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Asian Metals Market Update: Base metal updates

Trend is neutral to bullish for copper and zinc and aluminum. Nickel trend is bearish. Nickel has already hit the daily fifteen percent lower limit. Position squaring and rebuilding has already started for the second quarter. Copper and all base metals will be very volatile for the next two weeks.

Unofficial sources say that the Chinese trader is short around the average price of $19000 and more in Nickel. The Chinese trader is backed by the Chinese communist party. LME is indirectly owned by the Chinese. These Chinese rogue traders can do anything and get away. One needs to focus on local price of industrial metals and less on LME price. LME will go the LIBOR way and vanish over the coming year. LIBOR was the best Ponzi scheme after the second world war. LME (after the current nickel fiasco and the emerging details) indicates that it is another Ponzi scheme which does not determine fair value of industrial metals. (This is just my own view and is not intended to plagiarize anyone. )

LME Copper Cash: (Closing price on 14th March $10173.50)

  1. Weekly Support: $9843.50, $9954.00 and $10123.50
  2. Weekly Resistances: $10400, $10535.60 and $10617.40
  3. Daily View: Copper has to trade over $10057.50 to rise to $10271.80 and $10617.40. Copper will crash if it trades below $10123.00 today and tomorrow.
  4. Weekly View: Copper has to trade over $9909.50-$9954.00 zone to rise to $10683.50 and more.
  5. Copper will move into a short term bearish phase if it trades below $10057.40 for three consecutive days.
  6. Copper will crash to $9728.20 and $9415.50 (by 4th April) in case it does not break $10683.50 (by 4th April).

Comex Copper May 2022: (CMP $467.95)

  1. Weekly Support: $455.90 and $462.80
  2. Weekly Resistances: $480.80 and $498.80
  3. Weekly View: Copper has to trade over $476-$482 zone to continue its bullish trend and target $503.10 and $523.80. Overall all price fall (if any) upto $455.90 will be a part and parcel of the bullish trend.
  4. Intraday copper has to trade over $465.80 to rise to $488.50. Copper will crash only if it trades below $465.80.

MCX Copper March 2022: (CMP Rs.810.80)

  1. Daily Support: Rs.804.10
  2. Daily Resistances: Rs.814.10 and Rs.829.30
  3. Copper will rise quickly if it manages to trade over Rs.814.10 to Rs.829.30.
  4. Till Wednesday watch Rs.814.10. Copper can move 15-20 either side from Rs.814.10.
  5. Copper will crash if it trades below Rs.814.10 till tomorrow.

MCX Nickel March 2022: (CMP Rs.2205.30):

  1. Daily Support: Rs.1947.30
  2. Daily Resistances: Rs.2358.90
  3. Nickel can fall to Rs.1883.30 as long as it trades below Rs.2358.90.
  4. Nickel needs to trade over Rs.2358.90 till tomorrow to be in a bullish zone.

MCX Aluminum March 2022: (CMP Rs.278.30):

Daily Support/Resistance: Rs.272.20 & Rs. 282.05

  • Aluminum has to trade over Rs.282.05 resistance till tomorrow to continue its rise and target Rs.291.90 and Rs.297.90.
  • Aluminum will crash if it trades below Rs.272.20 till Wednesday.

MCX Zinc March 2022: (CMP Rs.323.35):

  1. Daily Support: Rs.317.40
  2. Daily Resistances: Rs.326.70
  3. Zinc has to trade over Rs.323.10 till tomorrow to continue its rise and target Rs.333.60.
  4. Watch Rs.323.10. Zinc can move 10-12 either side from Rs.323.10.

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 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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