Bullions: Bullion counter can continue to head southwards as stronger greenback and hawkish stance taken by the fed is keeping
the sentiment downbeat. Gold can take Support near 30600 and can Face Resistance near 30900 in MCX. Meanwhile Silver can take support near 39200 and can face Resistance near 39900. The US jobs market does not appear overly tight and the Federal Reserve should continue with a gradual pace of interest rate rises amid a strong economy to balance its employment and inflation goals, Federal Reserve chairman Jerome Powell said on Wednesday. Concerns about US trade policy are increasing among business officials who are beginning to hold off on hiring and investment decisions given the level of uncertainty, Powell said on Wednesday. The European Union will begin charging import duties of 25 percent on a range of US products on Friday, in response to U.S tariffs imposed on EU steel and aluminium early this month, the European Commission said on Wednesday.
Base Metals: In base metals counter Nickel may open in green along with zinc while rest of the metals can trade with sideways bias.
Fears of a full-blown trade war with the United States have magnified concerns about the outlook for the world's secondlargest
economy, following weaker-than-expected growth data for May. Copper can face resistance near 463 and can take support near 453. London copper rebounded from a three-week low on Thursday after China said it was eyeing cuts in banks' reserve requirement ratios (RRR) and other measures to spur economic growth, which could support copper demand in the world's top user. The global world refined copper market showed a 55,000 tonnes surplus in March, compared with a 87,000 tonnes surplus in February, the International Copper Study Group said. Zinc can take support near 205 and resistance near 209 while lead can take support near 163 and can face resistance near 165. Nickel may trade with upside bias as it can take support near 1000 and head towards 1026. Nickel prices in London and Shanghai also jumped, supported by gains in Chinese steel futures. Aluminium may witness some short covering as it can take support near 147 and resistance near 150 in MCX. Global primary aluminium output in May rose to 5.441 million tonnes from a revised 5.303 million tonnes in April, International Aluminium Institute data showed.
Energy: Crude oil may open with sideways bias as investors will eye the outcome of OPEC meeting ending tomorrow. Oil prices
fell on Thursday as Iran signaled it could be won over to a small rise in OPEC crude output, potentially paving the way for the producer cartel to agree a supply increase during a meeting on Friday. However, prices were prevented from dropping further by record refinery runs in the United States and a large decline in crude inventories, a sign of strong fuel demand in the world’s biggest economy. Crude oil can face resistance near 4500 and can take support near 4420 in MCX. Iran, a major supplier within the producer cartel of the Organization of the Petroleum Exporting Countries (OPEC), signaled on Wednesday it could agree on a small increase in the group’s output during a meeting to be held at OPEC’s headquarters in Vienna on June 22 together with nonOPEC member but top producer Russia. Natural gas can trade with sideways bias as it can face resistance near 204 and can take
support near 198. Today weekly inventory data can show drawdown which can assist in further recovery in prices.
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