Copper prices rose nearly 1% on Monday, buoyed by fears about low supply - HDFC Securities
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GLOBAL MARKET ROUND UP
* Gold held firm in the Asian trading session on Tuesday, buoyed by expectations of additional Fed rate cuts, which would increase the appeal of the non-interestbearing precious metal. However, reports of Israeli Prime Minister Benjamin Netanyahu accepting a "bridging proposal" from Washington to overcome obstacles preventing a ceasefire accord in Gaza limit further gains as safe haven premiums decline.
* Crude oil prices extended the previous session loss on Tuesday after Israel agreed to a proposal to resolve issues that were impeding a cease-fire agreement in Gaza, easing concerns about Middle Eastern supply disruptions. Production at Libya's Sharara oilfield has risen to about 85,000 barrels per day, also easing supply concerns.
* Natural gas futures began with strong gains on Monday, supported by higher temperatures expected for later this week throughout most of the U.S., the likelihood of more output limitations, and storm premiums as peak hurricane season approaches.
* Copper prices rose nearly 1% on Monday, buoyed by fears about low supply. The workers' strike at BHP's Escondida copper mine in Chile may disrupt more than 5% of the world's copper supply. Furthermore, Lundin Mining has halted operations at its copper mine in Chile, which might put additional pressure on the market.
Trading Range: 70680 to 71450
Intraday Trading Strategy: Sell Gold Mini Sep Fut 71150-71165 SL 71325 Target 70925/70800
Silver
Trading Range: 83400 to 85300
Intraday Trading Strategy: Buy Silver Sep Fut at 84450 SL 84002 Target 85300
Crude Oil
Trading Range: 6025 to 6205
Intraday Trading Strategy: Sell Crude Oil Sep Fut at 6175-6180 SL 6225 Target 6080
Natural Gas
Trading Range: 180 to 197
Intraday Trading Strategy: Buy Natural Gas Aug Fut at 183-184 SL 178.80 Target 194/197
Copper
Trading Range: 797 to 812
Intraday Trading Strategy: Buy Copper Aug Fut at 803 SL 797 Target 809/812
Zinc
Trading Range: 257-265
Intraday Trading Strategy: Sell Zinc Aug Fut at 263.50 SL 266.0 Target 259.80
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