Copper Report (MCX, CME and LME) for 12th January 2022

By: Admin
3 weeks ago
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Insignia Consultants

New Delhi

Wednesday, January 12, 2022

 TIME 11:40 AM IST                               

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COPPER REPORT

There will be another two percent to three percent rise by tomorrow in all base metals IF they rise today between 7:00pm Indian Time and 11:00pm Indian Time.

Trend and momentum and technical are all bullish. Direction of US stock futures after the release of US December CPI numbers at 7:00pm Indian Time may be trend changing.

The next four trading sessions (till 17th January, Monday) is very crucial for continuance of bullish trend in copper and industrial metals. They need to trade over current price till 17th January to start another big ten percent rise in short term. Boom or short term top will be there by 17th January.

LME Copper Spot: (CMP $9800.50)

  1. Daily Support: $9529, $9617.00
  2. Daily Resistances: $9839.50 and $989.50 and $10011.20
  3. Copper has to trade over $9839.50 key weekly resistance to rise to $10011.20 and $10268.00.
  4. There will be a sell off only if copper does not break $9890.50 by tomorrow.

LME Nickel Spot: (CMP $21950.00)

  1. Daily Support: $21286 and $21692
  2. Daily Resistances: $22005, $22336.00 and $22800
  3. Nickel has to break and trade over $22005 to continue its bullish trend and rise to $22800 and $23262.
  4. Trend and momentum are bullish. But there will be another wave of rise only if nickel manages to trade over $22005.
  5. Watch $22005 for the rest of January. Nickel can move $1700 either side from $22005.

Comex Copper March 2022: (CMP $447.50)

  1. Daily Support: $434.90, $439.20 and $443.60
  2. Daily Resistances: $449.30, $454.30 and $457.70
  3. TODAYS VIEW: Copper has to trade over $449.30 key weekly resistance to rise to $457.70 and $476.10.
  4. Watch $449.30. Copper can move $25 either side from $449.30 in the next seven trading sessions.

MCX Copper 31st January 2022:  (CMP Rs.747.80)

  1. Daily Support: Rs.738.40 and Rs.743.20
  2. Daily Resistances: Rs.751.10, Rs.756.80 and Rs.765.90
  3. TODAY’S VIEW: Copper has to trade over Rs.751.10 key weekly resistance to rise to Rs.756.80 and Rs.765.90.
  4. Copper will crash if it does not break Rs.751.10 today.
  5. Watch Rs.751.10 all the time.

MCX Nickel 31st January 2022: (CMP Rs.1614.70):

  1. Daily Support: Rs.1578.50 and Rs.1597.60
  2. Daily Resistances: Rs.1632.60 and Rs.1652.10
  3. Nickel has to trade over Rs.1614.80 key weekly resistance to continue its bullish trend and target Rs.1652.10 and Rs.1671.50.
  4. Momentum is very bullish for Nickel.
  5. Nickel will crash only if it trades below Rs.1604.00 after LME opens.

MCX Aluminum 31st January 2022: (CMP Rs.234.75):

Daily Support/Resistance: Rs.231.80 & Rs.236.80

  1. Aluminum has to trade over Rs.236.80 today to rise to Rs.240.60 and Rs.245.50.
  2. Watch Rs.236.80 all the time.

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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