19th,October,2022
|
Commodity |
Buy level (LME) Near |
Sell level (LME) Near |
48 Hours range |
10 Days range |
|
Copper |
≤7350 |
≥7550 |
7350 – 7500 |
7200 – 7800 |
|
Aluminium |
≤2150 |
≥2275 |
2175 – 2225 |
2150 – 2300 |
|
INR |
≤82.00 |
≥82.60 |
82.20 – 82.60 |
81.80 – 82.80 |
OUR VIEW
Copper –
Looks to Range bound.
Better to sell, Buy ≤ 7350, Sell ≥ 7550
Aluminium – Looks to Range bound
Better to hold, Buy ≤ 2150, Sell ≥ 2275
USD/INR – INR
looks weak and Range bound.
Better to sell, Buy ≤ 82.00,
Sell ≥ 82.60
FACTOR AFFECTING
MARKET
·
Copper looks to down as China’s strict covid-19 plan and slowdown
worry.
·
Aluminium to remain under pressure as LME inventory rise due to Russian
metal supply.
·
Still some positives for commodities?
i)
Positive US factory production data
ii)
Some News are discounted such as fed rate hike, crude oil up -down and China’s
uncertainty over covid policy
iii)
Dollar index is steady even (ii) above news which giving hopes to
commodities
·
Steady Doller index providing support to INR but overall INR is weak.
·
This market is better to sell and recover all your losses on every
opportunity, avoid fresh buying.
Previous forecasting results achieved, showing in Red:
|
Commodity |
48 Hours range |
10 Days range |
|
Copper |
7425(18/10) – 7650 |
7300 – 7800 |
|
Aluminium |
2200(18/10) – 2275 |
2150 – 2325 |
|
INR |
81.90(18/10) – 82.40(18/10) |
81.70 – 82.80 |
Find previous three research, all you need to know.
https://buysellbs.blogspot.com/2022/10/which-why-market-is-going.html
https://buysellbs.blogspot.com/2022/10/how-will-market-behave-this-week-what.html
https://buysellbs.blogspot.com/2022/10/how-us-cpi-data-change-mood-of-fed-what_14.html
Thank you
Rahul Mudra
Disclaimer: This article is for Study and research purpose. Request you to use your wisdom before applying it.
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