A SUMMER INTERNSHIP REPORT

ON
COMPREHENSIVE STUDY OF COMMODITY MARKET
A Report Submitted In Partial Fulfillment of The Requirement For The
Award Of degree of
MASTER OF COMMERCE

Name of the company/ Institution

Duration (from 13 Nov to 12 Dec)

SUBMITTED BY:
UTSAV MISHRA
EXAMINATION ROLL NO- 2140016250063
SEMESTER: III
UNDER THE GUIDANCE OF
Dr. ARUN KUMAR

FEROZE GANDHI COLLEGE

UNIVERSITY OF LUCKNOW
1
Internship offer letter

2
Certificate of internship

3
 Declaration

I, Utsav Mishra, hereby declare that the project report on “COMPREHENSIVE STUDY OF
COMMODITY MARKET” with reference to prepared by me under
the guidance of Dr. Arun Kumar faculty of Commerce department, Feroze Gandhi college

I also declare that this project report is towards the partial fulfillment of the university
regulation for the award of degree of Master of Commerce by Lucknow University, Lucknow

I have undergone an industry project for a period of Four weeks. I further declare that this
report is based on the original study undertaken by me and has not been submitted for the award
of degree/ diploma from any other University / Institution

Signature of student
Place:
Date:

4
 Acknowledgement

The successful completion of the project would not have been possible without the guidance
and support of many people. I express my sincere gratitude to
…........................................................................................................................ for allowing to do
my project at …....................

I thank the staff of …......................................................................................for their support and

guidance and helping me in the completion of the report

I am thankful to my internal guide Prof. Arun. Kumar. Srivastav for his constant support and
inspiration throughout the project and invaluable suggestion, guidance and also for providing
valuable information

Finally, I express my gratitude towards my parents and family for their continuous support
during the study.

5
UTSAV MISHRA

ROLL NUMBER

TABLE OF CONTENTS

CHAPTER NUMBER CONTENTS PAGE NUMBERS

1 SUMMARY OF TOPIC
2 INTRODUCTION
3 INDUSTRY PROFILE AND
COMPANY PROFILE
4 RESEARCH
METHODOLOGY
5 DATA ANALYSIS AND
INTERPRETITION
6 SUMMARY OF FINDINGS
AND SUGGESTION AND
CONCLUSIONS
7 ANNEXURE

6
ABSTRACT

Investing or trading in commodity is one of the most complex trades in the market, it requires a
lot of time, knowledge and constant monitoring a normal investor can perform this trade only
with the help of an expert a portfolio management firm or a chartered accountant firm.

Today the prediction of the market is difficult. Every investor needs diversification benefit
hence commodity market today became a tool of diversification. People today not only invest in
shares they also invest in certain other products.

Business in the commodity market has never been an easy one. With the limited choices in hand
with the twin requirements of adequate safety and maximum returns, it is a task fraught with
complexities.

To make the right decision about investing it is always better to make simultaneous usage of
both fundamental and technical analysis.
Fundamental analysis is basically getting an understanding of the company, the health of its
business and its prospects.
Whereas technical analysis is methodology for forecasting the direction of prices through the
study of past market data, primarily price and volume.

In the unpredictable nature of the market, it requires in-depth experience and strong research to
make the right decision. In the end it is all about making the right move in the right direction at
the right time.
7
8
 CHAPTER 1
INTRODUCTION

9
 CHAPTER 1 – Introduction

Stock Exchange:
Stock Exchange is a place where the buyers and sellers meet in order to do the business transactions I.e., buying and
selling of stocks, bond, debt instrument, commodities, foreign exchange etc. It is a unit which provides “trading” services
for investor and stockbroker to trade securities is an organized sector where the member of stock market will meet to trade
the stock or securities. It does not only involve buying and selling activity it also involves the services of issuing and
redemption of stock and also the payment of income or dividends. If any member needs to purchase a particular company
share then the company should be listed on the stock exchange or else, they cannot be purchased on the Stock exchange.
In the present situation there is no physical transaction all activities are converted into electronic networks which is more
helpful in cost reduction and speedy transactions. Apart from this there is an over-the-counter system where physical
transactions will take place. It is usually done for derivatives and bonds.
However, the stock exchange has become a part of the global market for stock and securities. India there are mainly two
stock exchanges they are as follows:
*Bombay stock exchange
*National stock exchange

In a summarized manner
In a summarized manner following can be stated as the key features of the stock exchange

♦ Organized market

10
 A stock exchange is not an orderly market every exchange has an administration committee, which has all right
associated with the management and control of the transaction

♦ Dealing in securities delivered by various companies

Only those securities are purchased at Stock exchange which are listed there

♦ Dealing only with authorized members

Investors can sell and acquire securities in stock exchange only by the authorized members.

♦ Required to serve rules and laws:

While negotiating in the stock exchange, it is necessary to obey the laws and by-laws framed and defined by the stock
exchange

COMMODITY MARKET
 Commodity
A commodity can be explained from two perspectives which are discussed as under:

The financial perspective

It can be defined as a financial product that can be traded. A substance or a product that can be traded in large quantities
such as oil metals grains coffee etc.

From the perspective of natural resources

A thing or quality that is useful
However, from our perspective a commodity is said to be a product that is traded in an approved commodity exchange
market. But the product should be movable from one place to another and that must be able to trade I.e., Buying and
selling

Classification of commodities

11
 Diagram 1
From the above diagram a commodity can be classified into 4 parts. however, as per certain economist there are only two
classifications of a commodity which are as follows
*Agricultural commodities
*Nonagricultural commodities
This approach to classification presents a broad view of classification

 Commodity market
A commodity market is a physical or virtual marketplace especially for purchasing, selling and trading raw material or
primary product. Presently there are more than 50 commodity markets assisting more than 100 commodity products all
over the world. Here the trader uses a contract system for purchasing or selling the product. Presently this sector is
booming very rapidly with high yielding rate of return

 Commodity exchange
A commodity exchange is the entity or body corporate who issues licenses for the future trading and rules and regulations
to be followed in the commodity market and they are guaranteed regulating authority.

