Copper is hovering at a five-week high amid ongoing supply risks and an improving demand outlook - HDFC Securities
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GLOBAL MARKET ROUND UP
Gold consolidates in the upper end range as traders seek fresh cues on the Macor front ahead of US GDP and inflation data due later this week, which will offer fresh cues on the scale of the Federal Reserve's imminent interest rate cut and the health of the economy.
Data on Tuesday showed that US consumer confidence rose to a six-month high in August as more upbeat views of the economy arose while home-price gains slowed in June.
Crude oil remained stable during Asian trading hours on Wednesday, following a more than 2% decline on Tuesday due to various factors. Political risk in the Middle East and a supply threat from Libya supported recent gains, but they have been countered by a broadly bearish undertone leading top Wall Street banks.
Natural gas extended its loss and closed lower on Tuesday for the sixth consecutive session due to robust supplies and forecasts for moderate temperatures, which will reduce natural gas demand from electricity providers to run air conditioning.
Copper is hovering at a five-week high amid ongoing supply risks and an improving demand outlook. Mines in Chile have yet to finalize wage discussions, posing a risk to about 4% of global copper supply.
Asian equities slipped on Wednesday as weak corporate earnings in China raised fresh concerns over its flagging economy.
Gold
Trading Range: 71480 to 72325
Intraday Trading Strategy: Sell Gold Oct. at 72150- 72175 SL 72325 Target 71780
Silver
Trading Range: 83380 to 85700
Intraday Trading Strategy: Buy Silver Mini Sept Fut at 87450-87475 SL 86750 Target 88080/88450
Crude Oil
Trading Range: 6280 to 6500
Intraday Trading Strategy: Sell Crude Oil Sep Fut 6420-6425 SL 6488 Target 6320
Natural Gas
Trading Range: 166 to 184
Intraday Trading Strategy: Sell Natural Gas Sep Fut at 180-181 SL 184 Target 172
Copper
Trading Range: 807 to 826
Intraday Trading Strategy: Buy Copper Sep Fut above 820.50 SL 826 Target 817.20
Zinc
Trading Range: 266-275
Intraday Trading Strategy: Buy Zinc Sep Fut at 268.50 SL 266 Target 271.80/274
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