Gold prices started the week with a huge leap forward on the back of host of supportive factors for gold at the moment. Spot gold edged higher towards $1336/ounce, highest in 42 weeks on Monday in Asia after the North Korean nuclear test over the weekend. Earlier the weaker than expected nonfarm report on Friday

2. MCX DAILY LEVELS✍
DAILY EXPIRY DATE R4 R3 R2 R1 PP S1 S2 S3 S4
ALUMINIUM 29- SEP-2017 138 138 137 136 135 134 133 132 131
COPPER 30- NOV-2017 454 452 450 448 446 444 442 440 438
CRUDE OIL 19-SEP-17 3128 3108 3088 3068 3031 3020 2991 2971 2945
GOLD 05-OCT--2017 30850 30652 30500 30350 30128 30050 29900 29700 29555
LEAD 29- SEP-2017 155.10 154.50 153.90 153.10 152.70 152 151.2 150.50 149.80
NATURAL GAS 26-SEP-2017 202 200 198 196 194 192.10 190.10 188.20 186
NICKEL 29- SEP-2017 850 825 800 795 782 770 751 742 735
SILVER 05-JUL-2017 41800 41400 41200 40999 40600 40400 40150 39901 39700
ZINC 29- DEC-2017 208 207.10 206.50 205.90 205 203 201 199 197
MCX WEEKLY LEVELS✍
WEEKLY EXPIRY DATE R4 R3 R2 R1 PP S1 S2 S3 S4
ALUMINIUM 29- SEP-2017 143 141 139 137 135 133 131 129 127
COPPER 30- JUN-2017 462 458 454 450 446 442 438 434 430
CRUDE OIL 19-SEP-17 3200 3150 3128 3088 3031 2991 2945 2900 2850
GOLD 05-OCT--2017 31251 31000 30850 30500 30128 29900 29555 29200 29000
LEAD 29- SEP-2017 157.30 156.20 155.10 153.90 152.70 151.2 149.80 149.00 148.30
NATURAL GAS 26-SEP-2017 210 206 202 198 194 190.10 186 182 180
NICKEL 29- SEP-2017 920 898.90 850 800 782 751 735 720 700.10
SILVER 05-JUL-2017 39980 39500 41800 41200 40600 40150 39700 37500 37110
ZINC 29- DEC-2017 171.50 168.50 208 206.50 205 201 197 154.90 152.10
Tuesday 05 September 2017

3. FOREX DAILY LEVELS✍
DAILY EXPIRY DATE R4 R3 R2 R1 PP S1 S2 S3 S4
USDINR 27-SEP-17 64.60 64.50 64.40 64.30 64.20 64.10 64.00 63.90 63.80
EURINR 27-SEP-17 77.10 76.90 76.70 76.55 76.33 76.10 75.95 75.80 75.64
GBPINR 27-SEP-17 83.77 83.55 83.33 83.21 82.99 82.80 82.60 82.40 82.20
JPYINR 27-SEP-17 60.20 59.50 59.30 58.90 58.67 58.58 58.49 58.40 58.30
FOREX WEEKLY LEVELS✍
WEEKLY EXPIRY DATE R4 R3 R2 R1 PP S1 S2 S3 S4
USDINR 27-SEP-17 65.00 64.80 64.60 64.40 64.20 64.00 63.80 63.60 63.40
EURINR 27-SEP-17 77.90 77.50 77.10 76.70 76.33 75.95 75.64 75.40 75.01
GBPINR 27-SEP-17 84.33 83.99 83.77 83.33 82.99 82.60 82.20 81.80 81.40
JPYINR 27-SEP-17 61.00 60.60 60.20 59.30 58.67 58.49 58.30 58.10 57.90

