Commodity costs traded greater on Monday with many of the non-agro commodities prolonged features within the begin of the week. Crude oil costs traded greater, reversing the earlier losses whereas base metals resumed upside together with optimistic fairness indices. Bullion costs continued to shine on stimulus hopes and the weaker greenback. The greenback index was buying and selling beneath stress close to the 92 mark for the day. Here is a have a look at how completely different commodities are behaving in at this time’s market.
Bullion costs traded greater on Monday morning commerce with confirmed victory of democrat candidate Joe Biden. COMEX spot gold costs traded above $1,960 per ounce, whereas spot silver costs at COMEX have been buying and selling almost 1% as much as $25.85. The victory of the democrat has raised hopes for financial stimulus and the corona assist bundle. The greater authorities spending will finally stress the greenback and can decrease shopping for price for treasured metals. Bullion costs are anticipated to commerce greater for the day on weaker greenback and financial uncertainty over rising virus circumstances.
MCX Gold December
- Resistance for the day lies at Rs 52,800 per 10 gram
- Support at Rs 52,200 per 10 grams
MCX Silver December
- Support lies at Rs 65,000 per KG
- Resistance at Rs. 69000 per KG
Outlook: Crude Oil
Crude oil costs traded greater with benchmark WTI crude oil costs rising by 2.50% to $38 per barrel. Crude oil costs pared earlier losses after Joe Biden received the US Presidential race which eased the gasoline demand worries in hopes of a stimulus bundle. The US President-elect Biden and his staff are engaged on tackling the worsening well being disaster. We anticipate crude oil costs to commerce greater for the day on optimistic international cues.
MCX Crude Oil November
- Buy on dips with assist at Rs 2,760 per barrel
- Resistance at Rs 2,890 per barrel
Outlook: Base Metals
Base metals costs traded robust on Monday on demand progress prospects on corona bundle hopes with the win of Joe Biden as US President. The robust fairness indices and weaker greenback supported base metals to commerce greater for the day. Nickel and Zinc costs led the features in base metals within the morning commerce adopted by copper. Base metals might maintain agency buying and selling for the day on danger on sentiments and weaker greenback.
MCX Copper November
- Support lies at Rs 535
- Resistance at Rs. 541
MCX Nickel November
- Price assist lies at Rs 1,150
- Resistance at Rs 1,195