Commodity outlook: Crude oil futures may throw up upside bias

Crude oil prices may move with a mixed bias on Friday and the bullion counter may show a similar streak, said SMC Global Securities in its daily commodity report.

Investors have US CPI data in sight later today.

How is the day going to unfold for key commodities? Here’s a look.

Bullion: Gold eyes a support level near Rs 29,550, with a barrier at Rs 29,800 on MCX. Silver’s respective figures are Rs 37,800 and Rs 38,300.

Base metals: MCX Copper is expected to trade in Rs 419-424 with a positive bias. Lower support may come up at Rs 415 whereas higher resistance is seen at Rs 428. Buying on dips towards immediate support at Rs 419 is advised, said Motilal Oswal in a report.

Nickel: MCX Nickel remains positive above Rs 935 whereas resistances are placed at Rs 965-970 levels. Buying near support zone is advised, the brokerage added.

Aluminium can trade higher as it can take support near Rs 140 while the upside would be capped at Rs 146.

Crude Oil, natural gas: Crude oil is looking at a support level of Rs 4,560 and a hurdle of Rs 4,650 on MCX, according to SMC Global Securities. Natural gas may trade with an upside bias as it can take support near Rs 198 with resistance near Rs 207.

Agri commodities: Guar seed futures (October) are expected to face resistance near Rs 4,440 levels and the upside may remain capped.

Chana futures (September) are likely to move both ways and face headwinds near Rs 4,230 levels.

Cotton futures (October) are expected to show a similar trend in Rs 23,910-24,010 levels.