Commodity outlook: Gold edges higher; here's how others may fare

Here is how SMC Global expects commodities to fare today.

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Gold may test Rs 54,060 and take support near Rs 53,200 while silver may test Rs 66,200 and take support near Rs 62,400.
NEW DELHI: While bullion counters edged higher on Tuesday, base metals and energy commodity futures tumbled amid worries over surging cases of Covid-19 that may hinder economic recovery.

Gold rose 0.13 per cent while silver gained 0.22 per cent. Base metal counters slid up to 0.5 per cent. Meanwhile, crude oil dipped 1.22 per cent and its peer natural gas was down 0.13 per cent.

NCDEX Agridex, an agricultural futures index that tracks the performance of the ten liquid commodities, was up 0.50 per cent or 5.40 point at 1,080.65 led by gains in guar gum and guar seed.


Here is how SMC Global expects commodities to fare today:

Bullion: Bullion counters may extend the rally where gold may test Rs 54,060 and take support near Rs 53,200 while silver may test Rs 66,200 and take support near Rs 62,400.

Base metals: Base metals may trade sideways with a bullish bias. Copper can move towards Rs 513 and take support near Rs 503. Zinc may move towards Rs 186 and take support near Rs 182. Lead can move towards Rs 151 while taking support near Rs 147. Nickel trade bullish bias where it may take support near Rs 1,030 and resistance near Rs 1,086. Aluminum may move towards Rs 146 while taking support near Rs 142.
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Energy: Crude oil may trade sideways with a bearish bias where it may take support near Rs 2,980 and resistance is seen near Rs 3,160. Natural gas may trade with bullish bias where resistance is seen near Rs 166, taking support near Rs 154.

Spices: Turmeric futures (Aug) is likely to trade sideways to up in the range of Rs 5,750-5,900 taking positive cues from the spot markets. Jeera futures (Aug) is expected to witness a sideways movement in the range of Rs 14,040-14,200. Dhaniya futures (Aug) is expected to hold on the support near Rs 6,350, while the upside may remain capped near Rs 6,500. Cardamom futures (Aug) is likely to consolidate in the range of Rs 1,500-1,550.

Oilseeds: Soybean futures (Aug) may continue to consolidate in the range of Rs 3,795-3,840. Mustard futures are on a bull-run and making a new three year high every week due to short supply. Going ahead, every dip can be taken as an opportunity to accumulate this oilseed, eyeing targets of Rs 5,050- 5,070. It is expected that soy oil (Aug) will probably test Rs 885-890 on the higher side, and CPO (Aug) may rise further higher towards Rs 745- 750.

Other commodities: Cotton futures (Aug) is expected to consolidate and trade on a firm in the range of Rs 16,130-16,300. Chana futures (Aug) would possibly hover sideways in the range of Rs 4,140-4,170. Mentha oil futures (Aug) is likely to trade sideways in the range of Rs 945-955.
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