MUMBAI (Commodity Online): Precious metals in MCX may trade sideways with positive bias continuing yesterday gains as some lower level buying can be seen after the recent fall. On domestic bourses Gold can trade in range of 30800-31200 while Silver can trade in range of 59000-60000 in near term.
Base metals counter may remain on weak note. Copper can trade in range of 423-432 in MCX while Lead can trade in range of 108.50-110 in MCX while Zinc may find support near 96 while Nickel may also find support near the 850 in MCX. Aluminium may move in range of 101.50-104 in MCX.
Copper rose from a 7-week low on Friday, after data showed U.S. economic growth picked up in the third quarter, quashing pessimism on the state of the global economy and boosting demand prospects for industrial metals. In top copper consumer China, factory output recovery remains clouded by uncertainty in export markets.
Crude oil counter can trade with strength however Middle East tensions may give support to the prices. Overall it may trade in mixed range of 4600-4700. U.S. economic growth picked up in the third quarter as a late burst in consumer spending offset the first cutbacks in investment in more than a year by cautious businesses.
Brent oil rose a second day on Friday, recovering from an early decline as supportive U.S. economic data coupled with North Sea and Nigerian production problems yielded some relief from concerns about Spain and tepid global demand. Natural gas may remain on weak bias due to ample supply.