Copper may rise back towards 788-791 - ICICI Direct
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Bullion Outlook
* Spot Gold is expected to hold the key support of the 20 day EMA at $1980 and consolidate in a wider range of $1980-2030. The expectation of a 25 bps hike in the next FOMC meeting is already discounted
* MCX Gold is likely to move between 59900 and 61000. The 20-day EMA would act as key support to the trend. Meanwhile, the negative divergence between price and oscillator RSI could limit it to go beyond 61000. Only a close below 59900 would weaken the trend towards 59300
* MCX Silver is likely to trade in range of 74400-76200. The trend would turn bearish only with a close below 74400 towards 73700
Base Metal Outlook
* Copper may rise back towards 788-791 zone amid weakness in the dollar and falling inventories at LME and SHFE. Further, betterthan-expected Chinse growth numbers would also provide the necessary momentum to price
* MCX Copper April future is expected to hold the support of 20- day EMA at 776 and rise towards 788-791 levels. Only with a move below 776 would the trend turn bearish
* MCX Aluminium is expected to move towards 215.50. A move above 215.50 would push prices further towards 218. Key support for price holds near 212-211
Energy Outlook
* Crude oil futures are anticipated to hold their gains and rise towards 6780 amid expectation of a drawdown in US crude oil and gasoline inventory level. Further weakness in the dollar could also support it to trade above the 6550 mark. On the upside, above 6780 the trend will turn bullish towards 6950-7000
* Natural gas futures are likely to trade on a bullish note amid expectation of cool weather in most states in the US. MCX Natural gas could rise towards key resistance at 202. A move above this would bring fresh buying interest and push prices towards 208-210. On the lower side, 184 would act as key support
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