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Asian Metals Market Update: June-06-2017

By: Chintan Karnani, Insignia Consultants

 -- Published: Tuesday, 6 June 2017 | Print  | Disqus 

Developments in Qatar will be closely watched. Energy is the root cause of all Middle East wars. After Qatar, Oman will be left. Oman could also start turning into a Yemen from next year. The so called energy war in the Middle East is a joint effort by the Saudi’s and NATO to make new nations including expansion of Israel. Iran is a powerful nation and also has the support of Russia. The Syrian war changed when Russia started intervening. NATO forces are no match for Russian weapons. Gold will get the benefit of doubt. Unofficial physical gold demand in the Middle East will zoom.


Technically gold and silver are bullish but need to break and trade over $1293 and $1776 for another wave of rise. Bloomberg survey says a ninety percent chance of an interest rate hike next week. There is speculation of preponement of German elections so that Merkel cashes in on the increase in voter sympathy towards her. I am not sure whether political developments in the Eurozone and the UK will support gold in the medium term. But any increase in political unrest in Europe will support gold.


Fundamentals will dictate investment demand in metals and the energy sector. Mildly bearish fundamentals in industrial metals has resulted in corrections in lead, zinc, nickel and copper prices. Long term supply side pressures still exist. One should use the fall (if any) in industrial metals till the end of September to invest for next year.


NYMEX CRUDE OIL (1ST CONTRACT)  - current price $47.09

Bullish over $47.80 with 48.50 and $49.80 as price target

Bearish below $47.10 with $46.60 and $45.50 as price target

  • Key weekly support is between $45.50-$46.50 zone. Crude oil needs to trade over this zone to rise to $50.20.
  • Sell off only below $46.90.
  • Jobbers watch $47.10 all the time.

COMEX COPPER JULY 2017 – current price $255.70

Bullish over $256.10 with $259.10 and $261.80 as price target

Bearish below $254.60 with $252.10 and $249.20 as price target

Neutral Zone between: $254.60-$256.10

  • Copper will break free from the $249.10-$253.30-$262 trading range and form a new range. Be prepared for big moves.
  • Sellers only below $254.90 to $253.90 and $249.20.
  • A daily close below $254.60 today will be very bearish for copper tomorrow.

MCX COPPER JUNE 2017 – prices in Indian Rupees below

Copper will break free from 356-361-371 trading range and form a new range anytime. Key short term support is between the 346-353 zone. As long as copper trades over this zone it can still rise to 386 and 403 in the next three weeks. Bearish trend will be there only if copper does not break and trade over 386.

Today copper needs to trade over 361 to rise to 369 and 374. Sellers only below 361 to 358.80 and 356.10.

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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