Natural gas prices fell on Thursday as weekly EIA natural gas supplies fell less than expected - HDFC Securities Ltd
GLOBAL MARKET ROUND UP
* Gold prices fell on Thursday as investors weighed the latest tariff developments and their implications after Secretary Lutnick reiterated Trump could ease tariffs for Mexico and Canada. Secretary Lutnick's statements have undermined the safe haven flow for gold and sparked profit booking in precious metals.
* Furthermore, short-term traders also cut their long positions after the U.S. exempted Mexican and Canadian automakers from tariffs for one month, reducing the fear of further escalation of the trade war.
* The dollar index extended its loss on Thursday, and so far this week it has fallen more than 3.0% as a negative impact of US tariffs on the US economy.
* Crude oil prices settled with a modest gain on Thursday, supported by short covering after the price declined to the lowest level since May 2023 on Wednesday. Crude oil prices are under pressure as US tariff uncertainty weighs on the outlook for energy demand and expected increases in global supply.
* Natural gas prices fell on Thursday as weekly EIA natural gas supplies fell less than expected. The EIA reported that natural gas inventories for the week ended February 28 fell -80 bcf, a smaller draw than expectations of -93 bcf. The outlook for warmer US weather that will curb heating demand for natural gas also weighed on natural gas prices.
* Base metals rose on Thursday. Copper in particular has surged to a fresh swing high on mounting optimism over China's stimulus programs. The prospect of tariffs has also sparked a global scramble to secure copper that can be shipped to the US before any levies take effect, adding further upward pressure on prices.
Gold
Trading Range: 85080 to 86300
Intraday Trading Strategy: Buy Gold Mini Apr Fut at 85550 SL 85300 Target 86020
Silver
Trading Range: 96300 to 98700
Intraday Trading Strategy: Buy Silver Mini Apr Fut at 97350 SL 96280 Target 98150/98700
Crude Oil
Trading Range: 5700 to 5905
Intraday Trading Strategy: Buy Crude Oil Mar Fut at 5735 SL 5680 Target 5845
Natural Gas
Trading Range: 365 to 388
Intraday Trading Strategy: Sell Natural Gas Mar Fut at 380 SL 389.0 Target 366
Copper
Trading Range: 875 to 894
Intraday Trading Strategy: Buy Copper Mar Fut at 882 SL 877.0 Target 888
Zinc
Trading Range: 269-277
Intraday Trading Strategy: Buy Zinc Mar Fut at 272.50 SL 269.0 Target 277
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