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Wednesday, July 28, 2021

Commodity outlook: Nickel dips; here’s how others may fare

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NEW DELHI: Barring nickel and natural gas, all commodity futures advanced on Tuesday amid ease in tensions between US and China, which have been at loggerheads on a number of issues. .

Gold added 0.28 per cent while silver climbed 0.24 per cent. Nickel dipped 0.24 per cent but other base metals gained with zinc advancing the most at 0.62 per cent. Meanwhile, crude oil was flat but its peer natural gas was down 0.37 per cent.

NCDEX Agridex, an agricultural futures index that tracks the performance of the ten liquid commodities, was up 0.53 per cent or 5.95 points at 1,112.40 led by gains in guar seed and guar gum.

Here is how SMC Global expects commodities to fare today:


Bullion: Bullion counters may post correction from higher levels where gold may test Rs 50,400 and facing resistance near Rs 51,780 while silver may test Rs 63,800 and facing resistance near Rs 66,700.

Base metals: Base metals may trade sideways with a bullish bias. Copper can move towards Rs 525 and take support near Rs 517. Zinc may move towards Rs 194 and take support near Rs 191. Lead can move towards Rs 157 while taking support near Rs 153. Nickel trade bullish bias where it may take support near Rs 1,085 and resistance near Rs 1,125. Aluminum may move towards Rs 145 while taking support near Rs 142.

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 3,260. Natural gas may trade with bullish bias where resistance is seen near Rs 194 taking support near Rs 185.

Spices: Turmeric futures (Sept) is expected to trade on a bullish note towards Rs 6,150-6,250. Jeera futures (Sept) may trade higher towards Rs 14,600-14,700. Dhaniya futures (Sept) seems to be making its way to start a bull-run and head towards Rs 6,850-6,900.

Oilseeds: Soybean futures (Sept) is expected to remain trapped in the sideways zone of Rs 3,760-3,830. The outlook for mustard futures (Sept) is bullish as it can witness Rs 5,250-5,270, taking support near Rs 5,150. Soy oil (Sept) facing is expected to trade sideways in the range of Rs 863-873, while CPO (Sept) may consolidate in the range of Rs 750-760.

Other commodities: Cotton futures (Aug) may continue to trade on a bullish note and test Rs 17,000-17,100. Guar seed (Sept) is expected to continue to consolidate in the range of Rs 4,070-4,150, while guar gum futures (Sept) may trade sideways to up in the range of Rs 6,300-6,500. Chana futures (Sept) is expected to trade higher and test Rs 4,600-4,650.

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