NEW DELHI: Gold showed signs of recovery in global markets on Wednesday whereas crude oilNSE 0.33 % came under pressure after data showed a larger-than-expected increase in the US crude stockpiles.
The yellow metal held steady on Wednesday after recovering from more than five-week low in the previous session, drawing support from choppy equities, while a stronger dollar capped gains, Reuters reported.
We bring you projections on various commodities by brokerage SMC Global Securities. Take a look.
Bullion: Bullion counter may trade sideways, tracking trends in global markets. MCX Gold can take support near Rs 32,100 and face resistance near Rs 32,400. Silver can test Rs 38,350, facing resistance near Rs 38,700.
Base metals: Base metal prices may move sideways with a weak bias except for nickel. Copper may test Rs 455, taking resistance near Rs 465 on MCX. Zinc can hover around Rs 195, facing resistance near Rs 199. Lead can move on a mixed path in the range of Rs 147-150. Nickel can also test Rs 970, taking support near Rs 950. Aluminium prices may trade in the range of Rs 144-148.
Spices: Turmeric futures (April) are likely to see a correction towards Rs 6,290-6,272, facing a hurdle near Rs 6,415 level. Jeera futures (March) are likely to witness an upside momentum and may test Rs 15,700-15,800, taking support near Rs 15,500. Coriander futures are expected to hover sideways in the range of Rs 6,150-6,250 levels.
Oilseeds: Soybean futures (March) are likely to face resistance near Rs 3,695 and the upside may remain capped. CPO futures may witness a decline towards Rs 545 due to oversupply in the domestic market. The downtrend in mustard futures (April) is expected to continue till Rs 3,780-3,750 levels.
Other commodities: A consolidation can be seen in cotton futures (March) in the range of Rs 20,720-20,920 levels. Chana futures (March) will possibly face resistance near Rs 4,135 amid slackened physical trade activity and new arrivals.
The yellow metal held steady on Wednesday after recovering from more than five-week low in the previous session, drawing support from choppy equities, while a stronger dollar capped gains, Reuters reported.
We bring you projections on various commodities by brokerage SMC Global Securities. Take a look.
Bullion: Bullion counter may trade sideways, tracking trends in global markets. MCX Gold can take support near Rs 32,100 and face resistance near Rs 32,400. Silver can test Rs 38,350, facing resistance near Rs 38,700.
Base metals: Base metal prices may move sideways with a weak bias except for nickel. Copper may test Rs 455, taking resistance near Rs 465 on MCX. Zinc can hover around Rs 195, facing resistance near Rs 199. Lead can move on a mixed path in the range of Rs 147-150. Nickel can also test Rs 970, taking support near Rs 950. Aluminium prices may trade in the range of Rs 144-148.
Spices: Turmeric futures (April) are likely to see a correction towards Rs 6,290-6,272, facing a hurdle near Rs 6,415 level. Jeera futures (March) are likely to witness an upside momentum and may test Rs 15,700-15,800, taking support near Rs 15,500. Coriander futures are expected to hover sideways in the range of Rs 6,150-6,250 levels.
Oilseeds: Soybean futures (March) are likely to face resistance near Rs 3,695 and the upside may remain capped. CPO futures may witness a decline towards Rs 545 due to oversupply in the domestic market. The downtrend in mustard futures (April) is expected to continue till Rs 3,780-3,750 levels.
Other commodities: A consolidation can be seen in cotton futures (March) in the range of Rs 20,720-20,920 levels. Chana futures (March) will possibly face resistance near Rs 4,135 amid slackened physical trade activity and new arrivals.
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