Commodity Outlook: Crude oil may trade with positive bias ahead of Opec meet

NEW DELHI: Bullion counter can continue to head southwards on account of stronger dollar while base metals are expected to see a mixed trade.

Here’s a look at how the key commodities are likely to move on MCX in today’s session:

Agri commodities: Turmeric futures (July) are expected to trade sideways to take support near Rs 7,245 levels while jeera futures (July) may trade with an upside bias in the range of Rs 16,700- Rs 16,900.

Chana futures (July) may trade in the range of Rs 3,420- Rs 3,480. Mustard seed futures (July) are expected to witness a consolidation in the range of Rs 3,965 – Rs 3,990 levels.

Guar seed futures (July) may find support near Rs 3,630 levels and guar gum futures (July) are likely to trade above Rs 7,505 levels.

Bullion counter: MCX Gold remains bearish below Rs 30,900, says Motilal Oswal in its commodity report. Immediate resistance are placed at Rs 30,800 – Rs 30,900 levels, whereas supports are placed at Rs 30,600-Rs 30,500.

MCX Silver remains bullish above Rs 39,300.

Crude Oil, natural gas: Crude oil can face resistance near Rs 4,500 and can take support near Rs 4,420 in MCX. Natural gas can trade with sideways bias as it can face resistance near Rs 204 and can take support near Rs 198, says SMC Global Securities.

Base metals: Copper can face resistance near Rs 463 and can take support near Rs 453. London copper rebounded from a three-week low on Thursday after China said it was eyeing cuts in banks’ reserve requirement ratios (RRR) and other measures to spur economic growth, which could support copper demand in the world’s top user, notes SMC Global Securities.

Nickel may trade with upside bias as it can take support near Rs 1,000 and head towards Rs 1,026.

Aluminium may witness some short covering as it can take support near Rs 147 and resistance near Rs 150 in MCX.