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Commodity outlook: Precious metals, energy ebb; here’s how others may trade today

by FxFinanceStockNews


Precious metals slipped while base metals edged higher on Tuesday on domestic bourses after tensions ebbed on the West Asian front that had escalated following the killing of Iranian general Qassem Soleimani by US forces.

Gold futures shed 0.52 per cent to Rs 40,262 per 10 gram, while silver skid 0.48 per cent to Rs 47,318 per kg. Meanwhile, crude oil shed 1.06 per cent to Rs 4,490.

Most agri commodities were trading lower. Soybean, coriander, castor seeds were among the biggest losers on NCDEX.

Here is how SMC Global expects commodities to fare during the day:

Bullion
: Bullion counters may witness profit booking at higher levels after the recent rise. Gold can dip lower towards Rs 40,000 while taking resistance near Rs 40,550 while silver can test Rs 47,000 while taking resistance near Rs 47,600.


Base metals

: Base metals may trade with an upside bias. Copper may recover towards Rs 449 while taking support near Rs 443. Zinc Mini can recover towards Rs 184 while taking support near Rs 181. Lead Mini may trade with a sideways-to-upward bias testing Rs 154 by taking support near Rs 151. Nickel may recover towards Rs 1,045 while taking support near Rs 1,025. Aluminium mini may jump towards Rs 142 while taking support near Rs 139.

Energy: Crude oil may witness profit booking at higher levels. Crude oil can dip lower towards Rs 4,440 while taking resistance near Rs 4,530. Natural gas can bounce towards Rs 157 while taking support near Rs 150.

Spices: Turmeric futures (Mar) are expected to plunge further towards the Rs 6,200-6,100 levels on account of mixed cues from the spot markets. Jeera futures (Jan) are likely to face resistance near Rs 16,210-16,250 as the demand is weak due to expected rise in production this season. Cardamom futures (Feb) will probably continue to maintain its uptrend.

Oilseeds: Soybean futures (Jan) are expected to hold on to the strong support near Rs 4,135 and the downside may remain capped. Mustard futures (Jan) are likely to plunge towards Rs 4,410. Soy oil futures (Jan) may break the support near Rs 901 and fall further towards Rs 890-880, while CPO futures (Jan) may consolidate in the broader range of Rs 770-810.


Other commodities:
Cotton futures (Jan) may trade with an upside bias to reach Rs 19,850, taking support near Rs 19,640. Chana futures (Jan) are likely to remain trapped in the range of Rs 4,425-4,490. Mentha oil futures (Jan) are expected to witness correction and test Rs 1,270-1,260, if it breaks support near Rs 1,280.





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