From gold, silver to aluminium and zinc: 10 commodity bets analysts recommend now

SUMMARY

While gold and silver hover around Rs 47,200 per 10 grams and Rs 63,400 per kilogram respectively, many other pockets in the commodity markets are seeing wild movements. Aluminium is not far from a 13-year peak hit and copper from a seven-year high, boosted by China’s crackdown on emissions from energy-intensive industries. Market participants are scouting for opportunities once again in the commodities universe. Here are 10 trades - including gold, silver, crude oil and aluminium - analysts recommend from a short-term perspective.

By CNBCTV18.comSept 15, 2021 12:20:56 PM IST (Updated)

Crude palm oil (CPO): Sell MCX CPO September futures at Rs 1,108-1,110 for a target of Rs 1,080 with a stop loss at Rs 1,125. The contract has been moving on a sideways to marginally bearish note for the past few days. The price has formed a symmetric triangle pattern on the intraday charts and remained within a channel for a few sessions. (Analyst: Kshitij Purohit, CapitalVia Global Research)

Guarseed: The commodity's price has dipped after good rainfall in the western region of Rajasthan. Its yield is expected to improve and could pull the price lower. Traders may sell NCDEX October futures at Rs 6,320 for a target of Rs 6,000 with a stop loss at Rs 6,480. (Analyst: Manoj Kumar Jain, Prithvi Finmart)

Crude oil: Buy MCX September futures at Rs 5,150 for a target of Rs 5,350 with a stop loss at Rs 5,020. (Ajay Kedia, Kedia Advisory)

Lead: Traders can look at buying MCX September futures around Rs 185 for a target of Rs 192 with a stop loss at Rs 182. (Analyst: Ravindra Rao, Kotak Securities)

Gold: Buy the October futures contract on MCX at Rs 46,650 for a target price of Rs 47,250 with a stop loss at Rs 46,400. (Ajay Kedia, Kedia Advisory)

Nickel: Sell MCX September futures near Rs 1,487-1,490 for a target of Rs 1,470 with a stop loss at Rs 1,505. The contract has been trading in a marginally negative trend, forming a rounding top pattern on the hourly chart. Support is seen near Rs 1,470 and key resistance comes in at the psychological mark of Rs 1,500. (Analyst: Kshitij Purohit, CapitalVia Global Research)

Silver: The white metal has dropped sharply and is trading near long-term support at Rs 62,500-62,300 levels. Silver futures are expected to retrace towards the Rs 63,300 mark once again. Traders may buy MCX silver December futures at Rs 62,300 for a target of Rs 63,300 with a stop loss at Rs 61,800. (Analyst: Manoj Kumar Jain, Prithvi Finmart)

Zinc: Traders can look to buy MCX zinc September futures at Rs 247 for a target of Rs 254 with a stop loss at Rs 243. (Ajay Kedia, Kedia Advisory)

Natural gas: The commodity appears to be in a long-term uptrend. Production disruptions due to Hurricane Ida is supporting prices. Traders can buy MCX September futures at Rs 390 for a target of Rs 404 with a stop loss at Rs 382. (Analyst: Manoj Kumar Jain, Prithvi Finmart)

Aluminium: The metal has cooled down somewhat after the recent surge. Traders can buy MCX September futures at Rs 226 for a target of Rs 230 with a stop loss at Rs 223. (Ajay Kedia, Kedia Advisory)