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Commodity outlook: Zinc positive factors; here’s how others may fare

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NEW DELHI: Barring zinc, all steel, bullion and power 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 fuel down 1.90 per cent.

Merchants should buy 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 buy 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 positive factors in chana and soy bean.

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

Bullion: Bullion counters may put up correction and trade with bearish bias the place gold may take a look at Rs 50,200 and going through resistance close to Rs 51,800 whereas silver may take a look at Rs 66,890 and going through resistance close to Rs 69,200.

Base metals: Base metals may trade sideways with a bearish bias. Copper can transfer in the direction of Rs 513 and face resistance close to Rs 523. Zinc may transfer in the direction of Rs 185 and face resistance close to Rs 189. Lead can transfer in the direction of Rs 144 whereas going through 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 the direction of Rs 150 whereas taking help close to Rs 146.

Power: 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 fuel 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 brief masking until Rs 6,100-6,150. Jeera futures (October) is predicted to consolidate within the vary of Rs 13,800-14,000. Dhaniya futures (October) is predicted to trade sideways within the vary of Rs 6,700-6,800.

Oilseeds: Soybean futures (October) is predicted to trade sideways within the vary of Rs 3,850-3,900. Mustard futures (October) is predicted 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 predicted to trade on a cautious be aware 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 predicted to witness an prolonged bull run in the direction of Rs 5,150-5,200. Guar seed futures (Oct) may witness an upside momentum in the direction of Rs 4,050-4,100, whereas guar gum futures (Oct) may trade larger and take a look at Rs 6,250-6,300.

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