Gold rose 0.26 per cent while silver dropped 0.17 per cent. Base metal counters copper, zinc, nickel and lead dropped up to 1.2 per cent. Crude oil shed 0.77 per cent while its peer natural gas slid 1.19 per cent.
NCDEX Agridex, an agricultural futures index that tracks the performance of the ten liquid commodities, was down 0.07 per cent or 0.75 point at 1,064.10 thanks to losses in refined soya oil and cottonseed oilcake.
Here is how SMC Global expects commodities to fare today:
Bullion: Bullion counters may post correction from higher levels where gold may test Rs 49,900 and facing resistance near Rs 51,200 while silver may test Rs 58,700 and face resistance near Rs 62,500.
Base metals: Base metals may trade sideways with a bearish bias. Copper can move towards Rs 505 and face resistance near Rs 514. Zinc may move towards Rs 178 and take support near Rs 174. Lead can move towards Rs 145 while facing resistance near Rs 149. Nickel correction seems to be completed now we further witness bounce in the counter where it may take support near Rs 1,006 and resistance near Rs 1,045. Aluminum may move towards Rs 136 while facing resistance near Rs 140.
Energy: Crude oil may trade sideways with a bullish bias where it may take support near Rs 3,020 and resistance is seen near Rs 3,180. Natural gas may trade with bearish bias resistance Rs 137 taking support near Rs 127.
Spices: Turmeric futures (Aug) is expected to trade higher towards Rs 5,900-5,950. Jeera futures (Aug) will probably witness lower level buying near Rs 14,500 and the upside may get extended towards Rs 14,700-14,800. Cardamom futures (Aug) is likely to witness an upside momentum towards Rs 1,490-1,500.
Oilseeds: Soybean futures (Aug) is expected to trade sideways in the range of Rs 3,740-3,800. Mustard futures (Aug) may continue to consolidate in the range of Rs 4,750-4,810. Soy oil futures (Aug) and CPO futures (Aug), both may witness consolidation and trade with an upside bias in the range of Rs 848-860 and 735-745, respectively.
Other commodities: Cotton futures (July) is expected to witness consolidation in the range of Rs 16,000-16,200. Chana futures (Aug) is expected to trade higher towards Rs 4,160, taking support near Rs 4,125. The trend of mentha oil futures (July) is bearish and in days to come, the downside may get extended towards Rs 908-900.
