02-07-2024 09:55 AM | Source: HDFC Securities
Copper edges higher in the early Asian session amid choppy trade - HDFC Securities

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* Gold stayed within a narrow trading band for a third day, as traders look to upcoming US economic data that may help to clarify when the Federal Reserve could pivot to monetary easing. Gold has started the new quarter in a holding pattern after rising for the previous three, its strongest run since 2020

* Oil traded near a two-month high after breaking out of its recent trading range on an escalation in tensions in the Middle East and concerns over the rapid start to the Atlantic hurricane season

* Israel’s military said 18 soldiers were injured in a drone attack by Iran-backed Hezbollah, one of them seriously, threatening to move the conflict closer to a full-scale war

* Meanwhile, Hurricane Beryl made landfall on Carriacou Island in the Caribbean as a category 4 storm, raising concern that such a severe system this early in the year may portend a serious hurricane season, which is still months away from its typical peak.

* Copper edges higher in the early Asian session amid choppy trade. Prices are likely to remain volatile in the short term. Copper production remains high in China, but demand remains weak. China's official manufacturing PMI for June suggested a contraction in activity, which could weigh on demand for metal.

* The dollar rose and Asian stocks fluctuated in a narrow range as traders weighed the possibility of another Donald Trump presidency in the wake of his debate with Joe Biden last week.

Gold

Trading Range: August 71950 - 71150

Intraday Trading Strategy: Sell Gold Aug Fut below 71350 SL 71500 Target 71150

 

Silver

Trading Range: Sept. 90150 - 88600

Intraday Trading Strategy: Sell Silver Sept. Fut below 89350 SL 89750 Target 88800

 

Crude Oil

Trading Range: 6870- 7050

Intraday Trading Strategy: Buy Crude oil July Fut at 6900 SL 6850 TGT 6990

 

Natural Gas

Trading Range: 195 - 209

Intraday Trading Strategy: Sell Natural Gas July Fut. below 203 SL 208 Target 195

 

Copper

Trading Range: July Fut 835 - 865

Intraday Trading Strategy: Buy Copper July Fut. above 851 SL 840 Target 865

 

Zinc

Trading Range: 253 - 278

Intraday Trading Strategy: Sell Zinc July Fut below 260 SL 265 Target 253

 

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