-- Posted Wednesday, 11 June 2008 | Digg This Article | Source: GoldSeek.com
INSIGNIA CONSULTANTS
Asian Metals Market Update for 11th June, 2008
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER JULY 08-- $348.00 - $372.00
NYMEX CRUDE OIL- $120.60. - $139.40
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GENERAL MARKET CONDITIONS
It’s more of a US dollar gain story for metals and energies. The US administration has been telling the world that they need a strong US dollar. Yesterday the US president also repeated the same. There seems to be a sense of urgency by US officials in telling the world that a strong US dollar is here to stay. Most of the commodities are priced in US dollars which has contributed to global inflation. If the US dollar continues to weaken, then nations will be forced to ignore the US dollar peg and look at some other options. The US is a super power only due to the acceptance of the US dollar in global trade. If the US dollar losses its acceptance, then the world will get another super power.
Crude oil and the US dollar will dictate gold, silver and metals prices. Technically they are in a neutral zone. It remains to be seen how long the US dollar continues to gain. US weekly crude oil inventories will be the key.
COPPER -- JULY FUTURE -- INTRA DAY PIVOT: $373.80
Copper has to hold the $347-$350 zone or break $363 and $372 for direction.
NYMEX CRUDE OIL --FUTURE -- INTRA DAY PIVOT: $131.60
Crude oil rose to $138 and then fell. Crude oil has a tendency to overshoot and undershoot. Today there is the US weekly crude oil inventory report. If crude oil does not break $145 this week then it will fall to $121.60 and $116.20 once again.
HAPPY PROFITABLE TRADING
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-- Posted Wednesday, 11 June 2008 | Digg This Article | Source: GoldSeek.com
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