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Commodity outlook: Crude oil plunges 5%; here's how others may trade today

Crude oil plunged 5.18 per cent to Rs 1,611 while silver fell 3.06 per cent to Rs 39,642.

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Last Updated: Mar 30, 2020, 12.08 PM IST
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Crude oil may continue its bearish momentum. Crude oil can slip towards Rs 1,580 by taking resistance near Rs 1,700.

Commodity Summary
MCX

CPO
NEW DELHI: It was a sea of red on the domestic commodity bourses on Monday as base metals, bullion and energy counters fell in sync.

Crude oil plunged 5.18 per cent to Rs 1,611 while silver fell 3.06 per cent to Rs 39,642. Natural gas fell 2.79 per cent and gold sipped 0.71 per cent. Nickel, copper and zinc were down up to 1.5 per cent.

Here is how SMC Global expects commodities to fare today:

Bullion: Bullion counters can witness profit booking at higher levels. Gold can move towards Rs 43,200 while taking resistance near Rs 43,700. Silver may dip towards Rs 40,000 while facing resistance near Rs 41,500.

Base metals: Base metals may trade with a negative bias. Copper (Apr) may dip towards Rs 368 while facing resistance near Rs 380. Zinc (Apr) may dip towards Rs 139, facing resistance near Rs 143. Lead (Apr) may remain in range as it can face resistance near Rs 134 while taking support near Rs 130. Nickel may dip towards Rs 855 while taking resistance near Rs 870. Aluminum (Apr) may remain in range of Rs 132-135.

Energy: Crude oil may continue its bearish momentum. Crude oil can slip towards Rs 1,580 by taking resistance near Rs 1,700. Natural gas can dip lower towards Rs 123 by taking resistance near Rs 132 as forecasts are for milder weather and lower heating demand over the next two weeks.

Spices: Turmeric futures (Apr) are expected to trade with an upside bias holding on the support near Rs 5,650, while the upside may remain capped near Rs 5,840. Jeera futures (Apr) are likely to consolidate and hold its gains in the range of Rs 14,000-14,500. Coriander futures (April) would probably manage to remain above Rs 5,600.

Oilseeds: Soybean futures (April) are expected to trade with a positive bias in the range of Rs 3,700-3,780. Mustard futures (April) taking support near Rs 4,040 can again retest Rs 4,200 on the higher side. Soy oil futures (April) would probably continue to remain in positive territory in the range of Rs 790-810. While, CPO futures (Apr) may consolidate in the range of Rs 635-655.

Other commodities: Cotton futures (Apr) are likely to trade with a downside bias towards Rs 16,000-15,500 on the bearish footsteps of the overseas market. Castor seed futures (April) might witness lower level buying near Rs 4,000-3,900 and later during the week may rise to test Rs 4,200-4,300. Mentha oil (April) is expected to take support near Rs 1,070, while the upside may get extended towards Rs 1,150.
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