Crude oil was down 0.38 per cent to Rs 4,181 on MCX, while nickel traded 0.66 per cent down at Rs 973.10. Copper and zinc futures also shed 0.36 and 0.19 per cent, respectively.
Agri commodities were mixed as castor seed, coriander, guar gum, guar seed, kapas, mustard seed and turmeric gained, while chana, jeera, soybeans and refined soybean oil drifted lower on NCDEX.
Here is how SMC Global expects commodities to trade today:
Bullion: Bullion counter may trade sideways as gold prices held steady. Gold can recover towards Rs 37,700 while taking support near Rs 37,500 and silver can recover towards Rs 43,700 while taking support near Rs 43,200.
Base metals: Base metals may trade sideways. Copper may recover towards Rs 441 while taking support near Rs 435. Zinc can recover towards Rs 185 while taking support near Rs 181. Lead may trade sideways taking support near Rs 151 and facing resistance at Rs 154. Nickel may dip towards Rs 965 while facing resistance near Rs 995. Aluminum may dip towards Rs 132 while facing resistance at Rs 135.
Energy: Crude oil may witness selling pressure at higher levels. It can dip towards Rs 4,150 while facing resistance near Rs 4,220. Natural gas can bounce towards Rs 163 while taking support near Rs 157.
Spices: Turmeric futures (Mar) are expected to witness selling on every rise and hence trade with a downside bias in the range of Rs 5,880-6,010. The downtrend in jeera futures (Jan) is likely to see a pause by taking support near Rs 15,800, while the short covering accompanied with lower level buying may lift the counter towards Rs 16,100. The trend of cardamom futures (Jan) has again turned bullish and in the days to come it is seen to move higher to test Rs 3,150-3,200.
Oilseeds: The outlook of soybean futures (Jan) is bullish and expected to test Rs 4,220-4,250 on the higher side. The sentiments of mustard futures (Jan) are buoyant amid higher demand from crushers and this may take the counter higher towards Rs 4,425-4,435. On similar lines, the stellar rally in CPO futures (Dec) will possibly continue as it is seen to be headed for Rs 735-740.
Other commodities: Cotton futures (Dec) may continue to consolidate in the range of Rr 19,050-19,185. Chana futures (Jan) are expected to trade sideways in the broader range of Rs 4,360-4,420. Guar seed futures (Jan) are expected to take support near Rs 3,950, while guar gum futures (Jan) may manage to remain above Rs 7,150.
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