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Upside Resumes in Metals While Natural Gas Soars Down

By Research Team Friday, Jan 20, 2023
NGAS

    • 11.00amW1
    • High3.096
    • Low3.068
    • Close3.075

Natural Gas is trading at $3.078, 0.21% down since previous close. The Natural gas slid down heavily in the last trading sessions despite bullish estimates release from U.S Energy Information Administration (EIA) which showed a massive fall in Natural gas inventory level by 82B against the previous week’s built-up of 11B. Also, the selling pressure in Oil prices led a sell-off in its substitutes like Natural gas . The Natural gas is now hovering near previous lows of $3.000 amid global cues. The changes in European regions & U.S may affect the demand of heating fuels; further making the commodities more vulnerable. As seen in the chart, the Natural gas is almost on the verge of crossing down major support level. Wait & watch strategy may be adopted for the day.

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Commodities

NGAS

Intra Day
Near Day

Technical Levels

R3 3.835
R2 3.51
R1 3.299
Turnaround 3.184
S1 2.973
S2 2.858
S3 2.531
By Research Team Friday, Jan 20, 2023
COPPER

    • 10.45amD1
    • High9367
    • Low9155
    • Close9292

Copper traded at $9292.3, 0.09% up since previous close. An upside resumed in Copper prices after sliding down in the previous session. The weak market sentiments after U.S issued soft Retail Sales & industrial data led selling pressure in metals. The metal rallied to seven-month highs of $9500 earlier in this week amid positive global cues. The China eased down its Covid-19 lockdown & restrictions & also, posted better than expected GDP & Trade Balance data which revives the consumption demand of Copper since China is a top consumer of base metals. Besides this, the soft USD after U.S CPI data showed a progress in inflationary concern may raise the chances of smaller rate hikes in the near future. Buying on dips may be recommended on the daily basis in Copper.

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Commodities

COPPER

Intra Day
Near Day

Technical Levels

R3 9695
R2 9483
R1 9387
Turnaround 9271
S1 9175
S2 9059
S3 8847
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