All metals and energy counters were trading with gains as the US and China are set to decide the date and place for signing the trade deal.
US President Donald Trump on Tuesday said there will be a ceremony with the Chinese President Xi Jinping to sign the first phase of the trade deal which was agreed to this month. Beijing is also in close touch with Washington regarding the deal signing ceremony.
Natural gas jumped 2 per cent and crude oil edged 0.53 per cent higher. Base metals copper and nickel were up marginally. Silver traded up 1.05 per cent to Rs 46994 per kg.
Agri commodities showed mixed trade as castor seed and jeera slipped while others gained on NCDEX.
Here is how SMC Global expects commodities to trade today:
Bullion: Bullion counters may trade with an upside bias. Gold can jump towards Rs 38,900 while taking support near Rs 37,550 and silver can move towards Rs 47,400 while facing resistance near Rs 46,700.
Base metals: Base metals may trade sideways. Copper (Jan) may test Rs 446 while taking support near Rs 442. Zinc can dip towards Rs 174 while facing resistance near Rs 180. Lead may trade sideways as it can take support near Rs 151 and face resistance at Rs 155. Nickel may dip towards Rs 1,035 while facing resistance near Rs 1,055. Aluminum may move upside towards Rs 138 while taking support near Rs 134.50.
Energy: Crude oil may trade with an upside bias. It can move towards Rs 4,400 while taking support near Rs 4,350. Natural gas can dip towards Rs 155 while facing resistance near Rs 160.
Spices: Turmeric futures (Mar) may continue to face resistance near Rs 6,275, while their support level is near Rs 5,980. Jeera futures (Jan) are expected to trade sideways in the range of Rs 16,230-16,460. This year, cardamom futures on the national bourse made a high of Rs 3,468.70 and are currently trading near this level. The possibilities that it will hit a new yearly high taking support near Rs 3,400 are high.
Oilseeds: Soybean futures (Jan) have surpassed the previous high of Rs 4,370 witnessed during April’16 on the back of strong demand from crushing plants. Mustard futures (Jan) are trading near their 3-year high of Rs 4,606 and the bullish trend may lift the counter to Rs 4,660-4,680. Going ahead, soy oil futures (Jan) are seen heading towards Rs 918-922, while CPO futures (Jan) will possibly test Rs 765-770 on the higher side.
Other commodities: Cotton futures (Dec) are expected to trade sideways to down in the range of Rs 18,800-19,010. Chana futures (Jan) may trade higher and test Rs 4,625-4,675. Mentha oil futures (Jan) is likely to face resistance near Rs 1,305 and witness profit booking towards Rs 1,270.
Source: Economic Times