Bullion counter to trade in range with positive bias tracking firm overseas cues. Yesterday India government increased taxes on gold imports to reduce a record current-account deficit and moderate demand for the precious metal that's rallied for 12 straight years. Gold can trade in range of 30600-30900 while silver can trade in range of 58500-60000 in near term.
Base metals can also trade in range with strong local currency to cap the upside. Copper may trade in range of 432-440 in MCX while zinc may trade in range of 107.55-109. Nickel may trade in range of 925-945 in MCX and Aluminum can trade in range of 107.5-109 While battery metal Lead can trade in range of 122-124 in near term.
Meanwhile it expects crude oil may remain in range on domestic bourses while natural gas can continue its recovery in MCX tracking colder weather in US. Crude oil (Feb) contract can trade in range of 5130-5170 in MCX while Natural gas can head towards 199-200 in MCX.
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