Economic Times (13/04/2020) - Crude oil plunged on Monday despite the oil producers agreeing to production cuts as demand continued to dwindle with major economies under lockdown. Bullion counters also jumped on risk aversion.

Crude oil futures were down 11.44 per cent to Rs 1,842 while its peer natural gas fell 0.29 per cent to Rs 136.50. Gold gained 1.27 per cent and silver 0.83 per cent.

Here is how SMC Global expects commodities to fare today:

Bullion: Bullion counters can witness profit booking at higher levels but overall trend looks positive. Gold can move towards Rs 45,700 while taking support near Rs 45,000, while silver may move towards Rs 44,000 while taking support near Rs 42,500.

Base metals: Base metals may remain on an upward path. Copper may recover towards Rs 398 while taking support near Rs 385. Zinc may recover towards Rs 153 by facing support near Rs 147. Lead may also recover towards Rs 137 while taking support near Rs 132. Nickel may move higher towards Rs 910 while taking support near Rs 880. Aluminum may remain in range of Rs 131-135.

Energy: Crude oil may trade on a positive path. It can test Rs 2,150 by taking support near Rs 1,900. Natural gas can trade on a positive path testing Rs 145 by taking support near Rs 130.

Spices: Turmeric futures (May) are expected to trade with a positive bias towards Rs 6,100-6,165. The upside momentum will possibly prevail in coriander futures (May) till Rs 6,400, taking support near Rs 6,200-6,150. Cardamom futures (May) are likely to witness further correction towards Rs 1,670. Jeera futures (May) consolidate in the range of Rs 14,100-14,350.

Oilseeds: In the past week, soybean futures (May) has shown a good recovery supported by higher demand in the domestic market. It is being anticipated that tight supplies ahead will further elevate the counter to Rs 3,850-3,900. Mustard futures (May) are looking bullish and can test Rs 4,120. Soy oil futures (May) are expected to trade higher towards Rs 795, while CPO futures (Apr) may gain further to test Rs 675.

Other commodities: Cotton futures (Apr) may show good recovery towards Rs 16,930, taking support near Rs 16,610 as the demand side is expected to be steady. Mentha oil (April) may witness profit booking from higher levels and test Rs 1,165, facing resistance near Rs 1,200. Guar gum futures (May) are looking bullish and can rise towards Rs 5,750-5,800.