MCX Gold futures were down 0.18 per cent at Rs 30,786 per 10 grams at around 10.20 am. MCX Silver futures dropped 0.43 per cent to Rs 37,706 per kg.
How are commodities poised today? We bring you the outlook by brokerage SMC Global Securities.
Bullion: Investors await details from the two-day Federal Reserve meeting beginning on Tuesday. The US central bank is expected to raise benchmark interest rates and shed light on the path for future rate hikes. Gold can take support near Rs 30,600 and face resistance near Rs 30,900 on MCX. Silver's support is coming up near Rs 37,500, with resistance near Rs 38,000.
Base metals: Copper can hit a hurdle near Rs 462 and find comfort near Rs 453. While zinc's equivalent figures are Rs 186 and Rs 180, those of lead are Rs 149 and Rs 145. Nickel can take support near Rs 920 while its upside will be capped near Rs 950. Aluminium can trade sideways as it can get some backing near Rs 146, but face resistance near Rs 150.
Energy: Crude oil may stick to an upside path as oil rose for the second day on Tuesday, remaining within range of a four-year high hit during the previous session. Looming US sanctions against Iran and the unwillingness or inability of the Organization of the Petroleum Exporting Countries (OPEC) and top oil producer Russia to raise output to offset the loss of Iranian supply have spurred prices higher.
The United States from November 4 will target Iran's oil exports with sanctions, and Washington is putting pressure on governments and companies around the world to fall in line and cut purchases from Tehran. Overall, it can take support near Rs 5,230 and may face resistance near Rs 5,320 on MCX. Natural gas may show up a higher side as it can test Rs 225 on MCX.
Spices: Turmeric futures (October) are likely to move on a bearish note and test Rs 6,400 levels. The sentiment on the spot markets is weak and the turmeric prices are decreasing day by day as stockists are not showing interest in buying the low and medium quality of the yellow spice that are arriving.
So far, there has been good monsoon rain in the key producing areas so that there is a possibility of increase in the yield. The initial estimates show that this year turmeric production can be around 75-80 lakh bags.
Jeera futures (October) are expected to fall further towards Rs 18,500 levels. Cardamom contracts have already hit a 17-month high because of strong demand and a likely lower supply. However, there is more room for upside as it has the potential to test Rs 1,450 levels. At auctions in Idukki, the price of cardamom has crossed the Rs 2,000 mark a kg. The market participants are expecting a drop of over 60 per cent in total production.
Oil seeds: Soybean futures (October) are expected to witness a consolidation in the range of Rs 3,240-3,345 levels. Mustard futures (October) will possibly continue to trade sideways in the range of Rs 4,205-4,255 levels. CPO futures (October) might gain towards Rs 595 levels while soy oil futures (October) may witness an upside momentum towards Rs 742-745 levels.
Other commodities: Cotton futures (October) are expected to trade sideways in the range of Rs 22,200-22,500 levels. Guar seed futures (October) are likely to witness a correction towards Rs 4,160 levels. Chana futures (October) are expected to move mixed in the range of Rs 3,900-3,975 levels.