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Asian Metals Market Update: September-27-2017

By: Chintan Karnani, Insignia Consultants

 -- Published: Wednesday, 27 September 2017 | Print  | Disqus 

Mutual funds will be allowed to trade in the Indian commodity markets in the next six months. This is a sign of the maturity of Indian commodity markets. Indian commodity markets started in 2003 and has overcome a number of hurdles to get at par with developed nations. Options are being gradually started in metals and will slowly move onto to other commodities. Fading trading volumes due to demonetization and bucketing are a thing of the past now. Volumes will now zoom in all commodities trading in India. Indian’s who mostly have a preference to stocks should now look at commodities to invest. Starting with five percent of your portfolio and gradually increasing to fifteen percent over the next year. Silver is the least risky bet in the metals sector. One can start investing in silver at current prices in small amounts and increase investment in silver on any ten percent fall (if any). Gold is always evergreen.


Ups and downs in North Korean risk will dictate gold and silver. Crude oil looks bullish and looks headed for $60 in the near term. War of words with no action in North Korea will not affect financial market anymore. Stronger physical demand of gold and silver in Asia should ensure that the overall firm trend remains in intact. A sharp correction in gold and silver from here on should be used to invest.


COMEX SILVER DECEMBER 2017 – current price $1685.40

Silver needs to trade over $1657.40 till next week to rise to $1779.40 and $1840.90. The next wave of sell off will be only below $1657.40. Those who are long in silver use a trailing stop loss below $1588.60. Buy/sell stop loss of $50-$60 can be hit on any kind of news from North Korea. So it is preferable to increase the stop loss levels. If one cannot take a high stop loss risk in the futures market, then one should buy/sell in physical market.

NYMEX CRUDE OIL (1ST CONTRACT)  - current price $52.03

Bullish over $51.40 with 52.80 and $54.20 as price target

Bearish below $50.60 with $49.80 and $49.20 as price target

Trading strategy:  Buy at $50.90 stop loss $49.80 for $55.10

  • Key resistance is at $52.70. There will be a technical breakout over $52.70 to $54.60 and $56.20.
  • On the lower side as long as crude oil trades over $50.90, downside risk will be limited.

MCX CRUDE OIL OCTOBER – previous day close Rs.3402

Crude oil can rise to 3476 and 3589 as long as it trades over 3364. Sellers will be there only below 3364. In case crude oil continues to rise after the release of US weekly crude oil inventories then 3811 is the short term target.

(prices in Indian rupees above)

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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