 Investing in Indian commodity market

In India commodity trading is managed by four major commodity exchange:
1 Multi commodity exchange (MCX)

12
2 Indian commodity exchange (ICEX)
3 National commodity and derivatives exchange (NCDEX)
4 National Multi Commodity Exchange (NMCE)

 Structure of Indian commodity market

Following flow-chart explains the structure of Indian commodity market

 Global commodity market

Commodity trading has come into existence to support the continuous supply of agricultural crops. In Chicago the
organized trading commodity evolved in 1948. But the rice tickets are the trace in roots of Japan their trader used to stock
rice in warehouse for upcoming uses, to raise cash depository holders sold receipts against store rice. Then it slowly
converted into commercial currency in Japan. Later it was extended to wheat but due to lack of warehouse facilities,
dealers and distributors it was not so popular in those periods. By this spot price came into emergence where the farmers
and the buyers meeting directly which established cash-based transactions. After a few years it was extended to coffee and
cotton in New York. Then slowly it spread to nonagricultural commodity and to another essential agricultural commodity

13
  Indian commodity market
From 19th centaury commodity market exist in India. In 1875 cotton was traded in commodity market then later it was
extended to oilseed, raw jute, jute product etc. Before Independence there was no stress on the commodity market but
after Independence in 1952 the parliament passed the Forward Contract Regulation Act, which was sanctioned and
allowed commodities to trade all over the world. In this act government has abolished the non-registered companies and
ordered to trade only in registered commodity market and direct cash settlements were also prohibited by central
government. But it includes three regulations

1 The exchange forward should regulate on day-to-day basis

2 Forward market will work under the central government
3 Only central government, Ministery of consumer affairs, food and public distribution have ultimate controlling power.

Currently in India there are 25 organized and 3 National commodity exchanges. After three decades three decades of
future or forwards were allowed to transact in Indian commodity market through online commodity exchange.

 Players in the commodity market

There are three basic players in the commodity market which have their perspective in the market following is the
explanation of each player:

(1) The speculator perspective

Speculator is one who uses various strategies typically for a shorter time frame in an attempt to outperform traditional
long-term investors. Speculators take risks especially with respect to anticipating future price movements in the hope of
making gains that are large enough to offset the risk.
Speculators attempt to predict price changes and extract profit from the price moves in an asset. They may utilize leverage
to magnify returns (and losses) although this is the personal choice of an individual.
A speculator always tries to maximize his profit by predicting the market and commodity prices

(2) The hedger perspective

A hedger is one who always try to use various strategies in order to reduce his “risk.” risk in the context may be termed as
uncertainty.
Hedger always tries to protect his assets or investments with the help of either derivative contract which are:
*A call options
*A put option
*A forward contract
*A future contract
14
Or with the help of several strategies

(3) The arbitragers perspective

An arbitrager is a very intelligent investor or trader who uses the loopholes or mispricing in the market and maximizes his
returns. One must understand that an investor does not use a penny from his pocket in order to earn something.
An arbitrager can use any product in the market in order to earn profit or return over investment.

 Elements of commodity market (A brief description)

Following table explains different types of commodities traded in the Indian market:

Serial number Name of commodity Nature or category

01 Gold Metal (Precious)
02 Silver Metal (Precious)
03 Platinum Metal (Precious)
04 Crude oil Energy
05 Barley Agricultural (Cereals)
06 Masoor Agricultural (Pulses)
07 Sesame seeds Agricultural (oil and seeds)
08 Cooper Metals
09 Wind power or solar energy Energy
10 Zinc Metals
11 Kapas Fibers
12 Indian 28.5 mm cotton Fibers
13 Natural gases Energy
14 Castor seed Agricultural (oil and seeds)
15 Soybean Agricultural (oil and seeds)
16 Mustard seed Agricultural (oil and seeds)
17 Steel Metal
18 Raw jute Fibers
19 Wheat Agricultural (cereals)
20 Crude palm oil Agricultural (oil and seeds)
Table no 1
As per the NCDEX

15
Following graph explains certain commodities imported by India in the financial year 2021

Explanation to certain important commodities

Certain important commodity trade in Indian commodity market is explained as below:

Steel
Meaning:

16
Steel is a metal created from Iron and other elements that is very strong and durable. There are several types of steel, and
the composition depends on the combination of elements that are combined with iron. Steel is generally traded as a raw
material, steel can also be recycled and traded as scrap metal.
Major uses of steel:

• Industrial parts
• Energy
• Automobiles
• Bundling
• Household machines
All the above uses of steel describes that either this commodity is used by the companies which are producing some goods
hence usually trade over this type of commodity is done by industrialist or companies which are involved in
manufacturing any goods utensils or other uses as mentioned above.
Trading on steel:
In India trading on steel is generally done over the Indian commodity market. Following are the four important ways to
trade in steel in Indian commodity market:
(1) The future contract
(2) Steel ETFs and public traded companies
(3) Over the counter transactions
(4) Speculating on steel
All these options of trading are easily available on (NCDEX)

Platinum
Meaning
Platinum is one of the four major precious metals. It is a relatively rare, naturally occurring metal officially discovered in
the 18th century. As a result, that has been mined is 15 times less than gold and 150 times less than silver. Like the other
precious metal, it is highly unreactive, and because it is denser and more durable than gold, it is used more widely in
industrial processes.
Global production of metal is nearly 160 metric tons in 2020, which compares to approximately 3200 metric tons of gold
during the same period

Major uses of platinum:

• Used as jewellery
• Used in optimum fiber cable
• Used in chemical industry
• Used in automobile sector
• Used as an investment

Buyers of platinum
17
Following are some important buyers of platinum:

• Commercial or investment banks

• Investment funds
• Retail traders
• Corporate producers
• Corporate consumers retail operation

Trading in platinum
There are several ways of trading in platinum which are being described as below:

• Physical bars
• Future contracts
• Exchange traded funds
• Contract for differences
• Over the counter instruments

Crude oil
Meaning
Crude oil is a naturally occurring raw petroleum product which is refined to produce gasoline heating oil diesel and many
other petrochemicals. Crude is popularly known as “BLACK GOLD”

Types of crude oil

There are basically three types of crude oil:

• Brent crude
• West Texas intermediate
• Dubai/ Oman
Trading in crude oil
Crude oil trading refers to buying and selling crude oil future and options. Crude oil is actively traded on the MCX. Crude
oil trading is all about speculating on short term price movements and analyzing the real value of crude oil
Basics of crude oil trading:
Following table explains some important crude oil contract details

Price quote Per barrel

1 barrel 159 liters
Lot size 100 barrels
Tick size Rs 1
Profit and loss per tick Rs 100
Contract duration 6 months
18
Usual expiry date 19/20 of every month
Delivery units 50,000 barrels
Delivery location Mumbai/ JNPT port
Table 2

