INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Gold and crude oil prices climbed in futures trade on Monday amid a firming global trend
Oil prices rose to their highest for 2019 after data showed refinery processing in China, world's second-largest oil consumer, climbed to
a record in 2018, despite a slowing economy last year, Reuters reported
Prices are further being supported by supply cuts led by Opec.
Gold steadied in global markets on back of a softer US dollar
Dovish signals from US Fed on rate hikes have weighed on greenback, giving gold a leg-up.
MCX Gold was trading at Rs 32,133 per 10 grams, up
by Rs 42, while crude oil ruled at Rs 3,885 per barrel, up Rs 31 around 11.20 am.
We bring you projections on various commodities by
brokerage SMC Global Securities.
Bullion: The bullion counter may stay on a mixed path as some profit booking at higher levels was seen in
MCX Gold can find support near Rs 32,000 while its upside will be capped near Rs 32,200
Silver can find support near Rs 39,000 while its upside will be capped near Rs 39,400
Base metals: MCX Copper may test Rs 425 while taking resistance near Rs 432
Zinc can move sideways to an upside path and test Rs 187 taking support near Rs 182
Lead can take support near Rs 140 and face resistance near Rs 144
Nickel can witness further recovery and test Rs 840
Aluminium can hit Rs 134 while taking support near Rs 132
Energy: Crude oil can reach Rs 3,950 mark, taking support near Rs 3,860
Natural gas may remain on a volatile path and move in a wide range of Rs 230-245 on MCX
Spices: Turmeric futures (April) may trade with a downside bias to test Rs 6,350 on profit booking
Lower level buying can be seen in Jeera futures (March) and prices may move in range of Rs 16,800-17,250
Coriander futures (April) are expected to go lower and break strong support near Rs 6,500 level
Oilseeds: Soybean futures (February) are likely to be in range of Rs 3,680-3,800 with a bullish bias
Outlook for mustard futures (February) is bleak and downside may get extended towards Rs 3,800 level
CPO futures (January) may trade in range of Rs 544-552
Soy oil futures (February) are likely to gain and hit Rs 760 level on account of lower soy oil import and firmness in US soy oil
Other commodities: Cotton futures (January) may witness consolidation in Rs 20,600-21,100 level
Guar seed futures (February) are expected to trade in range of Rs 4,300-4,450 while guar gum futures (February) will possibly top Rs 8,600
Chana futures (March) may trade in range of Rs 4,240-4,340 with a bearish bias as sentiment is still weak due to continued selling of stock
