Commodity outlook: Base metals slip; here’s how others may fare

Base metals and energy counters were subdued on Friday on the domestic commodities bourses as the coronavirus threat showed no sign of peaking.

China's National Health Commission said it had recorded 121 new deaths and 5,090 new coronavirus cases on the mainland on Feb. 13, taking the accumulated total infected to 63,851 people.

Among agri commodities, oilseeds were trading with gains while spices were trading mixed.

Here is how SMC Global expects commodities to trade today:

Bullion: Bullion counters can remain on a firm path. Gold can move towards Rs 40,800 while taking support near Rs 40,400 while silver can improve towards Rs 46,100 while taking support near Rs 45,500.

Base metals: Base metals may trade with a weak bias. Copper may dip towards Rs 432 while facing resistance near Rs 439. Zinc can dip towards Rs 168 while facing resistance near Rs 170. Lead may remain sideways as it can take support near Rs 145 while facing resistance near Rs 148. Nickel may move towards Rs 970 while taking support near Rs 950. Aluminium may trade sideways as it can take support near Rs 138 while facing resistance near Rs 140.

Energy: Crude oil may witness some bounce back. It can recover towards Rs 3,690 while taking support near Rs 3,630. Natural gas can dip towards Rs 127 while facing resistance near Rs 132.

Spices: Turmeric futures (Mar) are expected to consolidate in the range of Rs 5,700-5,920 and trade with a downside bias. Jeera futures (Mar) may witness buying at lower levels and test Rs 13,900 with support of Rs 13,300. Cardamom futures (Mar) are likely to descend towards Rs 3,320 taking negative cues from the spot markets.

Oilseeds: Soybean futures (Mar) are expected to trade lower towards Rs 3,820 facing resistance near Rs 3,980 taking negative cues from the international markets. The correction in mustard futures (Apr) may steepen further towards Rs 3,950. CPO futures (Feb) may trade to lower and to take support near Rs 712 because of lower demand from China.

Other commodities: Cotton Prices are expected to remain volatile in the short term before a clear picture emerges. Cotton futures (Feb) may witness a consolidation in the range of Rs 18,900-19,450. Chana futures (Mar) may continue to trade with a bullish bias towards Rs 4,150 levels. Mentha oil futures (Feb) is likely to fall towards Rs 1,140-1,120.