Commodity outlook: How gold, oil, base metals and agri commodities may trade today
Here is how SMC Global expects commodities to trade today.
Precious metals were in the red, while crude oil gained 0.37 per cent to trade at Rs 4,092. On the other hand, natural gas traded with a 1.23 per cent cut at 184.30.
Copper was flat but nickel and zinc eased on MCX. Nickel was the biggest loser in the base metals pack, down 0.35 per cent to Rs 1,094.
Agri commodities were also mixed as near-term futures of castor seed, guar gum and guar seed eased. On the other hand, near-term futures for chana, coriander, cotton seed and jeera gained on NCDEX.
Here is how SMC Global expects commodities to trade today:
Bullion: Bullion counters may remain on a positive path. Gold can move higher towards Rs 38,350 while taking support near Rs 38,000 and silver can test Rs 45,000 while taking support near Rs 44,200.
Base metals: Base metals may trade sideways. Copper may dip towards Rs 434 while facing resistance near Rs 440. Zinc can dip towards Rs 190 facing resistance near Rs 194. Lead may trade sideways as it can take support near Rs 153 and resistance near Rs 156. Nickel may dip lower towards Rs 1,085 while facing resistance near Rs 1,120. Aluminium may find some support near Rs 130.50 and recover towards Rs 132.
Energy: Crude oil may trade sideways to negative. It can move towards Rs 4,050 while facing resistance near Rs 4,150. Natural gas can open on a negative note testing Rs 182 while facing resistance near Rs 188.
Spices: The correction phase of turmeric futures (Dec) would possibly take a pause and find support near Rs 5,650. Jeera futures (Dec) may witness short covering towards Rs 16,200 taking support near Rs 15,900. Dhaniya futures (Dec) are likely to trade higher towards Rs 7,000, giving respect to Rs 6,800. Cardamom futures (Dec) are expected to trade on a bullish note towards Rs 2,900.
Oilseeds: Soybean futures (Dec) are expected to consolidate in the range of Rs 3,920-3,980 with upside getting capped. The outlook of mustard futures (Dec) is bullish as mustard may trade higher to test Rs 4,300. CPO futures (Nov) are expected to face resistance near Rs 645 after posing a bull run for the past two months. Soy oil futures (Dec) are expected to trade sideways to upwards in the range of Rs 790-795.
Other commodities: Cotton futures (Nov) will most probably find support near Rs 18,800. Chana futures (Dec) are expected to consolidate in the range of Rs 4,440-4,500. Mentha oil futures (Nov) are likely to trade sideways in the range of Rs 1,250-1,305.