Daily Commodity Reports

Copper

Friday 13 September, 2024

Technical Outlook
In the previous session, copper showed a narrow trading range and closed 0.81% positive. Today's session started higher but is experiencing selling pressure at higher levels. Overall, copper is showing a positive trend due to signs of a pick-up in Chinese demand.The current resistance level (R1) is at 812, and the support level (S1) is at 791

Research Report Call

Buy call -Buy above 802 for 805 -808 Keeping SL 800

Sell call- sell below 797 for 795- 793 Keeping SL 799

Copper Technical Chart

 

Validity

30/09/2024

Pivot

798.62

Buy Above

800.09

R1

802.11

R2

804.23

R3

808.00

Stop Loss

799.54

Pivot

798.62

(All values are in INR)

Sell Below

797.14

S1

795.12

S2

793.00

S3

789.23

Stop Loss

799.54

Crudeoil

Friday 13 September, 2024

Technical Outlook

Over the last 2 trading sessions, crude oil has shown a strong uptrend rally. In the previous session, it closed 2.09% positive, supported by supply concerns stemming from the impact of Hurricane Francine on the US Gulf of Mexico. Today's session opened in muted trading with higher consolidation. The current resistance level (R1) is placed at 6,028, and the support level (S1) is placed at 5590.

Research Report Call

Buy call -Buy above 5840 for 5880 -5950 Keeping 5800

Sell call-Sell below 5790 for 5730 -5680 Keeping 5820

Crude Oil Technical Chart

 

Validity

19/09/2024

Pivot

5787.00

Buy Above

5816.12

R1

5856.16

R2

5898.02

R3

5972.64

Stop Loss

5805.20

Pivot

5787.00

(All values are in INR)

Sell Below

5757.88

S1

5717.84

S2

5675.98

S3

5601.36

Stop Loss

5805.20

Gold

Friday 13 September, 2024

Technical Outlook

Gold has broken out of the consolidation range, showing a strong uptrend in the previous session and closing 1.25% positive. The dollar weakened amid the prospect of a reduction in U.S. interest rates, while palladium has gained 15% so far this week. Today's session opened at higher levels and is experiencing indecision at these levels. The current resistance level (R1) is at 73811, and the support level (S1) is at 72279

Research Report Call

Buy call -Buy above 73194 for 73230 - 73320 Keeping 73010

Sell call- sell below 72970 for 72900 -72800  Keeping 73000

Gold Technical Chart

 

Validity

04/10/2024

Pivot

72524.67

Buy Above

72686.27

R1

72908.47

R2

73140.77

R3

73554.87

Stop Loss

72625.67

Pivot

72524.67

(All values are in INR)

Sell Below

72363.07

S1

72140.87

S2

71908.57

S3

71494.47

Stop Loss

72625.67

Naturalgas

Friday 13 September, 2024

Technical Outlook

Currently, natural gas is experiencing an uptrend rally. In the previous session, it closed 4.43% positive, and in today's session, natural gas is continuing the uptrend rally. At higher levels, it is experiencing buying interest, buoyed by a below-estimate storage build and expectations of limited impact on demand The current resistance level (R1) is at 209 while the support level (S1) is at 187

Research Report Call

Buy call -Buy above 200 for 203-206 Keeping SL 198

Sell call- sell below 198 for 196-194 Keeping SL 200

Natural Gas Technical Chart

 

Validity

25/09/2024

Pivot

196.37

Buy Above

198.51

R1

201.46

R2

204.54

R3

210.03

Stop Loss

197.71

Pivot

196.37

(All values are in INR)

Sell Below

194.22

S1

191.27

S2

188.19

S3

182.70

Stop Loss

197.71

Silver

Friday 13 September, 2024

Technical Outlook

Over the last 4 trading sessions, silver has experienced a strong uptrend rally, with the previous session closing 3.13% positive. This was underpinned by speculations that the US Federal Reserve will deliver a supersized 50 basis point rate cut next week. Today's session started with an uptrend and will continue to be monitored The current resistance level (R1) is at 87,192, and the support level (S1) is at 83,834

Research Report Call

Buy call -Buy above 87870  for 88030 - 88100 Keeping 87655

Sell call- sell below 87490 for 87355 - 87250 Keeping 87510

Silver Technical Chart

 

Validity

05/12/2024

Pivot

86291.00

Buy Above

86742.52

R1

87363.36

R2

88012.42

R3

89169.44

Stop Loss

86573.20

Pivot

86291.00

(All values are in INR)

Sell Below

85839.48

S1

85218.64

S2

84569.58

S3

83412.56

Stop Loss

86573.20

Zinc

Friday 13 September, 2024

Technical Outlook

Over the last 3 trading sessions, zinc has been showing an uptrend rally, with the upcoming strong resistance level at 272. In today's session, it is experiencing buying interest at higher levels, and in the previous session, it closed 1.99% positive. The current resistance (R1) is placed at 273, and the support (S1) is placed at 259

Research Report Call

Buy call -Buy above 265 for 267- 271 Keeping SL 263

 Sell call- sell below 262 for 260 -258 Keeping SL 264

Zinc Technical Chart

 

Validity

30/09/2024

Pivot

262.97

Buy Above

263.76

R1

264.85

R2

265.99

R3

268.02

Stop Loss

263.46

Pivot

262.97

(All values are in INR)

Sell Below

262.17

S1

261.09

S2

259.95

S3

257.92

Stop Loss

263.46

Note: Above information is not recommending any buy or sell position, this is for your reference only and trading or investment in commodities & derivatives is subject to market risk.

Disclaimer: Investment in securities/commodities market subject to market risk, read all the related documents carefully before investing/trading.

Analyst Certification: I/We, Ayushi Jain Research Analyst, authors, and the name subscribed to this report, hereby certify that all the views expressed in this research report accurately reflect our views about the subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report. NISM Research Analyst registration number – NISM-201900015194.

Enrich money logo