Natural gas dropped nearly 5.70% during a volatile session on Wednesday - HDFC Securities
GLOBAL MARKET ROUND UP
Gold continued its decline during the Asian trading hours on Thursday, marking a fourth consecutive day of losses. This downturn followed the US Court of International Trade's decision to block President Donald Trump's global tariff agenda.
The ruling boosted riskier assets and improved investor sentiment, leading to further declines in safe-haven metals like gold. Crude oil climbed more than 1.50% on Wednesday as the market assessed the risk of additional U.S. sanctions on Russia and the possibility that nuclear talks with Iran will fail to produce an agreement. Meanwhile, the API reported that U.S. crude stockpiles declined by 4.2 million barrels last week, and traders are now awaiting today’s U.S. government data.
On another note, OPEC+ gathered online to ratify their current groupwide production quotas, leaving their longer-term targets for 2025 and 2026 unchanged. A decision on whether to continue the 411,000 barrel-a-day hikes will be finalized in a video conference on Saturday, a factor that has contributed to price volatility over the past two months.
Natural gas dropped nearly 5.70% during a volatile session on Wednesday. The decline was attributed to expiry-related selling and a weak demand outlook. Today’s EIA storage report is anticipated to indicate an injection of 93 Bcf, reducing the surplus over the fiveyear average to 85 Bcf, down from 90 Bcf the previous week. Base metals experienced a decline on Wednesday due to a recovery in the US dollar and ongoing uncertainty regarding demand.
However, the decrease in LME inventories helped limit the significant decline in copper prices. Copper inventories on the LME fell to their lowest level in nearly two years, as traders continued to withdraw supplies from
Gold
Trading Range: 94575 to 96131
Intraday Trading Strategy: Sell Gold Mini Jul Fut at 95300-95325 SL 95680 Target 94720/94550
Silver
Trading Range: 96350 to 99080
• Intraday Trading Strategy: Buy Silver Mini Jun Fut at 97150-97180 SL 96480 Target 98080/98700
Crude Oil
• Trading Range: 5220 to 5445
• Intraday Trading Strategy: Buy Crude Oil Jun Fut at 5345-5350 SL 5280 Target 5435
Natural Gas
• Trading Range: 292 to 324
• Intraday Trading Strategy: Sell Natural Gas Jun Fut at 310-312 SL 319.80 Target 297/292
Copper
• Trading Range: 850 to 875
• Intraday Trading Strategy: Buy Copper Jun Fut at 858-859 SL 855 Target 865.80
Zinc
• Trading Range: 252 to 260
• Intraday Trading Strategy: Buy Zinc Jun Fut at 255.50 SL 252.0 Target 258.5
