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Commodity outlook: How gold, oil, base metals and agri commodities may fare today

Here's a run through of projections on various commodities by SMC Global Securities.|
Oct 04, 2019, 11.26 AM IST
Commodity Outlook Shutter

Commodity Summary

NEW DELHI: Except the energy basket, all commodities on MCX were trading lower on Friday. In domestic markets, base metals bucked the international trend. Gold and silver were down 0.2 per cent and 0.5 per cent ahead of the RBI policy decision, respectively.

Crude and Natural Gas futures were up about 0.7 per cent each.

Below are SMC Global’s expectations for the day:

Bullion: Bullion counter may trade on a sideways-to-positive bias, but profit booking at higher levels can be seen. Gold (Dec) can take support near Rs 38,200 while facing resistance near Rs 38,800. Silver can test Rs 46,000 while taking support near Rs 45,400.

Base metals: Base metals may trade sideways. Copper may slip lower towards Rs 430 while facing resistance near Rs 442. Zinc can trade in range as it can face resistance near Rs 185 while taking support near Rs 180. Lead may trade with a sideways-to-upside bias, testing Rs 156 while taking support near Rs 152. Nickel may also trade with an upside bias as it can test Rs 1,280 while taking support near Rs 1,240. Aluminum may test Rs 135 while taking support near Rs 132.

Energy: Crude oil may witness bounce back at lower levels. Crude oil may test Rs 3,780 while taking support near Rs 3,680. Natural gas can trade on an upside path moving towards Rs 170 while taking support near Rs 163.

Spices: Turmeric futures (Oct) may face resistance near Rs 6,000-6,050, taking negative cues from the spot markets. In days to come, more steep correction can be seen in dhaniya futures (Oct) as it may test the support near Rs 5,400. Cardamom futures (Oct) are likely to trade sideways in the range of Rs 3,150-3,300.

Oilseeds: Soybean futures (Oct) are expected to take support near Rs 3,700. Soy oil futures (Oct) are likely to fall towards Rs 757, while CPO futures (Oct) will possibly break the support near Rs 545-542 and plunge to test Rs 543.

Other commodities: Cotton futures (Oct) may face resistance near the Rs 19,915 level. Chana futures (Oct) are expected to face resistance near Rs 4,240. Moong futures (Oct) may also catch up pace to test Rs 6,050-6,075 on account of lower output this season.

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