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-- Posted Friday, 11 July 2008 | Digg This Article | Source: GoldSeek.com

INSIGNIA CONSULTANTS
Asian Metals Market Update for 11th 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
1.5608	1.5651	1.5714	1.5762	1.5825	1.5888	1.5932	1.6000
GBP/USD  -- TECHNCAL LEVELS
SUPPORT				RESISTANCE
S1	S2	S3	S4	R1	R2	R3	R4
1.9594	1.9632	1.9694	1.9735	1.9806	1.9870	1.9913	1.9990
GENERAL MARKET CONDITIONS
US housing sector woes continue with Freddie Mac and Fannie Mae. This resulted in a decline in the US dollar. Crude oil pared this week’s losses after Brazilian oil workers threatened a strike. Brazil's Oil Workers Confederation is planning a five-day strike from July 14 against Petroleo Brasileiro SA on platforms in the offshore Campos Basin, the source of 80 percent of the country's supply, a union official said. Unless crude oil supply is normal crude oil will remain firm. Crude oil is also supported on lack of new alternate investments with uncertainties over global equity markets not yet over. Once global equities move in a short term bull trend, some of the investments which have shifted into energies will move back into equities and result in a correction in energy prices.
Aluminium hit an all-time high as China’s 20 biggest aluminium smelters agreed to cut production by up to 10 per cent because of power shortages across the country. The cuts, if sustained, would remove as much as 1.3m tonnes per year from the global market, enough to eliminate the current surplus of around 1m tonnes. Energy problems are a concern the market is particularly sensitive to. China's electricity producers have been reeling for months in response to rising coal prices, which resulted in part from diesel fuel shortages. With power companies passing higher costs on to aluminium producers, production costs have risen steadily. Global base metals producers are continuously plagued by reduced energy supplies as countries prefer to sell power to the common man instead of mining and other companies. Ramping of power production capabilities takes a few years to be upstream. Till then base metal mining companies will be plagued by power woes and production will be affected.
PLATINUM OCTOBER -- INTRA DAY PIVOT $2055.0
As long as platinum holds $1900 it will target $2100 and $2200 in short term. Overall highly volatile.
MCX CARBON CREDIT --NOVEMBER (price in Indian Rupees)
Carbon credit will target 1600+ as long as 1520 and 1496 holds.
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, 11 July 2008 | Digg This Article | Source: GoldSeek.com

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