Comex Copper And Aluminium Prices Tumbled on Thursday - ICICI Direct
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Daily Commodity Outlook
Bullion Outlook
* MCX gold prices traded flat on Thursday despite better than expected third-quarter growth in the United States
* Further, bullion prices were pressurised by strong US dollar index
* MCX gold prices are expected to trade with a positive bias for the day amid expectations that US Fed will not be aggressive in raising interest rate from the December meeting. It is likely to break the key resistance level of | 50,800 and trade in an upward trend towards the level of | 51,000 in the coming trading session
* Additionally, US core PCE price index is expected to drop from 0.60% to 0.50%, which may support bullion prices
Base Metal Outlook
* Comex copper and aluminium prices tumbled on Thursday amid more Coronavirus curbs in top metals consumer China and a firmer dollar
* At the same time, profits at China's industrial firms fell at a faster clip in January-September as Covid-19 curbs and a property crisis continued to weigh heavily on factory activity
* We expect MCX copper prices to trade with a negative bias for the day amid rising Covid-19 cases in China, which may dent demand for base metals
* Additionally, expectations of weaker pending home sales data from the US may pressurise base metals prices
Energy Outlook
* MCX crude oil prices edged higher by more than 2.00% on Thursday on optimism over record US crude exports and easing recession fears
* However, further upside was restricted after data showed India's total oil imports in September fell to a 14-month low of 3.91 million barrels per day (bpd), down 5.6% from a year earlier, due to maintenance at refiners such as Reliance Industries and Indian Oil Corp
* We expect MCX crude oil prices to trade with a positive bias for the day amid record high US crude oil exports
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