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Asian Metals Market Update: June-01-2017

By: Chintan Karnani, Insignia Consultants

 -- Published: Thursday, 1 June 2017 | Print  | Disqus 

Factors which can affect markets


There are a lot of economic data releases today. There is even the US weekly crude oil inventory today. The next two days are make or break days for metals and energies. Either they rise or there will be a big crash.


In June the factors that I will be looking at are: (a) The impact of May nonfarm payrolls on US interest rate hikes for the rest of the year (b) UK elections. A bad performance by Ms. Theresa May can result in zooming of gold prices on safe haven demand and vice-versa. (c) The situation in Philippines should never be ignored due to its strategic location. If the war with ISIS in Philippines spreads to some geographical area in the nation, gold prices will be positively affected. (d) Direction of bitcoin will also affect gold prices.


NYMEX CRUDE OIL (1ST CONTRACT)  - current price $48.68

Bullish over $49.40 with 50.10 and $51.40 as price target

Bearish below $48.60 with $47.90 and $46.50 as price target

  • Crude oil needs to trade over $47.90 till tomorrow to rise to $52.0
  • Sell off only below $47.90.

COMEX COPPER JULY 2017 – current price $257.30

Bullish over $256.90 with $259.90 and $263.90 as price target

Bearish below $253.30 with $251.60 and $249.10 as price target

Neutral Zone between: $253.30-$256.90

  • Copper can rise to $262.20 and $265 as long as it trades over $254.90.
  • Sell off only below $254.90. Trend is neutral.

MCX Zinc June 17: (previous day close/CMP Rs.167.60)

Bullish over 166.90 with 169.90 and 172.90 as price target.

Bearish below 164.60 with 163.20 and 161.50 as price target.

·      Key support is at 164.50. Zinc needs to trade over 164.50 till Monday to rise to 175.90

·      Big sell off only below 164.50

·      Jobbers watch 166.90 and 170.40 all the time.

MCX Lead June 17: (previous day close/CMP Rs.136.55):

Bullish over 135.00 with 139.60 and 143.10 as price target.

Bearish below 133.60 with 132.30 and 131.10 as price target.

·      Lead needs to trade over 135 to rise to 139.60.

·      Big sell off only below 135.

·      Key resistance is at 137.60. Short covering/quick rise only over 137.60.

·      Remain on the sidelines.

MCX Nickel June 17: (previous day close/CMP Rs.585.10):

Bullish over 593.70 with 599.90 and 607 as price target.

Bearish below 585 with 577.60 and 566.20 as price target.

·      Nickel needs to trade over 585 to prevent a fall to 577 and 569.

·      Bullish trend reversal only over 591 to 597 and 606.

·      Trend is neutral to bearish.

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.

Trade without emotions

"Print this report only if absolutely necessary. Save Paper. Save Trees."


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UK session starts around 1:00 pm Indian Standard Time (+5:30 GMT) -- after the release of LME daily inventories

US session starts at 6pm pm Indian Standard Time (+5:30 GMT)




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