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Outlook: Oil may find it tough at Rs 3,750

Gold (April) can face resistance near Rs 33,300, but it has support near Rs 33,000.

ETMarkets.com|
Feb 11, 2019, 12.32 PM IST
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Agencies
Oil
Oil prices eased by around 1 per cent in global markets as drilling activity in the US, the world's largest oil producer, picked up.

Commodity Summary
MCX

GOLD
COPPER
SILVER
NEW DELHI: Gold, silver and crude oil futures came down on Monday, in line with a sluggish global trend.

Oil prices eased by around 1 per cent in global markets as drilling activity in the US, the world's largest oil producer, picked up and financial markets were pulled down by trade concerns, Reuters reported.

In global markets, a stronger dollar dimmed gold's appeal.

MCX Gold was trading at Rs 33,125 per 10 grams, down Rs 117, while MCX Silver hit Rs 39,978 a kg, sliding Rs 127 around 11:30 am. Crude oil was trading at Rs 3,709 per barrel, lower by Rs 51.

What is in store for commodities today? We bring you projections by brokerage SMC Global Securities.

Bullion: Gold (April) can face resistance near Rs 33,300, but it has support near Rs 33,000. Silver can move lower and test Rs 39,800, facing resistance near Rs 40,200.

Base metals: Base metal prices may trade with a sideways to a negative bias. Copper may test Rs 435, facing a hurdle near Rs 445 on MCX. Zinc can head lower towards Rs 187. Lead can move sideways in the range of Rs 145-149. Nickel can dip further lower and can test Rs 890. Aluminium price may find some support near Rs 132.50.

Energy: Crude oil may test Rs 3,680, facing headwinds near Rs 3,750. Natural gas can witness lower level buying and hit Rs 194 on MCX.

Spices: Turmeric futures (April) are likely to see more downside towards Rs 6,300-6,250 levels owing to lack of demand. Jeera futures (Mar) have gone down to an extremely oversold zone and this week we may see some short covering, with the counter expected to take support near Rs 15,300 levels. However, any sharp upside may not be seen as the fundamentals indicate that the current weather conditions over the major growing regions are conducive to the crop. The increasing open interest week-on-week and decreasing trend of coriander futures (April) show that there may be more correction in the counter towards Rs 6,100 levels.

Oilseeds: The correction in soybean futures (March) may see a halt, which may take support in the range of Rs 3,750-3,700. Mustard futures (April) are expected to trade with a downside bias and may even touch the Rs 3,900 mark. CPO futures (February) are in the overbought region and correction may emerge due to profit booking. It has resistance near Rs 576.

Other commodities: Cotton futures (February) are likely to witness a bounceback amid lower level buying taking support near Rs 20,400. Guar seed futures (March) may show more signs of weakness and may even break the strong support near Rs 4,150 to test Rs 4,100-4,050 levels while guar gum futures (March) are expected to plunge further towards Rs 8,100 levels. Chana futures (March) are expected to show an upside momentum towards Rs 4,350 as soon as it surpasses the resistance near Rs 4,295 levels.
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