Natural gas futures surged on Thursday, supported by an update on the storage report that showed a lower-than-average addition to stockpiles -HDFC Securities
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GLOBAL MARKET ROUND UP
Gold closed with a modest decline on Thursday, pressured by a recovery in the dollar index following better-than-expected US service PMI data, which has dimmed expectations for another half-point rate cut at the next Federal Reserve meeting.
US service PMI expanded in September at the fastest pace since February 2023, driven by a flurry of orders and stronger business activity.
Crude oil posted its biggest one-day jump in almost a year as markets braced for the possibility that Israel could strike Iran's energy industry, the latest potential escalation of a conflict that began almost a year ago when Hamas attacked Israel. Meanwhile, Libya resumed oil production on Thursday, returning hundreds of thousands of barrels a day to global markets after resolving a political standoff in the OPEC nation.
Natural gas futures surged on Thursday, supported by an update on the storage report that showed a lower-than-average addition to stockpiles.
Copper and other base metals gave up earlier gains and closed with losses as traders took profit after a recent rally and recovery in the US dollar, which also weighed down on base metals.
Hong Kong stocks led gains among Asian equities ahead of US jobs data that’ll offer clues on the health of the US economy, which can provide investors with an evaluation of the possibility of additional monetary easing by the Federal Reserve.
Gold
Trading Range: 75980 to 76700
Intraday Trading Strategy: Buy Gold Dec. at 76180 SL 75900 Target 76450/76600
Silver
Trading Range:91900 to 94300
Intraday Trading Strategy: Buy Silver Mini Nov Fut 92450-92500 SL 92050 Target 93680
Crude Oil
Trading Range:: 6080 to 6325
Intraday Trading Strategy: Buy Crude Oil Oct Fut at 6135 SL 6095 Target 6235
Natural Gas
Trading Range:242 to 256
Intraday Trading Strategy: Buy Natural Gas Oct Fut at 245 SL 242.0 Target 253
Copper
Trading Range: 836 to 859
Intraday Trading Strategy: Buy Copper Oct Fut at 850 SL 844.80 Target 857/859
Zinc
Trading Range:280-288
Intraday Trading Strategy:Buy Zinc Oct Fut at 283 SL 280 Target 287
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