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Commodity outlook: Zinc beneficial properties; here’s how others may fare

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NEW DELHI: Barring zinc, all steel, bullion and vitality counters had been trading with losses on Friday as US lawmakers blocked stimulus invoice and unemployment remained comparatively excessive.

Gold was down 0.86 per cent whereas silver dipped 1.61 per cent. Within the base steel block, barring zinc, all counters fell with nickel slumping probably the most at 0.69 per cent. Crude oil was down 1.08 per cent and its peer pure gasoline down 1.90 per cent.

Merchants should purchase gold at Rs 51,000 with cease loss at Rs 50,500 for the goal of Rs 51,800. They will additionally purchase Silver at Rs 67,000, with the cease lack of Rs 65,800 and for the goal of Rs 69,000. Within the bullion index “Bulldex” merchants should purchase at 16,000 with the cease loss at 15,850 and for the goal of 16,200,” mentioned Anuj Gupta , DVP- Commodities and Currencies Analysis, Angel Broking.

NCDEX Agridex, an agricultural futures index that tracks the efficiency of the ten liquid commodities, was up 0.50 per cent or 5.65 factors at 1,132.35 led by beneficial properties in chana and soy bean.

Right here is how SMC International expects commodities to fare at the moment:

Bullion: Bullion counters may put up correction and trade with bearish bias the place gold may check Rs 50,200 and dealing with resistance close to Rs 51,800 whereas silver may check Rs 66,890 and dealing with resistance close to Rs 69,200.

Base metals: Base metals may trade sideways with a bearish bias. Copper can transfer in direction of Rs 513 and face resistance close to Rs 523. Zinc may transfer in direction of Rs 185 and face resistance close to Rs 189. Lead can transfer in direction of Rs 144 whereas dealing with resistance close to Rs 148. Nickel trade bearish bias the place it may take help close to Rs 1,075 and resistance close to Rs 1,106. Aluminum may transfer in direction of Rs 150 whereas taking help close to Rs 146.

Vitality: Crude oil may trade sideways with a bearish bias the place it may take help close to Rs 2,640 and resistance is seen close to Rs 2,850. Pure gasoline may once more witness promoting strain the place resistance is seen close to Rs 178 and help close to Rs 165.

Spices: Turmeric futures (October) may see some quick protecting until Rs 6,100-6,150. Jeera futures (October) is anticipated to consolidate within the vary of Rs 13,800-14,000. Dhaniya futures (October) is anticipated to trade sideways within the vary of Rs 6,700-6,800.

Oilseeds: Soybean futures (October) is anticipated to trade sideways within the vary of Rs 3,850-3,900. Mustard futures (October) is anticipated to trade sideways within the vary of Rs 5,320-5,380. Soy oil futures (Oct) may trade sideways within the vary of Rs 882-892, whereas CPO (Sept) is anticipated to trade on a cautious word within the vary of Rs 761-768.

Different commodities: Cotton futures (Oct) may witness trade sideways within the vary of Rs 17,600-17,750. Chana futures (October) is anticipated to witness an prolonged bull run in direction of Rs 5,150-5,200. Guar seed futures (Oct) may witness an upside momentum in direction of Rs 4,050-4,100, whereas guar gum futures (Oct) may trade larger and check Rs 6,250-6,300.

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