MCX aluminium is expected to move downward towards 199.50 level - ICICI Direct
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Metal’s Outlook
Bullion Outlook
* Spot gold is likely to slip further towards $1900 levels as long as it sustains below $1920 levels amid rise in US treasury yields. Further, investors will await for inflation figures along with produce price index and retail sales data as it could influence Fed policymakers decisions. Furthermore, market participants fear that rising crude oil prices will hurt headline inflation in turn forcing major central banks across globe to keep rates elevated.
* MCX Gold prices is likely to move south towards 58,300 level as long as it trades below the resistance level of 58,900 levels
* MCX Silver is expected to slip further towards 71,300 level as long as it sustains below 72,500 level
Base Metal Outlook
* Copper prices are expected to trade with negative bias amid weak global market sentiments and rising copper inventories. Stockpiles at LME registered warehouses increased to 135,659 tons, highest since last October. Additionally, investors fear that slowdown in major economies will dent demand for industrial metal. Additionally, spurt of home sales in China’s biggest cities is losing momentum. Sales of existing homes plunged 35% to 1700 units last weekend. Across China, transactions continued to drop falling more than 20% by area, according to China index holdings.
* MCX Copper may slip further towards 725 levels as long as it trades below 735 levels
* MCX aluminium is expected to move downward towards 199.50 level as long as it stays below resistance level of 202.00 level
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