Report on Daily commodity 31st Oct 2025 by Hdfc Securities Ltd
GLOBAL MARKET ROUND UP
Gold rose on Thursday as traders considered a US-China trade truce that did not alleviate concerns about the long-term competition between the world's two largest economies, which increased traders' interest in safe-haven assets.
Market sentiment improved after the World Gold Council reported that central bank purchases of gold increased by 28% in the third quarter, totaling an estimated net of 220 tons. Additionally, total demand for gold rose by 3% year-over-year during the same quarter, reaching 1,313 metric tons. Strong buying of ETFs and retail investments in physical gold products, such as bars and coins, drove this increase.
Crude oil prices have been fluctuating within a narrow range, influenced by mixed global factors. Investors are looking for clarity on how the recent US sanctions targeting major Russian producers will impact oil flows to India and China.
Furthermore, the OPEC+ producers' group is scheduled to meet on Sunday to discuss output policy, with expectations of considering another production increase in December. This potential move may heighten the market's concerns about a global oversupply. Natural gas prices increased on Thursday due to indications of cooler weather that could boost demand. Weather forecasts have turned cooler for the eastern half of the United States from November 9 to 13. This rise occurred despite a government report showing a larger-than-average increase in domestic stockpiles of the fuel
Copper and other base metals fell on Thursday due to a lack of significant resolution from US President Donald Trump’s discussions with his Chinese counterpart, Xi Jinping.
On the macroeconomic front, China's manufacturing downturn has deepened, reaching a six-month low in October. The official manufacturing PMI was reported at 49.0, falling short of the expected 49.6.
Gold
Trading Range: 119580 to 123900
• Intraday Trading Strategy: Buy Gold Mini Dec Fut at 121600-121625 SL 120100 Target 122925/123450
Silver
• Trading Range: 146300 to 153750
• Intraday Trading Strategy: Sell Silver Mini Nov Fut at 151750-151775 SL 152680 Target 150080/148750
Crude Oil
• Trading Range: 5250 to 5480
• Intraday Trading Strategy: Buy Crude Oil Nov Fut at 5280-5285 SL 5220 Target 5375/5425
Natural Gas
Trading Range: 350 to 374
• Intraday Trading Strategy: Buy Natural Gas Nov Fut at 355-356 SL 347.80 Target 366.50/372.0
Copper
• Trading Range: 1003 to 1029
• Intraday Trading Strategy: Sell Copper Nov Fut at 1017-1017.80 SL 1024.0 Target 1005/1003
Zinc
• Trading Range: 294 to 305.80
• Intraday Trading Strategy: Sell Zinc Nov Fut at 302.5-303.0 SL 305.8 Target 297.5/295.8
Please refer disclaimer at https://www.hdfcsec.com/article/disclaimer-1795
SEBI Registration number is INZ00017133
