Base metals complex traded mixed with most of the metals traded firm on higher demand optimism - HDFC Securities
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BULLION
Bullion prices traded firm with spot gold prices at COMEX were trading near $1764 per ounce while spot silver prices at COMEX were trading near $25.83 per ounce in the morning trade. Bullion prices rallied supported by dollar decline and fall in US bond yields. The 10 year US treasury yields fell to 1.54% for the day. Precious metals prices also got boost after US imposes sanctions on Russia which added geopolitical risk premium to the prices.
We expect bullion prices to trade up for the day. MCX Gold June resistance for the day lies at Rs. 47600 per 10 grams with support at Rs. 46900 per 10 grams. MCX Silver May support lies at Rs. 66800 per KG, resistance at Rs. 69500 per KG
ENERGY
Crude oil prices traded firm with benchmark NYMEX WTI crude oil prices were trading near $63.58 per barrel in the morning trade. Crude oil prices regained strength on Friday over weaker dollar and demand revival on positive US economic data. The higher demand from China and US following positive economic data has kept oil prices at four week highs.
We expect crude oil prices to trade sideways to up for the day. MCX Crude Oil April support lies at Rs. 4680 per barrel with resistance at Rs. 4780 per barrel.
BASE METALS
Base metals complex traded mixed with most of the metals traded firm on higher demand optimism. Copper prices extended gains rallying 1% in previous trade while rest of the metals on lower supply concerns on China pollution curbs. Base metals prices are supported by weaker dollar and better than expected data from US.
Base metals are expected to trade sideways to up for the day. MCX Copper April support lies at Rs. 712 and resistance at Rs. 720. MCX Zinc April support lies at Rs. 225, resistance at Rs. 231. MCX Nickel April support lies at Rs. 1210 with resistance at Rs. 1270.
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