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Commodity outlook: How oil, gold, agri commodities may trade in Thursday's session

Crude oil may trade with a positive bias and, as per the brokerage, it may take support near Rs 4,300.

ETMarkets.com|
May 16, 2019, 11.02 AM IST
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MCX Gold may face resistance near Rs 32,450 while taking support near Rs 32,100.
NEW DELHI: Bullion counter may witness volatility as an uptick in equities offset support from doubts over trade talks between the United States and China.

In the global markets, the commodity gained strength as Washington slapped sanctions on Chinese telecoms giant Huawei, denting the optimism for a possible US-China trade deal.

Crude oil may rise as the commodity gained for a third straight session in the global markets, as the risk of conflict in the Middle East raised fears of supply disruptions.

Brokerage SMC Global Securities has some projections on various commodities. We take you through that.

Bullion: As per the brokerage, MCX Gold may face resistance near Rs 32,450 while taking support near Rs 32,100. MCX Silver can face resistance near Rs 37,700 while it has support near Rs 37,300.

Base metals: Copper may near resistance near Rs 430 while taking support near Rs 423 on MCX. Zinc can test Rs 218 while taking support near Rs 213. Lead can trade in the range of Rs 125-128. Nickel may test Rs 860, taking support near Rs 820. Aluminium may test Rs 152, taking resistance near Rs 148.

Energy: Crude oil may trade with a positive bias. As per the brokerage, it may take support near Rs 4,300 and can test Rs 4,450 while natural gas may dip lower and can test Rs 180, taking resistance near Rs 188.

Spices: Turmeric futures (June) is expected to trade with a positive bias. The brokerage said the commodity may test Rs 7,100-7,200 levels if it breaches the resistance near Rs 7,010. Jeera futures (June) will possibly maintain its uptrend and may probably witness an upsurge towards Rs 18,000, taking support near Rs 17,510. The brokerage advises participants to trade with caution and avoid taking long positions in cardamom futures (June) as the commodity may see a consolidation in the range of Rs 2,150-2,250 levels.

Oilseeds: "We may see an extended buying opportunity soybean futures (June) near Rs 3,745 and the upside may get extended towards Rs 3,820-3,835," the brokerage said. The weakness in the rupee against dollar and improved demand at lower levels may push the counter to Rs 3,760-3,780, the brokerage added. The June contract of soy oil is expected to trade in the range of Rs 738-742. CPO futures (May) is expected to trade sideways in the range of Rs 517-525. Mustard futures (June) is expected to take support near Rs 3,870 and may trade with an upside bias.

Other commodities: Cotton futures (May) can see a consolidation in the range of Rs 20,700-21,150. Guar seed futures (June) is expected to trade with a negative bias in the range of Rs 4,480-4,440 while guar gum futures (June) may fall to Rs 8,890 if it breaks Rs 8,960 level.
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