Gold was down 0.38 per cent while silver dipped 1.15 per cent. All base metal counters were trading with gains led by zinc that gained 0.83 per cent. Crude oil fell 0.11 per cent while its peer natural gas rose 0.93 per cent.
“Traders can buy gold at Rs 50,000 levels with a stop loss of Rs 49,700 levels for the target of 50,700 levels. They can also buy silver at Rs 67,800 levels, with the stop loss of 67,000 levels and for a target of 70,000 levels. We expect gold to test $1,900 levels in international markets and silver may test $27 soon,” said Anuj Gupta- DVP- Commodities and Currencies Research, Angel Broking.
NCDEX Agridex, an agricultural futures index that tracks the performance of the ten liquid commodities, was up 0.42 per cent or 4.85 points at 1,154.80 led by gains in soybean and refined soybean oil.
Here is how SMC Global expects commodities to fare today:
Bullion: Bullion counter may continue to trade with bullish bias where Gold may test 50,500 and taking support near 50,250 while silver may trade with higher volatility where it may test 68,700 and taking support near 67,500.
Base metals: Base metals may trade with a positive bias where Copper can move towards 615 while taking support near 605. Zinc may move towards 224 while taking support near 220. Lead can move towards 161 while taking support near 158. Nickel may trade with sideways to bullish bias where it may take support near 1,300 and resistance near 1,320. Aluminum may move towards 168 while taking support near 165.
Energy: Crude oil may trade with a bullish bias where support is seen near 3,450 and resistance is seen near 3,580. Natural gas may trade with higher volatility and trade with a bullish bias where resistance is seen near 196 and support near 188.
Spices: Turmeric futures (Apr) is expected to take support near 5,720. Jeera futures (Jan) is expected to trade with a downside bias and test 12,900-12,800. Dhaniya futures (Jan) may trade further lower and test 5,700.
Oil seeds: Soybean futures (Jan) may consolidate in the range of 4,350-4,430 levels. Soybean futures (Jan) may consolidate in the range of 4,350-4,430 levels. RM Seed futures (Jan) is expected to trade sideways in the range of 5,330-5,450 levels. Soy oil futures (Jan) is expected to gain further towards 1,110-1,120 while taking support from soybean. While CPO futures (Jan) may trade sideways to up in the range of 923-933 levels.
Other commodities: Cotton futures (Dec) is expected to remain trapped in the range of 20,400-20,600. Chana futures January contract can rise towards 4,820-4,850. Guar seed and guar gum futures (Jan) are expected to trade with a positive bias taking support near 3,920 and 6,190 levels.
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