Commodity outlook: Zinc gains; here's how others may fare

Here is how SMC Global expects commodities to fare today.

BCCL
Base metals may trade sideways with a bearish bias. Zinc may move towards Rs 185 and face resistance near Rs 189.
NEW DELHI: Barring zinc, all metal, bullion and energy counters were trading with losses on Friday as US lawmakers blocked stimulus bill and unemployment remained relatively high.

Gold was down 0.86 per cent while silver dipped 1.61 per cent. In the base metal block, barring zinc, all counters fell with nickel slumping the most at 0.69 per cent. Crude oil was down 1.08 per cent and its peer natural gas down 1.90 per cent.

Traders can buy gold at Rs 51,000 with stop loss at Rs 50,500 for the target of Rs 51,800. They can also buy Silver at Rs 67,000, with the stop loss of Rs 65,800 and for the target of Rs 69,000. In the bullion index “Bulldex” traders can buy at 16,000 with the stop loss at 15,850 and for the target of 16,200,” said Anuj Gupta , DVP- Commodities and Currencies Research, Angel Broking.


NCDEX Agridex, an agricultural futures index that tracks the performance of the ten liquid commodities, was up 0.50 per cent or 5.65 points at 1,132.35 led by gains in chana and soy bean.

Here is how SMC Global expects commodities to fare today:

Bullion: Bullion counters may post correction and trade with bearish bias where gold may test Rs 50,200 and facing resistance near Rs 51,800 while silver may test Rs 66,890 and facing resistance near Rs 69,200.
ADVERTISEMENT

Base metals: Base metals may trade sideways with a bearish bias. Copper can move towards Rs 513 and face resistance near Rs 523. Zinc may move towards Rs 185 and face resistance near Rs 189. Lead can move towards Rs 144 while facing resistance near Rs 148. Nickel trade bearish bias where it may take support near Rs 1,075 and resistance near Rs 1,106. Aluminum may move towards Rs 150 while taking support near Rs 146.

Energy: Crude oil may trade sideways with a bearish bias where it may take support near Rs 2,640 and resistance is seen near Rs 2,850. Natural gas may again witness selling pressure where resistance is seen near Rs 178 and support near Rs 165.

Spices: Turmeric futures (October) may see some short covering till Rs 6,100-6,150. Jeera futures (October) is expected to consolidate in the range of Rs 13,800-14,000. Dhaniya futures (October) is expected to trade sideways in the range of Rs 6,700-6,800.

Oilseeds: Soybean futures (October) is expected to trade sideways in the range of Rs 3,850-3,900. Mustard futures (October) is expected to trade sideways in the range of Rs 5,320-5,380. Soy oil futures (Oct) may trade sideways in the range of Rs 882-892, while CPO (Sept) is expected to trade on a cautious note in the range of Rs 761-768.
ADVERTISEMENT

Other commodities: Cotton futures (Oct) may witness trade sideways in the range of Rs 17,600-17,750. Chana futures (October) is expected to witness an extended bull run towards Rs 5,150-5,200. Guar seed futures (Oct) may witness an upside momentum towards Rs 4,050-4,100, while guar gum futures (Oct) may trade higher and test Rs 6,250-6,300.

ADVERTISEMENT
READ MORE

READ MORE:

LOGIN & CLAIM

50 TIMESPOINTS

More from our Partners

Loading next story
Text Size:AAA
Success
This article has been saved

*

+