Fundamental Calls. Commodity, Currency & IRF Trading Calls. Visit us at For Private Circulation only.

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1 Visit us at May 07, 2015 Fundamental Calls Fundamental Currency Call 5/1/2015 Buy NSE JPYINR at stop loss target 54.2/54.4 Weakness in DX after Soft Economic Data, BOJ Maintains Key Policy of Boosting Monetary Base by Y80 Tln per Year, possible risk aversion on macro concerns Fed Policy makers expect US growth to rebound after slowing in the winter months leaving possibility of rate hike sooner than expected, weak economic data out of Japan, divergent monetary policies May 05, 2015: stopped out at Rs (Rs4922) Total currencies trading deducting brokerage (Rs4922) Total IRF trading deducting brokerage nil 5/1/2015 Copper sell call - Fundamental call - Copper - Sell at Rs 413. stop-loss Rs 420. Target Rs 402/ Rs 398 Rally about equities and euro rather than real demand based fundamentals, disappointing macro data out of the US risk appetite, China s easing speculation May 06, 2015: exit at Rs (Rs4948) 5/1/2015 Lead, copper mini spread call - Fundamental inter-commodity spread call - Sell 6 lots of copper mini at Rs Buy lead at Rs stop-loss spread Rs Target spread Rs 10000/ Rs Copper prices getting ahead of fundamentals as global economy slowing, China s growth rate lower, crude oil can outperform on declining rig counts, decline in Cushing inventories lies in production downgrades of copper by copper producers May 05, 2015: book profit at CMPs. Lead at Rs Rs4667 For Private Circulation only REGISTRATION DETAILS Regd Add: Sharekhan Limited, 10th Floor, Beta Building, Lodha ithink Techno Campus, Off. JVLR, Opp. Kanjurmarg Railway Station, Kanjurmarg (East), Mumbai , Maharashtra. Tel: Sharekhan Ltd.: SEBI Regn. Nos. BSE - INB/INF ; BSE- CD ; NSE- INB/INF ; CD-INE ; MCX Stock Exchange - INB/INF ; CD-INE ; DP - NSDL-IN-DP-NSDL ; CDSL-IN- DP-CDSL ; PMS-INP ; Mutual Fund-ARN ; Commodity trading through Sharekhan Commodities Pvt. Ltd.: MCX ; (MCX/ TCM/CORP/0425) ; NCDEX ; (NCDEX/TCM/CORP/0142) ; NCDEX SPOT-NCDEXSPOT/116/CO/11/20626 ; For any complaints at igc@sharekhan.com; Disclaimer: Client should read the Disclosure Document issued by SEBI & relevant exchanges and Do s & Don ts by MCX & May 07, 2015 NCDEX and the T & C on before 1investing.

2 5/1/2015 Lead, zinc spread call - fundamental inter-commodity spread call - sell zinc at rs , buy lead at rs , stop-loss spread rs target spread rs 10000/ rs zinc inventories at SHFE monitored warehouses rising, lead inventories falling SHFE warehouses, strong automobile sector in China supportive for lead speculative buying in zinc based on falling LME stocks May 05, 2015: stopped out (Rs10857) 5/1/2015 Crude oil, zinc spread call - Fundamental inter-commodity spread call - Sell zinc May at Rs Buy 18 lots of crude oil mini May at Rs stop-loss spread Rs target spread Rs 20000/ Rs Base metals look quite stretched as China slowing down, zinc inventories at SHFE warehouses continue to rise, Crude oil likely to outperform on improving DoE data and approaching driving season speculation that falling zinc stocks at LME indicate tight market May 06, 2015: exit at CMPs. Crude oil mini at Rs 3917, zinc at Rs Rs1608 5/1/2015 Zinc sell call - - Sell zinc May at Rs Buy 12 lots of USDINR May at Rs stop-loss spread Rs target spread Rs 10000/ Rs Base metals look quite stretched as China slowing down, zinc inventories at SHFE warehouses continue to rise falling zinc stocks at LME, weaker Dollar, stimulus speculation May 05, 2015: stopped out (Rs10829) 5/1/2015 Fundamental inter-commodity spread call - Sell zinc at Rs buy 7 lots of nickel mini at Rs 890. stop-loss spread Rs Target spread Rs 10000/ Rs Nickel likely to be supported on strike news, premium of zinc over nickel doesn t look justified with slowing global economy, Nickel cancel warrants rising, zinc SHFE stocks rising falling zinc stocks at LME, weaker Dollar, stimulus speculation May 05, 2015: book profit at CMPs. Nickel mini at Rs , zinc at Rs Rs5625 5/4/2015 Fundamental inter-commodity spread call - Sell zinc at Rs Buy 3 lots of gold mini June at Rs stop-loss spread Rs Target spread Rs 10000/ Rs Disappointing US and China data, slowing global economy, base metals rally speculative risk appetite, rising equities, China s easing speculation May 05, 2015: exit at CMPs. Gold mini at Rs 26952, zinc at Rs (Rs9048) May 07,

