Home Market Commodity outlook: How oil, gold, agri commodities may trade in Wednesday’s session

Commodity outlook: How oil, gold, agri commodities may trade in Wednesday’s session

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NEW DELHI: Gold prices jumped in futures trade on Wednesday, supported by raised demand by local jewellers at the spot market and positive global trend.

Gold prices steadied in international markets as concerns over lingering US-China trade war and global economic slowdown dented risk appetite of investors.

Moreover, subdued domestic equity market and weaker rupee also gave a boost the safe-haven metal.

Let's take a look at how various commodities may fare today, as projected by brokerage SMC Global Securities.

Bullion: MCX Gold may test Rs 31,750, taking support near Rs 31,500, while MCX Silver can test Rs 36,300, taking support near Rs 35,800.

Base metals: As per the brokerage, base metals may trade with a negative bias as prices of most industrial metals fell in London and Shanghai on Wednesday. Copper may remain sideways and it can move in the range of Rs 413-419 on MCX. Zinc can test Rs 208, while taking resistance near Rs 212. Lead may test Rs 124, taking resistance near Rs 130. Nickel may move in the range of Rs 840-855. Aluminium prices may test Rs 142, taking resistance near Rs 146.

Energy: Crude oil may witness profit booking at higher levels as oil prices fell on Wednesday on concerns the Sino-US trade war could trigger a global economic downturn, the brokerage said. MCX Crude oil may test Rs 4,060, taking resistance near Rs 4,120. Natural gas may test Rs 184, taking support near Rs 178.

Spices: Turmeric futures (June) is expected to plunge towards Rs 6,695, taking negative cues from the spot markets. Jeera futures (June) will probably take support near Rs 17,200 levels and any sharp correction may get limited, said the brokerage. Cardamom futures (June) can test Rs 2,400-2,440 levels. Coriander futures (June) is expected to Read More – Source