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Commodity
12-Oct-20261 min readSandeep Globe

Commodity Morning Trading Guide

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  • Bullions counter may trade on lower path supported by a ‌softer dollar and lower oil prices, as investors awaited key US inflation data this week for clues on the Federal Reserve’s next policy move.
MORNING RECOMMENDATION
Our Recommendations
Contracts Previous Close Target Stop loss Recommendation
COPPER (OCT) 1427.15 1430 1421 BUY NEAR @ 1424

BULLIION

  • Bullions counter may trade on lower path supported by a ‌softer dollar and lower oil prices, as investors awaited key US inflation data this week for clues on the Federal Reserve’s next policy move.
  • Gold (Dec) can move in range of 149500-151500 while silver (Dec) can move in range of 222000-227000.
  • Softer oil prices on the back of Trump’s reported energy ceasefire between Russia and Ukraine, combined with a more subdued dollar, have given gold a window of opportunity to the upside to start the week.
  • US President Donald Trump made a surprise announcement of an energy ceasefire between Russia and Ukraine on Sunday that he said was “effective immediately”, but Ukrainian leader Volodymyr ‌Zelenskiy ⁠said he was still waiting to see details of the deal. Oil prices fell on expectations of more Russian supplies.

BASE METALS

  • In base metal counter, Copper prices can trade on volatile path as it can move in range of 1420-1435.  Copper prices drifted higher on Monday as ongoing supply risks and optimism over demand lent support to the market. Chilean state miner Codelco partially suspended operations at its El Teniente mine on Sunday after a landslide left two workers dead while one survived.
  • The strike at Antofagasta’s Centinela copper mine in Chile continues, with negotiations due to resume on Tuesday under a voluntary mediation process proposed by regional labor authorities.
  • Aluminum prices can trade on volatile path as it may move in range of 325-340.

ENERGY

  • Crude oil may trade on weaker path as it can move in range of 8500-8750. Oil prices slipped on Monday on expectations of more Russian supplies after US ‌President Donald Trump said Ukraine and Russia had agreed to halt attacks on each other’s energy facilities following a US diesel-supply deal with Moscow.
  • Russia would supply another 500,000 tons in November and a further 1 million tons “immediately thereafter”, Trump ⁠added. The daily diesel consumption globally is forecast at close to 29 million barrels, according to the International Energy Agency.
  • Trump also unexpectedly announced on Sunday that Ukraine and Russia had agreed to an energy ceasefire, but Ukrainian leader Volodymyr Zelenskiy said he was still waiting to see details of the energy ceasefire while Russia did not comment.
  • Natural gas may trade with weaker path as it can move in range of 300-312.
Important Pivot Levels
Contracts Expiry S2 S1 R1 R2
GOLD DEC 148500 149500 151000 151500
SILVER DEC 220000 222000 227000 228500
CRUDEOIL OCT 8450 8550 8850 8950
NATURAL GAS OCT 290 295 310 315
COPPER OCT 1395 1405 1434 1440
ZINC OCT 410 415 425 435
LEAD OCT 180 190 200 210
ALUMINIUM OCT 325 328 336 342
GUARSEED OCT 6900 7100 7700 7850
COCUDAKL OCT 3000 3300 3700 3800
COMEX($) AND NYMEX($)
GOLD SPOT 4050 4100 4250 4400
SILVER SPOT 56 58 62 64
CRUDE OIL WTI SPOT 85 87 93 95
NG SPOT 2.4 2.8 3.4 3.6

 

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