Natural gas recovered from early losses and settled moderately higher on shifting US weather forecasts - HDFC Securities Ltd
GLOBAL MARKET ROUND UP
* Gold ended with modest gains on Tuesday, a recovery seen after a report showed the producer price index had unexpectedly cooled in December. This comes ahead of a crucial US inflation report that could potentially provide additional insights into the Federal Reserve's monetary easing trajectory. The consumer price report comes at a crucial time for global markets, after a spate of solid US economic data trimmed Fed rate cut expectations.
* Crude oil slipped from a five-month high as Hamas and Israel tentatively agreed to a cease-fire, cooling a rally fueled by risks to Russian and Iranian supplies. Such a deal would mark a potential end to a conflict that has buffeted global oil markets for more than 15 months. However, the impact of cold weather continued to reverberate, and an industry report pointed to lower US stockpiles that limited the loss. The API said crude inventories fell by 2.6 million barrels last week. That would be an eighth draw if confirmed by official data
* Natural gas recovered from early losses and settled moderately higher on shifting US weather forecasts. Forecaster Maxar Technologies said that the 11- to 15-day forecast calls for colder changes over most of the country, which will boost heating demand for natural gas.
* Copper prices extended their upward momentum on Tuesday, reaching their highest levels in a month, bolstered by signs of improving economic activity in China. Healthy demand signals from China have also fueled market sentiment. The country’s copper imports surged by nearly 18% year-over-year in December, reaching a 13-month high. This has reinforced expectations of steady demand for copper in the near term.
Gold
Trading Range: 77950 to 78600
Intraday Trading Strategy: Sell Gold Mini Feb Fut at 78450-78475 SL 78735 Target 78080
Silver
Trading Range: 89900 to 91700
Intraday Trading Strategy: Buy Silver Mini Feb Fut at 90050 SL 89780 Target 91080.
Crude Oil
Trading Range: 6580 to 6775
Intraday Trading Strategy: Sell Crude Oil Feb Fut below 6620 SL 6700 Target 6525
Natural Gas
Trading Range: 322 to 356
Intraday Trading Strategy: Buy Natural Gas Jan Fut at 332-333 SL 329.0 Target 345/347
Copper
Trading Range: 819 to 833
Intraday Trading Strategy: Buy Copper Jan Fut at 820 SL 816.0 Target 826/829
Zinc
Trading Range: 265-275
Intraday Trading Strategy: Sell Zinc Jan Fut at 271.50 SL 274.0 Target 267
Please refer disclaimer at https://www.hdfcsec.com/article/disclaimer-1795
SEBI Registration number is INZ00017133
