Crude oil prices rallied on Thursday as expectations waned that OPEC and its allies would allow the market to become oversupplied - HDFC Securities
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GLOBAL MARKET ROUND UP
Gold hit a two-week high of $2,378 on Thursday after weaker-than-expected US weekly jobless data, which increased the possibility of a Fed pivot this year. Additionally, after the Bank of Canada and ECB cut their benchmark rates this week, traders expect more western central banks to join in loosening monetary policy, which also supported gold prices.
US Initial Jobless Claims for the week ending May 31 rose by 229,000, above estimates of 220,000 and the previous reading of 221,000.
Crude oil prices rallied on Thursday as expectations waned that OPEC and its allies would allow the market to become oversupplied. Natural gas futures rose as weather forecasts showed slightly hotter changes in the northeastern part of the country. A weekly storage report showed gas inventories rose more than expected last week, which tempered some earlier gains.
Expectations that central bank rate cuts will boost economic growth led base metals to gain on Thursday, but concerns about lackluster demand limited gains.
All eyes are now on the US payrolls report, with Economics’ nowcast pointing to a 204,000 monthly gain in nonfarm payrolls in May, somewhat higher than in April but below the elevated readings of the first quarter.
Gold
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Silver
Trading Range: 92680-94700
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Crude Oil
Trading Range: 6205-6400
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Natural Gas
Trading Range: 226-250
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Copper
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Zinc
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Intraday Trading Strategy : Buy Zinc Jun Fut at 259 TGT 264.80/266 SL 256
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