Commodity Outlook: How bullion, gold, base metals and agri commodities may trade today
Around 10:35 am, MCX Gold traded at Rs 34,835/10 gms, while MCX Crude oil traded Rs 4,115/barrel.
Commodity Summary MCX
The yellow metal steadied in the global market as the dollar index fell for the third consecutive days on prospects of an interest rate cut by the US Federal Reserve later this month.
Crude oil prices also fell, tracking weak global cues. Global oil prices slipped after China posted its slowest quarterly economic growth in at least 27 years, reinforcing concerns about demand in the world's largest crude oil importer, Reuters reported.
Around 10:35 am, MCX Gold traded at Rs 34,835 per 10 grams, down by Rs 70, while MCX Crude oil traded Rs 4,115 per barrel, down by Rs 23.
Let's take a look at how various commodities may fare today, as projected by brokerage SMC Global Securities.
Bullion: Bullion counter may trade sideways as some profit booking can be seen at higher levels. MCX Gold can test Rs 34,600, facing resistance near Rs 35,000 and silver can move towards Rs 38,000, facing resistance near Rs 38,450.
Base metals: Copper may witness an upside movement and it can test Rs 447 while taking support near Rs 440. Lead may test Rs 159, taking support near Rs 154, while nickel may test Rs 940, taking support near Rs 925. Aluminium may test Rs 144, taking support near Rs 140.
Energy: Crude oil may trade on a weaker path as global oil prices slipped after China posted its slowest quarterly economic growth in at least 27 years. MCX Crude oil may slip towards Rs 4,080 while facing resistance near Rs 4,180. Natural gas may remain on a stronger path and can test Rs 169, taking support near Rs 164.
Spices: Turmeric futures (Aug) may continue to face resistance near Rs 6,790 and the upside may remain capped. There may be an upside movement in Jeera futures (Aug), rising towards Rs 18,000. Cardamom futures (Aug) may head towards Rs 3,100-3,200 on the back of failed crops, deficit monsoon and poor inventories. Coriander futures (Aug) may see lower-level buying near Rs 7,100-7,060 and later gain towards Rs 7,300-7,400.
Oilseeds: Soybean futures (Aug) may witness consolidation in the range of Rs 3,635-3,720 levels until there is clarity on monsoon over the growing areas during next week. CPO futures (July) is trading near the crucial support of Rs 492 and if it attempts to break it, the downside may get extended towards Rs 490-485 levels. Soy oil futures (Aug) is likely to trade with a positive bias in the range of Rs 728-732.
Other commodities: We might see a negative bias in cotton futures (July) and it may trade in the range of Rs 21,000-21,350 levels. Maize futures (Aug) is trading near its life-time high of Rs 2,254 per quintal due to supply tightness. Castor seed futures (Aug) may attempt to break above Rs 5,700 and may move higher to test Rs 5,750-5,800.