Commodity outlook: Agri counters gain; here's how others may fare - Economic Times

Commodity outlook: Agri counters gain; here’s how others may fare – Economic Times

NEW DELHI: Commodities were trading mixed on Tuesday amid Moody’s rating downgrade, riots in the US and familiar worries over the escalating Sino-US tensions.

Crude oil futures gained over a per cent while its energy peer natural gas dropped nearly 2 per cent. Silver and gold were flat while base metals remained under pressure.

NCDEX Agridex, an agricultural futures Index that consists of 10 commodities futures, gained 0.52 per cent to 1,025. The gains in the index were led by oilseed block.

Here’s how SMC Global expects commodities to fare today:

Spices: Turmeric futures (June) is expected to take support near Rs 5,200, while the upside may remain capped near Rs 5,300. Jeera futures (June) may witness consolidation in the range of Rs 13,700-13,850. Cardamom futures (June) may show an upsurge towards Rs 1,640, taking support near Rs 1,550.

Oilseeds: Soybean futures (June) is likely to witness consolidation in the range of Rs 3,820-3,880. In mustard futures (June) buy on dips would be suggested near Rs 4,520, as the U-shaped recovery may continue till Rs 4,600. Soy oil futures (June) is looking bullish and seen moving towards Rs 800-805, taking support near 790, whereas CPO futures (June) may witness an extended rally to test Rs 660-665.

Other commodities: Cotton futures (June) is expected to consolidate in the range of Rs 15,850-16,100. Chana futures (June) will probably continue to take support near Rs 4,160, while the upside may get extended towards Rs 4,240, owing to prospects of higher procurement. Mentha oil futures (June) may witness rise on sell facing resistance near Rs 1,075, while the downside may get extended towards Rs 1,060-1,050.

Bullion: Bullion counters may trade with bullish bias. Gold may test Rs 47,300, taking support near Rs 46,800 while silver may test Rs 48,900 while facing resistance near Rs 51,065.

Base metals: Base metals may trade sideways with a bullish bias. Copper can move towards Rs 425 while taking support near Rs 418. Zinc may move towards Rs 164 by taking support near Rs 159. Lead can move towards Rs 132 while facing resistance near Rs 135. Nickel may trade with bearish bias where it may test Rs 933 while facing resistance near Rs 955. Aluminum can remain in range of Rs 131-134.

Energy: Crude oil may trade in sideways territory where Rs 2,740 act as resistance break and hold above extend the bullish rally towards Rs 2,820 and Rs 2,550 considered as support. Natural gas may trade in sideways territory where it may take support near Rs 132 and may face resistance near Rs 141.

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