 483 530 630 1,400 1,926 1,858 1,885 1,814 550 

Karnataka 534 457 409 403 376 609 1,000 865 866 778 610 700 

Madhya Pradesh 651 611 625 630 639 542 1,700 857 856 865 829 2,000 

Maharashtra 3,973 3,495 3,146 3,195 3,107 3,105 8,200 5,881 4,752 7,015 4,618 3,425 

Punjab 530 511 527 604 607 607 1,600 2,006 2,285 2,355 2,678 925 

Rajasthan 334 444 303 369 350 510 900 903 726 862 747 700 

Tamil Nadu 130 104 115 99 100 188 500 194 188 201 221 500 

Others 5 71 75 74 74 85 400 162 163 156 148 1,075 

All India 11,061 10,132 9,407 9,414 9,145 9,132 31,200 23,935 22,276 25,884 22,632 15,800 

Note: NA: Not Available 

Source : Dept. of Agriculture, GOI; Cotton Advisory Board 



EDITORIALS 

PROLOGUE 



Cotton - All India sowing progress during kharif (in lakh ha) 


Date area in As on date % of Same period Absolute % 

kharif average last year 

15-Oct-10 90.86 108.47 119.4 100.09 8.4 8.4 

8-Oct-10 90.86 107.84 118.7 98.97 8.9 9.0 

1-Oct-10 90.86 107.55 118.4 98.79 8.8 8.9 

10-Sep-10 90.86 106.47 117.2 98.48 8.0 8.1 

3-Sep-10 90.86 106.14 116.8 97.7 8.4 8.6 

20-Aug-10 90.86 105.67 116.3 95.59 10.1 10.5 

13-Aug-10 90.86 104.97 115.5 94.96 10.0 10.5 

6-Aug-10 90.86 103.37 113.8 94.59 8.8 9.3 

30-Jul-10 90.86 95.05 104.6 80.63 14.4 17.9 

23-Jul-10 90.86 95.05 104.6 80.63 14.4 17.9 

16-Jul-10 90.86 82.78 91.1 68.75 14.0 20.4 

9-Jul-10 90.86 66.09 72.7 48.47 17.6 36.4 

2-Jul-10 90.86 43.68 48.1 29.17 14.5 49.7 

23-Oct-09 87.24 96.21 110.3 84.88 11.4 13.4 

16-Oct-09 87.24 96.21 110.3 84.86 11.4 13.4 

9-Oct-09 87.24 96.21 110.3 84.66 11.4 13.4 

1-Oct-09 87.24 96.21 110.3 84.86 11.4 13.4 

11-Sep-09 87.24 96.21 110.3 84.88 11.4 13.4 

4-Sep-09 87.24 96.21 110.3 84.98 11.4 13.4 

28-Aug-09 87.24 96.21 110.3 84.86 11.4 13.4 

13-Aug-09 87.24 93.69 107.4 82.88 10.8 13 

7-Aug-09 87.24 91.51 104.9 78.44 13.1 16.7 

31-Jul-09 87.24 89.9 103 78.22 11.7 14.9 

24-Jul-09 87.24 82.53 94.6 72.48 10.1 13.9 

17-Jul-09 87.24 68.92 79 61.68 7.2 11.7 

10-Jul-09 87.24 48.07 55.1 59.82 -11.8 -19.6 

26-Jun-09 87.24 18.83 21.6 17.41 1.4 8.2 

21-Jun-09 87.24 94.93 108.8 84.53 10.4 12.3 

19-Jun-09 87.24 18.51 21.2 17.3 1.2 7 

3-Oct-08 83.73 90.83 108.5 92.09 -1.3 -1.4 

26-Sep-08 83.73 90.83 108.5 92.09 -1.3 -1.4 

19-Sep-08 83.73 90.64 108.3 92.5 -1.9 -2 

12-Sep-08 83.73 90.51 108.1 92.51 -2 -2.2 

5-Sep-08 83.73 89.09 106.4 91.32 -2.2 -2.4 

29-Aug-08 83.73 89.09 106.4 91.32 -2.2 -2.4 

22-Aug-08 83.73 87.05 104 90.89 -3.8 -4.2 

8-Aug-08 83.73 80.77 96.5 90.42 -9.7 -10.7 

1-Aug-08 83.73 69.74 83.3 79.23 -9.5 -12 

25-Jul-08 83.73 69.74 83.3 79.23 -9.5 -12 

18-Jul-08 83.73 58.08 69.4 69.85 -11.8 -16.9 

11-Jul-08 83.73 39.17 46.8 63.38 -24.2 -38.2 

4-Jul-08 83.73 18.23 21.8 20.31 -2.1 -10.2 

26-Oct-07 83.44 93.01 111.5 89.48 3.5 3.9 

28-Sep-07 83.44 90.94 109 87.48 3.5 4 

14-Sep-07 83.44 90.68 108.7 86.89 3.8 4.4 

31-Aug-07 83.44 90.2 108.1 86.14 4.1 4.7 

17-Aug-07 83.44 87.45 104.8 82.49 5 6 

20-Jul-07 83.44 72.28 86.6 64.17 8.1 12.6 

6-Jul-07 83.44 59.6 71.4 37 22.6 61.1 





State-wise cotton purchases (in `000' bales of 170 kgs. each) 

State 2009-10* 2008-09 2007-08 2006-07 

Andhra Pradesh 217 3276 246 528 

Gujarat 12 1236 123 145 

Haryana 32 258 19 15 

Karnataka 4 163 16 12 

Madhya Pradesh 1 737 38 251 

Maharashtra 48 1997 377 384 

Punjab 96 1045 79 43 

Rajasthan 26 155 70 60 

Tamil Nadu 0 0 0 0 

Others 0 0 11 17 

All India 438 8868 979 1455 

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: Cotton: Seeds Ending Prodn., Stock Oil Exports & Price& Prices 

in ‘000’ Tons 

70000 

60000 

50000 

40000 

30000 

20000 

10000 

India ES World ES India Prices New York Cotton no 2 

in Rs 

100 

90 

80 

70 

60 

50 

40 

30 

20 

10 

0 

2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 

2009-10 2010-11 

0 

Source: Agmarknet, & USDA. ES - ending stock, Indian prices Rs/kg, Int. prices Rs/lb 



EDITORIALS 

PROLOGUE 



Cotton state-wise monthly arrivals (`000') tonnes 

Month Rajasthan Madhya Pradesh Gujarat Maharashtra 

Mar-11 15.87 55.27 131.93 46.56 

Feb-11 30.70 49.41 169.65 51.00 

Jan-11 206.11 139.56 318.36 118.26 

Dec-10 429.54 177.20 412.83 186.46 

Nov-10 225.85 103.65 242.75 107.57 

Oct-10 198.65 119.72 265.52 21.99 

Sep-10 1.76 29.97 6.56 0.70 

Aug-10 N/A 0.28 2.99 0.22 

Jul-10 N/A 0.12 3.79 0.21 

Jun-10 N/A 1.29 13.52 0.73 

May-10 0.00 6.22 16.34 5.13 

Apr-10 20.76 35.96 51.19 114.64 

Mar-10 71.94 27.19 84.70 66.77 

Feb-10 122.96 56.24 142.31 123.57 

Jan-10 122.96 98.02 186.95 111.22 

Dec-09 294.10 142.00 329.36 138.22 

Nov-09 283.95 107.32 461.65 61.90 

Oct-09 165.32 53.97 297.09 5.29 

Sep-09 18.35 18.43 71.19 0.11 

Aug-09 0.34 0.41 4.79 0.40 

Jul-09 0.00 0.03 1.59 0.10 

Jun-09 0.00 - 4.72 0.06 

May-09 10.02 0.00 22.21 0.15 

Apr-09 5.87 15.75 104.82 0.45 

Mar-09 35.77 19.27 190.28 27.42 

Feb-09 61.08 12.31 283.86 81.96 

Jan-09 172.67 22.38 305.45 60.24 

Dec-08 277.42 9.54 347.34 109.52 

Nov-08 235.18 7.90 388.74 78.74 

Oct-08 159.95 1.80 207.08 1.58 

Sep-08 31.02 0.30 23.48 0.12 

Aug-08 0.16 1.68 0.12 0.08 

Jul-08 0.01 0.07 0.54 0.01 

Jun-08 0.03 0.01 5.63 - 

May-08 0.00 0.79 25.16 0.00 

Apr-08 3.66 2.98 73.88 3.51 

Mar-08 36.40 5.15 97.72 19.33 

Feb-08 129.53 11.69 132.80 58.71 

Jan-08 232.14 33.60 317.51 92.87 

Dec-07 195.42 47.63 184.58 98.72 

Nov-07 119.05 35.73 151.83 77.12 

Oct-07 143.04 18.93 142.79 25.70 

Sep-07 20.77 9.65 6.59 0.03 

Aug-07 0.18 0.67 0.47 0.00 

Jul-07 0.08 0.16 1.17 0.04 

Jun-07 - 0.70 5.09 0.04 

May-07 0.02 0.10 18.30 0.03 

Apr-07 1.18 3.56 39.18 5.98 

Mar-07 6.99 8.94 70.33 5.54 

Feb-07 29.36 36.24 102.64 30.04 

Jan-07 79.35 77.23 188.54 77.35 

Dec-06 82.63 62.30 220.33 72.16 

Nov-06 58.73 45.51 164.07 38.17 

Oct-06 20.59 18.28 74.53 4.00 

Sep-06 1.77 0.78 7.21 0.01 

Aug-06 0.00 0.05 0.30 0.37 

Jul-06 - 0.55 0.88 0.24 

Jun-06 0.00 0.04 5.16 1.42 

May-06 0.01 1.87 43.67 1.56 

Apr-06 0.81 11.53 89.11 17.52 

Note: ' - ' : Not available 






Production 

2006-07 

2007-08 

2008-09 

2009-10 

2010-11 

2011-12e 

0 20,000 40,000 60,000 80,000 100,000 120,000 140,000 

China India United States Pakistan Brazil Others 


2006-07 

2007-08 

2008-09 

2009-10 

2010-11 

2011-12e 

0 

Imports 

10,000 20,000 30,000 

40,000 

China Bangladesh Turkey Indonesia Vietnam Other 


2006-07 

2007-08 

2008-09 

2009-10 

2010-11 

Exports 

2011-12e 

0 10000 20000 30000 40000 

50000 

United States India Brazil Australia Uzbekistan Others 


2006-07 

2007-08 

2008-09 

2009-10 

2010-11 

Consumption 

2011-12e 

0 50000 100000 

150000 

China India Pakistan Turkey Brazil Others 




EDITORIALS 

PROLOGUE 



Cotton prices and trading activity 

MCX spot prices, Kadi - long cotton (in Rs/candy) MCX Spot prices - Abohar-Sriganganagar - 

Month 

medium cotton (in Rs/maund) 

Monthly average Month's high Month's low Average High Low 

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 

Dec-10 N/A N/A N/A N/A N/A N/A 





Jul-10 N/A N/A N/A 2,956.11 3,012.50 2,921.00 

Jun-10 N/A N/A N/A 2,924.54 2,980.00 2,892.00 

May-10 N/A N/A N/A 2,924.74 3,050.00 2,790.00 

Apr-10 N/A N/A N/A 2,831.18 2,880.00 2,770.00 

Mar-10 28,050.74 28,680.00 27,550.00 2,715.52 2,800.00 2,609.50 

Feb-10 26,647.92 27,550.00 25,970.00 2,540.40 2,620.00 2,483.50 

Jan-10 26,656.40 27,440.00 25,960.00 2,521.10 2,570.00 2,470.00 

Dec-09 26,528.85 27,380.00 25,790.00 2,545.63 2,597.00 2,470.50 

Nov-09 24,893.33 25,980.00 24,180.00 2,373.00 2,544.50 2,282.50 

Oct-09 23,289.23 24,180.00 22,810.00 2,234.75 2,320.50 2,176.00 

Sep-09 23,001.92 23,500.00 22,850.00 2,241.06 2,429.00 2,172.00 

Aug-09 23,618.80 23,950.00 23,430.00 2,502.20 2,523.00 2,466.00 

Jul-09 23,830.74 24,240.00 23,450.00 2,497.06 2,537.50 2,467.00 

Jun-09 23,448.85 23,570.00 23,330.00 2,452.29 2,521.00 2,415.00 

May-09 23,629.60 24,020.00 22,670.00 2,466.23 2,537.00 2,378.50 

Apr-09 22,506.67 22,740.00 22,240.00 2,390.50 2,474.00 2,340.00 

Mar-09 N/A N/A N/A 2,126.62 2,257.00 2,018.50 

Feb-09 20,696.36 21,540.00 20,330.00 2,108.67 2,178.00 2,028.00 

Jan-09 21,417.31 21,740.00 21,160.00 2,197.67 2,243.00 2,136.00 

Dec-08 21,783.85 22,000.00 21,330.00 2,204.12 2,247.00 2,175.00 

Nov-08 22,224.78 22,900.00 21,510.00 2,251.80 2,361.50 2,150.00 

Oct-08 23,440.00 27,350.00 22,020.00 2,453.96 2,648.50 2,347.00 

Sep-08 28,530.80 29,000.00 28,100.00 2,753.22 2,855.00 2,628.50 

Aug-08 27,904.40 28,790.00 27,420.00 2,772.18 2,842.50 2,746.00 

Jul-08 27,682.59 28,480.00 27,360.00 2,809.43 2,910.00 2,703.50 

Jun-08 25,486.80 27,360.00 24,340.00 2,703.10 2,894.00 2,584.00 

May-08 23,496.67 24,520.00 22,830.00 2,523.80 2,636.00 2,418.50 

Apr-08 22,491.58 22,860.00 22,160.00 2,313.14 2,418.50 2,220.00 

Mar-08 22,383.54 23,190.00 21,760.00 2,223.35 2,270.00 2,170.00 

Feb-08 21,425.92 22,210.00 21,259.00 2,177.82 2,246.00 2,139.00 

Jan-08 20,945.46 21,424.00 20,232.00 2,147.54 2,200.00 2,077.50 

Dec-07 19,843.20 20,210.00 19,650.00 2,008.30 2,070.00 1,960.00 

Nov-07 19,926.88 20,090.00 19,840.00 1,970.82 2,020.00 1,926.00 

Oct-07 19,653.31 20,500.00 19,140.00 1,847.90 1,954.00 1,759.00 

Sep-07 20,747.67 20,930.00 20,570.00 2,013.17 2,070.00 1,901.00 

Aug-07 20,485.77 20,760.00 20,290.00 2,084.23 2,172.00 2,025.00 

Jul-07 20,352.69 21,080.00 19,460.00 2,135.89 2,186.50 2,055.00 

Jun-07 19,054.54 19,260.00 18,895.00 2,019.85 2,036.00 2,004.50 

May-07 18,987.52 19,230.00 18,720.00 1,977.72 2,036.00 1,924.50 

Apr-07 19,611.50 20,030.00 19,000.00 1,983.00 2,024.50 1,927.00 

Mar-07 19,185.65 19,440.00 18,705.00 1,951.65 2,024.50 1,850.50 

Feb-07 18,565.88 19,110.00 17,919.00 1,773.15 1,884.50 1,694.00 

Jan-07 17,841.31 18,050.00 17,650.00 1,689.14 1,740.00 1,635.00 

Dec-06 18,035.20 18,150.00 17,800.00 1,727.52 1,750.00 1,710.00 

Nov-06 18,221.88 18,440.00 17,800.00 1,710.42 1,720.00 1,693.00 

Oct-06 18,463.46 19,200.00 18,100.00 1,725.27 1,762.00 1,705.00 

Sep-06 18,715.77 19,900.00 2,000.00 1,816.62 1,900.00 1,755.00 

Aug-06 19,572.69 20,200.00 18,850.00 1,871.73 1,905.00 1,835.00 

Jul-06 18,379.60 18,800.00 17,950.00 1,831.48 1,845.00 1,820.00 

Jun-06 17,083.08 17,950.00 1,760.00 1,810.42 1,820.00 1,800.00 

May-06 17,824.07 18,100.00 17,450.00 1,798.89 1,840.00 1,775.00 

Apr-06 18,139.58 18,300.00 18,000.00 1,802.71 1,860.00 1,725.00 

Source: MCX, Agmarknet; Ministry of Commerce and Industry 




MCX Spot prices, Kapas- Other market spot prices, WPI of Cotton NYBOT – ICE futures 

Surendra Nagar (in Rs/20kg) Mumbai (Rs/Kg) Raw Closing Volume Open 

Average High Low 

DCH - 

32 (Si) 

Shankar-6/ 

Shankar-4 

V-797 

cotton price (US 

cents/lb) 

(in lots)^ interest 

(in lots^^) 

N/A N/A N/A 145.82 117.42 76.99 219.5 144.81 402,298 206,824 

N/A N/A N/A 145.19 125.44 75.23 204.3 126.23 816,199 194,575 

N/A N/A N/A 131.32 112.57 72.61 189.6 125.26 565,286 237,632 

N/A N/A N/A 124.43 103.13 71.00 180.2 104.18 411,504 238,117 

1,123.46 1,127.00 1,119.30 118.24 89.70 61.80 153.1 89.08 307,433 219,593 

N/A N/A N/A 115.41 82.51 57.20 153.1 82.36 314,480 172,451 

N/A N/A N/A 117.69 82.67 58.14 155.7 82.60 472,619 164,188 

584.39 588.40 582.00 120.20 80.10 56.87 152.0 80.05 341,874 189,901 

603.90 632.10 581.90 117.77 79.73 59.41 150.8 82.76 505,420 190,005 

600.36 618.50 582.40 118.12 77.56 56.74 149.0 80.55 322,185 192,841 

589.38 601.40 575.60 111.80 74.32 54.70 146.2 82.61 487,297 173,772 

568.83 574.20 564.00 113.38 75.26 60.05 148.2 69.03 274,990 171,178 

N/A N/A N/A 118.47 74.88 59.77 148.8 75.60 204,646 187,081 

N/A N/A N/A 101.81 67.36 52.10 139.4 70.75 433,337 176,564 

N/A N/A N/A 92.53 64.69 50.74 131.9 67.64 327,499 187,299 

N/A N/A N/A 92.67 63.35 50.76 133.2 61.34 220,480 146,055 

N/A N/A N/A 93.09 66.09 51.41 135.4 57.76 170,995 123,789 

N/A N/A N/A 92.81 67.15 51.12 135.3 57.93 176,482 125,074 

N/A N/A N/A 90.21 65.18 49.71 132.7 53.30 344,591 108,256 

509.90 509.90 509.90 90.73 66.26 48.82 132.7 56.97 261,923 133,749 

506.03 518.20 498.30 89.86 62.72 45.70 129.8 53.49 330,268 121,436 

461.51 502.00 434.60 76.99 58.85 40.64 124.2 46.47 260,781 140,318 

452.92 482.90 441.40 75.94 57.94 42.19 129.9 42.06 316,713 116,304 

N/A N/A N/A 79.43 60.64 53.16 137.4 49.41 253,550 129,490 

N/A N/A N/A 82.47 61.17 53.16 139.2 49.02 169,346 125,564 

N/A N/A N/A 87.75 62.66 53.16 140.9 45.75 423,372 127,006 

N/A N/A N/A 90.00 68.27 56.88 147.0 44.29 387,846 170,969 

N/A N/A N/A 91.41 79.59 62.44 160.9 55.50 403,688 195,316 

N/A N/A N/A 94.33 79.76 62.15 158.3 67.53 293,429 213,856 

N/A N/A N/A 94.08 78.47 60.33 154.7 71.65 281,522 222,053 

N/A N/A N/A 91.55 72.21 55.48 144.8 71.40 690,183 215,451 

N/A N/A N/A 89.30 64.76 50.06 131.8 65.74 427,731 273,411 

504.36 510.90 500.50 87.19 60.22 47.81 125.2 68.74 651,281 246,983 

505.16 508.10 501.20 84.48 60.18 46.85 121.7 69.34 730,160 268,675 

N/A N/A N/A 82.67 59.05 46.40 116.3 79.66 929,808 301,645 

N/A N/A N/A 82.03 58.50 45.14 115.1 67.79 684,489 270,994 

N/A N/A N/A 80.16 55.29 43.03 111.3 68.01 338,439 231,807 

N/A N/A N/A 80.16 55.50 43.24 108.6 58.20 514,179 210,389 

N/A N/A N/A 84.37 55.31 44.25 107.9 64.08 278,600 248,032 

N/A N/A N/A 90.00 57.83 44.33 112.5 62.05 200,552 231,769 

N/A N/A N/A 90.00 57.66 45.07 113.5 58.87 215,267 203,217 

N/A N/A N/A 88.59 57.07 45.98 113.1 63.00 217,426 213,491 

N/A N/A N/A 90.00 53.78 42.86 106.7 58.50 421,689 204,192 

N/A N/A N/A 90.00 53.01 41.76 105.2 51.05 278,518 223,814 

452.11 472.50 424.20 91.05 54.98 44.09 109.7 47.25 650,531 220,781 

451.39 466.90 440.10 92.81 54.17 42.75 99.2 53.57 326,818 232,652 

N/A N/A N/A 90.70 51.47 38.74 93.2 55.55 711,346 202,169 

N/A N/A N/A 90.00 49.85 36.28 95.0 54.00 381,099 191,874 

N/A N/A N/A 90.56 50.17 36.84 96.2 56.19 264,396 170,421 

N/A N/A N/A 101.23 51.18 36.56 97.9 48.90 587,710 159,914 

N/A N/A N/A 100.17 50.80 37.26 99.9 49.28 324,911 185,353 

N/A N/A N/A 106.43 52.68 38.58 103.8 49.30 268,847 182,562 

N/A N/A N/A 102.29 51.38 37.61 102.5 53.05 259,259 172,081 

N/A N/A N/A 103.48 49.17 33.80 96.0 53.45 204,799 163,583 

N/A N/A N/A 104.04 47.99 31.92 91.8 49.75 601,971 160,069 

334.70 334.70 334.70 104.04 48.62 32.06 91.3 50.94 338,300 179,676 

333.28 344.90 324.00 102.36 50.13 32.34 92.7 49.90 530,001 147,886 

Sriganganagar, WPI - Wholesale Price Index; Future prices are for near month continuos futures contract. 



EDITORIALS 

PROLOGUE 



Jute fundamentals - World and India (in `000' tonnes) 

2010-11 2009-10 2008-09 2007-08 2006-07 2001-02 

World 

Area under production (in `000' ha) - 1,264.00 1,234.50 1,330.00 1,280.40 1,438.7 

Production - 2,833.70 2,833.00 2,846.90 2,887.90 2,933.6 

Imports - - 443.8 519.7 364 294.0 

Exports - - 449.6 723.9 463.7 285.9 

India 

Beginning stocks 216 144 396 414 144 126.0 

Production 1,926.00 1,620.00 1,476.00 1,782.00 1,800.00 1,890.0 

Raw jute imports 31.5^ 82.9 59 171.8 94.4 72.0 

Consumption 2,016.00 1,602.00 1,764.00 1,944.00 1,602.00 1,800.0 

Exports of Jute Goods 199.3 110.5 199.8 204.3 242.8 146.1 

Ending Stocks 216 216 144 396 414 288.0 

Variety wise Production of Jute goods 

Hessian 244.4 206.5 297.8 350.3 250.3 275.3 

Sacking 1,076.90 921.6 1,071.40 1,143.00 874.7 1,034.3 

Carpet Backing Cloth 4.7 2.4 4.5 6 2.9 5.0 

Others 239.7 192.6 260 279.7 228.4 286.2 

Total 1,565.70 1,323.30 1,633.70 1,776.00 1,356.30 1,600.8 

Jute product imports 46.2^ 112.8 70.9 57.7 60.9 - 

Area under production (000 Ha) 785 912.7 900.3 960.3 935.1 986.0 

Yield (Kg per Ha) - 1,217.00 1,151.00 1,167.00 1,210.00 1,850.0 


MSP (In Rs/Quintal) 1,575.00 1,375.00 1,250.00 1,055.00 1,000.00 810.0 

Average daily volatility of MCX spot prices 1.87% 2.19% 0.78% 0.67% - - 

Note: World data is for calander year. India data is for financial 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 Total 

2010-11 9.6 0 9.6 

2009-10 0 0 0 

2008-09 103.7 0 103.7 

2007-08 756 0 756 

2006-07 136 348 484 

2005-06 0 141 141 

2004-05 352 0 352 

Note: MSP: Minimum Support Price; Source: Jute Corporation of India 

Jute state-wise area and production 

Area (`000' hectares) 

Production (`000' Bales of 180kg each) 

States/ UT 2009-10 2008-09 2007-08 2006-07 2001-02 2009-10 2008-09 2007-08 2006-07 2001-02 

West Bengal 624 592 617 606 518 8893 7966 8294 8506 604 

Bihar 142 151 154 141 108 1182 1220 1465 1390 95 

Assam 62 65 65 63 86 638 674 684 583 100 

Others 85 92 124 125 161 391 505 768 794 8201 

All India 913 901 960 935 873 11104 10365 11211 11273 9000 

Note: Office of the Jute Commissioner 

Year End Status on No. of Jute Mills,Spindles Installed Workers 

Year No of Mills Workers on Rolls Spindles (Fine) Spindles (Coarse) Capacity Utilisation 

Mills (in '000') (in '000') (in '000') (%) 

2009-10 78 80 600 100 62 

2008-09 77 80 600 100 72 

2007-08 77 90 600 100 71 

2006-07 77 100 600 100 47 

2005-06 77 110 580 100 85 

2004-05 78 120 580 100 89 

Note: Data as on March end; Source: Jute Commissioner, Kolkata 




Jute - All India sowing progress during kharif (in lakh ha) 


area 

in kharif As on date % of Same period Absolute % 

average last year 

1-Oct-10 7.85 7.59 96.7 6.92 0.7 9.7 

10-Sep-10 7.85 7.57 96.4 6.92 0.7 9.4 

3-Sep-10 7.85 7.58 96.5 6.92 0.7 9.5 

20-Aug-10 7.85 7.56 96.3 6.92 0.6 9.2 

13-Aug-10 7.85 7.56 96.3 6.92 0.6 9.2 

6-Aug-10 7.85 7.56 96.3 6.92 0.6 9.2 

30-Jul-10 7.85 7.55 96.1 6.91 0.6 9.3 

23-Jul-10 7.85 7.6 96.8 6.89 0.7 10.3 

16-Jul-10 7.85 7.59 96.7 6.89 0.7 10.2 

9-Jul-10 7.85 7.59 96.7 6.89 0.7 10.2 

2-Jul-10 7.85 7.59 96.7 6.89 0.7 10.2 

28-Aug-09 7.98 6.92 86.7 7.06 -0.1 -2.0 

13-Aug-09 7.98 6.89 86.4 7.06 -0.2 -2.4 

7-Aug-09 7.98 6.89 86.4 7.06 -0.2 -2.4 

31-Jul-09 7.98 6.89 86.4 7.06 -0.2 -2.4 

24-Jul-09 7.98 6.89 86.4 7.06 -0.2 -2.4 

17-Jul-09 7.98 6.89 86.4 7.06 -0.2 -2.4 

10-Jul-09 7.98 6.89 86.4 7 -0.1 -1.6 

26-Jun-09 7.98 6.87 86.1 7 -0.1 -1.9 

21-Jun-09 7.98 6.92 86.7 7.06 -0.1 -2.0 

19-Jun-09 7.98 6.87 86.1 7 -0.1 -1.9 

1-Aug-08 8.24 7.37 89.4 8.26 -0.9 -10.8 

25-Jul-08 8.24 8.61 104.5 7.03 1.6 22.5 

18-Jul-08 8.24 8.61 104.5 7.03 1.6 22.5 

11-Jul-08 8.24 8.66 105.1 7.03 1.6 23.2 

4-Jul-08 8.24 8.66 105.1 7.03 1.6 23.2 

14-Sep-07 8.38 8.29 99 8.18 0.1 1.4 

31-Aug-07 8.38 7.89 94.2 8.18 -0.3 -3.5 

17-Aug-07 8.38 7.89 94.2 8.18 -0.3 -3.5 

20-Jul-07 8.38 7.89 94.2 8.18 -0.3 -3.5 

6-Jul-07 8.38 7.88 94.1 8.18 -0.3 -3.6 

15-Jun-07 8.38 7.82 93.3 8.18 -0.4 -4.4 


Castor: Jute: Production, Seeds Prodn., Consumption Oil Exports & & Prices 

000 tones 

2500 

Production 

Consumption 

Prices 

Rs/qntl 

3000 

2000 

2500 

1500 

2000 

1500 

1000 

1000 

500 

500 

0 

2004-05 2005-06 2006-07 2007-08 2008-09 

2009-10 

2010-11 

0 

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 



EDITORIALS 

PROLOGUE 



Jute monthly spot prices at MCX and other major physical markets in India 

MCX Spot prices - Kolkata (Rs/qtl) 

Other markets monthly average 

Month spot prices (Rs/qtl) WPI of 

Monthly Month©s Month©s T.D.-5 T.D.-5 Raw Jute Jute 

average high low Barddhaman Medinipur Kolkata 

Dec-10 3474.7 3608.0 3352.5 2904.4 3150.0 3436.0 234.4 

Nov-10 3518.9 3597.0 3398.0 2622.1 3066.7 3484.3 234.9 

Oct-10 3406.8 3486.5 3265.5 2819.3 3000.0 3384.7 239.3 

Sep-10 3235.2 3461.0 2945.0 2822.5 3175.0 3247.4 218.0 

Aug-10 2786.3 2993.0 2656.5 2422.2 N/A 2817.0 187.3 

Jul-10 2983.4 3261.5 2636.0 2703.6 N/A 2960.8 189.8 

Jun-10 3334.0 3580.0 2824.5 3022.2 N/A 3260.7 178.1 

May-10 3272.3 3411.0 3158.0 2982.7 3100.0 3233.0 175.1 

Apr-10 3149.9 3219.0 2936.0 2895.0 2800.0 3114.1 172.1 

Mar-10 3106.2 3247.0 2910.5 2838.9 3000.0 3065.8 173.0 

Feb-10 2760.3 2971.0 2683.0 2500.0 2525.0 2717.2 167.2 

Jan-10 2685.0 2685.0 2685.0 2532.5 2500.0 2684.1 164.1 

Dec-09 2679.2 2689.5 2619.0 2400.8 N/A 2675.4 162.7 

Nov-09 2394.2 2601.5 2227.5 2163.3 N/A 2407.4 167.8 

Oct-09 2306.5 2384.0 2220.0 2067.7 N/A 2322.9 178.2 

Sep-09 2109.9 2267.0 1898.5 1766.7 N/A 2097.9 151.6 

Aug-09 2196.3 2700.0 1894.5 1822.7 N/A 2235.8 152.4 

Jul-09 2700.9 2790.0 2644.0 2440.7 N/A 2765.5 153.3 

Jun-09 2704.7 2811.5 2550.0 2478.6 N/A 2771.5 155.0 

May-09 2464.1 2542.0 2369.0 2239.0 N/A 2519.7 154.0 

Apr-09 2311.2 2454.0 2183.0 2051.0 N/A 2377.5 146.1 

Mar-09 2137.6 2197.0 2036.0 1897.5 N/A 2185.3 141.6 

Feb-09 1979.5 2015.0 1961.5 1784.6 N/A 2035.9 140.1 

Jan-09 1925.2 1970.5 1836.0 1705.3 N/A 1972.4 139.5 

Dec-08 1618.8 1787.5 1570.0 1384.8 N/A 1655.8 139.4 

Nov-08 1552.6 1571.0 1529.5 1282.5 N/A 1559.1 138.5 

Oct-08 1560.9 1582.0 1540.5 1266.1 N/A 1559.2 138.8 

Sep-08 1548.9 1590.5 1518.5 1248.5 N/A 1546.0 138.8 

Aug-08 1538.9 1564.5 1512.5 1286.7 N/A 1540.5 137.8 

Jul-08 1403.7 1448.0 1364.0 1230.7 N/A 1489.1 136.6 

Jun-08 1477.5 1514.5 1455.5 1187.1 N/A 1487.0 135.9 

May-08 1455.2 1497.5 1414.0 1150.2 N/A 1463.3 134.8 

Apr-08 1431.9 1493.5 1400.0 1159.2 N/A 1429.2 132.8 

Mar-08 1338.3 1408.0 1258.5 1051.7 N/A 1339.2 129.5 

Feb-08 1217.1 1256.0 1192.0 940.0 N/A 1216.2 126.6 

Jan-08 1209.6 1234.5 1184.0 929.4 N/A 1211.7 125.4 

Dec-07 1218.1 1231.5 1208.5 960.0 N/A 1199.9 126.1 

Nov-07 1232.2 1252.5 1221.0 967.4 N/A 1204.4 126.5 

Oct-07 1215.2 1239.0 1171.0 984.3 N/A 1195.2 122.9 

Sep-07 1241.4 1298.5 1194.0 1059.5 N/A 1239.1 126.6 

Aug-07 1240.6 1313.0 1146.0 1046.1 N/A 1226.3 123.8 

Jul-07 1143.0 1143.0 1143.0 967.8 N/A 1115.5 114.3 

Jun-07 N/A N/A N/A 970.9 950.0 1113.6 115.5 

May-07 N/A N/A N/A 1009.7 N/A 1105.0 114.0 

Apr-07 N/A N/A N/A 1068.6 1150.0 1190.9 117.8 

Mar-07 N/A N/A N/A 1096.4 1194.4 1247.6 118.3 

Feb-07 N/A N/A N/A 1120.0 1200.0 1265.6 120.9 

Jan-07 N/A N/A N/A 1208.8 1236.9 1295.1 124.4 

Dec-06 N/A N/A N/A 1241.5 1280.0 1381.1 130.4 

Nov-06 N/A N/A N/A 1301.0 1337.5 1440.6 131.0 

Oct-06 N/A N/A N/A 1319.5 1343.8 1463.7 132.6 

Sep-06 N/A N/A N/A 1280.5 1224.3 1438.0 134.6 

Aug-06 N/A N/A N/A 1156.7 1174.7 1308.6 130.1 

Jul-06 N/A N/A N/A 1481.5 1375.0 1604.5 145.5 

Jun-06 N/A N/A N/A 1463.4 1528.1 N/A 153.5 

May-06 N/A N/A N/A 1558.0 1610.0 N/A 154.8 

Apr-06 N/A N/A N/A 1565.0 1500.0 N/A 155.5 

Note: N/A - Not Available, WPI - Wholesale Price Index 


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 




Jute futures prices and trading activity 

Month 

Jute monthly MCX futures prices (Rs/qtl) 


Volume 

in lots^ 

Open interest 

in lots^^ 

Dec-10 N/T N/T N/T N/T N/T N/T 

Nov-10 N/T N/T N/T N/T N/T N/T 

Oct-10 N/T N/T N/T N/T N/T N/T 

Sep-10 N/T N/T N/T N/T N/T N/T 

Aug-10 N/T N/T N/T N/T N/T N/T 

Jul-10 N/T N/T N/T N/T N/T N/T 

Jun-10 N/T N/T N/T N/T N/T N/T 

May-10 N/T N/T N/T N/T N/T N/T 

Apr-10 N/T N/T N/T N/T N/T N/T 

Mar-10 N/T N/T N/T N/T N/T N/T 

Feb-10 N/T N/T N/T N/T N/T N/T 

Jan-10 N/T N/T N/T N/T N/T N/T 

Dec-09 N/T N/T N/T N/T N/T N/T 


Oct-09 2330 2473 2251 2319 9981 43 

Sep-09 1922 2321 1922 2259 21325 1449 

Aug-09 2320 2409 1900 1913 20102 1827 

Jul-09 2676 2838 2601 2659 15402 2126 

Jun-09 2639 2915 2639 2778 12610 1510 

May-09 2485 2603 2430 2540 8481 883 

Apr-09 2314 2509 2284 2440 7970 948 

Mar-09 2133 2248 2128 2183 9576 868 

Feb-09 2090 2093 2004 2041 7088 1062 

Jan-09 1904 2017 1895 1996 11376 950 

Dec-08 1632 1810 1625 1798 6393 957 

Nov-08 1620 1643 1580 1597 5178 664 

Oct-08 1675 1680 1558 1571 5372 607 

Sep-08 1617 1640 1581 1584 9008 767 

Aug-08 1620 1649 1533 1543 11749 1102 

Jul-08 1550 1550 1420 1466 11265 1507 

Jun-08 1614 1628 1555 1584 12733 1489 

May-08 1614 1643 1493 1513 10289 1208 

Apr-08 1525 1578 1495 1575 7354 498 

Mar-08 1383 1485 1372 1482 7769 629 

Feb-08 1324 1335 1261 1320 6589 767 

Jan-08 1332 1332 1274 1298 9483 1125 

Dec-07 1368 1374 1283 1216 10272 1169 

Nov-07 1341 1357 1286 1223 7645 1304 

Oct-07 1302 1344 1243 1306 14081 1408 

Sep-07 1401 1401 1230 1248 15487 1479 

Aug-07 1237 1430 1236 1339 19042 1131 

Jul-07 1189 1217 1181 1217 629 240 

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 



EDITORIALS 

PROLOGUE 



Cereals 

Feeding the world 

The term ‘cereals’ is derived from Latin ‘Cerealis’ 

meaning ‘belonging to Ceres,’ the Roman goddess 

of agriculture. Cereals, a type of grass — such 

as wheat, oat, or maize — cultivated for 

edible grains, are by far the most important group of 

crops. Cereal crops constitute carbohydrates, mainly 

starches, which act as a vital nutrient element along 

with a little amount of protein and fat. 

