Crude oil was down 7.12 per cent to Rs 1,917 while natural gas gained 5.49 per cent to Rs 144. Meanwhile bullion counters, gold and silver saw profit booking as they fell 0.75 per cent and 1.65 per cent, respectively.
Here is how SMC Global expects commodities to fare today:
Bullion: Bullion counters can witness some profit booking at higher levels. Gold can move towards Rs 44,700 while taking resistance near Rs 45,400, while silver may dip towards Rs 43,000 while facing resistance near Rs 44,000.
Base metals: Base metals may witness some selling pressure at higher levels. Copper may dip towards Rs 384 while taking resistance near Rs 395. Zinc may dip towards Rs 146 by facing resistance near Rs 152. Lead may also dip towards Rs 133 while taking resistance near Rs 136. Nickel may also dip towards Rs 870 while taking resistance near Rs 885. Aluminum may remain in the range of Rs 132-137.
Energy: Crude oil may extend trade on a mixed path. It can face resistance near Rs 2,100 and support near Rs 1,950. Natural gas can bounce towards Rs 145 by taking support near Rs 130.
Spices: Turmeric futures (Apr) are expected to trade sideways in the range of Rs 5,700-5,830. Jeera futures (Apr) may witness a consolidation in the range of Rs 14,100-14,400. Coriander futures (April) may trade sideways in the broader range of Rs 6,030-6,230, with upside getting capped as the supply side is getting heavier as compared to demand. Cardamom futures (Apr) is expected to consolidate in the range of Rs 2,000-2,100.
Oilseeds: Soybean futures (April) are likely to trade sideways in the range of Rs 3,750-3,835. Mustard futures (April) are expected to take support near Rs 4,000, while face resistance near Rs 4,065. Soy oil futures (April) are expected to trade higher and test Rs 820-825, while CPO futures (April) are likely to move higher towards Rs 660-665.
Other commodities: The short covering in cotton futures (Apr) may face resistance near Rs 16,600 and upside may remain limited as fundamentals are still indicating a bearish trend. Castor seed futures (April) may remain below Rs 4,020 and trade with a downside bias as the exports of castor oil have been hit and are under the grip of coronavirus. There is a possibility that mentha oil (April) will face resistance near Rs 1,190.