Morning Commodity Report

17 Jan 2024
Morning Commodity Report

Wednesday, January 17,2024

Precious Metals
Commodity Open High Low Close % Cng OI OI % Chg Vol Trend
Gold 62461.00 62521.00 61977.00 62015.00 -0.87 8251 -8.13 6146 Negative
Silver 72471.00 72635.00 72009.00 72093.00 -0.74 23762 6.07 15647 Negative
Base Metals
Commodity Open High Low Close % Cng OI OI % Chg Vol Trend
Aluminium 199.60 201.25 199.55 201.10 0.52 4112 -10.74 1527 Positive
Copper 713.15 717.40 713.15 715.50 0.01 5329 -9.83 5332 Positive
Zinc 225.65 225.90 224.05 224.80 -0.35 2637 -7.60 2373 Negative
Lead 182.35 182.50 181.95 182.05 -0.16 770 2.34 225 Negative
Energy
Commodity Open High Low Close % Cng OI OI % Chg Vol Trend
Crude Oil 6009.00 6109.00 5969.00 6003.00 -0.08 4719 -42.58 36010 Negative
Natural Gas 255.10 257.40 242.00 243.70 -4.47 15108 0.07 109187 Negative
Currency
Commodity Open High Low Close % Cng OI OI % Chg Vol Trend
USDINR 83.02 83.25 83.02 83.24 0.28 534613 2.90 399811 Positive
EURINR 90.68 90.72 90.49 90.53 -0.28 170785 0.78 160574 Negative
GBPINR 105.45 105.45 104.97 105.02 -0.50 239406 -10.95 268515 Negative
JPYINR 57.00 57.01 56.82 56.86 -0.43 96141 1.81 57513 Negative
Global Market
$ Index Euro Pound Yen DJ Nasdaq Nikkei Gold $ Silver $ Crude $
103.28 1.0874 1.2633 147.24 37361.12 14944.35 35880.83 2032.18 22.94 71.92
0.63% -0.04% -0.03% -0.01% -0.62% -0.19% 0.73% 0.23% 0.12% -0.15%

Economical Data LME UPDATE

Time Zone Data Commodity Last % Change
12:30 GBP CPI y/y Copper 8346.00 -0.01
12:30 GBP Core CPI y/y Zinc 2543.00 -0.47
15:30 EUR Final Core CPI y/y Nickel 16227.00 0.06
15:30 EUR Final CPI y/y Aluminium 2210.00 -0.14
19:00 USD Core Retail Sales m/m Lead 2094.00 -0.10

Commodity Headline

● Gold prices declined hurt by a strengthening dollar and Treasury yields, as markets wait to hear remarks from several
Fed officials to further gauge the central bank's monetary policy path. Comments from ECB officials downplaying the
idea of early rate cuts overshadowed the outlook for borrowing costs globally.
● Crude oil dropped as the Middle East conflict's limited impact on crude output prompted profit taking. Natural gas
dropped on forecasts for demand to fall and output to rise once the weather turns warmer than normal in late
January.
● Copper steadied as lingering supply concerns offset strength in the dollar and uncertain demand. Chinese Premier Li
Qiang said the Chinese economy had rebounded and moved upward, and was estimated to have grown around
5.2% in 2023, above the official target of around 5%.

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Morning Commodity Report

Wednesday, January 17,2024

MCX Gold

Open 62461.00
High 62521.00
Low 61977.00
Close 62015.00
% Cng -0.87
OI 8251
OI % Chg -8.13
Vol 6146
Resist 2 62715.00
Resist 1 62365.00
Sup 1 61820.00
Sup 2 61625.00

