NEW DELHI: Metal and energy counters traded mixed on MCX on Thursday. At the same time, most agri commodities were trading with cuts amid swift developments on the vaccine front.
Gold was up 0.49 per cent while silver rose 0.47 per cent. Base metal counters were trading mixed with nickel and copper in the red. Crude oil fell 0.71 per cent while its peer natural gas added 3.05 per cent.
NCDEX Agridex, an agricultural futures index that tracks the performance of the ten liquid commodities, was down 0.68 per cent or 7.95 points at 1,164.5 led by cuts in guar gum and chana.
Here is how SMC Global expects commodities to fare today:
Bullion: Bullion counters may continue to trade with bearish bias where gold may test Rs 48,500 and face resistance near Rs 49,200 while silver may trade with higher volatility where it may test Rs 62,800 and face resistance near Rs 63,600.
Base Metals: Base metals may trade with a positive bias where copper can move towards Rs 593 and take support near Rs 587. Nickel is likely to trade sideways with a bullish bias where it may take support near Rs 1,189 and resistance near 1,210. Zinc may move towards 216 and take support near Rs 213. Lead can move towards Rs 161 while taking support near Rs 157. Aluminum may move Rs 169 while taking support near Rs 166.
Energy: Crude oil may trade sideways with a bearish bias where support is seen near Rs 3,270 and resistance is seen near Rs 3,390. Natural gas may trade with higher volatility where resistance is seen near Rs 213 and support near Rs 205.
Spices: Turmeric futures (Dec) may consolidate in the range of Rs 5,480-5,560 and the upside may remain capped. Jeera futures (Dec) may consolidate in the range of Rs 13,600-13,800 and the upside may remain capped. The downside of dhaniya futures (Dec) may get extended towards Rs 6,150.
Oilseeds: Soybean futures (Dec) is expected to trade sideways in the range of Rs 4,350-4,450. RM Seed futures (Dec) may trade sideways in the range of Rs 5,900-6,000 and the upside may remain capped as this Rabi season the output is expected to be heavier as compared to last year. CPO futures (Dec) is expected to trade sideways in the range of Rs 870- 880, while soy oil futures (Dec) may trade in the range of Rs 1,050-1,070.
Other commodities: Cotton futures (Dec) may consolidate in the range of Rs 19,750-19,950 and the upside may remain capped as the supplies on the spot markets have started gaining pace. Chana futures (Dec) is likely to plunge further towards Rs 4,750-4,700 as the sowing of pulses in major growing states is catching pace with rainfall provided much required moisture to the soil leading to sowing in a large area. Guar seed futures (Dec) may continue to witness fall and test Rs 3,800-3,750, while guar gum (Dec) may plunge towards Rs 5,630.