Gold prices are expected to move upward in futures trade on Thursday amid weakness in the equity market and rupee's slide against the US dollar.
In the global markets, gold prices held steady on Thursday ahead of Sino-US trade negotiations, while demand for government bonds and Japanese yen and a key technical resistance limited gains for the safe-haven metal, Reuters reported.
Crude oil: prices may remain under pressure, tracking weakness in the prices of the commodity in the global markets.
Bullion: Bullion counter may trade with an upside bias as its appeal as a safe-haven for investors burnished by growing tensions ahead of Sino-US trade negotiations this week. The yellow metal may recover towards Rs Rs 31,850 while taking support near Rs 31,600. Silver (July) can recover towards Rs 37,900 while taking support near Rs 37,100.
Base metals: Base metals' prices may trade sideways. Copper may test Rs 425 while taking resistance near Rs 435 on MCX and zinc can test Rs 210 while facing resistance near Rs 217. Lead can trade in the range of Rs 129-133. Nickel may test Rs 825, facing resistance near Rs 845 while aluminium prices may test Rs 144 while facing resistance near Rs 148.
Spices: Turmeric futures (May) is likely to hover sideways in the range of Rs 6,350-6,450 levels and the upside may be capped due to negative cues from the spot markets. Jeera futures (May) is expected to rise towards Rs 17,100-17,150 levels on the back of rising physical demand despite higher availability of the crop this season. Cardamom futures (May) may continue to see bullishness till Rs 2,400-2,450 levels.
Other commodities: Cotton futures (May) is seen to go down further and test Rs 21,700-21,600. Chana futures (May) is expected to face resistance near Rs 4,355 and the upside may remain capped owing to increased selling at spot markets. Guar seed futures (May) will probably trade sideways in the range of Rs 4,390-4,440 levels, while guar gum futures (May) is likely to remain stable in the range of Rs 8,775-8,900.
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| Commodity Tips |
In the global markets, gold prices held steady on Thursday ahead of Sino-US trade negotiations, while demand for government bonds and Japanese yen and a key technical resistance limited gains for the safe-haven metal, Reuters reported.
Crude oil: prices may remain under pressure, tracking weakness in the prices of the commodity in the global markets.
Bullion: Bullion counter may trade with an upside bias as its appeal as a safe-haven for investors burnished by growing tensions ahead of Sino-US trade negotiations this week. The yellow metal may recover towards Rs Rs 31,850 while taking support near Rs 31,600. Silver (July) can recover towards Rs 37,900 while taking support near Rs 37,100.
Base metals: Base metals' prices may trade sideways. Copper may test Rs 425 while taking resistance near Rs 435 on MCX and zinc can test Rs 210 while facing resistance near Rs 217. Lead can trade in the range of Rs 129-133. Nickel may test Rs 825, facing resistance near Rs 845 while aluminium prices may test Rs 144 while facing resistance near Rs 148.
Spices: Turmeric futures (May) is likely to hover sideways in the range of Rs 6,350-6,450 levels and the upside may be capped due to negative cues from the spot markets. Jeera futures (May) is expected to rise towards Rs 17,100-17,150 levels on the back of rising physical demand despite higher availability of the crop this season. Cardamom futures (May) may continue to see bullishness till Rs 2,400-2,450 levels.
Other commodities: Cotton futures (May) is seen to go down further and test Rs 21,700-21,600. Chana futures (May) is expected to face resistance near Rs 4,355 and the upside may remain capped owing to increased selling at spot markets. Guar seed futures (May) will probably trade sideways in the range of Rs 4,390-4,440 levels, while guar gum futures (May) is likely to remain stable in the range of Rs 8,775-8,900.
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