Gold prices inched up on Friday but remained on course to rack up their longest monthly losing streak since 2013 hit by worries over lingering U.S. Sino trade ten-sions. Gold would closely track moves in the dollar in which the metal is priced es-

1. HIGH BROW MARKET RESEARCH INVESTMENT ADVISOR PVT. LTD.

2. 2 Copyright © 2018 Ways2Capital. All rights reserved 03/09/2018
Market Wrap-Up
NCDEX Market Wrap-Up
Commodity Contract
Previous
Close
Open High Low Close
% Change
in Price
% Change in
Open Interest
% Change
in Volume
Currency Market Wrap-Up
Currency Pair Contract
Previous
Close
Open High Low Close
Change in
Price (in%)
MCX Market Wrap-Up
Commodity Contract
Previous
Close
Open High Low Close
% Change in
Price
% Change in
Open Inter-
est
% Change
in Volume
Aluminium 28-Sep-18 145.65 145.90 153.55 145.35 150.10 3.06% 33.32% 33.71%
Copper 30-Nov-18 423.70 426.35 432.80 423.25 423.80 0.02% 69.26% -10.81%
Crude Oil 19-Sep-18 4,804 4,818 5,013 4,796 4,959 3.23% 7.29% 32.23%
Gold 05-Oct-18 29903 29910 30359 29883 30129 0.76% 7.15% 17.99%
Lead 28-Sep-18 145.55 146.2 149.55 145.85 147.55 1.37% 4.80% 7.78%
Natural Gas 28-Aug-18 204.5 204 208 199.6 206.9 1.17% -16.61% 8.28%
Nickel 28-Sep-18 938.8 938.5 960.5 908 909.3 -3.14% 46.26% 93.27%
Silver 05-Sep-18 37004 37020 37525 36656 36701 -0.82% 77.82% -7.10%
Zinc 28-Sep-18 178.15 178.45 180.75 174.40 176.10 -1.15% -4.49% -6.24%
Castor Seed 19-Sep-18 4676.00 4670.00 4700.00 4700.00 4659.00 -0.36% -1.43% -0.09%
Chana 19-Sep-18 4101.00 4102.00 4142.00 3754.00 3865.00 -5.75% -15.68% 0.73%
Dhaniya 19-Sep-18 4774.00 4799.00 4824.00 4507.00 4676.00 -2.05% -43.39% 1.97%
COCUDAKL 19-Sep-18 1746.50 1744.00 1747.00 1610.00 1667.50 -4.52% 29.34% -29.34%
Guargum5 16-Oct-18 9201.00 9292.00 9546.00 8780.00 9535.00 3.63% -7.44% -2.77%
Guarseed10 16-Oct-18 4309.50 4346.00 4423.00 4074.00 4408.50 2.30% -3.78% 7.80%
Jeera 19-Sep-18 19330.00 19290.00 19500.00 18880.00 19220.00 -0.57% -65.34% -3.53%
RMseed 19-Sep-18 4078.00 4074.00 4074.00 3921.00 3990.00 -2.16% -34.13% -23.28%
Ref Soya Oil 19-Sep-18 733.60 732.90 737.00 725.20 735.75 0.29% 133.44% 13.36%
Soyabean 16-Oct-18 3249.00 3379.00 3388.00 3236.00 3249.00 0.00% -36.39% 15.82%
Turmeric 19-Sep-18 6868.00 6862.00 6942.00 6702.00 6814.00 -0.79% -10.60% -3.10%
Mentha Oil 28-Sep-18 1721.70 1759.90 1832.00 1740.90 1812.40 5.27% 13.67% 12.51%
USDINR 26-Sep-18 70.1925 70.0100 71.2500 69.9700 71.1875 1.42%
GBPINR 26-Sep-18 90.2950 90.1000 92.7500 90.0675 92.5525 2.50%
JPYINR 26-Sep-18 63.1375 63.1100 64.3325 63.0800 64.2800 1.81%
EURINR 26-Sep-18 81.4350 81.5575 83.2700 81.5125 83.0550 1.99%
Continued…….

