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Asian Metals Market Update for 16th January, 2007



By: Chintan Karnani, Insignia Consultants


-- Posted Tuesday, 16 January 2007 | Digg This ArticleDigg It!

GOLD

SILVER

COMEX GOLD FEBRUARY FUTURE -- $626.40

COMEX SILVER MARCH FUTURE -- $1293.00

 EXPECTED TRADING RANGE

GOLD -- $620.10 -- $645.50

SILVER -- $1252.0 - $1350.00

COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE

COPPER MARCH -- $254.00 - $272.10

NYMEX CRUDE OIL  JANUARY  - $52.00 - $56.00

MULTI COMMODITY EXCHANGE OF INDIA (MCX) - SPREAD/BADLA

BUY GOLD APRIL, SELL GOLD FEBRUARY FOR RS.49 (PREVIOUS DAY CLOSE RS.159)

BUY SILVER MAY , SELL SILVER MARCH FOR RS.75 (PREVIOUS DAY CLOSE RS.401)

BUY CRUDE OIL MARCH , SELL CRUDE OIL FEB FOR RS.18 (PREVIOUS DAY CLOSE RS.50)

BUY COPPER APRIL, SELL COPPER FEBRUARY FOR RS.2 (PREVIOUS DAY CLOSE RS.4.30)

NATIONAL COMMODITIES AND DERIVATIVES EXCHANGE (NCDEX)

GOLD FEBRUARY FUTURE/10 GRAMS

SILVER FEBRUARY FUTURE/KG

Rs.8920- Rs.9,260

Rs.18,800- Rs.19,700

STEEL FEBRUARY FUTURE

CRUDE OIL FEBRUARY FUTURE

Rs.19800.00 - Rs.20125.00

Rs.2,330 - Rs.2470.00

GENERAL MARKET CONDITIONS 

China cast its shadow in base metals in 2006 and they zoomed. In 2007 china effect will be witnessed in gold and silver. Chinese citizens have been taking to gold as a significant investment option according to reported figures from the Shanghai Gold Exchange.  Chinese gold production is also rising with estimates that 2006 output will have reached 230-240 tonnes. China is currently the world’s fourth largest gold producer after South Africa, the U. S. and Australia. China will be the world’s largest producer in ten years’ time as existing gold mines in the established gold mining countries become depleted moving the focus of production to new areas. Chinese gold consumption could double in the next four to five years.

 

China's foreign exchange reserves, the largest in the world, jumped $247.3 billion in 2006 to reach $1.06634 trillion at the end of December. China will make it a priority to cut its large, politically sensitive trade surplus in 2007.  China's trade surplus in 2006 reached a record $177.5 billion, jumping from $102 billion in 2005. Any hints of reserve diversification by china will result in the US dollar taking a thrash and gold and silver rising. A stronger yuan will also increase Chinese gold consumption.

 

There is a difference between investments and trading. Traders as well as investors are advised to use trailing stop losses on their investments as both of them panic if the value of their investments decreases by more than fifteen percent.  Traders and investors do not panic if equity markets plunge, but gold and silver relatively being a new investment avenue investors do worry. In 2006 gold and silver underperformed on annualized returns. However in 2007 gold and silver should beat the average returns from equity markets (exclude India and other emerging markets equities).

 

GOLD -- FEBRUARY FUTURE

  Gold is once again in familiar $620 - $650 zone. Resistance at $643.60 and support is at $619.10 and $611.60.

 

SILVER -- MARCH FUTURE

Silver needs to break $1325 for $1400. On the lower side $1252 and $1224 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 Tuesday, 16 January 2007 | 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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