Wednesday, 20 May 2020
TIME 9:14 AM IST
MCX METALS MARKET REPORT – maintain social distancing
May option expiry in Industrial metals will increase volatility. Trend is bullish for copper, nickel and other industrial metals. Big two days ahead for crude oil and natural gas. Trades will start taking positions for Tuesday as the week progresses. Monday USA is closed. Monday most of Asia is closed due to “Eid”. I am not commenting on gold and silver as they are for subscribers. There is no market moving news. Just trade in the technical for the rest of the week.
MCX Nickel May: Current price Rs.941.20. Wider trading range is at 926.20-972.90. Overall trend is bullish as long as nickel trades over 926.20.
Daily view on US Dollar-Indian Rupee (usd/inr) spot: Current price: 75.6625. Rupee will break free from wider 75.3000-76.1000 and form a new range. Trend is neutral. If the US dollar remains weak then usd/inr will fall to 75.3000 first.
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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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