Copper prices surged by 0.29% on Monday amid improved home sales - ICICI Direct
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Bullion Outlook
Comex Gold price declined by 2.61% on Monday amid elevated treasury yields and better than expected economic data from US
US existing home sales increased to 6.34 million in October 2021, the highest since January and above market forecasts levels of 6.2 million
The dollar index surged 0.50% after Federal Reserve Chair Jerome Powell was nominated for a second four year term by President Joe Biden, making bullion more expensive for holders of other currencies
MCX gold prices are likely trade in a range of | 47,500 to 48,300 levels with negative bias on the back of stronger dollar and rise in risk appetite in the US markets. Further, investors will remain cautious ahead of flash manufacturing PMI data from US
Base Metal Outlook
Copper prices surged by 0.29% on Monday amid improved home sales data from US and decline in LME inventories
LME copper inventories in LME-registered warehouses slipped to 86,525 tonnes, the lowest since 2018
MCX Zinc prices surged 3.5% after Glencore said it is preparing to shut down production in Italy. The Glencore Portovesme plant, which has capacity of 100,000 tonnes a year, will enter care and maintenance by the end of December
MCX copper prices are likely trade in a range of | 726-746 levels with positive bias on the back of decline in LME Inventories. Further, expectation of improved flash manufacturing PMI data from US may support the copper prices. However, sharp upside may be prevented on rise in dollar index
Energy Outlook
Crude oil prices surged 0.82% on Monday on reports that Opec+ countries could adjust their plans to raise crude oil production if large consuming countries release crude from their reserves
The Biden administration in the US is preparing to announce the release of oil from the nation's Strategic Petroleum Reserve in concert with several other countries as soon as Tuesday
US natural gas futures declined 5% on Monday as the US has plenty of gas in storage and ample production for the winter
MCX crude oil prices are likely trade in range of | 5,600-5780 levels with a negative bias due to a strong dollar and higher oil supply from US. Further, investors are worried that rising Covid-19 cases in Europe may hamper the demand for crude oil
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