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Asian Metals Market Update for 18th April, 2007



By: Chintan Karnani, Insignia Consultants


-- Posted Wednesday, 18 April 2007 | Digg This ArticleDigg It!

GOLD

SILVER

COMEX GOLD JUNE FUTURE -- $692.70

COMEX SILVER MAY FUTURE -- $1402.00

 EXPECTED TRADING RANGE

GOLD JUNE -- $687.70 -- $700.00

SILVER  MAY -- $1380.0 - $1440.00

COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE

COPPER MAY  -- $362.00.00 - $376.00

NYMEX CRUDE OIL  APRIL    - $62.80 - $66.00

GENERAL MARKET CONDITIONS

I was asked yesterday why gold and silver are under-performing base metals inspite of a weaker US dollar. The simple reason is that there is change in short term investments from gold and silver into foreign exchange markets and base metal markets which are giving higher returns. After nearly two years of wait foreign exchange trading have picked in April to near record levels. Most of the traders were bearish on the US dollar and were betting heavily on the same. US dollar bears made significant losses in 2006, however in 2007 they have recovered all their 2006 losses and are in the green. Foreign exchange traders who had switched to commodity markets earlier have moved back.

 

Copper had a technical break out on expected mine strikes in Indonesia. In 2006 copper was buoyed by mines strikes and the same has re emerged in April. Mine strikes by workers in different mines could last into November, 2007. In our view mine worker strikes are induced my mines owners to jerk up the prices as they know that robust global growth will continues into 2007 and that Chinese insatiable demand for copper will remain on course. As long as comex copper near dated future holds $354, copper is headed for $400 and $425.  Comex copper May future is expiring this months which will result in short covering demand and options related demand. 

 

Gold and silver are firm on the back of a weaker US dollar and higher base metals prices. A change in the direction of any of the two will adversely affect prices unless there is a technical break out. 

 

GOLD -- JUNE FUTURE

  Gold targets $700 and $730 as long as $677.30 holds on closing basis. A consolidated fall below $677.30 will result in $663.20 and $659.00

 

SILVER -- MAY  FUTURE

  Silver targets $1474, $1537 as long as $1370 holds on closing basis with $1354 as the key short term support.

 

 

Services provided: SMS service on MCX, NCDEX and Comex Metals and Energies, Daily Reports, Weekly Reports and Monthly Reports. In India we also provide hedging strategies to industrial user on precious metals and base metals

 

 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, 18 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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