Crude oil prices may also move south as the commodity prices fell in the global markets on strong US production.
Gold prices are expected to remain in the negative territory in futures trade on Thursday amid weak global sentiment.
Crude oil prices may also move south as the commodity prices fell in the global markets on strong US production.
Bullion: Global gold prices on Thursday touched their lowest this year, and were on course for a fourth straight weekly decline. On MCX, Gold may trade with downside bias in the range of Rs 31,350-31,570 while silver may trade sideways in the range of Rs 36,890-37,380.
Energy: Crude oil may take support near Rs 4,300 while facing resistance near Rs 4,480 on MCX. Natural gas may witness selling pressure and it can test Rs 170 on MCX.
Spices: Turmeric futures (May) are expected to consolidate in the range of Rs 6,250-6,450 levels. Jeera futures (May) is likely to rally towards Rs 16,900. Coriander futures (May) is likely to take support near Rs 7,050.
Other commodities: Cotton futures (April) would probably trade in the range of Rs 22,100-22,400 levels. Chana futures (May) are expected to remain stable in the range of Rs 4,470-4,560, hence lower level buying is recommended. It may take support near Rs 4,475. Guar seed & Guar gum futures (May) are likely to trade with a downside bias to test Rs 4,290 and Rs 8,650 levels, respectively.
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| Commodity Outlook |
Crude oil prices may also move south as the commodity prices fell in the global markets on strong US production.
Bullion: Global gold prices on Thursday touched their lowest this year, and were on course for a fourth straight weekly decline. On MCX, Gold may trade with downside bias in the range of Rs 31,350-31,570 while silver may trade sideways in the range of Rs 36,890-37,380.
Energy: Crude oil may take support near Rs 4,300 while facing resistance near Rs 4,480 on MCX. Natural gas may witness selling pressure and it can test Rs 170 on MCX.
Spices: Turmeric futures (May) are expected to consolidate in the range of Rs 6,250-6,450 levels. Jeera futures (May) is likely to rally towards Rs 16,900. Coriander futures (May) is likely to take support near Rs 7,050.
Other commodities: Cotton futures (April) would probably trade in the range of Rs 22,100-22,400 levels. Chana futures (May) are expected to remain stable in the range of Rs 4,470-4,560, hence lower level buying is recommended. It may take support near Rs 4,475. Guar seed & Guar gum futures (May) are likely to trade with a downside bias to test Rs 4,290 and Rs 8,650 levels, respectively.
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