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Asian Metals Market Update: October-05-2017

By: Chintan Karnani, Insignia Consultants

 -- Published: Thursday, 5 October 2017 | Print  | Disqus 

Incoming US jobs numbers suggest robust consumption and growth. A December interest rate hike by the Federal Reserve has been factored in by the markets. There can be two interest rate hikes before March of next year if the US economy adds over 180,000 jobs every month in the October to December period. The only risk is that instead of Yellen some moron is made the Federal Reserve chief. I am bullish on gold and silver on an overall basis for the next six months as war loving American politicians will never digest peace for long. Geopolitical risk will rise and will continue to support gold and silver at lower prices.


The world will move from 4G technology to 5G internet technology in the next five years. This will change everything. Manufacturing will be done without human assistance with the help of 3D printers initially and later to 5D printers. Robots are made from metals and alloys. All metals irrespective of classification will zoom on higher demand. Gold is getting more and more industrial uses than ever in history. Gold and silver use in healthcare and Nano technologies will be key drivers to demand and prices. I am very confident that futures uses of gold and silver (apart from safe haven demand) will result in prices reaching pluto.


COMEX COPPER DECEMBER 2017 – current price $296.50.

Bullish over $293.20 with $297.90 and $300.30 as price target

Bearish below $291.70 with $289.40 and $286.10 as price target

Neutral Zone between: $291.70-$293.20

  • There can be $10-$12 one way move any time. There will be massive short covering if copper does fall below $289 in the next seven days.
  • In case copper does not fall below $289 in the next seven days then it will rise to $330.10 before the end of the month.
  • Day traders trade very carefully.

MCX COPPER NVOEMBER 2017 – previous day close Rs.426.70

  • Key support is at 422.30
  • Key resistance is between 430.10-433.60 zone.
  • Copper will break free from the recent 416-434 range and form a new range anytime soon.
  • Trend is neutral. But I am against buying copper unless it breaks and trades over 434 for the rest of the month.

(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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