1

MCX

FUTURES

COMMODITYMay 20th, 2013 Monthly Review

Inside this issue

Ventura Column

Top Stories

Currency Update

April'13 Performance of Select Few Commodities

US Economy Update

Report on Copper

Event calendar

Call Performance

Volume 7, Issue 4

2

What is Commodities transaction tax (CTT)?

Dharmesh Jain Executive Agri Research

Commodities transaction tax (CTT) is a tax similar to Securities Transaction Tax (STT) on transactions done on the domestic commodity derivatives exchanges.

Globally, commodity derivatives are also considered as financial contracts. Hence CTT can also be considered as a type of financial transaction tax.

The concept of CTT was first introduced in the Union Budget 2008-09 (para 179 of the Budget Speech).The Government had then proposed to impose a commodities transaction tax (CTT) of 0.017% (equivalent to the rate of equity futures at that point of time). However, it was withdrawn subsequently as the market was nascent then and any imposition of transaction tax might have adversely affected the growth of organised commodities derivatives markets in India. This has helped Indian commodity exchanges to grow to global standards(MCX is the world's number 3 commodity exchange; Globally, MCX is No. 1 in Gold and Silver, No. 2 in Natural gas and No. 3 in Crude Oil)

In the Union Budget 2013-14 CTT has been re-introduced, however, only for non-agricultural commodity futures at the rate of 0.01% (which is equivalent to the rate of equity futures). Alongwith this, transactions in commodity derivatives have been declared to be made non-speculative;and hence for traders in the commodity derivative segment, any losses arising from such transactions can be set off against income from any other source (similar provisions are applicable for the securities market transactions).

Like all financial transaction taxes, CTT aims at discouraging excessive speculation, which is detrimental to the market and to bring parity between securities market and commodities market such that there is no tax / regulatory arbitrage. (Futures contracts are financial instruments and provide for price risk management and price discovery of the underlying asset (commodity / currency/ stocks / interest). It is therefore essential that the policy framework governing is uniform across all the contracts irrespective of the underlying to minimize the chances of regulatory arbitrage.

During 2011-12, the total size of commodity futures market was Rs.181261 bn (US$3420 bn), registering a compound annual growth rate of 40 percent since its inception in 2003. Futures trade in non-agricultural commodities accounted for nearly 88 percent of the total turnover on Indian commodity exchanges during this period. The futures trading in bullion (gold, silver and platinum contracts) alone accounted for 56 percent of the total market turnover.

Based on the current trading value of non-agricultural commodities in the Indian exchanges, CTT (at 0.01 percent) could fetch Rs.15950 million ($300 million) to cash-starved exchequer every year. This is a substantial amount in the present times when tax revenues are under severe pressure and the government's attempts to reduce fiscal deficit through other measures are not yielding positive results.

The revenue raised through CTT could be utilized in several ways. Since New Delhi is too much worried over the current fiscal situation, it could use a part of this tax revenue to reduce the fiscal deficit.

Another key benefit of the CTT lies in its progressive outlook. The CTT would only affect speculators and non-commercial players who often use high-frequency trading to transact a large number of commodity futures contracts at very fast speeds. In contrast, a sales tax is generally considered to be regressive because it disproportionately burdens the poor people.

The opponents cannot ignore the fact that the CTT would be a more efficient revenue source than other taxes. The CTT would be collected by the commodity futures exchanges from the brokers and passed on to the exchequer, thereby enabling the authorities to raise revenue in a neat, transparent and efficient manner.

The Revenue Potential

Fair And Efficient Revenue Collection

Top StoriesAfter 14 months of ban, trading in guar seed, guar gum begins

Guar seed and guar gum was relaunched on commodity exchanges after being banned by Forward Market Commission. In March 2012, the commodity was banned from trading due to a sharp rise in guar gum prices.

