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Commodity outlook: Gold edges better; here’s how others may fare
NEW DELHI: While bullion counters stinging higher on Tuesday, basic metals and energy item futures tumbled amid problems over surging cases involving Covid-19 that may impede economic recovery.
Gold went up 0.13 per cent when silver gained 0.22 per cent. Base metal display slid up to 0.a few per cent. Meanwhile, crude oil dropped 1.22 per cent and it is peer natural gas was decrease 0.13 per cent.
NCDEX Agridex, an agricultural futures and options index that tracks often the performance of the ten solution commodities, was up zero.50 per cent or a few.40 point at one,080.65 led by simply gains in guar chewing gum and guar seed.
Here is how SMC World-wide expects commodities to fare today:
Bullion: Bullion counters may prolong the rally where precious metal may test Rs 54,060 and take help near Rs 53,200 while silver may check Rs 66,200 plus take support near Rs 62,400.
Base precious metals: Base metals may trade sideways with a high bias. Copper can maneuver towards Rs 513 plus take support near Rs 503. Zinc may maneuver towards Rs 186 plus take support near Rs 182. Lead can maneuver towards Rs 151 when taking support near Rs 147. Nickel trade high bias where it may take support near Rs 1,030 and level of resistance near Rs 1,086. Aluminum may move in direction of Rs 146 while using support near Rs 142.
Energy: Crude oil may trade sideways with a bearish bias where it may take support near Rs 2,980 and level of resistance is seen near Rs three or more,160. Natural gas may trade with bullish bias in which resistance is seen close to Rs 166, taking support near Rs 154.
Spices: Turmeric futures (Aug) may trade sideways to in the range of Rs a few,750-5,900 taking optimistic cues from the spot trading markets. Jeera futures (Aug) is definitely expected to witness a side by side movement in the range of Rs 14,040-14,200. Dhaniya futures (Aug) is anticipated to hold on the support close to Rs 6,350, while upside may remain to cap it near Rs 6,500. Cardamom futures (Aug) may consolidate within the range of Rs 1,500-1,550.
Oilseeds: Soybean futures (Aug) may continue to consolidate in the range of Rs 3,795-3,840. Mustard futures need treatment on a bull-run and making a completely new three year high weekly due to short supply. Planning ahead, every dip may be taken as an opportunity to accumulate that oilseed, eyeing targets involving Rs a few,050- 5,070. It is expected the fact that soy oil (Aug) probably will test Rs 885-890 within the higher side, and CPO (Aug) may rise more higher towards Rs 745- 750.
Other commodities: Cotton futures (Aug) is definitely expected to consolidate and trade on a firm in the array of Rs 16,130-16,300. Chana futures (Aug) may hover sideways in the array of Rs 4,140-4,170. Mentha oil futures (Aug) is likely to trade sideways within the range of Rs 945-955.