Cereals are particularly important to humans 

because of their role as staple food crops in many parts 

of the world. Besides, they are used to produce animal feed, 

oils, starch, flour, etc. The grass family, Poaceae or Gramineae, 

has five subfamilies with about 10,000 species. Grasses are 

believed to have evolved more than 60-70 million years ago and 

the diverse members of this family vary widely in appearance, 

mating habit, zones of adaptation, physiology, number of chromosomes 

and genome size. The European Union is the world’s 

largest producer of wheat, followed by China. India, 

which produces around 84 million tonnes every year, 

stands at No. 3. 

The wheat market for the fi rst four months of 2010 

had a downtrend, except a short period in mid-January 

where price movements showed an upward blip due 

to increased demand in north India pushing the 

prices to a year high of Rs.1,488.30/quintal. Wheat 

prices opened the year at Rs.1,422.9/qntl, and since 

then remained under pressure due to huge carryover 

stocks from previous two seasons and an expected 

bumper harvest on the back of favorable weather 

conditions boosting the yield. As the new season 

was approaching, traders were anxious to offl oad old 

stocks to avoid losses and make way for new season 

Wheat prices 

consolidated in the 

range of Rs.1,200- 

Rs.1,300/qntl during 

May to November 

2010. 

1600 

1500 

1400 

1300 

1200 

1100 

1000 

1-Jan-10 

Source: MCX 

harvest. By April 6, 2010, this pushed wheat prices to a year 

low of Rs.1,138.3/qntl. 

During the peak arrivals (late April-early May) 

wheat prices consolidated in a narrow range of 

Rs.1,150 to Rs.1,175/qntl and remained stable. 

Given the lower prices, after selling a part of the 

produce, initially, for meeting immediate cash need, 

farmers held back the remaining portion for selling 

later in expectations of gains from a seasonal rise 

in prices. Their strategy paid-off, as the prices actually 

rose since mid-May. Supply pressure was such that the prices 

again consolidated, though in a higher range of Rs.1,200- 

Rs.1,300/qntl during May to November 2010. In the second half 

of November, wheat prices breached the Rs.1,300 mark as at 

that time of season availability begins to dwindle and demand for 

wheat for use as seed increases. Wheat prices closed the year at 

Rs.1,323.3/qntl, a fall of 7% year-on-year. 

29-Jan-10 

MCX wheat spot prices in 2010 

Expectation of a bumper 

harvest for the third 

year in a row – stockiest 

offloading inventories 

26-Feb-10 

26-Mar-10 

23-Apr-10 

Farmers holding back their 

produce in expectations 

of higher prices 

21-May-10 

18-Jun-10 

16-Jul-10 

Wheat (Rs/qtl) 

Huge inventories kept a check 

on price increases 

13-Aug-10 

10-Sep-10 

8-Oct-10 

5-Nov-10 

3-Dec-10 

31-Dec-10 


Exchange 

(contract) 


Annualised 

Volatility 

Volume 

(in lots)^ 

MCX (10 tonnes) Rs/ qntl.* 1,422.90 1,488.30 1,138.30 1,323.30 10.56% 4676 

Wheat 

CBOT (136 tonnes) US Cent/ bu 544.75 841.00 425.50 794.25 38.24% 23,058,783 

Note: Âll contracts – all variants; *spot prices Source: Exchanges’ websites 






EDITORIALS 

PROLOGUE 



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 96,873 93,919 91,533 79,966 75,098 76,614 1,46,706 

Production 4,56,248 4,51,160 4,40,058 4,47,498 4,32,654 4,19,992 3,99,694 

Imports 30,044 30,271 28,111 27,177 29,908 28,367 26,077 

Consumption 4,53,434 4,46,054 4,34,584 4,34,183 4,26,027 4,18,443 4,12,738 

Exports 31,803 32,423 31,199 28,925 31,667 31,432 26,883 

Total Supply 5,83,165 5,75,350 5,59,702 5,54,641 5,37,660 5,24,973 5,72,477 

Ending Stocks 97,928 96,873 93,919 91,533 79,966 75,098 1,32,856 

Area Harvested (1000 Ha) 1,60,029 1,58,615 1,56,022 1,57,872 1,55,325 1,54,596 1,51,364 

Yield (Rough) (MT/Ha) 4.27 4.27 4.22 4.24 4.15 4.05 3.93 

India 


Production 97,000 95,300 89,090 99,180 96,690 93,350 93,340 

Imports - - - - - - - 

Consumption 93,000 91,000 85,690 91,090 90,466 86,700 87,611 

Exports 3,500 3,000 1,900 2,090 4,654 5,740 6,300 

Total Supply 1,18,800 1,15,800 1,08,090 1,12,180 1,08,120 1,03,870 1,18,391 

Ending Stocks 22,300 21,800 20,500 19,000 13,000 11,430 24,480 

Area Harvested (1000 Ha) 44,500 44,000 41,850 45,400 43,770 44,000 44,600 

Yield (Rough) (MT/Ha) 3.27 3.25 3.19 3.28 3.31 3.18 3.14 

Certified Seed Distribution - - - 5,818.0 4,893.0 4,351.0 2,558.0 

CBOT price* (Rs./qtl) - 1238.5 1094.0 1251.5 1564.2 873.5 356.9 

Indian Price (Rs. /qtl) - 2,351 2,238 1,883 1,568 1,440 1,315 

MSP (Rs. /qtl) 1,120 1,100 1,080 1,000 850 700 610 

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) 

Supply 

Demand 


stocks 

stocks 

China 42,572 138,000 475 136,500 600 43,947 

India 21,800 97,000 0 93,000 3,500 22,300 

United States 1,588 6,036 572 4,018 3,113 1,065 

EU-27 957 1,899 1,170 2,800 350 876 

Russia 105 725 130 725 130 105 

Australia 97 710 100 350 450 107 

Canada 0 0 350 350 0 

Others 29,754 211,878 27,247 215,691 23,660 29,528 

World Total 96,873 456,248 30,044 453,434 31,803 97,928 

Note: e - source estimates provided by USDA, Data retrived on August 29, 2011. Source: USDA 




Rice - BRICS Nations fact sheet (in `000' tonnes) 

World Production Import Export Consumption Net Population Per capita Per capita 


(kg) 

(kg) 

Brazil 7,900 600 600 8,400 9,645 206.47 46.71 40.68 

Russia 725 130 130 725 960 137.97 6.96 5.25 

2011-12e India 97,000 0 3,500 93,000 118,800 1,208.36 98.31 76.96 

China 138,000 475 600 136,500 181,047 1,341.85 134.92 101.72 

South Africa 0 800 30 760 837 49.83 16.80 15.25 

Brazil 9,350 400 650 8,400 10,195 203.43 50.12 41.29 

Russia 690 200 120 720 945 138.74 6.81 5.19 

2010-11 India 95,300 0 3,000 91,000 115,800 1,189.17 97.38 76.52 

China 137,000 540 502 135,000 178,074 1,336.72 133.22 100.99 

South Africa 0 760 25 740 802 49.00 16.37 15.10 

Brazil 7,657 688 502 8,310 9,257 201.10 46.03 41.32 

Russia 590 240 154 670 879 139.39 6.31 4.81 

2009-10 India 89,090 0 1,900 85,690 108,090 1,173.11 92.14 73.05 

China 136,570 388 650 134,320 175,504 1,330.14 131.94 100.98 

South Africa 0 786 23 759 824 49.11 16.78 15.46 

Brazil 8,570 675 569 0 9,881 198.74 49.72 42.27 

Russia 480 230 90 640 779 140.04 5.56 4.57 

2008-09 India 99,180 0 2,090 91,090 112,180 1,166.08 96.20 78.12 

China 134,330 201 747 133,000 172,293 1,338.61 128.71 99.36 

South Africa 0 578 27 703 768 49.05 15.66 14.33 

Brazil 8,199 422 550 8,350 9,536 196.34 48.57 42.53 

Russia 460 237 21 676 766 140.70 5.44 4.80 

2007-08 India 96,690 0 4,654 90,466 108,120 1,148.00 94.18 78.80 

China 130,224 445 1,372 127,450 166,584 1,330.04 125.25 95.82 

South Africa 0 1,026 9 927 1,126 48.78 23.08 19.00 

Brazil 7,695 732 242 8,400 9,557 190.01 50.30 44.21 

Russia 445 221 12 689 770 141.38 5.45 4.87 

2006-07 India 93,350 0 5,740 86,700 103,870 1,129.87 91.93 76.73 

China 127,200 472 1,340 127,200 164,455 1,321.85 124.41 96.23 

South Africa 0 797 15 842 957 44.00 21.75 19.14 

Note: e - source estimates provided by USDA, Data retrieved on August 29, 2011, Population figures 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 


Production (`000' tonnes) 

States/ UT 2010 2009 2008 2007 2006 2001 2010 2009 2008 2007 2006 2001 

-11 -10 -09 -08 -07 -02 -11 -10 -09 -08 -07 -02 

Andhra Pradesh 4,563 3,441 4,387 3,984 3,978 3,825 8,645 10,538 14,241 13,324 11,872 11,390 

Bihar 2,750 3,214 3,496 3,573 3,357 3,552 3,070 3,599 5,590 4,418 4,989 5,203 

Orissa 4,322 4,365 4,455 4,452 4,450 4,500 5,661 6,918 6,813 7,541 6,825 7,148 

Tamil Nadu 1,889 1,846 1,932 1,789 1,931 2,060 5,400 5,665 5,183 5,040 6,611 6,584 

uttar Pradesh 5,671 5,187 6,034 5,709 5,921 6,071 12,202 10,807 13,097 11,780 11,124 12,856 

West bengal 4,760 5,630 5,936 5,720 5,687 6,069 14,882 14,341 18,037 14,720 14,746 15,257 

Maharastra 1,581 1,470 1,522 1,574 1,529 1,514 3,221 2,183 2,284 2,996 2,569 2,651 

Others 18,464 16,698 17,639 17,114 16,960 17,313 27,332 35,042 33,937 36,874 34,619 32,251 

All India 44,000 41,850 45,400 43,914 43,814 44,904 80,412 89,093 99,182 96,693 93,355 93,340 

Note: *-1st Advance estimates released on 23.09.2010. 

Source: Dept. of Agriculture, GOI and from various Lok Sabha Unstarred Questions 



EDITORIALS 

PROLOGUE 



Rice - All India sowing progress during kharif/rabi (in lakh ha) 

Date Average a Area Sown reported Change vis-a vis 

Season are in As on % of Same prev year 

kharif/rabi date average period 

last year Absolute % 

Rabi [2010-11] 4/8/2011 42.57 44.51 104.60 44.30 0.20 -2.60 

Rabi [2010-11] 4/1/2011 42.57 43.98 103.30 43.93 0.00 -2.50 

Rabi [2010-11] 3/25/2011 42.57 43.48 102.10 43.12 0.40 -3.00 

Rabi [2010-11] 3/18/2011 42.57 42.82 100.60 42.64 0.20 -1.80 

Rabi [2010-11] 3/11/2011 42.57 41.61 97.70 41.74 -0.10 -3.00 

Rabi [2010-11] 3/4/2011 42.57 39.79 93.50 40.57 -0.80 -3.20 

Rabi [2010-11] 2/25/2011 42.57 35.77 84.00 36.53 -0.80 0.20 

Rabi [2010-11] 2/18/2011 42.57 30.53 71.70 35.08 -4.60 -2.70 

Rabi [2010-11] 2/4/2011 42.57 24.12 56.70 26.93 -2.80 -0.60 

Rabi [2010-11] 1/28/2011 42.54 19.46 45.70 21.88 -2.40 6.30 

Rabi [2010-11] 1/21/2011 42.54 13.40 31.50 17.57 -4.20 0.30 

Rabi [2010-11] 1/14/2011 42.54 9.21 21.70 12.67 -3.50 -1.00 

Rabi [2010-11] 12/24/2010 42.57 2.74 6.40 4.22 -1.50 0.60 

Rabi [2010-11] 12/10/2010 42.57 1.87 4.40 3.03 -1.20 -0.10 

Rabi [2010-11] 11/26/2010 42.57 0.96 2.30 2.05 -1.10 0.10 

Kharif [2010-11] 10/29/2010 395.10 358.64 90.80 335.33 23.30 -30.40 

Kharif [2010-11] 10/22/2010 395.10 355.12 89.90 332.87 22.30 -31.10 

Kharif [2010-11] 10/15/2010 395.10 354.78 89.80 332.74 22.00 -30.00 

Kharif [2010-11] 10/8/2010 395.10 352.80 89.30 331.42 21.40 -28.70 

Kharif [2010-11] 10/1/2010 395.10 351.17 88.90 330.30 20.90 -30.20 

Kharif [2010-11] 9/10/2010 395.10 336.75 85.20 313.53 23.20 -32.00 

Kharif [2010-11] 9/3/2010 395.10 318.75 80.70 298.94 19.80 -42.70 

Kharif [2010-11] 8/20/2010 395.10 297.53 75.30 276.84 20.70 -27.10 

Kharif [2010-11] 8/13/2010 395.10 274.06 69.40 251.24 22.80 -8.00 

Kharif [2010-11] 8/6/2010 395.10 244.83 62.00 225.75 19.10 -6.30 

Kharif [2010-11] 7/30/2010 395.10 212.32 53.70 191.93 20.40 -19.00 

Kharif [2010-11] 7/23/2010 395.10 169.71 43.00 157.67 12.00 -0.30 

Kharif [2010-11] 7/16/2010 395.10 124.78 31.60 122.40 2.40 1.90 

Kharif [2010-11] 7/9/2010 395.10 72.30 18.30 68.67 3.60 5.30 

Kharif [2010-11] 7/2/2010 395.10 46.46 11.80 45.43 1.00 2.30 

Rabi [2009-10] 4/16/2010 39.80 44.42 111.60 47.69 -3.30 -6.90 

Rabi [2009-10] 4/9/2010 39.80 44.25 111.20 47.55 -3.30 -6.90 

Rabi [2009-10] 3/26/2010 39.80 4.44 106.60 46.69 -4.30 -9.10 

Rabi [2009-10] 3/12/2010 39.80 40.29 101.20 44.22 -3.90 -8.90 

Rabi [2009-10] 3/5/2010 39.80 39.59 99.50 43.23 -3.60 -8.40 

Rabi [2009-10] 2/26/2010 39.80 36.58 91.90 40.77 -4.20 -10.30 

Rabi [2009-10] 2/19/2010 39.80 34.92 87.70 36.59 -1.70 -4.60 

Rabi [2009-10] 2/12/2010 39.80 32.35 81.30 32.52 -0.20 -0.50 

Rabi [2009-10] 2/5/2010 39.80 22.61 56.80 23.75 -1.10 -4.80 

Rabi [2009-10] 1/15/2010 39.80 12.60 31.70 10.98 1.60 14.80 

Rabi [2009-10] 1/8/2010 39.80 6.38 16.00 5.23 1.20 22.00 

Rabi [2009-10] 12/18/2009 39.80 3.99 10.00 2.73 1.30 46.20 

Rabi [2009-10] 12/11/2009 39.80 3.36 8.40 2.11 1.30 59.20 

Kharif [2009-10] 10/23/2009 391.97 328.17 83.70 389.19 -61.00 -15.70 

Kharif [2009-10] 10/16/2009 391.97 327.40 83.50 388.26 -60.90 -15.70 

Kharif [2009-10] 10/9/2009 391.97 324.28 82.70 386.89 -62.60 -16.20 

Kharif [2009-10] 10/1/2009 391.97 322.05 82.20 381.33 -59.30 -15.50 

Kharif [2009-10] 9/11/2009 391.97 308.72 78.80 371.07 -62.40 -16.80 

Kharif [2009-10] 9/4/2009 391.97 302.20 77.10 365.80 -63.60 -17.40 

Kharif [2009-10] 8/28/2009 391.97 289.28 73.80 358.17 -68.90 -19.20 

Kharif [2009-10] 8/21/2009 391.97 272.83 69.60 341.44 -68.60 -20.10 

Kharif [2009-10] 8/13/2009 391.97 247.39 63.10 304.49 -57.10 -18.80 

Contd... 








Absolute 

last year 

% 

Kharif [2009-10] 8/7/2009 391.97 228.19 58.20 285.94 -57.80 -20.20 

Kharif [2009-10] 7/31/2009 391.97 191.30 48.80 256.76 -65.50 -25.50 

Kharif [2009-10] 7/24/2009 391.97 168.34 42.90 223.12 -54.80 -24.60 

Kharif [2009-10] 7/17/2009 391.97 114.63 29.20 145.21 -30.60 -21.10 

Kharif [2009-10] 7/10/2009 391.97 74.28 19.00 106.46 -32.20 -30.20 

Kharif [2009-10] 6/26/2009 391.97 18.28 4.70 25.20 -6.90 -27.50 

Kharif [2009-10] 6/19/2009 391.97 8.01 2.00 7.15 0.90 12.00 

Rabi [2008-09] 4/17/2009 37.31 47.34 126.90 44.42 2.90 6.60 

Rabi [2008-09] 3/27/2009 37.31 46.47 124.50 43.67 2.80 6.40 

Rabi [2008-09] 3/13/2009 37.31 44.58 119.50 40.39 4.20 10.40 

Rabi [2008-09] 2/27/2009 37.31 35.62 95.50 31.83 3.80 11.90 

Rabi [2008-09] 2/20/2009 37.31 33.25 89.10 30.32 2.90 9.70 

Rabi [2008-09] 2/13/2009 37.31 29.18 78.20 26.83 2.30 8.80 

Rabi [2008-09] 2/6/2009 37.31 24.74 66.30 23.00 1.70 7.60 

Rabi [2008-09] 1/30/2009 37.31 13.13 35.20 12.19 0.90 7.70 

Rabi [2008-09] 1/23/2009 37.31 13.13 35.20 12.19 0.90 7.70 

Rabi [2008-09] 1/16/2009 37.31 10.23 27.40 10.25 0.00 -0.20 

Rabi [2008-09] 1/9/2009 37.31 5.60 15.00 6.02 -0.40 -7.00 

Rabi [2008-09] 1/2/2009 37.31 3.83 10.30 3.45 0.40 11.00 

Rabi [2008-09] 12/26/2008 37.31 2.17 5.80 2.49 -0.30 -12.90 

Rabi [2008-09] 12/19/2008 37.31 2.17 5.80 2.49 -0.30 -12.90 

Rabi [2008-09] 12/12/2008 37.31 1.98 5.30 2.15 -0.20 -7.90 

Rabi [2008-09] 12/5/2008 37.31 1.48 4.00 1.84 -0.40 -19.60 

Rabi [2008-09] 11/28/2008 37.31 0.87 2.30 1.27 -0.40 -31.50 

Rabi [2008-09] 11/21/2008 37.31 0.60 1.60 0.88 -0.30 -31.80 

Rabi [2008-09] 11/14/2008 37.31 0.15 0.40 0.29 -0.10 -48.30 

Rabi [2008-09] 11/7/2008 37.31 0.05 0.10 0.18 -0.10 -72.20 

Kharif [2008-09] 10/17/2008 391.17 384.75 98.40 373.79 11.00 2.90 

Kharif [2008-09] 10/10/2008 391.17 381.54 97.50 370.87 10.70 2.90 

Kharif [2008-09] 10/3/2008 391.17 381.35 97.50 369.17 12.20 3.30 

Kharif [2008-09] 9/26/2008 391.17 379.74 97.10 367.33 12.40 3.40 

Kharif [2008-09] 9/19/2008 391.17 373.51 95.50 361.81 11.70 3.20 

Kharif [2008-09] 9/12/2008 391.17 368.78 94.30 350.32 18.50 5.30 

Kharif [2008-09] 9/5/2008 391.17 361.46 92.40 345.45 16.00 4.60 

Kharif [2008-09] 8/29/2008 391.17 344.76 88.10 329.52 15.20 4.60 

Kharif [2008-09] 8/22/2008 391.17 324.63 83.00 303.56 21.10 6.90 

Kharif [2008-09] 8/8/2008 391.17 251.10 64.20 234.61 16.50 7.00 

Kharif [2008-09] 8/1/2008 391.17 231.32 59.10 207.57 23.80 11.40 

Kharif [2008-09] 7/25/2008 391.17 170.06 43.50 143.06 27.00 18.90 

Kharif [2008-09] 7/18/2008 391.17 148.88 38.10 121.18 27.70 22.90 

Kharif [2008-09] 7/11/2008 391.17 92.38 23.60 86.90 5.50 6.30 

Kharif [2008-09] 7/4/2008 391.17 55.95 14.30 47.08 8.90 18.80 

Contd... 



EDITORIALS 

PROLOGUE 







last year 

Absolute % 

Rabi [2007-08] 4/25/2008 37.32 42.22 113.10 42.12 0.10 0.24 

Rabi [2007-08] 4/11/2008 37.32 43.41 116.30 41.37 2.04 4.90 

Rabi [2007-08] 4/4/2008 37.32 43.17 115.70 40.70 2.47 6.10 

Rabi [2007-08] 3/28/2008 37.32 42.84 114.80 40.70 2.14 5.30 

Rabi [2007-08] 3/14/2008 37.32 40.66 109.00 39.15 1.51 3.90 

Rabi [2007-08] 3/7/2008 37.32 38.87 104.20 37.47 1.40 3.70 

Rabi [2007-08] 2/29/2008 37.32 38.08 102.00 35.92 2.16 6.00 

Rabi [2007-08] 2/22/2008 37.32 34.91 93.60 33.23 1.68 5.10 

Rabi [2007-08] 2/15/2008 37.32 34.10 91.40 32.41 1.69 5.20 

Rabi [2007-08] 2/8/2008 37.32 21.49 57.60 21.74 -0.25 -1.10 

Rabi [2007-08] 2/1/2008 37.32 19.84 53.20 20.06 -0.22 -1.10 

Rabi [2007-08] 1/25/2008 37.32 15.84 42.40 15.98 -0.14 -0.90 

Rabi [2007-08] 1/18/2008 37.32 8.54 22.90 9.05 -0.51 -5.60 

Rabi [2007-08] 1/4/2008 37.32 4.01 10.70 3.99 0.02 0.50 

Rabi [2007-08] 12/28/2007 37.32 4.01 10.70 3.99 0.02 0.50 

Rabi [2007-08] 12/14/2007 37.32 2.52 6.80 2.58 -0.06 -2.30 

Rabi [2007-08] 12/7/2007 37.32 1.94 5.20 1.84 0.10 5.40 

Rabi [2007-08] 11/30/2007 37.32 1.47 3.90 1.53 -0.10 -3.90 

Rabi [2007-08] 11/23/2007 37.32 0.90 2.40 1.18 -0.30 -23.70 

Rabi [2007-08] 11/16/2007 37.32 0.35 0.90 0.36 0.00 -2.80 

Rabi [2007-08] 11/2/2007 37.32 0.18 0.50 0.06 0.10 - 

Kharif [2007-08] 10/19/2007 381.89 372.75 97.60 371.02 1.70 0.50 

Kharif [2007-08] 10/12/2007 381.89 371.73 97.30 368.89 2.80 0.80 

Kharif [2007-08] 10/5/2007 381.89 369.32 96.70 366.62 2.70 0.70 

Kharif [2007-08] 9/28/2007 381.89 365.92 95.80 364.22 1.70 0.50 

Kharif [2007-08] 9/21/2007 381.89 363.15 95.10 361.65 1.50 0.40 

Kharif [2007-08] 9/14/2007 381.89 355.73 93.10 355.16 0.60 0.20 

Kharif [2007-08] 9/7/2007 381.89 346.91 90.80 345.32 1.60 0.50 

Kharif [2007-08] 8/31/2007 381.89 337.00 88.20 334.18 2.80 0.80 

Kharif [2007-08] 8/24/2007 381.89 319.04 83.50 322.76 -3.70 -1.20 

Kharif [2007-08] 8/17/2007 381.89 278.37 72.90 281.26 -2.90 -1.00 

Kharif [2007-08] 8/10/2007 381.89 260.77 68.30 261.74 -1.00 -0.40 

Kharif [2007-08] 8/3/2007 381.89 219.89 57.60 223.03 -3.10 -1.40 

Kharif [2007-08] 7/20/2007 381.89 116.78 30.60 115.37 1.40 1.20 

Kharif [2007-08] 7/13/2007 381.89 54.40 14.20 54.96 -0.60 -1.00 

Kharif [2007-08] 7/6/2007 381.89 46.02 12.10 47.72 -1.70 -3.60 

Source: Department of Agriculture Cooperation, GOI 




Rice public distribution system: procurement, off-take and stocks (in million tonnes) 

Procurement Procurement Issue Price (Rs/qtl) Offtake Stocks under 

Year price paddy under PDS 

Grade A APL BPL AAY TPDS % 

(Rs/qtl) 

2010-11 25.35* 1100.00 830.00 565.00 300.00 - - 

2009-10 32.03 1080.00 830.00 565.00 300.00 23.40 22.88 

2008-09 34.10 1000.00 830.00 565.00 300.00 22.10 21.60 

2007-08 28.74 850.00 830.00 565.00 300.00 22.50 13.84 

2006-07 25.08 700.00 830.00 565.00 300.00 21.10 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 

Punjab 8,630 9,275 8,554 7,981 7,828 7,282 

Andhra Pradesh 4,140 7,555 9,058 7,597 5,327 6,425 

Uttar Pradesh 2,150 2,901 4,007 2,891 2,549 1,936 

Orissa 1,550 2,497 2,801 2,357 1,993 1,253 

West Bengal 810 1,240 1,744 1,429 644 48 

Others 7,900 8,566 7,940 6,485 6,734 5,184 

All-India 25,180 32,034 34,104 28,740 25,075 22,128 

Note: *: Data for Oct to Apr; ^:Position as on 15.11.2010, 

Source: Department of Food & Public Distribution, GOI 

‘000’ tonnes 

25000 

20000 

India ES 

World ES (in 10X) 

India prices 

CBOT prices 

Rice: Ending Stock & Prices 

Prices 

2500 

2000 

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 

0 

Source: Agmarknet, CME & USDA. ES - ending stock, Indian prices Rs/qntl, Int. prices cents/CWT 



EDITORIALS 

PROLOGUE 



Rice state-wise monthly arrivals (in `000' tonnes) 

Month West Bengal Andhar Pradesh Uttar Pradesh Punjab Orissa 

Mar-11 82.79 0.65 134.78 - 14.97 

Feb-11 70.82 0.67 146.32 - 16.17 

Jan-11 82.02 1.18 263.95 - 17.47 

Dec-10 92.04 9.65 288.94 13.73 197.34 

Nov-10 75.10 6.83 237.88 52.06 10.58 

Oct-10 69.08 0.62 217.59 12.26 8.51 

Sep-10 91.43 671.63 197.82 0.10 11.75 

Aug-10 95.00 1.70 210.87 - 12.24 

Jul-10 85.83 0.86 155.76 - 8.27 

Jun-10 95.29 2.76 69.27 - 9.17 

May-10 85.09 0.05 71.00 - 10.84 

Apr-10 66.60 2.47 77.47 0.11 11.05 

Mar-10 90.77 2.72 98.57 0.01 13.09 

Feb-10 87.69 3.95 84.28 0.04 13.61 

Jan-10 68.46 0.42 110.41 0.01 12.93 

Dec-09 48.96 0.28 127.75 8.88 11.72 

Nov-09 46.79 0.55 141.44 65.84 8.90 

Oct-09 50.63 6.00 96.59 19.05 11.96 

Sep-09 38.31 82.02 68.21 0.34 13.44 

Aug-09 42.03 0.00 60.47 0.22 13.40 

Jul-09 54.44 - 58.61 - 13.75 

Jun-09 48.51 0.17 49.35 - 13.09 

May-09 73.74 0.34 49.63 - 10.81 

Apr-09 78.08 0.28 55.94 0.04 17.86 

Mar-09 98.04 0.21 64.24 - 34.93 

Feb-09 65.26 0.06 67.49 0.01 23.02 

Jan-09 50.87 0.00 107.60 - 26.04 

Dec-08 75.94 0.00 126.57 1.30 18.66 

Nov-08 55.03 0.00 116.74 14.26 13.43 

Oct-08 48.93 0.02 78.60 10.64 16.19 

Sep-08 73.25 1.33 53.28 - 38.19 

Aug-08 62.61 - 47.25 - 13.68 

Jul-08 45.60 0.00 56.34 - 24.11 

Jun-08 45.06 0.00 53.46 - 13.01 

May-08 44.48 0.00 62.33 - 11.06 

Apr-08 29.45 0.00 64.70 - 12.90 

Mar-08 38.11 0.00 71.40 - 30.10 

Feb-08 38.59 0.07 97.46 - 92.83 

Jan-08 47.29 0.15 118.26 - 179.83 

Dec-07 46.51 0.21 141.91 0.04 175.99 

Nov-07 53.80 0.26 192.24 - 37.40 

Oct-07 70.05 0.11 114.81 - 13.85 

Sep-07 228.00 0.07 77.58 - 17.19 

Aug-07 256.10 0.23 126.09 - 22.80 

Jul-07 284.38 0.38 136.88 - 23.49 

Jun-07 239.93 0.12 81.72 - 19.62 

May-07 212.12 0.32 86.06 - 34.45 

Apr-07 103.07 0.48 50.08 - 33.95 

Mar-07 86.98 0.20 64.20 - 38.94 

Feb-07 55.61 0.18 68.66 - 22.62 

Jan-07 27.05 0.10 94.80 - 42.89 

Dec-06 36.80 - 101.41 - 23.43 

Nov-06 57.58 0.04 84.86 - 19.25 

Oct-06 50.45 0.14 59.94 - 8.29 

Sep-06 66.43 0.15 69.10 - 12.53 

Aug-06 99.68 1.02 73.45 - 9.59 

Jul-06 81.05 1.44 87.20 1.37 24.51 

Jun-06 68.84 0.49 188.12 - 19.52 

May-06 50.44 0.36 197.30 - 22.45 

Apr-06 41.89 0.26 169.21 - 19.21 






Production 

2006-07 

2007-08 

2008-09 

2009-10 

2010-11 

2011-12e 

0 

100,000 200,000 300,000 400,000 

500,000 

China India Indonesia Bangladesh Vietnam Others 


Imports 

2006-07 

2007-08 

2008-09 

2009-10 

2010-11 

2011-12e 

0 

5,000 10,000 15,,000 20,000 20,000 30,000 35,000 

Philippines Nigeria Iran Indonesia Iraq Other 


Exports 

2006-07 

2007-08 

2008-09 

2009-10 

2010-11 

2011-12e 

0 

5,000 10,000 15,,000 20,000 20,000 30,000 35,000 

Thailand Vietnam Pakistan India United States Others 


2006-07 

2007-08 

2008-09 

2009-10 

2010-11 

Consumption 

2011-12e 

0 

100,000 200,000 300,000 400,000 

500,000 

China India Indonesia Bangladesh Vietnam Other 




EDITORIALS 

PROLOGUE 



Rice prices and trading activity 

Andhra 

Pradesh 

Orissa 

Uttar Pradesh 

West Bengal 

Month 

“Rice 

Average 

(Rs./Quintal)” 

