MCX aluminium is likely to weaken towards 196.50, as long as it trades under the 200 level - ICICI Direct
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Metal’s Outlook
Bullion Outlook
• Spot gold is likely to face the resistance near the higher end of the consolidation range $1900-1926 amid higher US treasury yields. Further, rising expectation of one more rate hike in this year could hurt bullions. The CME Fed-Watch tool suggests more than 80% probability of no hike in rates in September. Meanwhile, the probability of 25 bps hike in November has increased to 48% suggesting tighter monetary policy
• MCX Gold futures is expected to face the hurdle near 58900 and move back towards 58400. Only a sustained move above 59000 would push the price towards 59200.
• MCX Silver is expected face the hurdle near 74200 and decline towards 72800 . Only close above 74200 the trend would turn bullish
Base Metal Outlook
• Copper prices are expected to face the hurdle and weaken further amid sluggish growth in the Chinese housing sector. Meanwhile, recent measures from the policymakers to boost the economy could limit its downside. China in its latest measure has reduced stamp duty on stock trading from today in an attempt to boostsentiment
• MCX Copper is likely face the resistance near 737 and weaken towards 726.
• MCX aluminium is likely to weaken towards 196.50, as long as it trades under the 200 level
Energy Outlook
• NYMEX Crude oil is expected to rise towards the immediate resistance at $81 mark amid supply disruption in a major refinery in US and expectation of more measures from China to support its economy. However, prospects of increase in supply from Iran and Venezuela could restrict its upside. For the day , Nymex crude oil is expected to face the hurdle near $81 and weaken further towards $79 mark.
• MCX Crude oil is likely to face the hurdle near 6680 and weaken further towards 6500. Only close above 6680, the trend would turn bullish
• MCX Natural gas September future is expected to rise towards 230 as long as it holds above 216
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