Tuesday, 21 January 2020
TIME 9:21 AM IST
MCX METALS MARKET REPORT
Gold and silver have opened with a very big higher gap. Copper and all industrial metals have opened lower. USA has opened today after a holiday yesterday. Bank of japan meeting today and European central bank meeting on Thursday can affect all metals apart from political developments in USA. Global growth reduction by IMF this year is the key reason for a lower open in industrial metals. Demand from China till Thursday will be the key to industrial metal prices. Better to remain on the sidelines in all industrial metals. Crude oil will be very volatile due to weak demand fundamentals on one side and supply side pressures from Libya and other nations in the Middle east and North Africa region.
Daily view on US Dollar-Indian Rupee (usd/inr) spot: Current price: 71.1775: Rupee can rise to 71.2925 and 71.4050 as long as it trades over 70.9800. IMF reducing India’s GDP forecast to below five percent should result in higher demand. Overall trend is weak.
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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
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NOTES TO THE ABOVE REPORT
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