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    Commodity outlook: Base metals flat; here's how others will trade today

    Synopsis

    Natural Gas was the biggest gainer on MCX, up 4 per cent to Rs 193.50.

    ETMarkets.com

    Commodity Summary

    MCX
    Base metals were flat in the morning trade on Thursday as macro numbers from China indicated an adverse effect from the ongoing trade battle with the US. Only metal commodity that showed some resilience was nickel that advanced 0.38 per cent to Rs 1,144.

    Natural Gas was the biggest gainer on MCX, up 4 per cent to Rs 193.50. Crude oil oil also gained 0.1 per cent to Rs 4,145.

    Agri-commodity were trading mixed amid rising inflation because of surging food prices. Castor seed, mustard and soybean lost ground and slipped in the range of 0.2-0.5 per cent. However, chana and coriander gained on NCDEX.

    Here is how SMC Global expects commodities to trade today:

    Bullion: Bullion counters may continue gaining but profit booking at higher levels cannot be denied. Gold can recover towards Rs 38,250 while taking support near Rs 37,900 and silver can test Rs 45,000 while taking support near Rs 44,300.

    Base metals: Base metals may trade with weak bias. Copper may test Rs 438 while taking resistance near Rs 442. Zinc can dip lower as it can test Rs 191 while facing resistance near Rs 195. Lead may trade sideways as it can take support near Rs 154 and resistance near Rs 157. Nickel may dip lower towards Rs 1,135 while facing resistance near Rs 1,140. Aluminum may test Rs 132 while facing resistance near Rs 134.

    Energy:
    Crude oil may trade with firm bias. It can move towards Rs 4,180 while taking support near Rs 4,070. Natural gas can open on positive note as it can test Rs 195 while taking support near Rs 185.

    Spices: Turmeric futures (Dec) is likely to remain below Rs 6,000 and move in the negative direction towards Rs 5,800-5,750. Jeera futures (Dec) will possibly trade with a negative bias, may even break the near term support of Rs 16,200 and descend further to test Rs 16,000. Dhaniya futures (Dec) is expected to hold on to the support near Rs 6,630 and trade with an upside bias till Rs 7,000-7,100. Cardamom futures (Dec) may take support near Rs 2,485 and trade higher to test Rs 2,615.

    Oilseeds:
    Soybean futures (Dec) is trading around its highest in around three and a half years due to concerns about the crop in Maharashtra and Madhya Pradesh. It is expected to take support near 3950-3930. Mustard futures (Dec) is expected to trade with a downside bias towards Rs 4,220-4,210, facing resistance near Rs 4,280 owing to declining pace of demand from crushers. CPO futures (Nov) is expected to witness some correction towards Rs 638, while soy oil futures (Dec) may come down to test Rs 800-798.

    Other commodities: Cotton futures (Nov) may continue to take support near Rs 19,140, while on the contrary face resistance near Rs 19,260.Chana futures (Dec) may consolidate in the range of Rs 4,500-4,555. Mentha oil futures (Nov) is expected to trade higher towards Rs 1,320-1,330.

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