homephotos Newsmarket Newscommodities News

Gold, crude palm oil, coriander and other commodity bets analysts suggest now

Gold, crude palm oil, coriander and other commodity bets analysts suggest now

Gold, crude palm oil, coriander and other commodity bets analysts suggest now
Profile image

By CNBCTV18.com Sept 29, 2021 8:09:55 PM IST (Published)

Switch to Slide Show
Slide Show

SUMMARY

Precious metals are once again in focus as equities take a back seat, and the dollar continues to rise. Typically, gold shares an inverse relationship with securities as gains in the capital markets boost investors' appetite for risk, and vice versa. Are there any trading opportunities outside bullion now? Here are seven technical bets -- including crude palm oil (CPO), coriander, copper and cotton -- that analysts think can make traders some money in the short term.

CNBCTV18
Image count1 / 7

Coriander: Weakness in the rupee, the prospect of increasing export demand post-pandemic and an increase in domestic mobility are expected to support coriander prices going forward. Traders may buy October futures at Rs 8,100 for a target price of Rs 8,450 with a stop loss at Rs 7,920. (Analyst: Manoj Kumar Jain, Prithvi Finmart)

CNBCTV18
Image count2 / 7

Natural gas: The demand for cooling is expected to rise going forward with increasing temperature. Traders can buy October futures around Rs 430 for a target of Rs 445 with a stop loss at Rs 420. (Analyst: Kshitij Purohit, CapitalVia Global Research)

Cotton
Image count3 / 7

Cotton-seed oilcake: Traders can look at buying cotton-seed oilcake futures at the level of Rs 2,480 for a target price of Rs 2,650 with a stop loss at Rs 2,380. (Analyst: Ajay Kedia, Kedia Advisory)

CNBCTV18
Image count4 / 7

Crude palm oil: After moving on a sideways to marginally bearish note recently, MCX CPO futures have formed a horizontal rectangular pattern on the intraday charts, and remained within a channel. Major support still exists at Rs 1,100, which, if breached, may lead to levels of Rs 1,075-1060 in the very short term. Traders may sell the October contract at Rs 1,117-1,120 for a target of Rs 1,085-1,075 with a stop loss at Rs 1,135. (Analyst: Kshitij Purohit, CapitalVia Global Research)

CNBCTV18
Image count5 / 7

Gold: For the global benchmark, strong support is seen at the $1,720 per ounce level. Weakness in the rupee, the China crackdown and worsening consumer confidence in the US are expected to support the yellow metal at lower levels. Domestic futures for the month of December can be bought at Rs 45,800 for a target of Rs 46,200 with a stop loss at Rs 45,550. (Analyst: Manoj Kumar Jain, Prithvi Finmart)

CNBCTV18
Image count6 / 7

Copper: Factors such as a rising dollar, the power crunch in China, and weak macro data and delay in the passage of the spending and infrastructure bill in the US are negative for copper. Traders can sell October futures at Rs 722 for a target of Rs 708 with a stop loss at Rs 730. (Analyst: Manoj Kumar Jain, Prithvi Finmart)

CNBCTV18
Image count7 / 7

Cotton: The commodity looks attractive from a near-term view. Traders can buy cotton futures at Rs 26,800 for a target of Rs 28,000 with a stop loss at Rs 25,800. (Analyst: Ajay Kedia, Kedia Advisory)

Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
arrow down

Top Budget Opinions

    Most Read

    Market Movers

    View All
    Top GainersTop Losers
    CurrencyCommodities
    CompanyPriceChng%Chng