Commodity Year Book Part - 3 PDF

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
054-073_CYIB_2011_Indian Economy_final.indd 54 1/19/2012 1:57:24 AM

DATABANK - NON-AGRI COMMODITIES DATABANK
DATABANK- -AGRI
AGRICOMMODITIES
COMMODITY
www.mcxindia.com / www.pwc.com/in/en
A PwC & MCX Joint Endeavour 55

PROLOGUE
EDITORIALS EXPERTS' VIEWS INDIAN ECONOMY
The Indian Economy

An Overview
A
s per the Revised Estimate (RE) of Central Statistics According to Ministry of Finance, in 2010-11, during the
Office (CSO), Ministry of Finance, the growth in south west-monsoon period (June 1 to September 30), the
Indias Gross Domestic Product (GDP) at factor cost cumulative rainfall received in the country as a whole was 912.8
at constant (2004-05) prices was estimated at 8.5% mm, which is 2% above the normal. During this period, out of
in 2010-11 compared with 8.0% in 2009-10. At disaggregated 36 meteorological sub-divisions in the country, 31 received
level, this (RE 2010-11) comprises growth of 6.6% in agriculture excess/normal rainfall and five received deficient rainfall.
and allied activities, 7.9% in industry and 9.4% in services The impact of good monsoon reflected in a robust growth
against a growth of 0.4%, 8.0% and 10.1%, respectively, during in agriculture and allied activities. And the Indian growth
2009-10. During 2010-11, IIP growth was 7.8% compared with story remained solid in 2010-11. Even though develop-
10.5% during 2009-10. The growth in India is second to China ments in the developed world, including Europe, do not paint
and way above the average growth rates for the world, OECD a very rosy picture of world economic recovery, analysts and
countries and the developing countries (see chart) economists expect the momentum to continue in 2011-12
The index for six core industries (comprising crude oil, and beyond.
petroleum refinery products, coal, electricity, cement
and finished carbon steel) with a weight of 26.68% Real GDP growth rates (%)
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
2008 2009 2010e 2011f
year ago. Further, while oil imports increased by 21.7%,
World OECD Countries Developing countries
non-oil imports too rose, by 22.5%, during 2010-11 China India
over 2009-10. Source: The Global Economic Outlook, World bank, June 2011, e-estimates, f-forecast

DATABANK - NON-AGRI COMMODITIES DATABANK - AGRI COMMODITIES

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 gures 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)

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) reecting the purchase of 200 metric tonnes of gold from IMF on November 3, 2009; ##: Includes SDRs 3082.5 million allocated un-
der 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 scal 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)

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: Ofce 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

Conversion factors between important Primary and Secondary agricultural commodities

Commodity Conversion Factor
Cotton
Cotton lint production 1/3 of Kapas Production
Cotton seed 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
6.17 Bales of Raw Jute (of 180 Kgs. Each)
1 Ton of hessian 1.05 Tons of Raw Jute
Sacking etc. 5.85 Bales of Raw Jute (of 180 Kgs. Each)
Rapseed and Mustard
Oil to seeds crushed 33 Percent
Cake to seeds crushed 67 Percent
Castorseed
Oil to seeds crushed 37 Percent
Cake to seeds crushed 63 Percent
Soyabean Seed
Oil to soyabean seed crushed 18 Percent
Meal to soyabean seed crushed 73 Percent
Hull from soyabean seed crushed 8 Percent
Wastage from soyabean seed crushed 1 Percent
Sugar
Gur from cane crushed 11.20 Percent to 11.50 Percent
Crystal sugar from gur refined (gur refineries) 62.5 Percent
Crystal sugar from cane Crushed (cane factories) 10.20 Percent
Khandasari sugar (Sulpher and Non-sulpher)
from standard gur refined 46 Percent
Molasses from cane crushed 4.0 Percent to 4.5 Percent
Cane - trash from cane harvested 8.0 Percent to 12.0 Percent
Source: Department of Agriculture and Cooperation
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

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

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 Decient/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

PROLOGUE
India major statewise - Pattern of land use India major statewise - Pattern of land use
for agricultural production (000 Hectares) for agricultural production (000 Hectares)
States 2007-08 2006-07 2001-02 States 2007-08 2006-07 2001-02
Punjab Rajasthan
Net sown area 4,187 4,184 4254 Net sown area 17,096 16,764 16,765
Area sown more than once 3,683 3,676 3687 Area sown more than once 5,113 4,770 4,033
Gross sown area 7,870 7,861 7941 Gross sown area 22,208 21,534 20,798
Forest area 287 298 306 Forest area 2,727 2,698 2,645
Area under non-agricultural uses 483 477 402 Area under non-agricultural uses 1,847 1,835 1,752
Barren and unculturable land 24 27 32 Barren and unculturable land 2,418 2,427 2,521
Not available for cultivation 507 504 434 Not available for cultivation 4,264 4,262 4,272
Permanent pasture and grazing lands 3 2 3 Permanent pasture and grazing lands 1,703 1,706 1,699
Land under misc. tree crops and 3 4 6 Land under misc. tree crops and 16 20 13
groves not included in net area sown groves not included in net area sown
Culturable waste land 3 4 4 Culturable waste land 4,573 4,611 4,731
Other uncultivated land excl. 10 10 13 Other uncultivated land excl. 6,292 6,337 6,442
fallow land fallow land
Current fallow 41 35 24 Current fallow 1,724 1,939 1,819
Other fallows 1 1 1 Other fallows 2,167 2,265 2,321
Fallow land 42 36 26 Fallow land 3,891 4,204 4,141
Reporting area 5,033 5,033 5033 Reporting area 34,270 34,265 34,265
Haryana Uttarakhand
Net sown area 3,594 3,556 3566 Net sown area 765 765 776
Area sown more than once 2,864 2,838 2752 Area sown more than once 496 445 445
Gross sown area 6,458 6,394 6318 Gross sown area 1,261 1,210 1,221
Forest area 40 39 45 Forest area 3,465 3,465 3,465
Area under non-agricultural uses 457 421 425 Area under non-agricultural uses 161 161 152
Barren and unculturable land 103 103 101 Barren and unculturable land 312 312 310
Not available for cultivation 561 524 526 Not available for cultivation 472 472 462
Permanent pasture and grazing lands 26 27 25 Permanent pasture and grazing lands 220 220 229
Culturable waste land 28 65 30 Culturable waste land 367 367 386
Other uncultivated land excl. 66 104 61 Other uncultivated land excl. 856 856 866
Current fallow 104 141 173 Current fallow 44 44 36
Other fallows 8 8 0 Other fallows 64 64 67
Fallow land 112 149 173 Fallow land 108 108 102
Reporting area 4,372 4,372 4372 Reporting area 5,667 5,667 5,672
Uttar Pradesh Bihar

Net sown area 16,417 16,573 16,812 Net sown area 5,665 5,665 5,664
Area sown more than once 8,510 9,232 8,635 Area sown more than once 2,245 2,054 2,233
Gross sown area 24,927 25,806 25,447 Gross sown area 7,910 7,719 7,897
Forest area 1,658 1,657 1,689 Forest area 622 622 622
Area under non-agricultural uses 2,761 2,729 2,514 Area under non-agricultural uses 1,647 1,647 1,642
Not available for cultivation 3,268 3,236 3,109 Not available for cultivation 2,083 2,083 2,079
Other uncultivated land excl. 879 877 943 Other uncultivated land excl. 303 303 299
Current fallow 1,408 1,285 1,026 Current fallow 566 566 563
Fallow land 1,948 1,827 1,649 Fallow land 686 686 697
Reporting area 24,170 24,170 24,202 Reporting area 9,360 9,360 9360

States 2007-08 2006-07 2001-02 States 2007-08 2006-07 2001-02
Orissa Gujarat
Area sown more than once 3,392 3,306 2,954 Area sown more than once 2,478 2,428 1,112
Forest area 5,813 5,813 5,813 Forest area 1,854 1,854 1,706
Area under non-agricultural uses 1,298 1,298 999 Area under non-agricultural uses 1,147 1,147 1,131
Other uncultivated land excl. 1,211 1,211 1,317 Other uncultivated land excl. 2,831 2,831 2,842
Reporting area 15,571 15,571 15,571 Reporting area 18,868 18,868 18,639
West Bengal Maharashtra

Area sown more than once 4,456 4,339 4,257 Area sown more than once 5,183 5,096 3769
Current fallow 311 341 289 Current fallow 1,327 1,325 1,717
Fallow land 331 363 318 Fallow land 2,515 2,524 3,020
Jharkhand Madhya Pradesh

Area sown more than once 855 114 601 Area sown more than once 5,729 5,378 4,185
Area under non-agricultural uses 754 757 759 Area under non-agricultural uses 2,012 1,992 1,860
Current fallow 1,428 1,318 14,52 Current fallow 790 769 636
Fallow land 2,341 2,253 2,383 Fallow land 1,433 1,381 1,241
054-073_CYIB_2011_Indian Economy_final.indd 65 1/26/2012 12:15:53 PM

PROLOGUE
States 2007-08 2006-07 2001-02 States 2007-08 2006-07 2001-02
Chhattisgarh Kerala
Area sown more than once 1,020 1,010 796 Area sown more than once 672 816 802
Area under non-agricultural uses 687 683 687 Area under non-agricultural uses 463 449 392
Not available for cultivation 999 996 1,029 Not available for cultivation 488 475 422
Other uncultivated land excl. 1,201 1,208 1,186 Other uncultivated land excl. 99 100 78
Reporting area 13,790 13,790 13,736 Reporting area 3,886 3,886 3885
Karnataka Tamil Nadu

Area sown more than once 2,474 2,333 1,638 Area sown more than once 753 717 1,054
Other uncultivated land excl. 1,635 1,643 1,681 Other uncultivated land excl. 718 733 777
Current fallow 1,262 1,565 1,728 Current fallow 981 907 1,026
Fallow land 1,767 2,080 2,154 Fallow land 2,479 2,400 2,435
Source: Ministry of Agriculture, GOI

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

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


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

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


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

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.

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

MARKET
PROLOGUE
ECENOMY
I
P
MARKET DATA
FOR READY
REFERENCE In
NON-AGRICULTURAL
COMMODITIES
The demand-supply equation of energy is playing an increasingly E
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
074-177_CYIB_2011_Non-Agri_Final.indd 74 1/18/2012 11:43:04 PM

DATABANK NON-AGRI COMMODITIES DATABANK
DATABANK- -AGRI
AGRICOMMODITIES
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

PROLOGUE
Bullion:
A symbol of wealth
G
old, along with silver, categorized under the bullion downgrading of Spains sovereign debt rating, which came a day
segment, considered a symbol of wealth, good luck after S&P had slashed Greek debt to junk status and downgraded
and success over the centuries. Both precious Portugal, weaker than expected US econmic data raising fears
metals played a pivotal role in the growth about economic recovery, and political unrests in Korea
and functioning of large central banks worldwide. When we helped the rally in bullion, especially in gold prices.
Owing to scarcity, these metals have historically have gold we Subsequently, the upside was capped and the prices
have fear, and when
been considered a form of currency, and currently we have none, we slid a tad and traded flat as demand for physical
despite being regarded only as investment and are in danger bullion in India became slack on high prices and
industrial commodities, gold, silver, platinum and seasonal factors. Later, the prices rebounded soon
palladium possess an ISO4217 currency code. From (Old English and edged up on weaker-than-expected US jobs
proverb)
ancient times bullion has a special place in Indians data, raising doubts over global economic recovery,
heart. Naturally, the country has emerged as the largest and Fed Chairmans announcement of quantitative easing
consumer of gold and one of the top consumers of silver. (QE) worth $600 billion to provide impetus to the US economy,
According to World Gold Council, of about a total of 158,000 tonnes which caused inflation worries. Silver prices zoomed on strong
gold have been mined until today, Indians private holdings stand investment demand in addition to industrial demand. With the
the highest in the world at about 15,000 tonnes (almost 40% of its rally lasting right until the year-end, gold and silver futures on MCX
annual GDP) vis-a-vis Americans at a mere 4,000 tonnes. touched their all-time high of Rs.20,924/10 gm and Rs.46,383/
According to QNB Capital, Central bank gold reserves for all kg in the last month of 2010.
countries cumulatively rose by over 2% between 2008
and 2010. The central banks of Brazil, Russia, India Bullion price movement in 2010
and China, as well as those in the Middle East, are
21000 48000
major buyers of gold, while developed regions like the European debt
concerns & fragile
US and Eurozone hold more than 75% and 60% of their global economic
19500 recovery 41500
total reserves in the yellow metal.
Continuing the bull run of the past few years, gold
18000 35000
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 16500 Strong investment 28500
demand in silver
2010. Enhancement in its appeal as a safe haven amid Weak physical demand and
seasonal slack period
fragile global economic recovery and rising inflation 15000 22000
23-Apr-10
13-Aug-10
1-Jan-10
26-Feb-10
26-Mar-10
21-May-10
8-Oct-10
5-Nov-10
3-Dec-10
31-Dec-10
29-Jan-10
18-Jun-10
16-Jul-10
10-Sep-10
worries worldwide helped bullion prices maintiain the

uptrend throughout. In the first half of the year, lingering
concerns over the Greek debt issue, Standard & Poors Source: Metastocks Gold (Rs./10 grams) Silver (Rs./kg)
Exchange Annualised Volume

Commodity Price Unit Open High Low Close
(contract) Volatility (in lots)
MCX (1 kg) Rs/ 10 gms 16,683.00 20,924.00 15,950.00 20,728.00 11.95% 31,581,484^
Gold
COMEX (100 tr. oz) US$/ tr. oz 1,099.00 1,432.50 1,044.50 1,421.40 16.06% 44,578,447
MCX (30 kgs) Rs/ kg 26,730.00 46,383.00 23,610.00 46,217.00 21.88% 37,766,114^
Silver
COMEX (5000 tr. oz) US$/ tr. oz 16.94 30.98 14.65 30.94 31.97% 12,809,591
Source: Respective exchanges website; ^ all contracts-all variants


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 ofcial 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

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 specied); aggregate volume in all contracts during the month; cumulative OI in all contracts at the month-end.
Source: Exchanges' websites, LBMA

