NEW DELHI: Crude oil prices eased in global markets on Tuesday on record Saudi oil output, whereas gold prices inched lower, as investors eyed clues from the US FOMC minutes regarding interest rate hikes.
US President Donald Trump’s comment that quashed hopes of trade truce between the US and China also hit the sentiment.
In domestic futures market, gold, silver and crude oil were trading mixed.
We get you projections on commodities from various brokerages. Take a look:
SMC Global on bullion, metals and energy
Bullion: Gold may trade with sideways to weak bias as prices inched lower as the dollar steadied amid fears of a slowdown in global economic growth and increasing pessimism due to a likely worsening of US-China trade dispute ahead of the G20 meet. Gold can take support near Rs 30,400 and can face resistance near Rs 30,650 in MCX. MCX Silver can take support near Rs 35,800 and can face resistance near Rs 36,300.
Base metals: Base metals prices may trade with sideways bias. Copper can face resistance near Rs 435 and can take support near Rs 425. Zinc can face resistance near Rs 183 and support near Rs 178. Lead can take support near Rs 135 and can face resistance near Rs 138. Nickel can take support near Rs 755 while its upside will be capped near Rs 775. Aluminium can take support near Rs 136 level while it has a resistance near Rs 138.
Energy: Crude oil may trade with a negative bias. Crude oil can take support near Rs 3,600 and resistance near Rs 3,750 in MCX. Natural gas (December) may trade sideways as it can move in the range of Rs 295-320 in MCX.
Geojit Financial Services on agri commodities
Jeera December NCDEX: Prices have been consolidating above the trend channel support of Rs 19,000. If it stabilises above the same, the commodity could exhibit a bounce back to Rs 19,520/19,600 or even higher to Rs 19,800. However, dips below Rs 19,000 could trigger a major correction in the near term.
Soybean December NCDEX: Prices slumped from Rs 3,426 levels in the last trading session but managed to settle above the trend channel support running through Rs 3,330 region. If the commodity holds it, it could see short covering rallies to Rs 3,380/3,410 regions. On the other side, a slip below Rs 3,330 could drag prices lower to Rs 3,280/3,250 levels in the immediate run.
Cardamom December MCX: If prices are able to hold the support of Rs 1,490, it could extend upside moves towards Rs 1,525/1,535 levels.
Turmeric December NCDEX: Inability to move above Rs 6,665 could drag prices lower to Rs 6,340/6,210 levels.
Dhaniya December NCDEX: As prices broke the trend line support placed at Rs 6,420, it could see a profit booking towards Rs 6,100/6,000 level.
Guarseed10 December NCDEX: Inability to move above 4500 could drag the prices lower to Rs 4,200/4,150.
Guargum5 December NCDEX: While prices tails below Rs 9,000, it could exhibit a profit booking to Rs 8,600/8,480.
Chana December NCDEX: A choppy trading session is more anticipated for the day.
Refined Soy oil December NCDEX: Successful trades below Rs 720 could drag prices lower to Rs 714/710.