The World Gold Council recently forecast an increase of demand on the yellow metal in the second half of 2018 as inflation rises and the global trade war takes firmer shape and hurts currencies.

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

2. 2 Copyright © 2018 Ways2Capital. All rights reserved 27/08/2018
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-Aug-18 141.90 141.95 146.10 141.60 144.75 2.01% 12.22% -2.13%
Copper 31-Aug-18 407.65 408.95 418.85 405.25 416.25 2.11% -10.13% 12.18%
Crude Oil 19-Sep-18 4,571 4,575 4,857 4,547 4,804 5.10% 50.79% -1.80%
Gold 05-Oct-18 29349 29465 29967 29423 29903 1.89% 5.45% 54.30%
Lead 31-Aug-18 139.4 139.6 146.4 137.25 144.55 3.69% -25.37% -17.75%
Natural Gas 28-Aug-18 206.6 205.3 209.4 200.6 204.3 -1.11% -24.45% 13.20%
Nickel 31-Aug-18 946.6 946.6 959 921.6 933.7 -1.36% 22.51% -0.81%
Silver 05-Sep-18 36778 36920 37172 36534 37004 0.61% -5.89% 58.97%
Zinc 31-Aug-18 168.00 166.95 178.90 166.50 177.95 5.92% -26.77% 1.33%
Castor Seed 19-Sep-18 4658.00 4609.00 4790.00 4609.00 4676.00 0.39% 6.31% 28.79%
Chana 19-Sep-18 4325.00 4287.00 4362.00 4084.00 4086.00 -5.53% -15.72% 63.15%
Dhaniya 19-Sep-18 4884.00 4980.00 5020.00 4755.00 4774.00 -2.25% 4.88% 166.59%
COCUDAKL 19-Sep-18 1776.50 1724.00 1868.00 1724.00 1746.50 -1.69% 9.78% 31.75%
Guargum5 16-Oct-18 9882.00 9850.00 9988.00 9159.00 9201.00 -6.89% -1.12% 13.29%
Guarseed10 16-Oct-18 4601.00 4570.00 4650.00 4285.00 4316.00 -6.19% -10.24% -14.91%
Jeera 19-Sep-18 19880.00 19580.00 20500.00 19065.00 19315.00 -2.84% -2.18% 70.55%
RMseed 19-Sep-18 4188.00 4180.00 4180.00 4073.00 4078.00 -2.63% 1.80% 4.26%
Ref Soya Oil 19-Sep-18 739.35 737.50 742.40 731.10 733.60 -0.78% -11.94% -43.04%
Soyabean 16-Oct-18 3371.00 3379.00 3388.00 3236.00 3249.00 -3.62% 17.21% 7.79%
Turmeric 19-Sep-18 6978.00 6990.00 7086.00 6802.00 6868.00 -1.58% -4.29% -2.56%
Mentha Oil 31-Aug-18 1648.80 1655.00 1683.80 1628.50 1678.80 1.82% 12.93% 53.56%
USDINR 29-Aug-18 70.3100 70.0300 70.2650 69.5825 69.9425 -0.52%
GBPINR 29-Aug-18 89.3700 89.3000 90.5150 88.7725 89.9075 0.60%
JPYINR 29-Aug-18 63.4375 63.5000 63.5000 62.8000 62.8175 -0.98%
EURINR 29-Aug-18 80.0150 89.9875 81.2950 79.5550 81.0250 1.26%

3. 3 Copyright © 2018 Ways2Capital. All rights reserved 27/08/2018
International Market Wrap-up
Commodity Exchange
Previous
Close
Open High Low Close % Change in Price
Market Wrap-Up
Aluminium LME 2033.75 2041.00 2108.25 2036.25 2093.00 2.91%
Copper COMEX 2.660 2.657 2.716 2.614 2.691 1.17%
Crude Oil NYMEX 65.91 65.21 69.31 64.85 68.54 3.99%
Gold COMEX 1191.80 1190.60 1215.00 1189.50 1212.30 1.72%
Lead LME 2001.50 2019.50 2104.00 1975.50 2078.75 3.86%
Natural Gas NYMEX 2.946 2.934 2.992 2.902 2.912 -1.15%
Nickel LME 13552.50 13625.00 13847.50 13190.00 13430.00 -0.90%
Silver COMEX 14.775 14.750 14.860 14.450 14.785 0.07%
Zinc LME 2380.25 2422.25 2549.75 2354.50 2532.75 6.41%

