Commodity Outlook: Mentha oil may push higher, aluminium could witness short covering
NEW DELHI: Bullion counter is likely to witness further weakness while agri commodities are expected to trade in a range on Wednesday.
Here's a look at how the commodities will fare today:
Crude oil, Natural gas: Crude oil can face resistance near Rs 4,380 and slip lower towards Rs 4,450 in MCX. Natural gas in all probabilities will trade with a sideway bias as it can face resistance near Rs 202 and may take support near Rs 195, says SMC Global Securities.
Bullion counter: Gold may take support near Rs 30,700 and face resistance near Rs 31,000 in MCX. Meanwhile, silver is likely to find support near Rs 39,300 and face resistance near Rs 40,000.
Agri commodities: Mentha oil futures (June) is expected to face resistance near Rs 1,175 levels and the upside may remain capped. Chana futures (July) may trade within the range of Rs 3,450-Rs 3,500 levels.
Soybean futures (July) are likely to face a consolidation in the range of Rs 3,400 – Rs 3,500 levels. Jeera futures (July) is likely to trade higher and test Rs 17,100 levels.
Base metals: Copper can face resistance near Rs 463 and can take support near Rs 455 while Nickel may trade with weak bias as it can take support near Rs 990 and can face resistance near Rs 1,010.
Aluminium may see some short covering as it can take support near Rs 147 and resistance near Rs 151 on MCX.