Commodity outlook: Mentha oil may push up, crude could sit tight

NEW DELHI: Gold and silver prices are likely to firm up as crude is expected to hold on to a narrow range on Monday.

Here’s a look at how key commodities are likely to play out today.

Agri commodities: Mentha oil futures for June are likely to go up towards Rs 1,170-1,180 supported by lower-level buying, says SMC Global Securities.

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

July chana futures may show a recovery towards Rs 3,440-3,460, drawing support near Rs 3,330.

Turmeric futures for July are expected to move higher and test Rs 7,600-7,650.

Bullion: Gold can take support near Rs 31,200 and face resistance near Rs 31,600 on MCX. Meanwhile, silver can find comfort near Rs 41,200 with resistance near Rs 41,800.

Crude oil, natural gas: Crude oil is looking at support near Rs 4,480 with a hurdle near Rs 4,570 on MCX. Natural gas can remain on the upside as it eyes support near Rs 198 and resistance near Rs 205, the brokerage said.