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    Commodity Outlook: How gold, oil, base metals and agri commodities may trade today

    Synopsis

    Here is a check on the projections for various commodities from SMC Global Securities.

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    New Delhi: Precious metals traded lower on Monday as concerns over an escalation in the US-China trade war eased, boosting the dollar. Base metals traded mixed as nickel and copper traded higher, but aluminium slid lower.

    Easing fears of an escalation in the US-China trade war, after a Bloomberg report said that the US does not currently plan to de-list Chinese companies from the US stock markets, affected metal prices.

    Crude oil climbed in the domestic commodity market even though it traded with a negative bias in the international markets.

    Below are the projections for the day from SMC Global Securities:

    Bullions: Bullion counter may trade with a weak bias. Gold can test Rs 37,400 while facing resistance near Rs 37,700 and silver can test Rs 44,700 while facing resistance near Rs 48,200.

    Base metals: Base metals may trade sideways to positive. Copper (Oct) may test Rs 446 while taking support near Rs 440. While zinc (Oct) can trade in range, facing resistance near Rs 185 while taking support near Rs 180. Lead (Oct) may trade with a sideways-to-upside bias, taking support near Rs 152 and resistance near Rs 156. Nickel (Oct) may also trade with an upside bias as it can test Rs 1,245 while taking support near Rs 1,210. Aluminum may test Rs 133 while facing resistance near Rs 137.

    Energy: Crude oil may witness lower level buying as oil prices edged higher on Monday. Crude oil may recover towards Rs 4,020 while taking support near Rs 3,930. Natural gas can trade down a weaker path as it can move towards Rs 167 while facing resistance near Rs 172.

    Spices: Turmeric futures (Oct) may recover towards Rs 6,160 taking support near Rs 6,000 on the back of rising festive demand. Jeera futures (Oct) may continue to face resistance near Rs 16,825 and the upside may remain capped. In the days to come, more steep correction can be seen in dhaniya futures (Oct) as it may test the support near Rs 5,200 levels. Cardamom futures (Nov) is looking bullish towards Rs 2,900-2,950, taking support near Rs 2,730.

    Oilseeds: Soybean futures (Oct) are expected to trade sideways in the range of Rs 3,920-4,020. Soy oil futures (Oct) are likely to trade with an upside bias and may even attempt to test Rs 767, managing to take support near Rs 763 and taking positive cues from the rally in the soybean counter. CPO futures (Oct) will possibly take support near its 55-day moving average of Rs 546, and recover till Rs 553.

    Other commodities: Cotton futures (Oct) may consolidate in the range of Rs 19,800-20,100, with upside getting capped. A lower level buying near Rs 4,235 may again emerge in chana futures (Oct) on account of festive demand and this fundamental may drive up the counter till Rs 4,350. Mong futures (Oct) may also catch pace to test Rs 5,900-5,920 on account of lower output this season.




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    (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 .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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