Natural Gas Hits 3-Month High Amid Hurricane Production Fears - HDFC Securities
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GLOBAL MARKET ROUND UP
* Gold steadied near a record high as traders digested data and remarks from policymakers while awaiting a slew of key economic readings that may offer clues on the scope of further easing by the Federal Reserve.
* Earlier Monday, data showed US business activity expanded at a slightly slower pace in early September, while expectations deteriorated, and a gauge of prices received climbed to a six-month high. Meanwhile, Chicago Fed President Austan Goolsbee and some of his colleagues at the central bank said that current rates still weigh heavily on the US economy.
* Crude oil recovered some of yesterday's loss and traded higher in Asian trading hours on Tuesday after Chinese authorities unleashed a blitz of policy support for the economy, and a major Israeli strike on Hezbollah targets in Lebanon kept tensions high in the Middle East.
* Natural gas rallied sharply to a 3-month high on concerns that a tropical storm developing in the Caribbean will strengthen into a hurricane, which will likely impact natural gas production.
* Most industrial metals rose on Tuesday as investor sentiment improved after the People's Bank of China announced a sweep of support for the economy, cutting its key short-term interest rate and lowering the mortgage rate for existing housing loans. The People's Bank of China will lower the reserve requirement ratio by 0.5 percentage points in the latest attempt to shore up the economy and financial markets.
Gold
Trading Range: 73900 to 74500
Intraday Trading Strategy: Buy Gold Oct. at 74200 SL 73900 Target 74500/74780
Silver
Trading Range: 89300 to 91300
Intraday Trading Strategy: Buy Silver Mini Nov Fut 89575-89600 SL 89080 Target 90550/91300
Crude Oil
Trading Range: 5825 to 6080
Intraday Trading Strategy: Buy Crude Oil Oct Fut at 5915-5920 SL 5835 Target 6005/6080
Natural Gas
Trading Range: 212 to 236
Intraday Trading Strategy: Buy Natural Gas Sep Fut at 219 SL 213.8 Target 227/233
Copper
Trading Range: 819 to 833
Intraday Trading Strategy: Buy Copper Oct Fut at 825 SL 819.80 Target 833/836
Zinc
Trading Range: 263-272
Intraday Trading Strategy: Buy Zinc Oct Fut at 266 SL 263 Target 272/274.80
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