Commodity outlook: Crude extends rally; here's how others may fare

NEW DELHI: Natural gas and crude oil leaped in Tuesday’s trade as traders expected demand to return with opening up economies across the world. Bullion slipped as risk appetite increased.

Natural gas added 6.51 per cent to Rs 160.40 while crude oil was up 7.97 per cent to Rs 1,679. Gold and silver slipped up to 0.60 per cent.

Here is how SMC Global expects commodities to are today:

Bullion: Bullion counters can witness some profit booking at higher levels. Gold can move towards Rs 45,400 while taking resistance near Rs 46,000 while silver may move towards Rs 40,500 while taking resistance near Rs 41,200.

Base metals: Base metals may witness positive movement as industrial metals prices advanced. Copper can move towards Rs 394 while facing resistance near Rs 405. Zinc can move towards Rs 154 by taking support near Rs 148. Lead can move towards Rs 131 while facing resistance near Rs 135. Nickel can recover towards Rs 915 while taking support near Rs 895. Aluminum can remain in the range of Rs 129-133.

Energy: Crude oil may extend yesterday's recovery. It can recover towards Rs 1,650 while taking support near Rs 1,450. Natural gas can move higher and can test near Rs 155 by taking support near Rs 146.

Spices: Turmeric futures (May) is unlikely to recover as it is facing resistance near Rs 5,550 taking negative cues from the spot markets. Jeera futures (May) is likely to consolidate and trade with a downside bias in the range of Rs 13,600-13,800 owing to slump in demand.

Oilseeds: Soybean futures (May) may plunge towards Rs 3,760-3,740, as there are anticipations that soymeal exports from India may slump in days to come. Mustard futures (May) is expected to take support near Rs 4,120-4,110 supported by rising demand from the millers. Soy oil futures (May) is expected to plunge towards Rs 775-770, while CPO futures (May) may descend to test Rs 580-575.

Other commodities: Cotton futures (May) is likely to witness sell on rise and descend towards Rs 15,400-15,300. Chana futures (May) is expected to take support near Rs 4,125. Guar gum futures (May) is expected to plunge towards Rs 4,950-4,800.