MCX silver prices dropped by almost 0.70%

01-01-1970 12:00 AM | Source: ICICI Direct

MCX silver prices dropped by almost 0.70% - ICICI Direct

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Bullion Outlook

• Gold prices edged lower on Monday as worries over a crisis in the banking sector abated, prompting investors to scale back safe haven trades in favour of riskier assets

• Further, bullion prices came under pressure as US Federal Reserve officials said there was no indication that financial stress is worsening

• Moreover, rise in US 10 years treasury yields weighed on prices

• Gold is likely to trade with a negative bias for the day amid rise in risk appetite in the global markets and surge in US treasury yields across curve. Meanwhile, US consumer confidence is likely to ebb again in March as households may have remained cautious given elevated inflation and higher borrowing cost. MCX gold is expected to break the key support level of 58,350 to continue its downward trend towards the level of 58,000

• MCX silver prices dropped by almost 0.70%. It may continue to trade in a downward trend towards the level of 69,300

Base Metal Outlook

• Copper prices rose on Monday, supported by lower global supplies and drop in US dollar index

• Further, copper prices were supported on a sharp drop in copper inventories at LME registered warehouses

• Meanwhile, reports showed investment community have turned net short of CME copper for the first time in five months while funds have cut their long exposure on the London Metal Exchange

• Copper is expected to trade with a positive bias for the day amid soft dollar and optimistic global market sentiments. MCX copper is likely to continue its upward trend toward the level of 780 in the coming trading session

• MCX aluminium prices are likely to continue their upward trend towards the level of 209 in the coming trading sessions

Energy Outlook

• Crude oil prices edged up yesterday after Iraq was forced to halt some crude exports from its Kurdistan region adding to worries about supplies. Further, market sentiments improved after US banking acquisition eased worries over financial turmoil

• Further, oil prices rose on worries over geopolitical tension after Russian President Putin planned to station tactical nuclear weapon in Belarus

• Crude oil prices are expected to trade with a positive bias for the day as market sentiments improved after First Citizens Bancshares struck a deal to purchase SVB and on hopes for extra support for banks funding. Further, crude oil prices may rise as China's oil refinery throughput this year is forecast to rise by 7.8% amid a recovery in fuel demand. MCX crude oil is likely to break the key resistance level of 20 DMA at 6090 to continue its upward trend towards the level of 6160