Commentary

Gold faced a decline of -0.87%, settling at 62015, as it grappled with a stronger dollar and rising Treasury yields. The market's focus
was on upcoming remarks from Federal Reserve officials, with investors eager to gain insights into the central bank's monetary
policy direction. This uncertainty, combined with comments from European Central Bank (ECB) officials dismissing the likelihood of
early rate cuts, added to the pressure on gold prices. Joachim Nagel and Robert Holzmann from the ECB emphasized that it was
premature to discuss rate cuts, tempering expectations of a shift in borrowing costs this year. This stance, coupled with a cloud of
uncertainty regarding the timing of potential moves, influenced market sentiment. The U.S. central bank is widely anticipated to
maintain its policy rate during its upcoming meeting, but traders are pricing in a 73% probability of an interest rate cut in March,
according to the CME Fedwatch tool. In contrast, ECB officials pushed back against expectations of rapid rate cuts in the
Eurozone this year. Physically, gold demand in key Asian markets strengthened, driven by the approaching Chinese New Year,
particularly in China and Singapore. From a technical standpoint, the gold market is undergoing long liquidation, marked by an
-8.13% drop in open interest to settle at 8251, accompanied by a price decline of -544 rupees. Gold is currently finding support at
61820, and a potential break below could test 61625 levels. On the upside, resistance is expected at 62365, with a move above
potentially leading to prices testing 62715.

Snapshot
● Gold trading range for the day is 61625-62715.

● Gold prices declined hurt by a strengthening dollar and Treasury yields

● Investors tempered their expectations for a March rate cut from the Federal Reserve

● Comments from ECB officials downplaying the idea of early rate cuts overshadowed the outlook for borrowing costs
globally.

● The U.S. central bank is widely expected to hold its policy rate steady at the end of its Jan. 30-31 meeting.

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Morning Commodity Report

Wednesday, January 17,2024

MCX Silver

Open 72471.00
High 72635.00
Low 72009.00
Close 72093.00
% Cng -0.74
OI 23762
OI % Chg 6.07
Vol 15647
Resist 2 72870.00
Resist 1 72480.00
Sup 1 71855.00
Sup 2 71620.00

Commentary
Silver faced a decline of -0.74%, settling at 72093, as the precious metal's safe-haven appeal waned amid a stronger dollar and
rising Treasury yields. The market sentiment shifted as investors reassessed the potential timeline for interest rate reductions by the
Federal Reserve (Fed). This reevaluation was triggered by the release of a robust Consumer Price Index (CPI) report for December
and hawkish comments from European Central Bank (ECB) officials. The dollar reached one-month highs as rate cut expectations
were tempered. Joachim Nagel of the ECB emphasized that inflation remains elevated, and it's premature to discuss cutting
interest rates. ECB Governing Council member Robert Holzmann also warned that rate cuts may not be on the horizon for the
year. These statements recalibrated broader market expectations, impacting silver's performance. Investors are awaiting cues
about potential Fed rate cuts following the release of the monthly US Retail Sales and Industrial Producer data. The outcome of
these reports, expected on Wednesday, will likely shape market expectations. Retail Sales are anticipated to show higher growth
at 0.4%, compared to a 0.3% increase in November. Consumer spending, excluding automobiles, is projected to maintain a
steady pace of 0.2%. From a technical standpoint, the silver market is undergoing fresh selling pressure, with a notable increase in
open interest by 6.07% to settle at 23762. The price decline of -534 rupees signals a bearish sentiment. Silver is currently finding
support at 71855, and a potential breach could lead to a test of 71620 levels. On the upside, resistance is expected at 72480, with
a move above potentially leading to prices testing 72870.

Snapshot
● Silver trading range for the day is 71620-72870.

● Silver declined as a stronger dollar and an uptick in Treasury yields weighed.

● Price has been hit hard amid uncertainty over US Retail Sales and Industrial Production data.

● A strong US Retail Sales data would provide more room for the Fed to maintain higher interest rates.

● Further escalation in Middle East tensions could bring some revival in the price.

