MCXCopper January isexpected to face thehurdlenear 728and weakentowards720 - ICICI Direct
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Metal’s Outlook
• Gold prices are expected to hold the support near $2030 and moveback towards $2064 on expectation of moderation in the US jobmarket. The unemployment rate is expected to rise towards 3.8% andwage inflation growth also seems to be softened. Meanwhile, the CMEFedWatch tool indicates a 63% probability of rate cut in the Marchmeeting and the probability of rate cut in may dipped below 50% mark.All focus will remain on the job growth numbers, which could bringfurther clarity on the path of interest rate cut.• MCX gold is expected to rise towards 63,000, as long as it holds above62,400. Only close below 62,400 it would weaken towards 62,000.• MCX silver is likely to hold the support of 71,500, and rise gainstowards 73,200.
Base Metal Outlook
•Copper prices are expected to remain under pressure amid weakermanufacturing activity across the globe. Further, lower demand ofrefined copper from China due to higher domestic output would alsocheck its upside. Meanwhile, persistence supply concerns andexpectation of more stimulus measures from China would help themetal to trim its losses. Now the traders will keep an eye on key USjob numbers to get more clarity on frequency of rate cuts in thecoming period.• MCX Copper January is expected to face the hurdle near 728 andweaken towards 720. Only close above 728 it would reverse its trend.• Aluminum is expected to face the hurdle near 208 and declinetowards 20
Energy Outlook
• Crude oil prices are expected find support near $71 and move back
towards the $74 amid fear over supply disruption. Syria halted its
production at its biggest oilfield due to protest in the region. The
ongoing conflict in the Red Sea and tension in the Middle East would
support the oil prices to hold its gains despite an increase in weekly
inventory levels. Further, increasing bets of rate cut by the Federal
reserve would stimulate the economic activity and drive up oil
demand.
• MCX Crude oil January is likely to find support near 5900 and move
back towards 6200.
• MCX Natural gas January future is likely to rise towards 240 mark
as long as it holds above the 225 level. Cold weather forecast in
coming weeks is likely to increase the demand and support prices to
trade higher
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