Commodity Daily Insights 12th August 2026 By - HDFC Securities Ltd
GLOBAL MARKET ROUND UP
Gold steadied around $4,400 an ounce on Wednesday following a volatile start to the week, as investors remained cautious ahead of key U.S. inflation data that could provide fresh clues on the Federal Reserve's policy outlook. The July consumer price report due today, followed by producer price data on Thursday, will be closely watched, particularly after weaker-than-expected U.S. employment data last week reduced expectations of a near-term rate hike. Markets remain divided over the possibility of a 25-basis-point Fed rate hike in September after rates were left unchanged in July, with elevated crude oil prices continuing to reinforce inflation concerns and a relatively hawkish policy bias.
Meanwhile, investors are also monitoring developments around a potential U.S.-Iran agreement to reopen the Strait of Hormuz. Pakistan's defense minister said Washington and Tehran were "close to some sort of arrangement," while reports suggested that talks between Iran and Oman had reached an advanced stage. During the day session, precious metals are likely to remain in a consolidation phase ahead of the U.S. inflation report, which could serve as the next major catalyst for price action.
Volatility is expected to increase during the evening session following the release, as markets reassess the Federal Reserve's interest-rate outlook. Crude oil prices held above $84 per barrel on Wednesday after rising for a fourth consecutive session, as investors weighed mixed signals surrounding a potential U.S.-Iran agreement.
Uncertainty over the outcome of negotiations continued to keep geopolitical risk elevated in the oil market. Market attention now turns to the IEA and OPEC monthly reports, which are expected to provide fresh assessments of global oil demand, supply, and the broader outlook for energy markets. On the inventory front, industry data showed U.S. crude stockpiles increased by 9.1 million barrels last week, the largest weekly build since February. Natural gas prices recovered modestly after the EIA projected U.S. storage could reach its highest October level in a decade, highlighting comfortable medium-term supply conditions.
Copper prices traded higher in early Asian trade, supported by tightening supply fundamentals. The copper concentrate market remains constrained by limited ore availability and weak smelting economics, reinforcing expectations of tighter refined copper supply and providing continued support to prices
Gold
• Trading Range: 151480 to 155750
• Intraday Trading Strategy: Sell Gold Mini Sep Fut at 153150-153165 SL 153900 Target 152480/151650
Silver
• Trading Range: 234050 to 244700
• Intraday Trading Strategy: Sell Silver Mini Aug Fut at 238750-238775 SL 240050 Target 237025/235900
Crude Oil
• Trading Range: 7705 to 8275
• Intraday Trading Strategy: Buy Crude Oil Aug Fut at 7950-7955 SL 7805 Target 8080/8150
Natural Gas
• Trading Range: 256 to 275
• Intraday Trading Strategy: Sell Natural Gas Aug Fut at 268-268.5 SL 275 Target 262.80/257
Copper
• Trading Range: 1367 to 1394
• Intraday Trading Strategy: Sell Copper Aug Fut at 1384-1384.50 SL 1389 Target 1377/1372.0
Zinc
• Trading Range: 387 to 397
• Intraday Trading Strategy: Buy Zinc Aug Fut at 393. 0-393.50 SL 389.0 Target 395.8/397.0
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