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-- Posted Wednesday, 23 April 2008 | Digg This Article | Source: GoldSeek.com

INSIGNIA CONSULTANTS
Asian Metals Market Update for 23rd April, 2008
EXPECTED TRADING RANGE
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER MAY 08   -- $382.00 - $404.00	NYMEX CRUDE OIL   - $112.70. - $120.20
This is just an excerpt of the main report. To receive a copy of the full report mail a request to sms@insigniaindia.com
GENERAL MARKET CONDITIONS
Back to square one for the commodity markets as they get dictated by the movement in the US dollar. Euro/Usd rose above $1.60 for the first time since its launch almost a decade ago after France’s central bank governor warned that combating inflation could yet require higher eurozone interest rates. Central banks which are not concerned about short term growth rates will raise interest rates as crude oil prices show no signs of even a pullback. The Fed is expected to cut interest rates by a minimum 0.25% next week and may signal another cut on the June 30th meeting. If the US economy worsens between now and the 30th of June, one cannot rule out an inter meeting rate cut of a quarter of a percentage followed by a half a percentage interest rate cut in the end June meeting. This is just a worst case view and the chance of the Fed resorting to such a move is zilch. Euro/usd has to break 1.61 for more gains to 1.6325 else it will fall back to 1.5714 and below. The pace of euro gains will be slower this time unlike when the euro edged past 1.50.
Precious metals are trading in a range and a break out from the recent wider trading range is in the offing sooner than later. Technically they are in a neutral zone. Day traders are remaining on the sidelines, which is the prime reason for the high volatility. Today’s US weekly crude oil numbers will not have any impact on crude oil prices unless they come in significantly higher. Supply concerns and continued inflow of short term hot money has resulted in crude oil prices continuously rising. I am not a crude oil bull, one can trade with the momentum. The effect of global warming was by way of tropical storm in the middle east in June 2007. One needs to watch for such signs this year too.
SILVER -- MAY  FUTURE
Silver has to fall below $1711 or break $1848 and $1917 for direction.
NYMEX CRUDE OIL --  FUTURE
$119.60 price target achieved. Till the first week of May, crude oil has to break $127.20 else it will be back to $111.10 and $104.60.
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.

-- Posted Wednesday, 23 April 2008 | Digg This Article | Source: GoldSeek.com

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