Precious metals saw a sharp run-up last week following a nuclear test by North Korea which led to escalation in geopolitical tensions. The dollar continued its downtrend and the ECB hint about its plan to

2. MCX DAILY LEVELS✍
DAILY EXPIRY DATE R4 R3 R2 R1 PP S1 S2 S3 S4
ALUMINIUM 29- SEP-2017 140.10 139.00 138.00 137.00 134.30 133.30 132.30 131.30 130.30
COPPER 30- NOV-2017 442.20 440.20 438.20 436.20 434.50 430.50 426.4 422.20 418.20
CRUDE OIL 19-SEP-17 3187 3157 3117 3087 3057 3037 3003 2950 2901
GOLD 05-OCT--2017 30400 30300 30200 30100 30017 29900 29800 29700 29600
LEAD 29- SEP-2017 148.40 147.40 146.40 145.40 144.40 143.40 142.40 141.40 140.4
NATURAL GAS 26-SEP-2017 196.10 194.10 192.10 190.10 188.10 186.10 184.10 182.10 180.10
NICKEL 29- SEP-2017 764.10 760.10 756.10 752.10 748.10 744.10 740.10 736.10 734.10
SILVER 05-DEC-2017 42200 41909 41606 41303 41131 41000 40801 40650 40450
ZINC 29- SEP-2017 200.60 199.90 198.80 197.60 196.80 195.10 193.50 192.10 190.50
MCX WEEKLY LEVELS✍
WEEKLY EXPIRY DATE R4 R3 R2 R1 PP S1 S2 S3 S4
ALUMINIUM 29- SEP-2017 144.10 142.10 140.10 138.00 134.30 132.30 130.30 128.30 126.30
COPPER 30- NOV-2017 450.20 446.20 442.20 438.20 434.50 426.4 418.20 410.20 401.10
CRUDE OIL 19-SEP-17 3250 3217 3187 3117 3057 3003 2901 2801 2701
GOLD 05-OCT--2017 30800 30600 30400 30200 30017 29800 29600 29400 29200
LEAD 29- SEP-2017 152.40 150.40 148.40 146.40 144.40 142.40 140.4 138.40 136.40
NATURAL GAS 26-SEP-2017 204.10 200.10 196.10 192.10 188.10 184.10 180.10 176.10 174.10
NICKEL 29- SEP-2017 780.10 772.10 764.10 756.10 748.10 740.10 734.10 728.10 722.10
SILVER 05-DEC-2017 43600 42800 42200 41606 41131 40801 40450 40000 39500
ZINC 29- SEP-2017 204.60 202.60 200.60 198.80 196.80 193.50 190.50 187.50 182.50
Tuesday 12 September 2017

3. FOREX DAILY LEVELS✍
DAILY EXPIRY DATE R4 R3 R2 R1 PP S1 S2 S3 S4
USDINR 27-SEP-17 64.43 64.33 64.23 64.13 64.03 63.93 63.83 63.73 63.63
EURINR 27-SEP-17 77.36 77.26 77.16 77.06 76.96 76.86 76.76 76.66 76.56
GBPINR 27-SEP-17 85.30 85.10 84.90 84.74 84.64 84.50 84.30 84.10 83.90
JPYINR 27-SEP-17 59.70 59.50 59.30 59.13 59.03 58.90 58.70 58.50 58.30
FOREX WEEKLY LEVELS✍
WEEKLY EXPIRY DATE R4 R3 R2 R1 PP S1 S2 S3 S4
USDINR 27-SEP-17 64.83 64.63 64.43 64.23 64.03 63.83 63.63 63.43 63.23
EURINR 27-SEP-17 77.76 77.56 77.36 77.16 76.96 76.76 76.56 76.36 76.16
GBPINR 27-SEP-17 86.00 85.70 85.30 84.90 84.64 84.30 83.90 83.50 83.10
JPYINR 27-SEP-17 60.49 60.00 59.70 59.30 59.03 58.70 58.30 57.90 57.50

