NEW DELHI: Metal and energy counters on MCX traded mixed on Wednesday. At the same time, most agri commodities were trading with gains as the US said it was preparing a stimulus package.
Gold was up 0.24 per cent while silver rose 0.54 per cent. Barring nickel and copper, all base metal counters were trading with gains. Crude oil added 0.14 per cent while its peer natural gas rose 0.51 per cent.
“Traders can buy gold at Rs 49,400 with the stop loss of Rs 49,100 for the target of Rs 50,200. They can also buy silver at Rs 65,000, with the stop loss of Rs 64,300 for the target of Rs 66,500. We expect gold to test $1,880 to $1,900 levels soon in international markets,” 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 0.66 per cent or 7.65 points at 1,160.10 led by gains in refined soybean oil and soybean.
Here is how SMC Global expects commodities to fare today:
Bullion: Bullion counters may continue to trade with bullish bias where gold may test Rs 49,680 and take support near Rs 49,100 while silver may trade with higher volatility where it may test Rs 65,500 and take support near Rs 64,480.
Base metals: Base metals may trade with positive bias where copper can move towards Rs 604 and take support near Rs 599. Zinc may move towards Rs 221 and take support near Rs 218. Lead can move towards Rs 161 while taking support near Rs 157. Nickel may trade sideways with a bullish bias where it may take support near Rs 1,304 and resistance near Rs Rs 1,325. Aluminum may move to Rs 166 while taking support near Rs 163.
Energy: Crude oil may trade sideways with a bullish bias where support is seen near Rs 3,420 and resistance is seen near Rs 3,540. Natural gas may trade with higher volatility and trade with bullish bias where resistance is seen near Rs 198 and support near Rs 192.
Spices: Turmeric futures (Apr) is expected to consolidate in the range of Rs 5,850-5,920. Jeera futures (Jan) is expected to trade with a downside bias and witness a sell on rise, and crash further towards Rs 13,400-13,300. The upside momentum of dhaniya futures (Jan) may remain limited as it can face resistance near Rs 6,020.
Oilseeds: Soybean futures (Jan) may consolidate in the range of Rs 4,320-4,380. Soy oil futures (Jan) is expected to gain further towards Rs 1,085 taking support from soybean. CPO futures (Jan) may witness a correction towards Rs 912-908. RM Seed futures (Jan) is expected to trade with a downside bias in the range of Rs 5,400-5,500.
Other commodities: Cotton futures (Dec) is expected to remain trapped in the range of Rs 20,200-20,320. Chana futures have witnessed a correction of about 19 per cent from the high of Rs 5,670 in the past three months owing to soaring acreage in this ongoing Rabi season. We might see the January contract rise towards Rs 4,780-4,820. Guar seed and guar gum futures (Jan) are expected to trade with a positive bias taking support near Rs 3,950 and 6,180, respectively.