January 24, 2021

Silver costs: Commodity outlook: Silver positive factors; here is how others might fare



NEW DELHI: Commodities block was a blended bag on Friday with bullion counters buying and selling with positive factors whereas power and base metals within the crimson amid escalating tensions between US and China.

Gold was flat whereas silver gained 0.31 per cent. Base metals dropped as much as a per cent. In the meantime, crude oil dipped 0.44 per cent and its peer pure fuel was down 1.35 per cent.

NCDEX Agridex, an agricultural futures index that tracks the efficiency of the ten liquid commodities, was down 0.41 per cent or 4.50 factors at 1,088.55 led by lossed in cotton seed oilcake and soya bean.

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


Bullion: Bullion counters might lengthen the rally the place gold might take a look at Rs 56,400 and take help close to Rs 55,200 whereas silver might take a look at Rs 77,300 and take help close to Rs 75,200.

Base metals: Base metals might commerce sideways with a bullish bias. Copper can transfer in direction of Rs 519 and take help close to Rs 510. Lead can transfer in direction of Rs 157 whereas taking help close to Rs 152. Nickel commerce bullish bias the place it might take help close to Rs 1,070 and resistance close to Rs 1,120. Aluminum might transfer in direction of Rs 148 whereas taking help close to Rs 144.

Vitality: Crude oil might commerce sideways with bullish bias the place it might take help close to Rs 3,080 and resistance is seen close to Rs 3,260. Pure fuel might put up correction 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 within the vary of Rs 5,800-5,900. Jeera futures (Aug) is anticipated to witness a sideways to down motion within the vary of Rs 13,850-14,050. Dhaniya futures (Aug) is anticipated to carry on the help close to Rs 6,400, whereas the upside might stay capped close to Rs 6550. Cardamom futures (Aug) is more likely to consolidate within the vary of Rs 1,500-1,550.

Oilseeds: Soybean futures (Aug) might commerce greater within the vary of Rs 3,880-3,940. Soy oil (Aug) will in all probability commerce sideways to up within the vary of Rs 875-885, and CPO (Aug) within the vary of Rs 745-760.

Different commodities: Cotton futures (Aug) is anticipated to commerce greater sideways to up within the vary of Rs 16,350-16,550. Chana futures (Aug) may hover sideways within the vary of Rs 4,150-4,200. Mentha oil futures (Aug) is more likely to face resistance close to Rs 980 and the upside might stay capped.