Commodity outlook: How oil, gold, base metals might fare today

NCDEX Agridex, an agricultural futures index that tracks the performance of the ten liquid commodities, was up 0.27 per cent or 3.20 points at 1,185.70 led by gains in refined soya oil and soy bean.

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Soybean futures (Nov) are expected to trade firm and test to Rs 4,350 by taking support at Rs 4,250.
NEW DELHI: It was a sea of green on MCX as metal and energy commodities gained on Wednesday. At the same time, most agri commodities traded with gains amid increased hopes of economic stimulus.

Gold was up 0.22 per cent while silver rose 0.80 per cent. All base metals were trading with gains, led by lead that rose 0.80 per cent. Crude oil was up 0.20 per cent and its peer natural gas climbed 0.70 per cent.

NCDEX Agridex, an agricultural futures index that tracks the performance of the ten liquid commodities, was up 0.27 per cent or 3.20 points at 1,185.70 led by gains in refined soya oil and soy bean.


Here is how SMC Global expects commodities to fare today:

Bullion: Bullion counters may extend gains where gold may test Rs 51,800 and take support near Rs 50,700 while silver may trade with higher volatility where it may test Rs 65,200 and take support near Rs 62,900.

Base metals: Base metals may continue to trade sideways with a bullish bias but some correction is expected at higher levels. Copper can move towards Rs 535 and take support near Rs 528. Zinc may move towards Rs 202 and take support near Rs 198. Lead can move towards Rs 152 while taking support near Rs 148. Nickel may trade sideways with a bullish bias where it may take support near Rs 1,160 and face resistance near Rs 1,196. Aluminum may move towards Rs 154 while taking support near Rs 150.
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Energy: Crude oil may continue to trade in a wider range where support is seen near Rs 2,970 and resistance is seen near Rs 3,090. Natural gas may trade with higher volatility and may extend the bullish rally where resistance is seen near Rs 225 and support near Rs 208.

Spices: Turmeric futures (Nov) are expected to trade with a positive bias in the range of Rs 5,930- 6,050. Jeera futures (Nov) are likely to trade with firm bias in the range of Rs 14,000-14,200 due to festive demand as well as export buying from overseas. Dhaniya futures (Nov) are likely to trade in the range of Rs 6,700-6,800.

Oilseeds: Soybean futures (Nov) are expected to trade firm and test to Rs 4,350 by taking support at Rs 4,250. Mustard futures (Nov) may trade higher and test Rs 5,750-5,800. Soy oil futures (Nov) is expected to trade sideways to up in the range of Rs 945-955, while CPO futures (October) will probably consolidate in the range of Rs 782-792 levels.

Other commodities: Cotton futures (October) may trade in the range of Rs 19,400-19,700. Chana future (Nov) are trading with high volatility since the last few sessions and may continue to trade in the range of Rs 5,450-5,550. Guar seed futures (Nov) are expected to remain stable in the range of Rs 4,110-4,200. While, guar gum futures (Nov) will trade with an upside bias in the range of Rs 6,100-6,200.
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