July 8 (LTIT) –NEW DELHI: Barring zinc and lead, all metal and energy counters on MCX traded in the red on Wednesday amid sharp rise in Covid-19 cases in many parts of the world that threatens economic recovery.

Crude oil dipped 0.95 per cent as supply increased while its peer natural gas fell 1.26 per cent. Silver and gold saw profit booking and slipped up to 0.2 per cent. Base metals were mixed with zinc and lead in green while others in the red.

“Gold’s safe haven demand remains on the higher side due to worries over surging coronavirus cases and hopes of fresh stimulus measures. Concerns over a quick global economic recovery and a weak US dollar continue to offer lower level support to the commodity,” said Hareesh V ,Head Commodity Research at Geojit Financial Services.

Base metals: Base metals may trade sideways with bullish bias. Copper can move towards Rs 480 while taking support near Rs 469. Zinc may move towards Rs 167 and take support near Rs 162. Lead can move towards Rs 146 while taking support near Rs 142. Nickel may break the resistance and rally towards Rs 1,030 and take support near Rs 987. Aluminum may move towards Rs 142 while taking support near Rs 136.