Commodity outlook: Gold may find going tough near Rs 31,850

NEW DELHI: Gold shook off its early morning weakness and rose marginally in futures market on Wednesday after demand from local jewellers picked up in the spot market.

MCX Crude oil vaulted nearly 3 per cent, tracking a positive trend in global markets.

MCX Gold was trading at Rs 31,779 per 10 grams, up by Rs 38, while silver ruled at Rs 39,410 per kg, up by Rs 73 around 11:30 am. Crude oil stood at Rs 3,569 per barrel, up Rs 95.

How are commodities placed today? The below outlook is based on the views of SMC Global.

Bullion: The bullion counter may witness a range-bound movement. Gold can find support near Rs 31,500 on MCX, but the upside will be capped near Rs 31,850. Silver can find support near Rs 39,100, with resistance near Rs 39,550.

Base metals: Base metal prices may witness low level buying as most base metals rose in early Asian trade on Wednesday, buoyed by a report that top metal consumer China would try to boost spending on autos and home appliances this year. Copper may recover towards Rs 413 while taking support near Rs 405 on MCX. Zinc can move sideways as it can face resistance near Rs 178 while it has support near Rs 173. Lead can take support near Rs 134 and can face headwinds near Rs 138. Nickel can witness further recovery as it can test Rs 795. Aluminium can hit a wall near Rs 132.50 and can take comfort near Rs 129.

Energy: Crude oil may trade in the green as global prices firmed up on Wednesday. Crude oil can face resistance near Rs 3,570 while it has support near Rs 3,400. Natural gas may open in the red as it can tumble lower towards Rs 205 on MCX.

Spices: Low level buying can be initiated near Rs 6,550 in turmeric futures (April), eyeing a target of Rs 6,750-6,850. It is expected that this counter would hold on to Rs 6,500 and the downside may remain restricted. Jeera futures (March) are expected to remain trapped in a consolidation zone in the range of Rs 16,720-17,050 and may trade with a downside bias. Coriander futures (April) can take support near Rs 6,500.

Oilseeds: Soybean futures (February) are looking bullish and can test Rs 3,650-3,700. Mustard futures (January) are likely to take support near Rs 3,935 and move higher to test Rs 3,960-3,970. CPO futures (January) are expected to trade with a downside bias and witness profit booking facing resistance near Rs 540. Soy oil futures (January) are expected to face resistance near Rs 745.

Other commodities: Cotton futures (January) on MCX are expected to find support near Rs 20,700 and may trade with an upside bias. Guar seed futures (February) may plunge towards Rs 4,200-4,150, while guar gum futures (February) will possibly plunge towards Rs 8,200 level. Chana futures (March) are likely to witness correction towards Rs 4,250.

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