Crude oil was down 0.71 per cent to Rs 3,779, while gold gained 0.5 per cent.
Crude oil slipped while gold and silver jumped during Thursday’s trade amid climbing death toll from the coronavirus in China.
Crude oil was down 0.71 per cent to Rs 3,779, while gold gained 0.5 per cent and silver 0.9 per cent on MCX. Among base metals, copper was down 0.5 per cent while nickel gained 0.05 per cent.
Here is how SMC Global expects commodities to trade today:
Bullion: Bullion counters may extend yesterday’s gains. Gold can move higher towards Rs 40,700 while taking support near Rs 40,250, while silver can test Rs 46,300 while taking support near Rs 45,700.
Base metals: Base metals may trade with a weak bias. Copper may dip towards Rs 425 while facing resistance near Rs 432. Zinc can recover towards Rs 178 while taking support near Rs 176. Nickel may be on a weaker path as it can move towards Rs 925 while facing resistance near Rs 950. Aluminium may also move towards Rs 141 while taking support near Rs 139.
Energy: Crude oil may remain in the red. Crude oil can move towards Rs 3,750 while facing resistance near Rs 3,830. Natural gas can slip lower as it can test Rs 132 while facing resistance near Rs 138.
Spices: Turmeric futures (Mar) are expected to face resistance near Rs 6,190 and dip towards Rs 6,000-5,950. Jeera futures (Mar) have witnessed the steepest correction this month and this downtrend is likely to continue till it tests Rs 14,100-14,000. Dhaniya futures (Apr) will probably witness correction from the levels of Rs 6,700 and move lower towards Rs 6,400.
Oilseeds: Soybean futures (Feb) are expected to witness further selling facing resistance near Rs 4,120 and can test Rs 4,040-4,000 taking negative cues from the international market. There is more downside yet to be seen in mustard futures (Apr) as they can test Rs 4,140, facing resistance near Rs 4,220. CPO futures (Feb) are expected to trade with a downside bias in the range of Rs 750-765. Soy oil futures (Feb) may trade with a downside bias in the range of 850-865.
Other commodities: Cotton futures (Feb) are expected to trade sideways in the range of Rs 19,400-19,600 with upside getting capped. Chana futures (Mar) are likely to witness correction towards Rs 4,000-3,980. Mentha oil futures (Feb) may fall further towards Rs 1,190-1,180.
