Energy counters continued their bull run on Tuesday on domestic bourses ahead of a key meeting of oil producing countries this week.
The Organization of the Petroleum Exporting Countries (Opec) and its allies, a group known as Opec+, are discussing a plan to increase an existing supply cut of 1.2 million barrels per day (bpd) further by 400,000 bpd and extend the pact until June, Reuters reported.
Crude oil futures were up 0.32 per cent to Rs 4,021 and natural gas edged 0.95 per cent higher to Rs 169.60 on MCX.
Meanwhile precious metals and base metals were trading with cuts as US President Donald Trump slapped tariffs on goods from Argentina and Brazil.
Agri commodities were mixed with near-term futures of castor seed, coriander, cotton seed, kapas and turmeric trading in the red on NCDEX. Chana, guar gum, guar seed, jeera and soybean were trading with gains.
Here is how SMC Global expects commodities to fare today:
Bullion: Bullion counters may trade on a negative path. Gold (Feb) can dip towards Rs 37,700 while facing resistance near Rs 38,000 and silver (Mar) can test Rs 44,300 while facing resistance near Rs 44,600.
Base metals: Base metals may trade sideways to upwards. Copper may recover towards Rs 436 while taking support near Rs 432. Lead may trade sideways taking support near Rs 151 and resistance at Rs 154. Nickel may remain weak and test Rs 1,000 while facing resistance at Rs 1,025. Aluminum may recover towards Rs 136 while taking support near Rs 133.
Energy: Crude oil may witness some bounce back. It can recover towards Rs 4,060 while taking support near Rs 3,980. Natural gas can open on a weaker note as it can test Rs 165 while facing resistance near Rs 171.
Spices: Turmeric futures (Dec) are hovering near its yearly low of Rs 5,560 and this bearish trend is likely to get extended towards Rs 5,400, due to weak fundamentals of excess poor quality supplies on the spot markets against subdued demand. Jeera futures (Dec) are expected to consolidate and trade with an upside bias in the range of Rs 16,2400-16,450. Dhaniya futures (Dec) may trade sideways to downwards in the range of Rs 6,550-6,700. Cardamom futures (Dec) are expected to trade with an upside bias in the range of Rs 2,820-2,900.
Oilseeds: Soybean futures (Dec) may continue to face resistance near Rs 4,120-4,125 as the demand is weak. Mustard futures (Dec) will possibly trade with an upside towards Rs 4,375. CPO futures (Dec) would probably make a new lifetime high on the national bourse as it has the potential to test Rs 690. Soy oil futures (Dec) are also expected to trade on a bullish note towards Rs 825-828.
Other commodities: Cotton futures (Dec) may trade sideways to downwards in the range of Rs 19,000-19,185. Prices remained steady to weak in Gujarat. The short covering in chana futures (Dec) may face resistance near Rs 4,485-4,500. Guar seed futures (Dec) may trade with a downside bias in the range of Rs 4,000-4,080, while guar gum futures (Dec) may plunge further towards Rs 7,200.