Natural Gas is trading at $2.709, 0.02% down since previous close. The slight profit-booking can be seen in Natural gas since last session after testing the three-month highs of $3.00 levels last week. The U.S Energy Information Administration (EIA) report showed a drop-down in gas storage levels by 81B higher than expected fall of 72B. Also, the estimates beat the previous week’s figure of -71B. This indicates a shortage in supplies against the steady demand & hence, pushed up the prices. The change in climatic conditions in European regions & U.S will determine the trend in heating fuels like Natural gas. Buying on each corrective dip may be recommended for the day in Natural Gas since the commodity successfully reversed up from major support level.

Copper traded at $8918.3, 0.03% down since previous close. The Copper seems to be trading flat to lower side since last few sessions amid mixed bias in US Dollar Index on account of global cues. Also, the China cut down its GDP forecast for the year 2023 which may lead to slight negative opening in Copper prices today. Earlier, the Copper rallied up to $9000 levels as China posted better than expected Services & Manufacturing PMI figures which indicated progressive manufacturing & industrial revival from Covid-19 aftermath & hence, pushed up the Copper prices since China is a major consumer of metals. Upcoming Fed Powell speech remains vital for commodities. As seen in chart, the Copper is forming consolidation phase & hence, sideways momentum may be recommended further.