Most agri commodities drifted lower on Tuesday weighed down by slowdown worries. The International Monetary Fund cut India’s growth outlook in the current fiscal to 4.8 per cent, 20 basis points lower than government estimates.

Baring chanda and coriander, that advanced 0.3 and 0.14 per cent, all commodities on NCDEX slipped in early trade. Cotton seed oilcake and refined soya oil were down 1 per cent each.

Among metals and energy pack, crude oil and natural gas were trading with minor cuts while nickel, copper and zinc sipped around 0.5 per cent each.

Here is how SMC Global expects commodities to trade today:

Bullion: Bullion counters may trade on the upside. Gold can recover towards Rs 40,250 while taking support near Rs 39,900, while silver can test Rs 47,200 while taking support near Rs 46,700.

Base metals: Base metals may trade with a weak bias. Copper may dip towards Rs 450 while facing resistance near Rs 454. Zinc can recover towards Rs 184 while taking support near Rs 181. Lead may trade with a sideways bias facing resistance near Rs 153 and support near Rs 150. Nickel may remain on a weaker bias, testing Rs 1,015 while facing resistance near Rs 1,030. Aluminium may recover towards Rs 142 while taking support near Rs 139.

Energy: Crude oil may witness lower-level buying. It can recover towards Rs 4,230 while taking support near Rs 4,140. Natural gas can dip lower towards Rs 134 while facing resistance near Rs 140 on unfavorable weather and less demand.

Spices: Turmeric futures (Mar) are expected to trade with a downside bias and test Rs 6,100-6,050 if it breaks Rs 6,180. Jeera futures (Mar) may trade fall further and test Rs 14,800-14,700. Dhaniya futures (Apr) are expected to trade sideways in the range of Rs 6,850-7,100.

Oilseeds: Soybean futures (Feb) may continue to witness correction on every pull back and face resistance near Rs 4,260. Mustard futures (Feb) are expected to fall for the third consecutive week and test Rs 4,255-4,235. CPO futures (Feb) are expected to remain below Rs 806, while soy oil futures (Feb) will probably face resistance near Rs 905.

Other commoditiesṣ: Cotton futures (Jan) will possibly remain stable in the range of Rs 19,600-19,800. Chana futures (Mar) may fall further to test Rs 4,050. Mentha oil futures (Jan) may go down further to test Rs 1,250-1,240.

Source

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