MCX Aluminium prices are likely to trade in downward trend towards the level of 206, as long as it sustains below the level of 209.30 - ICICI Direct
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Bullion Outlook
• Gold prices are likely to trade with a positive bias for the day amid weakness in US dollar and decline in US 10 years treasury yields. Cooler than expected headline inflation strengthened the bets that Fed may not only pause rate hike but may even cut rates this year. Further, bullion prices may be supported as the US President Joe Biden and top lawmakers failed to break a deadlock on the debt ceiling crisis
• MCX Gold prices are likely to break the level of 61,500 to trade in upward trend towards the level of 61,800
• MCX Silver prices are expected to follow the gold prices and trade in upward trend towards the level of 78,200
Base Metal Outlook
• Copper prices are expected to trade with a negative bias as subdued trade data from China darkened economic outlook for the country. Further, copper prices may come under pressure on continues rise in copper inventories at LME registered warehouses
• MCX Copper is likely to break the level of 742 to continue its downward trend towards the level of 738
• MCX Aluminium prices are likely to trade in downward trend towards the level of 206, as long as it sustains below the level of 209.30
Energy Outlook
• Crude oil prices are expected to trade with a negative bias for the day as surprise buildup in US inventories and lower imports growth in China intensified worries about global demand. Meanwhile, traders will closely watch the monthly oil report from the Organization of the Petroleum Exporting Countries (Opec) for clues on whether the group and its allies will need to cut output again to prop up prices
• MCX Crude oil prices are likely to continue there downward trend towards the level of 5800
• MCX Natural gas prices are expected to trade in downward trend towards the level of 174 amid expectations that the US natural gas inventories will rise from 54B to 74B
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