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Asian Metals Market Update for 4th April, 2007



By: Chintan Karnani, Insignia Consultants


-- Posted Wednesday, 4 April 2007 | Digg This ArticleDigg It!

GOLD

SILVER

COMEX GOLD JUNE FUTURE -- $670.00

COMEX SILVER MAY FUTURE -- $1346.00

 EXPECTED TRADING RANGE

GOLD JUNE -- $662.70 -- $677.00

SILVER  MAY -- $1320.0 - $1380.00

COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE

COPPER MAY  -- $307.00.00 - $325.00

NYMEX CRUDE OIL  APRIL    - $62.80 - $66.00

GENERAL MARKET CONDITIONS

  Copper rose over 3.50% yesterday on higher hedge fund demand. Copper, nickel, and other base metals (except zinc) are rising on the back on robust demand and lower global inventories. The speculative element in copper and other base metals as China is not slowing down. Markets are of the belief that copper will could test and even break 2006’s highs. Copper and other base metals are liquidity driven.  Yesterday equity markets have risen over 1% in most parts of the world. Once again it the Japanese money that is driving every market as the yen weakens. At the moment there are is more bullish news in copper and other base metals than bearish news which includes a technical break out. However I will be cautious in comex copper may future over $360.0.

 

Gold and silver are holding on to the key technical support levels and are posed for higher gains. Volumes will reduce from tomorrow as move into Easter holiday. Physical demand from India and other parts of Asia will remain firm. London markets are closed on Monday so there will not be any fixing. In India, at higher levels physical dealer of gold tend to buy gold at unfixing rates. We expect this trend to continue till spot gold breaks $676.00.

 

GOLD -- JUNE FUTURE

  Gold needs to break and close over $677.00 for further gains to $692.60. On the lower side $665.70 is the initial support with $661.10 and $653.80 as the key support.

 

SILVER -- MAY  FUTURE

Silver needs to break $1360 and $1369 for further gains to $1397. On the lower side only a daily close below $1320 will result in further losses to $1270.

 

 

Happy Profitable Trading

 

 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.

 Prepared By Chintan Karnani. Web Site:www.insigniaindia.com

 


-- Posted Wednesday, 4 April 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
Email:





 



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