Base metals counter can trade with mixed bias; mild profit booking can be seen at current levels. Copper may trade in range of 440-450, while lead may trade in range of 112.50-113.50 and zinc in range of 106.50-108.50 in near term.
London copper steadied on Thursday, after posting its biggest daily drop in more than a week in the previous session as disappointing economic data from both sides of the Atlantic dented the outlook for demand.
Crude Oil Under Pressure, Natural Gas On Inventory Report
Crude oil can trade on flat note tracking mixed overseas cues. It can trade in range of 5550-5650 in MCX. Natural gas prices may remain on volatile path ahead of inventory report today.
Brent crude steadied above $118 a barrel on Thursday, reflecting caution among investors ahead of a key U.S. employment report after dismal data from the United States to Europe renewed doubts about the state of the global economy.
U.S. crude oil stockpiles rose for a sixth straight week last week to hit the highest level since 1990 as inventories at the Cushing, Oklahoma hub shot up to a fresh record, according to weekly data from the U.S. Energy Information Administration on Wednesday.