✍ MCX - WEEKLY NEWS LETTERS
✍ World Bank cuts growth forecast, warns of risks to outlook
The Washington-based lender expects the developing East Asia and Pacific (EAP) region, which includes China, to grow 6.7 percent in each of 2015 and 2016, down from 6.9 percent growth in 2014. That's down from its previous forecast in October of 6.9 percent growth this year and 6.8 percent in 2016. China's growth is likely to slow due to policies aimed at putting its economy on a more sustainable footing and tackling financial vulnerabilities, the World Bank said in its latest East Asia and Pacific Economic Update report on Monday.

✍ China's March exports shrink 15% y/y in surprise fall
China's export growth contracted 15 percent in March from a year earlier in a surprise drop that will exacerbate concerns about the slackening Chinese economy. Analysts had expected exports to rise 12 percent in March on a yearly basis. In a sign of soft domestic demand, imports into the world's second-biggest economy also shrunk 12.7 percent last month compared with a year ago, data from the General Administration of Customs showed.

✍ BASE METAL
✍ COPPER
Copper for May delivery was up 0.25% at $2.742 a pound.In addition to trade, copper traders are looking ahead to a raft of chinese economic data in the week ahead, including reports on first quarter gross domestic product, as well as data on industrial production.

The Asian nation is the world's largest copper consumer, accounting for almost 40% of world consumption last year. A few Bank of Japan board members expressed the view that the BoJ must pay closer attention to developments in the Japanese government bond market and the impact of an aggressive easing policy, according to minutes from the March policy meeting released Monday showed. "A few members pressed the view that, in pursing QQE, it was important to carefully assess the mechanism of price formation in the JGB (Japanese government bond) market as well as examine and compare the positive effects and side effects of JGB purchases," the minutes showed.



✍ BULLION
✍ Gold holds above $1,200, but US rate hike worries weigh
Gold steadied above USD 1,200 an ounce on Monday after rising more than 1 percent in a chart-based rebound the session before, but persistent concern that the US central bank is on course to lift rates this year should cap any gains.

Federal Reserve official Jeffrey Lacker repeated on Friday his call for the US central bank to consider hiking interest rates in June, and said there was no shame in adjusting them lower again if economic data demanded it.

Demand in No. 2 gold consumer China remained tepid with the premium on physical gold on the Shanghai Gold Exchange at just above a dollar over the global spot benchmark on Monday from a small discount late on Friday. The state-run Shanghai Gold Exchange said it was working on launching new price benchmark fixing products. Sources said in February that the bourse would launch a yuan-denominated gold fix this year as China, the world's top gold producer, seeks to gain more of a say over pricing.


ENERGY
✍ Crude oil futures rally $1 as China stimulus bets fuel risk appetite -
Crude oil futures rallied sharply on Monday, as disappointing Chinese trade data added to speculation that policymakers in Beijing may implement further stimulus measures. On the ICE Futures Exchange in London, brent oil for June delivery jumped $1.19, or 2.02%, to trade at $60.14 a barrel during European morning hours. On Friday, London-traded Brent prices rose $1.26, or 2.18%, to settle at $58.95.
China reported a trade surplus of $3.08 billion in March, compared to expectations for a surplus of $45.4 billion and down from a surplus of $60.6 in February. Exports tumbled 15.0% from a year earlier last month, disappointing expectations for a 12.0% increase, while imports sank 12.7%, worse than forecasts for a decline of 11.7%. The slide in imports pointed to persistent weakness in the economy, fuelling speculation policymakers will do more to boost growth.
China is the world's second largest oil consumer after the U.S. and has been the engine of strengthening demand.Meanwhile, the spread between the Brent and the WTI crude contracts stood at $7.35 a barrel, compared to $7.31 by close of trade on Friday.
Oil prices have been well-supported in recent sessions amid speculation an ongoing collapse in rigs drilling for oil in the U.S. will result in lower production.Market players have been paying close attention to the shrinking rig count in recent months for signs it will eventually reduce the glut of crude flowing into the market.

✍ NATURAL GAS
Natural gas futures fell to the lowest level in almost three years on Friday, amid speculation the end of the winter heating season will bring warmer temperatures throughout the U.S. and cut into demand for the fuel.
On the New York Mercantile Exchange, natural gas for delivery in May hit an intraday low of $2.504 per million British thermal units on Friday, the weakest level since June 2012, before closing at $2.511, down 1.7 cents, or 0.67%.
Futures were likely to find support at $2.459 per million British thermal units, the low from June 18, 2012, and resistance at $2.646, the high from April 9. On Thursday, prices plunged 9.1 cents, or 3.47%, after the U.S. Energy Information Administration said that natural gas storage in the U.S. rose by 15 billion cubic feet last week, compared to expectations for a gain of 11 billion and following a withdrawal of 18 billion cubic feet in the preceding week.
Supplies fell by 8 billion cubic feet in the same week last year, while the five-year average change is a decline of 2 billion cubic feet. Total U.S. natural gas storage stood at 1.476 trillion cubic feet as of last week, 79% above year-ago levels and 10.5% below the five-year average for this time of year.


✍ NCDEX - WEEKLY NEWS LETTERS
✍ NCDEX may provide technical assistance to Myanmar Commodity Exchange
National Commodity and Derivatives Exchange (NCDEX), India’s largest agricentric commodity futures trading platform, might ink a pact with Myanmar International Commodity Exchange (MICEX). Under the tie up, NCDEX will provide technical assistance MICEX “India has successfully developed a transparent commodity market over the last 10 years with state of the art trading mechanism. Approached NCDEX seeking technical assistance from them so that our exchange can also be established and trading activities commenced effectively. The recently launched MICEX is pioneered by one of India’s largest commodities trading firm Pearl Group. MICEX has been looking for extensive participation from Indian firms to exploit hidden opportunities in Myanmar. Meanwhile, MICEX signed a memorandum of understanding (MoU) with LTC Commercial company Pvt Ltd, a Jaipur-based warehousing and collateral management service provider which has 10 million tonnes of warehousing space under it.
LTC is one of the pioneer warehousing company in india and accrediated Warehouse Service Provider of NCDEX with around Rs 2,000 crore worth of agri commodities stored under it.

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