April 19, 2021

Commodity outlook: Nickel rallies; here is how others could fare



NEW DELHI: Bullion counters slipped whereas power and base metals futures superior on Friday whilst Chinese language macro knowledge upset and confusions remained on US stimulus.

Gold fell 0.68 per cent whereas silver dipped 1.42 per cent. Base metals gained with nickel rising probably the most at 1.6 per cent. In the meantime, crude oil added 0.41 per cent and its peer pure gasoline was up 1.05 per cent.

NCDEX Agridex, an agricultural futures index that tracks the efficiency of the ten liquid commodities, was up 0.08 per cent or 0.90 factors at 1,073.55 led by positive aspects in jeera and guar seed.

Right here is how SMC World expects commodities to fare as we speak:


Bullion: Bullion counters could commerce with bullish bias the place gold could check Rs 54,010 and take assist close to Rs 52,200 whereas silver could check Rs 75,900 and take assist close to Rs 71,100.

Base metals: Base metals could commerce sideways with a bullish bias the place Copper can transfer in the direction of Rs 508 and take assist close to Rs 499. Zinc could transfer in the direction of Rs 184 and is dealing with resistance close to Rs 190. Lead can transfer in the direction of Rs 156 whereas taking assist close to Rs 151. Aluminum could transfer in the direction of Rs 146 whereas taking assist close to Rs 142.

Power: Crude oil could commerce sideways with a bullish bias the place it might take assist close to Rs 3,080 and resistance is seen close to Rs 3,290. Pure gasoline correction appears accomplished could once more bounce in the direction of resistance the place resistance is seen close to Rs 165 taking assist close to Rs 154.

Spices: Turmeric futures (Sept) is anticipated to consolidate within the vary of Rs 5,750-5,850. Jeera futures (Sept) is more likely to commerce sideways within the vary of Rs 13,985-14,200. Dhaniya futures (Sept) will consolidate within the vary of Rs 6,500-6,600.

Oilseeds: Soybean futures (Sept) is anticipated to commerce sideways within the vary of Rs 3,690-3,750. The Mustard September contract is anticipated to take assist close to Rs 4,965. Soy oil (Sept) is anticipated to commerce sideways to down within the vary of Rs 860-870, whereas CPO (Aug) will presumably commerce with a draw back bias within the vary of Rs 733-745.

Different commodities: Cotton futures (Aug) is anticipated to commerce sideways within the vary of Rs 16,250-16,500. Chana futures (Sept) is exhibiting an uptrend and this shall lengthen until Rs 4,300-4,330, taking assist close to Rs 4,260. Guar complicated could present a bearish motion because the exports of guar gum have slowed down as a result of closure of most home processing models within the Corona interval and the lower in demand from the worldwide market. The September contracts of each the counters are more likely to witness a fall in the direction of assist close to Rs 3,900 and Rs 6,100, respectively.