MCX Copper August is expected to rise towards Rs 1350- Rs 1355 level as long as it trades above Rs1328 level - ICICI Direct
Metal’s Outlook
Bullion Outlook
• Spot Gold is likely to hold above $4000 and move higher towards $4130 per ounce amid softer dollar and correction in US treasury yields. Further, easing crude oil prices on renewed hopes of peace talks between the US and Iran also ease inflation concerns and support the bullions to regain its strength. Furthermore, prices will get support as the September rate hike probability moved to 64% from 67% a day ago as oil prices fell nearly 4% today. Meanwhile, investors will eye on more economic numbers and clarity on the progress on US-Iran peace process.
• MCX Gold October is expected to move higher towards Rs145,500, as long as it holds above Rs142,500 level.
• MCX Silver September is expected to consolidate between Rs 215,000- Rs 221,000 level. Only a move above Rs 221,000, it would turn bullish towards Rs 225,400 level
Base Metal Outlook
• Copper prices are expected to trade higher amid softer dollar and easing concerns over tighter monetary policy. Furthermore, easing geopolitical tension and growing hopes of fresh talks between the US and Iran would improve risk appetite and support the base metals to trade higher. Moreover, supply concerns from Chile falling global stocks in LME and SHFE would also support price. The Yangshan copper premium held above $100 a ton, suggesting active buying interest in China. Meanwhile, investors will eye for updates from the Politburo meeting in top consumer China, where policymakers are widely expected to refrain from announcing major new stimulus measures and instead focus on implementing existing fiscal policies to support the slowing economy.
• MCX Copper August is expected to rise towards Rs 1350- Rs 1355 level as long as it trades above Rs1328 level. Only a break above Rs1355 level, it will move higher towards Rs1360-Rs1365 level
• MCX Aluminum August is expected to find support near Rs 337-Rs 338 level and rebound towards Rs 345 amid supply concerns. MCX Zinc August is likely to hold support near Rs 378 level and rise towards Rs 388- Rs 390 level.
Energy Outlook
• NYMEX crude oil is trading lower on growing hopes of fresh talks between the US and Iran. President Donald Trump announced that peace talks with Iran would resume today after he canceled a planned military strike against the Islamic Republic. Any progress toward reopening the Strait of Hormuz after the suspension of attacks would improve supplies. Furthermore, OPEC+ has agreed to raise collective oil production by approximately 188,000 barrels per day for September 2026. This marks the sixth consecutive monthly output increase, fully unwinding the 1.65 million bpd voluntary supply cuts initially agreed upon in 2023.
• MCX Crude oil August is likely to open gap down and it is expected to move lower towards Rs 7300-Rs 7400 level. On the upside Rs 8000 would act as immediate hurdle.
• MCX Natural gas August is expected to find support near Rs 257-Rs 258 level and rebound towards Rs 268- Rs 272 level
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