4. MCX - WEEKLY NEWS LETTERS
GOLD✍
Precious metals saw a sharp run-up last week following a nuclear test by North Korea which led to
escalation in geopolitical tensions. The dollar continued its downtrend and the ECB hint about its plan to
taper sent the euro to a 33 month high. The economic impact of twin hurricanes in the US led to further
reduction in rate hike chances which benefitted gold. On the demand side, physical demand in Asia is
likely to pick up seasonally. ETF’s have also seen inflows with SPDR gold holdings up by 18 tonnes so
far this month. Silver ETF’s on the other hand saw outflows last week of nearly 130 tonnes. Looking
ahead, the broader trend still remains positive for gold as it has shifted into a higher range. In the short-
term, cooling of geo-political tensions could lead to a slight pullback in prices. The precious metals
complex has continued to hold on at Gold prices have convincingly broken out of the broad
consolidation that we saw in the first eight months of this year as geo-political tensions coupled with
dollar weakness lifted prices. The conflict in the Korean peninsula is at a dangerous juncture after the
nuclear test by North Korea. The UN is likely to impose fresh sanctions on the Korean regime which
may result in further deterioration in relations. There is likelihood of another ICBM launch by NK if
sanctions are imposed in the UN vote this week. This is likely to keep risk premium elevated in gold
prices and dips will attract buying as long as uncertainty holds.
The other important driver for gold has been consistent weakness in the US dollar. The US dollar index
is at its lowest since Jan 2015 and the weakness has been amplified by the excessive euro strength. The
ECB in its meeting last week tried to maintain a dovish tone but its lack of concern over euro strength
led the currency to jump higher. The ECB will also be ready with its plan for unwinding stimulus by the
next meeting in October which will support the euro. On the other hand, the two hurricanes in the US
have created a lot of economic damage which will impact the Fed’s ability to increase rates in December.
The US debt ceiling debate has been pushed until December which will act as another source of
uncertainty for the dollar. Lack of Inflation on the other hand remains a challenge for the Fed. US CPI
print for July showed that inflation was up 0.1% m/m and that core CPI was stuck at 1.7% y/y. This was
the sixth consecutive miss on the inflation data. The core PCE in July was at 1.4%, the lowest in two
years. If inflation remains elusive, the Fed will be forced to go slower with further rate hikes. The odds
of a December rate hike are now down to 33%. In the jobs market, we have seen an average 184k
payrolls growth in the first eight months, slightly lower than the 2016 average of 193k. In August, we
saw the 83rd consecutive month of job additions, the longest streak on record. The unemployment rate is
at a 10-year low of 4.3%, near the Fed’s long term target. While, the overall labor market looks healthy,
wage growth has still room to improve. The last time unemployment rate was at 4.3% in 2007, wage
growth was around 3.4%. Compared to that, the current growth rate of 2.5% shows that the labor market
still isn’t tight. On the demand side, Gold ETF’s have started to see inflows following the price rally and

