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Base metals remain steady near their recent swing high, following a recent rally over the past few sessions - HDFC Securities
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GLOBAL MARKET ROUND UP
Gold was steady in the Asian trading hours on Thursday after a modest decline in the previous session as stronger-than-expected US jobs data damped optimism the Federal Reserve’s would do another half-point rate cut at its next meeting.
Private sector employment in the US rose to 143,000 in September, above the estimate of 120,000.
Crude oil rose for a third day as traders assessed supply risks in the Middle East, with Israel expected to make a retaliatory strike against Iran following Tehran’s missile barrage earlier this week. However, crude oil pared some gains, as data showed swelling US crude stockpiles.
Meanwhile, OPEC+ made no changes to plans to start reviving oil production toward the end of the year, despite signs of an impending surplus. The group plans monthly increases beginning with a 180,000 barrel-a-day hike in December.
Natural gas consolidated in the upper end range, supported by hot weather for next week in the western part of the US, signaled there could be more cooling demand from air conditioning in the near future.
Base metals remain steady near their recent swing high, following a recent rally over the past few sessions. A week-long national holiday has shut down Chinese markets from Monday, likely dampening metals trading volumes during Asian trading hours.
Gold
Trading Range: 75705 to 76600
Intraday Trading Strategy: Sell Gold Dec. Fut at 76300-76325 SL 76600 Target 76080/75880
Silver
Trading Range: 90200 to 93000
Intraday Trading Strategy: Buy Silver Mini Nov Fut above 92300 SL 91805 Target 93080
Crude Oil
Trading Range: 5900 to 6125
Intraday Trading Strategy: Buy Crude Oil Oct Fut at 5900-5905 SL 5825 Target 6035
Natural Gas
Trading Range: 237 to 250
Intraday Trading Strategy: Buy Natural Gas Oct Fut at 242-243 SL 237.0 Target 250
Copper
Trading Range: 850 to 870
Intraday Trading Strategy: Sell Copper Oct Fut at 866-867 SL 870.80 Target 858
Zinc
Trading Range: 284-294
Intraday Trading Strategy: Buy Zinc Oct Fut at 285.80 SL 282.0 Target 288/292
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