November 28, 2020

Gold costs: Commodity outlook: Gold edges increased; this is how others could fare



NEW DELHI: Whereas bullion counters edged increased on Tuesday, base metals and power commodity futures tumbled amid worries over surging circumstances of Covid-19 that will hinder financial restoration.

Gold rose 0.13 per cent whereas silver gained 0.22 per cent. Base metallic counters slid as much as 0.5 per cent. In the meantime, crude oil dipped 1.22 per cent and its peer pure fuel was down 0.13 per cent.

NCDEX Agridex, an agricultural futures index that tracks the efficiency of the ten liquid commodities, was up 0.50 per cent or 5.40 level at 1,080.65 led by positive factors in guar gum and guar seed.

Right here is how SMC World expects commodities to fare at this time:

Bullion: Bullion counters could prolong the rally the place gold could take a look at Rs 54,060 and take help close to Rs 53,200 whereas silver could take a look at Rs 66,200 and take help close to Rs 62,400.

Base metals: Base metals could commerce sideways with a bullish bias. Copper can transfer in the direction of Rs 513 and take help close to Rs 503. Zinc could transfer in the direction of Rs 186 and take help close to Rs 182. Lead can transfer in the direction of Rs 151 whereas taking help close to Rs 147. Nickel commerce bullish bias the place it might take help close to Rs 1,030 and resistance close to Rs 1,086. Aluminum could transfer in the direction of Rs 146 whereas taking help close to Rs 142.

Power: Crude oil could commerce sideways with a bearish bias the place it might take help close to Rs 2,980 and resistance is seen close to Rs 3,160. Pure fuel could commerce with bullish bias the place resistance is seen close to Rs 166, taking help close to Rs 154.

Spices: Turmeric futures (Aug) is more likely to commerce sideways to up within the vary of Rs 5,750-5,900 taking constructive cues from the spot markets. Jeera futures (Aug) is anticipated to witness a sideways motion within the vary of Rs 14,040-14,200. Dhaniya futures (Aug) is anticipated to carry on the help close to Rs 6,350, whereas the upside could stay capped close to Rs 6,500. Cardamom futures (Aug) is more likely to consolidate within the vary of Rs 1,500-1,550.

Oilseeds: Soybean futures (Aug) could proceed to consolidate within the vary of Rs 3,795-3,840. Mustard futures are on a bull-run and making a brand new three yr excessive each week resulting from brief provide. Going forward, each dip could be taken as a possibility to build up this oilseed, eyeing targets of Rs 5,050- 5,070. It’s anticipated that soy oil (Aug) will in all probability take a look at Rs 885-890 on the upper facet, and CPO (Aug) could rise additional increased in the direction of Rs 745- 750.

Different commodities: Cotton futures (Aug) is anticipated to consolidate and commerce on a agency within the vary of Rs 16,130-16,300. Chana futures (Aug) may hover sideways within the vary of Rs 4,140-4,170. Mentha oil futures (Aug) is more likely to commerce sideways within the vary of Rs 945-955.