Daily Commodity Report as on Tuesday, December 23, 2014

Date : Tuesday, December 23, 2014 URL : www.achiieversequitiesltd.com Page No - 1

Open High Low Close % Cng OI

Gold 26965 27050 26538 26608 -1.44 7882Silver 36918 37150 35830 36155 -2.13 9172

Alum. 119.85 120.25 117.9 118.15 -1.38 3112Copper 409.45 410.7 405.85 406.8 -0.56 9343Lead 119 119.1 117.4 118.05 -1.01 2558Nickel 994 1000.9 985.1 989.2 -0.16 3730Zinc 137.85 138.45 136.75 137.15 -0.44 3582

Crude 3650 3730 3526 3534 -2.27 25684Nat. Gas 219.5 219.5 197.3 201.5 -8.99 9693

Chana 26965 27050 26538 26608 -1.44 7882

Cardamom 920 932 914.1 926.1 0.77 1591Turmeric 8048 8310 8040 8260 3.12 24545

Jeera 13735 14160 13525 14040 2.97 7197

Wheat 1688 1697 1684 1696 0.36 2990

Soyabean 3288 3338 3288 3332 1.12 125550Ref. Oil 598 603.5 598 602.2 1.04 73240CPO 418 420.5 416.2 418.9 0.31 2563RMSeed 4126 4209 4126 4194 0.10 22640Menthol 730.5 750.5 730.5 746.5 2.44 5105Cotton 15830 15850 15730 15820 0.13 2729

USDINR 63.68 63.68 63.23 63.34 -0.13 1196356EURINR 77.78 77.78 77.40 77.68 -0.18 32709GBPINR 99.19 99.20 98.86 98.92 -0.27 18163JPYINR 53.11 53.13 52.86 52.88 -0.51 13865

Market Round upPrecious Metals

Gold prices ended lower as investors assessed prospects for slowing inflation spurred by slumping oil prices against signs of rising physical demand.

Base MetalSilver prices ended lower as a slump in oil prices and strength in global equities and the dollar hurt the metal's appeal.

Crude oil ended with losses reversing gains after Saudi Arabia indicated it could increase its output.

Natural gas declined as mild weather and rising production left inventories above year-earlier levels for the first time since 2012.

Ref soyoil ended with gains on higher demand and on import duty hike fear.Cereals

Mentha oil prices gained driven by tight stock position following restricted arrivals from producing regions.Oil and Oilseeds & Others

Soyabean prices gains on higher demand for the bean in global market and on supply concern for the bean in domestic market.

Energy Copper prices ended with losses as pressure seen worries over growth in top consumer China persisted.

Zinc prices ended with losses after purchases of previously owned U.S. homes dropped more than forecast in November.Pulses

Nickel ended with small losses as pressure seen after Germany’s major economic indicators fell short of expectationsSpices

Chana prices rose taking positive cues from spot market on rising demand against limited arrivals from the major producing belts.

Turmeric prices gained driven by rising domestic as well as export demand in the spot market.Currency

Jeera prices ended with gains due to tight stocks position in the physical market on limited arrivals from producing belts.

Date : Tuesday, December 23, 2014 URL : www.achiieversequitiesltd.com Page No - 2

MCX Gold Feb 2015 TRADING IDEA

OPEN 26965 SUP-2 26220 Gold trading range for the day is 26220-27244.

HIGH 27050 SUP-1 26414 Gold prices ended lower as investors assessed prospects for slowing inflation spurred by slumping oil prices against signs of rising physical demand.