4. 4 Copyright © 2018 Ways2Capital. All rights reserved 27/08/2018
Inventory Updates
LME Inventory
Commodity
Closing (As on 24thAug18)
In tones
Closing (As on 17thAug18)
in tones
% Change in Price
Continued…….
Aluminium 1099975 1124150 -2.15%
Copper 266950 257400 3.71%
Lead 126550 125400 0.92%
Nickel 243552 247548 -1.61%
Zinc 248575 252250 -1.46%

5. 5 Copyright © 2018 Ways2Capital. All rights reserved 27/08/2018
Inventory Updates

6. 6 Copyright © 2018 Ways2Capital. All rights reserved 27/08/2018
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, August 27, 2018
All Day USD United Kingdom - Summer Bank Holiday
Tuesday, August 28, 2018
Tentative GBP Inflation Report Hearings
18:00 USD Goods Trade Balance (Jul) -67.92B
19:30 USD CB Consumer Confidence (Aug) 126.5 127.4
Wednesday, August 29, 2018
Tentative GBP Nationwide HPI (YoY) 2.50%
18:00 USD GDP (QoQ) (Q2) 4.00% 4.10%
18:00 USD GDP Price Index (QoQ) (Q2) 3.00% 3.20%
19:30 USD Pending Home Sales (MoM) (Jul) 0.40% 0.90%
20:00 USD Crude Oil Inventories -1.497M -5.836M
Thursday, August 30, 2018
18:00 USD Core PCE Price Index (YoY) (Jul) 2.00% 1.90%
18:00 USD Initial Jobless Claims 214K 210K
18:00 USD PCE Deflator (YoY) 2.20%
18:00 USD Personal Spending (MoM) (Jul) 0.40% 0.40%
Friday, August 31, 2018
6:30 CNY Manufacturing PMI (Aug) 51 51.2
6:30 CNY Non-Manufacturing PMI (Aug) 54
19:15 USD Chicago PMI (Aug) 63 65.5
19:30 USD Michigan Consumer Expectations (Aug) 87.5 87.3
19:30 USD Michigan Consumer Sentiment (Aug) 95.5 95.3
USDINR 29-Aug-18 71.3000 70.6500 70.3000 69.9500 69.6500 69.2500 68.6000
GBPINR 29-Aug-18 93.2500 91.5000 90.7500 89.7500 89.0000 88.0000 86.2500
JPYINR 29-Aug-18 64.4500 63.7500 63.3000 63.0500 62.6000 62.3500 61.6500
EURINR 29-Aug-18 84.1500 82.4000 81.7500 80.6500 80.0000 78.9000 77.1500

7. 7 Copyright © 2018 Ways2Capital. All rights reserved 27/08/2018
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-Aug-18 153.15 148.65 146.70 144.15 142.20 139.65 135.15
Copper 31-Aug-18 440.65 427.05 421.65 413.45 408.05 399.85 386.25
Crude Oil 19-Sep-18 5356 5046 4925 4736 4615 4426 4116
Gold 05-Oct-18 30852 30308 30106 29764 29562 29220 28676
Lead 31-Aug-18 161.05 151.90 148.25 142.75 139.10 133.60 124.45
Natural Gas 28-Aug-18 222.35 213.55 208.90 204.75 200.10 195.95 187.15
Nickel 31-Aug-18 1012.90 975.50 954.60 938.10 917.20 900.70 863.30
Silver 05-Sep-18 38179 37541 37273 36903 36635 36265 35627
Zinc 31-Aug-18 199.25 186.85 182.40 174.45 170.00 162.05 149.65
Castor Seed 19-Sep-18 5054 4873 4774 4692 4593 4511 4330
Chana 19-Sep-18 4733 4455 4271 4177 3993 3899 3621
Dhaniya 19-Sep-18 5380 5115 4944 4850 4679 4585 4320
COCUDAKL 19-Sep-18 2067.50 1923.50 1835.00 1779.50 1691.00 1635.50 1491.50
Guargum5 16-Oct-18 11107 10278 9740 9449 8911 8620 7791
Guarseed10 16-Oct-18 5147.00 4782.00 4549.00 4417.00 4184.00 4052.00 3687.00
Jeera 19-Sep-18 22496.65 21061.65 20188.30 19626.65 18753.30 18191.65 16756.65
RMseed 19-Sep-18 4324 4217 4148 4110 4041 4003 3896
Ref Soya Oil 19-Sep-18 758.30 747.00 740.30 735.70 729.00 724.40 713.10
Soyabean 16-Oct-18 3595 3443 3346 3291 3194 3139 2987
Turmeric 19-Sep-18 7487 7203 7035 6919 6751 6635 6351
Mentha Oil 31-Aug-18 1774.3 1719.0 1698.9 1663.7 1643.6 1608.4 1553.1

