Religare Commodities Ltd

8/9/2019 Religare Commodities Ltd

1/34

COMMODITY MARKET (BASE METALS)

A PROJECT REPORT

Submitted by

ALMALIK RAJPARI

ROLL NO. 736

in partial fulfillment for the award of the degree

of

Bachelor of Business Administration (BBA)

IN

M.E.S College of Arts & Commerce, Zuarinagar.

16th April, 2010

[1]


2/34

Declaration

I hereby declare that the project entitled COMMODITY MARKET (BASE METALS) is

original work done by me under the guidance of Mr. Bhupinder Kumar and Mr. Parag

Insulkar, the branch head and the commodity dealer respectively of Religare, Vasco Branch.

[2]


3/34

Acknowledgement

I have the honor to offer our deep sense of gratitude and heartiest thanks to ReligareEnterprise Private Limited for helping me complete my Internship at their Vasco branch

office.

I would like to take this opportunity to convey my deep debt of gratitude to my company

guide Mr. Bhupinder Kumar and Mr. Parag Insulkar for their continuous advices, mentoring

and kind support for the accomplishment of my project.

I would also like to thank my Internship guide Mrs. Bindu Abhilash, who seemed to be with

us always, gave us feedbacks and guidelines whenever we needed it. Thank You Maam!

I consider it as our great privilege to have completed my summer internship at Religare

Enterprise Private Limited and shall always look forward for any opportunity to associate

myself with them in future.

Finally I am thankful to all those who have assisted directly and indirectly in completion of

this project.

Table of Contents

[3]


4/34

Sr. No. Particulars Page No.

1. Problem Statement 5

2. Objectives of the Project 5

3. Problem Background 5

4. Overview of Commodity Market 6

5. Structure of Commodity Market 7

6. Forward Market Commission (FMC) 8

7. Multi Commodity Exchange of India (MCX) 8

8. About Religare Commodities Limited 9

9. Services 10

10. Organisational Structure 11

11. Finding and Analysis of Survey 12

12. Finding and Analysis of Base Metals 16

a. Aluminium 16

b. Copper 18

c. Lead 20

d. Nickel 22

e. Zinc 24

13. Conclusion 26

14. Recommendations 27

15. Annexure 30

16. Officials Interacted 32

17. Bibliography 32

Problem Statement

[4]


5/34

The customers are having problem predicting the commodity market futures due to lack of

information and knowledge.

Objectives of the Project

1. To recommend the best possible prediction of the Base Metals in the commodity

market.

2. To give the proper facts and figures to provide the reasoning behind the prediction.

3. To help Religare gain more image in terms of prediction in the commodity market.

4. To conduct a survey to find out the actual interest of the clients of Religare in the

commodity market.

Problem Background

Commodity market is a fast growing market and people are willing to shift to it. But while

people are shifting they do not know how should the analysis of the commodities is done.

Less knowledge about most of the commodities except gold and silver

Clients require a diversified portfolio so shifting towards commodities is increasing.

Not much information provided in terms of the demand and supply of the commodity

in the global and domestic market which leads to the price changes.

The commodity sector is supposed to grow 4 times at the end of 2010.

Some agricultural products are risky so the clients think that other than gold and silver

every commodity is risky for them.

[5]


6/34

Overview of Commodity Market

Commodity

Any product that can be used for commerce or an article of commerce which is traded on an

authorized commodity exchange is known as commodity. The article should be movable of

value, something which is bought or sold and which is produced or used as the subject or

barter or sale. In short commodity includes all kinds of goods. Indian Forward Contracts

(Regulation) Act (FCRA), 1952 defines goods as every kind of movable property otherthan actionable claims, money and securities.

Commodity exchange

A commodity exchange is an association or a company or any other body corporate

organizing futures trading in commodities for which license has been granted by regulating

authority.

Commodity Futures

[6]


7/34

A Commodity futures is an agreement between two parties to buy or sell a specified and

standardized quantity of a commodity at a certain time in future at a price agreed upon at the

time of entering into the contract on the commodity futures exchange. The need for a futures

market arises mainly due to the hedging function that it can perform. Commodity markets,

like any other financial instrument, involve risk associated with frequent price volatility.

Structure of Commodity Market

[7]


8/34

FORWARD MARKET COMMISSION

[8]


9/34

Forward Markets Commission (FMC) headquartered at Mumbai, is a regulatory authority

which is overseen by the Ministry of Consumer Affairs and Public Distribution, Govt. of India.

