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GLOBAL MARKET ROUND UP

Precious metals edged higher after touching a nine-week low on Wednesday, as fresh tensions in the Middle East stoked inflation concerns and bolstered expectations for at least one more US rate hike this year. Bullion rose as much as 0.8% to trade near $4,140 an ounce, after ending the previous session at its lowest level since early August. A tanker was struck by projectiles off the coast of Qatar on Wednesday in a rare attack deep inside the Persian Gulf, while the White House is reportedly weighing options for military strikes against Iranian targets ahead of November’s midterm elections. Prices were also supported, along with other metals, as Chinese buyers returned from a week-long holiday that had kept activity muted across Asian markets

. Minutes from the Federal Reserve’s latest meeting showed that all 19 policymakers backed the September rate hike, while most expected another increase would be appropriate by year-end. Investors are now pricing in roughly a 20% chance of a hike at the Fed’s next meeting in late October, rising to about 80% in December.

Oil gained as the White House reportedly asked the Pentagon to prepare strike options against Iran ahead of the midterm elections, while a hurricane forced Gulf of Mexico producers to shut in more than 510,000 barrels a day of crude output. Tensions also escalated in the Middle East after Iran-backed Houthis struck two Saudi airports, while the Saudi-led coalition said it destroyed 82 targets in Yemen. In the US, crude and petroleum-products exports rose to their highest level since May, while oil stockpiles fell by 3.2 million barrels.

Copper rose alongside other metals as Chinese traders returned from a week-long holiday, boosting buying activity across Asian markets. LME copper climbed as much as 1.2%, while other major contracts and Singapore iron ore futures also advanced. Copper was further supported by a strike at Antofagasta’s Centinela mine in Chile, where two unions began industrial action on Wednesday, disrupting mining and development work and raising concerns about future production. The dollar held largely steady after gaining on Wednesday, as traders awaited comments from Federal Reserve Governor Christopher Waller and initial jobless claims data later Thursday for fresh clues on the outlook for monetary policy.

Gold

• Trading Range: 146850 to 150150

• Intraday Trading Strategy: Sell Gold Mini Nov Fut at 149300-149200 SL 150150 Target 146900/146100

Silver

• Trading Range: 221350 to 230500

• Intraday Trading Strategy: Sell Silver Mini Nov Fut at 227800-227900 SL 230500 Target 223800

Crude Oil

• Trading Range: 8705 to 9400

• Intraday Trading Strategy: Buy Crude Oil Oct Fut at 8650-8630 SL 8500 Target 8920

Natural Gas

• Trading Range: 300 to 325

• Intraday Trading Strategy: Buy Natural Gas Oct Fut at 312-310 SL 308 Target 324

Copper

• Trading Range: 1400 to 1440

• Intraday Trading Strategy: Buy Copper Oct Fut at 1415-1420 SL 1408 Target 1440

Zinc

• Trading Range: 408 to 430

• Intraday Trading Strategy: Sell Zinc Oct Fut at 424- 426 SL 430 Target 415.5/412.0

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