Commodity Mantra Morning Update: All commodities trade lower

Here is the global trend and our view on Commodities.

Mar 26, 2020 02:03 IST India Infoline News Service

On Thursday, gold corrected as equity witnessed a staggering rally on stimulus announcement. Spot Gold was trading 0.74% lower $1,605 whereas COMEX Gold Future was trading 0.46% lower at $1,669 per troy ounce.
MCX Gold moved higher during the last trading session; however, on the higher end the yellow metal futures found resistance around 43000 mark, which led to sideways movement towards the closing. Going forward, price may continue to find resistance at higher levels. On the lower end, support is visible at 42000, on the higher end, price has resistance at 42550.  
On Thursday, oil price slid after witnessing strong recovery in the previous session. West Texas Intermediate (WTI) crude was down 1.59% at $24.10, whereas Brent crude was down 0.73% at $27.20.
MCX Crude has tested previous low during the last trading session; the price remained volatile throughout the day before closing near previous high. On the lower end, price has support at 1880 in the near term. On the higher end, resistance is visible at 2030.
Base Metals
On Thursday, base metals were trading with negative bias. On London Metal Exchange (LME), Aluminium was down 0.47% at $1,540, whereas Copper was down 1.14% at $4,816. Zinc was down 0.91% at $1,830 while Lead was down 0.08% at $1,645.
MCX Copper price remained volatile throughout the days. On the lower end price found support around 365 whereas on the higher end it made a high around 375. The bias has been sideways to positive as off now; however, it will change to negative once it starts trading below 365. On the lower end support seen at 365/361, while on the higher end resistance seen at 378.

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