Crude oil dipped 1.17 per cent as supply increased while its peer natural gas fell 1.99 per cent. Silver and gold gained up to 0.3 per cent. Base metals like zinc, lead and nickel added up to 0.5 per cent while copper fell 0.17 per cent.
NCDEX Agridex, an agricultural futures Index which tracks the performance of the ten liquid commodities, was down 0.19 per cent or 2 points at 1,042.90 due to losses in cotton seed oilcake, soybean and refined soya oil.
Here is how SMC Global expects commodities to fare today:
Spices: Turmeric futures (July) is likely to trade sideways in the range of Rs 5,600-5,700. Jeera futures (July) is likely to trade sideways in the range of Rs 13,800-14,000. Dhaniya futures (July) will probably consolidate in the range of Rs 6,120-6,220. Cardamom futures (July) is likely to plunge towards Rs 1,250-1,200 as the export demand scenario has been bleak and the worsening situation of Covid-19 is playing spoilsport.
Oilseeds: Soybean futures (July) is likely to trade with a negative bias in the range of Rs 3,720-3,770. Mustard futures (July) is expected to take support near Rs 4,680-4,650. Soy oil futures (July) may trade sideways in the range of Rs 815-820, while CPO futures (July) may trade sideways in the range of Rs 668-680.
Bullion: Bullion counters may post correction from higher levels where Gold may test Rs 48,400 and face resistance near Rs 49,380 while silver may test Rs 48,900 and may face resistance near Rs 52,000.
Base metals: Base metals may trade sideways with bullish bias. Copper can move towards Rs 490 while taking support near Rs 478. Zinc may move towards Rs 170 and take support near Rs 166. Lead can move towards Rs 148 while taking support near Rs 143. Nickel may break the resistance and rally towards Rs 1,019, taking support near Rs 987. Aluminum may move towards Rs 140 while taking support near Rs 136.
Energy: Crude oil may trade sideways with bullish bias where it may test Rs 3,060, taking support near Rs 2,870. Natural gas may bounce towards resistance and test Rs 142 and take support near Rs 133.
Other commodities: Cotton futures (July) may trade sideways in the range of Rs 16,100-16,250. Guar gum futures (July) is expected to trade sideways in the range of Rs 5,450-5,550. Castor seed futures (July) is likely to maintain its uptrend taking support near Rs 3,930. Chana futures (July) is expected to witness correction towards Rs 4,080 taking negative cues from the spot markets.
Read More: Commodity outlook: Crude oil falls; here’s how others may fare
