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Crude oil prices traded weak with benchmark NYMEX WTI crude oil prices - HDFC Securities
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BULLION
Bullion prices traded lower with spot gold prices at COMEX were trading near $1767 per ounce while spot silver prices at COMEX were trading half a percent down below $26 per ounce in the morning trade. Bullion prices pared early gains on US economic recovery with better than expected US GDP numbers. The rise in US bond yields also pressured bullion prices to trade weak. The positive economic data from US and ease in lockdown measures in Europe has capped upside in precious metals.
We expect bullion prices to trade sideways to down for the day. MCX Gold June resistance for the day lies at Rs. 47100 per 10 grams with support at Rs. 46400 per 10 grams. MCX Silver May support lies at Rs. 67200 per KG, resistance at Rs. 69500 per KG.
ENERGY
Crude oil prices traded weak with benchmark NYMEX WTI crude oil prices were trading over half a percent down to $64.60 per barrel in the morning trade. Crude oil prices pared previous gains over slower than expected China factory activity data. Crude oil demand recovery is largely relied on growth in China and US. The disappointed data may keep oil prices under pressure for the day despite of better US economic data.
We expect crude oil prices to trade sideways to down for the day. MCX Crude Oil May support lies at Rs. 4730 per barrel with resistance at Rs. 4850 per barrel.
BASE METALS
Base metals prices traded mixed with most of the metals kept lower trading range in the morning trade. Base metals prices declined on weaker China PMI and factory activities data. Copper prices are nearing $10000 per tone levels at LME for the first time since 2011 on lower supply concerns and higher demand prospects. The rising stockpiles in China may limit upside in Copper prices. Nickel prices decline on resume of supplied from Indonesia
Base metals are expected to trade sideways to down for the day. MCX Copper May support lies at Rs. 751 and resistance at Rs. 760. MCX Zinc May support lies at Rs. 227, resistance at Rs. 234. MCX Nickel May support lies at Rs. 1260 with resistance at Rs. 1320.
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