On MCX, the trading unit of guar seed and guar gum is one tonne each and price quote for the contracts is ex-warehouse Jodhpur, inclusive of sales tax/VAT. These are compulsory delivery contracts with staggered delivery tender period for the last 15 days. The physical delivery would be available in multiples of one tonne for both guar seed and guar gum.

The basis delivery center for both the contracts is Jodhpur and additional delivery centers include Bikaner, Nokha, Sri Ganganagar, Hanumangarh and Barmer in Rajasthan, Deesa in Gujarat, and Adampur and Sirsa in Haryana.

On NCDEX, guar seed saw trading volume of 5,664 tonne and open interest of 2,137 tonne with traded value of Rs 53.76 crore and guar gum saw trading volume of 1,014 tonne and open interest of 237 tonne with traded value of Rs 28.60 crore, the exchange said in a press release.

FMC has proposed stringent conditions for futures trade in these commodities. A special margin of 10%, which is over and above the initial margin, will be imposed if prices rise by more than 20%. Further, for every 10% rise in prices, the special margin charged will also increase by 10%. Additionally, if prices increase by more than 50% in the June and July expiry contracts, a special margin of 70% will be imposed.

Last year, the total production of guar seed was around 180 million bags (1 bag = 100 kilograms), on the Jodhpur spot market, guar gum is currently priced at Rs 28,000 per quintal and guar seed at Rs 9,500 per quintal.

On MCX, guar seed for june delivery was down by 2% to Rs 9505 per quintal and guar gum for June delivery was down by 2.6% to Rs 28,050 per quintal.

This year, the area under the commodity is expected to rise in Rajasthan, a major producer of the commodity. Last year farmers got good returns for their produce due to which they will increase the area under guar seed. This will cause the area under moong dal to fall.

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Dollar approaches 10-month high as markets reassess Fed outlook

The U.S. dollar approached a 10-month high against a basket of currencies on after a regional Federal Reserve chief said the U.S. central bank could begin easing up on stimulus this summer.

Currency markets took their cue from comments by John Williams, the president of the Federal Reserve Bank of San Francisco, who said the Fed could completely exit its easing by the end of the year. Investors see Williams' thinking as close to that of the Fed's top officials such as Chairman Ben Bernanke and Vice Chair Janet Yellen.

The dollar index .DXY, which measures the currency's value against a basket of six major currencies, gained to 83.886, nearing a 10-month high of 84.094 set.

A break of its July peak of 84.100 could open the way for a test of 84.929, a 76.4 percent retracement of its fall from the 2010 peak of 88.708 to near a three-year low of 72.696 hit in 2011.

Speculation about the Fed's possible exit from stimulus is having the most pronounced impact on the Australian dollar, which has enjoyed the status of highest-yielding major currency for years.

The currency's 5.7 percent tumble this month accounts for nearly all of its 6 percent loss on the year, as a fall in commodity prices in recent months raises concerns about a slowdown in China, the biggest buyer of Australia's natural resources.

Patchy U.S. data is still blunting the dollar's gains. Factory activity in the U.S. mid-Atlantic region contracted in May as new orders fell to their lowest level in almost a year, while new claims for jobless benefits spiked.

A resurgent dollar pushed the euro near a six-week low.

Currency Update

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US Economy Update

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APRIL '13 PERFORMANCE OF SELECT FEW COMMODITIES

Commodity Contract 1st April Rate 30th April Rate % Change

Gold 05th Jun 30027 26905

Silver 05th Jul 53822 45226

Crude Oil 20th May 5323 5014

Natural Gas 28th May 223 232.6

Copper 28th Jun 414.3 380.25

-10.4

-15.97

-5.8

-8.22

4.3

March ISM index drops to 51.3% from 54.2%

U.S. Factories' February Orders Rise on Car, Plane Demand

Job Gains Slow Amid U.S. Unemployment at Four-Year Low

Trade Deficit in U.S. Unexpectedly Narrows on Oil Imports

Retail Sales in U.S. Dropped in March by Most in Nine Months

The pace of expansion in the U.S. manufacturing sector slowed sharply in March to the lowest level since December. The Institute for Supply Management index fell to 51.3% from 54.2% in February. Reading over 50 indicates more manufacturers are expanding instead of contracting. The ISM's new-orders gauge sank to 51.3% from 57.8%. The production index dropped to 52.2% from 57.6%.

