This document provides market wrap-ups and summaries for various commodities across several exchanges including NCDEX, MCX, LME, and COMEX. It includes closing prices and percentage changes for commodities such as gold, silver, crude oil, copper, aluminum, and agricultural products. It also provides upcoming economic events and calendar, weekly pivots and ranges for various currencies and commodities, and fundamental analysis for some commodity markets.

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

2. 2 Copyright © 2018 Ways2Capital. All rights reserved 21/01/2019
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-19 128.80 128.90 133.25 127.40 133.10 3.34% -11.43% 21.44%
Copper 28-Feb-19 415.90 414.00 430.80 411.60 429.35 3.23% -20.35% 38.90%
Crude Oil 18-Jan-19 3,665 3,646 3,872 3,615 3,854 5.16% -17.84% -11.89%
Gold 05-Feb-19 31928 31989 32390 31975 32091 0.51% 4.56% 0.70%
Lead 31-Dec-19 140.05 140.05 142.75 138.35 141.85 1.29% -6.55% 13.81%
Natural Gas 26-Dec-19 217.00 218.60 264.40 218.60 238.20 9.77% -13.59% 163.12%
Nickel 31-Dec-19 805.30 802.60 842.80 798.60 838.70 4.15% -24.06% -13.54%
Silver 05-Mar-19 39336 39305 39770 39107 39198 -0.35% -5.59% 3.62%
Zinc 31-Dec-19 176.25 175.30 186.15 174.15 185.30 5.13% 13.15% 25.52%
Castor Seed 18-Jan-19 5256.00 5284.00 5350.00 5202.00 5278.00 0.42% 0.01% -4.10%
Chana 18-Jan-19 4328.00 4345.00 4360.00 4217.00 4277.00 -1.18% 5.82% -1.74%
Dhaniya 18-Jan-19 6643.00 6640.00 6747.00 6435.00 6530.00 -1.70% 1.50% -47.77%
COCUDAKL 18-Jan-19 1911.00 1913.50 2017.00 1906.00 1978.00 3.51% -0.78% 3.56%
Guargum5 18-Jan-19 8245.00 8250.00 8768.00 8238.00 8636.00 4.74% -3.72% 42.57%
Guarseed10 18-Jan-19 4206.00 4210.00 4394.00 4200.00 4349.00 3.40% -7.37% -4.90%
Jeera 18-Jan-19 17045.00 17040.00 17270.00 16900.00 17050.00 0.03% -7.85% 10.36%
RMseed 18-Jan-19 3882.00 3893.00 3912.00 3825.00 3866.00 -0.41% 0.85% 20.02%
Ref Soya Oil 18-Jan-19 752.40 752.90 764.50 748.40 764.20 1.57% -12.40% 135.73%
Soyabean 18-Jan-19 3625.00 3635.00 3815.00 3635.00 3806.00 4.99% 1.53% 50.28%
Turmeric 18-Jan-19 6604.00 6638.00 6670.00 6436.00 6536.00 -1.03% 1.77% 653.82%
Mentha Oil 31-Dec-19 1613.10 1603.00 1614.00 1566.70 1591.00 -1.37% 7.92% -0.10%
USDINR 29-Jan-19 70.6000 70.5225 71.4775 70.5225 71.2350 0.90%
GBPINR 29-Jan-19 90.3950 90.5100 92.5300 90.5100 92.2775 2.08%
JPYINR 29-Jan-19 65.2700 65.2650 65.9000 65.0125 65.1400 -0.20%
EURINR 29-Jan-19 81.4625 81.2775 81.7975 81.0000 81.2975 -0.20%

3. 3 Copyright © 2018 Ways2Capital. All rights reserved 21/01/2019
International Market Wrap-up
Commodity Exchange
Previous
Close
Open High Low Close % Change in Price
Market Wrap-Up
Aluminium LME 1850.00 1859.00 1864.00 1812.00 1813.00 -2.00%
Copper COMEX 2.662 2.654 2.727 2.616 2.719 2.14%
Crude Oil NYMEX 51.59 51.73 53.92 50.38 53.80 4.28%
Gold COMEX 1289.00 1288.00 1296.00 1280.00 1282.00 -0.54%
Lead LME 1994.00 1997.00 2007.00 1955.00 1996.00 0.10%
Natural Gas NYMEX 3.099 3.325 3.722 3.201 3.482 12.36%
Nickel LME 11462.50 11442.50 11857.50 11332.50 11807.50 3.01%
Silver COMEX 15.656 15.640 15.735 15.350 15.399 -1.64%
Zinc LME 2561.000 2535.00 2660.00 2513.00 2645.000 3.28%