5. SPDR holdings are up by 18 tonnes so far this month. Indian gold prices continue to be at a discount but
the upcoming festive season may see a pickup in gold demand. Silver ETF’s on the other hand have seen
outflows with iShares holdings down 130 tonnes last week alone which explains the relative
underperformance compared to gold price.
China's central bank plans to scrap reserve requirements for financial institutions settling foreign
exchange forward yuan positions with effect from Monday, four sources with direct knowledge of the
matter said on Friday. The non-commercial futures contracts of Gold futures, traded by large speculators
and hedge funds, totaled a net position of 245,298 contracts in the data reported through Tuesday
September 5th. This was a weekly jump of 14,251 contracts from the previous week which had a total of
231,047 net contracts. The non-commercial futures contracts of Silver futures, traded by large
speculators and hedge funds, totaled a net position of 64,171 contracts in the data reported through
Tuesday September 5th. This was a weekly increase of 10,526 contracts from the previous week which
had a total of 53,645 net contracts. SPDR Gold Trust, the world's largest gold-backed exchange-traded
fund, said its holdings fell 0.28 per cent to 834.50 tonnes on Friday from 836.87 tonnes on Thursday.
China's consumer prices rose 1.8 percent year-on-year in August of 2017, following a 1.4 percent rise in
July while market expected a 1.6 percent gain. The producer price index in China increased by 6.3
percent from a year earlier, compared to a 5.5 percent rise in the previous three months and above
estimates of a 5.6 percent gain. It was the twelfth straight month of increase in producer inflation and the
highest since April
BASE METAL✍
Base metals rally came to a sudden halt last Friday as the prices of iron ore, copper, lead nickel and zinc
slid. The slide came despite another bout of weakness for the US dollar, which fell to near three year
lows, and normally should help commodity price. Not even solid Chinese import figures for iron ore,
coal, copper and oil could help commodities prices as selling set in in China, Europe and the US. Copper
jumped more than 20% this year until Friday’s slide, surprising investors as unlike aluminium or zinc,
there has been no attempt to cut supply of the metal by Chinese authorities or other producers or
regulators this year. This kind of surge was not justified given China's copper imports had only been
stable for past four months. China’s import data shows a mixed picture. Its combined imports of copper
products (including anode, refined, alloy and semi-finished copper products) stood at 390KT in June 17.
Even though imports of combined copper products have declined on a YoY and MoM basis data
suggests stable demand from China. However, China’s imports of refined copper declined by 24.6%
YoY in the first half of 2017. Remarkably, this has not been the case with copper scrap imports into
China, which has demonstrated increasing trend so far. In the months ahead there might be a lift in metal
imports if there is a restriction on smelter production due to environmental inspections.
LME copper inventories in LME-approved warehouses inched higher on Friday, indicating the market

6. was generally well supplied, but stocks have declined by about 26% over the last month. Diminished
expectations for a third rate hike this year compounded by heightened tensions with North Korea and
worries over the economic impact of hurricanes in the southeastern U.S. pressured the dollar lower.
Concerns over political turmoil in Washington have also fed into recent dollar weakness. An agreement
to postpone U.S. debt ceiling talks until Dec, which would coincide with Fed's policy meeting have
diminished chances for rate hike. A weaker dollar underpinned metals prices, however, after ECB head
Mario Draghi said bank was looking at how to wind down its 60 billion euro a month buying
programme. The nickel price had been boosted by Philippines President Rodrigo Duterte waging a war
on the mining industry but despite the lower ore supply, stocks of refined metal are still very high. Cuba
has begun to shut down its nickel industry in preparation for Hurricane Irma. Cuba plans to produce
54,500 tons of nickel and cobalt sulfides this year. Aluminum prices held steady for the week even as
other corrected. Other factors for upward price movement in aluminium are supply reforms arising from
China, the US policy focus on infrastructure development and higher coal prices. The sector experienced
radical supply reforms on account of environmental concerns, forcing capacity idling during winter
months and curbing of capacity without approvals. According to some estimates, the potential for
Chinese capacity cuts stands over 6 million tonnes due to these reasons. News reports indicate capacity
idling of approximately 2.5 million tonnes of outdated smelter capacity that will be replaced by new
capacity. Further, the Chinese government has announced 4200 4700 5200 5700 6200 6700 90 190 290
390 490 590 690 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17
Aug-17 Sep-17 Thousands Copper LME stocks SHFE stocks and LME Price SHFE Copper stocks LME
Copper stocks LME Copper($) Source : Reuters Please refer to the disclaimer at the end of the report. 3
For any details contact: substantial reduction in coal consumption in electricity generation over the
course of the current five-year plan (2016-20) by ceasing production of 150GW of new coal-fired power
plants and idling 20GW of obsolete coal-fired production. Chinese aluminium sector mostly utilises
power for its smelters via coal (often in captive plants). Reducing of such capacity will further intensify
supply-side disruptions, driving aluminium prices upwards. China’s aluminium exports are the lowest
since March which reflects a supply side contraction. The number could contract further in the months
ahead because we have had some shuts of illegal capacity and there are going to be winter shuts from
Nov. 15.
ENERGY✍
Oil prices ended nearly flat last week after a bout of choppy trading as markets grapple with the impact
of the twin hurricanes that hit the US. We saw refinery utilization falling to the lowest since 2010 in the
aftermath of Hurricane Harvey and it remains to be seen how fast the refineries can get back to normal
operations. US production also saw a dip while oil rig count fell last week which supported prices at
lower levels. Looking ahead, the monthly reports from the OPEC and IEA will be awaited this week for
data on market balances and the level of global inventories. The near term action in oil prices will

