Copper prices hit an all-time high after China made domestic growth its top economic goal for next year - HDFC Securities Ltd
GLOBAL MARKET ROUND UP
* Gold and silver declined on Monday as a stronger U.S. dollar and rising Treasury yields weighed on sentiment, with traders turning cautious ahead of the highly anticipated FOMC policy decision. Treasury yields moved higher as investors prepared for a series of government auctions and awaited Wednesday’s Federal Reserve announcement, which may influence policy expectations into 2026. Before the Fed’s decision, market participants will closely monitor the JOLTS job openings data due later today. For today’s session, bullion prices are expected to consolidate within a range.
* Meanwhile, China’s central bank added to its gold reserves for a 13th straight month, according to data released on Sunday, bringing the total to around 74.12 million troy ounces.
* Crude oil slid 2% in the previous session, as expectations of a supply glut outweighed geopolitical risks. The IEA has predicted a record surplus next year, and traders will be on the lookout for any changes to market outlooks from the EIA and OPEC monthly reports due later this week. Adding further pressure, reports on Monday indicated that Iraq has restored production at Lukoil’s West Qurna-2 oilfield, which represents 0.5% of global supply, following a temporary shutdown caused by an export-pipeline leak.
* On Monday, natural gas prices fell sharply after new weather forecasts showed that US temperatures would rise in the middle of the month, which could lower the demand for natural gas heating.
* Copper prices hit an all-time high after China made domestic growth its top economic goal for next year. The expectation of tight supply also favors the bullish trend. The world might not have enough refined copper in 2026, with a shortfall of 450,000 tons, partly because people are stockpiling it in the US.
Gold
* Trading Range: 127565 to 130200
* Intraday Trading Strategy: Sell Gold Mini Jan Fut at 129325-129350 SL 129750 Target 128525/128380.
Silver
* Trading Range: 180675 to 184780
* Intraday Trading Strategy: Buy Silver Mini Feb Fut at 182050-182075 SL 181300 Target 183675/184425
Crude Oil
* Trading Range: 5205 to 5425
* Intraday Trading Strategy: Sell Crude Oil Dec Fut at 5350-5355 SL 5405 Target 5265/5225
Natural Gas
* Trading Range: 427 to 475
* Intraday Trading Strategy: Sell Natural Gas Dec Fut at 442-443 SL 450.80 Target 432/427.0
Copper
* Trading Range: 1075 to 1104
* Intraday Trading Strategy: Sell Copper Dec Fut at 1097-1097.5 SL 1104.0 Target 1092/1087
Zinc
* Trading Range: 309 to 315.80
* Intraday Trading Strategy: Buy Zinc Oct Fut at 310.0-310.5 SL 307.8 Target 313/314.80
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