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

ce) 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 xing PM xing AM xing PM xing AM xing PM xing Monthly average
5 1421.4 1392.6 1393.5 1391.9 1053.2 1044.8 892.2 899.0 45.16 80.30 47.48
5 1385.0 1371.8 1371.8 1369.9 1003.2 1003.8 858.8 857.9 45.02 78.45 51.46
0 1357.6 1344.8 1343.2 1342.0 966.2 965.5 847.1 846.2 44.41 77.72 57.25
5 1307.8 1272.3 1271.5 1271.0 972.8 971.9 816.6 816.7 46.06 81.35 61.79
7 1249.0 1217.9 1213.5 1215.8 939.5 941.4 774.7 776.3 46.57 82.22 66.01
6 1181.7 1193.0 1196.0 1193.0 937.2 933.5 782.8 780.3 46.84 83.43 66.61
9 1245.9 1234.0 1232.4 1232.9 1008.9 1009.3 835.8 835.4 46.56 86.77 66.85
2 1212.2 1206.6 1204.3 1205.4 959.9 962.2 823.2 823.9 45.80 85.48 65.43
3 1180.7 1149.5 1148.5 1148.7 856.0 857.0 749.1 749.6 44.50 81.35 63.33
8 1113.3 1114.6 1115.6 1113.3 821.7 820.4 741.0 739.6 45.50 80.81 65.14
2 1118.9 1097.8 1095.8 1095.4 800.2 801.1 701.5 701.8 46.33 80.27 69.18
2 1083.0 1117.1 1119.6 1118.0 783.6 783.4 691.8 691.6 45.96 77.98 63.01
0 1096.2 1126.7 1135.0 1134.7 775.3 775.7 698.0 697.7 46.63 77.00 64.05
2 1181.1 1131.7 1126.1 1127.0 754.8 754.1 678.2 679.2 46.59 75.40 63.05
8 1040.4 1045.0 1043.5 1043.2 703.9 703.9 644.8 644.3 46.72 76.17 60.65
4 1008.0 998.0 996.4 996.6 684.3 684.5 610.5 610.7 48.39 77.19 60.56
5 952.2 949.7 949.5 949.4 665.7 665.9 573.6 573.9 48.36 78.53 65.95
8 953.7 935.1 934.3 934.2 663.3 663.4 571.2 571.0 48.47 79.71 69.78
3 927.4 945.6 947.8 945.7 676.3 675.1 579.5 578.5 47.78 80.26 64.63
5 978.8 930.4 926.9 928.6 679.9 680.1 601.8 602.4 48.61 82.11 65.75
0 891.2 890.8 892.7 890.2 676.7 674.8 608.0 605.4 50.08 85.55 71.21
7 922.6 927.2 926.3 924.6 710.1 708.5 652.5 652.0 51.23 86.71 70.44
8 942.5 941.8 939.8 943.2 734.5 737.7 652.3 655.0 49.22 86.84 70.06
5 927.3 862.7 857.7 858.7 647.0 648.5 594.9 595.9 48.83 84.83 75.52
0 884.3 826.0 819.9 816.1 608.9 607.6 551.6 547.6 48.64 83.65 79.41
2 816.2 760.5 757.9 760.9 594.7 597.1 493.8 496.6 49.00 86.77 77.07
0 718.2 805.0 815.3 806.6 609.4 605.9 480.0 476.2 48.64 83.53 77.69
4 874.2 828.7 824.9 829.9 573.9 577.2 458.6 460.8 45.56 78.37 67.57
9 831.2 836.8 840.4 839.0 560.4 560.2 444.0 444.0 42.94 76.21 57.70
3 913.9 940.1 941.2 939.8 596.5 596.2 473.3 472.6 42.84 72.79 52.00
2 928.3 890.6 889.5 889.5 571.9 571.8 453.0 452.5 42.82 73.41 52.33
4 887.3 890.8 889.1 888.7 571.5 571.5 452.5 452.6 42.13 73.05 52.12
1 865.1 910.5 911.6 909.7 578.1 577.5 460.3 459.2 40.02 72.38 51.99
7 916.2 960.9 971.1 968.4 625.2 623.8 484.5 483.3 40.36 72.72 50.31
7 975.0 925.6 924.3 922.3 626.6 625.6 470.6 469.7 39.73 75.77 52.43
5 922.7 888.4 887.8 890.4 603.8 604.1 451.0 451.7 39.37 76.00 55.61
5 838.0 807.1 803.6 803.2 551.9 551.2 397.7 397.0 39.44 76.79 56.18
4 782.2 806.2 808.3 806.2 550.7 549.1 390.1 389.3 39.44 75.67 54.99
3 795.3 756.9 754.5 754.6 530.2 530.2 369.2 369.1 39.51 77.78 55.20
1 742.8 713.6 710.6 712.7 511.4 512.4 352.3 353.1 40.34 79.14 55.39
9 675.8 665.9 664.5 665.4 488.0 488.5 330.9 331.0 40.82 80.87 54.09
7 666.9 665.6 665.3 665.3 485.1 484.9 327.1 327.1 40.42 80.61 51.52
0 650.9 655.4 655.7 655.5 488.9 488.5 330.2 330.0 40.77 82.21 49.98
5 661.0 667.6 668.3 666.9 494.4 493.4 337.0 336.2 40.78 82.01 50.73
1 683.5 679.8 680.0 679.4 503.2 502.6 341.7 341.3 42.15 81.95 49.46
5 663.0 654.5 655.9 654.9 495.4 494.6 336.8 336.3 44.03 83.17 49.85
5 672.5 665.2 665.1 664.7 508.8 508.3 340.0 339.6 44.16 84.28 47.73
0 652.0 631.3 630.4 631.2 484.8 486.0 321.7 322.3 44.33 84.58 49.09
0 638.0 628.5 629.5 629.8 476.3 476.5 320.5 320.7 44.63 83.07 47.55
5 646.9 628.2 626.8 627.8 486.5 487.1 327.8 328.4 44.85 84.72 48.33
5 606.8 587.0 586.6 585.8 465.1 464.4 312.9 312.4 45.47 86.11 50.56
0 598.6 598.6 600.2 598.2 471.1 470.1 318.2 317.4 46.12 85.25 51.55
0 628.2 630.6 631.6 632.6 492.8 493.2 333.7 333.7 46.54 84.91 51.48
5 634.2 633.7 633.1 633.7 499.1 499.4 343.4 343.5 46.46 85.61 56.42
0 616.0 596.3 597.9 596.1 471.8 470.8 324.1 323.3 46.06 85.37 55.34
0 642.5 673.0 676.8 675.4 529.6 528.5 361.9 361.0 45.41 84.69 50.06
0 654.5 611.9 611.9 610.7 498.2 497.4 346.2 345.5 44.95 88.13 48.10

PROLOGUE
Gold Mine Production (2010) Gold Consumption (2010)
China India
14% 31%
Australia
10%
Others China
52% 19% Others
35%
USA
9%
Russia
USA
8% 8%
South
Africa Turkey Saudi
7% 4% Arabia
3%
Source: USGS Source: WGC
Gold Value and Inflation

OSD/OZ
Gold price (March 11 dollers) Gold price (nominal) CPI YOY (US) (RHS)
2000 16
1800 14
1600 12
1400 10
1200 8
1000 6
800 4
600 2
400 0
200 -2
0 -4
Jul-84
65
Jan-65
66
Jul-66
68
Jan-68
Jul-69
69
Jan-71
71
72
Jul-72
Jan-74
74
Jul-77
77
78
Jul-78
Jul-80
80
81
Jul-81
83
Jan-83
84
86
Jan-86
Jul-87
87
Jan-89
89
90
Jul-90
92
Jan-92
Jul-93
93
Jan-95
95
96
98
Jan-98
Jul-99
99
01
Jan-01
02
Jul-02
Jan-04
04
05
Jul-05
Jan-07
07
Jul-08
08
10
Jan-10
Jul-96
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

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
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
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 specied); aggregate volume in all contracts during the month; cumulative OI in all contracts at the month-end.
Source: Exchanges websites

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

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

PROLOGUE
Platinum Mine Production (2010e) Platinum Jewellery Demand (2010)
South China
Africa 72%
75%
North
America
11%
Russia
13%
Europe
10%
Zimbabwe Others
5% 2% Others
5%
Canada Japan
3% USA 2%
2%
Source: USGS; e estimates Source: Platinum 2011, Johnson Matthey PLC
Platinum, Palladium, Gold & Silver Prices in USD/troy oz

2500 40
Platinum Palladium
Gold Silver (RHS) 35
2000
30
25
1500
20
1000 15
10
500
5
0 0
Nov-93
May-95
Apr-98
Jan-99
Aug-00
Mar-02
Jul-94
Jan-96
Jul-97
Oct-99
May-01
Jan-03
Oct-03
Jul-04
Apr-05
Jan-06
Oct-06
Jul-07
Mar-08
Dec-08
Sep-09
Jun-10
Mar-11
Oct-96
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
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
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

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 nancial holdings nance
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
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
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


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 xings (AM xing) 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
91 29.33 29.35 22.18 18.80 45.16 80.30 47.48
9 26.66 26.54 19.43 16.62 45.02 78.45 51.46
6 23.49 23.39 16.83 14.75 44.41 77.72 57.25
2 20.59 20.55 15.71 13.20 46.06 81.35 61.79
0 18.45 18.36 14.22 11.72 46.57 82.22 66.01
0 17.91 17.96 14.07 11.75 46.84 83.43 66.61
67 18.46 18.45 15.11 12.50 46.56 86.77 66.85
2 18.44 18.42 14.69 12.59 45.80 85.48 65.43
61 18.15 18.10 13.50 11.81 44.50 81.35 63.33
3 17.11 17.11 12.60 11.37 45.50 80.81 65.14
0 15.87 15.87 11.60 10.16 46.33 80.27 69.18
9 17.73 17.79 12.46 11.00 45.96 77.98 63.01
2 17.59 17.67 12.08 10.87 46.63 77.00 64.05
0 17.95 17.82 11.94 10.74 46.59 75.40 63.05
6 17.23 17.24 11.63 10.65 46.72 76.17 60.65
6 16.48 16.39 11.25 10.03 48.39 77.19 60.56
0 14.40 14.35 10.06 8.67 48.36 78.53 65.95
4 13.40 13.36 9.48 8.17 48.47 79.71 69.78
7 14.63 14.65 10.45 8.94 47.78 80.26 64.63
61 14.15 14.03 10.28 9.10 48.61 82.11 65.75
31 12.51 12.51 9.48 8.51 50.08 85.55 71.21
9 13.16 13.12 10.06 9.24 51.23 86.71 70.44
9 13.44 13.41 10.49 9.31 49.22 86.84 70.06
7 11.42 11.29 8.52 7.84 48.83 84.83 75.52
7 10.40 10.29 7.64 6.92 48.64 83.65 79.41
9 9.87 9.87 7.74 6.42 49.00 86.77 77.07
3 10.36 10.44 7.82 6.16 48.64 83.53 77.69
8 12.26 12.37 8.61 6.88 45.56 78.37 67.57
61 14.50 14.69 9.78 7.75 42.94 76.21 57.70
9 18.08 18.03 11.43 9.07 42.84 72.79 52.00
2 17.02 16.97 10.91 8.64 42.82 73.41 52.33
87 17.09 17.05 10.96 8.68 42.13 73.05 52.12
0 17.51 17.50 11.10 8.83 40.02 72.38 51.99
31 19.10 19.51 12.56 9.73 40.36 72.72 50.31
81 17.65 17.57 11.91 8.94 39.73 75.77 52.43
0 15.97 15.96 10.85 8.10 39.37 76.00 55.61
0 14.37 14.30 9.82 7.07 39.44 76.79 56.18
6 14.66 14.70 10.02 7.10 39.44 75.67 54.99
4 13.71 13.67 9.61 6.69 39.51 77.78 55.20
92 12.88 12.83 9.23 6.36 40.34 79.14 55.39
6 12.31 12.36 9.08 6.15 40.82 80.87 54.09
2 12.92 12.91 9.41 6.35 40.42 80.61 51.52
5 13.11 13.14 9.80 6.62 40.77 82.21 49.98
7 13.16 13.15 9.73 6.63 40.78 82.01 50.73
5 13.74 13.74 10.16 6.90 42.15 81.95 49.46
5 13.13 13.18 9.96 6.77 44.03 83.17 49.85
0 13.94 13.91 10.64 7.11 44.16 84.28 47.73
7 12.86 12.84 9.88 6.55 44.33 84.58 49.09
2 13.22 13.36 10.11 6.80 44.63 83.07 47.55
3 13.00 12.93 10.04 6.76 44.85 84.72 48.33
7 11.61 11.56 9.16 6.16 45.47 86.11 50.56
4 11.61 11.68 9.17 6.19 46.12 85.25 51.55
0 12.25 12.18 9.50 6.43 46.54 84.91 51.48
7 11.23 11.23 8.86 6.09 46.46 85.61 56.42
3 10.78 10.80 8.52 5.85 46.06 85.37 55.34
6 13.44 13.45 10.53 7.19 45.41 84.69 50.06
51 12.72 12.61 10.28 7.14 44.95 88.13 48.10

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 specied); 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)
Mexico USA
Peru 19% 20%
18%
India
14%
China Others
15% 46%
Others
33%
Japan
8%
Australia Italy
9% 6%
United Thailand
States 6%
6%
Source: USGS Source: CPM Silver Yearbook 2011
Silver Vs. Oil prices, Gold Silver Ratio and Dollar Index
USD/Oz
180 40
Silver prices (RHS) WTI Prices (USD/bbl)
160
Gold Silver Ratio Dollar Index 35
140
30
120
25
100
20
80
15
60
10
40
20 5
0 0
Mar-84
84
Jan-85
85
85
Nov-85
Sep-86
86
Jul-87
87
88
May-88
89
Mar-89
Jan-90
90
90
Nov-90
91
Sep-91
92
Jul-92
93
May-93
94
Mar-94
95
Jan-95
95
Nov-95
96
97
May-98
98
Mar-99
99
95
Jan-95
95
Nov-95
06
Sep-06
07
Jul-07
May-
y-
08
Mar-09
09
10
Jan-10
10
Nov-10
Sep-96
Jul-97
Source: CME (COMEX & NYMEX)

PROLOGUE
Metals
The base for development
C
urrently, there are over 85 known metals in the world. as a rise in jobless claims in the US and Chinas intent on curbing
People had been using only a few metals during BC, lending activity. Thereafter, the prices of base metals, particularly
but increased realisation of their utility led to rapid of copper, rose on upbeat US economic data: unemployment
discovery of new metals later (Material Science claims fell to a six-week low and orders of durables dropped
& Engineering, Carnegie Mellon University). Metals and more than expected in May 2010 and copper mining
metal alloys possess high structural strength per unit Put a coward to major BHP Billiton announced that its output could
mass, making them useful materials for carrying his metal an hell fall 5-10% in 2010 (www.erbakir.com.tr). Besides,
large loads or resisting impact damage. Metal alloys ght the deil news such as Escondida, the worlds largest
can be engineered to have high resistance to shear, copper mine, was expecting its output to dip 5-10%
torque and deformation. Strength and resilience
(An Irish Proverb) on lower ore grades aided a rally in copper www.
have led to metals frequent use in high-rise building, erbakir.com.tr). A halt in production, due to labour
bridge construction, vehicles, tools, pipes, non-illumi- disputes at Collahausi (Chile), the worlds third-largest
nated signs, railroad tracks and numerous other appliances. mine, helped metals edge up. Zinc prices also recovered
Thus, metals play a vital role in the developmental process. The as Chinas third-largest zinc producer closed down its smelter to
two most commonly used structural metals iron and aluminium comply with government pollution investigation in October 2010,
are also the most abundant metals in the earths crust. the full recovery could not materialize in early 2010. Finally, a rally
India produces 89 minerals, comprising four fuel minerals, 11 led copper futures prices on MCX to touch an all-time high of Rs.
metallic, 52 non-metallic and 22 minor minerals. Besides being 439.80 in the final trading session of the year.
the worlds largest producer of mica blocks, it is one
of the worlds top producers of iron ore, manganese,
MCX base metals futures prices (in Rs./kg) - 2010
aluminium, crude steel, etc.
Futures prices of base metals on MCX were a mixed 450 Expectations of Chinese labour union disputes at 125
monetary tightening Collahausi, Copper mine
bag in 2010. While copper futures jumped 28%, zinc 115
416
futures fell 9%, y-o-y. As 2010 dawned, combination
382 Greek debt Crisis 105
of factors concerns over market regulation in the
US, expectations of monetary tightening in China and
348 95
increases in LME stocks triggered a sharp fall in
the prices of base metals, including copper and zinc. 314 labour union disputes at 85
Collahausi, Copper mine
However, upbeat global economic data lent support
280 75
for a short-term revival. Later, in June, metals prices,
26-Mar-10
23-Apr-10
13-Aug-10
3-Dec-10
31-Dec-10
1-Jan-10
26-Feb-10
21-May-10
8-Oct-10
5-Nov-10
29-Jan-10
18-Jun-10
16-Jul-10
10-Sep-10
especially zincs, eased to a year low on growing doubts

over Greeces ability to manage its debt crisis. What
also added to the downward pressure were data such Source: Metastocks Copper - LHS Zinc - RHS

