Here is how SMC Global expects commodities to trade today.
Bullion counters saw profit booking on Tuesday after a massive jump in the previous session, while crude oil jumped amid lingering tensions over Covid-19 outbreak and growth jitters.
Gold was down 1.42 per cent, while silver fell nearly 2 per cent. Crude oil gained 1.77 per cent to Rs 3,727. Base metals also gained in the range of 0.2-0.6 per cent.
Here is how SMC Global expects commodities to trade today:
Bullion: Bullion counters can witness profit booking at higher levels. Gold can correct towards Rs 42,700 while facing resistance near Rs 43,200, while silver can dip towards Rs 48,200 while facing resistance near Rs 48,900.
Base metals: Base metals may trade with a weak bias. Copper may move lower towards Rs 416 while facing resistance near Rs 425. Zinc can move towards Rs 150 while facing resistance near Rs 154. Lead may move lower taking a dip near Rs 140 while facing resistance near Rs 143. Nickel may move towards Rs 918 while facing resistance near Rs 930. Aluminium may trade lower testing Rs 132 while facing resistance near Rs 137.
Energy: Crude oil may witness bounce back at lower levels as it can improve towards Rs 3,760 while taking support near Rs 3,670. Natural gas can slip lower towards Rs 130 while facing resistance near Rs 136.
Spices: Turmeric futures (March) are expected to face resistance near Rs 6,085 and witness a downside towards Rs 5,825-5,750. Jeera futures (March) will continue to face resistance near Rs 13,720 and witness a plunge towards Rs 13,500-13,450. Coriander futures (Apr) may continue to witness selling from Rs 6,100 and trader lower towards Rs 6,000-5,900.
Oilseeds: Soybean futures (March) are expected to trade sideways in the range of Rs 3,830-3,890. Mustard futures (April) are expected to trade with an upside bias taking support near Rs 4,015-4,000 on the back of lower estimates of crop this season. There is more room for CPO futures (Mar) to down for Rs 675-670.
Other commodities: The trend of Cotton futures (Feb) has turned bearish taking cues from the international market and this factor may drag down the counter to Rs 18,700-18,600. Chana futures (March) may trade with a downside bias and see Rs 3,900-3,870 owing to prospects of higher output this season. Guar seed (March) is projected to plunge further towards Rs 3,650-3,600, while guar gum (March) can see Rs 6,150-6,000 on the lower side.