Natural Gas is trading at $2.875, 0.39% up since previous day close. A sharp rally can be seen in Natural Gas prices in the previous session; trading at three-month highs on account of rise in consumption demand from U.S & European regions on changing weather conditions. Last week, the U.S EIA report showed a build-up of 95B against the expected rise of 89B which shows more storage levels which failed to create any negative impact on the prices. Last month, the commodity reversed upside from major support level of $2.00 levels after the major Natural Gas producers are expected to lower down drilling & production levels amid low pricing environment in the year 2023. Buying on each & every corrective dip may be recommended for the day in Natural Gas.

COPPER traded at $8397.3, 0.11% down since previous close. The downward momentum can be seen in copper prices on Monday as market sentiments seems to be apprehensive with regards to Fed’s hawkish monetary policy stance in future course of time & political instability in Russia. The hawkish BoE stance indicates slowing economic progress which may affect the demand of commodities. Last week, the China’s PBoC cuts down its Prime lending Rate (PLR) by 10bps lower than expected rate cut by 15bps which may affect the demand of Copper since China is a major consumer of base metals. As seen in the chart, the Copper is trading between the MA (100) & MA (200) which indicates the make-or-break situation on daily basis.