+ All Categories
Home > Business > Commodity Research Report 16 January 2018 Ways2Capital

Commodity Research Report 16 January 2018 Ways2Capital

Date post: 22-Jan-2018
Category:
Upload: ways2capital-investment-advisor
View: 25 times
Download: 1 times
Share this document with a friend
14
HIGH BROW MARKET RESEARCH INVESTMENT ADVISOR PVT. LTD.
Transcript
Page 1: Commodity Research Report 16 January 2018 Ways2Capital

HIGH BROW MARKET RESEARCH INVESTMENT ADVISOR PVT. LTD.

Page 2: Commodity Research Report 16 January 2018 Ways2Capital

Market Wrap-Up

MCX Market Wrap-up

Commodity Contract Previous

Close Open High Low Close

Change in Price (in %)

Change in OI (in %)

Change in Vol- ume (in %)

Aluminium 31-Jan-18 139.20 139.35 141.45 136.6 141 1.29% -0.15% 0.87%

Copper 28-Feb-18 452.50 452.75 461.4 452 453.05 0.12% -8.44% -20.53%

Crude Oil 19-Jan-18 3887.00 3900 4123 3892 4065 4.58% 9.78% 17.89%

Gold 5-Feb-18 29217.00 29193 29580 29121 29547 1.13% 10.19% 42.17%

Lead 31-Jan-18 161.90 162.4 165.9 160.4 161.6 -0.19% 9.66% 1.28%

Natural Gas 25-Jan-18 177.10 178.8 205.3 177.4 204 15.19% -47.73% 39.12%

Nickel 31-Jan-18 794.30 790.4 837.9 782.6 803.7 1.18% 8.37% 6.24%

Silver 5-Mar-18 39253.00 39245 39300 38666 39063 -0.48% 6.72% 0.74%

Zinc 31-Jan-18 213.80 213.4 217.85 212.6 217.6 1.78% 29.31% 11.28%

NCDEX Market Wrap-up

Commodity Contract Previous

Close Open High Low Close

Change in Price (in %)

Change in OI (in %)

Change in Vol- ume (in %)

Castor Seed 20-Feb-18 4347 4332 4339 4045 4120 -5.22% -7.62% -28.74%

Chana 20-Mar-18 3828 3795 3879 3774 3817 -0.29% -0.31% 32.21%

Dhaniya 20-Apr-18 6041 6050 6320 6009 6087 0.76% -28.37% -66.08%

Cottonseed Oil Cake

20-Feb-18 1796 1786 1816.5 1753 1790 -0.33% -2.55% 100.92%

Guargum5 20-Feb-18 9540 9549 9831 9382 9465 -0.79% -79.92% 49.24%

Guarseed10 20-Feb-18 4333 4318 4470 4311 4354 0.48% -3.59% -82.95%

Jeera 20-Mar-18 17330 17235 17580 16755 16860 -2.71% -3.89% -68.20%

Kapas 30-Apr-18 985.5 985.5 1029 963.5 1022 3.70% -20.18% 35.42%

RMseed 20-Apr-18 4143 4160 4162 4025 4066 -1.86% -24.99% 46.82%

Ref Soya Oil 20-Feb-18 742.35 741.9 747 738.05 740.05 -0.31% 4.67% -9.67%

Soyabean 20-Feb-18 3217 3231 3304 3225 3233 0.50% -2.15% 73.47%

Turmeric 20-Apr-18 7540 7528 7778 7382 7620 1.06% -1.92% 0.00%

Mentha Oil 31-Jan-18 1671.8 1673.9 1677.7 1592.5 1657.4 -0.86% 0.00% -3.93%

Currency Market Wrap-up

Currency Pair

Contract

Previous Close

Open

High

Low

Close Change in Price

(in %)

29-Jan-18 63.5175 63.4475 63.9775 63.3800 63.725 0.33% 29-Jan-18

29-Jan-18 86.0700 86.1600 86.9000 86.0500 86.835 0.89% 29-Jan-18

29-Jan-18 76.8325 77.5750 78.0900 77.4450 77.98 1.49% 29-Jan-18

29-Jan-18 56.1650 56.1425 57.4250 56.0725 57.4025 2.20% 29-Jan-18

Continued…….

