NEW DELHI: Metal and energy counters traded mixed on MCX on Friday. At the same time, most agri commodities were trading with gains amid rising Covid cases and increasing doubts over vaccine.
Gold was up 0.06 per cent while silver dipped 0.55 per cent. All base metal counters were trading with gains led by zinc that added about half a per cent. Crude oil fell 0.06 per cent while its peer natural gas added 0.51 per cent.
NCDEX Agridex, an agricultural futures index that tracks the performance of the ten liquid commodities, was down 0.15 per cent or 1.75 points at 1,176.70 led by cuts in cotton seed and chana.
Here is how SMC Global expects commodities to fare today:
Bullion: Bullion counters may continue to trade with a bearish bias as gold may test Rs 48,200 and face resistance near Rs 48,800, while silver may trade with higher volatility where it may test Rs 59,200 and face resistance near Rs 60,500.
Base metals: Base metals may tarde with a positive bias where copper can move towards Rs 567 and take support near Rs 558. Zinc may move towards 220 and take support near Rs 217. Lead can move towards Rs 160 while taking support near Rs 157. Nickel is likely to trade with sideways to bullish bias where it may take support near Rs 1,095 and resistance near Rs 1,210. Aluminum may move to Rs 165 while taking support near Rs 161.
Energy: Crude oil may trade with a bullish bias where support is seen near Rs 3,290 and resistance is seen near Rs 3,400. Natural gas may trade with higher volatility where resistance is seen near Rs 220 and support near Rs 213.
Spices: Turmeric futures (Dec) is expected to decline further towards Rs 5,450 facing resistance near Rs 5,550. Jeera futures (Dec) is likely to trade with a downside bias and test Rs 13,600- 13,500. Dhaniya futures (Dec) may plunge towards Rs 6,100-6,000.
Oilseeds: Soybean futures (Dec) is expected to witness a fall towards Rs 4,300-4,250. RM Seed futures (Dec) is likely to witness correction towards Rs 5,700. CPO futures (Dec) is expected to trade with a downside and test Rs 860-850, while soy oil futures (Dec) will possibly trade with a downside bias towards Rs 1,030-1,025.
Other commodities: Cotton futures (Dec) is likely to find support near Rs 19,800, while facing resistance near Rs 20,140. Chana futures (Dec) may continue to witness selling pressure and test Rs 4,950. Guar seed futures (Dec) may decline further towards Rs 3,850, while guar gum (Dec) may test Rs 5,700 on the lower side.