Data source: stock market library

Common factors affecting to commodities

Following table explain in brief certain common factors which affects the commodities at the time of trading

Factor name Factor symbol Explanation

Mother Nature N It means what is the basic
classification of commodities
International politics I.P It means the political relation
between importing country
and exporting countries
Time t It means the time of trading
or season of trading
Market demand and supply “d” & “s” It means the market demand
in supply of commodity
Delivery location dl It means the location of
delivery of the commodity
Storage cost SC It means the cost of
warehousing the commodity
in Godowns
Economic trend or (market R It means the prevailing
interest rate) interest rate in the market. Or
the rate at which the borrower
will get the fund in market
19
Risk free rate rf It means the risk-free rate of
government bonds and
securities'
Table 3
Created through own analysis

CHAPTER 02
INDUSTRY PROFILE AND
COMPANY PROFILE

20
 CHAPTER 02
INDUSTRY PROFILE AND COMPANY PROFILE

2.1 Finance
Finance can be said as the “funds” for any type of economic activity we need certain amount of funds.

2.2 Financial service industry

Financial service is a broad term used to describe various offering within the finance industry it includes everything right
from the insurance and money management to payment and digital banking technology

2.3 Elements of finance Industry

Following is few of the important elements of the finance industry:

➢ The insurance companies

Meaning
Insurance companies provide various types of insurance to insurer or in return it takes a certain amount of premium

The business models

The business model of an insurance company is it charges a certain amount of premium from insurer or from multiple
insurer it creates a pool of investment than make a portfolio which consist of various securities which can be a bond
debenture share commodities or other derivative contracts through such investment it earns a return over the investment in
case of any claim in between it pays of the amount through economic capital.

The basic principle

The whole business model of an insurance company is based upon an aspect that all the insurers will not demand or claim
for insurance at a certain time

21
The main source of earning
The main source of earning of an insurance company is the amount of premium from the customers and the return over
their investment

➢ The banking companies

Meaning
A bank may be defined as an institution which accept the deposits from the customer and lend such deposits to lenders

The business models

The business model of a bank is majorly depending upon the deposits from their customers and granting loan to the
customer. However nowadays a bank also provides a lot of services to its customers and charges for such facilities.

The basic principle

A banking company is based upon the approach that all depositors will not withdraw their money at a given moment of
time.

The main source of earning

A bank generally earns from the following sources:
* Difference in the interest rate of deposits and the interest rate of lending
* From service charge from the depositors
* From the service charge of the charges for different types of services provided

➢ The asset management company or firm

Meaning
It is a firm which generally manages the funds of an individual or an organization its main work is to earn a specific rate
of return for the investor (client) by investing funds on behalf of the investor in the “market” (either the share market or
the commodity market or the real estate market)
22
The basic principle
This type of company is basically dependent upon the approach that it is the investor who will provide the money for
trading in the market, the company must only maintain an amount of capital which is required to maintain the liquidity in
the organization.

The main source of earning

This type of company mainly earns from the following sources:
* From charging a certain amount of consultancy fees over the notional principal which is somewhere fixed and a certain
rate which it charges in case of the benchmark profit.
* Through Commision, sometimes a company at the time of issue of share for the first time in the market give contract to
certain company which help a company to achieve its amount of minimum subscription.

2.4 How they earn (a brief view)

All the above sectors of the finance industry earn either by lending the deposits, or by trading in stocks, commodities and
real-estate or other derivative products.
Trading in commodities is one of the major sources of their earnings.

2.4.1 History of commodity market

Early civilization variously used pigs, rare seashells or other items as commodities. Since that time traders have sought
ways to simplify and standardize trade contracts.
The gold and silver market evolved in classical civilization. At first the precious metals were valued for their beauty and
intrinsic worth and were associated with royalty. In time they were used for trading and were exchanged for other goods
and commodities or for payment of labor. Gold measured out then became money. Gold's scarcity unique density and the
way it could be easily melted, shaped, and measured made it a natural trading asset.
In the late 10th century commodity markets grew as a mechanism for allocating goods, labor, land and capital across
Europe. Between the late 11th and 13th century English urbanization, region specialization, expanded and improved
infrastructure the increased use of coinage and the proliferation of market and fairs were evidence of commercialization.
In 1864, in the United States, wheat, corn, cattle, and pigs were widely traded using standard instruments on the Chicago
Board of Trade (CBOT), the world's oldest future and option exchange. Other food commodities were added to the
Commodity Exchange Act and traded through CBOT in the 1930s and 1940s expanding the list from grains to include
rice, mill feeds, butter, eggs, Irish potatoes and soybeans. Successful commodity markets require broad consensus on
product variations to make each commodity acceptable for trading, such as the purity of gold in bullion. Classical
civilizations built complex global markets trading gold or silver for species, cloth, wood and weapons, most of which had
standards of quality and timeliness.

2.4.2 The elements of commodity market

Following are the important elements of the commodity market:

*Regulator
Meaning
23
A regulator is the body which regulates the whole size operations in the daily trading activities. As in the case of shares or
debenture or other finance bearing securities the whole sole regulator is the SEEBI in the same manner forward market
commission is the committee which regulates the functioning of the commodity market. The following is some important
work performed by the forward market commission:
* To advise the Central Government in respect of the recognition or the withdrawal of recognition from any association or
in respect of any other matter arising out of the administration of the Forward Contracts (Regulation) Act 1952.
*To keep forward markets under observation and to take such action in relation to them, as it may consider necessary, in
exercise of the powers assigned to it by or under the Act.
*To collect and whenever the Commission thinks it necessary, to publish information regarding the trading conditions in
respect of goods to which any of the provisions of the act is made applicable, including information regarding supply,
demand and prices, and to submit to the Central Government, periodical reports on the working of forward markets
relating to such goods;
*To make recommendations generally with a view to improving the organization and working of forward markets;
*To undertake the inspection of the accounts and other documents of any recognized association or registered association
or any member of such association whenever it considers it necessary.

*Exchange
A commodities exchange is an exchange where various commodities and derivatives products are traded. Most
commodity markets across the world trade in agricultural products and contracts based on them. These contracts can
include spot prices, forwards, futures and options on futures. As of now there are six commodity exchange market in
India. These six exchanges are explained below one by one:

1. National Multi Commodity Exchange:

Establishment: 2002
Headquarter: Ahmedabad
Promoters:
• Central warehousing corporation
• Gujarat State Agricultural Marketing Board
• Gujarat Agricultural Industries Corporation Limited
• National Institute of Agricultural Marketing
• Neptune Overseas
• Punjab National Bank

2. Multi Commodity Exchange of India Ltd (MCX):

Establishment: Nov. 2003
Headquarter: Mumbai

24
Achievements: MCX holds 86% market share of commodity exchange in India. It operates in more than 40
commodities. It is the world’s largest exchange in silver and gold.
Promoters:
• National spot exchange limited, India energy exchange, Singapore mercantile exchange global board of trade,
IBS Forex, National Bulk Handling Corporation, ticker plant limited.

