The Economic Times
English EditionEnglish Editionहिन्दीગુજરાતી
| E-Paper
Search
+

    Commodity outlook: Nickel rises; here is how others may fare

    Synopsis

    Here is how SMC Global expects commodities to fare today.

    ETAuto
    Base metals may trade sideways with a bearish bias due to profit booking.

    Commodity Summary

    MCX
    NEW DELHI: Barring nickel, all metal and energy commodity counters were in the red on Thursday as worries over fast rising Covid-19 cases hit investor sentiments.

    Crude oil dipped 0.33 per cent while its peer natural gas fell 0.15 per cent. Gold and silver saw profit booking and slipped up to 0.2 per cent. Nickel was up 0.41 per cent while its base metal peers fell up to a per cent.

    NCDEX Agridex, an agricultural futures Index which tracks the performance of the ten liquid commodities, was up 0.09 per cent or 0.90 points at 1,038.55 thanks to gains in guar gum, guar seed and mustard seed.

    Here is how SMC Global expects commodities to fare today:

    Bullion: Bullion counters may post correction where Gold may test Rs 47,600 and facing resistance near Rs 48,590 while silver may test Rs 48,000 and may face resistance near Rs 49,600.

    Base metals: Base metals may trade sideways with a bearish bias due to profit booking. Copper can move towards Rs 461 while facing resistance near Rs 467. Zinc may move towards Rs 164 and take support near Rs 161. Lead can move towards Rs 140 while facing resistance near Rs 144. Nickel may trade in a wider range of Rs 985 and Rs 965. Aluminum may move towards Rs 139 while taking support near Rs 135.

    Energy: Crude oil may trade with a bullish bias where it may test Rs 3,140 and take support near Rs 2,920. Natural gas may bounce towards resistance and test Rs 133 and take support near Rs 124.

    Spices: Turmeric futures (July) is likely to witness correction towards Rs 5,570-5,520 taking negative cues from the spot market. Jeera futures (July) is likely to trade sideways in the range of Rs 13,600-13,735. Cardamom futures (July) is expected to plunge further towards Rs 1,300.

    Oilseeds: Soybean futures (July) is likely to trade sideways in the range of Rs 3,740-3,800. Mustard futures (July) taking support near Rs 4,700, an upside of Rs 4,750-4,760 can be seen as the demand side is still strong owing to higher offtakes by mills. Soy oil futures (July) is expected to remain stable in the range of Rs 805-812 and CPO futures (July) may consolidate in the range of Rs 655-667.

    Other commodities: Cotton futures (July) may face resistance near Rs 16,100 and the upside may remain capped despite a bullish environment in the international market. Chana futures (July) is likely to trade sideways to down in the range of Rs 4,150-4,200. Guar gum futures (July) may continue to face resistance near Rs 5,430 and possibly a correction can be seen till Rs 5,300-5,250.
    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds.)

    Also Read

    The Economic Times