4. 4 Copyright © 2018 Ways2Capital. All rights reserved 21/01/2019
Inventory Updates
LME Inventory
Commodity
Closing (As on 18th Jan 19)
In tones
Closing (As on 11th Jan 19)
in tones
% Change in Price
Continued…….
Aluminium 1304000 1286050 1.40%
Copper 134975 133600 1.03%
Lead 98400 106600 -7.69%
Nickel 201384 203274 -0.93%
Zinc 122575 127050 -3.52%

5. 5 Copyright © 2018 Ways2Capital. All rights reserved 21/01/2019
Inventory Updates

6. 6 Copyright © 2018 Ways2Capital. All rights reserved 21/01/2019
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, January 21, 2019
All Day USD United States - Martin Luther King, Jr. Day Holiday
Tentative GBP U.K. Prime Minister May Speaks
Tuesday, January 22, 2019
15:00 GBP Average Earnings Index +Bonus (Nov) 3.30% 3.30%
15:00 GBP Claimant Count Change (Dec) 20.0K 21.9K
15:00 GBP Employment Change 3M/3M (MoM) 88.0K 79.0K
15:00 GBP Unemployment Rate (Nov) 4.10% 4.10%
20:30 USD Existing Home Sales (Dec) 5.25M 5.32M
20:30 USD Existing Home Sales (MoM) (Dec) -1.20% 1.90%
Wednesday, January 23, 2019
5:20 JPY Adjusted Trade Balance -0.29T -0.49T
5:20 JPY Exports (YoY) (Dec) -1.90% 0.10%
5:20 JPY Trade Balance (Dec) -30B -738B
Tentative JPY BoJ Monetary Policy Statement - -
Tentative JPY BoJ Outlook Report (YoY) - -
Tentative JPY BoJ Interest Rate Decision -0.10% -0.10%
Tentative JPY BoJ Press Conference - -
15:00 GBP BoE MPC Member Broadbent Speaks - -
16:30 GBP CBI Industrial Trends Orders (Jan) 5 8
Thursday, January 24, 2019
3:00 USD API Weekly Crude Oil Stock -0.560M
19:00 USD Initial Jobless Claims 220K 213K
20:15 USD Manufacturing PMI (Jan) 53.5 53.8
20:15 USD Markit Composite PMI (Jan) 54.4
20:15 USD Services PMI (Jan) 54.2 54.4
21:30 USD Crude Oil Inventories -2.683M
Friday, January 25, 2019
5:00 JPY Tokyo Core CPI (YoY) (Jan) 0.90% 0.90%
19:00 USD Core Durable Goods Orders (MoM) (Dec) 0.20% 0.40%
19:00 USD Durable Goods Orders (MoM) (Dec) 2.10% -4.30%
Tentative USD New Home Sales 569K 544K
USDINR 29-Jan-19 73.0000 72.0500 71.7000 71.1000 70.7000 70.1500 69.2000
GBPINR 29-Jan-19 95.8000 93.7500 93.0000 91.7500 90.9500 89.7500 87.7000
JPYINR 29-Jan-19 67.1500 66.2500 65.7000 65.3500 64.8000 64.4500 63.6000
EURINR 29-Jan-19 82.9500 82.1500 81.7000 81.3500 80.9000 80.5500 79.7500

