Asian Metals Market Update for 22nd June 2026

June 22, 2026

Wild two-way price moves will be there in gold, silver, copper, and crude oil after the so-called derailment of the Iran peace deal in less than three days.

I was speaking to some large importers of non-ferrous metals in India, and they were of the opinion that the overall trend is bullish with extremely high wild price swings in the next three months. In India, non-ferrous metals buyers/importers have time to price the buy price. When the ship leaves the port of the country of origin till the ship reaches the destination port, the price (of copper scrap and other non-ferrous metals) has to be fixed and paid. My personal opinion to them was to keep a margin of three percent for the next three weeks and six percent for the rest of the year.

For example, copper scrap is shipped from a port in Germany to Mumbai port. Price when the copper scrap leaves Germany, says, is $13700. A three percent rise is $14111. If the copper LME price rises around $14111 (when the copper scrap cargo is in transit from Germany to India), it is better to fix the copper price around $14100 and pay up. We need to set the maximum risk we can take value-wise or percentage-wise for physical buying and physical selling of precious metals and non-ferrous metals till Christmas and the New Year.

USUAL FACTORS LIKE (i) trend of US stock futures, (ii) Significant changes in US dollar index, (iii) Significant price move in US ten-year bond yield, apart from Iran News and technical will impact the price of all asset classes for the next three.

Indonesia was forced to raise interest rates by one percent in the last one month just to prevent further weakness in USD/IDR. India is preventing USD/INR weakness by asking banks to offer very high interest rates on FCNR (B) { Foreign Currency Non-Repatriable} deposits to global Indians. This is the cost of the Iran War. This cost to Asian countries will continue to rise every month till the Iran war comes to a halt.

The best hedge against indirect currency devaluation is to use all the crash from here (for the rest of the year, if any) to increase long-term allocation to physical gold and physical gold.

The US May Core PCE inflation number has to come in on the lower side of expectations on Thursday for any signs of a short-term bottom in gold, silver, and copper, and/or revival or short-term bullish trend. Interest rate hike chance will be tempered (by the Federal Reserve) if core PCE inflation shows a falling trend.

Preferably be an intraday trader or an investor under the current market circumstances. In between, the chance of loss in commodity derivatives will be very, very high. Most people forget! “No stop loss -No intraday trade” till the Strait of Hormuz does not revert to pre-war status.

Intention to take delivery in silver and copper in the CME July futures and the CME copper July will also impact the price. I am confident that there will be a very high number of traders opting to use the intention of taking delivery of CME silver July futures. (This number is not available as yet. The view is just my expectation, which can be wrong.)

Spot Silver – Current Market Price $65.51

TODAY VIEW: Spot silver has to trade over $64.40 to rise to $66.40, 68.60 and more.
A mild sell-off will be there if spot silver trades below $64.40 after the London silver fix and till days close.
Overall, $62.50-$63.00 is the key support of spot silver for the next two weeks.
Views are intraday unless otherwise specified.
Low-risk traders and low-risk takers trading in silver (spot, futures, and ETF) should preferably be intraday traders till the end of August. I expect a big gap to open in Asia (Singapore open) every day till the end of August in spot silver.
A systematic investment plan (SIP) or a monthly SIP (physical or ETF, your choice) is the best way to invest in silver for the low-risk takers.
Derivative trading in silver is not for the low-risk takers.
Please assess your own risk profile if you intend to do a derivative trade in silver or trade in silver futures in any commodity exchange in the world.

DISCLAIMER: The investment ideas provided is purely independent view point and are solely for collective learning and for academic interests. There is no commercial benefit accruing or have deemed to accrue to me out of providing such investment ideas.

The investment ideas shared here cannot be construed as investment advice or so. If any reader is acting on these advices, they are requested to apply their prudence and consult their financial advisor before acting on any of the recommendations made here. I am not responsible to anybody in the event of profits and losses (if any) upon acting on such advice.

I hope that our reader is aware about this well aware of the risk involved in trading in commodity derivative trading.

Disclosure: I trade in India's MCX commodity exchange. I have open positions in India's MCX commodity future. I do not trade in CME future or OTC spot gold and spot silver.

NOTES TO THE ABOVE REPORT