MCX Metals Market Report: 30th March 2020

By: Admin
50529

Insignia Consultants

New Delhi

Monday, 30 March 2020

TIME 9:29 AM IST                         

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MCX METALS MARKET REPORT – stay indoor, maintain social distancing

New MCX timing from 30th March to 14th April: 9:00am to 5:00pm.

Upcoming MCX holidays (since MCX is closing at 5:00pm till 14th April, it will be full day close)

2nd April – 6th April – 10th April – 14th April

Overall trend for gold and silver is bullish. Only distress sell can result in gold and silver falling. Silver can sell off if prices behave like industrial metal. Crude oil is fundamentally bearish. It is very difficult to predict the global economic forecast for April and May. Gold investment demand is there in India. (ETF and futures). I am not sure if physical gold is available. Low risk traders should close their open positions by 5:00pm due to much early close. Indians will miss the USA session completely. Trend for industrial metals is neutral.

MCX Copper 30th April 2020:  (previous day close/CMP Rs.371.25)

  1. Copper needs to trade over 366-367 zone to rise to 377 and 383.
  2. Sellers will be there below 369.00 and crash if copper trades below 366 after London opens.

Daily view on US Dollar-Indian Rupee (usd/inr) spot: Current price: 75.2250: We need to wait for one more week to get the real numbers on the spread the corona virus. Till then rupee will be dictated by trend of US dollar Index and RBI intervention. Last minute fiscal year close adjustments can affect the rupee as well. Initial support is at 75.0550. (a) Sellers will be there below 75.0550 to 74.8775 and 74.2075. (b) Only a break of 75.6050 will trigger another wave of rise till tomorrow.

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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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