7. depend on how prolonged will be the impact of Hurricane Harvey on US oil infrastructure. The hurricane
forced refineries across the US Gulf Coast to shut down impacting nearly 3.3 mbpd of refining capacity
as per the EIA data released last week. Refinery utilization rates slumped to 79.7% of total capacity, the
lowest since 2010. The immediate impact of the Hurricane on WTI was negative as it meant lower
demand for crude oil from refineries. But as refineries gear up for a return, oil prices could find support
and product prices could start to see a correction. Gasoline prices in the US have already corrected
sharply after touching a twoyear high earlier this month. On the other hand, close to 0.75 million bpd of
US oil output was impacted and US oil production fell to 8.78 mbpd last week which will support oil
prices. We also saw a reduction in number of oil rigs which will further be price supportive. Keeping
aside the impact of the twin Hurricanes, the oil market remains extremely choppy in the recent weeks
and the IEA and OPEC monthly reports may provide definitive price triggers. In their last report, global
demand forecast was revised higher by 0.1 mbpd by both. The OPEC now sees demand growth of 1.4
mbpd this year while IEA sees growth at 1.5 mbpd. At the start of August, the OPEC meeting raised
hopes of better compliance with Saudi indicating more export cuts. Saudi suggested that it will export
6.6 mbpd in August, down from 7.1 mbpd in July. Reports also suggest that Saudi will cut allocations by
0.35 mbpd in October. Iraq has also hinted about better compliance and it will be crucial to see if it
follows through given that Iraq has been of the worst in compliance so far. If we see better compliance as
per data in the OPEC report due this week, it will help prices move up more convincingly. Looking at
supply side fundamentals, OPEC output fell by 170,000 bpd in August to 32.68 mbpd on the back of
improved compliance from members and fluctuating output from Libya. Oil exports by OPEC were
25.19 million bpd in August, their lowest level since April. Compliance to output cuts improved from
84% in July to 89%. Owing to the impact of Harvey, US crude inventories rose by 4.6 million barrels
while gasoline stocks fell by 3.2 million barrels last week. We might see the impact of that continuing
for the next couple of weeks as well before we see normal course of operations. Keeping that aside, US
oil inventories have declined by ~70 million barrels since the end of March. US oil inventories are back
within the fiveyear range and are at their lowest since January 2016. Gasoline stocks are down by 9.8
million barrels while distillate stocks are down by 4.4 million since the end of March. In Europe, ARA
product stocks rose 1.4% last week but are 2.8% lower y/y at 44.64 million barrels. In July, OECD
stocks declined by 19 million barrels to 3.02 billion barrels but stocks remain 219 million barrels above
the 5- year average. A more meaningful reduction in global inventories will be imperative for
establishing a firm floor for oil prices. For natural gas, prices fell overall production increased in spite of
Hurricane Harvey reducing production in the Gulf of Mexico by an average of 409 million cubic feet per
day Net inventory increase totaled 65 Bcf last week, compared with the five-year average of 58 Bcf in
the same week
The news of the talks on Sunday helped offset the downward pressure on oil prices amid worries that
energy demand would be hit hard by Hurricane Irma. Hurricane Irma knocked out power to more than 3
million homes and businesses in Florida on Sunday, but it has weakened to a Category 2 with maximum
sustained winds of 110 miles per hour (177 kph). Looking over the fundamentals from OPEC, The Saudi

