Metals and energy counters were trading mixed on domestic bourses on Thursday amid a virus scare in China that threatened world travel.

Crude oil was down 1.75 per cent to Rs 3,977, but its peer natural gas gained 1.1 per cent to Rs 137.40. Copper and nickel were down 0.27 per cent and 0.8 per cent, respectively. Zinc mini, meanwhile, edged 0.17 per cent higher.

Here is how SMC Global expects commodities to fare today:

Bullion: Bullion counters may witness some profit booking. Gold can dip towards Rs 39,600 while facing resistance near Rs 40,100. Silver can test Rs 45,600 while facing resistance near Rs 46,500.

Base metals: Base metals may trade with a weak bias. Copper may dip towards Rs 448 while facing resistance near Rs 455. Lead may trade sideways facing resistance near Rs 153 and support near Rs 150. Nickel may remain sideways as it can take support near Rs 990 and resistance near Rs 1,020. Aluminium may recover towards Rs 143 while taking support near Rs 138. Zinc can further dip towards Rs 178 while facing resistance near Rs 183.

Energy: Crude oil may witness selling pressure. It can dip towards Rs 3,850 while facing resistance near Rs 4,060. Natural gas can dip lower towards Rs 134 while facing resistance near Rs 143.

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 14,500-14,400. Dhaniya futures (Apr) are expected to trade sideways to downwards in the range of Rs 6,750-6,900.

Oilseeds: Soybean futures (Feb) may continue to witness correction towards Rs 4,100, facing resistance near Rs 4,190. Mustard futures (Feb) are expected to fall further and test Rs 4,175-4,160. CPO futures (Feb) are expected to consolidate in the range of Rs 785-805, while soy oil futures (Feb) will probably take support near Rs 869 and witness recovery till Rs 890-895.

Other commodities: Cotton futures (Jan) will possibly take support near Rs 19,600 and witness recovery till Rs 19,850-19,900 taking positive cues from the international market. Chana futures (Mar) may trade with a downside bias and test Rs 4,065-4,035 on the lower side. Mentha oil futures (Jan) may go down further to test Rs 1,220-1,210.

Source

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