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BULLION

Bullion prices traded firm with spot gold prices at COMEX were trading near $1826 per ounce while spot silver prices at COMEX were trading marginal up near $23.17 per ounce in the morning trade. Bullion prices were supported by inflation hedge as US inflation rose to 7% in line with expectations. The 10 year US Treasury yields fell to 1.72% boosting buying in gold. The higher inflation numbers may lower the expectations of sooner rate hike as hinted by FED chairman earlier this week. The inflation worries may continue to support bullion prices to trade up in short term.

MCX Gold February tentative buying range at Rs. 47830 with resistance for the day at Rs. 48200 per 10 grams with support at Rs. 47700 per 10 grams. MCX Silver March tentative buying range at Rs. 61900/61800 with resistance for the day at Rs. 62500 with support at Rs. 61500.

COMEX Gold

COMEX Silver

ENERGY

Crude oil prices traded weak on Thursday with NYMEX WTI crude oil prices were trading 0.21% down near $82.47 per barrel. Natural gas prices rallied on strong demand from US and Europe over lower supply fears. Crude Oil prices struggle to held gains with uncertainty remaining over the near-term impact of the omicron COVID-19 variant on fuel demand. Earlier, crude oil prices rose on bullish weekly inventory data as inventories fell 4.6 million barrels last week to 413.3 million barrels, their lowest since October 2018. We expect crude oil prices to trade up for the day

Buy on dips advisable in MCX Crude Oil January around Rs. 6040/6020, support lies at Rs. 5980 per barrel with resistance at Rs. 6120 per barrel. MCX Natural gas January may trade up with support at Rs. 332 and resistance at Rs. 362.

MCX Crude Oil 

MCX Natural Gas

BASE METALS

Base metals prices traded steady on Thursday with most of the metals in the complex kept steady trading range in the morning trade. Copper and Nickel prices traded higher on strong demand from EV segment. The lower supply from China over pollution curbs and Indonesia’s plan to impose tax on Nickel exports may support nickel, copper and Zinc prices higher. Aluminium prices have held strength jumped as European smelters restricted production of the energy-intensive metal due to power shortages. Base metals may trade sideways to up for the day.

MCX Copper January support lies at Rs. 748 and resistance at Rs. 760. MCX Zinc January support lies at Rs. 285, resistance at Rs. 294. MCX Aluminium January support lies at Rs. 230 with resistance at Rs. 235. MCX Nickel January support lies at Rs. 1590, resistance at Rs. 1630.

LME Copper

LME Nickel 

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