Crude oil remained steady as concerns over China`s economic outlook offset supply disruptions in Libya - HDFC Securities
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GLOBAL MARKET ROUND UP
Gold declined on Monday due to a stable US dollar and an uptick in Treasury yields. Furthermore, the decrease in aggressive rate-cut expectations following last week's US macro data also weighed down on gold prices. The markets are now pricing in nearly 70% of the 25-basis point rate cut by the Fed in September, while the odds of a 50-bps are decreasing to 30%.
Crude oil remained steady as concerns over China's economic outlook offset supply disruptions in Libya. Libya declared force majeure at a key oilfield amid widening shutdowns that have wiped out close to a million barrels from daily global supplies.
Natural gas closed higher on Monday amid fresh signs of increased demand for gas-intensive cooling. Meanwhile, investors continued to assess domestic gas supply levels ahead of the winter season.
Copper declined marginally in the previous session amid rising inventories and weak Chinese macro data. Recently, copper inventories in LME warehouses increased by 8,700 tons. While Chinese data showed factory activity contracted for a fourth month in August and a residential slump deepened, raising concerns the world’s top crude importer may struggle to meet this year’s economic growth target.
Japanese stocks gained, making them an outlier in broadly flat equity markets across Asia on Tuesday, as investors look to US data later this week for clues on Federal Reserve rate cuts.
Gold
Trading Range:71350 to 72080 Intraday
Trading Strategy:Sell Gold Oct. at 71650 SL 71800 Target 71380/71100
Silver
Trading Range: 83600 to 85000
Intraday Trading Strategy: Sell Silver Mini Nov Fut 84725-84750 SL 85300 Target 84025/83700
Crude Oil
Trading Range: 6120 to 6350
Intraday Trading Strategy: Sell Crude Oil Sep Fut below 6125 SL 6165 Target 6050
Natural Gas
Trading Range: 172 to 188
Intraday Trading Strategy: Buy Natural Gas Sep Fut at 178-179 SL 174.8 Target 188
Copper
Trading Range: 784 to 806
Intraday Trading Strategy: Sell Copper Sep Fut at 801 SL 805.80 Target 794
Zinc
Trading Range: 256-269
Intraday Trading Strategy: Sell Zinc Sep Fut at 266 SL 269 Target 262/258
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