Commodity outlook: Natural gas surges; here's how others may fare

Here is how SMC Global expects commodities to fare today.

Natural gas may extend its bullish rally where resistance is seen near Rs 162 and support near Rs 149.
NEW DELHI: Barring natural gas, all commodity futures were trading with losses on Thursday as US Fed officials said the economy is in a sinkhole, and meanwhile Covid-19 cases continued to rise unabated. .

Gold was down 0.42 per cent while silver dropped 3.57 per cent. All base metals were trading lower with nickel dropping the most at 0.79 per cent. Crude oil was down 0.48 per cent and its peer natural gas advanced 8.30 per cent.

NCDEX Agridex, an agricultural futures index that tracks the performance of the ten liquid commodities, was down 0.08 per cent or 0.90 points at 1,146.15 led by gains in mustard seed and soy bean.


Here is how SMC Global expects commodities to fare today:

Bullion: Bullion counters may post correction from higher levels where gold may test Rs 49,200 and facing resistance near Rs 50,100 while silver may test Rs 56,200 and facing resistance near Rs 59,900.

Base metals: Base metals may trade with a bullish bias where copper can move towards Rs 532 and take support near Rs 525. Zinc may move towards Rs 196 and take support near Rs 192. Lead can move towards Rs 147 while taking support near Rs 144. Nickel trade bullish bias where it may take support near Rs 1,040 and resistance near Rs 1,075. Nickel prices are getting support from upbeat demand from China’s stainless steel sector. Aluminum may move towards Rs 146 while taking support near Rs 143.
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Energy: Crude oil may dip towards support near Rs 2,860 and resistance is seen near Rs 3,020. Natural gas may extend its bullish rally where resistance is seen near Rs 162 and support near Rs 149.

Spices: Turmeric futures (October) is expected to remain steady in the range of Rs 5,750-5,850. Jeera futures (October) is expected to trade sideways to down in the range of Rs 13,500-13,700. Dhaniya futures (October) may witness consolidation in the range of Rs 6,445-6,545.

Oilseeds: Soybean futures (October) may trade sideways in the range of Rs 4,000-4,050 wing to mixed cues from the international market.Mustard futures (October) may witness correction towards Rs 5,300. Soy oil (October) is expected to witness a further fall towards Rs 915-910, while CPO (Oct) may touch down Rs 765-760.

Other commodities: Cotton futures (Oct) is expected to trade sideways in the range of Rs 17,900-18,100. Chana futures (Oct) is expected to continue its bull run and reach Rs 5,350- 5,400. Guar seed futures (Oct) is expected to consolidate in the range of Rs 3,950-4,050, while guar gum futures (Oct) may trade sideways in the range of Rs 6,100-6,200.
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