COMMODITY MARKET (12th Oct 2026)

GOLD

Gold futures on the COMEX managed to extend its gaining momentum and is currently trading above the mark of $4200 with a gain of 0.29% at the wee hours of the trading session on Monday. The upside in the yellow metal is attributed to  Russian diesel supplies that could ease fuel shortages, thus alleviating inflation concerns. Further President Trump hinted that his administration had reached an agreement for Russia to supply hundreds of thousands of tons of diesel, signaling a partial lifting of Moscow’s ban on diesel exports. Trump also claimed that Russia and Ukraine had agreed to an “energy ceasefire” effective immediately.However, Middle East tension continues to escalate with Iran backed Houthis attacking Saudi Airport, which has prompted Trump to join Saudi to fight Houthi militants.Further investors would keep eye on inflation number of US due to be released this week, that would further give insight about the interest rate decision due this month end.HOwever, on the technical front if gold manages to breach $4211, then its next 4230, then it would be poised to reach for its target of $4250/$4280.

SILVER

COMEX silver also recovered from the low and is trading with positive bias with a gain of 0.55% above the mark of $61, amid agreement on Russian diesel Supplies, with US that could ease the global supply shortage, further Trump also hinted as Ukraine and Russia entering an “energy cease fire”, where Ukraine will not attack any of the oil infrastructure of Russia, has given hopes to the market of easing oil supply concern thus bring prices down and elevating the risk of inflation.But investors would keep eye on inflation numbers due to be released this week, which would further give insight about the interest scenario and decision to be taken later in the month.  But, on the  technical front, if prices that manage to have  daily closing above the mark of $61 threshold could clear a path for the metal to test $63/$65 in the coming sessions, but fall below the mark of $60 could trigger a fall to the mark of $58/$56.

CRUDE

Global oil markets saw Brent crude fall 1.67% to around $100.87 per barrel, slipping from its prior finish of $102.57 as prospects of incoming Russian diesel tempered worries over international fuel deficits. The downward price pressure followed an announcement by Donald Trump on Friday detailing a deal with Moscow to deliver substantial shipments of diesel, suggesting Russia may soften its fuel export restrictions. Trump additionally stated that Moscow and Kyiv had established an immediate mutual halt to strikes on energy infrastructure. At the same time, escalating geopolitical conflict in the Middle East continues to inject volatility into supply routes. Adding to maritime security concerns, an unmanned aerial vehicle hit an oil tanker off Oman’s coast near Sohar over the weekend, reinforcing fears of disruption around the critical Strait of Hormuz transit corridor.  Thus, Brent crude would only turn weak after a fall in prices below the mark of $95, but sustained trading above the mark of  $101, could propel prices for upside in the prices towards the mark of $105.

Copper

Copper futures sustained the gaining momentum and settled the day at the mark of 1427.15, amid tight supply and increasing demand.Fall in LME inventory and rising Chinese demand continued to provide support to the red metal. From a technical perspective, if prices maintained the levels above ₹1,415, the pathway opened for a retest of ₹1430/₹1440. But a fall under ₹1,407 might trigger a short-term pullback, falling into the ₹1,400/1385 support level.

Commodity Levels:

Evening Commodity Trading Guide 12^th 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 ₹1,51,200 – ₹1,52,500, while the primary support zone lies between ₹1,48,800 – ₹1,47,900. 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 $4,195 – $4,220, while key underlying support levels are seen near $4,150 – $4,125.

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 ₹2,25,000 – ₹2,28,000, with support expected near ₹2,22,400 – ₹2,19,800. 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 Bearish Sentiment setup. Overhead resistance levels are placed at $61.40 – $62, while support is likely established around $60 – $58.50.

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 (Oct): Trading in line with International NYMEX Spot prices, the October contract displays a potential stabilization structure. Technical resistance is positioned at ₹9,050 – ₹9,210, while immediate support rests between ₹8,750 – ₹8,600. 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 Sideways to Bullish Sentiment profile as upside momentum attempts to build above key moving averages. Resistance stands at $94 – $96.50, while key support levels are seen between $91.50 – $90.

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 ₹333.50 – ₹337, while key support underpins price action between ₹329 – ₹325. 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 Sideways to Bearish Sentiment profile as price action consolidates between well-defined parameters. Overhead resistance stands between $3,090 – $3,120, while key support levels are established between $3,010 – $2,980.

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

Commodities: Pivot Table

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