MCX Aluminium December is expected to hold the support near 202 and move back towards 206 - ICICI Direct
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Metal’s Outlook
Bullion Outlook
• Gold is expected to trade with a bullish bias and move towards $2040, as long as it holds above the $2000 mark. The softness in the dollar amidst forecast of weaker economic numbers from US could provide necessary strength to the precious metal to trade with positive bias. Meanwhile, investors will focus on key US consumer confidence numbers and comments from the Fed members to get more clarity on the future interest rate cycle.
• MCX gold February is expected to find support near 61600 and move higher towards 62300. Only close above 62300 it would open the doors towards 62600.
• MCX Silver is likely to follow the yellow metal and move towards 77200, as long as it holds above the 75800 mark.
Base Metal Outlook
• Copper prices are expected to trim its yesterday’s losses amid supply tightness and softness in the dollar. Supply concerns due to protest at Panama port would help the metal to trade with a higher bias. Further, increasing speculation on fresh round of stimulus from China would also support the red metal to regain its strength. Meanwhile, traders will focus on key economic numbers from US and China to get more clarity
• MCX Copper December is likely to find support near 714 and move higher towards 722. Only close below 714, would weaken towards 708.
• MCX Aluminium December is expected to hold the support near 202 and move back towards 206.
Energy Outlook
• NYMEX Crude oil prices are expected move in a tight range ahead of the OPEC+ meeting on Thursday. Price could find the floor near the $72 mark amid increasing speculation that OPEC+ could extend its curbs on supplies into 2024. However, higher production from US and buildup in inventory levels could restrict its upside above the $78 mark.
• MCX Crude oil is likely to consolidate in between 6300 and 6500. Only a move outside of the range would bring more clarity in its direction. Above, 6500, it would rise towards 6650. Similarly below 6300 it would slide further towards 6150.
• MCX Natural gas December futures is expected to face the hurdle near 250 and move lower towards 240 amid ample supply and mild weather forecast in the US.
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