COMMODITY MARKET (01st Oct 2026)

Morning Commodity Market Snapshot

GOLD

Gold futures on the COMEX is trading with negative bias and did touch the low of $4147.52 , on Wednesday after touching the daily high of $4219.19, amid positive US GDP numbers, which for the Q2 came as 2.2% higher from previous expectation of 1.5%. However, prices are seen trading with flat momentum, with prices hovering near the mark of $4157, as investors await employment data. But inflation, which seems to be cooling, provided some cushion to the gold prices thus keeping downside limited. Thus, if prices manage to reach above the mark of $4150, we may pull back towards the level of $4180.

SILVER

Silver futures on the COMEX prices are seen trading with positive bias and are seen trading near the mark of $61. With positive GDP numbers and cooling of inflation, the probability of rate hike in October fell to 38.2% which was on the higher side near the mark of 50% a week ago. Further investors awaiting employment data, and also falling oil prices also continued to support the silver price mark which contained itself above the mark of $61. Thus if prices sustains above the mark of $61, would take the prices towards the level of $65 in near term.

CRUDE

Brent crude dipped roughly 0.63% toward $96.75 per barrel as energy markets balanced rising Middle Eastern export volumes against lingering diplomatic deadlock between Washington and Tehran. Regional supply appears to be rebounding close to pre-conflict benchmarks. Saudi Arabia has brought back roughly 50% of the operational capacity on its East-West pipeline, and traffic through the Strait of Hormuz has climbed to 13.2 million barrels daily. Even so, traders are hesitant to price in a sustained rebound until a formal resolution to the conflict is reached, particularly with both the US and Iran asserting total authority over the critical transit corridor. On the political front, Iranian spokesperson Fatemeh Mohajerani confirmed that Tehran is reviewing an American framework intended to restore full access to the strait. In the background, OPEC+ is widely anticipated to leave its November production targets steady during its upcoming weekend session.

Copper

Copper futures failed to sustain the mark of ₹1407 and plunged to settle the day at ₹1401.65,. But downside remained capped and prices are still above its crucial support level of ₹1400, amid robust consumption in the power and electrification sectors. Supportive Fundamentals like supply concerns following an indefinite shutdown at BHP’s Escondida facility in Chile, is keeping prices elevated. From a technical viewpoint, maintaining levels above ₹1,400 keeps the pathway open for a retest of ₹1,407-1410. But a fall under ₹1,400 might trigger a short-term pullback, falling into the ₹1,385 support level.

Commodity Level:

Evening Commodity Trading Guide 01^st Oct 2026

Gold Technical Outlook

MCX Gold (Dec): The domestic December contract reflects an ongoing corrective posture, keeping its sentiment in line with COMEX. Technical resistance is positioned at ₹1,51,000 – ₹1,52,000, while the primary support zone lies between ₹1,49,000 – ₹1,48,000. Technical analysis indicates that bounce is seen from lower levels, it may continue showing positive momentum if it breaches the resistance zone. For strategic long-term allocation, long-term investors can consider buying in small amounts on every dip to systematically accumulate positions.

COMEX Gold (Spot): Spot gold displays a Sideways Sentiment profile as price action trades beneath immediate resistance barriers. Resistance is identified near $4,200 – $4,250, while key underlying support levels are seen near $4,150 – $4,110.

Overall View: Gold has transitioned into a sideways consolidation phase following a rebound from lower support zones. Tactical traders should watch for a decisive momentum breakout above overhead resistance boundaries, while strategic investors can continue phased, dollar-cost averaging on price dips.

Silver Technical Outlook

MCX Silver (Dec): Mirroring international benchmark price weakness, the active December contract continues to face downside pressure near key structural thresholds, keeping sentiments in line with COMEX. Technical resistance stands at ₹2,28,000 – ₹2,32,000, with support expected near ₹2,24,000 – ₹2,20,500. Technical analysis suggests trading in range bounce can be seen from lower level and selling pressure near resistance level but a bearish bias is still here if breaches the support zone weakness can continue. Simultaneously, long-term investors can consider buying in small amounts on every dip to build core long-term allocations.

COMEX Silver (Spot): Spot silver exhibits a Sideways to Bearish Sentiment setup. Overhead resistance levels are placed at $61.50 – $63, while key support buffers are likely established around $60 – $58.50.

Overall View: Silver presents a range-bound technical layout with an underlying bearish bias. Selling interest is expected near resistance limits, while tight risk controls remain necessary as a breakdown below primary support could extend weakness.

Crude Oil Technical Outlook

MCX Crude Oil (Oct): Trading in line with International NYMEX Spot prices, the October contract displays range-bound consolidation with restricted upside momentum. Technical resistance is positioned at ₹8,950 – ₹9,200, while immediate support rests between ₹8,750 – ₹8,550. Technical analysis suggests selling pressure may arise at higher levels and bounce can be seen from support levels Stuck in Range so stay cautious. Furthermore, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions.

NYMEX WTI Crude Oil (Spot): Spot Crude Oil carries a Sideways to Bullish Sentiment profile as upside momentum attempts to stabilize above key moving averages. Resistance stands at $93 – $96, while key support levels are seen between $90 – $87.

Overall View: Crude oil remains confined within a defined two-way range. Expect capped gains near overhead resistance and responsive technical buying near support levels, with strict risk management required due to ongoing geopolitical risks.

Aluminium Technical Outlook

MCX Aluminium (Oct): Directly tracking global trend, the active October contract experiences minor near-term consolidation within a broader range-bound structure. Technical resistance is positioned at ₹340 – ₹346, while key support underpins price action between ₹334 – ₹328. Technical analysis indicates weakness in prices may continue after breaching the support zone. Nevertheless, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions.

LME Aluminium (Spot): LME Aluminium holds a Bearish Sentiment profile as price action consolidates between well-defined parameters. Overhead resistance stands between $3,160 – $3,200, while key support levels are established between $3,100 – $3,060.

Overall View: Aluminium presents a vulnerable technical layout with a downside tilt. Weakness is expected to persist if prices breach key lower support buffers, requiring prudent risk management from swing traders.

Commodities: Pivot Table

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