Natural Gas is trading at $2.239, 0.14% down since previous day close. The downward momentum can be seen in Natural gas prices amid change in climatic conditions in U.S & European regions which reduces the demand of heating fuels like Natural Gas. Also, the decline in Oil prices made the other energy products weaker too. Last week, the prices gained after the U.S Energy Information Administration (EIA) report showed a shortage of 58B as compared to an expected fall of 62B which signaled lesser supplies against the steady demand & hence, pushed up the prices. As seen in the chart, the Natural Gas is trading near previous lows of $2.200 which acts as major support level. Slight selling bias may be suggested in Natural Gas on daily basis.Read More… Read Less
COPPER is trading at $8702.3, 0.18% up since previous close. The metals inches up on Monday which led Copper prices to trade on higher note through-out the day. However, the suspicious opening can be seen in today’s opening in Copper amid steady USD ahead of the Fed meeting which will reveal its monetary decision against the expected rate hike of 25bps. However, the global commodities may see some kind of upside later on as Fed & other Central banks have announced for liquidity support to be provided to respective economies in order to stabilize global growth; which have been affected by banking crises. As seen in the chart, the Copper reversed up from MA (100) which shows the chances of strong upside if momentum prevails further.Read More… Read Less
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