Gold futures fell over one percent in American trade as the dollar index gained ground following earlier data from the US, the world's largest economy and ahead of

1. Monday, February 5, 2018
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MCX Market Wrap-up
Commodity Contract
Previous
Close
Open High Low Close
Change in
Price (in %)
Change in OI
(in %)
Change in
Volume (in %)
Aluminum 28-Feb-18 141.7 143.55 144.15 139.4 141.7 0.00% -20.95% 264.13%
Copper 28-Feb-18 451.85 456.5 460.7 445.3 452.75 0.20% -0.10% 33.08%
Crude Oil 16-Feb-18 4190 4210 4271 4063 4186 -0.10% 2.56% 16.36%
Gold 5-Apr-18 30275 30051 30639 29883 30336 0.20% -8.38% 564.30%
Lead 28-Feb-18 165 165.6 169 164.85 165 0.00% 8.16% 1210.52%
Natural Gas 23-Feb-18 200.1 199.5 208 182.4 184.9 -8.22% 51.75% 49.15%
Nickel 28-Feb-18 870.3 873.9 897.9 847.6 866.8 -0.40% -49.97% 766.78%
Silver 5-Mar-18 39960 39850 39850 38475 38651 -3.39% 22.76% 32.42%
Zinc 28-Feb-18 220.65 223 229.6 223 226.4 2.54% -27.75% 735.47%
NCDEX Market Wrap-up
Commodity Contract
Previous
Close
Open High Low Close
Change in
Price (in %)
Change in
OI (in %)
Change in
Volume (in %)
Castor Seed 20-Feb-18 4128 4150 4348 4137 4251 2.89% 13.85% 35.48%
Chana 20-Mar-18 3717 3743 3919 3711 3803 2.26% 9.32% 9.84%
Dhaniya 20-Apr-18 5926 5950 5980 5734 5809 -2.01% -1.12% 38.86%
Cottonseed Oil
Cake
20-Feb-18 1672.5 1679.5 1764 1655 1754.5 4.67% 18.61% -12.52%
Guargum5 20-Feb-18 9992 10192 10468 9725 10393 3.86% 5.14% -53.79%
Guarseed10 20-Feb-18 4620.5 4680 4737 4535 4705 1.80% 13.78% -60.84%
Jeera 20-Mar-18 16430 16410 16730 16260 16590 0.96% 7.53% 37.75%
Kapas 30-Apr-18 974.5 970 992.5 963 980 0.56% -11.82% -31.97%
RMseed 20-Apr-18 4121 4169 4226 4121 4150 0.70% 7.40% -26.64%
Ref Soya Oil 20-Feb-18 747 751 754.4 742 745.95 -0.14% 15.93% -72.28%
Soyabean 20-Feb-18 3665 3680 3849 3609 3626 -1.08% -6.58% -36.35%
Turmeric 20-Apr-18 7356 7322 7452 7230 7356 0.00% 210.97% -74.82%
Mentha Oil 31-Jan-18 1504.5 1510 1603 1501 1571.7 4.28% 3.11% 32.90%
Currency Market Wrap-up
Currency Pair Contract Previous Close Open High Low Close
Change in Price
(in %)
USDINR 26-Feb-18 63.7525 63.8000 64.3900 63.6875 64.2425 0.77%
GBPINR 26-Feb-18 91.0025 90.3700 91.8675 89.5200 91.435 0.48%
EURINR 26-Feb-18 79.2425 79.1000 80.5350 79.0350 80.3475 1.39%
JPYINR 26-Feb-18 58.5200 58.6000 58.9275 58.3000 58.0575 -0.79%
Continued……

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International Market Wrap-up
Commodity Exchange
Previous
Close
Open High Low Close
Change in Price
(in %)
Aluminum LME 2256.5 2261.5 2269.75 2190.25 2213 -1.93%
Copper COMEX 3.183 3.201 3.224 3.152 3.182 -0.03%
Crude Oil NYMEX 66.14 66.2 66.46 63.67 65.07 -1.62%
Gold COMEX 1352.1 1349 1354.3 1330.1 1335.7 -1.21%
Lead LME 2605.5 2610 2684.75 2852.25 2669 2.44%
Natural Gas NYMEX 3.505 3.078 3.258 2.837 2.863 -18.32%
Nickel LME 13632.5 13685 14052.5 13190 13512.5 -0.88%
Silver COMEX 17.385 17.42 17.47 16.52 16.555 -4.77%
Zinc LME 3481.75 3511.5 3583.25 3484.5 3511.5 0.85%