Orders placed with U.S. factories increased in February, boosted by a pickup in demand for motor vehicles and commercial aircraft. The 3 percent gain in bookings, the biggest in five months, followed a revised 1 percent decline in January. The advance was led by a 5.6 percent surge in demand for durable goods that was little changed from the 5.7 percent estimate issued last week. Auto sales that are on pace for the best year since 2007 and gains in home construction are helping drive sales and orders at manufacturers. More corporate investment and inventory rebuilding are also keeping assembly lines busy, contributing to economic growth as businesses look beyond federal budget cuts.

Employers hired fewer workers than forecast in March and a slump in the size of the labor force pushed the jobless rate down to a four-year low, indicating the U.S. job market is struggling to make bigger strides. Payrolls grew by 88,000 workers last month, the smallest in nine months, after a revised 268,000 gain in February that was higher than first estimated.

The trade deficit in the U.S. unexpectedly shrank in February as stabilizing overseas markets boosted exports and Americans imported less oil. The gap narrowed by 3.4 percent to $43 billion from a revised $44.5 billion in January. The number of barrels of crude oil imported into the U.S. in February was the smallest since 1996. A weaker U.S. currency will make American exports more attractive to overseas buyers. The dollar had dropped 2.3 percent from last year's peak as against a trade-weighted basket of currencies from its biggest trading partners.

Retail sales in the U.S. dropped in March by the most in nine months, pointing to a slowdown in consumer spending as the first quarter drew to a close. Purchases fell 0.4 percent, the biggest setback since June, after jumping 1 percent in February.

Rupee hits 1-month low

The rupee had closed down at 54.80 to hit a month's low due to fresh dollar demand from importers amid firm global cues.

The yen continued its fall against the dollar and euro, giving investors a green light to continue selling the Japanese currency.

The rupee sentiment was hit by selling in commodities that was triggered by a strong dollar, which rose to a fresh four-and-a-half-year peak against the yen on the back of growing confidence in the US economy. The yen today continued its fall against the dollar and euro, giving investors a green light to continue selling the Japanese currency.

Consumer sentiment took a hit this month after employment cooled. The sales data prompted economists to trim consumer- spending forecasts from what was projected to be the best quarter in two years. Gains in hiring and wages will be needed to ensure any slowdown proves temporary as federal budget cuts and an increase in the payroll tax restrain the expansion.

Consumer sentiment tumbled to a nine-month low in April, with Americans especially gloomy about the long-term health of the economy. The preliminary reading on the overall index of consumer sentiment fell to 72.3 in April, a level last seen in July, 2012. The index stood at 78.6 last month.

New-home construction in the U.S. jumped more than forecast in March as multifamily projects climbed to the highest level in more than seven years. Starts climbed 7 percent to a 1.04 million annual rate, the most since June 2008, following a revised 968,000 annual rate in February that was larger than previously reported. Building permits, a proxy for future construction, fell.

Industrial production increased in March as consumers cranked up the heating, capping off a first quarter which saw an annualized growth rate of 5%, the best in a year for output. The Federal Reserve said industrial production rose a seasonally adjusted 0.4% in March, and February's growth was revised higher to 1.1% from the initially reported 0.8% advance. The March gain wasn't necessarily a great sign for the economy utilities output rose 5.3% due to unusually cold weather, and manufacturing and mining output actually decreased.

