Metals, Ores, and Mining Firms, Mint Finance

Pranay Yadav

Metals, Ores, and Mining Firms

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Commodities

Iron ores are rocks and minerals from which metallic iron can be economically extracted. The ores are usually rich in iron oxides and vary in color from dark grey, bright yellow, deep purple, to rusty red. The iron itself is usually found in the form of magnetite (Fe3O4, 72.4% Fe), hematite (Fe2O3, 69.9% Fe), goethite (FeO(OH), 62.9% Fe), limonite (FeO(OH).n(H2O)) or siderite (FeCO3, 48.2% Fe).

<ul>
<li>SGX IO Futures gained $2.69/ton this week, closing at $100.24/ton on April 23, breaking above the R1 level of $99.00/ton.</li>
<li>Managed Money flipped to net short while Physicals turned net long, signaling a major positioning shift</li>
<li>MACD divergence and RSI at 51.09 reflect building bullish momentum despite prices trading below long-term moving averages.</li>
</ul>


SGX IO Futures gained $2.69/ton this week, closing at $100.24/ton on April 23, breaking above the R1 level of $99.00/ton.
Managed Money flipped to net short while Physicals turned net long, signaling a major positioning shift
MACD divergence and RSI at 51.09 reflect building bullish momentum despite prices trading below long-term moving averages.


[IO Technicals Weekly 2025/17] Bullish Momentum Builds

Partner at Exencial Research, Exencial Research

Viral Kishorchandra Shah

Partner at Exencial Research

Exencial Research

Equity Bottom-Up

Waaree Energies Limited manufactures solar equipment. The Company provides solar PV modules, inverters, KW rooftop solutions, utility grids, water pumps, and portable kits. Waaree Energies serves customers worldwide.

<ul>
<li>Waaree Energies is rapidly expanding, targeting 21 GW solar modules, 11.4 GW cells, and 6 GW ingots by FY27</li>
<li>The company boasts a robust Rs 47,000 crore order book, with 57% international and 43% domestic market share</li>
<li>Waaree diversifies into batteries, green hydrogen, and inverters, while mitigating risks via local production</li>
</ul>


Waaree Energies is rapidly expanding, targeting 21 GW solar modules, 11.4 GW cells, and 6 GW ingots by FY27
The company boasts a robust Rs 47,000 crore order book, with 57% international and 43% domestic market share
Waaree diversifies into batteries, green hydrogen, and inverters, while mitigating risks via local production


From Panels to Powerhouses: How Waaree Energies Is Building India’s Solar Backbone

Global Macro Strategist, Westbourne Research Services

Sharmila Whelan

Global Macro Strategist

Macroeconomic, Geopolitical and Policy Forecasting

Westbourne Research Services

Westbourne Research is a global macroeconomic, geopolitical and policy forecasting and strategic advisory consultancy. Located in London, UK and serving clients globally. Our knowledge is deep, spanning all asset classes and key industrial sectors. Our perspective is global. Our presence is expansive, with 30 years analysing and working in developed and emerging markets. We are uniquely India and China specialists.

Macroeconomics

<ul>
<li>Our top buy calls are the Philippines, India, Japan, Malaysia, Taiwan and Europe.</li>
<li>Least vulnerable: Russia, Brazil, Philippines, South Africa, Indonesia, India and Malaysia. Most vulnerable: Vietnam, Taiwan, Mexico, Thailand and EU.</li>
<li>Countries facing the highest reciprocal tariff rates, with large surpluses vis-à-vis the US and high gross exports to GDP ratios will buckle first. </li>
</ul>


Our top buy calls are the Philippines, India, Japan, Malaysia, Taiwan and Europe.
Least vulnerable: Russia, Brazil, Philippines, South Africa, Indonesia, India and Malaysia. Most vulnerable: Vietnam, Taiwan, Mexico, Thailand and EU.
Countries facing the highest reciprocal tariff rates, with large surpluses vis-à-vis the US and high gross exports to GDP ratios will buckle first. 


Trade War Winner & Losers - Where To Invest?

HarmoniQ Insights

William Mann

Independent Insight Provider

At HarmoniQ Insights, we empower investors to enhance their investment strategies by integrating cutting-edge quantitative research processes and technologies. Our solutions provide access to leading quantitative data providers and services, tailored to align with each client’s unique goals. By bridging the gap between traditional investment approaches and advanced data-driven methods, we help clients gain a competitive edge through innovation in both process and technology.

Crypto

Virtual currencies are decentralized, math-based digital assets in which transactions can be performed cryptographically without the need for a central issuing authority. The first specification and proof of concept of Bitcoin, the first widely used virtual currency, was published in 2009 based on a paper published pseudonymously by Satoshi Nakamoto.

<ul>
<li>Market inefficiencies persist in crypto markets, particularly in cross-exchange arbitrage and futures basis trading</li>
<li>Traditional factor models can be adapted for cryptocurrency markets with size, momentum, and liquidity factors showing statistical significance</li>
<li>On-Chain metrics provide unique alpha signals unavailable in traditional markets</li>
</ul>


Market inefficiencies persist in crypto markets, particularly in cross-exchange arbitrage and futures basis trading
Traditional factor models can be adapted for cryptocurrency markets with size, momentum, and liquidity factors showing statistical significance
On-Chain metrics provide unique alpha signals unavailable in traditional markets


New Research: Unlocking Quantitative Alpha in Cryptocurrency Markets

AI | Semiconductors | Commodities, Mint Finance

Raghav Vashisht

AI | Semiconductors | Commodities

Thematic (Sector/Industry)

<ul>
<li>Silver prices experienced significant volatility in early April due to tariff announcements, but have since recovered by 12%.</li>
<li>A weaker dollar has been a key driver of the recent rally in silver prices. Bullish sentiment is further reinforced by a buildup of call options, especially at out-of-the-money strikes.</li>
<li>The Silver CVOL index shows a decline in call premiums and a softening in implied volatility, indicating a less volatile outlook in the near term.</li>
</ul>


Silver prices experienced significant volatility in early April due to tariff announcements, but have since recovered by 12%.
A weaker dollar has been a key driver of the recent rally in silver prices. Bullish sentiment is further reinforced by a buildup of call options, especially at out-of-the-money strikes.
The Silver CVOL index shows a decline in call premiums and a softening in implied volatility, indicating a less volatile outlook in the near term.


Will Glowing Gold Spark Another Silver Rally?

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