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Commodity outlook: How gold, oil and base metals may move today

Gold steadied in global markets on Tuesday, but was hovering near a five-week low.

ETMarkets.com|
Mar 05, 2019, 10.44 AM IST
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Commodity Summary
MCX

GOLD
ALUMINIUM
COTTON
NEW DELHI: Gold traded lacklustre in the domestic futures market on Tuesday on lower demand at the spot market amid uninspiring global trend. Crude oil, however, traded with tepid gains on the MCX.

Gold steadied in global markets on Tuesday, but was hovering near a five-week low touched in the previous session, as rising US Treasury yields boosted the dollar, Reuters reported.

Global crude oil prices fell on concerns that a slowdown in global economic growth will cause a slump in the consumption of oil.

The MCX Gold was trading at Rs 32,345 per 10 grams, down by Rs 25, while MCX Crude oil was trading at Rs 3,994 per barrel, up Rs 8 around 9:55 am.

We bring you projections on various commodities by brokerages. Take a look:

Outlook on bullions, energy and base metals by Motilal Oswal Securities:

Gold: Gold may trade on a weaker side. The downside for MCX Gold will be limited around Rs 32,200-32,130 as the range will act as key support. Strong resistance is at Rs 32,550 and upside for the metal will resume only if price breaks above this level. The brokerage advised buying only above the resistance.

Silver: MCX Silver has intraday support at Rs 38,535-38,400, whereas resistance is at Rs 38,870-38,950. Sideways consolidation will be seen for the session.

Copper: MCX Copper has short-term supports at Rs 457.50-456 whereas immediate resistance is at Rs 462.50. For the session, buying near support or above resistance is advised. Higher resistance is at Rs 466.

Nickel: MCX Nickel will remain supported above Rs 930-925 as it acts as a strong support zone. Resistance is at s 960-965 level. Buying around Rs 938-934 zone is advised for the session.

Crude oil: MCX Crude oil has immediate strong resistance at Rs 4,015-4,055 and upside will resume only if price breaks above this level. Support for the commodity is at Rs 3,940-3,910.

Natural Gas: MCX Natural Gas may trade in a range for the session. It has support at Rs 197-195, whereas resistance is at Rs 206.50-209.

Lead: MCX Lead looks weak for the session as long as Rs 151.50 is capped as resistance. Support is at Rs 148.30-146.50 levels. The brokerage advises selling for the day.

Zinc: MCX Zinc will trade in a range for the session. Immediate support is at Rs 195.25, whereas resistance is at Rs 198.10-198.70.

Aluminium: MCX Aluminium looks supported for the session and may test Rs 148.50-149.50 levels. Support for aluminium is at Rs 145.35

Outlook on agri commodities by SMC Global Securities:

Spices: The gains due to lower level buying seen in turmeric futures (April) is likely to be temporary and it may face resistance near Rs 6,420. Jeera futures (March) is likely to witness an upside momentum and may test Rs 15,700-15,800, taking support near Rs 15,300. Coriander futures (April) is expected to hover sideways in the range of Rs 6,150-6,250.

Oilseeds: Soybean futures (March) is likely to face resistance near Rs 3,670 and may witness fresh selling from higher levels. CPO futures (March) may witness a decline for the third consecutive week towards Rs 550 due to oversupply in the domestic market. Mustard futures (April) is trading near its one month low and this downtrend is expected to continue till Rs 3,800.

Other commodities: Consolidation can be seen in cotton futures (March) in the range of Rs 20,720-20,920. Chana futures (March) will possibly face resistance near Rs 4,145 level amid slackened trade and ongoing new arrivals.
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