Copper prices surged 1.40% on Wednesday on the back of better than expected - ICICI Direct
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Bullion Outlook
Comex Gold price traded mixed on Wednesday after stronger dollar index and decline in US treasury yields. However, improved economic data from US reduced the demand for gold
The number of Americans filing new claims for unemployment benefits fell to 199,000, lowest level since 1969
According to FOMC minutes released on Wednesday, Federal Reserve would be open to speeding up the reduction of their bond buying programme if high inflation held and move more quickly to raise interest rates
MCX gold prices are likely to trade in a range of | 47,100 to 48,700 levels with negative bias on the back of fuelling expectations of sooner interest rate hikes. However, sharp downside may be prevented on concerns over high inflation
Base Metal Outlook
Copper prices surged 1.40% on Wednesday on the back of better than expected consumer spending data from US and easing worries over China’s property sector
Regulators in China have told some banks to issue more loans to property companies. Officials this week said, they would increase funding support for businesses to support the slowing economy
Copper stocks in SHFE-registered warehouses were at 34,918 tonnes, lowest since June 2009
A road used by the Las Bambas copper mine in Peru has been blocked for four days in an ongoing dispute with local residents
MCX copper prices are likely to trade in a range of | 740 to 755 with positive bias due to supply disruptions and decline in inventories. However, sharp upside may be prevented on rise in dollar index
Energy Outlook
MCX Crude oil prices declined 0.29% on Wednesday on the back of stronger dollar index, higher oil rig counts and rise in US crude oil inventories
According to EIA weekly report released on Wednesday, US crude oil inventories increased by 1.01 million barrels per day over the last week. Further, US crude stocks in the Strategic Petroleum Reserve fell last week to 604.5 million barrels, their lowest since June 2003
US natural gas prices gained 2.84% after Russian natural gas flows to Germany through the Yamal Europe pipeline declined by more than 11% on Wednesday afternoon from levels earlier in the day
MCX crude oil prices are likely trade in range of | 5,700-5,925 levels with a negative bias due to a strong dollar and expectation of higher supply from global SPR. Further, concerns over rising Covid-19 cases in Europe may hamper the demand for crude oil
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