Natural gas futures rose as warmer-than-normal weather is expected in the western US and other pockets, stoking cooling demand for the power plant fuel - HDFC Securities
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GLOBAL MARKET ROUND UP
Following modest declines in the previous session, gold steadied near a record as investors pondered the Federal Reserve's rate-cut path ahead of a speech by Chair Jerome Powell and the release of inflation-linked price data.
Treasury yields and the US dollar both rose on Wednesday. The 10-year Treasury yield surged almost 1.50%, while the dollar index gained by 0.44% in the previous session. A dollar recovery weighed down on commodity prices.
Crude oil declining the most in two weeks on Wednesday as Libya’s factions reached a “compromise” on leadership for the OPEC member’s central bank, opening the way to the return of some crude production.
Meanwhile, the potential ease of geopolitical risk also contributed to the decline in oil prices. The US, European Union, and major powers in the Middle East, including Saudi Arabia and Qatar, have proposed a three-week cease-fire between Israel and Hezbollah in Lebanon, part of a bid to clear the way for negotiations and avert an all-out war in the region.
Natural gas futures rose as warmer-than-normal weather is expected in the western US and other pockets, stoking cooling demand for the power plant fuel.
On Wednesday, base metals closed mixed, with investors questioning whether China's surprise stimulus package earlier this week would revive Asia's largest economy, including the real estate market.
Asian equities rallied Thursday as fresh signs of vigor in technology stocks spread across the region.
Gold
Trading Range: 74820 to 75580
Intraday Trading Strategy: Buy Gold Oct. Fut above 75380 SL 75180 Target 75550/75780
Silver
Trading Range: 90750 to 93100
Intraday Trading Strategy: Buy Silver Mini Nov Fut at 91375-91400 SL 90780 Target 92380/92500
Crude Oil
Trading Range: 5775 to 5980
Intraday Trading Strategy: Sell Crude Oil Oct Fut below 5810 SL 5875 Target 5735
Natural Gas
Trading Range: 229 to 245
Intraday Trading Strategy: Sell Natural Gas Oct Fut at 273.80 SL 242.6 Target 231
Copper
Trading Range: 833 to 846
Intraday Trading Strategy: Sell Copper Oct Fut at 842 SL 845.80 Target 836
Zinc
Trading Range: 271-280
Intraday Trading Strategy: Buy Zinc Oct Fut at 273.80 SL 271 Target 276.50/278
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