How gold, oil, base metals and agri-commodities may fare today

NEW DELHI: Bullion counter may trade sideways in futures trade on Tuesday, tracking global cues, said brokerage SMC Global Securities.

Gold prices held steady in global markets as investors awaited US retail sales data that could serve as an indicator of the strength of the world’s largest economy amid lingering concerns over the global economic slowdown, Reuters reported.

Crude oil may trade on a weaker path as global oil prices fell for a second day on Tuesday as more production facilities returned to operation in the US Gulf after Hurricane Barry swept through over the weekend, while Chinese economic data dimmed the outlook for crude demand.

How will commodities fare in the domestic futures trade today? Here is a quick check on projections of various commodities by brokerage SMC Global Securities.

Bullion: MCX Gold can test Rs 34,700, facing resistance near Rs 35,000 and silver can move towards Rs 38,300, facing resistance near Rs 38,800.

Base metals: Base metals may trade mixed. Copper may slip lower toward Rs 442 while facing resistance near Rs 447. Copper prices took a break from a strong rally on Tuesday after positive industrial output and investment data from top consumer China sent prices to a two-week high in the previous session. Zinc can test Rs 191, facing resistance near Rs 195, while lead may test Rs 158, taking support near Rs 155. Nickel may test Rs 955, taking support near Rs 935 and aluminium may test Rs 145, taking support near Rs 142.

Energy: Crude oil may slip towards Rs 4,050, facing resistance near Rs 4,160. Natural gas may dip lower and it can test Rs 161, facing resistance near Rs 167.

Spices: Turmeric futures (Aug) has breached the resistance at Rs 6,790 level and is heading towards Rs 7,100-7,200 levels. Jeera futures (Aug) is seen rising towards Rs 18,500 level. Cardamom futures (Aug) may head towards Rs 3,100 on the back of failed crops, deficit monsoon and poor inventories. Coriander futures (Aug) may see lower-level buying near Rs 7,110-7,150 and later gain towards Rs 7,300-7,400.

Oilseeds: Soybean futures (Aug) may witness a consolidation in the range of Rs 3,620-3,700 levels until there is clarity on monsoon over the growing areas during next week. CPO futures (July) is trading near the crucial support at Rs 492 and if it attempts to break, the downside may get extended towards Rs 490-485 levels. Soy oil futures (Aug) is likely to trade with a positive bias in the range of Rs 733-737.

Other commodities:
Cotton futures (July) may see some negative bias and it may trade in the range of Rs 21,000-21,350 levels. The bullish momentum is likely to prevail in maize futures (Aug) and it is likely to take support near Rs 2,140. Castor seed futures (Aug) may take support near Rs 5,615 and any sharp downside may remain capped.