Traders may cover crude oil short bets
Crude oil NSE 0.19 % may see participants cover their short bets and agri commodities are expected to throw up a mixed scenario on Thursday.
Where are key commodities headed todayRupee
Bullion: MCX Gold has immediate resistance at Rs 29,750-29,850 whereas supports are placed at Rs 29,520-29,450. The breach below Rs 29,520 would be negative for the metal, said brokerage Motilal OswalNSE -2.30 % in its daily report.
MCX Silver: The metal has immediate supports at Rs 36,620-36,400 whereas Rs 36,850-37,000 may act as stiff resistance points. Selling on rise is advised, the brokerage said.
Base metals: Copper can take support near Rs 409 while its upside will be capped near Rs 417.
Zinc can face support near Rs 170 and resistance near Rs 176. Lead’s equivalent figures are Rs 137 and Rs 142.
Nickel can take support near Rs 930 while its upside will be capped near Rs 960.
Aluminium can go higher and take comfort near Rs 142. It may run into a rough patch near Rs 145.25 on MCX, said SMC Global Securities in its daily report.
Crude oil, natural gas: Crude oil may witness short covering with some cushion near Rs 4,665 and a likely hurdle near Rs 4,800-4,850 on MCX.
Natural gas may be in the red as it can draw support from Rs 204 and hit a wall near Rs 209.
Agri commodities: Soybean futures (October) are expected to move with a negative bias and likely to break support near Rs 3,300 levels and extend the downfall towards Rs 3,280.
The short covering in turmeric futures (September) may remain capped with a likely barrier near Rs 7,090 due to sluggish demand prevailing in the spot markets.
Chana futures are expected to face headwinds near Rs 4,354-4,400 levels and the upside may remain limited.