4. MCX - WEEKLY NEWS LETTERS
INTERNATIONAL UPDATES ( BULLION & ENERGY )✍
GOLD✍
Gold prices started the week with a huge leap forward on the back of host of supportive factors for gold at
the moment. Spot gold edged higher towards $1336/ounce, highest in 42 weeks on Monday in Asia after the
North Korean nuclear test over the weekend. Earlier the weaker than expected nonfarm report on Friday
also lifted the gold prices. Nonfarm payrolls in the United States increased by 156 thousand in August of
2017, below a downwardly revised 189 thousand in July and lower than market expectations of 180
thousand. US unemployment rate unexpectedly rose to 4.4 percent in August 2017 from 4.3 percent in the
previous month and above market consensus of 4.3 percent. North Korea on Sunday conducted its sixth and
most powerful nuclear test, which it said was of an advanced hydrogen bomb for a long-range missile,
prompting the threat of a “massive” military response from the United States if it or its allies were
threatened. The University of Michigan's consumer sentiment for the United States stood at 96.8 in August
of 2017, below the preliminary estimate of 97.6 and compared with July's final reading of 93.4.Separtaely,
The Institute for Supply Management’s Manufacturing PMI in the US rose to 58.8 in August of 2017 from
56.3 in July, beating market expectations of 56.5. It is the highest reading since April of 2011 Construction
spending in the US unexpectedly fell 0.6 percent month-on-month to USD 1.21 trillion in July 2017, the
lowest level since October 2016, following an upwardly revised 1.4 percent drop in June and missing
market expectations of a 0.5 percent gain. The non-commercial futures contracts of Gold futures, traded by
large speculators and hedge funds, totaled a net position of 231,047 contracts in the data reported through
Tuesday August 29th. This was a weekly gain of 22,609 contracts from the previous week which had a total
of 208,438 net contracts. The non-commercial futures contracts of Silver futures, traded by large speculators
and hedge funds, totaled a net position of 53,645 contracts in the data reported through Tuesday August
29th. This was a weekly gain of 9,099 contracts from the previous week which had a total of 44,546 net
contracts.
BASE METAL✍
Base metals complex remained in the green zone by the time of closing of previous session; Nickel was the
top gainer on Friday at LME as well as on MCX futures market. LME Copper hit its highest in three years
in early Asian trading on Monday as investment flowed into industrial metals amid surprisingly robust
global factory growth. Factories across Asia and Europe cranked up production last month as global
demand remained strong, confounding expectations growth may have peaked. LME Nickel strike highest
since June 2015, up 2.5 percent as steel and its inputs stretched a rally fuelled by expectations that China

5. will close capacity over winter to clear its smog-choked skies. Hedge funds and money managers upped
their bullish stance in copper to a fresh record, U.S. government data showed on Friday. U.S. job growth
slowed more than expected in August after two straight months of hefty increases, but the pace of gains
should be more than enough for the Federal Reserve to announce a plan to start trimming a massive bond
portfolio accumulated as it sought to bolster the economy.
Copper prices on Friday showed upward trajectory and went higher at MCX Future markets by 1.71%
whereas at LME prices went up by 0.7%. Stocks at LME decreased by 2.17% and cancelled warrants
increased massively by 3.55%.Copper hit its highest in three years in early Asian trading on Monday as
investment flowed into industrial metals amid surprisingly robust global factory growth.Hedge funds and
money managers upped their bullish stance in copper to a fresh record, U.S. government data showed on
Friday
Nickel prices on Thursday remained the top performer on LMe as the prices gained around 1.9% at LME
and moved higher by 0.7% in MCX futures market. At LME, Stocks increased by 0.67% on Thursday and
cancelled warrants increased by 0.81%. Chinese rebar steel and iron ore futures gained after the
manufacturing data, continuing a months-long rally that has boosted other industrial metals nickel and zinc.
South Korea's SK Innovation said on Thursday it has started commercial production of lithium-ion batteries
with an increased portion of nickel.
Aluminum prices on Friday posted gains as the prices went higher by 0.9% in LME & went up by 0.63% at
MCX futures market. Stocks increased by 0.03% and cancelled warrants decreased by 0.56%. Aluminum
prices have rallied this year amid burgeoning optimism about consumption in China, as well as the impact
of supply-side reforms. According to the most recent data, China’s July aluminum production was at the
lowest since February 2017. If we exclude February, when production was lower due to the Chinese Lunar
New Year holiday, July’s aluminum production is actually at a one-year low.China accounts for more than
half of the glob
Lead prices on Friday drifted higher by the closing higher at 0.04% in LME trading session and at MCX
prices went up by 0.8%. As per LME data, stocks at LME declined by 0.17% on Friday & cancelled
warrants also decreased by 0.2%. The supply side fundamentals are supporting the prices as Chinese
primary lead production in the first seven months of 2017 has decreased by 6.64% y-o-y due to concentrate
supply tightness. Whereas the rise in cancelled warrants last week at LME tracked warehouse shows the
robust demand for the metal. Zinc prices on Friday uprehended as prices went up at MCX future market by
2.32% whereas went same in LME by 1.24%. As per LME data, stocks at LME decreased by 0.06% on
Friday whereas cancelled warrants decreased by 0.11%. Chinese rebar steel gaining currently after the
manufacturing data, continuing a months-long rally that has boosted other industrial metals nickel and zinc.
Zinc’s monthly gain was the biggest in more than two years pushed by bets on tighter supplies and Chinese
demand
ENERGY✍

