Asian Metals Market Update for 5th September, 2008
By: Chintan Karnani, Insignia Consultants
-- Posted Friday, 5 September 2008 | Digg This Article | Source: GoldSeek.com
GENERAL MARKET CONDITIONS/FUNDAMENTAL FACTOR
The US dollar smile story continues. This has resulted in gold, silver, copper and crude oil trading with a softer bias.Demand for gold and silver is very high. This is reflected by the premiums in gold and silver bars along with delivery delays by the banks to the wholesalers. Higher premiums and delivery delays will continue for the rest of September unless gold breaks $850. Base metals are unable to hold on to the gains once again due to a stronger US dollar and physical demand below expectations.
We have the US august non farm payrolls numbers. If numbers are positive then the US dollar will gain further, else there could be a pullback before the next round of gains. In our view investors should use the current fall in gold and silver prices for long term investments if they are able to overcome the recent high volatility. LME copper will find a new wave of selling below $6900.
NYMEX CRUDE OIL (1ST CONTRACT)
Failure to break $112 will result in a fall to $104 and $100 in the short term.
Disclaimer:Any opinions as to the commentary, market information, and future direction of prices of specific currencies, metals and commodities reflect the views of the individual analyst, In no event shall Insignia Consultants or its employeeshave 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.Prepared By Chintan Karnani. Website www.insigniaconsultants.in
-- Posted Friday, 5 September 2008 | Digg This Article | Source: GoldSeek.com
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