2 Copyright © 2017 Ways2Capital. All rights reserved 16/01/2018

Page 3: Commodity Research Report 16 January 2018 Ways2Capital

Market Wrap-Up

International Market Wrap-up

Commodity Exchange Previous

Close Open High Low Close

Change in Price (in %)

Aluminium LME 2202.5 2201 2229.75 2149.5 2221 0.84%

Copper COMEX 3.232 3.205 3.227 3.193 3.2 -0.99%

Crude Oil NYMEX 61.56 61.61 64.77 61.34 64.3 4.45%

Gold COMEX 1320.2 1321.8 1340 1308.9 1334.9 1.11%

Lead LME 2553.25 2551.5 2607.25 2516.75 2540 -0.52%

Natural Gas NYMEX 2.787 2.812 3.224 2.784 3.2 14.82%

Nickel LME 12547.5 12542.5 13192.5 12350 12662.5 0.92%

Silver COMEX 17.26 17.28 17.3 16.89 17.24 -0.12%

Zinc LME 3358.28 3352.5 3407.5 3318 3390.5 0.96%

3 Copyright © 2017 Ways2Capital. All rights reserved 16/01/2018

15.19%

4.58% 1.78% 1.29% 1.18% 1.13% 0.12% -0.19% -0.48%

-5%

0%

5%

10%

15%

20%

% C

han

ge in

pri

ce

Commodity

MCX Gainers & Losers

3.70%

1.06% 0.76% 0.50% 0.48%

-0.29% -0.31% -0.33% -0.79% -0.86%

-1.86% -2.71%

-5.22% -6%

-4%

-2%

0%

2%

4%

6%

% C

han

ge in

pri

ce

Commodity

NCDEX Gainers & Losers

Page 4: Commodity Research Report 16 January 2018 Ways2Capital

Inventory Updates

LME Inventory Update

Commodity Closing (As on 12th Jan 18) in Tonnes Closing (As on 05th Jan 18) in Tonnes % Change

Copper 201650 200150 0.75%

Nickel 368292 365934 0.64%

Lead 142575 142075 0.35%

Zinc 180175 180575 -0.22%

Aluminium 1088325 1101325 -1.18%

Continued…….

4 Copyright © 2017 Ways2Capital. All rights reserved 16/01/2018

0.75% 0.64%

0.35%

-0.22%

-1.18%

0.12%

1.18%

-0.19%

1.78%

1.29%

-2%

-1%

-1%

0%

1%

1%

2%

2%

Ch

ange

in %

LME Inventory vs Price Movement

% Change LME Inventory % Change in Price

848.11

842.81 844.29

837.5 837.5 834.86

828.96

815

820

825

830

835

840

845

850

Ho

ldin

g in

To

nn

es

SPDR Gold Holding

Page 5: Commodity Research Report 16 January 2018 Ways2Capital

Inventory Updates

5 Copyright © 2017 Ways2Capital. All rights reserved 16/01/2018

-5.6

-5.1

-6.5

-4.6

-7.4

-4.9

3637

3656 3716

3820

3921 4036

3400

3500

3600

3700

3800

3900

4000

4100

-8

-7

-6

-5

-4

-3

-2

-1

0

Clo

sin

g P

rice

Ch

ane

in In

ven

tory

(in

Mill

ion

)

Crude Oil Inventory vs Price Analysis

Inventory Change Price

2

-69

-182

-112

-206

-359

130

200

210 220

185.2 195.4

0

50

100

150

200

250

-400

-350

-300

-250

-200

-150

-100

-50

0

50

Clo

sin

g P

rice

Ch

ange

in In

ven

tory

(in

Bill

ion

)