6. Choppiness in likely to continue for short term supported by shutdowns of U.S. production following
Hurricane Harvey, but pressured by expected downturn in crude demand as storm knocked out refineries
along the Gulf of Mexico coast. Department of Energy reported eight U.S. oil refineries with total of 2.1
million bpd, or 11.4% of total U.S. refining capacity, were still shut down. Iran’s oil minister announcement
of OPEC members' compliance with agreement to reduce output to have improved in recent months too
supported prices on lower levels. Markets were nervously eyeing developments in North Korea, where
military conducted its sixth and most powerful nuclear test over weekend, prompting threat of "massive"
military response from US if it or its allies were threatened. Market participants will now shift their focus to
crude oil inventories data that will be released on Thursday.
U.S. crude oil prices edged higher on Monday while gasoline prices slumped to pre-Hurricane Harvey
levels, as oil refineries and pipelines in the U.S. Gulf Coast slowly resumed activity, easing supply
concerns. Damage by Harvey to the oil infrastructure in the Gulf Coast appeared less extensive than some
had feared. A number of major refineries, which convert crude oil to refined products such as gasoline and
jet fuel, were gradually resuming operations on Monday. Colonial Pipeline, the largest American fuel
system, was restarting the distillates segment of its pipeline from Texas to New Jersey. Its gasoline pipeline
was due to resume operations on Tuesday, the company said. At the same time, about 5.5 percent of the U.S.
Gulf of Mexico's oil production, or 96,000 barrels of daily output, remained shut on Sunday, down from a
peak of more than 400,000 bpd last week. European gasoline refining margins dropped by nearly a fifth on
Monday. And while the U.S. government tapped its strategic oil reserves for the first time in five years last
week, the head of the International Energy Agency (IEA) said the global energy watchdog saw no need for a
coordinated international release of oil stocks after Harvey.

7. MCX TECHNICAL VIEW
GOLD :On the daily chart, MCX Gold prices have given a breakout above the falling channel on the daily
chart. Moreover, COMEX Gold prices have been in a higher top higher bottom formation. Furthermore,
prices have been sustaining above its 25 SMA on the daily chart. In addition, RSI is in positive crossover
and upward trending suggesting the continuation of the current trend for next few days. Therefore, we keep
our bullish view on Gold with an expectation of 30500 levels.

8. CRUDEOIL
MCX Crude Oil price have found resistance around the reflection point twice. In addition, price slipped
below its range-bound pattern on the daily chart which adds to the bearishness. Moreover, NYMEX crude
is struggling to sustain above $50 mark suggests a capping of upside around $50. Further more price
slipped below 25 SMA on a daily chart. Therefore, we keep our view bearish on MCX Crude and expect
a correction towards 2850 levels in the few trading session.

9. NCDEX DAILY LEVELS✍
DAILY EXPIRY DATE R4 R3 R2 R1 PP S1 S2 S3 S4
SYOREFIDR 18-OCT-2017 669 667 665 663 661 659.50 658.00 657.00 656.50
SYBEANIDR 20-SEP-2017 3250 3220 3180 3150 3122 3100 3080 3060 3040
RMSEED 20-SEP-2017 3925 3900 3875 3850 3825 3800 3775 3750 3700
JEERAUNJHA 20-SEP-2017 20750 20500 20250 20000 19725 19500 19250 19000 18750
GUARSEED10 20-SEP-2017 3900 3870 3850 3830 3807 3770 3740 3700 3670
TMC 19-SEP-2017 7890 7826 7776 7700 7678 7550 7402 7350 7300
NCDEX WEEKLY LEVELS✍
WEEKLY EXPIRY DATE R4 R3 R2 R1 PP S1 S2 S3 S4
SYOREFIDR 18-OCT-2017 677 673 669 665 661 658.00 656.50 654 650.10
SYBEANIDR 20-SEP-2017 3350 3300 3250 3180 3122 3080 3040 3000 2960
RMSEED 20-SEP-2017 4025 3975 3925 3875 3825 3775 3700 3625 3550
JEERAUNJHA 20-SEP-2017 21750 21250 20750 20250 19725 19250 18750 18250 17750
GUARSEED10 20-SEP-2017 4000 3950 3900 3850 3807 3740 3670 3630 3590
TMC 19-SEP-2017 8150 8000 7890 7776 7678 7402 7300 7210 7122

