September 20, 2020

mentha: Commodity outlook: Bullion slip; here is how others might fare



NEW DELHI: Base metals and crude oil gained whereas different commodity futures had been buying and selling with cuts on Monday amid growing hopes of Covid-19 therapy in US and China.

Gold fell 0.53 per cent whereas silver dropped 1.29 per cent. Base metals additionally gained with zinc advancing probably the most at 0.80 per cent. In the meantime, crude oil climbed 0.51 per cent however its peer pure gasoline was down 0.17 per cent.

NCDEX Agridex, an agricultural futures index that tracks the efficiency of the ten liquid commodities, was up 0.19 per cent or 2.10 factors at 1,103.65 led by features in cottonseed oilcake and chana.

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

Bullion: Bullion counters might publish correction from greater ranges the place gold might check Rs 51,400 and dealing with resistance close to Rs 52,600 whereas silver might check Rs 64,700 and face resistance close to Rs 69,200.

Base metals: Base metals might commerce sideways with a bullish bias. Copper can transfer in direction of Rs 524 and take help close to Rs 514. Zinc might transfer in direction of Rs 195 and take help close to Rs 191. Nickel commerce bullish bias the place it could take help close to Rs 1,085 and resistance close to Rs 1,125. Aluminum might transfer in direction of Rs 146 whereas taking help close to Rs 143.

Vitality: Crude oil might commerce sideways with a bullish bias the place it could take help close to Rs 3,060 and resistance is seen close to Rs 3,270. Pure gasoline might commerce with bearish bias the place resistance is seen close to Rs 185 taking help close to Rs 174.

Spices: Turmeric futures (Sept) is anticipated to consolidate within the vary of Rs 5,770-5,870. Jeera futures (Sept) might commerce regular within the vary of Rs 14,220-14,350. Dhaniya futures (Sept) appears to be making its solution to begin a bull-run and head in direction of Rs 6,750-6,800.

Oilseeds: Soybean futures (Sept) is anticipated to stay trapped within the sideways zone of Rs 3,760-3,830. The outlook for mustard futures (Sept) is bullish as it might probably witness Rs 5,300-5,350, as quickly because it breaks above its earlier excessive at Rs 5,220. Soy oil (Sept) dealing with is anticipated to commerce sideways within the vary of Rs 865-875, whereas CPO (Sept) might consolidate within the vary of Rs 750-760.

Different commodities: Cotton futures (Aug) might proceed to commerce on a bullish word and check Rs 17,000-17,100. Guar seed (Sept) is anticipated to proceed to consolidate within the vary of Rs 4,100-4,200, whereas guar gum futures (Sept) might commerce sideways to up within the vary of Rs 6,350-6,550. Mentha oil futures (Sept) is trying bullish and it might probably transfer ahead to check Rs 1,030, taking help close to Rs 1,000.