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Commodity outlook: Crude oil slips; here is how others will fare today

Here is how SMC Global expects commodities to trade today.

ETMarkets.com|
Nov 20, 2019, 11.36 AM IST
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Precious metals were flat with gold and silver trading around their previous close.

Commodity Summary
MCX

GOLD
CRUDEOIL
Metal and energy commodities were mixed on Wednesday in the domestic market as tensions between US and China escalated while oil markets saw a supply glut.

Crude oil eased 0.72 per cent to Rs 3,972. On the other hand, natural gas gained 0.39 per cent to Rs 181.70 on MCX. Precious metals were flat with gold and silver trading around their previous close.

In the base metals pack, copper slid 0.31 per cent to Rs 436.40 and nickel ebbed 0.18 per cent to 1,087. Lead was up 0.16 per cent to Rs 154.90.

Most agri commodities were trading in the green on NCDEX. Castor seed, chana, cotton seed, guar gum, guar seed and jeera traded with up to 1 per cent gain. Coriander and far-term contracts of turmeric were trading with losses.

Here is how SMC Global expects commodities to trade today:

Bullion: Bullion counter may remain positive. Gold can move higher towards Rs 38,300 while taking support near Rs 38,000 and silver can test Rs 45,000 while taking support near Rs 44,600.

Base metals: Base metals may trade with a sideways-to-weak bias. Copper may dip towards Rs 434 while taking resistance near Rs 440. Zinc can dip towards Rs 188 as it can face resistance near Rs 192. Lead may trade sideways as it can take support near Rs 153 and resistance near Rs 155. Nickel may dip lower towards Rs 1,075 while facing resistance near Rs 1,110. Aluminium may slip lower to Rs 130 while facing resistance near Rs 133.

Energy: Crude oil may trade sideways to negative. Crude oil can move towards Rs 3,950 while taking resistance near Rs 4,060. Natural gas can open on a negative note testing Rs 178 while taking resistance near Rs 185.

Spices: The correction phase of turmeric futures (Dec) would possibly take a pause and find support near Rs 5,750-5,700. Jeera futures (Dec) may witness short covering towards Rs 16,400 taking support near Rs 16,000. Dhaniya futures (Dec) are likely to trade higher towards Rs 7,200, giving respect to Rs 6,900. Cardamom futures (Dec) are expected to trade on a bullish note towards Rs 3,000.

Oilseeds: Soybean futures (Dec) are expected to consolidate in the range of Rs 3,950-4,010 with upside getting capped. The outlook of mustard futures (Dec) is bullish as mustard may trade higher to test Rs 4,280-4,290, taking support near Rs 4,245. CPO futures (Nov) are expected to trade higher to test Rs 653-656, taking positive cues from the international market. Soy oil futures (Dec) are expected to trade sideways to upwards in the range of Rs 800-810.

Other commodities: Cotton futures (Nov) will most probably witness correction towards Rs 18,800. Chana futures (Dec) are expected to consolidate in the range of Rs 4,475-4,515. Mentha oil futures (Nov) are likely to trade sideways in the range of Rs 1,265-1,280.

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