3. 3 Copyright © 2018 Ways2Capital. All rights reserved 03/09/2018
International Market Wrap-up
Commodity Exchange
Previous
Close
Open High Low Close % Change in Price
Market Wrap-Up
Aluminium LME 2093.00 2086.50 2177.00 2086.00 2119.75 1.28%
Copper COMEX 2.691 2.740 2.743 2.642 2.663 -1.04%
Crude Oil NYMEX 68.54 68.57 70.50 68.21 69.91 2.00%
Gold COMEX 1212.30 1210.30 1217.00 1196.00 1206.90 -0.45%
Lead LME 2078.75 2085.00 2108.25 2051.75 2088.25 0.46%
Natural Gas NYMEX 2.912 2.908 2.931 2.841 2.921 0.31%
Nickel LME 13430.00 13417.50 13675.00 12780.00 12815.00 -4.58%
Silver COMEX 14.785 14.820 14.820 14.425 14.575 -1.42%
Zinc LME 2532.75 2526.00 2561.25 2434.25 2461.50 -2.81%

4. 4 Copyright © 2018 Ways2Capital. All rights reserved 03/09/2018
Inventory Updates
LME Inventory
Commodity
Closing (As on 31 th Aug18)
In tones
Closing (As on 24 th Aug18)
in tones
% Change in Price
Continued…….
Aluminium 1073050 1099975 -2.45%
Copper 266450 266950 -0.19%
Lead 126225 126550 -0.26%
Nickel 240678 243552 -1.18%
Zinc 243825 248575 -1.91%

5. 5 Copyright © 2018 Ways2Capital. All rights reserved 03/09/2018
Inventory Updates

6. 6 Copyright © 2018 Ways2Capital. All rights reserved 03/09/2018
Market Next Week
Currency Weekly Pivots
Currency Pair Contract R3 R2 R1 PP S1 S2 S3
Continued…….
Upcoming Economic Events Calender
Time Currency Event Forecast Previous
Monday, September 3, 2018
All Day USD United States - Labor Day USA
14:00 GBP Manufacturing PMI (Aug) 53.8 54
Tentative USD OPEC Meeting
Tuesday, September 4, 2018
14:00 GBP Construction PMI (Aug) 54.9 55.8
19:15 USD Manufacturing PMI (Aug) 54.5 54.5
19:30 USD ISM Manufacturing PMI (Aug) 57.7 58.1
Wednesday, September 5, 2018
14:00 GBP Services PMI (Aug) 53.8 53.5
18:00 USD Exports 213.81B
18:00 USD Initial Jobless Claims
18:00 USD Trade Balance (Jul) -50.00B -46.30B
Thursday, September 6, 2018
17:45 USD ADP Nonfarm Employment Change (Aug) 190K 219K
18:00 USD Initial Jobless Claims 215K 213K
18:00 USD Nonfarm Productivity (QoQ) (Q2) 3.00% 2.90%
18:00 USD Unit Labor Costs (QoQ) (Q2) -0.90% -0.90%
19:15 USD Markit Composite PMI (Aug) 55 55
19:15 USD Services PMI (Aug) 55.2 55.2
19:30 USD Cap Goods Ship Non Defense Ex Air (MoM) -1.70% -1.70%
19:30 USD Durable Goods Orders (MoM) -1.70%
19:30 USD Factory Orders (MoM) (Jul) -0.70% 0.70%
19:30 USD ISM Non-Manufacturing Employment (Aug) 56.1
19:30 USD ISM Non-Manufacturing PMI (Aug) 56.5 55.7
20:30 USD Crude Oil Inventories -2.566M
Friday, September 7, 2018
Tentative CNY Trade Balance (USD) (Aug) 39.33B 28.05B
18:00 USD Average Hourly Earnings (YoY) (YoY) (Aug) 2.70% 2.70%
18:00 USD FOMC Member Rosengren Speaks
18:00 USD Nonfarm Payrolls (Aug) 190K 157K
18:00 USD Participation Rate (Aug) 62.90%
18:00 USD Private Nonfarm Payrolls (Aug) 190K 170K
18:00 USD Unemployment Rate (Aug) 3.80% 3.90%
USDINR 26-Sep-18 73.3500 72.1000 71.6500 70.8000 70.3500 69.5000 68.2500
GBPINR 26-Sep-18 97.1500 94.5000 93.5500 91.8000 90.8500 89.1000 86.4500
JPYINR 26-Sep-18 66.4000 65.1500 64.7000 63.9000 63.4500 62.6500 61.4000
EURINR 26-Sep-18 86.1000 84.3500 83.7000 82.6000 81.9500 80.8500 79.1000

