All metal and energy counters in the domestic market on Tuesday traded with gains as speculations of relief measures were rife.
Crude oil continued its rally and jumped 1.81 per cent to Rs 3493 on news that
OPEC may cut production. Gold gained 0.20 per cent and Silver 0.82 per cent.
Base metals also advanced 0.3-0.5 per cent.
Here is how SMC Global expects commodities to fare today:
Bullion: Bullion counters can witness positive gains. Gold (Apr) can recover towards Rs 42,100 while taking support near Rs 41,700 while silver (May) can recover towards Rs 45,000 while taking support near Rs 44,200.
Base metals: Base metals may extend its gains on hope of stimulus measures from central banks amid coronavirus. Copper may move towards Rs 435 while taking support near Rs 425. Zinc can move towards Rs 160 while taking support near Rs 154. Lead may move sideways as it can take support near Rs 142. Nickel may move towards Rs 940 while taking support near Rs 930. Aluminium may dip lower as it can test Rs 137 while facing resistance near Rs 140.
Energy: Crude oil may extend yesterday’s gains as it can move towards Rs 3,570 while taking support near Rs 3,420. Natural gas can recover towards Rs 132 while taking support near Rs 124.
Spices: Turmeric futures (March) are expected to trade sideways to down in the range of Rs 5,825-6,040. Jeera futures (March) will possibly trade sideways to down facing resistance near Rs 13,635, while taking support near Rs 13,270. In days to come, the selling may intensify in coriander futures amid new crop arrivals and on expectations of higher production this year. This phenomenon can keep the prices pressurized and drag it to Rs 5,700-5,650.
Oilseeds: Soybean futures (March) by descending more than 11 per cent this month, has made a new contract low at Rs 3,650. Analyzing the growing numbers of infected patients, selling may
emerge in this counter which may drag the prices to Rs 3,630-3,600. Mustard futures (April) is seen plunging towards Rs 3,900-3,850, if breaks the support near Rs 3,930.
Other commodities: Cotton futures (Mar) may recover towards Rs 18,500-18,600, taking support near Rs 18,200. Chana futures (March) may witness a consolidation in the range of Rs 3,920-4,000. Guar seed futures (March) are likely to trade with a downside bias and test Rs 3,550-3,500, while the bearishness of guar gum (March) is expected to plunge to test Rs 5,800-5,750.