Commodity outlook: Base metals gain; here's how others may fare

Here is how SMC Global expects commodities to fare today.

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Nickel can recover towards Rs 945 while taking support near Rs 920.
NEW DELHI: Base metals and crude oil futures gained in the early trade on Tuesday as economies across the world gave more freedom to businesses to operate boosting sentiments.

Crude oil futures added 1.54 per cent to Rs 2,439 while nickel and copper jumped 0.11 per cent and 0.46 per cent, respectively. Natural gas, meanwhile, stopped 3.44 per cent.

Here is how SMC Global expects commodities to fare today:


Bullion: Bullion counters can trade on a positive path. But profit booking at a higher level cannot be denied. Gold can test Rs 47,000 by taking support near Rs 46,400 while silver may test Rs 48,000 while taking support near Rs 47,400.

Base metals: Base metals may witness positive bias. Copper can move towards Rs 418 while taking support near Rs 405. Zinc can move towards Rs 160 by taking support near Rs 155. Lead can move towards Rs 133 while taking support near Rs 129. Nickel can recover towards Rs 945 while taking support near Rs 920. Aluminum can remain in range of Rs 128-132.

Energy: Crude oil may witness further upside movement as it can test Rs 2,350 by taking support near Rs 2,100. Natural gas can witness some bounce back as it can test Rs 132 by taking support near Rs 122.
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Spices: Turmeric futures (June) is likely to find support near Rs 5,250 and trade with an upside bias. Jeera futures (June) is seen to trade on a bearish bath towards Rs 13,200-13,000, facing resistance near Rs 13,500. Dhaniya futures (June) will possibly descend towards Rs 5,400-5,300, facing resistance near Rs 5,665.

Oilseeds: Soybean futures (June) may continue to consolidate in the range of Rs 3,780-3,830 with upside getting capped. Mustard futures (June) may witness a consolidation in the range of Rs 4,220-4,270. Soy oil futures (June) may remain stable and trade with a positive bias in the range of Rs 775-790, while CPO futures (May) is likely to trade on a positive note and test Rs 620-625.

Other commodities: Cotton futures (May) is expected to trade higher towards Rs 16,000, taking support near Rs 15,700. Chana futures (June) is likely to witness a correction towards Rs 4,070, facing resistance near Rs 4,170. The bearish momentum will possibly continue to persist over mentha oil futures (May) and in days to come, it can slide down to test Rs 1,120, facing resistance near Rs 1,160.

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