MCX Copper is expected to hold its ground above 710 and rise towards 719 - ICICI Direct
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Metal’s Outlook:
Bullion Outlook:
• Spot gold is likely to face the hurdle near $2015 and weaken further towards $1985 on diminishing prospects of early cut to interest rates by the Fed. Meanwhile, focus will shift towards key US PPI and consumer sentiment data. Any upside in the in the PPI numbers would again push the odds of interest rate cuts and check the upside in the bullions. Meanwhile, safe haven buying in the yellow metal amid geopolitical unrest in Mideast would restrict its downside.
• MCX Gold April price is expected face stiff resistance near 62,000 and move towards the immediate support at 61,200. Only close below 61,200 it would turn weaker and slide towards 60,800.
• MCX Silver is expected to face the hurdle near 72,000 and weaken further towards 70,200.
Base Metal Outlook:
• Copper prices are expected to extend its recovery rally amid tightness in the physical market as LME inventories hit its lowest level since September. Production cuts by various producers are expected to tighten the market. Further hopes of new measure from China to support the recovery in its economy would help the metal to trade higher
• MCX Copper is expected to hold its ground above 710 and rise towards 719. Only a sustained move above 719 would push the price towards 724.
• Aluminum is expected to consolidate in the band of 199 to 202. Below 199 it would test next support at 198.
Energy Outlook:
• NYMEX Crude oil is expected to face the hurdle near $79 and weaken further towards $75 amid demand concerns. Forecast of slower growth in China would hurt the demand in 2024. EIA in its report stuck to its 2024 demand growth forecast of 1.2mbd and projected the market will be in surplus this year. Meanwhile, persistence supply concerns due to unrest in the Mideast would limit its downside.
• MCX Crude oil March is likely to face the hurdle near 6525 and move lower towards 6300. Only a move above 6525 it would open the doors towards 6600.
• MCX Natural gas is expected to find the floor near 130 and rebound towards 144. Meanwhile, higher production and forecast of mild winter in US would check any major upside in gas prices.
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