Gold was down 0.10 per cent while silver dipped 0.64 per cent. Base metals were trading higher with copper rising the most at 0.28 per cent. Crude oil was up 0.84 per cent and its peer natural gas advanced 1.34 per cent.
“A rally in the US dollar and optimism over Covid vaccine is weighing on the safe haven demand of gold and thus the price of the commodity. However, rising US- China tensions and hopes of fresh economic stimulus measures continue to offer lower level support. At the same time, uncertainty prevails in the metal ahead of the first presidential election debate in the US this week,” said Hareesh V, Geojit Financial Services’ head of commodity research.
NCDEX Agridex, an agricultural futures index that tracks the performance of the ten liquid commodities, was up 0.46 per cent or 5.25 points at 1,150.65 led by gains in coriander and guar gum.
Here is how SMC Global expects commodities to fare today:
Bullion: Bullion counters may post correction from higher levels where gold may test Rs 48,900 and face resistance near Rs 49,900 while silver may test Rs 57,200 and face resistance near Rs 60,500.
Base metals: Base metals may trade in range with bearish bias where copper (Oct) can move towards Rs 520 and take support near Rs 510. Zinc may move towards Rs 189 and take support near Rs 185. Lead (Oct) can move towards Rs 148 while taking support near Rs 144. Nickel (Oct) trade with sideways to bullish bias where it may take support near Rs 1,035 and face resistance near Rs 1,070. Aluminum (Oct) may move towards Rs 145 while taking support near Rs 142.
Energy: Crude oil may dip towards support near Rs 2,870 and resistance is seen near Rs 3,020. Natural gas may extend its bullish rally where resistance is seen near Rs 217 and support near Rs 204.
Spices: Turmeric futures (October) facing resistance near Rs 5,785 is likely to witness correction towards Rs 5,700-5,650. Jeera futures (October) may continue to trade on a bearish path and consolidate in the range of Rs 13,500-13,700. Dhaniya futures (October) will probably trade steady and consolidate in the range of Rs 6,540-6,640.
Oilseeds: Soybean futures (October) will trade sideways in the range of Rs 3,900-3,950. Mustard futures (October) is expected to trade steady in the range of Rs 5,410-5,480. We may see a consolidation in the range of Rs 905-925. Meanwhile, CPO futures (October) may trade sideways in the range of Rs 755-775.
Other commodities: Cotton futures on MCX is maintaining its upside course and we may see an upsurge in prices towards Rs 18,300-18,400, if it trades & sustains above Rs 18,100. Chana futures (Oct) is on a bull run & it shall prevail till Rs 5,450-5,500 owing to good underlying demand. Guar seed futures (Oct) is expected to witness correction towards Rs 3,900, while guar gum futures (Oct) is also likely to trade on a bearish path and move lower to test Rs 5,945 levels, respectively.