METALS WEEKLY A Weekly Report on Metals
OUTLOOK
Week ahead might remain tepid in terms of trading activity as London Metal Exchange would remain closed on 25th and
29th of April owing to Easter Monday and Special Bank Holiday respectively. However in terms of economic data there
are many crucial data releases like the FOMC rate decision and GDP numbers which would be keenly watched.
US economy is expected to have grown at 1.9 percent (annualized) in the first quarter of 2011 as personal consumption
growth takes backseat. However consumer confidence in the current month is expected to have got a boost given the
improving economic conditions. Amid all this, FOMC is expected to maintain interest rate unchanged at 0.25 percent, but
other indications in the form of bond buying program and timeline for exit, if any, would be keenly watched. UK’s
economy is also expected to have grown by half percent after witnessing contraction in the prior quarter. Euro-zone CPI
is expected to move higher and thereby would raise expectation of further rate hike by ECB. This along with positive
GDP numbers from UK might keep the dollar under pressure. Overall, given the largely positive economic data, base
metal prices might remain higher. However within the pack, gains of metals like lead and zinc might remain limited as
there cancelled warrant ratio continues to remain lower and thereby stocks might continue to witness net additions. But
as said earlier trading activity might remain tepid.
TECHNICAL RECOMMENDATIONS*
Commodity Series S3 S2 S1 CLOSE R1 R2 R3 Recommendations
LME Aluminium Fwd 2533 2580 2663 2745 2792 2839 2922 Buy at 2700-2720 TP 2825 SL 2630.
MCX Aluminium Apr-11 114.6 116.2 118.8 121.5 123.0 124.6 127.2 Buy at 120-121 TP 126 SL 117
LME Copper Fwd 8868 9038 9371 9705 9874 10044 10377 Buy at 9500-550 TP 9950 SL 9200.
MCX Copper Apr-11 397.3 404.4 417.4 430.4 437.4 444.5 457.5 Buy at 425-427 TP 436/443 SL 418
LME Lead Fwd 2351 2436 2518 2601 2685 2770 2852 Trading range 2480-2680
MCX Lead Apr-11 107.8 111.3 114.0 116.8 120.2 123.7 126.4 Trading range 124-110
LME Nickel Fwd 24165 24713 25806 26900 27447 27995 29088 Buy at 26100-200 TP 28000 SL 25200
MCX Nickel Apr-11 1083.4 1106.4 1150.6 1194.9 1217.8 1240.8 1285.0 Buy at 1180-90 TP 1225/45 SL 1150
LME Zinc Fwd 2200 2251 2305 2360 2410 2461 2515 Trading range 2450-2250
MCX Zinc Apr-11 98.9 100.8 102.7 104.6 106.4 108.3 110.2 Trading range 108-100
Steel NCDEX May-11 27747 27973 28287 28600 28827 29053 29367 Sideways
MCX Iron Ore Apr-11 6850 6889 6941 6994 7032 7071 7123 Trading range 7300-6700
ICEX Iron Ore Apr-11 7282 7467 7569 7671 7856 8041 8143 Trading range 7500-7900
*NOTE: The calls shown above are purely WEEKLY Recommendations
Key Economic Events this Week
Date Time Region Event Period Survey Prior
25/04/2011 19:30 US New Home Sales MAR 280K 250K
27/04/2011 14:00 UK GDP (QoQ) 1Q A 0.50% -0.50%
27/04/2011 14:30 EC Industrial New Orders SA (MoM) FEB 1.50% 0.10%
27/04/2011 22:00 US FOMC Rate Decision 27-Apr 0.25% 0.25%
28/04/2011 18:00 US GDP QoQ (Annualized) 1Q A 1.90% 3.10%
29/04/2011 19:25 US U. of Michigan Confidence APR F 70 69.6
For all the data releases; click here
April 23, 2011
METALS WEEKLY A Weekly Report on Metals
PERFORMANCE SNAPSHOT
Exchange Commodity Open High Low Close
Close
% Change Volume
Volume %
Change
Open
Interest
OI
% Change
Aluminium 2681 2757 2627.5 2745 1.89 155,816 5.69 90,226 1621.54