Purchases of new U.S. homes rose in March, capping the best quarter for the industry since 2008 and providing more evidence the housing recovery will be sustained. Sales of single-family properties climbed 1.5 percent last month to a 417,000 annual pace from a 411,000 rate in February. A dearth of existing properties is encouraging builders to undertake new projects that will keep fueling the economy.

The economy in the U.S. grew less than forecast in the first quarter as a drop in defense spending outweighed the biggest increase in consumer spending in two years. Gross domestic product rose at a 2.5 percent annual rate, lower than forecast, after a 0.4 percent fourth-quarter advance. Consumer spending, the biggest part of the economy, climbed by the most since the fourth quarter of 2010.

April consumer sentiment hits nine-month low

Housing Starts in U.S. Surge on Multifamily Unit Demand

Industrial production climbs 0.4% in March

Sales of New Homes in U.S. Climb 1.5% to 417,000 Rate

Growth in U.S. Trails Forecasts as Defense Spending Falls

Commodity Contract 1st April Rate 30th April Rate % Change

Nickel 31th May 919.7 824.3

Zinc 31th May 104.25 99.55

Kapas 30th Apr 953 852

Jeera 20th Jun 13407.5 13075

Ref.Soya oil 20th Jun 668.4 690

-10.37

-4.51

-10.6

-2.48

3.23

4

3

INTRODUCTION

The industrial metal is sometimes called Dr. Copper in a reference to

investors' confidence in its ability to provide insight on the health of the

global economy thanks to its widespread use across many parts of the

global economy. But copper hasn't been a very reliable indicator the last

couple years. When it comes to diagnosing the outlook for the global

economy and stock prices, Dr. Copper hasn't been right for two years

DR. COPPER CATCHES COLD

Copper prices have been trending lower since February 2011, when

the futures settled at an all-time high of $4.63 a pound. Since then,

futures have fallen 29%.

Meanwhile Copper's recent drop has pushed futures prices to the

precipice of a bear market, down nearly 20% off their February 2012

highs. As futures trade around $3.20 a pound, they're dangerously

close to the $2.80 a pound it costs some mining companies to dig up

the metal,

The fall began in February when reports of liquidity withdrawal by the

US Fed earlier than stated resulted is selling in commodities, including

copper. The fall was accelerated early last week when China

announced weaker-than-expected economic data

Futures in month of April had fallen to $3.06 a pound, the lowest

intraday price since October 2011.This marks a swift reversal from

just two years earlier, when copper breached $4.62 a pound as

investors feared a copper shortage.

Copper lost 5.9% on the week, its biggest weekly percentage decline

in 16 months, and is down 13% this year. The metal is a component in

many products, ranging from bathroom pipes to iPhones

Out of the past 10 years, we've had a copper deficit for the past

eight, although copper ended 2012 with a production deficit of

340,000 tonnes, owing to a rather sharp growth in Chinese demand

and production bottlenecks. Global demand for copper grew by 3.1%

in 2012, but turns into a decline of 2.2% if one excludes China's

figures

By 2013, however, expectations that supply from new and expanding

copper mines would outpace demand from manufacturers in 2013

were spreading among investors. Copper inventories held at

warehouses overseen by the London Metal Exchange are about

614,350 tons, on Thursday April 17th, up 92% this year already at

their highest in a decade

Demand remains uncertain due partly to high physical stocks and a

slowdown in economic growth in China, as its economy expanded at

a slower-than-expected pace in the first quarter, missing forecasts of

8% growth.

Sparking April's move was news that copper shipments out of

Zambia, Africa's largest copper producer, have resumed after a two-

week halt because of a railroad accident.

The additional supplies will arrive in a market in which stockpiles of

extra copper are already on the rise.

RISING INVENTORIES

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4

Meanwhile Chinese unreported inventories in bonded warehouses

increased significantly during 2012. This unreported inventory can

significantly alter the market balance.

A. Importers are believed to have reduced their longer-term

contractual volumes of copper by 20-30%.

B. China still has extensive inventories (which ICSG, too, has

alluded to).

