Gold fell 0.47 per cent while silver dipped 0.42 per cent. Base metals were mixed with zinc slipping but aluminium, lead and nicked trading in the green. Meanwhile, crude oil added 0.38 per cent and its peer natural gas was up 3.03 per cent.
NCDEX Agridex, an agricultural futures index that tracks the performance of the ten liquid commodities, was up 0.24 per cent or 2.60 points at 1,086.55 led by gains in soya oil and mustard seed.
Here is how SMC Global expects commodities to fare today:
Bullion: Bullion counters may pause the rally and post some correction where gold may test Rs 50,800 and facing resistance near Rs 53,480 while silver may test Rs 62,300 and facing resistance near Rs 69,580.
Base metals: Base metals may trade sideways with a bearish bias. Copper can move towards Rs 508 and is facing resistance near Rs 518. Zinc may move towards 186 and face resistance near Rs 192. Lead can move towards Rs 156 while taking support near Rs 151. Nickel may trade with bullish bias where it may take support near Rs 1,050 and resistance near Rs 1,098. Aluminum may move towards Rs 149 while taking support near Rs 144.
Energy: Crude oil may trade sideways with a bullish bias where it may take support near Rs 3,080 and resistance is seen near Rs 3,290. Natural gas correction seems completed may again bounce towards resistance where resistance is seen near Rs 165 taking support near Rs 154.
Spices: Turmeric futures (Sept) is expected to consolidate in the range of Rs 5,800-5,950. Jeera futures (Sept) is likely to trade higher towards Rs 14,400-14,500, taking support near Rs 14,070. Dhaniya futures (Sept) will probably trade higher towards Rs 6,775-6,825, taking support near Rs 6,600.
Oilseeds: Soybean futures (Sept) is expected to trade sideways in the range of Rs 3,690-3,750. Mustard futures is trading almost close to is life-time high of Rs 5,192 witnessed in the year 2015. Soy oil (Sept) is expected to trade sideways to up in the range of Rs 853-865, while CPO (Aug) will possibly trade with an upside bias in the range of Rs 735-750.
Other commodities: Cotton futures (Aug) is expected to trade sideways in the range of Rs 16,250-16,500. Chana futures (Sept) is showing an uptrend and this shall extend till Rs 4,280- 4,300, taking support near Rs 4,220. Guar complex are looking bullish as sowing areas have reduced in Rajasthan due to lack of sufficient rains. The September contracts of both the counters are likely to take support near Rs 4,000 and Rs 6,385, respectively.
