Copper advanced to the highest level in more than a week as investors weighed upbeat factory data from top consumer China and the US - HDFC Securities
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GLOBAL MARKET ROUND UP
Gold steadied after surging to a record in the previous session following data showing US inflation was cooling, before paring gains on a surprise expansion in manufacturing.
The Comex spot gold hit an all-time high of $2,265.73 an ounce early on Monday after a closely watched index of consumer spending came in cooler than anticipated on Friday, supporting the case for rate cuts in the coming months.
Crude oil advanced to trade near a five-month high, with heightened geopolitical risks in the Middle East and tighter supply from Mexico helping to buoy prices. An Israeli airstrike on Iran’s embassy in Syria killed a top military commander and others, with Tehran saying it would respond decisively.
Copper advanced to the highest level in more than a week as investors weighed upbeat factory data from top consumer China and the US. The potential for output cuts by the country’s leading smelters also boosted traders’ sentiment.
Amidst a mixed Asian market, Hong Kong equities surged, but bonds in the region declined as investors reduced their expectations of the Federal Reserve's easing.
BULLION
Gold
Trading Strategy: Jun Fut 67800-69000
Intraday Trading Strategy : Buy Gold Jun Fut at 68550-68600 TGT 69000 SL 68380
Silver
Trading Range: 74800-76500
Intraday Trading Strategy : Buy Silver Mini Apr Fut 75500-75550 TGT 76400 SL 74970
Crude Oil
Trading Range: 6924-7100
Intraday Trading Strategy : Buy Crude oil Apr Fut at 6960-6970 TGT 7050/7100 SL 6905
Natural Gas
Trading Range: 145-159
Intraday Trading Strategy : Buy Natural Gas Apr Fut at 150 TGT 156/159 SL 144.80.
Copper
Trading Range: Apr Fut 759-775
Intraday Trading Strategy : Buy Copper Apr Fut at 763-764 TGT 772/775 SL 759
Zinc
Trading Range: Apr Fut 215.20-222
Intraday Trading Strategy : Buy Zinc Apr Fut at 217.50 TGT 220.50/222 SL 215.80
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