C. The output of refined copper in the first two months (of 2013)

grew by 12% over the same period in the previous year.

D. The extent to which industrial activity recovers in China remains

to be seen. The copper market should therefore give out clearer

indicators in the next few months of what to expect for the metal in

the year ahead.

SLUGGISH GROWTH IN EURO ZONE US & CHINA

The EU is China's largest trading partner, and China is the EU's second-

largest partner following the United States, Given this, any major

impact on the EU and the euro zone will also have an impact on the

economies of China and the United States

Growth in China's vast factory sector dipped in April as new export

orders shrank, suggesting the world's second-largest economy still

faces formidable global headwinds into the second quarter.

The HSBC (PMI) is much lower than the market was expecting, all the

indicators are pretty negative in terms of the detail. It does appear to be

following the official PMI trend, which is pointing to more of a tepid

recovery in the second quarter for China. The preliminary HSBC

Manufacturing Purchasing Managers' Index (PMI) decelerated to 50.5

in April from a final 51.6 in March,

Manufacturing activity in Europe, which as a region serves as the

second-largest market for copper, continues to contract, and the

economic rebound in the U.S. remains uneven.

The survey is signaling a worrying weakness in the economy at the

start of the second quarter, with signs that the downturn is more likely

to intensify further in coming months rather than ease

Thus making copper a delight for speculative bear traders, who have

outnumbered bulls by nearly three to one among speculative holders

of copper futures and options as per CFTC Interestingly, the number of

open copper futures contracts has been rising as prices plunged – a

sign that new sellers are entering the market at a faster pace than

bullish investors are leaving it.

NEARING COST OF PRODUCTION

For the first time since 2009, copper prices are falling toward the cost

of production. Another 12.5% drop will take copper futures down to

$2.80, the total cost paid by some of the world's highest-cost copper

miners to produce a pound of the metal. A sustained period at or

below this price would force some mining companies to defer

expansion plans and shutter unprofitable production.

But with the recent wall slide at Rio Tinto's Bingham Canyon copper

mine in Utah, which occurred April 10, will remove around 100,000

metric tons of copper from the market this year which may support

the price not touching the cost of production.

WEAKER GROWTH OUTLOOK

Copper and commodities prices in general, have been following

growth in emerging market economies, particularly China, rather than

developed economies, Copper's selloff accelerated overnight after

data showed that China's economy grew at a 7.7% pace in the first

quarter, fast by developed economy standards, but slower than

expectations of 8% growth.

Meanwhile, the U.S. economy and corporate earnings continue to

grow at a moderate pace, and the Federal Reserve is expected to keep

flooding the financial markets with liquidity.

5

Weak demand and robust supplies could continue to put pressure on

copper prices. Miners are unlikely to delay new projects or shut down

production until prices near $2.80 a pound,

Bets on lower copper prices remain the dominant force in the market

and bets that prices would fall, known as a short position.

Copper prices has been recovering well in May after its worst

performance April, after a report on growing exports and imports from

China signaled increased demand for the metal from the world's biggest

buyer. China's exports rose 14.7 percent last month from a year ago

and imports climbed 16.8 percent. The U.S. recovery and improving

Chinese international trade figures are supporting the copper price.

However China imported 295,799 metric tons of copper in April, its

lowest import volume since June 2011. Imports were down 21.2%

year-on-year and 7.4% month-on-month. but Cancelled warrants in

copper in the LME's Asian warehouses are currently close to a record

high at above 70,000 tons, which points to robust demand in China.

More than 30 percent of total copper consumption in China comes

from copper scrap, making the scrap material a vital part of supply and

demand in the world's top producer and consumer of the metal. About

a third of China's 6 million tons of annual output of the refined metal is

made from scrap

The recent price surge in the first week of May can be attributed to the

supply bottleneck of scrap copper.

As the economic slowdown in developed nations has reduced the

global supply of copper scrap, typically sourced from old buildings,

and used electrical cables and power generators, as new building has

slowed.