8. 8 Copyright © 2018 Ways2Capital. All rights reserved 27/08/2018
BULLION
The World Gold Council recently forecast an increase of demand on the yellow
metal in the second half of 2018 as inflation rises and the global trade war takes
firmer shape and hurts currencies. Central banks gold demand rose 42% to 116.5
tonnes especially from Russia while jewellery demand steadied at 487.7 tonnes as
mine supplies grew 1% y/y to 770 thousand tonnes. Gold holdings at SPDR Gold
Trust the world's largest gold-backed investment fund fell 1.47 tonnes on Thursday
to 767.23 tonnes the lowest since February 2016 after gold prices registered losses
in July for the fourth month in a row.
BASE METALS
The metal remains down 5.2 percent this month on concerns the U.S. China trade
row will hurt demand for industrial metals and is heading for its worst month since
August 2016. China and the United States had a constructive and candid exchange
over trade issues the Chinese commerce ministry said in a statement on its website
on Friday. Shanghai lead was the top performer in the base metals complex rising
as much as 2.3 percent to a two week high of 18,205 yuan a tonne on concerns
over tight stocks while zinc added around 1 percent.
ENERGY
MCX Fundamentals
Crude oil futures were higher during mid-morning trade in Asia Friday as market
attention shifted to increased trade tensions between the US and China as the
latter imposed a 25% tariff on US oil products. China Thursday imposed tariffs on
a second round of US goods in retaliation for US tariffs targeting oil products and
coal for the first time and leaving open the possibility of including crude oil and
LNG next. Natural gas futures due in September fell 0.54% to $2.97 per million
British thermal units while the dollar index rallied 0.55% to 95.67 against an array
of main rivals.

9. 9 Copyright © 2018 Ways2Capital. All rights reserved 27/08/2018
SPICES
NCDEX Fundamentals
OILSEEDS
GUAR COMPLEX
OTHERS
RM seed ended the day with subdued note amid lack of buying interest in
spot markets. But with fresh reports of India likely to resume export of rape
meal from China traders now do not anticipate much fall now and prices in
medium term may find strong support. Soybean ended the day in red and
below 3300 mark. Soybean is currently unable to adverse monsoon reports
could lend support to the prices post upside rally although prices are unable
to fall much from current levels.
The higher levels noted for Jeera with prices shooting up over last 2 months
were not sustainable. Even as moderate demand on the domestic and export
front persisted traders preferred some corrections in prices before initiating
fresh demand. Trend remains weak for Turmeric as it held below the psycho-
logical 7000 mark. Even as technical is still not very strongly positive there are
expectations of demand on the domestic and export front picking up with har-
vesting still time away. Better sowing prospect reports from good rains in grow-
ing states had pressurized prices.
Moderate firm trend persisted for Mentha even as prices found immediate
Resistance at these levels on rising demand and falling arrivals. With harvest-
ing getting over, the export and domestic demand for the new crop is on the
rise. This could support prices in the medium to long term. Negative inputs
from soybean and global edible oil markets kept sentiments negative. Soya oil
is currently facing resistance in moving above 750 level although the down-
side is capped around 725-730. The first month derivative had bounced sig-
nificantly from 728 level few weeks back.
Guar faced very strong Resistance at the psychological 10,000 mark as profit
booking set in at the higher levels with rains in Rajasthan too adversely affect-
ing the market sentiments. 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 27/08/2018
Comex gold futures marked a biggest one day gain on Friday recovering back to trade above $1200 per troy ounce.
Comex gold futures for October delivery made an intraday high of $1210.40 per troy ounce from the low of $1184.90
rising by 1.77% from previous close. Indian market also had witnessed similar movement, wherein MCX futures for Oc-
tober expiry made an intraday high of Rs. 29967 per 10 grams from the low of Rs. 29570 per 10 grams. For this week, if
it breaks the level of 30,000 on the upper side then it can test the level of 39500 during the week. One can make buy
position in it by maintaining a SL at 29985.
Calls of the Week (MCX)
ZINC
GOLD
WEEKLY STRATEGY
PARTICULAR DETAILS
From last couple of trading weeks ZINC was trading with negative sentiment but last week market get bounce back
from lower level near the level of 170. Last week Zinc made a low of 166.50 and closed at 177.95 with overall marginal
gain of 6% on weekly basis. On its daily chart market is forming higher highs and higher lows formation with positive
RSI indicating positive trend for this week. For this week, if it breaks the level of 179 on the upper side then it can test
the level of 181.90 during the week. One can make buy position in it by maintaining a SL at 177.85.
WEEKLY STRATEGY
PARTICULAR DETAILS
Action Buy
Entry Range Above 179
Target 181.90
SL 177.85
Action Buy
Entry Range Above 30000
Target 30500
SL 29895

