Thursday, 21 May 2020
TIME 9:34 AM IST
MCX METALS MARKET REPORT – maintain social distancing
Gold and silver have opened lower. There is no evidence of emergence of a short term bearish trend. Industrial metals if they rise today will hit upper circuit. Higher demand and reduced supplies by Opec has resulted in crude oil continuing to rise. Long weekend gasoline demand in USA will also be good. All factors are supporting higher crude oil price. Only profit taking before the holidays can cause a sharp correction in crude oil, silver and gold.
MCX Copper May: Current price Rs.416.55. Copper needs to trade 416.60 till tomorrow to rise to 422.40 and 426. Watch 417.70 all the time, This is the key support/resistance.
Daily view on US Dollar-Indian Rupee (usd/inr) spot: Current price: 75.7100. Spot value date has shifted to Tuesday (26th May). This is followed by future and option expiry on 27th May. Position squaring and rebuilding for June has started. 75.4750-75.8950 should be the wider trading range 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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