INDIAN ECONOMY â AN OVERVIEW - MCX

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DATABANK - NON-AGRI COMMODITIES DATABANK - AGRI COMMODITIES 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 Mine production 131 130 96 134 108 91 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 Average daily volatility (MCX spot prices) 1.5% 1.8% 2.0% 1.2% 2.2% - 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 www.mcxindia.com / www.pwc.com/in/en A PwC & MCX Joint Endeavour 91
EDITORIALS PROLOGUE EXPERTS' VIEWS INDIAN ECONOMY 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 Source: CPM Silver Yearbook 2011 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 d`Alene 208.7 0.93% 2965.1 13.18% Silver Mine Morocco Imiter Silver Mine Societe Metallurgique 200.0 0.89% 3165.1 14.07% D`Imiter Argentina Pirquitas Silver Standard 196.0 0.87% 3361.1 14.94% Source: CPM Silver Yearbook 2011 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 Note: e - source estimates Source: CPM Silver Yearbook 2011 92 Commodity Insights Yearbook 2011
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INDIAN ECONOMY â AN OVERVIEW - MCX