IIFL has come out with its report on natural gas. The research firm recommends buying Natural Gas August around Rs 153.
Market Commentary:
Precious metals traded firm ahead of sequence of key meetings this week. Luxembourg’s PM will meet Greece officials in Athens today to discuss the country’s request for an extension to its fiscal adjustment program, while German Chancellor Angela Merkel meets the Greek PM on Friday. Moreover, French President and Angela Merkel both meet in Berlin on Thursday.
Meanwhile, Euro strengthened and Spanish bond yields moved drastically lower, aided by speculation that ECB intends to resume its bond-buying program in order to rein in the sovereign bond yields. However, such reports were downplayed by the central bank.
Base metals traded within the same range, as markets remain concerned by gloomy macroeconomic backdrop. In US, market focus will remain accentuated on the FOMC minutes tomorrow, which would provide some clarity on the probability of quantitative easing in the near term.
WTI Crude oil futures moved higher, as the White House's plans to release emergency oil reserves was opposed by its Asian allies as well as the head of the International Energy Agency. Persistent decline in U.S crude oil inventories and concerns of declining oil output from the North Sea during September maintenance is also providing considerable measure of support to the energy complex.
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