Copper fell on profit taking ahead of the looming mine worker strike in Peru over the next few days. Copper prices are being supported by continuous mine workers strikes. Copper is still up 40% from this year's lows in February as China's aggressive stocking of the metal coincided with a sharp drop in London Metal Exchange inventories. Supply concerns caused by disputes at mines helped LME copper near last year's record of $8,800 a tonne in May. But with Chinese copper imports down 28% in May compared with April, speculation is growing that the China’s summer demand will not be better, leaving labor unrest and production constraints the only hopes for higher copper prices. In May, Peruvian miners staged a nationwide strike which drew lukewarm support but helped LME three-months copper scale a 10-month peak of $8,320 a tonne. Comex July copper futures contract hit a lifetime high of $3.8070 per lb. If mine workers strike this week then the duration of the strike will be important which if it continues for a long time will result in firm copper prices else a expect further correction.LME copper inventories are not very high as compared to global demand. Copper is expected to be volatile driven by mine worker news over the next two months.
Meanwhile gold and silver are trading in a range on lack of major market moving news. A combination of currency markets movement, energy prices and copper prices will affect the intra day movement and add to volatility.
GOLD -- AUGUST FUTURE
Gold needs to break $664.70 for $672.80 ad $678.10. On the lower side $654.30 is initial support with $647.40 as the key weekly support.
SILVER -- JULYFUTURE
Silver needs to break $1354 for $1389 and $1404. On the lower side $13120.50 and $1300 are the key intra day support.
Happy Profitable Trading
FOR ACTUAL AND FULL REPORTSplease register on our new website www.insigniaconsultants.infor a freetrial 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 employeeshave any liability
for any losses incurred in connection with any decision made, action or inaction taken by any
partyin reliance upon the information provided in this material; or in any delays, inaccuracies,
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: chintan@insigniaindia.com
The content on this site is protected
by U.S. and international copyright laws and is the property of GoldSeek.com
and/or the providers of the content under license. By "content" we mean any
information, mode of expression, or other materials and services found on GoldSeek.com.
This includes editorials, news, our writings, graphics, and any and all other
features found on the site. Please contact
us for any further information.
Disclaimer
The views contained here may not represent the views of GoldSeek.com, its affiliates or advertisers. GoldSeek.com makes no representation, warranty or guarantee as to the accuracy
or completeness of the information (including news, editorials, prices, statistics,
analyses and the like) provided through its service. Any copying, reproduction
and/or redistribution of any of the documents, data, content or materials contained
on or within this website, without the express written consent of GoldSeek.com,
is strictly prohibited. In no event shall GoldSeek.com or its affiliates be
liable to any person for any decision made or action taken in reliance upon
the information provided herein.
OilSeek.com
