Crude Rebounds from Lows, Closes Higher on New US Iran Sanctions - HDFC Securities Ltd
GLOBAL MARKET ROUND UP
* Gold ended with a modest gain on Monday as geopolitical and trade tensions continued to provide a safe-haven demand to hedge against uncertainty. Global ETF holdings reached their highest level since January 2024, with inflows observed every week this year except one; this indicates strong investment demand for yellow metals. The US dollar has provided an additional boost for the precious metal. Amidst weak US macro data, a dollar index remained close to a recent swing low. Recent data showed US business activity slowed and consumer confidence waned, while expectations for inflation surged.
* Crude oil rebounded from the day’s low and closed with a marginal gain as the US issued fresh sanctions on Iranian oil. The Trump administration imposed a new round of sanctions on oil brokers, ships, and people it said were linked to illicit shipments of Iranian crude, framing the move as a return to a “maximum pressure” strategy to squeeze the country’s economy. Meanwhile, OPEC and its allies are expected to again delay plans to revive production as the market faces a potential surplus.
* Natural gas futures sank on Monday as forecasts shifted warmer for the East Coast and Midwest for early March, signaling that the worst of winter’s cold is over.
* Base metals, including aluminum, zinc, and copper, declined as moves by US President Donald Trump to restrict Chinese investments undermined market sentiment, with raw materials losing ground along with local equities.
* Asian stocks fell on Tuesday after US President Donald Trump moved to curb Chinese investments and impose tariffs on Canada and Mexico, prompting investors to reduce their positions.
Gold
Trading Range: 85750 to 86600
Intraday Trading Strategy: Buy Gold Mini Mar Fut at 85850 SL 85625 Target 86180
Silver
Trading Range: 94750 to 96480
Intraday Trading Strategy: Sell Silver Mar Fut at 95950 SL 96700 Target 94750
Crude Oil
Trading Range: 6125 to 6280
Intraday Trading Strategy: Buy Crude Oil Mar Fut at 6165 SL 6125 Target 6280
Natural Gas
Trading Range: 333 to 356
Intraday Trading Strategy: Sell Natural Gas Mar Fut at 347.50 SL 356.8 Target 337/333
Copper
Trading Range: 852 to 875
Intraday Trading Strategy: Buy Copper Mar Fut at 856-857 SL 852.0 Target 865/867
Zinc
Trading Range: 264-274
Intraday Trading Strategy: Sell Zinc Mar Fut at 270.50 SL 273.0 Target 266/264
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