Copper has advanced to a record high, fueled by increasing concerns that supply may not keep pace with demand next year - HDFC Securities
GLOBAL MARKET ROUND UP
Gold extended last week’s rally, buoyed by a weaker US dollar, increasing expectations of a Federal Reserve rate cut next month, optimistic forecasts from major banks, and ongoing strong central bank purchasing—all contributing to the upward momentum in the market. However, gold experienced a pullback during late trading hours on Monday as investors locked in profits after prices hit a six-week high earlier that day.
Meanwhile, silver closed with a gain of more than 2.50%. Persistent supply tightness and strong inflows into bullion-backed ETFs continue to support the bullish trend. Exchangetraded funds added 189,235 troy ounces of silver to their holdings in the last trading session, bringing this year's net purchases to 113.4 million ounces
Crude oil prices rose as a key pipeline connecting Kazakh fields to Russia's Black Sea coast halted loading due to damage, which occurred amid Ukrainian attacks in the region over the weekend. Traders are also evaluating the potential for US military operations in Venezuela, alongside concerns about oversupply. The geopolitical risk premium has returned to the crude oil market, likely providing support for prices in the near term. Additionally, on Sunday, OPEC+ confirmed a modest increase in oil output for December and decided to pause further increases in the first quarter of next year due to growing fears of a supply glut.
Natural gas continued its upward trend on Monday, driven by colder forecasts for early December in the Midwest and East, which raised expectations for heating demand.
Copper has advanced to a record high, fueled by increasing concerns that supply may not keep pace with demand next year
Market focus now turns to Jerome Powell’s comments later today for further clues on the central bank’s interest rate trajectory.
Gold
* Trading Range: 128305 to 130150
* Intraday Trading Strategy: Buy Gold Mini Jan Fut at 128725-128750 SL 128180 Target 129550/129780
Silver
* Trading Range: 175900 to 183500
* Intraday Trading Strategy: Buy Silver Mini Feb Fut at 178600-178625 SL 177480 Target 180480/181750
Crude Oil
* Trading Range: 5265 to 5425
* Intraday Trading Strategy: Buy Crude Oil Dec Fut at 5305 SL 5245 Target 5375/5405
Natural Gas
* Trading Range: 425 to 455
* Intraday Trading Strategy: Buy Natural Gas Dec Fut at 432-433 SL 426.80 Target 440/445.8
Copper
* Trading Range: 1029 to 1055
* Intraday Trading Strategy: Sell Copper Dec Fut at 1047-1048 SL 1055.0 Target 1042/1036
Zinc
* Trading Range: 304 to 309.80
* Intraday Trading Strategy: Buy Zinc Dec Fut at 305.5 SL 302.8 Target 309.0/310.25
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