Natural Gas Inventory vs Price Analysis

Inventory Change Price

Page 6: Commodity Research Report 16 January 2018 Ways2Capital

Market Next Week

Upcoming Economic Events Calender

Time Curreny Event Forecast Previous

Monday, January 15, 2018

All Day USD HolidayUnited States - Martin Luther King, Jr. Day

Tuesday, January 16, 2018

4:30 GBP CPI (MoM) (Dec) 0.40% 0.30%

4:30 GBP CPI (YoY) (Dec) 3.00% 3.10%

4:30 GBP PPI Input (MoM) (Dec) 0.40% 1.80%

8:30 USD NY Empire State Manufacturing Index (Jan) 18.5 18

Wednesday, January 17, 2018

9:15 USD Industrial Production (MoM) (Dec) 0.30% 0.20%

14:00 USD Beige Book

16:00 USD TIC Net Long-Term Transactions (Nov) 23.2B

16:30 USD FOMC Member Mester Speaks

19:01 GBP RICS House Price Balance (Dec) 1%

21:00 CNY Fixed Asset Investment (YoY) (Dec) 7.10% 7.20%

21:00 CNY GDP (QoQ) (Q4) 1.60% 1.70%

21:00 CNY GDP (YoY) (Q4) 6.70% 6.80%

21:00 CNY Industrial Production (YoY) (Dec) 6.00% 6.10%

Thursday, January 18, 2018

8:30 USD Building Permits (MoM) (Dec) -1.00%

8:30 USD Building Permits (Dec) 1.305M 1.303M

8:30 USD Housing Starts (MoM) (Dec) 3.30%

Friday, January 19, 2018

4:30 GBP Core Retail Sales (YoY) (Dec) 2.90% 1.50%

4:30 GBP Core Retail Sales (MoM) (Dec) -0.80% 1.20%

4:30 GBP Retail Sales (MoM) (Dec) -0.60% 1.10%

4:30 GBP Retail Sales (YoY) (Dec) 3.10% 1.60%

10:00 USD Michigan Consumer Expectations (Jan) 90.6 84.3

10:00 USD Michigan Consumer Sentiment (Jan) 97 95.9

Currency Weekly Pivots

Currency Pair Contract R3 R2 R1 PP S1 S2 S3

USDINR 29-Jan-18 64.9000 64.3000 64.0000 63.7000 63.4000 63.1000 62.5000

GBPINR 29-Jan-18 88.3000 87.4500 87.1500 86.6000 86.3000 85.7500 84.9000

EURINR 29-Jan-18 79.1500 78.5000 78.2500 77.8500 77.6000 77.2000 76.5500

JPYINR 29-Jan-18 59.6500 58.3000 57.8500 56.9500 56.5000 55.6000 54.2500 Continued…….