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Morning Commodity Report

Wednesday, January 17,2024

MCX Crude Oil

Open 6009.00
High 6109.00
Low 5969.00
Close 6003.00
% Cng -0.08
OI 4719
OI % Chg -42.58
Vol 36010
Resist 2 6167.00
Resist 1 6085.00
Sup 1 5945.00
Sup 2 5887.00

Commentary
Crude oil experienced a marginal decline of -0.08%, settling at 6003, as profit-taking ensued amid limited disruptions in crude
output due to the Middle East conflict. While tensions in the region led to more oil tankers avoiding the southern Red Sea, the
impact on crude supply remained minimal, prompting investors to take profits. The Middle East conflict's limited impact on crude
output contrasts with disruptions in Libya, where protesters threatened to shut down additional oil and gas facilities after closing
the Sharara field last week. The closure of the Sharara field removed 300,000 barrels per day from the market. Despite these
regional challenges, the overall market sentiment suggests that global oil supply remains relatively stable. China's crude oil
imports in 2023 reached an all-time high, reflecting a recovery in fuel demand from the pandemic-induced slump. Money
managers demonstrated confidence in the oil market by raising their net long U.S. crude futures and options positions in the week
to January 9, according to the U.S. Commodity Futures Trading Commission (CFTC). The speculator group increased its combined
futures and options position in New York and London by 16,141 contracts to 67,357 during the period, signaling positive sentiment
among investors. From a technical perspective, the crude oil market is undergoing long liquidation, marked by a notable drop in
open interest by -42.58% to settle at 4719. Despite the decrease in open interest, the price decline of -5 rupees suggests a
relatively modest bearish sentiment. Crude oil is currently finding support at 5945, and a potential break below could lead to a
test of 5887 levels. On the upside, resistance is anticipated at 6085, with a move above potentially pushing prices to test 6167.

Snapshot
● Crudeoil trading range for the day is 5887-6167.

● Crude oil dropped as the Middle East conflict's limited impact on crude output prompted profit taking.

● Despite tensions in the Middle East, investors do not see any impact on oil supply.

● Protesters in Libya threatened to shut down more oil and gas facilities, following the closure of the Sharara field.

● Money managers increased their net long positions in US crude futures and options.

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Morning Commodity Report

Wednesday, January 17,2024

MCX Natural Gas

Open 255.10
High 257.40
Low 242.00
Close 243.70
% Cng -4.47
OI 15108
OI % Chg 0.07
Vol 109187
Resist 2 263.10
Resist 1 263.10
Sup 1 238.00
Sup 2 232.30

Commentary

Natural gas experienced a significant decline of -4.47%, settling at 243.7, driven by forecasts indicating a drop in demand and an
increase in output as warmer-than-normal weather is expected in late January. Despite extreme cold weather boosting spot
power and gas prices to multi-year highs, the anticipation of milder conditions in the coming weeks influenced the futures
market, leading to the notable price drop. The recent cold spell led to a surge in daily gas demand, potentially reaching a
record high on Tuesday. However, the average gas output in the Lower 48 states declined to 104.8 billion cubic feet per day
(bcfd) so far in January, down from the monthly record of 108.5 bcfd in December. While output was on track to drop to a
preliminary 11-month low of 97.1 bcfd on Monday, the reduction was comparatively modest compared to previous severe
weather events in December 2022 and February 2021. Meteorological projections indicate a shift in weather patterns, with the
Lower 48 states transitioning from colder-than-normal conditions from January 15-21 to warmer-than-normal conditions from
January 22-30. From a technical perspective, the natural gas market is undergoing fresh selling pressure, evidenced by a gain in
open interest by 0.07% to settle at 15108. The price decline of -11.4 rupees indicates a bearish sentiment. Natural gas is currently
finding support at 238, and a potential break below could lead to a test of 232.3 levels. On the upside, resistance is likely at 253.4,
with a move above potentially pushing prices to test 263.1.

Snapshot
● Naturalgas trading range for the day is 232.3-263.1.

● Natural gas dropped due to forecasts of decreased demand and increased output.

● Gas output in the Lower 48 states decreased in January compared to December, with a daily output on track to reach
an 11-month low.

● Output loss was smaller compared to previous winter storms in December 2022 and February 2021.

● Meteorologists projected a switch from colder than normal weather to warmer than normal weather.