7. 7 Copyright © 2018 Ways2Capital. All rights reserved 21/01/2019
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-Jan-19 142.95 137.10 135.10 131.25 129.25 125.40 119.55
Copper 28-Feb-19 462.30 443.10 436.20 423.90 417.00 404.70 385.50
Crude Oil 19-Feb-19 4294 4037 3946 3780 3689 3523 3266
Gold 05-Feb-19 32982 32567 32329 32152 31914 31737 31322
Lead 31-Jan-19 149.80 145.40 143.65 141.00 139.25 136.60 132.20
Natural Gas 28-Jan-19 332.00 286.20 262.20 240.40 216.40 194.60 148.80
Nickel 31-Jan-19 915.10 870.90 854.80 826.70 810.60 782.50 738.30
Silver 05-Mar-19 40684 40021 39610 39358 38947 38695 38032
Zinc 31-Jan-19 205.85 193.85 189.55 181.85 177.55 169.85 157.85
Castor Seed 20-Feb-19 5573 5425 5351 5277 5203 5129 4981
Chana 19-Mar-19 4571 4428 4352 4285 4209 4142 3999
Dhaniya 16-Apr-19 7195 6883 6706 6571 6394 6259 5947
COCUDAKL 20-Feb-19 2189.00 2078.00 2028.00 1967.00 1917.00 1856.00 1745.00
Guargum5 20-Feb-19 9607 9077 8857 8547 8327 8017 7487
Guarseed10 20-Feb-19 4702.35 4508.35 4428.70 4314.35 4234.70 4120.35 3926.35
Jeera 19-Mar-19 17813 17443 17247 17073 16877 16703 16333
RMseed 20-Feb-19 4042 3955 3910 3868 3823 3781 3694
Ref Soya Oil 20-Feb-19 791.25 775.15 769.70 759.05 753.60 742.95 726.85
Soyabean 20-Feb-19 4112 3932 3869 3752 3689 3572 3392
Turmeric 16-Apr-19 7015 6781 6659 6547 6425 6313 6079
Mentha Oil 31-Jan-19 1685.2 1637.9 1614.4 1590.6 1567.1 1543.3 1496.0

8. 8 Copyright © 2018 Ways2Capital. All rights reserved 21/01/2019
BULLION
Gold futures were down 0.63% at $1,286.65 on the Comex division of the New York
Mercantile Exchange late Friday having briefly risen as high as $1,300.35 earlier in
the session. The Labour Department reported that US employers hired the most
workers in 10 months in December while boosting wages suggesting a sustained
strength in the economy that could soothe concerns of a sharp slowdown in
growth.
BASE METALS
ENERGY
MCX Fundamentals
Crude oil posted solid gains in the first week of 2019 trading despite rising con-
cerns that the China-US trade war will lead to a global economic slowdown. For
the week the US benchmark gained 6.57%. Global benchmark Brent crude was up
$1.46, or 2.61% to end at $57.41 a barrel. It jumped 9.98% for the week.
Natural gas finished lower last week after almost wiping out the entire winter
rally. The selling started on Monday with a gap lower opening and continued till
Thursday.
Copper prices were under pressure last week after a surprise cut to Apple's sales
forecast in China pointed to slowing growth in the country and a measure of Chi-
nese manufacturing activity fell into contraction territory also raised concerns
among traders.Zinc ended the week up 0.33%while at MCX it closed down by
1.29%.

9. 9 Copyright © 2018 Ways2Capital. All rights reserved 21/01/2019
SPICES
NCDEX Fundamentals
OILSEEDS
GUAR COMPLEX
OTHERS
Downside seems to be limited for next few weeks as arrivals will decrease
significantly against cheapening offers. Bullish tone in palm oil will be positive
for the commodity. Palm oil influences RM seed oil which ultimately impacts
the direction of RM seed prices. Soybean posted decent gains due to limited
arrivals in mandis and lack of any bearish trigger on global front. The USDA
has downgraded domestic ending stock estimate in its October report. Talks
of possible damage in Maharashtra region shall be keeping prospects of price
rise moving forward.
Jeera was marginally down amid lack of trading cues. Markets have been find-
ing buyers’ support of late. Lower temperature in growing regions of Gujarat
and Rajasthan have pressured prices in recent weeks but with offers turning
quite cheaper and sowing prospects over last year decreasing market is likely
to resume upward trend once mandis resume trading after the New Year holi-
days. Lower rains in growing areas amidst apprehensions of falling yields could
support prices for Turmeric in future. Arrivals remain lower at these low levels
as traders were not willing to sell at these lower levels.
Technically buying interest shall remain healthy for next few sessions and this
will be fundamentally supported through lower Demat inventories at ware-
houses and limited number of daily arrivals. Mentha oil posted a decent rise
as a result and except some profit taking we expect trend to remain strong as
of now. January Soya oil at NCDEX is expected to trade between 725-740
price band during this week with a positive bias. Closure of most international
markets due to New Year holidays shall continue limiting the upward trend
for few more sessions
Cheapening offers and lower arrivals of new crop amidst prospects of fall in
sowing area will be attracting speculative buying in the derivatives in coming
days. With low rains reported in West Rajasthan and excess rains reported in
East Rajasthan this year market sources believe both these factors to be dam-
aging for the crop. Guar market seems to consolidate and finding buying sup-
port now.

