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Commodity outlook: Crude oil trades lower; here's how others may fare

Among agri-commodities, except chana and coriander, all futures were trading with gains

ETMarkets.com|
Updated: Nov 13, 2019, 01.03 PM IST
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Precious metals were trading with gains while base metals were subdued
NEW DELHI: Barring energy and select futures contracts of base metals, all commodities were trading with gains on Wednesday amid negative newsflow. Unrest in Hong Kong escalated with fresh violence while back home industrial production growth slumped to 8-year low, indicating a dip in demand.

Crude oil slipped 0.93 per cent to Rs 4,056 while natural gas was down 0.21 percent to Rs 189.40 on MCX. Precious metals were trading with gains while base metals were subdued. Near term futures of nickel and zinc were in the red and copper was flat.

Among agri-commodities, except far term contracts of chana and coriander, all futures were trading with gains. Coriander was the biggest loser, diving 3.44 per cent. Wheat was the biggest gainer, jumping 2.5 per cent on NCDEX.

Here is how SMC Global expects commodities to trade today:

Bullion: Gold can recover towards Rs 37,900 while taking support near Rs 37,550 and silver can test Rs 44,400 while taking support near Rs 43,850.

Base metals: Base metals may trade with a negative bias except zinc. Copper may test Rs 437 while facing resistance near Rs 442. Zinc can trade with upside bias as it can test Rs 197 while taking support near Rs 192. Lead may trade sideways as it can take support near Rs 155 and face resistance near Rs 157. Nickel may dip lower towards Rs 1,130 while facing resistance near Rs 1,160. Aluminium may test Rs 133 while facing resistance near Rs 135.

Energy: Crude oil may witness profit booking at higher levels. It can dip lower towards Rs 4,030 while facing resistance near Rs 4,130. Natural gas can witness profit booking at higher levels as it can test Rs 185 while facing resistance near Rs 192.

Spices: Turmeric futures (Dec) is likely to remain below Rs 6,165 and move in the negative direction towards Rs 5,900-5,850. Jeera futures (Dec) will possibly trade with a downside 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 fall further towards Rs 2,300-2,250 due to lack of fresh cues of demand from the auctions.

Oilseeds: Soybean futures (Dec) is trading around its highest in around three and a half years on concerns about the crop in Maharashtra and Madhya Pradesh. The counter is expected to take support near Rs 3,950-3,930. Mustard futures (Dec) is expected to trade with a negative bias towards Rs 4,220-4,210, facing resistance near Rs 4,280 owing to declining pace of demand from crushers. In days to come, CPO futures (Nov) is expected to trade further to test Rs 645-650, while soy oil futures (Dec) trend is bullish and can see Rs 815-820 levels.

Other commodities: Cotton futures (Nov) may continue to take support near Rs 18,900, while on the contrary face resistance near Rs 19,245. Chana futures (Dec) may consolidate in the range of Rs 4,430-4,500. Mentha oil futures (Nov) is expected to trade higher towards Rs 1,315-1,320.

Also Read

Commodity outlook: Gold has support at $1,450; buy copper on dips

Commodity outlook: How gold, silver, nickel, crude oil

Commodity outlook: Base metals gain; here's how others may trade

Commodity outlook: Energy counters continue rally ahead of Opec+ meet

Commodity outlook: Here is how commodities may fare today

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