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

Here is how SMC Global expects commodities to trade during the day.

ETMarkets.com|
Last Updated: Jan 15, 2020, 11.42 AM IST
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The joint statement from the Treasury and the US Trade Representative's office said "there is no agreement for future reduction in tariffs.

Commodity Summary
MCX

GOLD
CRUDEOIL
Metals and energy counters ebbed while bullion gained in Wednesday’s trade after the US Treasury Secretary said that tariffs on Chinese products would remain in place for now.

The joint statement from the Treasury and the US Trade Representative's office said "there is no agreement for future reduction in tariffs. Any rumours to the contrary are categorically false."

Crude oil was down 0.39 per cent, while natural gas fell 2.46 per cent. From the base metals block, copper was down 0.34 per cent and zinc mini 0.14 per cent. Gold and silver, meanwhile, gained up to 0.8 per cent.

Here is how SMC Global expects commodities to trade during the day:

Bullion: Gold can dip lower towards Rs 39,100 while facing resistance near Rs 39,600, while silver can test Rs 45,600 while facing resistance near Rs 46,200.

Base metals: Base metals may trade with a mixed bias. Copper may test Rs 447 while facing resistance near Rs 456. Zinc can recover towards Rs 183 while taking support near Rs 179. Lead may trade with a sideways-to-upward bias testing Rs 154 by taking support near Rs 150. Nickel may dip towards Rs 990 while facing resistance near Rs 1,030. Aluminium may recover
towards Rs 142 while taking support near Rs 138.

Energy: Crude oil may remain weak. It can further dip towards Rs 4,080 while facing resistance near Rs 4,180. Natural gas can dip lower to Rs 152 while facing resistance near Rs 157.

Spices: Turmeric futures (Mar) are expected to witness a major downside of Rs 6,200-6,150, if it trades below Rs 6,300. Jeera futures (Mar) can crash towards Rs 15,200-15,100. Dhaniya futures (Apr) will possibly continue to witness selling pressure in the range of Rs 7,000-7,050 and correct towards Rs 6,800-6,750.

Oilseeds: Soybean futures (Feb) are likely to consolidate in the range of Rs 4,170-4,310. Mustard futures (Feb) may trade with a downside bias in the range of Rs 4,350-4,420. CPO futures (Jan) may continue to consolidate in the range of Rs 818-830. Soy oil futures (Feb) may consolidate in the range of Rs 909-922 tracking sideways trend of soy oil on CBOT.

Other commodities: Cotton futures (Jan) are looking bullish and have the potential to test Rs 20,150-20,200 on the higher side. Chana futures (Mar) are likely to face resistance near Rs 4,380-4,405 as the selling pressure is about to increase in the spot markets. Guar gum futures (Feb) are expected to trade firm in the range of Rs 7,350-7,500.

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