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Commodity outlook: Gold may stay weak; cardamom futures likely to rally

Gold and silver were trading on a flat note in morning deals on Wednesday. Oil prices slipped after an industry group reported that US crude inventories rose last week, defying analyst expectations for a significant reduction.

Here’s a lowdown on how key commodities are likely to fare today:

Gold and silver: Nirmal Bang Commodities expects gold prices to trade below Rs 29,800. The brokerage says the gold prices may test Rs 29,500. On the other hand, silver prices might pullback till Rs 38,850-39,000. Prices should trade sideways within Rs 38,000 -39,000.

Base metals: Industrial metals were trading higher on international bourses today. Nirmal Bang Commodities believes that prices are likely to trade range bound to higher for the day, specifically zinc as it tracked Tuesday’s gains in London, where zinc inventories have fallen for six straight days.

Crude Oil: The brokerage house expects prices of crude oil to trade range bound to lower for the day, after an industry group reported that US crude invento rose last week, defying analyst expectations for a significant reduction.

Spices: According to SMC Global Securities, turmeric futures (August) are likely to trade with upside bias in the range of Rs 7,000-7,250. Jeera futures (August) may trade sideways with upside bias in the range of Rs 18,650-19,000 levels. Cardamom futures (August) are expected to trade with a bullish bias and test Rs 1,130 levels.

Oil seeds: Soybean futures (October) may move in the range of Rs 3,300-3470 levels, according to SMC. Spot soybean traded mostly flat at the key markets of Madhya Pradesh and Maharashtra amid limited demand against thin supply. CPO futures (August) are expected to face resistance at Rs 610. Malaysian palm oil futures edged down slightly at the close of trade on Tuesday, tracking overnight losses in soyoil, but remained largely range-bound as a weaker ringgit offset losses.

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