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08-09-2023 12:31 PM | Source: ICICI Direct

MCX Copper is likely to face the hurdle near 732 and weaken towards 721 level- ICICI Direct

News By Tags | #473 #3961

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Metal’s Outlook

Bullion Outlook

* Spot gold is expected to find support near $1920 and rebound towards the higher end of the consolidation range $1920-1955 amid decline in the US treasury yields. Further, escalating geopolitical tension between Russia and Ukraine and could support the yellow metal to recoup some of its earlier losses. Meanwhile, the focus will shift towards the key US CPI numbers due on Thursday, which may bring clarity in the futures rate path

* MCX Gold October futures is likely to find support near 50 day SMA at 59100 and move higher towards 59500. Only close below 50100, it would weaken towards 58900 levels.

* MCX Silver is expected to find support near 69500 and move towards 71300.

Base Metal Outlook

*Copper prices are expected to trade under pressure amid weaker global risk sentiments and sluggish recovery in China. The weakness in the real- estate market in China could weigh on the metal demand. Further, rising stocks in LME registered warehouse to its one month highs could weaken the metal to trade lower.

* MCX Copper is likely to face the hurdle near 732 and weaken towards 721 level.

* MCX aluminium is expected to weaken towards 199, as long as it trades under the 202 mark..

Energy Outlook

* NYMEX Crude oil is expected to hold its ground amid fear of supply concerns. However, forecast of rise in US crude oil inventories and risk off sentiments in the global markets could restrict the upside in the oil prices. For now, $84 holds a major hurdle for the Nymex Crude. A move above $84 would open the doors to the next key level of $87. On the downside $80 would act as major support to the price

* MCX Crude oil is likely to rise towards 6900 as long as it trades above the 6700 mark.

* MCX Natural gas is expected rise towards the 236 mark as long as it trades above the 224 mark. Forecast of above normal temperature in several regions of US would boost the gas demand from electricity providers.