commodities

Commodities Daily News on Friday

Except for natural gas, all commodities futures were trading with declines on September 24 as U.S. Fed officials reported the economy is in a sinkhole. Besides, Coronavirus cases continued to grow unabated.

On Friday, gold remains weak as the USD rises. Spot Gold decreased by 0.13% at $1,865, while COMEX Gold Future dropped 0.43% at $1,868 per troy ounce. Gold fell 0.42 percent while silver dipped 3.57 percent.

MCX Gold price boosted after consolidation at the lower levels on the hourly chart. The hourly RSI is in positive crossover and growing. On the lower end support seen at 49,450, whereas on the higher end resistance seen at 50,150.

NCDEX Agridex, an index that tracks the ten liquid commodities’, fell 0.08

NCDEX Agridex, an agricultural futures index that tracks the ten liquid commodities’ performance, decreased by 0.08 percent, which equals 0.90 points, and settled at 1,146.15. According to analysts, gains in mustard seed and soybean caused a decline.

On September 25, oil price stays subdued due to demand concern. West Texas Intermediate (WTI) crude gained 0.25% at $40.41 while Brent crude boosted 0.17% and settled at $42.02.

MCX Crude oil price moved above the previous consolidation on the hourly timeframe. The hourly RSI is in the positive crossover. On the lower end support seen at 2,880, whereas on the higher end resistance seen at 3,060.

All base metals were trading with losses. For example, nickel dropped 0.79 percent. Crude oil decreased 0.48 percent while its peer natural gas climbed 8.30 percent.

On Friday, September 25, base metals were trading with a mixed bias. On LME (London Metal Exchange), Aluminium gained 0.09% and settled at $1,750, while Copper boosted 0.08% at $6,574. Zinc declined 0.56% at $2,397 while Lead fell 0.17% at $1,863.

MCX Copper price has moved above the prior consolidation high, a bullish setup; however, the price touched near the resistance. The hourly RSI is in the positive crossover. On the lower end support seen at 526 while on the higher end resistance seen at 537.

Benchmark U.S. crude oil for November delivery climbed 38 cents to $40.31 a barrel Thursday. Brent crude oil for November delivery advanced 17 cents to $41.94 a barrel.

Total gasoline for October delivery surged 1 cent to $1.20 a gallon. October heating oil raised 1 cent to $1.12 a gallon. October natural gas advanced 12 cents to $2.25 per 1,000 cubic feet.

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