Stocks in Asia rose, tracking Wall Street`s rally, with investors awaiting key inflation data for clues on the Federal Reserve`s policy - HDFC Securities
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GLOBAL MARKET ROUND UP
Gold stabilized after rising almost 1% on Tuesday, ahead of US inflation data that may shed light on the Federal Reserve's rate path. According to forecasts, underlying inflation in the US likely moderated in April for the first time in six months, which could support the case for rate cuts this year and benefit gold because it doesn't pay interest.
Meanwhile, Federal Reserve Chair Jerome Powell said in his speech that the central bank must be patient and wait for evidence that price pressures are abating, doubling down on the need to keep borrowing costs higher for longer.
Crude oil recovered from yesterday's low and traded in green after an industry report showed shrinking US stockpiles, and traders looked ahead to a report from the International Energy Agency that may shed light on market balances into the second half.
Copper futures surged to a fresh swing high in the Asian trading hours on Wednesday, driven by a short squeeze that saw the most liquid contract trade at a huge premium to other market benchmarks. On the macro front, China is considering buying millions of unsold homes to support the property market.
Stocks in Asia rose, tracking Wall Street’s rally, with investors awaiting key inflation data for clues on the Federal Reserve’s policy.
Gold
Trading Range: 71950-72600
Intraday Trading Strategy : Buy Gold Mini 05 Jun Fut at 72250-72300 TGT 72580 SL 72150
Silver
Trading Range: 84700-86300
Intraday Trading Strategy : Buy Silver Jul Fut at 85050-85080 TGT 85750 SL 87650
Crude Oil
Trading Range: 6480-6650
Intraday Trading Strategy : Buy Crude Oil May Fut at 6510-6520 TGT 6620/6650 SL 6440
Natural Gas
Trading Range: 188-204
Intraday Trading Strategy : Buy Natural Gas May Fut at 188-188.50 TGT 197/204 SL 184.80
Copper
Trading Range: 887-909
Intraday Trading Strategy : Buy Copper May Fut at 891-892 TGT 897/901 SL 887
Zinc
Trading Range: 263.50-269
Intraday Trading Strategy : Buy Zinc May Fut at 265 TGT 267.80/269 SL 262.0
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