7. 7 Copyright © 2018 Ways2Capital. All rights reserved 03/09/2018
MCX Weekly Pivots
Commodity Contract R3 R2 R1 PP S1 S2 S3
NCDEX Weekly Pivots
Commodity Contract R3 R2 R1 PP S1 S2 S3
Market Next Week
Aluminium 28-Sep-18 166.05 157.85 153.95 149.65 145.75 141.45 133.25
Copper 30-Nov-18 445.70 436.15 429.95 426.60 420.40 417.05 407.50
Crude Oil 19-Sep-18 5357 5140 5049 4923 4832 4706 4489
Gold 05-Oct-18 31076 30600 30364 30124 29888 29648 29172
Lead 28-Sep-18 155.05 151.35 149.45 147.65 145.75 143.95 140.25
Natural Gas 28-Aug-18 221.65 213.25 210.10 204.85 201.70 196.45 188.05
Nickel 28-Sep-18 1030.95 978.45 943.90 925.95 891.40 873.45 820.95
Silver 05-Sep-18 38699 37830 37265 36961 36396 36092 35223
Zinc 28-Sep-18 189.80 183.45 179.80 177.10 173.45 170.75 164.40
Castor Seed 19-Sep-18 4686 4686 4673 4686 4673 4686 4686
Chana 19-Sep-18 4696 4308 4087 3920 3699 3532 3144
Dhaniya 19-Sep-18 5303 4986 4831 4669 4514 4352 4035
COCUDAKL 19-Sep-18 1948.85 1811.85 1739.70 1674.85 1602.70 1537.85 1400.85
Guargum5 16-Oct-18 10819 10053 9794 9287 9028 8521 7755
Guarseed10 16-Oct-18 4999.85 4650.85 4529.70 4301.85 4180.70 3952.85 3603.85
Jeera 19-Sep-18 20440.00 19820.00 19520.00 19200.00 18900.00 18580.00 17960.00
RMseed 19-Sep-18 4301 4148 4069 3995 3916 3842 3689
Ref Soya Oil 19-Sep-18 756.25 744.45 740.10 732.65 728.30 720.85 709.05
Soyabean 16-Oct-18 3595 3443 3346 3291 3194 3139 2987
Turmeric 19-Sep-18 7299 7059 6937 6819 6697 6579 6339
Mentha Oil 31-Aug-18 1977.3 1886.2 1849.3 1795.1 1758.2 1704.0 1612.9

8. 8 Copyright © 2018 Ways2Capital. All rights reserved 03/09/2018
BULLION
Gold prices inched up on Friday but remained on course to rack up their longest
monthly losing streak since 2013 hit by worries over lingering U.S. Sino trade ten-
sions. Gold would closely track moves in the dollar in which the metal is priced es-
pecially with investors bracing for the next round of the U.S. China trade conflict.
Gold prices have declined about 7.7 percent so far this year amid international
trade disputes and the Turkish currency crisis with investors preferring the dollar as
a safe-haven. U.S.
BASE METALS
Base metals at LME during early trades on Friday were trading higher as China
manufacturing PMI beats expectations for August. In the previous session all base
metals complex corrected amid US-China trade tension. China reported on Friday
that factory activity was higher than expected in August with the official manufac-
turing Purchasing Manager's Index (PMI) coming in at 51.3. The Chinese manufac-
turing PMI had been forecast to fall to 51.0 in August from 51.2 in July according to
a poll of economists by Reuters.
ENERGY
MCX Fundamentals
WTI crude oil prices trading flat on Friday after settling higher in the previous ses-
sion on Thursday as traders continued to cheer a bullish U.S. petroleum report
from a day earlier and signs of tightening global crude supplies amid falling Ira-
nian exports. Crude oil prices remained on track to post a monthly gain as a sharp
drop in U.S. The Energy Information Administration released its report on US
natural gas storage, showing a build up of 48 billion cubic feet in the week ending
August 17, compared to a 33 billion build up in the previous reading, while ana-
lysts expected a 47 billion increase.

