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    Commodity outlook: How gold, silver, oil and agri-commodities may fare

    Synopsis

    Gold was up 0.11 per cent while silver dipped 0.42 per cent. All base metal counters were trading with gains led by zinc that added about a per cent. Crude oil fell 0.13 per cent while its peer natural gas fell 0.23 per cent.

    Commodity outlook shutterstock_441099742Shutterstock.com
    NEW DELHI: Metal and energy counters traded mixed on MCX on Thursday. At the same time, most agri commodities were trading with losses amid rising Covid cases and increasing jobless claims in the US.

    Gold was up 0.11 per cent while silver dipped 0.42 per cent. All base metal counters were trading with gains led by zinc that added about a per cent. Crude oil fell 0.13 per cent while its peer natural gas fell 0.23 per cent.

    NCDEX Agridex, an agricultural futures index that tracks the performance of the ten liquid commodities, was down 0.84 per cent or 9.95 points at 1,186.45 led by cuts in guar gum and chana.

    Here is how SMC Global expects commodities to fare today:

    Bullion: Bullion counter may continue to trade with a bearish bias as Gold may test Rs 48,200 and face resistance near Rs 48,850 while silver may trade with higher volatility where it may test Rs 58,900 and face resistance near Rs 60,300.
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    Base metals: Base metals may trade with a positive bias where copper can move towards Rs 558 and take support near Rs 553. Aluminum may move Rs 163 while taking support near Rs 160.

    Energy: Crude oil may trade with a bullish bias where support is seen near Rs 3,370 and resistance is seen near Rs 3,465. Natural gas is likely to trade with higher volatility where resistance is seen near Rs 221 and support near Rs 215.

    Spices: Turmeric futures (Dec) is expected to decline further towards Rs 5,500-5,450, facing resistance near Rs 5,650. Jeera futures (Dec) is likely to trade with a downside bias in the range of Rs 13,850-14,050. Dhaniya futures (Dec) may plunge towards Rs 6,100-6,000.

    Oilseeds: Soybean futures (Dec) is expected to consolidate in the range of Rs 4,330-4,450, taking negative cues from the international markets. RM Seed futures (Dec) is likely to witness correction towards Rs 5,850-5,800. Mustard seed prices decreased to Rs 6,320-6,325 per quintal in Jaipur. CPO futures (Dec) is expected to trade with a downside at Rs 890-905 range, while soy oil futures (Dec) will possibly trade with a downside bias in the range of Rs 1,045-1,060.

    Other commodities: Cotton futures (Dec) is likely to find support near Rs 20,030. Guar seed futures (Dec) may decline further towards Rs 3,900, while guar gum (Dec) may test Rs 5,900-5,850 on the lower side.



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    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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