Commodity in 2010 Price Unit Open High Low Close
MCX (1 tonne) Rs/ kg 343.95 439.80 284.10 439.50 20.70% 31,341,022
Copper
LME (25 tonnes) US$/ Tonne 7,405.00 9,687.00 6,037.50 9,600.00 28.82% 29,665,041
MCX (5 tonne) Rs/ kg 118.70 123.20 74.35 109.00 29.25% 11,927,214^
Zinc
LME (25 tonnes) US$/ 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


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
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

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


PROLOGUE
Aluminium prices
Month MCX futures price (Rs./kg)^ MCX spot price (Rs/kg) LME 3-month price (USD/tonne) L
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
0 2356.67 45.16 15860.00 16500.00 15840.00 16430.00 6.79 80.30
0 2324.05 45.02 16270.00 16795.00 15300.00 15860.00 6.76 78.45
0 2342.18 44.41 15600.00 16500.00 15600.00 16135.00 6.66 77.72
0 2171.24 46.06 15330.00 15705.00 15185.00 15590.00 6.83 81.35
0 2110.44 46.57 15360.00 15510.00 15000.00 15220.00 6.86 82.22
0 1989.05 46.84 14500.00 15320.00 14100.00 15165.00 6.91 83.43
0 1929.41 46.56 14830.00 14990.00 13750.00 14490.00 6.83 86.77
0 2044.71 45.80 15890.00 15890.00 14500.00 14985.00 6.72 85.48
0 2314.28 44.50 16210.00 16715.00 15350.00 15880.00 6.52 81.35
0 2210.53 45.50 16530.00 16630.00 16020.00 16220.00 6.66 80.81
0 2053.27 46.33 15995.00 16790.00 15675.00 16400.00 6.78 80.27
0 2230.11 45.96 16620.00 18010.00 15705.00 15900.00 6.73 77.98
0 2181.26 46.63 15400.00 16850.00 15300.00 16700.00 6.83 77.00
0 1956.55 46.59 14930.00 15580.00 14820.00 15315.00 6.83 75.40
0 1875.66 46.72 15000.00 15210.00 14620.00 15065.00 6.84 76.17
0 1835.60 48.39 15000.00 15370.00 13880.00 14825.00 7.09 77.19
0 1927.64 48.36 15100.00 15390.00 14250.00 14980.00 7.08 78.53
0 1670.56 48.47 13550.00 15180.00 13500.00 15005.00 7.09 79.71
0 1579.63 47.78 12850.00 13850.00 12850.00 13555.00 6.99 80.26
0 1466.67 48.61 13000.00 13100.00 12670.00 12800.00 7.12 82.11
0 1431.81 50.08 13550.00 14900.00 12560.00 12825.00 7.34 85.55
0 1338.08 51.23 12000.00 13720.00 11885.00 13495.00 7.50 86.71
0 1338.06 49.22 11760.00 12560.00 11610.00 12045.00 7.21 86.84
0 1420.36 48.83 12120.00 12690.00 11405.00 11715.00 7.14 84.83
0 1504.42 48.64 12450.00 12600.00 10040.00 11520.00 7.11 83.65
0 1857.13 49.00 13960.00 14065.00 12510.00 12565.00 7.18 86.77
0 2122.03 48.64 14635.00 14635.00 13020.00 13780.00 7.12 83.53
0 2524.15 45.56 17440.00 17450.00 14930.00 15245.00 6.67 78.37
0 2762.56 42.94 18750.00 18820.00 17200.00 17450.00 6.28 76.21
0 3067.46 42.84 18735.00 19500.00 18340.00 18820.00 6.26 72.79
0 2967.87 42.82 18460.00 19020.00 18400.00 18735.00 6.22 73.41
0 2908.28 42.13 18500.00 19200.00 18120.00 18465.00 6.04 73.05
0 2968.03 40.02 19000.00 19200.00 18505.00 18545.00 5.72 72.38
0 3012.05 40.36 19650.00 20900.00 18700.00 19180.00 5.70 72.72
0 2784.89 39.73 18750.00 19850.00 18590.00 19760.00 5.55 75.77
0 2456.13 39.37 17780.00 19600.00 17700.00 19440.00 5.43 76.00
0 2382.83 39.44 17820.00 18490.00 17500.00 17820.00 5.35 76.79
0 2507.15 39.44 17820.00 18600.00 16710.00 17750.00 5.32 75.67
0 2444.53 39.51 19230.00 19260.00 17740.00 17880.00 5.27 77.78
0 2394.96 40.34 19450.00 19460.00 19200.00 19380.00 5.36 79.14
0 2512.60 40.82 19680.00 19750.00 18990.00 19440.00 5.38 80.87
0 2738.09 40.42 19850.00 20260.00 19500.00 19730.00 5.34 80.61
0 2681.31 40.77 20470.00 20600.00 19610.00 19830.00 5.34 82.21
0 2804.60 40.78 20700.00 21650.00 20050.00 20250.00 5.32 82.01
0 2817.05 42.15 19290.00 20490.00 19110.00 20330.00 5.46 81.95
0 2757.08 44.03 19750.00 19800.00 19260.00 19310.00 5.68 83.17
0 2839.05 44.16 19900.00 20220.00 19520.00 19730.00 5.69 84.28
0 2799.06 44.33 21000.00 21090.00 19590.00 19730.00 5.69 84.58
0 2823.67 44.63 20970.00 21390.00 20680.00 21320.00 5.70 83.07
0 2702.14 44.85 19950.00 21730.00 19810.00 20770.00 5.70 84.72
0 2657.15 45.47 21400.00 21810.00 19960.00 20210.00 5.75 86.11
0 2484.38 46.12 19500.00 22360.00 19500.00 20980.00 5.81 85.25
0 2461.55 46.54 18600.00 19880.00 18470.00 19580.00 5.84 84.91
0 2511.83 46.46 19690.00 19780.00 18200.00 18590.00 5.82 85.61
0 2490.95 46.06 20950.00 21250.00 19340.00 19640.00 5.75 85.37
0 2852.07 45.41 21640.00 24000.00 20710.00 21150.00 5.66 84.69
0 2623.86 44.95 19580.00 21570.00 19550.00 20810.00 5.61 88.13

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%
China
Russia China United 39%
9% 41% States
11%
Canada Japan
7% 5%
Germany
United Australia India
5%
States 5% 4%
4%
Source: USGS; e estimates Source: GFMS, IAI, WBMS
LME Aluminium Prices and U.S. & China Industrial Production YoY
in % Prices
40 3500
LME Prices ( USD tonne ) -RHS
RHS US IP YOY China IP YOY
30 33000
20 22500
10 22000
0 11500
-10 11000
-20 5500
-30 0
Jun-87
87
Feb-88
88
Oct-88
88
89
Feb-90
90
Oct-90
90
91
Feb-92
92
Oct-92
92
Jun-93
93
Feb-94
94
Oct-94
94
Jun-95
95
Feb-96
96
Oct-96
96
Jun-97
97
Feb-98
98
Oct-98
98
Jun-99
99
02
Oct-02
02
Jun-03
03
Jun-89
Jun-91
00
Feb-00
Oct-00
00
Jun-01
01
Feb-02
04
Feb-04
Oct-04
04
Jun-05
05
06
Feb-06
Oct-06
06
Jun-07
07
08
Feb-08
Oct-08
08
Jun-09
09
Feb-10
10
Oct-10
10
Source: LME & respective govt. websites IP - Industrial Production

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
Mine production 1150 995 960 946 889 605
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
Mine production 35 31 31 34 27 32
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

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
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
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

PROLOGUE
Copper prices
Month MCX futures price (Rs./kg) MCX spot price (Rs/kg) LME 3-month price (USD/tonne) L
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

0 9147.26 45.16 62700.00 71000.00 62600.00 70440.00 6.79 80.30
0 8469.89 45.02 62750.00 68970.00 61000.00 62060.00 6.76 78.45
0 8292.40 44.41 60000.00 67460.00 60000.00 62750.00 6.66 77.72
0 7709.30 46.06 58960.00 61100.00 57620.00 59920.00 6.83 81.35
0 7283.95 46.57 56750.00 59450.00 56250.00 58680.00 6.86 82.22
0 6735.25 46.84 52200.00 56450.00 51610.00 56190.00 6.91 83.43
0 6499.30 46.56 54560.00 54790.00 49300.00 52160.00 6.83 86.77
0 6837.68 45.80 58050.00 58070.00 52000.00 55470.00 6.72 85.48
0 7745.08 44.50 60990.00 63130.00 57360.00 58400.00 6.52 81.35
0 7462.83 45.50 60690.00 61400.00 57220.00 60890.00 6.66 80.81
0 6848.18 46.33 55100.00 58920.00 51610.00 57800.00 6.78 80.27
0 7386.25 45.96 59400.00 63000.00 55500.00 56240.00 6.73 77.98
0 6981.71 46.63 54350.00 60380.00 53330.00 59440.00 6.83 77
0 6675.60 46.59 50210.00 55000.00 50100.00 54210.00 6.83 75.4
0 6287.98 46.72 49320.00 51580.00 48400.00 51100.00 6.84 76.17
0 6196.43 48.39 49100.00 50930.00 46000.00 47680.00 7.09 77.19
0 6165.30 48.36 46920.00 51490.00 45940.00 49860.00 7.08 78.53
0 5215.54 48.47 40500.00 45520.00 38820.00 45260.00 7.09 79.71
0 5013.95 47.78 38400.00 43000.00 37500.00 40710.00 6.99 80.26
0 4568.63 48.61 38850.00 40720.00 35100.00 37400.00 7.12 82.11
0 4406.55 50.08 34450.00 45000.00 34420.00 37280.00 7.34 85.55
0 3749.75 51.23 28540.00 35810.00 27400.00 34140.00 7.50 86.71
0 3314.73 49.22 26400.00 30200.00 25400.00 28640.00 7.21 86.84
0 3220.69 48.83 26080.00 30100.00 25900.00 26370.00 7.14 84.83
0 3071.98 48.64 29350.00 29800.00 23650.00 24610.00 7.11 83.65
0 3717.00 49.00 32410.00 34200.00 28550.00 29530.00 7.18 86.77
0 4925.70 48.64 53820.00 53820.00 31140.00 32350.00 7.12 83.53
0 6990.86 45.56 59750.00 59910.00 53850.00 56070.00 6.67 78.37
0 7634.70 42.94 61650.00 61800.00 57500.00 59920.00 6.28 76.21
0 8414.04 42.84 63200.00 64800.00 61260.00 61980.00 6.26 72.79
0 8260.60 42.82 61100.00 63440.00 59930.00 63160.00 6.22 73.41
0 8382.75 42.13 64700.00 65510.00 60130.00 60900.00 6.04 73.05
0 8684.93 40.02 65450.00 66960.00 63750.00 65210.00 5.72 72.38
0 8439.29 40.36 68000.00 69880.00 63430.00 66040.00 5.70 72.72
0 7887.69 39.73 62800.00 69300.00 62000.00 67900.00 5.55 75.77
0 7061.02 39.37 58900.00 64480.00 58000.00 61990.00 5.43 76.00
0 6587.67 39.44 61180.00 63000.00 54850.00 58730.00 5.35 76.79
0 6966.70 39.44 64500.00 64560.00 52700.00 59540.00 5.32 75.67
0 8008.43 39.51 67310.00 67450.00 64140.00 65130.00 5.27 77.78
0 7648.98 40.34 65400.00 67850.00 64060.00 67610.00 5.36 79.14
0 7513.50 40.82 68030.00 68150.00 61360.00 65240.00 5.38 80.87
0 7973.91 40.42 63100.00 70340.00 62900.00 67820.00 5.34 80.61
0 7475.88 40.77 64720.00 66200.00 60100.00 63150.00 5.34 82.21
0 7682.17 40.78 71730.00 72900.00 60320.00 63890.00 5.32 82.01
0 7766.47 42.15 62900.00 74930.00 62620.00 68980.00 5.46 81.95
0 6452.48 44.03 57650.00 63300.00 55040.00 62090.00 5.68 83.17
0 5676.45 44.16 55500.00 59980.00 52140.00 57740.00 5.69 84.28
0 5669.66 44.33 61390.00 61390.00 52150.00 54470.00 5.69 84.58
0 6675.11 44.63 66610.00 66700.00 59990.00 61090.00 5.70 83.07
0 7029.18 44.85 69800.00 70200.00 62100.00 66010.00 5.70 84.72
0 7500.39 45.47 71250.00 72800.00 69100.00 69600.00 5.75 86.11
0 7602.36 46.12 69700.00 75200.00 68340.00 71030.00 5.81 85.25
0 7695.66 46.54 68120.00 70280.00 65610.00 67630.00 5.84 84.91
0 7712.10 46.46 64000.00 72100.00 60540.00 67270.00 5.82 85.61
0 7197.61 46.06 71500.00 72000.00 54050.00 61440.00 5.75 85.37
0 8045.86 45.41 70120.00 83770.00 69920.00 73370.00 5.66 84.69
0 6387.78 44.95 50200.00 69990.00 50200.00 67430.00 5.61 88.13

PROLOGUE
Copper Mine Production (2010e) Refined Copper Consumption (2010)
Chile
34% Others
37%
Peru China
Others United 37%
8% States
38%
9%
United
States Germany
7% 7%
China
7% Australia
Japan South
6% 5% Korea
5%
Source: USGS; e estimates Source: GFMS, WBMS, GFMS
Copper Prices, Chinese Imports & Rolling correlation

of LME Prices Vs Inventory
12000 1
LME futures (USD/tons) -LHS
Rolling correlation prices Vs LME stocks -1yr.
1yr.
10000 0.5
0
Chinese import (100 tons) -LHS
8000
0
6000
-0.5
-
4000
-1
2000
0 -1.5
-1
Apr-8686
Jan-8787
Oct-8787
Jul-88
88
Apr-8989
Jan-90
90
Oct-90
90
91
Apr-9292
Jan-9393
Oct-9393
Jul-94
94
Apr-9595
96
Oct-9696
Jul-97
97
Apr-9898
Jan-99
99
Oct-99
99
Jul-00
00
Apr-0101
Jan-0202
Oct-0202
03
Jul-03
Apr-04
04
Jan-0505
Oct-0505
Jul-06
06
Apr-0707
Jan-08
08
Oct-08
08
Jul-09
09
Apr-1010
Jan-11
-11
Jul-91
Jan-96
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

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 gures 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
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
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)
Australia
18%
Brazil
15%
China
67%
Others
Others China 17%
15% 37%
India
India 7%
11%
Japan
Russia
5% Brazil
4% South Korea 2%
2%
Source: USGS Source: World Steel in Figures 2011
Pig iron prices on various factors

mn tonne Price
700 600
China Imports of iron ore
China nished steel consumption
600
India exports of iron ore 500
Brazilian pig iron exports prices (USS/ tonns)-RHS
500
400
400
300
300
200
200
100
100
0 0
2004 2005 2006 2007 2008 2009 2010
Source: steelonthenet, WSIF

PROLOGUE
Iron ore prices and trading activity

Month MCX futures price (Rs./kg) MCX futures trading S
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 in
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 nes (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
rest in all contracts at the month-end.