9. 9 Copyright © 2018 Ways2Capital. All rights reserved 03/09/2018
SPICES
NCDEX Fundamentals
OILSEEDS
GUAR COMPLEX
OTHERS
RM seed posted a moderate recovery yesterday. However with prices turning
significantly cheaper and fresh reports of India likely to resume export of
rape meal from China we now do not anticipate much fall now and prices in
medium term may find strong support. Soy bean futures once again found
fresh buying interest. Reserved selling mood amongst stockists and positive
global cues helped soy bean in posting moderate recovery. As viewed on the
charts NCDEX October soy bean in near term may rise up to 3290-3350 at
least if fails to sustain below 3150 on any particular week.
Markets bounced back from the lower levels for Jeer as demand started rising
after the recent dips in prices. Moderate festive season demand on the domes-
tic front and a rise in export demand are expected to provide support to the
prices.Turmeric failed to show any strong recovery even as prices found imme-
diate support at these levels after the recent dips from improved sowing re-
ports. Even as technical is still not very strongly positive, there are expectations
of demand on the domestic and export front picking up with harvesting still
time away.
Profit booking at the higher levels after the recent rise brought some dips to
Mentha Oil prices. Sentiments remained positive however on rising demand
in mandis amidst falling arrivals as new crop arrivals get over.
Positive inputs from soy bean and lack of fresh bearish cues from global edi-
ble oil markets pushed soya oil prices higher. Soya oil had faced resistance in
moving above 750 level in recent weeks although the downside has been lim-
ited up to 725-727.
Price found some support for Guar after recent fall in prices due to good rains
in Rajasthan. However as the bearish impact of rains gradually get over with
prices on the lower side and sowing period too nearing end fall in prices may
be limited from the monsoon factor.

10. 10 Copyright © 2018 Ways2Capital. All rights reserved 03/09/2018
From last couple of trading weeks Gold is trading with positive sentiment and we are expecting that market can con-
tinue the same trend for this week also. Last week Gold made a high of 30359 and closed at 30129 with overall mar-
ginal gain of 0.76% on weekly basis. On its daily chart Gold is forming higher highs and higher lows formation indicating
positive movement in it. For this week, if it breaks the level of 30120 on the upper side then it can test the level of
30450 during the week. One can make buy position in it by maintaining a SL at 30057.
Calls of the Week (MCX)
LEAD
GOLD
WEEKLY STRATEGY
PARTICULAR DETAILS
Lead continuously trading above the support level of 140 and making higher highs and higher lows indicating positive
movement in it from short term to mid term basis supported by positive RSI. Last week Lead made a high of 149.55
and closed at 147.55 with overall marginal gain of 1.37% on weekly basis. For this week, if it breaks the level of 148 on
the upper side then it can test the level of 154 during the week. One can make buy position in it by maintaining a SL at
146.90.
WEEKLY STRATEGY
PARTICULAR DETAILS
Action Buy
Entry Range Above 148
Target 153.40
SL 146.90
Action Buy
Entry Range Above 30120
Target 30450
SL 30057

11. 11 Copyright © 2018 Ways2Capital. All rights reserved 03/09/2018
Last week Dhaniya open with negative sentiment but found enough support of important psychological level of 4500.
Last week Dhaniya made a low of 4507 and closed at 4676 with overall marginal loss of 2% on weekly basis. On its daily
chart Dhaniya is facing support at 4500 and forming reversal formation. For this week, if it breaks the level of 4700 on
the upper side then it can test the level of 4872 during the week. One can make buy position in it by maintaining a SL
at 4632.
Calls of the Week (NCDEX)
TURMERIC
DHANIYA
WEEKLY STRATEGY
PARTICULAR DETAILS
WEEKLY STRATEGY
PARTICULAR DETAILS
From last couple of trading weeks TMC is trading with negative sentiment and we are expecting that market can con-
tinue the same trend for this week also. Last week TMC made a low of 6702 and closed at 6814 with overall marginal
loss of 0.79% on weekly basis. On its daily chart TMC is forming descending triangle formation indicating selling pres-
sure in it. For this week, if it breaks the level of 6700 on the lower side then it can test the level of 6432 during the
week. One can make sell position in it by maintaining a SL at 6824.
Action Buy
Entry Range Above 4700
Target 4872
SL 4632
Action Sell
Entry Range Below 6700
Target 6432
SL 6824

12. 12 Copyright © 2018 Ways2Capital. All rights reserved 03/09/2018
Calls of the Week (FOREX)
WEEKLY STRATEGY
PARTICULAR DETAILS
JPYINR
GBPINR
WEEKLY STRATEGY
PARTICULAR DETAILS
Last week GBPINR made a high of 92.7500 and closed at 90.0675 with overall marginal gain of 2.50% on weekly basis.
On its hourly chart GBPINR trading above its support trend and we believe that we can see some profit booking in it
from higher level. For this week, if it breaks the level of 91.7400 on the lower side then it can test the level of 91.2525
during the week. One can make sell position in it by maintaining a SL at 92.0325.
Action Sell
Entry Range Below 63.9500
Target 63.4500
SL 64.2525
Action Sell
Entry Range Above 91.7400
Target 91.2425
SL 92.0325
Last week JPYINR open with positive sentiment but found enough resistance near the level of 64.30. Last week JPYINR
made a high of 64.3325 and closed at 64.2800 with overall marginal gain of 1.80% on weekly basis. On its daily chart
RSI trading in overbought zone and we are expecting correcting profit booking at higher level. For this week, if it breaks
the level of 63.9500 on the lower side then it can test the level of 63.4500 during the week. One can make sell position
in it by maintaining a SL at 64.2525.

