-- Posted Friday, 13 June 2008 | Digg This Article | 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
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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
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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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