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Natural gas surged about 4% on Monday due to hotter weather forecasts, which increased the demand outlook - HDFC Securities
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GLOBAL MARKET ROUND UP
Gold was steady in Asian trading hours on Tuesday after closing slightly higher in the previous session on a weaker US dollar. The focus for traders is turning to economic data due at the end of this week, including US GDP and the Federal Reserve’s preferred gauge of consumer inflation, which should offer clues on when the central bank will pivot to monetary easing.
Crude oil prices rose on Monday, with a softer dollar and rising geopolitical tensions from Yemen to Russia providing support. Houthi militants have ramped up their attacks on ships off Yemen recently, while Russia has blamed the US for a missile strike on occupied Crimea and warned of “consequences.”
Natural gas surged about 4% on Monday due to hotter weather forecasts, which increased the demand outlook.
Amidst mixed cues, base metals consolidated in range. Following weak fiscal revenue data, investors are considering potential stimulus measures in China, which could provide support for base metals. However, higher inventory levels and weak spot demand limit these gains.
China’s data released Monday showed its fiscal revenue shrank at the fastest pace in more than a year, fueling expectations that Beijing could make a rare mid-year budget revision to aid economic recovery.
Gold
Trading Range: 71150-71980 Intraday Trading Strategy : Sell Gold Mini Aug Fut at 71825-71850 TGT 71480 SL 72050
Silver
Trading Range: 87600-89725 Intraday Trading Strategy: Sell Silver Jul Fut at 89450-89475 TGT 88480 SL 89700
Crude Oil
Trading Range: 6705-6900 Intraday Trading Strategy : Buy Crude oil Jul Fut at 6845 TGT 6920 SL 6817
Natural Gas
Trading Range: 235-255 Intraday Trading Strategy : Buy Natural Gas Jul Fut at 244 TGT 250/255 SL 238.80
Copper
Trading Range: 844-865 Intraday Trading Strategy : Buy Copper Jul Fut at 849 TGT 855/857 SL 844
Zinc
Trading Range: 255-265 Intraday Trading Strategy : Buy Zinc Jul Fut at 256.50 TGT 259.80/263 SL 253.0
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