Tuesday, 18 February 2020
TIME 8:56 AM IST
MCX METALS MARKET REPORT
USA is opening after a holiday. Physical demand for gold is almost nil worldwide. Investment demand continues to rise with passing of each day. Crude oil is rising on hopes that global slowdown will be over next month. Every economic information of every nation is censored. Global leaders do not want to create economic panic due to corona virus. But ask yourself why are central banks (of almost every nation) of each nation injecting more liquidity and also announcing stimulus measures due to the corona virus? I do not believe that central banks are taking pre emptive measures. There is some short term economic damage already done.
There is no impact of Chinese supplies in India. Close friends who import from China say that Indian manufacturers will benefit only if imports from China fall drastically from April onwards. (Those who import from China had already stocked themselves to meet demand will the Middle of March due to Chinese New Year.)
Be prepared for five percent one way price moves any day till 28th February. Boom or bust time for all MCX metals and MCX energies till end February.
Daily view on US Dollar-Indian Rupee (usd/inr) spot: Current price: 71.4350: Rupee can rise to 71.6925 today as long as it trades over 71.3550. Sell off will be there below 71.3550. Rupee can fall first on bunched up supplies due to USA close yesterday and then rise.
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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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