Natural Gas Retreats as US Weather Forecasts Signal Warmer Temps - HDFC Securities Ltd
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GLOBAL MARKET ROUND UP
* Gold closed higher on Tuesday as uncertainty around upcoming US president Trump's policy attracts some haven flows and provides support for precious metals. Investors believed that Donald Trump's tariffs plan and protectionist policies would exacerbate inflation and hinder international trade, which is likely to increase demand for safehaven metals like gold. However, the US dollar's recovery from yesterday's low, coupled with hawkish remarks from several Fed officials, acts as a headwind for precious metals.
* China’s central bank expanded its gold reserves for a second month in December, signaling renewed appetite after temporarily pausing purchases last year as prices soared.
* Crude oil gained for the second consecutive day as an industry report pointed to another decline in US crude inventories. The API reported that US crude inventories fell by 4 mbl last week, while fuel stockpiles increased. Crude oil has had a strong start to 2025, with prices breaking out of a months-long range.
* Natural gas Tuesday retreated and gave back much of Monday's sharp advance after US weather forecasts turned warmer, signaling less heating demand for natural gas.
* Base metals consolidated in a choppy range, as the U.S. dollar maintained its strength due to better-than-expected US macro data, and investors opted for a cautious stance following President-elect Donald Trump's denial of a report about reduced tariff plans.
* Stocks in Asia followed US peers lower after a selloff in Treasuries on bets the Federal Reserve will delay cutting interest rates due to inflation risks.
Gold
Trading Range: 76600 to 77780
Intraday Trading Strategy: Sell Gold Mini Feb Fut below 77080 SL 77350 Target 76850/76700
Silver
Trading Range: 90050 to 91725
Intraday Trading Strategy: Buy Silver Mini Feb Fut 90275-90300 SL 89600 Target 91080/91400
Crude Oil
Trading Range: 6350 to 6495
Intraday Trading Strategy: Buy Crude Oil Jan Fut at 6350 SL 6290 Target 6435/6450
Natural Gas
Trading Range: 288 to 322
Intraday Trading Strategy: Buy Natural Gas Jan Fut at 292-294 SL 287.0 Target 305/312
Copper
Trading Range: 809 to 824
Intraday Trading Strategy: Buy Copper Jan Fut at 812 SL 807.0 Target 819/822
Zinc
Trading Range: 269-277
Intraday Trading Strategy: Sell Zinc Jan Fut at 275.50 SL 277.80 Target 271.0
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