6 Copyright © 2017 Ways2Capital. All rights reserved 16/01/2018

Page 7: Commodity Research Report 16 January 2018 Ways2Capital

Market Next Week

MCX Weekly Pivots

Commodity Contract R3 R2 R1 PP S1 S2 S3

Aluminium 31-Jan-18 149.40 144.55 142.80 139.70 137.95 134.85 130.00

Copper 28-Feb-18 474.3 464.9 459 455.5 449.6 446.10 436.70

Crude Oil 19-Jan-18 4488.65 4257.65 4161.3 4026.65 3930.3 3795.65 3564.65

Gold 5-Feb-18 30334 29875 29711 29416 29252 28957 28498

Lead 31-Jan-18 173.65 168.15 164.9 162.65 159.4 157.15 151.65

Natural Gas 25-Jan-18 251.35 223.45 213.7 195.55 185.8 167.65 139.75

Nickel 31-Jan-18 918.65 863.35 833.5 808.05 778.2 752.75 697.45

Silver 5-Mar-18 40278 39644 39353 39010 38719 38376 37742

Zinc 31-Jan-18 226.5 221.25 219.4 216 214.15 210.75 205.50

NCDEX Weekly Pivots

Commodity Contract R3 R2 R1 PP S1 S2 S3

Castor Seed 20-Feb-18 4756 4462 4291 4168 3997 3874 3580

Chana 20-Mar-18 4033 3928 3873 3823 3768 3718 3613

Dhaniya 20-Apr-18 6761 6450 6268 6139 5957 5828 5517

Cottonseed Oil Cake 20-Feb-18 1914 1850 1820 1787 1757 1723 1660

Guargum5 20-Feb-18 10457 10008 9737 9559 9288 9110 8661

Guarseed10 20-Feb-18 4696 4537 4446 4378 4287 4219 4060

Jeera 20-Mar-18 18715 17890 17375 17065 16550 16240 15415

Kapas 30-Apr-18 1136 1070 1046 1005 981 939 874

RMseed 20-Apr-18 4358 4221 4144 4084 4007 3947 3810

Ref Soya Oil 20-Feb-18 760 751 745 742 736 733 724

Soyabean 20-Feb-18 3412 3333 3283 3254 3204 3175 3096

Turmeric 20-Apr-18 8385 7989 7805 7593 7409 7197 6801

Mentha Oil 31-Jan-18 1813 1728 1693 1643 1607 1557 1472

7 Copyright © 2017 Ways2Capital. All rights reserved 16/01/2018

Page 8: Commodity Research Report 16 January 2018 Ways2Capital

MCX Fundamentals

BULLION

Gold futures rose to the highest since November 9 2016 in American trade as the

dollar index dipped to September 8 lows following a basket of data from China the

world's largest metals consumer and the US the world's largest economy.Earlier US

data showed US retail sales rose 0.4% m/m in December slowing down sharply

from 0.9% in November revised from 0.8% while analysts expected a 0.5%

increase.Core sales rose 0.4% besting expectations of 0.3% while still sharply down

from November's 1.3% increase, revised from 1%.US consumer prices rose 0.1% in

December in line with expectations slowing down from 0.4% in November.

BASE METALS

Base metas prices are starting to work higher after generally drifting since the start

of the year but overhead tails on daily candlesticks in recent days does suggest

there is overhead selling around to.Nickel and tin have been the two metals that

have held up the best this week with nickel setting a fresh two and half year high at

$ 13,200 per tone. Perhaps continued focus on cobalt scarcity and a pressing need

to use more nickel some long term stratgic investment buying .we remain quietly

bullish for the base metals complex and see the longer term outlook as being

positive and traders may well continue to front run that .we expect dips to remain

well supported as seems to have been the case in recent days.

ENERGY

Oil futures tilted lower in American trade, still hovering near three-year highs,

even as the dollar index declined to the lowest since September 8, following a

basket of data from China, the world's largest energy importer, and the US, the

world's largest energy consumer. On Wednesday, the Energy Information

Administration released its report on US crude stocks, showing a decline of 4.9

million barrels in the week ending January 5, passing expectations of a 3.9M drop,

and adding to the 7.4M drop in the previous reading, with total stocks now

reaching 419.5 million barrels. Gasoline stocks rose 4.1 million barrels, while

distillate stocks, including heating fuel, rose 4.3 million barrels, remaining within

the medium range on average in this time of year. Otherwise, UAE energy minister

Suhail Al Mazroui said in earlier remarks that global demand growth was surprising

last year, while expecting full compliance with the deal to cut output by 1.8 million

bpd in cooperation between OPEC and Russia.

8 Copyright © 2017 Ways2Capital. All rights reserved 16/01/2018

Page 9: Commodity Research Report 16 January 2018 Ways2Capital

NCDEX Fundamentals SPICES

The Turmeric is in long medium short medium term bull phase .Currently

Turmeric is in strong down trend with good momentum but volume is

unsatisfactory The open interest is not increasing with trend . Noting point is

selling at lower levels seems decreasing. The oscillator is showing sell signal

For short term Turmeric is in sell position.NCDEX Mar Jeera fall more than

2.5% last week on expectation that jeera production may be higher in coming

season on reports of higher acreage of cumin in the current season.

OIL & OILSEEDS

Soy bean futures fell nearly one percent in American trade to September 13

lows, as the dollar index dipped for the first time in four sessions, following

earlier data from China, the world's largest soy bean importer, and the US,

the world's largest producer and exporter. As of 08:58 GMT, soy bean

futures due on March 15 shed 0.91% to $9.5500 from the opening of

$9.6375, while the dollar index slipped 0.22% to 92.32 from the opening of

92.53.Mustard Apr futures closed lower last week tracking weak physical

demand. Market is still expecting for some demand side fundamentals as

downside looks limited.

GUAR COMPLEX

Guar futures are expected to trade mixed to higher this week as rally in crude

oil prices is likely to boost up export demand of gum which may help prices to

recover during today’s session. Oil drillers in US are expected to increase their

drilling activities due to expanding profit margin supported by surging crude

oil prices which may push up the export demand of gum from India as gum is

used as major component during hydraulic fracturing technique used in oil

drilling activities.

