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Commodity outlook: Silver tumbles, here’s how others may fare

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NEW DELHI: Nearly the entire steel and power commodity block was trading with losses on Wednesday as Russia introduced a Covid-19 vaccine whereas US lawmakers nonetheless had been removed from agreeing on the following stimulus package deal.

Gold tanked 3.16 per cent whereas silver plunged 7.83 per cent. Base metals dropped as much as 2 per cent. In the meantime, crude oil slipped 0.19 per cent and its peer pure fuel was down 1.66 per cent.

“Gold misplaced some floor after Russia introduced the world’s first Covid vaccine and revenue reserving was seen at increased ranges. A recovering U.S greenback and positive aspects in equities too pressured the secure haven asset. Nonetheless, hopes of recent financial stimulus measures and rising U.S-China tensions proceed to supply decrease degree assist to the steel,” mentioned Hareesh V, Head Commodity Analysis at Geojit Monetary Companies.

NCDEX Agridex, an agricultural futures index that tracks the efficiency of the ten liquid commodities, was down 0.34 per cent or 3.65 factors at 1,074.60 led by losses in coriander and castor seed.

Right here is how SMC International expects commodities to fare in the present day:

Bullion: Bullion counters may pause the rally and submit some correction the place gold may take a look at Rs 49,560 and dealing with resistance close to Rs 52,600 whereas silver may take a look at Rs 62,300 and face resistance close to Rs 69,580.

Base metals: Base metals may trade sideways with a bearish bias. Copper can transfer in the direction of Rs 506 and face resistance close to Rs 515. Zinc may transfer in the direction of Rs 188 and face resistance close to Rs 193. Lead can transfer in the direction of Rs 156 whereas taking assist close to Rs 151. Nickel trade bullish bias the place it may take assist close to Rs 1,065 and resistance close to Rs 1,110. Aluminum may transfer in the direction of Rs 149 whereas taking assist close to Rs 144.

Power: Crude oil may trade sideways with a bullish bias the place it may take assist close to Rs 3,040 and resistance is seen close to Rs 3,260. Pure fuel correction appears accomplished may once more bounce in the direction of resistance the place resistance is seen close to Rs 167 taking assist close to Rs 156.

Spices: Turmeric futures (Sept) is predicted to come back all the way down to Rs 5,720, dealing with resistance close to Rs 5,825. Jeera futures (Sept) is prone to trade increased in the direction of Rs 14,300, taking assist close to Rs 14,000. Dhaniya futures (Sept) will most likely trade increased in the direction of Rs 6,775-6,825.

Oilseeds: Soybean futures (Sept) is predicted to trade sideways within the vary of Rs 3,670-3,740. A warning is being suggested in soy oil (Sept) and CPO (Aug) as each the counters may see additional correction in the direction of Rs 845 and Rs 715, respectively.

Different commodities: Cotton futures (Aug) is predicted to carry on to the assist close to Rs 16,250, whereas the upside may get prolonged in the direction of Rs 16,430. Chana futures (Sept) is displaying an uptrend and this shall prolong until Rs 4,280-4,300, taking assist close to Rs 4,220. Guar complicated is wanting bullish as sowing areas have decreased in Rajasthan resulting from lack of adequate rains. The September contracts of each the counters are prone to take assist close to Rs 4,010 and Rs 6,550, respectively.

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