NEW DELHI: Domestic equity indices started on a weak note on Friday but soon recovered amid reports that the government may roll back FPI tax soon. In the commodity mart, bullion traded in the red zone ahead of Fed chief Jerome Powell’s speech.

Here’s a look at how commodities are expected to trade in the domestic futures market today based on projections by brokerage SMC Global Securities:

Bullion: Bullion counter may remain on a negative path. Gold prices slipped on Friday, but held near the key $1,500 level amid trade uncertainties and ahead of US Fed chair’s speech for clues on future rate cuts. Gold (Oct) can dip towards Rs 37,850 while it may face resistance around Rs 38,250. Silver (Sep) can dip towards Rs 43,500 while taking resistance near Rs 44,000.

Base Metals: Base metals are likely to trade on a mixed note. Copper may trade ..

sideways, with supports near Rs 444 and resistance around Rs 448. Zinc can recover to Rs 186 while it may find support near Rs 183. Lead may recover towards Rs 156 with support near Rs 152. Nickel may move upwards to Rs 1,130 while taking support near Rs 1,100. Aluminum may test Rs 141 with support near Rs 138.

Energy: Crude oil may trade with a positive bias as oil prices clawed back the previous day’s losses on Friday, with Brent nudging above $60 a barrel, as tighter supplies from key producers offset slowing demand growth while investors await clues from the Federal Reserve on US monetary policy.

Crude oil may move towards Rs 4,050 while taking support near Rs 3,975. Natural gas can remain on a weaker path testing Rs 153 while facing resistance near Rs 158.

Spices: Turmeric futures (Sept) are expected to plunge further towards the Rs 6,700 level. Jeera futures (Sept) may trade sideways in the range of Rs 16,850-17,000. Dhaniya futures (Sept) are likely to face resistance near Rs 6,030 level. Cardamom futures (Sept) can trade sideways in the range of Rs 3,050-3,150 as sentiment dampened due to commencement of fresh arrivals.

Oilseeds: Soybean futures (Sept) are expected to trade sideways towards Rs 3,720, taking support near the Rs 3,645 level. Soy oil futures (Sept) are likely to test Rs 762 on the higher side, while CPO futures (Sept) are expected to rally further towards the Rs 570-575 levels. Mustard futures (Sept) are expected to break above Rs 3,950 & rise to test the Rs 3,960-3,980 levels.

Other Commodities: Cotton futures (Aug) may face resistance near the Rs 21,350 level. Guar seed futures (Sept) are expected to trade with a downside bias & test the Rs 4,240-4,200 levels. Guar gum futures (Sept) can plunge towards the Rs 8,200 level. Castor seed futures (Sept) will probably witness another round of consolidation for the fourth consecutive week in the range of Rs 5,615-5,660.

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