NEW DELHI: Metal and energy counters traded mixed on MCX. At the same time, most agri commodities were trading with cuts ahead of the US Presidential election scheduled on November 3.
Gold was down 0.12 per cent while silver gained 0.87 per cent. Base metals were also trading mixed, as nickel and zinc gained while rest fell. Crude oil plunged 3.07 per cent and its peer natural gas rose 0.97 per cent.
NCDEX Agridex, an agricultural futures index that tracks the performance of the ten liquid commodities, was down 0.48 per cent or 5.75 points at 1,199.55 led by losses in guar gum and guar seed.
Here is how SMC Global expects commodities to fare today:
Bullion: Bullion counters may continue to trade in a range where gold may test Rs 50,900 and take support near Rs 50,400 while silver may trade with higher volatility where it may test Rs 61,800 and take support near Rs 60,500.
Base metals: Base metals may continue to trade sideways with a bullish bias but some correction is expected from higher levels where Copper (Nov) can move towards Rs 529 and take support near Rs 523. Zinc may move towards Rs 203 and take support near Rs 200. Lead can move towards Rs 151 while taking support near Rs 148. Nickel trade with sideways to bullish bias where it may take support near Rs 1,130 and resistance near Rs 1,156. Aluminum may move towards Rs 154 while taking support near Rs 151.
Energy: Crude oil may continue to trade with bearish bias with support near Rs 2,480 and resistance near Rs 2,660. Natural gas may trade with higher volatility and may extend the bullish rally where resistance is seen near Rs 251 and support near Rs 243.
Spices: Turmeric futures (Nov) is expected to hover sideways to down facing resistance near Rs 5,900, while taking support near Rs 5,750. Looking at the monthly charts, jeera futures (Nov) is making a base holding support of Rs 14,350, however facing resistance near Rs 14,600. Dhaniya futures (Nov) will probably trade sideways in the range of Rs 6,700-6,800.
Oilseeds: Soybean futures (Nov) taking support near Rs 4,210, is expected to trade higher towards Rs 4,335. Soy oil futures (Nov) is expected to be in the range of Rs 960-970, while CPO futures (Nov) may trade with an upside bias in the range of Rs 812-824.
Other commodities: Cotton futures (Nov) may witness some lower level buying near Rs 19,350 and the upside may regain to Rs 19,600. Chana futures (Nov) is expected to take support near Rs 5,230, while an upside move till Rs 5,350-5,400 can be seen in days to come. Castor seed futures (Nov) is looking bullish as it can test Rs 4,550-4,600.