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commodity-update

Mentha oil may edge up, natural gas trade sideways

Bullion counter may witness some short covering while base metals counter are likely to witness lower level buying on Friday.

Here’s a look at the how the key commodities are likely to trade in Friday’s session –

Bullion counter: Gold can take support near Rs 30,450 and face resistance near Rs 30,850 in MCX. Meanwhile, silver can take support near Rs 39,150 and can face resistance near Rs 39,850, says SMC Global Securities.

Crude Oil, Natural Gas: Crude oil can face resistance near Rs 4,560 and can ake support near Rs 4,450 in MCX. Natural gas can trade with sideways bias as it can face resistance near Rs 204 and take support near Rs 197.

Base metals: Nickel may trade with upside bias as it can take support near Rs 1,010 and head towards Rs 1,030. Aluminium may witness short covering as it can take support near Rs 148 and resistance near Rs 151 in MCX.

Agri commodities: Mentha oil (June) is expected to trade higher and test Rs 1,190-Rs 1,200 levels. Guar seed futures (July) is expected to trade sideways in the range of Rs 3,625- Rs 3,685 levels and guar gum futures (July) is likely to trade above Rs 7,505 levels.

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