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Asian Metals Market Update for 13th June, 2008



By: Chintan Karnani, Insignia Consultants


-- Posted Friday, 13 June 2008 | Digg This ArticleDigg It! | Source: GoldSeek.com

INSIGNIA CONSULTANTS

Asian Metals Market Update for 13th June, 2008

COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE

COPPER JULY 08   -- $348.00 - $372.00

NYMEX CRUDE OIL   - $131.60. - $142.40

This is just an excerpt of the main report. For a free 14 days trial, mail a request to sms@insigniaindia.com

GENERAL MARKET CONDITIONS

The US dollar is at an infection point and is nearing the key medium term supports. Euro/Usd it is 1.5360, gbp/usd it is 1.9320, usd/jpy 108.70. The same is with all the metals. They have all neared the same yesterday but managed to hold on to the same. Markets will now start taking position for the Fed meeting on 24-25th June. There will be position squaring and rebuilding which will add to volatility. The G8 meeting today and tomorrow will not have an impact on the metals markets and currency markets.

Technically today’s close and Mondays close are very significant which can set the tone for the rest of the month. Markets are slowly pricing in an October interest rate hike. This is one of the prime reasons for the gains in the US dollar. If expectations of an interest rate hike by the Fed in October diminishes over the next few weeks then the US dollar will weaken.

COPPER -- JULY FUTURE -- INTRA DAY PIVOT: $363.0

As long as copper holds the $347-$350 zone it will target $363 and $372.

NYMEX CRUDE OIL --  FUTURE -- INTRA DAY PIVOT: $131.60

Investors continue to buy crude oil on dips. Intra day as long as crude oil holds $130.0 it will target $140+.

 

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.

Nothing in this article is, or should be construed as, investment advice.

 


-- Posted Friday, 13 June 2008 | Digg This Article | Source: GoldSeek.com


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