Commodity outlook: How gold, oil, base metals and agri commodities may trade today

New Delhi: Domestic markets opened flat on Friday amid weak global cues. Crude prices were toppled from their highest in nearly two months by doubts over future demand for crude as uncertainty continued to shroud a potential US-China trade deal, and along with it the health of the global economy.

The bullion counter was little changed on Friday as a report of China's efforts to smooth the way for trade talks with the US offset worries that an interim deal might not occur until next year. Base metals too were trading sideways with a weak bias.

Here is how SMC Global expects commodities to trade today:


Energy: Crude oil can move towards Rs 4,280 while taking support near Rs 4,120. Natural gas can open on a positive note testing Rs 188 while taking support near Rs 182.

Bullion: Gold may remain in the wider range of Rs 37,700-38,240 and silver can test Rs 44,300 while facing resistance near Rs 45,100.

Base Metals: Copper may dip towards Rs 426 while taking resistance near Rs 435. While zinc can dip towards Rs 184 facing resistance near Rs 189. Lead may trade sideways as it can take support near Rs 151 and resistance at Rs 155. Nickel may dip lower towrads Rs 1,050 while facing resistance near Rs 1,110. Aluminum may slip lower to Rs 128 while facing resistance near Rs 131.

Spices: The correction phase of turmeric futures (Dec) would possibly take a pause & find support near the Rs 5,750-5,700 levels. Jeera futures (Dec) may witness consolidation in the range of Rs 16,050-16,250. Dhaniya futures (Dec) are likely to consolidate in the range of Rs 6,850-7,050. Cardamom futures (Dec) are expected to come down towards Rs 2,590.

Oilseeds: Soybean futures (Dec) are expected to consolidate in the range of Rs 3,950-4,015 with upside getting capped. The outlook of mustard futures (Dec) is bullish as mustard may trade higher to test Rs 4,320-4,330, taking support near Rs 4,275. CPO futures (Nov) are expected to trade sideways in the broader range of Rs 651-660. Soy oil futures (Dec) are expected to trade sideways in the range of Rs 800-806.

Other Commodities: Cotton futures (Nov) will most probably witness correction towards Rs 18,930 tracking bearishness in the overseas market. Chana futures (Dec) are expected to consolidate in the range of Rs 4,430-4,485. Mentha oil futures (Nov) are likely to trade higher to test Rs 1,290-1,300.