Monday, 27 July 2020
TIME 10:25 AM IST
MCX METALS MARKET REPORT – maintain social distancing
MCX August reached a new all time of Rs.51833 and seems unstoppable. MCX silver September reached a multiyear high of Rs.64849 and seems unstoppable for now. Trend and momentum everything is bullish. There are lots of US economic data releases and FOMC meet which can cause a sharp correction in gold and silver. Copper and industrial metals are rising on reduced mine supplies and much better than expected Chinese demand. Chinese industrial metals demand in June and so far in July has surpassed all expectations. Rupee has gained against the US dollar today. It is all about momentum for all MCX metals. Crude oil is also bullish and looks headed for more gains.
MCX Copper July: Current price: Rs.512.35 Copper needs to trade over Rs.507.80 to rise to Rs.516.50 and Rs.524.20. There will a technical breakout if copper manages to trade over Rs.516.50 anytime this week and a rise to Rs.524.20 and Rs.535.30. Sellers today will be there below 507.80. Look for signs of month end profit taking in copper.
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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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