5.8 C
New York
Tuesday, March 9, 2021

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

Must read

U.S. stocks mixed at close of trade; Dow Jones Industrial Average up 0.97%

Stock Markets17 minutes ago (Mar 08, 2021 06:25PM ET) ...

Aviation industry urges Biden to back COVID-19 health credentials

Coronavirus18 minutes ago (Mar 08, 2021 06:25PM ET) ...

NEW DELHI: Select energy and base metal counters gained while others slipped on MCX on Monday. At the same time, most agri commodities traded with gains as reports claimed there was improvement in Trump’s health.

Gold was down 0.89 per cent while silver also fell 0.85 per cent. Base metals were trading mixed with aluminium and copper trading higher while others traded with cuts. Crude oil was down 1.76 per cent and its peer natural gas advanced 2.57 per cent.

“Gold remains choppy due to a volatile US dollar and hopes of fresh economic stimulus measures. Optimism over Covid vaccine, uncertainties over the US presidential election in November and rising US-China tensions are also influencing the sentiments of yellow metal,” said Hareesh V, Head of Commodity at Geojit Financial Services.

NCDEX Agridex, an agricultural futures index that tracks the performance of the ten liquid commodities, was down 0.52 per cent or 6.05 points at 1,153.55 led by losses in castor seed and refined soya oil.

Here is how SMC Global expects commodities to fare today:

Bullion: Bullion counters may trade with bullish bias where gold may test Rs 51,200 and take support near Rs 49,800 while silver may test Rs 62,500 and take support near Rs 60,650.

Base metals: Base metals may trade with bearish bias. Copper (Oct) can move towards Rs 494 by facing resistance near Rs 505. Zinc may move towards Rs 180 by facing resistance near Rs 186. Lead can move towards Rs 140 by facing resistance near Rs 145. Nickel trade with sideways to bearish bias where it may take support near Rs 1,020 and resistance near Rs 1,060. Aluminum may move towards Rs 140 by facing resistance near Rs 144.

Energy: Crude oil may bounce towards resistance near Rs 2,980 and support is seen near Rs 2,780. Natural gas may trade with higher volatility where resistance is seen near Rs 198 and support near Rs 179.

Spices: Turmeric futures (October) is expected to hover sideways in the range of Rs 5,765-5,850. Jeera futures (October) is expected to trade sideways to down in the range of Rs 13,700-13,850. Dhaniya futures (October) is likely to show an upside momentum towards Rs 6,850, taking support near Rs 6,750 tracking the physical market where improved demand from domestic buyers are supporting prices.

Oilseeds: Soybean futures (October) is expected to trade sideways in the range of Rs 3,850-3,950. Soy oil futures (October) is expected to consolidate in the range of Rs 895-910, while CPO futures (October) is also likely to trade sideways in the range of Rs 750-765. Mustard October contract is expected to test Rs 5,600-5,650.

Other commodities: Cotton futures (October) is expected to trade on a positive note and test Rs 18,300-18,400, taking support near Rs 18,100. Guar seed futures (Oct) is expected to trade with a positive bias in the range of Rs 4,080-4,180. Guar gum futures (Oct) will probably gain towards Rs 6,300-6,350, taking support near Rs 6,250.

- Advertisement -

Latest article

U.S. stocks mixed at close of trade; Dow Jones Industrial Average up 0.97%

Stock Markets17 minutes ago (Mar 08, 2021 06:25PM ET) ...

Aviation industry urges Biden to back COVID-19 health credentials

Coronavirus18 minutes ago (Mar 08, 2021 06:25PM ET) ...

U.S. proposes interim government could run Afghanistan until new polls

World22 minutes ago (Mar 08, 2021 06:20PM ET) ...