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Published on 19-01-2026 12:28 pm

Energy Outlook

* NYMEX Crude oil is likely to trade with negative bias and slip towards $58.50 level on supply glut and risk aversion in the global markets. Market sentiments are hurt on rising trade tension between US and Europe. US President Donald Trump threated to impose extra 10% tariff on goods from 8 European countries starting February 1, which could rise to 25% by June until the U.S. is allowed to buy Greenland. Further, risk premium may lessen as concerns over potential military action against Iran and oil supply disruptions eased. Additionally, positive call between Trump and Venezuela’s acting President raised the expectation of stability and more oil leaving Venezuela. Meanwhile, weakness in dollar would be supportive for the prices

* MCX Crude oil Feb is likely to slip further towards Rs 5350-Rs 5300 level as long as it stays below Rs 5500 level.

* MCX Natural gas Jan is expected to hold the support near Rs 280 level and rise towards Rs 320 level.

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Published on 19-01-2026 12:28 pm

Base Metal Outlook

* Copper prices are expected to trade with a negative bias amid risk aversion in the global markets following rising tension between US and Europe. US President Donald Trump threatened to slap extra tariff on 8 European nations until US is allowed to buy Greenland. Major European Union states criticized the tariff threats as blackmail. Moreover, US President Donald Trump had refrained from imposing new tariff on critical minerals. Further, prices may slip on weak demand from China. The Yangshan copper premium, a gauge of Chinese consumers' appetite for imported copper, declined to $32 a ton, down from above $50 by the end of 2025.

* MCX Copper Jan is expected to slip towards Rs 1270 level as long as it stays below Rs 1310 level. A break below Rs 1270 level may open doors for Rs 1265-Rs 1255 level

* MCX Aluminum Jan is expected to slide towards Rs 313 level as long as it stays below Rs 320 level. MCX Zinc Jan is likely to face stiff resistance near Rs 317 level and slip towards Rs 310 level

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Published on 19-01-2026 12:28 pm

Metal’s Outlook

Bullion Outlook

* Spot Gold is likely to trade with the positive bias and rise further towards $4700 level on weak dollar. Further, demand for safe haven may increase on concerns over trade war between US and Europe. US President Donald Trump threatened to slap extra tariffs on 8 European nations until the U.S. is allowed to buy Greenland. Trump said he would impose additional 10% import levies from February 1 on goods, rising to 25% on June 1 if no deal is reached. France has proposed to respond to the threats with a range of untested economic countermeasures. Additionally, political instability in Venezuela, geopolitical tensions in Middle East and concerns over Fed independence would continue to support gold prices.

* MCX Gold Feb is expected to rise towards Rs 145,500 level as long as it stays above Rs 142,000 level.

* MCX Silver March is expected to rise towards Rs 298,000 level as long as it stays above Rs 285,000 level.

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Published on 19-01-2026 12:21 pm

Alumini Jan

Outlook remain on the bullish and expect to continue the rallies. Stiff support is seen at Rs 298.

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Published on 19-01-2026 12:20 pm

LeadM Jan

Expect choppy trading but major support is placed at Rs 185.

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