INSUBCONTINENT EXCLUSIVE:
Gold prices made the most of an uptick in demand today as they ruled firm
The demand for precious metals came in mostly from jewellers, retailers and investors
However, industrial metals were in the red as a gloomy macro-economic outlook stoked concerns about demand growth.
How should you play in
commodities today We bring you a guidance on agri, base metals, crude oil and natural gas by SMC Global Securities.
Bullion: Gold can take
support near Rs 31,250 and face resistance near Rs 31,500 on MCX
Silver's corresponding figures are Rs 38,100 and Rs 38,700
Base metals: Base metal prices saw a meltdown on domestic bourses as they fell sharply in Shanghai and London early Thursday, tracking a
broad equity sell-off on a downbeat macro-economic outlook
Copper is eyeing a barrier at Rs 460, but has its support coming up near Rs 452
The most-traded November copper contract on the Shanghai Futures Exchange slipped by 1.2 per cent to 50,080 yuan ($7,234.49) a tonne
Zinc can face resistance near Rs 200 and comfort near Rs 194
Lead can draw strength near Rs 140, but may falter at Rs 144
Equivalent figures for nickel are Rs 935 and Rs 960 while those of aluminium are Rs 150 and Rs 154
Energy: Crude oil can be better-off near Rs 5,360, but may hit a bump near Rs 5,500 on MCX
Natural gas may run with a sideways bias as it can move in the range of Rs 238-246 on MCX
Spices: Turmeric futures (November) are expected to consolidate in Rs 6,575-6,710 levels
Jeera futures (November) are likely to trade in the range of Rs 19,200-19,600
Spot jeera prices ruled steady in key markets on Tuesday as supply matches up with demand
Cardamom futures (November) are expected to trade with a positive bias and take support near Rs 1,320 levels
The second round of picking of cardamom is almost over in Idukki and third round has not started yet
Production is likely to halve to 12,000-15,000 tonnes this season because of damage to crops in Kerala due to recent heavy rainfall that led
Oilseeds: Soybean futures (November) are expected to take support near Rs 3,190 levels and the downside may remain capped on reports of
Mustard futures (November) will possibly drop towards Rs 4,130 levels
Spot mustard seed, oil and cake prices ruled lower at the key Jaipur market due to poor offtake from buyers
Nafed on Monday liquidated around 6,010 metric tonnes of mustard seed at various centres of Rajasthan and Madhya Pradesh
The agency has sold mustard seed with prices ranging between Rs 3,775 and Rs 3,875 per quintal
It had procured a total of 8.80 lakh tonnes of mustard seed and now 7.74 lakh tonnes of balance stocks are available with it
CPO futures (October) are expected to face a downside bias and test Rs 585 levels, taking negative cues from the international market
Malaysian Palm Oil Board (MPOB) has estimated Malaysian palm oil stocks at September-end at 2.54 million tonnes, 1.45 per cent higher than
It has estimated Malaysian palm oil export for September 47.18 percent higher at 1.62 million tonnes while the palm oil production is seen
rising by 14.38 per cent to 1.9 million tonnes.
Other commodities: Cotton futures (October) are expected to witness consolidation in the
range of Rs 22,255-22,455 levels
Guar seed futures (November) will probably take support near Rs 4,220
Guarseed prices in recent times were under pressure mainly due to slow export of guargum
But the prices have been gaining since production is expected to be lower than last year
Guarseed crop is expected to be around 45-50 lakh bags (100kg) versus 60-70 lakh bags a year ago
Further carry over stocks of guarseed is also estimated down at 80-85 lakh bags versus 120-130 lakh bags
The total supply of guar crop for the season 2018-19 (October-September) is likely to be around 125-135 lakh bags
Chana futures (November) are expected to witness more correction towards Rs 4,120 levels