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
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
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


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

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%
Others China
31% 45%
Australia
15%
China
43% United
United States
States 15%
11%
Peru
7%
Germany
Mexico 4% Spain
4% South Korea 2%
3%
Source: Source: USGS; e estimates Source: GFMS
Lead Prices, Inventory and Spread Between Cash & Futures

Inventory & Spread Prices
400 4000
LME futures (USD/tonnes)
350 Lead invetory (000s metric tonnes) 3500
Cash - Month Spread (USD/tonnes)
300
3000
250
2500
200
200
150
1500
100
1000
50
0 500
-50 0
May-94
May-96
Jan-87
Sep-87
May-88
Jan-89
Sep-89
May-90
Jan-91
Sep-91
May-92
Jan-93
Sep-93
Jan-95
Sep-95
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
Jan-97
Sep-97
Source: LME

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
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
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


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

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)
Russia
17%
Others
30%
Indonesia
15%
Japan
12%
Canada Others
10% 40% China
United 37%
New States
Caledonia 8%
9%
South Korea
Australia 7%
Germany
9% 6%
Source: USGS; e estimates Source: GFMS, INSG, WBMS
Nickel Prices, Consumption & Steel Production

1525 40000
Average LME prices USD/tonnes (RHS)
1425 Steel Globle production (million tonnes)

Nickel Consumption (000s tonnes) 33000
1325
26000
1225
1125
19000
1025
12000
925
825 5000
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Source: IISF, INSG, LME

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 gures 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 gures 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 gures 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 gures 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 gures 2011

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
India (repo rate ) 6.3 4.8 6.5 7.8 7.3 8.5
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


PROLOGUE
Steel prices
Month MCX spot prices (Rs/tonne) - monthly average LME 3-month steel billet prices (USD/tonne)
Steel at Steel long Steel long Steel long Open High Low Close cash
Mumbai Govindgargh* Bhavnagar Ghaziabad* M
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 cont

LME steel billet SHFE rebar steel futures price (CNY/tonne) CNY/INR spot RBI rate USD/ INR Dollar index
e cash price (USD/tonne) Open High Low Close Monthly average
Monthly average
0 525.3 4800 5130 4745 4901 6.79 45.16 80.30
0 505.0 4265 4975 4265 4734 6.76 45.02 78.45
5 467.5 4190 4389 4190 4334 6.66 44.41 77.72
5 471.2 4230 4470 4156 4168 6.83 46.06 81.35
0 492.3 3980 4220 3980 4177 6.86 46.57 82.22
5 434.3 3805 3978 3710 3956 6.91 46.84 83.43
0 424.1 4013 4058 3783 3826 6.83 46.56 86.77
0 460.9 4290 4316 3901 4026 6.72 45.80 85.48
0 543.2 4311 4520 4234 4274 6.52 44.50 81.35
5 505.9 3899 4391 3850 4328 6.66 45.50 80.81
5 432.1 3882 4086 3681 3891 6.78 46.33 80.27
5 414.9 3899 4055 3775 3884 6.73 45.96 77.98
5 379.0 3630 3940 3622 3896 6.83 46.63 77.00
0 368.1 3582 3765 3580 3663 6.83 46.59 75.40
0 356.9 3420 3728 3420 3619 6.84 46.72 76.17
0 399.0 4107 4107 3400 3483 7.09 48.39 77.19
0 396.5 4804 4996 4107 4154 7.08 48.36 78.53
0 370.9 3826 4579 3820 4490 7.09 48.47 79.71
0 356.8 3630 3940 3622 3828 6.99 47.78 80.26
5 335.2 3573 3678 3570 3610 7.12 48.61 82.11
0 324.3 3560 3648 3410 3543 7.34 50.08 85.55
0 303.8 3550 3663 3513 3549 7.50 51.23 86.71
0 323.0 - - - - 7.21 49.22 86.84
0 331.5 - - - - 7.14 48.83 84.83
0 340.3 - - - - 7.11 48.64 83.65
0 327.0 - - - - 7.18 49.00 86.77
0 358.5 - - - - 7.12 48.64 83.53
0 624.2 - - - - 6.67 45.56 78.37
0 916.6 - - - - 6.28 42.94 76.21
0 1018.3 - - - - 6.26 42.84 72.79
0 - - - - - 6.22 42.82 73.41
5 - - - - - 6.04 42.13 73.05
0 - - - - - 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
ures contract

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 Others
32% 35%
China China
44% 45%
Japan United
8% States
6%
USA
6% Japan
India
5%
5% Russia India South
5% 5% Korea
4%
Source: World Steel In Figures 2011 Source: World Steel in Figures 2011
Steel Demand & GDP Growth in World & Developing Market

YoY (%) Million tonnes
9
Globle Demand (crude steel)-LHS
steel) LHS GlOble GDP (%)
Globle GDP developing market (%) 1400
14
Average : 6.1%
7
1250
12
CAGR: 5.5%
5 1100
11
950
9
3
Average : 3.7%
800
8
1
650
6
-1 500
50
Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10
Source: Steel Statistical Year Book 2011, The Conference Board, WSA, World Bank

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
Mine production 3700 3100 3200 3040 2840 1700
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
Mine production 740 695 614 539 502 146
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 Top refined zinc producers in WesternWorld - 2010
Rank Name Production Rank Name Production
1 Glencore 734 1 Nyrstar 1077
2 Hindustan Zinc 714 2 Korea Zinc Group 940
3 Xstrata (free float) 666 3 Hindustan Zinc 669
4 Minmetals Australia (MMG) 664 4 Votorantim 488
5 Teck Resources 646 5 Boliden 456
Source: ILZSG, CRU Group, Reuters 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
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
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


PROLOGUE
Zinc prices
Month MCX futures prices - 5 MT contract (Rs/kg) MCX spot price (Rs/kg) LME 3-month price (USD/tonne) L
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

0 2287.32 45.16 17000 19240 16995 19070 6.79 80.30
0 2283.30 45.02 19000 20500 16005 16885 6.76 78.45
0 2373.56 44.41 17745 21100 17650 19255 6.66 77.72
0 2150.94 46.06 16950 17945 16360 17310 6.83 81.35
0 2047.48 46.57 16250 17440 16150 16895 6.86 82.22
0 1847.03 46.84 14570 16100 14350 15950 6.91 83.43
0 1746.51 46.56 15570 15620 12655 14405 6.83 86.77
0 1969.79 45.80 17720 17845 14435 15650 6.72 85.48
0 2367.50 44.50 18520 19205 17640 17940 6.52 81.35
0 2277.00 45.50 18380 18830 17600 18475 6.66 80.81
0 2159.00 46.33 17210 19090 16515 17950 6.78 80.27
0 2415.00 45.96 21095 21990 17100 17610 6.73 77.98
0 2374.00 46.63 18100 20930 17360 20805 6.83 77.00
0 2197.00 46.59 16240 18145 15705 17690 6.83 75.40
0 2071.00 46.72 15715 16980 15200 16470 6.84 76.17
0 1879.00 48.39 14800 15510 14360 15045 7.09 77.19
0 1818.00 48.36 14500 15600 13700 14740 7.08 78.53
0 1581.00 48.47 13230 14365 12625 14255 7.09 79.71
0 1557.00 47.78 12900 14000 12765 13325 6.99 80.26
0 1493.00 48.61 12900 13395 12315 12645 7.12 82.11
0 1388.00 50.08 11800 13890 11740 12405 7.34 85.55
0 1223.22 51.23 10425 11940 10410 11675 7.50 86.71
0 1118.00 49.22 11290 11290 10080 10430 7.21 86.84
0 1202.52 48.83 10625 11600 10220 10565 7.14 84.83
0 1112.90 48.64 9420 10290 8780 10025 7.11 83.65
0 1169.36 49.00 9080 9760 8850 9395 7.18 86.77
0 1303.00 48.64 13880 13880 8420 8930 7.12 83.53
0 1744.52 45.56 14320 14450 13495 14045 6.67 78.37
0 1734.65 42.94 15400 15800 13465 14180 6.28 76.21
0 1856.45 42.84 16300 16870 15000 15535 6.26 72.79
0 1906.17 42.82 15625 17000 15500 16130 6.22 73.41
0 2178.33 42.13 18000 19140 16625 16625 6.04 73.05
0 2278.51 40.02 19000 19495 18000 18220 5.72 72.38
0 2511.18 40.36 21600 22815 18650 19350 5.70 72.72
0 2458.48 39.73 20495 21990 18785 21530 5.55 75.77
0 2364.41 39.37 19645 20900 17455 19710 5.43 76.00
0 2378.60 39.44 19450 20005 17900 19245 5.35 76.79
0 2554.60 39.44 25280 25305 17000 19795 5.32 75.67
0 2979.99 39.51 27000 27300 24780 25620 5.27 77.78
0 2887.60 40.34 28650 28790 26520 27315 5.36 79.14
0 3244.17 40.82 28750 29235 26330 28385 5.38 80.87
0 3546.30 40.42 26480 29700 25780 28660 5.34 80.61
0 3628.65 40.77 31010 31095 24315 26480 5.34 82.21
0 3847.52 40.78 33705 35590 28900 30520 5.32 82.01
0 3566.86 42.15 29390 34100 28660 32410 5.46 81.95
0 3256.18 44.03 28600 29870 28580 29365 5.68 83.17
0 3321.38 44.16 - - - - 5.69 84.28
0 3784.86 44.33 - - - - 5.69 84.58
0 4381.45 44.63 - - - - 5.70 83.07
0 4378.61 44.85 - - - - 5.70 84.72
0 3829.60 45.47 - - - - 5.75 86.11
0 3394.06 46.12 - - - - 5.81 85.25
0 3339.97 46.54 - - - - 5.84 84.91
0 3320.74 46.46 - - - - 5.82 85.61
0 3197.59 46.06 - - - - 5.75 85.37
0 3544.64 45.41 - - - - 5.66 84.69
0 3068.34 44.95 - - - - 5.61 88.13

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%
Others
Australia 38%
12%
China
43%
Peru Others
34% United
13% States
7%
Japan
United
States
4%
6% Canada India South
6% 4% Korea
4%
Source: USGS; e estimates Source: GFMS, ILZSG, WBMS
Zinc Prices, OECD Leading Indicator & Rolling correlation with Copper
USD/tonne
120 5000
LME Zinc prices (RHS) OECD Total Composite Leading Index Correlation with Copper(1 year)
100 4500
80 4000
3500
60
3000
40
2500
20
2000
0
1500
-20 1000
-40 500
-60 0
Dec-89
Mar-91
Jun-92
Sep-93
Dec-94
Mar-96
Sep-98
Dec-99
Mar-01
Jun-02
Sep-03
Dec-04
Mar-06
Jun-07
Sep-08
Dec-09
Mar-11
Jun-97
Source: LME, OECD

PROLOGUE
Energy
The economy mover
E
nergy is a vital force that powers business, manufac- economies. By year-end, reports of rising crude oil imports in
turing, and transportation of goods to serve economies China, and colder temperatures (heating demand) and upbeat
worldwide. The demand-supply equation of energy data in the US pushed oil to a year high of Rs.4,173.
is playing an increasingly key role in national MCX futures of natural gas, whose fundamentals
security and economic output of a nation. Sources are largely driven by local factors than global factors,
of energy vary from coal and crude oil to natural The oil can is slipped almost through the year. Consequently,
mightier than the
gas to renewables. Crude oil (petroleum) is chara- sword gas futures clocked a year high at Rs.279.40 in
terised by high demand and limited supply (Russia the first fortnight of the year itself. Thereafter,
is the leading producer) and is the most traded - Mr. Everett Dirksen forecasts of unusually low temperatures in the
energy commodity in the world, which makes oil a (An American senator) US, raising prospects for lower demand, pushed
highly politically sensitive commodity. The petroleum gas prices down. Later, by mid-year, gas prices
industry generally classifies crude oil by it geographic briefly recovered taking cues from some economic data
location it is produced in (West Texas Intermediate, Brent, or releases, concerns over effects of an oil spill in the Gulf of
Oman), its API gravity (an oil industry measure of density) and Mexico and cooling demand due to hot summers in the US.
its sulfur content. Another energy commodity, natural gas is an However, the increase in gas prices quickly fizzled out, as
important fuel source and major feedstock for fertilizers, with robust inventories and lack of a major hurricane-led disruptions
the US being the leading producer. A clean and safe source pushed the prices down. Eventually, gas futures registered a
of energy, this combustible mixture of hydrocarbon gases is year low of Rs.144.70 in late October.
gaining a lot of importance in the backdrop of a rising
global chorus on climate change. MCX energy futures prices in 2010
As in 2009, MCX crude oil and natural gas futures
4200 Oil: Upbeat US Oil & gas: Concerns 285
prices traded in opposite directions even in 2010. economic data release on oil spil
Oil: Increasing
Chinese oil
While oil futures rose by 9.7% annually, natural gas 4000 imports, up- 260
beat US data
futures dipped by 23.8%. After an initial period of releases
3800 235
uncertainty, oil prices rose on upbeat US economic
data and intermittent geopolitical tensions (e.g. 3600 210
Nigeria). But then, renewed debt concerns in Europe 3400 185
pulled oil down to a year low of Rs.3,127 in May.
3200 160
Later, the prices firmed up, after hitting a year low in Gas: Forecast for low Oil: Renewed European Gas: Ample
temperatures in US debt concerns inventories
May, on concerns over effects of an oil spill in the Gulf 3000 135
23-Apr-10
13-Aug-10
3-Dec-10
1-Jan-10
26-Feb-10
26-Mar-10
21-May-10
8-Oct-10
5-Nov-10
31-Dec-10
29-Jan-10
18-Jun-10
16-Jul-10
10-Sep-10
of Mexico; forecasts of more-than-earlier expected

expansion of global economy in 2010 and 2011;
and sustained stimulus programmes by major global Source: Metastocks Crude (Rs./barrel) Natural gas (Rs./mm Btu)

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$/ bbl 79.76 92.06 64.24 91.38 27.8% 168,571,354
MCX (250 mmBtu) Rs/mmBtu 260.20 279.40 144.7 197.80 42.4% 11,176,937
Natural gas
NYMEX (10,000 mmBtu) US$/mmBtu 5.71 6.11 3.21 4.41 45.9% 64,326,691
Source: Respective exchanges website


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

PROLOGUE
Top 20 PDD consultants Projects Top 20 buyers Projects

EcoSecurities 335 EcoSecurities 293
Beijing Tianqing Power International CDM Consulting 187 Tricorona Carbon Asset Management Sweden 204
Carbon Resource Management 152 Vitol 169
AgCert 146 EDF Trading 158
CWEME 131 Carbon Resource Management 147
CAMCO 130 RWE 133
CasperVanderTak 127 Mitsubishi 105
PricewaterhouseCoopers 118 CAMCO 103
WB-CF 116 AgCert 97
Easy Carbon 104 Bunge Emissions Group 90
Ecoinvest 100 Noble Carbon 91
Agrinergy 99 Danish Ministry of Climate & Energy 76
Mitsubishi UFJ Securities 96 Kommunalkredit 75
Tsinghua University 87 MGM Carbon Portfolio 67
AGET 79 Trading Emissions 67
Zenith Energy Services 75 Agrinergy 66
Econergy 73 ENEL 64
Hunan CDM Project Service Center 67 KfW 61
MGM 62 Marubeni 57
Senergy Global 57 Cargill International 56
Source: www.cdmpipeline.org, as on 1st August, 2011 Source: www.cdmpipeline.org, as on 1st August, 2011
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 Historic Transacted and Retired Volumes,
Markets(US$ Millions) OTC Voluntary Market (MtCO2e)
Year OTC OTC CCX CCX Exchanges Total Year Sold OTC Retired
-single sale (Other) Pre-2002 44 7
(outlier) 2002 11 4
Pre-2002 180 - - - 180 2003 6 4
2002 44 - - - 44 2004 10 5
2003 27 - 0.3 - 27 2005 11 8
2004 42 - 3 - 45 2006 18 7
2005 44 - 3 - 47 2007 45 13
2006 72 - 38 - 110 2008 61 16
2007 275 - 72 1 348 2009 55 14
2008 447 - 307 2 755 2010 69 13
2009 354 50 12 415 Note: Based on 153 survey respondents
2010 413 0.2 - 10 424 Source: Back to the Future State of the Voluntary Carbon Markets 2011 by Ecosystem
Notes: Based on 125 survey respondents Marketplace & Bloomberg New energy Finance.
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
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
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

