MCX Copper March is expected to move in the band of 723 and 733 -Icici Direct
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Bullion Outlook
* Spot gold is expected to hold the support of $2090 and rise towards $2130, amid softness in the dollar and decline in US treasury yields. The US dollar index is expected to remain under pressure amid forecast of weak economic numbers from US. ISM service PMI is expected grow at a slower pace than last month and factory orders data is likely to show negative growth. Further, safe haven appeal for the metal would provide enough support to the bullions to hold firm. Meanwhile, investors will eye on comments from the Fed members to get more clarity on the timing of first interest rate cut.
* MCX Gold April price is expected to hold the support near 64000 and extend its rally towards 64900.
* MCX Silver May is likely to rise towards 74200, as long as it holds above the key support of 72,800.
MCX Gold vs. Silver
Base Metal Outlook
* Copper prices are expected to move in a tight range ahead of the China’s annual parliamentary meeting, which starts from today. Despite hopes of fresh round of stimulus from China price may face resistance due to weaker Chinese factory activity numbers and its struggling housing sector. Prices could find support on depleting LME inventories which dipped to its July lows. Further, investors will eye on economic numbers from US to ger further clarity on interest rate path.
* MCX Copper March is expected to move in the band of 723 and 733. Only close above 733, it would move higher towards 738
* Aluminum March future is expected to hold the support near 200 and extend its rebound towards 203. Above 203 it would rise towards 205.
MCX Copper vs. Aluminium
Energy Outlook
* NYMEX Crude oil is expected to find support near $77.80 and move higher towards $80 amid tight supplies after OPEC+ members agreed to extend its voluntary production cuts of 2.2 Mbpd into the second quarter. Further, rising geopolitical tension in the Mideast and Houthi attacks on Red Sea shipping despite concerns on economic growth would help the oil prices to recover its earlier losses. Moreover, softness in the dollar amid increasing bets of rate cut in June would also support the oil price.
* MCX Crude oil March is expected to find support near 6470 and rise towards 6650. Only close below 6470 it would turn weaker.
* MCX Natural gas March futures is expected to move in the band of 158 to 166. Only a sustained move above 166 it would open the doors towards 172.
MCX Crude Oil vs. Natural Gas
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