9th March: Copper Report

Insignia Consultants

New Delhi

Friday, March 09, 2018

TIME 8:24 AM IST                         

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ASIAN METALS MARKET UPDATE

European central bank seems to have adopted a middle of the road strategy in light of Trump’s tax uncertainty. Traders were looking for an aggressive stance by the ECB on monetary withdrawal but were disappointed. Euro fell, US dollar gained. Gold fell following the US dollar gains. If US nonfarm payrolls comes in over 200,000 then gold and silver can fall more. I do not expect an interest rate hike by the Federal Reserve this month irrespective of the Month. But an April interest rate hike can happen.

Gold investment demand will rise as trade uncertainty still looms. Trump relaxing stance for Mexico and Canada will not erase trade war theme among the mind of investors. Inverse correction between gold and crypto currencies has been there for the past three months. I expect this trend to continue this quarter also. Crypto’s are good short term. Gold is best for long term. Negative publicity of crypto’s are actually positive for this investment avenue. However just like stock’s one needs to carefully choose the right crypto to trade or invest. Legislation by the state is one the steps towards it becoming an investment class.

COMEX COPPER MAY 2018 – current price $308.00

Bullish over $309.10 with $313.20 and $317.80 as price target

Bearish below $307.00 with $305.40 and $300.80 as price target

  • Key support is at $305.40. Copper needs to trade over $305.40 to rise to $317.80.
  • Copper will crash if it falls below $305.40.
  • A daily close below $305.40 today and open below $305.40 on Monday will be very bearish for copper in the short term.

MCX COPPER APRIL 2018 – previous day close Rs.445.30

  • 100 day moving average around 449.60 is the key resistance. Copper needs to trade over 100 day MA to rise to 456.10 and 460.90.
  • Copper can fall to 439.60 and 431.40 as long as copper trades below 100 day MA of 449.60

(prices in Indian rupee above)

HAPPY PROFITABLE TRADING & HAVE A GREAT WEEKEND

Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific currencies, crypto 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. Prepared by Chintan Karnani

Disclosure: Insignia consultants or it employees do not have any trading positions on the trading strategies mentioned above. Our clients do have positions on the trading strategies mentioned in the above report.

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NOTES TO THE ABOVE REPORT

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UK session starts around 1:00 pm Indian Standard Time (+5:30 GMT) — after the release of LME daily inventories

US session starts at 6pm pm Indian Standard Time (+5:30 GMT)

PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS

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

THE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT

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