Commodity outlook: How gold, silver, oil and agri-commodities might trade

NEW DELHI: There was a sea of green on Friday as all metal and energy counters traded with gains on MCX. At the same time, most agri commodities were trading with gains as US GDP grew at a record pace during the previous quarter.

Gold was up 0.37 per cent while silver gained 0.68 per cent. All base metals were trading with gains, led by copper that rose 0.24 per cent. Crude oil was flat and its peer natural gas rose 0.73 per cent.

NCDEX Agridex, an agricultural futures index that tracks the performance of the ten liquid commodities, was up 0.48 per cent or 5.8 points at 1,209.50 led by gains in guar gum and guar seed.

Here is how SMC Global expects commodities to fare today:

Bullion: Bullion counters may continue to trade in a range where gold may test Rs 50,500 and take support near Rs 49,900, while silver may trade with higher volatility where it may test Rs 60,700 and take support near Rs 59,600.

Base metals: Base metals may continue to trade sideways with a bullish bias, but some correction is expected from higher levels where Copper (Nov) can move towards Rs 531 and take support near Rs 526. Zinc may move towards 204 and take support near Rs 201. Lead (Nov) can move towards Rs 152 while taking support near Rs 148. Nickel (Nov) may trade sideways with a bullish bias where it may take support near Rs 1,155 and resistance near Rs 1,195. Aluminum (Nov) may move towards Rs 152 while taking support near Rs 149.

Energy: Crude oil may continue to trade in a wider range where support is seen near Rs 2,640 and resistance is seen near Rs 2,770. Natural gas may trade with higher volatility and may extend the bullish rally where resistance is seen near Rs 250 and support near Rs 241.

Spices: Turmeric futures (Nov) is expected to fall further towards Rs 5,800-5750, facing resistance near Rs 5,880. Jeera futures (Nov) is likely to trade sideways in the range of Rs 14,200-14,500. Dhaniya futures (Nov) may witness consolidation in the range of Rs 6,750-6,850 and trade with an upside bias.

Oilseeds: Soybean futures (Nov) is expected to trade sideways in the range of Rs 4,300-4,360. Soy oil futures (Nov) may witness consolidation in the range of Rs 965-975, and CPO futures (Nov) may trade range bound within Rs 815-825. Mustard futures (Nov) is expected to remain steady and trade with an upside bias towards Rs 6,100-6,150.

Other commodities: Cotton futures (Nov) may witness correction towards Rs 19,500-19,400. Chana futures (Nov) may trade sideways in the range of Rs 5,240-5,340. Guar seed futures (Nov) is expected to trade sideways to down in the range of Rs 4,200-4,300, while guar gum futures (Nov) may witness correction and test Rs 6,450-6,400.