The tightness in scrap is a worldwide situation. Chinese secondary

refineries, which have to be fed scrap, are bidding more aggressively

in other markets, including in Europe, The tightness is due to

maintenance shutdowns at Boliden's smelters in Sweden and Finland,

a port strike in Chile earlier this year that blocked nearly 60,000 tonnes

of copper exports from Codelco, backlogged stock in Antwerp

warehouses and the shortage of scrap.

Scrap supplies tend to dry up when copper prices fall, as merchants

who bought the material at higher prices are unwilling to sell at a loss,

while others hold on to the metal in hope of higher prices, thus supplies

were further hit in April after LME copper prices hit their lowest in 1-1/2

years, falling below $6,800 a tonne. Scrap sellers may increase selling

if LME copper prices rise above $7,500 a tonne,

Meanwhile Premiums to secure copper in Europe have pushed above

$100 a tonne as a scrap shortage, which earlier in January this year

were selling at discount of $100 to $150

THE CHINA FACTOR

SCRAP SHORTAGES

6

With Chinese smelters warning they may be forced to cut production

unless they find more scrap, there is a risk we could end up with a

temporary smelter bottleneck, In the US alone, copper scrap supplies

have steadily thinned this year, with sales of high-grade bare bright

scrap now being made at the same price level as COMEX July copper.

But given the discrepancy between global mine production and global

refined output, concentrate stocks are probably building. World mine

production grew 14% in January, while global refined output rose

1.6%. Refined output is likely to continue underperforming given

various refinery disruptions.

The increase in concentrate production somewhat offsets the

tightness in scrap supply. But smelters need more scrap in the mix to

blend out impurities and process lower grade ore,

Moreover, scrap demand is increasing because of a sharp rise in

physical premiums for exchange-traded copper cathode.

OUTLOOK FOR 2ND HALF OF 2013

The copper market is now shifting from a long period of constrained

mine supply to one in which new mine capacity growth brings about

the long-awaited return of the refined market to moderate surpluses,

The sheer strength of January 2013 global copper mine supply

growth took us by surprise, but refined production is lagging and

scrap shortages could be a bottleneck, Combined with a maintenance

shutdown at a big producer and a Chilean port strike, have led

consumers to outbid warehouses for spot supply.

Copper demand has been weak in Europe this year due to poor to non-

existent economic growth, while global copper supplies have been

rising. Despite this, a supply squeeze has emerged.

The copper market will post its first surplus since 2009 this year, as

new and expanded smelters across China and Africa come on stream

(ICGS)

7

6

Citing declines in inventories and an anticipated improvement in sentiment on Chinese demand we may see prices to trade at $7500/t for 3 months

& gradually increasing the 6 months target to $8,000/t as the second half generally sees a rise in economic expansions & manufacturing activities

around the globe.

The following table summarizes the forecasts of the ICSG.

2012 2013 2014 2012 2013 2014 2012 2013 2014

1450 1753 2039 1057 1295 1506 251 258 269

2284 2351 2636 1647 1691 1826 2216 2270 2333

7109 7407 7675 3420 3637 3663 618 640 667

636 857 922 402 553 577 789 818 881

1945 2185 2388 8881 9295 9816 12195 12044 12541

546 551 571 439 462 465 100 101 102

826 832 837 2742 2691 2801 3073 3079 3182

852 875 901 1067 1091 1122 1154 1240 1273

1039 1145 1175 461 495 495 113 115 118

Africa

N.America

Latin America

Asean-10

Asia ex Asean/CIS

Asia-CIS

EU-27

Europe-Others

Oceania

REGIONS

(in 1000 t)MINE PRODUCTION REFINED PRODUCTION REFINED USAGE

TECHNICAL OUTLOOK ON COPPER

In the Weekly Chart prices of Copper are trading on a positive note from last 4-5 weeks.

