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Commodity outlook: Nickel, crude oil set to rally; zinc & copper may fall

MCX Copper price is expected to trade negatively with good resistance at Rs.434.50 levels.

ETMarkets.com|
Nov 21, 2019, 04.44 PM IST
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Gold prices inched higher supported by concerns that US bill on Hong Kong could increase tensions between the US and China thereby delaying the interim trade deal. The Hong Kong issue is used as a tool, which is negatively affecting and putting further hurdles in the trade deal between the two major economies.

Base metals continue to be under pressure for much of the week with copper prices retraced after touching a one-week high in the previous session, as a possible delay in a much-awaited "phase one" trade deal between US and China weighed on sentiment.

Crude prices rallied in yesterday’s session after EIA data showed that inventories saw a buildup of 1.4Mbpd which was much lower than market expectation for a 1.5Mbpd as lower flows as a result of the Keystone pipeline outage mean ongoing draws to Cushing inventories, but rebound in imports and another SPR release has encouraged a modest build on the aggregate.

Let's take a look at how various commodities may fare today, as projected by brokerage Motilal Oswal Securities:

MCX Gold

MCX Gold price are expected to trade in a range bound market having good support at Rs.37900 level and resistance at Rs.38200 level.

Gold $ (SPOT)
Spot Gold is expected to trade in a range of $1464 - $1475 range.

MCX Silver
MCX Silver price are expected to trade in a range bound market having good support at Rs.44300 level and resistance at Rs.44820 level.

Silver $ (SPOT)
Spot Silver is expected to trade in a range of $16.90 - $17.25 range.

MCX Copper
MCX Copper price is expected to trade negatively with good resistance at Rs.434.50 levels and intermediate resistance at Rs.433.20 level. Selling is advised targeting lower support at Rs.431.50 – 429.50 zone.

MCX Nickel
MCX Nickel price is expected to trade positively with good support at Rs.1060 level and intermediate support at Rs.1068 level. Buying is advised targeting higher resistance at Rs.1085 – 1095 zone.

MCX Crude Oil
MCX Crude price are expected to trade positively with good support at Rs.4030 levels and intermediate support at Rs.4060 level. Buying is advised targeting higher resistance at Rs.4145 – 4175 zone.

MCX Natural Gas
MCX Natural gas price are expected to trade in a range bound market having good support at Rs.182 level and resistance at Rs.188 level.

MCX Lead
MCX Lead price is expected to trade negatively with good resistance at Rs.155 levels and intermediate resistance at Rs.154.20 level. Selling is advised targeting lower support at Rs.153 – 152 zone.

MCX Zinc
MCX Zinc price is expected to trade negatively with good resistance at Rs.188.25 levels and intermediate resistance at Rs.187.25 level. Selling is advised targeting lower support at Rs.185.30 – 184 zone.

MCX Aluminium(Delivery Contract)
MCX Aluminum price is expected to trade negatively with good resistance at Rs.131.50 levels and intermediate resistance at Rs.130.50 level. Selling is advised targeting lower support at Rs.129.35 – 128.50 zone.

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Commodity Outlook: Buy gold and silver on dips; sell copper, nickel

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