September 21, 2020

nickel: Commodity outlook: Nickel dips; this is how others could fare



NEW DELHI: Barring nickel and pure gasoline, all commodity futures superior on Tuesday amid ease in tensions between US and China, which have been at loggerheads on a variety of points. .

Gold added 0.28 per cent whereas silver climbed 0.24 per cent. Nickel dipped 0.24 per cent however different base metals gained with zinc advancing probably the most at 0.62 per cent. In the meantime, crude oil was flat however its peer pure gasoline was down 0.37 per cent.

NCDEX Agridex, an agricultural futures index that tracks the efficiency of the ten liquid commodities, was up 0.53 per cent or 5.95 factors at 1,112.40 led by good points in guar seed and guar gum.

Right here is how SMC International expects commodities to fare at the moment:


Bullion: Bullion counters could publish correction from larger ranges the place gold could take a look at Rs 50,400 and dealing with resistance close to Rs 51,780 whereas silver could take a look at Rs 63,800 and dealing with resistance close to Rs 66,700.

Base metals: Base metals could commerce sideways with a bullish bias. Copper can transfer in the direction of Rs 525 and take assist close to Rs 517. Zinc could transfer in the direction of Rs 194 and take assist close to Rs 191. Lead can transfer in the direction of Rs 157 whereas taking assist close to Rs 153. Nickel commerce bullish bias the place it could take assist close to Rs 1,085 and resistance close to Rs 1,125. Aluminum could transfer in the direction of Rs 145 whereas taking assist close to Rs 142.

Vitality: Crude oil could commerce sideways with a bullish bias the place it could take assist close to Rs 3,080 and resistance is seen close to Rs 3,260. Pure gasoline could commerce with bullish bias the place resistance is seen close to Rs 194 taking assist close to Rs 185.

Spices: Turmeric futures (Sept) is predicted to commerce on a bullish notice in the direction of Rs 6,150-6,250. Jeera futures (Sept) could commerce larger in the direction of Rs 14,600-14,700. Dhaniya futures (Sept) appears to be making its strategy to begin a bull-run and head in the direction of Rs 6,850-6,900.

Oilseeds: Soybean futures (Sept) is predicted to stay trapped within the sideways zone of Rs 3,760-3,830. The outlook for mustard futures (Sept) is bullish as it may well witness Rs 5,250-5,270, taking assist close to Rs 5,150. Soy oil (Sept) dealing with is predicted to commerce sideways within the vary of Rs 863-873, whereas CPO (Sept) could consolidate within the vary of Rs 750-760.

Different commodities: Cotton futures (Aug) could proceed to commerce on a bullish notice and take a look at Rs 17,000-17,100. Guar seed (Sept) is predicted to proceed to consolidate within the vary of Rs 4,070-4,150, whereas guar gum futures (Sept) could commerce sideways to up within the vary of Rs 6,300-6,500. Chana futures (Sept) is predicted to commerce larger and take a look at Rs 4,600-4,650.