“Rice Average 






“Barddhaman 

Kalna Rice 

Fine 


“Birbhum 

Sainthia Rice 

Fine 


“Koch Bihar 

Dinhata Rice 

Fine 


“Barddhaman 

Kalna Rice 

Paddy fine 


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 




“Koch Bihar 

Dinhata Rice 

Paddy fine 


WPI of Rice 

(Base Year = 

2004-05) 

Rice 5% 

broken FOB 

Bangkok ($/ 

mt) 

Thailand Vietnam Rice CBOT trading activity 

Rice 25% 

broken FOB 

Bangkok ($/ 

mt) 

Rice A.1 Super 

FOB Bangkok 

($/mt) 

Rice 5% 

broken FOB 

Hanoi ($/mt) 

Futures 

closing price 

(US cents per 

CWT) 

Volume (in 

lots)^ 

Open 

interest (in 

lots)^^ 

1097.78 171.1 532 479.8 413.4 528.29 14 46527 18858 

1166.43 170.3 514.5 477.5 427.75 508.03 13.88 35869 17447 

1343 168.7 486 457 428.25 477.68 14.43 63797 19079 

1367.78 166.6 476.5 448 412 454.96 12.57 27028 17542 

1327.5 164.4 452.75 412 369 422.86 11.09 50454 18380 

1311.67 165.9 441.8 395.6 349.8 355.36 10.56 30201 17286 

1236.11 164.3 440 392 329.5 358.22 9.43 42003 14053 

1263.33 163.5 451.33 396.67 329 368.82 11.64 20088 15425 

1241.25 163.5 466 408.67 343 371.17 12.36 40618 16143 

1208.12 163.3 502.2 445.6 377 392.57 12.22 28025 16994 

1162.22 164.1 535 474.67 405 421.79 13.43 42590 15452 

1137 164.7 568.8 510.6 420.2 485.28 14.2 22279 14965 

1100 164.5 591 515.25 403 NA 14.57 47972 15828 

1000.56 162.6 542.75 460.25 337 NA 15.31 28406 16323 

1091.25 160.2 493 412.8 298.4 NA 14.36 35917 13726 

1163.57 157.6 518.75 428 303.25 NA 13.32 17685 11047 

1132.5 153.1 526.25 432.75 305.5 NA 13.86 30889 10849 

1057.5 151.4 572 463.5 320.25 NA 13.77 16453 9054 

996.25 151.8 574.5 476 320.75 NA 12.23 19058 8012 

1000.71 151 533 454 322.4 NA 12.35 14646 8990 

1005.83 150.9 549.67 446 335.67 NA 12.9 18200 7978 

1124.38 151.1 588.25 471.5 332 NA 12.41 13786 6863 

1030 149.3 590.75 472.75 319.5 NA 12.37 18971 6603 

1117.86 147 580 464 318.6 NA 11.77 15255 7310 

1088.33 146.3 531.8 422 287 NA 15.34 15970 6372 

1112.5 146.3 552 440.25 307 NA 13.21 12744 6712 

NA 145 609.25 487.5 348.25 NA 15.05 28356 7159 

1121.25 135.7 683.8 651 420.4 NA 18.9 19696 8977 

1165 134.9 693.5 657.5 468.75 NA 18.9 23016 11245 

1070 133.9 731.75 700 546.5 NA 16.58 19045 13202 

1017.5 132.6 757 NA 591 NA 20.21 30675 14864 

1018.33 132.7 901.8 NA 727.4 NA 19.1 37426 18639 

1010.71 132.6 907 NA 762.67 NA 21.48 64043 21315 

1035.56 130.9 594 NA 537.6 NA 19.69 31703 21388 

995 128.8 464.75 NA 432.75 NA 18 54928 20129 

985.5 127.3 375.6 364.4 358 NA 14.82 24946 18674 

882.5 124.8 360.67 347.33 331.67 NA 13.55 39885 18015 

883.75 125.4 342 327.75 311.25 NA 12.87 24666 19553 

956 126.1 329.2 313.4 293.2 NA 11.85 51487 17529 

963.33 120.6 325 306.25 272.25 NA 11.73 18939 16184 

890.56 119.3 327.5 306.5 264.5 NA 10.85 26610 14153 

826.67 117.8 328.8 306.8 260.4 NA 10.43 19925 15833 

771.43 116.6 323.25 300.5 257 NA 10.39 32362 14835 

NA 116.2 317.6 295.8 255.4 NA 10.21 20389 15552 

837.5 115.7 316.5 296 258.5 NA 9.95 26256 15310 

817.5 114.5 318.67 299.33 262.33 NA 10.08 28699 15866 

756.11 113.9 315 291.75 257.5 NA 10.22 37463 17223 

765.22 113.3 313 286.6 243.8 NA 10.11 31570 17020 

738.33 111.9 305 280.25 228.25 NA 10.13 26007 14672 

741.25 112 296.25 273.25 220.75 NA 9.98 20839 14923 

810 111.7 301 274.75 223.5 NA 9.49 29524 14422 

840 108.9 309.2 282.8 224.4 NA 9.67 23944 14014 

800.22 107.8 312.67 284.33 220 NA 8.49 40275 14764 

769.5 107.3 315.4 286.6 218.6 NA 9.21 18704 14241 

732.5 107 312.5 280.5 216.5 NA 9.2 33268 13223 

716.88 106.4 308 276 219.4 NA 9.12 27598 15417 

748.33 105.6 302.25 271.5 218.5 NA 8.22 20314 10374 

futures contract. Source: World Bank, Agmarknet, CBOT 



EDITORIALS 

PROLOGUE 



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 1,89,970 1,98,293 1,66,539 1,25,986 1,31,167 1,51,043 2,07,752 

Production 6,62,418 6,48,242 6,84,251 6,82,790 6,12,095 5,96,253 5,83,555 

Imports 1,26,352 1,27,203 1,33,577 1,36,949 1,13,378 1,13,919 1,06,163 

Consumption 6,66,516 6,55,837 6,50,228 6,35,677 6,13,405 6,18,231 5,87,057 

Exports 1,30,037 1,27,931 1,35,846 1,43,509 1,17,249 1,11,817 1,05,915 

Total Supply 9,78,740 9,73,738 9,84,367 9,45,725 8,56,640 8,61,215 8,97,470 

Ending Stocks 1,82,187 1,89,970 1,98,293 1,66,539 1,25,986 1,31,167 2,04,498 

Area Harvested (1000 Ha) 2,23,560 2,22,381 2,27,312 2,25,262 2,18,196 2,13,045 2,15,429 

Yield (MT/Ha) 2.96 2.92 3.01 3.03 2.81 2.80 2.71 

India 


Production 84,000 80,800 80,680 78,570 75,810 69,350 69,680 

Imports 300 300 218 7 1,962 6,721 32 

Consumption 84,700 82,525 78,150 70,924 76,423 73,477 65,125 

Exports 300 250 58 23 49 94 3,087 

Total Supply 98,745 97,220 94,328 84,377 82,272 78,071 91,212 

Ending Stocks 13,745 14,445 16,120 13,430 5,800 4,500 23,000 

Area Harvested (1000 Ha) 29,400 28,360 27,750 28,150 28,000 26,400 25,700 

Yield (MT/Ha) 2.86 2.85 2.91 2.79 2.71 2.63 2.71 

Average Daily volatility of MCX Spot Prices - 0.62% 1.86% - - 0.98% - 

CBOT price* (Rs./qtl) - 1262.2 753.2 1005.3 1375.3 707.1 515.1 

Indian Price (Rs. /qtl) Delhi Mkt - 1275.4 1227.2 1130.4 1040.4 983.0 - 

MSP (Rs. /qtl) 1180 1120$ 1100 1080 1000 750$$ 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) 

Supply 

Demand 


stocks 

stocks 

EU-27 11,672 132,124 7,500 124,000 15,000 12,296 

China 60,105 115,500 1,000 111,000 1,000 64,605 

India 14,445 84,000 300 84,700 300 13,745 

United States 23,427 57,319 2,722 33,925 31,298 18,245 

Russia 11,429 53,000 200 41,500 12,000 11,129 

Australia 4,157 25,000 100 8,000 17,000 4,257 

Canada 6,196 21,500 400 7,300 16,000 4,796 

Others 58,539 173,975 114,130 256,091 37,439 53,114 

World Total 189,970 662,418 126,352 666,516 130,037 182,187 

Note: e - source estimates provided by USDA, Data retrieved on July 27, 2011 Source: USDA 




Wheat - BRICS Nations fact sheet (in `000' tonnes) 



(kg) 

(kg) 

Brazil 4,800 6,700 500 10,800 12,317 206.47 59.66 52.31 

Russia 53,000 200 12,000 41,500 64,629 137.97 468.41 300.78 

2011-12e India 84,000 300 300 84,700 98,745 1,208.36 81.72 70.09 

China 115,500 1,000 1,000 111,000 176,605 1,341.85 131.61 82.72 

South Africa 1,700 1,400 200 2,990 3,576 49.83 71.77 60.01 

Brazil 5,900 6,700 2,500 10,800 14,117 203.43 69.39 53.09 

Russia 41,508 100 4,000 39,800 55,229 138.74 398.08 286.87 

2010-11 India 80,800 300 250 82,525 97,220 1,189.17 81.75 69.40 

China 115,180 1,000 1,000 109,500 170,605 1,336.72 127.63 81.92 

South Africa 1,465 1,600 350 3,000 3,826 49.00 78.08 61.22 

Brazil 5,026 7,126 1,162 11,000 13,679 201.10 68.02 54.70 

Russia 61,770 164 18,556 40,500 72,677 139.39 521.39 290.55 

2009-10 India 80,680 218 58 78,150 94,328 1,173.11 80.47 66.62 

China 115,120 1,394 892 107,000 162,317 1,330.14 121.95 80.44 

South Africa 1,960 1,396 373 3,000 4,134 49.11 84.18 61.09 

Brazil 5,880 6,403 400 10,700 12,627 198.74 63.54 53.84 

Russia 63,765 203 18,393 38,900 68,036 140.04 485.83 277.78 

2008-09 India 78,570 7 23 70,924 84,377 1,166.08 72.36 60.82 

China 112,464 481 723 105,500 152,026 1,338.61 113.49 78.81 

South Africa 2,130 1,402 376 3,000 4,154 49.05 84.68 61.16 

Brazil 3,825 6,772 770 10,300 11,414 196.34 58.13 52.46 

Russia 49,368 440 12,220 37,650 53,938 140.70 383.35 267.59 

2007-08 India 75,810 1,962 49 76,423 82,272 1,148.00 71.67 66.57 

China 109,298 49 2,835 106,000 147,916 1,330.04 111.13 79.70 

South Africa 1,905 1,484 343 2,860 3,825 48.78 78.41 58.63 

Brazil 2,234 7,997 4 10,300 11,121 190.01 58.53 54.21 

Russia 44,927 928 10,790 36,400 51,320 141.38 363.00 257.47 

2006-07 India 69,350 6,721 94 73,477 78,071 1,129.87 69.10 65.03 

China 108,466 388 2,783 102,000 143,241 1,321.85 108.36 77.16 

South Africa 2,105 866 317 2,810 3,563 44.00 80.98 63.87 

Note: e - source estimates provided by USDA, Data retrieved on July 27, 2011, Population figures 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* 2008-09 2007-08 2006-07 2001-02 2009-10 2008-09 2007-08 2006-07 2001-02 

Uttar Pradesh 9668 9513 9115 9198 9256 27810 28554 25679 25031 25498 

Punjab 3522 3526 3488 3467 3420 15263 15733 15720 14596 15499 

Haryana 2492 2462 2462 2376 2300 10500 10808 10236 10055 9437 

Rajasthan 2394 2295 2592 2565 2288 6828 7287 7125 7056 6389 


Bihar 2193 2158 2163 2050 2126 4623 4410 4450 3911 4391 

Gujarat 878 1091 1274 1201 470 2648 2593 3838 3000 1145 

Maharashtra 1081 1022 1253 1231 776 1757 1516 2079 1631 1077 

Others 1953 1900 1950 1915 2005 3434 3256 3411 3201 3329 

All India 28457 27752 28039 27995 26345 80710 80679 78570 75807 72766 

Note: * : 4th advance estimates released on 19.07.2010. 

Source: Dept. of Agriculture, GOI and various lok sabha questions 



EDITORIALS 

PROLOGUE 



Wheat - All India sowing progress during rabi (in lakh ha) 

Date Average area Area Sown reported Change vis-a vis prev year 

in rabi As on date % of average Same period Absolute % 

last year 

25-Feb-11 273.30 292.83 107.10 283.60 9.20 3.20 

18-Feb-11 273.30 292.83 107.10 283.60 9.20 3.20 

4-Feb-11 273.30 291.80 106.80 283.24 8.60 3.00 

28-Jan-11 273.30 291.36 106.60 282.41 8.90 3.20 

21-Jan-11 273.30 290.59 106.30 281.23 9.40 3.30 

14-Jan-11 273.30 288.43 105.50 279.12 9.30 3.30 

24-Dec-10 273.30 264.13 96.60 253.05 11.10 4.40 

10-Dec-10 273.30 207.11 75.80 212.90 -5.80 -2.70 

26-Nov-10 273.30 123.89 45.30 148.20 -24.30 -16.40 

9-Apr-10 270.99 286.84 105.80 278.77 8.10 2.90 

26-Mar-10 270.99 278.17 102.60 275.89 2.30 0.80 

12-Mar-10 270.99 278.16 102.60 275.89 2.30 0.80 

5-Mar-10 270.99 278.17 102.60 275.89 2.30 0.80 

26-Feb-10 270.99 278.17 102.60 275.89 2.30 0.80 

12-Feb-10 270.99 277.81 102.50 275.89 1.90 0.70 

5-Feb-10 270.99 277.58 102.40 275.87 1.70 0.60 

15-Jan-10 270.99 274.91 101.40 274.82 0.10 0.00 

8-Jan-10 270.99 268.50 99.10 272.54 -4.00 -1.50 

8-Jan-10 265.30 269.70 101.70 265.76 3.90 1.50 

18-Dec-09 270.99 231.32 85.40 226.01 5.30 2.30 

11-Dec-09 270.99 217.28 80.20 216.02 1.30 0.60 

20-Feb-09 265.30 277.98 104.80 280.73 -2.80 -1.00 

13-Feb-09 265.30 277.20 104.50 279.79 -2.60 -0.90 

6-Feb-09 265.30 275.61 103.90 273.90 1.70 0.60 

30-Jan-09 265.30 275.61 103.90 273.90 1.70 0.60 

23-Jan-09 265.30 275.50 103.80 273.63 1.90 0.70 

16-Jan-09 265.30 274.05 103.30 272.44 1.60 0.60 

9-Jan-09 265.30 269.70 101.70 265.76 3.90 1.50 

2-Jan-09 265.30 262.66 99.00 262.14 0.50 0.20 

26-Dec-08 265.30 250.43 94.40 244.34 6.10 2.50 

19-Dec-08 265.30 229.58 86.50 229.79 -0.20 -0.10 

12-Dec-08 265.30 213.60 80.50 204.70 8.90 4.30 

5-Dec-08 265.30 173.70 65.50 154.27 19.40 12.60 

28-Nov-08 265.30 118.03 44.50 114.20 3.90 3.40 

21-Nov-08 265.30 83.78 31.60 84.99 -1.20 -1.40 

14-Nov-08 265.30 26.90 10.10 21.92 5.00 22.70 

7-Nov-08 265.30 22.67 8.50 21.01 1.70 7.90 

15-Feb-08 262.00 277.31 105.80 282.14 -4.83 -1.70 

1-Feb-08 262.00 275.67 105.20 280.63 -4.96 -1.80 

25-Jan-08 262.00 274.92 104.90 280.63 -5.71 -2.00 

4-Jan-08 262.00 266.16 101.60 274.65 -8.49 -3.10 

28-Dec-07 262.00 249.40 95.20 26.10 -1.97 -5.30 

7-Dec-07 262.00 174.82 66.70 213.74 -38.90 -18.20 

16-Nov-07 262.00 145.59 55.60 180.17 -34.60 -19.20 





Wheat public distribution system: procurement, off-take and stocks (in million tonnes) 

Year 

Procurement 

Procurement Issue Price (Rs/qtl) Offtake 

price (Rs/qtl) APL BPL AAY under TPDS 

2010-11 22.53 1120 610 415 200 14.26* 32.05 

2009-10 25.38 1100 610 415 200 18.99 16.13 

2008-09 22.68 1080 610 415 200 12.53 13.43 

2007-08 11.13 1000 610 415 200 10.83 5.8 

2006-07 9.19 750 610 415 200 10.25 4.7 

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 

Stocks 

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 

Punjab 9,676 10,725 9,937 6,781 6,946 10,560 

Haryana 6,115 6,924 5,231 3,350 2,229 6,407 

Uttar Pradesh 598 3,882 2,887 546 49 2,446 

Rajasthan 359 1,152 932 383 20 676 

Uttaranchal 59 145 830 20 Neg 0 

Others 5,723 2,554 2,863 48 0 541 

All-India 22,530 25,382 22,680 11,128 9,190 20,630 

Note: Figures may not tally due to rounding 

Source: Department of Food & Public Distribution, GOI 

in ‘000’ tonnes 

25000 

20000 

Wheat: Ending Stock & Prices 

India ES World ES (In 10X ) 

India prices 

CBOT Prices 

Prices 

1500 

1200 

15000 

900 

10000 

600 

5000 

300 

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/qntl, Int. prices cents/bu 



EDITORIALS 

PROLOGUE 



Wheat state-wise monthly arrivals (in `000' tonnes) 

Month Rajasthan Madhya Gujarat Uttar Punjab Haryana Bihar 

Pradesh 

Pradesh 

Apr-11 714.4 1335.4 445.5 571.7 5432.7 5013.6 - 

Mar-11 65.6 554.6 176.1 229.6 71.6 1.3 - 

Feb-11 31.3 189.7 39.8 173.6 67.5 1.6 - 

Jan-11 33.6 198.4 52.2 310.2 0.6 3.2 - 

Dec-10 46.4 289.1 71.1 286.8 202.9 5.0 - 

Nov-10 44.9 233.1 56.3 245.2 73.7 2.3 - 

Oct-10 80.9 192.1 62.1 310.5 276.0 2.7 - 

Sep-10 88.3 179.1 44.8 340.8 1286.8 1.0 - 

Aug-10 68.0 147.7 51.8 334.8 1631.9 1.4 - 

Jul-10 77.4 145.8 42.3 319.7 1755.2 2.6 - 

Jun-10 142.7 259.1 102.8 391.8 1818.2 3.1 - 

May-10 369.4 667.0 129.3 769.3 2766.0 307.4 - 

Apr-10 904.9 1602.0 401.8 857.0 8855.9 8245.6 - 

Mar-10 82.8 843.1 192.4 145.2 1.9 1.6 - 

Feb-10 17.7 229.2 77.3 130.3 0.4 0.5 - 

Jan-10 18.2 122.3 36.4 126.0 0.2 1.3 - 

Dec-09 24.4 156.8 62.2 156.5 177.2 0.5 - 

Nov-09 36.0 179.0 82.7 156.1 682.8 0.6 - 

Oct-09 48.4 187.2 50.4 164.6 166.8 2.3 - 

Sep-09 46.0 220.0 62.9 178.2 5.9 1.9 - 

Aug-09 55.5 132.0 50.5 192.9 2.9 1.6 - 

Jul-09 52.7 88.6 54.9 237.3 0.6 57.7 - 

Jun-09 102.0 119.5 81.0 327.5 243.1 117.0 - 

May-09 415.5 441.8 141.9 482.9 3300.6 1193.2 - 

Apr-09 702.7 928.0 269.8 446.9 8603.0 364.8 - 

Mar-09 46.3 120.1 196.3 130.2 1.8 0.1 - 

Feb-09 26.7 73.1 78.7 113.1 1.8 2.2 - 

Jan-09 35.8 90.9 64.5 340.5 615.0 0.4 - 

Dec-08 56.6 81.0 74.7 126.5 1.0 0.6 - 

Nov-08 41.9 72.5 88.4 123.7 1.4 17.8 0.0 

Oct-08 53.7 66.2 64.3 125.4 30.8 6.7 - 

Sep-08 64.2 54.2 87.4 150.8 3.3 1.2 0.1 

Aug-08 59.7 81.2 52.9 115.9 15.2 6.2 0.1 

Jul-08 87.6 103.0 76.1 188.8 10.0 1.1 1.0 

Jun-08 150.1 101.7 153.1 367.3 13.7 11.1 4.3 

May-08 710.9 232.4 387.6 795.1 481.5 4702.7 13.0 

Apr-08 640.0 218.0 343.2 381.2 4341.4 899.0 2.6 

Mar-08 52.3 72.1 86.2 119.0 1.0 1.0 0.2 

Feb-08 41.3 79.5 36.0 119.6 1.6 0.4 0.2 

Jan-08 46.5 67.5 37.7 126.5 1.5 3.0 0.5 

Dec-07 34.0 65.0 37.1 113.5 1.5 1.1 0.5 

Nov-07 32.2 40.8 34.6 111.0 1.5 0.7 0.5 

Oct-07 42.2 50.6 37.5 122.2 5.4 2.1 0.1 

Sep-07 42.4 63.7 38.7 136.5 5.7 1.9 0.1 

Aug-07 40.6 75.8 45.2 155.6 8.3 2.3 0.6 

Jul-07 45.7 83.1 40.4 106.3 5.2 1.3 0.5 

Jun-07 74.9 117.9 46.1 196.0 49.5 16.1 0.3 

May-07 303.8 238.1 87.4 400.6 599.1 542.9 - 

Apr-07 297.3 302.8 192.8 265.3 2911.0 2266.1 0.1 

Mar-07 73.7 215.3 155.4 106.0 4.1 1.6 4.0 

Feb-07 10.5 84.4 101.2 90.2 0.5 0.5 3.9 

Jan-07 14.4 69.9 37.2 111.5 1.0 1.3 3.8 

Dec-06 13.3 59.0 37.5 91.0 1.0 0.3 - 

Nov-06 22.0 77.8 73.8 105.6 1.4 1.8 0.5 

Oct-06 16.9 62.1 50.1 452.5 30.8 2.8 0.1 

Sep-06 38.1 108.1 59.9 133.3 3.3 2.2 0.7 

Aug-06 23.8 96.9 28.8 1164.3 15.2 2.6 2.9 

Jul-06 20.0 88.7 27.3 135.1 10.0 3.9 4.2 

Jun-06 42.9 160.0 26.6 733.1 13.7 15.3 4.8 

May-06 413.0 319.3 89.5 690.5 481.5 129.6 4.6 

Apr-06 350.4 455.9 300.6 449.4 4341.4 2003.5 8.4 






Production 

2006-07 

2007-08 

2008-09 

2009-10 

2010-11 

2011-12e 

100,000 200,000 300,000 400,000 500,000 600,000 700,000 

EU-27 China India United States Russia Others 


2006-07 

2007-08 

2008-09 

2009-10 

2010-11 

2011-12e 

Imports 

0 50,000 100,000 

150,000 

Egypt Brazil Indonesia Japan Algeria Other 


2006-07 

2007-08 

2008-09 

2009-10 

2010-11 

Exports 

2011-12e 

0 50,000 100,000 

150,000 

United States EU-27 Canada Australia Argentina Other 


2006-07 

2007-08 

2008-09 

2009-10 

2010-11 

Consumption 

2011-12e 

0 200,000 400,000 600,000 

800,000 

EU-27 China India Russia United States Other 




EDITORIALS 

PROLOGUE 



Wheat prices and trading activity 

MCX Futures prices (Rs/qtl) 

MCX Spot prices - Delhi (Rs/qtl) 

Month Open High Low Close Volume in Open Monthly Month's Month's 

lots^ interest average high low 

in lots^^ 

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 



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 



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 




Major markets spot prices (Rs/qtl) WPI of Wheat CBOT trading activity 

Whea Futures Open 

Delhi Khanna Karnal Shahjahanpur closing price Volume interest 

(US cents per (in lots)^ in lots^^ 

bushel) 

1,304 1,343 1,375 1,309 173 794 1,402,949 491,535 

1,282 1,359 1,353 1,278 173 650 2,355,425 459,421 

1,266 1,330 1,351 1,283 168 717 1,527,845 531,320 

1,233 1,325 1,359 1,240 172 674 1,501,613 500,360 

1,233 1,325 1,366 1,233 173 653 3,386,788 469,222 

1,231 1,318 1,348 1,233 168 662 2,394,908 508,193 

1,243 1,255 1,251 1,242 169 465 2,547,457 456,953 

1,163 1,232 1,212 1,179 168 458 1,392,393 500,807 

1,117 1,229 1,220 1,096 169 492 2,024,980 447,458 

1,234 1,272 1,317 1,259 173 451 1,289,960 450,357 

1,365 1,432 1,385 1,410 179 507 1,936,477 417,588 

1,396 1,486 1,396 1,416 182 474 1,297,988 414,891 

1,415 1,433 1,395 1,389 181 542 904,437 362,341 

1,401 1,463 1,390 1,369 174 568 1,952,629 350,706 

1,269 1,289 1,196 1,256 163 494 1,451,439 339,083 

1,183 1,193 1,133 1,183 159 458 1,040,296 333,314 

1,134 1,182 1,130 1,152 157 471 1,926,485 308,686 

1,083 N/A 1,139 1,083 158 528 1,295,811 324,441 

1,054 1,202 1,152 1,052 158 511 2,351,042 312,850 

1,088 1,204 1,182 1,066 158 637 1,296,532 333,757 

1,105 1,199 1,180 1,037 156 524 1,736,079 288,755 

1,183 1,163 1,123 1,168 151 533 1,213,933 313,891 

1,212 1,174 1,125 1,226 152 511 1,505,806 281,066 

1,186 1,150 1,118 1,178 151 568 986,983 285,967 

1,169 1,148 1,106 1,141 147 611 939,081 250,604 

1,150 1,129 1,100 1,108 146 543 1,644,604 255,933 

1,119 1,115 1,070 1,084 145 536 1,139,035 280,125 

1,080 1,101 1,057 1,072 147 680 1,228,113 287,361 

1,081 1,113 1,085 1,083 147 779 2,093,613 305,592 

1,086 1,123 1,114 1,107 147 784 1,314,165 335,565 

1,100 1,121 1,124 1,101 146 844 2,185,659 341,562 

1,104 1,120 1,124 1,093 146 762 1,121,566 362,356 

1,101 1,118 1,112 1,112 147 787 1,558,648 362,265 

1,133 1,114 1,101 1,108 140 929 1,398,683 387,432 

1,125 1,089 1,082 1,100 139 1,073 2,527,668 400,399 

1,108 1,073 1,062 1,106 138 930 1,861,299 448,651 

1,058 1,042 1,038 1,034 137 885 1,281,761 426,936 

1,070 1,046 1,047 1,040 138 867 2,109,675 406,861 

1,058 1,058 1,025 1,054 136 808 1,648,353 424,380 

1,020 1,029 991 1,047 133 939 1,320,262 395,231 

1,025 1,040 1,006 1,072 133 767 2,111,348 369,951 

1,030 1,066 1,013 1,091 132 630 1,498,320 437,376 

959 992 950 1,004 128 582 2,310,189 392,849 

934 955 957 967 129 517 1,170,475 378,103 

966 985 971 971 130 486 2,082,527 367,462 

1,042 1,044 1,007 1,065 129 438 1,147,973 408,591 

1,070 1,068 1,023 1,086 135 475 1,505,977 417,970 

1,085 1,077 1,036 1,081 136 468 1,260,310 460,924 

1,113 1,063 1,061 1,099 137 501 761,291 446,611 

1,136 1,115 1,105 1,125 135 502 1,613,732 420,656 

1,040 1,037 1,009 1,064 127 483 1,938,085 456,287 

999 991 969 1,030 126 443 1,365,891 494,862 

949 924 925 973 119 404 1,657,109 446,462 

871 818 841 890 116 398 1,056,984 409,236 

860 826 848 889 116 372 1,617,060 454,904 

850 833 852 877 114 394 1,511,472 546,729 

792 783 778 835 112 346 1,305,630 380,052 

^^Cumulative open interest in all contracts at the end of month; Future prices are for near month continuos futures contract. 



