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Commodity outlook: Crude oil down; here is how gold, palm oil & others may move today

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Oil futures traded decrease in Wednesday’s early trade after US crude stockpiles grew greater than anticipated, including to worries about oversupply.

MCX Crude was down 0.39 per cent at Rs 3054 per barrel. However, treasured metallic gold was up 0.36 per cent attributable to safe-haven demand for the yellow metallic.

Here is how SMC World expects commodities to fare today:

Spices: Turmeric futures (July) is anticipated to witness a bull run in direction of Rs 5,800, taking help close to Rs 5,650 ranges. There is enormous demand for by-products of turmeric, particularly for its naturally-occurring chemical compound curcumin, within the pharma trade. Jeera futures (July) may present weak spot and trade with a bearish bias within the vary of Rs 13,700-13,900 ranges. The farmers are sitting on enormous inventories of cumin as this season there was bumper yield and attributable to lockdown, the motion of produce was restricted. Dhaniya futures (July) is anticipated to trade sideways within the vary of Rs 6,000-6,150 ranges.

Oilseeds: Soybean futures (July) is anticipated to consolidate within the vary of Rs 3,810-3,870 ranges with upside getting capped. Mustard futures (July) may witness correction in direction of Rs 4,600 owing to revenue reserving from greater ranges. Increased shares with farmers, processors, stockists, and authorities companies and decrease exports of mustard meal would additionally test additional rise in costs. Soy oil futures (July) is anticipated to trade sideways to down within the vary of Rs 823-835 ranges. CPO futures (July) may see some correction in direction of Rs 690 ranges. Malaysian palm oil futures bounced again as crude costs rose, however positive aspects had been restricted by fears that the surge in demand and exports would ultimately lose steam if there is a second wave of Covid-19 infections.

Bullion: Gold may check Rs 48,500 by taking help close to Rs 47,900 whereas silver may check Rs 49,000 by taking help close to Rs 48,400.

Base Metals: Copper can move in direction of Rs 442 whereas going through resistance close to 452. Zinc may move in direction of Rs Rs 158 and going through resistance close to Rs 164. Lead can move in direction of Rs Rs 145 whereas taking help close to Rs 140. Nickel may trade with bearish bias the place it may check Rs 948 and going through resistance close to Rs 965. Aluminum may move in direction of Rs 132 whereas going through resistance close to Rs 136.

Power: Crude oil may proceed to trade with bearish bias the place it may check Rs 2,950 by going through resistance close to Rs 3,100. Pure fuel may bounce in direction of resistance and check Rs 129 and take help close to Rs 122.

Different Commodities: Cotton futures (June) is anticipated to witness additional correction in direction of Rs 15,700-15,600 ranges. Chana futures (July) is more likely to trade sideways within the vary of Rs 4,200-4,260 ranges. Mentha oil futures (June) may take help close to 990 and the draw back may stay capped. With the convenience of lockdown, the market members predict that the exports in addition to the home consumption would catch tempo and the recent demand would come into the market for the newly harvested crop, containing excessive yield of oil. Guargum futures (July) is anticipated to carry on to the help close to Rs 5,550, whereas the upside may get prolonged in direction of Rs 5,650-5,700 ranges.

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