Tuesday, 30 June 2020
TIME 9:38 AM IST
MCX METALS MARKET REPORT – maintain social distancing
Yesterday crude oil and natural gas were the best performers. Gold and silver are flat. Copper has risen at open while rest of the industrial metals are firm. Reasons have not changed for gold, silver and industrial metals. Economic data releases from all over the world can affect global metals prices. June is the month when India and world were partially opened. Economic performance of June worldwide will give a hint of trend in the third quarter. Rise of gold and global stock markets is warning signal of long term asset bubble starting to get bigger. However I do not expect the global asset bubble to be pricked in the third quarter.
MCX Copper July: Current price: Rs.461.40. Copper can rise to 467.10 and 473.30 as long as it trades over 457.60.
Daily view on US Dollar-Indian Rupee (usd/inr) spot: Current price: 75.4625. Lack of negative news and foreign portfolio inflows in stock markets has resulted in rupee gaining against the US dollar. Crash will be there below 75.4125 to 75.2900 and 75.1225. Usd/inr needs to trade over 75.6225 to rise further.
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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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