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

"Base metals may trade with sideways bias," SMC Global Securities said.

ETMarkets.com|
May 17, 2019, 11.07 AM IST
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Gold may face resistance near Rs 32,200, taking support near Rs 31,900
NEW DELHI: Gold traded with muted gains in futures trade on Friday morning, supported by the weakness of Indian rupee against the dollar and pressured by a rise in riskier equities.

In the global markets, gold fell on a firmer dollar and increased investor appetite for riskier assets due to strong US data and corporate results.

On the other hand, global crude oil prices rose on Friday and were on track for the first weekly gains this month, as rising tensions in the Middle East stoked fears of supply disruptions, Reuters reported.

Here is an outlook on various commodities by brokerage SMC Global Securities for today.

Bullion: Gold may face resistance near Rs 32,200, taking support near Rs 31,900 while silver can face resistance near Rs 37,200, taking support near Rs 36,700.

Base metals: "Base metals may trade with sideways bias," the brokerage said. MCX Copper may face resistance near Rs 432 while taking support near Rs 423. Zinc can test Rs 219 while taking support near Rs 212 on MCX. Lead may test Rs 130, taking support near Rs 126. Nickel may test Rs 870, taking support near Rs 830 and aluminium prices may test Rs 152, taking support near Rs 148.

Energy: Crude oil may trade with an upside bias. It may take support near Rs 4,320 and can test Rs 4,480. Natural gas may test Rs 189 while taking resistance near Rs 180.

Spices: Turmeric futures (June) is expected to trade with an upside bias and may test Rs 7,300. Jeera futures (June) will possibly maintain its uptrend and may probably witness an upsurge towards Rs 18,100, taking support near Rs 17,735. Cardamom futures (June) may face resistance near Rs 2,300 levels.

Oilseeds: Soybean futures (June) is expected to trade sideways in the range of Rs 3,735-3,790. The June contract of soy oil futures is expected to trade with an upside bias in the range of Rs 743-750 levels. CPO futures (May) is expected to trade sideways to upward in the range of Rs 524-528, taking positive cues from the international markets. Mustard futures (June) is expected to take support near Rs 3,900 and trade with an upside bias towards Rs 3,950.

Other commodities: Cotton futures (May) is likely to see a consolidation in the range of Rs 20,990-21,250 levels. The June contracts of chana futures are expected to trade on a steady note in the range of Rs 4,580-4,680. Guar seed futures (June) is expected to trade with a negative bias and may test Rs 4,410 while guar gum futures (June) may see weakness till Rs 8,825 if it breaks Rs 8,890 level.
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