SMC Commodity Research Outlook: 3rd February, 2014 Highlights BULLION, BASE METALS & ENERGY - Bullions counter can extend last week losses as profit booking at higher levels cannot be denied. - Gold can move in range of 29200-29600 while silver can hover in range of 43800-44600 in MCX. - Markets in China, the worlds biggest buyer of bullion, are closed until Friday for the Lunar New Year holiday. - Base metals may also remain in red tracking subdued international cues. London copper drifted on Monday towards two month lows hit the previous session, with slowing official factory growth in China compounding a deteriorating demand outlook for the metal. - Crude oil prices can tad lower along with natural gas. AGRI-COMMODITIES - Turmeric futures (Apr) is likely to consolidate in the range of 7050-7350 levels. - Cardamom futures (Feb) would possibly take support above 740 levels. - Jeera futures (Mar) is expected to test 11800 levels on the downside. - Soybean futures (Feb) is expected to face resistance near 3950 levels. - The downside in mustard futures (Feb) might get extended breaching 3300 levels. - Chana futures (Feb) is likely to test 2800 levels on the downside. - Wheat futures (Feb) may fall further towards 1615 levels. - Sugar futures are likely to trade with a bearish bias owing to supply pressure & ease of demand.
Posted on: Mon, 03 Feb 2014 04:16:09 +0000
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