Crude oil jumped Wednesday on a report that OPEC+ might delay an output hike that was expected to pressure prices - HDFC Securities
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GLOBAL MARKET ROUND UP
* On Wednesday, gold reached a new record high, driven by the demand for safe haven assets ahead of the US election, and maintained a slight gain following the release of better-than-expected US job data and inline GDP figures, which demonstrated the continued resilience of the US economy. Traders trim bets on the size of interest rate cuts by the US central bank post data.
* Crude oil jumped Wednesday on a report that OPEC+ might delay an output hike that was expected to pressure prices. OPEC+ nations could delay plans to revive oil production in December, according to a report. Meanwhile, fresh government data showed that US crude inventories shrank by 515,000 barrels last week.
* Natural gas Wednesday extended this week's decline to a one-week low. Natural gas prices have plunged this week because of warmer-than-normal weather forecasts for the US, which would reduce heating demand for natural gas.
* Copper and other base metals consolidated in the upper end range amid expectations that China, the world’s top consumer, will announce additional stimulus measures during a leadership meeting next week. Meanwhile, China’s official manufacturing PMI unexpectedly expanded to 50.1 in October after five months of contraction, suggesting recent stimulus efforts may have begun to boost growth momentum.
* Asian equities experienced a decline on Thursday, following the decline in US stocks and government bonds.
Gold
Trading Range: 79025 to 79900
Intraday Trading Strategy: Buy Gold Mini Dec Fut. at 79225 SL 79020 Target 79580/79700
Silver
Trading Range: 95620 to 98750
Intraday Trading Strategy: Sell Silver Mini Nov Fut 97450-97475 SL 98300 Target 96080
Crude Oil
Trading Range: 5620 to 5900
Intraday Trading Strategy: Sell Crude Oil Nov Fut at 5825-5830 SL 5900 Target 5720
Natural Gas
Trading Range: 226 to 245
Intraday Trading Strategy: Sell Natural Gas Nov Fut at 239 SL 244.8 Target 232
Copper
Trading Range: 833 to 850
Intraday Trading Strategy: Sell Copper Nov Fut below 839 SL 841.80 Target 833
Zinc
Trading Range: 284-294
Intraday Trading Strategy: Buy Zinc Nov Fut at 284 SL 281.80 Target 289.80
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