13. 13 Copyright © 2018 Ways2Capital. All rights reserved 03/09/2018
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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
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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.
रयऩोटा ववश्रेषकों द्वाया तैमाय की गमी है जो द्वाया हाई ब्रो भाके ट अनुसंधान ननवेश सराहकाय प्राइवेट लरलभटेड द्वाया ननमुवत हैं | इस रयऩोटा भें व्मवत सबी ववचाय कं ऩनी के फाये भें व्मक्वतगत ववचायों को
दशााता है औय कं ऩननमों औय उनकी प्रनतबूनतमां औय ऺनतऩूनता (भुआवजे) का कोई टहस्सा, मा इस शोध रयऩोटा भें ननटहत ववशेष सुझावों मा ववचायों से प्रत्मऺ मा अप्रत्मऺ रूऩ से संफंधधत नहीं होगा।
DISCLOSURE IN TERMS OF CONFLICT OF INTEREST (टहतों के संघषा के भाभरे भें प्रकटीकयण ):
(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;
(अ) हाई ब्रो भाके ट अनुसंधान ननवेश सराहकाय प्राइवेट लरलभटेड मा उसके सहमोगी मा उनके ककसी बी तत्कार रयश्तेदाय की ववषम कं ऩनी भें कोई ववत्तीम रुधच नहीं है औय न ही इस तयह की ववत्तीम टहत की
प्रकृ नत है|
(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,
(ब) हाई ब्रो भाके ट अनुसंधान ननवेश सराहकाय प्राइवेट लरलभटेड मा उसके सहमोगी मा उनके ककसी बी तत्कार रयश्तेदाय की ववषम कं ऩनी की प्रनतबूनतमों भें एक प्रनतशत मा उससे अधधक के वास्तववक / पामदेभंद
स्वालभत्व नहीं हैं |
(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;
(स) हाई ब्रो भाके ट अनुसंधान ननवेश सराहकाय प्राइवेट लरलभटेड मा उसके सहमोधगमों को अनुसंधान रयऩोटा के प्रकाशन के सभम मा सावाजननक रूऩ से उऩक्स्थत होने के सभम कोई अन्म बौनतक संघषा नहीं है|
DISCLOSURE IN TERMS OF COMPENSATION ( ऺनतऩूनता के संदबा भें प्रकटीकयण):
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.
हाई ब्रो भाके ट अनुसंधान ननवेश सराहकाय प्राइवेट लरलभटेड की ऩॉलरसी अऩने ववश्रेषकों, ऩेशेवयों को ववश्रेषक के ऺेत्र भें ककसी बी कं ऩनी की प्रनतबूनतमों के स्वाभी से ववश्रेषकों को रयऩोटा कयने से योकती है।
ववश्रेषक ऺनतऩूनता : ववश्रेषक हाई ब्रो भाके ट अनुसंधान ननवेश सराहकाय प्राइवेट लरलभटेड के वेतन आधारयत स्थामी कभाचायी है |
DISCLOSURE IN TERMS OF PUBLIC APPEARANCE (सावाजननक प्रकटन के भाभरे भें प्रकटीकयण ) :
(a) High Brow Market Research Pvt. Ltd. or its associates have not received any compensation from the subject company in the past twelve months;
(अ) हाई ब्रो भाके ट अनुसंधान ननवेश सराहकाय प्राइवेट लरलभटेड मा उसके सहमोगीमों ने वऩिरे 12 भहीनों भें ववषम कं ऩनी से कोई भुआवजा प्राप्त नहीं ककमा है |
(b) The subject company is not now or never a client during twelve months preceding the date of distribution of the research report.
(ब) अनुसंधान रयऩोटा के ववतयण की नतधथ से ऩूवा फायह भहीनों के दौयान ववषम कं ऩनी अफ मा कबी बी ग्राहक नहीं यही है।
(c ) High Brow Market Research Pvt. Ltd. or its associates has never served as an officer, director or employee of the subject company;
(स) हाई ब्रो भाके ट अनुसंधान ननवेश सराहकाय प्राइवेट लरलभटेड मा उसके सहमोगीमों ने ववषम कं ऩनी के अधधकायी, ननदेशक मा कभाचायी के रूऩ भें कबी बी काभ
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