OTHERS

Overall trend of the Chana is bearish for medium-long term .Currently Chana

is in strong down trend and the trend is supported with good volume The

open interest is not increasing with trend.The oscillator is showing sell signal

For short term Chana is in sell position. Currently Chana is in position Chana

has crossed the high but the trend was not strong and sellers was at high so

for short term better buy above 4270.4 with stop at 3810.0 The oscillator is

showing SELL signal.The Cotton seed oil cake akola is in perfect up trend

.Currently Cotton seed oil cake akola is in strong up trend and the trend is

supported with good volume The open interest is not increasing with trend

.The Cotton seed oil cake akola is now trading in overbought level.

9 Copyright © 2017 Ways2Capital. All rights reserved 16/01/2018

Page 10: Commodity Research Report 16 January 2018 Ways2Capital

Calls of the Week (MCX)

SILVER Silver futures rose nearly one percent in American trade away from late-2017 lows for the second session, as the dollar index plumbed the lowest since September 8, following earlier data from China, the world's largest metals consumer, and the US. Investors are still interested in Silver. Currently Silver is trading sideways on higher level. Recently market has been broken its trading channel on upside and sustaining above it. Also RSI sustaining in overbought zone. Trades can follow the buy on dips strategy.

WEEKLY STRATEGY

Particular

Details

ACTION

Buy

ENTRY PRICE

Above 39900

TARGET

40400

STOP LOSS

37300

NATURALGAS

Natural gas futures fell below $3 on Thursday away from December 4 highs after earlier 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. In domestic market 180 level reacting as a strong support level and getting bounce back from lower level and recently we seen that market settled above the important level of 200, if market sustain above this level we can expect further upside rally for the next couple of weeks. The oscillator is showing buy signal. Support for the Natural gas is 190. Immediate resistance for Natural gas is 210.

WEEKLY STRATEGY

Particular

Details

ACTION

Buy

ENTRY PRICE

Above 203

TARGET

209.90

STOP LOSS

199.50

10 Copyright © 2017 Ways2Capital. All rights reserved 16/01/2018

Page 11: Commodity Research Report 16 January 2018 Ways2Capital

Calls of the Week (NCDEX) DHANIYA

NCDEX Dhaniya Apr future continued to trade in the range of 6300-6000 from the last couple of trading week. Price made the low of 5935 during the week and the high of 6320 and settled at above 6000. On its daily chart market is resist by the 50 days Moving Average also, forming H&S formation on higher level indicating the bearish trend for short term basis. We can see pressure on prices from higher level. And we are expecting market can be traded with negative sentiment.

WEEKLY STRATEGY

Particular

Details

ACTION

Sell

ENTRY PRICE

Below 5930

TARGET

5810

STOP LOSS

5981

SOYABEAN

NCDEX Feb Soy bean fell on Friday as market participants continue its fresh selling by Market participants. However currently soy bean is trading at 6 month high as supplies have been diminishing slowly in the physical market. Moreover reports on inventories lower compared to last year. According to SOPA soy bean inventories with farmers traders and plant owner sat the end of December were at 6.5 mt, down from 8.2 mt a year ago.Soy bean futures are expected to trade sideways to down due to selling pressure. However, reports of improved demand from the oil mills and higher incentives for oil meal export improved estimates for meal exports and slow arrivals of soy bean in physical market will support soy bean prices.

WEEKLY STRATEGY

Particular

Details

ACTION

Sell

ENTRY PRICE

Below 3240

TARGET

3160

STOP LOSS

3290

11 Copyright © 2017 Ways2Capital. All rights reserved 16/01/2018

Page 12: Commodity Research Report 16 January 2018 Ways2Capital

Calls of the Week (FOREX)

GBPINR

Last week, GBPINR started the week on positive note and continued the same for the entire week. It made a high of

86.9000 during the week and closed at 86.8350 with the overall gain of 0.89% on weekly basis. It’s still sustaining

above the major resistance level of 86.8000 with positive RSI. Technically for this week, we can expect further upside

movement in it above the level of 87.3725 till the levels of 87.8725/ 88.0000. Trades can make buy position in it by

maintaining a Stop Loss of 86.9925

WEEKLY STRATEGY

Particular

Details

ACTION

Buy

ENTRY PRICE

Above

87.3725

TARGET

87.8775

STOP LOSS

86.9925

JPYINR

Last week, JPYINR started the week on positive note and continued the same for the entire week. It made a high of

