Commodity outlook: Crude oil gains; here\'s how others may fare
NEW DELHI: Commodity futures on MCX were trading mixed in Wednesday’s trade as traders waited for the US Federal policy meeting outcome scheduled later in the day.
Gold was up 0.14 per cent while silver dipped 0.04 per cent. In the base metal block, all counters were flat with aluminium and lead with positive bias while other trading with negative bias. Crude oil was up 1.59 per cent and its peer natural gas was up 0.11 per cent.
NCDEX Agridex, an agricultural futures index that tracks the performance of the ten liquid commodities, was down 0.29 per cent or 3.25 points at 1,136.10 led by gains in cotton seed oilcake and jeera.
Here is how SMC Global expects commodities to fare today:
Bullion: Bullion counters may post correction from higher levels where gold may test Rs 50,800 and face resistance near Rs 52,180 while silver may test Rs 67,780 and face resistance near Rs 69,100.
Base metals: Base metals may trade sideways with a bearish bias where copper can move towards Rs 524 and face resistance near Rs 533. Zinc may move towards Rs 192 and face resistance near Rs 196. Lead can move towards Rs 145 while facing resistance near Rs 147. Nickel may trade bearish bias where it may take support near Rs 1,098 and resistance near Rs 1,127. Aluminum may move towards Rs 147 while taking support near Rs 144.
Energy: Crude oil may trade sideways with a bullish bias where it may take support near Rs 2,750 and resistance is seen near Rs 2,890. Natural gas correction seems to end and it may bounce towards resistance where resistance is seen near Rs 178 and support near Rs 169.
Spices:Turmeric futures (October) is expected to witness a consolidation in the range of Rs 5,825-5,925. Jeera futures (October) is expected to trade with an upside bias in the range of Rs 14,070-14,270. Dhaniya futures (October) is expected to trade sideways in the range of Rs 6,540-6,700.
Oilseeds: Soybean futures (October) is expected to trade sideways in the range of Rs 3,950-4,020. Mustard futures (October) is expected to trade sideways to down in the range of Rs 5,300-5,355. Soy oil (October) is expected to trade higher towards Rs 922-925 and CPO (Sept) may witness consolidation in the range of Rs 770-780.
Other commodities: Cotton futures (Oct) is likely to trade steady in the range of Rs 17,800-18,050. Chana futures (October) is expected to witness correction towards Rs 5,000, it if breaks the support near Rs 5,070. Guar seed futures (Oct) is expected to test Rs 4,100, if trades above Rs 4,070, and guar gum futures (Oct) may witness Rs 6,300-6,320 on the higher side.
Commodity outlook: Crude oil gains; here\'s how others may fare
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Adam Scott hits off the sixth tee during practice before the U.S. Open Championship golf tournament at Winged Foot Golf Club, Monday, Sept. 14, 2020, in Mamaroneck, N.Y. (AP Photo/John Minchillo)
The Australian PGA tournament has been postponed to February because of uncertainties over coronavirusenforced restrictions.
Last Updated: September 16, 2020, 8:57 AM IST
BRISBANE, Australia: The Australian PGA tournament has been postponed to February because of uncertainties over coronavirus-enforced restrictions.
The PGA of Australia on Wednesday said the European Tour co-sanctioned golf tournament, scheduled for early December at Royal Queensland in Brisbane, is now tentatively scheduled for Feb. 18-21, but the status of the event will be reviewed again in December.
It follows the postponement of Novembers Australian Open at Melbournes Kingston Heath to sometime next year. Victoria state is experiencing a second wave of COVID-19 infections and deaths, and the city of Melbourne is in lockdown with nightly curfews.
The uncertainty created by the COVID-19 pandemic makes it extremely difficult to stage events at the level we would normally expect, PGA of Australia chief executive Gavin Kirkman said. Our new date will be subject to health regulations and will be reviewed again in early December, when we expect to be armed with a more accurate prediction of COVID-19s impact across the country during summer.
At that time we will determine whether the event will proceed in February or, as a last resort, canceled.
Adam Scott won last year’s Australian PGA at Royal Pines on the Gold Coast, where it had been played for seven years.
Scott, the 2013 Masters winner at Augusta, begins play Thursday at the delayed U.S. Open in a group with Rory McIlroy and Justin Rose.
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