31-10-2024 11:03 AM | Source: HDFC Securities
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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