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Asian Metals Market Update: March-15-2018

By: Chintan Karnani, Insignia Consultants

 -- Published: Thursday, 15 March 2018 | Print  | Disqus 

The Russia-Britain spat needs to be closely watched. Any deterioration of relations between the two nations will be bullish for gold and bearish for the US dollar. Theresa May is using Russia as a way to divert attention from her political woes and Brexit fears. All international treaties and conventions have been broken by the UK over the killing of an ex spy. I am not even sure whether the UK will send its soccer team to Russia for the world cup. Russia is being used as a pawn by Theresa May to settle scores with her political detractors. Escalation of the spat between Russia and UK/NATO will be bullish for gold in the medium term to long term. In the short term, gold price direction after the FOMC meeting next week will be the key.


The fall in US retail sales suggest that the US economy can stabilize first and then rise. A sustained fall in crude oil prices will be bullish for stock markets. Inflation and interest rates are the key economic themes next quarter. The Euro and UK Pound (against the US dollar) need to break and trade over key medium term resistances to rise further. Expect corrections if the euro and cable do not break key resistances against the US dollar. The Yen if it falls against the US dollar till Monday could nosedive.


COMEX COPPER MAY 2018 – current price $316.50

Bullish over $314.90 with $319.60 and $325.20 as price target

Bearish below $312.80 with $309.10 and $305.60 as price target

  • Copper can rise to $319.60 and $322.80 as long as it trades over $312.80.
  • Sellers will be there below $312.80 OR in case copper does not break $319.60.

MCX ZINC MARCH 2018 – previous day close Rs.208.45

  • Key support is at 208.10. There will be a sell off to 203.40 and 200.50 if zinc trades below 208.10.
  • Overall trend is down as long as zinc trades below 213.90.
  • A daily close below 208.10 tomorrow and open below 208.10 on Monday can result in zinc falling to 199.50 and 189.40 in the short term.
  • Zinc needs to trade over 213.90 today and tomorrow to be in a bullish zone.

(prices in Indian rupees above).


Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific currencies, crypto 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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