Copper 9360 9710 9207 9705 3.19 168,632 -26.17 14,358 486.28
Lead 2640 2687 2520 2601 -1.89 49,887 -27.95 6,328 551.03
Nickel 26200 26901 25260 26900 2.85 30,861 -18.02 9,149 1263.49
Zinc 2391 2406 2301 2360 -1.58 80,636 -13.08 20,481 1328.24
Aluminium 118.35 121.95 117.75 121.45 2.79 23,798 10.27 4,118 112.82
Copper 417.8 431.45 411.4 430.35 3.20 385,579 -14.95 23,926 -16.31
Lead 119.45 121 114.8 116.75 -2.30 76,795 -27.73 6,023 5.80
Nickel 1168 1196.5 1129.3 1194.9 2.58 191,480 -15.88 7,642 -21.44
Zinc 106.1 106.4 102.65 104.55 -1.27 78,835 -21.77 9,986 15.87
LME 3-mth
Forward
(USD/tonne)
MCX Futures
(`/Kg)
MARKET OVERVIEW
Base metal prices ended higher with the exception of lead and zinc which ended lower with losses of anywhere
between one to two percent. Lower dollar index along with supportive housing data supported prices to move
higher. Volumes however were on the lower side for all the metals, except for aluminium
Lead and Zinc underperformed the entire base metal pack as prices ended with losses on the back of continued
increase in stocks. Copper prices rose the most and ended with gains of 3.2 percent as concerns about supply kept
prices buoyant
All the metals witnessed increase in stocks on London Metal Exchange except for nickel. Lead and zinc stocks
increased by more than 6 percent thereby taking total stocks to highest level since 1995. Zinc stocks also witnessed
build-up in Chinese warehouses
SHANGHAI MARKET PERFORMANCE
Commodity Previous Week This Week Change % ChangeCopper 71220 71680 460 0.65%
Zinc 18030 17395 -635 -3.52%
Aluminum 16565 16625 60 0.36%
PRICES (CNY/MT)
COMEX MARKET PERFORMANCE
Commodity Previous Week This Week Change % Change
Copper 425.3 439.8 14.5 3.41%
PRICES (USD/LB)
METALS WEEKLY A Weekly Report on Metals
Commodity Futures Trading Commission (CFTC) Report- Copper
Non-Commercial 4/12/2011 4/19/2011 Change % Change
Long 52973 43667 -9306 -17.57%
Short 21983 18608 -3375 -15.35%
Spreading 10581 9168 -1413 -13.35%
Commercial
Long 62368 63739 1371 2.20%
Short 98055 90632 -7423 -7.57%
Total
Long 125922 116574 -9348 -7.42%
Short 130619 118408 -12211 -9.35%
CFTC Report - Copper (In contracts)
INVENTORY DETAILS
Commodity Previous week This week Change % Change
Copper 450425 456275 5850 1.30%
Zinc 764250 814300 50050 6.55%
Aluminium 4566375 4603075 36700 0.80%
Lead 287075 304625 17550 6.11%
Nickel 120480 117942 -2538 -2.11%
LME WAREHOUSE STOCKS (In tonnes)
Commodity Previous week This week Change % ChangeCopper 83700 83019 -681 -0.81%
COMEX WAREHOUSE STOCKS (In tonnes)
Commodity Previous week This week Change % Change
Copper 147651 139076 -8575 -5.81%
Zinc 384882 389628 4746 1.23%
Aluminium 399846 393069 -6777 -1.69%
SHANGHAI WAREHOUSE STOCKS (In tonnes)
According to US CFTC data on Copper,
after witnessing increase in positions in the
previous week, unwinding was witnessed
across all the segments on COMEX. On the
non-commercial side, both long and short
positions declined by double digit
percentages. Commercial side also
witnessed unwinding of short positions.
Overall, both long and short positions
declined.
METALS WEEKLY A Weekly Report on Metals
ECONOMIC REVIEW
US housing data came in better than expected for the month of March. All the three, housing starts, building permits
and existing home sales rose thereby raising expectation that conditions in housing sector might be improving.
