Crude oil: Commodity outlook: Crude oil slips; here is how others may fare

NEW DELHI: Barring crude oil, all metals and energy commodity futures gained on Multi-Commodity Exchange (MCX) on Wednesday amid a sharp rise in Covid-19 cases across the world.

Crude oil dropped 0.40 per cent while gold and silver continued their advance for another day encouraged by rising risk-off sentiments. Nickel, zinc and lead added up to a per cent.

NCDEX Agridex, an agricultural futures Index which tracks the performance of the ten liquid commodities, was up 0.46 per cent or 4.75 points at 1,037.10 as all constituent commodities registered gains.

Here is how SMC Global expects commodities to fare today:

Spices: Turmeric futures (July) is likely to trade sideways in the range of Rs 5,650-5,850. Jeera futures (July) is likely to go down towards Rs 13,500-13,400, facing resistance near Rs 13,800. Cardamom futures (July) is expected to plunge further towards Rs 1,300.

Oilseeds: Soybean futures (July) is likely to trade sideways in the range of Rs 3,685-3,730. Mustard futures (July) taking support near Rs 4,630, an upside of Rs 4,700 can be seen as the demand side is still strong owing to higher offtakes by mills. Soy oil futures (July) is expected to remain stable in the range of Rs 800-810 and CPO futures (July) may consolidate in the range of Rs 642-652.

Bullion: Bullion counters may post correction where gold may test Rs 48,390 and face resistance near Rs 49,080 while silver may test Rs 49,600 and may face resistance near Rs 50,500.

Base metals: Base metals may trade with sideways to bearish bias. Copper can move towards Rs 460 while facing resistance near Rs 469. Zinc may move towards Rs 161 and face resistance near Rs 165. Lead can move towards Rs 147 while taking support near Rs 142. Nickel may trade with bullish bias where it may test Rs 995 and take support near Rs 965. Aluminum may move towards Rs 135 while taking resistance near Rs 139.

Energy: Crude oil may trade with a bullish bias where it may test Rs 3,140 and take support near Rs 2,860. Natural gas may bounce towards resistance and test Rs 136 and take support near Rs 126.

Other commodities: Cotton futures (July) may continue to trade lower for the fourth consecutive week and slide down towards Rs 15,600-15,500. Chana futures (July) is likely to take support near Rs 4,170, while the upside may get extended towards Rs 4,250 levels. Guar gum futures (July) may continue to face resistance near Rs 5,470 and possibly a correction can be seen till Rs 5,300-5,200.

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