NEW DELHI: Crude oil counters saw short covering as it jumped in Wednesday’s session while gold and silver also bounced back and traded with gains.
Crude oil added 5.57 per cent to Rs 1,061 while its peer natural gas dropped 0.40 per cent to Rs 149. Gold and silver gained up to 0.5 per cent.
“MCX Crude Oil May contract prices managed to close above 1,000 mark which signifies some weariness to marginal consolidation. Crude oil could trade in a range 850-1150 levels,” said Sriram Iyer, Senior Research Analyst, Reliance Securities.
Here is how SMC Global expects commodities to trade today:
Bullion: Bullion counters can remain on a positive path. Gold can move towards Rs 46,300 while taking support near Rs 45,800 while silver may move towards Rs 42,700 while taking support near Rs 42,000.
Base metals: Base metals may witness further upside momentum. Copper (May) can move towards Rs 412 while taking support near Rs 400. Zinc (May) can move towards Rs 154 by taking support near Rs 150. Lead (May) can move towards Rs 135 while taking support near Rs 131. Nickel (May) can improve towards Rs 970 while taking support near Rs 920. Aluminum (May) can remain in range of Rs 130-135.
Energy: Crude oil may witness short covering at lower levels. It can recover towards Rs 1,200 while taking support near Rs 900. Natural gas (May) can test Rs 152 by taking support near Rs 147.
Spices: Turmeric futures (May) is likely to take support near Rs 5,350 and witness recovery towards Rs 5,500. The correction in cardamom futures (May) is expected to deepen further and it may plunge to test Rs 1,700-1,650. Dhaniya futures (May) is likely to witness a consolidation in the range of Rs 5,850-5,950. Jeera futures (May) will probably face resistance near Rs 13,850 and the upside may remain capped.
Oilseeds: Soybean futures (May) may stabilize in the range of Rs 3,790-3,860 as it will trade with an upside bias. In mustard futures (May) buying on dips would be suggested at Rs 4,115, eyeing an upside to Rs 4,180-4,200. Soy oil futures (May) is expected to witness an upside momentum towards Rs 788-795, while CPO futures (May) might witness a consolidation in the range of Rs 592-605.
Other commodities: Cotton futures (Apr) is likely to remain below Rs 16,450 and trade with a downside bias. Castor seed futures (May) is likely to take support near Rs 3,775 and the downside may remain capped. The probabilities are higher that Chana futures (May) will witness profit booking facing resistance near Rs 4,270.