NEW DELHI: Barring natural gas, all metal and bullion commodity futures were trading with cuts on Thursday amid comments from Federal Reserves showed recovery in the economy will be slower.
Gold fell 0.69 per cent while silver dropped 0.90 per cent. Base metals also fell with copper dropping the most at 0.98 per cent. Meanwhile, crude oil slipped 0.62 per cent but its peer natural gas was up 0.22 per cent.
NCDEX Agridex, an agricultural futures index that tracks the performance of the ten liquid commodities, was down 0.59 per cent or 6.45 points at 1,089.30 led by losses soy bean and refined soya oil.
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 52,980 while silver may test Rs 63,100 and face resistance near Rs 68,900.
Base metals: Base metals may trade sideways with a bullish bias. Copper can move towards Rs 538 by taking support near Rs 528. Aluminum may move towards Rs 149 while taking support near Rs 144. Zinc may move towards Rs 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.
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 187 taking support near Rs 176.
Spices: Turmeric futures (Sept) is likely to consolidate in the range of Rs 5,820-5,900. Jeera futures (Sept) is expected to trade sideways facing resistance near Rs 14,600. Dhaniya futures (Sept) is expected to take support in the range of Rs 6,500-6,550, 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 higher towards Rs 5,200-5,220, taking support near Rs 5,130. Soy oil (Sept) may face resistance near Rs 877, while CPO (Aug) may get stuck in the range of Rs 750-765.
Other commodities: Cotton futures (Aug) is expected to trade higher towards Rs 16,550-16,600 taking positive cues from the spot markets. Chana futures (Sept) is likely to take support near Rs 4,320, while the upside of Rs 4,400-4,450 can be seen. Guar seed and guar gum futures (Sept) would probably trade higher towards Rs 4,200 and Rs 6,600, respectively.