MCX Gold futures traded 0.12 per cent higher at Rs 48,300 per 10 gram in the early trade, while MCX Crude Oil futures were down 0.30 per cent at Rs 2,991 per barrel.
Here is how SMC Global expects commodities to fare today:
Spices: Turmeric futures (July) are likely to witness correction towards Rs 5,630-5,600 levels taking negative cues from the spot markets. Arrivals of turmeric to the markets in Erode have registered a rise. Jeera futures (July) are expected to go down towards Rs 13,500-13,400 levels. Cardamom futures (July) may plunge further towards Rs 1,300 levels.
Oilseeds: Soybean futures (July) are likely to trade sideways in the range of Rs 3,685-3,730 levels. Mustard futures (July) will probably take support near Rs 4,630-4,600 as the demand side is still strong owing to higher offtakes by mills. On the contrary, the upside may remain capped near its previous high of Rs 4,755 levels as Hafed has started selling its procured quantity in the open market through tenders. Soy oil futures (July) are expected to remain stable in the range of Rs 804-812 and CPO futures (July) may consolidate in the range of Rs 645-665 levels.
Gold and silver: Bullion counter may extend its gains. Gold may test Rs 48,600 and taking support near Rs 47,710 while silver may test Rs 48,800 and may take support near Rs 47,310.
Base Metals: Base metals may trade with sideways to a bullish bias. Copper can move towards Rs 465 while taking support near Rs 456. Zinc may move towards Rs 163 and facing resistance near Rs 167. Lead can move towards Rs 147 while taking support near Rs 143. Nickel may trade with bearish bias where it may test Rs 995 and taking support near Rs 961. Aluminum may move towards Rs 139.8 while taking support near Rs 136.
Energy: Crude oil may trade with bullish bias where it may test Rs 3,140 and taking support near Rs 2,860. Natural gas may bounce towards resistance and test Rs 136 and take support near Rs 123.
Other commodities: Cotton futures (July) may continue to trade lower for the fourth consecutive week and slide down towards Rs 15,600-15,500 levels, taking negative cues from the international market and the fact that this season the farmers are lured to grow more of this fibre crop, diverting from other labour intensive crops. Chana futures (July) is likely to take support near Rs 4,140 levels. The downside may remain capped as the sentiments are in upbeat mood owing to higher procurement operations being carried out under a government scheme in Andhra Pradesh, Karnataka, Rajasthan, Telangana, Maharashtra, Madhya Pradesh, Uttar Pradesh, Gujarat and Haryana. Guargum futures (July) may continue to face resistance near Rs 5470 and possibly a correction can be seen till Rs 5300-5200 levels.