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Tuesday, June 22, 2021

Commodity outlook: Crude oil falls; here’s how others may fare

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NEW DELHI: Commodity futures were trading mixed on Thursday on MCX as bullion rose but crude oil slipped amid mixed global cues and fast rising Covid-19 cases in India.

Gold gained 0.07 per cent while silver added 0.40 per cent. In the base metal block, nickel and copper fell but zinc and lead registered gains. Crude oil was down 0.33 per cent but its peer natural gas was up 0.33 per cent.

NCDEX Agridex, an agricultural futures index that tracks the performance of the ten liquid commodities, was up 0.21 per cent or 2.40 points at 1,130.25 led by gains in mustard seed and soybean.

Here is how SMC Global expects commodities to fare today:

Bullion: Bullion counters may post correction and trade with bearish bias where gold may test Rs 50,200 and face resistance near Rs 51,580 while silver may test Rs 66,900 and face resistance near Rs 69,600.

Base metals: Base metals may trade sideways with a bearish bias. Copper can move towards Rs 517 and face resistance near Rs 525. Zinc may move towards Rs 195 and face resistance near Rs 199. Lead can move towards Rs 155 while taking support near Rs 151. Nickel may trade bullish bias where it may take support near Rs 1,140 and resistance near Rs 1,178. Aluminum may move towards Rs 148 while taking support near Rs 144.

Energy: Crude oil may trade sideways with a bullish bias where it may take support near Rs 2,980 and resistance is seen near Rs 3,170. Natural gas correction seems to end and chances are there will be a bounce from current levels where resistance is seen near Rs 188 and support near Rs 178.

Spices: Turmeric futures (Sept) may witness further correction towards Rs 5,950-5,900 taking negative cues from the spot markets. Jeera futures (Sept) may trade with a downside bias in the range of Rs 14,000-14,200. Dhaniya futures (Sept) is expected to trade sideways to down in the range of Rs 6,700-6,900.

Oilseeds: Soybean futures (Sept) may trade with an upside bias and show recovery till Rs 3,920-3,960, taking support near Rs 3,915. Mustard futures (Sept) is expected to trade sideways to up in the range of Rs 5,350-5,450. Soy oil (Sept) is expected to trade sideways to up in the range of Rs 885-895, while CPO (Sept) in the range of Rs 765-775.

Other commodities: Cotton futures (Oct) is expected to witness correction towards Rs 17,700. Guar seed futures (Sept) may witness consolidation in the range of Rs 3,990-4,050, while guar gum futures (Sept) may trade sideways in the range of Rs 6,300- 6,400. Chana futures (Sept) can see sideways movement in the range of Rs 4,850- 4,950.

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