11. 11 Copyright © 2018 Ways2Capital. All rights reserved 27/08/2018
Last week RMSEED made a low of 4073 and closed at 4078 with overall marginal loss of 2.60% on weekly basis. The
primary trend of RMSEED is bearish on chart and market is trading near the level of 4000 and continuously making
lower lows indicating short term negative trend in it. For this week, if it breaks the level of 4040 on the lower side then
it can test the level of 3920 during the week. One can make sell position in it by maintaining a SL at 4095.
Calls of the Week (NCDEX)
DHANIYA
RMSEED
WEEKLY STRATEGY
PARTICULAR DETAILS
WEEKLY STRATEGY
PARTICULAR DETAILS
Last week Dhaniya open with positive sentiment but found enough resistance near the level of 5000. Last week
Dhaniya made a low of 4755 and closed at 4774 with overall marginal loss of 2.25% on weekly basis. On its daily mar-
ket is resist by the level of 5000 and RSI turns from positive to negative trend. For this week, if it breaks the level of
4740 on the lower side then it can test the level of 4590 during the week. One can make sell position in it by maintain-
ing a SL at 4795.
Action Sell
Entry Range Above 4040
Target 3920
SL 4095
Action Sell
Entry Range Below 4740
Target 4590
SL 4795

12. 12 Copyright © 2018 Ways2Capital. All rights reserved 27/08/2018
Calls of the Week (FOREX)
WEEKLY STRATEGY
PARTICULAR DETAILS
JPYINR
USDINR
WEEKLY STRATEGY
PARTICULAR DETAILS
From last couple of trading week USDINR is trading near the level of 70.0000 but unable to cross the level and getting
selling pressure from higher level. Last week USDINR made a low of 69.5825 and closed at 69.9425 with overall mar-
ginal loss of 0.50% on weekly basis. On its daily chart market is forming lower highs formation indicating negative trend
for mid term to short term basis. For this week, if it breaks the level of 69.8300 on the lower side then it can test the
level of 88.50000 during the week. One can make sell position in it by maintaining a SL at 70.1125.
Action Sell
Entry Range Below 63.0800
Target 62.6025
SL 63.3525
Action Sell
Entry Range Above 69.8300
Target 69.5325
SL 70.1125
From last couple of trading days JPYINR trading with negative sentiment and we still believe that market can continue
its negative trend. Last week JPYINR made a low of 62.8000 and closed at 62.8175 with overall marginal loss of 1% on
weekly basis. On its daily chart market is forming lower highs and lower lows formation indicating negative trend for
this week. For this week, if it breaks the level of 63.0800 on the lower side then it can test the level of 62.6025 during
the week. One can make sell position in it by maintaining a SL at 63.3525.

13. 13 Copyright © 2018 Ways2Capital. All rights reserved 27/08/2018
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औय उसके कोई बी प्रनतननधध फाज़ाय भें ट्रेड नहीं कयेंगे।
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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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