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Commodity outlook: Crude oil, mustard seeds likely to trade higher

Bullion counter may trade flat on Tuesday while crude oil is likely to remain firm amid supply concerns.

Here’s a look at how key commodities are likely to fare in today’s trade:

Gold, silver: Gold is likely to take support near Rs 30,450 and move towards Rs 30,770 in MCX. Meanwhile, silver can take support near Rs 39,600 and may face resistance near Rs 40,100.

Base metals: Copper can take support near Rs 430 and face resistance near Rs 442.

Zinc can take support near Rs 184 and resistance near Rs 190 while lead can take support near Rs 158 and can face resistance near Rs 163, says SMC Global Securities.

Nickel may take support near Rs 955 and can face resistance near Rs 975.

Crude oil, natural gas: Crude oil can take support near Rs 5,020 and may face resistance near Rs 5,100 in MCX.

Natural gas may trade with sideways bias as it can take support near Rs 193 and resistance near Rs 197 in MCX.

Agri commodities

Soybean futures (July) is expected to consolidate in the range of Rs 3,500 – Rs 3,570 levels and trade with an upside bias.

Mustard seed futures (Aug) is expected to trade on a bullish note and test Rs 4,200 – Rs 4,225 levels.

Cotton futures (July) is expected to trade higher and test Rs 22,900 levels taking positive cues from the international as well as reports of lower sowing in the ongoing Kharif season, the brokerage says.

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