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Commodity outlook: Crude oil jumps; here is how others may fare


Crude oil continued bouncing back on Wednesday amid a brewing price war between Saudi Arabia and Russia. Gold and silver also gained as traders rushed to safe havens.

Crude oil was up 4.30 per cent to Rs 2,618 while gold and silver added 0.22 per cent and 0.77 per cent, respectively, on MCX. Base metals like nickel, copper and zinc also traded with gains of 0.2-0.8 per cent.

Here is how SMC Global expects commodities to trade today:

Bullion: Bullion counters can continue to remain sideways. Gold can move towards Rs 44,000 while taking support near Rs 43,500, while silver can rise towards Rs 46,800 while taking support near Rs 46,200.

Base metals: Base metals may remain on a firm path. Copper may move towards Rs 432 while taking support near Rs 425. Zinc can move towards Rs 158 while taking support near Rs 154. Lead may move sideways taking support near Rs 140 while facing resistance near Rs 145. Nickel may move towards Rs 965 while taking support near Rs 950. Aluminium may decline towards Rs 135 while facing resistance near Rs 139.

Energy: Crude oil may witness swift recovery. It can recover towards Rs 2,650-2,750. Natural gas can jump towards Rs 148 while taking support near Rs 135.

Spices: Turmeric futures (April) are expected to trade sideways to downwards in the range of Rs 5,700-5,800. Jeera futures (April) are expected to trade sideways in the range of Rs 13,070-13,320. Cardamom futures (April) are expected to plunge further towards Rs 2,450-2,400.

Oilseeds: Soybean futures (April) are expected to face resistance near Rs 3,625, while the downside may get extended towards Rs 3,570-3,550. Mustard futures (April) may remain stable in the range of Rs 3,950-4,015. Soy oil futures (April) may see short covering towards Rs 765-770, taking support near 750, while, CPO futures (March) will probably witness some minor rise towards Rs 650-655, taking support near Rs 640.

Other commodities: Cotton futures (March) may consolidate in the range of Rs 18,350-18,610. Chana futures (April) will witness consolidation in the range of Rs 3,850-3,925. Guar seed (April) is likely to trade sideways taking support near Rs 3,570, while guar gum (April) may take support near Rs 5,950.





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