Yesterday was a base metals day as they rose sharply.Copper, Zinc, Nickel, lead and tin all rose sharply. Fund managers are taking fresh long positions in all base metals on expectations of very high demand in the second quarter. Fund managers just jerk up prices of any commodity as and when demand rises. It is for this reason that base metals are more volatile than gold and silver. But even on an intra day basis, base metals (including silver) give more returns than gold or any other precious metals. Steel and Nickel (apart from copper) should be the best performers for the rest of 2008 among the base metals. However base metals should fall in a big way before/just after the Olympics in China as incremental demand from china will start to fall.
Yesterday just before the London open the MCX gold April price fell from INR 12280 to INR 12116 in a few minutes. This was probably due to roll over long positions into the June series. As and when the current contract comes to a close, such movements are natural.
For the day it will be a technical trade in all metals and energies as the quarter comes to a close.
GOLD – JUNE FUTURE
Gold June targets $998.40 and $1039 in April as long as $919 and $898 holds.
COPPER -- MAY FUTURE
$385 price target achieved. Copper targets $402 and $432 in April as long as $365 and $337 holds.
HAPPY PROFITABLE TRADING
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-- Posted Friday, 28 March 2008 | Digg This Article | Source: GoldSeek.com
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