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Copper and aluminum gave up early gains and settled lower on Tuesday as traders assessed the demand outlook in China - HDFC Securities
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GLOBAL MARKET ROUND UP
Gold steadied after a two-day advance ahead of US inflation data, which may offer clues on the size of the Federal Reserve's expected rate cut next week. For the past few weeks, spot gold has remained trapped in a broader range of $2,480 to $2,530.
Crude oil tumbled more than 4.0% on Tuesday as energy demand remained at the forefront of market concerns. Despite some supply issues from a storm in the Gulf, sentiment continued to decline due to demand concerns from China and an expected slowdown in consumption as summer comes to an end in Europe and the US. A strong selloff pushed Brent crude below $70 per barrel for the first time in over two years.
Natural gas rose by 2.86% in the previous session as oil and gas producers cut output ahead of a hurricane expected to hit Louisiana on Wednesday.
Copper and aluminum gave up early gains and settled lower on Tuesday as traders assessed the demand outlook in China. Chinese trade data offered evidence of weakening domestic demand for metals, even as it showed overall exports in August hit their highest in nearly two years.
The nation’s copper imports fell 5.6% on the month, while a surge in exports of aluminum products continued. Asian stock fell on Wednesday due to growth concerns ahead of a US inflation report, with benchmarks in Japan and Hong Kong leading the declines.
Gold
Trading Range: 71580 to 72350
Intraday Trading Strategy: Buy Gold Mini Oct Fut. at 71680-71700 SL 71550 Target 72020/72300
Silver
Trading Range: 83300 to 85020
Intraday Trading Strategy: Buy Silver Mini Nov Fut 83950-83975 SL 83680 Target 84580/84700
Crude Oil
Trading Range: 5480 to 5700
Intraday Trading Strategy: Buy Crude Oil Sep Fut at 5520-5525 SL 5480 Target 5605
Natural Gas
Trading Range: 180 to 194
Intraday Trading Strategy: Buy Natural Gas Sep Fut at 182-183 SL 178.8 Target 188/194
Copper
Trading Range: 780 to 804
Intraday Trading Strategy: Buy Copper Sep Fut at 784-784.80 SL 780 Target 792/795
Zinc
Trading Range: 250-259
Intraday Trading Strategy: Buy Zinc Sep Fut at 253- 253.50 SL 250 Target 257.80/259
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