10. NCDEX - WEEKLY MARKET REVIEW
FUNDAMENTAL UPDATES OF NCDEX MARKET -✍
Indian government has banned import of wheat from Bangladesh and Latin American countries that have
reported deadly wheat blast disease to prevent spread of the disease in Indian crops. The Latin American
fungal wheat disease had made its way across the border from Bangladesh into India in the rabi season,
and led to 90% decline in the output in the affected fields. Data released from agriculture ministry showed
acreage of soybean across the country was at 10.5 mln ha, down 7.2% from a year ago, according to latest
data released by the agriculture ministry. The total area under soybean has declined this year due to a fall
in acreage in Madhya Pradesh, the largest producer, because of poor rains in the state so far. In Madhya
Pradesh, acreage of the crop was at 5.01 mln ha, lower than 5.36 mln ha in the previous year. In
Maharashtra, farmers have planted nearly soybean across 3.8 mln ha, down 3.1% on year, while in
Rajasthan, acreage was at 924,500 ha, down from 1.02 mln ha the previous year. Brazilian soy exports in
month of August hit all-time high of 5.7 million tonnes, 500,000 tonnes above August 2015. In this year,
total exports of soy have reached 57.6 million tonnes. Mentha oil prices drifted lower as speculators
trimmed their positions, taking negative cues from spot market on tepid demand from industries. As per
report Essential Oil- Global Industry Perspective Comprehensive Analysis and Forecast 2014-2020,
global demand of essential oil will increase in coming years. Global essential oil market is mainly driven
by increasing demand from natural and organic care products. This will boost mentha oil demand mainly
from medicines health products cosmetics as well as food and beverages. From export front demand for
mentha will emerge from EU, UK, Japan and Singapore
cotton futures are expected to witness range bound move in absence of fresh cues to the market. Prices are
likely to track short term interim fundamentals which may support upward move in cotton. Prices are
closely monitoring arrival progress in northern region which has delayed due to unfavorable weather
condition. Forecast of heavy rainfall in Punjab for next two days may lead to delay in arrivals and may
cause prices to move up further at futures platform. Beside, mounting concerns over crop damage in US
caused by hurricane Harvey could be the major factor to lead prices higher in near term. Crop damage in
US may turn beneficial for India exporters as India is the second largest exporter of cotton after US.
However, comfortable supply outlook supported by good crop condition across India could restrict the
major gains. Moreover, prices may follow cues from better monsoon progress in key cotton growing
region as IMD forecasted above normal rainfall for Gujarat, Rajasthan, Punjab and Haryana for next three
days starting from Friday. Overall cotton acreages have been higher by 16.71 % y/y till end of August as
about 119.67 lakh hac was sown under cotton till 25th Aug Aug compare to 102.54 lakh hac planted last
year till date. Total cotton acreages in Gujarat and Maharashtra has increased by 12% y/y and 7% y/y
respectively whereas it has been reported to be increased by 47% y/y and 41% y/y in Telangana and
Andhra Pradesh respectively. Crop condition is likely to be good in upcoming days owing to above

11. normal monsoon rainfall forecast as IMD projected above normal monsoon rainfall in Gujarat and
Maharashtra for next three days
Castor seed futures traded in range bound levels during the last trade on profit booking at exiting levels
Hence, most active Sept futures closed at Rs.4598/quintal, down by 0.39% while next month Oct futures
closed with loss of 0.38% from its last close As on 31st August 2017, total 40,384 tons castor seeds are
available at NCDEX approved warehouses, which is up by 819 tons compared to prior day whereas 3274
tons was in process As per IMD latest data, Gujarat has received 758.80 mm rainfall during the period of
1st June to 3rd Sept 2017, which is up by 32% compared to normal distribution of 576.90 mm while
Rajasthan has received 429.80 mm, higher by 18% against normal distribution of 365.50 mm; for the
country as a whole, cumulative rainfall during this year’s southwest monsoon season has so far upto
September 3rd is 4% below Long Period Average (LPA)
NCDEX TECHNICAL VIEW
SOYABEAN
NCDEX Soybean reversed sharply from Rs.3280 and is now trading closer to Rs.3065 mark. Rising trend
line support and horizontal support near Rs.3050 suggests possibility of a pullback rally. Key resistances
are placed at Rs.3160 / 3280 whereas Rs.3050 / 2980 may act as strong supports. Sideways to positive
consolidation is likely for the week as long as Rs.2980 is held.

