MCX Natural gas Feb is expected to rise towards Rs 290 level as long as it stays above Rs 260 level - ICICI Direct
Metal’s Outlook
• Spot Gold is likely to trade with the positive bias and rise further towards $4700 level on weak dollar. Further, demand for safe haven may increase as US President Donald Trump threats to resurrect trade war with Europe shook investors confidence. US President Donald Trump threatened to slap extra tariffs on 8 European nations until the U.S. is allowed to buy Greenland. Investors fear retaliation from European nations should the duties go ahead. Additionally, political instability in Venezuela, geopolitical tensions in Middle East and concerns over Fed independence would continue to support gold prices. Meanwhile, investors will remain cautious ahead of statements from World economic Forum annual meeting
• MCX Gold Feb is expected to rise towards Rs 146,500 level as long as it stays above Rs143,500 level.
• MCX Silver March is expected to face stiff resistance near Rs 312,000 level and slip back towards Rs 290,000 level.
Base Metal Outlook
• Copper prices are expected to trade with a negative bias amid risk aversion in the global markets following rising trade tension between US and Europe. Market worries over economic impact of US President Donald Trump recent tariff threats against European nations. Moreover, prices may slip on weak demand from China. The Yangshan copper premium, a gauge of Chinese consumers' appetite for imported copper, declined to $28 a ton, down from above $50 by the end of 2025. Additionally, China instructed mainland exchanges to remove servers operated by high-frequency trading firms from their data centers
• MCX Copper Jan is expected to slip towards Rs 1270 level as long as it stays below Rs 1312 level. A break below Rs 1270 level may open doors for Rs 1265-Rs 1255 level
• MCX Aluminum Jan is expected to slide towards Rs 314 level as long as it stays below Rs 321 level. MCX Zinc Jan is likely to face stiff resistance near Rs 317 level and slip towards Rs 311 level
Energy Outlook
• NYMEX Crude oil is likely to trade with negative bias and slip towards $58.50 level on supply glut and risk aversion in the global markets. Market sentiments are hurt on rising trade tension between US and Europe. Investors will assess potential impact of renewed trade tension on energy demand. Further, risk premium may lessen as concerns over potential military action against Iran and oil supply disruptions eased. Meanwhile, soft dollar and better than expected economic growth data from China would be supportive for the prices
• NYMEX Crude oil may slip towards $58.50 level as long as it trades below $60.10 level. On MCX Crude oil Feb is likely to slip further towards Rs 5300-Rs 5250 level as long as it stays below Rs 5550 level.
• MCX Natural gas Feb is expected to rise towards Rs 290 level as long as it stays above Rs 260 level.
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