Natural Gas Futures Gain as Forecasts Shift Colder, Inventory Report In Line - HDFC Securities Ltd
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GLOBAL MARKET ROUND UP
* Gold rose on Wednesday as sentiment was boosted by strong Chinese demand and safe haven buying due to potential risks to global trade from Donald Trump’s second term in the White House.
* The latest US economic data showed private sector hiring and wage growth slowed in December, pointing to a gradual softening of the nation’s labor market. Traders are now shifting attention to Friday’s payroll data for December, which are expected to show moderating yet still-healthy job growth that economists expect to carry on in 2025.
* Meanwhile, US policymakers reaffirmed the view that the US central bank wants to take a cautious approach to lowering borrowing costs because it wants more progress on easing inflation, according to the release of last month’s FOMC meeting minutes.
* Crude oil prices dropped more than 1% on Wednesday as US crude inventories fell less than expected and traders took profit after a recent rally in oil prices. US crude inventories fell by a less-than-expected 959,000 barrels last week, EIA data showed. Traders also assessed data that highlighted continued weakness in China’s economy, which is likely to impact oil demand.
* China’s consumer inflation fell further toward zero, according to figures on Thursday, a setback for the government’s efforts to drive up demand by injecting stimulus.
* Natural gas futures gained on Wednesday as forecasts shifted colder, and a weekly inventory report was in line with analyst expectations. Natural gas stockpiles declined by 40 billion cubic feet.
Gold
Trading Range: 77450 to 78331
Intraday Trading Strategy: Sell Gold Mini Feb Fut at 77900 SL 78120 Target 77580/77450
Silver
Trading Range: 90300 to 91880
Intraday Trading Strategy: Buy Silver Mini Feb Fut at 90800-90825 SL 90375 Target 91700
Crude Oil
Trading Range: 6225 to 6420
Intraday Trading Strategy: Sell Crude Oil Jan Fut at 6350 SL 6419 Target 6275/6245
Natural Gas
Trading Range: 297 to 324
Intraday Trading Strategy: Buy Natural Gas Jan Fut at 304-305 SL 295.0 Target 319/322
Copper
Trading Range: 812 to 833
Intraday Trading Strategy: Buy Copper Jan Fut at 819-820 SL 815.0 Target 829/833
Zinc
Trading Range: 266-275
Intraday Trading Strategy: Sell Zinc Jan Fut at 271.50 SL 274.80 Target 266
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