On September 18, Friday, all commodities were trading higher as the amir increasing worries over a slump in the world’s economy.
Gold increased by 0.11% while silver advanced 0.22%. All counters were up with zinc in the base metal block, growing the most at 0.79%. Crude oil gained 0.03%, and its peer natural gas dropped 3.58%.
NCDEX Agridex, an agricultural futures index that tracks the ten liquid commodities’ performance, was up 0.42% or 4.80 points at 1,140.40, led by gains in refined soya oil and soybean.
How commodities may fare
According to analysts, there will be dramatic changes in the commodity market.
Base metals may trade with a bullish bias where copper can increase by Rs 534 and take support near Rs 527. Zinc may gain Rs 198 while taking support near Rs 193. Nickel trade bullish bias where it may take support and resistance near Rs 1,089 and Rs 1,125, respectively. Lead can move towards Rs 150 while taking support at near Rs 145. Aluminum may climb Rs 146 and take support near Rs 143.
Bullion counters may post-correction from higher levels where gold may test Rs 50,600 and reach resistance near Rs 51,780. And silver may test Rs 66,800 and hit resistance near Rs 68,690.
Turmeric October futures are expected to see a correction towards Rs 5,800, while Jeera October futures are likely to trade sideways in Rs 3,980-13,800. Dyaniha October futures are expected to trade sideways in the range of Rs 6,540-6,700.
Soybean October futures will trade sideways in the range of Rs 3,880-3,990. Soy October oil is likely to trade rangebound within Rs 932-945, and September CPO may reach Rs 795-805 on the higher side. Mustard October futures are likely to trade sideways to down in the range of Rs 5,260-5,355.
Crude oil may trade sideways with a bullish bias where it may take support near Rs 2,870, and resistance is seen near Rs 3,140. Natural gas may increase the bearish move towards support, while the resistance and support are seen near Rs 154 and Rs 142, respectively.
Cotton, Chana, Seed
As analysts claim, other commodities also will change dramatically. Cotton October futures are expected to trade in the range of 17,900- 18,050. Chana October futures are likely to trade sideways in the range of Rs 5,070-5,170. Guar seed October futures can trade with a downside bias and stay under Rs 4,100, while guar gum October futures may witness resistance near Rs 6,300.