Commodity outlook: Crude oil tanks; here’s how others may fare – Economic Times

NEW DELHI: Energy counters plunged on Thursday as tensions between US and China reached a tipping point while bullion counters gained as investors rushed to safe haven counters.

Crude oil fell 4.30 per cent to Rs 2,404 while its peer natural gas dropped 3.29 per cent to Rs 141.10. Base metal block that consists of nickel, copper, zinc and lead were in the green and up to 0.6 per cent.

NCDEX Agridex, an agricultural futures Index that consists of 10 commodities, dropped 0.11 per cent to 1,015, dragged by mustard sed and refined soya oil.

Here is how SMC Global expects commodities to fare today:

Bullion: Bullion counters may trade with bullish bias. Gold may take test Rs 46,900 and taking support near Rs 46,200 while silver may test Rs 49,200 while taking support near Rs 48,100

Base metals: Base metals may trade with bullish bias. Copper can move towards Rs 415 while taking support near Rs 409. Zinc may move towards Rs 158 by taking support near Rs 154. Lead can move towards Rs 134 while taking support near Rs 130. Nickel can recover towards Rs 942 while taking support near Rs 920. Aluminum can remain in the range of Rs 130-133.

Energy: Crude oil may witness profit booking from higher levels and dip towards Rs 2,340 while facing resistance near Rs 2,580. Natural gas may trade with sideways to bearish bias where it may take support near Rs 142 and may face resistance near Rs 150.

Spices: Turmeric futures (June) is expected to trade on a positive note taking support near Rs 5,290. Jeera futures (June) is likely to consolidate in the range of Rs 13,500-13,700. Dhaniya futures (June) taking support near Rs 5,700, may gain higher towards Rs 5,880-5,920.

Oilseeds: The trend of soybean futures (June) has changed to bullish and this phenomenon can take the counter towards Rs 3,900-3,950. Mustard futures (June) is witnessing a bull run, and this uptrend is likely to continue till Rs 4,600-4,650. CPO futures (June) is looking bullish towards Rs 645-650.

Other commodities: Cotton futures (June) is expected to take support near Rs 15,800 and trade with an upside bias towards Rs 16,000-16,100. Chana futures (June) is expected to face resistance near Rs 4,140 and the upside may remain capped. Mentha oil futures (June) will possibly go down further to test Rs 1,140.

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