Global crude oilNSE -2.37 % prices fell on Friday on weak demand outlook as well as on the concerns that rising US crude output may offset any impact of Opec supply cuts.
On the other hand, gold steadied as weak global growth outlook gave a leg up to the demand of safe-haven metal, but dollar's rise capped the gains of the yellow metal.
Bullions: Bullion counter may trade sideways. The precious metal can take support near Rs 31,800 but may face resistance near Rs 32,200. Silver is likely to find support near Rs 37,900, facing resistance near Rs 38,300.
Base metals: Base metal prices may trade sideways. Copper may take support near Rs 450, facing resistance near Rs 458 in MCX. Zinc can test Rs 191, facing resistance near Rs 195. Lead can dip further towards Rs 145. Nickel can test Rs 915, facing resistance near Rs 930. Aluminium may trade in the range of Rs 143-145.
Spices: Turmeric futures (April) is likely to trade with an upside bias and may test Rs 6,450-6,500 levels. Jeera futures (March) is likely to witness consolidation in the range of Rs 15,300-15,500 levels. Coriander futures (April) is expected to trade higher and may test Rs 6,300-6,350.
Oilseeds: Soybean futures (March) is likely to face resistance near Rs 3,695 and the upside may remain capped. CPO futures (March) may witness a decline towards Rs 535 due to oversupply in the domestic market. Mustard futures (April) is expected to trade higher and may test Rs 3,840.
Other commodities: Cotton futures (March) is likely to witness correction towards Rs 20,700, taking negative cues from the international market. Chana futures (March) may face resistance near Rs 4,175 amid slackened trade and new arrivals.
On the other hand, gold steadied as weak global growth outlook gave a leg up to the demand of safe-haven metal, but dollar's rise capped the gains of the yellow metal.
Bullions: Bullion counter may trade sideways. The precious metal can take support near Rs 31,800 but may face resistance near Rs 32,200. Silver is likely to find support near Rs 37,900, facing resistance near Rs 38,300.
Base metals: Base metal prices may trade sideways. Copper may take support near Rs 450, facing resistance near Rs 458 in MCX. Zinc can test Rs 191, facing resistance near Rs 195. Lead can dip further towards Rs 145. Nickel can test Rs 915, facing resistance near Rs 930. Aluminium may trade in the range of Rs 143-145.
Spices: Turmeric futures (April) is likely to trade with an upside bias and may test Rs 6,450-6,500 levels. Jeera futures (March) is likely to witness consolidation in the range of Rs 15,300-15,500 levels. Coriander futures (April) is expected to trade higher and may test Rs 6,300-6,350.
Oilseeds: Soybean futures (March) is likely to face resistance near Rs 3,695 and the upside may remain capped. CPO futures (March) may witness a decline towards Rs 535 due to oversupply in the domestic market. Mustard futures (April) is expected to trade higher and may test Rs 3,840.
Other commodities: Cotton futures (March) is likely to witness correction towards Rs 20,700, taking negative cues from the international market. Chana futures (March) may face resistance near Rs 4,175 amid slackened trade and new arrivals.
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