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

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NEW DELHI: Barring natural gas, the commodity market on Tuesday was a sea of green with bullion, base metals and energy futures advancing amid worsening impact of the Covid-19 on the economy.

Gold rose 0.53 per cent while silver added 1.66 per cent. Base metals gained with zinc rising the most at 0.5 per cent. Meanwhile, crude oil added 0.09 per cent and its peer natural gas was down 0.34 per cent.

NCDEX Agridex, an agricultural futures index that tracks the performance of the ten liquid commodities, was up 0.95 per cent or 10.45 points at 1,096.10 led by gains in guar gum and guar seed.

Here is how SMC Global expects commodities to fare today:

Bullion: Bullion counters may trade with bullish bias where gold may test Rs 53,700 and take support near Rs 52,480 while silver may test Rs 71,600 and take support near Rs 65,200.

Base metals: Base metals may trade sideways with a bullish bias. Copper can move towards Rs 519 by taking support near Rs 509. Zinc may move towards Rs 194 and take support near Rs 190. Lead can move towards Rs 156 while taking support near Rs 151. Nickel trade bullish bias where it may take support near Rs 1,079 and resistance near Rs 1,120. Aluminum may move towards Rs 146 while taking support near Rs 142.

Energy: Crude oil may trade sideways with a bullish bias where it may take support near Rs 3,120 and resistance is seen near Rs 3290. Natural gas may trade with bullish bias where resistance is seen near Rs 183 taking support near Rs 171.

Spices: Turmeric futures (Sept) is likely to witness a correction towards Rs 5,730-5,650, facing resistance near Rs 5,860. Jeera futures (Sept) will possibly continue to hold on the support near Rs 13,990, while the upside may get extended towards Rs 14,400-14,500. 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 6,775.

Oilseeds: Soybean futures (Sept) is expected to trade sideways in the range of Rs 3,700-3,760. 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 876, while CPO (Aug) may get stuck in the range of Rs 745-760.

Other commodities: Cotton futures (Aug) is expected to witness consolidation in the range of Rs 16,250-16,450. Chana futures (Sept) is likely to take support near Rs 4,320, while the upside of Rs 4,400-4,450 levels can be seen. Guar seed and guar gum futures (Sept) would probably face resistance near Rs 4,110 and Rs 6,355, respectively.

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