Commodity outlook: Gold to remain rangebound, copper setup bearish

NEW DELHI: Gold is likely to witness some short covering, while base metals can trade with a sideways bias.

Here's a look at how key commodities are likely to fare in today's session:

Crude Oil: Crude oil may witness some profit booking at higher levels amid higher output from Russia, the US and Saudi Arabia, although unplanned supply disruptions elsewhere and record demand stemmed a bigger decline, says SMC Global Securities in its research report. Crude oil can take support near Rs 4,970 and may face resistance near Rs 5,080 on the MCX.


Natural Gas: Natural gas can trade with sideways bias as it can take support near Rs 202 and resistance near Rs 207.

Base metals: Copper can take support near Rs 449 and resistance near Rs 458. Zinc can take support near Rs 199 and resistance near Rs 203, while lead can take support near Rs 165 and can face resistance near Rs 169.

Nickel may take support near Rs 1,010 and can face resistance near Rs 1,030. Aluminium may witness some short covering as it can take support near Rs 148 and resistance near Rs 154 in MCX.

Bullion counter: Gold can take support near Rs 30,550 and can face resistance near Rs 30,850 in MCX. Meanwhile, silver can take support near Rs 39,300 and can face resistance near Rs 40,000.