Gold traded firm near a five month peak hit early on Monday supported by a disap-pointing U.S. jobs data that fuelled speculation that the Federal Reserve may stop

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

2. 2 Copyright © 2018 Ways2Capital. All rights reserved 11/12/2018
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%)
Continued…….
MCX Market Wrap-Up
Commodity Contract
Previous
Close
Open High Low Close
% Change in
Price
% Change in
Open Inter-
est
% Change
in Volume
Aluminium 31-Dec-18 137.20 138.50 141.00 137.50 140.30 2.26% -18.59% -28.36%
Copper 28-Aug-19 433.10 434.50 447.50 428.20 438.45 1.24% -16.93% -4.26%
Crude Oil 18-Dec-18 3,576 3,606 3,867 3,559 3,849 7.63% 40.74% -24.66%
Gold 05-Feb-19 30244 30316 32021 30316 31595 4.47% -22.48% 32.17%
Lead 31-Dec-18 137.25 138.60 142.70 138.35 142.2 3.61% -20.85% -33.79%
Natural Gas 26-Dec-18 317.40 312.00 326.70 299.10 324.00 2.08% 3.27% 23.27%
Nickel 31-Dec-18 774.80 785.00 804.40 762.00 781.30 0.84% -34.64% -16.30%
Silver 05-Mar-19 36025 36605 38000 36531 37972 5.40% -57.66% -26.49%
Zinc 31-Dec-18 180.20 182.00 190.65 182.00 188.00 4.33% 6.49% -15.09%
Castor Seed 18-Jan-19 5438.00 5480.00 5810.00 5476.00 5568.00 2.39% -19.82% 0.09%
Chana 18-Jan-19 4704.00 4749.00 4749.00 4564.00 4605.00 -2.10% -18.55% 5.98%
Dhaniya 18-Jan-19 6461.00 6500.00 6794.00 6465.00 6538.00 1.19% -22.74% -7.32%
COCUDAKL 18-Jan-19 1919.00 1938.00 1947.50 1858.00 1893.00 -1.35% -17.17% 4.89%
Guargum5 18-Jan-19 8804.00 8905.00 9097.00 8688.00 8762.00 -0.48% -72.82% -2.99%
Guarseed10 18-Jan-19 4354.00 4390.00 4490.00 4335.00 4375.00 0.48% -55.67% 5.09%
Jeera 18-Jan-19 18870.00 19030.00 19515.00 18550.00 18755.00 -0.61% -33.42% -6.11%
RMseed 18-Jan-19 4019.00 4027.00 4036.00 3981.00 4001.00 -0.45% 123.35% 4.84%
Ref Soya Oil 18-Jan-19 717.10 720.00 735.50 718.50 734.10 2.37% 29.59% -12.82%
Soyabean 18-Jan-19 3394.00 3420.00 3430.00 3309.00 3329.00 -1.92% 186.25% -3.08%
Turmeric 18-Jan-19 6642.00 6758.00 6820.00 6512.00 6580.00 -0.93% -65.19% -10.59%
Mentha Oil 31-Dec-18 1649.50 1600.30 1646.90 1555.00 1588.30 -3.71% -34.93% 3.69%
USDINR 27-Dec-18 69.8525 70.0075 70.9625 70.0050 70.9025 1.50%
GBPINR 27-Dec-18 89.2350 89.2075 90.9800 89.2075 90.5650 1.49%
JPYINR 27-Dec-18 61.7175 61.9475 63.0625 61.8200 63.0025 2.08%
EURINR 27-Dec-18 79.6475 79.7775 81.0175 79.6000 80.7825 1.43%

3. 3 Copyright © 2018 Ways2Capital. All rights reserved 11/12/2018
International Market Wrap-up
Commodity Exchange
Previous
Close
Open High Low Close % Change in Price
Market Wrap-Up
Aluminium LME 1957.75 1973.50 1996.25 1933.50 1961.75 0.20%
Copper COMEX 2.792 2.850 2.858 2.708 2.760 -1.15%
Crude Oil NYMEX 50.70 52.45 54.55 50.08 52.61 3.77%
Gold COMEX 1227.80 1227.80 1255.80 1226.60 1252.60 2.02%
Lead LME 1954.50 1982.00 2008.75 1954.75 1994.25 2.03%
Natural Gas NYMEX 4.637 4.527 4.630 4.231 4.488 -3.21%
Nickel LME 11097.50 11282.50 11435.00 10757.50 10960.00 -1.24%
Silver COMEX 14.250 14.335 14.745 14.280 14.696 3.13%
Zinc LME 2541.250 2601.75 2643.75 2557.25 2593.750 2.07%

