Finance News
Complete Finance & Business News Journal

Commodity outlook: Crude oil down; here is how base metals, chana & others may trade today

8

Palm oil futures traded decrease in morning trade on Thursday after the tempo of exports slowed in June and as crude costs and fairness markets plunged in a single day over considerations of the second wave of coronavirus infections.

NCDEX Crude Palm Oil futures (Kandla) traded 0.34 per cent down at Rs 728 within the morning trade, whereas MCX Crude Oil traded 0.66 per cent decrease at Rs 2,874 per barrel.

Here is how SMC World expects commodities to fare today:

Spices: Turmeric futures (July) are anticipated to witness correction in direction of Rs 5,700-5,650, dealing with resistance close to Rs 5,800 ranges. Jeera futures (July) may present weak spot and trade with a bearish bias within the vary of 13,700-13,900 ranges. Dhaniya futures (July) are more likely to trade sideways within the vary of Rs 6,000-6,150 ranges.

Oilseeds: Soybean futures (July) are anticipated to trade with a draw back bias within the vary of Rs 3,740-3,820 ranges. Mustard futures (July) may witness correction in direction of Rs 4,600-4,550 owing to revenue reserving from increased ranges. Soy oil futures (July) are more likely to plunge in direction of Rs 810-805 ranges. CPO futures (July) may see some correction in direction of Rs 665-660 ranges. Malaysian palm oil futures ended decrease on Wednesday in cautious trading forward of personal information on exports amid a forecast of worldwide consumption of the edible oil falling for the primary time on document.

Gold: Bullion counter may trade within the vary with constructive bias. Gold may check Rs 48,400 by taking assist close to Rs 47,900 whereas silver may check Rs 48,500 by taking assist close to Rs 47,500. Gold costs edged increased on Thursday, as considerations over rising coronavirus circumstances dented hopes of a swift financial restoration, driving traders in direction of the safe-haven metallic. Yesterday, costs hit a close to eight-year excessive of $1,779.06. However they ended decrease as traders booked earnings, snapping a 3 day profitable streak.

Base metals: Base metals may trade with sideways to bearish bias. Copper can transfer in direction of Rs 442 whereas dealing with resistance close to Rs 452. Zinc may transfer in direction of Rs 158 and dealing with resistance close to Rs 164. Lead can transfer in direction of Rs 145 whereas taking assist close to Rs 140. Nickel may trade with bearish bias the place it may check Rs 935 and dealing with resistance close to Rs 955. Aluminum may transfer in direction of Rs 131 whereas dealing with resistance close to Rs 134.

Power: Crude oil may proceed to trade with bearish bias the place it may check Rs 2,800 by dealing with resistance close to Rs 2,950. Oil costs inched up in early trading on Thursday after sliding greater than 5 per cent within the earlier session on worries {that a} fast rise in Covid-19 circumstances might choke a revival in gasoline demand, however volumes have been skinny with China out on a public vacation. Crude oil costs declined sharply as worries in regards to the outlook for vitality demand rose after information displaying a surge in coronavirus circumstances raised the potential for one other lockdown in a number of components of the globe. Information displaying elevated manufacturing in US shale fields additionally weighed on crude oil costs. Pure fuel may trade within the vary of Rs 118-126.

Different commodities: Cotton futures (July) are anticipated to witness additional correction in direction of Rs 15,800-15,700 ranges. Chana futures (July) is more likely to trade sideways within the vary of Rs 4,190-4,240 ranges. Chana and different pulse seeds have been trading increased on the mandis in Indore on improved shopping for and weak arrival. Mentha oil futures (June) may stay steady within the vary of Rs 990-1020. Guargum futures (July) is anticipated to witness correction in direction of Rs 5,400.

Get real time updates directly on you device, subscribe now.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Translate »