MCX Copper March is expected to move in the band of 725 and 735 -Icici Direct
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Bullion Outlook
* Spot gold is expected to hold the support of $2120 and extend its rally towards $2164, amid softness in the dollar and decline in US treasury yields. The US dollar index is expected to remain under pressure amid growing bets of rate cut in June. Further, expectation of weaker economic numbers and increasing bets of safe haven demand would also support the bullions to hold firm. Meanwhile, focus will shift towards Friday’s key US payroll data which could provide further clarity on timing of rate cut in US.
* MCX Gold April price is expected to hold the support near 64700 and extend its rally towards 65400. Above 65400, it would test 65800.
* MCX Silver May is likely to hold support near 73,400 and rise towards 74,800. A move above 74,800 would open the doors towards 75,500.
MCX Gold vs. Silver
Base Metal Outlook
* Copper prices are expected to trade higher amid softness in the dollar and depleting inventory levels in LME. Further, expectation of improved trade balance numbers from China would also support the red metals to hold firm. Meanwhile, sluggish growth in the housing sector in China would restrict any major upside in the metal.
* MCX Copper March is expected to move in the band of 725 and 735 with higher bias. Only close below 725, it would slide towards 720.
* 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 hold support near $78 and move higher towards $81 amid improving demand and escalating geopolitical tension in the Mideast. Increasing bets of rate cut later this year would support the bulls to take control. Further, rise in refinery activity in US after an extended winter and maintenance break is likely to further tighten crude oil markets. Moreover, tension in the Red Sea would also add risk premium to the oil prices.
* MCX Crude oil March is expected to find support near 6470 and rise towards 6700. Only close below 6470 it would turn weaker.
* MCX Natural gas March futures is expected to move in the band of 155 to 165. Only a sustained move above 165 it would open the doors towards 172.
MCX Crude Oil vs. Natural Gas
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