EDITORIALS 

PROLOGUE 



Maize fundamentals - World and India (in `000' tonnes) 

2011-12e 2010-11 2009-10 2008-09 2007-08 2006-07 2001-02 

World 


Production 872,393 820,022 812,976 799,334 794,857 714,031 601,394 

Imports 91,663 91,267 90,285 82,925 98,475 90,635 71,578 

Consumption 874,355 843,881 809,898 782,020 773,431 725,237 622,045 

Exports 94,917 90,157 96,977 84,477 98,642 94,067 74,666 

Net Availability 1,084,936 1,054,918 1,050,504 1,013,740 1,003,554 929,526 848,052 

Ending Stocks 115,664 120,880 143,629 147,243 131,481 110,222 151,341 

Area (1000 HA) 167,017 162,723 157,714 158,800 161,163 149,945 137,697 

Yield (MT/HA) 5.22 5.04 5.15 5.03 4.93 4.76 4.37 

India 

Beginning stocks 511 391 686 551 260 264 726 

Production 21,000 20,500 16,720 19,730 18,960 15,100 13,510 

Imports 10 20 24 13 4 4 1 

Consumption 18,700 18,000 15,100 17,000 14,200 13,900 13,050 

Exports 2,200 2,400 1,939 2,608 4,473 1,208 25 

Net Availability 21,521 20,911 17,430 20,294 19,224 15,368 14,237 

Ending Stocks 621 511 391 686 551 260 1,162 

Area (1000 Ha) 8,600 8,550 8,330 8,170 8,260 7,800 6,870 

Yield (MT/Ha) 2.44 2.4 2.01 2.41 2.3 1.94 1.97 

Average daily volatility of - 0.87% 0.75% 1.49% 0.62% 1.50% - 

MCX spot prices 

CBOT price (Rs./qtl) - 1,227.91 617.98 816.38 901.27 649.11 388.57 

Indian Price (Rs. /qtl) - 1,030.83 933.53 810.24 778.48 746.36 520.63 

MSP (Rs/qtl) 980 880 840 840 620 540 485 

Certified Seed Distribution - - - 79.4 58 57.4 27.5 

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) 

Supply 

Demand 

Country Begining stocks Production Imports Consumption Exports Ending stocks 

Argentina 1,002 26,000 10 18,000 7,500 1,512 

Brazil 8,689 55,000 1,000 8,000 50,500 6,189 

China 53,714 178,000 2,000 200 182,500 51,014 

EU 4,909 59,288 5,000 1,000 64,200 3,997 

India 511 21,000 10 2,200 18,700 621 

Mexico 1,489 24,000 9,200 100 32,100 2,489 

US 22,344 342,154 508 48,262 294,654 22,090 

Others 28,222 166,951 73,935 17,155 224,201 27,752 

World Total 120,880 872,393 91,663 94,917 874,355 115,664 

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

Andhra Pradesh 863 852 786 725 428 3,558 4,152 3,621 2,462 1,457 

Bihar 644 641 640 642 594 1,863 1,714 1,455 1,715 1,488 

Gujarat 511 499 424 520 444 493 739 583 363 885 

Himachal Pradesh 269 298 300 299 301 332 677 863 695 768 

Jammu & Kashmir 314 316 302 324 327 532 633 475 487 538 

Jharkhand 159 216 237 241 140 206 304 358 296 209 

Karnataka 1,200 1,069 1,113 961 580 3,176 3,029 3,254 2,719 1,452 

Madhya Pradesh 811 841 880 861 854 897 1,144 1,133 840 1,681 

Maharashtra 754 655 672 580 326 1,478 1,560 1,790 1,150 587 

Punjab 132 151 153 154 165 451 514 521 481 449 

Rajasthan 1,096 1,053 1,051 1,028 1,017 1,146 1,828 1,955 1,116 1,481 

Tamil Nadu N/A 287 224 198 73 1,218 1,258 811 759 118 

Uttar Pradesh 710 799 838 872 931 1,021 1,198 1,209 1,164 1,516 

Others 814 498 497 489 402 934 981 928 849 532 

All India 8,277 8,174 8,117 7,894 6,582 17,304 19,731 18,955 15,097 13,160 





Maize - BRICS Nations fact sheet (in `000' tonnes) 

World Production Import Export Consumption Net Population Per capita Per capita 


(kg) 

(kg) 

Brazil 55,000 1,000 8,000 50,500 64,689 206.47 313.31 244.59 

Russia 5,500 50 300 5,000 5,622 137.97 40.75 36.24 

2011-12e India 21,000 10 2,200 18,700 21,521 1,208.36 17.81 15.48 

China 178,000 2,000 200 182,500 233,714 1,341.85 174.17 136.01 

South Africa 12,500 25 2,000 10,800 17,119 49.83 343.57 216.75 

Brazil 55,000 1,000 8,500 48,800 65,989 203.43 324.38 239.89 

Russia 3,075 200 25 3,300 3,397 138.74 24.48 23.79 

2010-11 India 20,500 20 2,400 18,000 20,911 1,189.17 17.58 15.14 

China 173,000 1,500 100 172,000 225,814 1,336.72 168.93 128.67 

South Africa 12,000 25 2,000 10,600 17,194 49.00 350.87 216.31 

Brazil 56,100 404 11,599 47,000 68,588 201.10 341.06 233.71 

Russia 3,963 32 427 3,700 4,249 139.39 30.48 26.54 

2009-10 India 16,720 24 1,939 15,100 17,430 1,173.11 14.86 12.87 

China 158,000 1,296 151 159,000 210,465 1,330.14 158.23 119.54 

South Africa 13,420 0 2,064 10,300 17,533 49.11 357.02 209.74 

Brazil 51,000 1,141 7,136 45,500 64,720 198.74 325.65 228.94 

Russia 6,682 51 1,331 5,200 6,785 140.04 48.45 37.13 

2008-09 India 19,730 13 2,608 17,000 20,294 1,166.08 17.40 14.58 

China 165,900 47 172 153,000 204,341 1,338.61 152.65 114.30 

South Africa 12,567 27 1,671 9,900 15,684 49.05 319.74 201.82 

Brazil 58,600 678 7,791 42,500 62,870 196.34 320.21 216.46 

Russia 3,798 341 49 4,100 4,201 140.70 29.86 29.14 

2007-08 India 18,960 4 4,473 14,200 19,224 1,148.00 16.75 12.37 

China 152,300 41 549 150,000 188,943 1,330.04 142.06 112.78 

South Africa 13,164 27 2,162 9,600 14,852 48.78 304.45 196.79 

Brazil 51,000 1,413 10,836 41,000 55,428 190.01 291.71 215.78 

Russia 3,510 108 77 3,600 3,739 141.38 26.45 25.46 

2006-07 India 15,100 4 1,208 13,900 15,368 1,129.87 13.60 12.30 

China 151,600 16 5,269 145,000 186,871 1,321.85 141.37 109.69 

South Africa 7,300 1,121 468 8,600 10,729 44.00 243.85 195.46 

Note: e - source estimates provided by USDA, Data retrived on July 28, 2011, Population figures for 2011-12 is arrived at by calculating CAGR from 

2004-05 to 2010-11; 


Castor: Maize Seeds (Corn): Prodn., Ending Oil Stock Exports & Prices & Prices 

000 tones 

800 

600 

India ES 

World ES (in 000s) 

Int. prices 

India prices 

Prices 

1200 

900 

400 

600 

200 

300 

0 

0 

2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 


Source: Agmarknet, & USDA. ES - ending stock, Indian prices Rs/Qntl, Int. prices cents/bu 

2009-10 

2010-11 



EDITORIALS 

PROLOGUE 



Maize - All India sowing progress during kharif/rabi (in lakh ha) 

Date Average Area Sown reported Change vis-a vis 

Season area in As on % of Same prev year 

kharif/rabi date average period Absolute % 

Rabi (2010-11) 3/11/2011 9.76 12.32 126.3 12.25 0.1 0.6 

Rabi (2010-11) 3/4/2011 9.76 11.98 122.8 12.24 -0.3 -2.1 

Rabi (2010-11) 2/25/2011 9.76 11.98 122.8 12.24 -0.3 -2.1 

Rabi (2010-11) 2/18/2011 9.76 11.25 115.3 11.74 -0.5 -4.3 

Rabi (2010-11) 2/4/2011 9.76 11.25 115.3 11.74 -0.5 -4.3 

Rabi (2010-11) 1/28/2011 9.76 10.92 111.9 11.05 -0.1 -0.9 

Rabi (2010-11) 1/21/2011 9.76 10.34 106 10.8 -0.5 -4.6 

Rabi (2010-11) 1/7/2011 9.76 10.34 106 10.8 -0.5 -4.6 

Rabi (2010-11) 12/24/2010 9.76 9.17 94 9.21 0 0.0 

Rabi (2010-11) 12/10/2010 9.76 6.69 68.6 7.85 -1.2 -15.3 

Rabi (2010-11) 11/26/2010 9.76 3.23 33.1 4.3 -1.1 -25.6 

Kharif (2010-11) 10/1/2010 68.65 75.84 110.5 70.97 4.9 6.9 

Kharif (2010-11) 9/10/2010 68.65 74.39 108.4 70.47 3.9 5.6 

Kharif (2010-11) 9/3/2010 68.65 73.9 107.6 69.87 4.0 5.8 

Kharif (2010-11) 8/20/2010 68.65 71.7 104.4 68.8 2.9 4.2 

Kharif (2010-11) 8/13/2010 68.65 70.58 102.8 67.58 3.0 4.4 

Kharif (2010-11) 8/6/2010 68.65 67.97 99 65.05 2.9 4.5 

Kharif (2010-11) 7/30/2010 68.65 63.91 93.1 62.93 1.0 1.6 

Kharif (2010-11) 7/23/2010 68.65 55.49 80.8 56.93 -1.4 -2.5 

Kharif (2010-11) 7/16/2010 68.65 42.92 62.5 44.96 -2.0 -4.5 

Kharif (2010-11) 7/9/2010 68.65 27.97 40.7 30.04 -2.1 -6.9 

Kharif (2010-11) 7/2/2010 68.65 12.7 18.5 16.58 -3.9 -23.4 

Rabi (2009-10) 4/9/2010 8.7 11.77 135.3 11.87 -0.1 -0.8 

Rabi (2009-10) 3/26/2010 8.7 11.61 133.4 11.74 -0.1 -1.1 

Rabi (2009-10) 3/12/2010 8.7 11.61 133.4 11.74 -0.1 -1.1 

Rabi (2009-10) 3/5/2010 8.7 11.61 133.4 11.75 -0.1 -1.2 

Rabi (2009-10) 2/12/2010 8.7 11.17 128.4 11.39 -0.2 -0.5 

Rabi (2009-10) 2/5/2010 8.7 10.17 116.9 10.35 -0.2 -1.7 

Rabi (2009-10) 1/15/2010 8.7 9.94 114.3 9.8 0.1 0 

Rabi (2009-10) 1/8/2010 8.7 9.46 108.7 8.98 0.5 5.3 

Rabi (2009-10) 1/8/2010 8.15 9.22 113.2 8.83 0.4 4.4 

Rabi (2009-10) 12/18/2009 8.7 8.11 93.2 7.97 0.1 1.8 

Rabi (2009-10) 12/11/2009 8.7 7.3 83.9 7.06 0.2 3.4 

Kharif (2009-10) 10/23/2009 68.04 71.13 104.5 70.53 0.6 0.9 

Kharif (2009-10) 10/17/2009 68.04 71.47 112.2 74.03 -2 -3.5 

Kharif (2009-10) 10/16/2009 68.04 71.13 104.5 70.53 0.6 0.9 

Kharif (2009-10) 10/9/2009 68.04 71.08 104.5 70.53 0.5 0.8 

Kharif (2009-10) 10/1/2009 68.04 70.97 104.3 70.43 0.5 0.8 

Kharif (2009-10) 9/11/2009 68.04 70.39 103.4 69.35 1 1.5 

Kharif (2009-10) 9/4/2009 68.04 69.87 102.7 68.09 1.8 2.6 

Kharif (2009-10) 8/28/2009 68.04 69.47 102.1 68.44 1 1.5 

Kharif (2009-10) 8/13/2009 68.04 67.55 99.3 65.87 1.7 2.6 

Kharif (2009-10) 7/31/2009 68.04 62.92 92.5 59.23 3.7 6.2 

Kharif (2009-10) 7/24/2009 68.04 55.22 81.2 53.8 1.4 2.6 

Kharif (2009-10) 7/17/2009 68.04 46.18 67.9 47.41 -1.2 -2.6 

Kharif (2009-10) 7/10/2009 68.04 33.72 49.6 39.85 -6.1 -15.4 

Kharif (2009-10) 6/26/2009 68.04 8.29 12.2 8.25 0 0.5 

Kharif (2009-10) 6/21/2009 68.04 68.8 101.1 67.11 1.7 2.5 

Kharif (2009-10) 6/19/2009 68.04 1.05 1.5 0.57 0.5 84.2 

Contd... 




Maize - All India sowing progress during kharif/rabi (in lakh ha) 

Date Average Area Sown reported Change vis-a vis 

Season area in As on % of Same prev year 

kharif/rabi date average period Absolute % 

Rabi (2008-09) 3/27/2009 8.15 12.22 150 10.62 1.6 15.1 

Rabi (2008-09) 2/27/2009 8.15 11.37 139.6 10.38 1 9.5 

Rabi (2008-09) 1/30/2009 8.15 11.37 139.6 10.38 1 9.5 

Rabi (2008-09) 1/23/2009 8.15 10.58 129.9 10.11 0.5 4.6 

Rabi (2008-09) 1/16/2009 8.15 10.58 129.9 10.11 0.5 4.6 

Rabi (2008-09) 1/9/2009 8.15 9.22 113.2 8.83 0.4 4.4 

Rabi (2008-09) 1/2/2009 8.15 9.22 113.2 8.83 0.4 4.4 

Rabi (2008-09) 12/26/2008 8.15 8.97 110.1 8.71 0.3 3 

Rabi (2008-09) 12/19/2008 8.15 8.18 100.4 7.55 0.6 8.3 

Rabi (2008-09) 12/12/2008 8.15 6.79 83.4 6.34 0.5 7.1 

Rabi (2008-09) 12/5/2008 8.15 5.02 61.6 4.04 1 24.3 

Rabi (2008-09) 11/28/2008 8.15 4.75 58.3 3.52 1.2 34.9 

Rabi (2008-09) 11/21/2008 8.15 3.96 48.6 2.92 1 35.6 

Rabi (2008-09) 11/14/2008 8.15 2.32 28.5 1.77 0.6 31.1 

Rabi (2008-09) 11/7/2008 8.15 1.77 21.7 1.13 0.6 56.6 

Kharif (2008-09) 9/19/2008 63.71 71.2 111.8 73.51 -2.3 -3.1 

Kharif (2008-09) 9/12/2008 63.71 70.19 110.2 74.14 -4 -5.3 

Kharif (2008-09) 9/5/2008 63.71 69.93 109.8 72.85 -2.9 -4 

Kharif (2008-09) 8/29/2008 63.71 69.5 109.1 72.77 -3.3 -4.5 

Kharif (2008-09) 8/22/2008 63.71 66.64 104.6 71.78 -5.1 -7.2 

Kharif (2008-09) 8/8/2008 63.71 61.67 96.8 68.74 -7.1 -10.3 

Kharif (2008-09) 8/1/2008 63.71 58.45 91.7 66 -7.6 -11.4 

Kharif (2008-09) 7/25/2008 63.71 40.96 64.3 42.57 -1.6 -3.8 

Kharif (2008-09) 7/18/2008 63.71 40.96 64.3 42.57 -1.6 -3.8 

Kharif (2008-09) 7/11/2008 63.71 33.37 40.7 25.36 12 47.4 

Kharif (2008-09) 7/4/2008 63.71 26.47 41.5 21.57 4.9 22.7 

Rabi (2007-08) 4/25/2008 7.45 10.7 143.6 9.34 1.36 14.56 

Rabi (2007-08) 4/11/2008 7.45 10.7 143.6 10.29 0.41 4 

Rabi (2007-08) 4/4/2008 7.45 10.7 143.6 10.29 0.41 4 

Rabi (2007-08) 3/28/2008 7.45 10.7 143.6 10.28 0.42 4.1 

Rabi (2007-08) 3/14/2008 7.45 10.7 143.6 10.28 0.42 4.1 

Rabi (2007-08) 3/7/2008 7.45 10.56 141.7 10.2 0.36 3.5 

Rabi (2007-08) 2/29/2008 7.45 10.55 141.6 10.2 0.35 3.4 

Rabi (2007-08) 2/22/2008 7.45 10.54 141.4 10.2 0.34 3.3 

Rabi (2007-08) 2/15/2008 7.45 10.48 140.6 10.16 0.32 3.1 

Rabi (2007-08) 2/1/2008 7.45 10.21 137 10.02 0.19 1.9 

Rabi (2007-08) 1/25/2008 7.45 10.21 137 9.97 0.24 2.4 

Rabi (2007-08) 1/4/2008 7.45 9.48 127.2 8.11 1.37 16.9 

Rabi (2007-08) 12/28/2007 7.45 9.78 131.2 7.41 2.37 32 

Rabi (2007-08) 12/7/2007 7.45 6.15 82.5 6.65 -0.5 -7.5 

Rabi (2007-08) 11/16/2007 7.45 2.41 32.3 3.1 -0.7 -22.3 

Rabi (2007-08) 11/16/2007 7.45 4.8 64.4 6.6 -1.8 -4.1 

Kharif (2007-08) 10/26/2007 62.16 74.55 119.9 68.44 6.1 8.9 

Kharif (2007-08) 9/28/2007 62.16 76.76 123.5 72.45 4.3 5.9 

Kharif (2007-08) 9/14/2007 62.16 76.17 122.5 71.74 4.4 6.2 

Kharif (2007-08) 8/31/2007 62.16 73.52 118.3 69.2 4.3 6.2 

Kharif (2007-08) 8/17/2007 62.16 71.49 115 67.76 3.7 5.5 

Kharif (2007-08) 7/20/2007 62.16 54.43 61.2 47.42 10 21.1 

Kharif (2007-08) 7/6/2007 62.16 27.04 43.5 28.75 -1.7 -6 




EDITORIALS 

PROLOGUE 



Maize state-wise monthly arrivals (in `000' tonnes) 

Month Andhra Pradesh Rajasthan Bihar Karnataka Maharashtra 

Mar-11 51.76 20.28 N/A 83.82 28.63 

Feb-11 13.16 32.19 N/A 199.72 50.18 

Jan-11 45.31 56.03 N/A 207.05 64.86 

Dec-10 152.53 67.41 N/A 220.56 70.03 

Nov-10 389.52 42.86 N/A 64.18 38.65 

Oct-10 407.89 39.63 N/A 108.21 22.35 

Sep-10 69.77 6.14 N/A 17.18 2.45 

Aug-10 17.51 3.96 N/A 22.01 3.68 

Jul-10 4.98 5.29 N/A 28.44 9.37 

Jun-10 9.83 7.70 N/A 122.25 12.88 

May-10 29.67 5.63 N/A 31.30 16.15 

Apr-10 75.23 5.33 N/A 72.89 25.00 

Mar-10 40.58 14.89 N/A 76.86 21.84 

Feb-10 13.87 21.74 N/A 105.76 32.04 

Jan-10 3.30 44.55 N/A 162.21 47.14 

Dec-09 9.16 73.54 N/A 154.81 68.24 

Nov-09 27.80 83.67 N/A 137.21 34.38 

Oct-09 20.34 36.33 N/A 65.32 12.53 

Sep-09 9.00 7.31 0.00 6.53 6.75 

Aug-09 1.99 3.36 N/A 3.45 8.71 

Jul-09 2.81 5.96 N/A 107.49 8.02 

Jun-09 7.62 9.66 N/A 63.29 12.47 

May-09 18.07 8.73 N/A 37.98 14.39 

Apr-09 19.00 16.44 N/A 73.53 29.60 

Mar-09 10.31 16.26 N/A 138.83 31.53 

Feb-09 3.82 21.20 N/A 133.31 40.88 

Jan-09 4.58 37.24 N/A 77.90 37.04 

Dec-08 4.26 77.20 N/A 99.09 40.65 

Nov-08 2.57 33.00 0.00 77.18 38.72 

Oct-08 6.44 22.31 N/A 39.03 9.78 

Sep-08 0.40 13.98 N/A 8.54 1.03 

Aug-08 0.01 6.32 N/A 19.83 1.04 

Jul-08 0.02 9.75 N/A 18.71 2.62 

Jun-08 0.01 10.21 N/A 39.30 8.63 

May-08 0.01 8.36 0.15 65.95 21.89 

Apr-08 0.03 9.44 0.13 83.01 19.70 

Mar-08 0.01 20.30 0.18 129.60 17.38 

Feb-08 0.02 26.38 0.15 122.56 22.30 

Jan-08 0.20 19.50 0.06 137.68 33.59 

Dec-07 9.91 20.78 0.18 118.20 52.89 

Nov-07 27.08 24.43 0.17 115.86 68.37 

Oct-07 81.10 17.05 0.17 50.79 49.42 

Sep-07 10.47 2.12 0.19 16.93 3.71 

Aug-07 0.80 1.03 0.46 21.34 6.00 

Jul-07 0.99 1.57 0.79 18.03 6.40 

Jun-07 2.88 2.49 0.38 24.17 13.15 

May-07 8.08 3.32 N/A 16.13 28.22 

Apr-07 10.70 5.42 0.12 30.73 22.45 

Mar-07 12.94 4.01 N/A 65.14 11.40 

Feb-07 1.92 7.79 N/A 42.50 20.79 

Jan-07 1.57 18.00 N/A 72.16 33.19 

Dec-06 5.04 26.70 N/A 83.05 39.41 

Nov-06 24.58 26.94 0.47 100.26 74.77 

Oct-06 48.41 9.96 N/A 47.02 23.26 

Sep-06 13.24 5.70 0.48 20.38 2.20 

Aug-06 0.96 1.82 6.61 6.42 1.10 

Jul-06 1.43 2.10 10.06 12.25 1.81 

Jun-06 3.31 3.62 7.10 19.05 4.51 

May-06 7.04 1.46 3.34 25.87 11.44 

Apr-06 0.51 2.39 1.46 35.37 9.56 

Note: N/A - Not available 






Production 

2006-07 

2007-08 

2008-09 

2009-10 

2010-11 

2011-12e 

0 

200,000 400,000 600,000 800,000 1,000,000 

United States China EU-27 Brazil Argentina Others 

Source: e—estimates of USDA ,Source: USDA 

Imports 

2006-07 

2007-08 

2008-09 

2009-10 

2010-11 

2011-12e 

0 

20,000 40,000 60,000 80,000 100,000 120,000 

Japan Mexico Korea, South Egypt Taiwan Other 


Exports 

2006-07 

2007-08 

2008-09 

2009-10 

2010-11 

2011-12e 

0 

20,000 40,000 60,000 80,000 100,000 120,000 

United States Argentina Brazil Ukraine Serbia Others 


Consumption 

2006-07 

2007-08 

2008-09 

2009-10 

2010-11 

2011-12e 

0 200,000 400,000 600,000 800,000 1,000,000 

United States China EU-27 Brazil Mexico Other 




EDITORIALS 

PROLOGUE 



Maize prices and trading activity 

MCX Spot prices - Nizamabad Other markets monthly Maize CBOT futures 

(Rs. /qtl) average spot (Rs. /qtl) Closing Open 

Month 

Madhya Karnataka WPI of price (US Volume interest 

Average High Low Pradesh Maize Cents per (in lots)^ (in lots^^) 

bushel) 

Dec-10 987.3 1031.0 951.0 876.1 885.6 171.9 629.00 4,280,996 1,549,228 

Nov-10 949.9 958.0 942.0 854.0 889.1 171.1 530.00 9,180,932 1,518,147 

Oct-10 1011.7 1145.0 958.5 859.7 883.6 167.2 582.00 7,503,539 1,611,122 

Sep-10 1143.3 1174.0 1098.0 955.9 975.5 168.1 495.75 7,034,387 1,451,414 

Aug-10 1070.9 1090.5 1054.5 1012.5 969.9 169.4 424.50 6,900,459 1,339,412 

Jul-10 1046.9 1091.5 999.0 1029.7 949.1 166.2 392.75 4,864,477 1,224,623 

Jun-10 986.7 998.0 955.0 944.1 845.4 157.8 354.25 6,208,820 1,113,550 

May-10 899.6 947.5 872.5 833.0 905.2 152.8 359.00 4,240,897 1,216,786 

Apr-10 877.3 893.0 844.0 853.6 878.8 153.1 366.25 6,428,321 1,172,018 

Mar-10 846.9 852.0 841.5 885.6 843.0 153.1 345.00 3,937,139 1,137,402 

Feb-10 868.5 882.5 852.0 879.7 820.0 153.5 378.00 5,218,922 1,112,485 

Jan-10 907.4 928.5 885.0 888.5 831.1 154.1 356.50 4,026,860 1,149,428 

Dec-09 943.8 964.5 924.5 895.4 829.9 154.3 414.50 3,135,690 1,001,603 

Nov-09 918.3 925.5 912.5 889.1 816.4 155.3 402.75 5,509,455 973,178 

Oct-09 900.9 914.0 881.5 850.9 798.5 154.5 366.00 4,374,583 957,449 

Sep-09 899.9 925.5 873.0 883.9 816.5 155.6 344.00 3,154,160 853,077 

Aug-09 934.9 953.5 913.0 912.9 1011.8 156.2 326.25 4,442,154 832,265 

Jul-09 908.8 928.5 888.0 874.7 831.0 153.0 339.50 4,744,209 880,910 

Jun-09 872.5 898.0 836.5 833.2 859.8 151.8 347.75 5,638,389 921,769 

May-09 847.7 874.5 840.0 795.0 900.3 150.1 436.25 4,138,872 945,840 

Apr-09 827.0 851.5 805.0 767.3 763.9 148.6 396.25 4,538,043 777,465 

Mar-09 806.2 812.0 801.0 775.6 775.1 145.3 404.75 3,685,395 808,613 

Feb-09 830.5 852.5 810.0 797.7 808.0 144.6 350.75 4,487,506 736,567 

Jan-09 835.5 914.0 809.0 768.8 820.2 142.4 379.00 3,042,100 819,228 

Dec-08 848.4 865.5 809.0 733.5 778.6 138.8 407.00 3,266,457 809,779 

Nov-08 877.3 906.5 860.0 695.2 798.1 140.5 349.50 4,448,998 869,865 

Oct-08 890.1 908.0 870.0 718.5 824.3 138.2 401.50 4,549,393 989,541 

Sep-08 1010.3 1060.0 879.0 755.7 868.1 136.9 487.50 3,934,661 1,035,263 

Aug-08 1026.1 1090.5 983.5 827.6 978.0 138.2 568.25 4,989,108 1,070,206 

Jul-08 994.8 1100.0 923.0 857.1 864.7 137.4 587.50 5,402,237 1,228,618 

Jun-08 888.4 952.5 815.5 793.9 779.7 137.7 724.75 7,593,798 1,321,717 

May-08 744.9 824.0 693.0 690.7 711.7 134.7 599.25 4,876,851 1,410,564 

Apr-08 733.2 764.0 700.0 677.9 695.6 134.5 600.25 6,501,066 1,413,722 

Mar-08 759.4 768.0 747.5 711.8 679.6 134.0 567.25 4,350,811 1,391,618 

Feb-08 734.4 747.5 724.5 677.6 660.5 131.1 546.00 5,808,164 1,457,997 

Jan-08 729.1 751.5 695.5 673.0 658.6 130.0 501.25 4,213,195 1,425,914 

Dec-07 701.2 714.5 693.5 635.4 620.8 125.9 455.50 3,145,918 1,291,091 

Nov-07 689.8 705.5 670.0 619.0 601.2 126.9 384.50 4,553,031 1,119,824 

Oct-07 669.3 688.0 660.0 629.8 613.9 127.3 375.50 3,306,485 1,206,085 

Sep-07 677.2 688.0 663.0 702.8 672.9 126.9 373.00 3,128,903 1,156,068 

Aug-07 712.0 745.0 672.5 704.6 712.2 130.4 324.00 4,344,211 1,076,382 

Jul-07 754.6 769.5 749.5 728.1 733.8 131.9 325.75 4,194,403 1,218,657 

Jun-07 734.6 780.0 694.5 722.2 708.6 131.6 329.50 6,014,846 1,184,697 

May-07 707.0 748.5 695.5 689.8 695.4 131.9 390.25 4,519,983 1,274,581 

Apr-07 750.0 764.5 724.0 744.7 716.2 134.9 358.00 6,239,483 1,252,177 

Mar-07 727.6 752.0 713.5 726.7 712.0 135.3 374.50 4,959,185 1,422,407 

Feb-07 745.7 756.0 728.0 762.6 703.4 133.3 425.25 5,111,676 1,477,908 

Jan-07 717.8 726.0 710.0 720.0 661.0 130.6 404.00 4,984,664 1,483,792 

Dec-06 725.0 743.0 720.0 727.5 630.8 126.5 390.25 2,774,348 1,402,433 

Nov-06 737.6 770.0 652.0 756.4 585.7 122.0 377.00 6,369,947 1,390,522 

Oct-06 637.8 656.0 614.0 635.5 553.0 117.6 320.75 5,300,239 1,374,999 

Sep-06 658.9 800.0 610.0 876.9 578.0 119.0 262.50 3,626,114 1,294,494 

Aug-06 757.3 878.0 642.0 710.9 623.1 118.8 232.00 4,226,906 1,316,964 

Jul-06 630.4 648.0 615.0 644.8 584.7 116.5 239.00 3,757,979 1,394,572 

Jun-06 596.4 627.0 550.0 634.6 558.8 118.2 235.50 4,693,780 1,335,969 

May-06 539.9 545.0 536.0 604.7 522.2 116.2 251.25 3,773,153 1,348,989 

Apr-06 539.1 561.0 523.0 605.1 510.5 115.9 238.25 3,512,898 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 




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 

1970-73 

450,318 

0% 20% 40% 60% 80% 100% 

Corn Millet Rice Milled Wheat 

Source: USDA 

1970-73 

491,511 

0% 20% 40% 60% 80% 100% 

Corn Sorghum Wheat others 

Source: USDA; Others: Oats; Rye 

India 

2008-11 

2000-03 

1990-93 

1980-83 


551,479 

500,487 

448,385 

326,082 

1970-73 

256,866 

0% 20% 40% 60% 80% 

100% 

Millet Rice Milled Sorghum Wheat 

Source: USDA 

Export 

USA 

Cumulative exports 

Canada 


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 

1970-73 

149,322 1970-73 

54,560 

0% 20% 40% 60% 80% 100% 

0% 20% 40% 60% 80% 100% 

Millet Rice, Milled Sorghum Wheat Others Barley Oats Wheat others 

Source: USDA; Others: Oats Rye 

Source: USDA; Others: Rye, Wheat (Durum) 

Australia 

2008-11 

2000-03 

1990-93 

1980-83 


59,542 

53,598 

36,795 

34,795 

1970-73 

0% 20% 40% 60% 80% 100% 

Barley Oats Wheats Others 

28,229 

Source: USDA; Others: Millet, Oats 



EDITORIALS 

PROLOGUE 



Import 

Egypt 

Cumulative import 

Mexico 


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 

1970-73 

8,719 

0% 20% 40% 60% 80% 100% 

Corn 

Wheat 

Source: USDA 

1970-73 

1,793 

0% 20% 40% 60% 80% 100% 

Corn Oats Sorghum 

Source: USDA 

Japan 

2008-11 

2000-03 

1990-93 

1980-83 


74,102 

77,802 

83,018 

73,213 

1970-73 

48,082 

0% 20% 40% 60% 80% 

100% 

Barley Corn Sorghum Wheat Others 

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 

1970-73 

460,240 1970-73 

246,441 

0% 20% 40% 60% 80% 100% 

0% 20% 40% 60% 80% 100% 

Corn Millet Rice, Milled Wheat Millet Rice, Milled Sorghum Wheat 

Source: USDA 

Source: USDA 

USA 

2008-11 

2000-03 

1990-93 

1980-83 

1970-73 


1,178,663 

918,073 

892,086 

880,737 

609,367 

0% 20% 40% 60% 80% 100% 

Corn Oats Sorghum Wheat 

Source: USDA 




Type-wise world distribution of cereal production, imports, exports and consumption 

Production 

2008-11 

2000-03 

1990-93 

1980-83 

Avg. Prodn. 

2,227,004 

1,849,048 

1,765,664 

1,485,680 

1970-73 

0% 20% 40% 60% 80% 100% 

Corn Wheat Rice Milled Barley Sorghum 

Millet Oats Mixed Grains Rye 


1,132,191 

Imports 

2008-11 

2000-03 

1990-93 

Avg. Imports 

275,768 

228,773 

208,378 

1980-83 

1970-73 

0% 20% 40% 60% 80% 100% 

Wheat Corn Rice, Milled Barley Sorghum 

Oats Rye Millet 

Note: Average imports in ‘000’ tonnes. Source: USDA 

202,813 

122,301 

Exports 

2008-11 

2000-03 

1990-93 

Avg. Prodn. 

284,736 

233,785 

221,182 

1980-83 

1970-73 

0% 20% 40% 60% 80% 100% 

Wheat Corn Rice, Milled Barley Sorghum 

Oats Rye Millet 

Note: Average exports in ‘000’ tonnes. Source: USDA 

208,586 

126,479 

Consumption 

2008-11 

2000-03 

1990-93 

1980-83 

Avg. Prodn. 

2,187,857 

1,891,307 

1,723,989 

1,460,032 

1970-73 

0% 20% 40% 60% 80% 100% 

Corn Wheat Rice, Milled Barley Sorghum 

Millet Oats Mixed Grain Rye 

Note: Average consumption in ‘000’ tonnes. Source: USDA 

1,143,849 



EDITORIALS 

PROLOGUE 



Pulses 

The miracle food 

Pulses are the edible seeds of plants in the legume 

family such as pea, lentil, bean and chickpea, according 

to Pulse Canada. The term “pulse” is derived from the 

Latin words puls or pultis meaning “thick soup”. Due to 

their high content of complex carbohydrates and dietary fi bres, 

as well as their low fat and salt percentage, truly make pulses 

“miracle food”. The term “pulse”, as used by the Food and 

Agricultural Organization (FAO), is reserved for crops harvested 

solely for the dry seed. Pulses are important food crops due to 

their high protein and essential amino acid content. Like many 

leguminous crops, pulses play a key role in crop rotation due to 

their ability to fi x nitrogen. Pulses are 20-25% protein by weight, 

which is double the protein content of wheat and three times 

that of rice. 

India is the world’s largest producer and consumer of pulses. 

Canada, Myanmar, Australia and the US are other leading 

exporters, as well as major suppliers to India. Of the numerous 

types of pulses in the Leguminosae family, chickpea or chana 

is the most important pulse grown in the Indian subcontinent, 

accounting for around 40% of the total pulse crops produced in 

India and making it the leading chickpea producing 

country in the world. Besides chana, tur or pigeon 

pea is consumed as a popular staple diet in India. 

Tur originated in Asian continent and is said to be 2600 

a native to India for as long as 3,000 years. India 2500 

shares 85% of the world’s total tur production. Urad 

2400 

or black gram is one of the most important and highly 

prized pulses in India. Because of its fermenting 2300 

capability, it is used widely in fermented foods that 2200 

are the specialty of South Indian cuisine. India is the 

2100 

largest producer of black gram in the world. 

2000 

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 

higher production, traders were eager to offl oad their 


Exchange 

(contract) 

1-Jan-10 

Source: Metastocks 


stocks to make way for new crop. Since late March, the prices 

went up on fears of crop damage and delay in arrivals. Later, as 

the arrival pressure set in, in the market, with a bumper crop, it 

weighed down on the prices. 

Looking at the fall in prices, farmers began holding back 

their produce, expecting to sell it before the Ramadan season. 

During the Ramadan the besan (chana fl our) demand increases 

so does the demand for chana. With a rise in the prices since 

July, farmers began releasing their produce. Once the stocks for 

the Ramadan were over, chana prices dipped to a year low of 

Rs.2,062 on Sept 15. 

Early October, as usual, saw demand for stocking for Diwali 

and, thus, provided support to chana prices. The higher prices 

of imported chana also pushed up the prices, in general, in a 

domestic market. Higher prices of competing pulses such as tur 

and urad also provided a boost to chana prices. By the end of 

November the prices hit a month high of Rs.2,546. The prices 

retreated from the year high as the new sowing season set in. 