4. 4 Copyright © 2018 Ways2Capital. All rights reserved 11/12/2018
Inventory Updates
LME Inventory
Commodity
Closing (As on 7th Dec 18)
In tones
Closing (As on 30th Nov 18)
in tones
% Change in Price
Continued…….
Aluminium 1043775 1055275 -1.09%
Copper 124950 136250 -8.29%
Lead 104550 105600 -0.99%
Nickel 210876 213720 -1.33%
Zinc 111225 119200 -6.69%

5. 5 Copyright © 2018 Ways2Capital. All rights reserved 11/12/2018
Inventory Updates

6. 6 Copyright © 2018 Ways2Capital. All rights reserved 11/12/2018
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, December 10, 2018
12:00 GBP BoE MPC Member Cunliffe Speaks
15:00 GBP GDP (MoM) 0.10% 0.00%
15:00 GBP GDP (YoY) (Q3) 1.60% 1.50%
15:00 GBP Industrial Production (MoM) (Oct) -0.40% 0.00%
15:00 GBP Manufacturing Production (MoM) (Oct) 0.00% 0.20%
15:00 GBP Monthly GDP 3M/3M Change 0.40% 0.60%
15:00 GBP Trade Balance (Oct) -10.50B -10.68B
Tuesday, December 11, 2018
15:00 GBP Average Earnings Index +Bonus (Oct) 3.00% 3.00%
15:00 GBP Claimant Count Change (Nov) 13.2K 20.2K
15:00 GBP Employment Change 3M/3M (MoM) 20.0K 23.0K
15:00 GBP Unemployment Rate (Oct) 4.10% 4.10%
19:00 USD Core PPI (MoM) (Nov) 0.10% 0.50%
19:00 USD PPI (MoM) (Nov) 0.00% 0.60%
Wednesday, December 12, 2018
Tentative GBP UK Parliament vote on Brexit deal
16:50 USD OPEC Monthly Report
19:00 USD Core CPI (YoY) (Nov) 2.20% 2.10%
19:00 USD Core CPI (MoM) (Nov) 0.20% 0.20%
19:00 USD CPI (MoM) (Nov) 0.10% 0.30%
21:00 USD Crude Oil Inventories -7.323M
Thursday, December 13, 2018
0:30 USD Federal Budget Balance (Nov) -165.2B -100.0B
5:31 GBP RICS House Price Balance (Nov) -10% -10%
19:00 USD Import Price Index (MoM) (Nov) -1.00% 0.50%
19:00 USD Initial Jobless Claims 227K 231K
Friday, December 14, 2018
7:30 CNY Fixed Asset Investment (YoY) (Nov) 5.90% 5.70%
7:30 CNY Chinese Unemployment Rate 4.90%
19:00 USD Core Retail Sales (MoM) (Nov) 0.20% 0.70%
19:00 USD Retail Sales (MoM) (Nov) 0.10% 0.80%
19:45 USD Industrial Production (YoY) 4.10%
19:45 USD Industrial Production (MoM) (Nov) 0.30% 0.10%
20:15 USD Manufacturing PMI (Dec) 55.1 55.3
20:15 USD Services PMI (Dec) 55 54.7
USDINR 27-Dec-18 70.2500 71.5500 71.2000 70.6000 70.2500 69.6500 68.7000
GBPINR 27-Dec-18 89.5500 92.0000 91.3000 90.2500 89.5000 88.5000 86.7000
JPYINR 27-Dec-18 62.4000 63.9000 63.5000 62.6500 62.2500 61.4000 60.1500
EURINR 27-Dec-18 80.0500 81.8500 81.3000 80.4500 79.9000 79.0500 77.6000