It is a statutory body set up in 1953 under the Forward Contracts (Regulation) Act, 1952.

Multi Commodity Exchange of India Limited (MCX)

Multi Commodity Exchange of India Limited (MCX) is an independent and de mutulized

exchange with permanent reorganization from Government of India, having Head Quarter in

Mumbai. Key share holders of MCX are Financial Technologies (India) Limited, State Bank

of India, Union Bank of India, Corporation Bank of India, Bank of India and Cnnara Bank.

MCX facilitates online trading, clearing and settlement operations for commodity futures

market across the country.

MCX started of trade in Nov 2003 and has built strategic alliance with Bombay Bullion

Association, Bombay Metal Exchange, Solvent Extractors Association of India, pulses

Importers Association and Shetkari Sanghatana.

MCX deals with about 100 commodities.

[9]


10/34

About Religare Commodities Limited(RCL)

Religare Commodities Limited (RCL), a wholly owned subsidiary of Religare Enterprises

Limited was initiated to spearhead Exchange based Commodity Trading. As a member of

NCDEX, MCX and NMCE, RCL is a trade facilitator providing the platform to trade in

commodities. Grounded in the Religare philosophy, highly skilled and dedicated

professionals strive to offer the client best investment solutions across the country.

The Operating Fabric - Commodities Business

In terms of the business structure, RCL caters to retail investors through its 529 branches

across the country; Spot Exchange for catering to the needs of the clients who are sitting at

commodity hubs and the Corporate Desk for the HNIs / Corporate catering to special trading

strategies as per their business interests.

Our business philosophy is to treat each client situation as unique, requiring customized

solutions. Our list of corporate clients reads like a Whos Who of the Indian Industry and we

have been successful in providing them with practical customized solutions for their

requirements. We are propelled by our group vision and desire to strive tirelessly and aim to

be the best within this category.

The Religare Edge

Pan India footprint

Ethical business practices

Nationwide presence including Mandi Locations for in-depth and firsthand

information

[10]


11/34

Offline/Online delivery models

Powerful research and analytics supported by a pool of highly skilled research

analysts

Single window for all investment needs through your unique CRN

Services

[11]

Arts Initiative

Investment

Banking

Wealth

Advisory

ServicesPersonal

Credit

Insurance

Mutual Fund

Commodity

Equity

Religare

Enterprise

PrivateLimited


12/34

Organization Structure

[12]


13/34

Findings and Analysis of Survey

Do you have any investment plan?

If, yes, where you would like to invest your money?

[13]


14/34

If no, why?

Are you willing to invest in Commodity Market?

[14]


15/34

If yes, which Commodity Exchange you will prefer for investment?

In which Commodities you will prefer to Invest?

What is your perception about Commodity Market?

[15]


16/34

What you think Commodity Market Advertisements (hoardings, prints etc) are

explanatory enough to give needed useful information?

Findings

Most of the people surveyed have an investment plan.

Many people opted for multiple option i.e. Commodity Market as well as Share

market because of a balanced portfolio and cutting down on risk.

Most people who preferred only shares had got good returns from their investment in

the share market.

Only some more people were willing to invest in the commodity market because they

were mainly unaware of the options other than gold and silver.

[16]


17/34

People who were aware about commodities wanted to trade mostly in MCX or

NCDEX because of more options available for investment.

Many people only wanted to invest in gold and silver i.e. Bullion and the least were in

agricultural products because it is too risky.

There was a mixed perception about whether it is less risky, risky or more risky.

The advertisements and hoarding did not make any effect on the people because it

was never understood anyone till it was explained personally or they already had prior

knowledge about it.

Findings and Analysis of Base Metals

Aluminium

Characteristics of Aluminium

Aluminium is the third most abundant element in the Earth's crust. In nature however

it only exists in very stable combinations with other materials (particularly as silicates

and oxides) and it was not until 1808 that its existence was first established.

[17]


18/34

Aluminium is light. Its density is only one third that of steel. Aluminium is resistant to

weather, common atmospheric gases and a wide range of liquids. Aluminum has a

high reflectivity, and therefore finds more decorative uses. Aluminum has high

elasticity, which is an advantage in structures under shock loads.

Aluminium keeps its toughness down to very low temperatures, without becoming

brittle like carbon steels. It is easily worked and formed. Aluminium conducts

electricity and heat nearly as well as copper.