10. 10 Copyright © 2018 Ways2Capital. All rights reserved 21/01/2019
Calls of the Week (MCX)
CRUDEOIL
WEEKLY STRATEGY
PARTICULAR DETAILS
WEEKLY STRATEGY
PARTICULAR DETAILS
Action Buy
Entry Range Above 3920
Target 3999
SL 3859
Action Buy
Entry Range Above 142.90
Target 144.90
SL 141.80
LEAD
Last Week Crude Oil Feb Futures opened at 3646 and made high of 3872. It closed at 3854 with the overall gain of 5.15
per cent on weekly basis. Technically Crude Oil trading on higher levels from last 4 week and also broke the major re-
sistance level of 3800 and also closed above the same. For this week, we can expect further upside movement in it. For
this week, traders can adopt buying from the lower level strategy in it and above the level of 3920 it can test the level
of 3999 during the week. Trades can make buy position in it by maintaining a Stop Loss of 3859.
Last week Lead Jan Futures opened at 140.05 and made a high of 142.75 during the week. It closed at 141.85 with the
overall gain of 1.29 per cent on weekly basis. Technically lead is taking support from the level of 136 on also broke the
major resistance level of 140. For this week, we can expect further upside movement in it. For this week, traders can
adopt buying from the lower level strategy in it and above the level of 142.90 it can test the level of 144.90 during the
week. Trades can make buy position in it by maintaining a Stop Loss of 141.80

11. 11 Copyright © 2018 Ways2Capital. All rights reserved 21/01/2019
Calls of the Week (NCDEX)
SOYABEAN
GUARGUM
WEEKLY STRATEGY
PARTICULAR DETAILS
WEEKLY STRATEGY
PARTICULAR DETAILS
Action Buy
Entry Range Above 3850
Target 3940
SL 3798
Action Buy
Entry Range Above 8850
Target 9050
SL 8695
Last week, GUARGUM5 Feb Futures started the week on positive note and continued the same for the most part of the
week. It made a high of 8768 during the week and closed at 8636 with the overall gain of 4.75 per cent on weekly ba-
sis. Technically it recovering from lower level and also made Bullish Harami Pattern on weekly chart. For this week, we
can expect upside movement in it.For this week, traders can adopt buying from the lower level strategy in it and above
the level of 8850 it can test the level of 9050 during the week. Trades can make buy position in it by maintaining a Stop
Loss of 8695.
Last week, SOYABEAN Feb Futures started the week on positive note and continued the same for the most part of the
week. It made a high of 3815 during the week and closed at 3806 with the overall gain of 5 per cent on weekly basis.
Technically it is in bullish trend and trading in overbought zone of RSI. For this week, we can expect further upside
movement in it. For this week, traders can adopt buying from the lower level strategy in it and above the level of 3850
it can test the level of 3940 during the week. Trades can make buy position in it by maintaining a Stop Loss of 3798.

12. 12 Copyright © 2018 Ways2Capital. All rights reserved 21/01/2019
Last week, EURINR Jan Futures started the week on positive note but after that it witnessed choppy movement for the
remaining part of the week. It made a low of 81.0000 during the week and closed at 81.2975 with the overall loss of
0.20 per cent on weekly basis. Technically it consolidating above the trend line breakout with the positive RSI and for
this week, we can expect upside movement in it.For this week, traders can adopt buying from the lower level strategy
in it and above the level of 81.3000 it can test the level of 81.7975 during the week. Trades can make buy position in it
by maintaining a Stop Loss of 80.9475.
Calls of the Week (FOREX)
WEEKLY STRATEGY
PARTICULAR DETAILS
USDINR
EURINR
WEEKLY STRATEGY
PARTICULAR DETAILS
Action Buy
Entry Range Below 81.3000
Target 81.7975
SL 80.9475
Action Buy
Entry Range Below 71.6000
Target 72.0975
SL 71.2975
Last week, USDINR Jan Futures started the week on positive note and continued the same for the most part of the
week. It made a high of 71.4775 during the week and closed at 71.2350 with the overall gain of 0.52 per cent on
weekly basis. Technically it consolidating above the trend line breakout with the positive RSI and for this week, we can
expect upside movement in it.For this week, traders can adopt buying from the lower level strategy in it and above the
level of 71.6000 it can test the level of 72.0975 during the week. Trades can make buy position in it by maintaining a
Stop Loss of 71.2975.

13. 13 Copyright © 2018 Ways2Capital. All rights reserved 21/01/2019
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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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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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