Tuesday, 02 June 2020
TIME 9:24 AM IST
MCX METALS MARKET REPORT – maintain social distancing
Copper and zinc are trading at key long term support/resistance. They need to trade over current price of 421.40 and 160.50 to zoom. Crude oil is bullish. Lead and aluminum are in a neutral zone. Sharp dips in nickel should be used to go long with a stop loss below 890 for month end. Big three days ahead for natural gas from a technical perspective. Worsening of mass unrest in USA can result in a very sharp correction in industrial metals. It is wait and watch. Various US jobs numbers from tomorrow till Friday has the potential to change the current trend of gold and silver.
MCX Crude Oil June Rs.2699.60: Crude oil can rise to 2794 and 2994 as long as it trades over 2590-2620 zone.
Daily view on US Dollar-Indian Rupee (usd/inr) spot: Current price: 75.5175. Rupee will break free from the recent 75.0000-76.1000 and form a new trading range by 9th June. 75.2975-75.6975 should 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
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NOTES TO THE ABOVE REPORT
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