PROLOGUE
Carbon prices
Month MCX CER spot prices ICE-ECX CER futures prices (EUR/tonne)
(Rs/tonne) Open High Low Close
Monthly average
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 Certied 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
Monthly average
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

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 Buyer countries - Projects participation

(as on Aug 15, 2011) (as on Aug 1, 2011)
United
Kingdom
India 24%
15%
China Switzerland
Republic 58% 14% Others
of Korea 44%
11%
Japan
8%
Brazil
8%
Netherlands
Others 6% Sweden
8% 6%
Source: Source: www.unfccc.int Source: www.cdmpipeline.org
EUAs, CERs & Their Spread Vs US GDP

in /Tonne
6 ICE EUAs futures 35
CER EUA Spread (LHS) - in /tonne
4 30
ICE CERs futures
US GDP Q0Q (LHS) - %
2
25
0
20
-2
15
-4
10
-6
-8 5
-10 0
Apr-08
08
May-08
08
Jul-08
08
Sep-08
08
08
Oct-08
Dec-08
08
9
Feb-09
9
Mar-09
May-09
9
9
Jul-09
Aug-09
9
9
Oct-09
Dec-09
9
Jan-10
0
Mar-10
0
May-10
0
Jun-10
0
Aug-10
0
0
Oct-10
Nov-10
0
Jan-11
11
Mar-11
11
Source: ICE, US Federal Reserve

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
Oil production 34324 33365 35722 34757 35098 30640
OECD
Oil production 18490 18471 18414 19114 19463 21314
Oil consumption 46438 45963 48053 49611 49794 48139
India
Oil production 826 754 768 769 762 727
Oil consumption 3319 3211 3068 2835 2571 2288
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

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
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
India (repo rate ) 6.3 4.8 6.5 7.8 7.3 8.5
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

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)
spot prices (Rs/bbl)
Open High Low Close Open High Low Close
Monthly average
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 1
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 1
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

bbl) 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)
Open High Low Close Monthly average crude oil basket Monthly average
8 85.71 95.2 85.41 94.75 89.15 89.77 88.46 45.16 80.30
1 83.13 89.7 82.43 85.92 84.24 84.26 82.83 45.02 78.45
3 82.21 86.02 80.75 83.15 81.90 81.11 79.86 44.41 77.72
7 74.46 82.4 74.42 82.31 75.29 76.09 74.63 46.06 81.35
2 78.11 82.86 71.75 74.64 76.60 75.13 74.15 46.57 82.22
5 74.65 78.31 70.77 78.18 76.35 73.54 72.51 46.84 83.43
3 74.82 79.86 70.5 75.01 75.35 74.33 72.97 46.56 86.77
7 87.44 89.58 68.15 74.65 73.73 76.16 74.48 45.80 85.48
5 82.44 87.75 82.22 87.44 84.48 84.08 82.47 44.50 81.35
6 77.69 82.82 76.21 82.7 81.07 78.02 77.21 45.50 80.81
6 71.35 78.94 67.87 77.59 76.06 73.69 72.99 46.33 80.27
9 78.49 82.45 71.02 71.46 78.36 76.61 76.01 45.96 77.98
6 78.42 79.91 71.02 77.93 74.49 75.02 74.01 46.63 77.00
8 75.24 80.14 73.7 78.47 78.00 77.39 76.29 46.59 75.40
0 68.92 80.26 65.9 75.2 75.77 73.07 72.67 46.72 76.17
1 69.65 72.2 64.08 69.07 69.44 67.70 67.17 48.39 77.19
6 71.98 76 68.85 69.65 71.06 71.98 71.35 48.36 78.53
5 69.9 72.12 59.49 71.7 64.12 64.83 64.59 48.47 79.71
9 65.77 73.5 64.91 69.3 69.62 69.12 68.47 47.78 80.26
1 50.7 65.8 49.96 65.52 59.13 58.00 56.98 48.61 82.11
2 48.37 54.31 47.26 50.8 49.81 50.14 50.21 50.08 85.55
6 45.56 53.86 41.30 49.23 47.98 46.02 45.78 51.23 86.71
6 46.06 48.42 39.35 46.35 39.15 43.22 41.38 49.22 86.84
8 43.85 52.21 41.60 45.88 41.74 43.99 41.23 48.83 84.83
0 53.00 53.00 36.20 45.59 41.44 40.61 38.60 48.64 83.65
3 64.30 67.76 47.40 53.49 57.29 50.91 49.26 49.00 86.77
1 99.45 100.31 59.02 65.32 76.61 69.12 69.17 48.64 83.53
4 115.50 115.56 88.90 98.17 103.94 96.81 96.85 45.56 78.37
6 123.42 127.94 110.31 114.05 116.64 113.05 112.41 42.94 76.21
8 140.44 147.50 120.88 123.98 133.38 132.47 131.22 42.84 72.79
0 127.22 143.91 121.32 139.83 133.93 129.72 128.34 42.82 73.41
5 112.74 135.14 108.42 127.78 125.37 120.91 119.43 42.13 73.05
6 100.50 117.56 98.99 111.36 112.62 105.77 105.06 40.02 72.38
8 100.12 108.02 96.92 100.30 105.47 99.76 98.97 40.36 72.72
4 91.50 101.27 86.83 100.10 95.38 92.37 90.78 39.73 75.77
5 94.47 98.50 85.00 92.21 92.98 89.52 88.56 39.37 76.00
8 88.74 95.87 86.56 93.85 91.36 87.92 87.18 39.44 76.79
1 90.94 96.65 87.55 88.26 94.76 89.11 88.99 39.44 75.67
3 79.25 91.18 75.64 90.63 85.90 79.33 78.98 39.51 77.78
6 72.69 81.05 72.69 79.17 79.91 74.78 74.15 40.34 79.14
4 76.95 77.16 68.14 72.69 72.38 68.97 68.65 40.82 80.87
1 71.22 78.40 70.92 77.05 74.14 72.58 71.65 40.42 80.61
8 68.15 72.25 67.61 71.41 67.49 68.10 66.77 40.77 82.21
1 67.53 71.80 63.80 68.04 63.45 65.76 64.37 40.78 82.01
1 67.91 69.59 64.76 67.65 63.94 65.48 63.51 42.15 81.95
7 61.78 69.14 59.79 68.10 60.60 60.27 58.44 44.03 83.17
9 57.20 62.18 56.10 61.89 59.25 56.49 54.77 44.16 84.28
4 60.88 61.64 50.75 57.40 54.24 52.63 50.84 44.33 84.58
5 63.85 64.92 60.04 60.86 62.00 60.35 57.95 44.63 83.07
3 58.85 64.77 57.75 64.26 59.13 57.80 55.41 44.85 84.72
3 62.70 62.82 57.39 59.03 58.85 57.26 54.99 45.47 86.11
1 70.42 70.66 59.32 62.48 63.82 60.94 59.64 46.12 85.25
6 75.15 78.64 68.82 70.25 73.04 70.87 68.80 46.54 84.91
0 73.26 78.18 72.11 75.15 74.40 71.29 68.91 46.46 85.61
3 70.25 73.69 66.33 73.51 70.93 66.90 64.60 46.06 85.37
9 71.98 74.97 67.63 70.41 70.93 67.33 65.12 45.41 84.69
8 66.69 74.79 65.73 72.02 69.54 67.06 64.45 44.95 88.13

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 USA
13% 22%
Others
Saudi 56% Others
Arabia 55%
12%
China
10%
USA Japan
9% 5%
Iran India Russian
China 4%
5% Federation
5%
4%
Source: BP Statistical Review 2011 Source: BP Statistical Review 2011
Crude Oil (WTI) prices in USD & Euro and Dollar Index
price/bbl
160 180
Dollar Index Crude oil WTI Prices in USD Crude Oil WTI prices in EURO
140 160
1
140
1
120
120
1
100
100
1
80
80
8
60
60
6
40
40
4
20 20
2
0 0
May-94
May-83
83
Apr-84
84
Mar-85
85
Feb-86
86
Jan-87
87
87
Dec-87
88
Nov-88
89
Oct-89
Sep-90
90
91
Aug-91
92
Jul-92
Jun-93
93
94
95
Apr-95
96
Mar-96
97
Feb-97
98
Jan-98
Dec-98
98
99
Nov-99
00
Oct-00
01
Sep-01
02
Aug-02
Jul-03
03
04
Jun-04
May-05
05
06
Apr-06
07
Mar-07
08
Feb-08
Jan-09
09
Dec-09
09
10
Nov-10
Source: NYMEX (CME)

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: Liquied 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
Natural Gas Sold 12,148 9,273 9,095 9,384 9,334
Total
Natural Gas Sold 5,648 4,923 4,837 4,839 4,674
Royal Dutch/Shell
Natural Gas Sold 9,305 8,483 8,569 8,214 8,368
Chevron
Natural Gas Sold 10,425 9,963 11,441 11,416 10,529
Total majors
Natural Gas Sold 45,927 41,127 42,276 41,996 41,322
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.

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
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
India (repo rate ) 6.3 4.8 6.5 7.8 7.3 8.5
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

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

PROLOGUE
Natural Gas Production (2010) Natural Gas Consumption (2010)
US
19%
USA
22%
Others
Russian Others 55%
Federation 49%
19% Russian
Federation
13%
Canada
5% Iran
4%
Iran China Japan
Qatar
4% 3% 3%
4%
Source: BP Statistical Review 2011 Source: BP Statistical Review 2011
Natural Gas Prices, Oil Gas Ratio and Spread Between

Natural Gas Second and First Month Contract
30 2.5
Natural Gas Prices (US$/mmBtu)
Oil Gas Ratio 2
25
Spread (NG1-NG2) 1.5
1
20
0.5
15 0
-0
-0.5
10
-1
-1.
-1.5
5
-2
0 -2
-2.5
91
Jan-91
91
Dec-91
92
Nov-92
Oct-93
93
94
95
Aug-95
96
97
May-98
98
Apr-99
99
00
Mar-00
01
Feb-01
Jan-02
02
Dec-02
02
Nov-03
03
Aug-06
Sep-94
Jul-96
Jun-97
04
Oct-04
Sep-05
05
06
07
Jul-07
08
Jun-08
May-09
09
10
Apr-10
11
Mar-11
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
Nuclear energy 520.9 511.5 516.2 520.7 536.3 518.8
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
Nuclear energy 5.2 3.8 3.5 4.0 4.0 4.4
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, gures may not tally due to rounding

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
Andhra Pradesh 79014.0 71511.0 64139.0 60964.0 53030.0 47792.0
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 -
Madhya Pradesh 43159.0 42054.0 41560.0 38710.0 36846.0 39644.0
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 gures do not include Deration, Retirement and Installed Capacity of Renewable Energy Sources.
Source: Annual Report 2009-10, CEA

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 -
Andhra Pradesh 73784.0 66673.0 61511.0 58280.0 52332.0 44055.0
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 -
Madhya Pradesh 34953.0 34841.0 35700.0 32834.0 31619.0 34747.0
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 decit Peak decit Requirement Availability Decit Energy decit
(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

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);

rice 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 - -
ed); IEX commenced operations on June 28, 2009, Note: Future prices are for near month continuous futures contract

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
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
India (repo rate ) 6.3 4.8 6.5 7.8 7.3 8.5
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 USA
20% 21%
China
China Others 20% Others
20% 46% 45%
Japan Japan
5% 5%
Russia Russia
5% India India
5% 4%
4%
Source: BP Statistical Review 2011 Source: Enerdata
Price of Short-Term Transaction of Electricity

(Rs/kwh)
12
Price of PX Transactions (IEX) Price of Bilateral Transaction through traders
Spread (NG1-NG2) Price of UI (SR Grid)
10
0
Aug-08
08
Aug-09
08
Oct-08
08
Dec-08
Feb-09
09
Apr-09
09
Jun-09
09
09
09
Oct-09
Dec-09
09
10
Feb-10
10
Apr-10
10
Jun-10
10
Aug-10
10
Oct-10
10
Dec-10
11
Feb-11
Source: CERC

MARKET
PROLOGUE
ECENOMY
AGRICULTURAL
COMMODITIES
IIn n IIndia,
ndia, dduring
uring 22010-11,
010-11, tthe
he iimpact
mpact ofof
ggood
ood monsoon
monsoon was was vvisible
isible iin
n rrobust
obust
ggrowth
rowth iin n aagriculture
griculture aand
nd aallied
llied aactivities.
ctivities
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
178_300_CYIB_2011_Agri_final.indd 178 1/26/2012 1:27:33 AM

DATABANK - NON-AGRI COMMODITIES 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

PROLOGUE
Oil and oilseeds

Adding the zing
V
egetable oils are derived from oilseeds and plants. thrust to CPO prices. Subsequently, CPO prices reversed the
Oilseed crops are grown primarily for the oil contained in mixed trend and moved up as the-then prevailing conflict between
the seeds. The oil content of small grains (for example, China and Argentina on soybean oil imported by China lifted the
wheat) is only 1-2%; that of oilseeds ranges from prices on hopes that the local users might substitute soybean
about 20% for soybeans to over 40% for sunflower and mustard oil for palm oil. However, mixed factors such as Euro-zone debt
seed. Major sources of edible seed oils are soybean, sunflower, worries, rising crude mineral oil prices and larger-than-expected
rapeseed, cotton and peanuts. Seed oils from linseed and castor soybean output in South America soon took CPO and RSO
beans are used for industrial purposes. Major oilseeds grown in prices on a yo-yo during August-September. October onwards,
India are soybean, mustard seed, groundnut, cotton seed, castor the prices climbed up on tight supply as a prolonged dry spell
seed, sunflower seed, sesame seed, safflower seed, linseed and had adversely affected the harvest of CPO in Malaysia and
niger seed, in that order. Indonesia. Additionally, increasing demand for edible oil applica-
India is a net importer of edible oil, with imports meeting over tions for biodiesel production also lent support to the rally in
52% of its domestic consumption (ICRA, USDA). Over a period, CPO as a cheaper substitute. Further, La Nina posed a serious
Indian consumers preference has shifted to palm oil and the threat to oilseeds and edible oil supplies and, thus, an upswing
country has become the largest importer of the commodity in in CPO and RSO prices. All these factors pushed CPO and RSO
the world. As production of palm oil is miniscule, India is largely futures on MCX to a year high of Rs.544.80 and Rs.632.75,
dependent on imports from the worlds two largest producers, respectively, by year-end (Information in the last paragraphs
Malaysia and Indonesia (ICRA, USDA). is sourced from: USDA, MCX, DGFT, www.en.mercopress.com,
Crude palm oil (CPO) and refined soy oil (RSO) futures www.palmoilhq.com).
prices on MCX opened at Rs.366.70/10 kg and
Rs.484.85/10 kg, respectively, on January 1, 2010. MCX CPO and RSO futures prices in 2010
On January 29, CPO futures, following global funda- 600 700
mentals, touched a year low of Rs.345.10. During Prolonged dry spell adversely
affecting the harvest of CPO in
the first half of 2010, both CPO and RSO traded in 525 Malaysia and Indonesia 625
a narrow range as huge stocks of imported edible oil Adverse weather in China;
standoff between China and
in domestic markets on the back of the governments Argentina on soy trade up-
450 ward pressure on CPO prices 550
decision to continue imports of CPO at zero percent
duty weighed on the prices. Besides, good carryover
375 475
stocks of RSO, favourable crush margin in India and
stable international prices dulled the prices of the
300 400
edible oil complex.
13-Aug-10
3-Dec-10
1-Jan-10
26-Feb-10
26-Mar-10
23-Apr-10
21-May-10
8-Oct-10
5-Nov-10
31-Dec-10
29-Jan-10
18-Jun-10
16-Jul-10
10-Sep-10
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 Source: Metastocks CPO (Rs./10 kg) Ref. Soy oil (Rs./10kg)

(contract) Volatility (in lots)^
MCX (10 tonnes) Rs/ 10 kg. 485.00 635.50 436.00 632.75 14.31% 126,292
Ref. Soy Oil
CBOT (27 tonnes) US Cent/ lb 40.35 57.91 35.75 57.74 21.16% 20,786,399
MCX (10 tonnes) Rs/ 10 kg 366.20 547.00 344.20 544.80 12.76% 425,377
Crude Palm Oil
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


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 3500
World ES (In 10s )
600 Mumbai prices 2800

Int. Prices
450 2100
300 1400
150 700
0 0
2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11
Source: BMD & USDA. ES - ending stock, Indian prices Rs/20 kg, Int. prices MYR/tonne

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 op
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 Months high Monthslow 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
ive open interest in all contracts at the end of month, Future prices are for near month continuos futures contract.