LOW 26538 P.P. 26732 Weak U.S. economic data failed to boost gold. U.S. home resales tumbled to a six-month low in November

Gold settled down -1.44% at 26608 dived tracking weakness in Comex Gold which dived nearly $16.2, to settle at $1,179.80 an ounce as a slump in oil cut the appeal of the metal as an inflation hedge. Volatility in the metalrose to the highest since January. In some soft economic news, a National Association of Realtors report on Monday showed existing home sales in the U.S. to have pulled back more than expected in November, afterreporting sales at their highest in a year the previous month. While the Fed's statement Wednesday indicated the central bank would remain 'patient' before hiking interest rates supported gold, a stronger dollar and firmglobal equity markets limited the yellow metal's upside. Meanwhile, trading volumes were thin and expected to remain so this week, ahead of the Christmas holiday the New Year's holiday. While Equity markets worldwidepushed higher on Monday after rising expectations for more European stimulus supported shares in the region, while year-end buying helped push the S&P 500 and the Dow industrials to a record close. Oil prices resumedtheir downward march on Monday, after Saudi Arabia's powerful oil minister said OPEC would not cut production at any price. Technical selling once prices broke through $1,192 also intensified the sell-off in bullion, WeakU.S. economic data failed to boost gold. U.S. home resales tumbled to a six-month low in November, according to data released on Monday. Also Russia raised its gold reserves for an eighth month in a row in November,while Ukraine reduced bullion holdings for a second straight month, according to IMF data released on Tuesday. Technically market is getting support at 26414 and below same could see a test of 26220 level, And resistanceis now likely to be seen at 26926, a move above could see prices testing 27244.

MCX Silver Mar 2015 TRADING IDEA

OPEN 36918 SUP-2 35058 Silver trading range for the day is 35058-37698.

CLOSE 26608 RES-1 26926 Russia raised its gold reserves for an eighth month in a row in November, while Ukraine reduced bullion holdings for a second straight month, IMF said

% CNG -1.44 RES-2 27244 SELL GOLD FEB @ 26800 SL 26980 TGT 26640-26450.MCX

HIGH 37150 SUP-1 35606 Silver prices ended lower as a slump in oil prices and strength in global equities and the dollar hurt the metal's appeal.

LOW 35830 P.P. 36378 The market will monitor a series of U.S. economic data, including GDP numbers, for the third quarter on Tuesday.

CLOSE 36155 RES-1 36926 In November India imported 1,254 tonnes of silver YTD total import stands at 6,789 tonnes, up 28 % y/y.

% CNG -2.13 RES-2 37698 SELL SILVER MAR @ 36550 SL 36880 TGT 36180-35980-35600.MCX

Silver settled down -2.13% at 36155 tracking Sell off on Comex Silver which slid 3 percent on Monday, triggering automatic sell orders in thin pre-holiday dealings as Crude oil prices eased back toward $55 per barrel. Silvercame off earlier lows and moved into positive territory on Friday after investors felt the commodity had fallen too far amid a dollar rally. Silver prices have tumbled in recent months as markets prep for the Fed to raiseinterest rates, which is widely seen taking place in 2015, as higher borrowing costs chip away at the precious metal's appeal as a hedge to weaker paper currencies, the product of loose monetary policy. Fed Chair JanetYellen said the central bank was unlikely to raise rates for the "next couple of meetings" indicating that a move in April at the earliest is possible. Still, the dollar has generally firmed on the notion that the days of rock-bottom interest rates are coming to an end, which chipped away at Bullion prices until bottom fishers sent the commodity back into positive territory. Lastweek Silver declined 6.02%, after posting two consecutive weeklygains. The main catalyst for this drop was the strength of the US Dollar and higher equities, while also concern that the Fed is moving closer to hiking interest rates is worrisome for the yellow metal. Moreover, gold dippedbelow the $1200 an ounce level again, while, silver managed to bounce above the $16 an ounce by the end of the trading week. Technically market is under fresh selling as market has witnessed gain in open interest by10.88% to settled at 9172, now Silver is getting support at 35606 and below same could see a test of 35058 level, And resistance is now likely to be seen at 36926, a move above could see prices testing 37698.

Date : Tuesday, December 23, 2014 URL : www.achiieversequitiesltd.com Page No - 3

MCX Crudeoil Jan 2015 TRADING IDEA

OPEN 3650 SUP-2 3393 Crudeoil trading range for the day is 3393-3801.

