Copper futures climbed for a fifth straight day, notching a new record high - HDFC Securities
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GLOBAL MARKET ROUND UP
Gold rose for a third day after slowing US inflation raised the possibility of an interest rate cut as soon as September. A measure of underlying US inflation cooled in April for the first time in six months. Following the release, the dollar fell and Treasury yields slumped, which is a positive for precious metals that don't offer any interest. Silver in the international markets posted its highest settlement since 2013, whereas silver in the domestic market closed at an alltime high.
Swaps markets are pricing in a 61% chance the Federal Reserve will pivot by September, compared with 30% at the end of April.
Signs of ebbing US inflation and shrinking US stockpiles buoyed a wider risk-on mood, causing crude oil to rise for a second day. US oil inventories fell by 2.5 million barrels last week for the first back-to-back drop since March, taking nationwide holdings to the lowest in almost a month.
Copper futures climbed for a fifth straight day, notching a new record high. Hedge funds are likely driving the rally by piling into copper futures and forcing short sellers to cover their positions.
Asian stocks rose, tracking gains on Wall Street driven by reinforced bets for Fed rate cuts. US futures were also higher.
Gold
Trading Range: 72650-73500
Intraday Trading Strategy : Buy Gold Mini 05 Jun Fut at 72750-72800 TGT 73080-73165 SL 72588
Silver
Trading Range: 86200-88000
Intraday Trading Strategy : Buy Silver Jul Fut at 87020 TGT 87850 SL 86700
Crude Oil
Trading Range: 6520-6680
Intraday Trading Strategy : Sell Crude Oil May Fut at 6650-6660 TGT 6580-6550 SL 6700
Natural Gas
Trading Range: 191-206
Intraday Trading Strategy : Buy Natural Gas May Fut at 197 TGT 204-206 SL 194.80
Copper
Trading Range: 888-905
Intraday Trading Strategy : Buy Copper May Fut at 894-894.50 TGT 905 SL 888
Zinc
Trading Range: 259-266
Intraday Trading Strategy : Buy Zinc May Fut at 261.-262 TGT 264.80-266 SL 259.0
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