INSUBCONTINENT EXCLUSIVE:
The bullion counter was full of activity today on firm demand amid subdued equity markets
MCX Gold futures were 0.36 per cent up at Rs 31,975 per 10 grams while silver futures rose 0.25 per cent to Rs 38,713 per kg at around
10.30 am.
We present you an outlook for commodities by SMC Global Securities.Gold and silver: Gold can find some backing near Rs 31,750, but
faces a hurdle near Rs 32,000 on MCX
Silver's support comes up near Rs 38,400, with a likely resistance near Rs 39,000
Base metals: Base metal prices can stay negative
Copper is bracing for resistance near Rs 454, but Rs 445 can act as support
London copper prices retreated in early Asian trade on Friday, wiping out Thursday's gains, as concerns over the impact of the US-China
trade row on demand for industrial metals came back to haunt players
Zinc can face resistance near Rs 200 and support near Rs 196
Lead's comfort level could be Rs 144, with Rs 148 likely acting as a barrier
Nickel can draw support from Rs 880 while its upside will be capped near Rs 910
Aluminium is better placed near Rs 144 levels while it has resistance near the Rs 147 mark.
Energy:Crude oil may have its tailwind near Rs
4,900 while Rs 4,980 poses some headwinds on MCX
Natural gas may trade with a mixed bias as it can move in the range of Rs 235-245 on MCX
Spices: Turmeric futures (November) are likely to move sideways in the range of Rs 6,590-6,725
Turmeric prices moved higher by Rs 100-200 per quintal at major spot markets in Maharashtra on Thursday due to rise in demand
Jeera futures (November) are expected to be in the range of Rs 19,500-19,900
Coriander futures (November) are expected to take support near Rs 5,750 levels and the upside may continue
Oilseeds: Soybean futures (November) are expected to go higher towards Rs 3,330 levels
The counter is expected to witness a lower level buying taking positive cues from the spot market
Mustard futures (November) are likely to rule firm and test Rs 4,250 levels as soon as it breaches the resistance level near Rs 4,225
CPO futures (October) are expected to fall to the Rs 572 level
Other commodities:Cotton futures (November) are expected to lie low at Rs 22,500 level
A subdued tone was witnessed in cotton at major markets across Central and South India on Thursday, hit by slow demand from mills and
Guar seed futures (November) are expected to take support near Rs 4,700 levels and trade on a bullish note
Chana futures (November) will possibly take a plunge towards Rs 3,950-3,900
