-- Posted Thursday, 10 July 2008 | Digg This Article | Source: GoldSeek.com

INSIGNIA CONSULTANTS
Asian Metals Market Update for 10th July, 2008
MCX & COMEX LEVELLS AND STRATEGIES NOW ON WWW.METALSIGNALS.COM (ID:10050 PWD:demo)PLEASE CALL MANISH @ 9311139549/011-32919880 FOR DETAILS (LIVE PRICES COSTING)
EURO/USD  -- TECHNCAL LEVELS
SUPPORT				RESISTANCE
S1	S2	S3	S4	R1	R2	R3	R4
1.5489	1.5551	1.5608	1.5651	1.5714	1.5762	1.5825	1.5888
GBP/USD  -- TECHNCAL LEVELS
SUPPORT				RESISTANCE
S1	S2	S3	S4	R1	R2	R3	R4
1.9594	1.9632	1.9694	1.9806	1.9870	1.9913	1.9990	2.0030
GENERAL MARKET CONDITIONS
Base metals rose sharply. Lead and Zinc were the star performers on valued based buying and short covering. Copper fell but recovered a sharp pull back. Fund managers seem to have started investing in zinc and lead which if it continues could result in the resumption of a bull run. It’s too early to comment whether zinc and lead have bottomed out, but we need to watch until next week to get a clear picture. South Korea plans to triple its base metal reserve stockpiles to ease tight domestic supply as manufacturers struggle to secure raw materials due to soaring commodity prices. South Korea plans to raise reserve stockpiles on 12 key products, including copper, aluminium and nickel, from 19 to 60 days worth of supply. It will also expand stockpiles to cover 10 more materials. If other countries follow South Korea then base metals will zoom in 2009 and zinc, lead and Nickel, the worst performers so far this year, should be worth investing in the long term.
Japan should start a sovereign wealth fund (SWF) with about $33 billion in assets, using interest earned on its $1 trillion of foreign reserves, said Takatoshi Ito, a member of a government advisory committee. The fund would invest in higher-yielding assets overseas including equities. It needs to be set up ``as soon as possible'' to avoid exchange-rate fluctuations that may hurt the nation's reserves, he added. Forget hedge funds and focus on what the SWF’s are doing. SWF investment could be for strategic purposes which over the coming years (after 2010) may lead to protectionism. Positive news for gold.
Financial Technologies India on Wednesday unveiled plans to open a new commodity derivatives exchange in Singapore by early next year. Financial Technologies, which already operates commodities exchanges, founded India’s Multi Commodities Ex­change and is a co-owner of the Dubai Gold and Commodities Exchange. The company said its new venture, to be called the Singapore Mercantile Exchange (SMX), would provide a platform for futures and options trading on precious metals, base metals, energy, agricultural commodities, currency pairs, carbon credits and commodity indices. More commodity exchanges in the world imply higher commodity prices in the long term. This is simple logic. Long term investors should stay invested in commodities.
PLATINUM OCTOBER -- INTRA DAY PIVOT $2055.0
Needs to hold $1913 to be in bullish zone and target $2055+
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 Thursday, 10 July 2008 | Digg This Article | Source: GoldSeek.com

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