HIGH 3730 SUP-1 3464 Crude oil ended with losses reversing gains after Saudi Arabia indicated it could increase its output.

LOW 3526 P.P. 3597 Saudi Arabia convinced its fellow OPEC members that it is not in the group's interest to cut oil output however far prices may fall Ali al-Naimi said.

Crudeoil settled down -2.27% at 3534 on continued concerns of a supply glut and demand growth worries. Saudi Oil Minister Ali Al-Naimi is reported to have said the OPEC will not reduce production even if non-OPECproducers decide to cut output. He even hinted that his country may increase production if any new buyers come into the picture. Meanwhile, blaming non-OPEC producers for the fall in crude oil prices, the U.A.E. EnergyMinister Suhail Al Mazrouei said on Sunday that non-OPEC producers should cut output. Investors also await the weekly crude oil report from the API due late Tuesday, and the official weekly oil report from the U.S. EIAscheduled for release early Wednesday. On Friday, Crude oil ended at $57.13 a barrel, up $2.77, bouncing back strongly after losing over 4 percent a session earlier. Wednesday's data from EIA that showed a less thanexpected decline in crude stockpiles in the week ended December 12th contributed to oil's recovery. While Saudi Arabia convinced its fellow OPEC members that it is not in the group's interest to cut oil output however farprices may fall, the kingdom's oil minister Ali al-Naimi said in an interview with the MEES. Naimi also said on Sunday that the country would not cut output to prop up oil markets even if non-OPEC nations did so, in one of thetoughest signals yet that the world's top petroleum exporter plans to ride out the market's slump. Technically market is under fresh selling and getting support at 3464 and below same could see a test of 3393 level, Andresistance is now likely to be seen at 3668, a move above could see prices testing 3801.

MCX Copper Feb 2015 TRADING IDEA

OPEN 409.5 SUP-2 402.9 Copper trading range for the day is 402.9-412.7.

CLOSE 3534 RES-1 3668 Saudi Arabia Oil Minister Ali al-Naimi said that lower crude prices would help demand by stimulating the economy and slow down supply growth.

% CNG -2.27 RES-2 3801 SELL CRUDE OIL JAN @ 3570 SL 3620 TGT 3530-3490-3450.MCX

HIGH 410.7 SUP-1 404.9 Copper prices ended with losses as pressure seen worries over growth in top consumer China persisted.

LOW 405.9 P.P. 407.8 Pressure seen on worries the market is heading into a surplus after several years of deficit, and on slowing economic growth in China.

CLOSE 406.8 RES-1 409.8 China’s refined copper imports in November climbed to the highest since April as companies took advantage of falling prices to restock inventory.

% CNG -0.56 RES-2 412.7 SELL COPPER @ 409 SL 414 TGT 405.20-401.80-397.MCX

Copper settled down -0.56% at 406.80 declined for the second time in three sessions after purchases of previously owned U.S. homes dropped more than forecast in November. Copper is down some 13 percent so far thisyear on worries the market is heading into a supply surplus after several years of deficit, and on slowing economic growth in China, which consumes nearly half the world's copper. A worldwide surplus of 300,000 tonnes isforecast in 2015 by Australia's Bureau of Resource and Energy Economics, equivalent to half a year's output by South Korea. Also stronger oil prices also drew investors into copper after Asian markets opened strongly into aholiday-shortened week and consensus spread that Brent crude futures would likely remain above $60 for the rest of the year. Offsetting some of the new supply heading into the market, an expansion of Chilean coppercompany Codelco's El Teniente underground mine has fallen around two to three years behind schedule and will require $2 billion more than initially planned. However, global miner Rio Tinto has signalled optimism overdevelopment of its big Resolution copper mine in partnership with BHP Billiton after years of delay. U.S. President Barack Obama has signed into law legislation that provides for the exchange of 2,400 acres of land in thestate of Arizona owned by the U.S. government for 5,400 acres of land in the state owned by the Resolution Copper joint venture. Technically market is under long liquidation as market has witnessed drop in open interest by-9.43% to settled at 9343 while prices down -2.3 rupee, now Copper is getting support at 404.9 and below same could see a test of 402.9 level, And resistance is now likely to be seen at 409.8, a move above could seeprices testing 412.7.

