Commodity Outlook: More pain for crude likely; cotton futures may soar
Commodity Summary MCX
| CRUDEOIL | ||
| NATURALGAS | ||
NEW DELHI: Bullion counter may trade mixed while crude prices are expected to move tad lower on Friday. Here's a look at how the key commodities are likely to perform in today's trade:
Bullion counter: Gold can take support near Rs 30,050 and can face resistance near Rs 30,350 in MCX. Meanwhile, silver can skid to Rs 39,050 while facing resistance near Rs 39,500, says SMC Global Securities.
Crude oil, natural gas: Crude oil can find relief near Rs 4,750 while upside is likely to be capped at Rs 4,840 in MCX. Natural gas may trade with sideways bias as it can take support near Rs 190 while it may face resistance near Rs 197 in MCX.
Base metals: Copper can trade on the mixed path as it can take support near Rs 415 while its upside will be capped near Rs 425.
Zinc can face resistance near Rs 180 and may slip to Rs 174 while lead can take support near Rs 148 and can face resistance near Rs 152.
Nickel can take support near Rs 955 while its upside will be capped near Rs 980.
Aluminium can face resistance near Rs 138 while it can take support near Rs 143 in MCX.
Agri commodities
Cotton futures (July) are expected to give a gap-up opening and trade higher towards Rs 23,000 - Rs 23,100 levels taking positive cues from the international market.
Guar seed (Oct) is expected to take support near Rs 4,110 levels, while guar gum (Oct) is likely to remain above Rs 8,600 levels.
Soybean futures (Oct) are expected to plunge further towards Rs 3,340 levels. Soybean meal demand in the domestic and international is said to be slow.
Chana futures (Aug) will trade on a bullish note, taking support near Rs 3,800 levels, the brokerage says.
Bullion counter: Gold can take support near Rs 30,050 and can face resistance near Rs 30,350 in MCX. Meanwhile, silver can skid to Rs 39,050 while facing resistance near Rs 39,500, says SMC Global Securities.
Crude oil, natural gas: Crude oil can find relief near Rs 4,750 while upside is likely to be capped at Rs 4,840 in MCX. Natural gas may trade with sideways bias as it can take support near Rs 190 while it may face resistance near Rs 197 in MCX.
Base metals: Copper can trade on the mixed path as it can take support near Rs 415 while its upside will be capped near Rs 425.
Zinc can face resistance near Rs 180 and may slip to Rs 174 while lead can take support near Rs 148 and can face resistance near Rs 152.
Nickel can take support near Rs 955 while its upside will be capped near Rs 980.
Aluminium can face resistance near Rs 138 while it can take support near Rs 143 in MCX.
Agri commodities
Cotton futures (July) are expected to give a gap-up opening and trade higher towards Rs 23,000 - Rs 23,100 levels taking positive cues from the international market.
Guar seed (Oct) is expected to take support near Rs 4,110 levels, while guar gum (Oct) is likely to remain above Rs 8,600 levels.
Soybean futures (Oct) are expected to plunge further towards Rs 3,340 levels. Soybean meal demand in the domestic and international is said to be slow.
Chana futures (Aug) will trade on a bullish note, taking support near Rs 3,800 levels, the brokerage says.