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Bearish EIA Natural gas Estimates While Copper Turns Bullish

By Research Team Friday, Mar 24, 2023

    • 10.22amw1
    • High2.301
    • Low2.263
    • Close2.297

Natural Gas is trading at $2.296, 0.08% up since previous day close. The Natural Gas prices moved up on higher side post release of U.S Energy Information Administration (EIA) report which showed a drop-down in Natural gas inventory levels by 72B same as expected fall of 75B. However, the estimates dropped above the previous reading of -58B which indicates shortage in supplies against the demand. The decline in Oil prices & changing weather conditions in European & US regions made the Natural gas prices weaker as well. As seen in the chart, the Natural Gas is trading near previous lows of $2.200 which acts as major support level. The ADX indicator shows the sign of downward momentum if prices failed to sustain higher levels.

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Intra Day
Near Day

Technical Levels

R3 2.509
R2 2.366
R1 2.316
Turnaround 2.223
S1 2.173
S2 2.08
S3 1.937
By Research Team Friday, Mar 24, 2023

    • 10.48amd1
    • High9039
    • Low8827
    • Close8983

COPPER is trading at $8983.3, 0.15% up since previous close. The metals moved up on Thursday against the steady USD as U.S Treasury Secretary Janet Yellen stated mixed comments over deposits in SVB & Signature banks. Earlier, the soft USD after FOMC raised an interest rate by 25bps leading to 5.00% to 4.75% range as expected & hinted for more rate hikes in order to reduce inflationary pressure led the buying pressure in base metals since both of them are inversely correlated. The outcome of U.S Manufacturing PMI will remain vital for copper prices. As seen in the chart, the Copper reversed up from MA (100) which shows the chances of strong upside if momentum prevails further. Buying on dips may be suggested for the day in Copper.

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Intra Day
Near Day

Technical Levels

R3 9373.67
R2 9161.25
R1 9072.33
Turnaround 8949.66
S1 8860.33
S2 8737.25
S3 8525.66

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