A Libyan central banker said a deal appeared imminent to resolve a dispute between the rival governments in the strife-torn North African nation, which could spur the resumption of oil output - HDFC Securities
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GLOBAL MARKET ROUND UP
Gold steadied just below $2,500 an ounce as investors took stock after a broad sell-off that rattled equity and commodity markets, with the weakness stoked by concerns about economic growth.
Crude oil declined by almost 5% on Tuesday as the possible easing of political unrest in Libya shifted focus back to OPEC+'s plan to boost production, while demand concerns persisted. Brent slipped toward $73 a barrel, and WTI fell below $70 for the first time since early January.
A Libyan central banker said a deal appeared imminent to resolve a dispute between the rival governments in the strife-torn North African nation, which could spur the resumption of oil output.
Natural gas recovered from the day’s low and closed higher on Tuesday, buoyed by new export permits and technical buying.
On Tuesday, copper declined almost 2.50% and is losing nearly 3% so far this month, as sentiment took a hit after weak US manufacturing data reignited recession fears. In addition to this rising inventory, LME-registered warehouses also weighed down on copper prices.
Stocks in Asia slumped the most since the Aug. 5 rout, tracking a selloff in US peers driven by a plunge in Nvidia Corp. The Nikkei 225 slid more than 3%. Inventors now keep their eye on today’s US macro data, including US Jolts job openings, factory orders, and the September Beige Book.
Trading Range: 71050 to 71880
Intraday Trading Strategy: Sell Gold Oct. at 71650 SL 71880 Target 71350
Trading Range: 81515 to 84480
Intraday Trading Strategy: Sell Silver Mini Nov Fut 83600-83625 SL 84025 Target 82650
Trading Range: 5780 to 6025
Intraday Trading Strategy: Sell Crude Oil Sep Fut 5920 SL 5980 Target 5825
Trading Range: 175 to 188
Intraday Trading Strategy: Buy Natural Gas Sep Fut at 182-183 SL 175.8 Target 188/193.80
Trading Range: 775 to 799
Intraday Trading Strategy: Sell Copper Sep Fut at 787-788 SL 794 Target 775
Trading Range: 261-269
Intraday Trading Strategy: Buy Zinc Sep Fut at 263- 263.50 SL 261 Target 266/267.80
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