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Bullish EIA Natural Gas Inventories & Base Metals Inches Up Amid Soft USD

By Research Team Friday, Sep 15, 2023

    • 1.09pmd1
    • High2.716
    • Low2.688
    • Close2.71

Natural Gas is trading at $2.710, 0.08% down since previous day close. The Natural Gas prices slid down post release of U.S Energy Information Administration (EIA) report which showed a rise in Natural Gas inventory level by 57B higher than expected build-up of 51B. This signals for higher storage & supplies levels & hence, dragged down the prices. Earlier, the prices traded at higher levels amid rising consumption demand of heating fuels from U.S & European regions on account of change in weather conditions. Uncertain FOMC monetary outlook will remain vital for energy commodities. As seen in the chart, although the Natural Gas corrected down; yet it is still trading above the short-term Moving Averages & hence, buying on lower side may be recommended for the day.

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Daily Outlook


Intra Day
Near Day

Technical Levels

R3 2.991
R2 2.861
R1 2.775
Turnaround 2.732
S1 2.645
S2 2.601
S3 2.471
By Research Team Friday, Sep 15, 2023

    • 1.27pmd1
    • High8478
    • Low8435
    • Close8451

COPPER is trading at $8448.3, 0.12% up since previous close. A strong upside can be seen in base metals after China’s PBoC cut-down Reserve Requirement Ratio (RRR) by 25bps which may boost the industrial activities & hence, may increases the demand of copper since China is a major consumer of base metals. Globally, the soft USD as traders hopes for no-change monetary policy in FOMC’s upcoming meeting after U.S CPI data shows mild change in the inflation rate; led buying pressure in global commodities. As seen in the chart, the Copper reversed up after testing the cluster support & crossed over the long-term MA (100) & short-term MA (10). A strong breakout can be expected for the day in copper if upside prevailed further.

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Daily Outlook


Intra Day
Near Day

Technical Levels

R3 8642
R2 8534
R1 8481
Turnaround 8426
S1 8373
S2 8318
S3 8210

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