MCX Copper March is expected to face the hurdle near 740 and dip towards 730 - ICICI Direct
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Metal’s Outlook
Bullion Outlook
• Spot gold is expected to face the hurdle near $2038 and move towards $2010 amid strong US dollar and rise in treasury yields. Fading hopes of early rate cut by the Fed would weigh on the bullions. The probability of May rate cut has dipped below 25% suggesting no rate cut in the first half of 2024. Recent comments from the Fed member Waller would also dent its upside move. Meanwhile, safe haven buying due to the ongoing tension in the Mideast and Ukraine would limit its downside
• MCX Gold April price is expected to face resistance near 62,400 and move lower towards 61,800. Only close below 61,800 it would turn weaker and slide towards 61,400.
• MCX Silver is expected to dip towards 69,800, as long as it trades under 71,200
Base Metal Outlook
• Copper prices are expected to take a pause in its rally amid strong dollar. Hawkish Fed members speech and diminishing prospects of rate cut in first half of 2024 would limit its upside. Meanwhile, tightness in the physical market and depleting LME inventories would support the metals to hold firm.
• MCX Copper March is expected to face the hurdle near 740 and dip towards 730. Only close below 730 it would weaken towards 725.
• Aluminum March future is expected to find support near 195 and move higher towards 201.50 on renewed concerns over US sanction on Russian aluminum.
Energy Outlook
• NYMEX Crude oil is expected to stay firm and rise towards $80 amid increasing prospects of supply disruption due to unrest in the Mideast. Further, stepping up attacks on the vessels in the Red Sea has again rekindled the tensions, which might support the oil prices to stay above the $76 mark. Additionally risk on sentiments and better than expected economic numbers from US would push the oil prices towards $80 mark.
• MCX Crude oil March is expected to hold support near 6400 and move higher towards 6600. Only a move above 6600 it would open the doors towards 6720.
• MCX Natural gas March futures is expected to find support near 144 and move higher towards 155 on the prospects of production cut by major producers in US. However, higher US production might check its upside beyond 155.
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