Copper Report (MCX, CME and LME) for 23rd September 2021

By: Admin
15455

Insignia Consultants

New Delhi

Thursday, September 23, 2021

TIME 11:05 AM IST                            

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COPPER REPORT

Trend is neutral for copper and nickel. Trend can change every day. There will be a big crash if copper and nickel fall anytime till next week. One should remain on the sidelines. There is nothing in FOMC meet to impact base metal prices.

MCX Copper 30th September 2021:  (previous day close/CMP Rs.710.50)

  1. Daily Support: Rs.706.20
  2. Daily Resistances:Rs.714.60, Rs.723.40
  3. Copper will crash if (a) Rs.714.60 is not broken by tomorrow. (b) Copper trades below Rs.706.20 after LME opens.
  4. Copper has to trade over current price till days close to be in a bullish zone.

Comex Copper December: (previous day close/CMP $421.30)

  1. Daily Support:$416.60
  2. Daily Resistances:$429.20
  3. Copper has to trade $416.20 today to rise to $433.80.
  4. Copper will crash only if it trades below $416.60 to $408.10 and $391.20.

LME Copper Spot: (previous day close/CMP $9245.70)

  1. Daily Support: $9085.00
  2. Daily Resistances: $9413.00
  3. Copper has to trade at $9085 till tomorrow to rise to $9413 and $9605.
  4. There will be a technical breakdown if copper trades below $9085 to $8990 and $8830.

LME Nickel Spot: (previous day close/CMP $19162.50)        

  1. Daily Support: $18614.00
  2. Daily Resistances: $19387.00
  3. Nickel needs to trade over $19000-$19050 zone to rise to $19500 and $19950.
  4. Nickel will crash if it trades below $19000 to $18614 and $18220.

MCX Nickel 30th September 2021: (previous day close/CMP Rs.1456.20):

  1. Daily Support: Rs.1439.90
  2. Daily Resistances:Rs.1490.10
  3. Nickel has to trade over Rs.1439.90 to rise to Rs.1519.30.
  4. Nickel will crash if it trades below Rs.1439 after LME opens and days close at 11:30pm.

MCX Aluminum 30th September 2021: (previous day close/CMP Rs.233.20):

Daily Support/Resistance: 230.60 & 236.40

Today’s View: (a) Aluminum can rise to 236.40 and 240.50 as long as it trades over 230.60.

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. Website www.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

PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS

PLEASE USE APPROPRIATE STOP LOSSES ON INTRA DAY TRADES TO LIMIT LOSSES.

APPROPRIATE STOP LOSSES PER LOT IN INDIAN RUPEEES ON THE TRADING CALLS GIVEN IN THIS REPORTTHE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT

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