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Commodity outlook: Crude oil plunges; here's how others may fare


Crude oil plunged further on Wednesday as call for dwindled amid lockdown in more than one international locations. Along with that, an ongoing price cutting war between Russia and Saudi Arabia additionally put pressure on crude.

Crude oil was down 5.48 in keeping with cent to Rs 1,588. Natural gas additionally dropped Three.81 in keeping with cent to Rs 126.40, whilst gold slipped zero.32 in keeping with cent to Rs 42,820.

Here is how SMC Global expects commodities to fare lately:

Bullion: Bullion counters can business blended. Gold can move in opposition to Rs 43,200 whilst taking support near Rs 42,600, whilst silver might recuperate in opposition to Rs 40,000 whilst taking support near Rs 39,000.

Base metals: Base metals might business with a positive bias. Copper might recuperate in opposition to Rs 380 whilst taking support near Rs 370. Zinc might recuperate in opposition to Rs 147 through taking support near Rs 140. Lead might remain in range as it will probably face resistance near Rs 135 whilst taking support near Rs 130. Nickel might recuperate in opposition to Rs 875 whilst taking support near Rs 855.

Energy: Crude oil might witness some quick masking at decrease ranges. It can jump in opposition to Rs 1,730 through taking support near Rs 1,600. Natural gas can dip in opposition to Rs 125 through taking resistance near Rs 134.

Spices: Turmeric futures (Apr) are expected to business with an upside bias keeping on the support near Rs 5,750, whilst the upside might remain capped near Rs 5,900. Jeera futures (Apr) are more likely to consolidate and hang its positive factors in the range of Rs 14,000-14,200. The quick masking in coriander futures (April) would probably face resistance near Rs 5,900-5,950 and the upside is anticipated to remain capped.

Oilseeds: Soybean futures (April) are expected to business with a positive bias in the range of Rs Three,750-Three,850. Mustard futures (April) are expected to remain strong in the range of Rs 4,085-4,145. Soy oil futures (April) would probably witness a consolidation in the range of Rs 820-833. While, CPO futures (Apr) might business sideways in the range of Rs 655-670.

Other commodities: Cotton futures (Apr) are more likely to business with a problem bias in the range of Rs 16,000-16,400. Castor seed futures (April) may business sideways in the range of Rs 4,000- 4,100. Mentha oil (April) is anticipated to take support near Rs 1,080, whilst the upside might get prolonged in opposition to Rs 1,120.



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