Commodity Outlook: How will bullion, metals & spices will trade today
Cotton futures (Aug) are expected to trade in the range of Rs 21,070-21,260.
Commodity Summary MCX
How will other commodities fare in the futures market today? Here is quick run through on the projections:
Bullion: Bullion counter may remain sideways with a positive bias. Gold prices were steady, holding above the key $1,500 an ounce level as investors awaited a US central bankers’ conclave for clues on future interest rate cuts. Gold (Oct) can dip towards Rs 37,700 and may face resistance near Rs 38,100. Silver (Sep) can dip towards Rs 43,200 but faces resistance near Rs 43,850.
Base Metals: Base metals may trade on a mixed path. Copper can trade sideways with support likely near Rs 441 and resistance near Rs 450. Zinc may recover to Rs 189 while it may find support near Rs 184. Lead may continue to trade in range of Rs 153-158. Nickel may trade with a bearish bias; a break below Rs 1,115 can take the counter towards Rs 1,100 while facing resistance near Rs 1,140. Aluminum may test Rs 141 while taking support near Rs 138.
Energy: Crude oil may trade sideways on a positive path. Prices for Brent oil rose above $60 a barrel for the first time in over a week on Wednesday amid data that showed a larger-than-expected drawdown in US crude inventories, but ongoing worries about a global economic recession capped gains. Natural gas can recover towards Rs 162 while taking support near Rs 151.
Spices: Turmeric futures (Sept) are expected to trade sideways in the range of Rs 6,875-7,000. Jeera futures (Sept) may trade with a downside bias & descend towards Rs 16,700-16,600 level. Dhaniya futures (Sept) are likely to face resistance near the Rs 6,100 level. Cardamom futures (Sept) are likely to trade sideways in the range of Rs 3150-3350 as sentiment dampened due to commencement of fresh arrivals.
Oilseeds: Soybean futures (Sept) are expected to trade sideways taking support near Rs 3,620. Soy oil futures (Sept) are likely to trade in the range of Rs 750-756. CPO futures (Aug) may consolidate in the range of Rs 547-555. Mustard futures (Sept) are expected to remain stable in the range of Rs 3,925-3,950.
Other commodities: Cotton futures (Aug) are expected to trade in the range of Rs 21,070-21,260. Guar seed futures (Sept) are expected to trade with a downside bias & test the Rs 4,320 level. While guar gum futures (Sept) may plunge
towards the Rs 8,350 level. Castor seed futures (Sept) will probably witness another round of consolidation for the fourth consecutive week in the range of Rs 5,615-5,660.