Bullion prices may remain stuck in a range on Thursday while crude oilNSE -0.60 % could witness covering of shorts after Wednesday’s steep fall.
How does the scheme of things look like for key commodities today?
Crude oil, natural gas: Crude oil is seen to take support near Rs 4,520 and face a roadblock near Rs 4,630 on MCX. Natural gas may move with an upside bias as it can take support near Rs 197 and face a barrier at Rs 205 on MCX, said SMC Global Securities .
Gold (October) may get relief at Rs 29,500, but the upside is seen to be capped near Rs 29,750 on MCX. Silver’s equivalent figures are Rs 37,700 and Rs 38,200.
Zinc’s support line is coming up near Rs 177, with likely resistance at Rs 182. Lead’s corresponding figures are Rs 144 and Rs 149.
Aluminium can trade higher as it can find support near Rs 141 with resistance near Rs 147 on MCX.
Turmeric futures (September) are expected to trade with a downside bias and remain below Rs 7,340 levels.
Coriander futures (September) will possibly take support near Rs 4,925 levels.
Chana futures (September) are expected to move both ways in the range of Rs 4,175-4,225 levels.
Guar seed futures (October) are likely to hit a hurdle near Rs 4,400 levels.