Commodity outlook: Crude prices showing a mixed signal

Base metal and crude oil prices may move with some indecisiveness on Wednesday, says SMC Global Securities.

Natural gas may show signs of weakness, it said in its daily commodity report.

Which way are key commodities moving today?


Bullion

Gold: MCX Gold remains bullish above Rs 29,600. Dip towards immediate supports at Rs 29,900-29,800 could be used as a buying opportunity, said Motilal Oswal Securities. Resistances remain at Rs 30,240-30,340 levels.

Silver: MCX Silver remains bullish above Rs 36,900 and buying is advised above the same. Lower supports come in at Rs 36,700-36,500 levels whereas resistances are placed at Rs 37,300-37,500 levels, the brokerage said.

Base metals

Copper is staring at a resistance near Rs 426 and can drop towards Rs 417.

Zinc's barrier is coming up near Rs 181, with a likely cushion near Rs 176. Lead can lean back on the Rs 142 level, but its upside may be capped near Rs 146.

Nickel can find some relief near Rs 940 while its upside will be limited near Rs 960.

Aluminium can move sideways with upside bias as it can take support near Rs 147 and may hit a wall near Rs 150, said SMC Global Securities.

Crude oil, natural gas

Crude oil may remain on a sideways path as it can take comfort near Rs 4,760 and may face a hurdle near Rs 4,840 on MCX.

Natural gas may show its weaker side as it can take some backing near Rs 198, with Rs 204 coming up as a resistance line on MCX.

Agri commodities
Cotton futures (October) will possibly take support near Rs 23,000-22,910.

Guar seed futures are likely to tumble further and test Rs 4,100-4,000 while guar gum will probably see Rs 8,800-8,700.

Soybean futures will possibly see an extended downside towards Rs 3,150-3,120.

Turmeric futures (September) are expected to move both ways in the range of Rs 6,700-6,900.

Coriander futures are expected to trade with a downside bias and test Rs 4,500.