3. National Commodity and Derivatives Exchange Limited (NCDEX)

Establishment: Dec. 2003
Headquarter: Mumbai
Promoters: ICICI Bank, LIC, NABARD, CANARA BANK, PNB, CRISIL, IFFCO, Goldman Sachs,
Intercontinental Exchange, Renuka Sugar, J.P. Capital

4. Indian Commodity Exchange (ICEX): It is a screen based online derivatives exchange for commodities.
Establishment: Nov. 2009
Headquarter: Gurgaon
Promoters: It has Reliance Exchange Next Ltd. as anchor investor and has MMCTC ltd. India Bulls financial
Services Ltd, Indian Potash Ltd., KRIBHCO and IDFC.

5. Shariah Index: The Bombay stock exchange and Taqwaa advisory and Shariah investment solutions have
launched it.

Establishment: Dec. 2010

Headquarter: Gurgaon
This is the first Shariah index created in India utilizing the strict guidelines and local expertise of a domestic
Shariah Advisory Board. The index comprises the 50 largest and most liquid shariah compliant stocks within
BSE-500.
6. Universal Commodity Exchange: It’s a national level electronic commodity exchange in India.
Establishment: April 2013
Promoters: Commex Technology, IDBI Bank, IFFCO, NABARD and REC.
Traded commodities in different commodity exchanges
Following table explains different types of commodities traded in different commodity exchanges:

NMCX MCX NCDEX ICEX UCX

Castor oil Metal Cereal Gold Gold
Rapeseed Bullion Pulses Silver Silver
Mustard Fiber Fiber Cooper Crude oil
25
 soyabean Energy Oil lead Chana
Seasame Spices Oil seeds Crude oil Rubber
Copra Plantation Spices Natural gas Mustard
Black pepper Pulses Plantation Mustard Soyabean
product
Gram Petrochemica Gold Soyabean Refined oil
ls
gold Cereals Silver Soyabean oil Turmeric
Aluminum Steel Jute
Copper Cooper Methane oil
Lead Crude oil Iron ore
Nickel Brent crude
oil
zinc Polyvinyl
chloride
Rubber
Jute
coffee
Isabgoal

*Members of commodity exchange

Commodity exchanges depend on a diverse group of participants, each of whom plays an important role in maintaining a
fully functioning marketplace. The role of exchanges is to ensure that the rules are fair to all of these market participants:
❖ Producers
❖ Industrial End-Users
❖ Traders
❖ Speculators

Producers: These are the individuals and companies that supply the commodity being traded. Without producers,
there would be no commodities to trade and, therefore, no need for commodity exchanges. Mining companies, farmers,
cattle ranchers, and oil and gas companies are all examples of producers. Producers often sell commodities futures
contracts prior to producing the commodity.

Industrial End-Users: Companies and individuals that use commodities in their production process are called end-
users. They provide the demand for the commodity being traded. Examples of end-users:
Food manufacturers
Factories
Clothing manufacturers
Construction companies.

Traders: Professional independent traders and trading firms play an essential role as intermediaries between producers
and industrial end-users. Traders provide liquidity when there are imbalances in the markets.
26
 Essentially, professional traders negotiate prices with both sellers and buyers. To compensate for the risks of providing
liquidity to both buyers and sellers, traders usually earn a spread, or an additional profit tacked on to the price of the
commodity futures contract.

Speculators: These are traders that speculate or bet on the direction of commodities prices. Speculators play a crucial
role in commodities markets since they are often another source of liquidity for both producers and industrial end-users.

27
Company profile

28
29
 CHAPTER 03
RESEARCH METHODOLOGY

CHAPTER 3
RESEARCH METHODOLOGY
3.1 Topic of Report
“A COMPREHENSIVE STUDY ON COMMODITY MARKET”

30
3.2 Need of the study
The commodity price is somewhere dependent on the demand and supply factor, the price of the commodity is mostly
affected by the demand and supply in the market however there are certain other factors which affect the price of any
commodity. The major problem faced by a rational investor is in regard to prediction of the price movement and to take
the decisions in for entry and exit position in the market. Thus, there is a need to study the price movements and the major
factors which affect the price movement in the market.

3.3 Base commodity

The base commodity for the research is aluminum and copper

3.4 objectives of the study

Primary objective
The primary objective is to:
➢ To study the concepts of commodity trading in India
➢ To study and analyze the price volatility of the selected nonagricultural commodities i.e., aluminum and steel

Secondary objective
The secondary objective is to:
➢ To study price volatility and the basic factors affecting the prices
➢ To identify correlation between the selected commodities
➢ To identify the correlation between the selected commodities and the commodity index.

3.5 Scope of the study

Following points explains the scope of the study:
➢ Understanding the concepts of commodity trading in India
➢ Studying the commodity price movements in the market
➢ This project helps to analyze the overall performance of the commodity market

3.6 The data adopted and its source

➢ Sample size
The sample consists of two commodities – all from MCX market.

➢ Data collection
The research is purely based on the secondary data

31
 ▫ Secondary data
Secondary data was collected by referring to following sources:
1 Online publication
2 BSE websites
3 Textbooks
4 Research Journal

➢ Statistical tools and indictor used

Following are some important statistical tools and indicator used for the purpose of analysis;

• Movement analysis (only movement 1 and 2)

• SMA
• RSI

3.7 Literature review

Meaning
In nutshell, literature review is a list of all sources one has used while writing journals or any article. It can be anything
books websites links journals or any other source of information.
However, the true meaning of literature review is much more profound. It's not just a mere list of all used data. It’s a
collection of reports for professionals who need to stay always updated.