Expectations that the prevailing high prices would lead to an 

increase in chana acreage helped easing of prices to some 

MCX Chana futures prices in 2010 

Arrival pressure 

weighing down 

on the prices 

Stocking 

demand ahead 

of Ramadan 

Chana (Rs/qtl) 

Annualised 

Volatility 

Stocking demand 

ahead of Diwali 

and the rising unit 

value of imported 

varieties 

Volume 

(in lots) 

Chana MCX (10 tonnes) Rs/ qntl. 2,470.00 2,578.00 2,040.00 2,422.00 23.42% 66,730 

Note: Âll contracts - all variants, Source: Exchanges’ websites 

Increased 

sowing 

29-Jan-10 

26-Feb-10 

26-Mar-10 

23-Apr-10 

21-May-10 

18-Jun-10 

16-Jul-10 

13-Aug-10 

10-Sep-10 

8-Oct-10 

5-Nov-10 

3-Dec-10 

31-Dec-10 






EDITORIALS 

PROLOGUE 



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 4,090 3,530 3,378 3,730 3,560 3,330 

Urad 1,145^ 2,967 2,132 3,226 3,099 3,303 

Chana 9,668 8,210 7,893 7,540 7,490 6,420 

Total pulses* 26,280 23,350 22,093 23,630 23,190 22,010 

Production (in '000' tonnes) 

Tur 2,890 2,460 2,270 3,080 2,310 2,260 

Urad* 1,740 1,230 1,170 1,460 1,440 1,500 

Chana 8,250 7,480 7,060 5,750 6,330 5,470 

Total pulses* 18,090 14,660 14,570 14,760 14,200 13,370 

Yield (in kg/ha) 

Tur 799 723 671 826 650 679 

Urad* - 937 1084 462 473 454 

Chana 853 895 895 762 845 853 

Total pulses* 537 625 659 625 612 607 


Chana 1.10% 1.43% 1.71% 1.31% 1.93% - 

Tur - - - - 1.76% - 

Urad - - - - 1.63% - 

Import duty on pulses in % 0 0 0 0 10 - 

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. 2,600.00 3,509.58 2,481.10 2,835.05 2,270.98 

Value - 9,813.37 6,246.40 5,374.94 3,891.91 

Unit Value - 27.96 24.64 18.96 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 15.00 6.21 - - - 

NAFED 27.00 14.00 22.00 264.00 49.30 

STC 135.00 152.50 307.00 375.00 - 

PEC 296.70 272.86 374.14 387.27 - 

MMTC 60.00 105.00 181.00 247.25 - 

Total 533.70 550.56 884.14 1273.52 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 2010-11 2009-10 2008-09 2007-08 2006-07 

Qty. 10.00 49.08 136.23 164.20 250.70 

Value - 208.21 540.23 526.41 773.34 

Unit value - 42.42 39.66 32.06 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 




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 


Karnataka 1.22 1.12 0.97 1.27 0.89 0.75 


Maharashtra 2.79 2.37 1.71 3.13 2.30 1.88 

Rajasthan 2.52 0.71 1.72 1.53 1.48 1.43 

Uttar Pradesh 2.12 1.90 2.02 1.54 1.98 2.38 

Others 3.08 2.83 3.08 3.53 2.99 2.57 

India 16.51 14.66 14.47 15.11 14.20 13.37 

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 2008-09 2007-08 2006-07 2009-10 2008-09 2007-08 2006-07 

Madhya Pradesh 3085.50 2840.50 2438.70 2462.80 3304.10 2786.40 1735.00 2413.00 

Rajasthan 884.40 1259.50 1231.30 1010.80 534.60 981.20 574.20 872.60 

Maharashtra 1291.00 1143.00 1353.00 1308.00 1114.00 774.00 1116.00 924.00 

Karnataka 972.00 723.00 605.00 651.00 574.00 401.00 367.00 308.00 

Andhra Pradesh 647.00 607.00 630.00 602.00 846.00 857.00 912.00 653.00 

Uttar Pradesh 618.00 554.00 505.00 675.00 509.00 562.00 376.00 501.00 

Chattisgarh 252.20 239.70 235.50 213.70 221.90 199.20 205.80 180.20 

Others 419.10 525.80 545.20 516.60 480.70 499.40 462.60 481.90 

All India 8169.20 7892.50 7543.70 7439.90 7475.90 7060.20 5748.60 6333.70 


Tur state-wise estimates of area and production 

Area (`000’ Hectares) 

Production ( `000’ Tonnes) 

States/ UT 2009-10 2008-09 2007-08 2006-07 2009-10 2008-09 2007-08 2006-07 

Maharashtra 1093.00 1009.00 1175.00 1123.00 919.00 605.00 1083.00 815.00 

Karnataka 604.00 597.00 681.00 596.00 282.00 315.00 485.00 280.00 

Uttar Pradesh 305.00 315.00 368.00 406.00 202.00 288.00 327.90 304.00 

Andhra Pradesh 463.00 443.00 463.00 401.00 203.00 202.00 302.00 161.00 

Gujarat 266.00 266.00 265.00 289.00 254.00 263.00 294.00 217.00 

Madhya Pradesh 362.10 321.20 324.80 322.50 308.00 258.40 217.60 220.20 

Others 372.60 426.70 449.00 424.10 309.60 334.10 366.44 316.90 

All India 3465.70 3377.90 3725.80 3561.60 2464.60 2265.50 3075.94 2314.10 




EDITORIALS 

PROLOGUE 



Gram (Chana) - All India sowing progress during rabi (in lakh ha) 



rabi 

last year 

8-Apr-11 73.14 96.68 132.2 85.1 11.6 13.6 

1-Apr-11 73.14 96.03 131.3 85.1 10.9 12.8 

25-Mar-11 73.14 96.02 131.3 85.1 10.9 12.8 

18-Mar-11 73.14 96.02 131.3 85.1 10.9 12.8 

11-Mar-11 73.14 95.98 131.2 85.1 10.9 12.8 

4-Mar-11 73.14 95.76 130.9 85.1 10.7 12.5 

25-Feb-11 73.14 95.64 130.8 85.1 10.5 12.4 

18-Feb-11 73.14 95.58 130.7 85.07 10.5 12.4 

4-Feb-11 73.14 95.36 130.4 85.64 9.7 11.3 

28-Jan-11 73.14 95.12 130 85.55 9.6 11.2 

21-Jan-11 73.14 94.92 129.8 85.42 9.5 11.1 

7-Jan-11 73.14 93.6 128 85.3 8.3 9.7 

24-Dec-10 73.14 87.79 120 81.89 5.9 7.2 

10-Dec-10 73.14 80.6 110.2 76.98 3.6 4.7 

26-Nov-10 73.14 62.19 85 63.26 -1.1 -1.7 

7-May-10 71.45 89.35 125.1 83.6 5.8 6.9 

30-Apr-10 71.45 89.35 125.1 83.6 5.8 6.9 

23-Apr-10 71.45 89.35 125.1 83.6 5.8 6.9 

16-Apr-10 71.45 89.35 125.1 83.6 5.8 6.9 

9-Apr-10 71.45 89.35 125.1 83.6 5.8 6.9 

26-Mar-10 71.45 89.34 125 83.54 5.8 6.9 

12-Mar-10 71.45 89.22 124.9 83.51 5.7 6.8 

5-Mar-10 71.45 89.21 124.9 83.44 5.8 6.9 

26-Feb-10 71.45 89.19 124.8 83.44 5.8 6.9 

12-Feb-10 71.45 87.76 122.8 83.23 4.5 5.4 

5-Feb-10 71.45 87.56 122.6 82.98 4.6 5.5 

15-Jan-10 71.45 86.03 120.4 81.66 4.4 5.3 

8-Jan-10 71.45 84.38 118.1 81.04 3.3 4.1 

18-Dec-09 71.45 80.91 113.2 72.6 8.3 11.4 

11-Dec-09 71.45 73.12 102.3 71.07 2.1 2.9 

27-Mar-09 68.5 86.8 126.7 79.64 7.2 9 

27-Feb-09 68.5 85.8 125.3 79.08 6.7 8.5 

20-Feb-09 68.5 85.73 125.2 78.96 6.8 8.6 

13-Feb-09 68.5 85.7 126.1 78.92 6.8 8.6 

6-Feb-09 68.5 85.68 125.1 78.91 6.8 8.6 

30-Jan-09 68.5 85.58 124.9 78.29 7.3 9.3 

23-Jan-09 68.5 85.32 124.6 77.91 7.4 9.5 

16-Jan-09 68.5 84.48 123.3 77.52 7 9 

9-Jan-09 68.5 83.61 122.1 77.15 6.5 8.4 

2-Jan-09 68.5 82.68 120.7 76.31 6.4 8.3 

26-Dec-08 68.5 78.42 114.5 71.55 6.9 9.6 

19-Dec-08 68.5 75.1 109.6 68.86 6.2 9.1 

12-Dec-08 68.5 73.25 106.9 66.66 6.6 9.9 

5-Dec-08 68.5 71.07 103.7 61.25 9.8 16 

28-Nov-08 68.5 61.96 90.5 52.45 9.5 18.1 

21-Nov-08 68.5 58.14 84.9 47.35 10.8 22.8 

14-Nov-08 68.5 46.57 68 40.65 5.9 14.5 

7-Nov-08 68.5 44.56 65 29.09 15.5 53.2 

25-Apr-08 66.02 74.43 112.7 74.94 -0.51 -0.68 

11-Apr-08 66.02 80.39 121.8 84.02 -3.63 -4.3 

4-Apr-08 66.02 80.39 121.8 84.02 -3.63 -4.3 

28-Mar-08 66.02 80.38 121.7 84.02 -3.64 -4.3 

14-Mar-08 66.02 80.38 121.7 84.02 -3.64 -4.3 

7-Mar-08 66.02 80.34 121.7 84.02 -3.68 -4.4 

29-Feb-08 66.02 80.34 121.7 84.02 -3.68 -4.4 

22-Feb-08 66.02 80.29 121.6 83.86 -3.57 -4.3 

15-Feb-08 66.02 80.29 121.6 83.86 -3.57 -4.3 

1-Feb-08 66.02 79.95 121.1 83.24 -3.29 -4 

25-Jan-08 66.02 79.31 120.1 83.08 -3.78 -4.5 

4-Jan-08 66.02 77.6 117.5 78.29 -0.69 -0.9 

28-Dec-07 66.02 75.12 113.8 76.52 -1.41 -1.8 

7-Dec-07 66.02 65.79 99.6 65.86 -0.1 -0.1 

16-Nov-07 66.02 42.76 64.8 47.25 -4.5 -9.5 

16-Nov-07 66.02 60.89 92.2 61.4 -0.5 -0.8 





Tur (Arhar) - All India sowing progress during kharif (in lakh ha) 



rabi 

last year 

22-Oct-10 35.53 44.86 126.3 36.48 8.38 23.0 

15-Oct-10 35.53 44.75 125.9 36.47 8.28 22.7 

8-Oct-10 35.53 44.42 125.0 33.75 10.67 31.6 

1-Oct-10 35.53 43.83 123.4 32.5 11.33 34.9 

10-Sep-10 35.53 43.56 122.6 32.26 11.3 35.0 

3-Sep-10 35.53 43.38 122.1 32.23 11.15 34.6 

20-Aug-10 35.53 41.71 117.4 31.91 9.8 30.7 

13-Aug-10 35.53 40.42 113.8 30.39 10.03 33.0 

6-Aug-10 35.53 34.13 96.1 27.62 6.51 23.6 

30-Jul-10 35.53 33.61 94.6 27.25 6.36 23.3 

23-Jul-10 35.53 26.56 74.8 21.76 4.8 22.1 

16-Jul-10 35.53 20.81 58.6 16.85 3.96 23.5 

9-Jul-10 35.53 2.85 8.0 2.51 0.34 13.5 

2-Jul-10 35.53 1.45 4.1 1.46 -0.01 -0.7 

23-Oct-09 35.8 35.92 100.3 34.47 1.5 4.2 

16-Oct-09 35.8 35.89 100.3 34.43 1.5 4.2 

9-Oct-09 35.8 35.57 99.3 34.09 1.5 4.3 

1-Oct-09 35.8 34.9 97.5 33.79 1.1 3.3 

11-Sep-09 35.8 34.05 95.1 33.49 0.6 1.7 

4-Sep-09 35.8 32.99 92.1 31.93 1.1 3.3 

28-Aug-09 35.8 32.78 91.6 31.76 1 3.2 

13-Aug-09 35.8 31.65 88.4 28.37 3.3 11.6 

7-Aug-09 35.8 28.19 78.7 22.89 5.3 23.1 

31-Jul-09 35.8 27.22 76 21.92 5.3 24.2 

24-Jul-09 35.8 22.7 63.4 17.5 5.2 29.7 

17-Jul-09 35.8 16.24 45.3 12.54 3.7 29.5 

10-Jul-09 35.8 4.02 11.2 2.45 1.6 64.2 

26-Jun-09 35.8 1.12 3.1 0.4 0.7 184.3 

21-Jun-09 35.8 31.65 88.4 28.37 3.3 11.6 

19-Jun-09 35.8 0.29 0.8 0.18 0.1 58.2 

3-Oct-08 34.6 34.53 99.8 38.54 -4 -10.4 

26-Sep-08 34.6 34.34 99.3 38.54 -4.2 -10.9 

19-Sep-08 34.6 34.29 99.1 38.54 -4.3 -11 

12-Sep-08 34.6 33.92 98 37.91 -4 -10.5 

5-Sep-08 34.6 33.79 97.6 37.87 -4.1 -10.8 

29-Aug-08 34.6 33.3 96.2 37.48 -4.2 -11.1 

22-Aug-08 34.6 31.46 90.9 37.03 -5.6 -15 

8-Aug-08 34.6 25.58 73.9 28.76 -3.2 -11.1 

1-Aug-08 34.6 22.41 64.8 28.61 -6.2 -21.7 

25-Jul-08 34.6 19.6 56.7 24.44 -4.8 -19.8 

18-Jul-08 34.6 12.1 35 15.62 -3.5 -22.5 

11-Jul-08 34.6 7.2 20.8 9.76 -2.6 -26.2 

4-Jul-08 34.6 4.45 12.9 3.86 0.6 15.3 

26-Oct-07 34.71 40.79 117.5 35.97 4.8 13.4 

28-Sep-07 34.71 38.82 111.8 35.8 3 8.4 

14-Sep-07 34.71 38.1 109.8 35.71 2.4 6.7 

31-Aug-07 34.71 37.78 107.7 33.96 3.4 10.1 

17-Aug-07 34.71 34.52 99.4 33.02 1.5 4.5 

20-Jul-07 34.71 14.98 43.2 16.24 -1.3 -7.7 




EDITORIALS 

PROLOGUE 



Urad (Black Gram) - All India sowing progress during rabi (in lakh ha) 



rabi 

last year 

8-Apr-11 7.20 11.45 159.1 11.1 0.3 3.2 

1-Apr-11 7.20 11.39 158.3 11.1 0.3 2.6 

25-Mar-11 7.20 11.00 152.8 10.9 0.1 0.9 

18-Mar-11 7.20 10.92 151.7 10.76 0.2 1.5 

11-Mar-11 7.20 10.92 151.7 10.76 0.2 1.5 

4-Mar-11 7.20 9.33 129.6 9.47 -0.1 -1.5 

25-Feb-11 7.20 9.20 127.8 9.15 0.0 0.5 

18-Feb-11 7.20 8.96 124.5 9.19 -0.2 -2.5 

4-Feb-11 7.20 8.95 124.4 9.09 -0.1 -1.5 

28-Jan-11 7.16 8.12 113.4 8.16 0.0 -0.5 

21-Jan-11 7.16 7.91 110.5 8.13 -0.2 -2.7 

14-Jan-11 7.16 7.35 102.7 7.67 -0.3 -4.2 

24-Dec-10 7.16 5.49 76.7 5.24 0.3 4.8 

10-Dec-10 7.16 4.84 67.6 4.47 0.4 8.3 

26-Nov-10 7.16 10.85 151.6 8.92 1.9 21.6 

23-Apr-10 7.16 10.85 151.6 8.92 1.9 21.6 

16-Apr-10 7.16 9.02 126 8.92 0.1 1.1 

9-Apr-10 7.16 9.02 126 8.92 0.1 1.1 

26-Mar-10 7.16 8.94 124.8 8.32 0.6 7.5 

12-Mar-10 7.16 8.8 122.9 8.36 0.4 5.3 

5-Mar-10 7.16 8.8 122.9 8.35 0.4 5.3 

26-Feb-10 7.16 8.44 117.9 8.23 0.2 2.6 

12-Feb-10 7.16 7.76 108.4 6.08 1.7 27.6 

5-Feb-10 7.16 6.97 97.3 5.43 1.5 28.3 

15-Jan-10 7.16 6.95 97.2 5.42 1.5 28.3 

8-Jan-10 7.16 6.76 94.3 5.11 1.6 32.2 

18-Dec-09 7.16 3.59 50.2 3.79 -0.2 -5.1 

11-Dec-09 7.16 2.79 39 3.11 -0.3 -10.3 

24-Apr-09 7.3 10.27 140.8 10.52 -0.2 -2.3 

27-Mar-09 7.3 10.01 137.2 10.05 0 -0.4 

27-Feb-09 7.3 9.33 127.9 8.94 0.4 4.4 

20-Feb-09 7.3 7.64 104.7 8.92 -1.3 -1.44 

13-Feb-09 7.3 7.28 99.7 8.58 -1.3 -15.2 

6-Feb-09 7.3 7.25 99.3 8.55 -1.3 -15.3 

30-Jan-09 7.3 7.18 98.6 8.49 -1.3 -15.2 

23-Jan-09 7.3 7.05 96.6 8.29 -1.2 -15.1 

16-Jan-09 7.3 6.52 89.3 8.01 -1.5 -18.7 

9-Jan-09 7.3 6.51 89.2 8.01 -1.5 -18.8 

2-Jan-09 7.3 5.52 75.7 6.61 -1.1 -16.4 

26-Dec-08 7.3 4.47 61.3 6.04 -1.6 -26 

19-Dec-08 7.3 4.45 61 5.99 -1.5 -25.7 

12-Dec-08 7.3 4.08 55.9 5.6 -1.5 -27.1 

5-Dec-08 7.3 3.72 51 4.77 -1 -22 

28-Nov-08 7.3 2.5 34.3 2.8 -0.3 -10.5 

21-Nov-08 7.3 2.5 34.3 2.8 -0.3 -10.5 

14-Nov-08 7.3 0.98 13.4 1.03 0 -4.5 

7-Nov-08 7.3 0.98 13.4 1.03 0 -4.5 

11-Apr-08 7.53 8.8 116.9 8.39 0.41 4.9 

4-Apr-08 7.53 8.62 114.5 8.39 0.23 2.8 

28-Mar-08 7.53 8.32 110.5 8.39 -0.07 -0.8 

14-Mar-08 7.35 8.32 110.5 8.11 0.21 2.5 

7-Mar-08 7.53 8.32 110.5 8.11 0.21 2.5 

29-Feb-08 7.53 8.32 110.5 8.11 0.21 2.5 

22-Feb-08 7.53 8.27 109.8 7.69 0.58 7.5 

15-Feb-08 7.53 8.27 109.8 7.69 0.58 7.5 

1-Feb-08 7.53 7.89 104.9 7.56 0.34 4.4 

25-Jan-08 7.53 7.86 104.4 7.4 0.45 6.1 

4-Jan-08 7.53 7.02 93.3 5.84 1.19 20.3 

28-Dec-07 7.53 6.76 89.8 5.42 1.34 24.6 

7-Dec-07 7.53 4.39 58.3 4.35 0 0.7 

16-Nov-07 7.53 2.64 35.1 2.4 0.2 10.1 





India's Pulses Production & Imports 

In million tons 

20 

Tur 

Urad* 

in lakh tons 

35 

Chana 

Other Pulses 

16 

Pulses Import (RHS ) 

28 

21 

12 

14 

8 

7 

0 

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 

27% 

30% 

17% 

25% 

Madhya Pradesh 

Uttar Pradesh 

2008-09 

2007-08 

11% 

Rajasthan 

Maharashtra 

10% 

12% 

20% 

10% 

14% 

Andhra Pradesh 

Others 

11% 

13% 

Source: Ministry of Agriculture 



EDITORIALS 

PROLOGUE 



in million tons 

4 

MSP (RHS) 

Production 

Tur Production & MSP 

Rs/qtl 

3600 

3 

2800 

2 

2000 

1 

2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11^ 

Source: Ministry Of Agriculture ^fourth advance estimates 

1200 


2 

MSP (RHS) 

Production 

Urad* Production & MSP 

Rs/qtl 

3200 

1.5 

2400 

1 

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 

0 


8 

MSP (RHS) 

Chana Production & MSP 

Rs/qtl 

2400 

7 

Production 

2100 

6 

1800 

5 

1500 

4 

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 

0 




Celebrate 

this season 

with 

Easy Home 

& Car Loan 

Interest 

Concession 

on Home Loan - upto 1% 

on Car Loan - 1.25% 

No Processing 

Charges 



EDITORIALS 

PROLOGUE 



Pulses state-wise monthly arrivals (in tonnes) 

Tur 

Maharashtra Karnataka Madhya Pradesh Gujarat Maharashtra Andhra Pradesh 

Mar-11 6,704.64 6,644.00 39.08 30.45 1,334.79 7,421.21 

Feb-11 6,124.40 5,609.92 107.35 19.64 1,466.93 1,077.99 

Jan-11 7,810.74 6,516.95 13.31 2.60 4,854.94 338.00 

Dec-10 5,344.44 4,885.12 16.94 0.20 2,799.35 402.00 

Nov-10 5,699.88 1,559.00 14.92 0.80 5,525.52 1,714.11 

Oct-10 4,825.02 3,701.01 2,764.44 N/A 14,242.42 7,424.49 

Sep-10 4,050.40 3,452.91 180.60 N/A 20,818.91 6,842.40 

Aug-10 2,166.72 5,150.04 N/A 346.70 167.82 3,198.00 

Jul-10 2,189.39 4,079.13 N/A 530.00 155.81 3,304.99 

Jun-10 1,509.16 4,244.86 7.50 1.00 149.36 101.98 

May-10 3,663.22 5,280.97 N/A 0.81 152.30 72.00 

Apr-10 6,883.72 6,265.88 N/A 5.98 169.20 295.98 

Mar-10 6,544.44 6,541.04 219.29 179.90 186.43 5,167.00 

Feb-10 5,314.54 5,770.15 106.30 28.61 163.80 3,510.57 

Jan-10 5,506.09 4,973.08 65.11 208.02 481.12 393.65 

Dec-09 3,805.38 3,407.02 23.40 1.00 958.74 371.70 

Nov-09 2,987.76 2,377.05 20.30 11.30 2,553.58 14.00 

Oct-09 4,242.77 5,666.83 0.10 17.15 8,831.49 7,962.88 

Sep-09 2,907.45 369.00 7.19 297.26 7,692.99 44,702.10 

Aug-09 2,704.46 1,413.97 10.00 380.84 885.98 531.33 

Jul-09 5,948.75 4,641.05 3.00 42.99 321.65 147.29 

Jun-09 8,064.74 7,576.99 3.00 5.81 253.20 N/A 

May-09 5,152.75 2,629.00 9.40 32.50 319.67 40.39 

Apr-09 4,738.60 3,344.00 4.50 39.05 1,030.07 76.82 

Mar-09 2.29 3,066.85 5.00 35.58 644.95 209.82 

Feb-09 2.29 3,657.98 0.70 45.93 759.36 670.17 

Jan-09 2.70 3,009.97 5.90 248.61 1,178.85 50.21 

Dec-08 2.30 1,698.04 35.10 3.90 1,318.71 0.80 

Nov-08 2.50 2,924.02 N/A 1.44 2,151.51 30.20 

Oct-08 2.28 2,847.91 N/A 1.21 6,171.48 32.60 

Sep-08 0.70 2,665.93 N/A 4.67 5,523.64 19.44 

Aug-08 35.80 3,984.93 N/A 2.88 404.84 N/A 

Jul-08 0.39 5,204.82 1.10 11.32 618.04 2.82 

Jun-08 0.10 4,917.98 0.90 12.67 867.55 0.01 

May-08 0.80 3,365.89 N/A 10.40 1,821.22 240.28 

Apr-08 0.10 5,370.92 N/A N/A 872.71 0.01 

Mar-08 0.20 5,918.02 25.05 N/A 1,946.20 0.27 

Feb-08 0.40 5,721.89 150.80 1.50 4,279.68 43.59 

Jan-08 0.40 5,628.19 15.84 N/A 3,345.31 1,018.38 

Dec-07 0.60 3,766.08 N/A N/A 7,083.44 187.66 

Nov-07 1.01 4,340.02 N/A N/A 13,199.15 1,028.41 

Oct-07 0.20 5,555.00 N/A N/A 30,544.00 1,809.40 

Sep-07 1.80 4,473.07 15.00 4.86 19,732.55 620.38 

Aug-07 4.16 4,302.94 77.01 4.00 1,472.19 151.11 

Jul-07 2.10 6,691.00 N/A 6.30 1,246.71 9.79 

Jun-07 5.90 6,099.07 3.00 9.36 669.46 599.66 

May-07 1.50 4,794.86 N/A 23.28 1,567.86 1,849.71 

Apr-07 0.70 4,692.11 4.30 28.75 955.93 2,224.29 

Mar-07 0.58 4,953.08 68.48 35.91 741.22 2,576.18 

Feb-07 0.60 2,236.92 50.80 35.19 1,157.07 2,934.79 

Jan-07 1.20 4,626.99 N/A N/A 2,229.73 357.06 

Dec-06 6.21 3,041.91 N/A N/A 3,222.25 95.54 

Nov-06 3.80 3,981.95 N/A N/A 4,880.58 412.56 

Oct-06 3.00 2,895.01 N/A N/A 12,590.68 689.18 

Sep-06 9.30 5,151.99 0.10 N/A 22,789.88 1,180.77 

Aug-06 2.56 5,693.00 N/A N/A 2,288.10 74.92 

Jul-06 2.61 4,678.99 N/A N/A 210.91 114.20 

Jun-06 0.79 3,878.07 N/A N/A 252.79 0.81 

May-06 0.20 4,371.00 81.00 N/A 223.67 3.20 

Apr-06 0.70 4,348.05 1,370.39 N/A 157.31 95.61 


Source: Dept.of Agriculture, GOI 




Urad 

Chana 

Rajasthan Orissa Andhra Pradesh Rajasthan Maharashtra Madhya Pradesh Uttar Pradesh 

3,325.04 697.34 14,279.68 10,694.39 61,181.69 58,117.32 16,956.46 

2,988.91 477.22 27,557.24 2,971.60 40,048.96 3,052.11 13,408.77 

15,033.51 491.48 22,338.14 2,417.80 5,900.23 2,740.30 22,989.63 

15,103.14 1,331.46 3,979.84 2,429.27 6,142.46 9,403.68 21,796.09 

19,027.91 976.36 5,590.94 2,126.95 6,836.94 11,972.77 19,381.52 

23,458.92 1,215.46 6,580.89 5,905.09 10,067.38 12,054.48 16,725.57 

1,677.00 1,100.02 44,510.27 6,249.72 7,343.21 10,889.30 17,498.63 

261.14 1,224.61 9,465.05 5,487.25 10,630.83 14,924.57 13,279.23 

555.12 1,186.34 9,434.93 10,071.10 13,725.52 24,273.81 16,447.61 

1,881.43 1,038.97 8,908.03 5,155.94 17,845.44 32,746.46 13,402.27 

9,706.18 589.78 7,336.17 7,630.39 30,288.91 38,332.42 23,872.04 

24,507.23 877.28 13,613.94 36,297.03 55,223.25 42,685.21 22,237.04 

N/A 958.91 17,268.07 4,514.33 74,100.56 58,517.82 10,809.56 

N/A 601.31 17,921.51 1,197.10 44,150.51 13,770.36 7,984.98 

N/A 291.11 3,521.28 368.76 12,659.37 3,269.88 11,201.38 

N/A 369.11 1,002.59 724.63 7,568.23 3,228.88 12,136.36 

N/A 65.80 1,713.49 976.63 9,080.76 5,602.73 12,931.81 

N/A 86.71 5,784.02 1,345.90 10,756.67 9,684.22 16,552.09 

N/A 175.94 4,322.60 2,283.95 6,258.12 9,873.11 16,553.59 

N/A 100.99 777.49 1,312.32 9,164.78 5,143.60 11,639.87 

N/A 45.62 1,672.39 3,952.43 13,756.04 4,013.96 13,054.57 

N/A 207.62 3,501.39 6,615.99 15,448.22 3,581.21 18,669.05 

N/A 299.08 1,156.60 14,038.85 27,852.73 5,255.92 17,605.35 

N/A 690.01 1,632.08 54,569.68 37,512.87 7,325.68 21,252.36 

N/A 1,602.91 1,833.26 6,225.59 41,722.88 4,213.21 36,140.38 

N/A 1,550.57 1,089.96 1,043.05 37,922.18 973.69 7,426.43 

N/A 1,140.97 564.42 867.80 13,615.67 2,860.01 5,429.01 

3,425.95 3,011.97 106.41 1,212.63 4,043.66 880.57 8,490.04 

5,033.74 680.77 94.00 3,607.89 3,778.59 709.20 10,164.79 

7,709.44 553.51 260.14 1,031.01 5,251.67 529.24 7,188.55 

N/A 2,716.32 197.92 2,429.70 3,304.92 928.75 7,609.95 

4,641.13 312.62 0.75 1,338.58 3,255.73 1,285.31 5,488.91 

8,726.76 623.52 0.52 5,556.41 5,964.19 1,851.37 9,050.45 

13,655.27 776.20 0.95 6,077.65 15,298.62 2,377.20 6,297.60 

16,411.21 937.91 1.08 22,199.63 23,749.90 3,681.21 8,809.48 

15,362.62 812.84 0.81 30,419.13 17,312.47 5,480.34 9,503.34 

4,418.10 1,243.41 0.97 1,808.83 35,006.80 4,958.56 8,314.65 

3,780.60 1,068.76 2.33 616.51 50,680.81 10,591.43 3,820.10 

4,225.97 1,026.73 2.32 678.69 11,692.31 3,857.08 3,668.24 

3,499.44 956.59 266.46 393.16 2,190.89 1,646.03 7,910.15 

5,559.06 936.30 426.28 521.04 2,673.87 2,872.39 3,386.66 

8,503.83 491.80 854.07 1,901.28 4,632.76 2,550.09 4,194.58 

2,703.09 893.80 144.38 598.28 2,134.20 9,784.60 4,754.16 

1,164.19 704.94 11.72 1,710.98 4,870.63 1,502.59 5,312.63 

1,865.18 664.01 56.99 2,217.22 6,475.31 1,926.36 4,956.76 

5,152.58 2,491.80 95.47 5,069.43 11,248.73 2,840.89 6,835.38 

23,185.44 511.14 391.95 20,320.10 17,179.89 3,419.77 6,205.72 

36,778.27 587.55 516.76 18,273.81 37,722.69 14,189.12 5,874.73 

2,076.61 623.36 986.39 850.17 30,576.17 15,281.56 586,076.36 

130.80 685.09 861.84 243.46 39,634.72 5,456.27 4,028.14 

242.21 632.07 1,390.69 77.05 9,192.10 625.26 6,699.60 

564.46 416.44 319.94 64.55 1,250.90 2,084.60 8,550.32 

1,792.26 221.48 88.81 127.97 1,710.94 2,503.14 7,852.72 

3,723.51 249.60 407.30 257.54 2,307.48 3,459.27 5,997.48 

1,099.27 75.70 982.60 324.05 2,341.42 4,024.00 6,393.26 

600.82 463.89 1,677.94 525.29 2,286.42 4,403.98 6,347.27 

176.98 473.77 681.17 452.69 2,192.49 5,821.21 10,953.65 

374.68 111.34 818.17 1,415.68 6,074.45 8,782.24 22,115.67 

1,254.93 864.56 1,069.60 4,592.57 12,273.62 17,274.11 25,060.28 

2,423.76 1,892.52 328.66 11,194.51 23,591.83 25,435.29 30,183.86 



EDITORIALS 

PROLOGUE 



Chana prices and trading activity 

Monthly MCX futures prices (Rs/qtl) 

MCX Spot - Delhi (Rs/qtl) 

Month Open High Low Close Volume 

in lots^ 

Open 

interest 

Monthly 

average 

Month's 

high 

in lots^^ 

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 





Other markets monthly average spot prices (Rs/qtl) 

Month's 

low 

Ganganagar 

(Raisinghnagar) 

Jaipur 

Avg variety 

Udaipur 

Avg variety 

Chhindwara 

Desi variety 

Indore 

Desi variety 

Ganjbasoda 

Desi variety 

WPI of 

Chana 

Avg variety 

2381 - - - - - - 154.9 

2355 - - - - - - 151.8 

2286 - - - - - - 149.5 

2202 - - - - - - 146.6 

2226 - - - - - - 149.2 

2171 - - - - - - 145.2 

2062 - - - - - - 143.2 

2093 - - - - - - 144.1 

2109 - - - - - - 143.9 

2141 - - - - - - 144.3 

2113 2028 2155 2050 1730 2060 1890 146.4 

2206 2161 2229 2112 1935 1984 2034 155.1 

2432 2270 2185 2097 2087 2062 2078 156.4 

2406 2364 2251 2143 2225 2111 2073 159.2 

2245 2114 2098 1998 1883 2069 2015 152.3 

2251 2042 2089 1954 1880 N/A 2117 152.6 

2249 2132 2190 2043 1971 N/A 2120 155.9 

2170 2136 2274 2054 1978 2128 2120 154.2 

2070 1990 2060 1906 1786 2044 2002 147.9 

2134 2070 2111 1989 1868 2223 2087 151 

2172 2085 2100 2001 1949 N/A 2110 150.6 

2094 1930 1959 1888 1864 2108 2055 148.7 

2105 2038 2083 1920 1837 N/A 2010 151.1 

2000 1938 1960 1773 1894 2245 1925 150.3 

2062 1976 2041 1809 1821 1872 1951 155.4 

2170 2055 2128 1902 1824 2100 1949 157.3 

2150 2138 2249 2056 1890 2331 2016 157.4 

2415 2283 2290 2109 2003 2298 2191 155.2 

2500 2345 2343 2245 2076 2003 2246 159.6 

2375 2380 2353 2295 2122 2053 2203 154.6 

2325 2337 2291 2154 1991 2086 2145 152.5 

2300 2324 2262 2141 1991 2114 2129 150.1 

2355 2342 2436 2190 2132 2188 2210 153.3 

2630 2512 2579 2361 2303 2400 2698 155.4 

2228 2235 2292 2144 2065 2309 2154 146.7 

2156 1974 1997 1939 1764 2104 1918 142.3 

2112 1995 2024 1996 1689 1992 1920 148.1 

2305 2135 2127 2070 1869 2285 2134 151.2 

2320 2191 2072 2146 1940 2536 2220 150.7 

2248 2065 2076 2053 1907 2513 2222 149.4 

2276 2097 2153 2057 1939 2504 2196 150.1 

2285 2134 2208 2071 2064 2345 2165 150.4 

2177 2054 2097 1976 1980 2329 2141 146.2 

2124 2027 2052 2016 2006 2263 2229 147 

2167 2104 2168 2130 2129 2442 2373 150.3 

2084 1899 2073 1969 1874 2009 2010 149.5 

2263 2132 2261 2044 1787 2164 2021 166.5 

2350 2235 2502 2238 2026 2403 2095 171.5 

2460 2572 2696 2523 2065 2576 2265 182 

2791 2827 2916 2705 2394 2836 2499 183.4 

3054 2953 3021 2871 2616 2949 2799 180.7 

2700 2722 2721 2640 2717 3130 2706 158.2 

2360 2374 2342 2298 2148 2251 2184 144.5 

2188 2106 2157 2082 1989 2113 2010 141.1 

2120 2207 2187 2144 2023 2124 2003 138 

2167 2114 2199 2117 1975 2131 1978 130.8 

1980 1926 1967 1938 1737 1977 1761 127.6 

suspended from May 7, 2008 to December 3, 2008, Avg - Average; Future prices are for near month continuos futures contract. 



