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Asian Metals Market Update for 16th November, 2006



By: Chintan Karnani, Insignia Consultants


-- Posted Thursday, 16 November 2006 | Digg This ArticleDigg It!

GOLD

SILVER

COMEX GOLD DECEMBER FUTURE -- $625.20

COMEX SILVER DECEMBER FUTURE -- $1295.00

 EXPECTED TRADING RANGE

GOLD -- $617.00 -- $639.10

SILVER -- $1256 - $1350.00

COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE

COPPER DECEMBER -- $298.00 - $315.00

NYMEX CRUDE OIL  NOVEMBER  - $57.00 - $61.72

MULTI COMMODITY EXCHANGE OF INDIA (MCX)

GOLD DECEMBER FUTURE/10 GRAMS

SILVER DECEMBER FUTURE/KG

Rs.9,080- Rs.9,360

Rs.19,050 - Rs.19,800

COPPER NOVEMBER FUTURE

CRUDE OIL DECEMBER FUTURE

Rs.298.00 - Rs.321.00

Rs.2,720 - Rs.2860

NATIONAL COMMODITIES AND DERIVATIVES EXCHANGE (NCDEX)

GOLD DECEMBER FUTURE/10 GRAMS

SILVER DECEMBER FUTURE/KG

Rs.9140- Rs.9,360

Rs.19,050- Rs.19,800

STEEL DECEMBER FUTURE

CRUDE OIL DECEMBER FUTURE

Rs.18250.00 - Rs.18800.00

Rs.2,710 - Rs.2820

GENERAL MARKET CONDITIONS

 Gold continued to find buyers below $620 while silver raced higher.  At lower levels there is investment demand as well as physical demand clearly suggesting the bullish sentiment. The yen gained after China's central bank said it had bought Japan's currency with its foreign exchange reserves. China has been gradually diversifying its foreign exchange reserves and the pace of diversifications seems to have been on the rise over the past few weeks. China’s diversification of its foreign exchange reserves even into other currencies will support gold and silver. If Chinese central bank buys other major currencies the carry traders will push gold and silver higher whereas any direct news diversification in gold has already pushed gold and silver and will continue to do so in future.

 

So far in 2006 the US dollar has not depreciated as per market expectations and the stock markets of G7 nations have also jumped sharply. The rise in global stock markets will support gold and silver as some of the profits will be invested in precious metals. It’s all about liquidity and rising stock markets will support commodity prices. The US dollar has defied market expectations and remains firm. There are still fourty trading sessions remaining in 2006 and we are still optimistic on the further greenbacks weakness.

 

Comex copper december future has been trading in $302 - $314 range but overall market sentiment is bearish. Markets would watch developments in Zambia where Konkola Copper Mines has suspended operations at its Nchanga open pit mine after a state body withdrew part of the company's licence in a pollution row. As a result, production of 540 tonnes a day was suspended. Some of the weakness is also due to fears that a global economic slowdown will cut demand for copper and other base metals, especially from emerging market countries such as China. China, imported 37.7 percent less refined copper and alloy in the first 10 months than in the year-ago period. Copper has lost as much as 350,000 tonnes in demand to substitution from aluminium. Base will be volatile over the next few weeks as they will be driven growth projections of global economy in 2007.

 

It’s a just a consolidation phase for gold, silver as well as crude oil before the next leg higher. As long as spot gold holds $611.60 on closing basis there is every possibility of $650 over the coming weeks. Crude oil’s failure to break $61.90 could result in a fall to $57 and $55.45.

 

GOLD -- DECEMBER FUTURE

Gold has an initial support at $621 and $614 while resistance is at $630.60, $635.10 and $642.80.

 

SILVER -- DECEMBER FUTURE

Silver needs to break $1335 for further gains to $1430. On the lower side $1256 and $1232 are the support levels.

 

 

Happy Profitable Trading

 

For SMS and Yahoo support please mail at sms@insigniaindia.com

 

 Disclaimer : Any opinions as to the commentary, market information, and future direction of

prices of specific currencies, precious metals, base metals, or equity indices reflect the views

of the individual analyst, In no event shall Insignia Consultants or its employees  have any liability 

for any losses incurred in connection with any decision made, action or inaction taken by any

 party  in reliance upon the information provided in this material; or in any delays, inaccuracies,

errors in, or omissions of Information.

 


-- Posted Thursday, 16 November 2006 | Digg This Article


1080-81, Ugger Sen Street,”Somani Bhawan”
Sita Ram Bazar, New Delhi-110006. India.
Ph: [O] 91-11-30919880 [M] 09811139549
Website: www.insigniaindia.com
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