8. energy ministry said Energy Minister Khalid al-Falih agreed with his Kazakh counterpart that the option
to extend the rebalancing effort would be considered in due course. Elsewhere, Iran will reach an oil
production rate of 4.5 million barrels per day (bpd) within five years, Ali Kardor, managing director of
the National Iranian Oil Company (NIOC), said Sunday according to the oil ministry news site SHANA.
Iran has been producing around 3.8 million bpd in recent months. NG prices fell in previous sessions as
the production started to crawl back to normal and due to alternative temperature conditions. With
summer coming to an end and fall beginning in about 17 days, traders are preparing for a drop in
demand. This is because temperatures are not likely to be too hot or too cold. As IRMA moved ahead of
Florida, Lower air conditioning demand due to massive power outages could be very bearish for natural
gas especially if it takes weeks instead of days to bring back electrical power.
MCX TECHNICAL VIEW
✍ SILVER
Silver prices opened with a positive gap in last week and prices consolidated for most of the week in the
range of 41200-41700 levels. Prices remained firm till end of the week and made a high of 41927. 
Prices have broken out from its medium term declining trend line resistance of the falling trend channel
pattern in the previous week. Prices are expected to rise further from these levels towards next strong
resistance placed around previous multiple swing highs near 42820 level. On the lower side, immediate
strong supports are placed around 40800 and 39850 levels. Buying in minor pullbacks is recommended
for the short-term trading opportunities.

9. ✍ CRUDEOIL
Last week, Crude Oil prices opened flat and prices rose strongly for the first three sessions till high of
3174. Later prices corrected slightly for the remaining week and closed around 3045. Prices have
bounced and closed positive on weekly basis after five consecutive weeks of correction. Previously
prices have broken out from its short term declining trend line resistance after taking strong support
around 50% Fibonacci retracement of its rally from low of 1805 till high of 3780, which is placed around
2792 level. Prices are expected to rise further from these levels towards next strong resistance placed
around its recent swing high of 3234 level.

10. NCDEX DAILY LEVELS✍
DAILY EXPIRY DATE R4 R3 R2 R1 PP S1 S2 S3 S4
SYOREFIDR 18-OCT-2017 676 674 672 670 668 666 664 660 656
SYBEANIDR 18-OCT-2017 3300 3250 3200 3150 3103 3050 3000 2950 2900
RMSEED 13-OCT-2017 4030 3970 3920 3870 3828 3800 3750 3700 3650
JEERAUNJHA 13-OCT-2017 20250 20000 19750 19500 19235 19000 18750 18500 18250
GUARSEED10 18-OCT-2017 4090 4030 3980 3930 3884 3850 3801 3755 3703
TMC 13-OCT-2017 8050 7990 7910 7850 7764 7608 7566 7510 7410
NCDEX WEEKLY LEVELS✍
WEEKLY EXPIRY DATE R4 R3 R2 R1 PP S1 S2 S3 S4
SYOREFIDR 18-OCT-2017 684 680 676 672 668 664 656 652 648
SYBEANIDR 18-OCT-2017 3500 3400 3300 3200 3103 3000 2900 2800 2700
RMSEED 13-OCT-2017 4210 4120 4030 3920 3828 3750 3650 3550 3450
JEERAUNJHA 13-OCT-2017 21250 20750 20250 19750 19235 18750 18250 17750 17250
GUARSEED10 18-OCT-2017 4300 4200 4090 3980 3884 3801 3703 3605 3510
TMC 13-OCT-2017 8250 8150 8050 7910 7764 7566 7410 7312 7214

