Gold prices are likely to remain subdued in futures trade on Wednesday as the safe-haven metal declined in global markets amid a rise in equities and the US dollar.
Crude oil may also experience some pressure as the commodity eased in global markets after a surprise rise in the US crude stockpiles.
Bullion: As per the brokerage, bullion counter may trade on a volatile path. It may test Rs 32,400 while taking support near Rs 32,100. Silver can test Rs 37,700 while taking support near Rs 37,300.
Base metals: Base metals may witness some short covering at lower levels, the brokerage said. Copper may test Rs 430 while taking support near Rs 420 on MCX. Zinc can test Rs 215 while taking support near Rs 211. Lead can trade in the range of Rs 125-129. Nickel may test Rs 855 while taking support near Rs 820. Aluminium prices may test Rs 151 while taking resistance near Rs 147.
Energy: Crude oil may take support near Rs 4,300 while facing resistance near Rs 4,380. Natural gas may face resistance near Rs 188-189 and can slip lower towards Rs 184.
Other commodities: Cotton futures (May) may see a recovery to Rs 21,200-21,300, taking support near Rs 20,520. The June contracts of chana futures are expected to rally further towards Rs 4,580-4,600, taking support near Rs 4,490. Guar seed futures (June) is expected to trade with a positive bias in the range of Rs 4,460-4,520 while guar gum futures (June) may consolidate in the range of Rs 8,970-9,100 levels.
Crude oil may also experience some pressure as the commodity eased in global markets after a surprise rise in the US crude stockpiles.
Bullion: As per the brokerage, bullion counter may trade on a volatile path. It may test Rs 32,400 while taking support near Rs 32,100. Silver can test Rs 37,700 while taking support near Rs 37,300.
Base metals: Base metals may witness some short covering at lower levels, the brokerage said. Copper may test Rs 430 while taking support near Rs 420 on MCX. Zinc can test Rs 215 while taking support near Rs 211. Lead can trade in the range of Rs 125-129. Nickel may test Rs 855 while taking support near Rs 820. Aluminium prices may test Rs 151 while taking resistance near Rs 147.
Energy: Crude oil may take support near Rs 4,300 while facing resistance near Rs 4,380. Natural gas may face resistance near Rs 188-189 and can slip lower towards Rs 184.
Other commodities: Cotton futures (May) may see a recovery to Rs 21,200-21,300, taking support near Rs 20,520. The June contracts of chana futures are expected to rally further towards Rs 4,580-4,600, taking support near Rs 4,490. Guar seed futures (June) is expected to trade with a positive bias in the range of Rs 4,460-4,520 while guar gum futures (June) may consolidate in the range of Rs 8,970-9,100 levels.
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