NEW DELHI: Most metals and energy counters traded with gains on Tuesday as lockdown measures have been eased in the many parts of the world even as US-China have been ina war of words.
Agridex, an agricultural futures Index comprising 10 commodities, rose 0.18 per cent to 1001.80. The index was launched on Tuesday on NCDEX.
Here is how SMC Global expects commodities to fare today.
Bullion: Bullion counters may trade sideways to positive. Gold may test Rs 47,320 by taking support near Rs 46,500 while silver may test Rs 49,000 while taking support near Rs 47,900.
Base metals: Base metals may witness profit booking. Copper can move towards Rs 410 while taking resistance near Rs 417. Zinc may move towards Rs 154 by taking support near Rs 158. Lead can move towards Rs 132 while taking support near Rs 129. Nickel can recover towards Rs 940 while taking support near Rs 915. Aluminum can remain in range of Rs 128-132.
Energy: Crude oil may witness profit booking from higher levels and dip towards Rs 2,480 while facing resistance near Rs 266. Natural gas may extend the bullish rally and test Rs 146 and take support near Rs 138.
Spices: Turmeric futures (June) is expected to trade on a positive note in the range of Rs 5,265- 5,650. Jeera futures (June) is likely to consolidate in the range of Rs 13,300-13,500 and trade with a downside bias. Dhaniya futures (June) taking support near Rs 5,570, may gain higher towards Rs 5,700-5,800.
Oilseeds: Soybean futures (June) is expected to witness correction towards Rs 3,700 facing resistance near Rs 3,775. Mustard futures (June) is witnessing a bull run, and this uptrend is likely to continue till Rs 4,400-4,420. Soy oil futures (June) may consolidate in the range of Rs 768-778 with upside getting capped.
Other commodities: Cotton futures (June) facing resistance near Rs 15,960, can witness correction towards Rs 15,500-15,400. In days to come, more correction can be seen in chana futures (June) as it can descend towards Rs 4,050-4,035, hence sell on rise is recommended in this counter near the resistance of Rs 4,135. Mentha oil futures (June) will possibly go down further to test Rs 1,160-1,150.