However house prices continues to decline, might have been largely owing to continued deleveraging
From Euro zone, PMI numbers came in better than expected while the IFO numbers came in mixed. Euro however
continued to remain buoyant as expectation of continued rate hike provided support to the regions currency. Funds
moving to higher yielding currency also provided support to Euro
Dollar index continued to remain under pressure and ended lower by nearly a percent. This took the dollar index to
three year lows. Strength in other currencies like Euro, GBP and JPY put the dollar index under pressure. S&P
revision of outlook to negative also kept the dollar under pressure and supported commodity prices to trade on the
higher side
Equity markets largely remained positive and ended higher with gains of more than a percent. Chinese market
however ended lower by more than one percent thereby underperforming most of the other global markets. Reserve
ratio hike by 50 bps weighed on Chinese stocks
Indian rupee ended largely flat thereby the percentage change in all the metals was largely same on both London
Metal and Indian markets
Equity Indices Last Week This Week % ChangeDow Jones Ind. Avg. 12341.83 12505.99 1.33%
S&P 500 Index 1319.68 1337.38 1.34%
FTSE 100 Index 5996.01 6018.30 0.37%
Nikkie 225 9591.52 9682.21 0.95%
Shanghai Composite 3050.53 3010.52 -1.31%
Sensex 19386.82 19602.23 1.11%
Currency Last Week This Week % ChangeDollar Index 74.832 74.108 -0.97%
EUR/USD 1.443 1.4561 0.91%
GBP/USD 1.6328 1.6509 1.11%
USD/INR 44.335 44.3675 0.07%
METALS WEEKLY A Weekly Report on Metals
CANCELLED WARRANT RATIO ON LME
2400
2450
2500
2550
2600
2650
2700
2750
2800
5.00%
5.50%
6.00%
6.50%
7.00%
7.50%
8.00%
LM
E P
ric
es
($
/M
T)
Ca
nc
ell
ed
Ra
tio
Aluminium (Prices Vs Cancelled Ratio)
ALUMINIUM
China ordered provincial authorities to stop
approving the construction of new aluminium
smelting capacity. This would limit the new
capacity additions especially when the Chinese
production is expected to exceed consumption by
almost a million tonnes. This supported prices to
move higher to two and half year highs.
The cancelled warrant ratio on LME stands at
more than 7 percent indicating that stocks might
continue to witness draw-downs in the near term.
The basis is also continues to decline indicating
pick up in demand for metal.
BASIS CHART (LME 3 MTH FWD–LME CASH PRICES) {$/Tonnes)
-5
0
5
10
15
20
25
30
35
40
4-F
eb
9-F
eb
14
-Fe
b
17
-Fe
b
22
-Fe
b
25
-Fe
b
2-M
ar
7-M
ar
10
-Ma
r
15
-Ma
r
18
-Ma
r
23
-Ma
r
28
-Ma
r
31
-Ma
r
5-A
pr
8-A
pr
13
-Ap
r
18
-Ap
r
21
-Ap
r
AluminiumCONTANGO
BACKWARDATION
CALENDAR SPREAD ON MCX
0.00
0.20
0.40
0.60
0.80
1.00
1.20
29
-Ma
r
1-A
pr
4-A
pr
7-A
pr
10
-Ap
r
13
-Ap
r
16
-Ap
r
19
-Ap
r
Aluminium
TECHNICALS: Aluminium prices traded higher on last week by reversing the previous trend. It made a low of 2656 then high of 2757 and
before settling higher at 2745 levels. Closing of the candle renders upside movements to be continued for the coming week. Prices are
witnessing crucial support at 2660 levels. On sustained trade above is likely to remain higher. Prices have breached the resistance at
2720 levels (previous week’s highs). On sustained trade above is likely to remain higher. The principle of Fibonacci projections states that
prices have breached the key resistance at 2722 levels which is 100% projections of the range 2360-2628-2452 levels. On sustained
trade above is likely to test 2786 levels and 2826 levels which are 123.6% and 138.2% projections of the mentioned range. The Moving
Average principle suggesting upside movements as prices are trading well above the EMA’s of (8, 21&34). The momentum indicator
weekly RSI-14 is treading at 0.698 levels and suggesting upside potential.
METALS WEEKLY A Weekly Report on Metals
CANCELLED WARRANT RATIO ON LME
8700
8900
9100
9300
9500
9700
9900
10100
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
LM
E P
ric
es
($
/M
T)
Ca
nc
ell
ed
Ra
tio
Copper (Prices Vs Cancelled Ratio)
COPPER
Shipments of copper wire and cable shipments to
Japan declined by 8.1 percent to 55,300 tonnes in
the month of March. This marks the biggest fall in
18 months and is largely owing to devastating
earthquake which disrupted many company’s
operations thereby reducing demand.