57.4250 during the week and closed at 57.4025 with the overall gain of 2.20% on weekly basis. It’s still sustaining near

to trend line & 200days Moving average breakout. Technically for this week, we can expect further upside movement

in it and above the level of 57.4550, it can test the level of 57.9725 by the end of the week. Trades can make buy

position in it by maintaining a Stop Loss of 57.0725

WEEKLY STRATEGY

Particular

Details

ACTION

Buy

ENTRY PRICE

Above

57.4550

TARGET

57.9725

STOP LOSS

57.0725

12 Copyright © 2017 Ways2Capital. All rights reserved 16/01/2018

Page 13: Commodity Research Report 16 January 2018 Ways2Capital

Disclaimer

LEGAL DISCLAIMER (कानूनी अस्वीकरण) :

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.

यह दस्तावेज़ Ways2Capital (हाई ब्रो मारे्कट अनसुंधान ननवेश सलाहर्कार प्राइवेट लललमटेड र्का एर्क भाग) द्वारा तैयार कर्कया गया है | यहां पर दी गई जानर्कारी, ववश्लेषण और अनमुान

Ways2Capital इक्ववटी / र्कमोडडटी अनसुंधान रे्क मूलयांर्कन पर आधाररत हैं और ववश्वसनीय स्रोतों से प्राप्त र्की गई है | यह दस्तावेज़ रे्कवल इक्छित प्राप्तर्कताा रे्क उपयोग रे्क ललए ही है |

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.

यह दस्तावेज़, सवोत्तम रूप से, Ways2Capital इक्ववटी / र्कमोडडटीज अनसुंधान र्का प्रनतननधधत्व र्करता है और सामान्य जानर्कारी रे्क ललए ही है | Ways2Capital इक्ववटी /

र्कमोडडटीज अनसुंधान, इसरे्क ननदेशर्कों, अधधर्कारी या र्कमाचारी कर्कसी भी तरह से संबधंधत सामग्री रे्क ललए क्जम्मेदार नहीं है।| Ways2Capital इक्ववटी / र्कमोडडटीज अनसुंधान

कर्कसी भी और सभी उत्तरदानयत्वों र्को स्पष्ट रूप से अस्वीर्कार र्करता है जो इस सबंधं में सूचना, त्रटुटयों या चरू्क से पदैा हो सर्कता है| इस दस्तावेज र्को कर्कसी भी प्रनतभूनत या वस्त ु

र्को खरीदने रे्क ललए बेचने या एर्क आग्रह रे्क ललए प्रस्ताव रे्क रूप में नहीं माना जा सर्कता है|

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.

उपरोवत सभी सूचना, स्तर और सुझाव, Ways2Capital रे्क ववशेषज्ञ रे्क पनैल द्वारा कर्कए गए तर्कनीर्की और मौललर्क अनसुंधान रे्क आधार पर दी गई हैं, लेकर्कन हम टदए गए सुझावों

र्की त्रटुटयों रे्क ललए र्कोई दानयत्व स्वीर्कार नहीं र्करते हैं | वेबसाइट रे्क माध्यम से सकफिं ग र्करने वाले लोगों र्को अपनी पसंद रे्क उत्पाद सेवाओ ंर्को चनुने र्का अधधर्कार है|

Any investment in Equity/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.

इक्ववटी / र्कमोडडटी बाजार में र्कोई भी ननवेश जोखखम रे्क अधीन होता है, रं्कपनी इन सुझावों पर कर्कए गए कर्कसी भी नरु्कसान रे्क ललए उत्तरदायी नहीं होगी | यह स्तर भववष्य रे्क

र्कीमतों र्की गनत र्का संरे्कत नहीं देते है| वेबसाइट रे्क माध्यम से कर्कसी भी ब्राउक्ज़गं र्का अर्ा है अस्वीर्करण र्की स्वीरृ्कनत।

DISCLOSURE (प्रकटीकरण): 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.

