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Outlook: Oil gets ready to scale Rs 4,100

Natural gas may test Rs 203, with relief near Rs 196.

ETMarkets.com|
Mar 01, 2019, 10.55 AM IST
0Comments

Commodity Summary
MCX

COPPER
NEW DELHI: Gold turned lacklustre in domestic futures on Friday, tracking global weakness.

The safe-haven asset hit a two-week low globally as upbeat US economic data boosted dollar's appeal.

Crude oil edged up after the global oil prices rose on tight supply due to output cuts by producer club Opec.

MCX Gold was at Rs 32,958 per 10 grams, down Rs 23, while silver lost Rs 24 to Rs 39,110 a kg as of 10:15 am. Crude oil was trading at Rs 4,076 per barrel, up Rs 18.

Brokerage SMC Global Securities has its own projections for various commodities.

Bullion: Bullion counter may remain on the weaker side as gold steadied on Friday. Gold can drop towards Rs 32,800, facing resistance near Rs 33,150. Silver can test Rs 39,500, with a likely barrier near Rs 40,150.

Base metals: Base metal prices may trade with sideways to a negative bias. Copper may test Rs 460, facing headwinds near Rs 468 on MCX. Zinc can hit Rs 195, staring at a hurdle near Rs 199. Lead can trade on a mixed path in the range of Rs 151-154. Nickel can test Rs 930, taking support near Rs 918. Aluminium (March) prices may trade in the range of Rs 147-152.

Energy: Crude oil can test Rs 4,100, taking support near Rs 4,040. Natural gas may test Rs 203, with relief near Rs 196.

Spices: Turmeric futures (April) are expected to trade with an upside bias, taking support near Rs 6,235. Jeera futures (March) are expected to consolidate in the range of Rs 15,300-15,640. Coriander futures (April) are likely to face resistance near Rs 6,290 while those of cardamom for March are expected to witness a lower level buying near Rs 1,440.

Oilseeds: Soybean futures contracts (March) may test Rs 3,580-3,560 levels on the downside. Refined soy oil futures are expected to consolidate in the range of Rs 753-760 levels. CPO futures are expected to trade sideways and may consolidate in the range of Rs 547-555 levels. Mustard futures (April) are expected to plunge towards Rs 3,800 level as the upside may remain capped owing to reports of higher production.

Other commodities: Cotton futures (March) are likely to break Rs 20,000 levels and may plunge further towards Rs 19,900. Chana futures are likely to test Rs 4,050-4,030 levels on the downside.

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