MCX crude oil prices are likely to trade with a positive bias for the day due to rising summer season - ICICI Direct
Bullion Outlook
* MCX gold prices traded flat on Monday amid rise in risk appetite in global markets and no major moves in the Dollar index, which ended marginally negative
*/ Additionally, a US Federal Reserve Governor Christopher Waller said on Monday that the Fed should be prepared to raise interest rates by a half percentage point at every meeting from now to cool down the inflation
* MCX gold (August futures) prices are expected to rally towards | 51,250 for the day on expectation of disappointing CB consumer data from the US
* Silver prices are also expected to take cues from gold prices and may move towards | 62,600 levels.
Base Metal Outlook
* LME Zinc prices and other industrial metals advanced on Monday amid worries about further suspensions of smelters in Europe due to high power prices. Europe region accounts for about 15% of global production capacity of refined zinc
* Further, Zinc prices found support from significant decline in LME inventories. Zinc stocks in LME registered warehouses at 84,700 tonnes, their lowest since April 2020.
* Additionally, worries about supplies have widened the premium for the cash over the three-month zinc contract to $25 a tonne, compared with $1 two weeks ago
* MCX Zinc prices are expected to rise further towards | 337 levels for the day due to weakness in dollar index, falling LME inventories and supply disruptions from Europe.
Energy Outlook
* WTI crude oil prices rallied almost 1.0% on Monday as easing of lockdowns and travel restrictions in China, which could boost the fuel demand
* Further, oil prices have been supported by higher demand from US and on expectations that the European Union will eventually reach an agreement to ban Russian oil imports
* Additionally, Opec+ allies group is expected to raise its July production target by 432,000 barrels per day and they ignoring calls from Western nations for more oil supply despite higher oil prices
* MCX crude oil prices are likely to trade with a positive bias for the day due to rising summer season fuel demand from US and on worries over tight supply. It is trading above the resistance levels of | 8,960 levels. As long as it sustains above this level, it is likely to head towards | 9,250 levels in the coming days.
To Read Complete Report & Disclaimer Click Here
https://secure.icicidirect.com/Content/StaticData/Disclaimer.html
Above views are of the author and not of the website kindly read disclaimer
