Crude oil held a two-day gain after industry data pointed to shrinking US crude stockpiles ahead of a report from the IEA on the market outlook - HDFC Securities
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GLOBAL MARKET ROUND UP
* After a two-day gain, gold steadied as investors waited for the release of today's US inflation data and a Federal Reserve interest-rate decision. The US central bank is widely expected to keep borrowing costs on hold in today’s meeting, but there’s less certainty on officials’ rate projections.
* A survey showed 41% of economists expect the Fed to signal two cuts, while an equal number expect the forecasts to show just one or no reductions at all.
* Crude oil held a two-day gain after industry data pointed to shrinking US crude stockpiles ahead of a report from the IEA on the market outlook. In a monthly report, OPEC maintained its forecasts for strengthening demand in the second half based on continued economic growth in China and other emerging economies.
* Copper and other industrial metals consolidated in the lower end range as investors waited for a US inflation report and the Federal Reserve’s monetary policy meeting, which may give more clues on the strength of the world’s top economy.
* Meanwhile, in China, consumer prices rose in May, holding above zero for a fourth month after the country saw its worst deflation streak in over a decade.
Gold
Trading Range: 70950-72200
Intraday Trading Strategy : Sell Gold Aug Fut at 71550-71600 TGT 71180/70950 SL 71880
Silver
Trading Range: 88550-90750 Intraday
Trading Strategy : Buy Silver Mini Jun Fut at 88550-88900 TGT 89580/90050 SL 88300
Crude Oil
Trading Range: 6450-6680
Intraday Trading Strategy : Buy Crude Oil Jun Fut at 6525-6535 TGT 6580/6625 SL 6465
Natural Gas
Trading Range: 250-266
Intraday Trading Strategy : Buy Natural Gas Jun Fut at 255-2556 TGT 263/265.80 SL 250.80.
Copper
Trading Range: 850-880
Intraday Trading Strategy : Buy Copper Jun Fut at 859-859.80 TGT 866/869 SL 855
Zinc
Trading Range: 247-259
Intraday Trading Strategy : Buy Zinc Jun Fut at 250- 250.80 TGT 256.80/259 SL 247.0
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