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Copper is higher in early trade but demand concerns persist - HDFC Securities
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Global Market Round Up
Gold fell as much as 1.2% in early Asian trading, dragged lower by weakness in global stocks which offset concerns over heightened tensions in the Middle East. Growing concern about a deepening US economic slowdown weighed on markets, with traders worried the Federal Reserve may be behind the curve on interest-rate cuts. The precious metal remains one of this year’s bestperforming major commodities, with gains aided by central bank buying, Asian consumers and, in recent months, expectations the Fed is getting close to cutting rates.
Saudi Arabia raised the price of its flagship crude to Asia for the first time in three months, a tentative sign that the kingdom remains confident about demand in the world’s largest importer.
Copper is higher in early trade but demand concerns persist. Contracting manufacturing activity in China and the U.S. have led to demand concerns for metals.
A global stocks selloff deepened on Monday as concerns grew that the Federal Reserve is behind the curve with policy support for a slowing US economy, sending investors into the safety of bonds. Japanese shares plunged as traders priced in more domestic rate hikes.
What to Watch: The data bucket will remain light with service PMI and routine weekly economic data. However, the focus will remain on the geopolitical news which will bring extra volatility in the market.
Trading Range and Strategy:
Expected Range for Gold Oct Fut is 70400 to 69100. Buy Gold Oct Fut above 70500 SL 70200 Target 70900
Trading Range and Strategy:
Expected range for Silver Sept Fut is 84700-80200. Sell Silver Sept Fut below 82600 SL 83200 Target 80700
Trading Range and Strategy:
Expected range for Crude Aug Fut is 5950- 6620. Sell Crude Oil Aug Fut below 6130 SL 6240 Target 5980
Trading Range and Strategy:
Expected range for natural gas Aug Fut is 182-142. Sell natural gas Aug Fut at 164 SL 172 Target 145
Trading Range and Strategy:
Expected range for Copper Aug Fut is 770-835. Sell Copper Aug Fut at 800 SL 820 Target 770
Trading Range and Strategy:
Expected range for Zinc Aug Fut is 230–266. Sell Zinc Aug Fut below 245 SL 255 Target 230
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