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NEW DELHI: Metal and energy counters on MCX traded mixed on Wednesday. At the same time, most agri commodities were trading with gains as the US said it was preparing a stimulus package.
Gold was up 0.59 per cent while silver rose 0.90 per cent. Barring nickel and zinc, all base metal counters were trading with cuts. Crude oil added 0.29 per cent while its peer natural gas rose 0.98 per cent.
NCDEX Agridex, an agricultural futures index that tracks the performance of the ten liquid commodities, was up 0.42 per cent or 4.80 points at 1,148.15 led by gains in refined soy bean oil and soy bean.
Here is how SMC Global expects commodities to fare today:
Bullion: Bullion counters may continue to trade with bullish bias where gold may test Rs 49,300 and take support near Rs 48,700 while silver may trade with higher volatility where it may test Rs 63,800 and take support near Rs 62,900.
Base metals: Base metals may trade with positive bias where copper can move towards Rs 604 and take support near Rs 598. Zinc may move towards Rs 222 and take support near Rs 218. Lead can move towards Rs 162 while taking support near Rs 158. Nickel trade with sideways to bullish bias where it may take support near Rs 1,304 and resistance near Rs 1,328. Aluminum may move to Rs 167 while taking support near Rs 164.
Energy: Crude oil may trade sideways with a bearish bias where support is seen near Rs 3,370 and resistance is seen near Rs 3,465. Natural gas may trade with higher volatility and trade with bullish bias where resistance is seen near Rs 198 and support near Rs 191.
Spices: Turmeric futures (Apr) is expected to consolidate in the range of Rs 5,820-5,880. Jeera futures (Jan) is expected to trade with a downside bias and witness a sell on rise, facing resistance at Rs 13,950. The upside momentum of dhaniya futures (Jan) may remain limited as it can face resistance near Rs 6,100.
Oilseeds: Soybean futures (Jan) may consolidate in the range of Rs 4,240-4,300. RM Seed futures (Jan) is expected to plunge further towards Rs 5,300-5,250. Soy oil futures (Jan) is expected to take support near Rs 1,045, while CPO futures (Jan) may take support near Rs 905.
Other commodities: Cotton futures (Dec) is expected to remain trapped in the range of Rs 20,180-20,300. We might see the January contract for chana taking support near Rs 4,650. Guar seed and guar gum futures (Jan) are expected to trade with a positive bias taking support near Rs 3,900 and Rs 6,050.