NEW DELHI: Healthy buying in riskier equities kept
on edge on Monday.
However, it took some comfort from dollar’s weakness against its global peers.
Oil prices rose, adding to gains in the first quarter when the major benchmarks posted their biggest increases in nearly a decade. Concerns about supplies outweigh fears of a slowing global economy, Reuters reported.
Here’s a quick check of projections of various commodities by SMC Global Securities.
Bullion: Bullion counter may trade sideways to a negative path. It can dip lower and test Rs 31,800, facing resistance near Rs 32,100. Silver can also dip lower and test Rs 37,500, facing resistance near Rs 37,900.
Base metals: Base metal prices may trade sideways to a positive path. Copper may recover towards Rs 455, taking support near Rs 440 in MCX. Zinc (April) can test Rs 224, taking support near Rs 219. Lead can move in the range of Rs 139-141. Nickel may recover towards Rs 925 while taking support near Rs 895. Aluminium prices may trade in the range of Rs 148-151.
Crude oil may recover towards Rs 4,250, taking support near Rs 4,150 in MCX. Natural gas may witness lower level buying and it can test Rs 192, taking support near Rs 185 in MCX.
Turmeric futures (April) is expected to remain stuck in the range of Rs 6,030-6,130 levels. Jeera futures (April) will possibly witness a rise for the fourth consecutive week to test Rs 15,900 level. Coriander futures (April) is in overbought zone, still, it may maintain its upside bias, taking support near Rs 6,550 level.
Oilseeds: A consolidation can be seen in soybean futures (April) in the range of Rs 3,650-3,710. More correction in soy oil futures (April) is possible and it can run down to Rs 725 levels. In days to come, more selling may be seen in CPO futures (April) and if it breaks the support at Rs 524, then Rs 520 will be achieved. Mustard futures (April) is expected to trade with an upside bias towards Rs 3,770 level, taking support in the range of Rs 3,735.
Other commodities: The trend of cotton futures (April) has reversed to bearish after last week’s steep correction and it may see more downside to the level of 20,900. The gains in chana futures (April) may get restricted from here on and it may face resistance near Rs 4,365 level. Guar seed, as well as Guar gum futures (April), are looking bullish and they can reach Rs 4,400 and Rs 8,900 levels, respectively.