Purpose of literature review

Following points explains the main points of literature review:
32
* To mention all the sources which has been used
* To survey the literature on an area of study
* To present information in literature in an organized manner
* To critically analyze the data

Importance of literature review

There are a number of reasons why review of related literature remains a core component of any scientific study. These
include but not limited to the following:
Firstly, review of literature acts as a stepping-stone towards achievement of the study objectives. For scholars, the depth
and breadth of the literature review emphasizes the credibility of the writer in his or her field.
Secondly, literature reviews provide a solid background to back one’s investigation. The review plays a critical role in
analyzing the existing literature and giving justification as to how one’s research fits into the existing body of knowledge.
This implies that the literature review provides a general understanding which gives meaning to the discussion of findings,
conclusions, and recommendations. This allows the author to demonstrate how his / her research is linked to prior efforts
and how it extends to build on better understanding.
Thirdly, literature reviews help the researcher to avoid duplication, identify the gaps in other studies with the goal of
filling them, borrow from the research design and methodology used to investigate that particular problem and to interpret
his or her own findings.
In general terms, the literature review helps to provide a context for the research, justify the research, ensure the research
hasn’t been done, show where the research fits into the existing body of knowledge, enable the researcher to learn from
previous theory on the subject, illustrate how the subject has previously been studied, highlight flaws in previous research,
outline gaps in previous research, show that the work is adding to the understanding and knowledge of the field, help
refine, refocus or even change the topic.

Some important literature

♦ Origin and development of Indian commodity Markets

Vivek rajvanshi (2015)

in his paper “Commodity Futures Market in India”,

33
 Explained the functioning of futures market and challenges of the futures market. The paper detailed the inception of
commodities and their growth to become an alternative class of investment and heading towards financialization.
Challenges along with the growth were focused on the study. The study concludes that the Futures market dominates the
spot market, and the results suggest that inefficiencies in market led to increase in Basis Risk which can be reduced by
hedging the commodity futures. The paper also suggests that commodity futures provide transparent price discovery for
the traded commodities. Also, the market participants are concerned about liquidity and higher transaction costs.

Bhaskar Goswami, Isita Mukherjee (2015)

in the paper “How attractive is the Commodity Futures in India?”
Compared the return on commodity futures with common stocks, long term government bonds, treasury bills, rate of
inflation and detailed that high returns are generally associated with high risk in line with the general theory of risk-return.
The standard deviation on real rates of return of commodity futures is same as the standard deviation on nominal rates of
return. Results suggest that thought common stocks gave higher return but provided poor hedging during inflation.

S. Selvanathan, dr. v. Manohar (2013)

in the paper “Online Trading – An Insight to Commodities Trade with Special Reference to
India”
explained the online trading process and the related trends in India. It is concluded that online trading in India has not
taken off in spite of the benefits which include low transaction costs, convenience, speed, boundary spanning, improved
communication, and risk management. One of the reasons quoted for the same was the economic conditions of traders and
the study also expects that online trading in commodities will improve with better economic conditions.

Shunmugam and Debo Jyoti Dey (2011)

in the paper “Taking Stock of Commodity Derivatives and their Impact on the Indian
Economy”
Attempted to give a comprehensive view of all the research studies on commodity derivatives market. The paper focused
mainly on the impact of spot markets and the eco system on the commodity derivatives market. It discussed that
commodities have performed well in the markets and the benefits are reaped by various stakeholders. It is suggested that
the next step would be institutional support to be given so that commodities can develop further. This could be in the form
of allowing new products like options, indices and other intangibles which would attract risk-averse investors.

Sunanda Sen, Mahua Paul (2010)

in the paper “Trading in India’s Commodity Future Markets”
attempted to study the development of commodity futures market and the official policies on future trading. It is observed
that future trading in agricultural products neither resulted in price discovery nor in less volatility in food prices. It also
explained that future markets in commodities seem to provide a new avenue of speculation to traders.

34
 ♦ Regulatory Mechanism
Dr. Shree Bhagwat, Angad Singh Maravi (2015)
in the paper “The Role of Forward Markets Commission in Indian Commodity Markets”
Examined the role of Forward Markets Commission. The study included functions, powers and limitations of Forward
Markets Commission and the different types of commodities regulated by FMC and the exchanges present are in India are
detailed. Results showed important developments of Forward Markets Commission and the need for further improvement
is explained. The future plans to be taken by the government for improvement in FMC are also mentioned.

K.G. Sahadevan (2012)

in the paper “Commodity Futures and Regulation- A Vibrant Market Looking for Powerful
Regulator”
elucidated that the present legal and institutional framework is inadequate for the effective regulation of fast-growing
commodity markets in India. Results explain that an active regulator is indispensable in the formative stage of markets,
particularly to ensure they have the best practices and procedures for trading, margining, clearing, market monitoring and
surveillance, risk control, settlement and delivery. It is stated that regulators can act as the line of defense against
manipulation.

S. Poornima, Deepthy (2015)

in the paper “Commodity Market in India”
Discussed about the status of commodity market in India. The paper focused on the SEBI-FMC merger and studied its
impact on future growth prospects and challenges. The merger was aimed at streamlining the regulations and curb wild
speculations in commodities. Commodity Exchanges

Dr. Shree Bhagwat, Angad Singh Maravi (2016)

in the paper “A Study of Commodity Market v/s Multi Commodity Exchange of India Limited
(MCX)”
Explained the performance of MCX in Commodity market. It detailed that from September 28, 2015, followed by the
merger of FMC and SEBI, MCX is being regulated by the Securities and Exchange Board of India (SEBI). MCX is the
largest commodity exchange in India offering more than 55 commodities contracts across various segments. The Multi
Commodity Exchange of India Limited is the world’s largest exchange in Silver, the second largest in Gold, Copper and
Natural Gas and the third largest in Crude Oil futures. MCX is the most efficient and cost-effective platform for price
discovery and price-risk management in India’s commodity market.

Commodity Risk Management E. Kalaivani, Dr. A. Lakshmi (2015)

in the paper, “An Overview of the Commodity Risk Management to the Business Process”
studied the impact of commodity risk on business processes. It discussed Commodity Risk Management (CRM),
categories of the commodity, and types of commodity risk, commodity and foreign exchange risk. The business ‘s
financial performance or position will be adversely affected by fluctuations in the prices of commodities. Consumers of
commodities such as airlines, transport companies, clothing manufacturers and food manufacturers are primarily exposed
to rising prices, which will increase the cost of the commodities they purchase.

Nidhi Aggarwal, Sargam Jain and Susan Thomas (2014)

35
in the paper “Do futures markets help in price discovery and risk management for commodities
in India?”
examined the price discovery and hedging effectiveness of commodity futures. They concluded that while the commodity
future markets were reformed so that futures markets could be substituted for commodity price risk management through
price controls by the government, government interventions are the most significant barrier to futures providing good
hedging effectiveness against commodity price risk.

