MCX Metals Market Report: 3rd April 2020

By: Admin
47631

Insignia Consultants

New Delhi

Friday, 03 April 2020

TIME 9:37 AM IST                         

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MCX METALS MARKET REPORT – stay indoor, maintain social distancing

Gold, silver, crude oil have all opened higher. Higher global price and a weaker rupee are the reason. MCX is once again closed on Monday. I will suggest that one should close positions by 4:45. It is very difficult to predict Tuesday’s trend in all mcx metals and mcx energies. US March nonfarm payrolls is the key. No one really knows the reaction after the release of NFP on metals, energies and currencies. A lot of pessimism on NFP has already been factored.

Nickel 30th April 2020: (previous day close/CMP Rs.865.20):

  1. Nickel needs to trade over 840-850 zone till next week to rise to 890 and 912.
  2. Crash till next week will be there only if nickel trades below 840. .

Daily view on US Dollar-Indian Rupee (usd/inr) spot: Current price: closed: Traders will start taking positions for Tuesday. Monday forex markets are closed. It will be a very volatile trade. It is the first working day of the financial year 2020-2021 for forex markets. 75.40-76.20 is the wider range. Chances of 75.40 and 75.10 will be high as long as rupee trades below 76.20. US Dollar Index over 100 is preventing rupee gains at the moment.

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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

ALL VIEWS ARE INTRADAY UNLESS OTHERWISE SPECIFIED

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