MCX Metals Market Report: 29th June 2020

Insignia Consultants

New Delhi

Monday, 29 June 2020

TIME 11:00 AM IST                            

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MCX METALS MARKET REPORT – maintain social distancing

This is a big week. Lots of US economic data releases and European economic data releases. Trend in the first six months of this year (in all MCX metals and MCX energies) may or may not continue this year. Overall bulls had the edge in all MCX metals. Crude oil has formed a historical bottom this year. Natural gas is not out of the woods yet. Jewelery demand for gold and silver is way below expectation. Gold exchanged traded funds has seen consistent rise in investor appetite in India. The third quarter of the calendar will not easy to trade and invest. Losses and profits, both will be large. Using a combination of bull spreads/bear spreads or options will be best way to mitigate risk in the upcoming quarter.

MCX Crude oil July: Current price: 2862. Crude oil needs to trade over 2734 this week to rise to 3168. Short term bearish phase will be there only below 2734.

Daily view on US Dollar-Indian Rupee (usd/inr) spot: Current price: 75.5800. Sharp weakness will be there only if there is some unexpected quarter end demand. 75.4150-75.8250 should be the wider trading range till tomorrow, Sell off will be there only below 75.4150 to 75.1875. Better to remain on the sidelines.

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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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NOTES TO THE ABOVE REPORT

ALL VIEWS ARE INTRADAY UNLESS OTHERWISE SPECIFIED

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