Commodity Outlook: How gold, oil, base metals and agri commodities may trade today

New Delhi: Apart from bullion counters, commodities were trading either lower or subdued on Monday on the MCX.

Gold and silver rallied amid a rise in international crude oil prices and a weaker US dollar. Silver futures outperformed all other commodity counters surging about 2 per cent intraday. Base metals, however, traded lower. Energy counters were trading mixed.

SMC expects the bullion counters to trade sideways or with an upside but is not as bullish on base metals. Below is its detailed expectations for the commodity market.

Bullion: Bullion counter may trade sideways or with an upside. Gold can test Rs 38,000 while taking support near Rs 37,600 while silver can test Rs 47,600 while taking support near Rs 47,000.

Base metals: Base metals may trade sideways. Copper may test Rs 440 while taking resistance near Rs 448. Zinc can trade in range as it can face resistance near Rs 188 while taking support near Rs 182. Lead may trade sideways bias as it can take support near Rs 153 and face resistance near Rs 156. Nickel may recover towards Rs 1,280 while taking support near Rs 1,250. Aluminum may test Rs 137 while facing resistance near Rs 140.

Energy: Crude oil may remain on positive path. Crude oil may test Rs 4,200 while taking support near Rs 4,150. Natural gas can witness profit booking at higher levels as it can move towards Rs 175 while facing resistance near Rs 184.

Spices: Turmeric futures (Oct) is trading near its one month low and this downtrend is likely to continue till Rs 5,800-5,700, if breaks Rs 6,000. The reason being is that the yield in the current 2019-20 (Jul-Jun) season is seen higher due to favourable rains in the key producing states. Last week, jeera futures (Oct) has witnesses a minor pull back after hitting a five month low at Rs 16,340. This short covering may remain capped as it may face resistance near Rs 16,800, since the sentiments attached to the counter are bearish. Dhaniya futures (Oct) may continue to consolidate in the range of Rs 6,100-6,200.

Oilseeds: Soybean futures (Oct) is looking bullish towards Rs 3,850-3,900, taking support near 3750-3720. Soy oil futures (Oct) is expected trade with an upside bias in the range of Rs 763-769. On the contrary, CPO futures (Sept) may be selling from higher levels towards Rs 540.

Other commodities: Cotton futures (Oct) is expected to consolidate in the range of Rs 19,725-19,900 with upside getting capped. Chana futures (Oct) is likely to trade sideways in the range of Rs 4,020-4,080. Castor seed futures (Oct) may witness some retracements facing resistance near Rs 6,000.