NEW DELHI:
Gold was trading with marginal gains in the futures market on Wednesday, tracking firm global trend.
Gold prices were steady as the dollar stood near a three-week low after Federal Reserve's chairman reiterated that the US central bank would stay patient on further interest rate hikes, Reuters reported.
Crude oil jumped in futures trade after a rise in global crude oil prices due to signs of supply cut by Opec.
The MCX Gold was trading at Rs 33,387 per 10 grams, up by Rs 20, while MCX Silver was trading at Rs 40,052 a kilo, lower by Rs 2 around 10 am. The MCX Crude oil was trading at Rs 3,983 per barrel, up Rs 31 at that time.
Base metals: Base metal prices may trade sideways with a positive bias. Copper may test Rs 467, taking support near Rs 455 in MCX. Zinc can test Rs 197, taking support near Rs 194. Lead can trade on a mixed path in the range of Rs 145-148. Nickel can also test Rs 925, taking support near Rs 905. Aluminium prices may trade higher and it can test Rs 136.
Energy: Crude oil may trade higher. It can test Rs 4,030, taking support near Rs 3,940. Oil markets have generally received support this year from supply curbs by the Organization of the Petroleum Exporting Countries. Natural gas may dip lower and can test Rs 195, facing resistance near Rs 202 in MCX.
Spices: Turmeric futures (April) are expected to take support near Rs 6,115. Jeera futures (March) are likely to face resistance near Rs 15,665. Coriander futures (April) may face resistance near Rs 6,400-6,415 levels.
Other Commodities: Cotton futures (March) are likely to trade sideways and may hover in the range of Rs 20,400-20,600 with upside capped. Chana futures (March) is expected to trade with an upside bias and may trade higher towards Rs 4,155-4,170 levels.
Gold was trading with marginal gains in the futures market on Wednesday, tracking firm global trend.
Gold prices were steady as the dollar stood near a three-week low after Federal Reserve's chairman reiterated that the US central bank would stay patient on further interest rate hikes, Reuters reported.
Crude oil jumped in futures trade after a rise in global crude oil prices due to signs of supply cut by Opec.
The MCX Gold was trading at Rs 33,387 per 10 grams, up by Rs 20, while MCX Silver was trading at Rs 40,052 a kilo, lower by Rs 2 around 10 am. The MCX Crude oil was trading at Rs 3,983 per barrel, up Rs 31 at that time.
Base metals: Base metal prices may trade sideways with a positive bias. Copper may test Rs 467, taking support near Rs 455 in MCX. Zinc can test Rs 197, taking support near Rs 194. Lead can trade on a mixed path in the range of Rs 145-148. Nickel can also test Rs 925, taking support near Rs 905. Aluminium prices may trade higher and it can test Rs 136.
Energy: Crude oil may trade higher. It can test Rs 4,030, taking support near Rs 3,940. Oil markets have generally received support this year from supply curbs by the Organization of the Petroleum Exporting Countries. Natural gas may dip lower and can test Rs 195, facing resistance near Rs 202 in MCX.
Spices: Turmeric futures (April) are expected to take support near Rs 6,115. Jeera futures (March) are likely to face resistance near Rs 15,665. Coriander futures (April) may face resistance near Rs 6,400-6,415 levels.
Other Commodities: Cotton futures (March) are likely to trade sideways and may hover in the range of Rs 20,400-20,600 with upside capped. Chana futures (March) is expected to trade with an upside bias and may trade higher towards Rs 4,155-4,170 levels.
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