NEW DELHI: Bullion took on more sparkle in the futures market today as demand for gold and silver went up.
Around 10:55 am, MCX Gold read Rs 30,411 per 10 grams, up by Rs 171, while MCX Silver was at Rs 35,630 a kg, up by Rs 483. Crude oil hit Rs 3,764 per barrel, up Rs 188.
In global markets, gold prices hardened as a temporary trade truce between the US and China pushed up buying. Crude oil advanced in anticipation of a drop in production ahead of the Opec meeting in Vienna on December 6.
We bring you today's outlook on various commodities by SMC Global.
Bullion: The bullion counter may trade with a firm bias as the US-China trade truce allays global growth fears to an extent. MCX Gold (February) can take support near Rs 30,100, with a likely hurdle near Rs 30,400. MCX Silver (March) can take support near Rs 35,800, but upside will be capped near Rs 36,400.
Base metals: Base metals may stay in the green. Copper faces headwinds near Rs 445 and would find support near Rs 430. The corresponding figures for zinc are Rs 185 and 175. Lead can take comfort near Rs 130 as it will find it tough to go past Rs 140. Nickel's support line is coming up near Rs 765 while its upside will be capped near Rs 790. Aluminium can take support near Rs 136 levels while it has a resistance near Rs 140.
Energy: Crude oil can find some cushion near Rs 3,600 on MCX, with Rs 3,850 posing resistance. Natural gas (December) may trade sideways as it can move in the range of Rs 315-325.
Spices: Turmeric futures (April) are expected to consolidate in Rs 6,570-6,770 and trade with an upside bias on the hopes that from hereon, lower level buying may emerge. The correction mode in jeera futures (December) will possibly continue as it might plunge towards Rs 18,400-18,300. Lower level buying can be done in coriander futures (December) near Rs 6,350, eyeing a target of Rs 6,600, as the fundamentals are showing a bullish direction to the prices.
Oilseeds: Soybean futures (December) are expected to remain stable and trade with a positive bias in the range of Rs 3,330-3,375. The trend of mustard futures has turned bearish and is expected to plunge towards Rs 3,950-3,900. The downtrend in CPO futures (December) would probably get extended towards Rs 480 levels.
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Source: Ecnomictimes
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