Bullions: Bullion counter may trade with sideways to negative bias as gold prices snapped three consecutive sessions of gains on Wednesday as the dollar firmed, while investors awaited the results of the U.S. Federal Reserve’s policy meeting later in the day. Major currencies stuck to tight ranges in early Asian trading on Wednesday as investors awaited the outcome of the Federal Reserve’s March policy meeting later in the day. Traders currently expect there will be no U.S. rate hikes this year, and is even building in bets for a rate cut in 2020. Federal Reserve Chairman Jerome Powell will speak at a news conference on Wednesday. Gold can take support near 31800.while facing resistance near 32050. Silver can take support near 38100 and can recover towards 38400. Prime Minister Theresa May will ask the European Union to delay Brexit by at least three months after her plan to hold a third vote on her fraught divorce deal was thrown into disarray by a surprise intervention from the speaker of parliament. The United States imposed sanctions on Tuesday against Venezuela’s state-run gold mining company Minerven and its president, Adrian Perdomo, accusing them of illicit operations and propping up the government of President Nicolas Maduro.
Base metals: Base metals prices may trade with weak bias as most industrial metals on the London Metal Exchange fell on Wednesday, shrugging off some gains in the previous sessions as investors turned cautious ahead of the result of the U.S. Federal Reserve rate meeting later in the day. Copper may take support near 443 while facing resistance near 448 in MCX. Zinc can take support near 195 while facing resistance near 199. LME zinc stocks have fallen by 1.18 million tonnes from their 2012 peak. The exchange’s stock reports have thrown up many surprises over the intervening years, with the downtrend sporadically interrupted by mass movements of off-market metal onto LME warrant, particularly in New Orleans. But the New Orleans zinc round-about appears to have ground to a halt. The last significant inflow at the port was in October and there have been no arrivals at all this year. The only zinc to enter the LME warehouse system in 2019 has been a highly modest 2,150 tonnes at the Spanish port of Bilbao and a single-lot delivery of 25 tonnes at the Belgian port of Antwerp. Lead can move in range of 140-144. Nickel may trade in range of 880-920. Aluminum prices may trade in range of 146-149.
Energy: Crude oil (Apr) may trade on sideways path as it may trade in range of 4070-4120 in MCX. Oil prices dipped on Wednesday, retreating from a four-month high as economic growth concerns dampened the outlook for fuel consumption. The dips come after crude prices rose by more than a quarter this year, pushed up by a pledge led by the Organization of the Petroleum Exporting Countries (OPEC) to withhold around 1.2 million barrels per day (bpd) of supply as well as by U.S. sanctions against oil exporters Iran and Venezuela. Between those price levels, Ruecker said “the U.S. shale boom almost fully meets global oil demand growth mirrored by the strongly expanding crude oil exports,” which hit a record 3.6 million bpd in February. Natural gas may trade with mixed bias as it can take support near 196 while taking resistance near 200 in MCX. U.S. natural gas futures edged up to a two-week high on Tuesday on forecasts for cooler weather and higher heating demand next week than previously expected.
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