All Rights Reserved Finance News 2020.
Commodity outlook: Bullion counters rally; here’s how others may fare
NEW DELHI: Bullion counters shone whereas vitality counters and choose base metals fell on revenue reserving forward of Federal Reserve’s coverage meet later this week.
Gold rose 0.30 per cent whereas silver spiked 1.18 per cent. Base metallic counters had been blended as copper and zinc gained however nickel dropped 0.85 per cent. Crude oil slid 0.03 per cent whereas its peer pure gasoline slid 0.92 per cent.
NCDEX Agridex, an agricultural futures index that tracks the efficiency of the ten liquid commodities, was down 0.20 per cent or 2.15 level at 1,053.15 led by losses in refined soya oil and coriander.
Right here is how SMC International expects commodities to fare at the moment:
Bullion: Bullion counters may submit correction from greater ranges the place gold may check Rs 51,300 and face resistance close to Rs 52,300 whereas silver may check Rs 64,200 and dealing with resistance close to Rs 66,000.
Base metals: Base metals may trade sideways with a bullish bias. Copper can transfer in direction of Rs 510 and take assist close to Rs 498. Zinc may transfer in direction of Rs 179 and take assist close to Rs 175. Lead can transfer in direction of Rs 150 whereas taking assist close to Rs 146. Nickel costs may proceed to greater the place it may take assist close to Rs 1,020 and resistance close to Rs 1,045. Aluminum may transfer in direction of Rs 137 whereas dealing with resistance close to Rs 142.
Vitality: Crude oil may trade sideways with a bullish bias the place it may take assist close to Rs 3,020 and resistance is seen close to Rs 3,180. Pure gasoline may trade with bearish bias and face resistance at Rs 137, taking assist close to Rs 127.
Spices: Turmeric futures (Aug) is predicted to consolidate within the vary of Rs 5,700-5,800. Jeera futures (Aug) may witness correction in direction of Rs 14,100 as a consequence of lack of cues from the spot markets. Dhaniya futures (Aug) trading close to its six months excessive will presumably take assist close to Rs 6,300-6,250 and the draw back may stay capped. Cardamom futures (Aug) is on a restoration section and this shall proceed until Rs 1,550-1,570.
Oilseeds: Soybean futures (Aug) is predicted to carry on to the assist close to Rs 3,750, whereas the
upside may stay capped close to Rs 3,780. Mustard futures (Aug) is predicted to trade sideways within the vary of Rs 4,770-4,830. Soy oil (Aug) is prone to witness correction in direction of Rs 845-840, whereas CPO (Aug) may consolidate within the vary of Rs 710-725.
Different commodities: Cotton futures (July) is predicted to trade greater and check Rs 16,200-16,300 on the information that Cotton Company of India (CCI) appears to spice up cotton exports to Bangladesh, Vietnam. Chana futures (Aug) is predicted to witness a consolidation within the vary of Rs 4,050-4,090. Mentha oil futures (Aug) trading close to its three 12 months low is predicted to go down additional in direction of Rs 935-930, dealing with resistance close to Rs 960.