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    Commodity outlook: Aluminium, nickel up; here is how others may fare

    Synopsis

    Crude oil may continue to trade with bullish bias where it may test Rs 3,120 and take support near Rs 2,780.

    NickelETAuto
    Base metals may trade with sideways to bullish bias.
    Gold and silver prices witnessed some profit booking in Friday's session as traders exited bullion counters at high level. MCX Gold futures traded 0.24 per cent down Rs 47,828 per 10 grams. Silver futures traded 0.23 per cent lower at Rs 48,003 per kg.

    Here is how SMC Global expects commodities to fare today:

    Spices: Turmeric futures (July) are expected to trade higher towards Rs 5,950-6,000 levels. Jeera futures (July) may show weakness and trade with a bearish bias in the range of Rs 13,700-13,900 levels. The farmers are sitting on huge inventories of cumin as this season there was bumper yield and due to lockdown, the movement of produce was limited. Dhaniya futures (July) are expected to trade sideways to up in the range of Rs 6,080-6,150 levels.

    Oilseeds: Soybean futures (July) are expected to trade with a downside bias in the range of 3750-3810 levels. Mustard futures (July) may face resistance near Rs 4,720. Soy oil futures (July) are likely to trade sideways in the range of 820-830 levels. CPO futures (July) may trade sideways in the range of 672-682 levels. Malaysian palm oil futures fell on Thursday, dragged down by slowing June exports and as crude prices and equity markets plunged on fears of a second wave of coronavirus infections.

    Gold, silver: Bullion counter may post correction. Gold may test Rs 47,300 and facing resistance near Rs 48,400 while silver may test Rs 46,900 and may face resistance near 48700.

    Base metals: Base metals may trade with sideways to bullish bias. Copper can move towards Rs 460 while taking support near Rs 451. Zinc may move towards Rs 168 and taking support near Rs 162. Lead can move towards Rs 147 while taking support near Rs 140.60. Nickel may trade with bearish bias where it may test Rs 937 and facing resistance near Rs 975. Aluminum may move towards Rs 137 while taking support near Rs 133. MCX Nickel and aluminium were up 0.48 per cent and 0.18 per cent at Rs 961 and Rs 135.75, respectively, in the morning trade.

    Energy: Crude oil may continue to trade with bullish bias where it may test Rs 3,120 and take support near Rs 2,780. Natural gas may bounce towards resistance and test Rs 124 and take support near Rs 116.

    Other commodities: Cotton futures (July) are expected to trade sideways in the range of Rs 15,790-16,010 levels. Chana futures (July) are likely to trade higher towards Rs 4,260-4,280 levels. Chana and other pulse seeds have been trading higher at the mandis in Indore on improved buying and weak arrival. Mentha oil futures (June) may remain stable in the range of Rs 990-1,020 levels. Guargum futures (July) is expected to witness correction towards Rs 5,400, due to weakness in crude oil prices in the international market.



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    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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