Commodity Outlook: How gold, base metals & crude may fare today

Gold was down 0.05 per cent while silver dipped 0.40 per cent. However, all base metals were trading with gains, led by zinc that rose 0.93 per cent. Crude oil was down 0.13 per cent and its peer natural gas plunged 4.66 per cent.

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Crude oil may continue to trade in a wider range where support is seen near Rs 2,940 and resistance near Rs 3,070.
NEW DELHI: Commodity counters were trading mixed on MCX on Monday

Gold was down 0.05 per cent while silver dipped 0.40 per cent. However, all base metals were trading with gains, led by zinc that rose 0.93 per cent. Crude oil was down 0.13 per cent and its peer natural gas plunged 4.66 per cent.

“Weak US dollar, expectations of more fiscal stimulus measures from the US before the election and unsolved US-China tensions continue to support the yellow metal. However, easing safe haven demand amid hopes of global economic recovery would dent major rallies in the commodity,” said Hareesh V, Head of Commodity Research, Geojit Financial Services.


NCDEX Agridex, an agricultural futures index that tracks the performance of the ten liquid commodities, was up 0.55 per cent or 6.45 points at 1,167.30 led by gains in jeera and mustard seed.

Here is how SMC Global expects commodities to fare today:

Bullion: Bullion counters may bounce towards resistance where gold may test Rs 50,800 and take support near Rs 49,980 while silver may trade with higher volatility where it may test Rs 62,100 and take support near Rs 60,800.
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Base metals: Base metals may continue to trade sideways but some correction is expected from higher levels. Copper can move towards 532 and take support near Rs 523. Zinc may move towards Rs 195 and take support near Rs 191. Lead can head towards Rs 149 while taking support near Rs 145. Nickel is likely to trade with sideways to bullish bias where it may take support near Rs 1,125 and resistance near Rs 1,160. Aluminum may move towards Rs 152 while taking support near Rs 148.

Energy: Crude oil may continue to trade in a wider range where support is seen near Rs 2,940 and resistance near Rs 3,070. Natural gas may trade with higher volatility and may extend the bullish rally where resistance is seen near Rs 213 and support near Rs 201.

Spices: Turmeric futures (Nov) is expected to trade in the range of Rs 5,830-5,930. Jeera futures (Nov) is likely to trade with firm bias in the range of Rs 13,850-13,950 due to festive demand as well as export buying from overseas. Dhaniya futures (Nov) is likely to trade in the range of Rs 6,650-6,720.

Oilseeds: Soybean futures (Nov) is expected to trade firm and test to Rs 4,250 by taking support at Rs 4,100 due to slow arrival. Mustard futures (Nov) may consolidate in the range of Rs 5,530-5,600. Soy oil futures (Nov) is expected to trade sideways to up in the range of Rs 925-940, while CPO futures (October) will probably consolidate in the range of Rs 780-90.
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Other commodities: Cotton futures (October) may trade in the range of Rs 19,250-19,500. Chana future (Nov) is trading with high volatility since the last few sessions and may continue to trade in the range of Rs 5,340-5,460. Guar seed futures (Nov) is expected to gain further and test Rs 4,100, taking support near Rs 3,990. Guar gum futures (Nov) will trade with an upside bias in the range of Rs 5,950-6,100.
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