3 5/5/2015 Fundamental inter-commodity spread call - Sell Aluminium at Rs buy 6 lots of nickel mini at Rs 884. stop-loss spread Rs Target spread Rs 8000/ Rs Nickel pig iron curtailments, tighter ferro-nickel market to boost demand for refined nickel, China s import of ferronickel +63% y/y in 1Q; imports of class 1 refined nickel +190% q/q, aluminium- heavy build up in LME stocks, rising china exports LME nickel inventories +59% to 444,312 mt YTD May 05, 2015: Book profit in nickel mini at and Aluminium at Rs4200 5/5/2015 Fundamental inter-cmmodity spread call - Sell copper at Rs Buy 4 lots of nickel mini at Rs stop-loss spread Rs Target spread Rs 10000/ Rs Nickel China s nickel market likely to tighten from second half onwards, cancellations up. Copper premium over other metals in slowing global economy not justified, LME stocks up May 05, 2015: book profit at CMPs. Nickel mini at Rs 907 Rs4287 5/5/2015 Fundamental call - silver mini - June - 3 lots - Sell at Rs stop-loss Rs Target Rs 37600/ Rs US ISM data, stronger US Dollar Greece deal still elusive May 05, 2015: exit at Rs Rs1955 5/4/2015 fundamental call - lead - buy at Rs stop-loss Rs target rs 140/ rs 141 US ISM data, risk appetite, declining LME and SHFE stocks Greece deal exit at Rs Rs1363 5/5/2015 fundamental inter-commodity spread call - sell zinc at rs , buy 7 lots of nickel mini at rs stop-loss spread rs target spread rs 10000/ rs Zinc inventories rising in China, Nickel market likely to tighten from H2 onwards May 06, 2015: Book profit in Nickel mini at 929 and Zinc at 154 Rs7641 May 07,

4 5/5/2015 Fundamental inter-commodity spread call - Sell aluminium at Rs Buy 7 lots of nickel mini at Rs stop-loss spread Rs target spread Rs 10000/ Rs Aluminium SHFE stocks rising, LME stocks rise significantly; Nickel market to tighten from H2 onwards May 06, 2015: book profit at CMPs. Nickel mini at Rs , aluminium at Rs Rs3886 5/4/2015 Fundamental inter-commodity spread call - Sell zinc at Rs , Buy 7 lots of nickel mini at Rs 912. stop-loss spread Rs target spread Rs 10000/ rs Zinc SHFE stocks rising, Nickel market expected to tighten from H2, China s zinc exports elevated Falling stocks of Zinc at LME, nickel inventories yet to exhibit a proper declining trend. May 06, 2015: Book profit at CMPs. Zinc at Rs , Nickel mini at Rs 918 Rs4309 5/4/2015 Fundamental inter-commodity spread call - Sell zinc at Rs , Buy 3 lots of gold mini at Rs stop-loss spread Rs target spread Rs 10000/ Rs US ADP data disappointing, Dollar weaker, Crude oil up, equities lower Falling LME stockpiles of zinc, China s services data decent May 06, 2015: book profit at CMPs. Gold mini at Rs 26900, zinc at Rs Rs4315 5/4/ Fundamental inter-commodity spread call - Sell aluminium at Rs Buy lead at Rs stoploss spread Rs target spread Rs 10000/ Rs Aluminium - hefty build-up of stocks at LME, SHFE inventories rising; lead - inventories continue to decline at both SHFE and LME warehouses In risk off scenario aluminium can do better May 06, 2015: stopped out (Rs10776) Total commodities trading deducting brokerage (Rs2602) Total commodities, Currencies and IRF trading profit/(loss) after deducting brokerage (Rs7524) May 07,

5 Fundamental Currency Call 4/30/2015 Fundamental call - USDINR - Buy at Rs stop-loss Rs target Rs 64.50/ Rs aversion, US ISM non-manufacturing better than forecast, Greece deal yet to be concluded US job data ahead, Greece deal could be reached in kick-the-can style - Profit/(Loss) - To know more about our products and services click here. For Private Circulation only Home "This document has been prepared by Sharekhan Commodities Pvt. Ltd. and is intended only for the person or entity to which it is addressed to and may contain confidential and/or privileged material and is not for any type of circulation. Any review, retransmission, or any other use is prohibited. Kindly note that this document does not constitute an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. If you have received this in error, please contact the sender and delete the material immediately from your computer/mailbox. The information contained herein is from sources believed reliable. We do not represent that it is accurate or complete and it should not be relied upon as such. We may from time to time have positions in, May or options 07, 2015 on, and buy and sell securities referred to herein. We may from time to time solicit from, or perform investment Commodity, banking, or other services Currency for, any company & IRF mentioned. Trading Any comments Calls 5 or statements made herein do not necessarily reflect those of Sharekhan Commodities Pvt. Ltd."