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Natural Gas Prices Retreated Amid Bullish EIA Estimates & Copper Soars Down As Well

By Research Team Tuesday, Oct 3, 2023
Natural Gas

    • 2.04pmd1
    • High2.857
    • Low2.817
    • Close2.824

Natural Gas is trading at $2.827, 0.04% down since previous day close. The Natural Gas prices plunges down post release of U.S EIA report which showed a rise in Natural Gas inventory levels by 90B against the previous week’s figure of 64B. This signals for higher storage levels & hence, made the commodity inexpensive. On global front, the strong USD on account of higher chance of ate hike by end of this year made the global commodities weaker. The change in consumption demand of heating fuels from U.S & European regions made the prices weaker amid change in weather conditions. As seen in the chart, the commodity slid down to MA (10) & MA (20) which acts as major support level & hence, the cautious trading may be expected on daily basis.

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Commodities

Natural Gas

Intra Day
Near Day

Technical Levels

R3 3.091
R2 2.98
R1 2.908
Turnaround 2.869
S1 2.797
S2 2.758
S3 2.647
By Research Team Tuesday, Oct 3, 2023
Copper

    • 2.20pmd1
    • High8023
    • Low7946
    • Close7998

COPPER traded at $8005.3, 0.16% down since previous close. The copper seems to be trading weaker against the strong USD as fear looms over chances of one more rate hike by end of this year; as hinted by Fed Powell last week. Also, the China issued weaker than expected Manufacturing PMI figures which indicates a slowdown in industrial sector & hence, affects the consumption demand of copper since China is a major consumer of base metals. The rising stock level of Copper at London Metal Exchange remained suppressive for prices. As seen in the chart, the copper slid down to cluster support level with heavy trading volume & hence, selling on rallies may be recommended in copper if downside prevails further for the day.

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Commodities

Copper

Intra Day
Near Day

Technical Levels

R3 8711.67
R2 8425.67
R1 8242.33
Turnaround 8139.67
S1 7956.66
S2 7853.22
S3 7567.37
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