Commodity outlook: Crude oil may show a negative undertone
Commodity Summary MCX
| CRUDEOIL | ||
| NATURALGAS | ||
| GOLD |
NEW DELHI: Base metals are expected to come under strain on Thursday, reflecting sluggish global indicators.
Crude oil may show a negative streak, said SMC Global Securities in its commodity report.
How is the story of key commodities going to unfold today?
Bullion counter: MCX Gold has opened sharply lower. It has immediate resistance at Rs 29,415-29,475 levels whereas supports are placed at Rs 29,250-29,150. The failure to breach Rs 29,250 may result in an intraday pullback rally towards resistance area, stated Motilal Oswal in its daily report.
Silver: MCX Silver has immediate supports at Rs 36,450-36,400 zone and failure to breach the same may result in the strong pullback rally towards Rs 37,000-37,100 levels. An either side closing breach of Rs 36,400-37,000 could be decisive going ahead, the brokerage said.
Crude oil, natural gas: Crude oil may have a negative bias as it can take support near Rs 4,580 with a likely hurdle near Rs 4,660 on MCX. Natural gas may move in the red as it can take support near Rs 202 with a likely capping of the upside at Rs 207 on MCX.
Base metals: Copper can find relief near Rs 400 while its upside will be limited near Rs 414.
Zinc's equivalent figures are Rs 163 and Rs 172 while those of lead are Rs 138 and Rs 146.
Nickel eyes Rs 915 as its support zone, with headwinds seen at Rs 930.
Aluminium can trade higher as it can get relief near Rs 140, but may face a roadblock near Rs 144 on MCX, said SMC Global Securities.
Agri commodities: Soybean futures (October) will see a further downside towards Rs 3,280-3,250 levels while mustard futures (September) are likely to hit a hurdle near Rs 4,150 and trade with a downside bias.
Chana futures (September) are expected to hit a wall near Rs 4,390 levels.
As for turmeric, futures (September) are seen to develop a downside bias and test Rs 6,900 levels.
Mustard futures (September) are likely to hit a spot of bother near Rs 4,150 with a downbeat bias.
Crude oil may show a negative streak, said SMC Global Securities in its commodity report.
How is the story of key commodities going to unfold today?
Bullion counter: MCX Gold has opened sharply lower. It has immediate resistance at Rs 29,415-29,475 levels whereas supports are placed at Rs 29,250-29,150. The failure to breach Rs 29,250 may result in an intraday pullback rally towards resistance area, stated Motilal Oswal in its daily report.
Silver: MCX Silver has immediate supports at Rs 36,450-36,400 zone and failure to breach the same may result in the strong pullback rally towards Rs 37,000-37,100 levels. An either side closing breach of Rs 36,400-37,000 could be decisive going ahead, the brokerage said.
Crude oil, natural gas: Crude oil may have a negative bias as it can take support near Rs 4,580 with a likely hurdle near Rs 4,660 on MCX. Natural gas may move in the red as it can take support near Rs 202 with a likely capping of the upside at Rs 207 on MCX.
Base metals: Copper can find relief near Rs 400 while its upside will be limited near Rs 414.
Zinc's equivalent figures are Rs 163 and Rs 172 while those of lead are Rs 138 and Rs 146.
Nickel eyes Rs 915 as its support zone, with headwinds seen at Rs 930.
Aluminium can trade higher as it can get relief near Rs 140, but may face a roadblock near Rs 144 on MCX, said SMC Global Securities.
Agri commodities: Soybean futures (October) will see a further downside towards Rs 3,280-3,250 levels while mustard futures (September) are likely to hit a hurdle near Rs 4,150 and trade with a downside bias.
Chana futures (September) are expected to hit a wall near Rs 4,390 levels.
As for turmeric, futures (September) are seen to develop a downside bias and test Rs 6,900 levels.
Mustard futures (September) are likely to hit a spot of bother near Rs 4,150 with a downbeat bias.