3.8 Explanation to statistical tools used

Statistics
Meaning
Statistics is a branch of applied mathematics that involves the collection, description, analysis, and inferences of
conclusions from quantitative data. The mathematical theories behind statistics rely heavily on differential and integral
calculus, linear algebra and probability theory.
In simple words
Statistics is the discipline that concerns the collection organization analysis interpretation and presentation of data.
Methods of statistics
There are two main statistical methods commonly used for the analysis
Descriptive statistics
Which summarizes from sample using index
Inferential statistics
Which draws conclusions from the data set
Movement analysis
Movement analysis is nothing but the division of descriptive and inferential statistics for the purpose of study

Diagrammatical presentation
Following diagram represent the 4 general movement of a statistical data

36
Tools used
For our analysis we have used only the first 2 movements

MOVEMENT 1
Central tendency
Central tendency means to know the center of the data set
We have 3 tools which are commonly used for calculating the center of the data:
*Mean
*Median
*Mode
Normally, mean is regarded as the best estimator of the central tendency the reason is it uses all values in the data set to
calculate the central tendency hence forth for the calculation of the central tendency mean is used
Mean is again classified into several other categories they are
*Arithmetic mean
*Gematric mean
*Harmonic mean
We have used the arithmetic mean for the purpose of calculation
Formula
Following formula is used for the calculation of the arithmetic mean

37
MOVEMENT 2
Dispersion
In movement 1 we have calculated mean from the set of data in movement two we calculate the distance
between the mean and the data set this can be represented through the following diagram:

Here “A” is the mean of the data set and the line represent the distance between the mean and other data set this
distance can be calculated through a variety of methods
Following hierarchy explains the best estimator of dispersion

38
Range
Range is a unique method of calculation of dispersion however it is not useful because it ignores a number of
facts
By formula
Dispersion = (Highest Data-Lowest data)
Average dispersion from center
Explanation by example
Suppose return from a certain commodity is as follows
Xi= 4%, 5%, 6%, 7%, 8%
Now mean for the above set of data would be
m = 30/5
m=6
If we represent the above example following will be the result

So, the average dispersion formula speaks add all the distances from the mean which give the following formula

Formula = d1+d2+d3+d4+d5+d0/n

= [8-6] + [4-6] + [5-6] + [7-6] + [6-6]/5

However, the result from the formula will be zero although we can see the dispersion clearly
39
Now the main question comes why dispersion is zero the main cause Is data is symmetric I.e., mean = median

Now in statistics this problem can be easily solved by the implementation of modulus

Mean absolute deviation

The problem we face with the use of average dispersion is due to symmetricity in the data it never ever gives a result, or
its result is always equivalent to zero so to solve the problem with the help of statistics we can use modulus which
reduces the sign and gives a result and use of modulus in the average dispersion method is the formula for mean
absolute deviation

So, in the above example

= |8-6| + |4-| + |5-6| + |7-6| + |6-6|/5

= 1.2%

Problem with mean absolute deviation

This method is statistically correct, but we cannot use this method for our study. The main reason is this method is not
respected in the finance world.

Finance world assumption/ factor

The finance world is based upon two factors which are

*The Risk factors

*The fear factors

And the formula for mean absolute deviation does not respect any of the following factors. Following diagram
represent how the formula does not respect the factors

From the above diagram it is very clear that distance from mean for 4 is “2” and distance from mean for 7 is “1”. And
this method gives all the data weight 1

Variance

The concept of mean absolute deviation does not give any respect to the finance world assumption hence to reach the
assumption of the finance world in the formula of mean absolute deviation we square up the data which will provide
certain weight to the data set

Formula = d1+ d2 + d3 + d4 + d5 + d6

= (|4-6|) ^2 + (|5-6|) ^ + (|6-6|) ^2 + (|7-6|) ^2 + (|8-6|) ^2/5

40
= 2%

However, this can also not be used as a dispersion calculator the main reason is the answer will always be in percentage
square

Standard deviation

At the end the formula of standard deviation solves all the problems and henceforth it becomes the best estimator of
distance

Formula =

Correlation
Meaning
The concept of correlation can be said to be the concept which speaks, identifies and evaluates the relationship between
two variables.
Formula

The correlation
+1
It represents that the variable is positively dependent upon each other. if one variable change it has a direct impact on
other
0
It means that the two variable has no impact upon each other
-1
It represents that the variables are negatively dependent upon each other. If one variable change it has an indirect impact
on other

41
 CHAPTER 04
DATA ANALYSIS AND
INTERPRETITION

42
ALLUMINUM
4.1: SIMPLE MOVING AVERAGE
DATE PRICE SMA
15 November 211.33
16 November 211.44
17 November 210.19
18 November 209.38
21 November 210.99 210.66
22 November 208.35 210.07
23 November 212.02 210.186
24 November 208.35 209.934
25 November 207.21 209.5
28 November 206.64 208.63
29 November 206.32 208.224
30 November 208.98 207.616
01 December 211.22 208.074
02 December 211.33 208.898
05 December 215.11 210.592
06 December 215.22 212.372

43
07 December 215.32 213.64
08 December 215.34 214.464
09 December 215.11 215.22

Simple moving average graph

44
Table 4.1 Relative Strength Index
Date Price Change Upward Downward Average Average Relative Relative
movements movement upward downward strength strength
movement movement index
15 211.33 0 0 0 5
16 211.44 0.11 0.11 0
17 210.19 -1.25 0 1.25
18 209.38 -0.81 0 0.81
21 210.99 1.61 1.61 0 0.344 0.412 0.83 45.35
22 208.35 -2.64 0 2.64 0.286 0.7833 0.36 26.47
23 212.02 3.67 3.67 0 0.77 0.671 1.14 53.27
24 208.93 -3.09 0 3.09 0.6735 0.5875 1.14 53.27
25 207..21 -1.72 0 1.72 0.5988 1.0566 0.566 35.89
28 206.64 -0.57 0 0.57 0.539 1.008 0.534 34.64
29 206.32 -0.32 0 0.32 0.49 0.9454 0.518 33.77
30 208.98 2.66 2.66 0 0.670 0.8667 0.77 43.503
01 211.22 2.24 2.24 0 0.791 0.8 0.98 49.49
02 211.33 0.11 0.11 0 0.742 0.742 1 50
05 215.11 3.78 3.78 0 0.945 0.693 1.36 57.62

