Sell Copper July Fut below 850 SL 857 Target 844 - HDFC Securities
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GLOBAL MARKET ROUND UP
Weak economic data in China weighed on sentiment across the commodity complex.A stronger USD also reduced investor appetite.
Gold traded near a record high on growing expectations of an imminent Fed rate cut. Chair Powell said that second-quarter data has given policymakers greater confidence that inflation is heading down to the central bank’s 2% goal. The market is now pricing in two 25bp cuts in 2024. While political uncertainty has significantly risen following the attack, it still appears to be underpriced by the market.
Copper led the base metals lower on signs of further softness in demand. China’s economy grew by only 4.7% y/y in Q2 2024, the slowest pace in more than five quarters.
Softness in aluminium prices was aided by stronger output in China. Total production climbed to a record high of 3.67mt on elevated refining margins in June. Aluminium stocks on the Shanghai Futures Exchange also rose, another sign of an oversupplied market.
The weak economic data in China also weighed on sentiment in the crude oil market. This comes after data last week showed softness in oil imports.
Global gas prices edged lower on the broader risk-off tone across the energy complex, but supply disruptions remain in focus.
Gold
Trading Range: 73100 to 73800
Intraday Trading Strategy: Buy Gold Aug. at 73280 SL 73100 Target 73590
Silver
Trading Range: 91600 to 93400
Intraday Trading Strategy: Sell Silver Sept Fut below 92300 SL 92700 Target 91700
Crude Oil
Trading Range: 6700 to 6930
Intraday Trading Strategy: Sell Crude Oil July Fut below 6800 SL 6870 Target 6720
Natural gas
Trading Range: 175 to 195
Intraday Trading Strategy: Sell Natural gas below 185 SL 190 Target 177
Copper
Trading Range: 835 to 870
Intraday Trading Strategy: Sell Copper July Fut below 850 SL 857 Target 844
Zinc
Trading Range: 267 to 280
Intraday Trading Strategy: Buy Zinc July Fut above 275 SL 272 Target 279
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