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LME Inventory Update
Commodity Closing (As on 26th Jan 18) in
Tonnes
Closing (As on 19th Jan 17) in
Tonnes
% Change
Copper 304675 299600 1.69%
Nickel 355266 362058 -1.88%
Lead 133250 138050 -3.48%
Zinc 170700 179450 -4.88%
Aluminium 1080550 1086575 -0.55%
Continued…….

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Upcoming Economic Events Calender
Time Currency Event Forecast Previous
Monday, February 5, 2018
7:15 CNY Caixin Services PMI (Jan) 53.9
15:00 GBP Services PMI (Jan) 54.3 54.2
20:15 USD Markit Composite PMI (Jan) 53.8
20:15 USD Services PMI (Jan) 53.3
20:30 USD ISM Non-Manufacturing Employment (Jan) 56.3
Tuesday, February 6, 2018
5:31 GBP BRC Retail Sales Monitor (YoY) (Jan) 0.60%
19:00 USD Trade Balance (Dec) -52.00B -50.50B
20:30 USD JOLTs Job Openings (Dec) 6.038M 5.879M
Wednesday, February 7, 2018
14:00 GBP Halifax House Price Index (YoY) (Jan) 3.30% 2.70%
14:00 GBP Halifax House Price Index (MoM) (Jan) -0.60%
21:00 USD Crude Oil Inventories 6.776M
Thursday, February 1, 2018
5:31 GBP RICS House Price Balance (Jan) 5% 8%
10:34 CNY Trade Balance (USD) (Jan) 54.00B 54.69B
10:35 CNY Exports (YoY) (Jan) 9.50% 10.90%
10:35 CNY Imports (YoY) (Jan) 10.00% 4.50%
17:30 GBP BOE Inflation Letter
17:30 GBP BoE Inflation Report
17:30 GBP BoE QE Total (Feb) 435B 435B
17:30 GBP BoE Interest Rate Decision (Feb) 0.50% 0.50%
18:30 USD FOMC Member Harker Speaks
19:00 USD Initial Jobless Claims 232K 230K
19:30 USD FOMC Member Kashkari Speaks
Friday, February 9, 2018
7:00 CNY CPI (MoM) (Jan) 0.60% 0.30%
7:00 CNY CPI (YoY) (Jan) 1.50% 1.80%
7:00 CNY PPI (YoY) (Jan) 4.40% 4.90%
15:00 GBP Industrial Production (MoM) (Dec) -0.90% 0.40%
15:00 GBP Manufacturing Production (MoM) (Dec) 0.30% 0.40%
15:00 GBP Trade Balance (Dec) -11.60B -12.23B
Currency Weekly Pivots
Currency Pair Contract R3 R2 R1 PP S1 S2 S3
USDINR 26-Feb-18 66.0000 65.0000 65.0000 64.0000 64.0000 63.0000 63.0000
GBPINR 26-Feb-18 96.0000 93.0000 92.0000 91.0000 90.0000 89.0000 86.0000
EURINR 26-Feb-18 83.0000 81.0000 81.0000 80.0000 79.0000 78.0000 77.0000
JPYINR 26-Feb-18 60.0000 59.0000 59.0000 58.0000 58.0000 58.0000 57.0000

