Commodity outlook: Silver falls; here’s how others may fare

NEW DELHI: Barring CPO all commodities were trading with cuts on Thursday as the US Fed disappointed the Street as it did not announce any additional stimulus measure.

Gold was down 0.69 per cent while silver dipped 1.28 per cent. In the base metal block, all counters were down with nickel falling the most at 1.21 per cent. Crude oil was down 0.75 per cent and its peer natural gas was down 0.35 per cent.

NCDEX Agridex, an agricultural futures index that tracks the performance of the ten liquid commodities, was up 0.64 per cent or 7.30 points at 1,146.65 led by gains in chana and guar gum.

Here is how SMC Global expects commodities to fare today:

Bullion: Bullion counters may post correction from higher levels where gold may test Rs 51,200 and facing resistance near Rs 52,200 while silver may test Rs 67,580 and facing resistance near Rs 69,100.

Base metals: Base metals may trade sideways with a bearish bias where Copper can move towards Rs 520 and facing resistance near Rs 532. Zinc may move towards Rs 192 and face resistance near Rs 196. Lead can move towards Rs 145 while facing resistance near Rs 149. Nickel may trade bearish bias where it may take support near Rs 1,082 and resistance near Rs 1,125. Aluminum may move towards Rs 146 while taking support near Rs 143.

Energy: Crude oil may again witness selling pressure where it may take support near Rs 2,810 and resistance is seen near Rs 3,020. Natural gas may again witness selling pressure where resistance is seen near Rs 173 and support near Rs 162.

Spices: Turmeric futures (October) is expected to witness a correction towards Rs 5,800. Jeera futures (October) is expected to trade with an upside bias in the range of Rs 14,000-14,170. Dhaniya futures (October) is expected to trade sideways in the range of Rs 6,540-6,700.

Oilseeds: Soybean futures (October) is expected to trade sideways in the range of Rs 3,880-3,960. Mustard futures (October) is expected to trade sideways to down in the range of Rs 5,300-5,355. Soy oil (October) is expected to trade higher towards Rs 945-955 and CPO (Sept) may test Rs 805-815 on the higher side.

Other commodities: Cotton futures (Oct) is likely to trade steady in the range of Rs 17,950-18,100. Chana futures (October) is expected to trade higher towards Rs 5,170-5,200 taking support near Rs 5,120. Guar seed futures (Oct) is expected to trade with a downside bias and remain below Rs 4,070, and guar gum futures (Oct) may face resistance near Rs 6,300 levels.

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