Here is how SMC Global expects commodities to trade today.

Natural gas futures plunged over 5 per cent on Monday while crude oil slipped from a recent peak that it attained in the run up to the Opec meeting.

Among the base metals pack, copper and nickel were trading in the red, while zinc gained on MCX. Precious metals also skidded in the morning trade.

On NCDEX, castor seed, cotton seed, jeera, kapas, mustard seed, refined soy oil, and soybean were trading with gains of 1-4 per cent. On the other hand, chana, guar seed, guar gum and turmeric were down.

Here is how SMC Global expects commodities to trade today:

Bullion: Bullion counters may witness some short covering after last week’s fall. Gold can recover towards Rs 37,800 while taking support near Rs 37,500 and silver can recover towards Rs 43,800 while taking support near Rs 43,400.

Base metals: Base metals may trade with a sideways-to-upward bias. Copper may recover towards Rs 442 while taking support near Rs 432. Zinc can recover towards Rs 186 while taking support near Rs 181. Lead may trade sideways taking support near Rs 151 and facing resistance at Rs 154. Nickel may recover towards Rs 1,000 while taking support near Rs 980. Aluminum may recover towards Rs 134 while taking support near Rs 132.

Energy: Crude oil may witness selling pressure at higher levels. It can dip towards Rs 4,150 while taking resistance near Rs 4,240. Natural gas can dip towards Rs 155.

Spices: Turmeric futures (Mar) are expected to witness sell on every rise and hence trade with a downside bias in the range of Rs 5,870-5,980. The downtrend in jeera futures (Jan) is likely to see a pause as it may take support near Rs 15,800, while the short covering accompanied with lower-level buying may lift the counter towards Rs 16,100. The trend of cardamom futures (Jan) has again turned bullish and in the days to come it may move higher to test Rs 3,150-3,200.

Oilseeds: The outlook of soybean futures (Jan) is bullish and it is expected to test Rs 4,200-4,250 on the higher side. The sentiments of mustard futures (Jan) are buoyant amid higher demand from crushers and this may take the counter higher towards Rs 4,450. Soy oil futures is making a new lifetime high every week and this trend is likely to persist in days to come. The January contract is expected to soar towards Rs 855-858. On similar lines, the stellar rally in CPO futures (Dec) will possibly continue as it is seen to be headed for Rs 715-718.

Other commodities: Cotton futures (Dec) may continue to consolidate in the range of Rs 19,050-19,200. Chana futures (Jan) are expected to trade sideways to up in the broader range of Rs 4,460-4,520. Guar seed futures (Jan) are expected to take support near Rs 4,030, while guar gum futures (Jan) may manage to remain above Rs 7,300.