NEW DELHI: Barring energy counters all metal and bullion commodities traded with gains in morning trade on Tuesday as European leaders moved towards clearing a massive stimulus package.
Gold and silver rose up to 2 per cent while base metals such as copper, zinc, nickel and lead gained up to half a per cent. Crude oil was flat with negative bias while its peer natural gas slid 0.41 per cent.
NCDEX Agridex, an agricultural futures index that tracks the performance of the ten liquid commodities, was down 0.08 per cent or 0.85 point at 1,055.60 thanks to losses in cottonseed oilcake and mustard seed.
Here is how SMC Global expects commodities to fare today:
Bullion: Bullion counters may extend its bullish rally where gold may test Rs 49,450 and take support near Rs 48,600 while silver may test Rs 54,800 and take support near Rs 53,400.
Base metals: Base metals may trade sideways with a bullish bias. Copper can move towards Rs 506 while taking support near Rs 497. Zinc may move towards Rs 178 and take support near Rs 173. Lead can move towards Rs 149 while taking support near Rs 145. Nickel correction seems to be completed now we further witness bounce in the counter where it may take support near Rs 982 and resistance near Rs 1,016. Aluminum may move towards Rs 134 while facing resistance near Rs 138.
Energy: Crude oil may trade sideways with a bullish bias where it may take support near Rs 2,980 and resistance is seen near Rs 3,170. Natural gas may bounce towards resistance Rs 127 taking support near Rs 118.
Spices: Turmeric futures (Aug) is expected to trade with a positive bias in the range of Rs 5,600- 5,750. Jeera futures (Aug) will probably witness lower level buying near Rs 14,200-14,300 and the upside may get extended towards Rs 14,500-14,600. Cardamom futures (Aug) is likely to witness an upside momentum towards Rs 1,450-1,470.
Oilseeds: Soybean futures (Aug) is expected to trade sideways to down in the range of Rs 3,780-3,820. Mustard futures (Aug) may continue to face resistance near Rs 4,800 and the upside may remain capped. Soy oil futures (Aug) & CPO futures (Aug), both may witness some profit booking from higher levels and trade in the range of Rs 842-852 and 708-716, respectively.
Other commodities: Cotton futures (July) is expected to witness consolidation in the range of Rs 16,150-16,280. Chana futures (Aug) is expected to trade with a bearish bias in the range of Rs 4,090-4,140. The trend of mentha oil futures (July) is bearish and in days to come, the downside may get extended towards Rs 950-945.