PROLOGUE
Data of top 5 countries (`000' tonnes)

Production
2006-07
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
Imports
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0 10000 20000 40000
India China EU-27 Pakistan Malaysia Others
Exports
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0 10000 20000 30000 40000 50000
Indonesia Malaysia Papua New Guinea Benin UAE Others
Consumption
2006-07
2007-08
2008-09
2009-10
2010-11
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

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 gures 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 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/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
Imports
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0 2,000 4,000 6,000 8,000 10,000 12,000
China India EU-27 Algeria Iran Other
Exports
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0 2,000 4,000 6,000 8,000 10,000 12,000
Argentina Brazil United States EU-27 Paraguay 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
China United States Brazil EU-27 India Others

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
Aug-08 N/A N/A N/A N/A N/A N/A
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, W
Source: The Ministry of Commerce and Industry; Exchanges' websites

MCX spot prices - Indore (Rs/10 Kg) Other market CBOT futures
t 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
ble, WPI - Wholesale Price Index; Future prices are for near month continuos futures contract.

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

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

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
Mustard: Ending Stock & Prices

000 tonnes Prices in Rs/qntl
8000 India ES 3500
World ES
6400 India prices 2800

Winnipeg Prices
4800 2100
3200 1400
1600 700
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 of Winnepeg Futures Exchange in Rs/qntl

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 specied, Population gures for 2011-12 is arrived at by calculat-
ing 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
Madhya Pradesh 791 713 580 690 506 849 737 540 690 459
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

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

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
Imports
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0 2,000 4,000 6,000 8,000 10,000 12,000 14,000
EU-27 Japan Mexico China Pakistan Others
Exports
2006-07
2007-08
2008-09
2009-10
2010-11
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

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 Prodn., OilOil
Production, Exports &&
Exports Prices
Prices
in 000 tons Rs/qntl
1400 Seeds production 4000
Oil exports
1200 3500
Prices
1000 3000
800 2500
600 2000
400 1500
200 1000
0 500
2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11
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

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 Indonesia
Cumulative prod in 000 tonnes Cumulative prod in 000 tonnes
2008-11 19,655 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 1970-73 2,101

0% 20% 40% 60% 80% 100% 0% 20% 40% 60% 80% 100%
Coconut Cottonseed Rapeseed Soybean Sunowerseed Others Coconut Palm Palm Kernel
Source: USDA; Others: Palm Oil,Palm Kernel Oil Source: USDA
Malaysia
Cumulative prod in 000 tonnes
2008-11 58,775
2000-03 41,570
1990-93 21,874
1980-83 10,142
1970-73 2,315
0% 20% 40% 60% 80% 100%
Palm Palm Kernel
Source: USDA
Edible Oil Consumption
India China
Cumulative consumption in 000 tonnes Cumulative consumption in 000 tonnes
2008-11 46,238 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 1970-73 2,912

0% 20% 40% 60% 80% 100% 0% 20% 40% 60% 80% 100%
Coconut Cottonseed Palm Palm Kernel Cottonseed Palm Peanut Rapeseed Soybean Others
Peanut Rapeseed Soybean Sunowerseed
Source: USDA Source: USDA; Others: Palm Kernel Oil, Sunowerseed Oil
USA
Cumulative consumption in 000 tonnes
2008-11 29,263
2000-03 27,868
1990-93 21,054
1980-83 15,181
1970-73 11,447
0% 20% 40% 60% 80% 100%
Coconut Cottonseed Olive Rapeseed Soybean
Source: USDA

PROLOGUE
Edible Oil Import

India China
Cumulative imports in 000 tonnes Cumulative imports in 000 tonnes
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 Sunowerseed Others Palm Palm Kernel Rapeseed Soybean Others
Source: USDA, Others: Coconut Oil, Cottonseed oil, Rapeseed Oil Source: USDA, Others: Coconut Oil, Peanut Oil
USA
Cumulative imports in 000 tonnes
2008-11 6.669
2000-03 4,149
1990-93 3,146
1980-83 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
Cumulative imports in 000 tonnes Cumulative imports in 000 tonnes
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 Sunowerseed Coconut Palm Palm Kernel
Source: USDA Source: USDA
Malaysia
Cumulative imports in 000 tonnes
2008-11 49,551
2000-03 34,861
1990-93 18,681
1980-83 9,068
1970-73 2,285
0% 20% 40% 60% 80% 100%
Coconut Palm Palm Kernel
Source: USDA

Type-wise world distribution of edible oil production, imports, exports and consumption
Production
Avg. Production
2008-11 153,251
2000-03 101,914
1990-93 62,506
1980-83 41,406
1970-73 19,962
0% 20% 40% 60% 80% 100%
Soybean Palm Rapeseed Sunowerseed Palm Kernel
Peanut Cottonseed Coconut Olive
Note: Average production in 000 tonnes. Source: USDA
Imports
Avg. Imports
2008-11 55,553
2000-03 32,065
1990-93 18,662
1980-83 11,785
1970-73 4,638
0% 20% 40% 60% 80% 100%
Palm Soybean Sunowerseed Rapeseed Palm Kernel
Coconut Olive Peanut Cottonseed
Exports
Avg. Exports
2008-11 64,273
2000-03 39,107
1990-93 21,341
1980-83 13,507
1970-73 4,745
0% 20% 40% 60% 80% 100%
Palm Soybean Sunowerseed Rapeseed Palm Kernel
Coconut Olive Peanut Cottonseed
Consumption
Avg. Prodn.
2008-11 144,430
2000-03 94,923
1990-93 59,550
1980-83 39,606
1970-73 19,801
0% 20% 40% 60% 80% 100%
Soybean Palm Rapeseed Sunowerseed Palm Kernel
Peanut Cottonseed Coconut Olive

PROLOGUE
Major country-wise & commodity-wise distribution of oilseeds meal consumption, exports and production
Consumption
Brazil China
Cumulative Consumption in 000 tonnes Cumulative Consumption in 000 tonnes
2008-11 80,479 2008-11 164,276
2000-03 47,440 2000-03 89,240
1990-93 21,346 1990-93 27,965

1980-83 7,923 1980-83 18,639
1970-73 1,970 1970-73 9,778
0% 20% 40% 60% 80% 100% 0% 20% 40% 60% 80% 100%
Cottonseed Soybean Cottonseed Peanut Rapeseed Soybean Sunowerseed
US
Cumulative Consumption in 000 tonnes
2008-11 92,378
2000-03 94,135
1990-93 69,207
1980-83 54,505
1970-73 40,295
0% 20% 40% 60% 80% 100%
Cottonseed Rapeseed Soybean
Source: USDA
Export
Argentina Brazil
Cumulative exports in 000 tonnes Cumulative exports in 000 tonnes
2008-11 173,442 2008-11 84,552
2000-03 105,162 2000-03 73,627
1990-93 40,962 1990-93 49,765

1980-83 5,991 1980-83 24,378
1970-73 581 1970-73 3,869
0% 20% 40% 60% 80% 100% 0% 20% 40% 60% 80% 100%
Soybean Sunowerseed Others Soybean
Source: USDA ; Others: Meal, Cottonseed & Meal, Peanut Source: USDA
US
Cumulative exports in 000 tonnes
2008-11 26,506
2000-03 20,620
1990-93 17,566
1980-83 19,057
1970-73 11,943
0% 20% 40% 60% 80% 100%
Cottonseed Soybean
Source: USDA
Production
Argentina Brazil
Cumulative production in 000 tonnes Cumulative production in 000 tonnes
2008-11 167,117 2008-11 160,715
2000-03 105,743 2000-03 120,216
1990-93 42,727 1990-93 71,390
1980-83 6,614 1980-83 32,282
1970-73 636 1970-73 6,268

0% 20% 40% 60% 80% 100% 0% 20% 40% 60% 80% 100%
Sunower seed Soybean Cottonseed Soybean
China
Cumulative production in 000 tonnes
2008-11 163,671
2000-03 91,330
1990-93 35,086
1980-83 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
Avg. Production
2008-11 296,782
2000-03 218,585
1990-93 140,476
1980-83 102,885
1970-73 49,964
0% 20% 40% 60% 80% 100%
Soybean Rapeseed Cottonseed Sunowerseed Palm Kernel
Peanut Fish Copra
Imports
Avg. Imports
2008-11 69,567
51,359
2000-03
1990-93 37,533
1980-83 27,533
1970-73 13,150
0% 20% 40% 60% 80% 100%
Soybean palm Kernel Rapeseed Sunowerseed Fish
Copra Cottonseed Peanut
Exports
Avg. Exports
2008-11 111,850
2000-03 81,846
1990-93 52,076
1980-83 37,248
1970-73 12,500
0% 20% 40% 60% 80% 100%
Soybean Palm Kernel Sunowerseed Rapeseed Fish
copra Cottonseed Peanut
Consumption
Avg. Prodn.
2008-11 252,862
2000-03 188,629
1990-93 125,864
1980-83 92,869
1970-73 50,735
0% 20% 40% 60% 80% 100%
Soybean Rapeseed Cottonseed Sunowerseed Peanut
Palm Kernel Fish Copra

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 gures for 2011-12 is arrived at by calculating CAGR
from 2004-05 to 2010-11;
Source: USDA
Cotton state-wise area and production

Area (`000' Hectares) 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

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: SeedsEnding
Cotton: Prodn.,Stock
Oil Exports
& Price& Prices
in 000 Tons in Rs
70000 India ES World ES India Prices New York Cotton no 2 100
90
60000
80
50000 70
60
40000
50
30000 40
30
20000
20
10000
10
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/kg, Int. prices Rs/lb

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
Imports
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0 10,000 20,000 30,000 40,000
China Bangladesh Turkey Indonesia Vietnam Other
Exports
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0 10000 20000 30000 40000 50000
United States India Brazil Australia Uzbekistan Others
Consumption
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0 50000 100000 150000
China India Pakistan Turkey Brazil Others

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
Dec-10 N/A N/A N/A N/A N/A N/A
Aug-10 N/A N/A N/A N/A N/A N/A 1
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
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 Sri
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
DCH - Shankar-6/ cotton price (US (in lots)^ interest
Average High Low V-797
32 (Si) Shankar-4 cents/lb) (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
is from Sriganganagar, WPI - Wholesale Price Index; Future prices are for near month continuos futures contract.

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 nancial 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: Ofce 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: Seeds Prodn.,

Jute: Production, Oil Exports
Consumption && Prices
Prices
000 tones Rs/qntl
2500 Production 3000
Consumption
Prices 2500
2000
2000
1500
1500
1000
1000
500
500
0 0
2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11
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

PROLOGUE
Jute monthly spot prices at MCX and other major physical markets in India Jute state-wise
MCX Spot prices - Kolkata (Rs/qtl) Other markets monthly average monthly arrivals
Month spot prices (Rs/qtl) WPI of
Jute (in tonnes)
Monthly Months Months T.D.-5 T.D.-5 Raw Jute
average high low Barddhaman Medinipur Kolkata West Bengal Orissa
Dec-10 3474.7 3608.0 3352.5 2904.4 3150.0 3436.0 234.4 21603.66 2.5
Nov-10 3518.9 3597.0 3398.0 2622.1 3066.7 3484.3 234.9 24961.53 30.1
Oct-10 3406.8 3486.5 3265.5 2819.3 3000.0 3384.7 239.3 21082.02 615
Sep-10 3235.2 3461.0 2945.0 2822.5 3175.0 3247.4 218.0 32183.28 60.1
Aug-10 2786.3 2993.0 2656.5 2422.2 N/A 2817.0 187.3 50599.25 N/A
Jul-10 2983.4 3261.5 2636.0 2703.6 N/A 2960.8 189.8 25917.63 5
Jun-10 3334.0 3580.0 2824.5 3022.2 N/A 3260.7 178.1 4715.35 6.99
May-10 3272.3 3411.0 3158.0 2982.7 3100.0 3233.0 175.1 6031.78 43.8
Apr-10 3149.9 3219.0 2936.0 2895.0 2800.0 3114.1 172.1 7382.05 15
Mar-10 3106.2 3247.0 2910.5 2838.9 3000.0 3065.8 173.0 7867.5 6
Feb-10 2760.3 2971.0 2683.0 2500.0 2525.0 2717.2 167.2 10153.53 6
Jan-10 2685.0 2685.0 2685.0 2532.5 2500.0 2684.1 164.1 10216.79 9.2
Dec-09 2679.2 2689.5 2619.0 2400.8 N/A 2675.4 162.7 10644.21 36
Nov-09 2394.2 2601.5 2227.5 2163.3 N/A 2407.4 167.8 9781.8 46.74
Oct-09 2306.5 2384.0 2220.0 2067.7 N/A 2322.9 178.2 18132.69 24.5
Sep-09 2109.9 2267.0 1898.5 1766.7 N/A 2097.9 151.6 41026.21 41.52
Aug-09 2196.3 2700.0 1894.5 1822.7 N/A 2235.8 152.4 41047.49 3
Jul-09 2700.9 2790.0 2644.0 2440.7 N/A 2765.5 153.3 24594.69 N/A
Jun-09 2704.7 2811.5 2550.0 2478.6 N/A 2771.5 155.0 7724.13 N/A
May-09 2464.1 2542.0 2369.0 2239.0 N/A 2519.7 154.0 4890 4
Apr-09 2311.2 2454.0 2183.0 2051.0 N/A 2377.5 146.1 4865.81 15
Mar-09 2137.6 2197.0 2036.0 1897.5 N/A 2185.3 141.6 6966.67 122.55
Feb-09 1979.5 2015.0 1961.5 1784.6 N/A 2035.9 140.1 10847.52 94.48
Jan-09 1925.2 1970.5 1836.0 1705.3 N/A 1972.4 139.5 21213.58 244.86
Dec-08 1618.8 1787.5 1570.0 1384.8 N/A 1655.8 139.4 16428.13 244.46
Nov-08 1552.6 1571.0 1529.5 1282.5 N/A 1559.1 138.5 24921.52 776.6
Oct-08 1560.9 1582.0 1540.5 1266.1 N/A 1559.2 138.8 29691.27 780.98
Sep-08 1548.9 1590.5 1518.5 1248.5 N/A 1546.0 138.8 29476.85 291.98
Aug-08 1538.9 1564.5 1512.5 1286.7 N/A 1540.5 137.8 46022.35 204
Jul-08 1403.7 1448.0 1364.0 1230.7 N/A 1489.1 136.6 26731.59 155.92
Jun-08 1477.5 1514.5 1455.5 1187.1 N/A 1487.0 135.9 5104.89 308.12
May-08 1455.2 1497.5 1414.0 1150.2 N/A 1463.3 134.8 7692.64 258.93
Apr-08 1431.9 1493.5 1400.0 1159.2 N/A 1429.2 132.8 9531.93 285.42
Mar-08 1338.3 1408.0 1258.5 1051.7 N/A 1339.2 129.5 8535.6 380.05
Feb-08 1217.1 1256.0 1192.0 940.0 N/A 1216.2 126.6 7202.03 1536.79
Jan-08 1209.6 1234.5 1184.0 929.4 N/A 1211.7 125.4 8531.78 80.05
Dec-07 1218.1 1231.5 1208.5 960.0 N/A 1199.9 126.1 0 173.3
Nov-07 1232.2 1252.5 1221.0 967.4 N/A 1204.4 126.5 18199.43 9
Oct-07 1215.2 1239.0 1171.0 984.3 N/A 1195.2 122.9 11977.7 215.31
Sep-07 1241.4 1298.5 1194.0 1059.5 N/A 1239.1 126.6 21381.19 201
Aug-07 1240.6 1313.0 1146.0 1046.1 N/A 1226.3 123.8 23857.79 154.04
Jul-07 1143.0 1143.0 1143.0 967.8 N/A 1115.5 114.3 13849.46 93.7
Jun-07 N/A N/A N/A 970.9 950.0 1113.6 115.5 11986.27 182.96
May-07 N/A N/A N/A 1009.7 N/A 1105.0 114.0 10755.59 406.71
Apr-07 N/A N/A N/A 1068.6 1150.0 1190.9 117.8 11515.34 182.96
Mar-07 N/A N/A N/A 1096.4 1194.4 1247.6 118.3 9640.66 94.87
Feb-07 N/A N/A N/A 1120.0 1200.0 1265.6 120.9 8236.03 237.96
Jan-07 N/A N/A N/A 1208.8 1236.9 1295.1 124.4 5884.87 106.08
Dec-06 N/A N/A N/A 1241.5 1280.0 1381.1 130.4 16376.06 94.24
Nov-06 N/A N/A N/A 1301.0 1337.5 1440.6 131.0 10605.13 101.55
Oct-06 N/A N/A N/A 1319.5 1343.8 1463.7 132.6 25678.7 234.12
Sep-06 N/A N/A N/A 1280.5 1224.3 1438.0 134.6 26317.46 196.6
Aug-06 N/A N/A N/A 1156.7 1174.7 1308.6 130.1 36406.27 15
Jul-06 N/A N/A N/A 1481.5 1375.0 1604.5 145.5 25149.51 0
Jun-06 N/A N/A N/A 1463.4 1528.1 N/A 153.5 6582.27 8
May-06 N/A N/A N/A 1558.0 1610.0 N/A 154.8 5123.88 4
Apr-06 N/A N/A N/A 1565.0 1500.0 N/A 155.5 4954.15 166.24
4785.92 165
Note: N/A - Not Available, WPI - Wholesale Price Index
Source: MCX, Agmarknet & Ministry of Commerce and Industry Note: N/A - Not Available
Source: Department of Agriculture, GOI

