Commodity Daily Insights 21st October 2026 By - HDFC Securities Ltd
GLOBAL MARKET ROUND UP
Precious metals remained under pressure on Wednesday, with spot gold falling towards $4,100 an ounce and extending its decline for a fourth consecutive session. Spot silver also slipped towards $57.50 an ounce, paring the previous session’s gains as elevated crude oil prices intensified inflation concerns and strengthened expectations for further interest-rate hikes.
Crude oil resumed its upward trend after a diplomat dismissed reports that a deal to end the U.S.-Iran conflict was imminent, although negotiations remain underway. Higher oil prices are keeping inflationary pressures elevated and reinforcing expectations for a more hawkish monetary-policy stance, creating a persistent headwind for precious metals. Gold is expected to consolidate within a broader range, with support at $4,080 and $4,035, while resistance is seen at $4,175 and $4,219. A sustained break below $4,105 would weaken the near-term outlook and could increase selling pressure.
Crude oil prices rose in early Asian trading as renewed attacks on vessels in the Strait of Hormuz, a key route for global oil transportation, heightened concerns over supply disruptions. Iran’s Islamic Revolutionary Guard Corps said that two “non-compliant” oil tankers struck mines in the strait, further raising concerns over the safety of regional shipments. Oil prices had fallen sharply on Tuesday after Pakistan’s army chief, Field Marshal Asim Munir, met senior Iranian diplomatic and military officials in Tehran to discuss bilateral relations and negotiations with Washington. However, a diplomat involved in the discussions dismissed reports that a deal to end the conflict was imminent, while confirming that efforts to reach an agreement remain underway. Meanwhile, U.S. crude inventory data will remain in focus. Inventories fell by 8.56 million barrels in the previous week, while markets expect a much smaller decline of around 0.30 million barrels this week.
Natural gas futures settled lower, trading below the $3/MMBtu level as mild weather forecasts weighed on demand expectations. Prices were also pressured by higher production, adding to concerns over a comfortable supply outlook and limiting the scope for a sustained recovery. Copper prices edged higher in early Asian trading, supported by tightening supply concerns as Chile, the world’s largest copper producer, faces its lowest output in 23 years.
Gold
• Trading Range: 143750 to 146925
• Intraday Trading Strategy: Sell Gold Mini Nov Fut at 144900-144925 SL 145700 Target 144150/143900
Silver
• Trading Range: 209025 to 217500
• Intraday Trading Strategy: Sell Silver Mini Nov Fut at 213750-213775 SL 215480 Target 210900/209780
Crude Oil
• Trading Range: 9075 to 9605
• Intraday Trading Strategy: Buy Crude Oil Nov Fut at 9275-9280 SL 9150 Target 9450/9580
Natural Gas
• Trading Range: 267 to 297
• Intraday Trading Strategy: Sell Natural Gas Oct Fut at 286-287 SL 292 Target 280.0/275.8
Copper
• Trading Range: 1382 to 1414
• Intraday Trading Strategy: Buy Copper Oct Fut at 1388-1389 SL 1384.8 Target 1395.5/1403.0
Zinc
• Trading Range: 417 to 429
• Intraday Trading Strategy: Buy Zinc Oct Fut at 420.0- 420.50 SL 417.8 Target 424.8/428.0
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