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Morning Commodity Report

Wednesday, January 17,2024

MCX Aluminium

Open 199.60
High 201.25
Low 199.55
Close 201.10
% Cng 0.52
OI 4112
OI % Chg -10.74
Vol 1527
Resist 2 202.30
Resist 1 201.70
Sup 1 200.00
Sup 2 198.90

Commentary
Aluminium recorded a gain of 0.52%, settling at 201.1, driven by a decrease in stocks in LME-registered warehouses from a
seven-month high. The market also responded to Chinese Premier Li Qiang's announcement that the Chinese economy
rebounded, estimating a growth rate of around 5.2% in 2023, surpassing the official target of 5%. Li emphasized China's ability to
navigate economic fluctuations and highlighted the enduring trend of long-term growth. Chinese export data for December
2023 showed that exports of unwrought aluminium and aluminium products reached approximately 490,000 tons, remaining flat
compared to the previous month and increasing by 4% compared to December 2022. However, the full-year export figure for
2023 stood at around 5.68 million tons, reflecting a decline of 13.9% year-on-year. Domestically, China's aluminium production in
December 2023 was approximately 3.6 million tons, marking a 2.1% increase from the previous month and a 3.5% growth
compared to the same month in the previous year. The anticipated production for 2023 is 41.5 million tons, indicating a
year-on-year growth of 3.6%. Production cuts in Yunnan province during November, influenced by a dry season from November
to May, contributed to a decrease in aluminium output during that period. Technically, the aluminium market is witnessing short
covering, with a drop in open interest by -10.74% to settle at 4112, alongside a price increase of 1.05 rupees. Currently, aluminium
is finding support at 200, and a potential break below could test 198.9 levels. On the upside, resistance is likely at 201.7, and a
move above could see prices testing 202.3.

Snapshot

● Aluminium trading range for the day is 198.9-202.3.

● Aluminium recovers as LME stocks had fallen from a seven-month high.

● Chinese premier Li: China economy growth estimated at 5.2% in 2023

● China’s unwrought aluminum and aluminum products exports keep flat in Dec m-o-m

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Morning Commodity Report

Wednesday, January 17,2024

MCX Copper

Open 713.15
High 717.40
Low 713.15
Close 715.50
% Cng 0.01
OI 5329
OI % Chg -9.83
Vol 5332.00
Resist 2 719.70
Resist 1 717.70
Sup 1 713.40
Sup 2 711.10

Commentary

Copper settled marginally higher by 0.01% at 715.5 as supply concerns continued to linger, countering the strength in the dollar
and uncertainties in demand. Global copper production faced constraints with the suspension of operations at First Quantum's
Cobre mine in Panama, one of the world's largest open-pit mines. Similar challenges were noted elsewhere, as Anglo American
adjusted its copper output target for the year, reducing it by nearly 25% due to escalating operational costs. Chinese Premier Li
Qiang provided insights into the country's economic landscape, stating that China's economy had rebounded and grew around
5.2% in 2023, surpassing the official target of approximately 5%. Li expressed confidence that the Chinese economy could
navigate fluctuations in performance, emphasizing the enduring trend of long-term growth. Despite this positive outlook,
concerns about lower demand amid China's economic slowdown tempered the metal's price increase. Copper stocks at major
Chinese warehouses surged by almost 40% since the beginning of the year, reflecting hesitance among manufacturers to place
substantial bids. From a technical standpoint, the copper market is undergoing short-covering, evidenced by a drop in open
interest by -9.83% to settle at 5329. Despite the decline in open interest, prices managed a slight uptick of 0.1 rupees. Copper is
currently finding support at 713.4, and a potential break below could test 711.1 levels. On the upside, resistance is likely at 717.7,
with a move above potentially pushing prices to test 719.7.

Snapshot

● Copper trading range for the day is 711.1-719.7.

● Copper steadied as lingering supply concerns offset strength in the dollar and uncertain demand.