The cancelled warrant ratio on LME has however
moved back higher indicating that pace of
increase in stocks might slow down and stocks
might even witness draw-downs in the near
term.
BASIS CHART (LME 3 MTH FWD–LME CASH PRICES) {$/Tonnes)
-25-20-15-10
-505
1015202530
4-F
eb
9-F
eb
14
-Fe
b
17
-Fe
b
22
-Fe
b
25
-Fe
b
2-M
ar
7-M
ar
10
-Ma
r
15
-Ma
r
18
-Ma
r
23
-Ma
r
28
-Ma
r
31
-Ma
r
5-A
pr
8-A
pr
13
-Ap
r
18
-Ap
r
21
-Ap
r
CopperCONTANGO
BACKWARDATION
CALENDAR SPREAD ON MCX
0.501.001.502.002.503.003.504.004.505.005.506.006.507.007.50
5-A
pr
6-A
pr
7-A
pr
8-A
pr
9-A
pr
10
-Ap
r
11
-Ap
r
12
-Ap
r
13
-Ap
r
14
-Ap
r
15
-Ap
r
16
-Ap
r
17
-Ap
r
18
-Ap
r
19
-Ap
r
20
-Ap
r
21
-Ap
r
Copper
METALS WEEKLY A Weekly Report on Metals
CANCELLED WARRANT RATIO ON LME
2400
2500
2600
2700
2800
2900
3000
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
7.00%
8.00%
9.00%
LM
E P
ric
es
($
/M
T)
Ca
nc
ell
ed
Ra
tio
Lead (Prices Vs Cancelled Ratio)
LEAD Reports indicated that one unidentified company
holds anywhere between 80 to 89 percent of the
total lead stocks on LME warehouses. Total stocks
have been increasing for past quite few days
thereby taking the total stocks back to the highest
level last witnessed in 1995.
The cancelled warrant ratio however continues to
remain at lower levels thereby indicating that
stocks might continue to witness build-up in the
near term.
BASIS CHART (LME 3 MTH FWD–LME CASH PRICES) {$/Tonnes)
-80
-70
-60
-50
-40
-30
-20
-10
0
10
20
7-F
eb
10
-Fe
b
15
-Fe
b
18
-Fe
b
23
-Fe
b
28
-Fe
b
3-M
ar
8-M
ar
11
-Ma
r
16
-Ma
r
21
-Ma
r
24
-Ma
r
29
-Ma
r
1-A
pr
6-A
pr
11
-Ap
r
14
-Ap
r
19
-Ap
r
LeadCONTANGO
BACKWARDATION
CALENDAR SPREAD ON MCX
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
29
-Ma
r
1-A
pr
4-A
pr
7-A
pr
10
-Ap
r
13
-Ap
r
16
-Ap
r
19
-Ap
r
Lead
TECHNICALS: Lead prices traded lower on last week by continuing the previous trend. It made a high of 2687 then low of 2520 and
settled at 2598 levels. Closing of the candle renders indecisive movements for the coming week. Prices are witnessing resistance at 2685
levels (previous swing highs). On sustained trade below is likely to remain higher. Prices are witnessing Trend Line support at 2465
levels. On breach and sustained trade below would guide the prices to further lows. Prices also witnessing support at 2370-2400 levels
(previous swing lows). On sustained trade above is likely to trade higher. The momentum indicator RSI 14 Weekly is treading at 0.529
levels and suggesting indecisive movements for the coming week.
METALS WEEKLY A Weekly Report on Metals
CANCELLED WARRANT RATIO ON LME
23000
23500
24000
24500
25000
25500
26000
26500
27000
27500
28000
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
7.00%
8.00%
9.00%
LM
E P
ric
es
($
/M
T)
Ca
nc
ell
ed
Ra
tio
Nickel (Prices Vs Cancelled Ratio)
NICKEL
Nickel is the one of the top performers among the
base metal pack on the back of strong physical
demand for the metal. In fact, it was the only metal
to witness net draw-downs of stocks from London
Metal Exchange thereby leading to outperformance.
