Mcx Metal Market Report: 10th December 2019

Insignia Consultants

New Delhi

Tuesday, 10 December 2019

TIME 8:16 AM IST                         

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MCX METALS MARKET REPORT

Range bound trade in gold and silver in comex futures and a stronger rupee against the US dollar has resulted in mcx gold and silver trading in a very small band. Copper managed to hold Friday’s gain. Zinc, lead and nickel are trading with a softer bias. Natural gas crashed and spread/badla of natural gas also reflect continuance of bearish trend. However NG is oversold.

MCX DAILY PEFORMANCE
	Closing Price
MCX FUTURE	9-Dec-19	6-Dec-19	%gain/loss
Gold February 2020	37,583.00	37,699.00	-0.31
Silver March 2020	43,502.00	43,545.00	-0.10
Crude oil Dec 2019	4,197.00	4,206.00	-0.21
Natural Gas Dec 2019	157.00	168.00	-6.55
Copper Dec 2019	439.50	438.10	0.32
Zinc Dec 2019	182.70	183.10	-0.22
Lead Dec 2019	152.65	152.45	0.13
Nickel Dec 2019	979.60	997.40	-1.78
Prices of MCX futures are in Indian rupees above)

Fomc meet tomorrow (after MCX close) will be the key. There is no big US economic data release today. All metals and energies need to trade over key technical support/resistances (depending on the trend) for another big two percent one way move. Lastly watch the rupee. Herd/trader sentiment (in my view) is very bullish on gold. With every sharp fall from here, nickel looks the best bet among all industrial metals.
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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. All analyses used herein are subjective opinions of the author and should not be considered as specific investment advice. Investors/Traders must consider all relevant risk factors including their own personal financial situation before trading. Websitewww.insigniaconsultants.in. Prepared by Chintan Karnani

Disclosure: Members, employees, directors, clients and all other people associated with “Insignia consultants” do trade in MCX metals and energies. They may or may not have positions on the trading strategies mentioned in this report. They may also have open positions in MCX metals and energies futures in trading strategies other than those mentioned in this report.

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NOTES TO THE ABOVE REPORT

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