Natural Gas is trading at $2.431, 0.01% down since previous close. The downward momentum can be seen in Natural gas prices against the steady demand & supply ration. Last week, the US Energy Information Administration (EIA) report showed a drop-down in Natural gas inventory level by 217B against the expectation 200B. This indicates drop-down in storage levels & supplies which may make the commodity more expensive in the longer term. On global front, the strong U.S NFP data arouses the chances of rate hikes in the next Fed meeting & hence, USD strengthened & global commodities softened. The climatic changes in European regions & U.S may affect the consumption demand of heating fuels. Wait & watch strategy may be suggested for the day in Natural Gas.

Copper traded at $8947.3, 0.06% up since previous close. An upward momentum can be seen in Copper prices against the mixed USD ahead of the U.S CPI inflation data release event which will contribute in Fed’s next monetary decision. Also, the traders are more susceptible over forthcoming FOMC’s monetary policy meeting since the recent U.S NFP figures has shown good improvement in employment figures. Contrarily, the Copper may show a bullish trend in future course of time as economic conditions in China seems to be improving which may retain the consumption demand of Copper since China is a major consumer of base metals. As seen in the chart, the commodity seems to be sustaining the near Fibo level 38.2 & hence, the either side breakout may be recommended further.