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Commodities Inches up Amid Soft USD & Better Chinese Economic Conditions

By Research Team Tuesday, Jan 17, 2023

    • 11.42pmW1
    • High3.721
    • Low3.652
    • Close3.709

Natural Gas is trading at $3.709, 0.01% up since previous close. A strong consolidation phase can be noticed in Natural gas since last two trading sessions as the commodity slid down to one-year lower levels of $3.500 last week. On positive note, the commodity gained the demand after China eases down its Covid-19 restrictions & lockdown & also, showed an economic development which raises consumption of energy products. The changes in European regions & U.S may affect the demand of heating fuels like Oil & Natural gas; further making the commodities more vulnerable. As seen in the chart, the Natural gas widely slid down to previous lows & seems to be sustaining the MA (200). If took a support, an upside may be seen on short to medium term basis. Resistance – $3.735-$3.800 Pivot –$

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Intra Day
Near Day

Technical Levels

R3 3.97500
R2 3.80000
R1 3.73000
Turnaround 3.62500
S1 3.56000
S2 3.45000
S3 3.27500
By Research Team Tuesday, Jan 17, 2023

    • 11.58pmD1
    • High9177
    • Low9083
    • Close9089

Copper traded at $9089.3, 0.17% up since previous close. The slight profit-booking can be seen in Copper prices after rallying to recent highs. 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 interest rate hikes in the near future. This pushed up the metals. The lower Copper stocks level at London Metal Exchange (LME) remains bullish for prices. As seen in the chart, the Copper successfully crossed over resistance level which indicates buying on dips for the day.

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Intra Day
Near Day

Technical Levels

R3 9304
R2 9210
R1 9149
Turnaround 9116
S1 9055
S2 9022
S3 8928

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