Commodity outlook: Nickel rallies; here's how others may fare

NEW DELHI: Bullion counters slipped while energy and base metals futures advanced on Friday even as Chinese macro data disappointed and confusions remained on US stimulus.

Gold fell 0.68 per cent while silver dipped 1.42 per cent. Base metals gained with nickel rising the most at 1.6 per cent. Meanwhile, crude oil added 0.41 per cent and its peer natural gas was up 1.05 per cent.

NCDEX Agridex, an agricultural futures index that tracks the performance of the ten liquid commodities, was up 0.08 per cent or 0.90 points at 1,073.55 led by gains in jeera and guar seed.

Here is how SMC Global expects commodities to fare today:

Bullion: Bullion counters may trade with bullish bias where gold may test Rs 54,010 and take support near Rs 52,200 while silver may test Rs 75,900 and take support near Rs 71,100.

Base metals: Base metals may trade sideways with a bullish bias where Copper can move towards Rs 508 and take support near Rs 499. Zinc may move towards Rs 184 and is facing resistance near Rs 190. Lead can move towards Rs 156 while taking support near Rs 151. Aluminum may move towards Rs 146 while taking support near Rs 142.

Energy: Crude oil may trade sideways with a bullish bias where it may take support near Rs 3,080 and resistance is seen near Rs 3,290. Natural gas correction seems completed may again bounce towards resistance where resistance is seen near Rs 165 taking support near Rs 154.

Spices: Turmeric futures (Sept) is expected to consolidate in the range of Rs 5,750-5,850. Jeera futures (Sept) is likely to trade sideways in the range of Rs 13,985-14,200. Dhaniya futures (Sept) will consolidate in the range of Rs 6,500-6,600.

Oilseeds: Soybean futures (Sept) is expected to trade sideways in the range of Rs 3,690-3,750. The Mustard September contract is expected to take support near Rs 4,965. Soy oil (Sept) is expected to trade sideways to down in the range of Rs 860-870, while CPO (Aug) will possibly trade with a downside bias in the range of Rs 733-745.

Other commodities: Cotton futures (Aug) is expected to trade sideways in the range of Rs 16,250-16,500. Chana futures (Sept) is showing an uptrend and this shall extend till Rs 4,300-4,330, taking support near Rs 4,260. Guar complex may show a bearish movement as the exports of guar gum have slowed down due to the closure of most domestic processing units in the Corona period and the decrease in demand from the global market. The September contracts of both the counters are likely to witness a fall towards support near Rs 3,900 and Rs 6,100, respectively.