Commodity outlook: Silver jumps; here's how others may fare

NEW DELHI: All metals and energy commodities traded with gains on Monday as more economies opened up for businesses while tensions emerged between US and China threatening progress.

Silver rose over 3 per cent while gold gained nearly a per cent. Meanwhile nickel, copper and zinc added up to a per cent. Crude oil climbed 3.7 per cent or rising demand.

Here is how SMC Global expects commodities to fare today:

Bullion: Bullion counters can trade on a positive path. Gold can test Rs 47,800 by taking support near Rs 47,200 while silver may test Rs 48,200 while taking support near Rs 47,500.

Base metals: Base metals may witness positive bias. Copper can move towards Rs 408 while taking support near Rs 396. Zinc can move towards Rs 157 by taking support near Rs 153. Lead can move towards Rs 133 while taking support near Rs 128. Nickel can recover towards Rs 920 while taking support near Rs 900. Aluminum can remain in range of Rs 129-132.

Energy: Crude oil may witness further upside movement as it can test Rs 2,400 by taking support near Rs 2,100. Natural gas can witness some bounce back as it can test Rs 133 by taking support near Rs 124.

Spices: Turmeric futures (June) is likely to find support near Rs 5,150. Jeera futures (June) is seen to trade on a bearish bath towards Rs 13,000, facing resistance near Rs 13,600. Dhaniya futures (June) will possibly descend towards Rs 5,600-5,500, facing resistance near Rs 5,700.

Oilseeds: Soybean futures (June) may continue to face resistance near Rs 3,830 and trade with a downside bias. Mustard futures (June) may witness a consolidation in the range of Rs 4,180-4,250. Soy oil futures (June) may remain stable and trade with a positive bias in the range of Rs 765-780, while CPO futures (May) is likely to trade on a positive note in the range of Rs 605-620.

Other commodities: Cotton futures (May) is expected to trade higher towards Rs 16,000, taking support near Rs 15,700. Chana futures (June) is likely to witness correction towards Rs 4,000, facing resistance near Rs 4,170. The bearish momentum will possibly continue to persist over mentha oil futures (May) and in days to come, it can slide down to test Rs 1,120.