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MCX Weekly Pivots
Commodity Contract R3 R2 R1 PP S1 S2 S3
Aluminium 31-Jan-18 151.00 147.00 144.00 142.00 139.00 137.00 132.00
Copper 28-Feb-18 484 468 461 453 445 438.00 422.00
Crude Oil 16-Feb-18 4589 4381 4284 4173 4076 3965 3757
Gold 5-Feb-18 31798 31042 30689 30286 29933 29530 28774
Lead 31-Jan-18 175 170 168 166 164 162.00 158.00
Natural Gas 23-Feb-18 243 217 201 192 176 166.00 141.00
Nickel 31-Jan-18 971 921 894 871 844 820 770
Silver 5-Mar-18 41742 40367 39509 38992 38134 37617 36242
Zinc 31-Jan-18 240 233 230 226 223 220.00 213.00
NCDEX Weekly Pivots
Commodity Contract R3 R2 R1 PP S1 S2 S3
Castor Seed 20-Feb-18 4667 4456 4354 4245 4143 4034 3823
Chana 20-Mar-18 4227 4019 3911 3811 3703 3603 3395
Dhaniya 20-Apr-18 6333 6087 5948 5841 5702 5595 5349
Cotton Seed
Oilcake
20-Feb-18 1943 1834 1794 1725 1685 1616 1507
Guargum5 20-Feb-18 11681 10938 10666 10195 9923 9452 8709
Guarseed10 20-Feb-18 5063 4861 4783 4659 4581 4457 4255
Jeera 20-Mar-18 17467 16997 16793 16527 16323 16057 15587
Kapas 30-Apr-18 1038 1008 994 979 965 949 920
RMseed 20-Apr-18 4376 4271 4210 4166 4105 4061 3956
Ref Soya Oil 20-Feb-18 772 760 753 747 741 735 723
Soyabean 20-Feb-18 4175 3935 3780 3695 3540 3455 3215
Turmeric 20-Apr-18 7790 7568 7462 7346 7240 7124 6902
Mentha Oil 31-Jan-18 1763 1661 1616 1559 1514 1457 1355

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BULLION
Gold futures fell over one percent in American trade as the dollar index gained
ground following earlier data from the US, the world's largest economy and ahead of
Federal Reserve Bank of San Francisco President John Williams' speech later
today. The Federal Reserve voted on Wednesday to hold overnight interest
unchanged at the range of 1.25% to 1.50% at the January 30-31 meeting matching
analysts' expectations. This was current chair Janet Yellen's last meeting with her
term ending next month and getting replaced by Jerome Powell with markets looking
forward to the March 20-21 policy meeting the first under the new chair to take clues
about his views on monetary policy and interest rates.
BASE METALS
Base metals prices on the London Metal Exchange are at first sight looking quite
mixed this morning Friday February 2,with copper and lead in positive territory tin
unchanged and aluminium, zinc and nickel in negative territory. But on closer
inspection of the charts all look well placed to push higher following average gains of
1.1% on Thursday. Indeed copper that has been one of the laggards of late is up by
0.8% at $7,177 per tonne, aluminium rebounded well on Thursday zinc and nickel
prices are just off recent highs and lead prices are in new high ground while tin is
consolidating after very strong gains. Volume has been below average with 6,577 lots
traded as of 06.25 am London time.
ENERGY
Oil futures fell in American trade as the dollar index gained ground following earlier
data from the US the world's largest energy consumer and ahead of Federal Reserve
Bank of San Francisco President John Williams' speech and Baker Hughes' weekly
report on oil rigs later today. Wednesday the Energy Information Administration
released its report on US crude stocks showing a buildup of 6.8 million barrels in the
week ending January 26 compared to a 1.1M drop in the previous reading while
analysts expected a mere 0.1M increase with total stocks now reaching 418.4 million
barrels.
Natural gas futures fell over four percent in American trade to the lowest since
January 9, as the dollar index plumbed January 25 lows following a basket of data
from the US the world's largest energy consumer including the EIA report that
showed a lower-than-expected inventory draw down last week.