Date : Tuesday, December 23, 2014 URL : www.achiieversequitiesltd.com Page No - 4

MCX Zinc Dec 2014 TRADING IDEA

OPEN 137.9 SUP-2 135.8 Zinc trading range for the day is 135.8-139.2.

HIGH 138.5 SUP-1 136.6 Zinc prices ended with losses after purchases of previously owned U.S. homes dropped more than forecast in November.

LOW 136.8 P.P. 137.5 Global zinc market records deficit during Jan-Oct '14

Zinc settled down -0.44% at 137.15 after purchases of previously owned U.S. homes dropped more than forecast in November. The National Association of Real Estate Brokers reported US existing home sales slipped 6.1%in November to 4.93 million units, the lowest since May. The latest report published by the World Bureau of Metal Statistics (WBMS) indicates that global zinc market has recorded a deficit during the initial ten months of theyear. As per the report, the zinc market ended in a shortage of 261,000 tons when matched with the surplus of 94,000 reported during entire year 2013. The reported stocks declined by 310,000 tonnes during the initial tenmonths of the year. Meantime, LME stocks fell by 52,500 tonnes in the month of October. The LME inventory levels were down by 233,000 tonnes when compared with the levels during end-2013. Incidentally, LME stocksconstitute 60% of the global zinc total. Global refined zinc production rose by 1.9%, whereas consumption rose by 5.5% during the period from January to October this year. LME zinc prices opened at USD 2,174/mt, thentouched as high as USD 16,360/mt. But with rising US dollar index and slumping crude and gold prices, LME nickel prices plunged below the 10-day moving average, and closing at USD 2,164/mt, down USD 12/mt or0.55%. Technically market is under long liquidation as market has witnessed drop in open interest by -1.7% to settled at 3582 while prices down -0.6 rupee, now Zinc is getting support at 136.6 and below same could see atest of 135.8 level, And resistance is now likely to be seen at 138.3, a move above could see prices testing 139.2.

MCX Nickel Dec 2014 TRADING IDEA

OPEN 994.0 SUP-2 975.9 Nickel trading range for the day is 975.9-1007.5.

CLOSE 137.2 RES-1 138.3 Zinc daily stocks at Shanghai exchange came down by 1128 tonnes.

% CNG -0.44 RES-2 139.2 SELL ZINC DEC @ 138 SL 139.50 TGT 137.10-136.MCX

HIGH 1000.9 SUP-1 982.5 Nickel ended with small losses as pressure seen after Germany’s major economic indicators fell short of expectations

LOW 985.1 P.P. 991.7 The global market will swing to a deficit of 62,400 tons in 2015 from a 25,100-ton surplus in 2014.

CLOSE 989.2 RES-1 998.3 The metal is up 13% this year, after a ban on ore exports from Indonesia, designed to promote local processing.

