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    copper prices: Commodity outlook: Base metals fall; here’s how others may fare

    ByRealtrade.news

    7月 29, 2020


    NEW DELHI: Base metals were trading with cuts while bullion counters continued their rally ahead of Federal Reserve’s policy meet outcome. The US central bank is likely to keep money taps open.

    Gold rose 0.08 per cent while silver spiked 0.38 per cent. Base metal counters were down up to 0.6 per cent with zinc falling the most and lead the least. Meanwhile, crude oil slid 0.03 per cent while its peer natural gas was up 0.51 per cent.

    NCDEX Agridex, an agricultural futures index that tracks the performance of the ten liquid commodities, was up 0.32 per cent or 3.40 point at 1,062.25 led by gains in guar gum and coriander.

    Here is how SMC Global expects commodities to fare today:


    Bullion: Bullion counters may extend the rally where gold may test Rs 53,000 and take support near Rs 51,900 while silver may test Rs 68,200 and take support near Rs 63,800.

    Base metals: Base metals may trade with sideways to bearish bias. Copper (Aug) can move towards Rs 503 and face resistance near Rs 513. Zinc (Aug) may move towards Rs 176 and face resistance near Rs 181. Lead (Aug) can move towards Rs 150 while taking support near Rs 146. Nickel (Aug) trade in a wider range where it may take support near Rs 1,008 and resistance near Rs 1,045. Aluminum (Aug) may move towards Rs 142 while taking support near Rs 138.30.

    Energy: Crude oil may trade sideways with a bullish bias where it may take support near Rs 2,960 and resistance is seen near Rs 3,140. Natural gas may trade within range where resistance is seen near Rs 143 and support near Rs 129.

    Spices: Turmeric futures (Aug) is expected to consolidate in the range of Rs 5,680-5,780. Jeera futures (Aug) may witness correction towards Rs 13,900-13,800 due to lack of cues from the spot markets. Dhaniya futures (Aug) trading near its six months high will possibly take support near Rs 6,300-6,250 and the downside may remain capped. Cardamom futures (Aug) is on a recovery phase and this shall continue till Rs 1,570-1,590.

    Oilseeds: Soybean futures (Aug) is expected to hold on to the support near Rs 3,700, while the upside may remain capped near Rs 3,795. Mustard futures (Aug) is expected to trade higher towards Rs 4,920-4,950. Soy oil (Aug) is likely to witness consolidation in the range of Rs 840-850, while CPO (Aug) may consolidate in the range of Rs 700-715.

    Other commodities: Cotton futures (July) is expected to trade sideways in the range of Rs 16,000-16,200. Chana futures (Aug) is expected to witness a consolidation in the range of Rs 4,070-4,140. Mentha oil futures (Aug) trading near its three year low is expected to go down further towards Rs 915-900, facing resistance near Rs 940.





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