Base metals traded firm with copper rallying after China announced new measures to support economy amid a damaging trade war with the US. China’s central bank over the weekend unveiled a key interest rate reform in a bid to help steer borrowing costs lower for companies.
Crude prices stayed positive after Drones launched by Yemen’s rebels attacked massive oil and gas field, which produces some 1 mbpd, deep inside Saudi Arabia’s sprawling desert.
Here’s brokerage Motilal Oswal’s views on how different commodities are expected to trade today:
MCX Gold has intraday support at Rs 37,340 whereas resistance is at Rs 38,000. Gold is likely to trade sideways for the day. Price break of the given range will confirm further direction in the trend.
Critical resistance for Spot Gold is placed at $ 1,530 whereas support is at $ 1,480 zone. Bias is likely to remain sideways for the day.
MCX Silver has intraday support at Rs.42980 whereas resistance is at Rs.43650. Range bound movement is expected for the day.
Spot Silver has support at $ 16.60 and resistance is at $ 17.20. Sideways movement is expected for the day.
MCX Copper price is expected to trade sideways to positive for the day with an intraday support of Rs 447 and is likely to face resistance at Rs 453 level. Buying on dips is advised with resistance level at Rs 453–455.
MCX Nickel is likely to trade sideways with an intraday support of Rs 1,110 and resistance of Rs 1,145 level. Price break of the given range will confirm further direction in the trend.
MCX Crude Oil
MCX Crude Oil is likely to trade sideways to positive with an intraday support at Rs 3,900; whereas resistance is at Rs 4,000 level. Buying on dip is advised targeting resistance level of Rs 4,000–4,040.
MCX Natural Gas
MCX Natural Gas has immediate intraday support at Rs 152; whereas resistance is at Rs 160 level. Momentum is likely to remain sideways for the day.
MCX Lead price is expected to trade sideways with intraday support at Rs 151 and resistance at Rs 155.
MCX Zinc price is expected to trade sideways for the day with resistance at Rs 185 while support is at Rs 181 level.
MCX Aluminium(Delivery Contract)
MCX Aluminium price is expected to trade sideways for the day with resistance at Rs 142 while support at Rs 139 level.