% CNG -0.16 RES-2 1007.5 SELL NICKEL DEC @ 996 SL 1010 TGT 985-972.MCX

Nickel settled down -0.16% at 989.2 as pressure seen after Germany’s major economic indicators fell short of expectations. The metal is up 13% this year, after a ban on ore exports from Indonesia, designed to promotelocal processing, drove prices to a two-year high in May. The ban started in January and was upheld in court this month. Larger-than expected Philippine exports and slowing Chinese growth reversed the rally. The globalmarket will swing to a deficit of 62,400 tons in 2015 from a 25,100-ton surplus in 2014, according to Citigroup, which expects prices to average $21,625 next year and $25,250 in 2016. Goldman Sachs Group Inc. has a 2015forecast of $17,500, rising to $20,000 in 2016, and Morgan Stanley listed nickel this month as its top metals pick for 2015. The forecasts for supply shortages contrast with gains in global inventories. Those tracked by theLME surged to a record this year, expanding 55 percent to 408,408 tons by Dec. 22. Nickel stockpiles held in LME-registered storage rose 0.4 percent to a record 408,408 tons, according to daily data from the exchange.China's ferro-nickel imports will likely surge over the next two years as more of its Indonesian projects come online, while Beijing's move to remove a tax on overseas purchases of the commodity will also boost arrivals.Chinese firms have invested heavily in local ferro-nickel plants. Indonesia in January banned exports of nickel-bearing ore used predominantly in China to produce nickel pig iron. Technically market is under fresh selling asmarket has witnessed gain in open interest by 3.87% to settled at 3730, now Nickel is getting support at 982.5 and below same could see a test of 975.9 level, And resistance is now likely to be seen at 998.3, a move abovecould see prices testing 1007.5.

Date : Tuesday, December 23, 2014 URL : www.achiieversequitiesltd.com Page No - 5

NCDEX Chana Jan 2015 TRADING IDEA

OPEN 3290 SUP-2 3268 Chana trading range for the day is 3268-3378.

HIGH 3345 SUP-1 3301 Chana prices rose taking positive cues from spot market on rising demand against limited arrivals from the major producing belts.

LOW 3290 P.P. 3323 India 2014-15 rabi gram sowing until Dec 19 at 6.94 million hectares as compared to 8.38 million hectare previous year.

Chana settled up by 1.65% at 3333 taking positive cues from spot market on rising demand against limited arrivals from the major producing belts. Further, lower output expectations too supported chana prices upside. Risein Festive season domestic demand amidst reports of lower sowing kept trend firm for Chana. Fall in Rabi sowing area for Rabi Pulses too is having a Bullish impact on the prices. India 2014-15 rabi gram sowing until Dec 19at 6.94 million hectares as compared to 8.38 million hectare previous year. Area covered under chana is reported to be 7.15 million hectare as compared to 8.57 million hectare last year, down by 16.6% on year. Pulsessowing stood at 10.78 million hectare as against 12.19 million hectare a year ago due to lower rains and late harvesting to kharif crops in Madhya Pradesh, Maharashtra and Andhra Pradesh. Lower prices on the back ofrecord output and comfortable supplies may force farmers to switch over to other remunerative crops such as mustard and coriander which could yield better returns. Due to this, the government has set a target of 9.3million tons for chana output for 2014-15 rabi season, down 5.87% compared to previous year. Meanwhile, according to Australian Bureau of Agriculture and Resource Economics (ABARE) total acreage in Australia was downby 33% to 339,000 hectare as compared to previous year. In Delhi spot market, chana gained by 48.3 rupee to end at 3307.9 rupee per 100 kgs.Technically market is under short covering as market has witnessed drop inopen interest by -0.69% to settled at 83170 while prices up 54 rupee, now Chana is getting support at 3301 and below same could see a test of 3268 level, And resistance is now likely to be seen at 3356, a move abovecould see prices testing 3378.

NCDEX Turmeric Apr 2015 TRADING IDEA

OPEN 8048 SUP-2 7934 Turmeric trading range for the day is 7934-8474.

CLOSE 3333 RES-1 3356 NCDEX accredited warehouses chana stocks gained by 324 tonnes to 40236 tonnes.

% CNG 1.65 RES-2 3378 BUY CHANA JAN @ 3290 SL 3250 TGT 3330-3370-3400.NCDEX

HIGH 8310 SUP-1 8098 Turmeric prices gained driven by rising domestic as well as export demand in the spot market.

LOW 8040 P.P. 8204 Besides, tight supplies from producing regions in the physical market also supported the upside.

CLOSE 8260 RES-1 8368 At Erode market arrivals were reported at 6000 quintals, lower by 5000 quintals from previous trading day.

