MCX Copper is likely to consolidate in the range of 715-725 - ICICI Direct
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Metal’s Outlook
Bullion Outlook?
• Spot gold is likely to find support near $1940 levels and rebound towards $1974 levels amid expectation of a drop in key US CPI numbers. The US CPI YoY is expected to dip towards 4.1% against the previous reading of 4.9%. Further, rising probability of no rate hike by the Fed would also support the bullion to trim its earlier losses
• MCX Gold prices are likely to hold support near | 59,400 and rebound towards the level of | 59,900
• MCX Silver is expected to follow the gold movement and rebound towards the level of | 74,000 as long as it holds above the 20 day EMA at 72400
Base Metal Outlook??????
• Copper prices are expected to consolidate in a wider range ahead of key economic numbers from China. Further, traders will focus on US CPI numbers, which may bring further clarity in its trend. Meanwhile, expectations of more stimulus from China to support economic growth would provide a cushion to metal prices
• MCX Copper is likely to consolidate in the range of | 715-725. Only a close below | 715 would lead to a weakening towards | 710. On the flip side, a move above | 725 would push prices towards | 730
• MCX aluminium is expected find the support near | 202 and move towards the initial resistance at | 207
Energy Outlook
• Crude oil prices are expected to remain under pressure amid rising crude supply from Russia. Further, growing recessionary fears and weaker economic numbers from China could weaken Nymex crude oil price towards $65. Meanwhile, the focus will remain on key US CPI data ahead of the FOMC meeting
• MCX Crude oil is likely to remain under pressure as long as it trades under the | 5700 mark. Below | 5500 it would slide towards | 5400
• MCX Natural gas is expected to find support near | 182 and rise back towards | 190
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