is expected to remain stuck in a soft patch on Friday, in line with the global trend, as the US
Gold was on track for its first weekly decline in four weeks after its steepest fall in more than seven months in the previous session on a strong dollar, which eyed its strongest gain in three weeks.
Investors responded positively to a bounce in US Treasury yields. Some of the dollar’s peers were hit by dovish signals from their own central banks, Reuters reported.
On the other hand, supply cuts led by Opec pushed crude oil prices higher.
Here’s a quick take of SMC Global Securities on how various commodities will behave today.
Bullion: The bullion counter may show up with a negative bias. MCX Gold is expected to dip further and test Rs 31,500, with resistance near Rs 31,700. Silver can also go lower and test Rs 37,100, facing headwinds near Rs 37,500.
Base metals: Base metal prices may move sideways to a positive path. Copper may recover towards Rs 450, taking support near Rs 440. Zinc can draw support from near Rs 201, facing a hurdle near Rs 205. Lead can move in the range of Rs 138-140. Nickel may recover towards Rs 900. Aluminium prices may trade in the range of Rs 145-149.
Energy: Crude oil may hit a positive note and recover towards Rs 4,160, taking support near Rs 4,100. Natural gas may witness lower level buying and test Rs 194, taking support near Rs 187.
Spices: Turmeric futures (April) are likely to go sideways to upwards in the range of Rs 6,040-6,140. Jeera futures are likely to hit the skids near Rs 15,830 level with upside getting capped. Coriander futures are likely to trade with an upside bias, taking support near Rs 6,550, tracking key markets in Rajasthan, where prices rose due to higher demand from domestic stockists. Cardamom futures are expected to surge towards Rs 1,650-1,660 levels.
Oilseeds: Soybean futures are looking to break the Rs 3,700 level. Soy oil futures may witness consolidation in Rs 730-735 levels. The upside may remain capped owing to cheaper imports due to a stronger rupee and lower tariff rate for the second fortnight of March. CPO futures will possibly consolidate in the range of Rs 525-529 levels. Mustard futures are likely to take support near Rs 3,725 level and remain steady.
Other commodities: Cotton futures may plunge further to test Rs 21,140-21,000 levels. Chana futures are expected to trade on a steadier note in Rs 4,245-4,345 levels. Guar seed futures are expected to take support near Rs 4,280 level while guargum contracts may remain steady above Rs 8,650 level.