Supply and Demand

Global Scenario

Aluminium ore, most commonly bauxite, is plentiful and occurs mainly in tropical

and sub-tropical areas - Africa, West Indies, South America and Australia. There are

also some deposits in Europe.

The leading producing countries include the United States, Russia, Canada, the

European Union, China, Australia, Brazil, Norway, South Africa, Venezuela, the Gulf

States (Bahrain and United Arab Emirates), India and New Zealand; together they

represent more than 90 percent of the world primary aluminium production.

The largest aluminium markets are North America, Europe and East Asia.

The global production of aluminium was about 27.7 and 28.9 million tons in 2003 and

2004 respectively.

China, Russia, Canada and United States produced about 6.1, 3.6, 2.64 and 2.5

million tons of aluminium in year 2004 respectively.

Indian Scenario

India is considered the fifth largest producer of aluminium in the world.

It is estimated at about 3037 million tonnes for all categories of bauxite (proved,

probable and possible). With the present level of consumption of aluminum, the

identified reserves would have an estimated life of over 350 years. India's reserves are

[18]


19/34

estimated to be 7.5 per cent of the total deposits and installed capacity is about 3 per

cent of the world.

In terms of demand and supply, the situation is not only self-sufficient, but it also has

export potential on a competitive basis. India's annual export of aluminium is about82,000 tonnes.

Indias annual consumption of Aluminum is around 9.18 lakh tons.

About a decade back, the primary Indian aluminium producers were BALCO, NALCO,

INDAL, HINDALCO and MALCO. Of the five, two (BALCO and NALCO) were in

the public sector while the other three were in the private sector

As a result of the process of liberalization of trade in aluminium, India has emerged as

a net exporter of aluminium, on competitive terms. Government monopoly, in terms of

aluminium production, removal of price and distribution control over aluminium, has

been diluted in favour of private sector. The ownership pattern in private sector has

undergone changes. With the takeover of INDAL by the HINDALCO, it has emerged

as the major producer of aluminium in the country.

World Aluminium Markets

London Metal Exchange (LME), Tokyo Commodity Exchange (TOCOM), Shanghai Futures

Exchange (SHFE) and New York Mercantile Exchange (NYMEX) are the important

international markets that provide direction to the aluminium prices.

Copper

Characteristics of Copper

Copper ranks third in world metal consumption after steel and aluminium. It is

a product whose fortunes directly reflect the state of the world's economy.

Copper is the best non-precious metal conductor of electricity. The metal's

exceptional strength, ductility, and resistance to creeping and corrosion, makes it the

preferred and safest conductor for building wiring. Copper is also used in power

cables, either insulated or uninsulated, for high, medium and low voltage applications.

Copper is an essential component of energy efficient motors and transformers and

automobiles.

[19]


20/34

Supply and Demand

Global Scenario

Economic, technological and societal factors influence the supply and demand of

copper. As society's need for copper increases, new mines and plants are introduced

and existing ones expanded.

Land-based resources are estimated at 1.6 billion tons of copper, and resources in

deep-sea nodules are estimated at 0.7 billion tons.

The global production of refined copper is around 15 million tons.

The major copper-consuming nations are Western Europe (28.5%), the United States

(19.1%), Japan (14%), and China (5.3%).

Copper and copper alloy scrap composes a significant share of the world's supply.

The largest international sources for scrap are the United States and Europe. Chile,

Indonesia, Canada and Australia are the major exporters and Japan, Spain, China,

Germany and Philippines are the major importers.

Indian Scenario

The size of Indian Copper Industry is around 4 lakh tons, which as percentage of

world copper market is 3 %.

Birla Copper, Sterilite Industries are two major private producers and Hindustan

Copper Ltd the public sector producers.

India is emerging as net exporter of copper from the status of net importer on account

of rise in production by three companies.

Copper goes into various usage such as Building, Cabling for power and

telecommunications, Automobiles etc. Two major states owned telecommunications

service providers; BSNL and MTNL consume 10% of country's copper production.

Growth in the building construction and automobile sector would keep demand of

copper high.

[20]


21/34

World Copper Markets

LME and NYMEX are the two international markets, which provide direction to the

copper prices.

The eight leading refining nations, viz., United States,Japan, Chile, Canada, Zambia,

Belgium, and the Federal Republic of Germany account for 67% of total refined metal

production.

