Commodity outlook: Gold, silver, crude oil and agri-commodities

NEW DELHI: Barring crude oil and nickel all metal and energy counters traded with gains on MCX on Thursday. At the same time, most agri commodities were trading with gains as the counting of votes in the US showed Joe Biden could be the next President.

Gold was up 0.82 per cent while silver advanced 0.95 per cent. Barring nickel that dropped 0.16 per cent, all base metal counters were trading with gains. Crude oil slid 1.45 per cent and its peer natural gas climbed 0.31 per cent.

NCDEX Agridex, an agricultural futures index that tracks the performance of the ten liquid commodities, was up 0.70 per cent or 8.55 points at 1,220.70 led by gains in mustard seed and soy bean.


Here is how SMC Global expects commodities to fare today:

Bullion: Bullion counters may continue to trade in a range where gold may test Rs 50,500 and facing resistance near Rs 51,200 while silver may trade with higher volatility where it may test Rs 61,800 and take support near Rs 60,600.

Base metals: Base metals may continue to trade sideways with a bullish bias but some correction is expected from higher levels where copper can move towards Rs 532 and take support near Rs 526. Zinc may move towards Rs 207 and take support near Rs 203. Lead can move towards Rs 152 while taking support near Rs 149. Nickel may trade sideways with a bullish bias where it may take support near Rs 1,142 and resistance near Rs 1,170. Aluminum may move towards Rs 158 while taking support near Rs 155.

Energy: Crude oil may continue to trade with bearish bias where support is seen near Rs 2,820 and resistance is seen near Rs 2,940. Natural gas may trade with higher volatility may extend the bullish rally where resistance is seen near Rs 231 and support near Rs 225.

Spices: Turmeric futures (Nov) is expected to take support near Rs 5,750 and trade higher towards Rs 5,900. Jeera futures (Nov) is expected to trade sideways in the range of Rs 14,250-14,450. Dhaniya futures (Nov) will probably trade sideways to down in the range of Rs 6,500-6,620.

Oilseeds: Soybean futures (Nov) may consolidate in the range of Rs 4,220-4,320. Soy oil futures (Nov) is expected to trade with an upside bias and test Rs 990-995, while CPO futures (Nov) may trade with an upside bias towards Rs 860-865.

Other commodities: Cotton futures (Nov) may witness some lower level buying near Rs 19,650 and the upside may regain to Rs 19,850. Chana futures (Nov) is expected to decline towards Rs 5,100. Guar seed futures (Nov) is looking bullish as it can test Rs 4,320-4,400.