MCX aluminium is expected to slid towards 201 level - ICICI Direct
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Metal’s Outlook
Bullion Outlook
• Spot gold is expected hold support near $1940 and move towards the $1958 mark amid expectation of correction in US treasury yields. The safe haven buying could support the bullions after fitch downgraded the US Government’s top credit rating to AA+ from AAA. Meanwhile, focus will turn towards today’s US private payroll numbers which may bring more clarity on the future rate path
• MCX Gold October futures is likely to find support near 59100 and move higher towards 59,750 level. Only close below 59100, it would weaken towards 58800.
• MCX Silver is expected hold the support of 73,600 and rebound towards 74,800 level. Only close below 73400, the trend would turn bearish
Base Metal Outlook
• Copper prices are expected to remain under pressure amid sluggish economic growth in China and weaker manufacturing activities across the globe. Further, lower imports of refined copper in the first half of the year by China could also restrict its upside. Additionally, increasing inventory levels in LME would restrict the metal to go beyond 750
• MCX Copper is likely to decline towards 740 levels as long as it trades below 750 levels
• MCX aluminium is expected to slid towards 201 level, as long as it trades under 204.60 level
Energy Outlook
• NYMEX Crude oil is expected to extend its gains towards $83 as long as it holds the support level of $80 amid expectation of drawdown in weekly EIA inventory. Further announcement of Biden administration to buy 6 million barrels of oil for US Strategic Petroleum Reserve could support the gains in the oil price.
• MCX Crude oil is likely to hold support near 6640 level and rise towards 6840 levels
• MCX Natural gas is expected to face the hurdle near 218 and move downwards towards 205 level on forecast of cooler temperature in most region’s of US in coming 10 days
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