The nickel market though has moved back to
contango, the discount in cash market continues to
remain at $20/tonne.
BASIS CHART (LME 3 MTH FWD–LME CASH PRICES) {$/Tonnes)
-5
0
5
10
15
20
25
30
35
40
4-F
eb
9-F
eb
14
-Fe
b
17
-Fe
b
22
-Fe
b
25
-Fe
b
2-M
ar
7-M
ar
10
-Ma
r
15
-Ma
r
18
-Ma
r
23
-Ma
r
28
-Ma
r
31
-Ma
r
5-A
pr
8-A
pr
13
-Ap
r
18
-Ap
r
21
-Ap
r
NickelCONTANGO
BACKWARDATION
CALENDAR SPREAD ON MCX
0.00
2.00
4.00
6.00
8.00
10.00
12.00
29
-Ma
r
1-A
pr
4-A
pr
7-A
pr
10
-Ap
r
13
-Ap
r
16
-Ap
r
19
-Ap
r
Nickel
METALS WEEKLY A Weekly Report on Metals
CANCELLED WARRANT RATIO ON LME
2100
2150
2200
2250
2300
2350
2400
2450
2500
2550
0.00%
0.20%
0.40%
0.60%
0.80%
1.00%
1.20%
LM
E P
ric
es
($
/M
T)
Ca
nc
ell
ed
Ra
tio
Zinc (Prices Vs Cancelled Ratio)
ZINC
Huge build-up in stocks for zinc was witnessed
this week. Total stocks increased by 50,050
tonnes thereby taking the total above the
800,000 tonnes the levels last seen in 1995.
Stocks in Chinese warehouses also continue to
increase thereby adding to the pressure.
Cancelled warrant ratio continues to remain at
lower levels indicating that stocks might
continue to witness build-up in the near term.
BASIS CHART (LME 3 MTH FWD–LME CASH PRICES) {$/Tonnes)
0
5
10
15
20
25
30
35
4-F
eb
9-F
eb
14
-Fe
b
17
-Fe
b
22
-Fe
b
25
-Fe
b
2-M
ar
7-M
ar
10
-Ma
r
15
-Ma
r
18
-Ma
r
23
-Ma
r
28
-Ma
r
31
-Ma
r
5-A
pr
8-A
pr
13
-Ap
r
18
-Ap
r
21
-Ap
r
ZincCONTANGO
BACKWARDATION
CALENDAR SPREAD ON MCX
0.00
0.20
0.40
0.60
0.80
1.00
1.20
1.40
1.60
29
-Ma
r
1-A
pr
4-A
pr
7-A
pr
10
-Ap
r
13
-Ap
r
16
-Ap
r
19
-Ap
r
Zinc
METALS WEEKLY A Weekly Report on Metals
STEEL & IRON ORE
Commodity Exchange Contract Open High Low CloseClose
% Change
Volume (in
lots)
Volume %
Change
Open
interest (in
lots)
OI
% Change
MCX Apr-11 6927 7087 6927 7087 2.07% 54 -55.37% 6 0.00%
ICEX Apr-11 7708 7939 7652 7671 -1.74% 252 -25.22% 14 -41.67%
IRON ORE
($/DMT)180.9 180.9 178.5 178.9 -1.43% - - - -
STEEL
LONGNCDEX May-11 28600 28740 28200 28600 -0.17% 76,170 98.41% 51,240 50.44%
IRON ORE
THE STEEL INDEX
CALENDAR SPREAD
-200.00
-100.00
0.00
100.00
200.00
300.00
400.00
500.00
21
-Ma
r
23
-Ma
r
25
-Ma
r
27
-Ma
r
29
-Ma
r
31
-Ma
r
2-A
pr
4-A
pr
6-A
pr
8-A
pr
10
-Ap
r
12
-Ap
r
14
-Ap
r
16
-Ap
r
18
-Ap
r
20
-Ap
r
22
-Ap
r
Steel Long - NCDEX
5,500
6,000
6,500
7,000
7,500
8,000
7,200
7,300
7,400
7,500
7,600
7,700
7,800
7,900
IRON ORE PRICES
ICEX (RHS) MCX(LHS)
Iron ore prices declined by nearly one and half percent to end at $178.9/Dry metric tonne (62% Fe Iron Ore –
the Steel Index). Prices also declined nearly 2 percent on ICEX while on MCX they ended higher with gains of
more than two percent
Prices drifted lower as demand from top consumer China waned at higher levels. Chinese steel mills have
stayed away from market after building stockpiles earlier
China’s daily steel crude steel output reached an all time high of 1.979 million tonnes in the first 10 ten days of
April. This is raising hope that demand for iron ore would increase at lower levels
Iron ore prices might remain under pressure in the near term. However at lower levels buying is expected to
emerge given strong steel production numbers
