How gold, oil, base metals and agri-commodities may trade today

NEW DELHI: Gold prices fell in futures trade on Thursday, tracking weak global cues.

Gold prices dropped to two-week lows on Thursday after the US Federal Reserve cut rates by 25 basis points as expected but tampered market expectations of a lengthy easing cycle, lifting the dollar to a two-year high, Reuters reported.

Crude oil futures also fell, tracking the trend in overseas markets.


Around 10:20 am, MCX Gold traded at Rs 34,405 per 10 grams, down by Rs 112, while MCX Crude oil traded Rs 4,001 per barrel, down by Rs 31.

Let's take a look at how various commodities may fare today, as projected by brokerage SMC Global Securities.

Bullion: Gold (October) can test Rs 35,000, facing resistance near Rs 35,400 and silver (September) can dip lower towards Rs 40,500 with resistance near Rs 41,300.

Base metals: Base metals may trade sideways with a negative bias. Copper may test Rs 440, facing resistance near Rs 450. Zinc can test Rs 190, facing resistance near Rs 194. Lead may test Rs 151, facing resistance near Rs 155. Nickel may dip towards Rs 990, while facing resistance near Rs 1,020 and aluminium may test Rs 138, facing resistance near Rs 143.

Energy: Crude oil may trade on a negative path as global oil prices fell more than $1 on Thursday, declining for the first time in six days. Crude oil may move towards Rs 3,980, facing resistance near Rs 4,050. Natural gas can recover towards Rs 158, taking support near Rs 152.

Spices: Turmeric futures (August) is expected to consolidate in the range of Rs 6,660-6,670 levels. Jeera futures (August) is expected to fall towards Rs 17,580-17,500 levels. Coriander futures (August) is expected to remain below Rs 6,635 level and the upside may remain capped on reports of higher imports from overseas markets. Cardamom futures (August) is ready to get skyrocketed to test Rs 3,850-3,900 levels.

Oilseeds: Soybean futures (August) is likely to cling to the support near Rs 3,545 on account of short-covering. Mustard futures (August) is expected to consolidate in the range of Rs 3,915-3,945 levels. Soy oil futures (August) is expected to trade with a negative bias towards Rs 735-733, while CPO futures (August) may witness correction towards Rs 510-508 level.

Other commodities: Cotton futures (August) may consolidate in the range of Rs 20,600-20,800. Cocud futures (August) will maintain its uptrend and possibly test Rs 3,365-3,385 levels. Castor seed futures (August) is at a two-month high and this rally may continue further towards Rs 5,750. Mentha oil (August) may remain stable, taking support near Rs 1,265.