-- Posted Thursday, 12 June 2008 | Digg This Article | Source: GoldSeek.com
INSIGNIA CONSULTANTS
Asian Metals Market Update for 12th June, 2008
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER JULY 08-- $348.00 - $372.00
NYMEX CRUDE OIL- $131.60. - $142.40
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GENERAL MARKET CONDITIONS
So far in June markets are dancing to comments from the European central bank chief, the Federal reserve chairman Bernanke, US treasury secretary Paulson and US president George Bush. The US dollar weakens for one to two days and then falls only to recover after a few days. Only crude oil remains unaffected by the same as it trades over $135 a barrel. The smoothening words on the US dollar have to be backed by growth oriented US economic numbers. If this does not happen, punters will sell off the US dollar. Till the Fed meeting volatility in the US dollar will be high. If US retail sales disappoint, the US dollar will weaken till the Fed meeting.
Gold and silver continue to be dictated by the US dollar and crude oil prices. Nickel will be volatile among base metals. Technically there is atill room for gains in Nickel. Zinc and Lead, a bottom should be formed soon.
COPPER -- JULY FUTURE
As long as copper holds the $347-$350 zone it will target $363 and $372.
NYMEX CRUDE OIL --FUTURE
Intra day as long as crude oil holds $130.0 it will target $140+.
HAPPY PROFITABLE TRADING
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Nothing in this article is, or should be construed as, investment advice.
-- Posted Thursday, 12 June 2008 | Digg This Article | Source: GoldSeek.com
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