Bullion counter was trading in positive territory in the domestic futures market on Thursday, tracking firm trend overseas. Crude oil, however, slipped on the MCX amid a fall in global crude oil prices.
The MCX Gold was trading at Rs 31,850 per 10 grams, up by Rs 240, while MCX Silver was trading at Rs 39,327 a kilo, up by Rs 200 around 10:25 am. The MCX Crude oil was trading at Rs 3,233 per barrel, down Rs 95 at that time.
We bring you projections on various commodities by the brokerage SMC Global; take a look.
Bullions: Bullion counter may remain on a strong note after gold prices inched up in global markets as a dip in Asian equities and worries about a sharp global economic slowdown propelled demand for safer investments. Gold can take support near Rs 31,350 in MCX and silver can move towards Rs 39,500.
Base metals: Base metal prices may witness some low-lelevel buying. Copper can take key support near Rs 403-405 range and can move towards Rs 412. Zinc can face resistance near Rs 172 and support near Rs 166. Lead can take support near Rs 135 and can face resistance near Rs 139. Nickel can take support near Rs 745 while its upside will be capped near Rs 765. Aluminium can take support near Rs 124, while it has resistance near Rs 128.
Energy: Crude oil may witness profit booking at higher levels as oil prices fell on Thursday amid volatile currency and stock markets. The commodity can face stiff resistance near Rs 3,360 while it can take support near Rs 3,270.
Other commodities: Cotton futures (January) may trade sideways to a down facing resistance near Rs 21,210. Guar seed futures (January) is expected to witness a sideways trend in the range of Rs 4,250-4,325, while guar gum futures (January) may remain stable above Rs 8,300. Guarseed and Guargum price gained in major markets across Rajasthan due to strong cues from crude oil and dwindling supply. Chana futures (January) is likely to trade sideways taking support near Rs 4,240.
Oilseeds: Soybean futures (January) is expected to trade higher & test Rs 3,510, if surpasses Rs 3,480. Mustard futures (January) is expected to take support near Rs 3,910 & trade higher to test Rs 3,975. CPO futures (January) will possibly continue to trade bullish & test 534 levels, while soy oil futures (January) is likely to test Rs 745.