EDITORIALS 

PROLOGUE 



Tur (Arhar) 

Tur (Arhar) prices 

Other market's monthly average spot prices (Rs/qtl) 

Month Central Delh Bhopal Indore Bidar Raichur WPI of Tur 

Avg variety Avg variety Avg variety (Basavakalyam) FAQ variety 

FAQ variety 

Mar-11 - - - - - 199.5 

Feb-11 - - - - - 202.8 

Jan-11 - - - - - 190.4 

Dec-10 - - - - - 181.7 

Nov-10 - - - - - 185.6 

Oct-10 - - - - - 196.9 

Sep-10 - - - - - 203.2 

Aug-10 - - - - - 199.4 

Jul-10 - - - - - 222.8 

Jun-10 - - - - - 225.6 

May-10 - - - - - 228.6 

Apr-10 - - - - - 224.3 

Mar-10 N/A N/A N/A N/A N/A 220.1 

Feb-10 N/A 2991 3019 N/A N/A 231 

Jan-10 4350 3183 3464 N/A N/A 262.7 

Dec-09 4350 3047 3530 N/A N/A 236.2 

Nov-09 4350 3185 4550 N/A N/A 237.2 

Oct-09 4350 N/A N/A N/A N/A 224.7 

Sep-09 4350 N/A N/A N/A N/A 221.3 

Aug-09 4424 3505 N/A N/A 3510 220.3 

Jul-09 4333 3960 N/A 5335 3623 206.8 

Jun-09 3235 3174 3405 3768 3244 181.1 

May-09 3235 3305 2886 4021 3131 170.1 

Apr-09 3235 3156 2962 3337 3271 164.9 

Mar-09 3235 3001 2516 3181 3069 156.4 

Feb-09 3307 2791 2781 3167 3119 153.8 

Jan-09 3115 2579 2630 3035 3141 148.7 

Dec-08 2697 2410 2050 2694 2801 148.4 

Nov-08 2863 2321 2053 2597 2298 148.4 

Oct-08 3256 2444 2504 2986 2524 148.9 

Sep-08 3207 2561 2184 2897 2167 147.1 

Aug-08 3166 2591 2212 3999 2232 146.3 

Jul-08 3074 2573 2414 2914 2397 138.3 

Jun-08 2858 2439 2250 2491 2033 131.8 

May-08 2695 2128 2103 2290 2057 129.7 

Apr-08 2673 2203 2253 2321 2117 133.5 

Mar-08 2826 2380 2169 2380 2409 136.2 

Feb-08 2666 2319 2359 2228 2231 128.6 

Jan-08 2466 2063 1997 2112 2131 130.2 

Dec-07 2738 2061 N/A 2350 2409 131.4 

Nov-07 2902 2007 2568 2315 2096 131.2 

Oct-07 2806 1861 2559 2280 2089 127.4 

Sep-07 2512 1831 1813 2230 1718 126.2 

Aug-07 2626 2035 1979 2271 1647 126.3 

Jul-07 2550 2139 2130 2242 1962 121.7 

Jun-07 2518 1959 2016 2050 1841 117.9 

May-07 2449 2019 1797 2052 1754 117.9 

Apr-07 2488 2096 1759 N/A 1997 118 

Mar-07 2410 2086 1844 N/A 2000 115.4 

Feb-07 2331 1986 1968 N/A 1983 118 

Jan-07 2244 1854 1666 N/A 1988 112 

Dec-06 1963 1527 1304 N/A 1782 110.6 

Nov-06 1923 1438 1635 1782 1445 110.3 

Oct-06 1980 1505 1555 1750 1544 113.2 

Sep-06 2157 1550 1569 1944 1514 111 

Aug-06 1953 1537 1535 1717 1395 102.8 

Jul-06 1931 1494 1477 1684 1413 100.7 

Jun-06 1991 1546 1581 1702 1435 103.2 

May-06 2053 1670 1670 1806 1516 101.4 

Apr-06 2028 1676 1510 1794 1611 101.1 

Note: N/A - Not Available, Futures trading Tur/Arhar is suspended since Feb 2007, Avg - Average; 





Urad (Black Gram) prices 

Month 

Other market's monthly average 

spot prices (Rs/qtl) 

Central Delhi Ganganagar WPI of Urad 

average variety 

desi variety 

Mar-11 - - 250.3 

Feb-11 - - 250.1 

Jan-11 - - 252.1 

Dec-10 - - 255.5 

Nov-10 - - 260.2 

Oct-10 - - 285.5 

Sep-10 - - 292.6 

Aug-10 - - 294.9 

Jul-10 - - 294.2 

Jun-10 - - 287.2 

May-10 - - 275.7 

Apr-10 - - 261.6 

Mar-10 N/A N/A 255.3 

Feb-10 N/A N/A 266.1 

Jan-10 4157 N/A 283.1 

Dec-09 4538 N/A 273.9 

Nov-09 5006 N/A 263.5 

Oct-09 4597 N/A 233.7 

Sep-09 4032 N/A 215.4 

Aug-09 4570 N/A 211.9 

Jul-09 3759 N/A 196.4 

Jun-09 3108 N/A 183.2 

May-09 3077 N/A 180 

Apr-09 3015 N/A 178.7 

Mar-09 3001 N/A 170.4 

Feb-09 2997 N/A 168.6 

Jan-09 2823 N/A 165.8 

Dec-08 2668 N/A 164.7 

Nov-08 2749 N/A 163.7 

Oct-08 2944 N/A 164 

Sep-08 2884 N/A 163.4 

Aug-08 2869 N/A 161.3 

Jul-08 2887 N/A 154.3 

Jun-08 2482 N/A 147.3 

May-08 2418 N/A 145.4 

Apr-08 2261 N/A 148.5 

Mar-08 2367 N/A 146.9 

Feb-08 2196 N/A 137.6 

Jan-08 1963 2027 137.9 

Dec-07 1997 2003 146.4 

Nov-07 2087 N/A 151.4 

Oct-07 2381 N/A 165.1 

Sep-07 2301 N/A 166 

Aug-07 2314 2169 170.5 

Jul-07 2291 2208 171.8 

Jun-07 2184 2072 170.6 

May-07 2269 1997 173.8 

Apr-07 2631 2081 179.2 

Mar-07 3123 2461 179.8 

Feb-07 3323 2031 190.5 

Jan-07 3343 2328 187.5 

Dec-06 3188 N/A 201.7 

Nov-06 3416 N/A 209.3 

Oct-06 3583 2976 217.3 

Sep-06 3782 2757 200 

Aug-06 3503 2458 187.9 

Jul-06 3251 2099 184.9 

Jun-06 3272 2135 186.1 

May-06 3770 2316 179.2 

Apr-06 3697 1935 171.8 

Note: N/A - Not Available; Futures trading Urad is suspended since Feb 2007 




EDITORIALS 

PROLOGUE 



Spices 

Flavouring the dish 

A 

spice is a dried seed, fruit, root, bark, or vegetative 

substance. Used in nutritionally insignifi cant quantities 

as a food additive for fl avor, color, or as a preservative, 

spices kill harmful bacteria or prevent their growth. A 

spice may be used to fl avour a dish or to hide other obnoxious 

fl avours. In the kitchen, spices are distinguished from herbs, 

which are leafy, green plant parts used for fl avoring or as garnish. 

The word “spice” comes from the Old French word “espice”, 

which became “epice” and which came from the Latin root 

“spec”, the noun referring to appearance. In India, spices are 

mainly used to rustle up scrumptious delicacies. Many spices 

are also used for other purposes, such as medicine, religious 

rituals, cosmetics, and perfumery or for eating as vegetables. 

For example, turmeric is also used as a preservative; liquorice 

as a medicine; garlic as a vegetable. The fl avour of a spice is 

derived in part from compounds that oxidise or evaporate when 

exposed to air. 

India is known as the home of spices and produces a wide 

variety of spices like black pepper, cardamom (small and large), 

ginger, garlic, turmeric, chilli, etc. It is the largest producer, 

consumer and exporter of spices and spice products. 

India is the only country that produces all major 

spices: 75 variants of the 109 listed with the International 

Organization for Standardization (ISO). 

Spices play an important role in the Indian 

economy. The country produces about 5 million 

tonnes of spices every year and exports more than 

10% of the produce or about 500,000 tonnes, 

including value-added products. The world import of 

spices is estimated at a little over 1 million tonnes, 

of which India shares about 48%, according to the 

Spices Board of India. 

Cardamom futures on the MCX platform opened 

at Rs.1,138.60 a kg in 2010 and moved up steadily 

until mid-June — the fag end of the season. Strong 


Exchange 

(contract) 

2300 

2100 

1900 

1700 

1500 

1300 

1100 

900 

700 

Source: Metastocks 


export and domestic demand, in the wake of lower output in 

Guatemala — India’s lone competitor in the cardamom segment 

and the world’s largest producer of the small variant, buoyed 

cardamom prices in the domestic market. The prices touched 

an all-time high of Rs.2,097 on June 11, 2010. Thereafter, the 

prices began to decline on expectations of an increase of 20% 

year-on-year in production on the back of good monsoon rains. 

The estimated increased output, according to trade sources, 

stood at around 12,000 tonnes in 20010-11. 

During the harvest season, the prices remained under 

pressure because buyers were waiting for the prices to come 

down before they began buying cardamom for the new season. 

As a result, by October-end, futures prices of cardamom touched 

a low of Rs.868 a kg. 

Attracted by lower prices, traders began stocking the spice 

for the forthcoming festive season. However, with the season, 

especially Diwali, approaching, both spot and futures prices of 

cardamom started to rise again. This was followed by the export 

season of November and December. Overall, cardamom prices 

increased by 38.9% year-on-year. 

MCX Cardamom futures prices in 2010 

Year high at Rs.2,097/kg on 

lower production in Guatemala 

and robust domestic 

and export demand 

Year low at Rs.868/kg on expectations 

of a rise of 20% y-o-y in production 

owing to good monsoon 

Cardamom (Rs/kg) 

Annualised 

Volatility 

Higher export 

demand and farmers’ 

reluctance to 

sell the produce at 

lower prices 

Volume 

(in lots) 

Cardamom MCX (100 kgs) Rs/ kg 1,118.00 2,097.00 868.00 1,581.40 56.70% 635,749 

Note: Âll contracts - all variants; Source: Exchanges’ websites 

1-Jan-10 

29-Jan-10 

26-Feb-10 

26-Mar-10 

23-Apr-10 

21-May-10 

18-Jun-10 

16-Jul-10 

13-Aug-10 

10-Sep-10 

8-Oct-10 

5-Nov-10 

3-Dec-10 

31-Dec-10 




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Diversify your portfolio by investing in the vibrant commodity market 

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To know more SMS KCL to 5676788 

or Call: 1800 102 6776 

Registered Office: Kotak Commodity Services Ltd., Nirlon house, 1st Floor, Dr. Annie Besant Road, Opp. Sasmira,Near Passport Office , Worli, Mumbai - 400025. 

MCX/TCM/CORP/0479.MCX-10440. NCDEX/TCM/CORP/0479.NCDEX-00155. ACEL/TCM/CORP/0235, ACEL Trading Member Id: 6060. 



EDITORIALS 

PROLOGUE 



Spices - Production in India (in `000' tonnes) 

Country 2010-11 2009-10 2008-09 2007-08 2006-07 2001-02 

Turmeric 988.92 792.98 892.21 826.03 856.46 552.95 

Pepper 48.00 55.00 46.74 50.00 50.00 80.00 

Small Cardamom 10.38 10.08 10.99 9.45 11.23 11.37 

Red Chilli 1212.06 1202.94 1353.80 1371.25 1325.27 1116.59 

Cumin seed 316.91 156.33 283.00 264.86 176.51 206.41 

Total Spices - - 5278.85 5066.78 4664.00 - 

Source: Spices Board, India, Trade Sources 

Spices - Item wise exports from India (in `000' tonnes & value in Rs crores) 

Item 2010-11 (E) 2009-10 2008-09 2007-08 2006-07 2001-02 

Qty Value Qty Value Qty Value Qty Value Qty Value Qty Value 

Pepper 18.85 383.19 19.75 313.93 25.25 413.74 35.00 519.50 28.75 306.20 22.88 203.69 

Cardamom small 1.18 132.16 1.98 165.70 7.50 47.27 0.50 24.75 0.65 22.36 1.03 61.68 

Chilli 240.00 1535.54 204.00 1291.73 188.00 1080.95 209.00 1097.50 148.50 807.75 70.00 252.44 

Turmeric 49.25 702.85 50.75 381.23 52.50 248.58 49.25 157.00 51.50 164.80 37.78 90.74 

Cumin 32.50 395.98 49.75 548.25 52.55 544.00 28.00 291.50 26.00 201.50 17.25 148.18 

Others# 183.98 3690.99 176.53 2859.67 144.72 2965.73 122.50 2345.25 118.35 2073.14 94.27 1183.83 

Total 525.75 6840.71 502.75 5560.50 470.52 5300.26 444.25 4435.50 373.75 3575.75 243.20 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 2010-11 (E) 2009-10 2008-09 2007-08 2006-07 2001-02 

Qty Value Qty Value Qty Value Qty Value Qty Value Qty Value 

Pepper 16.10 270.11 18.10 234.66 10.75 176.65 13.50 193.89 15.70 135.97 6.33 56.36 

Cardamom(small) 0.08 6.57 0.10 3.36 0.18 3.09 0.88 8.68 0.62 5.69 0.32 8.26 

Chilli 0.45 4.08 1.30 7.50 0.82 6.57 0.48 3.61 1.60 10.30 1.11 4.31 

Turmeric 3.90 42.21 4.45 20.87 2.53 8.20 4.65 12.27 7.00 25.20 0.12 0.12 

Cumin black/white 0.52 5.93 1.60 16.31 0.19 2.42 2.00 18.50 1.19 10.10 0.96 7.29 

Other spices # 65.74 846.61 81.16 817.77 69.08 568.45 68.50 403.55 100.68 601.82 

Total 86.78 1175.51 106.70 1100.46 83.55 765.39 90.00 645.50 126.79 789.08 86.34 505.08 

Value (USD in million) 257.00 232.33 167.55 160.60 174.32 

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 3.39% 1.63% 1.32% 0.54% 3.11% 

Cumin Seed 0.91% 0.81% 1.10% 0.81% 1.10% 

Pepper 1.41% 1.17% 1.11% 1.24% 1.42% 

Red Chilli 0.63% 1.27% 1.11% 1.31% 2.00% 

Turmeric 1.76% 2.34% 1.31% 0.84% - 





Spices - State-wise monthly arrivals of spices (in tonnes) 

Small Red Chilli Cumin seed (jeera) Turmeric 

Month 

Cardamom 

Kerala Andhra Rajasthan Gujarat Madhya Orissa Tamil Nadu 

Pradesh 

Pradesh 

Apr-11 47.46 N/A 5352.81 10664.25 17.00 N/A 1255.53 

Mar-11 139.08 N/A 5984.63 10587.56 52.67 N/A 1766.52 

Feb-11 37.68 N/A 221.20 7697.88 8.17 N/A 1007.01 

Jan-11 54.15 N/A 181.22 14954.52 4.94 N/A 7904.36 

Dec-10 3.64 240.00 54.96 5156.04 2.56 N/A 1442.10 

Nov-10 114.64 N/A 44.03 15136.78 7.02 N/A 2225.16 

Oct-10 89.80 1604.00 52.02 1684.08 5.44 N/A 1597.47 

Sep-10 91.66 1033.98 122.23 1755.04 10.44 N/A 1237.82 

Aug-10 91.55 N/A 124.65 2705.01 9.66 0.50 916.57 

Jul-10 69.94 N/A 316.53 7412.35 32.40 N/A 1326.38 

Jun-10 59.40 N/A 213.90 5580.79 30.24 1.20 1282.32 

May-10 2.61 N/A 466.12 8781.76 17.02 N/A 2893.75 

Apr-10 0.92 200.13 1555.47 17415.77 36.30 1.20 35.00 

Mar-10 3.03 600.48 997.45 25257.81 N/A N/A 37.67 

Feb-10 0.10 N/A 38.94 29766.81 3.80 N/A N/A 

Jan-10 0.24 N/A 31.40 2310.52 N/A N/A 11.50 

Dec-09 0.04 N/A 106.74 4283.09 1.80 N/A 4.50 

Nov-09 0.06 N/A 149.19 24584.19 79.59 N/A 3.30 

Oct-09 0.05 N/A 157.33 18404.44 13.68 N/A 18.00 

Sep-09 0.05 N/A 31.74 14533.79 18.36 N/A 8.75 

Aug-09 0.14 N/A 63.38 19372.93 8.46 N/A 27.50 

Jul-09 0.08 N/A 66.56 14659.52 N/A N/A 15.83 

Jun-09 0.07 N/A 92.70 6429.20 N/A N/A 16.88 

May-09 0.08 N/A 177.85 9100.63 6.00 N/A 24.29 

Apr-09 0.07 N/A 834.17 18815.69 53.96 N/A 21.33 

Mar-09 3.60 N/A 2442.40 39108.25 72.00 N/A 90.12 

Feb-09 0.05 N/A 225.27 32532.66 84.00 N/A 13.00 

Jan-09 0.07 N/A 31.40 8312.61 104.00 N/A 10.00 

Dec-08 0.02 N/A 23.31 4466.09 68.00 N/A 11.00 

Nov-08 0.05 N/A 54.10 4296.67 48.00 N/A 16.37 

Oct-08 0.05 N/A 112.57 2539.60 60.00 N/A 7.00 

Sep-08 0.00 N/A 69.58 3566.89 40.00 N/A 8.00 

Aug-08 0.06 N/A 209.86 1786.28 88.00 N/A 10.00 

Jul-08 0.07 N/A 283.98 6573.97 72.00 N/A 17.00 

Jun-08 0.06 N/A 901.70 12713.17 44.00 N/A 21.80 

May-08 0.07 N/A 2286.44 17605.50 76.00 N/A 19.00 

Apr-08 0.08 N/A 4247.57 22624.62 88.00 N/A 19.38 

Mar-08 0.07 0.02 572.08 16754.93 84.00 N/A 6.60 

Feb-08 0.06 N/A 118.72 6063.85 76.00 N/A 12.57 

Jan-08 0.06 N/A 126.33 1569.84 40.00 N/A 11.23 

Dec-07 0.08 0.01 43.66 1149.65 4.00 N/A 8.08 

Nov-07 0.06 0.30 323.60 1240.66 4.00 N/A 21.60 

Oct-07 0.07 8.40 288.29 1811.38 8.00 N/A 27.67 

Sep-07 0.08 N/A 114.01 956.80 12.00 N/A 10.00 

Aug-07 0.05 18.60 65.27 1816.91 64.00 N/A 15.00 

Jul-07 0.07 N/A 71.00 1815.23 88.00 N/A 15.62 

Jun-07 0.07 N/A 134.21 2201.53 40.00 N/A 20.00 

May-07 0.06 N/A 181.96 2072.40 24.00 N/A 26.25 

Apr-07 0.07 0.40 320.34 2705.54 28.00 N/A 40.97 

Mar-07 0.18 33.10 1344.75 6018.61 28.00 N/A 26.50 

Feb-07 0.32 N/A 907.11 5591.18 16.00 N/A 21.60 

Jan-07 0.42 N/A 70.64 6732.58 36.00 N/A 20.00 

Dec-06 0.24 N/A 50.95 7925.00 20.00 0.10 24.00 

Nov-06 0.18 N/A 31.15 11332.39 8.00 0.08 26.00 

Oct-06 0.16 2.00 32.44 5390.27 12.00 0.10 24.17 

Sep-06 0.08 1.00 501.93 17357.07 48.00 0.10 17.00 

Aug-06 0.24 N/A 701.37 10669.94 20.00 0.08 20.40 

Jul-06 0.48 N/A 50.98 3606.34 44.00 0.09 8.12 

Jun-06 0.25 6.20 34.66 2111.35 12.00 0.08 11.14 

May-06 1.64 5.40 92.57 7672.01 24.00 0.11 23.92 

Apr-06 0.08 N/A 467.74 6838.41 N/A 0.08 35.62 

Note: N/A: Not available, Data after Apr'10 is for Turmeric processed 

Source: Dept.of Agriculture, GOI 



EDITORIALS 

PROLOGUE 



Cardamom prices & Trading activity 

Monthly MCX futures price (Rs/kg) MCX spot prices Vandanmedu WPI of 

(Rs/kg) 

Cardamom 

Month Open High Low Close Volume Open Monthly Month's Month's 

in lots^ Interest average high low 

in lots^^ 

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 




Cumin seeds prices 

MCX Spot prices Unjha (Rs/qtl) Other market monthly WPI of 

Month average spot prices (Rs/qtl) Cumin seeds 

Monthly Month's high Month's low 

average Rajasthan Gujarat 

Dec-10 N/A N/A N/A 11826 12157 170.3 

Nov-10 N/A N/A N/A 7044 12035 162.5 

Oct-10 N/A N/A N/A 11385 11051 157.5 

Sep-10 N/A N/A N/A 11986 11607 157.4 

Aug-10 N/A N/A N/A 12601 12080 161.4 

Jul-10 13778 14631 12800 12229 12007 157.6 

Jun-10 12423 12823 12271 11017 10748 154.3 

May-10 12627 12783 12492 10892 10188 157.6 

Apr-10 12066 12425 11942 10821 9860 162.8 

Mar-10 11806 11955 11606 10274 9551 156.6 

Feb-10 11967 12389 11615 10173 9642 159.2 

Jan-10 13370 14598 12197 12736 11313 165.1 

Dec-09 14279 14645 14025 12722 12049 169.4 

Nov-09 13351 14273 12324 11892 11694 168.2 

Oct-09 11745 12324 11381 11361 10008 158.4 

Sep-09 11418 11601 11336 10130 9106 159.2 

Aug-09 11745 11918 11521 10583 9318 144.5 

Jul-09 11402 11580 11226 10299 8899 136.1 

Jun-09 11228 11358 11000 6695 7376 131.4 

May-09 11711 12229 11091 10799 7176 132.3 

Apr-09 12068 12289 11745 11586 8009 123.6 

Mar-09 11300 11552 11086 9829 7721 123.3 

Feb-09 11321 11597 10968 9842 6811 125.3 

Jan-09 10967 11655 10592 8736 8302 126.5 

Dec-08 10680 10853 10556 8855 7469 127.1 

Nov-08 10779 11075 10531 9212 7419 127.8 

Oct-08 11029 11935 10591 9376 7139 128.6 

Sep-08 11996 12457 11624 9736 8202 127.3 

Aug-08 12444 12662 12192 10465 10207 134.8 

Jul-08 12046 12675 11417 10333 10705 127 

Jun-08 10750 11646 9928 9195 8898 123.7 

May-08 9960 10130 9710 9215 8716 116.7 

Apr-08 9192 9903 8770 8013 7637 105 

Mar-08 9333 9475 9150 7696 7823 113.8 

Feb-08 9693 10192 9393 8785 8424 125.8 

Jan-08 10084 10369 9856 9836 9306 127.1 

Dec-07 9835 9995 9625 8153 8933 120.5 

Nov-07 10195 10360 9925 8897 9426 121.2 

Oct-07 10265 10445 9940 7839 9269 121.5 

Sep-07 10301 10664 9928 8819 9270 128.8 

Aug-07 10880 11138 10402 9028 9925 135.7 

Jul-07 11306 11445 11085 9093 10007 129.9 

Jun-07 11590 11931 11282 9405 10109 125.4 

May-07 11596 12183 10985 8653 9878 128 

Apr-07 12146 12531 11583 10026 10980 131.4 

Mar-07 10660 11423 9847 8922 10187 120.5 

Feb-07 9177 10043 8466 7969 9150 119.7 

Jan-07 8576 8735 8379 7564 7910 116.5 

Dec-06 8503 8570 8415 7294 7528 115.6 

Nov-06 8514 8703 8212 7021 7245 110.5 

Oct-06 8546 8781 8347 7010 7323 108.2 

Sep-06 8756 9000 8341 7612 7775 109.6 

Aug-06 7821 8226 7613 7412 7125 101.9 

Jul-06 7061 7730 6575 6498 6513 96.1 

Jun-06 6556 6618 6477 5812 5942 92.7 

May-06 6364 6705 5748 5821 5857 96.4 

Apr-06 5661 5748 5560 5277 4984 100.6 

Note: N/T: Not Traded 




EDITORIALS 

PROLOGUE 



Pepper prices 

MCX Spot prices Kochi (Rs/qtl) 

Other market monthly 

Month average spot prices WPI of 

Monthly Month’s high Month’s low (Rs/qtl) pepper 

average 

Kozhikode 

Dec-10 N/A N/A N/A 21,350 268.9 

Nov-10 N/A N/A N/A 21,100 260.0 

Oct-10 N/A N/A N/A 19,400 246.7 

Sep-10 N/A N/A N/A 19,600 248.6 

Aug-10 N/A N/A N/A 19,600 241.9 

Jul-10 19,341 20,650 17,623 17,700 226.1 

Jun-10 16,269 17,757 15,520 15,743 207.5 

May-10 16,378 16,845 15,680 15,604 200.2 

Apr-10 15,297 16,025 14,960 14,972 196.9 

Mar-10 13,767 14,900 13,025 14,171 186.2 

Feb-10 13,315 13,720 13,060 13,768 187.3 

Jan-10 13,756 14,300 13,378 13,700 192.5 

Dec-09 14,532 15,683 13,984 N/A 197.1 

Nov-09 15,012 15,500 14,775 N/A 197.3 

Oct-09 14,310 14,832 13,925 14,264 191.5 

Sep-09 14,333 14,911 14,156 14,679 189.9 

Aug-09 14,438 15,521 13,258 14,326 187.4 

Jul-09 12,618 13,189 12,433 12,600 174.5 

Jun-09 12,830 13,033 12,568 12,992 174.2 

May-09 12,774 13,168 12,442 13,150 176.9 

Apr-09 12,590 13,445 11,980 12,575 180.4 

Mar-09 11,010 11,450 10,632 11,324 169.9 

Feb-09 11,455 12,315 10,675 11,917 168.0 

Jan-09 11,873 12,520 10,723 12,065 169.2 

Dec-08 10,739 11,440 10,220 11,580 157.9 

Nov-08 11,682 12,165 11,435 12,344 167.9 

Oct-08 13,052 13,895 11,495 13,575 180.3 

Sep-08 13,597 14,292 12,780 13,917 186.1 

Aug-08 14,385 14,505 14,225 15,110 193.4 

Jul-08 14,388 14,775 14,136 14,471 192.9 

Jun-08 14,423 14,613 14,240 14,533 194.2 

May-08 14,571 15,282 14,112 14,320 194.6 

Apr-08 14,550 14,875 14,280 14,472 195.2 

Mar-08 15,048 15,650 14,750 14,752 197.9 

Feb-08 14,660 15,546 14,123 14,291 190.3 

Jan-08 14,383 14,932 13,446 14,110 187.9 

Dec-07 13,376 13,600 13,162 13,562 182.9 

Nov-07 13,964 15,215 13,195 14,121 186.6 

Oct-07 14,017 15,600 12,402 13,410 180.8 

Sep-07 12,725 13,255 12,429 12,338 172.1 

Aug-07 13,378 14,165 12,400 12,840 180.0 

Jul-07 14,875 15,505 14,144 14,020 188.9 

Jun-07 14,486 15,295 13,928 13,776 184.3 

May-07 14,932 15,741 14,200 14,158 188.5 

Apr-07 14,977 15,634 13,629 14,200 175.3 

Mar-07 12,173 13,381 11,681 11,700 160.3 

Feb-07 12,354 12,535 12,140 11,733 160.8 

Jan-07 11,377 12,579 10,600 10,675 147.3 

Dec-06 10,150 10,838 9,867 9,455 140.5 

Nov-06 10,984 11,300 10,776 9,913 143.9 

Oct-06 12,436 13,400 11,210 10,944 152.9 

Sep-06 12,894 14,000 11,475 11,383 153.1 

Aug-06 10,425 11,460 9,993 9,883 125.7 

Jul-06 8,246 10,500 7,291 7,915 106.8 

Jun-06 6,975 7,291 6,830 7,088 99.4 

May-06 6,989 7,167 6,763 7,052 100.3 

Apr-06 7,150 7,264 6,985 7,175 98.4 

Note: N/A: Not Available 

Source : MCX, Agmarknet & Ministry of Commerce and Industry 




Red chilli prices 

MCX Spot prices Guntur (Rs/Qtl) 


Month average spot prices WPI of 

Monthly Month’s high Month’s low (Rs/qtl) Chillies Dry 

average 

Karnataka 

Dec-10 N/A N/A N/A 5,042 213.0 

Nov-10 N/A N/A N/A 5,271 199.2 

Oct-10 N/A N/A N/A 5,665 201.5 

Sep-10 N/A N/A N/A 5,342 190.6 

Aug-10 N/A N/A N/A 4,436 206.2 

Jul-10 4,969 5,037 4,846 5,390 214.4 

Jun-10 4,851 4,910 4,759 5,055 210.6 

May-10 4,746 4,759 4,637 4,463 214.0 

Apr-10 4,715 4,808 4,589 4,766 217.0 

Mar-10 4,912 5,068 4,595 5,041 219.1 

Feb-10 5,357 5,478 5,068 5,648 216.4 

Jan-10 5,853 6,133 5,512 5,673 211.8 

Dec-09 6,253 6,493 6,151 5,629 204.2 

Nov-09 6,430 6,570 6,168 5,396 205.3 

Oct-09 6,100 6,188 5,981 5,919 203.5 

Sep-09 5,955 6,002 5,900 5,531 202.4 

Aug-09 5,990 6,067 5,854 5,443 199.5 

Jul-09 5,545 5,854 5,431 5,556 197.3 

Jun-09 5,406 5,643 4,745 5,360 198.2 

May-09 4,747 4,756 4,727 5,109 200.2 

Apr-09 5,033 5,313 4,727 4,746 204.5 

Mar-09 5,430 5,549 5,287 6,096 212.7 

Feb-09 5,255 5,388 5,094 4,660 203.5 

Jan-09 6,045 6,443 5,858 4,741 197.3 

Dec-08 6,522 6,623 6,450 5,286 174.5 

Nov-08 6,592 6,692 6,446 5,925 173.2 

Oct-08 6,413 6,457 6,348 6,027 177.0 

Sep-08 6,401 6,455 6,325 4,917 176.8 

Aug-08 6,425 6,525 6,313 4,895 184.2 

Jul-08 5,930 6,378 5,257 4,569 185.2 

Jun-08 5,049 5,281 4,997 4,409 176.6 

May-08 4,766 4,997 4,517 4,324 170.1 

Apr-08 4,491 4,744 4,195 4,363 160.2 

Mar-08 4,003 4,262 3,854 4,298 152.8 

Feb-08 4,027 4,220 3,864 4,693 155.8 

Jan-08 3,924 4,113 3,783 5,036 148.5 

Dec-07 3,939 4,175 3,734 4,490 155.7 

Nov-07 4,226 4,530 3,808 4,952 159.8 

Oct-07 4,618 4,763 4,508 5,061 159.6 

Sep-07 4,666 4,763 4,588 5,297 160.4 

Aug-07 4,617 4,753 4,458 5,380 157.1 

Jul-07 4,556 4,789 4,372 5,209 160.0 

Jun-07 4,693 4,914 4,424 5,877 157.8 

May-07 4,452 4,569 4,338 4,887 156.5 

Apr-07 4,763 5,089 4,371 4,654 161.0 

Mar-07 4,491 4,832 4,209 4,418 161.3 

Feb-07 4,550 6,296 3,875 4,520 181.2 

Jan-07 6,365 6,865 5,980 4,294 192.8 

Dec-06 6,489 7,423 5,887 4,515 172.5 

Nov-06 6,902 7,415 6,546 5,224 175.1 

Oct-06 6,541 7,112 693 5,012 172.5 

Sep-06 6,391 6,942 6,003 4,906 162.5 

Aug-06 5,300 5,956 4,914 4,886 156.8 

Jul-06 4,916 5,025 4,778 4,064 152.0 

Jun-06 4,862 5,107 4,705 4,355 150.9 

May-06 4,960 5,092 4,475 4,307 143.1 

Apr-06 3,738 4,630 3,350 4,130 127.5 

Note: N/T: Not Traded; N/A: Not Available; WPI revised from Apr 05 




EDITORIALS 

PROLOGUE 



Turmeric prices 

MCX Spot prices Nizamabad (Rs/Qtl) 


