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Commodity outlook: How oil, gold, base metals and agri commodities may trade in Monday's session

Gold fell more than 1 per cent in global markets to its lowest.

ETMarkets.com|
Jul 01, 2019, 12.29 PM IST
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Commodity Summary
MCX

ALUMINIUM
NEW DELHI: Gold fell in futures trade on Monday, hit by a rally in equities and rupee's rise against the dollar.

Weak global sentiment and a fall in demand by jewellers at local markets also dented gold prices.

Gold fell more than 1 per cent in global markets to its lowest in more than a week as the dollar strengthened and investors opted for riskier assets after the United States and China agreed to restart trade talks, Reuters reported.

Global crude oil prices rose after Saudi Arabia, Russia and Iraq backed an extension of supply cuts for another six to nine months ahead of an Opec meeting in Vienna.

How will commodities fare in the domestic futures trade today? Here is a quick check on projections of various commodities by brokerage SMC Global Securities.

Bullions: Bullion will trade on a weaker side as gold prices fell more than 1 per cent in international markets as hopes of a trade deal between the United States and China improved risk appetite. MCX Gold can dip lower towards Rs 33,500, facing resistance near Rs 34,100, while silver can also test Rs 37,000, facing resistance near Rs 37,500.

Base metals: Base metals may trade with positive bias. Copper may recover towards Rs 455, taking support near Rs 445. Zinc can test Rs 205, taking support near Rs 200. Lead may test Rs 157, taking support near Rs 153. Nickel may move towards Rs 910, taking support near Rs 895 and aluminium may test Rs 147, taking support near Rs 142.

Energy: Crude oil may trade on an upside path. MCX Crude oil can test Rs 4,170, taking support near Rs 4,100. Natural gas may witness lower level buying and it can test Rs 164.

Spices: The downtrend in turmeric futures (July) is likely to continue and in days to come, it may test Rs 6,200-6,100 levels. The correction phase in jeera futures (July) is likely to continue and it may see Rs 16,450 level on the downside. Cardamom futures (July) is looking bullish for Rs 3,000, tracking an unabated surge in prices at Spices Board of India's auctions in the wake of lower crop estimates. Coriander futures (July) is expected to trade with a downside bias and may move lower towards Rs 6,700-6,600 levels.

Oilseeds: Soybean futures (July) is expected to witness a consolidation and trade with an upside bias in the range of Rs 3,600-3,725 levels. Mustard futures (July) is likely to stay on a strong foot and may test Rs 3,980-4,000 by taking support near Rs 3,895 levels. CPO futures (July) may witness an upside momentum towards Rs 520-525, taking support near Rs 503 level, while soy oil futures (July) will probably continue to trade with a bullish bias towards Rs 750-755 if it sustains above Rs 745.

Other commodities: Cotton futures (July) is expected to show some more weakness towards Rs 21,000 level. Castor seed futures (July) is expected to take support near Rs 5,360 levels and may trade with an upside bias till Rs 5,550-5,600 levels. Cocud futures (July) may continue to face resistance near Rs 2,900 level and witness profit booking.
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