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Commodity outlook: Bullion may run into a soft patch

NEW DELHI: Bullion market in all probability will turn soft on Wednesday. Crude oil may witness some profit booking at higher levels.

Let’s see how key commodities may size up today.

Crude oil, natural gas: Crude oil can draw support near Rs 5,020 and may encounter resistance near Rs 5,100 on MCX. Natural gas may trade with a weak bias as the corresponding figures are Rs 190

and Rs 195, says SMC Global Securities.

Bullion: Gold can find support near Rs 30,400, staring at headwinds near Rs 30,650 on MCX. Silver can get relief near Rs 39,500 and resistance near Rs 39,950.

Base metals: Zinc may hit the skids near Rs 184, with Rs 175 as the support zone. Lead can take support near Rs 153 and face resistance near Rs 161.

Nickel may slip lower towards Rs 940 while upside will be capped near Rs 970.

Aluminium can face resistance near Rs 145 while it can take support near Rs 140 on MCX.

Agri commodities: Guar seed (October) is expected to find relief near Rs 4,050 levels while guar gum (October) is likely to remain above Rs 845.

Cotton futures (July) are expected to go higher and test Rs 22,950, taking positive international cues. Reports of lower sowing in the ongoing Kharif season aided sentiment.

Soybean futures (July) are expected to consolidate in Rs 3,490-3,540 levels.

Coriander futures (August) may move sideways in Rs 4,700-4,900 and the downside may remain limited.

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