MCX aluminium is expected to rise towards 198 level, as long as it trades above 195.0 level - ICICI Direct
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Metal’s Outlook
Bullion Outlook
• Spot gold is likely to hold the support near $1920 and rally further till $1950 amid weaker dollar and retreat in US treasury yields. Dollar is showing weakness ahead of CPI data which is likely to show that price pressure abated, providing case for Fed to remain less hawkish. Additionally, several Fed officials signalled end to its current monetary policy tightening cycle was getting close
• MCX Gold prices is likely to rise towards |59,100 level, as long as it trades above the support level of | 58,500 levels
• MCX Silver is expected to move north towards |72,000 level as long as it sustains above |70800 level (20-Day EMA)
Base Metal Outlook
• Copper prices are expected to trade with positive bias amid soft dollar and persistent decline in copper inventories at LME registered warehouses. Additionally, hopes of more stimulus measures from China to revive economic growth could bolster demand for industrial metal
• MCX Copper may rise back to |726 levels as long as it trades above | 716 levels.
• MCX aluminium is expected to rise towards |198 level, as long as it trades above |195.0 level. Aluminium prices may trrade with positive bias amid China’s support for property market
Energy Outlook
• NYMEX Crude oil is expected to hold the support near $73 and rise further towards $75.50 level amid weak dollar, concern over supply tightness in the near term after world’s largest oil exporters reduced supply and on hopes for higher demand in developing nations in the second of the year. Further, markets are awaiting US inflation data due today for clues on interest rate outlook
• MCX Crude oil is likely to hold the support near |6050 level and rally further till | 6200 level
• MCX Natural gas is expected to rise further till |230 level as long as it stays above |218 level.
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