MCX aluminium is expected to move up towards 207.50 level as long as it stays above 205.0 level - ICICI Direct
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
Metal’s Outlook
Bullion Outlook
• Spot gold is likely to rise back towards $1970 level as long as it sustains above $1945 levels amid expectation of correction in dollar and US treasury yields. Yields will slip further as both CPI and PPI data signaled that price pressure is ebbing and will continue to pull back adding to the expectation that US Fed is down with hiking interest rates. Additionally, demand for safe haven may increase on ongoing tension in Middle East.
• MCX Gold prices is likely to move north towards 60,400 level as long as it trades above the support level of 59,750 levels
• MCX Silver is expected to rise back towards 73,200 level as long as it sustains above 71,500 level
Base Metal Outlook
• Copper prices are expected to trade with positive bias amid expectation of correction in dollar and hopes for more measures for China’s property sector. Additionally, improved economic data from China boosted market sentiments. Meanwhile, investors will remain cautious ahead of economic data from US to gauge economic health of the country along with speeches from FOMC members to get cues on interest rate outlook
• MCX Copper is likely to rise towards 715 level, as long as it stays above 705 level. A move above 715 would open the doors towards 718 levels.
• MCX aluminium is expected to move up towards 207.50 level as long as it stays above 205.0 level
Energy Outlook
• NYMEX Crude oil is expected to slip further towards $75.00 as long as it trades below $77.50 on larger than expected increase in weekly crude oil inventories and worries over lackluster global demand. Meanwhile, sharp downside may be cushioned as the International Energy Agency joined OPEC in raising oil demand growth forecasts for this year
• MCX Crude oil is likely to slip further towards 6300 levels as long as it trades below 6600 levels.
• MCX Natural gas is expected to rise towards 278 level as long as it trades above 265 level amid forecasts for colder weather and more heating demand through the end of November than previously expected and as record amounts of gas flows to liquefied natural gas export plants
Please refer disclaimer at https://secure.icicidirect.com/Content/StaticData/Disclaimer.html
SEBI Registration number INZ000183631
