Commodity outlook: Natural gas plunge; here's how others may fare

NEW DELHI: Barring energy counters, all commodities were trading with gains on Friday as the amir rising worries over slump in the economy across the world.

Gold was up 0.11 per cent while silver gained 0.22 per cent. In the base metal block, all counters were up with zinc rising the most at 0.79 per cent. Crude oil was up 0.03 per cent and its peer natural gas was down 3.58 per cent.

NCDEX Agridex, an agricultural futures index that tracks the performance of the ten liquid commodities, was up 0.42 per cent or 4.80 points at 1,140.40 led by gains in refined soya oil and soy bean.

Here is how SMC Global expects commodities to fare today:

Bullion: Bullion counters may post correction from higher levels where gold may test Rs 50,600 and face resistance near Rs 51,780 while silver may test Rs 66,800 and face resistance near Rs 68,690.

Base metals: Base metals may trade with a bullish bias where copper can move towards Rs 534 and take support near Rs 527. Zinc may move towards Rs 198 and take support near Rs 193. Lead can move towards Rs 150 while taking support near Rs 145. Nickel trade bullish bias where it may take support near Rs 1,089 and resistance near Rs 1,125. Aluminum may move towards Rs 146 while taking support near Rs 143.

Energy: Crude oil may trade sideways with a bullish bias where it may take support near Rs 2,870 and resistance is seen near Rs 3,140. Natural gas may extend the bearish move towards support, while the resistance is seen near Rs 154 and support near Rs 142.

Spices: Turmeric futures (October) is expected to witness a correction towards Rs 5,800. Jeera futures (October) is expected to trade sideways in the range of Rs 13,980-13,800. Dhaniya futures (October) is expected to trade sideways in the range of Rs 6,540-6,700.

Oilseeds: Soybean futures (October) is expected to trade sideways in the range of Rs 3,880-3,990. Mustard futures (October) is expected to trade sideways to down in the range of Rs 5,260-5,355. Soy oil (October) is expected to trade rangebound within Rs 932-945 and CPO (Sept) may test Rs 795-805 on the higher side.

Other commodities: Cotton futures (Oct) is likely to trade steady in the range of Rs 17,900-18,050. Chana futures (October) is expected to trade sideways in the range of Rs 5,070-5,170. Guar seed futures (Oct) is expected to trade with a downside bias and remain below Rs 4,100, and guar gum futures (Oct) may face resistance near Rs 6,300.