Natural gas prices fell on Thursday as the weekly EIA natural gas supply increased more than anticipated - HDFC Securities
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
GLOBAL MARKET ROUND UP
* Gold consolidated in range amid mixed cues; this week's hawkish Fed policy and recent lower-than-expected inflation data keep traders confused about the interest rate outlook.
* US producer prices unexpectedly declined in May, falling the most in seven months. The print added to the evidence that inflationary pressures are easing. Separate Labor Department data showed initial applications for US unemployment benefits jumped.
* Crude oil steadied after strong gains to start the week, with US economic data signaling inflation is cooling while Russia agreed to dial back output. Meanwhile, OPEC’s top official once again criticized forecasts of a looming peak in oil consumption, pushing back against a report this week from the IEA.
* Natural gas prices fell on Thursday as the weekly EIA natural gas supply increased more than anticipated. The EIA announced Thursday that natural gas stockpiles for the week ended June 7 increased by +74 bcf, exceeding the consensus of +72 bcf, keeping stocks +23.9% above their 5-year seasonal average and indicating ample supplies.
* Copper and other industrial metals saw a decline on Thursday due to a diminishing demand outlook from China and the US.
Gold
Trading Range: 70850-71700
IntradayTrading Strategy : Sell Gold Mini Jul Fut at 71200-71250 TGT 70850/70700 SL 71480
Silver
Trading Range: 87350-90400
Intraday Trading Strategy : Sell Silver Jul Fut at 88500-88550 TGT 87350/86950 SL 89600
Crude Oil
Trading Range: 6465-6625
Intraday Trading Strategy : Sell Crude Oil Jun Fut at 6565-6575 TGT 6480 SL 6625
Natural Gas
Trading Range: 236-259
Intraday Trading Strategy : Sell Natural Gas Jun Fut at 250 TGT 245/238 SL 259.80
Copper
Trading Range: 845-875
Intraday Trading Strategy : Sell Copper Jun Fut at 864-865 TGT 857 SL 869
Zinc
Trading Range: 250-266
Intraday Trading Strategy : Sell Zinc Jun Fut at 259.80 TGT 256/253.80 SL 263.0
Please refer disclaimer at https://www.hdfcsec.com/article/disclaimer-1795
SEBI Registration number is INZ000171337