Factors Influencing Copper Markets

Copper prices in India are fixed on the basis of the rates that rule on LME the

preceding day.

World copper mine production through exploration of new mine and expansion of

existing mine.

Economic growth of the major consuming countries such as China, Japan, Germany

etc.

Growth and development in the Building, electronics and electrical industry.

Lead

Characteristics of Lead

Lead is a very corrosion-resistant, dense, ductile, and malleable blue-gray metal that has been

used for at least 5,000 years. Early uses of lead included building materials, pigments for

glazing ceramics, and pipes for transporting water. Today's major use of lead is in lead-acid

storage batteries. The electrical systems of vehicles, ships, and aircraft depend on such

batteries for startup, and, in some cases, batteries provide the actual motive power. It is also

for soundproofing in office buildings, schools, and hotels. It is widely used in hospitals to

block X-ray and gamma radiation and is employed to shield against nuclear radiation both in

permanent installations and when nuclear material is being transported.

[21]


22/34

Supply & Demand Scenario

Domestic Scenario

Lead production equalled approximately 82,000 tonnes in 2004, mostly from

secondary sources.

The main constraint in lead production in the country is the lack of lead ore reserves,

which necessitates large-scale imports and recycling.

Lead demand in India was estimated at 150,000 tonnes for 2004. Due to huge gap in

demand-supply, India imported nearly about 50% of its domestic demand.

The major suppliers for the imports were China, the Republic of Korea and Australia:

54%, 15% and 10% respectively.

The domestic industry is characterized by the presence of only a few players in the

primary segment. The primary lead industry in India is divided between the following

main players: Binani Industries Limited and Sterlite Industries (India) Ltd. (Hndustan

Zinc Ltd.). Due to increasing use of lead in domestic market both players are

expanding their smelting capacities for lead.

World Scenario

USA, Japan, China, EU and India are the major consumers of Lead.

Supply is controlled by Australia and China.

Lead in the global market is traded as soft lead, animated lead, lead alloys and copper-

base scrap.

Factor influencing demand and supply

Changes in inventory level at LME wharehouses

Economic growth rate of major consuming countries

Global growth and demand in major consuming industries

[22]


23/34

Prices of the alternative metal(s)

Participation of funds

Nickel

Characteristics of Nickel

Nickel finds its usage in various industries such as engineering, electrical and

electronics, infrastructure, automobile and automobile components, packaging,

Batteries etc.

Among base metals Nickel is the most volatile owing to its strong demand and tight

supply.

Nickel demand is derived demand based on the growth of different industrial sector

thus exhibits high volatility.

[23]


24/34

About 65 per cent of nickel is used in manufacture of stainless steels, and 20 per cent

in other steel and non-ferrous including "super" alloys, often for highly specialized

industrial, aerospace and military applications.

Characteristics of World Nickel Market

Nickel world market is characterized by rising demand and constrained supply.

More than 54% if world total supply comes from only five companies.

Global nickel consumption is growing by an average 3.1 per cent a year.

Supply and Demand

Major producers of Nickel are Russia, followed by Australia, Canada, New Caledonia

and Indonesia, which represents over 65% of total world production.

World primary nickel consumption is about 1 million tons. Consumption centers are

Japan 2 lakh tons and European Union 3.74 lakh tons. Rapid expansion of global stainless steel production is fuelling demand for primary

nickel.

Important World Nickel Markets

London Metal Exchange.

Indian Nickel Market

Nickel market in India is of total import dependent.

India imports around 30,000 tons of Nickel.

Import duty on Nickel is 15%.

With growth in the stainless steel sector Nickel import demand is expected to increase

in the coming years.

[24]


25/34

India in World Nickel Industry

India meets its Nickel Requirement through import.

Factors Influencing Nickel Markets

Above ground supply from scrap.

New mines discovery.

Nickel demand is derived demand thus the situation in the various industries.

Growth in consumption of Stainless steel.

Zinc

General Characteristics

Zinc is the fourth most widely used metal after steel, aluminum and copper in the world. Due

to its resistance to non-acidic atmospheric corrosion zinc is instrumental in extending the life

of buildings, vehicles, ships and steel goods and structures of every kind.