% CNG 3.12 RES-2 8474 BUY TURMERIC APR @ 8150 SL 8000 TGT 8280-8400-8550.NCDEX

Turmeric settled up by 3.12% at 8260 driven by rising domestic as well as export demand in the spot market. Besides, tight supplies from producing regions in the physical market also supported the upside. Turmeric showed a Bullish trend as falling stocks amidst rise in Festive season domestic and export demand kept trend firm. Demand is expected to pick up further in coming weeks. At Erode market arrivals were reported at 6000 quintals,lower by 5000 quintals from previous trading day. At Nizamabad market sources reported arrivals at 800 quintals, lower by 200 quintals as against previous day. As per the market sources, the total production of turmeric inthe current year is expected to be around 35-37 lakh bags against 52 lakh bags of the last year. This is mainly due to weak production forecast in major producing states such as Andhra Pradesh and Tamilnadu. Sourcesmentioned that weak rainfall so far in the major growing regions of turmeric in the state such as Nizamabad and Warangal will reduce the crop to 17-18 lakh bags from 22 lakh bags projected in the last year. Hybrid and localvarieties turmeric improved on Friday on speculative buying by traders, who expect prices to rise further. The price of spot turmeric price was at Rs. 7,000 a quintal. Of the 7,000 bags that arrived, 4,980 were sold. InNizamabad, a major spot market in AP, the price ended at 6850 rupees gained 7.15 rupees. Technically market is under fresh buying as market has witnessed gain in open interest by 8.32% to settled at 24545, nowTurmeric is getting support at 8098 and below same could see a test of 7934 level, And resistance is now likely to be seen at 8368, a move above could see prices testing 8474.

Date : Tuesday, December 23, 2014 URL : www.achiieversequitiesltd.com Page No - 6

MCX Menthaoil Dec 2014 TRADING IDEA

OPEN 730.5 SUP-2 722.5 Menthaoil trading range for the day is 722.5-762.5.

HIGH 750.5 SUP-1 734.5 Menthaoil spot is at 847/-. Spot market is up by Rs.12/-.

LOW 730.5 P.P. 742.5 Mentha oil prices gained driven by tight stock position following restricted arrivals from producing regions.

CLOSE 746.5 RES-1 754.5 Further, rising demand from consuming industries at spot markets too supported mentha oil prices uptrend.

% CNG 2.44 RES-2 762.5 BUY MENTHA OIL DEC ABV 749 SL 738 TGT 758-765-774.MCX

406.8 137.15 989.2 118.15

Mentha oil settled up by 2.44% at 746.5 driven by tight stock position following restricted arrivals from producing regions. Further, rising demand from consuming industries at spot markets too supported mentha oil pricesuptrend. At Rampur market estimated market supply was at 5 Drums(1-drum=180kg), steady as against previous day’s arrival. At Bareilly market arrivals were reported at 2 Drums(1-drum-180kg), steady as againstprevious day’s arrival. At Barabanki market estimated market supply was at 150 Drums(1-drum-180kg), higher by 50 Drums(1-drum-180kg) as against previous day. Mentha oil production is expected to fall this year by 30per cent to 40,000 tonnes from 55,000 tonnes a year ago, with acreage under the commodity declining as farmers sentiment were dampened due to lower prices. Mentha oil arrivals to the spot market, especially from theChandausi in Uttar Pradesh, have increased substantially. The resulting fall in prices was capped due to lower production of the commodity this season. Acreage is expected to fall by 20 per cent this year, to 17,500 hectareon the back of a large carry-over stock from last year, which also had an impact on prices. However, export demand for the spice is expected to go up in the coming weeks. Last year, the total production of mentha oil stoodat 55,000 tonnes, out of which 40 per cent of the crop is carry forwarded for the current year. Technically market is under short covering as market has witnessed drop in open interest by -14.77% to settled at 5105 whileprices up 17.8 rupee, now Menthaoil is getting support at 734.5 and below same could see a test of 722.5 level, And resistance is now likely to be seen at 754.5, a move above could see prices testing 762.5.

