Commodity outlook: Agri commodities may move sideways

The bullion counter may see a flat to negative trade on MCX on Friday.

Base metals are likely to have a mixed movement. Here’s a look at the likely trends of key commodities in a little detail.

Agri commodities
Coriander futures for June are likely to plunge further towards Rs 4,250 levels, taking negative cues from the spot market. The counter is facing a lot of selling pressure due to higher arrivals of old domestic stocks. The farmers are panic selling anticipating a further crash in prices, said SMC Global Securities.

Jeera futures are expected to see consolidation in the range of Rs 16,000-16,300.

Turmeric futures are likely to trade with a downside bias and trade below Rs 7,250 on negative signals.

Crude Oil, natural gas: Crude oil can take support near Rs 4,480, with resistance near Rs 4,570 on MCX. Natural gas can move sideways in Rs 196-202.

Base metals
Copper can take support near Rs 452 and can face resistance near Rs 462. Aluminium may trade mixed as it can take support near Rs 153 and face resistance near Rs 157.

Zinc prices are expected to see a bullish move.

Bullion
Gold for August can find support near Rs 31,050 and face hurdle near Rs 31,400 on MCX. Meanwhile, silver for July can draw comfort near Rs 39,500 and face resistance near Rs 40,000, said SMC Global Securities.