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Commodity outlook: Gold edged larger; here’s how others may fare

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NEW DELHI: Base metals and gold futures had been trading with positive aspects whereas silver and power counters had been within the pink as Federal Reserve stated it should to no matter it was attainable to carry the economic system.

Gold rose 0.08 per cent whereas silver dropped 0.35 per cent. Base metallic counters climbed as much as 0.5 per cent. In the meantime, crude oil added 0.03 per cent and its peer pure gasoline was down 0.28 per cent.

“Gold’s bullish outlook will stay intact attributable to elevated demand for secure property amid surging pandemic instances and a weaker US greenback. Hopes of recent coverage easing measures from Central banks and escalating geopolitical uncertainties additionally lifted the emotions of the yellow metallic. Nevertheless, speedy revenue taking can’t be dominated out attributable to weak bodily demand and file excessive costs,” stated Hareesh V, Head Commodity Analysis at Geojit Monetary Providers.

NCDEX Agridex, an agricultural futures index that tracks the efficiency of the ten liquid commodities, was down 0.30 per cent or 3.15 level at 1,059.30 led by losses in coriander and mustard seed.

Right here is how SMC World expects commodities to fare at this time:


Bullion: Bullion counters may lengthen the rally the place gold may check Rs 53,500 and take help close to Rs 51,650 whereas silver may check Rs 68,300 and take help close to Rs 63,800.

Base metals: Base metals may trade sideways with a bearish bias. Copper (Aug) can transfer in direction of Rs 506 and face resistance close to Rs 513. Zinc (Aug) may transfer in direction of Rs 184 and take help close to Rs 178. Lead (Aug) can transfer in direction of Rs 152 whereas taking help close to Rs 147. Nickel (Aug) trade bullish bias the place it may take help close to Rs 1,030 and resistance close to Rs 1,070. Aluminum (Aug) may transfer in direction of Rs 144 whereas taking help close to Rs 138.30.

Power: Crude oil may trade sideways with a bullish bias the place it may take help close to Rs 3,020 and resistance is seen close to Rs 3,170. Pure gasoline may trade in a spread the place resistance is seen close to Rs 148 and help close to 136.

Spices: Turmeric futures (Aug) is anticipated to consolidate within the vary of Rs 5,700-5,800. Dhaniya futures (Aug) trading close to its six months excessive will presumably take help 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 1,570-1,590.

Oilseeds: Soybean futures (Aug) is anticipated to carry on to the help close to Rs 3,720, whereas the upside may stay capped close to Rs 3,795. Mustard futures (Aug) is anticipated to trade larger in direction of Rs 5,000-5,030. Soy oil (Aug) is prone to witness consolidation within the vary of Rs 845-860, whereas CPO (Aug) may consolidate within the vary of Rs 710-720.

Different commodities: Cotton futures (July) is anticipated to trade sideways within the vary of Rs 16,000-16,200. Chana futures (Aug) is anticipated to witness a consolidation within the vary of Rs 4,100-4,140. Mentha oil futures (Aug) trading close to its three 12 months low is anticipated to go down additional in direction of Rs 915-900, dealing with resistance close to Rs 940.

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