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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
Trading Range: 72600-73850
Intraday Trading Strategy : Buy Gold mini Jul Fut at 73025-73050 TGT 73350/73480 SL 72780
Silver
Trading Range: 92680-94700
Intraday Trading Strategy : Buy Silver Jul Fut at 94050 TGT 94700/95150 SL 93600
Crude Oil
Trading Range: 6205-6400
Intraday Trading Strategy : Buy Crude Oil Jun Fut at 6250-6265 TGT 6350/6370 SL 6180
Natural Gas
Trading Range: 226-250
Intraday Trading Strategy : Buy Natural Gas Jun Fut at 229 TGT 238/244 SL 226.80
Copper
Trading Range: 865-888
Intraday Trading Strategy : Buy Copper Jun Fut at 874-875 TGT 883/887 SL 869
Zinc
Trading Range: 256-265
Intraday Trading Strategy : Buy Zinc Jun Fut at 259 TGT 264.80/266 SL 256
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