MCX Natural gas August is expected to find support near Rs 257-Rs 258 level and rise towards Rs 268- Rs 270 level - ICICI Direct
Metal’s Outlook
Bullion Outlook
• Spot Gold is expected to hold crucial $4000 level and rise towards $4100 level on softer dollar and declining U.S treasury yields. Further, easing crude oil prices on renewed hopes of peace talks between US and Iran has eased pressure on bullions and may provide further support to move upside. Additionally, prices will get support as September rate hike probability moved to 63% from 67% as oil prices fell more than 5% on Monday. Meanwhile, investors will keep an eye on U.S jobs data for further clarity about FED’s policy trajectory .
• MCX Gold October is expected to move higher towards Rs145,000, as long as it holds above Rs141,500 level.
• MCX Silver September is expected to consolidate and move in a range between Rs214,000-Rs219,000 level. Only a move above Rs219,000, it would turn positive and rise towards Rs222,000 level
Base Metal Outlook
• Copper prices are expected to trade higher as ongoing supply constraints continued to tighten market conditions. Further, prices will find support from softer dollar and easing geo-political concerns in Middle east. Additionally, Copper is pouring into US at the fastest rate in at least 12 years as traders’ position ahead of President Donald Trump’s decision on tariffs on refined imports. Moreover, supply concerns from Chile, falling global stocks in LME and SHFE would also support price.
• MCX Copper August is expected to rise towards Rs 1360 level as long as it trades above Rs 1334 level. Only a break above Rs 1360 level, it will rise towards Rs1370 level
• MCX Aluminum August is expected to find support near Rs 337-Rs 338 level and move towards Rs 350 amid supply concerns. MCX Zinc August is likely to hold support near Rs 380 level and rise towards Rs 394- Rs 396 level.
Energy Outlook
• NYMEX crude oil expected to face pressure on easing concerns in Middle east after President Donald Trump called off planned military strikes on Iran. Further, Iran said progress was being made in negotiations with Oman to get more ships moving through the Strait of Hormuz. Additionally, OPEC+ had agreed to raise collective oil production by approximately 188,000 barrels per day for September 2026. This marks the sixth consecutive monthly output increase, fully unwinding the 1.65 million bpd voluntary supply cuts initially agreed upon in 2023.
• On the data front, a strong call base near $85 strike would act as key hurdle for price. In MCX Crude oil August is expected to face resistance near Rs 7900 and dip towards Rs 7200 level.]
• MCX Natural gas August is expected to find support near Rs 257-Rs 258 level and rise towards Rs 268- Rs 270 level.
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