COMMODITY MARKET (15th Oct 2026)

Morning Commodity Market Snapshot

GOLD

Gold futures on the COMEX traded with negative bias and plunged to the low of $4073.49, amid US inflation numbers. As per the latest data released, US CPI rose to 3.7% in September, its highest level in four months and above market forecasts of 3.6%, largely driven by rising energy costs. It also remains above the Fed threshold of 2%, thus pushing inflation concern along with possibility of hike in interest rate in the coming FED meeting due in OCT 28-29, weighed heavily on the gold prices. However, on the technical front only sustained trading above the mark of $4200, then its next 4210/4230, then it would be poised to reach for its target of $4250/$4280. But falling below the mark of $4150, could trigger weakness to the level of $4100.

SILVER

COMEX silver prices fell by 6.04% on Wednesday amid a US inflation number that came highest in the last four months at the level of 3.7%, also higher against the market expectation of 3.6%. The inflation number rose amid the higher crude oil prices last month when Brent crude oil prices continued to remain above the mark of $100. But prices retraced from the low and managed to pull itself to the level of $56, at the wee hours of the trading session on Thursday, as oil prices retraced to the level of $102, from the higher level of $196, seen a day earlier. On the technical front, if prices that manage to have daily closing above the mark of $58 threshold could clear a path for the metal to test $62/$65 in the coming sessions, but sustained trading below the mark of $56 could trigger a fall to the mark of $54/$52.

CRUDE

Brent crude retreated beneath $105 to trade around $102 as traders locked in gains and technical selling set in after a sharp upward run. Market sentiment was further tempered by speculation that Washington may ease restrictions on the “shadow fleet” carrying crude from sanctioned producers like Russia, Iran, and Venezuela, a move aimed at cooling historic spikes in global shipping costs. Even so, severe geopolitical and logistical risks continue to prop up the market. A container vessel sank in the Strait of Hormuz following an attack by unidentified projectiles, Houthis maintained drone and missile strikes targeting Saudi territory, and Moscow alleged that Ukrainian strikes damaged two domestic refineries, notably the 400,000 bpd Ryazan plant—in violation of a US-brokered energy truce. From a technical standpoint, the benchmark’s broader upward momentum remains intact unless it breaks decisively below the critical $100 support threshold. Maintaining levels above $101 leaves the door open for another push back toward the $105 resistance zone.

Copper

Copper futures amid higher inf;lation number and expectation of interest rate hike has pushed copper prices down by 0.54% to settle at 1416.75, but still managed to stay above the mark of 1407, crucial support. Tight supply and increasing demand is expected to provide support to the red metal. From a technical perspective, if prices maintained the levels above ₹1415, the pathway opened for a retest of ₹1430/₹1440. But a fall below the mark of ₹1,415 might trigger a short-term pullback, falling into the ₹1,407/1400 support level.

Commodity Levels:

Evening Commodity Trading Guide 15^th Oct 2026

MCX Gold (Dec): The domestic December contract reflects an ongoing corrective posture, keeping its sentiment in line with COMEX. Technical resistance is positioned at ₹1,48,600 – ₹1,50,000, while the primary support zone lies between ₹1,46,500 – ₹1,45,500. Technical analysis indicates that weakness in prices can continue if they breach the support 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 to Bearish Sentiment profile as price action trades beneath immediate resistance barriers. Resistance is identified near $4,180 – $4,200, while key underlying support levels are seen near $4,100 – $4,066.

Overall View: Gold remains in a sideways-to-bearish consolidation setup. A sustained breakdown below primary support boundaries could trigger further price weakness. Strategic investors may continue phased accumulation on dips, while tactical traders should monitor lower support thresholds closely.

Silver Technical Outlook

MCX Silver (Dec): Mirroring international benchmark price weakness, the active December contract continues to face downside pressure, keeping sentiments in line with COMEX. Technical resistance stands at ₹2,15,000 – ₹2,19,500, with support expected near ₹2,07,900 – ₹2,05,000. Technical analysis suggests weakness in prices can continue if they breach the support zone. 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 $58.50 – $59.30, while support is likely established around $55.50 – $55.50.

Overall View: Silver maintains a weak technical structure with downside risk remaining intact. Breaching lower support limits can extend the ongoing corrective phase, necessitating disciplined stop-loss placement for active positions.

Crude Oil Technical Outlook

MCX Crude Oil (Nov): Trading in line with International NYMEX Spot prices, the November contract displays a potential stabilization structure. Technical resistance is positioned at ₹9,150 – ₹9,300, while immediate support rests between ₹8,900 – ₹8,750. Technical analysis suggests bounce is seen from lower levels; a positive move can continue after breaching the resistance zone. Furthermore, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions.

NYMEX WTI Crude Oil (Spot): Spot Crude Oil carries a Bullish Sentiment profile as upside momentum attempts to build above key moving averages. Resistance stands at $96.00 – $97.80, while key support levels are seen between $94.00 – $93.

Overall View: Crude oil demonstrates positive momentum off lower support floors. Clearing overhead resistance zone limits will be key to sustaining further upside gains, though traders must remain disciplined given persistent geopolitical risks.

Aluminium Technical Outlook

MCX Aluminium (Oct): Directly tracking global trend, the active October contract experiences near-term consolidation within a broader range-bound structure. Technical resistance is positioned at ₹327 – ₹330, while key support underpins price action between ₹319 – ₹314. Technical analysis indicates selling pressure is seen, and it can continue if the support zone is breached. 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 $3,010 – $3,040, while key support levels are established between $2,965 – $2,950.

Overall View: Aluminium trades with a distinct downward tilt within its consolidation structure. A breakdown below primary support bounds may prolong downside pressure, warranting heightened caution and strict risk controls.

Commodities: Pivot Table

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