MCX Metals Market Report: 20th February 2020

By: Admin
27329

Insignia Consultants

New Delhi

Thursday, 20 February 2020

TIME 9:47 AM IST                         

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MCX METALS MARKET REPORT

A weaker rupee resulted in gold and silver opening very high. Rest of the metals and energies in MCX are firm. Tomorrow MCX will open at 5:00pm. Low risk traders should not leave any open positions for tomorrow. Copper and Nickel can see three percent one way anytime. I am not bullish on industrial metals. But better to trade with the flow and trade with momentum till tomorrow.

Additional withdrawn in gold and crude oil: Sr. No. Commodity Contracts Withdrawal of additional margin of 2% with effect from 1. Gold (all variants) March 5, 2020 2. Crude Oil April 1, 2020.

Natural gas 25th February 2020 (previous day close/CMP Rs.141.00):

  1. NG needs to trade over 136.00 till tomorrow to rise to 147.50 and 153.90.
  2. Sellers will be there below 136.00 today.

Daily view on US Dollar-Indian Rupee (usd/inr) spot: Current price: 71.7450: Resistance is at 71.8550. Only a break of 71.8550 will result in 71.9550 and 72.1375. Sellers today will be there below 71.6325. Rupee can gain after London opens today. I do not think the current weakness will be sustainable. Those having payable on Monday have to decide today. Those having payables next week use trailing stop loss over 72.1375 if they can.

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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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