Commodity Outlook: Crude prices may hold a tight range

NEW DELHI: Base metal prices are expected to stay lacklustre on Friday. Crude oil may move in a tight range.

We have a likely guide on key commodities for today’s session.

Bullion counter: Gold may take support near Rs 31,200 and can face resistance near Rs 31,600 on MCX. Meanwhile, silver’s corresponding figures are Rs 41,200 and Rs 41,800, said SMC Global Securities.

Base metals: Copper is staring at resistance near Rs 485 and can slip towards Rs 475. Zinc can find some comfort from Rs 215 and resistance near Rs 219.

Lead is seen to draw relief at Rs 165 and may hit a hurdle near Rs 169.

Nickel may witness profit booking at higher levels with resistance around Rs 1,045. It is likely to nose down to Rs 1,020.

Crude oil: Crude oil’s support base is seen at Rs 4,480. It may hit the skids at Rs 4,570 on MCX. Natural gas can remain on the upside as it can take support near Rs 198 and find resistance near Rs 205.

Agri commodities: Turmeric futures for July are expected to trade higher and test 7600-7650 levels. The main reason for the bullishness is the poor rainfall in Telangana, following which the sowing is likely to slow down, SMC Global Securities said in its daily commodity report.

Mentha oil futures for June are likely to go up towards Rs 1,170-1,180 supported by lower-level buying.

In 2017-18, mentha oil output is estimated around 30,000 tonnes. With an opening stock of 7,000 tonnes, there is a shortage in the supply side, considering the total consumption of 38,000-40,000 tons, the brokerage added.