7. 7 Copyright © 2018 Ways2Capital. All rights reserved 11/12/2018
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 31-Dec-18 139.20 143.10 141.70 139.60 138.20 136.10 132.60
Copper 28-Aug-19 434.90 457.35 447.90 438.05 428.60 418.75 399.45
Crude Oil 18-Dec-18 3697 4066 3958 3758 3650 3450 3142
Gold 05-Feb-19 30600 33016 32305 31311 30600 29606 27901
Lead 31-Dec-18 139.75 145.45 143.85 141.10 139.50 136.75 132.40
Natural Gas 26-Dec-18 319.40 344.20 334.10 316.60 306.50 289.00 261.40
Nickel 31-Dec-18 783.70 824.95 803.10 782.55 760.70 740.15 697.75
Silver 05-Mar-19 37076 38970 38471 37501 37002 36032 34563
Zinc 31-Dec-18 183.15 195.55 191.80 186.90 183.15 178.25 169.60
Castor Seed 18-Jan-19 6286 5952 5760 5618 5426 5284 4950
Chana 18-Jan-19 5009 4824 4715 4639 4530 4454 4269
Dhaniya 18-Jan-19 7257 6928 6733 6599 6404 6270 5941
COCUDAKL 18-Jan-19 2078.50 1989.00 1941.00 1899.50 1851.50 1810.00 1720.50
Guargum5 18-Jan-19 9667 9258 9010 8849 8601 8440 8031
Guarseed10 18-Jan-19 4710.00 4555.00 4465.00 4400.00 4310.00 4245.00 4090.00
Jeera 18-Jan-19 20870 19905 19330 18940 18365 17975 17010
RMseed 18-Jan-19 4116 4061 4031 4006 3976 3951 3896
Ref Soya Oil 18-Jan-19 763.35 746.35 740.20 729.35 723.20 712.35 695.35
Soyabean 18-Jan-19 3598 3477 3403 3356 3282 3235 3114
Turmeric 18-Jan-19 7253 6945 6763 6637 6455 6329 6021
Mentha Oil 31-Dec-18 1780.6 1688.7 1638.5 1596.8 1546.6 1504.9 1413.0

8. 8 Copyright © 2018 Ways2Capital. All rights reserved 11/12/2018
BULLION
Gold traded firm near a five month peak hit early on Monday supported by a disap-
pointing U.S. jobs data that fuelled speculation that the Federal Reserve may stop
raising interest rates sooner than expected. Spot gold was steady at $1,247.80 per
ounce at the time of writing after hitting its highest since July 11 at $1,250.55 ear-
lier in the session. U.S. gold futures were up 0.2 percent at $1,254.6 per ounce.
BASE METALS
ENERGY
MCX Fundamentals
Oil prices rose on Monday extending gains from Friday when producer club OPEC
and some non affiliated producers agreed a supply cut of 1.2 mbpd from Janu-
ary.International Brent crude oil futures were at $62.21 per barrel at the time of
writing up 54 cents or 0.9 percent from their last close. Natural gas prices moved
higher on Friday making a higher low and a higher high. Prices appear to be form-
ing a bull flag pattern which his a pause that refreshes higher.Prices recaptured
short term support which is the 10-day moving average near 4.46.
Copper eased in early Asian trade on Monday as customs data released over the
weekend showed a 3 percent year on year drop in drought copper imports by top
consumer China and Sino U.S. trade tensions continued to weigh on prices. China's
imports of copper came in at 456,000 tonnes in November down from 470,000 ton-
nes a year earlier but up 8.6 percent from October.

9. 9 Copyright © 2018 Ways2Capital. All rights reserved 11/12/2018
SPICES
NCDEX Fundamentals
OILSEEDS
GUAR COMPLEX
OTHERS
Market seems to resist downside movement currently. However the upside
remains capped as well. Day to day close was slightly firm. Ongoing lean arri-
val season and recent news of China lifting ban on import of Indian Rapemeal
shall continue restricting bearish price movement. Daily arrivals are decreas-
ing gradually while current spot prices are quite cheaper to attract consid-
ered lower. Overall we expect soy bean market to post a moderate recovery
slowly. Technically the January contract will be able to show a moderate re-
versal from bearish phase if manages to stay above 3300 for next couple of
days.
Bearish trend continued for Jeer last week as cooler weather in growing areas
amidst reports of steps taken to improve water supply to the fields for Jeer
kept pressure on the market sentiments. Lower rains in growing areas amidst
apprehensions of falling yields could support prices for Turmeric. Reports of
lower stocks in mandis amidst moderate demand at these lower levels are sup-
porting factors.
Prices fell for Mentha oil last week as firm Rupee amidst low demand kept
pressure on prices. Traders anticipate the winter season demand to gradually
start rising. Overall sentiments are likely to recover during the winter season.
Prices fell for Mentha oil last week as firm Rupee amidst low demand kept
pressure on prices. Traders anticipate the winter season demand to gradually
start rising. Overall sentiments are likely to recover during the winter season.
Markets failed to hold onto the gains of earlier days as no strong recovery in
Crude oil prices was noted. Firmness in Dollar could however support prices at
these lower levels as exports are expected to pick up amidst falling arrivals in
mandis. Prospects of lower production from less rains received in Rajasthan
supported prices. Reports of lower arrivals of new crop amidst prospects of fall
in sowing area are Bullish factors.

