Natural gas futures fell on Tuesday as weather forecasts signaled less demand for the power plant fuel - HDFC Securities
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GLOBAL MARKET ROUND UP
Gold rose to a record high in the earlier trading session on Wednesday after jumping more than 1% in the previous session, as weak US data bolstered the case for deeper rate cuts. Silver was nearing its highest level in four months.
On Tuesday, data showed that US consumer confidence unexpectedly fell in September by the most in three years, raising concerns about the outlook for the broader economy. Following the data, the dollar fell along with Treasury yields. Swaps traders increased bets for more than three-quarters of a point of easing by the Federal Reserve this year.
Crude oil steadied in Asian trading hours on Wednesday after its biggest advance in more than a week, as Chinese authorities unveiled a package of measures to boost its economy, which may boost oil consumption, and major Israeli strikes on Hezbollah targets in Lebanon kept tensions high in the Middle East.
Natural gas futures fell on Tuesday as weather forecasts signaled less demand for the power plant fuel. Tropical Storm Helene appeared to be less likely to disrupt offshore platforms and is expected to miss LNG terminals, but it could unleash cooling rains across the Southeast.
Copper and other industrial metals rallied strongly after China unveiled a series of measures to boost growth and resurrect its beleaguered property market.
Asian shares rose as a rally fueled by China’s wide-ranging stimulus package lifted equity for a second day.
Gold
Trading Range: 74750 to 75580
Intraday Trading Strategy: Buy Gold Oct. at 74925 SL 74680 Target 75350/75580
Silver
Trading Range: 91300 to 93800
Intraday Trading Strategy: Buy Silver Mini Nov Fut 91350-91375 SL 90480 Target 92750
Crude Oil
Trading Range: 5865 to 6080
Intraday Trading Strategy: Buy Crude Oil Oct Fut at 5950-5955 SL 5900 Target 6025
Natural Gas
Trading Range: 222 to 245
Intraday Trading Strategy: Sell Natural Gas Oct Fut at 237.80 SL 242.6 Target 231
Copper
Trading Range: 826 to 850
Intraday Trading Strategy: Buy Copper Oct Fut at 836 SL 831.80 Target 845
Zinc
Trading Range: 271-280
Intraday Trading Strategy: Buy Zinc Oct Fut at 274.50 SL 271 Target 280
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