12. RM SEED
NCDEX RMSeed continues to form higher highs and higher lows on the short-term time frame. Strong
supports are now placed at Rs.3760 / 3610 whereas Rs.3910 / 4130 are expected to act as stiff resistances.
Rising 14-period RSI supports the bullish view. Thus, dip buying is advised as long as Rs.3610 is held.

13. LEGAL DISCLAIMER
This Document has been prepared by Ways2Capital (A Division of High Brow Market Research
Investment Advisor Pvt Ltd). The information, analysis and estimates contained herein are based on
Ways2Capital Equity/Commodities Research assessment and have been obtained from sources believed to
be reliable. This document is meant for the use of the intended recipient only. This document, at best,
represents Ways2Capital Equity/Commodities Research opinion and is meant for general information
only. Ways2Capital Equity/Commodities Research, its directors, officers or employees shall not in any
way to be responsible for the contents stated herein. Ways2Capital Equity/Commodities Research
expressly disclaims any and all liabilities that may arise from information, errors or omissions in this
connection. This document is not to be considered as an offer to sell or a solicitation to buy any securities
or commodities.
All information, levels & recommendations provided above are given on the basis of technical &
fundamental research done by the panel of expert of Ways2Capital but we do not accept any liability for
errors of opinion. People surfing through the website have right to opt the product services of their own
choices.
Any investment in commodity market bears risk, company will not be liable for any loss done on these
recommendations. These levels do not necessarily indicate future price moment. Company holds the right
to alter the information without any further notice. Any browsing through website means acceptance of
disclaimer.
DISCLOSURE
High Brow Market Research Investment Advisor Pvt. Ltd. or its associates does not do business with
companies covered in research report nor is associated in any manner with any issuer of products/
securities, this ensures that there is no actual or potential conflicts of interest. To ensure compliance with
the regulatory body, we have resolved that the company and all its representatives will not make any
trades in the market.

14. Clients are advised to consider information provided in the report as opinion only & make investment
decision of their own. Clients are also advised to read & understand terms & conditions of services
published on website. No litigations have been filed against the company since the incorporation of the
company.
Disclosure Appendix:
The reports are prepared by analysts who are employed by High Brow Market Research Investment
Advisor Pvt. Ltd. All the views expressed in this report herein accurately reflects personal views about the
subject company or companies & their securities and no part of compensation was, is or will be directly
or indirectly related to the specific recommendations or views contained in this research report.
Disclosure in terms of Conflict of Interest:
(a) High Brow Market Research Pvt. Ltd. or his associate or his relative has no financial interest in the
subject company and the nature of such financial interest;
(b) High Brow Market Research Pvt. Ltd. or its associates or relatives, have no actual/beneficial
ownership of one percent or more in the securities of the subject company,
(c) High Brow Market Research Pvt. Ltd. or its associate has no other material conflict of interest at the
time of publication of the research report or at the time of public appearance;
Disclosure in terms of Compensation:
High Brow Market Research Investment Advisor Pvt. Ltd. policy prohibits its analysts, professionals
reporting to analysts from owning securities of any company in the analyst's area of coverage.
Analyst compensation: Analysts are salary based permanent employees of High Brow Market Research
Pvt. Ltd.
Disclosure in terms of Public Appearance:
(a) High Brow Market Research Pvt. Ltd. or its associates have not received any compensation from the
subject company in the past twelve months;
(b) The subject company is not now or never a client during twelve months preceding the date of
distribution of the research report.
(c) High Brow Market Research Pvt. Ltd. or its associates has never served as an officer, director or
employee of the subject company;
(d) High Brow Market Research Pvt. Ltd. has never been engaged in market making activity for the
subject company.