Natural gas prices declined for the third day in a row, as the 22 BCF gain in stockpiles for last week exceeded most predictions - HDFC Securities
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GLOBAL MARKET ROUND UP
* Gold fell to a two-week low as a better-than-estimated US economic report helped ease expectations that the Federal Reserve needs to cut interest rates soon to prevent a recession.
* In the second quarter, US growth accelerated by more than forecast, demonstrating that demand is holding up under the weight of higher borrowing costs. US GDP increased at a 2.8% annualized rate after rising 1.4% in the previous period, the government’s initial estimate showed.
* Crude oil prices rose as an equity market rally carried futures prices out of an earlier slump. Still, there are concerns about energy consumption in China, the world’s largest oil importer. A slowdown in growth, a lack of major stimulus initiatives, and higher electric-vehicle usage are crimping demand expectations.
* Natural gas prices declined for the third day in a row, as the 22 BCF gain in stockpiles for last week exceeded most predictions.
* Copper steadied to head toward a third weekly decline as an industrial metals’ selloff eased, with investors searching for signs demand may recover. The LME Copper experienced an 18% decline from its May record due to concerns about global demand, particularly from China, the world's largest metals consumer.
* On the macro front, today's US personal consumption expenditures data is likely to reveal easing pricing pressures, which may prompt traders to increase bets on rate reductions.
Gold
Trading Range: 67350 to 68550
Intraday Trading Strategy: Sell Gold Mini Aug. at 67880-67900 SL 68150 Target 67550
Silver
Trading Range: 80300 to 82850
Intraday Trading Strategy: Buy Silver Sept Fut at 81000-81050 SL 80600 Target 82300
Crude Oil
Trading Range: 6420 to 6635
Intraday Trading Strategy: Buy Crude Oil Aug Fut at 6500-6505 SL 6465 Target 6625
Natural Gas
Trading Range: 166 to 192
Intraday Trading Strategy: Sell Natural gas at 182- 183 SL 187.10 Target 173
Copper
Trading Range: 780 to 812
Intraday Trading Strategy: Sell Copper Aug Fut 803- 804 SL 812 Target 794
Zinc
Trading Range: 250 to 259
Intraday Trading Strategy: Sell Zinc Aug Fut at 256.0-256.50 SL 258.80 Target 250
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