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Metal’s Outlook

Bullion Outlook

• Spot Gold is expected to find support near $4250 and rise towards $4400 level on weak dollar and softening of U.S treasury yields. Further, prices will find support on easing geopolitical concerns after Iran said on Sunday that a deal with Oman defining new shipping lanes in the Strait of Hormuz was in its final stages. Additionally, investors are pricing in about a 44% chance of a rate hike in September, compared to 57% before the jobs report on Friday. China's central bank extended its gold purchase for a fifth straight month in July, adding the most bullion to its reserves since October 2023.

• MCX Gold October is expected to find support near Rs 149,500 and rise towards Rs 154,000 level.

• MCX Silver September is expected to move in a wide range between Rs 227,000 and Rs 236,000 level. Only a move above Rs 236,000, it would rise towards Rs 240,000 level

Base Metal Outlook

• Copper prices are expected to trade higher on signs of tighter short-term supply across the global market. Further, huge volumes of copper have been shipped into US this year in an anticipation of a decision on import tariffs by President Donald Trump. Additionally, prices will find support from weak dollar and strong demand from China. Meanwhile, operations at part of Codelco’s flagship El Teniente mine could remain suspended for up to two years, adding to supply concerns.

• MCX Copper August is expected to rise towards Rs 1380 level as long as it trades above Rs 1356 level. Only a break above Rs 1380 level, it will rise towards Rs 1385 level.

• MCX Aluminum August is expected to find support near Rs 344 level and rise towards Rs 356 amid supply concerns. MCX Zinc August is likely to hold support near Rs 386 level and rise towards Rs 393- Rs 394 level.

Energy Outlook

• NYMEX crude oil expected to find support near $75 level and rise towards $82 after Yemen's Houthis said they attacked an oil facility in southwestern Saudi Arabia on Sunday. Further, as per reports, Iran attacked a vessel owned by Abu Dhabi's state-owned ADNOC oil and gas company while transiting the strait. Meanwhile, traders are monitoring progress towards a deal between Iran and Oman to partially restore shipping through the Strait of Hormuz.

• On the data front, a strong put base at $75 strike would likely to act as key support for price. On the upside, higher call base at $80 would act as immediate hurdle. MCX Crude oil August is expected to find support near Rs 7280 and rise towards Rs 7700 level.

• MCX Natural gas August is expected to find support near Rs 253 level and rise towards Rs 265- Rs 266 level.

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