COMMODITY MARKET (29th Sep 2026)

Morning Commodity Market Snapshot

GOLD

Gold futures on the COMEX is trading with negative bias and has plunged below its crucial level of 4170 and is currently trading near the level of $4136.70 up by 0.60%, from the previous close of $4112.80. The fall in the gold prices are being attributed to the expectation of another rate hike in October. Further dollar index reached the high of 101.222 and 10 year bond yield continued to be over 5% also weighed on the yellow prices. Further investors are waiting to take cues from the inflation number due to be released on Wednesday along with the employment numbers. Thus investors are being cautious ahead of releases. 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 took a similar path as gold and are seen trading flat to positive bias with a gain of 0.13%. Increasing 10 and 30 year bond yield with expectation of another rate hike by 25 bps in the October meeting weighed on silver prices. Further, with oil prices going near the mark of $100, also weighed on the silver prices. Thus falling below the mark of $60, would take the prices towards the level of $58-57 in near term. As per the fed watch tool there is 66% probability of rate hike in October meeting also weighed heavily on prices. Investors are also weighing for cues from the inflation and employment data due to be released this week.

CRUDE

Brent Crude prices edged higher, reaching $98.90 a barrel after U.S. President Donald Trump dismissed Iran’s proposed conditions for reopening the Strait of Hormuz within a seven-day window. This refusal amplified fears of extended supply bottlenecks across crucial ocean shipping lanes. Iranian representatives expressed skepticism about reaching a peace deal or unlocking the strategic transit route ahead of the upcoming U.S. midterm elections in November. Nevertheless, reports indicate the Trump administration might grant targeted sanction waivers and release restricted Iranian assets if substantial advances are achieved in nuclear negotiations. Further price gains were held in check, however, as Saudi Arabia successfully repaired a vital bypass pipeline, restoring roughly 3.5 million barrels per day in crude transport around the Strait.

Copper

Copper futures failed to sustain the mark of $1407 and plunged to settle the day at ₹1405.25, amid rate hike expectation by FEd. But downside remained capped and prices sustained the ₹1400 level amid robust consumption in the power and electrification sectors. Further supporting the prices are the supply concerns following an indefinite shutdown at BHP’s Escondida facility in Chile. The fatal workplace incident at the mine has heightened labor tensions during ongoing union contract talks. From a technical standpoint, maintaining levels above ₹1,400 keeps the pathway open for a retest of ₹1,407-1410. Conversely, a slip under ₹1,400 might trigger a short-term pullback, falling into the ₹1,385 support level.

Commodity Levels:

Evening Commodity Trading Guide 29^th Sept 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 ₹1,50,000 – ₹1,51,500, while the primary support zone lies between ₹1,48,000 – ₹1,46,600. Technical analysis indicates that weakness in prices can continue after breaching 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 Bearish Sentiment profile as price action trades beneath immediate resistance barriers. Resistance is identified near $4,180 – $4,230, while key underlying support levels are seen near $4,110 – $4,070.

Overall View: Gold remains under short-term selling pressure following structural support breakdowns. Tactical traders should respect lower resistance boundaries, while strategic investors can utilize deeper price dips for phased, dollar-cost averaging.

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 ₹2,24,500 – ₹2,20,500. Technical analysis suggests weakness in prices can continue after breaching 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 Bearish Sentiment setup. Overhead resistance levels are placed at $61.80 – $63, while key support buffers are likely established around $60 – $58.50.

Overall View: Silver presents a vulnerable near-term technical layout with risks skewed toward further downside testing. Tight risk controls are advised for swing trades, while disciplined accumulation on dips remains valid for long-term investors.

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 – ₹9,100, while immediate support rests between ₹8,750 – ₹8,600. 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 – $94.50, while key support levels are seen between $91.25 – $90.

Overall View: Crude oil is stuck in a tight two-way trading range. Expect selling interest near overhead resistance boundaries and technical buying around support floors, with strict stop-losses recommended due to persistent geopolitical headline risk.

Zinc Technical Outlook

MCX Zinc (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 ₹421 – ₹425, while key support underpins price action between ₹414.50 – ₹410. Technical analysis indicates weakness is seen but bounce can come from lower levels. Nevertheless, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions.

LME Zinc (Spot): LME Zinc holds a Sideways Sentiment profile as price action consolidates between well-defined parameters. Overhead resistance stands between $3,880 – $3,925, while key support levels are established between $3,820 – $3,775.

Overall View: Zinc maintains a balanced neutral framework despite short-term softness. Pullbacks toward primary support boundaries continue to present potential risk-reward entry zones for rebound plays.

Commodities: Pivot Table

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