Insignia Consultants
New Delhi
Wednesday, 05 February
2020
TIME
9:30 AM IST
----------------------------------------------------------------------------------------------------------------
MCX
METALS MARKET REPORTContinuous Chinese intervention in global financial markets and short selling caused gold prices to slide yesterday. Copper and industrial metals rose on expectation that economic damage due to corona virus will be muted. I have my doubts over sustainability of Chinese intervention in financial markets. Most Chinese factories will open around Valentine day. Trend of all metals and energies after Valentine day is important. Various US jobs numbers will be released from today till Friday. They can have a big impact on metals, energies and currencies.
MCX Natural gas February is oversold. Momentum for natural gas is highly bearish. Key long term support for NG is at 119. NG needs to trade over 119 till future close to rise to 148 and 158. Free fall will be there if NG falls below 119. Immediate support is at 128.
Daily view on US Dollar-Indian Rupee (usd/inr) spot: Current price: 71.2100: The recent range trade will be broken soon and new range will be formed in the rupee. India will issue $5 billion bonds to global investors next fiscal. Inflows will be an issue. Rupee will weaken only if there some large unhedged corporate debt payment. Crash to 70.9850/70.8250 can happen anytime if rupee trades below 71.1650.
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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
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delays, inaccuracies, errors in, or omissions of Information. Nothing in this
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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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