Commodity prices ended positive on Thursday with bullion prices staging a recovery from the choppy session witnessed in early trade while base metals gained on vaccine hopes and a weaker dollar. Crude oil prices ended weak, paring previous gains on oversupply concerns and worries over fuel demand recovery. The dollar index ended marginally down and below 93 mark for the day. Here is a look at how different commodities are behaving in today’s market.
Bullion prices extended previous gain in morning session as growing virus cases across globe added risk premium to the prices. At MCX, bullion prices rose, supported by festival buying on auspicious “Dhanteras” day. The US and Europe are being particularly hard hit by coronavirus cases surging to record high. Traders and investors are awaiting fresh triggers from market weighing vaccine progress and surging virus infections across globe that may keep bullion prices under check.
MCX Gold December resistance for the day lies at Rs 51,000 per 10 grams with support at Rs 50.200 per 10 grams. MCX Silver December support lies at Rs 61,500 per KG, resistance at Rs 63,500 per KG.
Outlook: Crude Oil
Crude oil prices traded lower with benchmark WTI crude oil prices falling below $41 per barrel on Friday. Crude prices came under pressure as growing virus infections threaten fuel demand recovery from Europe and US. The surprise surge in weekly crude oil inventories triggered selling in crude oil prices. We expect crude oil prices to trade sideways to down for the day on weak fundamentals.
MCX Crude Oil November support lies at Rs 2,960 per barrel with resistance at Rs 3,090 per barrel.
Outlook: Base Metals
Base metals prices traded steady on Friday as most of the metals were trading marginally up to flat keeping narrow trading range. The weaker dollar has supported base metals to trade firm despite of record virus infections in the US. Base metals witnessed muted trading on fear of growing virus cases across globe which may dampen demand outlook.
MCX Copper November support lies at Rs 532 and resistance at Rs 540. MCX Nickel November prices support lies at Rs 1170, resistance at Rs 1210. MCX Zinc November resistance lies at Rs 213, support Rs 206.
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