● Global copper output remained under pressure following the halt in production from First Quantum’s Cobre mine in
Panama

● Copper stocks at major Chinese warehouses have risen by nearly 40% since the start of the year

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Morning Commodity Report

Wednesday, January 17,2024

MCX Zinc

Open 225.65
High 225.90
Low 224.05
Close 224.80
% Cng -0.35
OI 2637
OI % Chg -7.60
Vol 2373
Resist 2 226.80
Resist 1 225.80
Sup 1 223.90
Sup 2 223.00

Commentary
Zinc closed lower by -0.35% at 224.8, facing headwinds from a stronger dollar and concerns about demand in China, the top
consumer of the metal. The dollar gained ground following hawkish remarks from central bankers, which tempered expectations
for interest rate cuts. Market participants awaited key statements from influential figures like Christopher Waller of the U.S. Federal
Reserve. China's central bank chose to keep the medium-term policy rate unchanged, contrary to market expectations for a cut.
The decision was influenced by a weaker currency, limiting the immediate potential for monetary easing to stimulate the
economy. These developments contributed to a cautious atmosphere in the zinc market. The International Lead and Zinc Study
Group (ILZSG) reported that the global zinc market shifted to a deficit of 71,600 metric tons in November 2023, compared to a
deficit of 62,500 tons in October. However, data for the first 11 months of 2023 indicated an overall surplus of 211,000 tons, in
contrast to a deficit of 86,000 tons during the same period in 2022. Nyrstar, wholly owned by Trafigura, announced the suspension
of its Budel zinc smelting operations in the Netherlands later this month. The decision is attributed to high energy costs and
challenging market conditions. Technically, the zinc market is witnessing long liquidation, marked by a drop in open interest by
-7.6% to settle at 2637. Despite the decrease in open interest, prices declined by -0.8 rupees. Zinc is currently finding support at
223.9, with a potential break below possibly testing 223 levels. On the upside, resistance is likely at 225.8, and a move above
could see prices testing 226.8.

Snapshot

● Zinc trading range for the day is 223-226.8.

● Zinc dropped weighed down by a stronger dollar and concerns about China’s demand

● The global zinc market deficit increased to 71,600 metric tons in November 2023 from a deficit of 62,500 tons in October.

● China's central bank left the medium-term policy rate unchanged, defying market expectations for a cut

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Morning Commodity Report

Wednesday, January 17,2024

News You Can Use

The German economy contracted in 2023, due to persistent inflation, high energy prices and weak foreign demand, but it
avoided a recession at the end of the year. Gross domestic product (GDP) shrank by 0.3% over the full-year 2023, the
Federal Statistics Office said. "Overall economic development faltered in Germany in 2023 in an environment that
continues to be marked by multiple crises", said Ruth Brand, president of the statistics office. The recent fall in inflation
should provide some relief for households, but residential and business investment are likely to contract, construction is
heading for a steep downturn and the government is tightening fiscal policy sharply, Kenningham said, forecasting zero
GDP growth in 2024. The German economy did not continue its recovery from the sharp economic slump experienced in
the pandemic year of 2020, but GDP was 0.7% higher in 2023 than in 2019, the year before the COVID-19 pandemic hit.
Economic performance in industry, excluding construction, declined by 2.0% in 2023, due to much lower production in the
energy supply sector, while economic activity in services contributed to growth.

China's exports grew at a faster pace in December, while deflationary pressures persisted last month, keeping alive
expectations for more policy easing measures to shore up an economy carrying significant pockets of weakness into 2024.
Chinese policymakers could breathe a sigh of relief on signs global trade is slowly turning a corner with the prospect of
lower borrowing costs on the horizon, but a protracted property crisis, cautious consumers and geopolitical challenges
point to another bumpy year for the world's second-biggest economy. Exports grew 2.3% from a year earlier in December,
customs data showed, compared with a 0.5% increase in November and beating the 1.7% boost expected in a Reuters
poll. Imports grew by 0.2% year-on-year, missing forecasts for a 0.3% increase but still reversing a 0.6% drop a month prior.
Still, the improved Chinese export data last month joins those from South Korea, Germany and Taiwan in suggesting global
trade is starting to mount a comeback, after higher interest rates in the United States and Europe crimped demand over
2023.

