MCX Aluminium is expected to rise towards 207, as long as its trades above the 204 level - ICICI Direct
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Metal’s Outlook
Bullion Outlook
• Gold is expected to trade higher today amid softness in the dollar and US treasury yields. Increasing bets of Fed pause in its rate hike cycle would support the spot gold to rise towards the $2000 mark. Last week’s better-than expected inflation numbers and rise in weekly jobless claims numbers has strengthened the speculation that the Fed is done raising rates. Meanwhile, focus will shift towards today key US existing home sales numbers and FOMC meeting minutes.
• MCX gold is expected to trade higher towards 61,000, as long as it holds above the 20 day EMA support at 60,250
• MCX Silver is likely to follow the yellow metal and rise towards 73,800, as long as it trades above the 72,000 mark.
Base Metal Outlook
• Copper prices are expected to extend its rally on Tuesday amid softness in the dollar and renewed supply concerns. Workers strike at Las Bambas copper mine has entered its 2 nd day and the union is planning a new indefinite strike. Moreover, increasing speculation on shutdown of Panama copper mine would also support the metal to trade firm.
• MCX Copper is expected to rise towards 724, as long as it holds above the 714 level
• MCX Aluminium is expected to rise towards 207, as long as its trades above the 204 level.
Energy Outlook
• NYMEX Crude oil prices are expected to rise again towards the $79 mark as long as it holds above the $74 level amid softness in the dollar. Further, speculation on supply cuts from OPEC+ would also support the oil prices to trade higher. Moreover, expectation of further measures from China to boost the economy would help the oil prices to regain its strength. Meanwhile, higher supplies from the Non-OPEC nations could restrict the gains beyond the $80 mark.
• MCX Crude oil is likely to rise towards 6650, as long as it holds above 6350. A move above 6650 would open the doors towards 6800 mark.
• MCX Natural gas is expected to weaken further towards 235, as long as it trades under 248 mark.
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