-- Posted Tuesday, 3 June 2008 | Digg This Article | Source: GoldSeek.com
INSIGNIA CONSULTANTS
Asian Metals Market Update for 3rd June, 2008
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER JULY 08-- $347.00 - $372.00
NYMEX CRUDE OIL- $120.80. - $133.40
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GENERAL MARKET CONDITIONS
The first trading day of June was very positive for gold and silver unlike the month of May where bears had taken charge. Economic data risk this week is preventing traders from going too short on precious metals. Precious metals also benefited from safe haven demand after news of troubles at Bradford & Bingley, the UK’s largest buy-to-let mortgage lender raised concerns over the health of the UK economy. The company issued a stark warning on the state of the UK mortgage market and said profits in the first four months of the year had halved. The financial services sector is an important driver of UK growth. Global credit worries have once again come to haunt investors. Unless these kind of news die down, precious metals will find investment demand on dips.
Base metals should provide a good investment opportunity in the next fortnight. With every successive fall in zinc, then with lead and nickel the risk to return ratio moves in favour of the buyer. Copper is an every green investment. The key to investing in base metals is to exit the longs at the right time and reduce greed.
COPPER -- JULY FUTURE
200 day MA around $348 will result in copper finding buyers on dips. Resistance at $364.80 and $373.10.
NYMEX CRUDE OIL --FUTURE
Intra day as long as $123.60 holds downside will be limited.
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
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Nothing in this article is, or should be construed as, investment advice.
-- Posted Tuesday, 3 June 2008 | Digg This Article | Source: GoldSeek.com
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