U.S. Federal Reserve officials said that consumer price data for December did little to assure them that inflation is now on a
steady track back to the central bank's 2% target, with more information needed before any decision to begin reducing
rates. Overall consumer price inflation on a 12-month basis rose to 3.4% in December from 3.1% the month before. But
excluding volatile food and energy costs the pace of price increases fell to 3.9% from 4%, showing ongoing moderation in
underlying price pressures. It was an ambiguous outcome at a time when Fed officials are looking for some final but
convincing bits of evidence that the pandemic-era spike in inflation has dissipated to the degree they can begin easing
monetary policy and begin reducing the benchmark interest rate. The December CPI report "just shows there is more work
to do and that work is going to take restrictive monetary policy," Cleveland Fed President Loretta Mester said. "I think we
need to see more evidence," before reducing interest rates, she said, with a March rate cut, currently anticipated by
financial markets, "too early in my estimation."

China's central bank left the medium-term policy rate unchanged on Monday, defying market expectations for a cut as a
weaker currency limited the scope of monetary easing in the near term to boost the economy. A slew of recent indicators
continued to reflect the country's uneven economic recovery, with a pick-up in exports in December but weak credit
growth and persistent deflationary pressure calling for more stimulus measures. However, a narrowing interest rate margin
at commercial banks and a weakening Chinese yuan have limited the room for the People's Bank of China (PBOC) to
maneuver, and rate cuts may be postponed until later this year, some market watchers said. PBOC said it was keeping the
rate on 995 billion yuan ($138.84 billion) worth of one-year medium-term lending facility (MLF) loans to some financial
institutions unchanged at 2.50% from the previous operation. Monday's loan operation was to fully meet cash demand at
financial institutions to "maintain reasonably ample liquidity in the banking system," the central bank said in an online
statement.

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Morning Commodity Report

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Research analyst has served as an officer, director or employee of subject Company: No

NWIL has financial interest in the subject companies: No

NWIL’s Associates may have actual / beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of
publication of research report.
Research analyst or his/her relative has actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding
the date of publication of research report: No

NWIL has actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of
research report: No

Subject company may have been client during twelve months preceding the date of distribution of the research report.

For any additional information, kindly contact Prakash Prabhu at Prakash.prabhu@nuvama.com

Morning Commodity Report

There were no instances of non-compliance by NWIL on any matter related to the capital markets, resulting in significant and material disciplinary action during the last
three years. A graph of daily closing prices of the securities is also available at www.nseindia.com

Analyst Certification

The analyst for this report certifies that all of the views expressed in this report accurately reflect his or her personal views about the subject company or companies and
its or their securities, and no part of his or her compensation was, is or will be, directly or indirectly related to specific recommendations or views expressed in this report.

DISCLAIMERS FOR INTERNATIONAL JURISDICTION

Disclaimer for U.S. Persons

The content of the website does not constitute an offer or invitation to purchase or subscribe for any securities or solicitation of any investments or investment services
and/or shall not be considered as an advertisement tool. ""U.S. Persons"" are generally defined as a natural person, residing in the United States or any entity organized
or incorporated under the laws of the United States. US Citizens living abroad may also be deemed ""US Persons"" under certain rules. THIS DOCUMENT IS INTENDED
SOLELY TO PROVIDE INFORMATION TO THE QUALIFIED INSTITUTIONAL INVESTORS ONLY AND IS NOT MEANT FOR RETAIL INVESTORS. If you are not the intended recipient
you must not copy, distribute, or take any action or place reliance on it. If you have received this communication by error, please notify the sender immediately. This
communication is intended solely for the person to whom it is addressed and may contain confidential or privileged information. The document is intended to be
educational only and not for a marketing or prospecting purpose. The views and opinions expressed as part of this presentation do not necessarily state or reflect those
of Nuvama, its holding company(ies), subsidiaries and associates including entities in overseas jurisdictions.

The content of the website or any information contained therein must not be distributed, published, reproduced, or disclosed (in whole or in part) by recipients to any
other person. The content of the website must not be acted on or relied on by persons who are not qualified institutional investor. Any investment or investment activity
to which this website relates, is available only to qualified institutional investor and will be engaged only with qualified institutional investor. Any person who is not a
qualified institutional investor should not act or rely on this website or any of its contents

Disclaimer for U.K. Persons:

