Commodity outlook: How oil, gold, agri commodities may trade in Monday's session

Rupee's sharp rise against the US dollar dented the yellow metal.

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MCX Gold may test Rs 31,200, facing resistance near Rs 31,600.
NEW DELHI: Gold suffered a strong loss in futures trade on Monday as strong gains in riskier equities made investors avoid bets in safe-haven metal.

Rupee's sharp rise against the US dollar also dented the yellow metal.

On the other hand, crude oil traded with mild gains in the futures market, taking support from the rise in the commodity prices in the global markets.


Here is a quick check on projections of various commodities by brokerage SMC Global Securities.

Bullion: MCX Gold may test Rs 31,200, facing resistance near Rs 31,600, while MCX Silver can test Rs 36,000, facing resistance near Rs 36,500.

Base metals: Base metals may trade with a weak bias on the stronger rupee. Copper may face resistance near Rs 430 and it may dip to test Rs 418 on MCX. Zinc can test Rs 210, facing resistance near Rs 216. Lead may test Rs 125, taking resistance near Rs 128. Nickel may test Rs 870, taking support near Rs 830. Aluminium prices may test Rs 145, taking resistance near Rs 152.
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Energy: Crude oil may take support near Rs 4,350 and face resistance near Rs 4,480. Natural gas may test Rs 180, facing resistance near Rs 188.

Spices: The bullishness is likely to prevail in turmeric futures (June) and the counter is expected to rally towards Rs 7,300-7,350 levels. Jeera futures (June) may move forward and test Rs 18,100-18,200, taking support near Rs 17,590. Cardamom futures (June) may rise to Rs 2,400-2,450 levels. Coriander futures (June) is expected to trade on a bullish note and may test its previous high of Rs 7,675. Going ahead, if it sustains above this level, it may further rise to Rs 7,800.

Oilseeds: Soybean futures is expected to trade with a positive bias. The June contract is likely to take support near Rs 3,680 and the downside may remain capped. Soy oil futures (June) is expected to see the level of Rs 740-742, taking support near Rs 735, while CPO futures (June) will remain steady in the range of Rs 525-530 levels. Mustard futures (June) is expected to soar towards Rs 3,950-3,970.

Other commodities: The fear of escalating trade war will continue to keep the upside capped of cotton futures on the domestic bourse. The May contract is expected to witness a consolidation in the range of Rs 21,150-21,400 levels. Guar seed futures (June) is likely to witness selling pressure and may plunge towards Rs 4,350-4,335, while guar gum futures (June) is expected to witness correction towards Rs 8,745-8,700 levels.
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