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Commodity outlook: Here is how commodities may fare today

Here is how SMC expects commodities to trade today.

ETMarkets.com|
Nov 26, 2019, 12.44 PM IST
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Precious metals slipped on the news and traded 0.2 per cent down from their previous close.

Commodity Summary
MCX

GOLD
Barring a couple of securities, all commodity futures on domestic metal bourses were in the red on Tuesday amid positive news on the US-China trade war front.

China's Vice Premier Liu He, US Trade representative Robert Lighthizer and US Treasury Secretary Steven Mnuchin held a phone call on issues related to a phase one agreement, two days after a report that both countries are "moving closer to agreeing" on the deal.

Precious metals slipped on the news and traded 0.2 per cent down from their previous close. Except nickel, all base metals shrank on MCX.

Here is how SMC expects commodities to trade today:

Bullion: Gold can move lower towards Rs 37,500 while facing resistance near Rs 37,900 and silver can test Rs 43,800 while facing resistance near Rs 44,300.

Base metals: Base metals may trade sideways to negative. Copper may dip towards Rs 430 while facing resistance near Rs 434. Zinc (Dec) can dip towards Rs 183 as it can face resistance near Rs 187. Lead may trade sideways as it can take support near Rs 152 and face resistance at Rs 155. Nickel (Dec) may recover towards Rs 1,070 while taking support Rs 1,050. Aluminum (Dec) may slip lower to Rs 129 while facing resistance near Rs 132.

Energy: Crude oil may witness sideways movement. It can dip towards Rs 4,100 while facing resistance near Rs 4,205. Natural gas can open on weaker note testing Rs 182 while facing resistance near Rs 186.

Spices: Turmeric futures (Dec) are likely to plunge further to test Rs 5,600-5,500. Jeera futures (Dec) are trading near their four-month low and this bearishness is likely to get extended towards Rs 15,500, if it breaks Rs 15,950. Dhaniya futures (Dec) are expected to take support near Rs 6,750-6,700. Cardamom futures (Dec) would possibly hold on to its 200-day EMA support near Rs 2,590 and trade with an upside bias to test Rs 3,000-3,100.

Oilseeds: Soybean futures (Dec) may continue to remain steady and witness consolidation in the range of Rs 4,020-4,080. Mustard futures (Dec) are expected to post gains for a third consecutive week and move higher towards Rs 4,350-4,380, holding on to the support near Rs 4,330. The bullish momentum is likely to persist in CPO futures (Dec) taking support near Rs 665, while soy oil futures (Dec) may trade with a positive bias in the range of Rs 800-805.

Other commodities: Cotton futures (Dec) may trade sideways in the range of Rs 19,100-19,345. Chana futures (Dec) may witness correction towards Rs 4,450-4,430. Mentha oil futures (Nov) are expected to take support near Rs 1,240.

Also Read

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