Zinc is a bluish-white lustrous metal. It is normally covered with a white coating on

exposure to the atmosphere. Zinc dust is flammable when exposed to heat and burns with a

bluish-green flame. Zinc also exists in many compounds. Zinc has a role in normal human

[25]


26/34

growth, taste, and sperm development, but exposure to high levels of zinc through inhalation,

ingestion, and dermal contact can cause adverse health effects.

Zinc is used for alloys, electroplating, metal spraying, electrical fuses, batteries, rubber, paint,

glue and matches. Zinc is registered as a fungicide, herbicide, and rodenticide. The primary

stationary sources of zinc are electric services, petroleum refining, crude petroleum and

natural gas extraction, manufacturing of fabricated rubber products, manufacturing of

fabricated metal heating and plumbing products, and manufacturing of inorganic chemicals.

Indoor sources include infiltration of outdoor air, smoking, cooking, and other indoor

sources. The average indoor concentration of zinc is normally slightly higher than the outdoor

level. Zinc occurs naturally in the earth's crust.

Domestic Scenario

The Indian zinc industry entered its transformation phase with the privatisation of the

largest zinc producer, Hindustan Zinc Ltd, in favour of the Sterlite group in April

2002. The domestic zinc industry is now completely under the private sector and is in

the midst of a serious expansion programme.

By end of 2010, India is expected to attain complete self-sufficiency in meeting its

zinc demand. Thereafter, the process of India becoming an important zinc supplier to

the world would be initiated, provided that another phase of capacity expansion is

affected.

Even if one assumes that zinc demand grows by 10 per cent till end of 2010 and at

slower 7 per cent thereafter, India would require zinc capacity of 14 lakh tpa by 2020,

in order to be self-reliant.

Buoyancy in domestic zinc demand primarily emanates from the boom in the steel

industry, given that over 70 per cent of zinc is used for galvanizing. The steel industry

has bright prospects with demand drivers being the construction industry and exports.

Other sources for demand would be die-casting, guard rails for highways and

imported-substituted zinc alloys.

Global Scenario

[26]


27/34

Substitutes: - Aluminum, steel, and plastics substitute for galvanized sheet. Aluminum,

plastics, and magnesium are major competitors as diecasting materials. Plastic coatings,

paint, and cadmium and aluminum alloy coatings replace zinc for corrosion protection;

aluminum alloys are used in place of brass. Many elements are substitutes for zinc in

chemical, electronic, and pigment uses.

Factors Influencing Zinc Market

Changes in inventory level at LME wharehouses

Economic growth rate of major consuming countries

Global growth and demand in major consuming industries

Prices of the alternative metal(s)

Participation of funds

Factor influencing demand and supply

London Metal Exchange.

Conclusion

From the survey conducted and the research done I can conclude that people are gaining

interest but due to lack of knowledge they are not will to invest. However the number of

clients has increased for investing in commodities. It is also seen that the base metals have a

lot of potential in the commodities market. Metals like aluminium, nickel and zinc are the

metals to look out for because of their demand in the global market and domestic market.

[27]


28/34

Recommendations

The clients who wish to invest in the commodity market should be given proper

information about the working of the market and the options available in it. This will

lead to a good and knowledgeable client base and the client will also understand the

market properly.

The commodity dealer should make sure that the research report given by Religare

has been properly analysed by the client. This will help him take future action for his

investment.

The articles which are published online by any site, it should be mailed to the client as

soon as possible with the commodity dealers comments attached with the mail. This

will give time to time update to its clients.

[28]


29/34

The commodity dealer should also design a demonstration portfolio of different

commodities to show its potential clients. This will impress the clients and also make

the companys image better.

Aluminium

It was on a decline in the month of January.

The rise in aluminium depends on the dynamics of automobile and packaging industry

performance.

Presently, it is seen that the aluminium is at stagnancy due to low demand from

China.

But in the long run, the demand will remain firm because of the rising income levels

in developing countries which keeps the demand strong for automobiles.

But due to low demand from china it may come down. So, on the contrary, any move

below Rs.91-90/kg level would amount to considerable selling.

Copper

Copper prices dipped initially in the starting of the month of February.

But as the month passed by the prices of copper increased because of the growth in

the U.S. manufacturing sector in January at a faster rate than expected. The prices also

touched its highest in the starting of March at Rs. 344/kg from Rs. 290/kg.

There is also a recovery seen in Europe in this time period and a very fast growing

manufacturing sector which can take copper up to the mark or Rs. 365-370/kg.

