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Asian Metals Market Update for 12th June, 2007



By: Chintan Karnani, Insignia Consultants


-- Posted Tuesday, 12 June 2007 | Digg This ArticleDigg It!

GOLD

SILVER

COMEX GOLD AUGUST FUTURE -- $658.20

COMEX SILVER JULY FUTURE -- $1325.50

EXPECTED TRADING RANGE

GOLD AUGUST  -- $653.00 -- $666.20

SILVER  JULY  -- $1302.0 - $1354.00

COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE

COPPER JULY   -- $327.10.00 - $343.90

NYMEX CRUDE OIL  JUNE    - $64.20 - $67.40

GENERAL MARKET CONDITIONS

  Once again base metals and energies came to the rescue of precious metals. Copper rose three percent on strike by mine workers at Codelco and Collahausi. Global inventories of copper are not very high. For most part of 2006 copper prices were supported by hanging sword of mine worker strikes which is continuing in 2007.  There is something fishy abut mine worker strikes which in view is induced by company’s management along with support form hedge funds. Whenever copper nears a technical break down, mine worker threat appears sooner than later which pushes up prices. There is a over leverage in copper by hedge funds and the stakes for profits as well as losses are very high. None of the hedge funds would like to another amaranth or a red kite of copper. Markets have factored in a robust global growth. One need to be very cautious in investing in copper as the incremental return will be lower than past two years average. Zinc will be outperformer in base metals on greater demand from automobile sector of emerging nations like India, Brazil and the like.

 

US 10 year yields are floating over the five percent mark. I sill have a doubt as to how long will they stay over five percent. Sooner than later demand should come up which will push yields below five percent. At the moment investors are just digesting over five percent yields and are unable to decide whether to switch to treasuries from other investments. If US equity markets rise this week then investor preference will be for stocks and if they fall then bonds. A rise in treasury will adversely affect gold and silver prices while a rise in equity markets will be positive for gold and silver.

 

GOLD -- AUGUST FUTURE

  Gold needs to break $663.50 for $668.50 ad $673.10. On the lower side $651.50 is the key support and a consolidated fall below $651.50 will result in $646.70.

 

SILVER -- JULY  FUTURE

Silver needs to hold $1304 to prevent further losses to $1292 and $1277. On the higher side $1324 is the initial resistance with $1339 and $1354 as the key resistances.

 

 

Happy Profitable Trading

 

FOR ACTUAL AND FULL REPORTS please register on our new website www.insigniaconsultants.in for a free  trial service for an indepth analysis on metals and energies along with intra day and positional trading calls on MCX. NCDEX and COMEX and other INTERNATIONAL markets. SMS on Mobiles, FAX and MESSENGER service also available.

 

 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, 12 June 2007 | Digg This Article


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