Home Commodities News Commodities outlook: Gold, silver in steady waters on muted demand

Commodities outlook: Gold, silver in steady waters on muted demand

5 min read

Gold and silver were steady this morning as demand of precious metals from jewellers, industries and retailers went missing.

MCX Gold was down 0.08 per cent at Rs 29,892 per 10 grams at around 10.50 am. MCX Silver futures edged up 0.07 per cent to Rs 38,586 per kg.

Let’s see how different commodities will look like today.

Precious metals: According to SMC Global Securities, the bullion counter may trade both ways as investors will eye the outcome of US durable goods order data later in the day. Gold can take support near Rs 29,800 and face resistance near Rs 30,000 on MCX. Meanwhile, silver can be in comfort zone near Rs 38,200 with headwinds near Rs 38,700.

Spices: Turmeric futures (August) are likely to slip towards Rs 7,100 level, said SMC. Turmeric prices quoted were unchanged at major spot markets in the country on Wednesday amid dull business activities.

Jeera futures (August) may take support near Rs 19,350 as export demand is rising consistently due to low availability in other key producing countries. Cardamom futures (August) are expected to trade above the 1,130 level.

Oil seeds: Soybean futures (October) are seen to trade in Rs 3,330-3,365 with a bearish bias on reports of higher sowing this season, the brokerage stated. Soybean planting is nearing completion in major growing areas and the initial forecast shows that acreage in the ongoing Kharif season to be higher by 4 per cent over last year’s 10.5 million hectares.

Indian farmers planted soybean in about 76.50 lakh ha till July 13 against the 73.87 lakh ha last year. Mustard futures (August) will possibly continue to witness downward journey to Rs 4,100 levels. CPO futures (August) are likely to move in 598-605 on bullishness in international market.

Other commodities: According to SMC, chana futures (August) may plunge towards Rs 4,000 levels. Desi and imported chana prices edged down in most markets across the country on Wednesday while business activity remains dull due to the ongoing transporters’ strike.

The government has directed the National Agricultural Cooperative Marketing Federation (NAFED) to start disposal of chana (gram) stock as the market rate of gram has reached around MSP levels. The NAFED has procured around 27.39 lakh tonnes of chana at MSP of Rs 4,400 per 100kg in key producing states. Cotton futures (October) are likely to trade in Rs 23,400-23,800 levels.

Base metals: Copper can find some cushion near Rs 427 while its upside will be capped near 436, according to SMC. Zinc can face support near Rs 177 and resistance near Rs 182 and while lead’s corresponding figures are Rs 145 and Rs 150. Nickel can draw support near Rs 925 while its upside will be capped near Rs 945. Aluminium’s respective figures are Rs 143 and Rs 139 on MCX.

Crude: SMC believes that crude can take support near Rs 4,720 and may run into resistance near Rs 4,820 on MCX.

Let’s block ads! (Why?)

Source link

Load More Related Articles
Load More By admin
Load More In Commodities News

Leave a Reply

Your email address will not be published. Required fields are marked *

Check Also

Despite Market Gains on the Day, Bitcoin Remains Below $6500, Ethereum Loses $300 Support

August 19: The crypto market picture shows signs of recovery following last week’s m…