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SPICES
Markets found strong support at these lower levels as prices stabilized after the
recent fall. However recovery was limited due to lack of strong demand amidst
expected higher arrivals of the new crop in coming weeks .Even as sowing is
expected to be higher with shifting of other crop towards Jeer due to the high
prevailing rates a delayed sowing in Gujarat (due to warmer climate) may have
some adverse impact on the crop productivity and its arrivals. Exports from
China have reportedly been on the rise. Sideways to slight weak trend persisted
for Turmeric as new crop arrivals kept up trend limited and traders too waited
for some more fall in prices before initiating demand in the mandis.
OIL & OILSEEDS
Soy bean recovered from days low after receiving positive inputs from the
2018-19 Union Budget session.India harvest season subdued export demand
for soy meal and estimations of sufficient amount of inventory lying with
stockists had been capping the upside just few months back but as parity in
exporting Indian soy meal has re-established and harvest season nears
completion any sharp fall is ruled out. Soya oil posted a decent recovery amid
positive cues about the Agri sector from the Union Budget announcements.
Soya oil had maintained strong trend last week amid firmness in Soy bean and
global market.
GUAR COMPLEX
Guar gradually starts moving up as firmness in Crude oil prices leading to rising
export demand kept supporting prices after the recent fall. Overall trend
remains Bullish. A rise in Dollar vs Rupee too would be supporting factor for
exports. Moving forward guarseed is likely to touch at least 5000, while guar
gum might see levels of 10000 or even above. Upward trend is expected in
medium term also because of rising concerns on production front from recent
crop losses due to excess rains in Rajasthan just few months back.
OTHERS
The medium term outlook remains positive for mustard but sentiments might
remained eased ahead of harvest season. In coming weeks a comfortable
supply situation shall limit the upside movement. Estimations of ample quantity
of inventory in physical markets shall prevent prices to move significantly higher
say 4250 or beyond in near future. But lower support levels and strength in
soybean shall prompt buyers to enter at every fall now since 3960-80 is
currently acting as a strong support for the April contract. Markets bounced
back after the recent fall in prices for Cotton as demand started rising in the
Indian markets after the recent corrections. Strong support noted at 20000
levels as Indian prices start getting competitive in the International markets.

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COPPER
Last week, Nickel prices opened lower and prices push up side sharply for most of the week till high of 460 and closed
near the level of 450. From last couple of weeks prices trading between the range of 460 to 450. Daily RSI (14) has given
a negative signal. Prices are expected to go lower from these levels towards next strong support zone placed around
440.
WEEKLY STRATEGY
Particular Details
ACTION SELL
ENTRY PRICE BELOW 449
TARGET 440
STOP LOSS 455
ZINC
Last week Zinc Feb futures started the week on positive note and made a high of 229.60 but till the end of the week,
found resistance of 230 and it closed at 91.4350 with the overall gain of2.50% on weekly basis. Technically for this week,
we can expect profit booking in it from the higher levels and below the level of 225, it can test the level of 222 during
the week. One can make sell position in it by maintaining a SL of 226.80
WEEKLY STRATEGY
Particular Details
ACTION SELL
ENTRY PRICE BELOW 225
TARGET 222.00
STOP LOSS
226.80

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Calthe Week (NCDEX)
TURMERIC
NCDEX Turmeric Apr future continued to trade on negative note for the fourth consecutive trading week. Price made
the low of 7126 during the week and the high of 7418 and settled at 7148. Price decrease by more than 200 points
during the week with higher volume and open interest indicating building of short positions. Market is forming lower
lows on its daily chart indicating selling trend. We can see pressure on prices from higher level. And we are expecting
market can be traded with negative trend.
WEEKLY STRATEGY
Particular Details
ACTION
SELL
ENTRY PRICE BELOW 7120
TARGET 6920
STOP LOSS 7240
CASTOR SEED
Last week, NCDEX Castor Seed prices opened higher and prices bounced sharply for most of the week till high of 4348.
Previously prices have rallied strongly in the last month after taking strong support at 4100 on its short term rising trend
line. Daily RSI (14) has given a positive signal. Prices are expected to go higher from these levels towards next strong
resistance zone placed around 4300.
WEEKLY STRATEGY
Particular Details
ACTION
BUY
ENTRY PRICE
ABOVE 4310
TARGET 4430
STOP LOSS
4248

