MCX Copper is likely to hold the support level near 718 and rise further till 728 - ICICI Direct
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Bullion Outlook
• Gold prices are likely to trade with a negative bias for the day amid firm US dollar and rise in US treasury yields. Yields are moving up on optimism around lawmakers talks to raise US debt ceiling and on expectations that interest rates may remain higher for longer period. Additionally, gold prices may fall on expectations that the US Philadelphia Fed manufacturing index may improve from -31.3 to -19.8
• MCX Gold price is likely to break the level of 50 DMA at 59,900 to continue its downward trend towards the level of 59,700
• MCX Silver is expected to follow the gold movement and trade in a downward trend towards the level of 71,800
Base Metal Outlook
• Copper prices are expected to trade with a positive bias for the day amid optimistic global market sentiments. Market sentiments improved amid positive debt-ceiling update from US President Joe Biden. However, sharp upside may be capped on expectations that existing home sales in the US may drop from 4.44 mn to 4.30 mn
• MCX Copper is likely to hold the support level near 718 and rise further till 728
• MCX Aluminium prices are expected to trade in an upward trend towards the level of 210 amid drop in aluminium inventories at LME registered ware houses
Energy Outlook
• Crude oil prices are expected to trade with a positive bias amid rise in risk appetite in global markets. Market sentiments improved on optimism around lawmakers talks to raise US debt ceiling. Additionally, investors are keeping an eye on supply side issues in Canada
• MCX Crude oil prices are likely to break the level of 20 DMA at 6040 to continue its upward trend towards the level of 50 DMA at 6150
• MCX Natural gas price is expected to trade in a downward trend towards the level of 187 on expectations that the US natural gas storage may rise by 108 BCF
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