Copper prices are expected to trade with a negative bias amid firm US dollar and on concerns over global economic growth ICICI Direct
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Metal’s Outlook
• Spot gold is likely to face immediate hurdle near $1986 levels and drop further till $1964 levels amid uptick in US treasury yields and firm dollar. Meanwhile, sharp downside may be restricted as the Federal Open Market Committee is expected to leave interest rates unchanged. Fed fund future show a 73% probability that the central bank will hit a pause button this week
• MCX Gold prices are likely to face resistance near | 60,000 and continue its downward trend towards the level of | 59,500
• MCX Silver is expected to follow the gold movement and drop towards the level of | 73,000
Base Metal Outlook
• Copper prices are expected to trade with a negative bias amid firm US dollar and on concerns over global economic growth. However, sharp downside may be cushioned on expectations that China will provide stimulus package to revive its economic growth. Further, it decided to launch a nationwide campaign to promote automobile purchases and shore up demand
• MCX Copper is likely to trade in downward trend towards the level of | 718 as long as it trades below the level of | 728
• MCX aluminium is expected to trade in an upward trend towards the level of | 207
Energy Outlook
• Crude oil prices are expected to trade with a negative bias for the day amid firm dollar, rising Russian crude supply and concerns over weak energy demand in top importer China. Meanwhile, the Department of Energy said it has entered a purchase agreement with 5 companies to deliver 3.1 million barrels of crude oil to SPR in August and launched a new solicitation for another 3million barrels for delivery to stockpiles in September
• MCX Crude oil is likely to break the level of | 5850 to continue its downward trend towards the level of | 5800
• MCX Natural gas is expected to continue its downward trend towards the level of | 182
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