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    Commodity outlook: How gold, silver, oil and agri-commodities may trade today

    Synopsis

    Gold was down 0.16 per cent while silver rose 0.97 per cent. Base metal counters were trading mixed with nickel and aluminium in the red. Crude oil fell 0.06 per cent while its peer natural gas added 0.78 per cent.

    Commodity outlook shutterstock_441099742Shutterstock.com

    Commodity Summary

    MCX
    NEW DELHI: Metal and energy counters traded mixed on MCX on Tuesday. At the same time, most agri commodities were trading with cuts after the government said India’s GDP print was better than expected.

    Gold was down 0.16 per cent while silver rose 0.97 per cent. Base metal counters were trading mixed with nickel and aluminium in the red. Crude oil fell 0.06 per cent while its peer natural gas added 0.78 per cent.

    NCDEX Agridex, an agricultural futures index that tracks the performance of the ten liquid commodities, was down 0.55 per cent or 6.55 points at 1,186.45 led by cuts in cotton seed and castor seed.

    Here is how SMC Global expects commodities to fare today:

    Bullion: Bullion counters may continue to trade with bearish bias where gold may test Rs 47,600 and face resistance near Rs 48,000 while silver may trade with higher volatility where it may test Rs 58,900 and face resistance near Rs 59,780.

    Base metals: Base metals may trade with positive bias where Copper (Dec) can move towards Rs 586 and take support near Rs 579. Zinc may move towards Rs 222 and take support near Rs 219. Lead can move towards Rs 162 while taking support near Rs 159. Aluminum may move to Rs 169 while taking support near Rs 166.

    Energy: Crude oil may trade sideways with a bearish bias where support is seen near Rs 3,280 and resistance is seen near Rs 3,370. Natural gas may trade with higher volatility where resistance is seen near Rs 223 and support near Rs 215.

    Spices: Turmeric futures (Dec) may consolidate in the range of Rs 5,490-5,560 and the upside may remain capped, owing to bearish fundamentals taking toll over the sentiments. The trend of jeera futures (Dec) has turned bearish and the downside may get extended towards Rs 13,700-13,600. Dhaniya futures (Dec) may face resistance near Rs 6,490.

    Oilseeds: Soybean futures (Dec) is expected to trade sideways in the range of Rs 4,350-4,450. RM Seed futures (Dec) may trade sideways in the range of Rs 5,820-5,920 and the upside may remain capped as in this Rabi season the output is expected to be heavier as compared to last year. CPO futures (Dec) is expected to face resistance near Rs 895, while soy oil futures (Dec) may trade in the range of Rs 1,068-1,088.

    Other commodities: Cotton futures (Dec) may consolidate in the range of Rs 20,000-20,300 and the upside may remain capped. Chana futures (Dec) is likely to trade sideways to down in the range of Rs 5,000-5,100. Guar seed futures (Dec) may face resistance near Rs 4,010, while short covering guar gum (Dec) may remain restricted near Rs 6,000.



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    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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