NEW DELHI: Base metals and crude oil gained while other commodity futures were trading with cuts on Monday amid increasing hopes of Covid-19 treatment in US and China.
Gold fell 0.53 per cent while silver dropped 1.29 per cent. Base metals also gained with zinc advancing the most at 0.80 per cent. Meanwhile, crude oil climbed 0.51 per cent but its peer natural gas was down 0.17 per cent.
NCDEX Agridex, an agricultural futures index that tracks the performance of the ten liquid commodities, was up 0.19 per cent or 2.10 points at 1,103.65 led by gains in cottonseed oilcake and chana.
Here is how SMC Global expects commodities to fare today:
Bullion: Bullion counters may post correction from higher levels where gold may test Rs 51,400 and facing resistance near Rs 52,600 while silver may test Rs 64,700 and face resistance near Rs 69,200.
Base metals: Base metals may trade sideways with a bullish bias. Copper can move towards Rs 524 and take support near Rs 514. Zinc may move towards Rs 195 and take support near Rs 191. Nickel trade bullish bias where it may take support near Rs 1,085 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 3,060 and resistance is seen near Rs 3,270. Natural gas may trade with bearish bias where resistance is seen near Rs 185 taking support near Rs 174.
Spices: Turmeric futures (Sept) is expected to consolidate in the range of Rs 5,770-5,870. Jeera futures (Sept) may trade steady in the range of Rs 14,220-14,350. Dhaniya futures (Sept) seems to be making its way to start a bull-run and head towards Rs 6,750-6,800.
Oilseeds: Soybean futures (Sept) is expected to remain trapped in the sideways zone of Rs 3,760-3,830. The outlook for mustard futures (Sept) is bullish as it can witness Rs 5,300-5,350, as soon as it breaks above its previous high at Rs 5,220. Soy oil (Sept) facing is expected to trade sideways in the range of Rs 865-875, while CPO (Sept) may consolidate in the range of Rs 750-760.
Other commodities: Cotton futures (Aug) may continue to trade on a bullish note and test Rs 17,000-17,100. Guar seed (Sept) is expected to continue to consolidate in the range of Rs 4,100-4,200, while guar gum futures (Sept) may trade sideways to up in the range of Rs 6,350-6,550. Mentha oil futures (Sept) is looking bullish and it can move forward to test Rs 1,030, taking support near Rs 1,000.