Jute futures prices and trading activity

Jute monthly MCX futures prices (Rs/qtl)
Month Volume Open interest
Open High Low Close in lots^ 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

PROLOGUE
Cereals
Feeding the world
T
he term cereals is derived from Latin Cerealis harvest. By April 6, 2010, this pushed wheat prices to a year
meaning belonging to Ceres, the Roman goddess low of Rs.1,138.3/qntl.
of agriculture. Cereals, a type of grass such During the peak arrivals (late April-early May)
as wheat, oat, or maize cultivated for Wheat prices wheat prices consolidated in a narrow range of
edible grains, are by far the most important group of consolidated in the Rs.1,150 to Rs.1,175/qntl and remained stable.
range of Rs.1,200-
crops. Cereal crops constitute carbohydrates, mainly Given the lower prices, after selling a part of the
Rs.1,300/qntl during
starches, which act as a vital nutrient element along May to November produce, initially, for meeting immediate cash need,
with a little amount of protein and fat. 2010. farmers held back the remaining portion for selling
Cereals are particularly important to humans later in expectations of gains from a seasonal rise
because of their role as staple food crops in many parts in prices. Their strategy paid-off, as the prices actually
of the world. Besides, they are used to produce animal feed, rose since mid-May. Supply pressure was such that the prices
oils, starch, flour, etc. The grass family, Poaceae or Gramineae, again consolidated, though in a higher range of Rs.1,200-
has five subfamilies with about 10,000 species. Grasses are Rs.1,300/qntl during May to November 2010. In the second half
believed to have evolved more than 60-70 million years ago and of November, wheat prices breached the Rs.1,300 mark as at
the diverse members of this family vary widely in appearance, that time of season availability begins to dwindle and demand for
mating habit, zones of adaptation, physiology, number of chromo- wheat for use as seed increases. Wheat prices closed the year at
somes and genome size. The European Union is the worlds Rs.1,323.3/qntl, a fall of 7% year-on-year.
largest producer of wheat, followed by China. India,
which produces around 84 million tonnes every year, MCX wheat spot prices in 2010
stands at No. 3.
The wheat market for the first four months of 2010 1600 Expectation of a bumper
harvest for the third Huge inventories kept a check
had a downtrend, except a short period in mid-January year in a row stockiest
1500 ofoading inventories
on price increases
where price movements showed an upward blip due
1400
to increased demand in north India pushing the
prices to a year high of Rs.1,488.30/quintal. Wheat 1300
prices opened the year at Rs.1,422.9/qntl, and since 1200

then remained under pressure due to huge carryover 1100 Farmers holding back their
produce in expectations
stocks from previous two seasons and an expected of higher prices
1000
bumper harvest on the back of favorable weather
13-Aug-10
3-Dec-10
1-Jan-10
26-Feb-10
26-Mar-10
23-Apr-10
21-May-10
8-Oct-10
5-Nov-10
31-Dec-10
29-Jan-10
18-Jun-10
16-Jul-10
10-Sep-10
conditions boosting the yield. As the new season

was approaching, traders were anxious to offload old
stocks to avoid losses and make way for new season Source: MCX Wheat (Rs/qtl)

(contract) Volatility (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


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 gures 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

Area (`000' hectares) 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

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...

kharif/rabi date average period 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...

PROLOGUE
kharif/rabi date average period
Absolute %
last year
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
Rice: Ending Stock & Prices

000 tonnes Prices
25000 India ES 2500
World ES (in 10X)
India prices
20000 2000
CBOT prices
15000 1500
10000 1000
5000 500
0 0
2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11
Source: Agmarknet, CME & USDA. ES - ending stock, Indian prices Rs/qntl, Int. prices cents/CWT

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
Consumption
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 Other

PROLOGUE
Rice prices and trading activity

Andhra Orissa Uttar Pradesh West Bengal
Pradesh
Barddhaman Birbhum Koch Bihar Barddhaman
Rice Rice Average Rice Average Rice Average Kalna Rice Sainthia Rice Dinhata Rice Kalna Rice
Average Di
Month (Rs./Quintal) (Rs./Quintal) (Rs./Quintal) Fine Fine Fine Paddy ne
(Rs./Quintal) (Rs./Quintal) (Rs./Quintal) (Rs./Quintal) (Rs./Quintal) (RP
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

Thailand Vietnam Rice CBOT trading activity

WPI of Rice
man Koch Bihar (Base Year = Rice 5% Rice 25%
2004-05) Futures
e broken FOB broken FOB Rice A.1 Super Rice 5% Open
Dinhata Rice closing price Volume (in
e Bangkok ($/ Bangkok ($/ FOB Bangkok broken FOB interest (in
Paddy ne (US cents per lots)^
al) (Rs./Quintal) mt) mt) ($/mt) Hanoi ($/mt) lots)^^
CWT)
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

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 incen-
tive 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 gures 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
Madhya Pradesh 4276 3785 3742 3993 3704 7846 6522 6033 7326 6001
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

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)
Procurement Issue Price (Rs/qtl) Offtake
Year Procurement Stocks
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
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
Wheat: Ending Stock & Prices

in 000 tonnes Prices
25000 India ES World ES (In 10X ) 1500
India prices CBOT Prices
20000 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

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
Imports
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0 50,000 100,000 150,000
Egypt Brazil Indonesia Japan Algeria Other
Exports
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0 50,000 100,000 150,000
United States EU-27 Canada Australia Argentina Other
Consumption
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0 200,000 400,000 600,000 800,000
EU-27 China India Russia United States Other

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
s 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.

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 gures for 2011-12 is arrived at by calculating CAGR from
2004-05 to 2010-11;
Castor:
MaizeSeeds Prodn.,
(Corn): OilStock
Ending Exports & Prices
& Prices
000 tones Prices
800 India ES 1200
World ES (in 000s)
Int. prices
600 India prices 900
400 600
200 300
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

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
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
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

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: eestimates 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

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 USA
Cumulative consumption Cumulative consumption
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 1970-73 491,511

0% 20% 40% 60% 80% 100% 0% 20% 40% 60% 80% 100%
Corn Millet Rice Milled Wheat Corn Sorghum Wheat others
Source: USDA Source: USDA; Others: Oats; Rye
India
Cumulative consumption
2008-11 551,479
2000-03 500,487
1990-93 448,385
1980-83 326,082
1970-73 256,866
0% 20% 40% 60% 80% 100%
Millet Rice Milled Sorghum Wheat
Source: USDA
Export
USA Canada
Cumulative exports Cumulative exports
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
Cumulative exports
2008-11 59,542
2000-03 53,598
1990-93 36,795
1980-83 34,795
1970-73 28,229
0% 20% 40% 60% 80% 100%
Barley Oats Wheats Others
Source: USDA; Others: Millet, Oats

PROLOGUE
Import
Egypt Mexico
Cumulative import Cumulative import
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 1970-73 1,793

8,719
0% 20% 40% 60% 80% 100% 0% 20% 40% 60% 80% 100%
Corn Wheat Corn Oats Sorghum
Japan
Cumulative import
2008-11 74,102
2000-03 77,802
1990-93 83,018
1980-83 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 India
Cumulative production Cumulative production
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
USA
Cumulative production
2008-11 1,178,663
2000-03 918,073
1990-93 892,086
1980-83 880,737
1970-73 609,367
0% 20% 40% 60% 80% 100%
Corn Oats Sorghum Wheat
Source: USDA

Type-wise world distribution of cereal production, imports, exports and consumption
Production
Avg. Prodn.
2008-11 2,227,004
2000-03 1,849,048
1990-93 1,765,664
1980-83 1,485,680
1970-73 1,132,191
0% 20% 40% 60% 80% 100%
Corn Wheat Rice Milled Barley Sorghum
Millet Oats Mixed Grains Rye
Imports
Avg. Imports
2008-11 275,768
2000-03 228,773
1990-93 208,378
1980-83 202,813
1970-73 122,301
0% 20% 40% 60% 80% 100%
Wheat Corn Rice, Milled Barley Sorghum
Oats Rye Millet
Note: Average imports in 000 tonnes. Source: USDA
Exports
Avg. Prodn.
2008-11 284,736
2000-03 233,785
1990-93 221,182
1980-83 208,586
1970-73 126,479
0% 20% 40% 60% 80% 100%
Wheat Corn Rice, Milled Barley Sorghum
Oats Rye Millet
Note: Average exports in 000 tonnes. Source: USDA
Consumption
Avg. Prodn.
2008-11 2,187,857
2000-03 1,891,307
1990-93 1,723,989
1980-83 1,460,032
1970-73 1,143,849
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

PROLOGUE
Pulses
The miracle food
P
ulses are the edible seeds of plants in the legume stocks to make way for new crop. Since late March, the prices
family such as pea, lentil, bean and chickpea, according went up on fears of crop damage and delay in arrivals. Later, as
to Pulse Canada. The term pulse is derived from the the arrival pressure set in, in the market, with a bumper crop, it
Latin words puls or pultis meaning thick soup. Due to weighed down on the prices.
their high content of complex carbohydrates and dietary fibres, Looking at the fall in prices, farmers began holding back
as well as their low fat and salt percentage, truly make pulses their produce, expecting to sell it before the Ramadan season.
miracle food. The term pulse, as used by the Food and During the Ramadan the besan (chana flour) demand increases
Agricultural Organization (FAO), is reserved for crops harvested so does the demand for chana. With a rise in the prices since
solely for the dry seed. Pulses are important food crops due to July, farmers began releasing their produce. Once the stocks for
their high protein and essential amino acid content. Like many the Ramadan were over, chana prices dipped to a year low of
leguminous crops, pulses play a key role in crop rotation due to Rs.2,062 on Sept 15.
their ability to fix nitrogen. Pulses are 20-25% protein by weight, Early October, as usual, saw demand for stocking for Diwali
which is double the protein content of wheat and three times and, thus, provided support to chana prices. The higher prices
that of rice. of imported chana also pushed up the prices, in general, in a
India is the worlds largest producer and consumer of pulses. domestic market. Higher prices of competing pulses such as tur
Canada, Myanmar, Australia and the US are other leading and urad also provided a boost to chana prices. By the end of
exporters, as well as major suppliers to India. Of the numerous November the prices hit a month high of Rs.2,546. The prices
types of pulses in the Leguminosae family, chickpea or chana retreated from the year high as the new sowing season set in.
is the most important pulse grown in the Indian subcontinent, Expectations that the prevailing high prices would lead to an
accounting for around 40% of the total pulse crops produced in increase in chana acreage helped easing of prices to some
India and making it the leading chickpea producing
country in the world. Besides chana, tur or pigeon MCX Chana futures prices in 2010
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 Increased Stocking
sowing Arrival pressure demand ahead
shares 85% of the worlds total tur production. Urad weighing down of Ramadan
2400
or black gram is one of the most important and highly on the prices
prized pulses in India. Because of its fermenting 2300
capability, it is used widely in fermented foods that 2200

Stocking demand
are the specialty of South Indian cuisine. India is the 2100 ahead of Diwali
and the rising unit
largest producer of black gram in the world. value of imported
2000 varieties
Chana prices opened at Rs.2,468/qntl in the
13-Aug-10
1-Jan-10
26-Feb-10
26-Mar-10
23-Apr-10
21-May-10
8-Oct-10
5-Nov-10
3-Dec-10
31-Dec-10
29-Jan-10
18-Jun-10
16-Jul-10
10-Sep-10
year 2010; since then the prices on MCX had under

pressure due to large-scale sowing. Anticipating
higher production, traders were eager to offload their Source: Metastocks Chana (Rs/qtl)

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


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
Andhra Pradesh 1.48 1.43 1.45 1.70 1.35 1.14
Karnataka 1.22 1.12 0.97 1.27 0.89 0.75
Madhya Pradesh 3.30 4.30 3.68 2.45 3.20 3.22
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

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

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 in lakh tons
20 Tur Urad* 35
Chana Other Pulses

Pulses Import (RHS ) 28
16
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
25%
27%
Madhya Pradesh
17%
30% Uttar Pradesh
Rajasthan
11%
2008-09 2007-08 Maharashtra
Andhra Pradesh
10%
12% Others
10%
20% 14%
11%
13%
Source: Ministry of Agriculture

PROLOGUE
Tur Production & MSP

in million tons Rs/qtl
4 MSP (RHS) 3600
Production
3 2800
2 2000
1 1200
2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11^
Source: Ministry Of Agriculture ^fourth advance estimates
Urad* Production & MSP

2 MSP (RHS) 3200
Production
1.5 2400
1 1600
0.5 800
0 0
2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11^
Source: Ministry Of Agriculture ^fourth advance estimates *Khari & Rabi
Chana Production & MSP

8 MSP (RHS) 2400
Production
7 2100
6 1800
5 1500
4 1200
0 0
2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11^
Source: Ministry Of Agriculture ^fourth advance estimates *Khari & Rabi

on Home Loan - upto 1%

on Car Loan - 1.25%
No Processing
this season
Celebrate
& Car Loan

Easy Home
Concession
Charges
Interest
with

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
Note: N/A - Not Available
Source: Dept.of Agriculture, GOI

Urad Chana
h 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

PROLOGUE
Chana prices and trading activity

Monthly MCX futures prices (Rs/qtl) MCX Spot - Delhi (Rs/qtl)
Month Open High Low Close Volume Open Monthly Month's
in lots^ interest average 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 s

Other markets monthly average spot prices (Rs/qtl)

Month's Ganganagar Jaipur Udaipur Chhindwara Indore Ganjbasoda WPI of
low (Raisinghnagar) Avg variety Avg variety Desi variety Desi variety Desi variety 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
were suspended from May 7, 2008 to December 3, 2008, Avg - Average; Future prices are for near month continuos futures contract.

