Gold fell 0.31% while silver fell 0.11%. With the exception of aluminum which fell 0.23%, all base metals were trading higher. Crude oil advanced 0.22% and comparable natural gas fell 1.28%.
NCDEX Agridex, an agricultural futures index that tracks the performance of ten liquid commodities, rose 0.54 percent or 6.55 points to 1,203.45, led by gains in guar gum and guar seed.
Here’s how SMC Global expects the products to sell today:
Ingots: Bullion counters can continue to trade in a range where gold can test Rs 51,300 and take support near Rs 50,800 while silver can trade with higher volatility where it can test Rs 62,700 and take a support near Rs 61,500.
Base Metals: Base metals may continue to trade sideways with a bullish bias but a correction is expected from higher levels where copper may move towards Rs 530 and take support near Rs 525. Zinc May move towards Rs 204 and take support near Rs 201. Lead can move towards Rs 151 while taking support near Rs 148. Nickel can trade sideways with a bullish bias where it can take support near of Rs 1.135 and resistance near Rs 1.158. Aluminum can move towards Rs 156 while taking support near Rs 153.
Energy: Crude Oil may continue to trade with a bearish bias where support is seen near Rs 2,650 and resistance is seen near 2790. Natural gas may trade with higher volatility and may extend the bullish rally where resistance is seen near 243 and support near 237.
Spices: Turmeric futures (November) are expected to continue lowering towards Rs 5,700-5,650. Jeera futures (November) are expected to trade sideways to reach Rs 14,400 to Rs 14,600 Futures contracts on Dhaniya (November) are likely to drop and test Rs 6,550-6,500.
Oilseeds: Soybean futures (November) taking support near Rs 4,185, are expected to trade higher towards Rs 4,250. RM seed futures (November) may continue to see the uptrend s ‘expand to Rs 6,250-6,300. Soybean oil futures (November) are expected to be in the range of Rs 965-975, while CPO futures (November) could trade with an upward bias of the order of Rs 820 to 830.
Others products: Cotton futures (November) could see purchases below near Rs 19,350 and the rise could come back to Rs 19,600. Chana futures (November) are expected to drop to Rs 5,150-5,100 . Castor seed futures (November) look bullish as they may test Rs 4,550-4,600