MCX Copper September is expected to rise towards Rs1430 level as long as it hods above Rs1400 - ICICI Direct
Metal’s Outlook
Bullion Outlook
• Spot gold is expected to hold its ground above $4300 per ounce and move higher towards $4400. Correction in crude oil prices on fresh hopes of easing Middle East tension would ease inflation and rate hike concerns. Additionally, bullion prices remain strongly supported by robust demand from China, ongoing central bank purchases, and persistent fiscal concerns. Notably, China’s gold imports through August have already topped 1,000 tons, officially surpassing its total import volume for the entirety of 2025. Moving forward today, market focus will center on key US economic data releases and upcoming speeches from Federal Reserve officials.
• MCX Gold October is expected to rise towards Rs155,000 as long as it stays above Rs151,000 level. A move above Rs155,000 it would rise towards Rs158,000.
• MCX Silver December is expected to rise towards Rs243,000-Rs244,000 levels as long as it trades above Rs236,000.
Base Metal Outlook
• Copper prices are expected to trade firm, driven by persistent supply concerns and robust demand from China. Between October and November, multiple Chinese refineries are scheduled for planned maintenance, which will cap any significant increase in metal availability. Reflecting this tight market, the Yangshan premium for imported copper remains elevated near $120 a ton. Meanwhile, delayed US tariff decision and a stronger dollar could restrict its upside. Furthermore, focus will remain on key manufacturing data from US which could bring further volatility in prices.
• MCX Copper September is expected to rise towards Rs1430 level as long as it hods above Rs1400.
• MCX Aluminum September is expected to find support near Rs346 level and rise towards Rs354. MCX Zinc September is likely to hold above Rs430 and rise towards Rs438- Rs440 levels.
Energy Outlook
• Crude oil prices are projected to decline as diplomatic efforts ease Middle East supply fears. President Trump announced a prolonged meeting with Iranian officials at the United Nations, and Iran signaled a possible reopening of the Strait of Hormuz tied to reduced U.S. military pressure. Combined with expectations of higher U.S. crude inventories, these developments help calm market supply worries. In addition to that rise in US crude oil (API) inventories would likely to ease supply concerns and weigh on prices.
• NYMEX crude oil in November future is expected to slip towards $86 per barrel zone as long as it stays under $93 mark. MCX Crude oil October is expected to slip towards Rs8400, provided it trade under Rs9000 level.
• MCX Natural gas October is expected to hold above Rs275 and rise towards Rs290 level. Forecasts for hot US autumn weather would support prices.
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