45
06 215.22 0.11 0.11 0 0.8931 0.65 1.37 57.80
07 215.32 0.10 0.10 0 0.8464 0.611 1.38 57.98
08 215.34 0.02 0.02 0 0.800 0.577 1.38 57.98
09 215.11 -0.23 0 0.23 .758 0.5594 1.35 57.44

Table 4.2 Movement 1

Day Return
1 0.(Base)
2 0.05
3 -0.53
4 -0.92
5 -0.16
6 -1.41
7 0.32
8 -1.13
9 -1.94
10 -2.21
11 -2.37
12 -2.37
13 -0.05
14 0
15 1.78
16 1.84
17 1.88
18 1.89
19 1.78
Movement 1 by formula -0.184

Table 4.3 movement 2

Day Return Standard deviation
1 0.(Base) 1.506
2 0.05% 1.506
3 -0.53% 1.506
4 -0.92% 1.506
5 -0.16% 1.506
6 -1.41% 1.506
7 0.32% 1.506
8 -1.13% 1.506
9 -1.94% 1.506
10 -2.21% 1.506
11 -2.37% 1.506
12 -2.37% 1.506
13 -0.05% 1.506
46
14 0% 1.506
15 1.78% 1.506
16 1.84% 1.506
17 1.88% 1.506
18 1.89% 1.506
19 1.78% 1.506

RELATIVE INDEX GRAPH

MOVEMENT 1 and 2 GRAPH

47
Interpretation
SMA
The SMA is plotted using last 19 days data of steel prices here 5 days moving average is taken to construct the simple
moving average graph. Although it seems that SMA and price line on graph goes parallel this because of short duration of
the study however on some points we can observe a little movement from top to bottom which signals a bearish market
and an investor must always go out from the market at such circumstances on the other hand at certain occasion we can
observe a bottom to top movements which reflects a bullish market where an investor must purchase the assets.

RSI
The RSI graph shows overbought and oversold areas. The RSI values from 30 and below indicates a good opportunity to
buy the commodity and the RSI values from 70 and above indicate a good opportunity to sell the commodity.

MOVEMENT 01
Movement 1 reflects the mean return, or average return which an investor will get by investing in commodity 1 from the
first day. However, in the above case it shows a negative mean of 0.184. So, it reflects that on average the portfolio value
of investor will decrease by 0.184%.
To achieve profit in such circumstance an investor must sell the future contract when it is trading at 215 and purchase the
future contract when it is trading at 206 and earn through spread of 7
48
MOVEMENT 02
It reflects the risk involved in investment in the commodity which is in the above case 1.5. the concept of risk involves the
concept of uncertainty which reflects that the portfolio from its mean can move 1.5std in upward direction and 1.5 std in
downward direction

COPPER
TABLE 4.12
DATE PRICE SMA
15 Nov 693 5
16 Nov 689.5
17 Nov 680.7
18 Nov 672.5
21 Nov 668.85 680.91
22 Nov 668.85 676.08
23 Nov 670 672.18
24 Nov 677.75 671.59
25 Nov 675 672.09
28 Nov 673.1 672.94
29 Nov 676.35 674.44
30 Nov 685.10 677.46
1 Dec 691.10 680.13
2 Dec 696.60 684.45
5 Dec 694.4 688.71
6 Dec 698.80 693.2

49
7 Dec 703.5 696.88
8 Dec 707.55 700.17
9 dec 706 702.05

SIMPLE AVERAGE GRAPH

50
Date Price Change Upward Downward Average Average Relative Relative
movements movement upward downward strength strength
movement movement index
15 693 0 0 0 0
16 689.5 -3.5 0 3.5 0
17 680.7 -8.8 0 8.8 0
18 672.5 -8.2 0 8.2 0
21 668.85 -3.65 0 3.65 0 4.83 0 0

51
22 668.85 0 0 0 0 4.025 0 0
23 670 1.15 1.15 0 0.1642 3.45 0.0476 3.84
24 677.75 7.75 7.75 0 1.1125 3.018 0.3668 26.47
25 675 -2.75 0 2.75 0.9889 2.988 0.3308 24.81
28 673.1 -1.9 0 1.9 0 2.88 0 0
29 676.35 3.25 3.25 0 0 2.6181 0 00
30 685.1 8.75 8.75 0 0 2.4 0 0
01 691.1 6 6 0 2.069 2.21 0.9340 48.18
02 696.6 5.5 5.5 0 2.314 2.05 1.125 52.94
05 694.4 -2.2 0 2.2 2.16 2.06 1.04 51.10
06 698.8 4.4 4.4 0 2.3 1.93 1.187 54.12
07 703.5 4.7 4.7 0 2.44 1.82 1.33 57.08
08 707.55 4.05 4.07 0 2.53 1.72 1.46 59.34
09 706 -1.55 0 1.55 2.39 1.71 1.399 58.31

Table 4.2 Movement 1

Day Return
1 0
2 -0.505
3 -1.774
4 -2.958
5 -3.484
6 -3.485
7 -3.318
8 -2.200
9 -2.597
10 -2.871
11 -2.402
12 -1.139
13 -0.274
14 0.519
15 0.202
16 0.836
17 1.515
18 2.099
19 1.875
Movement 1 by formula -1.05073

Table 4.3 movement 2

Day Return Standard deviation
1 0 1.895

52
2 -0.505 1.895
3 -1.774 1.895
4 -2.958 1.895
5 -3.485 1.895
6 -3.485 1.895
7 -3.318 1.895
8 -2.200 1.895
9 -2.597 1.895
10 -2.871 1.895
11 -2.402 1.895
12 -1.139 1.895
13 -0.274 1.895
14 0.519 1.895
15 0.202 1.895
16 0.836 1.895
17 1.515 1.895
18 2.099 1.895
19 1.875 1.895

RELATIVE STRENGTH INDEX GRAPH

53
MOVEMENT 1 AND 2 GRAPH

54
Interpretation

SMA
The SMA is plotted using last 19 days data of copper prices here 5 days moving average is taken to construct the simple
moving average graph. Although it seems that SMA and price line on graph goes parallel this because of short duration of
the study however on some points we can observe a little movement from top to bottom which signals a bearish market
and an investor must always go out from the market at such circumstances on the other hand at certain occasion we can
observe a bottom to top movements which reflects a bullish market where an investor must purchase the assets.

RSI
The RSI graph shows overbought and oversold areas. The RSI values from 30 and below indicates a good opportunity to
buy the commodity and the RSI values from 70 and above indicate a good opportunity to sell the commodity.

