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Commodity outlook: Crude oil gains; here's how others may fare

Here is how SMC Global expects commodities to fare today.

ETMarkets.com|
Last Updated: May 11, 2020, 11.01 AM IST
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AP
Oil Prices
Crude oil may witness selling pressure at higher levels. It can slip towards Rs 1,730 while facing resistance near Rs 1,850.
NEW DELHI: Crude oil and base metals were trading with gains on Monday in the domestic commodity markets as economies across the world quickened the pace of reopening.

Crude oil futures were up 1.14 per cent to Rs 1858 while nickel added 0.30 per cent to Rs 940. Copper, silver and zinc also traded in the green.

Here is how SMC Global expects commodities to fare today:

Bullion: Bullion counters can trade on a mixed path. Gold can move towards Rs 46,000 while taking support near Rs 45,500. Silver may move towards Rs 43,800 while taking support near Rs 42,500.

Base metals: Base metals may witness positive movement. Copper can move towards Rs 414 while taking support near Rs 400. Zinc can move towards Rs 156 by taking support near RS 152. Lead can move towards Rs 135 while taking support near Rs 130. Nickel can recover towards Rs 950 while taking support near Rs 920. Aluminum can remain in the range of Rs 130-133.

Energy: Crude oil may witness selling pressure at higher levels. It can slip towards Rs 1,730 while facing resistance near Rs 1,850. Natural gas can move sideways and can face resistance near Rs 145 and support near Rs 135.

Spices: In days to come, Turmeric June contract may trade with a bearish bias in the range of Rs 5,300-5,400. Cardamom futures (June) may witness recovery till Rs 1,800-1,830. The short covering in jeera futures (June) may get limited till Rs 13,700-13,750 as the fundamentals are not much supportive in the present scenario. Dhaniya futures (June) may consolidate sideways in the range of Rs 5,680-5,780.

Oilseeds: The upside momentum in soybean futures (June) doesn’t look sustainable as it may face resistance near Rs 3,835. Mustard futures (June) is looking bullish for Rs 4,220-4,250, hence a dip towards Rs 4,130-4,115 can be considered as a buying opportunity. In days to come, soy oil futures (June) may face resistance near Rs 755, while CPO futures (May) is expected to remain below Rs 595.

Other commodities: Cotton futures (May) may see a pull back towards Rs 15,900-15,900. Chana futures (June) may trade sideways in the range of Rs 4,115-4,185. Castor seed futures is trading nearly just to its yearly low of Rs 3,608 and going ahead this bearish trend in the June contract will possibly get extended to Rs 3,650-3,600.

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