Commodity methods: Gold, silver, crude, base metals


By Tapan Patel


Commodity costs traded decrease at the moment as many of the commodities within the non-agro phase witnessed promoting besides gold. Base metals and silver costs traded weak on demand progress worries over spreading virus instances whereas crude oil futures plunged on greater provide after OPEC agreed to boost output. Gold costs held agency, limiting draw back on decrease US bond yields.

Here’s a have a look at how totally different commodities are behaving in at the moment’s market.

Outlook: Bullion
Bullion costs traded agency on Tuesday with spot gold costs at COMEX buying and selling close to $1,817 per ounce, whereas spot silver costs at COMEX had been buying and selling marginally up at $25.18 per ounce. The valuable metals pared early losses on Monday, witnessing restoration. The autumn in US treasury yields and promoting in international fairness indices over virus worries boosted shopping for in valuable metals. The US 10 yr treasury yields fell to 1.20%, pushing bullion costs up on secure haven shopping for. We count on bullion costs to commerce sideways to up for the day.

Buying and selling Technique
MCX Gold August resistance for the day lies at Rs 48500 per 10 grams with help at Rs 48,000 per 10 grams. MCX Silver September help lies at Rs 66,200 per KG with resistance at Rs 69,000 per KG.

Outlook: Crude Oil
Crude oil costs traded agency with benchmark NYMEX WTI crude oil costs buying and selling 0.30% up close to $66.55 per barrel within the morning commerce. Crude oil costs witnessed a unload, falling by greater than 7% on Monday, reporting its worst day since March. The promoting in crude oil costs triggered gloomy demand outlook and better provide after OPEC plus nations reached an settlement to spice up output from August. We count on crude oil costs to commerce sideways to down for the day.

Buying and selling Technique
MCX Crude Oil August help lies at Rs 4,930 per barrel with resistance at Rs 5,080 per barrel.

Outlook: Base Metals
Base metals costs traded agency on Tuesday with many of the metals paring a few of the losses made on Monday. Earlier, base metals traded beneath stress on demand progress issues with rising virus instances throughout the globe. The unfold of the delta virus variant is stoking a risk-off temper as traders contemplate whether or not new lockdown restrictions will sap the financial rebound. The stronger greenback and combined international cues has stored base metals beneath stress in lack of contemporary triggers. Base metals could commerce sideways to up for the day.

Buying and selling Technique
MCX Copper July help lies at Rs 716 and resistance at Rs 725. MCX Zinc July help lies at Rs 239 with resistance at Rs 247. MCX Nickel July help lies at Rs 1,370 with resistance at Rs 1,430.

(Tapan Patel is Senior Analyst (Commodities) at HDFC Securities)



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