Gold was up 1.19 per cent while silver rose 4.31 per cent. Barring copper and lead, all base metal counters were trading with gains. Crude oil fell 2.27 per cent while its peer natural gas rose 0.71 per cent.
NCDEX Agridex, an agricultural futures index that tracks the performance of the ten liquid commodities, was down 0.29 per cent or 3.30 points at 1,148.15 led by cuts in chana and cottonseed oilcake.
Here is how SMC Global expects commodities to fare today:
Bullion: Bullion counters may continue to trade with bullish bias where gold may test Rs 50,900 and take support near Rs 50,100 while silver may trade with higher volatility where it may test Rs 6,800 and take support near Rs 66,900.
Base metals: Base metals may trade with a positive bias where copper can move towards Rs 619 and take support near Rs 615. Zinc may move towards Rs 224 and take support near Rs 221. Nickel may trade sideways with a bullish bias where it may take support near Rs 1,298 and resistance near Rs 1,315. Aluminum may move to Rs 168 while taking support near Rs 165.
Energy: Crude oil may trade with a bullish bias where support is seen near Rs 3,570 and resistance is seen near Rs 3,670. Natural gas may trade with higher volatility and trade with a bullish bias where resistance is seen near Rs 201 and support near Rs 195.
Spices: Turmeric futures (Apr) is expected to trade range bound within Rs 5,750-5,850, with a limited downside as the demand is intact. Jeera futures is continuously crashing down and is trading nearby the yearly low of Rs 12,750, being weighed by prospects of higher output this season. Dhaniya futures (Jan) may continue to witness a sell on rise and plunge towards Rs 5,800-5,750, facing resistance near Rs 6,000.
Oilseeds: Soybean futures (Jan) is expected to trade on a bullish note and test Rs 4,500, taking support near Rs 4,385. RM Seed futures (Apr) may witness consolidation in the range of Rs 5,400-5,550 with upside getting capped. We may see soy oil futures (Jan) can test Rs 1,125 and CPO futures (Jan) heading towards Rs 945.
Other commodities: Cotton futures (Dec) is expected to trade on a bullish note in the range of Rs 20,450-20,650 taking positive cues from the international market. Chana futures may witness a consolidation in the range of Rs 4,620-4,720, as the gains are being capped by rising acreage. Guar seed futures (Jan) will probably witness consolidation in the range of Rs 3,900-3,960, while guar gum futures (Jan) may trade sideways in the range of Rs 6,080-6,180.
