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Asian Metals Market Update: Apr-27-2017

By: Chintan Karnani, Insignia Consultants

 -- Published: Thursday, 27 April 2017 | Print  | Disqus 

The European central bank meeting will be the key today. One needs to look for surprises. The Trump administration is all about announcements and no action. Trump is keeping investors on edge. His own party is against his policies. Trump will continue to keep investors on edge. Europe will be a bigger mover for the markets. The Turkish president now has dictatorial powers. Turkey is like the “Great wall of China” between Europe and Asia. West Asia will never be in peace if NATO and Turkey are at odds with each other.


The Securities and exchange board of India (SEBI) has cleared the decks for option trading in commodities in India. Indian commodity trading outlook will get a big change with the introduction of options. I expect massive retail participation in options. I consider Indian jewelers as gurus of option trading and option hedging.


Today I am against selling unless gold, silver and crude oil fall below this week’s low. Trade very carefully. Movement will be two way. Monday Europe is closed due to “May Day” or Labor Day. Traders will start taking positions for Tuesday after the European central bank meeting.


NYMEX CRUDE OIL (1ST CONTRACT)  - current price $49.40

Bullish over $48.80 with $50.60 and $52.20 as price target

Bearish below $48.30 with $47.80 and $47.60 as price target

  • Key support is at $48.80. Big crash only below $48.80 to $47.90 and $46.40.
  • Only a break of $50.10 will attract short covering and another wave of rise.

MCX INDUSTRIAL METALS – prices in Indian rupees below

MCX ZINC MAY: Zinc can rise to 170.20 and 174.60 as long as it trades over 166.40. Sellers only if zinc trades below 166.40.

MCX LEAD MAY: Lead needs to trade over 140.30 to rise to 143.10 and 145.50. Overall trend is bullish as long as lead trades over 139.40-140.30 zone.

MCX NICKEL MAY: Nickel needs to trade over 589 till next week to rise to 619 and 641. Overall trend is down. But big sell only below 589 to 574 and 549.

MCX COPPER JUNE: Copper can rise to 274.30 and 279.90 as long as it trades over 266.10. Sellers only below 266.10.

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 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. Prepared by Chintan Karnani

Disclosure: Insignia consultants or it employees do not have any trading positions on the trading strategies mentioned above. Our clients do have positions on the trading strategies mentioned in the above report.

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