Crude oil prices jumped over 1 per cent in the global marketNSE 0.00 % on hopes that a cut in supply from January, planned by the Opec and its allies, will help maintain the supply-demand balance.
Gold inched up in global markets, but gains remained capped as the US dollar held near a one-month high against its global peers.
In domestic futures market, gold was trading at Rs 31,791 per 10 grams, down by Rs 144, while MCX Silver was trading at Rs 38,272 a kilo, down by Rs 59 around 10:55 am. The MCX Crude oil was trading at Rs 3,771 per barrel, up Rs 17 at that time.
We bring you projections on various commodities by SMC Global:
Bullion: Domestic bullion counter may trade on the sideways path. Gold can take support near Rs 31,600 and can face resistance near Rs 32,000 in MCX. Silver can take support near Rs 38,000 and can face resistance near Rs 38,500.
Base metals: Base metals prices may trade with a positive bias. Copper can face resistance near Rs 450 and can take support near Rs 438. Zinc can face resistance near Rs 192 and support near Rs 188. Lead can take support near Rs 141 and can face resistance near Rs 145. Nickel can take support near Rs 765 while its upside will be capped near Rs 795. Aluminium can take support near Rs 138.50 and it has a resistance near Rs 142.
Energy: Crude oil may trade in the green as US oil prices climbed on Wednesday. Crude oil can take support near Rs 3,700 and has a resistance near Rs 3,800 in MCX. Natural gas may trade with sideways bias as it can move in the range of Rs 313-325 in MCX.
Spices: Turmeric futures (April) is expected to trade sideways in the range of Rs 6,500-6,660. As expected jeera futures (January) has broken the weekly support near Rs 18,785 & hence may continue to descend towards Rs 18,500-14,840. Coriander futures (January) may face resistance near Rs 6,795 and may witness profit booking from higher levels.
Oilseeds: Soybean futures (January) is expected to trade sideways in the range of Rs 3,320-3,380. The downside in mustard futures (January) is likely to get extended towards Rs 3,950-3,930. CPO futures (December) is likely to take support near Rs 497 and trade with an upside bias owing to estimates of lower imports last month.
Other commodities: Cotton futures (December) is expected to trade higher taking support near Rs 22,000. Guar seed futures (January) may trade sideways in the range of Rs 4,330-4,450. Chana futures (January) may witness more correction & test Rs 4,450-4,400.
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