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

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NEW DELHI: Barring natural gas, all metal and bullion commodity futures were trading with gains on Thursday amid a spike in jobless claims in the US that dented the hopes of economic recovery.

Gold gained 0.09 per cent while silver added 1.17 per cent. Base metals also gained with lead advancing the most at 0.61 per cent. Meanwhile, crude oil climbed 0.19 per cent but its peer natural gas was down 0.95 per cent.

“Rising equity market and optimism over successful Covid vaccine are likely to trigger higher level profit booking in gold. However, the broad bullish outlook remains intact due to uncertainties surrounding the global economic recovery, hopes of fresh stimulus measures from central banks and a weak US dollar,” said Hareesh V, Geojit’s head of Commodity Research..

NCDEX Agridex, an agricultural futures index that tracks the performance of the ten liquid commodities, was up 0.14 per cent or 1.50 points at 1,094.60 led by gains in cottonseed oilcake and mustard seed.

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 52,800 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 534 by taking support near Rs 524. Zinc may move towards 199 and take support near Rs 195. Lead can move towards Rs 158 while taking support near Rs 154. Nickel trade bullish bias where it may take support near Rs 1,125 and resistance near Rs 1,185. Aluminum may move towards Rs 149 while taking support near Rs 144.

Energy: Crude oil may trade sideways with a bullish bias where it may take support near Rs 3,150 and resistance is seen near Rs 3,340. Natural gas may trade with bullish bias where resistance is seen near Rs 185 taking support near Rs 174.

Spices: Turmeric futures (Sept) is likely to consolidate in the range of Rs 5,720-5,850. Jeera futures (Sept) is expected to witness correction towards Rs 14,100. Dhaniya futures (Sept) is expected to take support in the range of Rs 6,600, while the upside may remain capped near Rs 6,700.

Oilseeds: Soybean futures (Sept) is expected to trade sideways in the range of Rs 3,780-3,840. Mustard futures (Sept) is likely to trade with a downside bias and remain below Rs 5,185. Soy oil (Sept) may witness correction to Rs 860, while CPO (Aug) may descend towards Rs 745.

Other commodities: Cotton futures (Aug) is expected to trade higher towards Rs 16,700-16,800 taking positive cues from the spot markets. Chana futures (Sept) is likely to take support near Rs 4,340, while the upside of Rs 4,400-4,450 can be seen. Guar seed and guar gum futures (Sept) would probably consolidate in the range of Rs 4,050-4,150 and Rs 4,200 and Rs 6,300-6,500, respectively.

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