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Commodity outlook: How gold, silver, oil and agri-commodities might commerce immediately

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NEW DELHI: Metal and power counters on MCX traded combined on Wednesday. At the identical time, most agri commodities had been buying and selling with features because the US mentioned it was getting ready a stimulus bundle.

Gold was up 0.24 per cent whereas silver rose 0.54 per cent. Barring nickel and copper, all base steel counters had been buying and selling with features. Crude oil added 0.14 per cent whereas its peer pure fuel rose 0.51 per cent.

“Traders can buy gold at Rs 49,400 with the stop loss of Rs 49,100 for the target of Rs 50,200. They can also buy silver at Rs 65,000, with the stop loss of Rs 64,300 for the target of Rs 66,500. We expect gold to test $1,880 to $1,900 levels soon in international markets,” mentioned Anuj Gupta- DVP- Commodities and Currencies Research, Angel Broking.

NCDEX Agridex, an agricultural futures index that tracks the efficiency of the ten liquid commodities, was up 0.66 per cent or 7.65 factors at 1,160.10 led by features in refined soybean oil and soybean.

Here is how SMC Global expects commodities to fare immediately:

Bullion: Bullion counters might proceed to commerce with bullish bias the place gold might check Rs 49,680 and take assist close to Rs 49,100 whereas silver might commerce with greater volatility the place it might check Rs 65,500 and take assist close to Rs 64,480.

Base metals: Base metals might commerce with constructive bias the place copper can transfer in the direction of Rs 604 and take assist close to Rs 599. Zinc might transfer in the direction of Rs 221 and take assist close to Rs 218. Lead can transfer in the direction of Rs 161 whereas taking assist close to Rs 157. Nickel might commerce sideways with a bullish bias the place it might take assist close to Rs 1,304 and resistance close to Rs Rs 1,325. Aluminum might transfer to Rs 166 whereas taking assist close to Rs 163.

Energy: Crude oil might commerce sideways with a bullish bias the place assist is seen close to Rs 3,420 and resistance is seen close to Rs 3,540. Natural fuel might commerce with greater volatility and commerce with bullish bias the place resistance is seen close to Rs 198 and assist close to Rs 192.

Spices: Turmeric futures (Apr) is predicted to consolidate within the vary of Rs 5,850-5,920. Jeera futures (Jan) is predicted to commerce with a draw back bias and witness a promote on rise, and crash additional in the direction of Rs 13,400-13,300. The upside momentum of dhaniya futures (Jan) might stay restricted as it will probably face resistance close to Rs 6,020.

Oilseeds: Soybean futures (Jan) might consolidate within the vary of Rs 4,320-4,380. Soy oil futures (Jan) is predicted to achieve additional in the direction of Rs 1,085 taking assist from soybean. CPO futures (Jan) might witness a correction in the direction of Rs 912-908. RM Seed futures (Jan) is predicted to commerce with a draw back bias within the vary of Rs 5,400-5,500.

Other commodities: Cotton futures (Dec) is predicted to stay trapped within the vary of Rs 20,200-20,320. Chana futures have witnessed a correction of about 19 per cent from the excessive of Rs 5,670 prior to now three months owing to hovering acreage on this ongoing Rabi season. We would possibly see the January contract rise in the direction of Rs 4,780-4,820. Guar seed and guar gum futures (Jan) are anticipated to commerce with a constructive bias taking assist close to Rs 3,950 and 6,180, respectively.




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