Copper rose more than 2% on Thursday due to supply concerns - HDFC Securities
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GLOBAL MARKET ROUND UP
Gold settled with a minor gain on Thursday, as demand for safe haven assets continued to support the metal's rise. Concerns that Iran could strike Israel as early as this week have raised the gold-safe haven premium.
On the macro front, stronger-than-expected U.S. retail sales data released overnight could dampen Fed rate-cut expectations and ease recession risk, potentially limiting further gains in precious metals.
Crude oil registered almost 1.0% in the previous session. Thursday's strongerthan-expected US unemployment claims and retail sales data signaled economic strength and were positive for energy demand and crude prices.
Natural gas slid from a recent high and registered slight losses on projections of colder US weather, which will reduce natural gas demand.
LME Copper rose more than 2% on Thursday due to supply concerns. The market is keenly following a strike at the world's largest copper mine, Escondida in Chile, after BHP Group failed to reach a deal with major unions. This mine produces around 5% of the global copper supply.
Asian stocks traded higher, taking advantage of positive cues from the United States, with the Nasdaq rising more than 2% after July U.S. retail sales data signaled resilient consumer spending, allaying fears of an imminent recession in the world's largest economy.
Gold
Trading Range: 70050 to 71080
Intraday Trading Strategy: Buy Gold Oct Fut 70125- 70150 SL 69950 Target 70450/70680
Silver
Trading Range: 80065 to 83400
Intraday Trading Strategy: Buy Silver Mini Aug Fut at 81700-81725 SL 81180 Target 82350/82700
Crude Oil
Trading Range:: 6480 to 6655
Intraday Trading Strategy: Sell Crude Oil Aug Fut at 6575-6580 SL 6635 Target 6475
Natural Gas
Trading Range: : 175 to 194 Intraday
Trading Strategy: Sell Natural Gas Aug Fut at 192 SL 197 Target 180/175.80
Copper
Trading Range: 780 to 807
Intraday Trading Strategy: Buy Copper Aug Fut at 797 SL 793.80 Target 804/807
Zinc
Trading Range: 256-265
Intraday Trading Strategy: Buy Zinc Aug Fut at 257.80 SL 255.0 Target 264
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