The content of the website has not been approved by an authorized person within the meaning of the Financial Services and Markets Act 2000 (""FSMA""). In the United
Kingdom, this document is intended for (a) persons who have professional experience in matters relating to investments falling within Article 19(5) of the FSMA
(Financial Promotion) Order 2005 (the “Order”); (b) persons falling within Article 49(2)(a) to (d) of the Order (including high net worth companies and unincorporated
associations); and (c) any other persons to whom it may otherwise lawfully be communicated (all such persons together being referred to as “relevant persons”). THIS
document IS INTENDED SOLELY TO PROVIDE INFORMATION TO THE QUALIFIED INSTITUTIONAL INVESTORS ONLY AND IS NOT MEANT FOR RETAIL INVESTORS. If you are not
the intended recipient you must not copy, distribute, or take any action or place reliance on it. If you have received this communication by error, please notify the
sender immediately. This communication is intended solely for the person to whom it is addressed and may contain confidential or privileged information. The content
of the document is intended to be educational only and not for a marketing or prospecting purpose. The views and opinions expressed as part of this document do
not necessarily state or reflect those of Nuvama, its holding company (ies), subsidiaries and associates including entities in overseas jurisdictions.

Disclaimer for Canadian Persons

The content of the website is NOT MEANT FOR RETAIL INVESTORS. IT IS INTENDED SOLELY TO PROVIDE INFORMATION TO THE PERMITTED CLIENTS ONLY (as defined in
National Instrument 31-103 (""NI 31-103"")) who are resident in the Province of Ontario, Canada (an ""Ontario Permitted Client""). Any products or services described in
this document are made available only in accordance with applicable Canadian securities law and only where they may be lawfully offered for sale. If the person
accessing this document is not an Ontario Permitted Client, as specified above, then the recipient should not access the same. Nuvama and its group companies is
relying on an exemption from the adviser and/or dealer registration requirements under NI 31-103 available to certain international advisers and/or dealers. Please be
advised that (i) Nuvama and its group companies is not registered in the Province of Ontario to trade in securities nor is it registered in the Province of Ontario to
provide advice with respect to securities; (ii) Nuvama’s head office or principal place of business is located in India; (iii) all or substantially all of Nuvama's assets may
be situated outside of Canada; (iv) there may be difficulty enforcing legal rights against Nuvama because of the above; and (v) the name and address of Nuvama
Group’s agent for service of process in the Province of Ontario is: Bamac Services Inc., 181 Bay Street, Suite 2100, Toronto, Ontario M5J 2T3 Canada. The content of the
website must not be distributed, published, reproduced or disclosed (in whole or in part) by recipients to any other person. This communication must not be acted on
or relied on by persons who are not PERMITTED CLIENTS. Any investment or investment activity to which this communication relates is available only to relevant persons
and will be engaged in only with relevant persons. Any person who is not a PERMITTED CLIENTS should not act or rely on this communication or any of its contents.

Disclaimer for UAE Persons

The content of the website is INTENDED SOLELY TO PROVIDE INFORMATION TO THE INSTITUTIONAL QUALIFIED INVESTORS ONLY AND IS NOT MEANT FOR RETAIL INVESTORS.
Further, the information in this document does not constitute a public offer of securities in the United Arab Emirates and is not intended to be a public offer. The website
has not been approved by or filed with the Central Bank of the United Arab Emirates, the Securities and Commodities Authority of the United Arab Emirates or the
Dubai Financial Services Authority. The content of the website must not be distributed, published, reproduced or disclosed (in whole or in part) by recipients to any
other person. The website must not be acted on or relied on by persons who are not INSTITUTIONAL QUALIFIED INVESTORS. Any investment or investment activity to
which this communication relates is available only to relevant persons and will be engaged in only with relevant persons. Any person who is not a INSTITUTIONAL
QUALIFIED INVESTORS should not act or rely on this communication or any of its contents. The content of the website must not be distributed, published, reproduced or
disclosed (in whole or in part) by recipients to any other person. The website must not be acted on or relied on by persons who are not relevant persons. Any
investment or investment activity to which this communication relates is available only to relevant persons and will be engaged in only with relevant persons. Any
person who is not a relevant person should not act or rely on this communication or any of its contents.

