Gold prices climbed in futures trade on Monday, supported by pick in demand by jewellers at spot markets and favorable global sentiment.
In international markets, gold prices rose as fears of a protracted US-China trade war hurt risk sentiment, while poor economic data from the United States bolstered bets of a Us Federal Reserve rate cut, Reuters reported.
Oil prices, on the other hand, were under pressure, tracking the fall in the commodity’s prices in the international markets on concerns that the US-China trade war could trigger a broad economic slowdown.
The MCX Gold was trading at Rs 31,647 per 10 grams, up by Rs 117 around 10:45 am. The MCX Crude oil was trading at Rs 4,065 per barrel, down Rs 6 at that time.
Here is a quick check on projections of various commodities by brokerage SMC Global Securities.
Bullion: Bullion counter will trade with an upside bias, the brokerage said. MCX Gold may test Rs 31,700, taking support near Rs 31,400. MCX Silver can test Rs 36,550, taking support near Rs 36,100.
Base metals: Base metals may trade with a positive bias as industrial metals on the Shanghai Futures Exchange rose on Monday. Copper may recover towards Rs 420 on MCX. Zinc can test Rs 216, taking support near Rs 212. Lead may test Rs 128, taking support near Rs 125. Nickel may test Rs 880, taking support near Rs 850. Aluminium prices may test Rs 148, taking support near Rs 146.
Energy: Crude oil may witness some short covering at lower levels. MCX Crude oil may test Rs 4,100, taking support near Rs 4,020. Natural gas may test Rs 184, taking support near Rs 178.
Spices: Turmeric futures (June) is expected to trade with an upside bias in the range of Rs 6,950-7,100 levels, taking positive cues from the spot markets. Jeera futures (June) will probably maintain its positivity and trade in the range of Rs 17,550-17,850. Cardamom futures (June) has resistance near Rs 2,325-2,360. Coriander futures (June) is expected to take support near Rs 7,450.
Oilseeds: Soybean futures (June) is expected to test Rs 3,760 on the higher side, taking support near Rs 3,710. Soy oil futures (June) may move towards Rs 748-750. CPO futures (June) is expected to descend further towards Rs 500 if it breaks Rs 510. Mustard futures (June) is bullish and it has the potential to test Rs 3,960, hence lower level buying is recommended, the brokerage said.
Other commodities: Cotton futures (June) is likely to remain trapped in the range of Rs 21,400-21,700 level. Guar seed futures (June) might remain stable in the range of Rs 4,385-4,450. Guar gum futures (June) may consolidate in the range of Rs 8,800-8,920 with upside capped.
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