हाई ब्रो मारे्कट अनसुंधान ननवेश सलाहर्कार प्राइवेट लललमटेड या उसरे्क सहयोगी रं्कपननयां अनसुंधान ररपोटा में शालमल रं्कपननयों रे्क सार् र्कारोबार नहीं र्करती हैं और न ही कर्कसी भी

तरह रे्क उत्पादों / प्रनतभूनतयों रे्क जारीर्कताा रे्क सार् जडुी हैं, जो यह सुननक्श्चत र्करता है कर्क टहतों रे्क ललए र्कोई वास्तववर्क या संभाववत संघषा नहीं है | ननयामर्क ननर्काय रे्क अनपुालन

र्को सुननक्श्चत र्करने रे्क ललए हमने यह तय कर्कया है कर्क रं्कपनी और उसरे्क र्कोई भी प्रनतननधध बाज़ार में टे्रड नहीं र्करेंगे।

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 by regulatory body.

ग्राहर्कों र्को यह सलाह दी जाती है कर्क वे ररपोटा में दी गई जानर्कारी र्को रे्कवल राय रे्क रूप में देखें और ननवेश रे्क ललए स्वय ंफैसला र्करें | ग्राहर्कों र्को वेबसाइट पर प्रर्कालशत सेवाओ ंरे्क

ननयमों और शतों र्को पढ़ने और समझने र्की भी सलाह दी जाती है | रं्कपनी रे्क ननगमन रे्क बाद ननयामर्क ननर्काय द्वारारं्कपनी रे्क खखलाफ र्कोई मुर्कदमा (याधचर्का) दायर नहीं कर्कया

गया है।

13 Copyright © 2017 Ways2Capital. All rights reserved 16/01/2018

Page 14: Commodity Research Report 16 January 2018 Ways2Capital

DISCLOSURE APPENDIX: (प्रकटीकरण पररशिष्ट ):

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.

ररपोटा ववश्लेषर्कों द्वारा तैयार र्की गयी है जो द्वारा हाई ब्रो मारे्कट अनसुंधान ननवेश सलाहर्कार प्राइवेट लललमटेड द्वारा ननयवुत हैं | इस ररपोटा में व्यवत सभी ववचार रं्कपनी रे्क बारे में व्यक्वतगत ववचारों र्को दशााता है और रं्कपननयों और उनर्की प्रनतभूनतयां और क्षनतपनूत ा (मुआवजे) र्का र्कोई टहस्सा, या इस शोध ररपोटा में ननटहत ववशषे सझुावों या ववचारों से प्रत्यक्ष या अप्रत्यक्ष रूप से संबधंधत नहीं होगा। DISCLOSURE IN TERMS OF CONFLICT OF INTEREST: हितों के संघर्ष के मामले में प्रकटीकरण : (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) अ औ | (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) अ ए अ / | (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) अ अ अ | DISCLOSURE IN TERMS OF COMPENSATION:

क्षततपूतत ष के संदर्ष में प्रकटीकरण:

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 मारे्कट अनसुंधान ननवेश सलाहर्कार प्राइवेट लललमटेड र्की पॉललसी अपने ववश्लेषर्कों, पेशेवरों र्को ववश्लेषर्क रे्क क्षेत्र में कर्कसी भी रं्कपनी र्की प्रनतभनूतयों रे्क स्वामी से ववश्लेषर्कों र्को ररपोटा र्करने से रोर्कती है। ववश्लेषर्क क्षनतपनूत ा : ववश्लेषर्क हाई ब्रो मारे्कट अनसुंधान ननवेश सलाहर्कार प्राइवेट लललमटेड रे्क वेतन आधाररत स्र्ायी र्कमाचारी है |

DISCLOSURE IN TERMS OF PUBLIC APPEARANCE:

सावषजतनक प्रकटन के मामले में प्रकटीकरण :

(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 मारे्कट अनसुंधान ननवेश सलाहर्कार प्राइवेट लललमटेड या उसरे्क सहयोगीयों ने वपिले 12 महीनों में ववषय रं्कपनी से र्कोई मुआवजा प्राप्त नहीं कर्कया 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) अ अ

(c) High Brow Market Research Pvt. Ltd. or its associates has never served as an officer, director or employee of the subject company;

( ) अ अ ,

(d) High Brow Market Research Pvt. Ltd. has never been engaged in market making activity for the subject company.

( ) अ ए ( )

14 Copyright © 2017 Ways2Capital. All rights reserved 16/01/2018


Recommended