Month average spot prices (Rs/qtl) WPI of 

Monthly Month's high Month's low Turmeric 

average Cuddapah Duggirala 

Dec-10 16,777 17,000 16,325 15,002 14,143 458.6 

Nov-10 15,435 17,025 14,675 13,493 13,184 416.3 

Oct-10 14,525 15,174 13,950 12,596 12,161 406.4 

Sep-10 13,721 14,088 13,463 11,233 12,157 403.8 

Aug-10 14,701 15,163 14,100 11,530 12,857 402.0 

Jul-10 15,172 15,822 14,588 N/A 12,719 406.8 

Jun-10 14,850 15,125 14,650 N/A 12,308 406.8 

May-10 15,112 15,856 14,644 12,424 12,216 375.3 

Apr-10 12,447 14,650 11,344 10,811 10,963 326.9 

Mar-10 10,182 11,600 8,725 9,459 8,928 309.8 

Feb-10 9,755 10,577 8,842 N/A 8,400 299.9 

Jan-10 10,449 10,900 9,975 N/A 7,200 281.5 

Dec-09 10,493 11,244 10,150 N/A 9,007 284.1 

Nov-09 12,013 13,092 9,913 N/A N/A 289.3 

Oct-09 9,340 11,100 8,096 7,229 N/A 210.9 

Sep-09 8,096 8,134 7,956 7,532 N/A 180.2 

Aug-09 7,983 8,363 6,950 N/A N/A 160.8 

Jul-09 5,849 6,950 5,368 N/A N/A 141.3 

Jun-09 5,299 5,384 5,235 4,867 N/A 132.2 

May-09 5,392 5,579 5,093 N/A N/A 120.0 

Apr-09 5,301 5,510 5,071 N/A N/A 113.8 

Mar-09 4,514 4,720 4,250 N/A N/A 112.3 

Feb-09 4,189 4,278 4,080 3,658 N/A 110.7 

Jan-09 3,992 4,198 3,850 N/A N/A 110.2 

Dec-08 3,862 3,890 3,830 N/A N/A 109.5 

Nov-08 3,782 3,897 3,570 N/A 3,195 109.8 

Oct-08 3,762 3,955 3,570 3,570 3,095 110.7 

Sep-08 3,827 3,908 3,735 2,829 3,305 110.8 

Aug-08 4,127 4,595 3,806 2,773 3,341 112.5 

Jul-08 4,407 4,645 4,105 3,318 3,580 102.9 

Jun-08 4,051 4,161 3,989 3,264 3,075 96.5 

May-08 3,399 4,006 3,072 2,866 2,791 89.8 

Apr-08 3,077 3,116 3,043 2,517 2,656 89.4 

Mar-08 3,073 3,110 2,995 2,691 2,635 85.9 

Feb-08 2,791 2,995 2,630 2,503 2,348 82.8 

Jan-08 2,641 2,673 2,604 2,357 2,222 83.9 

Dec-07 2,437 2,685 2,297 N/A N/A 81.0 

Nov-07 2,117 2,298 2,040 1,750 1,860 80.8 

Oct-07 2,039 2,078 1,979 N/A 1,815 81.9 

Sep-07 2,075 2,118 2,052 1,585 1,736 82.7 

Aug-07 2,147 2,179 2,114 1,657 N/A 84.3 

Jul-07 2,148 2,189 2,117 N/A N/A 80.9 

Jun-07 2,108 2,135 2,081 1,709 1,812 78.0 

May-07 N/A N/A N/A 1,646 1,797 84.7 

Apr-07 N/A N/A N/A 1,781 1,821 86.4 

Mar-07 N/A N/A N/A 1,905 N/A 82.1 

Feb-07 N/A N/A N/A N/A 1,691 89.5 

Jan-07 N/A N/A N/A N/A 1,588 90.0 

Dec-06 N/A N/A N/A 1,611 1,613 84.8 

Nov-06 N/A N/A N/A N/A 1,705 87.7 

Oct-06 N/A N/A N/A 1,636 1,738 89.2 

Sep-06 N/A N/A N/A 1,725 1,976 90.4 

Aug-06 N/A N/A N/A 2,008 1,975 88.8 

Jul-06 N/A N/A N/A 1,792 1,880 87.9 

Jun-06 N/A N/A N/A N/A N/A 87.9 

May-06 N/A N/A N/A 1,995 1,955 90.0 

Apr-06 N/A N/A N/A 1,718 1,880 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) 





Share of Different Spices in Total Spices 

Exports from India (in value terms) 

6% 

2% 

3% 

6% 

23% 

22% 

Pepper 

Cardamom (s) 

Chilli 

2010-11e 

54% 

51% 

2009-10 

7% 10% 

10% 

Turmeric 

Cumin 

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 

40 

32 

Qty 000 tons (LHS) 

Value (In Rs crore RHS) 

India's Pepper Exports in Volume & Value 

600 

480 

24 

360 

16 

240 

8 

120 

0 

2005-06 2006-07 2007-08 2008-09 2009-10 

2010-11e 

Source: Spices Board, India e - source estimates 

0 

300 

225 

India's Red Chilli Exports in Volume & Value 

Qty ooo tons ( LHS ) 

Value (In Rs crore) RHS 

1800 

1350 

150 

900 

75 

450 

0 

2005-06 2006-07 2007-08 2008-09 2009-10 

2010-11e 


0 



EDITORIALS 

PROLOGUE 



India's Turmeric Exports in Volume & Value 

56 

52 

Qty ooo tons (LHS) 


800 

600 

48 

400 

44 

200 

40 

2005-06 2006-07 2007-08 2008-09 2009-10 

2010-11e 


0 

2.5 

2 

India's Cardamom Exports in Volume & Value 

Qty 000 tons (LHS) 

Value ( In Rs crore ) RHS 

200 

160 

1.5 

120 

1 

80 

0.5 

40 

0 

2005-06 2006-07 2007-08 2008-09 2009-10 

2010-11e 


0 

60 

48 

India's Cumin (Jeera) Exports in Volume & Value 

Qty ooo tons (LHS) 


600 

480 

36 

360 

24 

240 

12 

120 

0 

2005-06 2006-07 2007-08 2008-09 2009-10 

2010-11e 


0 




Other 

Commodities 



EDITORIALS 

PROLOGUE 



Mentha oil fundamentals - India (in `000' tonnes) 

India 2010-11e 2009-10e 2008-09e 2007-08e 2006-07e 

Production 28 35.0 32.0 33.0 25.0 

Exports (Menthol & Menthol Crystal) 11.2 11.8 10.6 13.5 11.1 

Average daily volatility of MCX spot prices Sambhal market 1.84% 1.17% 1.71% 0.99% 3.53% 

Source: Indian Spices Board, MCX & Industry sources for production 

Item-wise exports of Mint products from India (in tonnes and in Rs. crores) 

Commodity/Item 2010-11E 2009-10E 2008-09E 

Quantity Value Quantity Value Quantity Value 

Mint products 

Peppermint oil 3,651.00 292.80 2,856.20 168.04 4,493.10 290.86 

Spearmint oil 34.00 4.10 91.30 8.41 262.20 27.75 

Other mint oil 2,558.00 211.20 4,229.50 258.70 5,159.60 395.66 

Menthol crystal 5,457.00 579.20 4,728.00 323.40 3,973.90 271.79 

Menthol 5,750.00 609.50 7,095.00 431.18 6,611.30 434.19 

Total 17,450.00 1,696.80 19,000.00 1,189.72 20,500.00 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 2009-10E 2008-09E 

Quantity Value Quantity Value Quantity Value 

Mint products 

Peppermint oil 6,117.20 316.02 2,803.40 173.49 1,341.00 35.19 

Spearmint oil 400.00 37.35 291.60 25.27 137.00 7.51 

Other mint oil 1,829.00 94.80 3,437.00 173.06 - - 

Menthol crystal 4,760.40 331.38 3,552.60 276.10 3,466.00 157.77 

Menthol 8,725.50 540.66 7,557.50 561.16 4,524.00 213.90 

Total 21,100.00 1,280.50 17,642.10 1,209.09 11,295.00 484.74 


Source: Indian Spices Board 

in tonnes 

40000 

32000 

Mentha Oil: Production, Exports & Prices 

Production (LHS) 

Exports (LHS) 

Prices 

Rs/qtl 

1500 

1200 

24000 

900 

16000 

600 

8000 

300 

0 

2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 

0 

Source: Spices Board, MCX & Industry Sources. Average Spot Prices of MCX for the month of March 




Mentha oil prices and trading activity 

Monthly MCX futures prices (Rs/Kg) 

MCX spot prices Sambhal (Rs/Kg) 

Month Open High Low Close Volume interest Monthly Month's Month's 

(in lots)^ (in lots^^) 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 



EDITORIALS 

PROLOGUE 



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 

World 

Area under production NA 18.33 18.08 18.64 18.49 19.67 

Production NA 329.56 325.56 322.41 305.96 311.07 

Imports NA NA 10.18 10.3 9.57 8.25 

Exports NA NA 9.91 10.5 9.74 8.06 

India 

Area 1.89 1.86 1.81 1.55 1.48 1.21 

Production 40.24 35.89 29.97 28.47 22.18 23.92 

Yield (tonnes/Ha) 17.14 15.35 14.14 11.19 10.7 14.65 

Exports 0.06 0 0.02 0.01 0.01 0.008 

Potato price in Uttar Pradesh (Rs. /qtl) 399.54 323.88 409.08 315.44 362.79 - 

Certified Seed Distribution (`000' tonnes) - - 105.5 53.5 51.2 63.3 

Note: World data is for calander year and data may be official, semi official 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 2009 2008 2007 2006 2001 

China 73.28 70.84 64.84 54.08 64.60 

Russia 31.13 28.87 36.78 38.57 34.97 

Ukraine 19.67 19.55 19.10 19.47 17.34 

United States 19.57 18.83 20.18 19.99 19.85 

Others 185.91 189.60 181.51 173.86 174.32 

World Total 329.56 327.68 322.41 305.96 311.07 

Note: N/A: Not Available; Source: FAOSTAT 

Potato state-wise estimates of area and production 



States/ UT 2010 2009 2008 2007 2006 2001 2010 2009 2008 2007 2006 2001 

-11 -10 -09 -08 -07 -02 -11 -10 -09 -08 -07 -02 

Uttar Pradesh 552 537 527 505 469 390 13991 13447 10810 11095 10538 9570 

West Bengal 380 370 401 401 408 300 8800 8880 9901 9901 5052 7822 

Bihar 316 320 310 316 151 141 5688 5387 5034 6020 5741 1432 

Assam NA 87 80 79 78 80 NA 590 669 515 505 621 

Punjab 84 83 81 79 75 71 2129 2117 2001 1477 1313 1414 

Karnataka 83 81 72 61 63 40 457 460 606 572 682 489 

Madhya Pradesh 80 73 66 50 47 35 1067 608 883 650 648 472 

Gujarat 59 60 57 65 44 32 1300 1657 1449 1494 1340 802 

Others 340 252 234 230 147 14 6807 3263 3038 2934 2781 1834 

India 1894 1863 1828 1786 1482 1102 40239 36410 34391 34658 28600 24456 

Note: NA: Not Available; Source : National Horticulture Board 

Statewise Potato Production in India 

2010-11 

26% 

22% 

4% 

3% 

17% 

14% 

2009-10 

25% 

32% 

35% 

Uttar Pradesh 

West Bengal 

Bihar 

Gujarat 

Others 

22% 

Source:NHRDF 




Potato state-wise monthly arrivals (in `000' tonnes) 

Month Uttar Pradesh Rajasthan West Bengal Punjab Haryana 

Mar-11 396.94 24.13 155.16 65.50 61.41 

Feb-11 437.74 22.91 42.25 39.29 57.37 

Jan-11 574.85 36.66 39.43 57.48 81.80 

Dec-10 562.01 27.90 43.34 110.59 82.56 

Nov-10 325.02 21.71 41.33 31.32 52.85 

Oct-10 402.95 16.28 38.12 34.29 47.95 

Sep-10 388.37 16.32 41.43 23.51 47.30 

Aug-10 371.75 19.14 48.09 20.67 41.05 

Jul-10 257.35 21.32 45.82 38.52 75.18 

Jun-10 186.51 17.73 49.73 18.85 75.00 

May-10 188.70 14.08 46.77 19.97 62.59 

Apr-10 288.93 14.76 108.23 24.83 71.15 

Mar-10 398.72 19.05 853.54 47.92 159.98 

Feb-10 390.50 20.24 84.46 39.52 136.81 

Jan-10 316.33 23.71 38.55 57.32 81.09 

Dec-09 276.24 23.30 32.81 80.38 69.95 

Nov-09 141.40 18.92 38.09 29.34 29.55 

Oct-09 100.77 15.74 35.48 25.81 63.63 

Sep-09 114.74 13.22 40.52 27.89 82.65 

Aug-09 118.65 13.12 34.04 28.57 49.17 

Jul-09 105.57 13.43 30.20 26.32 64.37 

Jun-09 104.81 11.30 23.62 23.62 46.32 

May-09 107.08 11.68 23.91 24.20 27.04 

Apr-09 106.74 15.57 47.08 64.53 32.64 

Mar-09 182.87 22.73 109.79 186.13 28.73 

Feb-09 199.46 52.19 34.88 70.87 44.74 

Jan-09 232.65 68.36 36.28 146.93 69.95 

Dec-08 281.99 77.10 32.81 139.10 76.81 

Nov-08 147.77 68.74 38.09 47.89 61.64 

Oct-08 123.39 46.68 35.48 44.02 66.43 

Sep-08 99.48 49.21 40.52 38.03 62.93 

Aug-08 100.40 50.35 34.04 37.87 47.72 

Jul-08 130.51 48.00 30.20 34.68 46.59 

Jun-08 150.00 30.91 23.62 31.39 37.11 

May-08 242.05 18.00 23.91 46.28 38.46 

Apr-08 465.34 15.66 47.56 60.79 38.59 

Mar-08 720.72 22.72 109.31 106.73 34.40 

Feb-08 599.72 16.84 34.88 63.84 29.66 

Jan-08 791.45 18.29 36.28 64.56 29.81 

Dec-07 294.71 20.52 21.25 52.84 21.02 

Nov-07 162.63 16.42 40.67 23.31 15.06 

Oct-07 143.09 17.92 55.21 18.75 17.84 

Sep-07 189.44 19.22 194.64 22.10 15.21 

Aug-07 140.73 21.79 220.25 36.23 13.63 

Jul-07 92.95 26.73 232.62 18.78 10.87 

Jun-07 111.41 28.79 195.91 16.89 9.11 

May-07 134.51 22.88 156.87 13.21 8.80 

Apr-07 150.60 26.21 115.45 30.49 12.92 

Mar-07 545.05 20.64 449.07 21.70 19.57 

Feb-07 422.84 16.22 49.63 18.56 18.20 

Jan-07 556.39 13.27 18.32 12.34 27.26 

Dec-06 671.19 4.51 23.21 11.23 25.00 

Nov-06 257.00 2.40 44.37 8.87 13.67 

Oct-06 154.07 2.74 46.05 32.05 13.59 

Sep-06 143.37 11.32 57.98 51.95 11.67 

Aug-06 114.53 14.82 84.95 50.33 10.68 

Jul-06 131.54 12.93 55.07 49.90 17.12 

Jun-06 227.02 17.23 32.28 26.48 10.71 

May-06 245.85 17.38 36.49 13.75 4.47 

Apr-06 410.32 14.84 35.86 26.41 5.92 




EDITORIALS 

PROLOGUE 



Potato spot prices 

MCX Spot Agra (Rs/qtl) MCX Spot Tarkeshwar (Rs/qtl) Other markets monthly WPI of 

Month average spot prices (Rs/qtl) Potato 

Monthly Month's Month's Monthly Month's Month's Uttar West Potato 

average high low average high low Pradesh Bengal 

Dec-10 NA NA NA 542.17 547.60 539.00 525.45 648.23 171.5 

Nov-10 686.95 725.80 644.80 517.46 564.20 464.60 624.92 670.06 154.7 

Oct-10 605.41 618.80 592.60 520.58 528.40 509.50 530.69 756.15 153.3 

Sep-10 475.74 622.80 404.90 NA NA NA 437.21 586.03 139.3 

Aug-10 370.68 415.60 354.40 NA NA NA 432.52 464.51 133.3 

Jul-10 419.35 461.20 373.30 NA NA NA 496.36 468.76 133.7 

Jun-10 466.00 470.30 461.40 NA NA NA 445.06 453.81 125.3 

May-10 477.78 513.50 462.00 NA NA NA 425.34 434.02 118.1 

Apr-10 531.51 574.50 513.50 NA NA NA 358.87 284.13 110.3 

Mar-10 583.63 653.20 503.30 NA NA NA 323.88 225.72 105.4 

Feb-10 624.90 635.90 618.40 NA NA NA 359.70 266.19 121.5 

Jan-10 NA NA NA NA NA NA 510.73 433.28 149.3 

Dec-09 NA NA NA NA NA NA 768.68 1225.48 240.1 

Nov-09 1252.10 1431.50 1100.20 1330.60 1511.50 1006.30 1136.09 1560.08 293.6 

Oct-09 1404.90 1437.60 1301.50 1428.00 1521.20 1379.00 1369.41 1675.65 303.6 

Sep-09 1280.10 1306.10 1153.70 1349.70 1395.30 1318.00 1124.08 1618.19 268.7 

Aug-09 1057.30 1149.10 993.00 1132.50 1348.30 1051.30 1004.22 1319.95 244.5 

Jul-09 1007.80 1029.80 993.50 1060.30 1090.00 1045.00 972.97 1240.07 232.7 

Jun-09 929.30 1003.50 856.10 965.60 1070.20 866.00 824.05 1100.04 199.8 

May-09 826.40 855.70 781.40 852.70 864.90 836.60 739.97 985.38 172.2 

Apr-09 725.50 783.10 676.50 805.40 847.20 767.40 629.21 875.53 143.5 

Mar-09 636.30 672.70 601.30 718.50 774.40 648.30 409.08 660.82 103.2 

Feb-09 599.60 599.60 599.60 687.80 687.80 687.80 283.61 500.26 88.5 


Dec-08 321.80 325.00 320.00 240.60 249.60 235.60 257.04 318.62 105.6 

Nov-08 356.60 390.50 317.00 232.50 251.60 213.50 333.42 334.40 128.5 

Oct-08 392.90 407.00 384.00 225.80 241.80 213.50 361.33 331.05 128.2 

Sep-08 399.80 409.00 386.80 225.40 228.70 222.50 360.36 317.94 127.0 

Aug-08 356.10 383.20 344.60 224.70 242.20 215.70 362.93 324.17 118.9 

Jul-08 372.50 392.90 340.70 249.50 267.50 231.00 378.50 355.17 117.3 

Jun-08 427.40 444.30 393.50 264.60 284.30 246.80 335.76 380.16 106.9 

May-08 460.90 474.20 444.50 311.30 338.90 287.30 312.02 364.07 104.0 

Apr-08 481.80 489.40 473.10 285.40 306.80 262.10 290.44 317.74 102.7 

Mar-08 557.20 643.20 489.90 379.70 454.50 340.90 315.44 283.17 109.8 

Feb-08 NA NA NA NA NA NA 322.08 371.30 114.1 



Nov-07 NA NA NA 642.70 647.90 639.10 679.04 734.68 174.2 

Oct-07 638.20 641.50 630.70 613.10 643.20 308.50 751.75 719.62 176.5 

Sep-07 623.10 630.10 619.00 625.60 636.20 621.20 712.53 738.60 169.9 

Aug-07 624.60 628.30 619.80 631.80 639.30 624.80 701.07 710.82 169.4 

Jul-07 619.80 627.00 604.20 640.00 658.80 631.40 664.18 717.58 164.1 

Jun-07 580.30 603.90 562.60 619.50 648.90 593.30 591.39 677.69 150.4 

May-07 554.80 561.20 552.70 604.10 631.00 585.90 535.34 635.36 133.7 

Apr-07 541.00 552.70 508.80 576.00 600.40 545.00 449.14 604.73 115.3 

Mar-07 597.40 651.60 516.50 603.00 626.10 577.50 362.79 485.31 102.1 

Feb-07 610.60 615.00 605.60 558.40 564.70 548.70 290.20 354.25 84.8 



Nov-06 NA NA NA 463.50 494.60 424.00 637.06 668.12 180.0 

Oct-06 752.00 888.90 720.20 481.80 503.70 463.80 729.53 668.37 180.4 

Sep-06 664.70 725.90 592.60 464.30 475.60 449.50 609.48 628.01 157.8 

Aug-06 560.60 576.00 541.50 N/T N/T N/T 560.49 580.13 146.6 

Jul-06 543.40 549.80 537.80 N/T N/T N/T 526.38 582.30 148.8 

Jun-06 542.60 549.20 538.00 N/T N/T N/T 518.79 590.51 146.5 

May-06 555.60 567.70 541.10 N/T N/T N/T 460.96 590.15 128.6 

Apr-06 584.50 624.00 561.50 N/T N/T N/T 387.37 551.43 116.6 

Note: N/T - Not traded; N/A - Not Available; WPI - Wholesale Price Index 

Source: MCX; Agmarknet & Ministry of Commerce and Industry 




Potato futures prices and trading activity 

Month 

Monthly MCX Futures prices (Rs/qtl) 

Agra 


Volume 

in lots^ 

Open Interest 

in lots^^ 

Dec-10 660.2 674.7 621.2 649.4 31816 4094 

Nov-10 595 685 595 663 22769 2839 

Oct-10 621.1 626.8 578 596.8 98594 2189 

Sep-10 438 662.8 405 626.3 95412 3123 

Aug-10 350 445 339 436.9 105206 3559 

Jul-10 481.4 483 345.9 354.4 62786 5749 

Jun-10 488.2 506 465.5 480.8 13284 3069 

May-10 528 530.3 474.5 487.5 18083 3231 

Apr-10 545 576.7 517.9 531.7 23924 3151 

Mar-10 567 674 479.4 543.7 62855 3122 

Feb-10 590.2 635.5 563 567 17255 2323 

Jan-10 645 679.4 571 592.1 9868 1542 

Dec-09 698.4 698.4 612 648.2 1299 345 


Oct-09 1280 1434.6 1274 1430.2 1130 43 

Sep-09 1252 1455 1210.1 1282 3463 425 

Aug-09 953 1259.8 952.9 1237.9 4237 622 

Jul-09 1084.9 1088 920 967.4 9481 754 

Jun-09 930 1169 918 1080 12444 936 

May-09 868 960 842.1 929.6 6232 1225 

Apr-09 720 911.5 720 868 29063 1282 

Mar-09 642 720 618.2 718.4 16089 2175 

Feb-09 603.6 641 582.7 636.1 4486 1153 

Jan-09 512 622.4 510.1 601 2045 496 

Dec-08 439.7 546 432.1 511.3 654 146 


Oct-08 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 

Aug-08 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 

Jun-08 N/T N/T N/T N/T N/T N/T 

May-08 488.2 496.7 482.7 485.8 1071 1466 

Apr-08 490.1 510 472 488.2 8998 1537 

Mar-08 648 660.8 486.7 492.6 14421 1493 

Feb-08 586.2 656.5 584 650 6541 1118 

Jan-08 522 601.5 520 588.6 7324 922 

Dec-07 510 547 505.5 516.9 2503 582 

Nov-07 511 529 488 512.9 1424 509 

Oct-07 636.3 673.4 506.7 514 5176 403 

Sep-07 629.2 660 587.2 633.7 11990 1017 

Aug-07 643 659.6 617.2 628.6 28411 1893 

Jul-07 639 675 609 644.5 35138 2059 

Jun-07 592.6 639 561 638.4 19119 1533 

May-07 594.4 611.3 563.7 594.2 25509 2222 

Apr-07 564 616.5 552.1 593.8 44993 2706 

Mar-07 632 682 552 561.9 140509 3685 

Feb-07 510.6 635 488 626.5 82971 3326 

Jan-07 501.9 521 455.1 518.3 24980 2439 

Dec-06 528.2 538.5 497 500.8 11811 1420 

Nov-06 575 575 512.5 528.4 15484 1340 

Oct-06 735 756.3 546.4 580.6 9069 547 

Sep-06 595.5 765.3 592.5 732.1 57589 2119 

Aug-06 536.1 613.8 536.1 592 95004 3963 

Jul-06 547 556.4 522.1 539.4 40902 5619 

Jun-06 552.5 584 533.3 549.6 44662 4738 

May-06 586.1 642.8 551 553 68644 4760 

Apr-06 668 675 576.2 586.1 28061 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. 




EDITORIALS 

PROLOGUE 



Sugar Fundamentals (in `000' tonnes) 

2011-12e 2010-11 2009-10 2008-09 2007-08 2006-07 2001-02 

World 

Beginning stocks 29264 28,413 29,240 40,505 35,039 30,747 37,423 

Production 168482 1,60,948 1,53,678 1,44,144 1,63,536 1,64,458 1,30,764 

Imports 48777 51,828 52,365 46,656 45,721 44,305 40,381 

Consumption 161274 1,58,622 1,54,918 1,53,437 1,52,337 1,51,332 1,30,087 

Exports 55704 52,603 51,228 47,786 50,721 51,107 38,315 

Total supply 246523 2,41,189 2,35,283 2,31,305 2,44,296 2,39,510 2,08,568 

Ending stocks 28817 29,264 28,413 29,240 40,505 35,039 39,861 

India 

Beginning stocks 6994 4,664 3,510 9,150 9,850 4,175 10,710 

Production 28300 26,650 20,637 15,950 28,630 30,780 20,480 

Imports 100 1,200 4,247 2,786 0 0 0 

Consumption 26500 25,500 23,500 24,200 23,500 22,425 17,845 

Exports 1800 20 230 176 5,830 2,680 1,360 

Net availability 35394 32,514 28,394 27,886 38,480 34,955 31,190 

Ending stocks 7094 6,994 4,664 3,510 9,150 9,850 11,985 

Area under production 

(Sugarcane-'000 Ha) - 5,060 4,175 4,415 5,043 5,151 4411.6 

Sugarcane yield (tonnes/Ha) - - 70.00 64.66 68.88 69.02 67.40 


Sugar medium - 1.02% 2.02% 0.74% 0.46% 0.67% - 

Sugar small - 1.43% 2.01% 0.90% 0.60% 0.77% - 

Indian price in Rs/qntl - 3061 2259 1508 1491 1880 - 

LIFFE prices in Rs/qntl - 3202 2293 2012 1351 1462 1011 

Sugarcane SAP Rs/qntl 145 139 130 81 81 80 62 

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) 

Supply 

Demand 


stocks 

stocks 

Brazil -335 39,600 0 27,300 12,550 -585 

China 1,514 12,000 1,850 64 13,600 1,700 

EU-27 1,128 15,300 3,700 1,010 17,500 1,618 

India 6,994 28,300 100 1,800 26,500 7,094 

Thailand 2,103 9,700 0 7,300 2,800 1,703 

Others 17,860 63,582 43,127 18,230 88,324 17,287 

World Total 29,264 168,482 48,777 55,704 161,274 28,817 

Note: e - source estimates provided by USDA, Data extracted on July 28, 2011 

Source: USDA 




Sugar - BRICS Nations fact sheet (in `000' tonnes) 



(kg) 

(kg) 

Brazil 39,600 0 27,300 12,550 39,265 206.47 190.17 60.78 

Russia 4,175 2,000 100 6,010 6,549 137.97 47.47 43.56 

2011-12e India 28,300 100 1,800 26,500 35,394 1,208.36 29.29 21.93 

China 12,000 1,850 64 13,600 15,364 1,341.85 11.45 10.14 

South Africa 1,840 270 450 1,645 2,250 49.83 45.16 33.01 

Brazil 38,150 0 25,650 12,000 37,315 203.43 183.43 58.99 

Russia 2,980 2,950 50 5,890 6,329 138.74 45.62 42.45 

2010-11 India 26,650 1,200 20 25,500 32,514 1,189.17 27.34 21.44 

China 11,303 1,820 64 13,900 15,478 1,336.72 11.58 10.40 

South Africa 1,975 220 500 1,620 2,265 49.00 46.22 33.06 

Brazil 36,400 0 24,300 11,800 35,265 201.10 175.36 58.68 

Russia 3,444 2,223 34 5,700 6,148 139.39 44.29 40.85 

2009-10 India 20,637 4,247 230 23,500 28,394 1,173.11 24.00 20.03 

China 11,429 1,535 93 14,300 16,748 1,330.14 12.62 11.12 

South Africa 2,265 200 830 1,590 2,495 49.11 50.81 32.38 

Brazil 31,850 0 21,550 11,650 32,065 198.74 161.34 58.62 

Russia 3,481 2,150 200 5,500 6,181 140.04 44.14 39.27 

2008-09 India 15,950 2,786 176 24,200 27,886 1,166.08 23.91 20.75 

China 13,317 1,077 75 14,500 18,359 1,338.61 13.71 10.83 

South Africa 2,350 168 1,185 1,525 2,745 49.05 55.96 31.09 

Brazil 31,600 0 19,500 11,400 31,115 196.34 158.47 58.06 

Russia 3,200 3,100 200 5,990 6,740 140.70 47.90 42.57 

2007-08 India 28,630 0 5,830 23,500 38,480 1,148.00 33.52 20.47 

China 15,898 972 56 14,250 18,271 1,330.04 13.74 10.71 

South Africa 2,360 165 1,154 1,585 2,971 48.78 60.90 32.49 

Brazil 31,450 0 20,850 10,800 31,165 190.01 164.02 56.84 

Russia 3,150 2,950 180 5,950 6,570 141.38 46.47 42.09 

2006-07 India 30,780 0 2,680 22,425 34,955 1,129.87 30.94 19.85 

China 12,855 1,465 122 13,500 15,023 1,321.85 11.37 10.21 

South Africa 2,313 125 1,267 1,570 3,288 44.00 74.73 35.68 

Note: e - source estimates provided by USDA, Data retrived on July 28, 2011, Population figures for 2011-12 is arrived at by calculating CAGR from 2004-05 to 2010-11; 


Sugarcane state-wise area and production 



States/ UT 2010 2009 2008 2007 2006 2001 2010 2009 2008 2007 2006 2001 

-11 -10 -09 -08 -07 -02 -11 -10 -09 -08 -07 -02 

Uttar Pradesh 2125 1977 2084 2179 2247 1938 125788 108735 109048 124665 133949 117982 

Maharashtra 964 756 768 1093 1049 595 68672 56551 60648 88437 78568 45140 

Tamil Nadu 326 293 309 354 391 315 34020 31807 32804 38071 41124 32620 

Karnataka 421 337 281 306 326 417 36828 29112 23328 26240 28670 33017 

Andhra Pradesh 192 158 196 247 264 218 14820 11707 15380 20296 21692 18082 

Gujarat 188 154 221 211 214 176 13440 13440 15380 15190 15630 12465 

Haryana 102 74 90 140 140 161 6955 5335 5130 8860 9580 8170 

Uttarakhand 107 96 107 124 121 123 6400 5842 5590 7686 6100 7555 

Punjab 70 60 81 110 99 121 5000 3700 4670 6690 6020 9250 

Bihar 300 116 112 109 130 113 5492 5000 4960 3855 5956 5211 

Madhya Pradesh 76 62 71 75 64 75 3259 2362 2975 3180 2806 1616 

Others 92 91 96 107 106 64 4239 4159 5116 5018 5425 6100 

All India 4962 4175 4415 5043 5151 4316 324912 277750 285029 348188 355520 297208 




EDITORIALS 

PROLOGUE 



Sugar month-wise production, despatches and arrivals (in `000' tonnes) 

Sugar month-wise production and despatches Sugar state-wise Levy Free 

Month Sugar despatches monthly arrivals Sugar Sugar 

production production Maharashtra Uttar Pradesh 

Dec-10 4,587.10 - 0.00 2.11 208.00 1,500.00 

Nov-10 1,624.40 - 0.00 1.21 215.00 1,400.00 

Oct-10 229.90 - 10.94 0.71 248.00 1,750.00 

Sep-10 145.00 - 6.67 0.48 228.00 1,672.00 

Aug-10 113.00 - 12,650.81 1.64 220.00 1,700.00 

Jul-10 46.80 - 7.84 2.26 215.00 1,450.00 

Jun-10 97.00 - 8.60 2.14 208.00 1,700.00 

May-10 392.40 - 6.66 10.25 217.00 1,900.00 

Apr-10 1,414.60 - 4.21 1.75 202.00 1,800.00 

Mar-10 2,950.60 N/A 9.46 1.91 192.00 1,608.00 

Feb-10 3,749.20 N/A 8.01 1.29 194.00 1,597.00 

Jan-10 4,110.20 1,544.00 10.16 0.60 209.00 1,430.00 

Dec-09 4,173.00 1,374.00 10.90 0.72 200.00 1,492.00 

Nov-09 1,526.30 1,047.00 9.16 0.79 214.00 1,500.00 

Oct-09 194.40 1,532.00 8.85 0.75 235.00 1,850.00 

Sep-09 97.00 1,509.00 20.88 0.58 211.00 1,834.00 

Aug-09 95.40 1,668.00 10.58 0.49 185.00 1,650.00 

Jul-09 62.00 1,553.00 6.82 1.41 190.00 1,267.00 

Jun-09 94.00 1,725.00 11.06 1.53 191.00 1,400.00 

May-09 109.30 1,898.00 1.39 4.04 191.00 1,650.00 

Apr-09 314.00 2,124.00 0.00 6.85 191.00 1,650.00 

Mar-09 1,203.20 1,702.00 0.00 1.76 191.00 1,600.00 

Feb-09 2,605.40 1,765.00 0.00 1.87 191.00 1,500.00 

Jan-09 3,909.00 2,291.00 0.00 3.85 201.00 1,500.00 

Dec-08 4,164.80 2,218.00 0.00 1.58 189.00 1,400.00 

Nov-08 1,586.60 2,132.00 0.00 2.72 180.00 1,500.00 

Oct-08 294.40 1,830.00 0.00 2.49 227.00 1,500.00 

Sep-08 110.00 2,252.00 0.00 2.83 208.00 1,200.00 

Aug-08 105.00 1,874.00 0.00 3.62 194.00 1,100.00 

Jul-08 162.20 2,377.00 - 3.90 193.00 1,200.00 

Jun-08 337.00 2,224.00 - 4.15 192.00 1,350.00 

May-08 1,323.00 2,183.00 - 5.42 186.00 1,350.00 

Apr-08 2,619.00 2,242.00 - 5.15 186.00 1,700.00 

Mar-08 4,695.00 2,872.00 - 8.14 189.00 1,600.00 

Feb-08 5,176.00 2,598.00 - 7.44 191.00 1,400.00 

Jan-08 5,391.00 2,259.00 - 6.15 195.00 1,400.00 

Dec-07 4,662.00 2,142.00 - 9.50 229.00 1,300.00 

Nov-07 1,451.00 2,296.00 - 7.91 229.00 1,300.00 

Oct-07 326.20 1,773.00 - 8.78 229.00 1,600.00 

Sep-07 253.00 1,845.00 - 9.21 189.00 1,300.00 

Aug-07 220.00 1,840.00 - 6.66 186.00 1,300.00 

Jul-07 224.20 1,762.00 - 5.49 189.00 1,000.00 

Jun-07 501.10 1,832.00 - 6.23 193.00 1,600.00 

May-07 1,762.00 1,859.00 - 7.27 184.00 1,300.00 

Apr-07 3,631.00 1,804.00 - 5.61 176.00 1,200.00 

Mar-07 4,777.00 2,025.00 - 6.70 159.00 1,500.00 

Feb-07 4,636.00 2,056.00 - 6.25 174.00 1,300.00 

Jan-07 4,977.00 1,899.00 - 7.17 184.00 1,300.00 

Dec-06 4,652.00 1,707.00 - 9.89 167.00 1,200.00 

Nov-06 2,424.00 1,692.00 - 7.97 169.00 1,300.00 

Oct-06 306.70 1,637.00 - 7.21 190.00 1,600.00 

Sep-06 206.00 1,702.00 - 8.54 177.00 1,500.00 

Aug-06 206.10 1,507.00 - 8.05 165.00 1,300.00 

Jul-06 165.90 1,343.00 0.02 6.80 153.00 1,200.00 

Jun-06 81.60 1,581.00 - 8.10 156.00 1,300.00 

May-06 418.00 1,669.00 - 9.08 150.00 1,450.00 

Apr-06 1,284.00 2,031.00 8.82 10.90 161.00 1,575.00 

Note: e - source estimates provided by USDA, Data extracted on July 28, 2011; SAP: State Advisory Price 

