How gold, oil, base metals and agri-commodities may fare today
Crude oil traded higher as global oil prices rose more than 1 per cent.
Commodity Summary MCX
In the global markets, gold surpassed the key $1,450 level for the first time since May 2013, after comments from a top Federal Reserve official bolstered expectations of an interest rate cut, while fresh tensions in West Asia further supported bullion, Reuters reported.
Crude oil, too, traded higher as global oil prices rose more than 1 per cent after the US Navy destroyed an Iranian drone in
the Strait of Hormuz again stoking tensions in the Middle East.
Let's take a look at how various commodities may fare today, as projected by brokerage SMC Global Securities.
Bullion: Gold can test Rs 35,500, taking support near Rs 35,200 and silver can move towards Rs 41,500, taking support near Rs 40,700.
Base metals: Base metals may trade with an upside path. Copper may move higher towards Rs 456, taking support near Rs 448. Zinc can test Rs 196, taking support near Rs 194, while lead may test Rs 159, taking support near Rs 155. Nickel may move higher towards Rs 1,060, taking support near Rs 1,025 and aluminum may test Rs 145, taking support near Rs 142.
Energy: Crude oil may move towards Rs 3,950, facing resistance near Rs 3,830. Natural gas may dip lower and it can test Rs 156, facing resistance near Rs 162.
Spices: Turmeric futures (Aug) is likely to take support near Rs 7,000-6,950. Jeera futures (Aug) may witness profit booking on account of technical selling from a seven-month high of Rs 18,405 per 100 kg. Cardamom futures (Aug) may head towards Rs 3,375 on the back of failed crops, deficit monsoon and poor inventories. Coriander futures (Aug) may trade sideways in the range of Rs 7,120-7,300 levels.
Oilseeds: Soybean futures (Aug) may witness a consolidation in the range of Rs 3,600-3,625. Mustard futures (Aug) will probably remain stuck in the consolidation zone of Rs 3,900-3,935. CPO futures (July) is expected to trade sideways in the range of Rs 500-506 levels. Soy oil futures (Aug) is likely to trade with a positive bias taking support near Rs 725 level.
Other commodities: Cotton futures (July) may take support near Rs 21,450. Mentha oil futures (July) is expected to trade with a positive bias in the range of Rs 1,280-1,320 levels. Castor seed futures (Aug) may take support near its previous two week low of Rs 5,545 levels and any sharp downside may remain capped.