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

PROLOGUE
Spices
Flavouring the dish
A
spice is a dried seed, fruit, root, bark, or vegetative export and domestic demand, in the wake of lower output in
substance. Used in nutritionally insignificant quantities Guatemala Indias lone competitor in the cardamom segment
as a food additive for flavor, color, or as a preservative, and the worlds largest producer of the small variant, buoyed
spices kill harmful bacteria or prevent their growth. A cardamom prices in the domestic market. The prices touched
spice may be used to flavour a dish or to hide other obnoxious an all-time high of Rs.2,097 on June 11, 2010. Thereafter, the
flavours. In the kitchen, spices are distinguished from herbs, prices began to decline on expectations of an increase of 20%
which are leafy, green plant parts used for flavoring or as garnish. year-on-year in production on the back of good monsoon rains.
The word spice comes from the Old French word espice, The estimated increased output, according to trade sources,
which became epice and which came from the Latin root stood at around 12,000 tonnes in 20010-11.
spec, the noun referring to appearance. In India, spices are During the harvest season, the prices remained under
mainly used to rustle up scrumptious delicacies. Many spices pressure because buyers were waiting for the prices to come
are also used for other purposes, such as medicine, religious down before they began buying cardamom for the new season.
rituals, cosmetics, and perfumery or for eating as vegetables. As a result, by October-end, futures prices of cardamom touched
For example, turmeric is also used as a preservative; liquorice a low of Rs.868 a kg.
as a medicine; garlic as a vegetable. The flavour of a spice is Attracted by lower prices, traders began stocking the spice
derived in part from compounds that oxidise or evaporate when for the forthcoming festive season. However, with the season,
exposed to air. especially Diwali, approaching, both spot and futures prices of
India is known as the home of spices and produces a wide cardamom started to rise again. This was followed by the export
variety of spices like black pepper, cardamom (small and large), season of November and December. Overall, cardamom prices
ginger, garlic, turmeric, chilli, etc. It is the largest producer, increased by 38.9% year-on-year.
consumer and exporter of spices and spice products.
India is the only country that produces all major MCX Cardamom futures prices in 2010
spices: 75 variants of the 109 listed with the Interna-
2300
tional Organization for Standardization (ISO). Year high at Rs.2,097/kg on
Higher export
2100 lower production in Guate-
demand and farm-
Spices play an important role in the Indian mala and robust domestic
ers reluctance to
1900 and export demand
economy. The country produces about 5 million sell the produce at
1700 lower prices
tonnes of spices every year and exports more than
10% of the produce or about 500,000 tonnes, 1500
including value-added products. The world import of 1300
spices is estimated at a little over 1 million tonnes, 1100
Year low at Rs.868/kg on expectations
of which India shares about 48%, according to the 900 of a rise of 20% y-o-y in production
owing to good monsoon
Spices Board of India. 700
23-Apr-10
13-Aug-10
3-Dec-10
31-Dec-10
1-Jan-10
26-Feb-10
26-Mar-10
21-May-10
16-Jul-10
8-Oct-10
5-Nov-10
29-Jan-10
18-Jun-10
10-Sep-10
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 Source: Metastocks Cardamom (Rs/kg)

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

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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% -
Source: MCX

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

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

PROLOGUE
Pepper prices
MCX Spot prices Kochi (Rs/qtl) Other market monthly
Month average spot prices WPI of
Monthly Months high Months 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) Other market monthly
Month average spot prices WPI of
Monthly Months high Months 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

PROLOGUE
Turmeric prices
MCX Spot prices Nizamabad (Rs/Qtl) Other market monthly
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)
2%
6%
22%
3%
6% Pepper
23%
Cardamom (s)
Chilli
2010-11e 2009-10 7% 10% Turmeric
51% Cumin
10% Others#
54%
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
India's Pepper Exports in Volume & Value

40 Qty 000 tons (LHS) 600
Value (In Rs crore RHS)
32 480
24 360
16 240
8 120
0 0
2005-06 2006-07 2007-08 2008-09 2009-10 2010-11e
Source: Spices Board, India e - source estimates
India's Red Chilli Exports in Volume & Value

300 Qty ooo tons ( LHS ) 1800
Value (In Rs crore) RHS
225 1350
150 900
75 450
0 0
2005-06 2006-07 2007-08 2008-09 2009-10 2010-11e

PROLOGUE
India's Turmeric Exports in Volume & Value

56 Qty ooo tons (LHS) 800
52 600
48 400
44 200
40 0
2005-06 2006-07 2007-08 2008-09 2009-10 2010-11e
India's Cardamom Exports in Volume & Value

2.5 Qty 000 tons (LHS) 200
Value ( In Rs crore ) RHS
2 160
1.5 120
1 80
0.5 40
0
0
2005-06 2006-07 2007-08 2008-09 2009-10 2010-11e
India's Cumin (Jeera) Exports in Volume & Value

60 Qty ooo tons (LHS) 600
48 480
36 360
24 240
12 120
0 0
2005-06 2006-07 2007-08 2008-09 2009-10 2010-11e

Other
Commodities

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
Mentha Oil: Production, Exports & Prices

in tonnes Rs/qtl
40000 Production (LHS) 1500
Exports (LHS)
Prices
32000 1200
24000 900
16000 600
8000 300
0 0
2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11
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

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 ofcial, semi ofcial 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
26%
35%
22% Uttar Pradesh
32%
West Bengal
2010-11 4% 2009-10 Bihar
3% Gujarat
17%
Others
25%
14%
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

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

Monthly MCX Futures prices (Rs/qtl)
Month Agra
Volume Open Interest
Open High Low Close in lots^ 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 Âg-
gregate volume in all contracts during the month; ^^Cumulative open interest in all contracts at the end of month.
Source: MCX

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 gures 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

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 0
2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11
SourceSource: Source: SEA of India & Agmarknet. Average Prices of India for the month of March
: USDA. ES - ending stock, Indian prices Rs/Qntl, Int. prices Rs/Qntl

PROLOGUE

Production
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
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 Months Months Monthly Months Months 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

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) Rubber marketed by co-operative societies
Month Kerala Tamil Nadu inIndia (in tonnes)
Mar-11 279.16 51.38 Year No. of Societies Rubber Marketed
Feb-11 262.12 136.51
Jan-11 267.72 113.63 2009-10 P 263 34345
Dec-10 186.46 42.50 2008-09 P 267 38500
Nov-10 219.06 108.48 2007-08 P 270 58055
Oct-10 200.09 44.80
Sep-10 254.28 120.25 2006-07 P 279 73030
Aug-10 411.64 109.70 2001-02 285 103611
Jul-10 436.87 129.78
Jun-10 492.56 12.89 Note: P - Provisional.
May-10 536.86 63.20 Source: Rubber Board of India.
Apr-10 796.21 62.91
Mar-10 782.78 104.60
Feb-10 391.91 158.55 Rubber state-wise monthly arrivals (in tonnes)
Jan-10 466.49 162.18 Month Kerala Tamil Nadu
Dec-09 358.07 201.06
Nov-09 322.40 185.28 Sep-07 79.12 169.62
Oct-09 261.44 49.52 Aug-07 71.28 145.26
Sep-09 175.51 118.68
Aug-09 145.80 149.60 Jul-07 90.98 112.54
Jul-09 195.90 138.49 Jun-07 65.66 N/A
Jun-09 189.82 308.57 May-07 122.20 N/A
May-09 180.80 217.04
Apr-09 152.52 333.24 Apr-07 70.43 132.80
Mar-09 158.89 265.65 Mar-07 90.06 135.44
Feb-09 73.63 154.96 Feb-07 75.08 184.87
Jan-09 57.05 339.51
Dec-08 45.49 57.51 Jan-07 132.75 177.04
Nov-08 52.58 24.00 Dec-06 145.04 151.69
Oct-08 28.60 42.21 Nov-06 151.64 324.34
Sep-08 45.30 40.08
Aug-08 59.18 N/A Oct-06 57.05 195.97
Jul-08 64.96 16.20 Sep-06 107.83 52.38
Jun-08 1662.00 60.06 Aug-06 107.83 302.05
May-08 41.37 53.06
Apr-08 59.66 137.48 Jul-06 97.68 237.99
Mar-08 1586.99 291.40 Jun-06 167.16 111.57
Feb-08 55.06 248.17 May-06 165.62 178.95
Jan-08 107.71 241.71
Dec-07 92.44 139.72 Apr-06 57.75 49.64
Nov-07 74.81 164.76 Note: N/A - Not available
Oct-07 100.22 165.10 Source: Dept. of Agriculture, GOI
Castor:Production,
Rubber Seeds Prodn., Oil Exports && Prices
Consumption Prices
in tonnes Price Rs/qntl
1000000 Production Consumption 21000
Rss -4 Kottayam Prices (RHS)
750000 16500
500000 12000
250000 7500
0 3000
2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11
Source: Economic Survey 2010-11, Rubber Board, Agmarknet

PROLOGUE
Rubber monthly spot prices at MCX and other major physical market in India
Month Spot price (RSS-4)
MCX monthly spot prices Kottayam (Rs/qtl)
Rs./Quintal WPI of Rubber
Monthly Average Month's High Month's Low Kottayam
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.

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 specied, Population gures for 2011-12 is arrived at by
calculating CAGR from 2004-05 to 2010-11; Source: USDA, World Bank, IFM, CIA World Fact Book
Coffee: Ending Stock & Prices

in 000 tonnes Prices
500 India ES 3500
World ES (in 50x)
Int.Prices
400 2800
Mumbai Prices
300 2100
200 1400
100 700
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/kg, Int. prices Rs/kg

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 Coffee state-wise monthly Coffee state-wise monthly

arrivals (in tonnes) arrivals (in tonnes) arrivals (in tonnes)
Month Kerala Month Kerala Month Kerala
Apr-11 42.5 Jan-09 - Oct-06 99.0
Mar-11 115.7 Dec-08 1.5 Sep-06 25.0
Feb-11 71.9 Nov-08 - Aug-06 74.0
Jan-11 39.7 Oct-08 0.5 Jul-06 112.3
Dec-10 40.9 Sep-08 4.0 Jun-06 203.7
Nov-10 24.9 Aug-08 4.5 May-06 195.3
Oct-10 13.3 Jul-08 4.5 Apr-06 223.2
Sep-10 31.2 Jun-08 4.0 Source: Dept. of Agriculture, GOI
Aug-10 230.5 May-08 21.5
Jul-10 105.1 Apr-08 4.5
Jun-10 169.9 Mar-08 97.5
May-10 102.2 Feb-08 141.8
Apr-10 276.0 Jan-08 49.0
Mar-10 96.0 Dec-07 44.5
Feb-10 101.0 Nov-07 69.5
Jan-10 71.5 Oct-07 34.5
Dec-09 25.0 Sep-07 53.0
Nov-09 25.5 Aug-07 55.0
Oct-09 35.6 Jul-07 48.5
Sep-09 13.0 Jun-07 106.5
Aug-09 3.0 May-07 36.0
Jul-09 4.0 Apr-07 5.5
Jun-09 4.0 Mar-07 31.5
May-09 3.0 Feb-07 81.0
Apr-09 - Jan-07 177.0
Mar-09 11.0 Dec-06 45.0
Feb-09 230.0 Nov-06 66.2


Production
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0 50000 100000 150000
Brazil Vietnam Indonesia Colombia India Other
Imports
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0 20000 40000 60000 80000 100000 120000
EU-27 United States Japan Russia Algeria Others
Exports
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0 20000 40000 60000 80000 100000 120000
Brazil Vietnam Colombia Indonesia India Others
Consumption
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12e
0 20000 40000 60000 80000 100000 120000 140000
EU-27 United States Brazil Japan Russia Others

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 Months Months 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
178_304_CYIB_2011_Agri_final.indd 301 2/1/2012 7:33:28 PM

NOTES

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54 Commodity Insights Yearbook 2011

054-073_CYIB_2011_Indian Economy_final.indd 54 1/19/2012 1:57:24 AM

054-073_CYIB_2011_Indian Economy_final.indd 55 1/19/2012 1:58:16 AM

The Indian Economy

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

56 Commodity Insights Yearbook 2011

054-073_CYIB_2011_Indian Economy_final.indd 56 1/19/2012 1:58:39 AM

054-073_CYIB_2011_Indian Economy_final.indd 57 1/19/2012 2:00:34 AM

Key Economic indicators

58 Commodity Insights Yearbook 2011

054-073_CYIB_2011_Indian Economy_final.indd 58 1/19/2012 2:00:34 AM

Money supply (in Rs crore)

Foreign exchange reserves (end period)

Foreign trade (exports, imports and trade balance) in Rs. crore

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

054-073_CYIB_2011_Indian Economy_final.indd 59 1/19/2012 2:00:34 AM

Wholesale Price Index - Annual average

India's imports and exports of agricultural commodities vis--vis total

India: Commodity wise crop calendar

60 Commodity Insights Yearbook 2011

054-073_CYIB_2011_Indian Economy_final.indd 60 1/19/2012 2:00:35 AM

Conversion factors between important Primary and Secondary agricultural commodities

Agency-wise credit flow to farmers in India Target Vs Acheivement (Rs. in Crore)

054-073_CYIB_2011_Indian Economy_final.indd 61 1/19/2012 2:00:35 AM

62 Commodity Insights Yearbook 2011

054-073_CYIB_2011_Indian Economy_final.indd 62 1/19/2012 2:00:35 AM

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

Performance of South-west monsoon in India

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

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

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

Current fallow 14,810 15,470 15,345

054-073_CYIB_2011_Indian Economy_final.indd 63 1/19/2012 2:00:37 AM

Uttar Pradesh Bihar

64 Commodity Insights Yearbook 2011

054-073_CYIB_2011_Indian Economy_final.indd 64 1/19/2012 2:00:37 AM

West Bengal Maharashtra

Jharkhand Madhya Pradesh

054-073_CYIB_2011_Indian Economy_final.indd 65 1/26/2012 12:15:53 PM

Karnataka Tamil Nadu

66 Commodity Insights Yearbook 2011

054-073_CYIB_2011_Indian Economy_final.indd 66 1/19/2012 2:00:38 AM

Chhattisgarh Gram 26614 290.34 4014 37.71

Madhya Pradesh Rape & Mustard 3960 47.52 - -

Rajasthan Barley 7845 84.90 116 1.40

Haryana Potato - - 19 1.13

Karnataka Bengalgram (I) - - 156 1.88

Tamil Nadu Maize - - 682 8.19

West Bengal Mustard - - 3.98 0.05

India 938223 13021.71 236120 4036.25

054-073_CYIB_2011_Indian Economy_final.indd 67 1/19/2012 2:00:38 AM

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

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

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

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

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

68 Commodity Insights Yearbook 2011

054-073_CYIB_2011_Indian Economy_final.indd 68 1/19/2012 2:00:38 AM

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

Uttarakhand Total fertiliser cons. 150.14 152.44 150.48 143.14 119.25

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

Orissa Total fertiliser cons. 519.34 534.87 451.90 402.88 344.67