Weekly Report : Copper declined with other commodities after China`s debt swap plan disappointed investors - HDFC Securities
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Global Market Round Up
* Gold fell at the end of a volatile week’s trading as investors assessed the path ahead for the US rate cut and the implications of Donald Trump’s election victory. Trump's spectacular victory in the US election pushed dollars higher, also putting pressure on gold prices. Trump's planned measures, such as tariffs and harsher immigration controls, are inflationary. This has reduced expectations for significant interest rate cuts by the Federal Reserve in the US. Spot gold experienced a decline of nearly 2.0%, marking its biggest weekly decline since May.
* Crude oil ended with a modest gain of 1.28% as investors assessed the impact of the Federal Reserve rate cut and the upcoming Donald Trump administration on crude supplies. Investors fear that the incoming Trump administration may tighten sanctions on Iran and Venezuela, potentially disrupting the oil supply on the market.
* Natural gas retreated from the weekly high due to higher weekly storage data and warmer weather forecasts, which reduced the demand outlook for natural gas. However, the price managed to close with a minor gain, thanks to a higher gain in the early part of the week.
* Copper declined with other commodities after China’s debt swap plan disappointed investors. The world’s largest importer of the metal announced a 10 trillion-yuan program to refinance local government debt that will be provided through 2028 but stopped short of unleashing new stimulus. Investors now look for Chinese retail sales and industrial production data due later this week to assess the economy's health.
Gold
Trading Range and Strategy : Expected range for Gold Dec Fut is 76300–78210. Sell Gold Dec Fut around 77150–77200 TGT 76350/75750 Keep Stop Loss 78210.
Silver
Trading Range and Strategy : Expected range for Silver Dec Fut is 89705–96350. Sell Silver Dec Fut at 92000-92080 TGT 89705/88300 SL 93700.
Crude Oil
Trading Range and Strategy : Expected range for Crude Oil Nov Fut is 6135–5650. Sell crude oil Nov Fut at 5980-6000 TGT 5880/5705 SL 6135.
Natural Gas
Trading Range and Strategy : Expected range for Natural Gas Nov Fut is 215–237. Buy Natural Gas Nov Fut at 232-233 TGT 245/250 SL 224.
Copper
Trading Range and Strategy : Expected range for Copper Nov Fut is 815-855. Sell Copper Nov Fut at 842-845 TGT 826/819 SL 855.
Zinc
Trading Range and Strategy : Expected range for Zinc Nov Fut is 274.0–287.8. Sell Zinc Nov Fut at 284.0 TGT, 275/271.80 SL 289.8.
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