MOVEMENT 01
Movement 1 reflects the mean return, or average return which an investor will get by investing in copper from the first
day. However, in the above case it shows a negative mean of 1.05073. So, it reflects that on average the portfolio value of
investor will decrease by 1.05073%.
To achieve profit in such circumstance an investor must sell the future contract when it is trading at 706 and purchase the
future contract when it is trading at 680 and earn through spread of 26

MOVEMENT 02
It reflects the risk involved in investment in the commodity which is in the above case 1.8958. the concept of risk involves
the concept of uncertainty which reflects that the portfolio from its mean can move 1.8958 std in upward direction and
1.8958 std in downward direction

55
 CHAPTER 05
SUMMARY OF FIINDING
SUGESTION AND
CONCLUSION

56
 Chapter 05
Summary of finding suggestion and conclusion

Findings
Following are some important points which highlights the key findings of the study:
o The concept of trading upon agricultural and non-agricultural commodities.
o It helped to understand the concept of diversification benefit
o It helped to understand the concept of bullish and bearish market and trading in the circumstances of bearish
market
o Technical analysis was more helpful in decision making upon the commodity market and reduces the errors in
forecasting. The various tools in technical analysis were complicated but it has given realistic results.
o It has also helped to understand the use of various statistical tools in the concept of trading.
o The overall investment in commodity shows that there can be a negative return if an investor is willing to invest
for a short period of time, however one can convert these losses into profits by using the derivative contracts
o It helped to understand the players of the commodity market
o SMA shows the price fluctuation in the market
o According to the Relative Strength Index when it is above 70 it is advised to sell the commodity and if it is below
30 it is usually advised to buy the commodity.
o The concept of movement 1 helped to compute the return from the investment and also helped to understand the
average return from the investment
o The concept of movement 2 helped to understand the concept of risk in the market.
o There were certain practices used by the professional in order to reduce the risk from the portfolio and increase
the profitability of the portfolio
o It also helped to understand the use of derivative contract in the commodity trading
o It also helped to understand the business model of different finance related company
o It also helped to understand the main cause of commodity trading from different aspects of market players

57
Limitation of the study
Following points highlights the key limitation of the study
o The period of study was too short
o There were certain difficulties in finding the trading prices of commodity
o There were complex statistical tools used for price contracts and understanding those tools was a difficult task.
o Commodity trading is not so popular in India. People are more interested in stock trading

58
Suggestion

Following are some investment rules which the investor must keep in mind at the time of investment
o Before starting the investment, the investor must understand the market and the rules of the market, whether it is a
commodity market, or it is a stock market or any other market.
o The investor must take only that amount of risk at the time of investment which he or she can bear in
extraordinary circumstances.
o Commodity like aluminum and cooper have very complex nature thus the investor must understand the trend of
the market
o Use of derivative contracts in investment can increase the profitability
o For short term investment as commodity will give negative return hence an investor should use derivative
contracts in order to increase the profitability
o It all depends upon the data so the investor must use correct data as a faulty data can give a faulty result
o It is better for an investor to use the concept of diversification in his portfolio so that the portfolio can give a
constant return in all market circumstances
o The commodity price is affected through various factors, so it is important for an investor to analyze various
factors and extent of their position on price of the commodity
o The size of total investment is a very important aspect so the investor must buy different types of commodities
from his total investment
o The investor should use those commodities or assets in his portfolio which are either negatively corelated or
which are zero correlated

59
Conclusion

During this project I was exposed to commodity market by which I got real time experience in this field and by this I
would like to conclude my project through the following points:

1. The concept of investment

The concept of investment is very important aspect because in any field of finance it is widely used, however for different
market players this concept varies so,
For a speculator: An investment refers to the amount that carries a high level of uncertainty
For a hedger: An investment can be said as a part of his saving I.e. (income – expenditure)
For an arbitrager: An investment is the amount which he has borrowed from the market, used in the market and repaid to
the market. and earned through the mispricing present in the market
2. The concept of time value of money
The value of money today will not be equal to the value of money after a period of time. The main cause of this change is
mentioned as below
The concept of utility
The concept of inflation
The concept of uncertainty
Henceforth, it is important to invest the money so that it can maintain the time value factor
3. The way of investment
There can be several ways of investment one can invest in stocks, bonds, commodities, real estate and other derivative
products. The stock and derivative products are usually listed upon stock exchange which is day by day getting popular
however investment in commodities can be made through commodity exchange which is not so popular in India till now.
4. The use of statistics in field of finance
The field of finance is dependent upon historical data, so in order to increase the efficiency and effectiveness the investor
should use various techniques and tools of statistics.
5. The concept of diversification
The concept of diversification speaks that the investor must use different type of assets in his portfolio to increase the
performance of the portfolio
6. The right way of investment
Investment should always be related to the “surplus” one should only use his surplus for investment and should only
take calculated and estimated risk at the time of investment
60
 CHAPTER 6
WEBLIOGRAPHY AND
BIBLIOGRAPHY

61
 CHAPTER 6
BIBLOGRAPHY AND WEBLIOGRAPHY

6.1 BIBLIOGRAPHY
1 Financial Market and products – KAPLAN SCHWESER
2 Financial markets – GARP E NOTES
3 Financial management – Taxman
4 Financial management – SAHITYA BHAWAN PUBLICATION
5 Quantitative analysis – KAPLAN SCHWESER

6.2 WEBLIOGRAPHY
1 www.angelone .in
2 www.economictimes .com
3 www.mcxindia.com
4 www.google.co.in

62
CHAPTER 07
ANNEXURE

63
RESPECTED SIR/MADAM,
KINDLY ALLOW ME INTRODUCE MYSELF AS A UTSAV MISHRA STUDENT OF M.COM PART 2
(COMMERCE) WHO IS CURRENTLY WORKING ON THE PROJECT “COMPREHENSIVE STUDY ON
COMMODITY MARKET” AT THE LUCKNOW UNIVERSITY FEROZE GANDHI DEGREE COLLEGE UNDER
THE GUIDANCE OF ASSOSIATE PROF. DR ARUN KUMAR

I WOULD BE GRATEFULL IF YOU SPARE SOME TIME TO FILL THE QUESTIONS GIVEN BELOW. THE
INFORMATION PROVIDED WILL BE KEPT CONFIDENTIAL.

64
QUESTIONNAIRE
(TO BE FILLED BY APPLICANT)
1.NAME OF THE APPLICANT ______________________________________________________________________

65