On the other hand, any downfall in this sectors will lead to lowering the prices to a

level of around Rs. 290/kg which would be a considerable option to sell copper.

Lead

China dominates the Lead market and if they reduce the exports of lead there will be a

deficit in the world markets. This will show a decline in the lead prices.

[29]


30/34

But, in the starting of March Ivernia Incorporation has started its operations at

Magellan Mine in Western Australia which has a stock of around 7 weeks which will

help the lead prices be stable.

Lead reached the highs of Rs. 121/kg in January but now it its running stable at

Rs.110/kg due to stagnant demand in the world market.

But if the demand goes lower and the price falls it would be feasible enough to book a

loss at around Rs.90/kg.

Nickel

Nickel is presently following a positive approach and is expected to remain the most

promising metal in the entire base metal complex.

The global demand for Nickel is rising due to the rise in the demand for stainless

steel. This will help Nickel for a very nice stability in the market.

China consumption of stainless steel has increased to 32% in March.

The overall trend of Nickel is very promising in the coming days which can move upthe prices to Rs. 1050-1100/kg from Rs. 920/kg. It would be a good option for

booking the profits as it reaches at its high.

But due to any fluctuation in the market the price fall it would be considerable to see

that it is sold off when it reaches Rs. 900/kg or below.

Zinc

[30]


31/34

Zinc held firm as positive economic data Such as GDP and manufacturing from

America paved the way for improved base metals demand.

It credit market in china was tightened in January so people in china held off from

trading and build stock piles in January and February to ensure that they have proper

stack in March when factories resume proper operations.

Since March there has been an increase in prices of Zinc because of high demand by

the global manufacturers. The prices of zinc jumped to Rs. 109-110/kg from Rs.90/kg.

Looking at the current demand and sustainability if zinc it is expected to go till

Rs.122-125/kg. But if there is any uncertainty and the prices fall den there should be a

booking of loss done at Rs. 90/kg.

Annexure

COMMODITY MARKET-Questionnaire

1. Do you have any investment plan?

a. YES b. NO

(If no move to question no. 4)

2. If, yes, where you would like to invest your money?

a. Bank F.D. b. Share Market c. Commodity Market d. Other (specify)

3. Why you prefer specific investment?

-------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------

4. If no, why?

[31]


32/34

a. Not aware about invest avenues b. Insufficient income c. Other (specify)

5. Are you aware about Commodity Market?

a. YES b. NO

(If no move to question no 12)

6. Are you willing to invest in Commodity Market?

(If in Q. 2 Commodity Market, skip this question)

a. If YES, why? ------------------------------------------------------------------------------

b. If NO, why? ------------------------------------------------------------------------------

(If no move to the Question no.10)

7. If yes, which Commodity Exchange you will prefer for investment?

a. MCX b. NCDEX c. NMCE d. Other (specify) f. Cant Say

8. Why you prefer specific Commodity Exchange for investment?

(If answer to Q.7 f, skip this question)

-------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------

9. In which Commodities you will prefer to Invest? And why?

a. Bullion b. Agricultural c. Metals d. Fossils/Energy

-------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------------------

10. What is your perception about Commodity Market?

a. Less Risky b. Risky c. Very Risky

11. What you think Commodity Market Advertisements (hoardings, prints etc) are

explanatory enough to give needed useful information?

a. YES b. NO

12. Gender[32]


33/34

a. Male b. Female

13. Age Group

a. Below 21 Years b. 21 years 30 years c.31 years 40 years

d. 41 years 50 years e. Above 50 years

14. Occupation

a. Govt. Job b. Private Job c. Business d. Other (specify)

15. Income Group (Per month)

a. Nil b. Below 10,000/- c. 10,000 20,000/-

d. 20,000 30,000/- e. Above 30,000/-

Officials Interacted

NAME DESIGNATION CONTACT NO.

Mr. Bhupinder Kumar Branch Head, Vasco 09326110010

Mr. Parag Insulkar Commodity Dealer, Vasco 09637109523

Bibliography

1. www.kitco.com

2. www.kitcometals.com

3. www.nymex.com

4. www.bloomberg.com

5. www.netdania.com6. www.reuters.com

[33]


34/34

7. www.mcxindia.com

8. www.ncdex.com

9. www.metalsmarket.com

10.Commodity Market Module by NCFM (NSE's CERTIFICATION IN

FINANCIAL MARKETS)

Documents

Religare Commodities Ltd