DAILY MARKET LEVEL FOR METAL AND ENERGY

COMMODITIES GOLD SILVER CRUDE NAT.GAS COPPER ZINC NICKEL ALUMINUM LEAD

118.1

26926 36926 3668 214.9

CLOSE 26608 36155 3534 201.5

409.8 138.3 998.3 119.7137.5 991.7 118.8

RESISTANCE27438 38246 3872 237.1 414.7 140.0 1014.1 122.027244 37698 3801 228.3 412.7 139.2 1007.5 121.1

P. POINT 26732 36378 3597 206.1 407.8

25902 34286 3260 170.5 400.0SUPPORT 26220 35058 3393 183.9 402.9 975.9 116.5

26414 35606 3464 192.7 404.9

OI 7882 9172 25684 9693 9343 3582 3730 3112134.9 966.7 115.1

136.6 982.5 117.4135.8

Date : Tuesday, December 23, 2014 URL : www.achiieversequitiesltd.com Page No - 7

Positive Positive

SPREAD 249 629 52.00 5.00 3.85 0.25 5.70

TREND Positive Positive Positive Positive Positive Positive Positive

1.00

120.7119.9119.0

115.6116.5117.3

2558

118.2

1.2

1:15pm EUR 0.002 -0.0092:30pm EUR 0.002 -0.0017:00pm USD 0.011 -0.0117:00pm USD 0.043 0.0397:00pm USD 0.03 0.037:00pm USD 0.014 0.0147:30pm EUR -5.8 -6.17:30pm USD 0.003 08:25pm USD 93.5 93.88:25pm USD 0 2.98:30pm USD 461K 458K8:30pm USD 0.001 0.0028:30pm USD 0.005 0.002

HPI m/mRevised UoM Consumer SentimentRevised UoM Inflation ExpectationsNew Home SalesCore PCE Price Index m/mPersonal Spending m/m

PREV

Saudi Arabia said it would not cut output to prop up oil markets even if non-OPEC nations did so, inone of the toughest signals yet that the world's top petroleum exporter plans to ride out the market'sbiggest slump in years. Referring to countries outside of the Organization of the Petroleum ExportingCountries (OPEC), Saudi Oil Minister Ali al-Naimi told reporters: "If they want to cut production theyare welcome: We are not going to cut, certainly Saudi Arabia is not going to cut." He added he was"100 percent not pleased" with prices but they would improve, although it was unclear when. Heblamed the fall in prices to half their levels of six months ago on speculators and what he called a lackof cooperation from non-OPEC producers. His remarks at a conference in Abu Dhabi marked thesecond time in three days that the kingdom has signaled that it would not alter output levels,preferring to allow the market to stabilize on its own. UAE Oil Minister Suhail Bin Mohammed al-Mazroui urged all of the world's producers not to raise their oil output next year, saying this wouldquickly steady prices. He did not elaborate. The world is forecast to need less OPEC oil in 2015because of a rising supply of U.S. shale oil and other competing sources, with no significant increasein world demand growth. Kuwaiti Oil Minister Ali al-Omair said OPEC did not need to cut productionand would not hold an emergency meeting ahead of its next scheduled talks in June.

Tue

French Consumer Spending m/mItalian Retail Sales m/mCore Durable Goods Orders m/mFinal GDP q/qDurable Goods Orders m/mFinal GDP Price Index q/qBelgian NBB Business Climate

