COMMODITIES CURRENT STANCE: CRUDE OIL TO GO THROUGH A FALL NEAR RS 3,750 - Gill Broking (2024)

New Delhi:The prices of Crude oil universally were discovered to be on a constant balancing this Friday among the anticipations that OPEC would declare to impose power-cut in its upcoming meeting.

• According to the recent source, soon after America’s President Donald Trump conveyed his mixed feelings regarding the probability of a commercial deal with the Beijing which further resulted in the sudden change in a dollar, rates of the Gold were range bound. The prices of Crude oil, which was previously sold at the rate of 3,602 INR per each barrel in the local futures market has now been reduced by 31 INR. Reports suggest that the rate of MCX silver have been lowered by 39 Rs while it was earlier traded at the rate of 35,575 INR per Kilogram. At the same time, the price of the MCX gold which was sold at Rs 30,183 per 10gms is now lowered by 21 Rs. Here is the estimation some famous reports have discovered in respect to certain products from SMC global. Let’s have a look:
• Bullion –While Gold is assumed to grasp a support of no less than 30,300 and resistance close to Rs 30,600, Silver is predicted to get the resistance of 36,300 Rs whereas support of 35,800 Rs.
• Base Metals– The base metals are anticipated to be sold with one-sided bias. While copper might get a support around 428 Rs, it is assumed to cope with the resistance near 438 Rs. The following figures for Lead are 132 and 138. On the other hand, Zinc would take a support near 180 Rs and the resistance near 173 Rs. What’s more? Nickel is supposed to draw a support of 760 Rs whereas its resistance can be near 780 Rs.
• Energy– Post-Thursday’s sudden drop, crude oil is anticipated to observe some short covering. As per the reports, there would be a reduction in the prices of crude oil near Rs 3,570 despite the fact that its resistance is around 3,700 Rs.
• Spices– Turmeric prospects (December) are relied upon to be mixed in the scope of 6,350 to 6,500 INR. At the same time, Jeera prospects are probably going to see solidification in the scope of Rs 18,600-18,900, with a drawback inclination. Coriander futures may keep on grasping the support of no less than 6,200 Rs.
• Oil Seeds– While Soybean Futures are anticipated to get a support of 3,340 to 3,330, mustard tends to deal sideways to down in the scope of 3,960 to 4,010 Rs. Another commodity i.e. CPO is expected to take a support around 490 Rs and resistance near 485 Rs.
• Other commodities– The cotton futures are supposed to deal sideways in the scope of 21,500 to 21,800 INR. Chana futures are assumed to deal with the resistance of 4,200 Rs and are likely to get a higher support.