11. NCDEX - WEEKLY MARKET REVIEW
Turmeric futures (Oct) may trade with a downside bias & remain below 7820 levels. At the spot markets,
the price of spot turmeric decreased. At the Erode Turmeric Merchants Association Sales yard, finger
turmeric sold at Rs.5,891 to 8,677 a quintal, root variety sold at Rs.5,543 to 8,311 a quintal. At the
Regulated Marketing Committee, finger turmeric sold at Rs.7,209 to 8,473 a quintal, root variety sold at
Rs.7,089 to 8,004 a quintal. At the Erode Cooperative Marketing Society, finger turmeric sold at Rs.6,889
to 8.829 a quintal, root variety sold at Rs.6,755 to 8,393 a quintal. Jeera futures (Oct) may trade with a
bearish bias in the range of 19000- 19435 levels. Spot Jeera prices ruled flat in Unjha and Gondal market
of Gujarat, whereas prices in the Rajkot market eased by Rs.35-85/20kg. Prices in Unjha and Rajkot
market remain unchanged despite of lower arrivals as compared to previous session due to limited off
take. On the other hand, prices in the Rajkot market eased due to muted demand against lower but decent
arrivals. Coriander futures (Oct) will probably trade with a downside bias & test 4725 levels. Ample
stocks in the country and bearish market sentiments prompted buyers to wait and watch. Prices are also
being weighed by higher imports. Indian Coriander is 2-4% uncompetitive in the international market and
any further reduction in prices will make prices in line with them and may help to curb imports.
Prices of Jeera likely to get support at lower levels due to speculation over lower arrivals as heavy rainfall
in Gujarat damaged stockpiles of Jeera stored in various warehouses. Downside in Dhaniya futures is
likely to remain limited on support of lower levels buying. Subdued selling pressure in Indonesia on
weaker production in current harvest may have a positive impact on International Pepper market which
supports prices in local market. Below normal monsoon rainfall in major growing regions, lower
carryover stocks and better export demand likely to support Cardamom prices in near term
Kapas futures (April) may witness an extended fall towards 865-860 levels taking negative cues from the
international markets & subdued demand in the domestic market. ICE cotton futures fell more than three
percent on Monday on profit taking ahead of a monthly crop supply and demand report from the U.S.
government which is expected to show a large natural fiber crop. Market participants expected a big crop
in Tuesday's World Agricultural Supply and Demand Estimates (WASDE) report despite the havoc
created by Harvey in the top cotton producing state, Texas, and concerns of crop damage due to Irma in
Georgia, the second major producer. Back at home, the textile industry has not witnessed massive revival
ahead of festive seasons and this has impacted yarn procurement in the value chain. Further, expectation
of drop in yarn price influenced by bumper crop pressuring new cotton bales price has curbed yarn
procurement. Mentha oil futures (Sept) is likely to take support near 1180 levels & trade with an upside
bias levels. At the spot market, sellers are not willing to liquidate their produce at the current prevailing
rates. The overall estimates highlight that there is tight supply-demand equation for 2017-18 season, as
the total availability of Mentha oil for 2017-18 season totaled at 35,000-37,000 tons against estimated
demand of 40,000 tons. Cotton oil seed cake futures (Dec) is likely to fall further towards 1540-1530
levels. Spot cotton oil cake declined by Rs 20 at Rs 1,530/100kg in Kadi market of Gujarat amid poor
demand from cattle feed manufacturers. According to traders cattle feed manufacturers are still not