Prices have made a high of 462.95 in September 2012 and again made a high of 450 in December 2012.

Copper price have broken its major resistance of 412 last week and gave weekly closing above that level. Since then, prices have witnessed a sharp

rally, and currently trading around 414 levels.

All the other technical tools are also confirming the trend. RSI also give a trend line breakout from bottom and ADX during breakout respectively

gives positive signal.

The first support is situated at 400 and interim support is situated at 390. A renewed bearish trend will occur once the market sustains below 390 on

the closing basis.

The next resistance is at 450 and closing above that could take the price to 480-510.

8

67747555 / 67547298

CALL PERFOMANCE FOR APRIL 2013

Total No. of Calls : ...................................................... 89

Target Achieved : ....................................................... 52

Stoploss Triggered: ................................................... 37

Success Ratio : ................................................... 58.4%

US Event Calendar for the period 21st May to 20th June 201310th June •

17th June •

•

•

Federal Budget Balance

German ZEW Economic Sentiment

Empire State Manufacturing Index

NAHB Housing Market Index

28th May •

4th June •

Consumer Confidence

Trade Balance

11th June •

•

•

•

18th June •

•

•

•

German WPI

German Constitutional Court Ruling

IBD/TIPP Economic Optimism

Wholesale Inventories m/m

Building Permits

Core CPI m/m

CPI m/m

Housing Starts

22nd May •

•

•

•

29th May •

•

•

5th June •

Existing Home Sales

API Weekly Crude Stocks

Crude Oil Inventories

FOMC Meeting Minutes

German Unemployment Change

API Weekly Crude Stocks

Crude Oil Inventories

ADP Non-Farm Employment Change

12th June •

•

•

•

19th June •

•

•

•

•

Industrial Production m/m

German Constitutional Court Ruling

Crude Oil Inventories

API Weekly Crude Stocks

FOMC Economic Projections

FOMC Statement

Federal Funds Rate

Crude Oil Inventories

API Weekly Crude Stocks

23rd May •

•

•

•

•

30th May •

•

•

•

6th June •

German Flash Manufacturing PMI

Unemployment Claims

Flash Manufacturing PMI

New Home Sales

Natural Gas Storage

Prelim GDP q/q

Unemployment Claims

Pending Home Sales

Natural Gas Storage

German Factory Orders m/m

13th June •

•

•

•

•

•

20th June •

•

•

OPEC Meetings

Core Retail Sales m/m

Retail Sales m/m

Unemployment Claims

Business Inventories m/m

Natural Gas Storage

FOMC Press Conference

Existing Home Sales

Philly Fed Manufacturing

Index

24th May •

•

•

31st May •

•

•

•

•

German Ifo Business Climate

Core Durable Goods Orders m/m

Durable Goods Orders m/m

German Retail Sales m/m

EUR Unemployment Rate

Core PCE Price Index m/m

Personal Spending m/m

S&P/ CS Composite -20 HPI y/y

14th June •

•

•

•

•

•

•

PPI m/m

Core PPI m/m

Current Account

TIC Long-Term Purchases

Capacity Utilization Rate

Industrial Production m/m

Prelim UoM Consumer Sentiment

3rd June •

•

ISM Manufacturing PMI

Construction Spending m/mMONDAY

TUESDAY

WEDNESDAY

THURSDAY

FRIDAY

•

•

•

•

•

ISM Non-Manufacturing PMI

Factory Orders

API Weekly Crude Stocks

Crude Oil Inventories

Beige Book

•

•

•

•

EUR Minimum Bid Rate

ECB Press Conference

Unemployment Claims

Natural Gas Storage

•

•

7th June

•

•

•

Chicago PMI

Revised UoM Consumer

Sentiment

German Industrial Production

m/m

Non-Farm Employment Change

Unemployment Rate

•

•

•

CB Leading Index m/m

Unemployment Claims

Natural Gas Storage