IGI Logo

Daily Commodity Outlook

Bullion Outlook

• MCX gold prices advanced yesterday amid a drop in the US dollar index and US 10 years’ treasury yields

• However, stronger than expected macroeconomic data from the US capped further gains in bullion prices

• MCX gold prices are expected to trade with a positive bias for the day amid weakness in the US dollar index. It is likely to surpass the hurdle of | 50,150 to continue its upward trend towards the level of | 50,500 in the coming trading sessions

• Additionally, investors will take cues from core PCE price index data and disappointment may take gold further high

Base Metal Outlook

• MCX copper and aluminium prices rose yesterday amid improving consumption of the metal in top user China lent support

• Further, copper and aluminium prices were supported as London Metal Exchange is planning to discuss banning Russian metal such as aluminium, nickel and copper from its list of brands that can be delivered against its contracts

• We expect copper prices to trade with a positive bias for the day on expectations of stronger than expected macroeconomic data from the China

Energy Outlook

• Nymex crude oil prices edged higher on Thursday for a second day, briefly touching $90 per barrel as leading Opec+ members were discussing an output cut next week

• Nymex natural gas prices tumbled more than 1.00% amid rise in US natural gas storage by 103 Bcf last week

• We expect MCX natural gas prices to trade with a positive bias for the day as household consumption of natural gas in Germany is continuously rising

To Read Complete Report & Disclaimer Click Here

Please refer disclaimer at https://secure.icicidirect.com/Content/StaticData/Disclaimer.html
SEBI Registration number INZ000183631

Above views are of the author and not of the website kindly read disclaimer