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Commodities costs traded blended on Tuesday after buying and selling weak within the earlier session. On Monday, many of the commodities within the non-agro section stored to decrease buying and selling vary as base metals and crude oil traded weak on demand development worries whereas bullion costs traded in vary on blended international cues. The greenback index and US bond yields eased from current highs capping draw back restricted in commodities. Here’s a take a look at how totally different commodities are behaving in as we speak’s market.
Outlook: Bullion
Bullion costs traded regular with spot gold value at COMEX was buying and selling close to $1735 per ounce whereas spot silver value at COMEX was buying and selling over half a % down close to $25.57 per ounce within the morning commerce. Bullion costs stored to slim buying and selling vary, limiting the draw back was easing US bond yields whereas fall in Turkish Lira capped the upside with a stronger greenback. Lack of contemporary triggers has stored gold’s buying and selling volumes muted this week. Silver costs are buying and selling beneath stress with promoting in industrial metals. We anticipate bullion costs to commerce sideways to down for the day.
Buying and selling Technique:
MCX Gold April resistance for the day lies at Rs. 45100 per 10 grams with help at Rs. 44600 per 10 grams.
MCX Silver Could help lies at Rs. 65000 per KG, resistance at Rs. 66800 per KG.
Outlook: Crude Oil
Crude oil costs traded decrease as benchmark NYMEX WTI crude oil costs have been buying and selling round 1 per cent decrease at $60.98 per barrel within the morning commerce. Crude oil costs traded weak on worries over gas demand restoration as a consequence of pandemic. The slower vaccine rollouts and worry of lockdown measures in Europe weighed on crude oil costs. The journey restrictions in Europe and different international locations is offsetting decrease output kind OPEC plus nations. Crude oil costs are anticipated to commerce sideways to down for the day.
Buying and selling Technique:
MCX Crude Oil April help lies at Rs. 4360 per barrel with resistance at Rs. 4470 per barrel.
Outlook: Base Metals
Base metals complicated witnessed promoting on Tuesday as many of the metals traded weak following Aluminium costs. Aluminium costs at Shanghai plunged 6 per cent hitting the every day restrict on hypothesis that China could launch some reserves stockpiles to ease glut. Copper and Zinc costs traded weak on broad promoting in industrial metals whereas pandemic worries in Europe has put further stress on the costs with weaker Euro. Base metals are anticipated to commerce sideways to down for the day.
Buying and selling Technique:
MCX Copper March help lies at Rs. 667 and resistance at Rs. 673.
MCX Zinc March help lies at Rs. 215, resistance at Rs. 221.
MCX Nickel March help lies at Rs. 1150 with resistance at Rs. 1190.
(Tapan Patel is Senior Analyst (Commodities) at HDFC Securities)
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