NEW DELHI: Bullion counters shone while crude oil and base metals also gained but natural gas was under pressure on Monday as escalating Sino-US tensions made traders more jittery but various stimulus packages gave some hope.Gold rose 1.42 per cent while silver spiked 5.48 per cent. Base metal counters copper, zinc, nickel and lead dropped up to 1.5 per cent. Crude oil gained 0.72 per cent while its peer natural gas slid 30 per cent.
NCDEX Agridex, an agricultural futures index that tracks the performance of the ten liquid commodities, was up 0.30 per cent or 3.20 point at 1,060.75 led by gains in guar gum and guar seed.
Here is how SMC Global expects commodities to fare today:
Bullion: Bullion counters may extend its bullish rally where gold may test Rs 51,400 and take support near Rs 50,400 while silver may test for Rs 63,800 and Rs take support near Rs 60,200.
Base metals: Base metals may trade sideways with a bullish bias. Copper can move towards Rs 513 and take support near Rs 507. Zinc may move towards Rs 176 and take support near Rs 174. Lead can move towards Rs 148 while taking support near Rs 144. Nickel correction seems to be completed now we further witness bounce in the counter where it may take support near Rs 1,006 and resistance near Rs 1,045. Aluminum may move towards Rs 136 while facing resistance near Rs 139.
Energy: Crude oil may trade sideways with a bearish bias where it may take support near Rs 2,980 and resistance is seen near Rs 3,160.Natural gas may trade with bearish bias and face resistance at Rs 137, taking support near Rs 127.
Spices: Turmeric futures (Aug) is expected to witness lower level buying near Rs 5,800 and the upside can get extended towards Rs 6,000-6,100. Jeera futures (Aug) may get trapped in a consolidation zone in the range of Rs 14,200-14,500 due to lack of cues from the spot markets. Dhaniya futures (Aug) trading near its six months high will possibly trade with an upside bias in a broader range of Rs 6,500- 6,600. Cardamom futures (Aug) is on a recovery phase and this shall continue till Rs 1,550-1,520.
Oilseeds: Soybean futures (Aug) is expected to hold on to the support near Rs 3,760, while the upside may remain capped near Rs 3,820. Mustard futures (Aug) has surpassed the previous high of Rs 4,805 and going ahead is expected to trade further higher towards Rs 4,850-4,870. Soy oil (Aug) is likely to take support near Rs 850 and trade higher towards Rs 860-865, while CPO (Aug) may consolidate in the range of Rs 720-740.
Other commodities: Cotton futures (July), facing resistance near Rs 15,900, is expected to trade with a bearish bias and witness correction towards Rs 15,500-15,400. Chana futures (Aug) is expected to witness a consolidation in the range of Rs 4,090-4,125. Mentha oil futures (Aug) trading near its three year low is expected to go down further towards Rs 930-920, facing resistance near Rs 955.