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Monday, March 8, 2021

Commodity outlook: Natural gas falls; here’s how others may fare

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NEW DELHI: It was sea of red on Wednesday on MCX as all commodity futures saw profit booking even as factory output in India and the US. There were also hopes of a second stimulus from the US.

Gold fell 0.32 per cent while silver slipped 1.04 per cent. Barring nickel that gained 0.15 per cent all base metals counters were trading with cuts. Crude oil was up 0.38 per cent but its peer natural gas was down 2.28 per cent.

NCDEX Agridex, an agricultural futures index that tracks the performance of the ten liquid commodities, was down 0.09 per cent or 1.05 points at 1,128.25 led by losses in cotton seed oilcake 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 50,400 and facing resistance near Rs 51,580 while silver may test Rs 65,300 and facing resistance near Rs 68,900.

Base metals: Base metals may trade sideways with a bearish bias. Copper can move towards Rs 516 and face resistance near Rs 528. Zinc may move towards Rs 195 and face resistance near Rs 199. Lead can move towards Rs 156 while taking support near Rs 152. Nickel may trade bearish bias where it may take support near Rs 1,120 and resistance near Rs 1,160. Aluminum may move towards Rs 148 while taking support near Rs 145.

Energy: Crude oil may trade sideways with a bullish bias where it may take support near Rs 3,080 and resistance is seen near Rs 3,270. Natural gas may trade with bearish bias where resistance is seen near Rs 192 taking support near Rs 184.

Spices: Turmeric futures (Sept) may witness further correction towards Rs 5,950 taking negative cues from the spot markets. Jeera futures (Sept) may trade with a downside bias in the range of Rs 14,140-14,340. Dhaniya futures (Sept) is expected to take support near Rs 6,800 and the correction may remain limited.

Oilseeds: Soybean futures (Sept) may trade sideways in the range of Rs 3,920-4,000. Mustard futures (Sept) is expected to trade sideways in the range of Rs 5,320-5,400. Soy oil (Sept) is expected to trade with a downside bias in the range of Rs 875-885, while CPO (Sept) in the range of Rs 755-765.

Other commodities: Cotton futures (Oct) is expected to consolidate in the range of Rs 17,700-17,850. Guar seed futures (Sept) may witness correction towards Rs 3,910, while guar gum futures (Sept) may descend further and test Rs 6,150. Chana futures (Sept) can be seen continuing its bull run and heading towards Rs 4,970-5,050.

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