Steel long prices on NCDEX ended largely flat at 28,600/tonne. Spot ingot prices at Gobindgarh also largely
remained at 31,500 levels
METALS WEEKLY A Weekly Report on Metals
DATA RELEASES SCHEDULED FOR THE WEEK AHEAD
Date Time Region Event Period Survey Prior
25/04/2011 19:30 US New Home Sales MAR 280K 250K
25/04/2011 20:00 US Dallas Fed Manufacturing Activity APR 13.4 11.5
26/04/2011 18:30 US S&P/Case Shiller Home Price Index FEB - - 140.86
26/04/2011 19:30 US Consumer Confidence APR 64.5 63.4
26/04/2011 19:30 US Richmond Fed Manufacturing Index APR 20 20
27/04/2011 14:00 UK GDP (QoQ) 1Q A 0.50% -0.50%
27/04/2011 14:30 EC Industrial New Orders SA (MoM) FEB 1.50% 0.10%
27/04/2011 18:00 US Durable Goods Orders MAR 2.00% -0.90%
27/04/2011 22:00 US FOMC Rate Decision 27-Apr 0.25% 0.25%
27/04/2011 GE Consumer Price Index (MoM) APR P 0.20% 0.50%
28/04/2011 11:30 GE Import Price Index (MoM) MAR 1.10% 1.10%
28/04/2011 18:00 US Chicago Fed Nat Activity Index MAR - - -4.00%
28/04/2011 18:00 US GDP QoQ (Annualized) 1Q A 1.90% 3.10%
28/04/2011 18:00 US Personal Consumption 1Q A 2.10% 4.00%
28/04/2011 18:00 US Initial Jobless Claims 23-Apr 395K 403K
28/04/2011 18:00 US Continuing Claims 16-Apr 3680K 3695K
28/04/2011 19:30 US Pending Home Sales MoM MAR 1.70% 2.10%
28/04/2011 JN BOJ Target Rate 28-Apr 0.10% 0.10%
29/04/2011 11:30 GE Retail Sales (MoM) MAR 0.20% -0.30%
29/04/2011 14:30 EC Euro-Zone CPI Estimate (YoY) APR 2.70% 2.60%
29/04/2011 14:30 EC Euro-Zone Consumer Confidence APR F -11.4 -11.4
29/04/2011 14:30 EC Euro-Zone Economic Confidence APR 107 107.3
29/04/2011 14:30 EC Euro-Zone Unemployment Rate MAR 9.90% 9.90%
29/04/2011 18:00 US Personal Spending MAR 0.50% 0.70%
29/04/2011 18:00 US Personal Income MAR 0.40% 0.30%
29/04/2011 19:15 US Chicago Purchasing Manager APR 68.2 70.6
29/04/2011 19:25 US U. of Michigan Confidence APR F 70 69.6
PREPARED BY:
Sundeep Jain – Fundamental Analyst - [email protected]
Sandeep K – Technical Analyst – [email protected]
METALS WEEKLY A Weekly Report on Metals
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The report contains the opinions of the author, which are not to be construed as investment advice. The author, directors and other employees of Karvy and
its affiliates cannot be held responsible for the accuracy of the information presented herein or for the results of the positions taken based on the opinions
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responsible for any losses in trading.
Commodity derivatives trading involve substantial risk. The valuation of underlying may fluctuate, and as a result, clients may lose entire of their original
investment. In no event should the content of this research report be construed as an express or an implied promise, guarantee or implication by or from
Karvy Comtrade that you will profit or that losses can or will be limited in any manner whatsoever. Past results are no indication of future performance.
Information provided on this report is intended solely for informative purposes and is obtained from sources believed to be reliable. Information is in no way
guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted.
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