Natural gas Monday plummeted to a two-week low and closed sharply lower - HDFC Securities Ltd
GLOBAL MARKET ROUND UP
* Gold prices corrected on Monday as speculators liquidated their long bets to cover losses in equities amid a global rout in technology stocks. Market participants are also being cautious about taking new bets ahead of the US Federal Reserve's first policy decision for 2025 later this week. The Federal Reserve is largely expected to keep interest rates unchanged, but market players focus on the Fed Chair's press conference, which may provide further information on the Fed's future policy path
* US dollar extended intraday recovery against major peers after US President Donald Trump said he wants universal tariffs that are “much bigger” than 2.5%.
* On Monday, the price of crude oil fell by 2.0% due to the escalation of planned tariffs by US President Donald Trump, which could potentially increase the risks for global trade. Meanwhile, oil traders expect OPEC and allies to stick with their current supply policy at a review meeting next week, resisting pressure from Trump to boost production and bring down crude prices.
* Natural gas Monday plummeted to a two-week low and closed sharply lower. The outlook for warmer US temperatures early next month, which will reduce the heating demand for natural gas, has hammered prices.
* Copper fell from a two-month high, and mining equities slumped as a wave of risk aversion swept through global markets and economic data from China fueled concerns overgrowth. Copper and aluminum prices also weighed down after US President Donald Trump said he planned to impose import tariffs on the metal, as well as aluminum and steel, raising fears of trade wars and aiding the dollar. China's markets remain closed for the Lunar New Year holiday.
Gold
Trading Range: 79300 to 80150
Intraday Trading Strategy: Sell Gold Mini Feb Fut at 79700 SL 79950 Target 79380
Silver
Trading Range: 89500 to 91500
Intraday Trading Strategy: Sell Silver Mini Feb Fut at 90600-90625 SL 91500 Target 89700/89520
Crude Oil
Trading Range: 6235 to 6425
Intraday Trading Strategy: Buy Crude Oil Feb Fut at 6280 SL 6245 Target 6375
Natural Gas
Trading Range: 274 to 294
Intraday Trading Strategy: Sell Natural Gas Feb Fut at 288 SL 294.0 Target 280/274
Copper
Trading Range: 819 to 836
Intraday Trading Strategy: Sell Copper Feb Fut at 832 SL 837.0 Target 824/822
Zinc
Trading Range: 261-274
Intraday Trading Strategy: Sell Zinc Feb Fut at 270. 0 SL 273.80 Target 265
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