12. showing any interest in purchase of cotton oil cake as they are having sufficient stock in their inventory
which can meet the near term demand.
KAPAS and Cotton prices at futures traded volatile due to short covering. Crop damages in United States
may turn beneficial for India exporters as India is the second largest exporter of cotton after US. Cotton
complex may witness some volatility due to profit booking. NCDEX (Oct) Chana recovered well from
lower levels on support of festive demand. Overall trend still looks firm and price may get support of
festive demand. Guar futures extended gains tracking positive crude oil prices. Overall sentiments likely
to remain firm on improved export demand. Buy on dips is advised to the traders. Agriculture Min says:
Intercropping can boost sugarcane farmers' income. World Food Price Index in Aug drops 1.3% on lower
cereal, sugar, meat price: FAO.NCDEX Barley (Oct) likely to trade firm on lower levels buying.
Soybean futures (Oct) will possibly consolidate in the range of 3060-3130 levels. Soybean price in most
of the market yards of the country ruled steady whereas plant rates declined amid poor demand from
millers on sluggish sales of soymeal in domestic as well as international market. At present, much needed
rain has occurred in key soybean growing areas of Madhya Pradesh and Maharashtra during the weekend
which will be beneficial for the late sown soybean crop which has entered the pod filling stage. On the
other hand, early sown crop may get damaged little bit as it was ready to harvest. Now, the farmers have
to wait for harvesting until the moisture from soybean crop dries out. Mustard futures (Oct) may trade
with a downside bias & test 3805 levels. Mustard seed prices have declined by Rs.15/100 Kgs at Jaipur,
following subdued demand for the commodity. On account of lower sales of mustard oil, mustard oil cake
and mustard meal, millers are procuring mustard seed as per their requirement. Farmers have slowed
down the sales of mustard seed as millers are reluctant to offer higher prices. Soy oil futures (Oct) is
likely to trade with a downside bias & test 665-663 levels. Spot refined soy oil at the benchmark Indore
market declined by Rs 2 to trade at Rs 660/10kg amid poor demand. According to traders retail demand
of soy oil is sluggish due to on going Sharadh paksha period. CPO futures (Sept) may consolidate in the
range of 530-537 levels. The market participanst are optimistic about the demand due to upcoming festive
demand & also the sellers are not willing to at current prices. Malaysian palm oil ends up on robust export
demand. Higher purchases by India and China lifted the market mood.
India Aug Rapeseed meal exports at 50,649 tons vs 32,371 tons a year ago: SEA of India. NCDEX (Oct)
Castor extended its gains on lower levels buying. Demand for Castor seed from consuming industries
such as soap and shippers are robust, which has kept Castor prices supportive. MCX (Sep) Mentha Oil
traded volatile due to profit booking but managed to recover well from lower levels tracking strong
fundamentals; fall in prices likely to cushion by robust export demand.

13. NCDEX TECHNICAL VIEW
✍ KAPAS
Kapas prices have recovered strongly in the last week after consolidating near its recent bottom of 847
level in the previous few weeks. Prices have taken strong support at its medium term declining trend line
and closed at highest level in the last three months on weekly basis. Prices are expected to recover
further from these levels if break above last week’s high of 902 level towards next strong resistances
placed around 38.2% & 50% Fibonacci retracements of its entire fall from high of 1079 till its bottom of
847, which are placed around 935.60 and 963 levels respectively. On the lower side, immediate strong
supports are placed around 883 and 863 levels.

14. ✍ SOYAOIL
Soy Oil prices have been recovering gradually since last four months after correcting more than 61.8%
Fibonacci retracement of its previous rally from low of 548.55 till high of 744.05, which is placed around
623.20 level. Prices have been taking strong support at its short term rising trend line and currently taken
resistance around 50% Fibonacci retracement of its fall from high of 744.05 till low of 609.45, which is
placed around 676.75 level. Prices are expected to rise further from these levels if break above 676.75
level towards next strong resistances placed around 61.8% & 78.6% Fibonacci retracement around 692.60
and 715.20 levels respectively. On the lower side immediate supports are placed around 662 and 652
levels.

15. 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.

16. 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.