ET Markets
12,248.2567.9
Stock Analysis, IPO, Mutual Funds, Bonds & More

Commodity outlook: Base metals gain; here's how others may trade

Meanwhile, energy and precious metals registered losses.

ETMarkets.com|
Dec 06, 2019, 11.59 AM IST
0Comments
Shutterstock.com
Commodity Outlook Shutter
Nickel, copper and zinc each were up about 0.3 per cent while lead advanced 0.13 per cent in early trade on MCX.
Base metals gained on Friday amid positive newsflow on US-China trade war front. US President Donald Trump said trade talks with China were "moving right along".

Nickel, copper and zinc each were up about 0.3 per cent while lead advanced 0.13 per cent in early trade on MCX.

Meanwhile, energy and precious metals registered losses. Crude oil futures shed 0.19 per cent to Rs 4,153 while natural gas futures came down 1.6 per cent to Rs 171.80.

Barring barley, cottonseed and coriander all agri commodities on NCDEX were trading with gains on Friday.

Here is how SMC Globals expects commodities to trade today:

Bullion: Bullion counters may trade sideways. Gold (Feb) can slip lower towards Rs 37,900 while facing resistance near Rs 38,200 and silver (Mar) can test Rs 44,200 while facing resistance near Rs 44,800.

Base metals:
Base metals may trade sideways to weak. Copper may recover towards Rs 435 while taking support near Rs 425. Zinc can recover towards Rs 187 while taking support near Rs 182. Lead may trade sideways as it can take support near Rs 151 and resistance at Rs 153. Nickel may recover towards Rs 1,000 while taking support at Rs 965. Aluminum may dip towards Rs 132 while facing resistance near Rs 135.

Energy: Crude oil may remain on firm note. It can recover towards Rs 4,200 while taking support near Rs 4,100. Natural gas can dip towards Rs 170 while facing resistance near Rs 175.

Spices: Turmeric futures (Dec) is hovering near its yearly low of Rs 5,560 and any short covering may face resistance near Rs 5,740. Jeera futures (Dec) is expected to consolidate in the range of Rs 15,700-16,000. Dhaniya futures (Dec) may face resistance near Rs 6850. Cardamom futures (Dec) is expected to trade sideways in the range of Rs 2,950-3,050.

Oilseeds: Soybean futures (Dec) may continue to face resistance near Rs 4,120-4,125 as the demand side is weak. Mustard futures (Dec) will possibly trade with an upside bias towards Rs 4,410-4,420. CPO futures (Dec) would probably make a new life time high on the national bourse as it has the potential to test Rs 700-703. While, soy oil futures (Dec) is also expected to trade on a bullish note towards Rs 845-850.

Other commodities:
Cotton futures (Dec) may trade sideways in the range of Rs 19,000-19,160. The short covering in chana futures (Dec) may trade sideways in the range of Rs 4,375-4,450. The short covering in guar seed futures (Dec) may face resistance near Rs 4,080, while guar gum futures (Dec) may remain below Rs 7,370-7,410.

Also Read

Commodity Outlook: Buy gold, silver, nickel on dips

Commodity outlook: Gold, silver prices likely to edge lower

Commodity outlook: Bullion charges; here's how others may trade today

Commodity outlook: Buy silver, copper on dips; sell nickel

Commodity Outlook: Buy gold and silver on dips; sell copper, nickel

Comments
Add Your Comments
Commenting feature is disabled in your country/region.

Other useful Links


Copyright © 2020 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service