NEW DELHI: Commodity futures on MCX were trading mixed in Wednesday’s trade as traders waited for the US Federal policy meeting outcome scheduled later in the day.
Gold was up 0.14 per cent while silver dipped 0.04 per cent. In the base metal block, all counters were flat with aluminium and lead with positive bias while other trading with negative bias. Crude oil was up 1.59 per cent and its peer natural gas was up 0.11 per cent.
NCDEX Agridex, an agricultural futures index that tracks the performance of the ten liquid commodities, was down 0.29 per cent or 3.25 points at 1,136.10 led by gains in cotton seed oilcake and jeera.
Here is how SMC Global expects commodities to fare today:
Bullion: Bullion counters may post correction from higher levels where gold may test Rs 50,800 and face resistance near Rs 52,180 while silver may test Rs 67,780 and face resistance near Rs 69,100.
Base metals: Base metals may trade sideways with a bearish bias where copper can move towards Rs 524 and face resistance near Rs 533. Zinc may move towards Rs 192 and face resistance near Rs 196. Lead can move towards Rs 145 while facing resistance near Rs 147. Nickel may trade bearish bias where it may take support near Rs 1,098 and resistance near Rs 1,127. Aluminum may move towards Rs 147 while taking support near Rs 144.
Energy: Crude oil may trade sideways with a bullish bias where it may take support near Rs 2,750 and resistance is seen near Rs 2,890. Natural gas correction seems to end and it may bounce towards resistance where resistance is seen near Rs 178 and support near Rs 169.
Spices: Turmeric futures (October) is expected to witness a consolidation in the range of Rs 5,825-5,925. Jeera futures (October) is expected to trade with an upside bias in the range of Rs 14,070-14,270. Dhaniya futures (October) is expected to trade sideways in the range of Rs 6,540-6,700.
Oilseeds: Soybean futures (October) is expected to trade sideways in the range of Rs 3,950-4,020. Mustard futures (October) is expected to trade sideways to down in the range of Rs 5,300-5,355. Soy oil (October) is expected to trade higher towards Rs 922-925 and CPO (Sept) may witness consolidation in the range of Rs 770-780.
Other commodities: Cotton futures (Oct) is likely to trade steady in the range of Rs 17,800-18,050. Chana futures (October) is expected to witness correction towards Rs 5,000, it if breaks the support near Rs 5,070. Guar seed futures (Oct) is expected to test Rs 4,100, if trades above Rs 4,070, and guar gum futures (Oct) may witness Rs 6,300-6,320 on the higher side.