NEWS YOU CAN USE DAY TIME ZONE ECONOMICAL DATA EXP

According to the estimation released by the group, the demand for zinc would rise about to 13.65metric tonnes, which is a 5.1 percent increase compared to the present situation, and will be followedby an additional increase in demand of 14.05 million metric tonnes, which is another 2.08 percentincrease. The anticipated increase in demand is expected from China as the production of galvanizedsheet in the country, is reported to have risen to a large extend. According to the reports from theInternational Lead and Zinc Study Group, the increase in global demand of zinc excluding the demandfrom China, is rather low, which is reported to be 2.3 percent hike in the year, 2014 and 1.3 percenthike in the year 2015. The group also stated that, in Europe, 1.2 percent hike in demand is expectedthis year and 1 percent hike in demand is expected the year after, after remaining constant throughthe year of 2013. In the year 2014, a sharp increase in the demand of zinc is expected with a raise of8.4 percent, followed by the large scale import of zinc into the United states, even so the demandfrom the United States will decline in the year 2015 to 0.4 percent. At the same time the productionof zinc is expected to have a slight hike of 1 percent to 13.33 million metric tonnes in the year 2014,and a 3.8 percent increase in the production by 13.80 million metric tonnes, in the year 2015.

The Chinese cabinet unveiled rules to ease market access for foreign banks in order to open up thedomestic financial sector. The State Council reportedly amended its rules in order to remove therequirement that foreign banks should transfer a specific amount of operating funds to its new branchin China. Further, foreign banks will be allowed to apply for conducting yuan transactions afteroperating in China for at least a year compared to the prior requirement of three years. Such bankswould not be subject to profitability requirement, a change from profit making for two consecutiveyears.

India's palm oil imports touched a record 7,96,587 tonnes in November this year amid weak globalprices and anticipation of hike in import duty, according to the Solvent Extractors' Association (SEA).Total palm oil imports by the world's leading vegetable oil buyer stood at 7,74,207 tonnes during thesame month last year and 6,13,574 tonnes in November 2012. Palm oils make up 70% of thecountry's total vegetable oil imports. India meets 60% of its annual vegetable oil demand of 17-18million tonnes via imports. SEA attributed the rise in palm oil imports to a "record level" during theNovember period to zero export duty on palm products slapped by Indonesia and Malaysia, lowestprices of palm products in last five years and reduced demand of crude palm oil for bio-dieselproduction. The shipments rose also because of anticipated hike in import duty of edible oils andlower availability of domestic oils due to sluggish crushing in view of high oilseeds prices, the Mumbai-based industry body said in a statement. Among palm oil products, import of refined palm oil (RBDPalmolein) fell by 73% to 55,815 tonnes in November this year, from 2,08,076 tonnes in the year-earlier month. "Overall share of palm oil products has narrowed down to 69% from 84% of the totalvegetable oils imports. The share of soft oils import, however, has increased to 31% from 16% lastyear," it said.

Last year, 33 million tonnes of oilseeds were crushed domestically. The disparity in crushing currentlystands at $40 to $50 a tonne, which is not viable for a crusher. Also, the margins have decreased andit has been negligible for the past two years, which has had a negative impact. Edible oil imports havebeen constantly hitting new highs with domestic consumption rising coupled with cheaperinternational rates of edible oil. Crude palm oil is currently being imported at $650 a tonne and crudesoybean oil at $840 a tonne. Indian prices of RBD palm oil price on Kandla port is currently at Rs55,000 a tonne. Last oil year, edible oil imports stood at 11.8 million tonnes, which was recordimports and this year it is expected to go up to 12.3 million tonnes, which will also be at an all-timehigh. Domestic consumption of edible oil is rising two-to-three per cent every year. The sector hasasked the government raise the import duty on crude palm oil to make the refining and fats businessviable. Owing to a five per cent difference between crude and refined oil, the edible oil business hassuffered immensely. Since the edible oil crushing and refining business offers disparity, large playersare focusing on value-added segment, where business potential is quite high. Solvent Extractors’Association of India (SEA) has asked the government to raise import duty on crude vegetable oil tofive per cent from 2 5 per cent currently and refined oil to 15 per cent from 7 5 per cent

Date : Tuesday, December 23, 2014 URL : www.achiieversequitiesltd.com Page No - 8

Date : Tuesday, December 23, 2014 URL : www.achiieversequitiesltd.com Page No - 9