10. 10 Copyright © 2018 Ways2Capital. All rights reserved 11/12/2018
On its daily chart Aluminium recently broken its resistance trend line and sustaining near the level of 140 and we can
expect short term positive movement in it. Last week Aluminium made a high of 141 and closed at the level of 140.30
with overall marginal gain of 2.26% on weekly basis. On its daily chart Aluminium is taking support of 100 days moving
average and RSI is printing level 50 on charts. For this week if it is break the level of 141 on upper side then it can test
the level of 143.95. One can make buy position in it with SL of 139.90.
Calls of the Week (MCX)
ALUMINIUM
WEEKLY STRATEGY
PARTICULAR DETAILS
On its 4 hourly chart Lead recently broken its resistance level and sustaining above the level of 140 and we can expect
short term positive movement in it. Last week Lead made a high of 142.70 and closed at the level of 142.20 with over-
all marginal gain of 3.61% on weekly basis. On its daily chart Lead is taking support of 50 days moving average and RSI
is printing above the level 50 on charts. For this week if it is break the level of 142.70 on upper side then it can test the
level of 147.50. One can make buy position in it with SL of 141.20.
WEEKLY STRATEGY
PARTICULAR DETAILS
Action Buy
Entry Range Above 141
Target 143.95
SL 139.90
Action Buy
Entry Range Above 142.70
Target 147.50
SL 141.20
LEAD

11. 11 Copyright © 2018 Ways2Capital. All rights reserved 11/12/2018
From last couple of trading weeks Guarseed10 is trading between the range of 4400 to 4300 and forming bottom for-
mation on its daily chart. Last week Guarseed10 made a high of 4490 and closed at the level of 4375 with overall mar-
ginal gain of 0.48% on weekly basis. Technically Guarseed10 is trading above its support level of 4300 and we are ex-
pecting bounce back in it from lower level. For this week if it is break the level of 4425 on upper side then it can test
the level of 4575. One can make buy position in it with SL of 4370.
Calls of the Week (NCDEX)
RMSEED
GUARSEED
WEEKLY STRATEGY
PARTICULAR DETAILS
WEEKLY STRATEGY
PARTICULAR DETAILS
Last week RMSEED started a week on negative note but found enough support near the level of 4000 and getting
bounce back from lower level indicating strong support zone near the level of 4000. On its daily chart RMSEED forms
bullish hammer formation indicating positive trend in it. For this week, if it breaks the level of 4050 on the upper side
then it can test the level of 4170 during the week. One can make buy position in it by maintaining a SL at 3995.
Action Buy
Entry Range Above 4050
Target 4170
SL 3995
Action Buy
Entry Range Above 4425
Target 4575
SL 4370

12. 12 Copyright © 2018 Ways2Capital. All rights reserved 11/12/2018
Calls of the Week (FOREX)
WEEKLY STRATEGY
PARTICULAR DETAILS
JPYINR
EURINR
WEEKLY STRATEGY
PARTICULAR DETAILS
Action Buy
Entry Range Above 82.0000
Target 82.5975
SL 81.5975
Action Sell
Entry Range Below 62.4000
Target 62.0125
SL 62.7125
EURINR From last couple of trading weeks market is trading with positive sentiment and sustaining above the level of
80.000. Last week EURINR made a high of 81.0175 and closed at 80.7825 with overall marginal gain of 1.43% on weekly
basis. On its daily chart EURINR recently broken its resistance trend line and sustaining above it indicating positive
trend for this week. For this week, if it breaks the level of 82.0000 on the upper side then it can test the level of
82.5975 during the week. One can make buy position in it by maintaining a SL at 81.5975.
The primary trend of JPYINR is negative on chart and JPYINR continuously making lower highs and lower lows forma-
tion indicating negative trend in it. Last week JPYINR Dec Futures made a high of 63.0625 and it closed at 63.0025 with
the overall gain of 2.08 per cent on weekly basis. Technically it consolidating below the major psychological resistance
level of 63.0000 with the negative RSI and for this week, we can expect further downside movement in it. For this
week, if it breaks the level of 62.4000 on the lower, then it can test the level of 62.0125 during the week. One can
make sell position in it by maintaining a SL 62.7125.

13. 13 Copyright © 2018 Ways2Capital. All rights reserved 11/12/2018
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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
recipient only.
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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।
DISCLOSURE APPENDIX (प्रकटीकयण ऩरयलशष्ट ) :
The reports are prepared by analysts who are employed by High Brow Market Research Investment Advisor Pvt. Ltd. All the views expressed in this re- 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 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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