Commodity outlook: Sell crude oil rise, by natural gas on dips
Base metals continued to trade flat for yet another session.
Base metals continued to trade flat for yet another session as market participants refrained from taking big positions ahead of a week-long holiday in China starting October 1. Every time the market thinks a deal may not be too far away, prices pick up.
Crude prices remained steady after Trump reported a resolution to China-US trade rift would come sooner than expected, helping to stave off pressure from rising oil supplies and worries about global growth.
Motilal Oswal Commodities Research lists how different commodities may trade in the second half of the session today:
MCX Gold has supports at Rs 37430 -.37350 levels whereas resistance is at Rs 37840- 37950. Intraday short covering will be seen as long as price holds above support.
Gold $ (SPOT)
Spot Gold will trade in a broad range for the session having support at $1495 whereas resistance is at $1525.
MCX Silver will trade in a sideways range for the session. Support is at Rs 46430 – 46250 whereas resistance is at Rs 46870 – 47050 area.
Silver $ (SPOT)
Initial up move will be seen in Spot Silver however, upside to will be capped at $18.25-18.35 zone as it will act as strong resistance. Support is at $17.70 – 17.50.
Initial pullback could be seen in MCX Copper (Oct) but upside too will be capped around Rs 448.60 – 450.70. Immediate support is at Rs 444. For the session, selling near resistance OR below support is advised. Lower support is at Rs 441.30.
MCX Nickel (Oct) will trade in a range for the session. Support remains at Rs 1210 whereas resistance is at Rs 1245-1255.
MCX Crude Oil
MCX Crude Oil has strong resistance at Rs 4065 – 4095 levels whereas support is placed at Rs 3980 – 3940 area. Selling on rise near resistance is advised for the session.
MCX Natural Gas
MCX Natural Gas looks supportive above Rs 179.30-177. Resistance is at Rs 184.70 – 186.50 levels. Buying is advised as long as price holds above support.
MCX Lead (Oct) looks positive for the session. Support is at 154.35 whereas resistance is at Rs 158. Buying is advised for the day.
MCX Zinc (Oct) will continue to trade in a range for the session. Support is at Rs 182 – 180.70 whereas resistance is at Rs 185.35 – 186.50 area.
MCX Aluminium (Delivery Contract)
MCX Aluminium (Oct) looks to trade in a range having resistance at Rs 139.80 whereas support is at Rs 136.20.