Copper rose almost 1.50% in the previous session due to a short covering rally and bargain buying - HDFC Securities
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
GLOBAL MARKET ROUND UP
Gold settled higher on Thursday, bolstered by the latest US jobs reading, which indicates signs of a cooling labor market ahead of more data due later today, which could prove key in determining the size of the Federal Reserve’s rate cut this month.
Data showed on Thursday, US companies added the fewest jobs since the start of 2021, while weekly unemployment claims fell below estimates. Data added to signs of a slowing labor market and supported arguments for an aggressive rate cut.
Crude oil was poised for the biggest weekly loss in almost a year on persistent concerns about soft demand and ample supply, even as OPEC+ delayed a planned increase in output by two months. Meanwhile, official US commercial crude inventories dropped by almost 7 million barrels last week to the lowest in about a year.
Natural gas surged to a two-week high and settled more than 5.0% up, supported by lower-than-expected weekly storage data. The EIA reported that natural gas inventories rose +13 bcf, weaker than expectations of +27 bcf and well below the five-year average for this time of year of +51 bcf.
Copper rose almost 1.50% in the previous session due to a short covering rally and bargain buying. Industrial users are buying after heavy selling earlier in the week, but global economic concerns are dampening demand for industrial metals, limiting the gains.
Trading Range: 71580 to 72350
Intraday Trading Strategy: Buy Gold Oct. at 71600- 71625 SL 71425Target 72080/72350
Trading Range: 83600 to 86100
Intraday Trading Strategy: Buy Silver Mini Nov Fut 84650-84675 SL 83900 Target 86100
Trading Range: 5765 to 5950
Intraday Trading Strategy: Sell Crude Oil Sep Fut at 5865 SL 5905 Target 5780
Trading Range: 180 to 204
Intraday Trading Strategy: Buy Natural Gas Sep Fut at 187-187.50 SL 182.8 Target 197/204
Trading Range: 780 to 804
Intraday Trading Strategy: Buy Copper Sep Fut at 786-787 SL 780 Target 799
Trading Range: 252-265
Intraday Trading Strategy: Buy Zinc Sep Fut at 255.50 SL 251.80 Target 259/262
Please refer disclaimer at https://www.hdfcsec.com/article/disclaimer-1795
SEBI Registration number is INZ000171337
.jpg)