Disclaimer for Australia Persons

Any information set out on the website is only intended for persons who are “Professional Investors” as described in Section 761(G) of the Corporations Act 2001 (as
amended). It is not intended to for any other class of persons and may not be relied upon by such persons and is therefore not intended for private individuals or those
who would be classified as Retail Clients. All information on the website is general information only and is not to be considered any form of advice (whether investment
or otherwise) or a recommendation, solicitation, or an offer to purchase or sell investments or related financial products or any financial services. The receiver of the
website should make their own decisions based upon their own financial objectives and financial resources and, if in any doubt, should seek advice from an
appropriate independent advisor. Nuvama and its group companies does not hold an Australian Financial Services License and is not licensed in Australia to provide
financial product advice or services and is relying on “limited connection relief exemption” when dealing with “Professional Investors” (Wholesale client category) in
Australia.

For any additional information, kindly contact Prakash Prabhu at Prakash.prabhu@nuvama.com

Morning Commodity Report

Disclaimer for Singapore Persons

The content of the website IS INTENDED SOLELY TO PROVIDE INFORMATION ONLY TO THE INSTITUTIONAL OR ACCREDITED INVESTORS ONLY AND IS NOT
MEANT FOR RETAIL INVESTORS AS DEFINED UNDER THE SECURITIES AND FUTURES ACT “SFA”. If you are not the intended recipient you must not copy,
distribute, or take any action or place reliance on it. If you have received this communication by error, please notify the sender immediately. Any such
information contained or discussed in the document is subject to change and Nuvama and its group companies shall not have any responsibility to
maintain the information made available or to supply any correction therewith. In no event will Nuvama and its group companies be liable for any special
direct or indirect or consequential damages which may be incurred from the use of the information made available, even if it has been advised of the
possibility of such damages. The company and its employees mentioned in these communications cannot be held liable for any error’s inaccuracies
and/or omission howsoever caused. Any opinion or advice if any herein is made on a general basis and is subject to change without notice. The
information provided in this document may contain optimistic statements regarding future events or future financial performance of countries, markets, or
companies. You must make your own financial assessment of the relevance, accuracy and adequacy of the information provided if any in this
document. This document has not been reviewed by the Monetary Authority of Singapore “MAS”.

Additional Marketing Disclaimer for all other International Jurisdiction:

The content of this website is restricted in certain jurisdictions and does not constitute or form part of any offer or invitation to sell or issue, or any solicitation
of any offer to purchase or subscribe for, by anyone in any jurisdiction in which such an offer or solicitation is not authorised or may not lawfully be made
(without compliance with any registration or other legal requirements) or in which the person making such offer or solicitation is not qualified to do so or to
any person to whom it is unlawful to make such offer in any jurisdiction. The above information is for general guidance only, it is the responsibility of
receivers to inform themselves as to any income or other tax consequences arising in the jurisdictions in which they are resident or domiciled or have any
other presence for tax purposes, as well as any foreign exchange or other fiscal, or legal or regulatory restrictions which are relevant to their particular
circumstances in connection with the acquisition, holding or disposal of any securities if any mentioned in this document. This document is strictly private
and confidential and may not be reproduced or use for any other purpose and not be provided to any person other than the recipient thereof. If you are
not the intended recipient you must not copy, distribute, or take any action or place reliance on it. If you have received this communication by error,
please notify the sender immediately. Any such information contained or discussed on the website is subject to change and Nuvama Group or any of its
Directors, Employees, agents or representatives shall not have any responsibility to maintain the information made available or to supply any correction
therewith. In no event will Nuvama Group or any of its Directors, Employees, agents or representatives, be liable for any special direct or indirect or
consequential damages which may be incurred from the use of the information made available, even if it has been advised of the possibility of such
damages. The company and its employees mentioned in these communications cannot be held liable for any error’s inaccuracies and/or omission
howsoever caused. Any opinion or advice herein is made on a general basis and is subject to change without notice. The information provided in this
website may contain optimistic statements regarding future events or future financial performance of countries, markets, or companies. You must make
your own financial assessment of the relevance, accuracy and adequacy of the information provided therein.

For any additional information, kindly contact Prakash Prabhu at Prakash.prabhu@nuvama.com