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Calls of e Week (FOREX)
USDINR
Last week USDINR Feb futures started the week on sideways note and after that traded positive for the entire week. It
made a high of 64.3900 during the week and closed at 64.2425 with the overall gain of 0.77% on weekly basis.
Technically it’s forming Double Bottom pattern on the charts and for this week, we can expect upside movement in it.
If it breaks the level of 64.4125 on the upside, then it can test the level of 64.9725 during the week. One can make buy
position in it by maintaining a SL of 64.0975.
WEEKLY STRATEGY
Particular Details
ACTION
BUY
ENTRY PRICE
ABOVE 64.4125
TARGET 64.9725
STOP LOSS 64.0975
GBPINR
Last week GBPINR Feb futures started the week on negative note and made a low of 89.5200 but till the end of the
week, all of its earlier losses were erased and it closed at 91.4350 with the overall gain of 0.48% on weekly basis.
Technically for this week, we can expect profit booking in it from the higher levels and below the level of 90.8650, it can
test the level of 90.2625 during the week. One can make buy position in it by maintaining a SL of 91.1625.
WEEKLY STRATEGY
Particular Details
ACTION SELL
ENTRY PRICE
BELOW 90.8650
TARGET 90.2625
STOP LOSS 91.1625

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and estimates contained herein are based on Ways2Capital Equity/Commodities Research assessment and have been obtained from sources believed
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ग्राहकों को मह सराह दी जाती है कक वे रयऩोटा भें दी गई जानकायी को के वर याम के रूऩ भें देखें औय ननवेश के लरए स्वमं पै सरा कयें | ग्राहकों को वेफसाइट ऩय प्रकालशत सेवाओं के
ननमभों औय शतों को ऩढ़ने औय सभझने की बी सराह दी जाती है | कं ऩनी के ननगभन के फाद ननमाभक ननकाम द्वायाकं ऩनी के खखराप कोई भुकदभा (माधचका) दामय नहीं ककमा
गमा है।

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port 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.
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 भार्के ट अनुसंधान ननवेश सराहर्काय प्राइवेट लरलभटेड मा उसर्के सहमोगी मा उनर्के कर्कसी बी तत्र्कार रयश्तेदाय र्की ववषम र्कं ऩनी भें र्कोई ववत्तीम रुचि
नह ं है औय न ह इस तयह र्की ववत्तीम हहत र्की प्रर्कृ 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,
(फ) हाई ब्रो भार्के ट अनुसंधान ननवेश सराहर्काय प्राइवेट लरलभटेड मा उसर्के सहमोगी मा उनर्के कर्कसी बी तत्र्कार रयश्तेदाय र्की ववषम र्कं ऩनी र्की प्रनतबूनतमों भें एर्क
प्रनतशत मा उससे अचधर्क र्के वास्तववर्क / पामदेभंद स्वालभत्व नह ं 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 भार्के ट अनुसंधान ननवेश सराहर्काय प्राइवेट लरलभटेड मा उसर्के सहमोचगमों र्को अनुसंधान रयऩोटट र्के प्रर्काशन र्के सभम मा सावटजननर्क रूऩ से उऩस्स्थत
होने र्के सभम र्कोई अन्म बौनतर्क संघषट नह ं है|
DISCLOSURE IN TERMS OF COMPENSATION:
ऺनतऩूनताके 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:
सावाजननकप्रकटन 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 रयऩोटट र्के ववतयण र्की नतचथ से ऩूवट फायह भह नों र्के दौयान ववषम र्कं ऩनी अफ मा र्कबी बी ग्राहर्क नह ं यह 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 भार्के ट अनुसंधान ननवेश सराहर्काय प्राइवेट लरलभटेड मा उसर्के सहमोगीमों ने ववषम र्कं ऩनी र्के अचधर्काय , ननदेशर्क मा र्कभटिाय र्के रूऩ भें र्कबी बी र्काभ
नह ं कर्कमा है
(d) High Brow Market Research Pvt. Ltd. has never been engaged in market making activity for the subject company.
(द) हाई ब्रो भार्के ट अनुसंधान ननवेश सराहर्काय प्राइवेट लरलभटेड ववषम र्कं ऩनी र्के लरए र्कबी बी ववऩणन (भार्के ट भेकर्कं ग) गनतववचध भें शालभर नह ं यहा है ।