Base metals traded mixed on Wednesday as traders awaited fresh cues for directional bets - HDFC Securities Ltd
GLOBAL MARKET ROUND UP
Gold prices recovered from the day’s low and closed higher on Wednesday as haven demand rose in the wake of several disruptive trriffs announcements expected to be implemented soon. The White House said Wednesday that President Trump’s reciprocal tariffs could be unveiled as soon as Thursday, following his decision earlier in the week to impose a 25% tariff on steel and aluminum imports.
Meanwhile, hotter US inflation readings make multiple Fed interest-rate cuts this year less likely, while President Donald Trump called for lower interest rates. US inflation data showed persistent inflationary trends, with all key metrics exceeding expectations.
Investors were also studying commentary from Federal Reserve Chair Jerome Powell, who told lawmakers on Wednesday the US central bank “will make decisions about interest rates as we go,” adding that the most recent data shows “we’re close but not there on inflation.”
Crude oil prices tumbled after US President Donald Trump said he spoke with Russian President Vladimir Putin; the leaders agreed to begin talks on ending the war in Ukraine, sparking speculation that risks to crude supplies in the region may ease. Meanwhile, US crude inventories rose 4.07 million barrels last week, the third straight gain, also weighing down on oil prices.
In its monthly report, OPEC forecasts world oil demand and supply to grow by 1.4 mbd this year and next, a higher rate than most other forecasters, after being forced to slash growth projections six times in a row last year. OPEC cautions that President Donald Trump's trade policies could intensify global market volatility, potentially leading to supply-demand imbalances and increased volatility
Base metals traded mixed on Wednesday as traders awaited fresh cues for directional bets.
Gold
Trading Range: 85450 to 86300
Intraday Trading Strategy: Buy Gold Mini Mar Fut at 85150 SL 84900 Target 85525
Silver
Trading Range: 94080 to 96780
Intraday Trading Strategy: Buy Silver Mini Feb Fut at 94980-95000 SL 94300 Target 96080
Crude Oil
Trading Range: 6050 to 6280
Intraday Trading Strategy: Sell Crude Oil Feb Fut at 6175-6180 SL 6235 Target 6095
Natural Gas
Trading Range: 305 to 324
Intraday Trading Strategy: Buy Natural Gas Feb Fut at 313.50 SL 309.0 Target 320/322
Copper
Trading Range: 855 to 875
Intraday Trading Strategy: Buy Copper Feb Fut at 861 SL 855.0 Target 866/870
Zinc
Trading Range: 264-272
Intraday Trading Strategy: Buy Zinc Feb Fut at 267.0 SL 264.0 Target 270
