NEW DELHI: Gold‘s safe haven charm came under strain on Friday after the British Parliament voted in favour of a delay to the country’s exit from the European Union.

By contrast, oil prices soared to the four-month high as investors focused on global production cuts and supply disruptions in Venezuela, Reuters reported.

How are various commodities lined up today? Brokerage SMC Global Securities has some projections.

Bullion: The bullion counter may show a weak bias, but short covering at lower levels can be seen. MCX Gold can slip lower towards Rs 31,700. Silver can take support near Rs 37,800, but has a resistance near Rs 38,300.

Base metals: Base metal prices may trade sideways with a weak bias. Copper may slip lower towards Rs 440, facing resistance near Rs 453 on MCX. Zinc can take support near Rs 196, facing headwinds near Rs 201. Lead can move in the range of Rs 143-147. Nickel can also test Rs 880, facing resistance near Rs 910. Aluminium prices may remain in the range of Rs 130-133.

Energy: Crude oil may move in Rs 4,010-4,100 on MCX. Natural gas may remain sideways and can take support near Rs 195, taking resistance near Rs 201.

Spices: Turmeric futures (April) are expected to consolidate in the range of Rs 6,200-6,300 levels. Jeera contracts are likely to face resistance near Rs 15,700 and may witness profit booking from higher levels. Coriander futures are likely to trade sideways to downward and may test Rs 6,475.

Oilseeds: Soybean futures will possibly break the support near Rs 3,650 and descend further towards Rs 3,630-3,600 levels. Refined soy oil futures are likely to face resistance near Rs 745 levels. CPO futures (March) are seen to move lower and test Rs 518. Mustard futures (April) are likely to breach the support near Rs 3,800 level and may plunge towards Rs 3,780-3,750 due to the pressure of new arrivals.

READ  NS&I boss hits out at easy credit culture that traps us in debt

Other commodities: Cotton futures (March) are expected to trade sideways to downward in the range of Rs 20,885-21,090 levels. Chana futures (April) will possibly trade sideways in Rs 4,210-4,250.





READ SOURCE

WHAT YOUR THOUGHTS

Please enter your comment!
Please enter your name here