Commodity outlook: Crude oil likely to see an uptick on MCX
NEW DELHI: The domestic commodity market was displaying mixed trend even as equity market was trading in the negative zone.
Gold and crude oil prices traded lower in the global markets despite selloff in the equities.
At the domestic front, MCX Gold was trading at Rs 30,751 per 10 gram, down by Rs 63. The MCX Silver was trading at Rs 36,548 per kilo, down by Rs 44 around 11:30 am. MCX Crude oil, however, was trading with a gain of Rs 21 at Rs 3,875 per barrel at that time.
We bring you some outlook on various commodities from SMC Global.
Bullions: Bullion counter may trade with sideways bias. MCX Gold can take support near Rs 30,600 and can face resistance near Rs 30,900. MCX Silver can take support near Rs 36,300 and can face resistance near Rs 37,000.
Base Metals: Base metals prices may witness volatile movement. Copper can face resistance near Rs 448 and can take support near Rs 430. Zinc can face resistance near Rs 189 and support near Rs 183. Lead can take support near Rs 137 and can face resistance near Rs 142. Nickel can take support near Rs 780 while its upside will be capped near Rs 800. Aluminium can take support near Rs 137 while it has resistance near Rs 140.
Energy: Crude oil may trade up amid short covering after sharp fall witnessed yesterday. Crude oil can take support near Rs 3,800 and resistance near Rs 4,000 in MCX as investors will eye the weekly inventory data scheduled later today. Natural gas may open in green as it can move in the range of Rs 310-325 in MCX.
Spices: Turmeric futures (December) is expected to trade sideways in the range of Rs 6,400-6,500 levels. Jeera futures will possibly face resistance near Rs 20,070. The uptrend is likely to persist in coriander futures as it can test Rs 6,700 levels due to a likely fall in acreage due to dry conditions in Rajasthan and Gujarat–the top producers.
Oilseeds: Soybean futures is expected to trade with an upside bias in the range of Rs 3,385-3,450 levels. Mustard futures will possibly continue it fall & test Rs 4,050-4,030 levels. The downtrend in crude palm oil (CPO) futures (December) is expected to intact as it can test Rs 495-490 levels.
Other Commodities: Cotton futures may break the weekly support near Rs 21,780 & witness further correction towards Rs 21,500. Guar seed futures is expected to witness a consolidation in the range of Rs 4,445-4,575. Chana futures is likely to trade higher towards Rs 4,675-4,750 levels.