Source: Indian Sugar Mills Association 




State-wise Production of Sugar in India (`000' tonne) 

2010-11e 2009-10p 2008-09 2007-08 2006-07 2001-02 

Maharashtra 9,507 7,036 4,580 9,075 9,013 5,610 

Uttar Pradesh 6,385 5,167 4,060 7,320 8,352 5,260 

Karnataka 3,200 2,512 1,650 2,839 2,542 1,550 

Tamil Nadu 1,461 1,269 - 2,141 2,421 1,839 

Gujarat 1,456 1,191 1,010 1,366 1,390 1,060 

Andhra Pradesh 1,000 510 590 1,335 1,924 1,050 

India 24,540 18,803 26,330 26,298 28,199 18,530 

Source: Compiled based on Lok Sabha Questions (2005-2011) 

Number of Sugar Factories in Operation, Sugarcane Crushed /Recovered and Capacity in India 

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

No. of factories in operation 490 488 516 504 434 

Average Actual Capacity (tonne) Per 24 hrs 3,825 3,725 3,546 3,474 3,238 

Total Cane Crushed ('000 tonnes) 185,548 144,978 249,906 279,249 180,321 

Recovery of Sugarcane (%) 10.2 10.03 10.55 10.17 10.27 

Average Duration (Days) 108 87 149 174 140 

Note: e - estimated; p: provisional 

Source: Indian Sugar Mills Association 

Sugar: Ending Stock & Prices 

000 tonnes Prices 

12000 

India ES World ES (5x) Mumbai Prices Sugar London 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 

0 


Source: USDA. ES - ending stock, Indian prices Rs/Qntl, Int. prices Rs/Qntl 



EDITORIALS 

PROLOGUE 



2006-07 

2007-08 

2008-09 

2009-10 

2010-11 

2011-12e 


Production 

0 

50,000 100,000 150,000 200,000 

Brayil India EU+27 China Thailand Other 


Imports 

2006-07 

2007-08 

2008-09 

2009-10 

2010-11 

2011-12e 

0 

10,000 20,000 30,000 50,000 60,000 

United States EU-27 Indonesia Russia United Arab Emirates Other 


Exports 

2006-07 

2007-08 

2008-09 

2009-10 

2010-11 

2011-12e 

0 

10,000 20,000 30,000 50,000 60,000 

Brazil Thailand Australia Guatemala United Arab Emirates Others 


Consumption 

2006-07 

2007-08 

2008-09 

2009-10 

2010-11 

2011-12e 

0 

50,000 100,000 150,000 200,000 

India EU-27 China Brazil United States Other 





Sugar prices and trading activity 

Other markets 

MCX Spot prices (Rs/qtl) monthly average WPI White Sugar LIFFE futures 

Month spot prices of 

Medium (Delhi) Small (Rs/qtl) Sugar Closing Open 

Monthly Month’s Month’s Monthly Month’s Month’s Delhi Mumbai price Volume interest 

average high low average high low (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 



EDITORIALS 

PROLOGUE 



Rubber fundamentals - World (in `000' tonnes) 

Natural rubber production 2010 2009 2008 2007 2006 2001 

World 10,291 9,662 10,042 9,833 9,706 7332 

Asia 9,637 9,042 9,399 9,386 9,315 - 

Africa 459 423 447 444 421 - 

Synthetic rubber production 

World 14,002 12,087 12,743 13,387 12,653 10483 

EU-27 2,607 2,210 2481 2,683 2,710 - 

Natural rubber world stocks 1,503 1,880 1,519 - - - 

Synthetic rubber world stocks 3,449 3,309 3,056 - - - 

Source: International Rubber Study Group. 

Rubber fundamentals - India (in tonnes) 

Natural rubber 2010-11 2009-10 2008-09 2007-08 2006-07 2001-02 

Production 8,61,950 8,31,400 8,64,500 8,25,345 8,52,895 6,31,400 

Imports 1,88,337 1,77,133 77,762 85,753 89,699 49,769 

Consumption 9,47,715 9,30,565 8,71,720 8,61,455 8,20,305 6,38,210 

Consumption by tyre industry - 4,79,066 5,10,469 4,95,577 4,62,081 - 

Exports 20,580# 25,611 47,953 61,086 52,286 5,918 

Ending stocks 2,77,600 2,11,290 1,96,230 1,67,120 1,63,530 1,93,070 

Average daily volatility MCX spot prices 1.34% 1.15% 6.06% 1.05% 1.26% - 

TOCOM price (Rs/qtl) 11,009 10,259 9,527 9,702 

Indian Price (Rs/qtl)* 19,014 11,501 10,103 9,089 9,202 - 

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 

Synthetic rubber fundamentals - India (in tonnes) 

2010-11 2009-10 2008-09 2007-08 2006-07 2001-02 

Production 1,10,340 1,06,743 96,739 1,06,286 99,513 69,653 

SBR 19,994 17,997 12,523 16,879 12,285 16,182 

PBR 75,905 72,666 71,758 74,045 71,730 42,244 

Imports 3,91,184 3,31,147 2,24,193 2,50,762 2,26,786 1,14,223 

Consumption 4,11,830 3,47,710 2,92,950 2,97,155 2,70,830 1,74,530 

SBR 1,74,855 1,38,905 1,11,745 1,10,965 98,170 55,945 

PBR 1,25,305 1,04,465 82,740 88,205 79,900 49,995 

Ending stocks 35,450 34,910 25,670 26,225 26,410 32,810 

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 

Reclaimed rubber fundamentals - India (in tonnes) 

2010-11* 2009-10 2008-09 2007-08 2006-07 2001-02 

Production 75,070 93,580 86,390 83,075 78,495 63,550 

Consumption 74,615 92,250 86,030 83,165 78,435 63,875 

Ending stocks 5,735 5,280 3,995 3,635 3,725 3,005 

Note: *April 2010 - Dec 2011; Source: The Rubber Board of India; Trade Sources 

Tyres & tubes fundamentals - India (in '000 nos.) 

2010-11 2009-10 2008-09 2007-08 2006-07 2001-02 

Tyre Production 1,19,196 97,608 82,107 81,103 74,034 43,496 

Tyre Imports - 4,767 4,064 3,334 2,587 280 

Tyre Sales 1,17,027 95,241 80,515 79,202 71,757 44,462 

Tyre Exports - 10,382 7,732 7,683 7,082 3,796 

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 2008-09 2007-08 2006-07 2001-02 

Ribbed Smoked Sheet (RSS) 607,455 621,435 597,440 577,635 561,580 453,465 

Solid Block Rubber 235,130 190,545 146,060 155,670 132,755 65,650 

Latex Concentrates (drc) 77,380 82,515 80,520 77,715 76,190 62,990 

Others 27,750 36,070 47,700 50,435 49,780 49,295 

Total 947,715 930,565 871,720 861,455 820,305 631,400 

Source: Source: Indian Rubber Statistics, Ministry of Commerce & Industry, Govt. of India. & Rubber Board of India. 




Rubber state-wise monthly arrivals (in tonnes) 

Month Kerala Tamil Nadu 

Mar-11 279.16 51.38 

Feb-11 262.12 136.51 

Jan-11 267.72 113.63 

Dec-10 186.46 42.50 

Nov-10 219.06 108.48 

Oct-10 200.09 44.80 

Sep-10 254.28 120.25 

Aug-10 411.64 109.70 

Jul-10 436.87 129.78 

Jun-10 492.56 12.89 

May-10 536.86 63.20 

Apr-10 796.21 62.91 

Mar-10 782.78 104.60 

Feb-10 391.91 158.55 

Jan-10 466.49 162.18 

Dec-09 358.07 201.06 

Nov-09 322.40 185.28 

Oct-09 261.44 49.52 

Sep-09 175.51 118.68 

Aug-09 145.80 149.60 

Jul-09 195.90 138.49 

Jun-09 189.82 308.57 

May-09 180.80 217.04 

Apr-09 152.52 333.24 

Mar-09 158.89 265.65 

Feb-09 73.63 154.96 

Jan-09 57.05 339.51 

Dec-08 45.49 57.51 

Nov-08 52.58 24.00 

Oct-08 28.60 42.21 

Sep-08 45.30 40.08 

Aug-08 59.18 N/A 

Jul-08 64.96 16.20 

Jun-08 1662.00 60.06 

May-08 41.37 53.06 

Apr-08 59.66 137.48 

Mar-08 1586.99 291.40 

Feb-08 55.06 248.17 

Jan-08 107.71 241.71 

Dec-07 92.44 139.72 

Nov-07 74.81 164.76 

Oct-07 100.22 165.10 

Rubber marketed by co-operative societies 

inIndia (in tonnes) 

Year No. of Societies Rubber Marketed 

2009-10 P 263 34345 

2008-09 P 267 38500 

2007-08 P 270 58055 

2006-07 P 279 73030 

2001-02 285 103611 

Note: P - Provisional. 

Source: Rubber Board of India. 

Rubber state-wise monthly arrivals (in tonnes) 

Month Kerala Tamil Nadu 

Sep-07 79.12 169.62 

Aug-07 71.28 145.26 

Jul-07 90.98 112.54 

Jun-07 65.66 N/A 

May-07 122.20 N/A 

Apr-07 70.43 132.80 

Mar-07 90.06 135.44 

Feb-07 75.08 184.87 

Jan-07 132.75 177.04 

Dec-06 145.04 151.69 

Nov-06 151.64 324.34 

Oct-06 57.05 195.97 

Sep-06 107.83 52.38 

Aug-06 107.83 302.05 

Jul-06 97.68 237.99 

Jun-06 167.16 111.57 

May-06 165.62 178.95 

Apr-06 57.75 49.64 

Note: N/A - Not available 


in tonnes 

1000000 

Rubber Castor: Production, Seeds Prodn., Consumption Oil Exports & Prices 

Production 

Consumption 

Rss -4 Kottayam Prices (RHS) 

Price Rs/qntl 

21000 

750000 

16500 

500000 

12000 

250000 

7500 

0 

2004-05 2005-06 2006-07 2007-08 2008-09 

2009-10 2010-11 

3000 


Source: Economic Survey 2010-11, Rubber Board, Agmarknet 



EDITORIALS 

PROLOGUE 



Rubber monthly spot prices at MCX and other major physical market in India 

Month 

MCX monthly spot prices Kottayam (Rs/qtl) 

Spot price (RSS-4) 

Rs./Quintal 

Monthly Average Month's High Month's Low Kottayam 

WPI of Rubber 

Dec-10 20,199 20,752 19,573 20,194 359.3 

Nov-10 19,952 20,493 19,260 19,873 352.0 

Oct-10 18,102 19,055 16,970 18,143 319.5 

Sep-10 16,627 16,970 16,166 16,653 298.8 

Aug-10 17,988 18,889 16,520 17,981 315.6 

Jul-10 18,403 18,566 18,126 18,217 327.4 

Jun-10 17,098 18,053 16,674 17,103 307.5 

May-10 15,995 17,110 15,074 15,983 290.2 

Apr-10 16,497 17,011 15,822 16,396 293.3 

Mar-10 14,954 15,674 14,155 14,952 268.8 

Feb-10 13,702 14,229 13,282 13,686 246.9 

Jan-10 13,773 14,061 13,140 13,795 246.2 

Dec-09 13,501 14,073 12,221 13,433 238.1 

Nov-09 11,287 12,125 10,925 11,271 200.9 

Oct-09 10,885 11,207 10,635 10,889 192.7 

Sep-09 10,646 10,835 10,510 10,653 190.2 

Aug-09 10,261 10,753 10,011 10,250 183.5 

Jul-09 9,832 9,995 9,660 9,825 177.0 

Jun-09 9,926 10,019 9,712 9,910 178.4 

May-09 9,824 10,200 9,399 9,786 177.3 

Apr-09 9,591 10,200 8,662 9,564 168.4 

Mar-09 7,627 8,533 6,996 7,566 135.6 

Feb-09 6,921 7,215 6,754 6,900 124.0 

Jan-09 7,080 7,487 6,679 7,030 127.0 

Dec-08 6,526 7,428 5,914 6,502 114.9 

Nov-08 7,691 8,900 6,000 7,689 141.0 

Oct-08 9,143 11,513 8,100 8,960 169.8 

Sep-08 13,613 14,150 11,400 13,533 250.2 

Aug-08 13,872 14,296 13,454 13,774 249.1 

Jul-08 13,373 14,114 12,971 13,349 238.6 

Jun-08 12,764 13,106 12,440 12,713 228.0 

May-08 12,287 13,600 11,573 12,260 217.3 

Apr-08 10,985 11,887 10,104 10,963 196.8 

Mar-08 10,114 10,145 10,085 10,358 186.6 

Feb-08 9,715 10,088 9,393 9,718 173.6 

Jan-08 9,466 9,584 9,308 9,441 170.7 

Dec-07 9,256 9,450 9,104 9,221 166.0 

Nov-07 9,681 10,017 9,323 9,603 174.9 

Oct-07 9,510 10,042 8,938 9,424 171.3 

Sep-07 8,882 9,096 8,696 8,856 158.6 

Aug-07 8,780 9,285 8,033 8,742 154.2 

Jul-07 7,966 8,744 7,284 7,943 144.5 

Jun-07 8,099 8,705 7,445 8,093 146.5 

May-07 8,714 9,206 8,247 8,685 157.5 

Apr-07 8,994 9,486 8,293 8,979 161.1 

Mar-07 9,037 9,440 8,668 9,071 164.3 

Feb-07 9,787 10,129 9,431 9,757 175.3 

Jan-07 9,785 10,170 9,530 9,716 169.8 

Dec-06 8,674 9,518 7,659 8,615 152.3 

Nov-06 8,278 9,153 7,600 8,225 149.7 

Oct-06 8,754 9,301 7,865 8,686 156.9 

Sep-06 8,222 8,806 7,800 8,169 147.7 

Aug-06 9,199 9,510 8,700 9,182 166.6 

Jul-06 9,807 10,685 8,870 9,821 180.4 

Jun-06 10,711 11,050 10,478 10,692 187.8 

May-06 9,911 11,419 9,010 9,841 172.2 

Apr-06 8,672 9,051 8,370 8,653 155.4 

Note: Trading suspended from May 7, 08 to Dec 3, 08, WPI - Wholesale Price Index; 

Source: MCX, Agmarknet; Ministry of Comerce and Industry. 




Rubber futures prices and trading activity 

Rubber monthly MCX futures prices (Rs/qtl) Rubber TOCOM futures Thailand 

Rubber 

Month Open High Low Close Volume Open Closing Volume Open Prices- 

(in lots)^ interest price (in lots)^ interest RSS-4 

(in lots^^) (Yen/kg) (in lots^^) (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. 




EDITORIALS 

PROLOGUE 



Coffee fundamentals - World and India (in `000' 60 kgs bags) 

2011-12e 2010-11 2009-10 2008-09 2007-08 2006-07 2001-02 

World 

Beginning Stocks 25,832 24,418 35,663 28,647 33,597 31,254 20,875 

Production 139,084 137,908 126,781 133,403 121,753 131,819 117,521 

Imports 102,413 104,473 99,581 96,831 96,809 97,470 1,478 

Consumption 131,025 132,497 135,871 123,742 127,033 124,107 26,319 

Exports 104,967 107,455 101,736 99,476 96,479 102,839 90,937 

Total supply 267,335 266,799 262,025 258,881 252,159 260,543 139,874 

Ending Stocks 31,343 26,847 24,418 35,663 28,647 33,597 22,618 

India 

Beginning Stocks 40 140 250 65 95 255 20 

Production 4800 5,100 4,850 4,375 4,660 4,665 5,020 

Imports 500 550 725 555 490 334 0 

Consumption 1500 1,650 1,575 1,625 1,360 1,550 975 

Exports 3750 4,100 4,110 3,120 3,820 3,609 3,702 

Total Supply 5340 5,790 5,825 4,995 5,245 5,254 5,040 

Ending Stocks 90 40 140 250 65 95 363 

Area under Production (000 Ha) - 405P 400 394 388 382 347 

Average daily volatility of 

MCX spot prices - 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 Supply Demand 

Beginning Production Imports Consumption Exports Ending 

Stocks 

Stocks 

Brazil 2,846 54,500 0 19,500 32,000 5,846 

Vietnam 1,784 18,725 106 1,050 17,430 2,135 

Indonesia 143 9,000 200 1,900 7,400 43 

Colombia 284 9,000 740 1,200 8,650 174 

India 50 5,125 700 1,750 4,075 50 

Others 20,731 42,734 100,667 105,625 35,412 23,095 

World Total 25,838 139,084 102,413 131,025 104,967 31,343 

Note: e - source estimates provided by USDA, data retrieved on July 29, 2011; 

Source: USDA 




Coffee - BRICS Nations fact sheet (in `000' 60 kgs bags) 

World Production Import Export Consumption Total Population Per capita Per capita 


(kg) 

(kg) 

Brazil 54,500 0 32,000 19,500 57,346 206.47 16.91 5.75 

Russia 0 4,300 0 4,300 4,300 137.97 1.86 1.86 

2011-12e India 5,125 700 4,075 1,750 5,875 1,208.36 0.30 0.09 

China 0 450 0 450 450 1,341.85 0.02 0.02 

South Africa 0 425 0 425 425 49.83 0.52 0.52 

Brazil 54,500 0 32,000 19,500 57,346 203.43 16.91 5.75 

Russia 0 4,300 0 4,300 4,300 138.74 1.86 1.86 

2010-11 India 5,125 700 4,075 1,750 5,875 1,189.17 0.30 0.09 

China 0 450 0 450 450 1,336.72 0.02 0.02 

South Africa 0 425 0 425 425 49.00 0.52 0.52 

Brazil 44,800 0 29,780 18,750 51,376 201.10 15.33 5.59 

Russia 0 4,075 0 4,075 4,075 139.39 1.75 1.75 

2009-10 India 4,825 750 3,850 1,725 5,625 1,173.11 0.29 0.09 

China 0 425 0 425 425 1,330.14 0.02 0.02 

South Africa 0 400 0 400 400 49.11 0.49 0.49 

Brazil 53,300 0 31,475 18,030 56,081 198.74 16.93 5.44 

Russia 0 3,455 0 3,455 3,455 140.04 1.48 1.48 

2008-09 India 4,375 555 3,120 1,825 4,995 1,166.08 0.26 0.09 

China 0 320 0 320 320 1,338.61 0.01 0.01 

South Africa 0 330 0 330 330 49.05 0.40 0.40 

Brazil 39,100 0 27,290 17,390 47,461 196.34 14.50 5.31 

Russia 0 4,520 0 4,520 4,520 140.70 1.93 1.93 

2007-08 India 4,660 490 3,820 1,360 5,245 1,148.00 0.27 0.07 

China 0 300 0 300 300 1,330.04 0.01 0.01 

South Africa 0 410 0 410 410 48.78 0.50 0.50 

Brazil 46,700 0 29,260 16,720 54,341 190.01 17.16 5.28 

Russia 0 4,410 0 4,410 4,410 141.38 1.87 1.87 

2006-07 India 4,665 334 3,609 1,550 5,254 1,129.87 0.28 0.08 

China 0 300 0 300 300 1,321.85 0.01 0.01 

South Africa 0 430 0 430 430 44.00 0.59 0.59 

Note: e - source estimates provided by USDA, data retrieved on July 29, 2011; In `000' 60 kgs bags unless otherwise specified, Population figures for 2011-12 is arrived at by 

calculating CAGR from 2004-05 to 2010-11; Source: USDA, World Bank, IFM, CIA World Fact Book 

in 000 tonnes 

500 

400 

India ES 

World ES (in 50x) 

Int.Prices 

Mumbai Prices 

Coffee: Ending Stock & Prices 

Prices 

3500 

2800 

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 

0 

Source:Agmarknet & USDA. ES - ending stock, Indian prices Rs/kg, Int. prices Rs/kg 



EDITORIALS 

PROLOGUE 



Coffee select state/district-wise production in India (in `000' tonnes) 

States/Districts 2010-11 2009-10# 2008-09# 2007-08# 2006-07# 

Karnataka 

Chikmagalur 74.34 70.15 71.75 63.70 72.55 

Kodagu* 110.02 111.20 114.37 108.70 107.50 

Hassan 29.43 24.35 28.05 19.18 25.98 

Sub Total 213.78 205.70 214.17 191.58 206.03 

Kerala 

Wyanad 55.28 49.95 47.51 40.33 49.00 

Travancore 8.15 7.43 7.82 6.68 8.15 

Nelliampathies 2.23 1.88 1.88 2.00 2.33 

Sub Total 65.65 59.25 57.20 49.00 59.48 

Tamil Nadu 

Pulneys 6.03 7.05 5.83 8.00 7.90 

Nilgiris 5.48 5.75 5.20 4.85 5.10 

Shevroys (Salem) 3.65 4.05 3.10 3.15 3.23 

Anamalais (Coimbatore) 1.50 2.50 2.50 2.10 2.00 

Sub Total 16.65 19.35 16.63 18.10 18.23 

Non Traditional Areas 

Andhra Pradesh & Orissa 5.75 5.19 4.88 3.18 4.09 

North Eastern Region 0.17 0.12 0.13 0.15 0.19 

Sub Total 5.92 5.30 5.01 3.33 4.28 

Non Conventional Areas - - - - - 

Grand Total (India) 302.00 289.60 293.00 262.00 288.00 

Note: * - Including Mysore; # : Post-Monsoon Estimates 

Source: Coffee Board. 

Coffee state-wise monthly 

arrivals (in tonnes) 

Month 

Kerala 

Apr-11 42.5 

Mar-11 115.7 

Feb-11 71.9 

Jan-11 39.7 

Dec-10 40.9 

Nov-10 24.9 

Oct-10 13.3 

Sep-10 31.2 

Aug-10 230.5 

Jul-10 105.1 

Jun-10 169.9 

May-10 102.2 

Apr-10 276.0 

Mar-10 96.0 

Feb-10 101.0 

Jan-10 71.5 

Dec-09 25.0 

Nov-09 25.5 

Oct-09 35.6 

Sep-09 13.0 

Aug-09 3.0 

Jul-09 4.0 

Jun-09 4.0 

May-09 3.0 

Apr-09 - 

Mar-09 11.0 

Feb-09 230.0 



Month 

Kerala 

Jan-09 - 

Dec-08 1.5 

Nov-08 - 

Oct-08 0.5 

Sep-08 4.0 

Aug-08 4.5 

Jul-08 4.5 

Jun-08 4.0 

May-08 21.5 

Apr-08 4.5 

Mar-08 97.5 

Feb-08 141.8 

Jan-08 49.0 

Dec-07 44.5 

Nov-07 69.5 

Oct-07 34.5 

Sep-07 53.0 

Aug-07 55.0 

Jul-07 48.5 

Jun-07 106.5 

May-07 36.0 

Apr-07 5.5 

Mar-07 31.5 

Feb-07 81.0 

Jan-07 177.0 

Dec-06 45.0 

Nov-06 66.2 



Month 

Kerala 

Oct-06 99.0 

Sep-06 25.0 

Aug-06 74.0 

Jul-06 112.3 

Jun-06 203.7 

May-06 195.3 

Apr-06 223.2 






Production 

2006-07 

2007-08 

2008-09 

2009-10 

2010-11 

2011-12e 

0 50000 

100000 150000 

Brazil Vietnam Indonesia Colombia India Other 


2006-07 

2007-08 

2008-09 

2009-10 

2010-11 

Imports 

2011-12e 

0 20000 40000 60000 80000 100000 

120000 

EU-27 United States Japan Russia Algeria Others 


2006-07 

2007-08 

2008-09 

2009-10 

2010-11 

Exports 

2011-12e 

0 20000 40000 60000 80000 100000 

120000 

Brazil Vietnam Colombia Indonesia India Others 


2006-07 

2007-08 

2008-09 

2009-10 

2010-11 

Consumption 

2011-12e 

0 20000 40000 60000 80000 100000 120000 140000 

EU-27 United States Brazil Japan Russia Others 




EDITORIALS 

PROLOGUE 



Coffee prices and trading activity 

MCX Spot prices, Kaushal Nagar Average monthly Coffee Arabica NYBOT- Coffee Robusta NYSE- 

(in Rs/Kg) domestic prices WPI of ICE futures LIFFE London futures 

Month (Rs/kg) Coffee Closing Open Closing Open 

Monthly Month’s Month’s Arabica Robusta price Volume interest in price Volume interest in 

average high Low Cherry Cherry (USD/kg) in lots^ lots^^ (USD/kg) in lots^ lots^^ 

Dec-10 N/A N/A N/A 168.67 89.75 236.80 5.29 245,084 140,170 2.08 236,985 99,279 

Nov-10 N/A N/A N/A 148.50 88.00 236.80 4.42 479,216 127,596 1.76 240,130 89,049 

Oct-10 N/A N/A N/A 144.00 83.17 228.90 4.48 351,134 151,645 1.97 321,834 92,439 

Sep-10 N/A N/A N/A N/A 80.97 228.90 4.03 318,166 136,645 1.73 177,568 105,293 

Aug-10 N/A N/A N/A 125.25 83.33 228.90 3.89 554,163 140,836 1.60 291,040 95,397 

Jul-10 80.27 82.80 77.80 122.10 79.47 225.80 3.88 369,104 169,398 1.74 158,736 94,111 

Jun-10 69.71 78.20 62.00 110.00 72.38 224.80 3.61 728,194 165,658 1.70 343,878 85,950 

May-10 60.85 63.60 57.70 115.50 71.00 224.80 2.95 362,053 136,152 1.30 175,489 89,090 

Apr-10 59.01 61.50 56.00 112.00 67.00 231.40 2.97 526,440 135,557 1.29 232,327 87,085 

Mar-10 57.84 62.00 55.70 114.67 N/A 238.80 3.00 378,244 130,381 1.32 206,560 93,948 

Feb-10 59.48 61.90 56.40 128.00 76.50 241.30 2.84 503,189 122,640 1.24 246,096 86,223 

Jan-10 62.44 64.10 60.40 120.00 81.67 240.00 2.90 319,390 128,342 1.30 155,347 89,503 

Dec-09 62.15 64.50 59.80 N/A 80.50 237.70 3.00 275,581 125,779 1.29 250,540 82,941 

Nov-09 63.57 68.60 60.70 101.25 81.24 230.90 3.13 459,671 110,355 1.32 151,840 100,138 

Oct-09 66.41 69.00 63.20 N/A 80.83 228.60 2.99 316,712 123,488 1.39 315,633 81,798 

Sep-09 71.41 73.60 66.90 103.50 82.50 226.90 2.82 235,543 99,249 1.38 156,685 91,233 

Aug-09 68.33 72.40 64.70 102.63 80.00 229.20 2.67 365,434 94,308 1.37 257,616 88,340 

Jul-09 68.60 73.40 62.90 102.17 82.63 229.90 2.82 226,277 103,133 1.47 157,040 91,373 

Jun-09 68.72 73.70 60.40 110.00 77.83 232.70 2.59 409,010 111,402 1.30 303,912 100,564 

May-09 73.20 75.00 71.50 110.00 83.00 227.40 3.03 298,128 141,258 1.49 109,880 95,899 

Apr-09 76.16 78.70 72.30 105.25 N/A 209.40 2.54 339,934 125,107 1.42 249,928 84,093 

Mar-09 78.36 80.30 73.90 109.00 83.00 216.70 2.55 319,572 142,245 1.52 144,470 80,239 

Feb-09 79.02 81.10 76.90 109.00 96.00 214.50 2.41 402,125 124,939 1.54 239,134 76,791 

Jan-09 81.02 84.60 74.90 96.00 86.97 213.60 2.62 289,485 136,200 1.72 119,578 73,992 

Dec-08 90.08 99.70 83.30 N/A 96.00 215.40 2.47 245,826 122,856 1.52 103,124 70,433 

Nov-08 88.47 101.00 76.20 N/A 98.59 216.30 2.52 380,032 109,212 1.75 48,169 37,971 

Oct-08 83.56 93.90 76.70 118.00 100.00 216.70 2.49 379,524 126,400 1.56 37,083 20,735 

Sep-08 97.77 102.30 93.90 121.00 106.00 210.40 2.88 376,407 137,031 1.99 12,300 9,340 

Aug-08 98.74 103.00 93.10 120.00 102.17 206.70 3.13 503,521 128,405 2.28 1,851 2,140 

Jul-08 102.07 111.80 97.50 116.90 101.11 205.80 3.07 317,917 146,712 2.32 1,115 1,132 

Jun-08 97.96 104.41 93.91 109.22 95.50 205.50 3.33 642,074 146,413 2.40 413 355 

May-08 93.87 100.11 86.42 113.00 95.00 198.60 2.95 354,887 152,312 2.21 N/A 25 

Apr-08 90.19 92.90 88.17 105.53 N/A 193.50 2.97 556,004 150,031 2.22 10 25 

Mar-08 102.14 112.82 91.02 108.06 N/A 190.20 2.81 515,528 162,285 2.23 5 20 

Feb-08 92.36 106.41 82.85 117.00 99.50 180.50 3.63 676,655 194,260 2.72 16 3 

Jan-08 78.76 83.43 75.15 102.10 79.08 180.50 3.05 419,096 184,344 N/A N/A N/A 

Dec-07 72.57 75.66 69.51 102.00 79.74 180.10 3.00 213,118 165,819 N/A N/A N/A 

Nov-07 74.23 77.83 71.03 97.76 79.44 180.10 2.78 303,557 154,516 N/A N/A N/A 

Oct-07 81.11 88.33 72.82 N/A 77.94 179.40 2.68 208,369 169,660 N/A N/A N/A 

Sep-07 75.11 80.73 70.31 N/A 76.00 173.70 2.84 156,480 169,316 N/A N/A N/A 

Aug-07 70.95 74.21 67.91 92.70 77.79 173.50 2.48 192,560 157,247 N/A N/A N/A 

Jul-07 74.51 77.18 70.99 80.50 78.70 173.50 2.52 150,116 175,837 N/A N/A N/A 

Jun-07 75.46 78.04 69.81 92.28 76.44 173.50 2.45 185,738 155,308 N/A N/A N/A 

May-07 68.08 70.47 64.33 91.78 71.31 174.30 2.47 160,544 163,121 N/A N/A N/A 

Apr-07 66.03 67.89 63.45 100.00 71.14 172.00 2.27 308,547 147,305 N/A N/A N/A 

Mar-07 66.28 68.04 64.24 93.50 70.68 172.00 2.41 225,244 154,784 N/A N/A N/A 

Feb-07 69.14 71.33 66.19 102.00 72.14 173.40 2.59 462,586 129,905 N/A N/A N/A 

Jan-07 70.06 70.17 69.95 96.82 N/A 173.90 2.59 348,992 133,332 N/A N/A N/A 

Dec-06 N/T N/T N/T 88.00 71.07 174.40 2.78 286,833 127,610 N/A N/A N/A 

Nov-06 N/T N/T N/T N/A 70.70 174.30 2.64 492,904 117,787 N/A N/A N/A 

Oct-06 N/T N/T N/T 92.00 67.75 168.50 2.39 313,459 116,804 N/A N/A N/A 

Sep-06 N/T N/T N/T N/A 71.00 152.00 2.37 257,090 107,757 N/A N/A N/A 

Aug-06 N/T N/T N/T 88.00 62.04 151.00 2.29 481,870 100,373 N/A N/A N/A 

Jul-06 N/T N/T N/T 87.50 59.77 151.00 2.19 297,457 121,336 N/A N/A N/A 

Jun-06 N/T N/T N/T 82.00 56.39 151.00 2.19 476,542 118,862 N/A N/A N/A 

May-06 N/T N/T N/T N/A 58.50 151.40 2.18 339,432 118,730 N/A N/A N/A 

Apr-06 N/T N/T N/T 85.00 54.50 151.60 2.36 429,249 98,131 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 


NOTES 



302 Commodity Insights Yearbook 2011 

NOTES

NOTES 



304 Commodity Insights Yearbook 2011 

NOTES

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 

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

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