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Below is Daily Commodity Article by Mr. Prathamesh Mallya, AVP- Research, Non-Agri Commodities, and Currencies, Angel One Ltd

GOLD

After slipping marginally lower in the previous week, gold prices drifted lower on Monday with over 1 percent cut. 

The safe-haven metal's appeal was limited by the improvement in risk appetite following regulators' efforts to contain concerns about the global banking system.

On Monday, Bank of England Governor signalled that policymakers would focus on fighting inflation rather than worrying about the health of the global banking system.

Outlook: We expect gold to trade lower towards 57800 levels, a break of which could prompt the price to move lower to 57280 levels.

CRUDE

On Monday, crude prices continue to buil on the momentum from the past week, as the benchmark crude indices ended with strong gains. Brent witnessed gains of nearly 3 percent, whereas NYMEX surged over 5 percent. 

Crude prices rose after Turkey stopped pumping crude from Kurdistan through a pipeline after an arbitration decision confirmed Baghdad's consent was required to ship the oil.

Oil prices were also supported by signs of strong Chinese demand. According to China National Petroleum Corp's annual forecast, China's crude oil imports are expected to rise 6.2% from last year's level to 540 million tonnes in 2023.

Outlook: We expect crude to trade higher towards 6200 levels, a break of which could prompt the price to move higher to 6370 levels.

BASE METALS

The base metals pack on Monday largely ended on a positive note, except for MCX Lead & Zinc, which ended marginally lower. 

Copper prices edged higher on Monday as investors braced for a credit crunch, which would limit economic growth and metals demand.

Prices for the metal used in electrical wiring have fallen from seven-month highs in January, but they remain significantly higher than last year's low of $6,955.

Despite the sale of failed Silicon Valley Bank (SVB) to a regional US peer, demand for copper in China, the world's largest consumer, is increasing, but bank failures have raised the threat of stalled lending.

Outlook: We expect copper to trade lower towards 771 levels, a break of which could prompt the price to move lower to 767 levels. 

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