NEW DELHI: Base metals may rebound on Thursday while crude oil is expected to trade with negative bias as oil prices dropped on Thursday weighed down by a surprise rise in US crude inventories and expectations that Opec and other producers could increase output at a meeting in June.Let's find out how key commodities are likely to trade in the domestic market:Crude oil can take support near Rs 4,550 while it has a resistance near Rs 4,650 in MCX , says SMC Global Securities. A possible production increase by the Organization of Petroleum Exporting Countries (Opec) and non-Opec members including Russia has been in focus, especially after Saudi Arabia , de facto leader of the oil cartel, and Russia have discussed boosting output by some 1 million barrels per day.Natural Gas: Natural gas may remain sideways as weather-related demand and weekly inventory data in the US will give further direction to the prices. Overall, it can move in the range of Rs 192 - Rs 200 on MCX.Copper can take support near Rs 454 and can face resistance near Rs 463. "Therefore, we expect sideways to bearish movement in MCX gold prices," says Choice Broking. Meanwhile, Silver (July futures) can take support near Rs 39,700 and can face resistance near Rs 40,300.

Source: Economic Times May 31, 2018 06:45 UTC