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Copper and other base metals recovery continue as bargain buying, and a pullback in the US dollar eased pressure on base metal prices - HDFC Securities Ltd
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GLOBAL MARKET ROUND UP
The war between Russia and Ukraine escalated further, leading to a surge in gold prices for the third consecutive session. Tensions are rising between Ukraine and Russia following claims that Ukraine fired long-range missiles into Russia. According to reports, Russia is ready to unleash intercontinental ballistic missiles in possible retaliation against Kiev.
Geopolitical tensions overshadowed continued weak demand and high supply, causing crude oil to retreat from the day's high and settle slightly lower on Wednesday. Crude oil inventories in the US rose by 0.545 million barrels in the week ended November 15, 2024, above market expectations of a 0.4 million build. At the same time, gasoline stocks increased by 2.054 million, more than forecasts of a 1.62 million increase.
Natural gas surged more than 7.0% on Wednesday to a 10-month high in forecasts for colder weather over the next two weeks than previously expected. This will increase heating demand for natural gas, driving prices sharply higher. In addition to this, an increase in export demand has also led to a sharp rise in gas prices. The amount of gas flowing to U.S. LNG export plants was on track to rise recently.
Copper and other base metals recovery continue as bargain buying, and a pullback in the US dollar eased pressure on base metal prices. Meanwhile, in China, the People's Bank of China left key lending rates unchanged, in line with expectations, offering no new signals that could affect demand in the world's largest copper consumer
Gold
Trading Range: 75680 to 76765
Intraday Trading Strategy: Buy Gold Mini Dec Fut at 76025-76050 SL 75820 Target 76480
Silver
Trading Range: 88900 to 91480
Intraday Trading Strategy: Buy Silver Mini Nov Fut 89900-89925 SL 89300 Target 91080
Crude Oil
Trading Range: 5680 to 5950
Intraday Trading Strategy: Sell Crude Oil Dec Fut at 5875-5880 SL 5950 Target 5765
Natural Gas
Trading Range: 265 to 284
Intraday Trading Strategy: Buy Natural Gas Nov Fut at 266-268 SL 261.8 Target 280/284
Copper
Trading Range: 809 to 829
Intraday Trading Strategy: Buy Copper Nov Fut at 814 -815 SL 809.0 Target 824
Zinc
Trading Range: 275-284
Intraday Trading Strategy: Buy Zinc Nov Fut at 277.5 SL 274.50 Target 282
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