Crude Oil Rises for 2nd Day, Set for 1st Weekly Gain in a Month - HDFC Securities
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GLOBAL MARKET ROUND UP
* Gold rose to a record high, building on a surge of nearly 2% on Thursday as the dollar extended declines ahead of a widely expected Federal Reserve rate cut next week.
* The euro gained against the greenback as investors pared bets that the European Central Bank, which lowered rates on Thursday, would cut interest rates again next month.
* On the macro front, US data points released Thursday showed an uptick in applications for unemployment benefits and a slight rise in August’s producer price index, although the categories that feed into the Fed’s preferred inflation gauge were muted. The PPI data leaves "some room for the Fed to consider more aggressive cuts ahead."
* Crude oil rose for the second straight day and headed for its first weekly gain in a month as storm Francine disrupted crude production, and a risk-on tone swept across wider markets.
* According to its monthly report, the IEA stated that global consumption growth in the first half was the lowest since the pandemic, as China's economy cooled. Against that backdrop, producer cartel OPEC+ has opted to defer a plan to relax supply curbs.
* Industrial metal rose on Thursday, with zinc being the top gainer as the metal receives a boost from improving sentiment on Chinese demand and growing confidence that Chinese smelter output restrictions will actually take place.
Gold
Trading Range: 72850 to 73700
Intraday Trading Strategy: Buy Gold Mini Oct Fut. at 72950-72975 SL 72700 Target 73350
Silver
Trading Range: 86580 to 88700
Intraday Trading Strategy: Buy Silver Mini Nov Fut 87050 SL 86400 Target 88525/88700
Crude Oil
Trading Range: 5705 to 5950
Intraday Trading Strategy: Buy Crude Oil Sep Fut at 5780-5785 SL 5700 Target 5900
Natural Gas
Trading Range: 188 to 212
Intraday Trading Strategy: Buy Natural Gas Sep Fut at 194-194.80 SL 188.8 Target 204/212
Copper
Trading Range: 792 to 814
Intraday Trading Strategy: Buy Copper Sep Fut at 799-799.80 SL 794.0 Target 807/809
Zinc
Trading Range: 262-269
Intraday Trading Strategy: Buy Zinc Sep Fut at 263- 263.50 SL 261 Target 266/269
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