MCX Copper March is expected to hold the 20 day EMA at 726 and rise towards 736 - ICICI Direct
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Metal’s Outlook
Bullion Outlook
• Spot gold is expected to find support near $2015 and move higher towards $2036 amid softer US dollar and decline in treasury yields. Increasing prospects rate cut in June would support the bullions. Further, safe haven buying amid the ongoing tension in the Mideast and expectation of weaker economic numbers from US would support the bullions to trade higher.
• MCX Gold April price is expected to find support near 61.800 and move towards 62,400. Above 62,400 it would rise towards 62,800. On the flip side only close below 61,800 it would turn weaker and slide towards 61,400.
• MCX Silver is expected to find support near 70,200 and rebound towards 71,800. Only a sustained move below 70,200, would weaken towards 69,600.
Base Metal Outlook
• Copper prices are expected to hold its gains and move higher amid tightness in the physical market and softness in the dollar. Further, hopes of more economic support from China will increase the industrial activity and support the red metal to trade firm. Depleting LME inventories and increasing supply worries would also support the metals to hold firm. Meanwhile, focus will remain on manufacturing and housing data from US.
• MCX Copper March is expected to hold the 20 day EMA at 726 and rise towards 736. Only a sustained move above 736 would push the price towards 740.
• Aluminum March future is expected to find support near 200 and move higher towards 203.50 on renewed concerns over US sanction on Russian aluminum.
Energy Outlook
• NYMEX Crude oil is expected to rise towards $79 amid increasing supply concerns due to unrest in the Mideast as Israel continues to push back on proposed ceasefire agreement. Houthi attacks on the vessels in the Red Sea has kindled the tensions again, which might support the oil prices to stay above the $76 mark. Meanwhile, forecast of rise in weekly crude oil inventory levels could check its upside.
• MCX Crude oil March is expected to find support near 6340 and move higher towards 6520. Only a move above 6520 it would open the doors towards 6640. On the contrary, below 6340 it would slide towards 6200.
• MCX Natural gas is expected to find support near 140 and move higher towards 154 on the prospects of production cut by major producers in US.
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