Gold prices jumped in futures trade on Monday as a sharp selloff in equities raised the demand for gold as a safe-haven metal .
Rupee's weakness against the US dollar, an uptick in demand by jewellers at spot markets and positive global cues, too, helped gold to climb higher.
Crude oilNSE 0.67 % was also trading higher after the commodity rose in global markets. As per Reuters, oil rose on concerns that Iran's seizure of a British tanker last week may lead to supply disruptions in West Asia and after Libya reported the shut down of its largest oil field.
How will commodities fare in the domestic futures trade today? Here is a quick check on projections of various commodities by brokerage SMC Global Securities.
Bullion: Gold can take support near Rs 35,000 while it has resistance near Rs 35,300. Silver can take support near Rs 40,700 and face resistance near Rs 41,400.
Base metals: Base metals may trade on an upside path. Copper may move higher towards Rs 462, taking support near Rs 454. Zinc can test Rs 194, taking support near Rs 190. Lead may take support near Rs 150, facing resistance near Rs 156, while nickel may move lower towards Rs 1,085, facing resistance near Rs 1,025. Aluminium may test Rs 144, taking support near Rs 142.
Oilseeds: Soybean futures (Aug) is sending mixed signals to the market participants from the last four weeks by facing resistance near Rs 3,700 levels while taking support near Rs 3,540 level. Since the last six weeks, mustard futures (Aug) is closing below the resistance near Rs 3,970, while giving respect to the support level of Rs 3,885. Soy oil futures (Aug) is expected to trade with a positive bias in the range of Rs 725-731, while CPO futures (Aug) may witness a rise towar ..
Other commodities: Cotton futures (July) will probably take support near Rs 21,420 and trade with a positive bias towards Rs 21,850 levels. Paddy (Basmati) – Pusa 1121 futures (Aug) is likely to trade with a downside bias facing resistance near Rs 4,080 level. Castor seed futures (Aug) is expected to take support for the third consecutive week near Rs 5,545. It may make an attempt to breach the resistance near Rs 5,620 to test Rs 5,800 level.
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