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Asian Metals Market Update: September-19-2017

By: Chintan Karnani, Insignia Consultants

 -- Published: Tuesday, 19 September 2017 | Print  | Disqus 

The trend after the FOMC meet tomorrow in precious metals and currency markets will be interesting. Global shift to electric cars over the coming years can put copper and nickel prices into inertia in the next few years. Some electric cars makers are considering making the car body from Aluminum to reduce car weight. Aluminum could also get a boost from electric cars. Long term fundamentals are looking extremely bullish for industrial metals. Solar power will support silver from getting a breakdown. The real competition to the traditional metals will come from Graphene. I am a big fan of Graphene. Every day I search the net for new uses of Graphene and new processes to make Graphene. I am pretty sure Graphene will soon become a part of daily lives just like copper or aluminum.


Big news from the UK

Around 10,000 finance jobs will be shifted out of Britain or created overseas in the next few years if the UK is denied access to Europe’s single market, according to a Reuters survey of firms employing the bulk of workers in international finance. Frankfurt was by far the most popular destination for the new roles, the survey showed, with Paris a distant second. Our view: I will not be surprised if the British exit from the European Union does not happen. Initial pains in the form of job losses could result in a second referendum. However in the long term the UK exit from the EU will create more jobs than before exit. The only risk not just to UK but to the world is robots and algorithms taking over your job and business.


Traders will be looking as to whether gold manages to trade over $1300 and silver manages to trade over $1676 after the FOMC meet. Buy stop losses will be triggered on a fall below $1300 and $1676. The crucial forty-eight hours for gold and silver.


COMEX SILVER DECEMBER 2017 – current price $1720.70

Bullish over $1720.60 with $1751.50 and $1787.50 as price target

Bearish below $1706.60 with $1683.80 and $1660.30 as price target

Neutral Zone between: $1706.60-$1720.60

·         Silver needs to trade over $1706.60 till tomorrow on daily closing basis to prevent it from moving into a short term bearish trend.

·         Trend is down. Rise only if silver manages to trade over $1735 for the rest of the day.

NYMEX CRUDE OIL (1ST CONTRACT)  - current price $50.31

Bullish over $49.80 with 50.90 and $51.60 as price target

Bearish below $49.20 with $48.40 and $47.10 as price target

  • Crude oil needs to trade over $50.10 till Thursday to rise to $54.80.
  • There can be a sell off $47.10 if crude oil in not able to trade over $50.10.
  • The next three days are very crucial for crude oil despite the bullish trend.

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

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