Gold was down 0.12 per cent while silver dipped 0.40 per cent. All base metal counters were trading with losses, led by copper that fell over 1 per cent. Crude oil fell 1.78 per cent while its peer natural gas fell 0.48 per cent.
NCDEX Agridex, an agricultural futures index that tracks the performance of the ten liquid commodities, was up 0.02 per cent or 0.25 points at 1,141.80 led by gains in refined soybean oil and cottonseed oilcake.
Here is how SMC Global expects commodities to fare today:
Bullion: Bullion counters may continue to trade with bullish bias where gold may test Rs 50,400 and take support near Rs 49,700 while silver may trade with higher volatility where it may test Rs 67,500 and take support near Rs 66,300.
Base metals: Base metals may trade range bound with bearish bias where copper can move towards Rs 594 and face resistance near Rs 605. Zinc may move towards Rs 215 and face resistance near Rs 220. Lead can move towards Rs 153 while facing resistance near Rs 157. Nickel is likely to trade with sideways to bearish bias where it may take support near Rs 1,250 and resistance near Rs 1,280. Aluminum may move Rs 160 while facing resistance near Rs 163.
Spices: Turmeric futures (Apr) is expected to trade range bound within Rs 5,700-5,800, with a limited downside as the demand is intact. Jeera futures is continuously crashing down and is trading nearby the yearly low of Rs 12,750, being weighed by prospects of higher output this season. Dhaniya futures (Jan) may continue to witness a sell on rise and plunge towards Rs 5,800-5,750, facing resistance near Rs 6,000.
Oilseeds: Soybean futures (Jan) is expected to trade sideways in the range of Rs 4,350-4,450. RM Seed futures (Apr) may witness consolidation in the range of Rs 5,530-5,600 with upside getting capped. Soy oil futures (Jan) is expected to trade sideways in the range of Rs 1,110-1,125 and CPO futures (Jan) is likely to trade range bound within Rs 930-943.
Other commodities: Cotton futures (Jan) is expected to trade sideways in the range of Rs 20,200-20,400. Chana futures may consolidate in the range of Rs 4,500-4,600, getting pressurized by rising acreage. Guar seed futures (Jan) will probably decline further towards Rs 3,800-3,750, while guar gum futures (Jan) may decline to test Rs 5,800-5,700, taking negative cues from lower oil prices in the international market.
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