Market report 29.08.2022

29^th,August,2022                                                                             

 

Commodity	Buy level (LME) Near	Sell level (LME) Near	48 Hours range	10 Days range
Copper	≤7700	≥8200	7800-8100	7500-8300
Aluminium	≤2200	≥2450	2350-2425	2300-2500
INR	≤79.50	≥80	79.80-80.10	79.30-80.20

 

 

 

 

     OUR VIEW

Commodity: -         Looks to Bearish trend,

                               Copper- Sell ≥ 8200 level, Buy ≤ 7700

                              Aluminium- Sell ≥ 2450 level, Buy≤ 2200

USD/INR: -          Looks to range bound, Sell ≥ 80 and Buy ≤ 79.50

      Reference Factors

·         Although, LME is closes due to summer bank Holiday.

·         But, due to fed’s board statement about inflation and aggressive rate hike has disturb market sentiments.

·         Base metal has fallen due to energy crisis has resolved bit and strong USD.

·         Every one say volatile trend in base metal but volatile trend is more than range bound levels. It is because one day we get positive sentiments another day we get negative sentiments.

·         Rupee is down due to strong Dollar.

·         Rupee’s strength is totally depend on RBI’s protective approach else, rupee may have depreciated any level above $81 and more.    

      Thank you

Rahul Mudra

Disclaimer: This article is for Study and research purpose. Request you to use your wisdom before applying it.